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Sales of significant apartment properties totaled$5.4b in January, down 6%yoy. Sales ofmid/high-risepropertiesdidmanagea16%increaseinvolume,butsalesofgardenapartmentswere14%lowerthanayearearlier.

Despitetheslowstartinvolume,boththegardenandmid/high-rise sectors sawadrop in cap ratesby20bps nationally.While apartment price appreciationhadmoderatedrecently,aggressivepricinginJanuarymayindicatemorerecordpricingisinstorefor2014.

In January, portfolio transactions did record ayoygainwithseveralnon-listedREITsclosingonportfo-lioslastmonth.Thisfastgrowingpartoftheprivatesectornearlydoubledapartmentacquisitionsin2013andwillbeevenmoreacquisitivein2014.

Withrecordcapitalraisingoverthepasttwoyears,thelistedREITsacquired$21.2bofapartments in2013,increasingtheirmarketshareto21%andmoreacqui-sitionsandmergersareexpectedin2014(seepage2).

Apartment Month in Review

Monthly Volume & Pricing Trends

Transaction Volume

Year-Over-Year Change

Cap RatesGarden Mid/highrise All Apartment

12014 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

January 2014 P u b l i s h e d F e b r u a r y 2 0 1 4

2013 Apartment Buyer Composition

49%

51%

49%

53%

78%

56%

38%

50%

49%

41%

55%

71%

21%

8%

12%

13%

14%

32%

12%

21%

35%

10%

11%

9%

8%

15%

11%

10%

8%

22%

9%

7%

8%

7%

14%

27%

17%

16%

6%

12%

17%

8%

14%

14%

16%

6%

6%

5%

7%

6%

6%

8%

6%

6%

10%

2013

2012

2011

2010

2009

Garden

Mid/high-rise

Student Hsg

All Apt

Major Metro

Secondary

Tertiary

Past Five Years

The composition of apartment buyers materiallychangedin2013asthelistedREITsgrewtheirshareof acquisitions from 8% to 21% from 2012 to 2013.Although overshadowed by the listed REITs, non-listedREITsandcross-border investorsalso signifi-cantlyincreasedapartmentinvestments.

Recordcapitalraisinginboth2012and2013fuelledacquisitionsbythelistedREITs.ThesaleoftheArch-stone properties to EQR andAVBwere the largest,but not the onlymajor deals.MAAacquiredColo-nial,addingover35,000units.EssexisundercontracttotakeoverBREasthewaveofconsolidationextendsinto2014.

Institutionalinvestorsrecordedsignificantdeclineinapartmentacquisitionslastyear,excludingportfolios,theiractivitywassimilarandtheyaccountedfor17%ofallsingle-assettransactions.TheyaccountedforaquarterofvolumeinmarketssuchasChicago,Den-ver,andSeattle.

Theprivatesectoraccountedforjustunderhalfofallapartment acquisitions in 2013, similar to thepriortwo years.Within the sector, the non-listed REITsaccounted for $3.2b of volume, up 85% from 2012,makingthemoneofthefastestgrowingsegmentsofthemarket.

Cross-border investors were involved in $6.0b ofapartment acquisitions in 2013, up 45% from 2012.Canadianinvestorswerebyfarthemostactive,whilecapital from Asia posted the biggest growth. Topmarketsforcross-borderinvestorslastyearwereDal-las,Houston,andAustin.

2013 Apartment Buyer Composition2011 Office Buyer Composition

2007

User/Other Private Public Equity Fund Inst'l Cross-Border

2013 By Property Type

2013 By Market Size

Total Acq($M)

YOYChange

Avg Size($M)

Avg$k/unit

AvgCap

Cross-Border $5,997 45% $23.2 $109.0 5.9%Institutional $14,006 -40% $41.3 $171.7 6.1%Equity Fund $9,533 33% $29.6 $147.1 5.9%Public $21,228 215% $56.8 $174.9 6.0%Private $50,006 13% $11.4 $98.0 6.2%User/Other $0,827 -2% $9.1 $99.8 7.6%Grand Total* $104,530 19% $17.2 $111.6 6.2%

2013 Apartment Buyer Composition Summary

* Numbers may not sum as unclassified volume is included in the grand total;

