1q14 tampa report bay has seen job growth over the past two years, with annual additions expanding

© 2014 MPF Research

APARTMENT MARKET REPORT

Tampa Bay

www.mpfresearch.com

TABLE OF CONTENTS 1Q 2014

©2014 MPF Research. This MPF Apartment Market Report is published quarterly by MPF Research, a division of RealPage, Inc.Material in this report is for the sole and exclusive use of subscribers and may not be reprinted, resold, or recorded in any manner, inwhole or in part, without the specific written permission of MPF Research. Any infringement will be subject to legal redress.

At the heart of MPF Research’s operations, the company’s database of individual apartment community performances is the largestin the industry. For the most recent quarter, occupancy and rent results were tracked for about 36,000 apartment communities withroughly 7.5 million units. Also, ongoing construction is monitored on a project‐by‐project basis in many cities.

4000 International Parkway Carrollton, TX 75007(972) 820‐3100 www.mpfresearch.com

CONTENTS

Executive Summary 3Market Fundamentals 8Supply Overview 9Product Niche Overview 11Submarket Overview 14Market Characteristics 63Supplementary Market Statistics 66Methodology 74

SUBMARKETS

1 Central Tampa 182 Peninsula 213 Town and Country/Westchase 244 Egypt Lake/Lowry Park 275 Carrollwood/Citrus Park 306 University 337 Temple Terrace 368 New Tampa/East Pasco County 399 Brandon/Southeast Hillsborough County 4210 South St. Petersburg 4511 North St. Petersburg 4812 Largo/Seminole 5113 Clearwater 5414 North Pinellas County 5715 West Pasco County/Hernando County 60

© 2014 MPF Research TAMPA BAY | 2


EXECUTIVE SUMMARY 1Q 2014

Existing Units 193,697

Sampled Units 117,507

Percent Sampled 60.7%

SUPPLY

Quarterly Supply 86 units

Annual Supply 2,003 units

Annual Inventory Change 1.0%

Five‐Year Supply 11,309 units

Five‐Year Peak in Annual Supply 3,747 units

Five‐Year Trough in Annual Supply 1,392 units

Five‐Year Average Annual Supply 2,186 units

DEMAND

Quarterly Demand ‐76 units

Annual Demand 2,721 units

Five‐Year Demand 16,279 units

Five‐Year Annual Demand Peak 5,749 units

Five‐Year Annual Demand Trough ‐917 units

Five‐Year Average Annual Demand 3,065 units

OCCUPANCY

Current Rate 94.2%

Quarterly Change 0.0

Annual Change 0.5

Five‐Year Peak 94.6%

Five‐Year Trough 90.3%

Five‐Year Average 92.7%

Five‐Year Average Annual Change 0.6

RENT

Monthly Rent $893

Rent Per Square Foot $0.953

Quarterly Change 0.1%

Annual Change 1.8%

Five‐Year Peak in Annual Change 3.7%

Five‐Year Trough in Annual Change ‐4.0%

Five‐Year Average Annual Change 0.9%

REVENUE CHANGE

Quarterly Change 0.1%

Annual Change 2.3%

Five‐Year Peak in Annual Change 4.5%

Five‐Year Trough in Annual Change ‐4.8%

Five‐Year Average Annual Change 1.5%

ONE‐YEAR FORECAST

Annual Supply 4,325 unitsAnnual Demand 3,478 unitsOccupancy 93.9%Annual Occupancy Change ‐0.3Annual Rent Change 2.2%Annual Revenue Change 1.9%Annual Job Change 25,000

SNAPSHOTLackluster demand leaves the Tampa Bay apartment market struggling for momentum in 1st quarter

Overview: The Tampa Bay apartment market continues to post lackluster fundamentals, and yet, apartment development is accelerating faster than is perhaps ideal. Construction levels have remained elevated over the past five quarters, and the first wave of that product will begin completing in the coming months – testing the market’s ability to absorb new product. The ramp up in construction has been somewhat surprising, given generally soft apartment demand over the past two years. Contributing to the demand woes has been competition from the large and increasing number of single‐family rental homes – which has, in many spots, compelled apartment operators to price conservatively in recent years. In addition, the local economy is still trying to recoup jobs lost to the recession. Though job growth has been occurring at a solid clip recently, the types of jobs being added here aren’t what were lost to the recession, changing the makeup of the employment base. Increased construction and mediocre demand tailwinds are already affecting top‐tier product, which posted basically flat occupancy change and minimal rent growth over the past year. With soft demand and increasing supply, the Tampa Bay apartment market could see fundamentals sag over the coming year.

What changed this quarter? Apartment occupancy in Tampa Bay held steady at 94.2%, near where rates have hovered for the past two years. Without occupancy momentum, rent growth has continued at modest levels. Rental rates inched up 0.1% in the quarter and rose 1.8% year‐over‐year.

Outlook: Tampa Bay’s apartment sector has been on a slow upward trajectory. With job growth accelerating and the for‐sale housing market beginning to show early signs of healing, the apartment market would be positioned to start seeing more meaningful revenue growth … if not for the fact that new supply is about to ramp up. Apartment development has jumped to the highest levels since 2002. By 2014’s 3rd quarter, new supply levels on an annual basis are set to top the 4,000‐unit mark for the first time in 10 years – and they’ll likely remain elevated above that mark at least through the first half of 2015. Reflecting the nationwide trend favoring urban development, half of Tampa Bay’s elevated construction total is concentrated just in the Central Tampa submarket. That will expand the submarket’s inventory base a remarkable 27.3% – a huge test for a market still working to build a vibrant urban core. The good news is that, outside of St. Petersburg, new supply won’t be a big factor elsewhere – which should help given that competition with single‐family rentals is still substantial, particularly given demographics tilted toward single‐family homes. Furthermore, job growth should remain solid, and Tampa Bay is on track to recoup all the jobs lost in the recession by early 2015. Overall, these factors should balance out to lead to slight occupancy declines and limited rent growth through at least the first half of 2015.

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Units Under Construction



Construction is ramping up, especially in Central TampaThe Tampa Bay apartment market has seen a lot of development activity recently, as construction levels at the end of 1st quarter 2014 were among the metro’s highest since 2002. The 6,123 units under way represented 3.2% of the existing inventory base. The increased construction volumes of late are somewhat surprising, given that apartment occupancy rates and rent growth levels remain well below pre‐recession norms. It’s a similar trend to what has been occurring in a peer market, Orlando. But while construction in Orlando also has ramped up earlier than expected, Orlando has more favorable demand drivers, making it better positioned to absorb new supply. Orlando’s population is younger, with a median age of 36, compared to Tampa Bay’s 42. Orlando also has stronger broad‐based job growth and lower apartment vacancy across the board. In Tampa Bay, the oncoming supply will test the metro’s ability to absorb new product without sacrificing much on rental rates. Certain market segments will be tested more than others. For example, nearly half of the metro’s new apartment stock is scheduled for delivery in the metro’s priciest market, Central Tampa. Another big chunk of units under way were in projects coming to the two St. Petersburg submarkets.

Employment base growing, but still hasn’t fully recovered from recessionTampa Bay has seen job growth over the past two years, with annual additions expanding the employment base more than 2% in each of the past nine quarters, according to the Bureau of Labor Statistics. But the recession hit the Tampa Bay economy harder than many other U.S. markets. So even with recent growth, Tampa Bay’s job total remains about 1.6% below the 1st quarter 2008 level. That’s unlike Orlando, where the deep job cuts have been offset by hiring. In addition, the types of jobs added in Orlando were similar to types lost. But in Tampa Bay, the local economy is seeing a structural shift. Recessionary job cuts were proportionally higher in the Construction and Manufacturing industries – positions which are unlikely to be replaced due to structural shifts in the U.S. economy. Another sizable chunk of cuts were to back‐office credit card processing jobs that had been a significant component of the employment base. Those are also unlikely to come back, with many firms having shifted those operations to other markets. But the metro has seen post‐recession job growth across employment sectors, diversifying the economy a bit. However, growth has been strongest in Business/Professional Services and Education/Health Services sectors. And, encouragingly, a sizable chunk of the jobs added in those fields have been in moderate‐ and higher‐paying subcategories. Continued job growth will further reshape the Tampa Bay economy.

Tampa Bay’s pool of single‐family rentals continues to grow With the sharp economic downturn in Tampa Bay, the single‐family home market cratered and the recovery process has changed the housing mix. Recessionary job losses decreased the share of owner‐occupied single‐family homes, opening an opportunity for investors to purchase foreclosed and distressed real estate. The result was a significant increase in rental homes – which means lots of new competition for apartments in certain spots, given local demographics that tend to favor single‐family. In fact, the metro’s share of occupied rental single‐family homes rose from 13.1% in 2006 to 19.2% in 2012, according to Census data. In recent quarters, institutional buying has slowed as prices have climbed, and now conventional transactions comprise a larger share of total sales. Still, nearly half of the home sales in Tampa Bay last year were distressed transactions. Median prices in Tampa Bay rose nearly 15% year‐over‐year in 2013, beating the national average. The $155,000 median price was the highest since 2008, according to local media. The upswing in prices helped residents regain some of the equity lost during the recession. But negative equity still plagues Tampa. As of year‐end 2013,

Key Storylines

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Annual Employment Change

Metric Tampa OrlandoForeclosure Inv entory (Dec. 2013) 7.6% 6.7% Inv entory Change (YOY) -3.1% -3.6%Foreclosure Volume (2013) 17,373 11,993

Source: CoreLogic

Single-Family Performance

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the metro still had the second‐highest percentage of underwater mortgages (30.4%) among the 25 largest U.S. metros, according to CoreLogic. Only Orlando had a higher percentage (31.5%). In turn, the metro’s pool of single‐family rentals, already competing with the apartment industry for renters, is expected to continue to grow, albeit at a slower pace than in previous years.

Older units and peninsula submarkets drive rent growth Despite relatively solid employment growth recently, the Tampa Bay metro is still dealing with excesses from the housing bust. In turn, apartment rent growth has been limited by a number of factors. The metro’s overall annual rent growth slipped to 1.8% in 1st quarter 2014, which was in line with the 10‐year average. Bolstering that performance was the pre‐1980 stock, which saw combined same‐store rent growth of 3.4%. Meanwhile, units built in the 1980s and 1990s averaged growth of 2.2%. Mediocre rent growth in that middle‐tier product niche is likely to continue due to an expanded pool of single‐family rentals. Apartment construction and limited demand for higher‐priced units also has contributed to constrained rent growth in the 2000+ niche (0.5% in the year‐ending 1st quarter 2014). By comparison, rent growth has been better on the Pinellas County side of the metro, most notably in South St. Petersburg, Largo/Seminole and North Pinellas County, logging annual rent growth of 4% to 7% in 1st quarter 2014.

Occupancy stalls around 94% due to soft demand As Tampa Bay began to recover from the downturn, apartment occupancy slowly trended up from a low of 90.3% in 2009. But over the past eight quarters, occupancy has essentially stalled at around 94%. The lack of occupancy growth hasn’t been due to new supply. Even though construction levels have remained elevated in recent quarters, few of those projects have completed, keeping new supply volumes at historically low‐to‐normal levels. Instead, the metro’s occupancy woes are the result of soft demand. Annual apartment demand has generally trended down over the past two years. Demand problems are structural, stemming from demographic characteristics such as older population, an economy still in the red and other factors such as competition from a growing single‐family rental pool. The metro’s occupancy woes are widespread across market segments. Among product age niches, only the 1980s showed meaningful occupancy growth over the past year. As a result, that niche logged the highest rate (95.1%) in 1st quarter 2014. Most submarkets in the Tampa Bay metro have occupancy around 93% to 95%, with the Peninsula and Central Tampa submarkets leading the way.

Central Tampa’s demand tailwinds will be tested by record supply waveCentral Tampa was among the hardest‐hit submarkets in Tampa Bay during the recession. But the plunge in fundamentals was caused more by aggressive construction than by the economic downturn. More than 2,100 units completed in Central Tampa from 2008 through 2010, expanding the inventory base 21.4% during a period of weak demand, sending occupancy down to 81.7% in 2010’s 2nd quarter. The submarket has since recovered. But an even bigger wave of construction – the largest in the submarket’s history – threatens to drag down fundamentals again, even amidst a period of job growth. The 3,122 units under way at the end 1st quarter 2014 represented 27.3% of Central Tampa’s inventory. The first big block of new product will complete in 2nd quarter, when 1,108 units deliver. Another 1,074 units will complete in the second half of 2014, and another 940 units are scheduled for completion in 2015. The urban core focus reflects the national trend toward urban development, but it’s a riskier play here than in other market. There isn’t a big block of traditional apartment product in Tampa’s urban core, and what is there has seen a lot of volatility in performance. Furthermore, Tampa’s core hasn’t yet matured to offer 24/7 appeal, and this development wave represents a bet on Central Tampa’s maturation into a vibrant

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Construction Activity in Central Tampa



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downtown. So far, occupancy rates have held up in advance of the supply wave, but annual rent growth levels have been minimal – at best – for the last six quarters. Specifically in 1st quarter 2014, same‐store rents for new leases were down 0.7% year‐over‐year.

• The population in Florida could exceed New York by 2015, making it the third most populous state. The current Tampa Bay population is 2.8 million residents. Population growth in recent years has been attributed more to net migration (70%) rather than births over deaths (30%).

• As of 2013, the median home price in Tampa was $155,000, the highest level since 2008. Last year the metro saw over 35,000 home sales, the highest number of sales since 2005.

• According to CoreLogic, more than 100,000 homeowners regained equity within the last year pushing the ratio of underwater mortgages to roughly 30%. Tampa Bay has the nation’s second‐highest percentage of homes with negative

equity, behind Orlando. The Tampa Bay metro had the nation’s second‐highest number of foreclosures last year, but that number is expected to fall.

• Central Tampa was the metro’s rent leader by far, posting average monthly rents of $1,307 during 2014’s 1st quarter. The second‐highest rates were captured in Town and Country/Westchase, where average monthly rents were $990.

• Largo/Seminole and North Pinellas County scored the biggest annual revenue gains, between 6% and 8%. Both submarkets achieved this with minimal deliveries, maintaining tight occupancy near 95% and by pushing rents roughly 5% to 7%.

Other Highlights

• When does supply normalize? MPF expects supply levels to peak in 2014‐2015 before normalizing in 2016, with the impact primarily isolated to the urban core and to the two St. Petersburg submarkets.

• What kind of impact will rising home prices have on the apartment sector? Contrary to popular thinking, a healthy apartment sector is often correlated with a strong for‐sale housing market. Instability in Tampa Bay’s single‐family sector in recent years has greatly expanded the pool of shadow market rentals and pulled down the overall economy, which in turn impacts apartment demand and rent growth potential.

Rising home prices and a thinning pool of distressed homes should correlate with improved apartment market performance, though Tampa Bay has other headwinds (supply, affordability, demographics) that will temper growth levels.

• When will rent growth levels accelerate again? The answer may be that the “new normal” for rent growth is below the norms of the previous up‐cycle. The problem isn’t just new supply – which is generally isolated to a few spots. It’s general affordability and demographics, plus the fact that Tampa Bay has substantially more alternative rentals today compared to the previous cycle.

Questions to Watch

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Annual Supply and DemandSupply Demand Forecast



Annual Supply 4,325 units

Annual Demand 3,478 units

Occupancy 93.9%

Annual Occupancy Change ‐0.3

Annual Rent Change 2.2%

Annual Revenue Change 1.9%

Annual Job Change 25,000

ONE‐YEAR FORECAST: 1Q 2015

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Annual Rent Change ComparisonMetro South U.S.

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Occupancy ComparisonMetro South U.S.

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SupplyQuarterly Annual


MARKET FUNDAMENTALS 1Q 2014

SUPPLY and DEMANDIn 1st quarter 2014, Tampa Bay received two new properties with a total of 86 units. Those deliveries took annual completions to 2,003 units, which grew the apartment base 1.0% – in line with the metro’s two‐year average. But new supply volumes in Tampa Bay are picking up. At the end of 1st quarter, 23 properties with a total of 6,123 units were under construction in the metro. That’s above the 10‐year average of 3,746 units, but still well below the peak of over 13,000 units seen in the late 1990s and early 2000s. Of what’s currently under way, a total of 4,325 units are expected to come online over the coming year. This will expand the inventory base 2.2%. Meanwhile, the metro recorded net move‐outs from 76 units in 2014’s 1st quarter. Due to prior demand, Tampa Bay absorbed 2,721 units in the past year.

OCCUPANCYDuring 1st quarter 2014, occupancy in Tampa Bay registered at 94.2% – unchanged from the previous quarter, but up 0.5 points year‐over‐year. Occupancy rates were weakest in the older properties built in the 1970s or before, with a weighted average occupancy rate of 92.9%. The best reading was seen in middle‐market units, with the rate at 95.1% in the 1980s product age niche. Looking at preliminary results from MPF Research’s 1st quarter survey, Tampa Bay’s 1st quarter occupancy rate landed slightly above the South region norm (94.0%), but registered below the U.S. average (95.0%).

RENTTampa Bay saw same‐store rents tick up 0.1% in 2014’s 1st quarter. Due to previous increases, annual rent change measured 1.8%. Though mild, that was the 14th consecutive quarter of year‐over‐year gains for Tampa Bay. Tampa Bay’s annual rent growth in 1st quarter registered below the preliminary averages for both the South region (2.7%) and U.S. overall (3.2%). Holding back annual rent growth levels in Tampa Bay were the 2000+ units (0.5%). On the other hand, the pre‐1970 and 1970s segments posted growth of 3.7% and 3.4%, respectively. As of 2014’s 1st quarter, rents for all existing product in metro Tampa Bay averaged $893 per month, or $0.953 per square foot.

PERMITS Recent permit figures for the Tampa Bay metro area illustrate that building activity is picking up, but remains fairly limited compared to pre‐recession levels. New multifamily authorizations by building permit totaled 1,390 units during 2014’s January‐February time frame. That two‐month tally took annual approvals to 4,542 units (with 4,174 of those units authorized during the 11‐month period ending in February 2014). This annual volume was down 14.5% from the level approved a year earlier. Among the 100 key metros nationally, Tampa Bay placed in the #23 spot for annual multifamily building authorizations. Looking back, Tampa Bay’s all‐time high for multifamily permits registered at 15,000 units, a volume that was sustained for a three‐year period from 1984 to 1986. During the past decade, permit volumes peaked at nearly 6,700 units in in the year‐ending 2nd quarter 2006.

EMPLOYMENT Tampa Bay gained 29,600 jobs in the year‐ending February 2014, according to preliminary figures from the Bureau of Labor Statistics. That increase translated to a 2.5% expansion of the metro’s employment base. Among the 100 core markets, Tampa Bay ranked 18th for absolute job change. During the past year, expansion was most pronounced in the Professional/Business Services, Trade/Transportation/Utilities and Education/Health Services segments. Despite recent growth, however, Tampa Bay’s total employment count as of February remained 19,800 jobs (or 1.6%) below the level seen in 1st quarter 2008. The metro’s strongest year‐over‐year performance over the past decade occurred in 2004, when gains topped out at nearly 56,000 jobs.


SUPPLY OVERVIEW 1Q 2014

Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishJefferson Westshore6608 S West Shore Blv d, Tampa, FL 33616Sedona (The)12802 Saddle Club Circle, Tampa, FL 33635Flats at 4200 (The)4200 E Fletcher Av e, Tampa, FL 33613Links at Pebble Creek (The)18940 Pebble Links Cir, Tampa, FL 33647Altis at Grand Cypress II1901 Cypress Preserv e Dr, Lutz, FL 33549Crescent Crosstown9712 Bosque Creek Cir, Tampa, FL 33619Campbell Landings365 6th St S, St Petersburg, FL 33701Harbour's Edge300 4th Av e S, St Petersburg, FL 33701Urban Landing320 4th Av e S, St Petersburg, FL 33701Elan Gateway11800 Dr Martin Luther King Jr St N, St. Petersburg, FL 33716Amalfi at Clearwater (The)106 Hampton Rd, Clearwater, FL 33759Sunrise Place802 Mango St, Tarpon Springs, FL 34689

Sub# Properties Under Construction Developer Property Type Units Stories Start FinishModera Westshore4504 W Spruce St, Tampa, FL 33607Trio at ENCORE! (The)1101 Ray Charles Blv d, Tampa, FL 33602NoHo Flats401 N Rome Av e, Tampa, FL 33606Pierhouse at Channelside1226 E Cumberland Av e, Tampa, FL 33602Post SoHo Square720 S Howard Av e, Tampa, FL 33606Crescent Bayshore319 Bayshore Blv d, Tampa, FL 33606Madison HeightsE Fortune St & N Marion St, Tampa, FL 33602Adagio at Westshore Palms4214 W Gray St, Tampa, FL 33609VarelaW Spruce St & N Lois Av e, Tampa, FL 33607Reed at ENCORE! (The)1240 Ray Charles Blv d, Tampa, FL 33602Broadstone Hyde ParkS Rome Av e & W Clev eland St, Tampa, FL 33606Tempo at ENCORE! (The)1102 Ray Charles Blv d, Tampa, FL 33602SkyHouse ChannelsideWashington St & Whiting St, Tampa, FL 33602Altis at Highland ParkRace Track Rd, Tampa, FL 33626Bonterra ParcState Road 56 & Northwood Palms Blv d, Tampa, FL 33544

1 Pollack Shores Real Estate Group Conv entional 311 4 12/12 06/14

3 The Richman Group of Companies Conv entional 240 3 09/12 12/13

2 Jefferson Apartment Group Conv entional 246 3 11/12 12/13

05/12 11/13

10 DDA Dev elopment Senior 96 5 01/13 12/13

9 Crescent Communities Conv entional 344 3

8 The Altman Companies Conv entional 46 3 04/13 03/14

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02/13 12/13

10 Atlantic Housing Partners Affordable 40 5 02/13 02/14

10 Atlantic Housing Partners Senior 125 5

05/12 10/13


11 Greystar Conv entional 240 3

07/12 07/1314 Tarpon Springs Housing Authority Affordable 36 2

Total Units: 2,003

09/12 04/14

1 Tampa Housing Authority Affordable 141 6 12/12 05/14

1 Mill Creek Residential Trust LLC Conv entional 300 6

1 Crescent Communities Conv entional 367 8 11/12 08/14

1 The Related Companies Conv entional 356 4 06/12 06/14

08/13 08/14

1 Alan Dev elopment Conv entional 46 3 09/13 09/14

1 American Realty Dev elopment Inc Senior 80 7

11/13 04/151 Alliance Residential Company Conv entional 259 5

05/13 11/14

1 Tampa Housing Authority Senior 158 7 12/12 01/15

1 Crosland LLC Conv entional 350 5

02/14 08/15


1Nov are Group/Baston-Cook

Dev elopment CompanyConv entional 320 23

06/158 AG Spanos Companies Conv entional 264 4

6 Edwards Companies Student 314 4

01/12 04/138 Bayfair Properties Conv entional 168 3

02/14 06/151 Tampa Housing Authority Affordable 203 7

1 Post Properties Inc Conv entional 231 4 03/13 07/14

02/14


SUPPLY OVERVIEW 1Q 2014

Sub# Properties Under Construction Developer Property Type Units Stories Start FinishBeacon 430 (The)430 3rd Av e S, St Petersburg, FL 33701Modera Prime 235235 3rd Av e N, St Petersburg, FL 33701Epic at Gateway Centre (The)3115 Grand Av e, Pinellas Park, FL 33782Azure540 Trinity Ln N, St Petersburg, FL 33716Ibis Walk8701 Ibis Walk Pl, St. Petersburg, FL 33716Pinellas Heights11411 Ulmerton Rd, Largo, FL 33778Courtney at Bay Pines (The)4652 Miramar Dr, St. Petersburg, FL 33708Gateway North2681 Roosev elt Blv d, Clearwater, FL 33760


Total Units: 6,123

12Norstar Dev elopment USA LP/Pinellas

County Housing AuthoritySenior 153 4 08/12 04/14

12ContraVest Dev /Northwestern

MutualConv entional 330 4 07/12 07/14

11 Hines Interests Conv entional 308 4 01/13 10/14

11 Grady Pridgen Inc Conv entional 410 4 05/13 04/15


10 The NRP Group LLC Conv entional 326 4 02/13 08/14

01/13 11/1410 Mill Creek Residential Trust LLC Conv entional 309 8

Developer Units Completed in the

Last Four QuartersUnits Under

Construction Total UnitsCrescent Communities 344 367 711The Richman Group of Companies 348 320 668Pollack Shores Real Estate Group 0 653 653Mill Creek Residential Trust LLC 0 609 609Tampa Housing Authority 0 502 502

DEVELOPMENT LEADERS

Note: Submarket map is available in the Methodology Section.

