Glenn R. Mueller, Ph.D. Professor University of Denver Franklin L. Burns School of Real Estate & Construction Management &

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1 Real Estate Cycles Glenn R. Mueller, Ph.D. Professor University of Denver Franklin L. Burns School of Real Estate & Construction Management & Real Estate Investment Strategist Dividend Capital Research

2 Why Real Estate Fits an Investment Portfolio = SIZE U.S. Real Estate vs. Other Asset Classes Source: Bonds = SIFMA, January 204; Equities = World Federation of Exchanges for Equities, January 204; U.S. Real Estate = Moody s Real CPPI, January 204. This investment is subject to real estate risks associated with operating and leasing properties. Additional risks include changes in economic conditions, interest rates, property values, and supply and demand, as well as possible environmental liabilities, zoning issues and natural disasters.

3 Exhibit 5 Key Macro Economic Factors + Population Growth Exhibit 2 GDP Growth Employment Growth 5.0% 4.0% 3.0% 2.0%.0% 0.0%.%.8% 2.5% 3.6% 3.% 2.7%.9% 0.0% 2.8% 2.8% 4.4% 4.4% 3.% 4.0% 3.0% 2.0%.0% 0.0% -.0% -2.0% 0.0% -.2%.% -0.3%.7%.8%.% -0.6% -0.5%.0% 2.0% 3.3% 2.9% -.0% -3.0% -2.0% -2.6% -3.0% Source: Moody s Précis U.S. Metro December 200; Bureau of Economic Analysis (bea.gov) YrTreas 0.00 /3/2 /3/2 /3/2 /3/2 /3/2 /3/2 Interest Rates 3M LIBOR /3/2 /3/2 /3/2 /3/2 /3/2 /3/2 /3/2 /3/2 /3/2-4.0% -5.0% -4.3% Source: Moody s Précis U.S. Metro December 200, Bureau of Labor Statistics (bls.gov) Exhibit 3 Infla on 4.0% 3.4% 3.5% 3.8% 3.0% 2.9% 3.2% 2.8% 2.9% 2.5% 2.3% 2.7% 2.5% 2.5% 2.0%.6%.5%.6%.6%.0% 0.5% 0.0% -0.5% -0.3% -.0% Source: Moody s Précis U.S. Macro September 200; Bureau of Labor Statistics (bls.gov)

4 Positive GDP Leads Employment Recovery Recessions last a year or less - Recovery & Growth cycles can be short of long GDP & EMP Recessions Source: U.S. Bureau of Labor Statistics, December 203; U.S. Bureau of Economic Analysis, December 203; Moody s, 203.

5 Economic Outlook 9,000,000 Real Estate Occupancy is Demand Driven by Employment Growth Real Estate a Delayed Mirror of the Economy 8,500,000 8,000,000 7,500,000 7,000,000 6,500,000 6,000,000 5,500,000 5,000,000 4,500,000 4,000,000 Industrial Office Retail Employment Source: Property and Portfolio Research, January 204. Employment & Property Occupied Stock is the top 54 MSA s covered by PPR

6 Market Cycle Analysis Physical Cycle Demand & Supply drive Occupancy Occupancy drives Rental Growth

7 US Commercial Real Estate Cycle Follows US Economic Cycles 3 Key Metrics: Occupancies Rents Prices Source: Glenn Mueller, PhD

8 Market Cycle Quadrants Phase 2 - Expansion Phase 3 - Hypersupply Demand/Supply Equilibrium Point Occupancy Long Term Occupancy Average Phase - Recovery Phase 4 - Recession Source: Mueller, Real Estate Finance 995 Time

9 Occupancy Rents Rise Rapidly Toward New Construction Levels Long Term Average Occupancy 5 4 Below 3 Inflation 2 Rental Negative Growth Rental Growth High Rent Growth in Tight Market Demand/Supply Equilibrium 0 Cost Feasible New Construction Rents Rent Growth Positive But 2 Declining 3 Physical Market Cycle Characteristics 4 -Below Inflation & 5 Negative Rent Growth 6 Time

10 Historic National Office Rental Growth.0% Occupancy Long Term Average Occupancy -3.0% % 0.3%.7% 4 2.7% % 6.4% 0.5% % % 0.0% 30 Year Cycle - Periods % 3.6% 3.3% % 6 Time

11 Historic National Industrial Rental Growth % 8.3% Long Term Avg Occupancy 3.0% 6 5.% % 6.8% 0 8.5% 2 5.9% 4.6% 3 4.8% 4 Occupancy 0.8% -2.% % 4 0.4% 5 4.6% 30 Year Cycle - Periods % 6-0.4% Time

