NOI By Market4

FLIGHT TO QUALITY SUN BELT MIGRATION

RECENT CORPORATE RELOCATIONS AND EXPANSIONS AUSTIN CHARLOTTE TAMPA PHOENIXATLANTA DALLAS

RENT GROWTH 4Q YEAR OVER YEAR1 NET ABSORPTION / TOTAL INVENTORY LAST 12 MONTHS2

IN-PLACE GROSS RENT PER SF1

ATLANTA AUSTIN

CHARLOTTE TAMPA PHOENIX

CLASS A ASKING RENT ($/SF)1

LEASE EXPIRATIONS BY YEAR1

QUARTERLY NOI2

INCREASE IN 2ND GENERATION CASH NET RENT1

NET DEBT/EBITDA1