Commercial Real Estate Brokerage & Management

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1 INDUSTRY PROFILE Commercial Real Estate Brokerage & Management NAICS CODES: , SIC CODES: 6512, 6531 About First Research First Research, a D&B company, is the leading provider of Industry Intelligence Tools that help sales and marketing teams perform faster and smarter, open doors and close more deals. First Research performs the heavy lifting by analyzing hundreds of sources to create insightful and easy to digest Industry Intelligence that can be consumed very quickly to better understand a prospect s or client s business issues. Customers include leading companies in banking, accounting, insurance, technology, telecommunications, business process outsourcing and professional services. Used by more than 60,000 sales professionals, First Research can benefit any organization which has prospects in multiple industries. Attention: This Profile purchase is an individual license and is not to be distributed to additional individuals even within the same organization. For corporate or small business subscription information, visit or call or toll-free International

2 Industry Overview Companies in this industry act as agents in the buying, leasing and selling of commercial real estate, in addition to managing nonresidential properties for owners. Major companies include CBRE Group, Cushman & Wakefield, Jones Lang LaSalle (JLL), and Newmark Grubb Knight Frank (all US-based), as well as Countrywide and Savills (both in the UK) and Mitsui Fudosan (Japan). Global commercial property sales, which drive demand for this industry, have been rising steadily. Direct commercial real estate investment topped $700 billion in 2014, according to Jones Lang LaSalle. The improving global outlook is leading real estate investors to look outside their home markets for opportunities across the spectrum of locations and sectors. The US commercial real estate brokerage and management industry includes about 35,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $35 billion. The industry includes sales and leasing brokers and agents for nonresidential property, as well as property managers. Many companies combine these functions. Brokers and property managers also are covered individually in separate profiles. Owners of commercial property who perform their own leasing and property management aren't included in this industry. Commercial real estate financing is not included in this industry. Competitive Landscape Demand, which is driven by the volume of commercial real estate transactions, is heavily influenced by real estate vacancy rates. The profitability of individual companies depends on efficient operations. Large companies have advantages in performing a full range of services in multiple markets. Small companies can compete effectively by specializing in local markets. The US industry is highly fragmented: the 50 largest companies account for about one-quarter of industry revenue. Products, Operations & Technology Commercial real estate brokers and agents help clients buy and sell commercial real estate property and lease space within commercial buildings. They may also provide valuation and advisory services. Most owners of commercial real estate property, including individuals, companies, and real estate investment trusts (REITs), don't occupy their property but instead lease space to others. Property managers are typically involved in the day-to-day operations of a commercial property, such as rent collection, maintenance and repair, security, cleaning, trash disposal, providing activities for tenants in common areas, and providing special items such as telecommunications, Internet access, cable, office and food services, and landscaping. The services depend on the type of property being managed. While some services are performed by the property manager's employees, many are contracted out to specialists. Brokerage, leasing, and property management operations vary according to the type of property. Major types of commercial property are office buildings, retail space and shopping centers, and warehouses and industrial buildings. Some commercial buildings also include apartments; buildings that mix apartments, offices, and retail space are typically more difficult to manage. Brokers and agents are typically paid a commission that's a percentage of the sales price of a property or of the leasing amount. Property managers are paid a fee that depends on the level of service they provide, but is also related to the amount of space they manage. A large company may have 50 million square feet under management. Global players, such as CBRE, may manage several billion square feet of commercial space. Technology Web-based property management software can help manage vendor, partner, and tenant relationships. The software can also can track and coordinate maintenance, cleaning, legal, and accounting functions. Emerging technologies can also be used by property managers to promote greater energy efficiency and sustainability, as well as to monitor security systems. Big data (vast amounts of information collected from various data sets, such as occupancy trends and demographic information) is another way technology can inform commercial real estate. Melding big data with predictive analytics can help companies personalize services, interpret trends, and identify opportunities, allowing them to make informed decisions and expand their businesses. The proliferation of mobile devices has also led to a transformation in the way commercial real estate is managed and marketed. Many brokers have incorporated mobile applications into their work routines to gain efficiencies. Commercial brokers often use floor planning apps like MagicPlan and store data in the cloud via services such as Dropbox and Evernote. Other commonly used apps include a variety of calculators and deal tracking tools.

