INDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS

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1 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 216 QUICK STATS Direct Vacancy 2.6% Overall Vacancy 2.7% Lease Rate NNN $.82 Gross Absorption Under Construction MARKET TRENDS Current Quarter 3,969,645 SF 41,668 SF Change from Last Quarter Year Overall Vacancy Rental Rates Gross Absorption Under Construction INDUSTRIAL SUMMARY & OUTLOOK The Orange industrial market witnessed vacancy rates decrease from 2.8% to 2.7%, during the quarter. Average asking rents increased 9.3%, year over year, moving from $.75nnn to $.82nnn. Gross absorption finished the quarter with 4. million square feet of activity, while net absorption gained 58, square feet of occupied space. Under construction activity decreased during the quarter with 42, square feet currently underway, as the market has delivered 596, square feet of new space for the year. The overall economy continues to see solid growth through the second quarter. Unemployment rates have declined from 4.5% to 4.4%, year over year, and is well below California (5.7%) and the U.S. (5.1%). The industrial market continues to see available supply remain extremely tight throughout the county and new construction still remains at very low levels, which will continue to keep vacancy at lower levels and rental rates moving higher. Demand for industrial space will continue to be driven by domestic and global consumption levels. In 215, the Los Angeles and Long Beach Port container traffic recorded its strongest year since 27, with million TEU s for the year. Through the first half of 216, total container traffic is up 3%, year over year, at 7.4 million TEU s. The investment and sale market for industrial real estate in Orange remains extremely strong, as the total transaction volume is on pace with levels seen in 27, and median prices through the second quarter have increased another 2.3% from the end of 215, and is up 19.4% from 214. The capital markets still remain active with plenty of liquidity and qualified borrowers continue to benefit from historically low interest rates. The overall industrial market remains a landlord controlled market, and we expect vacancy to remain in the 2% range, with rents expected to rise another 4% to 6% in the coming year. VACANCY & NET ABSORPTION ECONOMIC STATS Current Month Previous Year June 16 June 15 Unemployment 4.4% 4.5% Rate (MSA) Change in # +5,7 +49,4 Of Jobs (MSA) for +.4% +3.2% Jobs (MSA) 2,, 1,5, 1,, 5, (5,) 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% Net Absorption SF Overall Vacancy

2 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 216 VACANCY RENTAL RATES & TIME ON THE MARKET 7.% $ % 5.% $.8 $ % 3.% 2.% 1.% $.6 $.5 $ % $.3. Direct Vacancy Overall vacancy rates (including sublease space) decreased from 2.8% to 2.7%, during the quarter. Of the four major submarkets within the Orange industrial market, the submarket ended the quarter with the lowest total vacancy of 2.2%, followed by West at 2.9%, the at 3.1%, and the submarket finishing the quarter at 3.6%. Since the second quarter of 215, overall vacancy has decreased from 3.4% to 2.7%, and is near its lowest level in more than two decades. ABSORPTION Overall Vacancy Avg. Rent (NNN) Time to Lease (Months) Standard industrial asking rents increased 9.3%, year over year, moving from $.75nnn to $.82nnn. Of the four major submarkets within the Orange market, the submarket ended the quarter with the highest standard industrial rental rate of $.98nnn, followed by the at $.82nnn, the West at $.76nnn. With the submarket finishing the quarter at $.75nnn. Average industrial asking rents increased 2.5% during the quarter, moving from $.8nnn to $.82nnn, while the median time to lease was unchanged at 2.5 months. CONSTRUCTION ACTIVITY 7,, 1,4, 6,, 1,2, 5,, 1,, 4,, 8, 3,, 6, 2,, 4, 1,, 2, (1,,) Net Absorption SF Gross Absorption SF Gross absorption finished with just under 4. million square feet of activity during the quarter, down 1% from the previous quarter, and lower by 35% compared to a year ago. Net absorption finished the quarter in positive territory, gaining 58, square feet of occupied space and has gained 491, square feet for the year. During 215, the market gained 3.6 million square feet, after gaining 4.5 million square feet in 214, another gain of 3.9 million square feet in 213, and a gain of 855, square feet in 212. The market continues to see strong demand, as the market has recorded positive net absorption in sixteen of the past twenty quarters, totaling 14.7 million square feet of occupied space gains. SF Newly Completed SF Under Construction Under construction activity decreased during the quarter, with 42, square feet currently underway, as the market has delivered 596, square feet of new space for the year. In 215, the market added 1. million square feet, after delivering 1.2 million square feet during 214, 51, square feet during 213, and 31, square feet in 212. During the past five years, the market has averaged approximately 676, square feet of new deliveries, annually. Construction activity should pick up in the coming quarters, as demand levels remain strong, vacancy levels remain at all-time lows and rents continue to escalate well above current inflation rates.