2 2014 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

January 2014

Student Housing

Buyer Capital Group Acq (in $M)#

Props1 American Campus Communities Public 299.8 72 Campus Crest Communities Public 191.6 273 Virtus RE Capital Equity Fund 174.9 44 Campus Advantage Private 172.9 55 Harrison Street RE Capital Equity Fund 171.7 76 Inland Real Estate Group Private 161.1 37 Woodlark Companies Private 152.3 78 Scion Group Private 117.9 39 WestPac Investments Private 111.7 410 Kayne Anderson Equity Fund 108.5 4

Mid/high-rise

Buyer Capital Group Acq (in $M)#

Props1 Equity Residential Public 6,253.1 492 AvalonBay Communities Public 3,326.3 333 Essex Property Trust Public 2,158.2 304 Invesco RE Institutional 972.7 95 Rainbow Estates Group Private 651.7 976 Greystar RE Partners Private 647.1 107 Crescent Heights Private 636.3 68 TIAA-CREF Institutional 633.9 69 A&E Real Estate Holdings Private 566.4 4410 Fortress Equity Fund 538.4 411 HFZ Capital Group Private 538.4 412 CalPERS Institutional 506.4 313 CIM Group Equity Fund 504.5 614 Mack-Cali Public 482.5 515 AEW Capital Mgmt Institutional 461.9 516 Goldman Sachs Equity Fund 453.5 717 LaSalle Institutional 451.6 618 SL Green Public 438.3 419 Caisse de Depot Institutional 406.7 520 Citigroup Institutional 360.9 421 DSF Advisors Private 354.5 322 L&M Development Partners Private 354.0 723 Dweck Properties Ltd Private 322.3 124 Heitman Institutional 320.6 325 Kushner Companies Private 317.3 2426 Cammeby's Int'l Group Private 308.0 327 JP Morgan Institutional 305.2 728 UBS Institutional 300.7 229 Associated Estates Public 285.5 730 Berkshire Property Advisors Institutional 272.7 731 Centurion Real Estate Private 255.0 132 Five Mile Capital Equity Fund 255.0 133 MetLife Institutional 251.0 934 Winthrop Realty Trust Public 246.0 435 American Campus Communities Public 243.1 4

Garden

Buyer Capital Group Acq (in $M)#

Props1 Equity Residential Public 2,805.2 322 AvalonBay Communities Public 2,629.9 383 Essex Property Trust Public 2,510.9 494 Blackstone Equity Fund 2,496.8 985 MAA REIT Public 2,084.8 1136 Greystar RE Partners Private 1,779.6 417 Goldman Sachs Equity Fund 1,505.0 318 Milestone APTS REIT Public 1,186.5 549 Caisse de Depot Institutional 1,096.5 2210 Fairfi eld Residential Private 880.0 3411 Carroll Organization Private 856.5 2212 Steadfast Companies Private 815.6 2813 Brookfi eld Asset Mgmt Public 764.1 4114 Lone Star Equity Fund 713.0 715 Landmark ATA Private 666.3 3216 Prospect Capital Public 626.8 2117 Morguard NA Res REIT Public 593.5 2118 Cortland Partners Private 547.2 1719 JRK Asset Management Institutional 530.6 1420 Bridge Investment Group Institutional 502.4 1921 Bascom Group Private 425.2 1222 Fortress Equity Fund 386.8 1923 Berkshire Property Advisors Institutional 384.5 624 Irvine Co Private 360.0 125 CBRE Global Investors Institutional 327.5 626 Gaia RE Holdings Private 315.2 1127 McDowell Properties Private 307.9 928 NorthStar Realty Finance Public 305.5 929 PSP Investments Institutional 290.4 530 Weidner Apt Homes Private 287.5 1431 Cornerstone RE Advisers Institutional 283.4 632 Morgan Properties Private 281.0 533 DRA Advisors Institutional 270.6 634 Investcorp Institutional 267.1 635 Grand China Fund Equity Fund 259.1 1036 Guardian Life Insurance Co Institutional 258.8 537 Electra Ltd Public 255.5 1338 Pensam Capital Private 254.4 1239 Starwood Capital Group Equity Fund 254.0 840 Bell Partners Private 251.2 741 Kennedy Wilson Equity Fund 250.6 642 TA Realty Institutional 245.8 643 Omninet Capital Private 240.3 1444 Menora Mivtachim Holdings Institutional 240.0 945 Resource America Institutional 229.2 1146 Campus Crest Communities Public 226.8 3547 Wharton Equity Prtnrs Equity Fund 226.3 1548 Wolff Company Private 218.2 1549 Fowler Property Acquisitions Private 215.5 1450 Acacia Capital Corp Institutional 212.8 3