12 National Property Type Cycle Locations Phase II Expansion Hotel Full-Service+ Hotel Ltd. Service+ Retail st Tier Regional Mall+ Phase III Hypersupply Apartment Industrial Warehouse+ Office Downtown Retail Power Center+ 2 Health Facility Industrial R&D Flex+ Retail Factory Outlet LT Average Occupancy Retail Neighborhood/Community Office Suburban Phase I Recovery 3rd Qtr 204 Source: Mueller, 204 Phase IV Recession

13 Office Market Cycle Analysis 3rd Quarter, 204 Albuquerque Chicago East Bay Long Island Los Angeles Norfolk N. New Jersey Stamford Wash DC Wilmington 2 3 Cincinnati Cleveland Las Vegas Milwaukee Orange County San Antonio+ St. Louis Detroit Ft. Lauderdale Hartford Houston Indianapolis Kansas City+ Memphis Oklahoma City Orlando Palm Beach Philadelphia Phoenix Richmond Sacramento Tampa NATION 4 5 Atlanta Baltimore Boston Columbus Denver Jacksonville Miami Minneapolis New Orleans San Diego+ Seattle Dallas FW+ Riverside 6 7 Nashville Salt Lake San Jose+ Charlotte+ New York Pittsburgh Portland Raleigh-Durham 8 9 Austin+ Honolulu San Francisco+ 0 LT Average Occupancy Source: Mueller,

14 Industrial Market Cycle Analysis 3rdQuarter, 204 Norfolk Orange County 2 Hartford Stamford 3 Atlanta Cleveland Detroit East Bay Ft. Lauderdale Las Vegas+ Memphis Milwaukee New Orleans+ Orlando+ Raleigh-Durham- St. Louis Tampa Jacksonville Richmond Sacramento+ 4 Baltimore- Long Island Oklahoma City Philadelphia Phoenix Wash DC Boston Chicago Nashville+ New York N. New Jersey NATION+ Charlotte+ Cincinnati+ Columbus Houston Kansas City Miami Minneapolis Palm Beach Portland San Antonio San Diego 8 Austin Dallas FW Honolulu Indianapolis+ Pittsburgh+ San Jose Seattle Los Angeles Riverside Salt Lake 9 0 LT Average Occupancy Denver San Francisco Source: Mueller,

15 LT Average Occupancy Apartment Market Cycle Analysis 5 3rd Quarter, Honolulu 7 Detroit Philadelphia 8 Source: Mueller, 204 Las Vegas Riverside 9 0 Atlanta Baltimore Boston Chicago Cincinnati Columbus Dallas FW East Bay Ft. Lauderdale- Hartford Houston Jacksonville+ Long Island Austin Cleveland Indianapolis Kansas City Memphis Miami+ Milwaukee+ Nashville New York+ 2 Los Angeles Minneapolis New Orleans N. New Jersey Orlando- Portland Sacramento+ Salt Lake San Antonio San Diego San Francisco San Jose NATION Orange County Palm Beach Phoenix Pittsburgh Richmond Seattle St. Louis- Tampa Wash DC Charlotte Denver Oklahoma City Raleigh-Durham Stamford Norfolk

16 Cleveland Detroit+ Richmond Retail Market Cycle Analysis 3rd Quarter, 204 Atlanta Chicago+ Dallas FW Las Vegas Memphis+ Norfolk+ N. New Jersey Philadelphia Phoenix Riverside Denver NATION+ 6 Baltimore Houston Long Island Los Angeles Portland Seattle 7 8 Austin Boston East Bay Minneapolis San Diego 9 0 Miami Pittsburgh Raleigh-Durham+ Salt Lake San Jose+ Wash DC Honolulu New York San Francisco 2 LT Average Occupancy Cincinnati Jacksonville Kansas City Milwaukee Oklahoma City Orange County St. Louis 5 Hartford+ Palm Beach San Antonio Tampa Charlotte Columbus Ft. Lauderdale Indianapolis Nashville+ New Orleans Orlando Sacramento+ Stamford Source: Mueller,

17 Hotel Market Cycle Analysis 3rd Quarter, 204 Cincinnati Norfolk 2 Hartford+ Riverside Sacramento Stamford Cleveland Jacksonville+ Milwaukee Oklahoma City Orange County Raleigh-Durham+ San Antonio Columbus Kansas City Phoenix Richmond+ Baltimore+ 6 7 Dallas FW Detroit+ Indianapolis+ Memphis+ Salt Lake St. Louis Atlanta Charlotte+ Chicago+ Nashville+ N. New Jersey Philadelphia Wash DC+ NATION+ 8 9 Las Vegas New Orleans+ Boston Denver East Bay Ft. Lauderdale Houston+ Los Angeles+ Minneapolis+ Orlando Pittsburgh+2 Portland San Diego San Francisco San Jose Seattle Tampa+ 0 Source: Mueller, 204 Austin+ Honolulu Miami+ New York Palm Beach 2 Long Island 3 LT Average Occupancy 4 5 6