3 Sales & Marketing Typical customers are owners and buyers of commercial real estate, companies that want to lease commercial space, and individuals who want to rent an apartment. Apartment rental depends highly on direct-to-consumer advertising in newspapers and on the Internet. Leasing commercial space may involve a broker or agent at either end of the transaction, advertising in trade magazines, and using Internet databases similar to residential multiple listing services (MLS). Social media tools may be used to generate leads and showcase listings. Buying and selling large properties and getting contracts for managing large properties depend heavily on personal relationships and referrals. Broker commissions for leasing commercial space are around 5% of the entire lease amount, which may cover several years. Lease rates are quoted in annual dollars per square foot of space ($/sq ft). Fees paid to property managers depend on the level of service provided and the amount of space managed. Management contracts may include compensation incentives relating to operating expense reductions, gross revenue, occupancy objectives, or tenant satisfaction levels. Contracts typically range from one to three years, but may be canceled after a short notice period, usually 30 to 60 days. Finance & Regulation Commercial brokers, agents, and property managers deal with large amounts of cash, and property managers can have high monthly cash flow. Sales brokers may have highly uneven cash flow, as large commercial sales may take many months to arrange, and commissions are paid at closing. Leasing brokers may have significant receivables because a portion of leasing commissions typically aren't paid until a tenant starts to make payments, often months after signing a lease. The industry is labor-intensive: average annual revenue per employee in the US is about $120,000. Because most costs in this industry relate to people, inventories and capital investment are insignificant, except for larger companies that also own real estate. Working Capital Turnover by Company Size The working capital turnover ratio, also known as working capital to sales, is a measure of how efficiently a company uses its capital to generate sales. Companies should be compared to others in their industry. Financial industry data provided by MicroBilt Corporation collected from 32 different data sources and represents financial performance of over 4.5 million privately held businesses and detailed industry financial benchmarks of companies in over 900 industries (SIC and NAICS). More data available by subscription or single report purchase at Regulation Commercial real estate brokers and agents are licensed by states. Disclosure requirements for property sales and leases vary from state to state, as do tenant rights regulations. Property managers may be liable for costs related to environmental contamination caused by hazardous or toxic substances at a property. Environmental

4 regulations also may discourage sales and leasing activities with respect to some properties. International Insights Global commercial property sales, which drive demand for this industry, have been rising. Direct commercial real estate investment topped $700 billion in 2014 and was expected to climb an additional 5% to 10% in 2015, according to Jones Lang LaSalle. Improvements in global capital markets and rising demand from corporate tenants and owners across all the main global markets and property sectors are driving commercial property transaction volumes. The US, UK, and Japan are the most active markets for commercial real estate in the world. China and Australia also have strong demand. The improving global outlook is leading real estate investors to look outside their home markets for opportunities across the spectrum of locations and sectors. Major international companies include Countrywide and Savills (both in the UK) and and Mitsui Fudosan(Japan). Major US-based companies such as CBRE and Jones Lang LaSalle also are active internationally. Top global commercial real estate markets in recent years have included London, New York, Tokyo, Hong Kong, and Singapore. The global commercial real estate industry is heavily influenced by corporate demand and business confidence. Some markets are recovering faster and experiencing high demand and real estate investment growth. For example, demand from the technology and energy industries is helping the sale and lease of office space in parts of Asia and Mexico, known as the MIST markets -- Mexico, India, South Korea, and Turkey. E-retailers and distributors are driving demand for prime light industrial space in the US, Canada, and Asia Pacific. International retailers are focused on prime locations in key cities, despite floundering sales and consumer confidence. China continues to see the strongest demand in the retail sector, according to Jones Lang LaSalle. Volatility in Europe has put a strain on the commercial real estate market in the euro zone and surrounding regions. A few pockets of growth remain strong in the region. Germany and the Nordic countries have stronger economies that can support commercial real estate, and Paris and London High Street retail have seen strong demand, according to CBRE research. International investors have returned to the European commercial property market as the economy and confidence improved. Increased transaction volume around the world has been influenced by investors who look for opportunities outside of their home markets. For example, the US real estate industry has benefited from the world's economic troubles. Foreign investors have been attracted to the US market as interest rates have remained low and market is considered stable, according to The Wall Street Journal. The potential for higher interest rates could impact investment activity. Real estate standards and practices for leased and owned spaces can differ significantly from country to country. For example, typical lease terms vary from two years in China to 15 years in the UK. Different countries also require various deposit rates and service charges when leasing property. Some countries restrict foreigners from buying real estate. In China all land belongs to the state, and land use rights must be granted to end users. Regional Highlights In the US, most commercial real estate brokerage and management companies operate locally or within a few markets. Some larger companies, such as CBRE Group, have a regional, national, and international presence. The growth of national companies has been fostered by large customers, especially chain retailers and REITs, that have leasing needs or property to manage in numerous local markets. Large companies tend to be more geographically diverse in order to avoid downturns in specific regions or markets. Human Resources The brokerage segment of the industry depends heavily on the skills and connections of individuals. Individual brokers and agents are usually paid on a commission structure, which may pay them the majority of the commissions they bring into the company. Average hourly industry wages in commercial property management are moderately higher than the national average. Property managers are typically paid with bonuses in addition to base salaries. Industry Employment Growth Bureau of Labor Statistics