2013 Top Apartment Buyers

32014 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

January 2014

Volume & Pricing Investor CompositionTransactions Reported Closed in 2013 Vol ($M) # Props PPU

Avg Cap Rate

Cross-border Institutional

Equity Fund

Listed/REIT Private

User/Other

in 2013Baltimore $927.4 32 $128,675 6.6% 3% 17% 35% 5% 36% 4%DC 2,095.6 46 221,495 6.2% 8% 7% 72% 13%DC MD burbs 2,126.1 52 137,232 6.1% 7% 12% 23% 26% 31% 0%DC VA burbs 5,213.0 55 227,755 5.6% 5% 17% 5% 60% 13%Philadelphia 841.9 71 103,464 6.7% 22% 10% 6% 62%Pittsburgh 64.1 9 45,193 6.7% 18% 82%Richmond/Norfolk 584.4 39 70,746 6.9% 18% 14% 3% 24% 40% 1%Tertiary Mid-Atlantic 554.4 48 82,831 7.1% 23% 13% 65%Total $12,406.8 352 $136,339 6.6% 4% 14% 12% 45% 25% 0%

MidwestChicago 2,275.2 132 132,424 6.6% 5% 42% 7% 46%Cincinnati 326.7 25 62,839 7.8% 1% 6% 92%Cleveland 279.6 20 47,337 7.8% 100%Columbus 216.9 24 43,097 7.6% 8% 92%Detroit 441.5 45 53,892 7.7% 14% 85% 2%Indianapolis 303.3 25 55,761 7.1% 100%Kansas City 487.9 42 64,745 7.0% 2% 11% 19% 68%Minneapolis 580.3 41 98,770 6.6% 6% 7% 86% 1%St Louis 267.3 27 62,553 6.9% 33% 16% 51%Tertiary Midwest 1,379.3 159 52,429 8.1% 2% 4% 12% 79% 3%Total $6,558.0 540 $77,181 7.5% 2% 17% 7% 4% 69% 1%

NortheastBoston 2,355.5 90 197,226 5.7% 3% 8% 2% 55% 30% 1%Hartford 147.6 11 76,899 7.9% 39% 61%Long Island 190.9 12 143,976 5.9% 25% 36% 37% 1%Manhattan 9,287.7 461 372,971 4.4% 0% 12% 11% 29% 46% 1%No NJ 1,168.3 86 177,186 6.0% 24% 5% 17% 54%NYC Boroughs 3,579.0 426 157,520 5.6% 1% 3% 5% 4% 86% 1%Stamford 442.3 14 290,301 6.0% 63% 18% 18% 1%Westchester 451.5 22 208,702 5.9% 2% 96% 2%Tertiary Northeast 664.1 48 90,510 7.4% 3% 20% 75% 2%Total $18,287.0 1,170 $222,915 5.1% 1% 12% 7% 25% 54% 1%

SoutheastAtlanta 3,995.4 206 72,033 6.9% 6% 20% 3% 14% 57% 1%Broward 713.6 38 125,444 6.6% 7% 19% 73% 1%Charlotte 1,513.4 84 78,160 6.7% 15% 9% 5% 26% 44% 1%Jacksonville 905.5 52 67,906 6.8% 24% 11% 3% 9% 52%Memphis 278.6 19 55,454 5.7% 15% 18% 66% 1%Miami 689.1 75 143,657 5.8% 3% 19% 10% 14% 55%Nashville 909.4 40 86,060 7.3% 13% 13% 1% 5% 68%Orlando 2,061.0 86 81,131 6.3% 3% 12% 17% 14% 54%Palm Beach 512.5 23 100,206 5.5% 2% 45% 12% 41%Raleigh/Durham 1,603.4 66 97,863 6.4% 22% 9% 9% 19% 42%Tampa 1,373.4 68 80,103 7.1% 9% 4% 4% 9% 72% 1%Tertiary Southeast 5,550.6 481 62,580 7.1% 5% 8% 5% 13% 70% 0%Total $20,105.7 1,238 $75,901 6.9% 9% 13% 6% 13% 59% 0%