18 National Property Type Cycle Locations Phase II Expansion Phase III Hypersupply Hotel Full-Service Hotel Ltd. Service Retail st Tier Regional Mall Apartment Health Facility Retail Factory Outlet Retail Neighborhood/Community Office Downtown Industrial R&D Flex Senior Housing 8 9 Industrial Warehouse 0 2 LT Average Occupancy Office Suburban Retail Power Center Phase I Recovery 2nd Qtr 204 Source: Mueller, 204 Phase IV Recession

19 970s Cycle Factors Driving The First Half Cycle (5 Year) Strong Demand from the 960s that stopped Recession 974 Capital Flow - Mortgage REITs produced oversupply Factors Driving The Second Half Cycle (5 Year) Baby Boom Generation Goes to Work = Demand Capital Flow Shut Down = no supply = Lenders Recover Markets tighten and reach peak occupancy 979 (5% vacancy)

20 8% 970s Office Demand & Supply Demand Supply 6% 4% 2% 0% Oversupply Years Baby Boomers Go To Work Source: FW Dodge, CB Commercial, BLS, Mueller

21 980s Cycle Factors Driving The First Half Cycle (5 Year) Tight market in 979 pushes rents and prices up Inflation pushes real estate prices higher Tax Act of 98 attracts taxable investors supply up Thrift Deregulation allows capital to flow Factors Driving The Second Half Cycle (5 Year) Tax Act of 986 slows taxable investors, but not tax free Poor stock market attracts Pension & Foreign capital Rising R.E. prices masks poor income returns

22 0% 8% 6% 4% 2% 0% 980s Office Demand & Supply Demand Oversupply Years Supply Source: FW Dodge, CB Commercial, BLS, Mueller

23 990s Cycle Factors Driving The First Half Cycle (5 Year) Moderate but stable demand growth (99 recession minor) Oversupply and Foreclosures shut down construction Excess space Absorbed Markets Recover Factors Driving The Second Half Cycle (5 Year) Moderate Demand growth Continues Oversupply Absorbed and Return Performance improves Construction Constrained causing rents & prices to rise More Efficient Markets match supply to demand

24 3.0% 2.5% 2.0%.5%.0% 0.5% 0.0% 990s Office Demand & Supply Demand Oversupply Absorbed Supply Demand Supply Matched Source: FW Dodge, CB Commercial, BLS, Mueller

25 2000s Cycle Demand Globalization - creates more stable U.S. economy Job Growth out of Technology Change 2.8 million population growth per year for 0 years Baby boomers at highest income earning years second home market wave Echo boom children college, first job, & renting Aging population boomers START retiring in 204 Employment Growth drives commercial demand

26 2000s Cycle Supply Constraint Public Markets make R.E. Capital markets efficient Economically Driven capital - low spec construction Research Watchdogs Data Available Constrained Supply (economically driven capital) construction labor harder to find materials costs increasing (steel, concrete) infrastructure problems constrain growth Feedback loop keeps demand and supply in better balance greater transparency Faster reaction to demand slowdown

27 Stock Growth Beginning to Increase Stocks growth started to increase in 203 from a 42 year low Source: Property and Portfolio Research, August 203.

28 2000s US Office Demand & Supply 4.0% Office Demand & Supply 3.0% 2.0%.0% 0.0% -.0% % -3.0% Supply Reacted to Demand Slow Down Source: Property & Portfolio Research, Grubb & Ellis, Mueller 2009.

29 National Property Type Cycle Forecast Phase II Expansion Phase III Hypersupply Industrial Warehouse Retail Neighborhood/Community Hotel Full-Service+ Hotel Ltd. Service+ Retail st Tier Regional Malls+ 2 3 Office Suburban Industrial R&D Flex+ Retail Factory Outlet Health Facility Office Downtown Retail Power Center LT Average Occupancy Apartment Phase I Recovery 3rd Qtr 205 ESTIMATE Source: Mueller, 204 Phase IV Recession

