Kingfisher Logan Creek. Oklahoma. Cleveland. Mcclain

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1 PPR undamentals Overview Map 35 Payne 244 aine Kingfisher Logan Creek Lincoln 44 Canadian Oklahoma Okfuskee Caddo Grady Mcclain Cleveland Pottawatomie Summary of Last Twelve Months vs. Historical Minimum, Maximum, and Average 35 Seminole Map Layers County PPR Markets U.S. Cities Hughes State Capital Major Cities Secondary Cities Miles 21 Property & Portfolio Research Pontotoc Apartment Office Retail Warehouse Hotel Current Vacancy* Net New Supply (S)** (S)** 8.8% 1, % 14.8% , ,184 99:4 87:3 92:1 84:3 87:3 84:3 2.8% % 29.5% -45 2, ,281 82:1 89:1 95:2 83:4 84:2 83:2 16.5% 1, % 23.7% 54 2, ,482 82:1 87:3 9:3 1:1 2:1 :1 6.6% % 12.9% 64 1, ,166 99:1 88:3 93:3 83:2 88:4 83:2 6.7% % 54.% -59 2, ,89 96:1 88:1 93:2 85:1 91:1 :1 *Occupancy for Hotels **Apartment and Hotel data are in units. 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

2 PPR undamentals Analysis/Economy Notable Economic and Real Estate Market Events ECON Oklahoma City s economy remains all but flat, with job growth of just.1% year-over-year. The bulk of job losses are in the manufacturing sector, with the biggest losses coming from electronics and electronic equipment manufacturers. Aerospace manufacturers have also suffered from the slowdown in travel, with Gulfstream Aerospace cutting 35 local jobs due to weak demand. Business services firms are cutting back as well. The strong presence of government and military employment is adding stability to the metro. The outlook for Tinker AB is upbeat due to an increase in defense spending. In addition, a $5 million bond issue is proposed to support expansion and ensure the base s future. APT The apartment market has weakened over the past year as new construction has met with a dearth of demand. The vacancy rate has steadily increased from its historical low of 7% and is now approaching 9%. As market fundamentals weaken, supply is shutting down, which will help the market to recover when the economy improves. Approximately 1,1 multifamily permits were pulled in 21, more than 4% less than in 2 and well below the average of nearly 1,4 permits pulled annually from Just under 7 units are currently underway, including Lindsey Associates 324-unit second phase of The Greens at Moore in Moore. In the South submarket, Trison Properties 396-unit luxury complex, Legacy Crossing, was completed last summer and a 294-unit third phase is currently underway. O The metro area remains among the nation s softer office markets, with vacancies hovering just below 2%. While the metro has not suffered from the glut of sublease space that has flooded other major metro area markets, net absorption has been unimpressive. Leasing activity has been muted, as the few recent leases signed have generally just resulted in tenants shifting around, rather than expanding their space. In the CBD, construction on the new 18, S federal building is underway, with completion expected in late 23. However, this will likely result in additional backfill space at locations throughout the city as federal workers are relocated to the new building. Nearly all of the recent construction activity has been located in the submarket. Most of the construction completed over the past year has been in build-to-suit projects, including Hertz s recently completed 22, S facility. RET Excessive construction has sent the economic vacancy rate soaring in Oklahoma City. Wal-Mart has expanded aggressively in recent years and the retailer s dominance has put the squeeze on other value retailers, including Kmart, which is exiting the metro. The closure of its five area stores will result in up to 5, S of backfill space, including three anchor locations. The already competitive grocery market is facing increased pressure as Wal-Mart has aggressively introduced its Neighborhood Markets