Current Monthly

Niche Rate Quarterly Annual Rent Quarterly Annual

YEAR BUILT

2000+ 94.3% 0.0 0.3 $1,086 ‐0.3% 0.5%

1990s 94.2% 0.0 0.1 $961 0.6% 1.9%

1980s 95.1% ‐0.1 1.3 $778 0.2% 2.3%

1970s 93.0% 0.2 ‐0.1 $756 0.3% 3.4%

Pre‐1970 90.8% ‐2.8 ‐1.4 $691 0.8% 3.7%

BUILDING HEIGHT

Low‐Rise 94.1% ‐0.1 0.4 $864 0.2% 2.1%

Mid‐Rise 95.0% ‐0.7 0.3 $1,420 ‐2.9% ‐3.7%

High‐Rise 94.4% ‐1.9 4.1 $1,264 3.3% 3.1%

UNIT TYPE

Eff 94.2% ‐0.3 3.9 $621 1.2% 4.2%

1 BR 94.3% 0.1 0.3 $757 0.7% 2.1%

2 BR 94.1% ‐0.1 0.5 $937 0.1% 1.9%

3 BR 94.0% ‐0.4 0.0 $1,179 ‐1.1% 0.7%

METRO AVERAGE 94.2% 0.0 0.5 $893 0.1% 1.8%

SNAPSHOT

OCCUPANCY RENT

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PRODUCT NICHE OVERVIEW 1Q 2014


PRODUCT NICHE OVERVIEW

HISTORICAL DATA

1Q 2014

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 92.9% 91.0% 92.9% 92.8% 93.4% 93.5% 93.3% 93.1% 91.7% 91.1% 93.0% 89.3% 96.9%2Q 12 93.7% 93.0% 93.5% 93.8% 94.1% 94.3% 93.8% 93.4% 93.4% 91.2% 93.6% 93.3% 98.3%3Q 12 94.1% 91.0% 94.0% 94.2% 94.4% 95.0% 94.4% 93.5% 93.6% 92.9% 94.0% 94.5% 95.0%4Q 12 93.9% 91.4% 94.0% 93.9% 94.2% 94.6% 94.0% 93.6% 93.5% 92.3% 93.9% 93.4% 97.4%1Q 13 93.7% 90.3% 94.0% 93.6% 94.0% 94.0% 94.1% 93.8% 93.1% 92.2% 93.7% 94.7% 90.3%2Q 13 94.6% 91.3% 94.7% 94.6% 95.1% 94.8% 94.7% 94.7% 94.3% 92.8% 94.6% 95.3% 93.3%3Q 13 94.6% 91.2% 94.7% 94.5% 95.0% 95.1% 94.6% 94.5% 94.0% 93.0% 94.5% 94.6% 97.6%4Q 13 94.2% 94.5% 94.2% 94.2% 94.4% 94.3% 94.2% 95.2% 92.8% 93.6% 94.2% 95.7% 96.3%1Q 14 94.2% 94.2% 94.3% 94.1% 94.0% 94.3% 94.2% 95.1% 93.0% 90.8% 94.1% 95.0% 94.4%1Q 12 $843 $551 $707 $883 $1,168 $1,053 $906 $740 $708 $660 $814 $1,440 $1,2992Q 12 $856 $556 $721 $897 $1,170 $1,051 $927 $744 $722 $677 $825 $1,483 $1,2403Q 12 $873 $562 $735 $915 $1,181 $1,084 $941 $755 $722 $681 $840 $1,482 $1,3434Q 12 $872 $570 $730 $913 $1,194 $1,084 $936 $754 $725 $690 $840 $1,453 $1,3531Q 13 $878 $572 $740 $915 $1,192 $1,081 $945 $763 $725 $666 $846 $1,496 $1,2602Q 13 $880 $578 $743 $926 $1,175 $1,075 $943 $770 $744 $683 $852 $1,471 $1,2003Q 13 $888 $576 $752 $931 $1,193 $1,085 $961 $776 $749 $682 $858 $1,507 $1,2044Q 13 $893 $617 $752 $936 $1,194 $1,086 $953 $782 $754 $702 $863 $1,507 $1,2581Q 14 $893 $621 $757 $937 $1,179 $1,086 $961 $778 $756 $691 $864 $1,420 $1,2641Q 12 $0.910 $1.250 $0.997 $0.857 $0.897 $0.972 $0.914 $0.919 $0.810 $0.816 $0.886 $1.303 $1.4442Q 12 $0.920 $1.245 $1.015 $0.867 $0.898 $0.974 $0.927 $0.922 $0.829 $0.829 $0.893 $1.357 $1.3793Q 12 $0.935 $1.267 $1.035 $0.883 $0.904 $0.998 $0.941 $0.937 $0.829 $0.835 $0.906 $1.369 $1.4934Q 12 $0.932 $1.279 $1.027 $0.880 $0.909 $0.996 $0.934 $0.929 $0.831 $0.846 $0.904 $1.339 $1.5041Q 13 $0.938 $1.290 $1.039 $0.885 $0.909 $0.998 $0.951 $0.942 $0.828 $0.816 $0.909 $1.401 $1.4082Q 13 $0.944 $1.307 $1.044 $0.896 $0.899 $0.997 $0.949 $0.950 $0.851 $0.840 $0.918 $1.396 $1.3423Q 13 $0.949 $1.303 $1.055 $0.896 $0.911 $1.002 $0.959 $0.954 $0.852 $0.835 $0.922 $1.398 $1.3454Q 13 $0.952 $1.369 $1.055 $0.900 $0.911 $1.003 $0.954 $0.958 $0.854 $0.866 $0.925 $1.389 $1.4061Q 14 $0.953 $1.383 $1.062 $0.902 $0.901 $1.002 $0.962 $0.954 $0.864 $0.848 $0.928 $1.324 $1.3491Q 12 2.1% 3.6% 2.3% 1.8% 2.4% 2.3% 3.0% 2.4% 0.4% 1.1% 1.6% 5.5% 14.8%2Q 12 2.4% 1.2% 2.9% 2.2% 2.4% 1.5% 3.8% 3.0% 2.5% 2.6% 2.3% 4.1% 4.5%3Q 12 2.8% 4.0% 4.0% 2.7% 1.0% 2.1% 2.9% 3.5% 2.9% 5.7% 2.8% 2.8% 4.2%4Q 12 1.8% 4.0% 2.2% 1.9% 0.7% 0.9% 1.4% 2.7% 2.8% 1.0% 1.9% -0.2% 6.7%1Q 13 1.3% 1.6% 1.8% 1.4% 0.0% 0.9% 2.3% 1.4% 1.1% 1.6% 1.4% -0.9% 2.2%2Q 13 2.3% 4.1% 2.5% 2.9% 0.4% 2.9% 1.2% 2.5% 2.1% 1.8% 2.3% 3.0% 2.3%3Q 13 2.1% 2.0% 2.3% 2.0% 1.9% 1.2% 1.8% 2.9% 3.0% 2.4% 2.3% 1.2% -5.3%4Q 13 2.4% 2.9% 2.7% 2.2% 2.0% 1.4% 2.9% 2.8% 3.3% 2.7% 2.3% 3.9% -1.6%1Q 14 1.8% 4.2% 2.1% 1.9% 0.7% 0.5% 1.9% 2.3% 3.4% 3.7% 2.1% -3.7% 3.1%1Q 12 3.1% 4.1% 3.4% 2.7% 3.4% 2.8% 2.6% 3.2% 2.5% 8.1% 2.7% 0.2% 23.6%2Q 12 3.8% 3.7% 4.2% 3.7% 3.8% 3.2% 2.7% 3.2% 6.0% 10.6% 3.4% 10.1% 15.8%3Q 12 4.0% 3.9% 5.2% 4.0% 2.1% 3.9% 2.8% 3.4% 5.3% 14.3% 3.8% 9.6% 4.9%4Q 12 3.2% 5.5% 3.9% 3.3% 1.3% 1.9% 1.3% 3.6% 5.2% 11.2% 3.3% 2.0% 9.3%1Q 13 2.1% 0.9% 2.9% 2.2% 0.6% 1.4% 3.1% 2.1% 2.5% 2.7% 2.1% 4.5% -4.4%2Q 13 3.2% 2.4% 3.7% 3.7% 1.4% 3.4% 2.1% 3.8% 3.0% 3.4% 3.3% 5.0% -2.7%3Q 13 2.6% 2.2% 3.0% 2.3% 2.5% 1.3% 2.0% 3.9% 3.4% 2.5% 2.8% 1.3% -2.7%4Q 13 2.7% 6.0% 2.9% 2.5% 2.2% 1.1% 3.1% 4.4% 2.6% 4.0% 2.6% 6.2% -2.7%1Q 14 2.3% 8.1% 2.4% 2.4% 0.7% 0.8% 2.0% 3.6% 3.3% 2.3% 2.5% -3.4% 7.2%

Existing Sampled Percent

Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 596 1,852 1,287 3,542 0.3% 1.0% 1Q 12 189,894 115,776 61.0%2Q 12 342 1,518 1,826 4,111 0.2% 0.8% 2Q 12 190,236 116,693 61.3%3Q 12 692 2,028 1,386 4,214 0.4% 1.1% 3Q 12 190,928 118,441 62.0%4Q 12 766 2,396 382 4,881 0.4% 1.3% 4Q 12 191,694 116,931 61.0%1Q 13 0 1,800 (325) 3,268 0.0% 0.9% 1Q 13 191,694 117,992 61.6%2Q 13 276 1,734 1,906 3,348 0.1% 0.9% 2Q 13 191,970 119,532 62.3%3Q 13 350 1,392 269 2,231 0.2% 0.7% 3Q 13 192,320 121,556 63.2%4Q 13 1,291 1,917 622 2,471 0.7% 1.0% 4Q 13 193,611 118,556 61.2%1Q 14 86 2,003 (76) 2,721 0.0% 1.0% 1Q 14 193,697 117,507 60.7%

SUPPLY DEMANDINVENTORY

CHANGE

SUPPLY/ DEMAND

SAMPLE/EXISTING UNITS

OCCUPANCY

MONTHLY RENT

RENT PER SQUARE FOOT

ANNUAL RENT CHANGE

ANNUAL REVENUE CHANGE

SUBMARKETS

TAMPA BAY | 13

Rate Rate 2 Peninsula 96.5% 1 Central Tampa $1,307

1 Central Tampa 95.8% 3 Town and Country/Westchase $990

13 Clearwater 95.3% 8 New Tampa/East Pasco County $944

11 North St. Petersburg 95.1% 2 Peninsula $934

12 Largo/Seminole 95.0% 14 North Pinellas County $920

Change Change9 Brandon/Southeast Hillsborough 1.1 12 Largo/Seminole 2.7

County 6 Univ ersity 2.1

2 Peninsula 0.7 1 Central Tampa 1.3

15 West Pasco County/Hernando County 0.6 15 West Pasco County/Hernando County 1.3

6 Univ ersity 0.5 11 North St. Petersburg 113 Clearwater 0.3

Change Change3 Town and Country/Westchase 2.5% 14 North Pinellas County 6.6%

15 West Pasco County/Hernando County 2.2% 12 Largo/Seminole 4.8%

14 North Pinellas County 1.9% 10 South St. Petersburg 3.8%

13 Clearwater 1.8% 15 West Pasco County/Hernando County 3.5%

12 Largo/Seminole 1.3% 2 Peninsula 3.0%

Change Change15 West Pasco County/Hernando County 2.8% 12 Largo/Seminole 7.5%

13 Clearwater 2.1% 14 North Pinellas County 6.4%

3 Town and Country/Westchase 1.5% 15 West Pasco County/Hernando County 4.8%

12 Largo/Seminole 1.4% 6 Univ ersity 4.5%

14 North Pinellas County 1.3% 2 Peninsula 3.9%

Rate Change14 North Pinellas County 0.0% 2 Peninsula 3.0%

3 Town and Country/Westchase 3.0% 9 Brandon/Southeast Hillsborough 2.0%

15 West Pasco County/Hernando County 7.3% County

1 Central Tampa 8.4% 3 Town and Country/Westchase 2.0%

7 Temple Terrace 14.3% 6 Univ ersity 2.0%11 North St. Petersburg 1.6%

UNITS OFFERING CONCESSIONS ANNUAL INVENTORY GROWTHSubmarket Submarket

QUARTERLY REVENUE CHANGE ANNUAL REVENUE CHANGESubmarket Submarket

QUARTERLY RENT CHANGE ANNUAL RENT CHANGE Submarket Submarket

QUARTERLY OCCUPANCY CHANGE ANNUAL OCCUPANCY CHANGESubmarket Submarket

OCCUPANCY MONTHLY RENTSubmarket Submarket

SUBMARKET OVERVIEW


RANKINGS

1Q 2014

Note: For metros with more than five submarkets, only the top five are shown.

Units Units9 Brandon/Southeast Hillsborough County 181 6 Univ ersity 702

County 11 North St. Petersburg 427

6 Univ ersity 86 12 Largo/Seminole 358

2 Peninsula 53 2 Peninsula 351

15 West Pasco County/Hernando County 50 9 Brandon/Southeast Hillsborough 33613 Clearwater 47 County

Units Units 8 New Tampa/East Pasco County 46 9 Brandon/Southeast Hillsborough County 344

10 South St. Petersburg 40 County

multiple submarkets 0 6 Univ ersity 314

10 South St. Petersburg 261

2 Peninsula 246multiple submarkets 240

Rate Change2 Peninsula 96.1% 5 Carrollwood/Citrus Park 0.5

13 Clearwater 95.6% 14 North Pinellas County 0.5

4 Egypt Lake/Lowry Park 95.0% 8 New Tampa/East Pasco County 0.4

14 North Pinellas County 95.0% multiple submarkets 0.3

5 Carrollwood/Citrus Park 94.9%

Units Change1 Central Tampa 3,122 1 Central Tampa 27.3%

11 North St. Petersburg 1,038 11 North St. Petersburg 6.8%

10 South St. Petersburg 635 12 Largo/Seminole 4.2%

12 Largo/Seminole 483 10 South St. Petersburg 3.2%

13 Clearwater 342 13 Clearwater 2.0%

Units Change1 Central Tampa 2,340 1 Central Tampa 20.4%

10 South St. Petersburg 635 12 Largo/Seminole 4.2%

11 North St. Petersburg 628 11 North St. Petersburg 4.1%

12 Largo/Seminole 483 10 South St. Petersburg 3.2%

3 Town and Country/Westchase 239 3 Town and Country/Westchase 1.9%

UNITS COMPLETING IN THE NEXT YEAR INVENTORY GROWTH IN THE NEXT YEARSubmarket Submarket

UNITS UNDER CONSTRUCTION TOTAL FUTURE INVENTORY GROWTHSubmarket Submarket

FORECAST OCCUPANCY FORECAST ANNUAL OCCUPANCY CHANGESubmarket Submarket

QUARTERLY SUPPLY ANNUAL SUPPLYSubmarket Submarket

QUARTERLY DEMAND ANNUAL DEMANDSubmarket Submarket

SUBMARKET OVERVIEW


RANKINGS

1Q 2014

Note: For metros with more than five submarkets, only the top five are shown.

Submarket Number (Key Below) 1 2 3 4 5 6 7 8 9 10 METROQuarterly Supply 0 0 0 0 0 0 0 46 0 40 86Annual Supply 0 246 240 0 0 314 0 214 344 261 2,003 Rank 10 4 5 10 10 2 10 7 1 3Annual Removals 0 0 0 0 0 0 0 0 0 0 0Annual Inventory Change 0.0% 3.0% 2.0% 0.0% 0.0% 2.0% 0.0% 1.4% 2.0% 1.3% 1.0% Rank 10 1 2 10 10 2 10 6 2 7Two-Year Supply 160 246 780 0 0 520 0 958 344 261 3,803Two-Year Inventory Change 1.4% 3.0% 6.7% 0.0% 0.0% 3.3% 0.0% 6.7% 2.0% 1.3% 2.0%Five-Year Supply 1,982 246 1,098 96 296 970 612 1,827 1,523 1,090 11,309 Rank 1 11 4 14 10 6 8 2 3 5Five-Year Inventory Change 20.9% 3.0% 6.1% 0.9% 4.6% 6.4% 4.9% 13.6% 9.6% 5.9% 6.0%Five-Year Avg Annual Change 4.1% 0.3% 1.0% 0.2% 0.9% 1.5% 1.0% 2.7% 1.7% 1.0% 1.1%Existing Units 11,450 8,341 12,365 10,572 6,740 16,213 13,015 15,221 17,396 19,655 193,697All Active Construction 3,122 0 239 0 0 0 0 264 0 635 6,123 Rank 1 8 7 8 8 8 8 6 8 3Quarterly Demand -16 53 -121 -29 -73 86 -58 -51 181 -142 -76Annual Demand 162 351 207 -28 -3 702 104 322 336 -585 2,721Two-Year Demand 305 443 768 5 -86 1,093 377 918 651 99 5,990Five-Year Demand 2,188 680 1,167 555 317 1,717 985 2,297 1,866 634 16,279Current Rate 95.8% 96.5% 93.9% 94.7% 94.4% 93.4% 93.1% 94.0% 93.9% 89.4% 94.2% Rank 2 1 10 6 8 12 14 9 10 15Quarterly Change -0.1 0.7 -1.0 -0.3 -1.1 0.5 -0.5 -0.6 1.1 -0.9 0.0Annual Change 1.3 0.9 -0.4 -0.3 0.0 2.1 0.7 0.5 -0.1 -4.6 0.5 Rank 3 6 14 13 10 2 7 8 11 15Two-Year Change 1.1 2.0 -0.1 0.0 -1.3 4.1 2.5 -0.1 2.0 -0.8 1.3Five-Year Change 1.4 4.4 2.6 4.3 1.0 5.9 3.3 3.3 1.8 -1.6 3.3Five-Year Average Rate 92.5% 94.5% 93.7% 94.0% 94.5% 89.7% 90.3% 93.6% 93.3% 90.7% 92.7% Rank 10 2 5 4 2 15 14 6 9 13Monthly Rent $1,307 $934 $990 $735 $864 $867 $816 $944 $899 $844 $893 Rank 1 4 2 14 9 8 12 3 6 10Rent Per Square Foot $1.340 $1.163 $1.036 $0.871 $0.997 $0.948 $0.850 $0.880 $0.904 $0.987 $0.953 Rank 1 2 3 13 5 8 14 12 11 6Quarterly Same-Store Change 1.2% -1.2% 2.5% -1.6% -0.4% -1.6% -0.5% -1.8% -0.4% -0.1% 0.1%Annual Same-Store Change -0.7% 3.0% 2.4% 2.3% 2.1% 2.4% 1.9% -0.2% 0.1% 3.8% 1.8% Rank 15 5 6 8 9 6 10 14 13 3Two-Year Same-Store Change 2.2% 3.4% 4.9% 2.7% 6.5% 2.2% 2.3% -0.6% 2.4% 3.9% 3.1%Five-Year Same-Store Change 7.3% 12.5% 11.3% 4.1% 9.7% 6.6% 1.7% 2.6% 4.1% 4.1% 5.9% Rank 5 2 3 9 4 6 15 14 9 9Five-Year Average Annual Change 0.5% 2.4% 1.7% 0.5% 1.5% 0.8% 0.2% 0.6% 1.1% 0.3% 0.9% Rank 11 1 2 11 3 7 14 9 6 13Units with Concessions 8.4% 20.3% 3.0% 25.0% 22.7% 24.0% 14.3% 16.5% 27.5% 15.5% 16.6%Average Concession 8.3% 2.9% 8.3% 8.1% 5.0% 6.7% 12.6% 6.3% 4.3% 7.4% 6.2%Quarterly Change 1.1% -0.5% 1.5% -1.9% -1.5% -1.1% -1.0% -2.4% 0.7% -1.0% 0.1%Annual Change 0.6% 3.9% 2.0% 2.0% 2.1% 4.5% 2.6% 0.3% 0.0% -0.8% 2.3% Rank 12 5 10 10 8 4 6 13 14 15Two-Year Change 3.3% 5.4% 4.8% 2.7% 5.2% 6.3% 4.8% -0.7% 4.4% 3.1% 4.4%Five-Year Change 8.7% 16.9% 13.9% 8.4% 10.7% 12.5% 5.0% 5.9% 5.9% 2.5% 9.2% Rank 8 1 3 10 5 4 14 13 12 15Five-Year Average Annual Change 0.9% 3.4% 2.2% 1.2% 2.0% 1.7% 0.6% 1.1% 1.7% 0.3% 1.5%Supply 2,340 0 239 0 0 0 0 0 0 635 4,325 Rank 1 6 5 6 6 6 6 6 6 2Inventory Growth Rate 20.4% 0.0% 1.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.2% 2.2% Rank 1 6 5 6 6 6 6 6 6 4Demand 1,592 -32 255 31 35 16 26 51 59 566 3,478Occupancy Rate 91.1% 96.1% 94.2% 95.0% 94.9% 93.5% 93.3% 94.4% 94.2% 89.4% 93.9% Rank 14 1 9 3 5 12 13 6 8 15Occupancy Change -4.7 -0.4 0.3 0.3 0.5 0.1 0.2 0.4 0.3 0.0 -0.3 Rank 15 12 4 4 1 10 9 3 4 11

1. Central Tampa 6. University

2. Peninsula 7. Temple Terrace

3. Town and Country/Westchase 8. New Tampa/East Pasco County

4. Egypt Lake/Lowry Park 9. Brandon/Southeast Hillsborough County

5. Carro llwood/Citrus Park 10. South St. Petersburg

ONE-YEAR FORECAST

Submarket Key

SUPPLY

DEMAND

OCCUPANCY

RENT

REVENUE

SUBMARKET OVERVIEW 1Q 2014


Submarket Number (Key Below) 11 12 13 14 15 METROQuarterly Supply 0 0 0 0 0 86Annual Supply 240 0 108 36 0 2,003 Rank 5 10 8 9 10Annual Removals 0 0 0 0 0 0Annual Inventory Change 1.6% 0.0% 0.6% 0.4% 0.0% 1.0% Rank 5 10 8 9 10Two-Year Supply 240 0 108 36 150 3,803Two-Year Inventory Change 1.6% 0.0% 0.6% 0.4% 1.7% 2.0%Five-Year Supply 743 0 184 98 544 11,309 Rank 7 15 12 13 9Five-Year Inventory Change 5.1% 0.0% 1.1% 1.1% 6.3% 6.0%Five-Year Avg Annual Change 0.9% 0.0% 0.2% 0.2% 1.2% 1.1%Existing Units 15,282 11,457 17,536 9,217 9,237 193,697All Active Construction 1,038 483 342 0 0 6,123 Rank 2 4 5 8 8Quarterly Demand 33 21 47 -57 50 -76Annual Demand 427 358 213 20 135 2,721Two-Year Demand 529 259 275 -12 368 5,990Five-Year Demand 1,270 524 1,103 173 803 16,279Current Rate 95.1% 95.0% 95.3% 94.5% 93.4% 94.2% Rank 4 5 3 7 12Quarterly Change 0.2 0.1 0.3 -0.6 0.6 0.0Annual Change 1.0 2.7 0.5 -0.2 1.3 0.5 Rank 5 1 8 12 3Two-Year Change 1.7 1.8 0.8 -0.6 2.8 1.3Five-Year Change 3.5 5.4 5.1 1.0 4.1 3.3Five-Year Average Rate 93.4% 92.2% 93.4% 94.6% 90.9% 92.7% Rank 7 11 7 1 12Monthly Rent $898 $802 $835 $920 $717 $893 Rank 7 13 11 5 15Rent Per Square Foot $0.999 $0.960 $0.922 $0.913 $0.797 $0.953 Rank 4 7 9 10 15Quarterly Same-Store Change 0.3% 1.3% 1.8% 1.9% 2.2% 0.1%Annual Same-Store Change 1.1% 4.8% 1.9% 6.6% 3.5% 1.8% Rank 12 2 10 1 4Two-Year Same-Store Change 2.9% 8.1% 4.3% 6.0% 3.2% 3.1%Five-Year Same-Store Change 6.5% 3.2% 5.2% 13.0% 3.0% 5.9% Rank 7 12 8 1 13Five-Year Average Annual Change 1.2% 0.6% 0.7% 1.4% 0.1% 0.9% Rank 5 9 8 4 15Units with Concessions 16.2% 15.1% 17.8% 0.0% 7.3% 16.6%Average Concession 5.8% 3.6% 5.2% n.a. 8.0% 6.2%Quarterly Change 0.5% 1.4% 2.1% 1.3% 2.8% 0.1%Annual Change 2.1% 7.5% 2.4% 6.4% 4.8% 2.3% Rank 8 1 7 2 3Two-Year Change 4.6% 9.9% 5.1% 5.4% 6.0% 4.4%Five-Year Change 10.0% 8.6% 10.3% 14.0% 7.1% 9.2% Rank 7 9 6 2 11Five-Year Average Annual Change 1.8% 1.4% 1.6% 1.7% 0.8% 1.5%Supply 628 483 0 0 0 4,325 Rank 3 4 6 6 6Inventory Growth Rate 4.1% 4.2% 0.0% 0.0% 0.0% 2.2% Rank 3 2 6 6 6Demand 376 367 61 41 34 3,478Occupancy Rate 93.7% 94.3% 95.6% 95.0% 93.7% 93.9% Rank 10 7 2 4 11Occupancy Change -1.4 -0.7 0.3 0.5 0.3 -0.3 Rank 14 13 4 1 4

11. North St. Petersburg

12. Largo/Seminole

13. Clearwater

14. North P inellas County

15. West Pasco County/Hernando County

OCCUPANCY

RENT

REVENUE

ONE-YEAR FORECAST

Submarket Key

SUPPLY

DEMAND

SUBMARKET OVERVIEW 1Q 2014



1 CENTRAL TAMPA 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy

Annual Occupancy Change

Annual Supply

Annual Demand

COMPARATIVE POSITIONING

MetroAll Other SubmarketsThis Submarket

SUBMARKET METRO

Existing Units 11,450 193,697

Sampled Units 5,559 117,507

Percent Sampled 48.6% 60.7%

SUPPLY and DEMAND

Quarterly Supply (units) 0 86

Annual Supply (units) 0 2,003

Annual Inventory Change 0.0% 1.0%

Five‐Year Average Annual Supply (units) 418 2,186

Five‐Year Peak in Annual Supply (units) 1,066 3,747

Five‐Year Trough in Annual Supply (units) 0 1,392

Quarterly Demand (units) ‐16 ‐76

Annual Demand (units) 162 2,721

OCCUPANCY

Current Rate 95.8% 94.2%

Quarterly Change ‐0.1 0.0

Annual Change 1.3 0.5

Five‐Year Peak 97.2% 94.6%

Five‐Year Trough 81.7% 90.3%

Five‐Year Average 92.5% 92.7%

RENT

Monthly Rent $1,307 $893

Rent Per Square Foot $1.340 $0.953

Quarterly Change 1.2% 0.1%

Annual Change ‐0.7% 1.8%

Five‐Year Peak in Annual Change 10.6% 3.7%

Five‐Year Trough in Annual Change ‐16.6% ‐4.0%

Five‐Year Average Annual Change 0.5% 0.9%

REVENUE CHANGE


Annual Change 0.6% 2.3%




ONE‐YEAR FORECAST

Annual Supply (units) 2,340 4,325

Annual Demand (units) 1,592 3,478

Occupancy 91.1% 93.9%

Annual Occupancy Change ‐4.7 ‐0.3

SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

DemandQuarterly Annual

91%

93%

95%

97%

99%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

OccupancySubmarket Metro

-5%

0%

5%

10%

15%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

Annual Rent ChangeSubmarket Metro



SUPPLY DETAILS AND MAP

Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start Finish

Sub# Properties Under Construction Developer Property Type Units Stories Start FinishModera Westshore4504 W Spruce St, Tampa, FL 33607Trio at ENCORE! (The)1101 Ray Charles Blv d, Tampa, FL 33602NoHo Flats401 N Rome Av e, Tampa, FL 33606Pierhouse at Channelside1226 E Cumberland Av e, Tampa, FL 33602Post SoHo Square720 S Howard Av e, Tampa, FL 33606Crescent Bayshore319 Bayshore Blv d, Tampa, FL 33606Madison HeightsE Fortune St & N Marion St, Tampa, FL 33602Adagio at Westshore Palms4214 W Gray St, Tampa, FL 33609VarelaW Spruce St & N Lois Av e, Tampa, FL 33607Reed at ENCORE! (The)1240 Ray Charles Blv d, Tampa, FL 33602Broadstone Hyde ParkS Rome Av e & W Clev eland St, Tampa, FL 33606Tempo at ENCORE! (The)1102 Ray Charles Blv d, Tampa, FL 33602SkyHouse ChannelsideWashington St & Whiting St, Tampa, FL 33602

1 Mill Creek Residential Trust LLC Conv entional 300 6 09/12 04/14

No properties completed during the last four quarters.