SouthwestAustin 1,989.5 93 100,143 6.2% 22% 14% 5% 13% 47%Dallas 5,799.3 320 81,605 7.1% 15% 11% 10% 8% 55% 0%Denver 2,217.9 111 124,137 6.4% 5% 32% 3% 1% 57% 2%Houston 4,870.1 248 95,384 7.3% 15% 12% 7% 11% 55% 0%Phoenix 2,895.2 145 86,632 6.1% 11% 22% 14% 7% 45% 1%San Antonio 1,098.7 67 78,073 5.8% 9% 18% 9% 64%Tertiary Southwest 1,955.3 170 71,621 7.2% 8% 7% 11% 1% 71% 2%Total $20,826.1 1,154 $90,321 6.8% 13% 16% 9% 7% 55% 1%

WestEast Bay 1,634.0 83 200,700 5.5% 7% 21% 9% 42% 20%Inland Empire 1,295.5 78 115,189 5.9% 6% 4% 14% 2% 72% 2%Las Vegas 1,313.4 69 66,629 5.9% 8% 10% 21% 3% 55% 3%Los Angeles 7,592.9 534 198,339 5.4% 0% 11% 6% 42% 41% 0%Orange Co 822.2 63 171,394 5.5% 0% 6% 6% 22% 65%Portland 922.2 63 112,579 6.6% 2% 23% 8% 67%Sacramento 459.2 39 82,905 5.9% 41% 4% 55%Salt Lake City 380.9 25 106,704 6.4% 14% 30% 55%San Diego 1,806.3 106 208,944 5.5% 13% 20% 58% 9%San Francisco 2,181.7 128 287,331 4.5% 3% 11% 5% 49% 31% 0%San Jose 1,540.6 48 245,356 4.7% 24% 1% 49% 26%Seattle 2,739.6 138 181,400 5.5% 5% 31% 2% 21% 39% 1%Tertiary West 1,330.2 146 113,792 6.5% 0% 12% 6% 8% 72% 3%Total $24,018.7 1,520 $154,809 5.5% 2% 15% 6% 29% 45% 1%US Other 2,327.3 94 13% 87%Total US $104,529.7 6,068 $111,636 6.2% 6% 14% 9% 21% 49% 1%

Market Table: 2013 Apartment Buyer Composition Summary

4 2014 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

January 2014

Property Name SF Price OwnerAddress Year Built PPU SellerLocation Notes Qualifi er Broker

Reported in the Past 45 DaysSelected Investment Sales Transactions

Mid-Atlantic

The Granary 229 $112,500,000 1945 Callowhill St 2013 $491,266 Philadelphia, PA Mid/high-rise approximate

Corner 4209 191 $58,200,000 4209 Ridge Top Rd 2012 $304,712 Fairfax, VA Mid/high-rise confi rmed

The Phoenix 447 $48,600,000 5800-5804 Annapolis Rd 1967 $108,725 Bladensburg, MD Mid/high-rise approximate

3808 Millbrook Park 720 $46,000,000 3808 Millbrook Park Dr 1974 $63,889 Baltimore, MD Garden approximate

1501 Locust St 32 $40,000,000 1501 Locust St 1947 $1,250,000 Philadelphia, PA Mid/high-rise approximate

Midwest

13Thirteen 70 $32,475,000 1313 W Randolph St 2012 $463,929 Chicago, IL Garden confi rmed

The Reserve at Eagle Ridge 370 $29,000,000 1947 W Eagle Ridge Dr 2001 $78,378 Waukegan, IL Garden confi rmed

Madison Wood View 320 $22,000,000 3124 Woodview Ridge Dr 1989 $68,750 Kansas City, KS Garden confi rmed

Madison at Walnut Creek 350 $21,000,000 1300 NE Parvin Rd 1989 $60,000 Kansas City, MO Garden confi rmed

Northeast

15 Cliff Street 157 $95,000,000 15 Cliff St 2001 $605,096 New York, NY Mid/high-rise confi rmed

Fountainhead 562 $83,750,000 293-297 Turnpike Rd 1970 $149,021 Westborough, MA Mid/high-rise confi rmed

Pheasant Hollow 440 $62,575,000 2821 Pheasant Hollow Dr 1981 $142,216 Plainsboro, NJ Garden approximate