and Supercenters, and is also expanding its Super format here. As a result, Winn-Dixie is exiting the Oklahoma market and closing its five area stores. Power centers are the tightest property type, with a physical vacancy rate of about 3% at year-end according to Grubb & Ellis. The 45, S Westgate Shopping Center is completing its third and final phase. WHS Weak absorption has driven warehouse vacancies to 6.6%. However, with construction activity abating, the market is well-positioned for a recovery when the economy rebounds. Market fundamentals have weakened considerably over the past year and, as a result, there is no speculative construction currently underway. Still, the potential for development remains, as ern Mutual s 191, S second phase of its Airport Distribution Center in the Southwest is still in the pipeline. In the Southeast, Premier Assets has broken ground on a 18, S build-to-suit for ARINC at its Eastport Commerce Park, and in Norman, Sysco ood Services is underway with its 3, S foodservice facility. HOT Persistently low occupancy rates are deterring significant hotel construction in Oklahoma City. The limited amount of construction has been focused on smaller extended-stay and limited-service properties by Amerisuites, Sleep Inn and Holiday Inn Express. While the 155-room Santa e Plaza Hotel near the convention center has been deferred, other projects remain in the pipeline. On the whole, growth prospects for tourism in the metro are limited, and occupancy rates are expected to remain low. Demographic Trends Annual Growth Rates 22* Category Market U.S. Market U.S. Market U.S. Market U.S. Population 1,17 288,644.7% 1.% 1.2% 1.2%.6%.9% Households ,714.9% 1.3% 1.4% 1.3%.7% 1.% Median Household Income $39,616 $44, % 4.4% 3.2% 3.7% 3.2% 3.1% Apartment-Renting Households , % 1.7%.8%.5%.8% 1.% Real Retail Sales Per Capita $4,257 $4, % 1.4%.1% 1.7% 1.6% 1.7% Employment Trends 22* Annual Growth Rates Location SIC Category Employment Quotient Market U.S. Market U.S. Market U.S. Total Services % 4.3% 4.9% 3.7% 2.2% 2.5% Business Services % 6.6% 9.2% 6.2% 2.7% 3.% Other Services % 3.8% 3.6% 3.% 2.% 2.4% Retail Trade % 2.5% 2.1% 2.% 1.3% 1.6% Government % 1.6%.1% 1.3%.5%.7% Manufacturing % -.6%.3% -.6%.3%.1%.I.R.E % 2.2% 1.7% 1.5%.6%.9% Wholesale Trade % 1.3%.5% 1.4% 1.4% 1.2% Trans., Comm., Util % 1.1% 1.6% 2.%.8% 1.1% Construction % 1.4% 6.3% 4.2% 2.2%.3% Mining % -6.% -2.4% -1.6% -1.1% -1.1% Total Employment % 1.9% 2.2% 2.% 1.3% 1.4% Office-Using Employment % 3.% 2.5% 2.9% 1.3% 1.9% Trucking/Warehouse Employment % 1.5% 1.3% 1.7% 1.5% 1.2% *All units (except for dollar denominated figures) in thousands. Current Economic Indicators Employment Labor orce Unemployment Employment Net Migration () Cost Indices (U.S. = 1) Growth 3/2 Growth 3/2 Rate 3/2 Volatility Ratio 21 Business Living.1% 1.3% 3.8% Sources: PPR; Economy.com 1Q22 PPR undamentals 22 by P R O P E R T Y & P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

3 Supply, Demand, and Vacancy PPR undamentals Apartment Demand & Supply (Units) 1, 8, 6, 4, 2, -2, Apartment Market Statistics (Units) Vacancy Rate Percentage Vacant Apt. Vacancy 8.7% 8.% 7.% 7.4% 8.5% 9.3% 9.% 8.9% 8.8% 8.4% Apt. 1,15 1,327 1, % 2.4% 2.7% 1.3%.7% -.2% 1.%.9% 1.1% 1.3% Multifamily 623 2,657 1,285 1, % 326.5% -51.6% -5.4% -71.1% 18.5% 5.2% 22.7% -3.% 9.3% Net Apt. Completions ,71 1, Apt. Inventory 59,636 6,625 61,564 62,635 63,821 64,245 64,692 65,265 65,878 66, % 1.7% 1.5% 1.7% 1.9%.7%.7%.9%.9%.9% Apt. Rent Index %.5% 4.1% 2.% -.7%.8%.8% 1.1% 1.2% 1.6% PPR/Dodge Pipeline Summary Current Activity (Units) Multifamily by Subclass 3, Change in Rent vs. Change in Rent 5% Bidding inal Pre- Deferred Abandoned , 1,2 1,4 1,6 Apartments Townhouse/Condo Low Income Unclassified (Units) % 98% 2% % % 2,5 2, 1,5 1, % 3% 2% 1% % -1% -2% Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C All Rights Reserved.

4 Supply, Demand, and Vacancy Demand & Supply (S) 2, 1,5 1, 5 Vacancy Rate PPR undamentals Office Percentage Vacant Office Market Statistics (S) Vacancy % 17.2% 19.3% 19.2% 2.5% 21.1% 2.% 19.2% 18.9% % % -.4% -1.1% 1.2%.4%.3% 2.2% 1.5%.9% 1.% , % 29.6% 15.% -2.7% 15.1% -71.6% -18.7% -9.5% -1.1% 1.2% Inventory 31,455 31,78 32,214 32,594 33,265 33,572 33,834 34,24 34,197 34,375.4% 1.% 1.4% 1.2% 2.1%.9%.8%.6%.5%.5% Rent Index % 7.9%.8% 3.4%.1% -3.2% -.7% 1.9% 1.7% 2.3% PPR/Dodge Pipeline Summary Bidding inal Pre- Deferred Abandoned Current Activity (S) , 1,2 Low Rise Mid Rise High Rise Office R&D Unclassified Office by Subclass (S) % 68 97% - % - % 21 3% - % 1,2 1, Change in Rent vs. Change in Rent 1% 8% 6% 4% 2% % -2% -4% Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

5 Supply, Demand, and Vacancy Demand & Supply (S) 3, 2,5 2, 1,5 1, 5 Vacancy Rate PPR undamentals Retail Percentage Vacant Retail Market Statistics (S) Vacancy 15.7% 13.3% 9.% 1.3% 15.6% 15.8% 15.3% 15.% 14.4% 13.7% 628 1,163 2,388 1, % 4.1% 8.1% 4.4% -.8% 1.6% 2.% 1.9% 2.1% 2.% 558 1,387 1,74 1,958 1, % 148.3% 22.9% 14.9% -16.2% -65.6% 33.8% -4.% -5.1%.1% ,1 2,11 2, Inventory 33,37 33,87 34,88 36,918 38,923 39,642 4,18 4,789 41,336 41, % 1.3% 3.% 6.1% 5.4% 1.8% 1.4% 1.5% 1.3% 1.3% Rent Index % -2.9% 1.7% -.6% 4.% -2.2% 1.2% -.1% 1.3% 1.9% PPR/Dodge Pipeline Summary Retail Current Activity by Subclass Change in Rent vs. (S) Change in Rent 2,5 5% Bidding 4% inal 2, 3% 2% 1,5 1% 1, % -1% 5-2% -3% -4% Pre- reestanding Stores Deferred Neighborhood Center Community Center Abandoned Regional Super Regional Outlet Unclassified Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 5 1, 1,5 2, 2,5 (S) % % 11 7% - % - % - % - % 913 6% 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved

6 Supply, Demand, and Vacancy PPR undamentals Warehouse Demand & Supply (S) 1,4 1,2 1, Warehouse Market Statistics (S) Vacancy Rate Percentage Vacant Vacancy % 3.5% 3.4% 4.2% 6.2% 6.8% 5.2% 4.6% 5.% % % 3.1% 3.1% 3.4% 1.2%.5% 2.2% 1.5% 1.3% 1.3% ,111 1, % -51.1% 139.% 36.7% -4.9% -45.9% -73.6% 186.3% 48.6% -13.5% , Inventory 26,98 26,83 27,63 28,81 29,774 3,118 3,283 3,553 31,73 31, % 2.8% 3.% 4.3% 3.3% 1.2%.5%.9% 1.7% 1.6% Rent Index % 4.6% 7.1% 5.9% 1.4% -2.%.5% 3.5% 3.1% 2.5% PPR/Dodge Pipeline Summary Bidding inal Pre- Deferred Abandoned Current Activity (S) Distribution Warehouse/lex Light Industrial Unclassified Warehouse by Subclass (S) % 3 91% - % 13 4% 18 5% 1,6 1,4 1,2 1, Change in Rent vs. Change in Rent 8% 6% 4% 2% % -2% -4% , 1, Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

7 PPR undamentals Hotel Supply, Demand, and Occupancy Demand & Supply (Rooms) 1,2 1, Occupancy Rate Percentage Occupied Hotel Market Statistics (Rooms) Occupancy 58.7% 56.6% 57.5% 55.6% 59.% 6.7% 61.9% 63.4% 63.9% 64.4% % 2.9% 6.8% 3.% 8.6% 3.9% 2.5% 2.8% 1.3% 1.6% 925 1, % 68.3% -78.1% 57.5% -42.6% -78.9% 33.8% 43.7% 42.4% 23.6% , Inventory 14,731 15,725 16,515 17,596 18,4 18,178 18,263 18,346 18,446 18,61 2.% 6.7% 5.% 6.5% 2.3% 1.%.5%.5%.5%.9% Room Rate Index %.4% 1.7% 3.9% 1.4% 1.6% 2.3% 3.1% 3.4% 3.7% RevPar Index % -2.9% -.5% 4.3% 7.% 1.9% 6.9% 4.3% 4.5% 4.3% PPR/Dodge Pipeline Summary Bidding inal Pre- Deferred Abandoned Current Activity Change in Room Rate vs. (Rooms) Change in Room Rate 1,8 6% 1,6 5% 1,4 1,2 4% 1, 3% 8 6 2% 4 1% 2 % Sources: PPR; McGraw-Hill Construction - Dodge; Smith Travel Research 1Q22 PPR undamentals 22 by P R O P E R T Y & P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

8 PPR undamentals Single amily Housing Single amily Multifamily 16, 14, 12, 1, 8, 6, 4, 2, Single amily Market Single amily 8, 7, 6, 5, 4, 3, 2, 1, Change in Home Price 2% 15% 1% 5% % -5% -1% % Sources: PPR; Economy.com Single amily Market Statistics ,98 4,885 5,575 4,449 5,88 4,681 4,81 4,865 4,665 4, % 19.2% 14.1% -2.2% 14.4% -8.% 2.8% 1.2% -4.1% 1.7% Completions 4,281 4,568 5,352 4,928 4,628 5,37 4,63 4,938 4,73 4,712 Apartment Market Statistics Multifamily 623 2,657 1,285 1, % 326.5% -51.6% -5.4% -71.1% 18.5% 5.2% 22.7% -3.% 9.3% Apartment Completions ,71 1, Sources: PPR; McGraw-Hill Construction - Dodge 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

9 PPR UNDAMENTALS Projects PPR undamentals Apartment Projects Title Address Units Stage Start Completion Mustang Crossing Apartments 115 W I-4 Service Rd 572 Deferred Yukon/Mustang Legacy Crossing 3131 SW 89th St. 396 Completed 4/ 6/1 South The Greens at Moore Apartments - Phase II SW 19th at Santa e Ave /1 8/2 Moore Legacy Corner - Phase III 777 N. Air Depot, Midwest City 298 3/1 12/2 Midwest City/Del City Deep Deuce at Bricktown Stiles and Walnut Aves 294 Completed 5/ 9/1 Central Three Lakes Apartment Complex SW 14th and South May 252 Completed 3/ 3/1 Moore Mayflower on May Apartments 136th & N. May 244 Completed 7/ 7/1 North Mustang Apt Complex N of Hwy 152 & E of Hwy 92 N, Mustang 96 Abandoned Yukon/Mustang ifth Avenue Lofts NW5 and Broadway, Automobile Alley 2 6/1 4/2 Central OKC 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

10 PPR UNDAMENTALS PPR undamentals Office Projects Projects Title Hertz Administration Center Tenants: Hertz General Services Administration Address S () Stage Start Completion 1451 Hertz Quail Springs Pkwy at North Penn, OKC 22 Completed 2/1 2/2 y 8, Harvey Ave. and Hudson Ave. (north downtown) 18 12/1 9/3 CBD Dobson Communications 1411 & 1421 Wireless Way 165 Completed 12/99 1/1 Tenants: Dobson Communications Express Office W Wilshire Blvd, OKC 16 Proposed Commerce Park at Silver Springs NW Expressway and Council Road, Silver Springs 92 Planned 12/3 Mid America Business Park Office Building Ph E Mid America Blvd 8 3/2 12/2 Tenants: CACI (25,) Southeast Express Personnel 8516 NW Expressway St. 6 completed 12/ 8/1 Tenants: Express Personnel Chesapeake Energy Corp. No N. Western Ave. 55 completed 6/1 Tenants: Chesapeake Energy North Rees Plaza at East Wharf OKC, Lake Hefner 42 Planned 11/2 Tenants: Rees Associates, Inc Quail Springs Professional Building N. May Ave., North of Memorial 25 Completed 2/1 2/2 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

11 PPR UNDAMENTALS PPR undamentals Retail Projects Projects Title Wal-Mart Supercenter Address S () Stage Start Completion SE corner of Memorial Rd. and N. Pennsylvania (OKC) 22 Completed 8/ 5/1 North OKC Wal-Mart Supercenter I-24 & Santa e, OKC 211 Completed 7/1 4/2 South enwick Shopping Center N Pennsylvania Ave, Moore 184 Proposed South Super E 2nd St and W of Bryant 175 Completed 3/1 1/1 Edmond Lowe's Home Center 132 E 2nd St 14 Completed 7/1 2/2 Edmond Home Depot 16 Sooner Road, Midwest/Del City 13 Completed 6/1 1/2 Southeast Sam's Club Main Street, Norman 13 Planned Norman Bass Pro Shops Bricktown 11 Planned Central Edmond Exchange Shopping Center Broadway and 33rd Street, Edmond 5 Planned Tenants: On The Border Mexican Grill Kohl's 26 Telephone Road Completed 4/1 1/1 Moore/Norman 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

12 PPR UNDAMENTALS Projects PPR undamentals Warehouse Projects Title Address S () Stage Start Completion Sysco Distribution Center Tecumseh Road and 12th Avenue NW 25 1/1 9/2 Norman Bluff Creek N Sooner Rd 191 Planned North East Port Commerce Center SE 59 and Air Depot; 64 SE 59th St 18 4/2 7/3 Southeast Tenants: ARINC Crosspoint Commerce Industrial Park - Phase III 175 Deferred CBD Crosspoint Commerce Industrial Center - Phase Deferred CBD Mid America Business Park III 81 E Mid America Blvd 13 4/2 8/2 Southeast OKC Airport Business Center Phase II 35 S. MacArthur Blvd., and S.W. 36th 79 completed 1/ 3/1 Southwest Bunzl Warehouse 991 NW 2nd St 75 Completed 3/1 1/1 West Mid America Business Park IV 81 E Mid America Blvd 56 planned Southeast OKC 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

13 PPR UNDAMENTALS Projects PPR undamentals Hotel Projects Title Address Rooms Stage Start Completion Marriott Courtyard Downtown Hotel 21 Planned CBD OCU Hotel and Conference Center E. of Campus - 22nd and I Proposed Santa e Plaza Hotel across from Convention Center 155 Deferred CBD Amerisuites S of NW 63rd St./ E. on Penna. Ave 8 Planned North Central Amerisuites Hotel 571 Tinker Diagonal, Midwest City/Del City 8 5/1 6/2 Southeast Holiday Inn Express 384 E. 2nd St. 8 6/1 7/2 Moore Sleep Inn and Suites 2727 W. I-44 Service Road 78 11/1 7/2 Ramada Limited 2727 W. I-44 Service Road 59 Completed 2/ 7/1 Corporate Plaza Hotel 2 E. California St. 5 Deferred CBD 1Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.