03/13 07/14


1 Post Properties Inc Conv entional 231 4

1 The Related Companies Conv entional 356 4 06/12 06/14

12/12 05/14

08/13 08/14

1 Alan Dev elopment Conv entional 46 3 09/13 09/14

1 American Realty Dev elopment Inc Senior 80 7

05/13 11/14

1 Tampa Housing Authority Senior 158 7 12/12 01/15

1 Crosland LLC Conv entional 350 5

11/13 04/15

1 Tampa Housing Authority Affordable 203 7 02/14 06/15

1 Alliance Residential Company Conv entional 259 5

02/14 08/151Nov are Group/Baston-Cook

Dev elopment CompanyConv entional 320 23

Total Units: 3,122

1 Tampa Housing Authority Affordable 141 6

12/12 06/141 Pollack Shores Real Estate Group Conv entional 311 4

Completed

Under Construction

ZIP Code List: 33602, 33605, 33606, 33607, 33609



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 94.7% 90.7% 95.6% 94.5% 92.3% 92.7% 97.0% 98.2% n.a. 97.3% 96.7% 92.0% 95.1%2Q 12 96.1% 93.0% 96.5% 95.9% 95.2% 96.1% 96.9% 96.2% n.a. 93.4% 95.9% 95.8% 98.2%3Q 12 97.2% 90.7% 97.1% 97.3% 97.9% 96.9% 97.5% 97.3% n.a. 98.9% 97.7% 97.1% 95.1%4Q 12 95.8% 90.7% 95.4% 96.0% 96.4% 94.8% 97.3% 96.2% n.a. 97.0% 97.1% 94.8% 92.9%1Q 13 94.5% 90.7% 94.7% 93.9% 96.8% 92.7% 96.9% 97.9% n.a. 95.6% 96.8% 95.6% 81.2%2Q 13 96.3% 95.2% 96.3% 96.0% 98.1% 95.2% 97.1% 100.0% 94.7% 98.2% 97.6% 97.5% 86.9%3Q 13 96.4% 95.3% 96.7% 96.1% 96.2% 96.0% 96.8% 97.3% n.a. 97.0% 96.9% 96.3% 94.8%4Q 13 95.9% 94.1% 96.0% 95.7% 96.8% 95.1% 96.8% 95.0% n.a. 99.5% 97.1% 95.4% 92.8%1Q 14 95.8% 94.0% 95.8% 95.7% 95.9% 95.9% 96.2% 96.2% 95.6% 92.2% 95.8% 95.5% 96.4%1Q 12 $1,247 $897 $1,034 $1,409 $1,542 $1,451 $1,179 $684 n.a. $720 $961 $1,471 $1,7752Q 12 $1,301 $897 $1,111 $1,433 $1,602 $1,417 $1,365 $751 n.a. $786 $1,131 $1,439 $1,6443Q 12 $1,357 $929 $1,146 $1,495 $1,746 $1,536 $1,266 $772 n.a. $731 $1,093 $1,523 $1,9614Q 12 $1,328 $840 $1,110 $1,488 $1,672 $1,482 $1,274 $787 n.a. $779 $1,109 $1,444 $1,9891Q 13 $1,296 $913 $1,120 $1,428 $1,596 $1,452 $1,312 $744 n.a. $689 $1,086 $1,488 $1,5872Q 13 $1,243 $805 $1,072 $1,375 $1,565 $1,394 $1,273 $763 $788 $715 $1,055 $1,461 $1,4003Q 13 $1,295 $958 $1,124 $1,398 $1,650 $1,439 $1,304 $721 n.a. $709 $1,086 $1,496 $1,4214Q 13 $1,303 $921 $1,092 $1,461 $1,652 $1,403 $1,326 $806 n.a. $837 $1,139 $1,426 $1,5151Q 14 $1,307 $845 $1,133 $1,459 $1,521 $1,397 $1,408 $761 $774 $712 $1,151 $1,401 $1,6071Q 12 $1.251 $1.493 $1.364 $1.207 $1.119 $1.363 $1.146 $0.944 n.a. $0.969 $1.049 $1.314 $1.8842Q 12 $1.318 $1.494 $1.481 $1.249 $1.168 $1.365 $1.344 $1.036 n.a. $1.012 $1.213 $1.351 $1.7463Q 12 $1.367 $1.546 $1.525 $1.292 $1.253 $1.476 $1.246 $1.066 n.a. $0.983 $1.170 $1.430 $2.0824Q 12 $1.344 $1.398 $1.477 $1.293 $1.197 $1.437 $1.254 $1.087 n.a. $1.025 $1.181 $1.369 $2.1121Q 13 $1.359 $1.519 $1.494 $1.302 $1.194 $1.484 $1.292 $1.027 n.a. $0.887 $1.165 $1.498 $1.7282Q 13 $1.314 $1.455 $1.438 $1.256 $1.171 $1.425 $1.253 $1.053 $1.128 $0.937 $1.148 $1.471 $1.5243Q 13 $1.326 $1.595 $1.503 $1.235 $1.208 $1.414 $1.284 $0.995 n.a. $0.929 $1.170 $1.431 $1.5474Q 13 $1.334 $1.604 $1.463 $1.279 $1.188 $1.379 $1.305 $1.112 n.a. $1.148 $1.227 $1.364 $1.6491Q 14 $1.340 $1.536 $1.515 $1.276 $1.111 $1.373 $1.386 $1.051 $1.108 $0.975 $1.245 $1.340 $1.7481Q 12 10.6% -7.7% 13.8% 9.2% 8.5% 14.2% 6.7% -8.3% n.a. 5.8% 3.5% 10.9% 30.0%2Q 12 5.6% 10.7% 9.0% 4.0% 1.3% 3.3% 9.6% 0.7% n.a. 21.5% 8.0% 3.4% 5.3%3Q 12 3.3% -1.1% 7.1% 1.6% 0.2% 3.2% 2.7% 9.0% n.a. 6.6% 2.9% 1.7% 9.9%4Q 12 1.8% -1.8% 3.0% 2.0% -2.7% 0.8% 3.2% 5.0% n.a. 6.5% 3.1% -1.3% 9.1%1Q 13 2.9% 1.8% 5.6% 2.3% -4.2% -0.3% 7.0% 8.7% n.a. 5.3% 6.3% -5.3% 7.4%2Q 13 -1.2% 4.8% -1.1% -1.4% -0.8% 3.0% -6.7% 1.6% n.a. -8.2% -5.2% 3.5% 2.0%3Q 13 -1.1% 3.1% 0.5% -2.6% 0.2% -2.9% 3.0% -6.6% n.a. 6.5% 2.2% -0.6% -13.0%4Q 13 1.4% 14.4% 1.7% 1.4% -0.3% -0.7% 4.1% 2.3% n.a. 11.3% 4.0% 1.8% -8.0%1Q 14 -0.7% 3.7% 1.6% -0.9% -7.9% -4.6% 7.3% 2.4% n.a. 2.5% 5.4% -7.0% 1.2%1Q 12 12.1% -4.2% 15.7% 11.0% 7.2% 13.3% 7.2% -0.3% n.a. 26.5% 6.5% 7.1% 47.0%2Q 12 8.4% 8.8% 12.1% 6.9% 2.0% 6.2% 10.8% 0.7% n.a. 36.3% 10.0% 3.1% 25.4%3Q 12 7.2% -1.4% 9.9% 6.3% 6.0% 7.0% 3.7% 12.5% n.a. 26.5% 7.1% 4.8% 15.6%4Q 12 4.4% -2.6% 4.0% 5.2% 4.6% 2.6% 4.5% 6.2% n.a. 18.6% 6.0% 1.2% 10.8%1Q 13 2.7% 1.8% 4.7% 1.7% 0.3% -0.3% 6.9% 8.4% n.a. 3.6% 6.4% -1.7% -6.5%2Q 13 -1.0% 7.0% -1.3% -1.3% 2.1% 2.1% -6.5% 5.4% n.a. -3.4% -3.5% 5.2% -9.3%3Q 13 -1.9% 7.7% 0.1% -3.8% -1.5% -3.8% 2.3% -6.6% n.a. 4.6% 1.4% -1.4% -13.3%4Q 13 1.5% 17.8% 2.3% 1.1% 0.1% -0.4% 3.6% 1.1% n.a. 13.8% 4.0% 2.4% -8.1%1Q 14 0.6% 7.0% 2.7% 0.9% -8.8% -1.4% 6.6% 0.7% n.a. -0.9% 4.4% -7.1% 16.4%


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 120 147 262 0.0% 1.1% 1Q 12 11,290 4,022 35.6%2Q 12 0 120 138 324 0.0% 1.1% 2Q 12 11,290 5,174 45.8%3Q 12 0 120 124 482 0.0% 1.1% 3Q 12 11,290 5,322 47.1%4Q 12 160 160 (11) 388 1.4% 1.4% 4Q 12 11,450 5,037 44.0%1Q 13 0 160 (125) 120 0.0% 1.4% 1Q 13 11,450 5,161 45.1%2Q 13 0 160 232 198 0.0% 1.4% 2Q 13 11,450 5,311 46.4%3Q 13 0 160 10 69 0.0% 1.4% 3Q 13 11,450 5,619 49.1%4Q 13 0 0 (47) 19 0.0% 0.0% 4Q 13 11,450 5,526 48.3%1Q 14 0 0 (16) 162 0.0% 0.0% 1Q 14 11,450 5,559 48.6%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



2 PENINSULA 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND





Five‐Year Peak in Annual Supply (units) 246 3,747


Quarterly Demand (units) 53 ‐76


OCCUPANCY


Quarterly Change 0.7 0.0





RENT

Monthly Rent $934 $893


Quarterly Change ‐1.2% 0.1%





REVENUE CHANGE






ONE‐YEAR FORECAST


Annual Demand (units) ‐32 3,478



SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

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3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


90%

92%

94%

96%

98%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


0%

1%

2%

3%

4%

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2 PENINSULA 1Q 2014


Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishJefferson Westshore6608 S West Shore Blv d, Tampa, FL 33616

Sub# Properties Under Construction Developer Property Type Units Stories Start Finish

2 Jefferson Apartment Group Conv entional 246 3 11/12 12/13

Total Units: 246

No properties are currently under construction.

Completed

Under Construction

ZIP Code List: 33611, 33616, 33621, 33629


2 PENINSULA 1Q 2014

HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 94.5% 94.8% 93.4% 95.0% 97.7% 97.5% 96.0% 95.4% 90.5% 98.3% 94.3% 97.2% n.a.2Q 12 95.2% 92.9% 94.6% 95.9% 97.7% 98.1% 95.3% 95.8% 92.3% 97.4% 95.0% 98.8% n.a.3Q 12 95.6% 96.1% 95.5% 95.6% 96.3% 97.6% 92.4% 95.5% 94.9% 97.4% 95.4% 100.0% n.a.4Q 12 96.0% 96.4% 96.2% 95.7% 96.5% 96.3% 96.0% 95.5% 96.7% 97.4% 96.3% 92.4% n.a.1Q 13 95.6% 96.8% 95.6% 95.1% 96.8% 97.0% 92.4% 94.9% 96.1% 98.3% 95.5% 96.0% n.a.2Q 13 96.8% 97.1% 97.1% 96.7% 95.7% 95.1% 100.0% 96.9% 97.0% 98.3% 97.1% 91.2% n.a.3Q 13 96.6% 97.7% 96.5% 96.5% 97.0% 96.4% 98.6% 96.7% 96.6% 90.1% 96.9% 92.4% n.a.4Q 13 95.8% 95.5% 95.8% 96.1% 95.1% 95.5% 95.7% 96.1% 95.3% 99.1% 96.1% 91.2% n.a.1Q 14 96.5% 95.5% 97.2% 96.4% 94.7% 94.9% 96.4% 97.4% 96.2% 97.8% 96.7% 92.4% n.a.1Q 12 $899 $697 $833 $947 $1,269 $1,158 $1,183 $797 $841 $883 $834 $1,894 n.a.2Q 12 $903 $641 $831 $958 $1,334 $1,243 $1,106 $815 $795 $874 $822 $2,136 n.a.3Q 12 $916 $695 $838 $964 $1,239 $1,167 $1,153 $824 $837 $870 $845 $2,136 n.a.4Q 12 $934 $728 $851 $971 $1,303 $1,197 $1,164 $852 $805 $870 $860 $2,135 n.a.1Q 13 $906 $667 $822 $960 $1,247 $1,165 $1,123 $831 $798 $878 $836 $2,129 n.a.2Q 13 $932 $703 $853 $986 $1,242 $1,160 $1,194 $859 $833 $925 $864 $2,137 n.a.3Q 13 $921 $674 $850 $971 $1,350 $1,247 $1,166 $838 $832 $807 $847 $2,138 n.a.4Q 13 $949 $707 $867 $1,009 $1,367 $1,258 $1,262 $869 $845 $891 $874 $2,181 n.a.1Q 14 $934 $705 $853 $986 $1,252 $1,145 $1,194 $850 $834 $1,120 $864 $2,052 n.a.1Q 12 $1.141 $1.479 $1.258 $1.044 $1.033 $1.142 $1.257 $1.049 $1.248 $1.284 $1.087 $1.716 n.a.2Q 12 $1.145 $1.362 $1.255 $1.055 $1.085 $1.225 $1.175 $1.073 $1.180 $1.269 $1.071 $1.935 n.a.3Q 12 $1.141 $1.476 $1.269 $1.057 $1.015 $1.147 $1.224 $1.069 $1.241 $1.265 $1.076 $1.935 n.a.4Q 12 $1.163 $1.546 $1.304 $1.065 $1.067 $1.177 $1.236 $1.105 $1.253 $1.264 $1.097 $1.935 n.a.1Q 13 $1.129 $1.415 $1.248 $1.052 $1.021 $1.145 $1.192 $1.078 $1.184 $1.276 $1.065 $1.929 n.a.2Q 13 $1.162 $1.492 $1.294 $1.081 $1.017 $1.140 $1.268 $1.114 $1.236 $1.345 $1.100 $1.937 n.a.3Q 13 $1.163 $1.430 $1.291 $1.063 $1.098 $1.230 $1.239 $1.087 $1.235 $1.273 $1.096 $1.937 n.a.4Q 13 $1.198 $1.500 $1.317 $1.106 $1.112 $1.240 $1.340 $1.128 $1.254 $1.295 $1.132 $1.976 n.a.1Q 14 $1.163 $1.496 $1.285 $1.085 $1.026 $1.125 $1.268 $1.119 $1.238 $1.450 $1.101 $1.859 n.a.1Q 12 3.1% 7.9% 5.5% 1.6% -2.3% -3.6% 7.5% 3.2% 6.8% 15.7% 5.3% -9.2% n.a.2Q 12 2.1% -2.8% 7.2% 0.3% -5.9% 0.1% 1.9% 3.5% 1.5% 7.8% 2.5% 0.2% n.a.3Q 12 4.5% 8.0% 6.7% 3.9% -1.4% 3.1% 8.2% 0.9% 9.9% 11.4% 4.8% 2.9% n.a.4Q 12 3.2% 13.6% 2.9% 2.1% 3.5% 3.0% 7.2% 6.5% -3.7% 2.7% 3.5% 1.7% n.a.1Q 13 0.4% -4.4% -0.8% 1.1% 5.4% 7.4% -5.2% 1.7% -5.1% -0.6% -1.4% 12.4% n.a.2Q 13 3.2% 9.6% 3.6% 3.0% -0.2% -0.5% 8.0% 3.3% 4.8% 5.9% 3.8% 0.1% n.a.3Q 13 1.0% -3.1% 1.5% 0.9% 1.8% 0.1% 1.2% 1.8% -0.5% 15.2% 1.1% 0.1% n.a.4Q 13 3.3% -3.0% 4.5% 4.5% -3.5% -2.2% 8.4% 2.4% 9.8% 2.4% 3.5% 2.2% n.a.1Q 14 3.0% 5.8% 3.0% 3.4% 0.5% -1.8% 6.4% 4.9% 4.5% 2.4% 4.1% -3.6% n.a.1Q 12 3.7% 12.1% 6.1% 1.2% 0.5% -0.4% 7.5% 2.2% 7.9% 14.0% 5.5% -3.2% n.a.2Q 12 1.5% -3.7% 6.6% 0.0% -6.6% 0.3% -1.0% 3.4% 0.0% 12.9% 1.9% 0.2% n.a.3Q 12 4.1% 8.6% 6.5% 3.3% -1.9% 4.2% 4.2% -0.2% 10.2% 13.1% 4.0% 10.5% n.a.4Q 12 4.1% 17.8% 4.5% 1.8% 4.0% 2.6% 6.1% 5.7% 1.4% 2.9% 4.8% -3.1% n.a.1Q 13 1.5% -2.4% 1.4% 1.2% 4.5% 6.9% -8.8% 1.2% 0.5% -0.6% -0.2% 11.2% n.a.2Q 13 4.8% 13.8% 6.1% 3.8% -2.2% -3.5% 12.7% 4.4% 9.5% 6.8% 5.9% -7.5% n.a.3Q 13 2.0% -1.5% 2.5% 1.8% 2.5% -1.1% 7.4% 3.0% 1.2% 7.9% 2.6% -7.5% n.a.4Q 13 3.1% -3.9% 4.1% 4.9% -4.9% -3.0% 8.1% 3.0% 8.4% 4.1% 3.3% 1.0% n.a.1Q 14 3.9% 4.5% 4.6% 4.7% -1.6% -3.9% 10.4% 7.4% 4.6% 1.9% 5.3% -7.2% n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 0 (63) 41 0.0% 0.0% 1Q 12 8,095 4,065 50.2%2Q 12 0 0 53 (60) 0.0% 0.0% 2Q 12 8,095 4,065 50.2%3Q 12 0 0 35 (31) 0.0% 0.0% 3Q 12 8,095 4,557 56.3%4Q 12 0 0 31 64 0.0% 0.0% 4Q 12 8,095 4,333 53.5%1Q 13 0 0 (33) 86 0.0% 0.0% 1Q 13 8,095 4,625 57.1%2Q 13 0 0 111 143 0.0% 0.0% 2Q 13 8,095 4,625 57.1%3Q 13 0 0 (15) 87 0.0% 0.0% 3Q 13 8,095 4,363 53.9%4Q 13 246 246 208 266 3.0% 3.0% 4Q 13 8,341 4,409 52.9%1Q 14 0 246 53 351 0.0% 3.0% 1Q 14 8,341 4,210 50.5%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



3 TOWN AND COUNTRY/WESTCHASE 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY



Annual Change ‐0.4 0.5




RENT








REVENUE CHANGE






ONE‐YEAR FORECAST




Annual Occupancy Change 0.3 ‐0.3

SNAPSHOT

0.0k

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1Q14


91%

92%

93%

94%

95%

96%

97%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


0%

1%

2%

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Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishSedona (The)12802 Saddle Club Circle, Tampa, FL 33635

Sub# Properties Under Construction Developer Property Type Units Stories Start FinishAltis at Highland ParkRace Track Rd, Tampa, FL 33626


Total Units: 240


Total Units: 239

Completed

Under Construction

ZIP Code List: 33615, 33626, 33634, 33635



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 94.0% 96.3% 93.5% 94.3% 94.7% 95.9% 93.4% 91.7% 93.3% n.a. 94.0% 95.3% n.a.2Q 12 93.1% 94.1% 92.1% 93.7% 94.4% 93.3% 94.9% 91.5% 93.8% n.a. 93.0% 95.3% n.a.3Q 12 94.0% 94.1% 93.6% 94.3% 94.8% 94.8% 95.9% 91.7% 94.8% n.a. 94.0% 96.2% n.a.4Q 12 93.9% 94.9% 94.0% 93.8% 94.4% 94.0% 95.3% 93.2% 93.7% n.a. 93.9% 93.4% n.a.1Q 13 94.3% 95.6% 94.2% 94.2% 94.8% 95.0% 94.9% 92.9% 94.0% n.a. 94.2% 96.2% n.a.2Q 13 95.5% 93.4% 95.3% 95.7% 95.6% 96.3% 95.7% 94.9% 93.5% n.a. 95.4% 100.0% n.a.3Q 13 94.4% 93.1% 94.5% 94.4% 94.5% 95.2% 95.2% 93.9% 91.1% n.a. 94.5% 93.4% n.a.4Q 13 94.9% 93.8% 95.0% 94.9% 94.2% 95.2% 96.0% 94.6% 92.6% n.a. 94.9% 93.4% n.a.1Q 14 93.9% 92.4% 94.1% 94.0% 92.8% 93.5% 95.6% 94.9% 90.8% n.a. 94.3% 93.4% 84.9%1Q 12 $905 $499 $745 $996 $1,212 $1,068 $829 $739 $785 n.a. $900 $1,044 n.a.2Q 12 $899 $502 $753 $972 $1,270 $1,074 $867 $726 $784 n.a. $893 $1,085 n.a.3Q 12 $926 $516 $768 $1,014 $1,265 $1,104 $935 $739 $776 n.a. $920 $1,113 n.a.4Q 12 $927 $544 $760 $1,017 $1,305 $1,118 $887 $728 $791 n.a. $922 $1,099 n.a.1Q 13 $948 $550 $788 $1,042 $1,279 $1,153 $922 $731 $753 n.a. $944 $1,099 n.a.2Q 13 $950 $544 $787 $1,039 $1,319 $1,138 $903 $757 $788 n.a. $944 $1,124 n.a.3Q 13 $951 $525 $791 $1,039 $1,314 $1,128 $937 $765 $757 n.a. $946 $1,129 n.a.4Q 13 $950 $507 $788 $1,041 $1,296 $1,128 $928 $757 $775 n.a. $944 $1,124 n.a.1Q 14 $990 $570 $821 $1,090 $1,334 $1,151 $990 $782 $806 n.a. $981 $1,135 $1,1291Q 12 $0.953 $1.240 $1.017 $0.922 $0.909 $1.004 $0.901 $0.911 $0.878 n.a. $0.949 $1.050 n.a.2Q 12 $0.953 $1.248 $1.031 $0.903 $0.954 $1.013 $0.909 $0.907 $0.877 n.a. $0.948 $1.091 n.a.3Q 12 $0.978 $1.230 $1.047 $0.942 $0.950 $1.041 $0.980 $0.913 $0.867 n.a. $0.974 $1.119 n.a.4Q 12 $0.981 $1.351 $1.039 $0.944 $0.983 $1.059 $0.930 $0.909 $0.885 n.a. $0.977 $1.105 n.a.1Q 13 $1.006 $1.366 $1.079 $0.968 $0.961 $1.093 $0.966 $0.913 $0.868 n.a. $1.002 $1.105 n.a.2Q 13 $1.007 $1.353 $1.078 $0.965 $0.991 $1.078 $0.946 $0.945 $0.909 n.a. $1.003 $1.130 n.a.3Q 13 $1.007 $1.288 $1.082 $0.965 $0.987 $1.069 $0.982 $0.953 $0.873 n.a. $1.003 $1.136 n.a.4Q 13 $1.004 $1.237 $1.076 $0.966 $0.974 $1.069 $0.972 $0.940 $0.893 n.a. $1.000 $1.131 n.a.1Q 14 $1.036 $1.358 $1.106 $1.001 $0.992 $1.082 $1.044 $0.967 $0.930 n.a. $1.033 $1.142 $1.0221Q 12 3.4% -6.2% 2.2% 4.9% 1.3% 4.0% -0.5% 4.6% 2.3% n.a. 4.0% -6.3% n.a.2Q 12 1.6% -9.8% 2.4% 1.1% 2.5% 2.2% -2.5% 3.7% 0.7% n.a. 1.5% 3.8% n.a.3Q 12 3.5% 1.1% 4.7% 3.2% 2.0% 4.2% 4.1% 2.7% 2.2% n.a. 3.0% 17.4% n.a.4Q 12 1.8% 7.7% -0.2% 2.6% 3.7% 3.0% -1.5% 1.3% 3.1% n.a. 1.8% 1.0% n.a.1Q 13 2.5% 10.1% 2.7% 2.2% 2.5% 5.1% 0.5% -0.6% -2.5% n.a. 2.4% 5.2% n.a.2Q 13 4.1% 8.4% 3.1% 5.2% 2.5% 4.5% 4.1% 4.2% 2.2% n.a. 4.2% 3.6% n.a.3Q 13 1.8% 2.2% 2.6% 1.2% 2.2% 1.7% 0.2% 4.2% -1.0% n.a. 1.8% 1.5% n.a.4Q 13 2.0% -7.8% 3.3% 1.9% -1.0% 0.9% 4.6% 3.5% -0.7% n.a. 2.0% 2.3% n.a.1Q 14 2.4% 3.1% 2.5% 2.6% 0.8% -0.9% 5.7% 6.4% 7.1% n.a. 2.4% 3.3% n.a.1Q 12 4.7% -2.3% 3.4% 6.2% 2.6% 6.4% -1.3% 5.0% 4.3% n.a. 5.4% -6.3% n.a.2Q 12 0.6% -11.3% 1.1% 0.3% 1.9% 0.3% -2.0% 2.9% -0.3% n.a. 0.5% 2.9% n.a.3Q 12 3.5% 4.8% 5.0% 3.0% 1.5% 3.7% 6.6% 1.8% 2.8% n.a. 2.9% 20.2% n.a.4Q 12 1.5% 10.7% 0.1% 1.8% 3.7% 1.0% -0.3% 1.7% 4.9% n.a. 1.5% 1.0% n.a.1Q 13 2.8% 9.4% 3.4% 2.1% 2.6% 4.2% 2.0% 0.6% -1.8% n.a. 2.6% 6.1% n.a.2Q 13 6.5% 7.7% 6.3% 7.2% 3.7% 7.5% 4.9% 7.6% 1.9% n.a. 6.6% 8.3% n.a.3Q 13 2.2% 1.2% 3.5% 1.3% 1.9% 2.1% -0.5% 6.4% -4.7% n.a. 2.3% -1.3% n.a.4Q 13 3.0% -8.9% 4.3% 3.0% -1.2% 2.1% 5.3% 4.9% -1.8% n.a. 3.0% 2.3% n.a.1Q 14 2.0% -0.1% 2.4% 2.4% -1.2% -2.4% 6.4% 8.4% 3.9% n.a. 2.5% 0.5% n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 0 (17) 141 0.0% 0.0% 1Q 12 11,585 8,970 77.4%2Q 12 192 192 62 48 1.7% 1.7% 2Q 12 11,777 10,458 88.8%3Q 12 0 192 113 157 0.0% 1.7% 3Q 12 11,777 10,361 88.0%4Q 12 348 540 301 421 3.0% 4.7% 4Q 12 12,125 10,806 89.1%1Q 13 0 540 45 513 0.0% 4.7% 1Q 13 12,125 10,604 87.5%2Q 13 0 348 167 683 0.0% 3.0% 2Q 13 12,125 10,604 87.5%3Q 13 0 348 (140) 403 0.0% 3.0% 3Q 13 12,125 10,571 87.2%4Q 13 240 240 341 414 2.0% 2.0% 4Q 13 12,365 10,531 85.2%1Q 14 0 240 (121) 207 0.0% 2.0% 1Q 14 12,365 10,825 87.5%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



4 EGYPT LAKE/LOWRY PARK 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


90%

92%

94%

96%

98%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-2%

0%

2%

4%

6%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14






Sub# Properties Under Construction Developer Property Type Units Stories Start FinishNo properties completed during the last four quarters.