5 Average Hourly Earnings & Annual Wage Increase Bureau of Labor Statistics Industry Growth Rating Demand: Depends on business occupancy Need efficient use of labor Risk: Economic health impacts business growth and need for commercial space Quarterly Industry Update Trend: Urban Retail Rents Rising - Rapid income and population growth in major cities over the past decade is causing rents at urban retail properties in the US to rise faster than the national average, according to data from research firm CoStar. As of mid-2015, the average urban retail rent was $19.51 per sq. ft., compared with the average national retail rent of $17.67 per sq. ft. (Prior to the recession, rents at urban retail properties trailed the national average.) An annual survey of 1,465 real estate investment industry professionals conducted by consultancy PwC and the Urban Land Institute identified the most favorable markets for retail. Topping the list is Brooklyn, which was recommended as a buy by 68% of respondents. Miami (65%) was a close second; Austin (60%) rounded out the top three. California was home to three of the top 10 metropolitan markets on the list: Los Angeles, Orange County, and San Jose. Market density is a big draw for retailers, who increasingly are finding limited options in high-demand markets due to lack of new development. Industry Impact - Commercial real estate brokerage and management companies can expect continued strong demand for urban retail properties, as retailers flock to densely populated markets.

6 Industry Indicators US corporate profits, an indicator of commercial real estate demand, fell 0.5 percent in the second quarter of 2015 compared to the same period in The bank prime loan rate, which indicates changes in the rates available for real estate financing, remained at 3.25 percent as of the week of October 5, 2015, unchanged from the same week in The value of US nonresidential construction spending, a driver for commercial real estate brokerage and management demand, rose 9.1 percent year-to-date in August 2015 compared to the same period in Industry Forecast Revenue (in current dollars) for US real estate businesses, which includes commercial property management, is forecast to grow at an annual compounded rate of 4% between 2015 and Data Published: September 2015 First Research forecasts are based on INFORUM forecasts that are licensed from the Interindustry Economic Research Fund, Inc. (IERF) in College Park, MD. INFORUM's "interindustry-macro" approach to modeling the economy captures the links between industries and the aggregate economy. Forecast FAQs Industry Drivers Changes in the economic environment that may positively or negatively affect industry growth. Data provided by First Research analysts and reviewed annually Interest Rates Change in prime and related interest rates Construction Spending Change in the overall level of commercial and residential construction spending Critical Issues Demand for Services Cyclical - Demand for commercial real estate services can vary sharply from year to year. The volume of brokered transactions and the amount of space under management can fall more than 10% per year. Demand for commercial real estate is closely tied to the economy. Factors such as economic activity, employment growth, interest rate levels, and the availability of credit can impact demand. Global