Avalon Valley 268 $53,325,000 53 Sand Pit Rd 1998 $198,974 Danbury, CT Garden confi rmed

200 Brighton 228 $42,750,000 200 Brighton 15th St 1951 $187,500 Brooklyn, NY Mid/high-rise approximate

Lowe Enterprises from Pearl Properties by HFF

GID from Whiteco Industries by Moran & Co

Florida Value Partners from Federal Capital JV Angelo Gordon

Blue Ocean Realty from Millbrook Associates

Lowe Enterprises from Pearl Properties by HFF

JP Morgan Asset Management from Martin Capital Group

Independence Realty Trust from Jupiter Realty JV CapitalSource by Moran & Co

PRG Real Estate Management from Equus Capital Partners by CBRE

Monarch from Equus Capital Partners by CBRE

Carmel Partners from Lalezarian Developers by CBRE

Northland Investment from Lane Management Group by CBRE

Harbor Group Int'l from Angelo Gordon JV Vantage Properties by HFF

East Rock Capital JV Archon from AvalonBay Communities by Institutional Property Advisors - Marcus & Millichap

Newcastle Realty Services from Davis Management Associates LLC by Massey Knakal

52014 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

January 2014

Property Name SF Price OwnerAddress Year Built PPU SellerLocation Notes Qualifi er Broker

Reported in the Past 45 DaysSelected Investment Sales Transactions

Southeast

Elle Atlanta 373 $106,500,000 235 Pharr Rd 2012 $285,523 Atlanta, GA Mid/high-rise approximate

Bell Coconut Creek 366 $56,000,000 3490 W Hillsboro Blvd 1998 $153,005 Pompano Beach, FL Garden approximate

West End Village 244 $51,266,667 221 31st Ave N 2013 $210,109 Nashville, TN Mid/high-rise approximate

Rock Creek at Vinings 403 $46,566,000 3385 Atlanta Rd 1991 $115,548 Smyrna, GA Garden approximate

Southwest

Parkview in Frisco 202 $39,500,000 7450 Stonebrook Pkwy 2006 $195,545 Frisco, TX Garden confi rmed

Chazal Scottsdale 188 $23,000,000 1075 North Miller Rd 1987 $122,340 Scottsdale, AZ Garden approximate

Blue Sky Landing 124 $14,700,000 1187 S Beech Dr 1984 $118,548 Denver, CO Garden approximate

Cascades at Southern Hills 424 $12,310,000 1818 E 71st St 1978 $29,033 Tulsa, OK Garden approximate

Timberline Village II 102 $11,825,000 4343 E Soliere Ave 2006 $115,931 Flagstaff, AZ Garden approximate

West

Selby Ranch 400 $61,250,000 258 Selby Ranch Rd 1972 $153,125 Sacramento, CA Garden confi rmed

Presidio at Rancho Del Oro 264 $48,700,000 4401 Mission Ave 1987 $184,470 Oceanside, CA Garden confi rmed

Wellington 332 $43,180,000 9550 W Sahara Ave 1998 $130,060 Las Vegas, NV Garden confi rmed

Milano 248 $38,250,000 20900 Anza Ave 1964 $154,234 Torrance, CA Garden approximate

Sunterra Apts 240 $38,250,000 3851 Sherbourne Dr 1975 $159,375 Oceanside, CA Garden confi rmed

MetLife RE Investors from USAA Real Estate JV JLB Partners by CBRE

Bell Partners from NewTower Trust Co OBO MEPT by CBRE

LaSalle from The Residential Group by Jones Lang LaSalle

Ram Real Estate from Greystar Management

Northstar Healthcare Income Trust JV The Freshwater Group from LandPlan Development

ColRich from AEW Capital OBO NP Chazal Scottsdale Apartments Inc by CBRE

Jackson Square from Hamilton Zanze & Co by CBRE

Northstar from AREA Property Ptnrs JV McDowell Properties

Clear Sky Capital Inc by Cassidy Turley from ViaWest Properties (AZ) by Cassidy Turley

Essex Property Trust from BRE Properties by ARA

ROC|Bridge Partners from UDR Inc by Moran & Co

Griffis Group by Apartment Realty Advisors from Picerne Group (CA) by Apartment Realty Advisors

M West Holdings from Fairfield Residential by Institutional Property Advisors - Marcus & Millichap Company