Completed

Under Construction

ZIP Code List: 33603, 33604, 33614



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 94.7% 92.8% 94.6% 94.8% 94.9% 98.6% 97.1% 94.5% 94.7% 88.3% 94.5% 100.0% n.a.2Q 12 96.1% 95.1% 95.8% 96.3% 97.0% 99.8% 98.1% 95.2% 96.4% 96.1% 96.0% 100.0% n.a.3Q 12 95.9% 96.0% 96.0% 95.6% 96.8% 98.3% 99.1% 96.0% 95.4% 91.1% 95.8% 100.0% n.a.4Q 12 94.8% 94.3% 94.6% 94.8% 96.4% 100.0% 98.8% 94.1% 95.7% 85.5% 94.6% 100.0% n.a.1Q 13 95.0% 91.6% 94.8% 95.2% 96.8% 97.6% 96.9% 95.0% 94.6% 91.9% 94.9% 100.0% n.a.2Q 13 96.2% 96.5% 96.2% 96.0% 97.1% 99.3% 98.5% 96.3% 95.8% 91.9% 96.1% 100.0% n.a.3Q 13 95.5% 94.9% 95.8% 95.1% 96.2% 98.8% 97.6% 95.7% 94.9% 89.4% 95.4% 98.0% n.a.4Q 13 95.0% 95.4% 95.3% 94.7% 95.2% 98.1% 97.4% 95.6% 93.5% 91.4% 94.9% 98.0% n.a.1Q 14 94.7% 94.9% 94.5% 94.8% 95.6% 98.6% 100.0% 95.1% 93.0% 84.5% 94.6% 98.0% n.a.1Q 12 $715 $516 $624 $768 $1,016 $965 $682 $705 $702 $706 $704 $1,119 n.a.2Q 12 $739 $526 $641 $794 $1,032 $962 $670 $726 $735 $756 $727 $1,119 n.a.3Q 12 $726 $513 $640 $788 $942 $864 $678 $725 $715 $739 $719 $942 n.a.4Q 12 $738 $513 $646 $805 $958 $919 $666 $726 $746 $762 $731 $948 n.a.1Q 13 $727 $539 $635 $787 $957 $847 $667 $724 $723 $748 $721 $917 n.a.2Q 13 $734 $550 $642 $802 $949 $843 $688 $740 $720 $737 $729 $917 n.a.3Q 13 $745 $542 $652 $812 $970 $847 $688 $742 $746 $742 $740 $917 n.a.4Q 13 $752 $548 $657 $820 $985 $873 $688 $743 $760 $747 $745 $961 n.a.1Q 14 $735 $554 $649 $799 $953 $896 $686 $731 $729 $738 $729 $915 n.a.1Q 12 $0.839 $1.138 $0.952 $0.777 $0.742 $0.864 $0.797 $0.904 $0.781 $0.668 $0.836 $0.901 n.a.2Q 12 $0.856 $1.177 $0.969 $0.799 $0.753 $0.862 $0.783 $0.919 $0.812 $0.716 $0.854 $0.901 n.a.3Q 12 $0.849 $1.147 $0.975 $0.797 $0.688 $0.774 $0.792 $0.930 $0.790 $0.699 $0.853 $0.759 n.a.4Q 12 $0.860 $1.148 $0.984 $0.811 $0.700 $0.748 $0.778 $0.930 $0.820 $0.721 $0.865 $0.763 n.a.1Q 13 $0.844 $1.186 $0.961 $0.794 $0.699 $0.759 $0.779 $0.916 $0.804 $0.708 $0.848 $0.738 n.a.2Q 13 $0.859 $1.229 $0.978 $0.809 $0.693 $0.755 $0.804 $0.942 $0.813 $0.697 $0.865 $0.738 n.a.3Q 13 $0.869 $1.212 $0.989 $0.819 $0.708 $0.758 $0.804 $0.939 $0.842 $0.702 $0.875 $0.738 n.a.4Q 13 $0.876 $1.224 $0.996 $0.826 $0.708 $0.782 $0.804 $0.940 $0.849 $0.707 $0.881 $0.774 n.a.1Q 14 $0.871 $1.252 $0.994 $0.818 $0.695 $0.729 $0.802 $0.938 $0.834 $0.627 $0.878 $0.737 n.a.1Q 12 4.1% 7.7% 2.9% 3.2% 11.6% 18.1% 5.1% 2.8% 4.2% -2.2% 3.1% 27.0% n.a.2Q 12 3.5% 2.0% 3.7% 2.4% 8.1% 14.3% 1.3% 3.3% 2.2% 3.9% 2.7% 22.3% n.a.3Q 12 3.0% 5.4% 4.3% 2.7% -1.4% -2.3% -1.5% 4.3% 3.2% -0.5% 3.3% -5.5% n.a.4Q 12 4.4% 0.7% 5.5% 3.7% 4.0% 5.2% -2.5% 4.4% 6.7% -0.5% 4.3% 7.0% n.a.1Q 13 0.4% 1.6% 0.4% 1.9% -5.8% -12.2% -2.3% 0.3% 2.9% 6.0% 1.3% -18.1% n.a.2Q 13 -0.2% 4.1% 0.5% 1.0% -8.0% -12.3% 2.7% 2.4% -1.5% -2.6% 0.7% -18.1% n.a.3Q 13 2.6% 6.3% 1.9% 2.9% 3.0% -2.0% 1.4% 1.5% 5.5% 0.4% 2.8% -2.7% n.a.4Q 13 2.2% 6.8% 1.6% 2.3% 2.2% 1.1% 3.3% 1.6% 3.8% -2.0% 2.2% 1.4% n.a.1Q 14 2.3% 3.2% 3.1% 2.3% -0.5% -0.2% 2.9% 2.9% 3.2% -12.1% 2.4% -0.2% n.a.1Q 12 5.8% 9.5% 4.6% 4.8% 12.9% 20.5% 5.8% 4.8% 5.8% -3.0% 4.7% 31.0% n.a.2Q 12 5.8% 4.9% 5.9% 4.8% 10.1% 16.0% 3.4% 5.4% 4.8% 6.7% 5.0% 24.3% n.a.3Q 12 4.5% 10.7% 6.0% 3.7% -0.3% -1.9% 0.9% 7.0% 3.0% -1.6% 4.9% -5.5% n.a.4Q 12 5.2% 3.5% 6.0% 4.8% 3.8% 7.1% -1.1% 4.5% 8.9% -3.3% 5.1% 7.0% n.a.1Q 13 0.7% 0.4% 0.6% 2.3% -3.9% -13.2% -2.5% 0.8% 2.8% 9.6% 1.7% -18.1% n.a.2Q 13 -0.1% 5.5% 0.9% 0.7% -7.9% -12.8% 3.1% 3.5% -2.1% -6.8% 0.8% -18.1% n.a.3Q 13 2.2% 5.2% 1.7% 2.4% 2.4% -1.5% -0.1% 1.2% 5.0% -1.3% 2.4% -4.7% n.a.4Q 13 2.4% 7.9% 2.3% 2.2% 1.0% -0.8% 1.9% 3.1% 1.6% 3.9% 2.5% -0.6% n.a.1Q 14 2.0% 6.5% 2.8% 1.9% -1.7% 0.8% 6.0% 3.0% 1.6% -19.5% 2.1% -2.2% n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 0 57 167 0.0% 0.0% 1Q 12 10,572 8,799 83.2%2Q 12 0 0 136 188 0.0% 0.0% 2Q 12 10,572 8,347 79.0%3Q 12 0 0 (21) 138 0.0% 0.0% 3Q 12 10,572 8,719 82.5%4Q 12 0 0 (123) 71 0.0% 0.0% 4Q 12 10,572 8,477 80.2%1Q 13 0 0 27 35 0.0% 0.0% 1Q 13 10,572 8,427 79.7%2Q 13 0 0 140 11 0.0% 0.0% 2Q 13 10,572 8,631 81.6%3Q 13 0 0 (87) (45) 0.0% 0.0% 3Q 13 10,572 8,547 80.8%4Q 13 0 0 (38) 26 0.0% 0.0% 4Q 13 10,572 8,024 75.9%1Q 14 0 0 (29) (28) 0.0% 0.0% 1Q 14 10,572 7,738 73.2%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



5 CARROLLWOOD/CITRUS PARK 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


91%

92%

93%

94%

95%

96%

97%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


0%

2%

4%

6%

8%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14








Completed

Under Construction

ZIP Code List: 33548, 33556, 33558, 33618, 33624, 33625



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 95.7% 90.6% 96.1% 95.1% 97.3% 97.5% 94.7% 95.2% 97.8% n.a. 95.7% n.a. n.a.2Q 12 94.3% 95.3% 94.4% 94.0% 94.9% 95.0% 91.4% 94.9% 94.8% n.a. 94.3% n.a. n.a.3Q 12 95.6% 95.3% 95.7% 95.0% 97.8% 96.9% 93.6% 95.8% 94.8% n.a. 95.6% n.a. n.a.4Q 12 94.9% 93.8% 95.1% 94.5% 96.3% 94.5% 94.3% 94.9% 96.1% n.a. 94.9% n.a. n.a.1Q 13 94.4% 92.2% 94.4% 94.1% 97.0% 95.7% 96.1% 94.0% 92.0% n.a. 94.4% n.a. n.a.2Q 13 96.0% 92.2% 95.9% 95.8% 97.5% 97.3% 96.2% 95.2% 98.1% n.a. 96.0% n.a. n.a.3Q 13 95.5% 95.3% 95.6% 95.3% 95.5% 96.6% 92.2% 95.8% 97.0% n.a. 95.5% n.a. n.a.4Q 13 95.5% 95.3% 95.5% 95.2% 96.8% 95.5% 95.2% 95.7% 94.8% n.a. 95.5% n.a. n.a.1Q 14 94.4% 92.2% 94.6% 94.1% 95.3% 95.1% 93.4% 94.6% 94.0% n.a. 94.4% n.a. n.a.1Q 12 $782 $538 $685 $846 $1,048 $856 $859 $769 $588 n.a. $782 n.a. n.a.2Q 12 $810 $542 $706 $879 $1,074 $914 $853 $788 $629 n.a. $810 n.a. n.a.3Q 12 $839 $558 $726 $914 $1,113 $953 $911 $804 $639 n.a. $839 n.a. n.a.4Q 12 $811 $570 $711 $880 $1,140 $930 $878 $795 $652 n.a. $811 n.a. n.a.1Q 13 $844 $558 $736 $909 $1,238 $1,087 $880 $806 $639 n.a. $844 n.a. n.a.2Q 13 $828 $592 $721 $907 $1,065 $853 $911 $815 $704 n.a. $828 n.a. n.a.3Q 13 $861 $610 $741 $945 $1,131 $961 $923 $837 $655 n.a. $861 n.a. n.a.4Q 13 $859 $612 $743 $933 $1,193 $983 $966 $826 $613 n.a. $859 n.a. n.a.1Q 14 $864 $630 $746 $936 $1,241 $1,043 $948 $820 $659 n.a. $864 n.a. n.a.1Q 12 $0.907 $1.196 $0.989 $0.859 $0.828 $0.839 $0.882 $0.935 $0.936 n.a. $0.907 n.a. n.a.2Q 12 $0.927 $1.206 $1.011 $0.885 $0.829 $0.879 $0.877 $0.959 $1.001 n.a. $0.927 n.a. n.a.3Q 12 $0.962 $1.241 $1.041 $0.923 $0.859 $0.916 $0.936 $0.987 $1.017 n.a. $0.962 n.a. n.a.4Q 12 $0.955 $1.267 $1.039 $0.898 $0.891 $0.905 $0.902 $0.975 $1.038 n.a. $0.955 n.a. n.a.1Q 13 $0.976 $1.239 $1.062 $0.916 $0.939 $1.032 $0.904 $0.981 $1.018 n.a. $0.976 n.a. n.a.2Q 13 $0.960 $1.316 $1.041 $0.922 $0.842 $0.836 $0.936 $0.992 $1.121 n.a. $0.960 n.a. n.a.3Q 13 $0.985 $1.354 $1.060 $0.952 $0.873 $0.924 $0.948 $1.019 $1.043 n.a. $0.985 n.a. n.a.4Q 13 $0.988 $1.360 $1.067 $0.940 $0.918 $0.945 $0.992 $1.005 $0.976 n.a. $0.988 n.a. n.a.1Q 14 $0.997 $1.401 $1.079 $0.946 $0.935 $0.990 $0.974 $1.002 $1.049 n.a. $0.997 n.a. n.a.1Q 12 0.7% -6.0% -0.7% 1.6% 3.4% 1.6% 4.1% 0.6% -8.2% n.a. 0.7% n.a. n.a.2Q 12 3.5% -0.8% 3.9% 3.4% 2.8% -1.7% 6.1% 4.8% -3.9% n.a. 3.5% n.a. n.a.3Q 12 6.0% 3.0% 8.0% 5.0% 3.5% 4.5% 2.7% 6.6% 15.3% n.a. 6.0% n.a. n.a.4Q 12 1.7% 1.4% 2.1% 1.6% 0.6% 0.6% -2.8% 2.5% 6.2% n.a. 1.7% n.a. n.a.1Q 13 4.4% 3.6% 4.8% 4.2% 3.4% 3.0% 2.4% 4.8% 8.7% n.a. 4.4% n.a. n.a.2Q 13 4.5% 9.1% 3.7% 5.4% 3.4% 2.4% 6.7% 3.5% 12.0% n.a. 4.5% n.a. n.a.3Q 13 2.2% 9.1% 1.6% 2.9% 1.4% 0.9% 1.3% 3.1% 2.5% n.a. 2.2% n.a. n.a.4Q 13 3.2% 7.4% 2.9% 3.3% 3.5% -1.3% 10.0% 2.8% -6.0% n.a. 3.2% n.a. n.a.1Q 14 2.1% 13.1% 1.4% 3.0% 0.0% -4.1% 7.8% 2.1% 3.1% n.a. 2.1% n.a. n.a.1Q 12 2.1% -6.0% 1.1% 2.6% 4.5% 1.7% 6.5% 1.6% -5.2% n.a. 2.1% n.a. n.a.2Q 12 2.7% 2.3% 3.0% 2.6% 1.5% -5.2% 4.5% 5.0% -6.1% n.a. 2.7% n.a. n.a.3Q 12 6.2% 4.5% 8.3% 4.9% 4.5% 3.2% 2.2% 7.2% 15.3% n.a. 6.2% n.a. n.a.4Q 12 0.4% 1.4% 0.9% 0.4% -1.2% -2.8% -5.6% 2.6% 2.3% n.a. 0.4% n.a. n.a.1Q 13 3.1% 5.2% 3.1% 3.2% 3.1% 1.2% 3.8% 3.6% 2.9% n.a. 3.1% n.a. n.a.2Q 13 6.2% 6.0% 5.2% 7.2% 6.0% 4.7% 11.5% 3.8% 15.3% n.a. 6.2% n.a. n.a.3Q 13 2.1% 9.1% 1.5% 3.2% -0.9% 0.6% -0.1% 3.1% 4.7% n.a. 2.1% n.a. n.a.4Q 13 3.8% 8.9% 3.3% 4.0% 4.0% -0.3% 10.9% 3.6% -7.3% n.a. 3.8% n.a. n.a.1Q 14 2.1% 13.1% 1.6% 3.0% -1.7% -4.7% 5.1% 2.7% 5.1% n.a. 2.1% n.a. n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 296 296 210 345 4.6% 4.6% 1Q 12 6,740 6,124 90.9%2Q 12 0 296 (105) 172 0.0% 4.6% 2Q 12 6,740 6,420 95.3%3Q 12 0 296 86 255 0.0% 4.6% 3Q 12 6,740 6,204 92.0%4Q 12 0 296 (47) 173 0.0% 4.6% 4Q 12 6,740 5,500 81.6%1Q 13 0 0 (26) (87) 0.0% 0.0% 1Q 13 6,740 6,012 89.2%2Q 13 0 0 116 127 0.0% 0.0% 2Q 13 6,740 6,124 90.9%3Q 13 0 0 (39) (7) 0.0% 0.0% 3Q 13 6,740 6,420 95.3%4Q 13 0 0 2 47 0.0% 0.0% 4Q 13 6,740 6,228 92.4%1Q 14 0 0 (73) (3) 0.0% 0.0% 1Q 14 6,740 5,469 81.1%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



6 UNIVERSITY 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


88%

90%

92%

94%

96%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-2%

0%

2%

4%

6%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14





Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishFlats at 4200 (The)4200 E Fletcher Av e, Tampa, FL 33613


6 Edwards Companies Student 314 4 02/12 08/13

Total Units: 314


Completed

Under Construction

ZIP Code List: 33612, 33613, 33620



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 89.3% 84.3% 88.3% 88.0% 96.1% 96.9% 94.6% 88.6% 86.0% 86.2% 88.9% 98.3% 100.0%2Q 12 91.1% 90.8% 89.7% 90.4% 96.3% 95.8% 95.0% 90.0% 90.8% 86.0% 90.7% 99.0% 100.0%3Q 12 90.9% 80.9% 90.3% 91.3% 94.6% 95.2% 94.8% 89.3% 89.8% 89.7% 90.5% 98.8% 97.6%4Q 12 91.0% 75.7% 91.4% 90.9% 94.4% 93.8% 92.2% 90.9% 88.4% 92.5% 90.4% 98.0% 100.0%1Q 13 91.3% 74.4% 92.1% 91.1% 94.8% 96.0% 90.1% 90.7% 88.7% 91.9% 90.8% 98.5% 100.0%2Q 13 92.4% 75.7% 93.3% 92.5% 95.9% 96.8% 89.4% 92.0% 90.4% 94.1% 92.1% 99.0% 100.0%3Q 13 93.1% 75.2% 94.0% 93.6% 96.0% 97.0% 91.3% 91.4% 92.8% 94.9% 92.9% 98.5% 100.0%4Q 13 92.9% 95.7% 92.5% 92.2% 95.0% 96.8% 94.1% 94.4% 88.1% 93.1% 92.5% 99.0% 100.0%1Q 14 93.4% 92.9% 93.3% 93.2% 94.1% 95.4% 92.5% 94.1% 91.6% 92.3% 93.2% 99.0% 90.6%1Q 12 $831 $411 $627 $797 $1,553 $1,520 $940 $689 $656 $535 $781 $2,073 $1,1642Q 12 $820 $390 $639 $792 $1,475 $1,450 $962 $683 $695 $542 $767 $2,109 $1,1653Q 12 $865 $386 $680 $820 $1,480 $1,480 $967 $739 $677 $561 $812 $2,067 $1,1644Q 12 $888 $397 $647 $819 $1,581 $1,584 $921 $697 $672 $554 $804 $2,181 $1,1621Q 13 $887 $393 $640 $809 $1,602 $1,595 $966 $676 $672 $540 $799 $2,213 $1,1742Q 13 $838 $408 $659 $804 $1,461 $1,485 $968 $692 $696 $573 $780 $2,189 $1,1743Q 13 $850 $408 $669 $813 $1,485 $1,507 $973 $705 $713 $555 $792 $2,202 $1,1744Q 13 $887 $525 $672 $824 $1,543 $1,566 $999 $743 $698 $571 $815 $2,382 $1,1751Q 14 $867 $495 $663 $812 $1,496 $1,522 $998 $723 $704 $577 $805 $2,213 $1,1921Q 12 $0.938 $1.058 $0.927 $0.807 $1.160 $1.226 $0.876 $0.922 $0.755 $0.823 $0.903 $1.392 $2.2132Q 12 $0.931 $0.981 $0.970 $0.793 $1.120 $1.181 $0.897 $0.903 $0.788 $0.811 $0.892 $1.416 $2.2153Q 12 $0.972 $0.987 $1.034 $0.821 $1.115 $1.193 $0.901 $1.019 $0.766 $0.839 $0.935 $1.388 $2.2134Q 12 $0.971 $1.013 $0.967 $0.820 $1.177 $1.268 $0.858 $0.910 $0.765 $0.851 $0.910 $1.499 $2.2091Q 13 $0.976 $0.997 $0.968 $0.817 $1.192 $1.276 $0.901 $0.932 $0.758 $0.831 $0.912 $1.520 $2.2322Q 13 $0.944 $1.022 $0.990 $0.815 $1.109 $1.209 $0.903 $0.928 $0.775 $0.858 $0.901 $1.470 $2.2323Q 13 $0.952 $1.028 $1.002 $0.823 $1.127 $1.227 $0.906 $0.907 $0.804 $0.831 $0.909 $1.478 $2.2324Q 13 $0.978 $1.222 $1.009 $0.838 $1.170 $1.270 $0.931 $0.941 $0.789 $0.855 $0.923 $1.600 $2.2341Q 14 $0.948 $1.181 $0.990 $0.812 $1.134 $1.235 $0.930 $0.898 $0.774 $0.888 $0.902 $1.486 $2.2661Q 12 1.6% 8.1% -0.6% 0.6% 4.9% 4.9% -2.2% 0.9% -1.4% 1.2% 1.6% 1.6% 1.8%2Q 12 2.3% -0.8% -1.0% 1.4% 7.3% 8.3% 3.1% -1.2% 1.9% -1.2% 1.9% 6.0% 1.9%3Q 12 0.4% -0.1% 3.2% 0.0% -1.6% -0.4% 4.4% 4.4% -4.9% 6.2% 0.5% 0.4% 0.1%4Q 12 0.0% -1.4% -0.7% 0.9% -0.3% -0.6% -1.7% -0.3% 1.7% -1.9% -0.2% 1.2% -0.1%1Q 13 -0.2% -1.9% 0.3% -0.5% -0.3% 1.6% 2.8% -2.4% -1.6% 1.0% -0.5% 1.8% 0.9%2Q 13 1.4% 2.2% 3.0% 2.0% -0.6% 2.4% 0.6% 2.1% -1.7% 5.7% 1.2% 3.8% 0.8%3Q 13 2.5% 0.2% 0.7% 3.3% 3.4% 5.8% 0.6% -2.3% 6.0% -1.0% 2.0% 6.8% 0.9%4Q 13 3.5% 2.1% 2.6% 2.7% 5.2% 4.4% 8.4% 2.5% 2.2% 3.2% 2.2% 13.3% 1.1%1Q 14 2.4% -0.2% 1.5% 3.9% 1.9% 2.0% 3.3% 2.8% 1.5% 6.8% 2.1% 4.9% 1.5%1Q 12 2.2% 1.4% -0.1% 1.0% 8.0% 7.3% -3.8% 0.6% -0.3% 1.7% 2.1% 6.1% 5.3%2Q 12 5.2% 2.6% 0.7% 5.1% 11.6% 12.9% 1.2% -1.5% 9.4% -1.7% 4.7% 10.2% 7.8%3Q 12 2.6% -7.9% 5.7% 3.8% -0.5% 1.1% 1.8% 2.5% 2.6% 7.5% 2.5% 7.4% -2.3%4Q 12 3.7% -6.3% 5.4% 5.2% -1.9% -5.1% -3.6% 3.0% 7.6% 7.2% 3.4% 0.7% -0.1%1Q 13 1.8% -11.8% 4.1% 2.6% -1.6% 0.7% -1.7% -0.3% 1.1% 6.7% 1.4% 2.0% 0.9%2Q 13 2.7% -12.9% 6.6% 4.1% -1.0% 3.4% -5.0% 4.1% -2.1% 13.8% 2.6% 3.8% 0.8%3Q 13 4.7% -5.5% 4.4% 5.6% 4.8% 7.6% -2.9% -0.2% 9.0% 4.2% 4.4% 6.5% 3.3%4Q 13 5.4% 22.1% 3.7% 4.0% 5.8% 7.4% 10.3% 6.0% 1.9% 3.8% 4.3% 14.3% 1.1%1Q 14 4.5% 18.3% 2.7% 6.0% 1.2% 1.4% 5.7% 6.2% 4.4% 7.2% 4.5% 5.4% -7.9%


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 0 259 92 0.0% 0.0% 1Q 12 15,693 11,136 71.0%2Q 12 0 0 250 350 0.0% 0.0% 2Q 12 15,693 10,845 69.1%3Q 12 206 206 159 465 1.3% 1.3% 3Q 12 15,899 10,146 63.8%4Q 12 0 206 7 662 0.0% 1.3% 4Q 12 15,899 10,356 65.1%1Q 13 0 206 64 483 0.0% 1.3% 1Q 13 15,899 10,238 64.4%2Q 13 0 206 197 443 0.0% 1.3% 2Q 13 15,899 10,456 65.8%3Q 13 314 314 364 692 2.0% 2.0% 3Q 13 16,213 10,537 65.0%4Q 13 0 314 (34) 713 0.0% 2.0% 4Q 13 16,213 9,251 57.1%1Q 14 0 314 86 702 0.0% 2.0% 1Q 14 16,213 9,705 59.9%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