30 Occupancy Cycle and Rent Growth Office Source: Property and Portfolio Research, Grubb & Ellis, Mueller August 203.

31 Office Market Cycle FORECAST 3rd Quarter, 205 Estimates Chicago Long Island Los Angeles Milwaukee St. Louis Wash DC 2 3 Albuquerque Cincinnati Detroit East Bay Hartford Kansas City Norfolk San Antonio 4 N. New Jersey Cleveland Stamford Denver Ft. Lauderdale Houston Indianapolis Las Vegas Memphis Orange County 5 Palm Beach Philadelphia Phoenix Richmond Sacramento San Diego Seattle Tampa NATION Atlanta+ Baltimore Boston Dallas FW Jacksonville Minneapolis New Orleans San Jose+ 6 7 Columbus Miami Oklahoma City Orlando Pittsburgh Riverside Charlotte+ New York Portland Raleigh-Durham San Francisco 8 9 Austin Honolulu Nashville Salt Lake 0 Source: Mueller, LT Average Occupancy 4 5 6

32 Occupancy Cycle and Rent Growth Industrial Source: Property and Portfolio Research, Grubb & Ellis, Mueller August 203.

33 Industrial Market Cycle FORECAST 3rd Quarter, 205 Estimates 2 3 Baltimore- Hartford Milwaukee New Orleans Oklahoma City Philadelphia Phoenix Wash DC Richmond Long Island Norfolk Orange County Sacramento Stamford Charlotte Cincinnati Columbus Ft. Lauderdale Miami Minneapolis Nashville+ Raleigh-Durham+ NATION 7 8 Atlanta Boston Chicago Cleveland Detroit East Bay Jacksonville Kansas City Las Vegas Memphis New York Orlando+ St. Louis Tampa Houston N. New Jersey Pittsburgh+ San Antonio San Diego 9 0 Austin Dallas FW Honolulu Indianapolis+ Portland Riverside Seattle Denver Los Angeles Palm Beach Salt Lake San Francisco San Jose 2 Source: Mueller, LT Average Occupancy 5 6

34 Occupancy Cycle and Rent Growth Apartment Source: Property and Portfolio Research, Grubb & Ellis, Mueller August 203.

35 Apartment Market Cycle FORECAST 3rd Quarter, 205 Estimates Baltimore Cincinnati East Bay Atlanta Boston Chicago Columbus- Dallas FW Hartford Jacksonville Long Island Los Angeles Memphis- Milwaukee+ New Orleans New York+ N. New Jersey Philadelphia Pittsburgh Portland Sacramento+ Salt Lake San Diego+ San Jose St. Louis- LT Average Occupancy Detroit 7 Honolulu Las Vegas+ 8 9 Source: Mueller, Riverside 3 Charlotte Cleveland Ft. Lauderdale Houston Indianapolis Kansas City Miami+ Minneapolis Nashville Oklahoma City Austin Denver Raleigh-Durham Seattle Wash DC Norfolk Orange County Orlando- Palm Beach Phoenix Richmond + San Antonio San Francisco Stamford Tampa NATION+

36 Occupancy Cycle and Rent Growth Retail Source: Property and Portfolio Research, Grubb & Ellis, Mueller August 203.

37 Retail Market Cycle FORECAST 3rd Quarter, 205 Estimates Cleveland Detroit St. Louis 2 Atlanta Chicago+ Columbus Dallas FW Las Vegas Memphis+ Milwaukee N. New Jersey Philadelphia Phoenix Sacramento Cincinnati Kansas City Norfolk Oklahoma City Orange County Richmond Riverside New Orleans Orlando Palm Beach Tampa NATION 6 7 Charlotte Ft. Lauderdale Hartford Indianapolis Jacksonville Nashville + San Antonio Stamford Baltimore Houston Long Island Los Angeles Raleigh-Durham Seattle Denver Portland 8 Austin East Bay Minneapolis Pittsburgh San Diego Wash DC 9 LT Average 0 Source: Mueller, 204 Boston Honolulu Miami New York Salt Lake San Francisco San Jose+ 2 Occupancy

38 Occupancy Cycle and Rent Growth US Hotel 8% 4% 0% -4% -8% -2% Hotel Occ Hotel Rent Growth

39 Norfolk 2 3 Cincinnati Hartford 4 Hotel Market Cycle FORECAST 5 Columbus Richmond+ Riverside Sacramento Stamford 3rd Quarter, 205 Estimates Baltimore+ Dallas FW Indianapolis+ Oakland Salt Lake St. Louis Jacksonville+ Kansas City Oklahoma City Phoenix San Antonio Cleveland Detroit Memphis+ Milwaukee Orange County Raleigh-Durham+ Las Vegas New Orleans Wash DC NATION LT Average Occupancy N. New Jersey Philadelphia Boston Chicago+ Denver East Bay Ft. Lauderdale Honolulu Houston+ Los Angeles+ Atlanta Charlotte+ Nashville+ Miami- Minneapolis+ Orlando Portland San Diego San Francisco San Jose Seattle Tampa+ Austin+ Long Island New York Palm Beach Pittsburgh+ Source: Mueller,