3 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 216 MARKET SNAPSHOT Total Direct Direct Total Vacant Vacancy Inventory Vacant Vacancy w/ Sublet with Sublet SUBMARKETS Square Footage Square Footage Rate Square Footage Rate 8,66,772 2,429,77 3.% 2,523, % 125,322,945 2,557,386 2.% 2,695, % 45,146,652 1,472, % 1,614, % West 48,672,7 1,325, % 1,39, % Orange Totals 299,748,439 7,785,8 2.6% 8,225,55 2.7% Industrial Market Inventory 4.% Industrial Vacancy Rates 3.5% 15% West 16% 27% 3.% 2.5% 2.% 1.5% 42% 1.%.5%.% West Direct Vacancy Vacancy with Sublet Average Average Square Feet Square Feet Gross Absorption Industrial R&D / Flex Built in Under Square Feet SUBMARKETS Rent Rent 216 Construction Current Quarter $.82 $ , ,883 $.75 $ ,194 1,35,691 $.98 $ ,92 722,739 West $.76 $.98 41, ,332 Orange Totals $.82 $ ,927 41,668 3,969,645 $1.4 $1.2 $1. $.8 $.6 $.4 $.2 $. Industrial Rental Rates Average Industrial Rent West Orange Totals Average R&D / Flex Rent 7, 6, 5, 4, 3, 2, 1, New Construction Activity Square Feet Built in 216 West Orange Totals Square Feet Under Construction

4 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 216 PORTS OF LONG BEACH & LOS ANGELES HISTORICAL CONTAINER STATS & TRENDS Quarter & Year Loaded Inbound (Imports) Loaded Outbound (Exports) Total Loaded Empties Total Containers (Prior Qtr.) (Prior Yr.) (Prior 2 Yrs.) 2Q 216 1,991, ,65 2,818,94 1,7,246 3,825,34 6.5% -2.2% -2.2% 1Q 216 1,89,18 789,51 2,598, ,27 3,593, % 9.% 4.3% 4Q 215 1,949,84 787,366 2,736,45 1,14,516 3,876, % 2.9% 3.6% 3Q 215 2,168,57 812,93 2,981,41 1,284,213 4,265,623 9.% 5.7% 8.9% 2Q 215 1,987, ,746 2,83,94 1,82,394 3,913, %.% 8.9% 1Q 215 1,679, ,218 2,418, ,445 3,296, % -4.3% 5.5% 4Q 214 1,921, ,763 2,764,511 1,4,845 3,769, %.7% 6.6% 3Q 214 2,96, ,615 2,947,876 1,88,28 4,36, % 3.1% 7.5% 2Q 214 2,22,41 925,475 2,947, ,69 3,911, % 8.9% 7.1% 1Q 214 1,746, ,556 2,663,42 78,456 3,443,876-8.% 1.2% 8.2% 4Q 213 1,897, ,562 2,852,79 89,168 3,742, % 5.9% 6.5% 3Q 213 2,27, ,534 2,915,472 1,,38 3,915,78 9.% 4.3% 4.3% 2Q 213 1,841,53 881,975 2,723, ,882 3,592,36 15.% -1.6%.5% 1Q 213 1,562, ,32 2,47, ,573 3,124, % -1.8% -1.2% 4Q 212 1,8, ,948 2,68, ,7 3,535, %.6% -3.3% 3Q 212 1,919,184 87,534 2,789, ,22 3,755, %.1% -5.6% 2Q 212 1,852, ,548 2,782, ,364 3,65, % 2.2% 3.% 1Q 212 1,582,253 93,235 2,485, ,936 3,181, %.6% 9.2% 4Q 211 1,762, ,521 2,686, ,15 3,513, % -3.9% 11.2% 3Q 211 1,927, ,78 2,82,18 933,132 3,753,15 5.% -5.7% 19.6% 2Q 211 1,823, ,292 2,738, ,25 3,573,41 13.%.8% 23.2% 1Q 211 1,578, ,493 2,462, ,432 3,161, % 8.5% 2.7% 4Q 21 1,817,97 917,342 2,734, ,87 3,657, % 15.8% 4.2% 3Q 21 2,35,812 81,15 2,845,827 1,134,42 3,979, % 26.8% 3.7% 2Q 21 1,784,87 858,443 2,642,531 92,366 3,544, % 22.2% -1.3% 1Q 21 1,465, ,872 2,283, ,722 2,913, % 11.2% -14.3% 4Q 29 1,68,874 81,22 2,419,76 739,35 3,158,426.6% -1.% -2.3% 3Q 29 1,634, ,261 2,411, ,3 3,139,58 8.2% -18.2% -24.% 2Q 29 1,478, ,663 2,257, ,97 2,9, % -19.2% -26.1% 1Q 29 1,337, ,838 1,992, ,597 2,618, % -23.% -28.1% Ports of Long Beach & Los Angeles Historical Container Stats Container Trade in TEUs* 4,5, 4,, 3,5, 3,, 2,5, 2,, 1,5, 1,, 5, 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Loaded Inbound (Imports) Loaded Outbound (Exports) Empties