7 TEMPLE TERRACE 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


88%

90%

92%

94%

96%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


0%

1%

2%

3%

4%

5%

6%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14








Completed

Under Construction

ZIP Code List: 33610, 33617, 33637



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 90.6% 85.6% 90.1% 90.9% 90.8% 91.5% 90.0% 90.4% 89.8% 93.7% 90.3% 98.7% 100.0%2Q 12 91.4% 87.4% 90.1% 92.6% 90.9% 93.3% 90.8% 91.7% 88.8% 95.2% 91.1% 100.0% 100.0%3Q 12 91.5% 82.9% 89.8% 92.9% 91.9% 93.9% 88.6% 90.2% 91.2% 91.5% 91.3% 98.1% 100.0%4Q 12 91.3% 85.1% 89.8% 92.3% 92.1% 93.5% 93.5% 89.2% 90.7% 89.3% 91.2% 89.1% 100.0%1Q 13 92.4% 81.0% 91.7% 93.0% 92.8% 93.1% 92.4% 92.0% 92.9% 88.2% 92.3% 94.2% 100.0%2Q 13 92.7% 81.0% 91.3% 93.6% 93.8% 94.7% 91.9% 92.4% 92.4% 86.8% 92.6% 94.9% 100.0%3Q 13 92.2% 86.1% 91.2% 92.3% 94.2% 94.3% 95.5% 90.7% 91.6% 88.7% 92.1% 94.9% 100.0%4Q 13 93.6% 90.9% 92.8% 93.2% 96.0% 95.4% 94.1% 93.4% 92.3% 90.5% 93.5% 96.8% 100.0%1Q 14 93.1% 91.1% 92.1% 92.8% 96.0% 95.8% 91.8% 92.3% 91.8% 91.8% 93.0% 98.4% 100.0%1Q 12 $796 $466 $642 $770 $1,202 $1,047 $761 $703 $697 $768 $758 $2,239 $1,6342Q 12 $792 $483 $644 $780 $1,144 $976 $759 $719 $688 $777 $757 $2,208 $1,6343Q 12 $804 $477 $650 $800 $1,130 $987 $755 $711 $737 $733 $772 $2,221 $1,6344Q 12 $799 $444 $649 $785 $1,129 $991 $779 $672 $738 $757 $770 $2,130 $1,6411Q 13 $828 $519 $671 $806 $1,130 $995 $787 $754 $729 $673 $793 $2,202 $1,6412Q 13 $847 $487 $687 $826 $1,202 $1,050 $798 $765 $734 $714 $813 $2,224 $1,6413Q 13 $825 $563 $664 $815 $1,155 $1,017 $799 $726 $748 $747 $794 $2,173 $1,6484Q 13 $835 $544 $680 $819 $1,153 $1,026 $816 $734 $759 $707 $803 $2,257 $1,5981Q 14 $816 $557 $669 $811 $1,109 $990 $808 $727 $738 $728 $795 $2,320 $1,6631Q 12 $0.839 $1.171 $0.913 $0.763 $0.912 $0.919 $0.876 $0.883 $0.731 $0.725 $0.808 $1.543 $1.6252Q 12 $0.839 $1.215 $0.931 $0.774 $0.867 $0.864 $0.875 $0.903 $0.753 $0.733 $0.809 $1.521 $1.6253Q 12 $0.849 $1.199 $0.929 $0.796 $0.862 $0.869 $0.870 $0.893 $0.797 $0.798 $0.822 $1.530 $1.6254Q 12 $0.845 $1.402 $0.938 $0.787 $0.850 $0.861 $0.898 $0.881 $0.798 $0.714 $0.819 $1.573 $1.6311Q 13 $0.857 $1.504 $0.959 $0.806 $0.852 $0.863 $0.907 $0.921 $0.806 $0.733 $0.829 $1.517 $1.6312Q 13 $0.880 $1.411 $0.976 $0.820 $0.897 $0.913 $0.919 $0.937 $0.791 $0.778 $0.852 $1.533 $1.6313Q 13 $0.859 $1.632 $0.946 $0.804 $0.867 $0.881 $0.920 $0.913 $0.784 $0.814 $0.834 $1.497 $1.6384Q 13 $0.860 $1.529 $0.960 $0.803 $0.866 $0.889 $0.940 $0.916 $0.774 $0.770 $0.834 $1.555 $1.5891Q 14 $0.850 $1.614 $0.957 $0.799 $0.833 $0.862 $0.931 $0.916 $0.778 $0.793 $0.832 $1.458 $1.6531Q 12 1.3% 0.0% -1.5% 0.6% 5.3% 4.9% -3.7% -0.3% 0.3% n.a. 1.3% 4.3% -2.0%2Q 12 1.0% -9.2% 1.3% 1.7% -0.4% -1.5% -3.3% 3.9% 4.9% n.a. 1.0% 0.5% 1.8%3Q 12 2.3% -3.6% 0.1% 4.7% 0.7% 0.0% -4.4% 1.2% 6.1% 15.3% 2.4% 1.1% 1.8%4Q 12 0.1% -2.9% 1.5% 0.4% -2.3% -2.2% -3.7% 0.8% 3.8% 0.7% 0.0% 0.8% 2.6%1Q 13 0.4% 5.4% 0.2% 3.2% -4.2% -2.4% 3.5% 1.4% 3.2% -6.1% 0.5% -1.7% 0.4%2Q 13 4.4% -3.9% 3.2% 5.2% 4.2% 6.6% 5.0% 1.7% 3.3% 3.2% 4.7% 0.7% 0.4%3Q 13 2.0% 13.1% 1.4% 2.2% 2.2% 2.7% 5.8% 2.0% -0.3% 1.9% 2.0% 3.5% 0.8%4Q 13 1.5% 16.6% 1.5% 2.0% 0.6% 0.4% 4.7% 3.5% 0.4% -0.4% 1.7% 0.0% -2.6%1Q 14 1.9% 7.3% 2.6% 1.2% 2.0% 2.0% 2.7% 1.3% 0.5% 8.1% 2.0% -1.7% 1.4%1Q 12 2.8% 4.6% 0.5% 1.5% 7.1% 5.8% -4.0% -0.7% 2.2% n.a. 2.8% 4.1% -1.3%2Q 12 3.0% -8.3% 1.8% 3.5% 4.5% 2.2% -4.8% 2.7% 3.4% n.a. 3.0% 1.1% 1.8%3Q 12 3.8% -8.0% 0.0% 6.8% 4.2% 3.8% -6.6% -4.7% 7.7% 40.8% 3.9% -0.8% 1.8%4Q 12 1.4% -10.2% 1.9% 2.9% -1.9% -0.7% 0.3% -1.2% 2.6% 25.9% 1.4% -8.8% 3.8%1Q 13 2.2% 0.8% 1.8% 5.3% -2.2% -0.8% 5.9% 3.0% 6.3% -11.6% 2.5% -6.2% 0.4%2Q 13 5.7% -10.3% 4.4% 6.2% 7.1% 8.0% 6.1% 2.4% 6.9% -5.2% 6.2% -4.4% 0.4%3Q 13 2.7% 16.3% 2.8% 1.6% 4.5% 3.1% 12.7% 2.5% 0.1% -0.9% 2.8% 0.3% 0.8%4Q 13 3.8% 22.4% 4.5% 2.9% 4.5% 2.3% 5.3% 7.7% 2.0% 0.8% 4.0% 7.7% -2.6%1Q 14 2.6% 17.4% 3.0% 1.0% 5.2% 4.7% 2.1% 1.6% -0.6% 11.7% 2.7% 2.5% 1.4%


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 0 61 179 0.0% 0.0% 1Q 12 13,015 9,233 70.9%2Q 12 0 0 93 193 0.0% 0.0% 2Q 12 13,015 9,699 74.5%3Q 12 0 0 22 170 0.0% 0.0% 3Q 12 13,015 10,505 80.7%4Q 12 0 0 (29) 150 0.0% 0.0% 4Q 12 13,015 8,534 65.6%1Q 13 0 0 165 235 0.0% 0.0% 1Q 13 13,015 9,666 74.3%2Q 13 0 0 43 198 0.0% 0.0% 2Q 13 13,015 9,592 73.7%3Q 13 0 0 (71) 100 0.0% 0.0% 3Q 13 13,015 10,836 83.3%4Q 13 0 0 212 356 0.0% 0.0% 4Q 13 13,015 10,453 80.3%1Q 14 0 0 (58) 104 0.0% 0.0% 1Q 14 13,015 10,326 79.3%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



8 NEW TAMPA/EAST PASCO COUNTY 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.5k

1.0k

1.5k

2.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1.5k

2.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


91%

92%

93%

94%

95%

96%

97%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-2%

-1%

0%

1%

2%

3%

4%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14





Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishLinks at Pebble Creek (The)18940 Pebble Links Cir, Tampa, FL 33647Altis at Grand Cypress II1901 Cypress Preserv e Dr, Lutz, FL 33549

Sub# Properties Under Construction Developer Property Type Units Stories Start FinishBonterra ParcState Road 56 & Northwood Palms Blv d, Tampa, FL 33544

Total Units: 264


8 Bayfair Properties Conv entional 168 3 01/12 04/13

02/14 06/158 AG Spanos Companies Conv entional 264 4

Total Units: 214

Completed

Under Construction

ZIP Code List: 33523, 33525, 33540, 33541, 33542, 33543, 33544, 33545, 33549, 33559, 33565, 33576, 33592, 33647, 34639



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 94.1% 98.2% 94.0% 94.3% 93.4% 93.3% 91.5% 96.0% 100.0% n.a. 94.1% n.a. n.a.2Q 12 94.2% 98.7% 93.9% 94.5% 93.9% 94.1% 92.4% 95.2% 100.0% n.a. 94.2% n.a. n.a.3Q 12 94.1% 94.5% 94.3% 94.2% 93.6% 93.6% 94.2% 94.8% 98.3% n.a. 94.1% n.a. n.a.4Q 12 94.0% 97.4% 93.5% 94.3% 93.7% 94.0% 91.9% 94.9% 98.8% n.a. 94.0% n.a. n.a.1Q 13 93.5% 98.7% 93.8% 93.2% 93.2% 92.0% 92.1% 96.3% 98.3% n.a. 93.5% n.a. n.a.2Q 13 93.8% 97.4% 93.3% 93.8% 94.4% 92.9% 93.7% 95.1% 100.0% n.a. 93.8% n.a. n.a.3Q 13 95.4% 97.4% 95.1% 95.4% 95.8% 95.5% 94.0% 95.9% 97.1% n.a. 95.4% n.a. n.a.4Q 13 94.6% 97.4% 94.6% 94.7% 94.4% 94.1% 93.1% 96.2% 98.3% n.a. 94.6% n.a. n.a.1Q 14 94.0% 98.7% 94.4% 94.2% 92.8% 93.2% 90.7% 96.8% 98.3% n.a. 94.0% n.a. n.a.1Q 12 $925 $578 $743 $946 $1,207 $1,007 $977 $797 $799 n.a. $925 n.a. n.a.2Q 12 $927 $614 $738 $944 $1,208 $1,002 $981 $789 $821 n.a. $927 n.a. n.a.3Q 12 $937 $597 $744 $954 $1,237 $1,031 $994 $773 $809 n.a. $937 n.a. n.a.4Q 12 $936 $596 $749 $953 $1,216 $1,028 $966 $784 $804 n.a. $936 n.a. n.a.1Q 13 $935 $629 $758 $939 $1,238 $1,004 $950 $827 $769 n.a. $935 n.a. n.a.2Q 13 $940 $606 $753 $961 $1,211 $1,018 $951 $808 $835 n.a. $940 n.a. n.a.3Q 13 $960 $612 $774 $977 $1,244 $1,038 $990 $824 $768 n.a. $960 n.a. n.a.4Q 13 $955 $625 $775 $974 $1,218 $1,040 $980 $803 $844 n.a. $955 n.a. n.a.1Q 14 $944 $603 $765 $958 $1,220 $1,015 $981 $813 $862 n.a. $944 n.a. n.a.1Q 12 $0.877 $1.287 $0.963 $0.836 $0.872 $0.871 $0.861 $0.899 $0.841 n.a. $0.877 n.a. n.a.2Q 12 $0.868 $1.328 $0.943 $0.830 $0.869 $0.866 $0.850 $0.885 $0.864 n.a. $0.868 n.a. n.a.3Q 12 $0.879 $1.330 $0.953 $0.837 $0.888 $0.888 $0.861 $0.873 $0.852 n.a. $0.879 n.a. n.a.4Q 12 $0.874 $1.288 $0.955 $0.835 $0.873 $0.885 $0.837 $0.879 $0.846 n.a. $0.874 n.a. n.a.1Q 13 $0.881 $1.360 $0.978 $0.829 $0.890 $0.870 $0.838 $0.931 $0.809 n.a. $0.881 n.a. n.a.2Q 13 $0.883 $1.309 $0.969 $0.847 $0.872 $0.886 $0.832 $0.907 $0.879 n.a. $0.883 n.a. n.a.3Q 13 $0.897 $1.322 $0.985 $0.858 $0.893 $0.904 $0.837 $0.928 $0.808 n.a. $0.897 n.a. n.a.4Q 13 $0.893 $1.351 $0.990 $0.855 $0.877 $0.905 $0.843 $0.902 $0.888 n.a. $0.893 n.a. n.a.1Q 14 $0.880 $1.304 $0.972 $0.839 $0.875 $0.882 $0.822 $0.913 $0.907 n.a. $0.880 n.a. n.a.1Q 12 1.0% n.a. 3.2% -0.6% 1.8% -0.6% 2.5% 7.4% 6.4% n.a. 1.0% n.a. n.a.2Q 12 2.5% 12.2% 1.9% 3.1% 1.5% 1.0% 6.2% 2.7% 5.4% n.a. 2.5% n.a. n.a.3Q 12 1.3% 3.7% 2.2% 0.9% 1.2% 0.6% 3.9% 1.0% -1.2% n.a. 1.3% n.a. n.a.4Q 12 1.1% -2.1% 1.4% 1.4% 0.5% 2.2% -0.3% 0.0% 3.9% n.a. 1.1% n.a. n.a.1Q 13 -0.4% 6.1% 1.4% -1.9% 0.5% -1.7% -2.7% 3.4% -3.8% n.a. -0.4% n.a. n.a.2Q 13 0.8% -1.4% 1.5% 0.9% 0.1% 1.7% -4.9% 2.4% 1.7% n.a. 0.8% n.a. n.a.3Q 13 1.4% -0.4% 2.5% 1.4% 0.3% 0.4% -2.8% 6.6% -5.1% n.a. 1.4% n.a. n.a.4Q 13 1.5% 5.0% 2.6% 1.3% 0.5% 1.2% 0.6% 2.4% 5.0% n.a. 1.5% n.a. n.a.1Q 14 -0.2% -4.1% -0.6% 1.1% -2.2% 0.7% -1.3% -2.0% 12.0% n.a. -0.2% n.a. n.a.1Q 12 3.0% n.a. 4.8% 1.9% 2.9% 0.9% 2.4% 10.5% 8.1% n.a. 3.0% n.a. n.a.2Q 12 2.8% 12.2% 1.7% 3.7% 1.9% 2.6% 4.2% 2.1% 11.2% n.a. 2.8% n.a. n.a.3Q 12 1.1% -0.6% 1.8% 0.6% 1.7% 2.0% 3.9% -1.2% -1.2% n.a. 1.1% n.a. n.a.4Q 12 1.3% -2.9% 0.3% 1.9% 1.7% 4.4% -1.4% -2.2% 2.7% n.a. 1.3% n.a. n.a.1Q 13 -1.0% 6.6% 1.2% -3.0% 0.3% -3.0% -2.1% 3.7% -5.5% n.a. -1.0% n.a. n.a.2Q 13 0.4% -2.7% 0.9% 0.2% 0.6% 0.5% -3.6% 2.3% 1.7% n.a. 0.4% n.a. n.a.3Q 13 2.7% 2.5% 3.3% 2.6% 2.5% 2.3% -3.0% 7.7% -6.3% n.a. 2.7% n.a. n.a.4Q 13 2.1% 5.0% 3.7% 1.7% 1.2% 1.3% 1.8% 3.7% 4.5% n.a. 2.1% n.a. n.a.1Q 14 0.3% -4.1% 0.0% 2.1% -2.6% 1.9% -2.7% -1.5% 12.0% n.a. 0.3% n.a. n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 210 28 440 0.0% 1.5% 1Q 12 14,263 11,483 80.5%2Q 12 0 210 21 184 0.0% 1.5% 2Q 12 14,263 12,313 86.3%3Q 12 486 576 444 447 3.4% 4.1% 3Q 12 14,749 12,493 84.7%4Q 12 258 744 210 630 1.7% 5.2% 4Q 12 15,007 12,401 82.6%1Q 13 0 744 (69) 582 0.0% 5.2% 1Q 13 15,007 12,361 82.4%2Q 13 168 912 235 881 1.1% 6.4% 2Q 13 15,175 12,575 82.9%3Q 13 0 426 223 641 0.0% 2.9% 3Q 13 15,175 12,821 84.5%4Q 13 0 168 (95) 309 0.0% 1.1% 4Q 13 15,175 12,959 85.4%1Q 14 46 214 (51) 322 0.3% 1.4% 1Q 14 15,221 12,673 83.3%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



9 BRANDON/SOUTHEAST HILLSBOROUGH COUNTY 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


90%

91%

92%

93%

94%

95%

96%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-2%

-1%

0%

1%

2%

3%

4%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14





Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishCrescent Crosstown9712 Bosque Creek Cir, Tampa, FL 33619



Total Units: 344


Completed

Under Construction

ZIP Code List: 33510, 33511, 33527, 33534, 33547, 33563, 33566, 33567, 33569, 33570, 33572, 33573, 33578, 33579, 33584, 33594, 33596, 33598, 33619



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 91.9% 95.1% 92.1% 91.7% 92.1% 91.8% 91.5% 93.0% 91.3% n.a. 92.9% 51.6% n.a.2Q 12 93.5% 95.1% 93.7% 93.4% 93.2% 93.4% 93.2% 93.6% 97.1% n.a. 94.3% 60.1% n.a.3Q 12 94.0% 91.8% 93.9% 94.0% 93.9% 94.0% 93.8% 94.1% 94.2% n.a. 94.8% 60.1% n.a.4Q 12 93.9% 84.5% 94.0% 93.8% 93.9% 94.3% 93.0% 93.9% 92.3% n.a. 94.5% 67.8% n.a.1Q 13 94.0% 92.6% 94.5% 93.5% 94.6% 93.5% 95.0% 94.0% 93.8% n.a. 94.4% 78.9% n.a.2Q 13 94.6% 93.4% 94.2% 94.6% 95.2% 93.7% 95.1% 95.8% 98.1% n.a. 95.0% 76.1% n.a.3Q 13 94.2% 95.1% 94.0% 94.1% 94.7% 93.5% 94.5% 95.5% 91.9% n.a. 94.7% 72.1% n.a.4Q 13 92.8% 94.9% 92.3% 92.9% 93.4% 92.0% 93.2% 94.5% 90.9% n.a. 92.8% n.a. n.a.1Q 14 93.9% 95.8% 94.2% 93.6% 93.9% 93.1% 94.7% 94.9% 91.9% n.a. 94.1% 86.3% n.a.1Q 12 $863 $568 $755 $887 $999 $952 $793 $757 $692 n.a. $853 $1,256 n.a.2Q 12 $885 $642 $766 $909 $1,030 $972 $817 $762 $729 n.a. $877 $1,189 n.a.3Q 12 $893 $619 $768 $922 $1,036 $995 $802 $769 $712 n.a. $883 $1,308 n.a.4Q 12 $887 $585 $760 $921 $1,024 $973 $811 $769 $788 n.a. $881 $1,114 n.a.1Q 13 $896 $645 $781 $923 $1,031 $986 $824 $766 $846 n.a. $889 $1,189 n.a.2Q 13 $909 $628 $786 $949 $1,031 $1,010 $828 $764 $932 n.a. $896 $1,476 n.a.3Q 13 $913 $650 $791 $940 $1,060 $1,006 $840 $772 $859 n.a. $901 $1,392 n.a.4Q 13 $905 $601 $778 $937 $1,055 $999 $840 $763 $752 n.a. $905 n.a. n.a.1Q 14 $899 $675 $780 $928 $1,039 $997 $818 $770 $799 n.a. $896 $1,026 n.a.1Q 12 $0.878 $1.315 $1.008 $0.841 $0.813 $0.896 $0.818 $0.937 $0.737 n.a. $0.868 $1.273 n.a.2Q 12 $0.893 $1.487 $1.017 $0.858 $0.836 $0.914 $0.835 $0.936 $0.776 n.a. $0.885 $1.205 n.a.3Q 12 $0.894 $1.434 $1.019 $0.863 $0.830 $0.918 $0.819 $0.951 $0.758 n.a. $0.884 $1.326 n.a.4Q 12 $0.889 $1.393 $1.010 $0.861 $0.818 $0.902 $0.829 $0.936 $0.901 n.a. $0.883 $1.129 n.a.1Q 13 $0.899 $1.397 $1.037 $0.864 $0.824 $0.913 $0.851 $0.933 $0.864 n.a. $0.892 $1.205 n.a.2Q 13 $0.914 $1.417 $1.046 $0.889 $0.824 $0.936 $0.855 $0.935 $0.952 n.a. $0.900 $1.496 n.a.3Q 13 $0.914 $1.467 $1.051 $0.878 $0.847 $0.932 $0.859 $0.943 $0.877 n.a. $0.902 $1.411 n.a.4Q 13 $0.908 $1.468 $1.034 $0.875 $0.842 $0.923 $0.867 $0.932 $0.860 n.a. $0.908 n.a. n.a.1Q 14 $0.904 $1.608 $1.037 $0.869 $0.831 $0.924 $0.844 $0.935 $0.914 n.a. $0.901 $1.040 n.a.1Q 12 -0.4% 0.0% 2.3% -1.3% -1.8% -1.6% -0.9% 3.2% 7.1% n.a. -0.4% n.a. n.a.2Q 12 1.8% 12.8% 1.8% 1.6% 2.2% 1.1% 2.6% 2.8% 5.3% n.a. 1.8% n.a. n.a.3Q 12 2.0% 13.6% 2.2% 2.2% 1.1% 2.1% 0.6% 3.2% 4.2% n.a. 2.0% n.a. n.a.4Q 12 1.7% 4.2% 1.4% 2.6% 0.2% 0.9% 2.1% 2.8% 13.7% n.a. 1.7% n.a. n.a.1Q 13 2.3% 10.0% 2.5% 2.6% 1.4% 2.1% 4.0% 0.2% 7.9% n.a. 2.6% -5.3% n.a.2Q 13 2.0% -2.2% 2.9% 3.5% -2.2% 2.8% 1.6% -0.9% 9.6% n.a. 1.2% 24.2% n.a.3Q 13 2.5% 5.0% 3.3% 2.3% 1.8% 2.2% 4.8% -0.1% 5.1% n.a. 2.3% 6.4% n.a.4Q 13 2.0% 5.5% 2.2% 1.3% 3.2% 2.1% 3.7% -0.5% -4.5% n.a. 2.0% n.a. n.a.1Q 14 0.1% 10.4% -0.3% 0.1% 0.4% 0.5% -0.7% 0.1% -0.1% n.a. 0.6% -13.7% n.a.1Q 12 -1.8% 4.9% 1.4% -3.1% -3.1% -2.3% -4.0% 2.2% 4.2% n.a. -0.8% n.a. n.a.2Q 12 0.5% 17.7% 0.5% 0.3% 0.3% 0.1% -0.6% 2.0% 7.1% n.a. 1.3% n.a. n.a.3Q 12 1.9% 13.1% 2.1% 2.0% 0.6% 1.6% 1.8% 2.3% 3.3% n.a. 2.7% n.a. n.a.4Q 12 2.4% -6.2% 2.9% 2.9% 0.2% 1.5% 2.3% 3.7% 14.0% n.a. 3.0% n.a. n.a.1Q 13 4.4% 7.5% 4.9% 4.4% 3.9% 3.8% 7.5% 1.2% 10.4% n.a. 4.1% 22.0% n.a.2Q 13 3.1% -3.9% 3.4% 4.7% -0.2% 3.1% 3.5% 1.3% 10.6% n.a. 1.9% 40.2% n.a.3Q 13 2.7% 8.3% 3.4% 2.4% 2.6% 1.7% 5.5% 1.3% 2.8% n.a. 2.2% 18.4% n.a.4Q 13 0.9% 15.9% 0.5% 0.4% 2.7% -0.2% 3.9% 0.1% -5.9% n.a. 0.3% n.a. n.a.1Q 14 0.0% 13.6% -0.6% 0.2% -0.3% 0.1% -1.0% 1.0% -2.0% n.a. 0.3% -6.3% n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 351 (259) 88 0.0% 2.1% 1Q 12 17,052 14,523 85.2%2Q 12 0 0 231 (289) 0.0% 0.0% 2Q 12 17,052 13,957 81.8%3Q 12 0 0 85 (35) 0.0% 0.0% 3Q 12 17,052 14,514 85.1%4Q 12 0 0 (18) 91 0.0% 0.0% 4Q 12 17,052 14,678 86.1%1Q 13 0 0 32 340 0.0% 0.0% 1Q 13 17,052 14,899 87.4%2Q 13 0 0 104 209 0.0% 0.0% 2Q 13 17,052 14,945 87.6%3Q 13 0 0 (76) 38 0.0% 0.0% 3Q 13 17,052 14,630 85.8%4Q 13 344 344 112 174 2.0% 2.0% 4Q 13 17,396 14,942 85.9%1Q 14 0 344 181 336 0.0% 2.0% 1Q 14 17,396 14,719 84.6%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



10 SOUTH ST. PETERSBURG 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1.5k

2.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


88%

90%

92%

94%

96%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-2%

0%

2%

4%

6%

8%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14





Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishCampbell Landings365 6th St S, St Petersburg, FL 33701Harbour's Edge300 4th Av e S, St Petersburg, FL 33701Urban Landing320 4th Av e S, St Petersburg, FL 33701

Sub# Properties Under Construction Developer Property Type Units Stories Start FinishBeacon 430 (The)430 3rd Av e S, St Petersburg, FL 33701Modera Prime 235235 3rd Av e N, St Petersburg, FL 33701

Total Units: 635

10 The NRP Group LLC Conv entional 326 4 02/13 08/14

10 Mill Creek Residential Trust LLC Conv entional 309 8 01/13 11/14

10 Atlantic Housing Partners Senior 125 5 02/13 12/13

10 DDA Dev elopment Senior 96 5 01/13 12/13

10 Atlantic Housing Partners Affordable 40 5 02/13 02/14

Total Units: 261

Completed

Under Construction

ZIP Code List: 33701, 33704, 33705, 33706, 33707, 33710, 33711, 33712, 33713, 33715, 33730



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 90.2% 87.3% 90.6% 89.9% 92.4% 84.2% 95.0% 90.5% 91.2% 91.6% 91.1% 73.8% 98.3%2Q 12 93.4% 92.9% 94.2% 92.9% 92.6% 90.3% n.a. 95.1% 93.4% 96.6% 93.8% 86.2% 99.4%3Q 12 94.5% 92.0% 94.9% 94.4% 93.0% 95.8% 95.7% 100.0% 93.9% 98.4% 94.1% 95.1% 100.0%4Q 12 94.5% 95.5% 95.0% 93.8% 95.1% 96.7% n.a. 95.1% 93.7% 100.0% 94.2% 95.1% 98.9%1Q 13 94.0% 95.0% 94.4% 93.4% 95.1% 95.9% n.a. 100.0% 93.4% 100.0% 93.7% 95.1% 98.3%2Q 13 92.7% 94.0% 93.1% 92.1% 93.3% 94.7% 95.7% 100.0% 92.0% 93.3% 92.6% 95.1% 90.4%3Q 13 93.0% 94.0% 93.6% 92.5% 92.7% 98.2% 96.4% 100.0% 91.5% 98.4% 92.3% 97.8% 98.3%4Q 13 90.3% 92.0% 90.9% 89.9% 87.3% 94.2% n.a. 100.0% 89.0% 94.1% 89.7% 92.9% 96.1%1Q 14 89.4% 93.0% 89.9% 88.9% 87.9% 95.9% 96.4% 100.0% 87.9% 62.9% 88.4% 96.3% 93.8%1Q 12 $780 $629 $674 $844 $1,095 $1,243 $814 $657 $724 $609 $722 $1,404 $1,0472Q 12 $765 $653 $671 $827 $1,027 $1,230 n.a. $655 $703 $666 $705 $1,404 $1,0473Q 12 $814 $729 $703 $888 $1,077 $1,248 $813 $580 $725 $685 $745 $1,404 $1,0524Q 12 $785 $650 $681 $853 $1,076 $1,255 n.a. $702 $708 $683 $724 $1,404 $1,0551Q 13 $814 $738 $700 $891 $1,099 $1,271 n.a. $580 $720 $688 $740 $1,402 $1,0952Q 13 $808 $740 $698 $889 $1,056 $1,252 $799 $580 $720 $646 $740 $1,401 $1,0333Q 13 $826 $751 $708 $908 $1,095 $1,229 $825 $580 $742 $711 $762 $1,404 $9674Q 13 $842 $777 $721 $933 $1,123 $1,269 n.a. $601 $757 $688 $772 $1,404 $1,0931Q 14 $844 $770 $740 $918 $1,074 $1,273 $835 $601 $754 $775 $776 $1,404 $1,1051Q 12 $0.910 $1.309 $0.986 $0.847 $0.924 $1.340 $0.975 $0.762 $0.858 $0.762 $0.846 $1.684 $1.1012Q 12 $0.893 $1.361 $0.981 $0.828 $0.853 $1.326 n.a. $0.759 $0.832 $0.833 $0.825 $1.684 $1.1013Q 12 $0.957 $1.488 $1.023 $0.904 $0.909 $1.346 $0.974 $0.980 $0.866 $0.787 $0.880 $1.684 $1.1074Q 12 $0.916 $1.354 $0.992 $0.856 $0.893 $1.353 n.a. $0.813 $0.844 $0.786 $0.848 $1.684 $1.1101Q 13 $0.951 $1.507 $1.018 $0.893 $0.913 $1.370 n.a. $0.980 $0.852 $0.792 $0.868 $1.682 $1.1522Q 13 $0.948 $1.510 $1.015 $0.892 $0.891 $1.350 $0.956 $0.980 $0.853 $0.813 $0.871 $1.681 $1.0863Q 13 $0.966 $1.533 $1.030 $0.911 $0.924 $1.324 $0.988 $0.980 $0.880 $0.818 $0.895 $1.684 $1.0174Q 13 $0.987 $1.587 $1.048 $0.932 $0.933 $1.368 n.a. $1.016 $0.897 $0.866 $0.909 $1.684 $1.1491Q 14 $0.987 $1.572 $1.077 $0.921 $0.906 $1.372 $1.000 $1.016 $0.894 $0.891 $0.911 $1.684 $1.1621Q 12 -0.4% 1.0% -0.7% -0.9% 2.6% 1.6% n.a. 0.0% -0.4% -5.5% -0.5% n.a. 0.5%2Q 12 1.6% 11.6% 2.3% 1.6% -3.0% 5.5% n.a. 3.3% -0.5% 11.1% 0.1% 8.3% 6.3%3Q 12 4.6% 7.5% 3.9% 4.9% 5.4% 3.4% n.a. 0.0% 5.2% -0.3% 4.7% 7.6% -2.7%4Q 12 -0.2% 3.9% 0.7% -1.3% 1.5% 1.0% n.a. 0.0% -0.6% 0.7% -0.4% -0.5% 3.3%1Q 13 0.1% 3.2% 0.5% 0.0% -1.3% 2.3% n.a. 0.0% -0.7% 0.0% -0.2% -0.1% 4.6%2Q 13 2.4% 1.5% 2.2% 2.3% 4.2% 1.8% n.a. -3.2% 2.8% 0.5% 3.2% -0.2% -1.4%3Q 13 1.2% 3.0% 0.7% 1.4% 1.6% -1.6% 1.4% 0.0% 2.2% 3.9% 2.1% 0.0% -8.1%4Q 13 5.2% 7.7% 4.5% 5.8% 4.5% 1.1% n.a. 3.6% 6.9% 3.6% 6.3% 0.0% 3.6%1Q 14 3.8% 4.4% 5.9% 3.1% -1.2% 0.1% n.a. 3.6% 5.1% 12.5% 4.8% 0.1% 0.9%1Q 12 0.8% -3.5% 1.2% 0.6% 0.7% -3.7% n.a. -9.5% 1.3% 4.7% 1.1% n.a. 18.5%2Q 12 11.2% 45.5% 12.3% 11.6% -6.5% 44.8% n.a. -1.6% 2.1% 25.3% 3.4% 81.9% 25.4%3Q 12 10.9% 18.0% 10.9% 10.8% 5.8% 28.2% n.a. 5.6% 8.9% 10.0% 7.8% 53.2% 6.9%4Q 12 6.4% 13.4% 8.1% 4.9% 4.7% 16.2% n.a. -4.9% 3.7% 17.5% 4.5% 26.9% 6.1%1Q 13 3.9% 10.9% 4.3% 3.5% 1.4% 14.0% n.a. 9.5% 1.5% 8.4% 2.4% 21.2% 4.6%2Q 13 1.7% 2.6% 1.1% 1.5% 4.9% 6.2% n.a. 1.7% 1.4% -2.8% 2.0% 8.7% -10.4%3Q 13 -0.3% 5.0% -0.6% -0.5% 1.3% 0.8% 2.1% 0.0% -0.2% 3.9% 0.3% 2.7% -9.8%4Q 13 1.0% 4.2% 0.4% 1.9% -3.3% -1.4% n.a. 8.5% 2.2% -2.3% 1.8% -2.2% 0.8%1Q 14 -0.8% 2.4% 1.4% -1.4% -8.4% 0.1% n.a. 3.6% -0.4% -24.6% -0.5% 1.3% -3.6%


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 393 383 542 0.0% 2.1% 1Q 12 19,394 4,886 25.2%2Q 12 0 68 555 1,466 0.0% 0.4% 2Q 12 19,394 4,746 24.5%3Q 12 0 68 195 1,100 0.0% 0.4% 3Q 12 19,394 3,913 20.2%4Q 12 0 0 3 1,118 0.0% 0.0% 4Q 12 19,394 4,630 23.9%1Q 13 0 0 (76) 703 0.0% 0.0% 1Q 13 19,394 3,763 19.4%2Q 13 0 0 (220) (123) 0.0% 0.0% 2Q 13 19,394 3,910 20.2%3Q 13 0 0 54 (253) 0.0% 0.0% 3Q 13 19,394 3,853 19.9%4Q 13 221 221 (270) (491) 1.1% 1.1% 4Q 13 19,615 3,770 19.2%1Q 14 40 261 (142) (585) 0.2% 1.3% 1Q 14 19,655 3,853 19.6%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



11 NORTH ST. PETERSBURG 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


91%

92%

93%

94%

95%

96%

97%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


0%

2%

4%

6%

8%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14





Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishElan Gateway11800 Dr Martin Luther King Jr St N, St. Petersburg, FL 33716

Sub# Properties Under Construction Developer Property Type Units Stories Start FinishEpic at Gateway Centre (The)3115 Grand Av e, Pinellas Park, FL 33782Azure540 Trinity Ln N, St Petersburg, FL 33716Ibis Walk8701 Ibis Walk Pl, St. Petersburg, FL 33716

Total Units: 1,038

11 Grady Pridgen Inc Conv entional 410 4 05/13 04/15

11 Greystar Conv entional 240 3 05/12 10/13

Total Units: 240

11 The Richman Group of Companies Conv entional 320 4

01/13 10/1411 Hines Interests Conv entional 308 4

03/13 09/14

Completed

Under Construction

ZIP Code List: 33702, 33703, 33709, 33714, 33716, 33781, 33782



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 93.4% n.a. 93.5% 93.1% 94.8% 94.8% 93.4% 92.9% 92.5% n.a. 93.3% 96.9% n.a.2Q 12 94.5% n.a. 94.6% 94.1% 96.2% 96.2% 94.3% 93.5% 93.8% n.a. 94.3% 97.7% n.a.3Q 12 95.9% n.a. 95.8% 95.7% 98.2% 98.4% 95.9% 94.0% 95.7% n.a. 95.8% 98.2% n.a.4Q 12 94.7% n.a. 94.9% 94.2% 96.2% 96.3% 94.3% 94.0% 93.8% n.a. 94.5% 98.2% n.a.1Q 13 94.1% n.a. 94.0% 94.0% 95.6% 95.5% 92.4% 93.9% 93.8% n.a. 94.1% 94.5% n.a.2Q 13 95.3% n.a. 95.1% 95.3% 96.8% 96.4% 92.4% 95.5% 95.6% n.a. 95.3% 96.3% n.a.3Q 13 95.2% n.a. 95.8% 94.7% 95.1% 95.8% 93.8% 95.6% 94.8% n.a. 95.2% 96.3% n.a.4Q 13 94.9% n.a. 95.0% 94.9% 94.9% 94.3% 93.2% 96.0% 95.1% n.a. 94.8% 98.2% n.a.1Q 14 95.1% n.a. 95.0% 95.2% 95.8% 95.9% 91.7% 96.6% 93.8% n.a. 95.1% 96.3% n.a.1Q 12 $877 n.a. $744 $944 $1,210 $996 $1,089 $787 $712 n.a. $861 $1,248 n.a.2Q 12 $882 n.a. $750 $950 $1,201 $1,030 $1,000 $792 $735 n.a. $863 $1,250 n.a.3Q 12 $885 n.a. $765 $932 $1,271 $1,049 $1,088 $767 $712 n.a. $868 $1,254 n.a.4Q 12 $900 n.a. $773 $953 $1,263 $1,040 $1,107 $795 $732 n.a. $886 $1,208 n.a.1Q 13 $902 n.a. $771 $962 $1,231 $1,019 $1,102 $797 $719 n.a. $885 $1,282 n.a.2Q 13 $913 n.a. $778 $972 $1,273 $1,045 $1,091 $820 $739 n.a. $898 $1,259 n.a.3Q 13 $911 n.a. $784 $963 $1,256 $1,025 $1,075 $807 $777 n.a. $895 $1,259 n.a.4Q 13 $897 n.a. $779 $953 $1,211 $1,023 $982 $839 $761 n.a. $878 $1,315 n.a.1Q 14 $898 n.a. $775 $956 $1,237 $1,062 $976 $829 $734 n.a. $882 $1,259 n.a.1Q 12 $0.975 n.a. $1.055 $0.937 $0.911 $0.994 $1.100 $1.026 $0.787 n.a. $0.960 $1.278 n.a.2Q 12 $0.978 n.a. $1.058 $0.941 $0.915 $1.035 $1.037 $1.022 $0.794 n.a. $0.961 $1.281 n.a.3Q 12 $0.981 n.a. $1.080 $0.922 $0.961 $1.053 $1.099 $0.984 $0.788 n.a. $0.966 $1.285 n.a.4Q 12 $0.998 n.a. $1.093 $0.947 $0.952 $1.038 $1.118 $1.028 $0.810 n.a. $0.986 $1.238 n.a.1Q 13 $0.987 n.a. $1.081 $0.940 $0.932 $1.010 $1.113 $1.023 $0.777 n.a. $0.971 $1.314 n.a.2Q 13 $1.004 n.a. $1.096 $0.956 $0.963 $1.036 $1.102 $1.052 $0.822 n.a. $0.991 $1.290 n.a.3Q 13 $0.999 n.a. $1.104 $0.945 $0.951 $1.017 $1.086 $1.035 $0.856 n.a. $0.986 $1.290 n.a.4Q 13 $0.996 n.a. $1.102 $0.944 $0.926 $1.020 $1.019 $1.080 $0.832 n.a. $0.979 $1.347 n.a.1Q 14 $0.999 n.a. $1.098 $0.947 $0.947 $1.058 $1.013 $1.068 $0.809 n.a. $0.985 $1.290 n.a.1Q 12 2.3% n.a. 2.6% 2.7% -1.1% -2.9% 2.6% 9.7% -2.9% n.a. 2.3% n.a. n.a.2Q 12 6.0% n.a. 4.4% 7.8% 2.4% 1.3% 10.8% 8.0% 7.7% n.a. 6.6% -0.9% n.a.3Q 12 4.6% n.a. 6.0% 3.3% 6.0% 4.0% 7.6% 6.5% 0.0% n.a. 4.9% 0.0% n.a.4Q 12 3.8% n.a. 4.9% 2.6% 5.7% 2.0% 2.4% 7.0% 3.7% n.a. 4.3% -3.7% n.a.1Q 13 1.8% n.a. 2.2% 1.4% 2.0% 4.2% 1.1% 0.2% 0.5% n.a. 1.7% 2.8% n.a.2Q 13 2.7% n.a. 3.5% 1.7% 4.4% 3.2% 2.7% 4.3% -1.1% n.a. 2.8% 0.7% n.a.3Q 13 2.8% n.a. 2.7% 3.4% 0.6% -0.3% -1.2% 5.2% 9.3% n.a. 3.0% 0.4% n.a.4Q 13 1.4% n.a. 2.6% 1.2% -1.7% -0.9% -5.2% 6.1% 3.5% n.a. 0.9% 8.9% n.a.1Q 14 1.1% n.a. 1.8% 0.6% 1.1% 4.0% -6.6% 3.0% -1.4% n.a. 1.3% -1.8% n.a.1Q 12 2.5% n.a. 2.5% 3.2% -0.9% -3.2% 1.0% 10.2% -0.5% n.a. 2.4% n.a. n.a.2Q 12 8.0% n.a. 6.6% 9.3% 5.6% 6.4% 9.9% 7.7% 11.0% n.a. 7.5% 25.3% n.a.3Q 12 7.1% n.a. 8.3% 5.7% 10.8% 9.9% 8.8% 7.7% 1.5% n.a. 6.3% 27.4% n.a.4Q 12 4.9% n.a. 6.7% 3.1% 6.6% 4.1% 0.6% 9.0% 4.2% n.a. 5.1% 5.2% n.a.1Q 13 2.5% n.a. 2.7% 2.3% 2.8% 4.9% 0.1% 1.2% 1.8% n.a. 2.5% 0.4% n.a.2Q 13 3.5% n.a. 4.0% 2.9% 5.0% 3.4% 0.8% 6.3% 0.7% n.a. 3.8% -0.7% n.a.3Q 13 2.1% n.a. 2.7% 2.4% -2.5% -2.9% -3.3% 6.8% 8.4% n.a. 2.4% -1.5% n.a.4Q 13 1.6% n.a. 2.7% 1.9% -3.0% -2.9% -6.3% 8.1% 4.8% n.a. 1.2% 8.9% n.a.1Q 14 2.1% n.a. 2.8% 1.8% 1.3% 4.4% -7.3% 5.7% -1.4% n.a. 2.3% 0.0% n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 120 (26) 137 0.0% 0.8% 1Q 12 15,042 8,906 59.2%2Q 12 0 120 145 309 0.0% 0.8% 2Q 12 15,042 7,945 52.8%3Q 12 0 120 215 428 0.0% 0.8% 3Q 12 15,042 8,774 58.3%4Q 12 0 0 (198) 145 0.0% 0.0% 4Q 12 15,042 8,813 58.6%1Q 13 0 0 (69) 104 0.0% 0.0% 1Q 13 15,042 8,841 58.8%2Q 13 0 0 198 137 0.0% 0.0% 2Q 13 15,042 9,185 61.1%3Q 13 0 0 (16) (98) 0.0% 0.0% 3Q 13 15,042 9,150 60.8%4Q 13 240 240 221 322 1.6% 1.6% 4Q 13 15,282 8,913 58.3%1Q 14 0 240 33 427 0.0% 1.6% 1Q 14 15,282 8,953 58.6%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



12 LARGO/SEMINOLE 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


91%

92%

93%

94%

95%

96%

97%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-2%

0%

2%

4%

6%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14






Sub# Properties Under Construction Developer Property Type Units Stories Start FinishPinellas Heights11411 Ulmerton Rd, Largo, FL 33778Courtney at Bay Pines (The)4652 Miramar Dr, St. Petersburg, FL 33708

12Norstar Dev elopment USA LP/Pinellas

County Housing AuthoritySenior 153 4 08/12 04/14

No properties completed during the last four quarters.

12ContraVest Dev /Northwestern

MutualConv entional 330 4 07/12 07/14

Total Units: 483

Completed

Under Construction

ZIP Code List: 33708, 33770, 33771, 33772, 33773, 33774, 33776, 33777, 33778, 33785, 33786



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 93.2% 92.1% 94.0% 92.5% 91.9% n.a. n.a. 93.3% 93.0% 96.0% 92.9% n.a. 96.5%2Q 12 93.9% 89.5% 94.8% 93.1% 92.7% n.a. n.a. 94.6% 93.8% 92.1% 93.6% n.a. 97.3%3Q 12 94.4% 86.8% 95.7% 92.8% 93.7% n.a. n.a. 95.9% 93.7% 95.7% 94.7% n.a. 91.6%4Q 12 94.6% 94.7% 95.6% 93.7% 92.1% n.a. n.a. 93.4% 95.0% 95.0% 94.1% n.a. 99.6%1Q 13 92.3% 86.8% 93.6% 91.2% 89.8% n.a. n.a. 91.4% 92.5% 93.5% 92.1% n.a. 94.2%2Q 13 94.2% 92.1% 95.3% 93.0% 92.6% n.a. n.a. 92.4% 94.8% 93.5% 93.7% n.a. 99.0%3Q 13 95.4% 89.5% 95.9% 94.7% 96.0% n.a. n.a. 93.4% 96.1% 96.4% 95.0% n.a. 99.6%4Q 13 94.9% 94.7% 95.5% 94.8% 91.7% n.a. n.a. 94.6% 94.9% 95.3% 94.4% n.a. 99.0%1Q 14 95.0% 92.1% 95.7% 95.2% 91.3% n.a. n.a. 94.2% 95.3% 95.3% 94.7% n.a. 98.7%1Q 12 $729 $602 $632 $802 $1,003 n.a. n.a. $687 $745 $736 $711 n.a. $9062Q 12 $743 $599 $637 $827 $1,019 n.a. n.a. $703 $760 $707 $730 n.a. $8643Q 12 $737 $559 $634 $825 $1,028 n.a. n.a. $720 $745 $714 $723 n.a. $8594Q 12 $746 $579 $646 $826 $1,006 n.a. n.a. $735 $749 $761 $734 n.a. $8591Q 13 $767 $595 $658 $854 $1,024 n.a. n.a. $741 $776 $765 $759 n.a. $8462Q 13 $778 $634 $666 $865 $1,044 n.a. n.a. $738 $793 $756 $765 n.a. $9123Q 13 $768 $557 $658 $872 $1,018 n.a. n.a. $762 $769 $782 $753 n.a. $9174Q 13 $789 $625 $672 $877 $1,087 n.a. n.a. $761 $802 $755 $773 n.a. $9361Q 14 $802 $595 $693 $881 $1,101 n.a. n.a. $763 $817 $803 $790 n.a. $9251Q 12 $0.870 $1.049 $0.947 $0.810 $0.824 n.a. n.a. $0.924 $0.854 $0.859 $0.852 n.a. $1.0322Q 12 $0.886 $1.044 $0.955 $0.835 $0.838 n.a. n.a. $0.947 $0.871 $0.826 $0.875 n.a. $0.9843Q 12 $0.886 $0.974 $0.952 $0.833 $0.851 n.a. n.a. $0.970 $0.862 $0.834 $0.876 n.a. $0.9794Q 12 $0.889 $1.009 $0.967 $0.834 $0.827 n.a. n.a. $0.989 $0.858 $0.888 $0.880 n.a. $0.9781Q 13 $0.900 $1.036 $0.979 $0.849 $0.830 n.a. n.a. $0.998 $0.872 $0.893 $0.894 n.a. $0.9632Q 13 $0.912 $1.104 $0.989 $0.861 $0.846 n.a. n.a. $0.994 $0.891 $0.882 $0.899 n.a. $1.0383Q 13 $0.910 $0.971 $0.980 $0.867 $0.826 n.a. n.a. $1.025 $0.875 $0.913 $0.896 n.a. $1.0444Q 13 $0.928 $1.089 $1.002 $0.872 $0.880 n.a. n.a. $1.025 $0.901 $0.882 $0.913 n.a. $1.0661Q 14 $0.960 $1.037 $1.046 $0.899 $0.892 n.a. n.a. $1.028 $0.939 $0.938 $0.949 n.a. $1.0541Q 12 -0.1% 6.2% 1.9% -2.3% 0.5% n.a. n.a. -3.1% 0.8% 2.5% -1.7% n.a. 10.8%2Q 12 1.5% 1.1% 1.2% 1.4% 3.1% n.a. n.a. -1.9% 3.3% -5.1% 1.2% n.a. 3.5%3Q 12 1.2% -5.0% 1.5% 0.1% 5.8% n.a. n.a. -0.5% 2.4% -4.0% 1.6% n.a. -1.6%4Q 12 4.9% -0.2% 6.5% 3.8% 1.3% n.a. n.a. 8.3% 3.0% 9.4% 5.0% n.a. 4.2%1Q 13 3.3% -1.2% 3.7% 3.2% 2.2% n.a. n.a. 4.0% 3.0% 4.0% 4.7% n.a. -6.6%2Q 13 4.4% 5.7% 4.7% 4.6% 2.8% n.a. n.a. 5.0% 4.0% 6.8% 4.3% n.a. 5.5%3Q 13 4.0% -0.3% 3.7% 5.5% -0.4% n.a. n.a. 5.7% 2.9% 9.6% 3.7% n.a. 6.7%4Q 13 5.0% 7.9% 3.8% 5.4% 7.5% n.a. n.a. 3.6% 6.0% -0.7% 4.4% n.a. 9.0%1Q 14 4.8% 0.0% 5.6% 3.0% 7.8% n.a. n.a. 3.0% 5.4% 5.0% 4.2% n.a. 9.4%1Q 12 3.3% 6.2% 4.7% 1.7% 6.2% n.a. n.a. -3.3% 5.8% 2.5% 2.0% n.a. 12.3%2Q 12 6.8% -1.5% 5.9% 7.0% 12.0% n.a. n.a. -0.6% 10.4% -5.4% 6.8% n.a. 7.1%3Q 12 1.6% -12.9% 2.1% -0.2% 8.5% n.a. n.a. 1.5% 2.2% -4.3% 2.7% n.a. -8.1%4Q 12 6.6% -2.9% 8.2% 5.9% 1.8% n.a. n.a. 9.0% 5.0% 10.2% 6.4% n.a. 6.5%1Q 13 2.4% -6.5% 3.3% 1.9% 0.1% n.a. n.a. 2.1% 2.5% 1.5% 3.9% n.a. -8.9%2Q 13 4.7% 8.3% 5.2% 4.5% 2.7% n.a. n.a. 2.8% 5.0% 8.2% 4.4% n.a. 7.2%3Q 13 5.0% 2.4% 3.9% 7.4% 1.9% n.a. n.a. 3.2% 5.3% 10.3% 4.0% n.a. 14.7%4Q 13 5.3% 7.9% 3.7% 6.5% 7.1% n.a. n.a. 4.8% 5.9% -0.4% 4.7% n.a. 8.4%1Q 14 7.5% 5.3% 7.7% 7.0% 9.3% n.a. n.a. 5.8% 8.2% 6.8% 6.8% n.a. 13.9%


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 0 27 365 0.0% 0.0% 1Q 12 11,457 5,549 48.4%2Q 12 0 0 72 467 0.0% 0.0% 2Q 12 11,457 5,549 48.4%3Q 12 0 0 54 35 0.0% 0.0% 3Q 12 11,457 5,229 45.6%4Q 12 0 0 22 165 0.0% 0.0% 4Q 12 11,457 5,549 48.4%1Q 13 0 0 (231) (113) 0.0% 0.0% 1Q 13 11,457 5,712 49.9%2Q 13 0 0 242 31 0.0% 0.0% 2Q 13 11,457 5,849 51.1%3Q 13 0 0 130 127 0.0% 0.0% 3Q 13 11,457 5,536 48.3%4Q 13 0 0 (51) 38 0.0% 0.0% 4Q 13 11,457 5,494 48.0%1Q 14 0 0 21 358 0.0% 0.0% 1Q 14 11,457 5,493 47.9%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