40 Financial Cycle Capital Flows affect Prices

41 Market Cycle Capital Flow Impact Capital Flows to Existing Properties Cost Feasible Rents Reached Hyper Supply LT Occupancy Avg. Capital Flows to New Construction

42 Bond Values DROP as Interest Rates Rise Bond Values DROP as Interest Rates Rise 0 Year Treasury Yields e 0-Year Treasury Yield Average Total Return Peak = 3.9% Average Total Return = 8.7% Average Yield = 6.% Average Total Return =.9% Source: U.S. Treasury Federal Reserve Bank of St. Louis, April 204; Moody s Forecast, 204.

43 U.S. Commercial Property Prices U.S. Transaction Volume Source: Real Capital Analytics, Inc., 204.

44 Portfolio Buyers Dominate Trades Billions Q 02Q 03Q 04Q 05Q 06Q 07Q 08Q 09Q 0Q Q 2Q 3Q Individual Portfolio Source: Real Capital Analytics April 203

45 Debt Capital Flows CMBS Issuance $ Billions Source: Commercial Mortgage Alert

46 Property Price Cycle Recovering Real Capital Analytics Real Commercial Property Price Index Current Price Recovery to 2007 Peak % CBD Office 08% Apartment 6% Retail 84% Industrial 90% Suburban Office 80% Major Markets = 08% Secondary Markets = 89% Source: Real Capital Analytics, Inc., May 204.

47 Next Favored Tier of Markets Emerging Rebounding RCA CPPI Still Challenged Seattle Miami Phila Dallas Houston Phoenix Atlanta Las Vegas 50 '0 '02 '03 '04 '05 '06 '07 '08 '09 '0 ' '2 50 '0 '02 '03 '04 '05 '06 '07 '08 '09 '0 ' '2

48 Property Price Cycle Recovering Historic Cap Rates Source: Real Estate Research Corporation Chicago, April 204.

49 Wide Yields Attracting Capital Spread Between Cap Rates and 0-Year Treasury by Sector Source: Real Capital Analytics, Q 204.

50 Gross vs. Net Returns Gross Asset Performance (without inflation) Source: Economic Report of the President, March 204; Analysis: How Inflation Affects a Portfolio, April 204.

51 Gross vs. Net Returns REAL Gross Asset Performance (inflation-adjusted) Source: Economic Report of the President, March 204; Analysis: How Inflation Affects a Portfolio, April 204.

52 Lump-Sum Performance $0,000 investment in 2 asset classes vs equally weighted portfolio for the 5-year period. Lump-sum Performance - August, 999 July 3, 204 Source: Lipper, Which Assets Perform When Inflation Is Low?, September 25, 204.

53 Composition of CRE Buyers 00% 90% Cross-Border Inst'l/Eq Fund Listed/REITs Private User/other 8% 9% 6% 8% 0% 9% 0% 6% 80% 70% 45% 23% 7% 27% 32% 28% 24% 60% 9% 7% 4% 9% 50% 8% 40% 0% 53% 30% 20% 33% 47% 37% 34% 4% 40% 0% 0% 4% 9% 9% 3% 6% 7% 5% '07 '08 '09 '0 ' '2 '3

54 Debt Capital: Credit Conditions Improving Composition of Lenders

55 Slowing Transactions A Common Trend AMERICAS EMEA ASIA PAC

56 Global Trade Routes Capital Flows Coming from Around the World Source: Real Capital Analytics, December 203.

57 2008 Physical and Financial Cycle 204 Physical Cycle Demand & Supply affect occupancies drives rental growth Employment & Demand growth resumed 2Q 200 Supply growth slowest in 43+ years (203 the bottom) supply increases in 204? RE moving to growth (depending on market & property type) 204 Financial Cycle Capital flows affect prices stock market rebound 203, volatile in 204? Real estate was safest investment alternative , pushing prices up Real estate prices dropped 2008, 2009 = buying opportunities Debt financing hard in creating buying opportunity for Cash Buyers Differentiate residential versus commercial real estate to your investors!

58 Topics Covered Economic Fundamentals 5 key Macro Economic Drivers of Real Estate Performance Economic Base Analysis Real Estate Physical Cycle Fundamentals Demand for Real Estate Supply of Real Estate Occupancy Cycles Rent Cycles Real Estate Financial Cycle Fundamentals Capital Flows Prices Cap Rates Interest Rates

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