Florida ApartmentOverviewPresented By:Byron MogerExecutive DirectorFlorida Apartment Brokerage ServicesCushman & Wakefield of Florida, Inc.

2Global C&W Locations

3ABS C&W Locations

4Florida ABS C&W Locations

5Economic Overview

EMPLOYMENT

 Oct - 09  Oct - 10

Percentage Growth

2009-2010

Miami - Ft. Lauderdale - Pompano Beach MSA 2,542,854 2,555,440 0.5%

Tampa- St. Petersburg - Clearwater MSA 1,157,116 1,149,988 -0.6%

Orlando - Kissimmee MSA 995,302 1,000,766 0.5%

Jacksonville MSA 611,984 609,963 -0.3%

Statewide 5,307,166 5,316,157 0.1%

SOURCE: Florida Agency for Workforce Innovation      

 2009Percentage

of Total

Miami - Ft. Lauderdale - Pompano Beach MSA 5,445,714 29.38%

Tampa- St. Petersburg - Clearwater MSA 2,747,272 14.82%

Orlando - Kissimmee MSA 2,082,421 11.23%

Jacksonville MSA 1,328,144 7.16%

Statewide 18,537,969  

SOURCE: US Census    

POPULATION

6Economic Overview

CONDOMINIUMS (Median Sale Prices)

 Oct - 06 Oct -

10

Percentage Growth

2006-2010

Miami $250,000 $107,700 -59.92%

Tampa- St. Petersburg - Clearwater $159,900 $81,600 -48.97%

Orlando $163,800 $50,700 -69.05%

Jacksonville $152,600 $66,400 -56.49%

Statewide $209,200 $82,400 -60.61%

SOURCE: Florida Association of Realtors      

SINGLE-FAMILY, EXISTING HOMES (Median Sales Prices)

 Oct - 06 Oct -

10

Percentage Growth

2006-2010

Miami $356,000 $199,100 -44.07%

Tampa- St. Petersburg - Clearwater $225,800 $137,900 -38.93%

Orlando $267,100 $130,800 -51.03%

Jacksonville $197,900 $141,000 -28.75%

Statewide $242,500 $136,000 -43.67%

SOURCE: Florida Association of Realtors      

7Supply

BUY AT A6% CAP RATE

Or

BUILD TO AN8% CAP RATE

8Florida Average Apartment Price Per Unit

HISTORICAL COMPARISON

9US Interest Rates & Florida Cap Rates

7/16/2

007

9/2/2

007

10/20/2

007

12/7/2

007

1/24/2

008

3/12/2

008

4/29/2

008

6/16/2

008

8/3/2

008

9/20/2

008

11/7/2

008

12/25/2

008

2/11/2

009

3/31/2

009

5/18/2

009

7/5/2

009

8/22/2

009

10/9/2

009

11/26/2

009

1/13/2

010

3/2/2

010

4/19/2

010

6/6/2

010

7/24/2

010

9/10/2

010

10/28/2

0100.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

10 yr Treasury All - In Loan Rate Class A Cap Rate

10

Apartment Sales Volume by Metropolitan Area

FLORIDA MULTIFAMILY

SOURCE: Real Capital Analytics, C&W Capital Markets Group

11Florida Distress Sales

AS A PERCENT OF TOTAL

SOURCE: Real Capital Analytics

12US Monthly Apartment Distress Volume

CUMULATIVE DISTRESS

J '08

F M A M J J A S O N D J '09

F M A M J J A S O N D J '10

F M A M J J A S O$0

$10,000,000,000

$20,000,000,000

$30,000,000,000

$40,000,000,000

$50,000,000,000

$60,000,000,000

Total Outstanding Distress

Troubled REO Restructured Resolved

SOURCE: Real Capital Analytics

13US Monthly Apartment Distress Volume

ADDITIONS & REDUCTIONS TO DISTRESS

SOURCE: Real Capital Analytics, C&W’s Capital Markets Group

J '08

F M A M J J A S O N D J '09

F M A M J J A S O N D J '10

F M A M J J A S O-$3,000,000,000

-$2,000,000,000

-$1,000,000,000

$0

$1,000,000,000

$2,000,000,000

$3,000,000,000

$4,000,000,000

$5,000,000,000

$6,000,000,000

$7,000,000,000

Monthly Additions and Reductions to Distress

Net Change to DistressNet Change to DistressWorkoutsAdditions

14Florida 2010 Top 10 Buyers

FLORIDA

Buyer Capital GroupAcquisitions (In Mil.)

Number of Properties

Avg. Price (in

Mil.)TA Realty Institutional 139.9 3 46.6

Covenant Capital Group Private 60.6 3 20.2

DeBartolo Development Private 31.7 3 10.6

Fred Cochran Private 22.7 3 7.6

Group LSR Private 9.7 3 3.2

Invesco Real Estate Institutional 113.3 2 56.7Gulfstream Capital Partners

Private 87 2 43.5

Area Property Partners Equity Fund 84.8 2 42.4

TGM Associates Institutional 73 2 36.5

Praedium Group Equity Fund 61.6 2 30.8

SOURCE: Real Capital Analytics

152010 Top 10 Sellers

FLORIDA

SOURCE: Real Capital Analytics

Seller Capital GroupDispositio

ns (In Mil.)

Number of

Properties

Avg. Price (in Mil.)

AIMCO Public 85 5 17

Related Companies Private 440 3 146.7

Prudential RE Advisors Institutional 173.5 3 57.8

BF Group Private 67.2 3 22.4

FL Housing Finance Group User/ Other 33.4 3 11.1

Ocean Bank Institutional 23.1 3 7.7

Baucher & Co. Private 9.7 3 3.2

Bank of America Institutional 152.1 2 76

Fidelity Investments Institutional 93.6 2 46.8

Epoch Properties Private 85.8 2 42.9

16

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