San Diego New Construction & Proposed Multifamily Projects 2Q19

ID PROPERTY UNITS 96 1 Anden 118 2 One Paseo Living 608 3 Salt 52 8 Palisade at Westfield UTC 300 10 Marisol 278 12 Montecito Apartments at Carlsbad 263 62 48 Total Lease Up 1,619 89 91 47 90 16 16 StreetLights at Vista 126 3 95 18 Escondido Gateway Grand 126 10 30 28 Block C Phase II 66 61 108 30 Breeze Hill 88 12 60 31 Vive on the Park Phase II 248 88 1 93 Total Under Construction 654 94 28 92 18 42 Lux UTC Phase II 445 43 University City Village Phase III 81 46 44 Outpost 53 46 Copper Hills Mixed-Use 189 47 Belvedere, The 90 87 48 Persea 305 55 Vive Lux 442 86 56 Merge 56 242 57 Courtyards Pacific Village, The 276 58 Scripps Ranch 264 107 60 Cannon Road Senior 98 78 61 Carlsbad Village Lofts 106 57 44 62 Taylor Street 90 56 2 80 Total Planned 2,681 89 North Coast Hwy 308 58 90 Park Villas at El Corazon 278 77 Winthrop Street 73 91 Pavilion at Oceanside, The 310 78 Del Mar Resort 86 92 Palomar Heights 225 79 79 Stone Creek 4,445 93 1100 West San Marcos 82 42 80 Poway Road 216 94 Main Square 519 84 Park Center Drive Townhomes 365 95 Newland Sierra 95 8 85 Winter Gardens 60 84 96 Lilac Hills Ranch 211 43 86 Elliott Pond 70 85 107 Solana Highlands Redevelopment 260 77 87 Vista Place 88 31 108 Encinas Creek 100 55 88 Marja Acres Residential Develop- 218 ment Total Prospective 8,009 2 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective a Berkshire Hathaway and Jefferies Financial Group company San Diego New Construction & Proposed Multifamily Projects 2Q19

ID PROPERTY UNITS 4 BLVD North Park 165 6 Hanover Mission Valley 385 82 83 11 Sereno 120 22 Total Lease Up 670 105 81 6 14 Purl 434 76 73 104 14 17 Escaya 273 41 39 20 Alexan Rivue 253 75 40 106 59 21 Strauss Fifth Avenue 141 74 22 Jefferson Pacific Beach 172 33 4 24 National City 50 72 54 26 Urbana 135 21 52 67 63 Total Under Construction 1,458 100

33 Camden Hillcrest 125 39 Montezuma 128 102 40 Alexan Fashion Valley 284 41 Heights at Fashion Valley, The 319 71 103 45 Santa Venetia Street 297 52 Park Blvd 58 54 University Avenue Manor 63 70 59 Little Flower 130 Total Planned 1,404 24 69 63 419 Upas Street 128 68 67 Wollcott Crossing 55 68 Park Lofts 306 69 Waypoint 180 70 Bella Vista Renovation 170 71 Northwest Village Creek 149 72 4089 Fairmount Avenue 73 26 73 Costa Villas 150 74 Mission Valley 840 45 75 Riverwalk Redevelopment 100 11 76 SDSU Mission Valley 100 102 Hilltop 128 20 81 Mission Valley 4,500 103 Village Center at Euclid & Market 839 82 Riverbend 996 104 Hazard Center Redevelopment 473 17 83 172 Wells Avenue 100 105 Qualcomm Stadium Site 4,800 100 6th Avenue & Olive Street 204 106 Jefferson La Mesa 230 Total Prospective 14,521 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective a Berkshire Hathaway and Jefferies Financial Group company San Diego New Construction & Proposed Multifamily Projects 2Q19

ID PROPERTY UNITS 5 Valentina by Alta 110 35 7 F11 99 9 K1 226 19 13 Park 12 - the Collection 718 5 Total Lease Up 1,153

15 Block, The 617 66 19 915 Grape 70 98 23 625 232 25 Park & Market 426 53 34 27 Pinnacle on the Park Phase II 472 99 29 4th + J 168 Total Under Construction 1,985 65 36 50 101 32 14th Street & Commercial Street 444 37 15 34 Citiplace 147 49 35 Columbia & Hawthorn 125 23 97 36 Pacific Heights 279 7 37 Park and Broadway 613 38 StreetLights Makers Quarter 295 64 38 49 11th & Broadway 618 25 50 220 Broadway 431 51 51 7th & Market 159 53 Union & