1

2

1. MARKET INDICATORS POINT TO CONTINUED RECOVERY.

2. OPPORTUNITIES ARE BEING CREATED FOR ALL OF US.

3. FORECAST FOR MODERATE GROWTH OVER NEAR TERM.

TODAY’S THEMES

3

MARKET BAROMETERS

4

ALL THE KEY DRIVERS FOR PROPERTY DEMAND ARE TRENDING IN THE RIGHT DIRECTION: • PROPERTY INVESTMENT CONTINUES ITS SLOW CLIMB.• HOUSING MARKETS RECOVERING NICELY. • JOBS ARE BACK PAST PRIOR PEAK LEVELS.• INTEREST RATES STILL EXTREMELY LOW.• MORE NEW CONSTRUCTION/DEVELOPMENT.• NEW ACTIVITY IN A NUMBER OF SECONDARY MARKETS.

THOUGHTS ON REAL ESTATE IN 2015

5

Small cap property sales:+22% in 2014: 7-year high

Large property sales: +45% in 1Q2015 (YonY)

PROPERTY TRANSACTIONS GROWTH

6

• MAJOR BUYING CLASSES• Real estate investment trusts (REITs)• Foreign investors** • Private equity funds• Hedge funds• Traditional developer/owner/operators

DEAL MAKING: WHO’S INVESTING?

2014 TOP BUYERSARCP

Blackstone

JP Morgan

Norges Bank Investment Mgt

Hines

OMERS

Starwood Capital Group

MetLife

Essex Property Trust

David Werner Real Estate

7

EXPANDING UNIVERSE OF U.S. BUYERS

• NUMBER OF ACTIVE BUYERS IS 24% HIGHER THAN PRE-CRISIS. • 3-FOLD INCREASE SINCE 2009• 2014: 18,574 UNIQUE BUYERS IN COMMERCIAL REAL ESTATE

8

• SMALLER SECONDARY MARKETS WITH STRONG GROWTH PROFILES ARE SEEING INVESTOR INTEREST:• Portland, Seattle, Denver, Austin, Nashville, Atlanta, Las Vegas, etc.

• COMMON DENOMINATORS:• Strong job growth• Growing technology sectors, healthcare and financial services

industries

BEYOND NYC AND SAN FRAN: NEW MARKETS ARE GETTING HOT

9

• FINANCING MARKET IS INCREASINGLY COMPETITIVE.

• BANKS HAVE $ TO LEND, STILL VERY CAUTIOUS.

• REGIONAL/MID-SIZED BANKS ARE GAINING MARKET SHARE.

• UPTICKS IN LENDING VOLUMES SUPPORT POSITIVE INVESTMENT TRENDS…

LENDING TRENDS IN 2015

10

• A POSITIVE TRAJECTORY IN LENDING• 2014:

• 6.5% ANNUAL GROWTH (FDIC)• STILL 25% BELOW 2007 PEAK• WIDE VARIABILITY IN GROWTH BY BANK SIZE…

LENDING: SLOW PACE OF GROWTH IN ORIGINATIONS

11

• AVERAGE GROWTH IN LOAN PORTFOLIOS: 6.5% • STRONGEST GROWTH AT THE LARGEST REGIONAL BANKS AND

MID-SIZED BANKS• SOME PULLBACK BY COMMUNITY BANKS. • GROWTH ESPECIALLY STRONG IN

CONSTRUCTION/DEVELOPMENT AND MULTIFAMILY CATEGORIES.

GROWTH BY BANK SIZE

Growth in CRE Loan Portfolios (2014 vs. 2013)

All banks 6.5%Assets >$50B 4.1%$10B-$50B 16.8%$1B-$10B 10.5%<$1B -1%

12

• HEADING INTO NEW ROUND OF REFINANCING, PEAKING IN 2017 • LENDERS VIEW THIS WAVE OF MATURITIES AS OPPORTUNITY TO

INCREASE VOLUMES.• EXCESS CAPITAL LOOKING TO FINANCE SOLID REAL ESTATE

DEALS.• EXPECTED TO FUEL A SURGE IN REFINANCING ACTIVITY FROM

NOW THROUGH 2017.

NEW ROUND OF REFI’S

13

• TOTAL CONSTRUCTION SPENDING ENDED 2014 AT ITS HIGHEST LEVEL SINCE DOWNTURN.

• CONSTRUCTION AND DEVELOPMENT LENDING WAS THE FASTEST GROWING CATEGORY OF CRE LOANS ACROSS BANKS OF ALL ASSET SIZES.

• BEYOND PRIMARY METROS • POINTS TO MARKED INCREASE IN

U.S. DEVELOPMENT IN 2015

2015: THE YEAR FOR NEW DEVELOPMENTMOST ACTIVE GROUPS ACQUIRING SITES FOR DEVELOPMENTHFZ Capital Group

Greenland Group

Tishman Speyer

Carmel Partners

Oceanwide Real Estate Group

Crown Resorts

Oaktree

Mitsui Fudosan

Fortis Property Group

14

SCOREKEEPER BENCHMARKS: TAMPA

15

Region 1Q Growth YonYNortheast 2%West 14%MidAtlantic -4%South 1%Midwest 1%California 6%North Atlantic 8%South Atlantic -1%U.S. Average 4%

SCOREKEEPER: REGIONAL GROWTH 1Q2015

16

SCOREKEEPER: SOUTH ATLANTIC, 1Q2015

17

SCOREKEEPER: TOP 10 METROS-1Q2015

TOP 10 HIGH-GROWTH METROS, 1Q2015

Las Vegas, NV 52%

Columbia, SC 42%

San Antonio, TX 38%

Charleston, SC 26%

Milwaukee, WI 22%

San Francisco, CA 19%

Sacramento, CA 19%

Stamford, CT 16%

Portland, OR 14%

Raleigh, NC 13%

18

FLORIDA: PHASE I ESA TREND LINE

Up 4% vs. 4Q

19

SCOREKEEPER’S METRO FOCUS

FLORIDA IN THE CONTEXT OF U.S. TOP 50 METROS:

20

OUTLOOK: SOUTH ATLANTIC REGION

Source: ULI/PwC, Emerging Trends in Real Estate 2015.

21

TAMPA’S CURRENT INVESTMENT CLIMATE

22

THE 2015 FORECAST

23

24

• THERE'S STILL A LOT OF ROAD TO RUN IN THIS RECOVERY.• TRANSACTION VOLUME REMAINS ON THE MEND.• MODERATE GROWTH IN NEW ORIGINATIONS. • CONTINUED MIGRATION TO SECONDARY AND TERTIARY METROS.• FAVORABLE LOW INTEREST RATE ENVIRONMENT (HIGH

PROBABILITY OF INCREASE IN EARLY 2016).• PHASE I ESA FORECAST: 4-8% RANGE NEXT 2 YEARS

“2015 WILL BE ONE OF THE STRONGEST YEARS WE’VE SEEN IN COMMERCIAL REAL ESTATE SINCE THE CREDIT CRISIS AND IT’S FOR

ALL THE RIGHT REASONS.” KEN RIGGS, RERC

“OPTIMISM IS HIGHEST IT’S BEEN SINCE THE DOWNTURN.” RYAN SEVERINO, REIS

2015 FORECAST

25