13 CLEARWATER 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


91%

92%

93%

94%

95%

96%

97%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


0%

1%

2%

3%

4%

5%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14





Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishAmalfi at Clearwater (The)106 Hampton Rd, Clearwater, FL 33759

Sub# Properties Under Construction Developer Property Type Units Stories Start FinishGateway North2681 Roosev elt Blv d, Clearwater, FL 33760


Total Units: 108


Total Units: 342

Completed

Under Construction

ZIP Code List: 33755, 33756, 33759, 33760, 33761, 33762, 33763, 33764, 33765, 33767, 34695



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 94.5% 94.4% 94.8% 94.4% 93.7% 93.6% 96.4% 94.5% 94.4% 88.5% 94.5% n.a. n.a.2Q 12 94.7% 94.4% 94.5% 94.8% 94.9% 93.3% 96.0% 93.5% 96.3% 84.7% 94.7% n.a. n.a.3Q 12 94.7% 94.4% 94.9% 94.6% 94.2% 90.0% 95.6% 94.1% 95.7% 95.4% 94.7% n.a. n.a.4Q 12 94.2% 97.2% 94.3% 94.3% 93.3% 93.0% 94.6% 93.5% 95.1% 88.5% 94.2% n.a. n.a.1Q 13 94.8% 94.4% 95.2% 94.9% 92.3% 93.5% 96.3% 95.1% 94.8% 89.4% 94.8% n.a. n.a.2Q 13 95.2% 94.4% 95.2% 95.0% 96.2% 92.8% 94.3% 94.3% 96.9% 87.0% 95.2% n.a. n.a.3Q 13 94.5% 97.2% 94.2% 94.7% 95.0% 92.1% 93.7% 94.8% 95.1% 88.4% 94.5% n.a. n.a.4Q 13 95.0% 91.7% 95.1% 95.1% 94.1% 94.0% 93.6% 95.9% 95.1% 90.7% 95.0% n.a. n.a.1Q 14 95.3% 91.7% 95.8% 95.1% 93.8% 91.0% 96.7% 96.0% 95.3% 87.0% 95.3% n.a. n.a.1Q 12 $806 $472 $691 $865 $1,059 $1,063 $1,060 $822 $689 $715 $806 n.a. n.a.2Q 12 $803 $515 $693 $862 $1,088 $1,037 $1,034 $800 $713 $621 $803 n.a. n.a.3Q 12 $809 $472 $698 $871 $1,121 $1,096 $1,069 $811 $706 $716 $809 n.a. n.a.4Q 12 $807 $518 $700 $867 $1,078 $1,004 $1,049 $820 $708 $698 $807 n.a. n.a.1Q 13 $825 $515 $712 $887 $1,070 $1,065 $1,149 $830 $717 $702 $825 n.a. n.a.2Q 13 $836 $515 $706 $909 $1,131 $1,115 $1,110 $825 $749 $695 $836 n.a. n.a.3Q 13 $837 $525 $721 $896 $1,126 $1,132 $1,094 $855 $740 $694 $837 n.a. n.a.4Q 13 $827 $515 $712 $886 $1,103 $1,109 $1,059 $840 $732 $732 $827 n.a. n.a.1Q 14 $835 $585 $724 $899 $1,063 $1,125 $1,100 $842 $755 $701 $835 n.a. n.a.1Q 12 $0.884 $1.026 $0.960 $0.852 $0.814 $0.979 $1.047 $0.960 $0.770 $0.789 $0.884 n.a. n.a.2Q 12 $0.888 $1.120 $0.962 $0.851 $0.831 $0.955 $1.020 $0.939 $0.805 $0.703 $0.888 n.a. n.a.3Q 12 $0.898 $1.026 $0.970 $0.859 $0.850 $1.005 $1.055 $0.953 $0.795 $0.810 $0.898 n.a. n.a.4Q 12 $0.887 $1.126 $0.971 $0.847 $0.807 $0.921 $1.036 $0.968 $0.784 $0.771 $0.887 n.a. n.a.1Q 13 $0.901 $1.120 $0.982 $0.867 $0.818 $0.977 $1.134 $0.970 $0.785 $0.794 $0.901 n.a. n.a.2Q 13 $0.919 $1.120 $0.977 $0.893 $0.863 $1.023 $1.095 $0.963 $0.834 $0.786 $0.919 n.a. n.a.3Q 13 $0.921 $1.141 $0.999 $0.882 $0.865 $1.038 $1.080 $1.004 $0.816 $0.785 $0.921 n.a. n.a.4Q 13 $0.906 $1.120 $0.984 $0.869 $0.848 $1.017 $1.046 $0.987 $0.800 $0.828 $0.906 n.a. n.a.1Q 14 $0.922 $1.272 $1.007 $0.888 $0.828 $1.043 $1.086 $0.989 $0.832 $0.793 $0.922 n.a. n.a.1Q 12 1.1% -8.3% 0.1% 2.0% 0.5% 6.2% 12.3% -1.1% -1.9% 6.1% 1.1% n.a. n.a.2Q 12 1.3% -4.8% 2.0% 1.4% -1.7% -1.9% 1.9% 2.5% 2.1% -10.9% 1.3% n.a. n.a.3Q 12 3.2% -12.8% 3.7% 3.0% 2.9% 12.0% 1.1% 3.4% 1.8% 2.5% 3.2% n.a. n.a.4Q 12 0.9% 0.6% 0.6% 1.1% 1.3% -3.3% 2.2% -0.5% 3.1% -3.4% 0.9% n.a. n.a.1Q 13 2.4% 9.1% 2.4% 2.3% 2.4% -2.0% 8.3% 1.0% 2.8% -3.5% 2.4% n.a. n.a.2Q 13 3.7% 0.0% 1.1% 5.2% 6.2% 5.4% 7.3% 2.3% 2.8% 11.8% 3.7% n.a. n.a.3Q 13 3.0% 11.2% 3.3% 2.9% 2.4% 3.3% 2.3% 5.4% 1.3% -3.1% 3.0% n.a. n.a.4Q 13 3.2% -0.6% 2.0% 3.5% 6.2% 10.4% 1.0% 4.4% 1.0% 4.8% 3.2% n.a. n.a.1Q 14 1.9% 13.6% 2.6% 1.5% 0.8% 3.6% -4.2% 2.1% 3.8% -0.1% 1.9% n.a. n.a.1Q 12 2.6% -5.6% 1.6% 3.6% 1.6% 7.0% 15.0% 0.2% -0.3% 7.5% 2.6% n.a. n.a.2Q 12 4.1% -7.6% 3.7% 5.0% 1.7% -3.3% 2.8% 4.8% 7.2% -16.5% 4.1% n.a. n.a.3Q 12 5.2% -10.1% 5.5% 5.2% 3.7% 7.5% -1.7% 6.1% 4.9% 10.4% 5.2% n.a. n.a.4Q 12 1.2% 0.6% 0.6% 1.8% 1.9% -1.6% 1.2% 0.6% 2.9% -2.4% 1.2% n.a. n.a.1Q 13 2.7% 9.1% 2.8% 2.8% 1.0% -2.1% 8.2% 1.6% 3.2% -2.6% 2.7% n.a. n.a.2Q 13 4.2% 0.0% 1.8% 5.4% 7.5% 4.9% 5.6% 3.1% 3.4% 14.1% 4.2% n.a. n.a.3Q 13 2.8% 14.0% 2.6% 3.0% 3.2% 5.4% 0.4% 6.1% 0.7% -10.1% 2.8% n.a. n.a.4Q 13 4.0% -6.1% 2.8% 4.3% 7.0% 11.4% 0.0% 6.8% 1.0% 7.0% 4.0% n.a. n.a.1Q 14 2.4% 10.9% 3.2% 1.7% 2.3% 1.1% -3.8% 3.0% 4.3% -2.5% 2.4% n.a. n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 0 94 248 0.0% 0.0% 1Q 12 17,428 8,146 46.7%2Q 12 0 0 30 364 0.0% 0.0% 2Q 12 17,428 8,194 47.0%3Q 12 0 0 (1) 292 0.0% 0.0% 3Q 12 17,428 8,013 46.0%4Q 12 0 0 (83) 57 0.0% 0.0% 4Q 12 17,428 7,466 42.8%1Q 13 0 0 112 50 0.0% 0.0% 1Q 13 17,428 7,920 45.4%2Q 13 108 108 188 207 0.6% 0.6% 2Q 13 17,536 8,057 45.9%3Q 13 0 108 (126) 78 0.0% 0.6% 3Q 13 17,536 8,625 49.2%4Q 13 0 108 108 291 0.0% 0.6% 4Q 13 17,536 8,381 47.8%1Q 14 0 108 47 213 0.0% 0.6% 1Q 14 17,536 8,349 47.6%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



14 NORTH PINELLAS COUNTY 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


91%

92%

93%

94%

95%

96%

97%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-2%

0%

2%

4%

6%

8%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14





Sub# Properties Completed in the Last Four Quarters Developer Property Type Units Stories Start FinishSunrise Place802 Mango St, Tarpon Springs, FL 34689


14 Tarpon Springs Housing Authority Affordable 36 2 07/12 07/13

Total Units: 36


Completed

Under Construction

ZIP Code List: 34677, 34681, 34683, 34684, 34685, 34688, 34689, 34698



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 95.1% 93.8% 94.7% 95.9% 93.7% 95.4% 94.9% 97.3% 90.0% n.a. 95.1% n.a. n.a.2Q 12 94.1% 93.8% 93.7% 94.3% 94.3% 94.7% 93.1% 96.0% 92.7% n.a. 94.1% n.a. n.a.3Q 12 94.5% 93.8% 94.3% 94.5% 95.0% 96.2% 92.4% 95.7% 93.1% n.a. 94.5% n.a. n.a.4Q 12 95.7% 100.0% 95.9% 95.6% 95.4% 96.9% 94.4% 96.9% 92.9% n.a. 95.7% n.a. n.a.1Q 13 94.7% 93.8% 94.9% 94.8% 93.9% 95.4% 93.4% 96.2% 93.2% n.a. 94.7% n.a. n.a.2Q 13 95.6% 93.8% 95.7% 95.6% 95.5% 96.4% 95.2% 96.1% 93.2% n.a. 95.6% n.a. n.a.3Q 13 95.3% 100.0% 95.3% 95.6% 94.7% 96.2% 94.5% 96.2% 93.1% n.a. 95.3% n.a. n.a.4Q 13 95.1% 93.8% 94.5% 95.5% 95.2% 95.8% 94.0% 97.9% 91.1% n.a. 95.1% n.a. n.a.1Q 14 94.5% 100.0% 93.7% 94.8% 94.9% 95.7% 94.7% 94.2% 91.1% n.a. 94.5% n.a. n.a.1Q 12 $874 $629 $734 $893 $1,091 $914 $916 $788 $617 n.a. $874 n.a. n.a.2Q 12 $860 $581 $702 $876 $1,129 $907 $909 $764 $654 n.a. $860 n.a. n.a.3Q 12 $880 $696 $732 $889 $1,109 $943 $933 $784 $675 n.a. $880 n.a. n.a.4Q 12 $876 $572 $725 $888 $1,111 $891 $949 $819 $699 n.a. $876 n.a. n.a.1Q 13 $860 $616 $717 $874 $1,072 $870 $934 $800 $699 n.a. $860 n.a. n.a.2Q 13 $885 $595 $736 $895 $1,118 $925 $948 $800 $710 n.a. $885 n.a. n.a.3Q 13 $907 $701 $759 $922 $1,126 $941 $968 $848 $706 n.a. $907 n.a. n.a.4Q 13 $903 $601 $754 $911 $1,167 $949 $964 $826 $719 n.a. $903 n.a. n.a.1Q 14 $920 $686 $751 $941 $1,183 $962 $987 $839 $740 n.a. $920 n.a. n.a.1Q 12 $0.870 $1.102 $0.965 $0.844 $0.827 $0.855 $0.898 $0.901 $0.726 n.a. $0.870 n.a. n.a.2Q 12 $0.861 $1.018 $0.925 $0.831 $0.858 $0.849 $0.891 $0.875 $0.769 n.a. $0.861 n.a. n.a.3Q 12 $0.869 $1.219 $0.964 $0.836 $0.845 $0.882 $0.914 $0.799 $0.795 n.a. $0.869 n.a. n.a.4Q 12 $0.865 $1.002 $0.954 $0.835 $0.846 $0.834 $0.930 $0.835 $0.822 n.a. $0.865 n.a. n.a.1Q 13 $0.849 $1.079 $0.943 $0.822 $0.816 $0.813 $0.916 $0.816 $0.822 n.a. $0.849 n.a. n.a.2Q 13 $0.874 $1.042 $0.968 $0.842 $0.852 $0.865 $0.929 $0.815 $0.835 n.a. $0.874 n.a. n.a.3Q 13 $0.896 $1.228 $0.999 $0.867 $0.858 $0.880 $0.949 $0.865 $0.830 n.a. $0.896 n.a. n.a.4Q 13 $0.896 $1.053 $0.991 $0.855 $0.891 $0.891 $0.945 $0.842 $0.846 n.a. $0.896 n.a. n.a.1Q 14 $0.913 $1.201 $0.987 $0.883 $0.903 $0.903 $0.968 $0.855 $0.871 n.a. $0.913 n.a. n.a.1Q 12 2.8% 3.6% 4.3% 3.1% 0.3% 0.9% 6.3% -0.3% 0.0% n.a. 2.8% n.a. n.a.2Q 12 -0.5% -8.8% 0.7% -2.2% 2.3% -5.9% 3.5% -2.3% 8.6% n.a. -0.5% n.a. n.a.3Q 12 2.5% 7.2% 2.8% 2.9% 1.3% 0.4% 4.0% 2.6% 9.3% n.a. 2.5% n.a. n.a.4Q 12 3.0% -4.7% 5.3% 2.0% 2.8% -4.1% 6.3% 7.8% 8.6% n.a. 3.0% n.a. n.a.1Q 13 -0.6% -2.1% -2.0% -0.8% 1.8% -4.9% 2.0% 1.3% 9.4% n.a. -0.6% n.a. n.a.2Q 13 3.5% 2.4% 5.0% 3.1% 2.5% 1.9% 4.2% 3.2% 8.5% n.a. 3.5% n.a. n.a.3Q 13 3.8% 0.7% 3.5% 4.0% 3.6% 0.9% 3.8% 8.2% 4.5% n.a. 3.8% n.a. n.a.4Q 13 2.6% 5.1% 3.6% 2.0% 2.8% 4.8% 1.6% 0.9% 2.9% n.a. 2.6% n.a. n.a.1Q 14 6.6% 11.4% 4.1% 7.5% 7.4% 9.0% 5.7% 4.8% 5.9% n.a. 6.6% n.a. n.a.1Q 12 3.5% 3.6% 5.1% 4.3% -0.5% 0.6% 7.7% 2.3% 0.6% n.a. 3.5% n.a. n.a.2Q 12 -1.4% -8.8% -0.4% -3.1% 2.1% -6.8% 2.6% -2.3% 6.1% n.a. -1.4% n.a. n.a.3Q 12 1.5% 1.0% 2.0% 1.4% 1.1% 1.1% 0.4% 1.5% 12.1% n.a. 1.5% n.a. n.a.4Q 12 3.9% 1.5% 7.2% 2.4% 3.0% -2.6% 5.8% 7.7% 13.9% n.a. 3.9% n.a. n.a.1Q 13 -1.0% -2.1% -1.8% -1.9% 2.0% -4.9% 0.5% 0.2% 12.6% n.a. -1.0% n.a. n.a.2Q 13 5.0% 2.4% 7.0% 4.4% 3.7% 3.6% 6.3% 3.3% 9.0% n.a. 5.0% n.a. n.a.3Q 13 4.6% 6.9% 4.5% 5.1% 3.3% 0.9% 5.9% 8.7% 4.5% n.a. 4.6% n.a. n.a.4Q 13 2.0% -1.1% 2.2% 1.9% 2.6% 3.7% 1.2% 1.9% 1.1% n.a. 2.0% n.a. n.a.1Q 14 6.4% 17.6% 2.9% 7.5% 8.4% 9.3% 7.0% 2.8% 3.8% n.a. 6.4% n.a. n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 0 62 22 115 0.0% 0.7% 1Q 12 9,181 4,715 51.4%2Q 12 0 62 (103) (23) 0.0% 0.7% 2Q 12 9,181 4,903 53.4%3Q 12 0 0 37 (108) 0.0% 0.0% 3Q 12 9,181 5,303 57.8%4Q 12 0 0 101 67 0.0% 0.0% 4Q 12 9,181 5,303 57.8%1Q 13 0 0 (77) (40) 0.0% 0.0% 1Q 13 9,181 5,303 57.8%2Q 13 0 0 93 153 0.0% 0.0% 2Q 13 9,181 5,303 57.8%3Q 13 36 36 9 119 0.4% 0.4% 3Q 13 9,217 5,303 57.5%4Q 13 0 36 (15) (11) 0.0% 0.4% 4Q 13 9,217 4,999 54.2%1Q 14 0 36 (57) 20 0.0% 0.4% 1Q 14 9,217 4,999 54.2%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE



15 WEST PASCO COUNTY/HERNANDO COUNTY 1Q 2014

Monthly Rent

Annual Rent Change

Occupancy


Annual Supply

Annual Demand



SUBMARKET METRO




SUPPLY and DEMAND









OCCUPANCY







RENT








REVENUE CHANGE






ONE‐YEAR FORECAST





SNAPSHOT

0.0k

0.2k

0.4k

0.6k

0.8k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-1.0k

-0.5k

0.0k

0.5k

1.0k

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


88%

90%

92%

94%

96%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14


-2%

0%

2%

4%

6%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14








Completed

Under Construction

ZIP Code List: 34601, 34602, 34604, 34606, 34607, 34608, 34609, 34610, 34613, 34614, 34637, 34638, 34652, 34653, 34654, 34655, 34661, 34667, 34668, 34669, 34679, 34690, 34691



HISTORICAL DATA

Period Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise1Q 12 90.6% 81.3% 91.3% 90.9% 88.6% 90.7% 86.4% 91.7% 84.8% n.a. 90.8% 87.3% n.a.2Q 12 92.2% 69.6% 91.9% 92.3% 92.9% 93.0% 93.2% 91.5% 86.3% n.a. 92.2% n.a. n.a.3Q 12 90.4% 73.3% 88.9% 91.1% 92.7% 94.7% 87.7% 87.6% 85.3% n.a. 90.5% 89.8% n.a.4Q 12 92.8% 95.8% 93.6% 92.6% 92.0% 94.6% 85.2% 92.2% 93.5% n.a. 92.9% 92.2% n.a.1Q 13 92.1% 86.0% 93.2% 92.3% 89.0% 94.1% 79.7% 91.3% 93.8% n.a. 92.1% 92.2% n.a.2Q 13 92.6% 86.0% 93.3% 93.0% 90.3% 94.2% 82.6% 92.2% 93.7% n.a. 92.7% 92.2% n.a.3Q 13 93.2% 85.1% 93.5% 93.5% 92.1% 93.8% 88.6% 93.0% 100.0% n.a. 93.1% 100.0% n.a.4Q 13 92.8% 87.8% 92.9% 93.3% 91.2% 93.0% 86.9% 93.3% 91.9% n.a. 92.7% 100.0% n.a.1Q 14 93.4% 87.0% 93.1% 94.2% 91.2% 93.1% 87.3% 94.1% 93.5% n.a. 93.4% 88.9% n.a.1Q 12 $685 $445 $594 $725 $810 $762 $644 $648 $614 n.a. $685 $686 n.a.2Q 12 $687 $440 $598 $705 $822 $759 $644 $636 $450 n.a. $687 n.a. n.a.3Q 12 $682 $448 $597 $708 $801 $742 $695 $632 $630 n.a. $680 $711 n.a.4Q 12 $691 $524 $602 $723 $791 $748 $613 $671 $596 n.a. $693 $666 n.a.1Q 13 $675 $418 $590 $703 $785 $744 $621 $628 $614 n.a. $675 $686 n.a.2Q 13 $686 $432 $605 $717 $773 $774 $612 $628 $585 n.a. $689 $635 n.a.3Q 13 $710 $476 $636 $736 $834 $767 $734 $673 $490 n.a. $712 $634 n.a.4Q 13 $701 $503 $619 $740 $788 $759 $589 $681 $450 n.a. $703 $596 n.a.1Q 14 $717 $492 $638 $751 $807 $777 $634 $691 $468 n.a. $718 $640 n.a.1Q 12 $0.773 $1.354 $0.852 $0.748 $0.699 $0.771 $0.632 $0.796 $0.716 n.a. $0.773 $0.763 n.a.2Q 12 $0.763 $1.528 $0.839 $0.746 $0.710 $0.773 $0.632 $0.784 $0.583 n.a. $0.763 n.a. n.a.3Q 12 $0.764 $1.555 $0.842 $0.746 $0.692 $0.756 $0.682 $0.791 $0.735 n.a. $0.762 $0.789 n.a.4Q 12 $0.763 $1.163 $0.847 $0.747 $0.683 $0.762 $0.602 $0.792 $0.696 n.a. $0.765 $0.739 n.a.1Q 13 $0.756 $1.453 $0.831 $0.743 $0.679 $0.758 $0.609 $0.785 $0.716 n.a. $0.756 $0.762 n.a.2Q 13 $0.765 $1.500 $0.849 $0.753 $0.668 $0.788 $0.600 $0.781 $0.666 n.a. $0.769 $0.705 n.a.3Q 13 $0.793 $1.398 $0.905 $0.755 $0.721 $0.780 $0.721 $0.817 $0.607 n.a. $0.794 $0.729 n.a.4Q 13 $0.784 $1.477 $0.883 $0.760 $0.681 $0.770 $0.578 $0.832 $0.583 n.a. $0.786 $0.685 n.a.1Q 14 $0.797 $1.429 $0.906 $0.770 $0.698 $0.788 $0.622 $0.836 $0.607 n.a. $0.798 $0.736 n.a.1Q 12 3.0% 11.6% 1.5% 3.4% 3.7% 1.3% 1.7% 4.5% 2.7% n.a. 2.9% 4.9% n.a.2Q 12 1.7% n.a. 3.7% 0.5% 2.5% -1.0% -0.7% 5.6% 0.0% n.a. 1.7% n.a. n.a.3Q 12 4.8% 4.4% 5.6% 5.4% 1.4% 1.8% 6.4% 5.7% 16.7% n.a. 3.9% 19.6% n.a.4Q 12 1.0% 4.2% 0.1% 1.9% -1.5% -0.7% -3.2% 2.4% 2.8% n.a. 0.9% 3.0% n.a.1Q 13 -0.3% -1.9% 0.6% 0.0% -3.0% -1.7% -3.6% 1.6% 0.0% n.a. -0.3% -0.1% n.a.2Q 13 0.5% 0.0% 1.7% 1.9% -6.0% 2.0% -5.0% -0.6% 0.0% n.a. 0.5% n.a. n.a.3Q 13 2.0% -8.1% 5.3% -0.3% 3.9% 3.3% 5.6% -0.5% 7.8% n.a. 2.0% n.a. n.a.4Q 13 1.9% 3.2% 3.8% 1.5% -0.4% 1.7% -3.9% 2.8% -2.3% n.a. 1.9% n.a. n.a.1Q 14 3.5% 6.9% 5.8% 2.6% 2.8% 4.5% 2.2% 2.5% -0.7% n.a. 3.5% n.a. n.a.1Q 12 4.5% -0.7% 2.9% 4.8% 7.6% 1.4% 13.9% 6.6% -0.2% n.a. 4.4% 7.0% n.a.2Q 12 3.3% n.a. 5.0% 2.3% 4.4% 0.1% -0.3% 6.1% 6.4% n.a. 2.8% n.a. n.a.3Q 12 5.6% -7.4% 5.1% 7.0% 3.2% 4.3% 3.8% 4.3% 20.2% n.a. 4.5% 26.6% n.a.4Q 12 5.1% 22.9% 4.9% 5.2% 2.5% 2.6% -1.9% 5.8% 18.0% n.a. 4.6% 16.1% n.a.1Q 13 1.2% 2.8% 2.5% 1.4% -2.6% 1.7% -10.3% 1.2% 9.0% n.a. 1.0% 4.8% n.a.2Q 13 0.9% 16.4% 3.1% 2.6% -8.6% 3.2% -15.6% 0.1% 7.4% n.a. 1.0% n.a. n.a.3Q 13 4.8% 3.7% 9.9% 2.1% 3.3% 2.4% 6.5% 4.9% 22.5% n.a. 4.6% n.a. n.a.4Q 13 1.9% -4.8% 3.1% 2.2% -1.2% 0.1% -2.2% 3.9% -3.9% n.a. 1.7% n.a. n.a.1Q 14 4.8% 7.9% 5.7% 4.5% 5.0% 3.5% 9.8% 5.3% -1.0% n.a. 4.8% n.a. n.a.