7 interconnectedness also has sped up the ability for markets to change both positively and negatively. Companies face the challenge of anticipating and adapting to the changes quickly. Demand Depends on Local Conditions - Lease and vacancy rates and rents can vary in different markets. Major metro areas such as New York and San Francisco can demand top dollar for space. Meanwhile, smaller markets are typically more affordable. Local vacancy rates can double or triple in a year, depending on the strength of the local economy. Business Challenges Brokerage Depends on Key Employees - Commercial brokerage depends on the contacts and efforts of individual brokers. Top brokers largely work independently and often take clients with them if they join a different company. Brokerage management consists mainly of recruiting new brokers and keeping top brokers happy. Few Economies of Scale - Despite the growth of some very large companies catering to customers with national holdings, the industry remains fragmented because of its local nature. Small local brokers can know a market as well as larger competitors. Property management is often mainly a matter of contracting and supervising local service providers, with few costs that can be spread over a larger operation. Dependence on Large Customers - A large portion of a broker or property manager's business may come from a small number of large customers. Brokers or managers of office space, in particular, may provide service to owners of multiple properties. The growth of REITs has accelerated the concentration of commercial property ownership. Business Trends Rapid Growth of Residential Property Management - Jobs in property management grew 17% percent from 2005 through 2014, faster than jobs in private industry as a whole. Demand for services has grown partly due to strong demand in the apartment and condo sector. The rise in home prices and strict credit standards have made renting apartments and condos a more affordable alternative for consumers. Uneven Demand for Office Space - Weakening of the US financial sector and business services in the late 2000s slowed construction of office space, when jobs fell over 7% in financial services and 5% in business services. Weaker demand for space lowered office rental rates during the downturn. However, demand for office space has rebounded as the economy improved. Corporate occupiers in some locations continue to consolidate, cut costs, and permit more staff to work from home. But demand for prime office space is growing in markets where the technology and energy sectors thrive. Also, demand is strong for medical office space. Corporations Lease More Real Estate - As with other types of services they outsource, US corporations own and operate less of their own real estate than they used to. Office space, warehouses, and even manufacturing facilities, are more likely to be leased through brokers and agents. Corporations may be hesitant to expand space or make long-term commitments to a a locations if the general economy is uncertain. Corporations also may seek to manage expenses by reducing their workforce or reduce spending on office space. Renting instead of owning allows companies to be more agile and respond more quickly to economic conditions. Outsourcing property management also can result in more consistent service delivery. Retail Market Analysis - Increasingly, commercial real estate firms have been beefing up their efforts to win business in rapidly changing retail environments, according to The Wall Street Journal. Many firms are analyzing shopper trends, demographics, retail supply lines and Internet shopping. Companies are hiring professionals that specialize in US urban retail or acquiring other firms that specialize in specific regions. Industry Consolidation - Mergers and acquisitions in the commercial real estate industry are common. Large companies sometimes make 10 deals a year. Market confidence often boosts M&A activity. Companies seek to make strategic acquisitions in order to expand geographic reach or service capabilities. Acquisitions also increase a company's assets. Industry Opportunities Internet Marketing - To reach more customers, commercial brokers use the Internet, which allows potential customers to look at a wide variety of properties. Features can include virtual tours, blueprints, and geographical

8 data. In addition to developing their own websites, many brokers work with listing sites like LoopNet and other Internet marketing services. Expanded Services - Many companies have expanded the services they offer to include brokerage and property management, analytical services, and access to financing sources. To counteract demand cycles, some companies have also expanded into residential property management services. Foreign Investors - Foreigners hold large investments in US commercial real estate. Investors from China, Russia, Norway, Canada, and the Middle East are drawn by tax incentives and low interest rates. Many also consider the US a stable country in which to establish a presence. While only large real estate brokers have foreign offices, regional or local brokers use traditional marketing approaches to promote their markets and services to foreign investors. Executive Insight Chief Executive Officer - CEO Assessing Local Conditions Local real estate conditions can change rapidly; as such, brokers and agents must have access to the latest information about prices, rents, and other data. Although some information appears on commercial MLS, many companies maintain extensive local contacts to gauge supply and demand. Planning for Expansion or Contraction Because commercial real estate markets are highly cyclical, companies are usually either expanding or contracting. During expansions, brokerages may make acquisitions, open additional offices, or enter new markets. The easiest form of expansion is to hire brokers, with established customers, from other companies. Chief Financial Officer - CFO Negotiating Contract Terms with Customers Because of the variability of properties and services, contracts can vary greatly from project to project. Brokers and leasing agents are usually paid a percentage of what a property or lease is worth. Property managers are typically paid a flat rate depending on the number of units or amount of space they manage and the services they provide. Determining Compensation for Employees Compensation is the largest expense for real estate service companies. During periods of high demand, companies may have to increase compensation contracts to retain top employees. Property managers typically have various types of performance measures built into their compensation formula. Chief Information Officer - CIO Improving Access to Databases To improve market knowledge, companies need access to detailed information about rents and space. Commercial equivalents of MLS are still underdeveloped and fragmented. A company may need to be a member of several listing systems to get broad market coverage. Expanding Website Features Websites have become an important marketing tool for brokers and property managers. Some sites have public and private portions to allow clients access to privileged information. Some allow property managers to access information about individual units, and to schedule activities like maintenance and painting. Human Resources - HR Recruiting New Professionals Brokers typically expand their business by hiring experienced professionals who bring their clients with them. Because employers are unwilling to let top employees go, verifying the desirability of new brokers is often difficult. To identify desirable new employees, companies need to cultivate a large number of relationships within the industry. Ensuring Contractor Compliance Property managers typically hire contractors to do labor-intensive work such as cleaning, waste management, and landscaping. Contractors have a financial incentive to hire workers at low wages, sometimes illegal immigrants. Although their legal requirements aren't always clear, management companies may scrutinize contractors to ensure compliance with labor laws.

9 VP Sales/Marketing - Sales Attracting Foreign Investors US real estate is attractive to many foreign investors. Companies that can provide both brokerage and property management are most useful to foreigners, who are often passive investors. US companies may be able to promote themselves to foreigners through contacts with foreign banks. Evaluating Growth Opportunities Companies can grow by expanding into new markets or providing new services, such as brokerage and management for residential properties. The large amount of construction in recent years has produced massive inventories of unsold residential property in some markets. Overbuilding of commercial space also provides management possibilities. Executive Conversation Starters Chief Executive Officer - CEO How difficult is staying current on market conditions for the company? Many agents and brokers keep leasing information confidential. How quickly could the company respond to a sharp increase or decrease in demand? Experienced brokers and agents can be hard to find when demand is up. Chief Financial Officer - CFO How much do contracts with customers vary from one property to the next? Contracts can vary considerably, because of lease rates and the level of services. How often does the company review employee compensation levels to remain competitive in the local market? During periods of strong demand, companies seek top brokers and agents. Chief Information Officer - CIO How does the company get data about recent market transactions? Commercial MLS services are still underdeveloped and fragmented. What capabilities does the company plan to build into its website? Some websites allow clients access to privileged information. Human Resources - HR How does the company identify experienced professionals it might want to hire? Some companies cultivate a large number of industry relationships. How does the company ensure that its contractors comply with labor laws? Contractors may be asked to certify compliance. VP Sales/Marketing - Sales What special efforts does the company make to attract foreign investors? Some companies make contacts through foreign banks. Does the company see opportunities in new markets or in adding new services? Some companies have expanded into wholesale residential property management. Call Prep Questions Conversation Starters How does the company respond to real estate cycles? Demand for commercial real estate services can vary sharply from year to year.