5 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 216 MARKET REPORT OVERVIEW SOUTHERN CALIFORNIA MARKET MAP METHODOLOGY & TERMINOLOGY Methodology Industrial and flex (R & D) buildings that are 5, square feet and greater. Direct Vacant SF Space that is vacant and ready for occupancy by a user. The space is being offered for lease or sale directly from the landlord. Total Vacant W/ Sublet SF Space that is vacant and ready for occupancy by a user. The space is being offered for lease or sale by the landlord or for sublease by the current tenant. DAUM OFFICES LOS ANGELES, CALIFORNIA 81 S. Figueroa Street, Suite 6 Los Angeles, CA LOS ANGELES NORTH, CALIFORNIA 2182 Burbank Boulevard, Suite 21 Woodland Hills, CA SANTA CLARITA VALLEY, CALIFORNIA Westinghouse Place, Suite 312 Valencia, CA MID-COUNTIES, CALIFORNIA 1275 Center Court Drive, Suite 22 Cerritos, CA ORANGE COUNTY, CALIFORNIA 44 MacArthur Boulevard, Suite 95 Newport Beach, CA VENTURA & SANTA BARBARA, CALIFORNIA 751 Daily Drive, Suite 15 Camarillo, CA Direct Vacancy Rate Total vacant direct space (vacant space for lease or sale from the landlord or owner) divided by the total rentable square footage for existing buildings only. Vacancy W/ Sublet Rate Total vacant direct space and sublease space divided by the total rentable square footage for existing buildings only. Gross Absorption The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing activity, which is the sum of all space leased over a certain period of time. SAN GABRIEL VALLEY, CALIFORNIA Crossroads Pkwy. N, Suite 1 City of Industry, CA SOUTH BAY, CALIFORNIA 125 W. 19th Street, Suite 42 Gardena, CA INLAND EMPIRE, CALIFORNIA 3595 E. Inland Empire Boulevard, Bldg. 5 Ontario, CA PHOENIX ARIZONA 172 E. Highland Avenue, Suite 12 Phoenix, AZ The information contained in this report has been obtained from sources deemed reliable and has incorporated third-party data which has not been independently verified by DAUM. While we do not doubt its accuracy, DAUM makes no guarantee or warranty as to its completeness or accuracy. Due to the dynamic (constantly changing) database which DAUM uses to compile and analyze markets contained in this report, previously published statistics may vary from the data published in this report. Statistics and data have been revised to reflect changes in the following categories: existing buildings being verified and added to the database, new or revised occupancy information gathered, new construction being added to the inventory, building demolitions and renovations, as well as other factors that would necessitate revisions to the data and the properties surveyed. This methodology allows us to present the most current and up-to-date information, trend analysis and comparative statistics for this report. Net Absorption The net change in occupied space over a given period of time, calculated by summing all the positive changes in occupancy (move ins) and subtracting all the negative changes in occupancy (move outs). Under Construction Planned buildings for which construction has started but have not yet been granted a Certificate of Occupancy. Planned buildings are not included. Completed in 216 New buildings with original construction completed in the year 216 and granted a Certificate of Occupancy. Renovated buildings are not included.

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