Period Qtrly Ann Qtrly Ann Qtrly Ann Period Units Units Sampled1Q 12 300 300 364 377 3.4% 3.4% 1Q 12 9,087 5,219 57.4%2Q 12 150 450 248 419 1.7% 5.1% 2Q 12 9,237 4,078 44.1%3Q 12 0 450 (160) 418 0.0% 5.1% 3Q 12 9,237 4,388 47.5%4Q 12 0 450 215 681 0.0% 5.1% 4Q 12 9,237 5,048 54.6%1Q 13 0 150 (63) 259 0.0% 1.7% 1Q 13 9,237 4,460 48.3%2Q 13 0 0 60 50 0.0% 0.0% 2Q 13 9,237 4,365 47.3%3Q 13 0 0 49 279 0.0% 0.0% 3Q 13 9,237 4,745 51.4%4Q 13 0 0 (31) (3) 0.0% 0.0% 4Q 13 9,237 4,676 50.6%1Q 14 0 0 50 135 0.0% 0.0% 1Q 14 9,237 4,636 50.2%


CHANGE

SUPPLY/ DEMAND


OCCUPANCY

MONTHLY RENT


ANNUAL RENT CHANGE


MARKET CHARACTERISTICS

TAMPA BAY | 63

0%2%4%6%8%

10%12%14%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Metro U.S. AverageUnemployment Rate

Total Jobs % of Total National %1Q13 2Q13 3Q13 4Q13 1Q14 1Q14 1Q14 1Q14

Goods Producing 1.7 3.0 3.2 6.0 7.0 120.4 10.1% 11.9%Mining/Logging/Const ruct ion 2.0 2.7 3.0 4.3 2.9 57.4 4.8% 4.4%Manufacturing -0.3 0.3 0.2 1.7 4.1 63.0 5.3% 7.5%

Service Providing 23.1 24.9 28.7 24.4 22.6 1,074.7 89.9% 88.1%Trade/Transportat ion/Ut ilit ies 3.4 2.7 4.3 3.6 6.7 227.4 19.0% 18.7%Informat ion 0.4 0.8 0.7 0.2 -0.1 26.0 2.2% 2.3%Financial Act ivit ies 4.6 4.4 4.2 3.1 2.4 100.8 8.4% 6.4%Professional/Business Services 7.2 9.9 10.0 10.2 10.0 205.6 17.2% 15.5%Educat ion/Health Services 1.6 2.4 3.0 4.9 5.5 189.1 15.8% 15.9%Leisure/Hospitality Services 4.9 4.7 5.1 1.7 -1.2 129.6 10.8% 10.3%Other Services 0.7 1.1 1.4 0.6 0.0 41.4 3.5% 4.0%Government 0.3 -1.1 0.0 0.1 -0.7 154.8 13.0% 14.9%

Total 24.8 27.9 31.9 30.4 29.6 1,195.1 100.0% 100.0%

TAMPA BAY AREA EMPLOYMENT CHANGE BY INDUSTRY

(Annual Change in Non-Agricultural Wage and Salary Jobs in 000's)Annual Change

-80k

-60k

-40k

-20k

0k

20k

40k

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Annual Employment Change


MARKET CHARACTERISTICS 1Q 2014

TAMPA BAY | 64

Source: BLS


MARKET CHARACTERISTICS 1Q 2014

TAMPA BAY | 65

Source: BLS

2012 2011 2010 2009 2008 2007Population, Age and Households

Total population 2,842,878 2,824,724 2,789,116 2,747,272 2,733,761 2,723,949 0.6% 4.4% Male 1,378,702 1,370,947 1,349,231 1,338,849 1,330,493 1,325,267 0.6% 4.0% Female 1,464,176 1,453,777 1,439,885 1,408,423 1,403,268 1,398,682 0.7% 4.7% Under 5 years 156,638 157,338 156,353 167,851 165,746 164,698 -0.4% -4.9% 5 to 9 years 161,972 158,765 159,133 148,582 153,624 154,117 2.0% 5.1% 10 to 14 years 166,323 168,454 168,622 173,665 169,584 171,232 -1.3% -2.9% 15 to 19 years 169,904 173,125 175,942 167,217 167,621 169,353 -1.9% 0.3% 20 to 24 years 177,616 173,655 172,640 160,211 156,630 157,376 2.3% 12.9% 25 to 34 years 351,958 348,478 336,514 356,497 336,616 334,633 1.0% 5.2% 35 to 44 years 359,473 361,161 364,917 367,538 371,611 381,876 -0.5% -5.9% 45 to 54 years 413,119 418,493 416,014 400,617 399,424 392,467 -1.3% 5.3% 55 to 59 years 197,925 191,342 178,550 173,001 172,852 172,815 3.4% 14.5% 60 to 64 years 176,854 181,649 178,742 157,620 162,004 157,840 -2.6% 12.0% 65 to 74 years 272,127 254,498 250,658 223,762 226,246 217,951 6.9% 24.9% 75 to 84 years 163,913 165,056 160,599 177,526 176,520 175,668 -0.7% -6.7% 85 years and ov er 75,056 72,710 70,432 73,185 75,283 73,923 3.2% 1.5% Median age (years) 41.8 41.6 41.3 40.6 41.1 40.8 0.5% 2.5% Total households 1,131,949 1,110,034 1,116,299 1,091,408 1,098,922 1,110,634 2.0% 1.9%

Educational AttainmentHigh school graduate or higher 88.3% 87.5% 86.9% 86.5% 86.5% 86.5% 0.9% 2.1%Bachelor's degree or higher 27.1% 24.9% 26.2% 24.6% 25.6% 26.1% 8.8% 3.8%

Income Levels

Median household income $44,402 $43,832 $43,547 $44,061 $46,319 $46,607 1.3% -4.7%

Less than high school graduate $19,371 $18,051 $17,751 $18,277 $20,885 $19,567 7.3% -1.0%

High school graduate $25,782 $26,177 $25,496 $24,558 $26,058 $26,011 -1.5% -0.9%

Some college or associate's degree $31,527 $31,413 $30,925 $30,355 $32,002 $33,649 0.4% -6.3%

Bachelor's degree $44,975 $45,360 $44,433 $43,479 $42,766 $44,407 -0.8% 1.3%

Graduate or professional degree $61,040 $60,257 $57,491 $57,304 $58,131 $58,350 1.3% 4.6%

TAMPA BAY AREA DEMOGRAPHICS

One-Year Change

Five-Year Change

SUPPLEMENTARY MARKET STATISTICS

TAMPA BAY | 66

-2k

0k

2k

4k

6k

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

1Q15

DemandQuarterly Annual Forecast

0k

1k

2k

3k

4k

5k

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

1Q15


0k1k2k3k4k5k6k

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14*

Multifamily Building PermitsAnnual Quarterly

*two- and 11-month totals ending in February 2014


SUPPLEMENTARY MARKET STATISTICS 1Q 2014

SUPPLY AND DEMAND

0%

1%

2%

3%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Annual Inventory Change

182k

184k

186k

188k

190k

192k

194k

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Existing Units



OCCUPANCY

88%

90%

92%

94%

96%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

1Q15

Occupancy

80%

85%

90%

95%

100%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Occupancy by Year Built2000+ 1990s 1980s1970s Pre-1970

88%

90%

92%

94%

96%

98%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Occupancy by Unit TypeEff 1 BR 2 BR 3 BR

0 50 100 150

<84.1%

84.1% to 87.0%

87.1% to 90.0%

90.1% to 93.0%

93.1% to 96.0%

96.1% to 99.0%

>99.0%

Occupancy Distribution of Properties

89%

91%

93%

95%

97%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Occupancy ComparisonMetro South U.S.

89%

91%

93%

95%

97%

99%

1Q 13 2Q 13 3Q 13 4Q 13 1Q 14

Occupancy by Building HeightLow-Rise Mid-Rise High-Rise

0 50 100 150 200

<-6.4%

-6.4% to -3.5%

-3.4% to -0.5%

-0.4% to 2.5%

2.6% to 5.5%

5.6% to 8.5%

>8.5%

Annual Occupancy Change Distribution of Properties

-6%

-4%

-2%

0%

2%

4%

6%

1Q 13 2Q 13 3Q 13 4Q 13 1Q 14

Annual Rent Change by Building Height


-6%

-4%

-2%

0%

2%

4%

6%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

1Q15

Rent ChangeQuarterly Annual Forecast



RENT CHANGE

-10%

-5%

0%

5%

10%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Annual Rent Change by Year Built2000+ 1990s 1980s1970s Pre-1970

-10%

-5%

0%

5%

10%

15%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Annual Rent Change by Unit Type Eff 1 BR 2 BR 3 BR

-6%

-4%

-2%

0%

2%

4%

6%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Annual Rent Change ComparisonMetro South U.S.

0 50 100

<-5.4%

-5.4% to -2.5%

-2.4% to 0.5%

0.6% to 3.5%

3.6% to 6.5%

6.6% to 9.5%

>9.5%

Annual Rent Change Distribution of Properties



MONTHLY RENT

$700

$800

$900

$1,000

$1,100

$1,200

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Monthly Rent ComparisonMetro South U.S.

$800

$1,000

$1,200

$1,400

$1,600

1Q 13 2Q 13 3Q 13 4Q 13 1Q 14

Monthly Rent by Building HeightLow-Rise Mid-Rise High-Rise

0 50 100 150 200

<$546

$546 to $675

$676 to $805

$806 to $935

$936 to $1,065

$1,066 to $1,195

>$1,195

Monthly Rent Distribution of Properties

$600

$700

$800

$900

$1,000

$1,100

$1,200

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Monthly Rent by Year Built2000+ 1990s 1980s1970s Pre-1970

$300

$500

$700

$900

$1,100

$1,300

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Monthly Rent by Unit TypeEff 1 BR 2 BR 3 BR




$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Rent Per Square Foot ComparisonMetro South U.S.

$0.70

$0.90

$1.10

$1.30

$1.50

1Q 13 2Q 13 3Q 13 4Q 13 1Q 14

Rent Per Square Foot by Building Height


0 50 100

<$0.701

$0.701 to $0.800

$0.801 to $0.900

$0.901 to $1.000

$1.001 to $1.100

$1.101 to $1.200

>$1.200

Rent Per Square Foot Distribution of Properties

$0.65

$0.75

$0.85

$0.95

$1.05

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Rent Per Square Foot by Year Built2000+ 1990s 1980s1970s Pre-1970

$0.60

$0.80

$1.00

$1.20

$1.40

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Rent Per Square Foot by Unit TypeEff 1 BR 2 BR 3 BR

0%2%4%6%8%10%12%

0%10%20%30%40%50%60%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

ConcessionsPercent of Units (L)Average Concession (R)



CONCESSIONS

0%

10%

20%

30%

1Q 13 2Q 13 3Q 13 4Q 13 1Q 14

Percent of Units Offering Concessions by Building Height


0%

5%

10%

15%

20%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Average Concession by Year Built2000+ 1990s 1980s1970s Pre-1970

0%

5%

10%

15%

20%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Average Concession by Unit TypeEff 1 BR 2 BR 3 BR

0%

20%

40%

60%

80%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Percent of Units Offering Concessions by Year Built

2000+ 1990s 1980s1970s Pre-1970

0%10%20%30%40%50%60%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Percent of Units Offering Concessions by Unit Type

Eff 1 BR 2 BR 3 BR

0%

5%

10%

15%

1Q 13 2Q 13 3Q 13 4Q 13 1Q 14

Average Concession by Building Height


-6%

-4%

-2%

0%

2%

4%

6%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

1Q15

Revenue ChangeQuarterly Annual Forecast



REVENUE CHANGE

-20%

-10%

0%

10%

20%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Annual Revenue Change by Year Built

2000+ 1990s 1980s1970s Pre-1970

-10%

-5%

0%

5%

10%

15%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Annual Revenue Change by Unit Type

Eff 1 BR 2 BR 3 BR

-10%

-5%

0%

5%

10%

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

Annual Revenue Change Comparison

Metro South U.S.

-10%

-5%

0%

5%

10%

1Q 13 2Q 13 3Q 13 4Q 13 1Q 14

Annual Revenue Change by Building Height


0 50 100

<-6.9%

-6.9% to -3.0%

-2.9% to 1.0%

1.1% to 5.0%

5.1% to 9.0%

9.1% to 13.0%

>13.0%

Annual Revenue Change Distribution of Properties

METHODOLOGY

TAMPA BAY | 74

METHODOLOGY OVERVIEW

MPF Research assesses recent general conditions in the apartment market and forecast market fundamentals for the coming year. Analysis focuses on investment opportunities and obstacles at the market and submarket level. Data in this report represent the best information available at publication time. Statistics will be similar to, but not necessarily identical to, information published in previous reports, as MPF Research continually updates its database and sometimes revises historical performances if information deemed more accurate becomes available.

Identification of near‐term opportunities is not a blanket endorsement of activity within any market or submarket. Even in submarkets that appear promising overall, investment prospects are not uniformly favorable. Conversely, pockets of opportunity may exist in submarkets that are not positioned favorably overall. Investment decisions should be based on market research tailored to the unique potential of each property.

Universe/Property Characteristics: Attached dwellings with five or more units leased through a central management company or agent. The universe includes properties originally developed for lease (traditional apartment communities) and multifamily units previously marketed as condominiums/townhomes which are now leased through a central management company or agent.

Privately‐owned, off‐campus student housing properties are included in the existing unit count and sample, since the presence of these properties impacts the performances of traditional communities.

Affordable housing properties are included in the existing unit count and sample, even if there are restrictions on resident incomes, as long as residents are paying their own rent.

Existing Unit Stock: Existing unit stock is estimated starting with 2000 Census counts of rental communities featuring five or more units and then adding subsequent completions and conversions, and then subtracting units taken out of the rental pool for conversion or demolition. Thus, net inventory change does not solely reflect new construction.

Submarkets: The submarkets established by MPF Research generally reflect areas featuring similar properties that compete within the same pool of resident prospects. Submarket boundaries are established considering logical obstacles like major roads or bodies of water, as well as geopolitical boundaries – such as those of cities, counties and school districts. MPF Research also considers socioeconomics and various apartment market data (e.g. property age and average rental rates). All submarkets follow ZIP code boundaries and meet certain thresholds for historical sample size.

Metro Calculations: Metro calculations are based upon the actual sample received for the metro.

Regional Calculations: Regional statistics are weighted by the existing unit estimates of each MPF Research top 100 metro in the particular region. MPF Research follows the U.S. Census Bureau’s definitions for regions (South, West, Midwest, Northeast). However, New York is excluded from Northeast and U.S. calculations. New York product is not representative of the country’s typical apartment selection, and weighted results for the roughly 2.1 million units that exist there would significantly shift both regional and national findings.

U.S. Calculations: National statistics are weighted by the existing unit estimates of each Region (South, West, Midwest, Northeast), which are comprised of the MPF Research top 100 metros, excluding New York. (See note above on Regional Calculations for explanation.)

Sample/Survey Process: Data collected in the MPF Research quarterly survey is collected through various sources. Where available, MPF Research can incorporate data from RealPage software products. MPF Research also collects data through direct relationships withmanagement companies, through telephone surveys and through e‐mail surveys that are completed by apartment community owners or managers. Additionally, data is collected for each property’s individual floorplans, not by general floor plan category, which allows for more granular analysis.

ECONOMIC TRENDS

Employment Change: The change in the number of jobs in a metropolitan area in the current quarter compared to a year earlier (Annual Employment Change), according to the U.S. Bureau of Labor Statistics. MPF Research uses non‐seasonally adjusted data.

Employment Change Forecast: Employment forecasts presented in MPF Research analysis are calculated by MPF Research after taking into account recent and expected employment trends.

Unemployment Rate: The unemployment rate represents the percentage of the total labor force that is unemployed but actively looking for work, according to the U.S. Bureau of Labor Statistics. MPF Research uses non‐seasonally adjusted data.

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SUPPLY

Multifamily Permits: The number of multifamily permits in properties with five or more units issued in a metropolitan statistical area, region or nationally, both for‐rent and for‐sale product. Multifamily permit data reported by MPF Research are based on our calculations of monthly U.S. Census Bureau data.

Multifamily Starts: The number of multifamily units in properties with five or more units started in a region or nationally, both rental and owner‐occupied. Starts data reported by MPF Research is based on U.S. Census Bureau data.

Under Construction: MPF Research considers properties to be under construction once ground has broken.

Supply/Completions: All units in a property are counted as new supply during the quarter when the last apartments in the project are completed.

Estimated Supply: Estimates are used only in markets where MPF Research does not offer project‐by‐project completion/construction listings. Supply estimates are proprietary calculations based on building permit levels.

Removals: When identified, properties are removed from stock when they are converted from rental to condominiums or when they are demolished.

Inventory Change Rate: Inventory change rate is calculated as net supply (supply less removals) as a percent of total existing units.

Existing Units: MPF Research estimates existing units (stock) starting with rental properties with five or more units, according to the 2000 Census. Subsequent completions are added to that base stock, and units are subtracted from the stock for condominium conversions or demolitions. Thus, inventory change does not solely reflect new supply/completions.

DEMAND

Demand/Absorption: MPF Research defines demand or absorption (the words are used interchangeably) as the change in physically occupied units (existing units multiplied by the occupancy rate) from one period to another. Net move‐outs (a synonym for negative demand) can occur simply because the size of the existing inventory shrinks due to condominium conversions or due to demolitions.

Absorption of New Completions: Units are not counted as absorbed until the entire property is completed.

Absorption Forecasts: A macro‐to‐micro approach is used in forecasting the number of units to be absorbed in a submarket. That is, the metro area absorption forecast is distributed among submarkets on the basis of the anticipated capture rate of each submarket which is determined by a multi‐variable sharing model. The sharing model incorporates recent trends as well upcoming supply/completions.

OCCUPANCY

Occupancy: Occupancy is calculated as the percentage of existing stock physically occupied at a point in time based on sampled units of completed properties in a given metropolitan area in the current period. Preleased units are not part of the occupancy calculation, but newly completed properties in lease‐up are included. The term “stabilized occupancy” refers to a rate that excludes new completions in lease‐up.

Occupancy Change: Occupancy change is calculated as the percentage point difference in occupancy rate from one period to another.

RENT

Rental Rates: Unless otherwise noted, all rents reported are effective rental rates (asking rents net of concessions). Rental rates reflect a property’s rent structure at the point of time of the survey, than the property’s actual revenues (which would be shaped by rents in place when ongoing leases were signed).

Rents are calculated for each property’s individual floor plans (e.g., one‐bedroom, 750 square feet), not by general floor plan category (e.g., one‐bedroom, 600 to 875 square feet). High and low rents for each floor plan are averaged. No adjustments are made for utilities or for specific amenities.

Monthly Rent: The average rental rate charged for an apartment unit on a monthly basis, less concessions. MPF Research always reports monthly rent as the effective rate (asking rent less concessions).

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Rent Per Square Foot: Average monthly rent divided by the average square footage of the apartment unit, less concessions.

Rent Change: All rent change figures reported by MPF Research are based on same‐store samples as opposed to total samples, unless otherwise noted. Same‐store rent change calculations compare rents for the same specific group of properties between two points in time. Examination of same‐store rent change eliminates the misrepresentation of market conditions that can result from sampling differences in two reporting periods.

Concessions: Concessions include one‐time, months free and prorated discounts. Concessions are collected at the individual floor plan level where applicable.

Units Offering Concessions: The percent of units offering concessions.

REVENUE

Revenue Change: All revenue change calculations are derived by adding the occupancy change (total sample) plus the same‐store rent change figures for the time period being reported (quarter or annual).

PRODUCT NICHES

Year Built: 2000+: Properties completed since 2000; 1990s: Properties completed in the 1990s; 1980s: Properties completed in the 1980s; 1970s: Properties completed in the 1970s; Pre‐1970: Properties completed prior to 1970.

Building Height: Low‐Rise: Properties with one‐to‐three stories; Mid‐Rise: Properties with four‐to‐six stories; High‐Rise: Properties with seven or more stories.

Unit Type: Eff: Units of an efficiency or studio design; 1 BR: Units with one bedroom; 2 BR: Units with two bedrooms; 3 BR: Units with three or more bedrooms. In units that include a den, the den is counted as a bedroom.


These charts, which are included in the submarket overview, illustrate a submarket’s performance relative to the metro and all other submarkets. Performances are scaled with the lowest figures set at far left and the highest figures set at far right. The submarket in question is highlighted as maroon, with all other submarkets shown in white. The metro overall is shown in purple. From this, one can tell if a particular submarket is above, below or within the range of other submarkets and the metro overall for a given performance measure. Comparative positioning is available for the following performance measures: monthly rent, annual rent change, occupancy, annual occupancy change, annual supply and annual demand.

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Sub# Total Eff 1 BR 2 BR 3 BR 2000+ 1990s 1980s 1970s Pre-1970 Low-Rise Mid-Rise High-Rise

1 5,559 67 2,557 2,417 518 3,314 1,459 338 114 334 2,588 2,359 6122 4,210 308 1,744 1,784 374 902 276 1,821 1,165 46 3,960 250 n.a.3 10,825 118 4,582 5,233 892 5,247 1,428 3,149 1,001 n.a. 10,117 318 3904 7,738 296 3,519 3,262 661 346 582 4,430 2,161 219 7,488 250 n.a.5 5,469 64 2,551 2,492 362 844 1,078 3,011 536 n.a. 5,469 n.a. n.a.6 9,705 127 3,937 3,949 1,692 1,824 424 3,744 2,870 843 9,216 404 857 10,326 79 3,588 4,714 1,945 3,111 780 2,755 3,104 576 10,125 64 1378 12,673 152 3,848 6,286 2,387 6,578 1,951 3,972 172 n.a. 12,673 n.a. n.a.9 14,719 71 4,915 6,925 2,808 7,447 4,168 2,895 209 n.a. 14,368 351 n.a.10 3,853 100 1,797 1,643 313 659 140 52 2,940 62 3,350 325 17811 8,953 n.a. 3,935 4,333 685 2,715 1,166 3,092 1,980 n.a. 8,570 383 n.a.12 5,493 38 2,875 2,038 542 n.a. n.a. 1,415 3,800 278 4,972 n.a. 52113 8,349 36 3,561 4,122 630 388 810 2,950 3,985 216 8,349 n.a. n.a.14 4,999 16 1,575 2,582 826 1,574 1,778 1,129 518 n.a. 4,999 n.a. n.a.15 4,636 69 1,542 2,435 590 1,868 236 2,408 124 n.a. 4,546 90 n.a.

METRO 117,507 1,541 46,526 54,215 15,225 36,817 16,276 37,161 24,679 2,574 110,790 4,794 1,923

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1. Central Tampa 2. Peninsula 3. Town and Country/Westchase4. Egypt Lake/Lowry Park 5. Carrollwood/Citrus Park 6. University 7. Temple Terrace 8. New Tampa/East Pasco County

9. Brandon/Southeast Hillsborough County10. South St. Petersburg11. North St. Petersburg 12. Largo/Seminole 13. Clearwater 14. North Pinellas County 15. West Pasco County/Hernando County

Submarket Key

SAMPLED UNITS

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SUBMARKET MAP

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1 Central Tampa: 33602, 33605, 33606, 33607, 33609

2 Peninsula: 33611, 33616, 33621, 33629

3 Town and Country/Westchase: 33615, 33626, 33634, 33635

4 Egypt Lake/Lowry Park: 33603, 33604, 33614

5 Carrollwood/Citrus Park: 33548, 33556, 33558, 33618, 33624, 33625

6 University: 33612, 33613, 33620

7 Temple Terrace: 33610, 33617, 33637

8 New Tampa/East Pasco County: 33523, 33525, 33540, 33541, 33542, 33543, 33544, 33545, 33549, 33559, 33565, 33576, 33592, 33647, 34639

9 Brandon/Southeast Hillsborough County: 33510, 33511, 33527, 33534, 33547, 33563, 33566, 33567, 33569, 33570, 33572, 33573, 33578, 33579, 33584, 33594, 33596, 33598, 33619

10 South St. Petersburg: 33701, 33704, 33705, 33706, 33707, 33710, 33711, 33712, 33713, 33715, 33730

11 North St. Petersburg: 33702, 33703, 33709, 33714, 33716, 33781, 33782

12 Largo/Seminole: 33708, 33770, 33771, 33772, 33773, 33774, 33776, 33777, 33778, 33785, 33786

13 Clearwater: 33755, 33756, 33759, 33760, 33761, 33762, 33763, 33764, 33765, 33767, 34695

14 North Pinellas County: 34677, 34681, 34683, 34684, 34685, 34688, 34689, 34698

15 West Pasco County/Hernando County: 34601, 34602, 34604, 34606, 34607, 34608, 34609, 34610, 34613, 34614, 34637, 34638, 34652, 34653, 34654, 34655, 34661, 34667, 34668, 34669, 34679, 34690, 34691

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SUBMARKET ZIP CODES

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ABOUT MPF RESEARCHSuccessful real estate investments require having the right product in the right market at the right time. And MPF Research can provide the apartment market intelligence and decision‐making tools needed to determine what product, market and timing are right for you.

MPF Research’s product suite helps you make the decisions that maximize the value of your apartment investments. Tools guide you through smart development or acquisition choices, effective operations and appropriate disposition strategies. These solutions offer sophisticated and timely support to ensure that valuable opportunities don’t slip through the cracks.

APARTMENT MARKET REPORTS

MPF Research’s quarterly U.S. Apartment Market Report examines occupancy and rent trends on the metro level in 100 markets.Local apartment reports that take the trend analysis down to the submarket level are available for the following markets: Albuquerque, Atlanta, Austin, Baltimore, Baton Rouge, Bay Area (San Francisco, Oakland, San Jose), Birmingham, Boston/ Providence, Charleston, Charlotte, Chicago, Cincinnati, Cleveland, Colorado Springs, Columbia, Columbus, Connecticut (Bridgeport/Stamford/Norwalk, Hartford, New Haven and Norwich/New London), Corpus Christi, Dallas/Fort Worth, Dayton, Denver/Boulder, Detroit (includes Ann Arbor and Flint), El Paso, Fort Myers/Naples, Fresno, Greensboro/Winston‐Salem, Greenville/Spartanburg/Anderson, Houston, Indianapolis, Jackson, Jacksonville, Kansas City, Knoxville, Las Vegas, Lexington, Little Rock, Los Angeles, Louisville, Manhattan, Memphis, Milwaukee, Minneapolis/St. Paul, Nashville, New Orleans, Northern New Jersey (Essex, Middlesex, Monmouth, Morris, Ocean, Somerset and Union Counties), Oklahoma City, Omaha, Orange County, Orlando, Philadelphia, Phoenix, Pittsburgh, Portland, Raleigh/Durham, Reno, Richmond, Riverside/San Bernardino, Sacramento, Salt Lake City, San Antonio, San Diego, Sarasota/Bradenton, Seattle, South Florida (Miami, Fort Lauderdale, West Palm Beach), St. Louis, Tampa Bay, Tucson, Tulsa, Ventura/Oxnard, Virginia Beach/Norfolk and Washington, DC.

MULTI‐HOUSING OUTLOOK

Multi‐Housing Outlook, which MPF Research produces in conjunction with Boston‐based CBRE Econometric Advisors (formerly Torto Wheaton Research), is an interactive forecast of market fundamentals that examines the outlooks for 60 metros down to a submarket level. Multiple scenarios assuming different economic conditions are provided.

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METHODOLOGY 1Q 2014

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1q14 tampa report bay has seen job growth over the past two years, with annual additions expanding

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