10 How quickly can local rents or vacancies change in the company's market? Lease and vacancy rates and rents can vary in different markets. How dependent is the company on key employees? Commercial brokerage depends on the contacts and efforts of individual brokers. How much does the company spend on Internet advertising? To reach more customers, commercial brokers use the Internet, which allows potential customers to look at a wide variety of properties. What new services does the company plan to offer? Many companies have expanded the services they offer to include brokerage and property management, analytical services, and access to financing sources. How important to the company are foreign investors in commercial real estate? Foreigners hold large investments in US commercial real estate. Quarterly Industry Update What market segments is the company targeting for growth? Rapid income and population growth in major cities over the past decade is causing rents at urban retail properties to rise faster than the national average, according to data from research firm CoStar. Operations, Products, and Facilities What major services does the company provide? Sales brokerage, leasing brokerage, and property management are common services. Does the company handle mainly office space, retail space, apartments, or something else? Many companies specialize in a certain sector; others are more diverse. How many markets does the company cover? Most companies operate in just one market. How many offices does the company have? Companies typically have one office in each market they serve. Customers, Marketing, Pricing, Competition Does the company work mainly for landlords or for tenants? Many companies do both. Does the company depend on a few large clients? Big property owners may provide the majority of a company's business. Does the company specialize in downtown or suburban markets? Downtown markets are usually more expensive and competitive than suburban. What types of marketing does the company use? Print and Internet advertising are the most common marketing vehicles. Regulations, R&D, Imports and Exports Has the company changed services to attract foreign investors? Foreign investors typically want a range of services from a single company. How do local regulations affect the company's sales and management practices? Disclosure requirements for property sales and leases vary from state to state, as do tenant rights regulations. Organization and Management If the company provides property management, does it use contractors to perform services? Companies may employ a small core of professionals, but contract out services such as cleaning and grounds maintenance. To what extent does the company depend on a few key employees? A few brokers may provide a large portion of a company's revenue. What trend is the company seeing in employee compensation? Individual brokers and agents are usually paid a commission; wages for workers in commercial property management are slightly higher than the national average.

11 Financial Analysis If a leasing agent, does the company have large monthly cash flow? Companies may collect rents and make large payments for utilities and other services. Does the company help customers get financing for real estate investments? Companies may have arrangements with local banks. Does the company provide detailed financial planning for customers? Both landlords and tenants may need help valuing buildings and rental space. Does the company acquire real estate or leases for its own investment? With a strong knowledge of local conditions, companies may see special investment opportunities. Business and Technology Strategies Does the company foresee more consolidation in the industry? Mergers and acquisitions in the commercial real estate industry are common. Does the company expect listing websites to be more important in the industry? Although sometimes more complicated than residential property, much commercial space is easily listed. Does the company expect to form referral alliances with companies from other markets? Alliances allow local companies to offer multimarket coverage for large customers. What new services does the company expect to add in the next few years? Analysis and financing services are typical in larger companies with big customers. Financial Information COMPANY BENCHMARK TRENDS Quick Ratio by Company Size The quick ratio, also known as the acid test ratio, measures a company's ability to meet short-term obligations with liquid assets. The higher the ratio, the better; a number below 1 signals financial distress. Use the quick ratio to determine if companies in an industry are typically able to pay off their current liabilities. Financial industry data provided by MicroBilt Corporation collected from 32 different data sources and represents financial performance of over 4.5 million privately held businesses and detailed industry financial benchmarks of companies in over 900 industries (SIC and NAICS). More data available by subscription or single report purchase at Current Liabilities to Net Worth by Company Size The ratio of current liabilities to net worth, also called current liabilities to equity, indicates the amount due

12 creditors within a year as a percentage of stockholders' equity in a company. A high ratio (above 80 percent) can indicate trouble. Financial industry data provided by MicroBilt Corporation collected from 32 different data sources and represents financial performance of over 4.5 million privately held businesses and detailed industry financial benchmarks of companies in over 900 industries (SIC and NAICS). More data available by subscription or single report purchase at COMPANY BENCHMARK INFORMATION NAICS: , Data Period: 2014 Last Update October 2015 Table Data Format Mean Company Size All Large Medium Small Size by Revenue Over $50M $5M - $50M Under $5M Company Count Income Statement Net Sales 100% 100% 100% 100% Gross Margin 99.7% 99.8% 99.7% 99.7% Officer Compensation 7.3% 5.8% 6.7% 7.8% Advertising & Sales 3.8% 4.0% 3.7% 3.8% Other Operating Expenses 83.3% 86.3% 84.9% 82.1% Operating Expenses 94.4% 96.1% 95.3% 93.6% Operating Income 5.4% 3.7% 4.4% 6.1% Net Income 1.6% 1.2% 1.6% 1.7% Balance Sheet Cash 11.0% 10.2% 11.5% 11.2% Accounts Receivable 7.0% 7.2% 6.9% 7.0% Inventory 0.2% 0.1% 0.2% 0.2%