JB Partners Group from Legacy Partners by Marcus & Millichap

6 2014 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

January 2014

ABOUT REAL CAPITAL ANALYTICS

Real Capital Analytics, Inc (RCA) is an independent research firm focused exclusively on the capital invest-ment markets for commercial real estate. RCA offers the most in-depth, comprehensive and current informa-tion of activity in the industry. Formed in 2000, RCA has offices in New York City, San Jose, and London. In addi-tion to collecting transactional information for property sales and financing, RCA interprets the data including capitalization rates, market trends, pricing and sales volume. The firm publishes a series of Capital Trends reports and offers an online service that provides real-time, global transactional market information. For more information, visit: www.rcanalytics.com.

ABOUT US CAPITAL TRENDS

US Capital Trends is published by Real Capital Ana-lytics, Inc. Copyright 2014 Real Capital Analytics, Inc. All rights reserved.It is a violation of Federal law to photocopy or repro-duce any part of this publication, or forward it elec-tronically, without first obtaining permission from Real Capital Analytics, Inc. To subscribe as an individual or to purchase a corporate license for your office, please call 1.866.REAL.DATA.Information presented by RCA has been compiled from sources believed to be reliable. While we have no reason to doubt its accuracy, RCA makes no representation or warranty regarding the information. The information is provided as is without warranties of any kind, express or implied, and may be subject to material revisions.

NOTES & METHODOLOGY

The information maintained by RCA and presented in this report encompasses markets nationally and includes only properties or portfolios $2.5m or greater. Readers should note that there is substantial investment activity, largely local in nature, that falls below this threshold and is not captured in this report.Records are maintained for transactions that represent the transfer of a controlling interest in a property or port-folio of properties that are $2.5m or greater. Transactions are assumed to be fee simple; leasehold and commer-cial condominium interests are noted, if known. Trans-actions include both real estate asset sales as well as transactions involving real estate operating and invest-ment entities. Thus, for example, merger and acquisition activity among entire REITs or other real estate entities is included in this report unless noted otherwise. Sales of partial interest transactions will receive credit and be valued at the pro-rated share.For this report, market classifications are defined as followed:

Major Metros: Boston, Chicago, DC Metro, LA Metro, NYC Metro and SF MetroSecondary: Atlanta, Austin, Charlotte, Cincinnati, Cleveland, Columbus, Dallas, Baltimore, Denver, Detroit, Houston, Indianapolis, Jacksonville, Kansas City, Las Vegas, Memphis, Milwaukee, Minneapolis, Nashville, Norfolk, Orlando, Philly Metro, Phoenix, Pittsburg, Port-land, Raleigh/Durham, Sacramento, Salt Lake City, San Antonio, San Diego, Seattle, South Florida, St Louis and Tampa.Tertiary: All other US markets.Commercial Property Price Indices (RCA CPPI): CPPI use advanced repeat-sale regression (RSR) meth-odology, which uses qualified repeat-sale observations to measure price change in commercial real estate. All CPPI are based on similar index methodology developed by RCA and further information is available on our web-site. The US suite of CPPI includes 20 Moodys/RCA CPPI national benchmarks and over 200 RCA CPPI for regions, markets and property niches. The Moodys /RCA CPPI suite includes national com-posites for all property types and all commercial. Each of the apartment, CBD office, suburban office, retail and industrial sector indices are composites with each based on Major Metro and Non-Major Metro indices. The RCA CPPI were developed and published by Real Capital Analytics to compliment the Moodys/RCA CPPI but are not maintained, reviewed, endorsed, or other-wise affiliated with Moodys Investors Service or its affiliates.Ranking Methodology: Based on transactions $2.5m and greater. Full dollar value is assigned to each buyer, seller, or broker in joint venture transactions. Partial interest sales are included at the pro-rated share of the total property or portfolio value.Trend analysis may exclude certain transactions that exceed 5% of the data sample or that may otherwise skew results. A complete glossary and methodology can be found at www.rcanalytics.com.Abbreviations:

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Notes & Defi nitions

An excellent tool for your next site inspections

PPSF = Price Per-Square-FootBPS = Basis PointsYOY = Year-Over-Year

YTD = Year-to-DateQ1 = First Quarter of YearH1 = First Half of Year

72014 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

January 2014