13 Total Current Assets 33.0% 33.4% 33.0% 32.9% Property, Plant & Equipment 33.9% 29.1% 30.8% 35.9% Other Non-Current Assets 33.1% 37.6% 36.2% 31.3% Total Assets 100.0% 100.0% 100.0% 100.0% Accounts Payable 2.9% 2.4% 3.0% 3.0% Total Current Liabilities 21.4% 17.5% 21.7% 22.4% Total Long Term Liabilities 34.2% 24.5% 33.6% 37.0% Net Worth 44.4% 58.0% 44.7% 40.7% Financial Ratios Quick Ratio Current Ratio Current Liabilities to Net Worth 48.1% 30.1% 48.4% 54.9% Current Liabilities to Inventory x x x x Total Debt to Net Worth x1.25 x0.72 x1.24 x1.46 Fixed Assets to Net Worth x0.76 x0.50 x0.69 x0.88 Days Accounts Receivable Inventory Turnover x0.83 x0.98 x1.26 x0.76 Total Assets to Sales 183.6% 171.6% 172.7% 189.7% Working Capital to Sales 21.3% 27.3% 19.6% 20.0% Accounts Payable to Sales 5.3% 4.1% 5.1% 5.7% Pre-Tax Return on Sales 2.5% 1.9% 2.6% 2.7% Pre-Tax Return on Assets 1.4% 1.1% 1.5% 1.4% Pre-Tax Return on Net Worth 3.1% 1.9% 3.4% 3.5% Interest Coverage x1.09 x0.89 x0.97 x1.15 EBITDA to Sales 9.3% 7.9% 8.7% 9.9% Capital Expenditures to Sales 7.0% 7.0% 7.2% 7.0% Financial industry data provided by MicroBilt Corporation collected from 32 different data sources and represents financial performance of over 4.5 million privately held businesses and detailed industry financial benchmarks of companies in over 900 industries (SIC and NAICS). More data available by subscription or single report purchase at ECONOMIC STATISTICS AND INFORMATION Annual Construction put into place - Census Bureau

14 VALUATION MULTIPLES Commercial Real Estate Brokerage & Management Acquisition multiples below are calculated using at least 11 US private, middle-market (valued at less than $1 billion) industry asset transactions completed between 07/2009 and 5/2013. Data updated annually. Last updated: November Valuation Multiple MVIC/Net Sales MVIC/Gross Profit MVIC/EBIT MVIC/EBITDA Median Value MVIC (Market Value of Invested Capital) = Also known as the selling price, the MVIC is the total consideration paid to the seller and includes any cash, notes and/or securities that were used as a form of payment plus any interest-bearing liabilities assumed by the buyer. Net Sales = Annual Gross Sales, net of returns and discounts allowed, if any. Gross Profit = Net Sales - Cost of Goods Sold EBIT = Operating Profit EBITDA = Operating Profit + Noncash Charges SOURCE: Pratt's Stats, 2014 (Portland, OR: Business Valuation Resources, LLC). Used with permission. Pratt's Stats is available at Industry Websites Commercial Property Executive Commercial real estate news. Commercial Property Price Index Developed by the MIT Center for Real Estate, for apartment, industrial, office, and retail properties. Construction Spending New spending on residential and commercial construction. Cushman & Wakefield Research reports on industrial, office, and retail sectors. Marcus & Millichap Research reports customized by property type and local market. National Association of Realtors

15 Legislative issues. Industry statistics. National Real Estate Investor Commercial real estate information by segment: industrial, office, multifamily, etc. Real Property Association of Canada Industry association for owners and managers of investment real estate. Society of Industrial and Office Realtors Industrial and office market reports. The Canadian Real Estate Association Trade association of real estate brokers, agents, and salespeople. Glossary of Acronyms CBD - central business district MLS - multiple listing service REIT - real estate investment trust

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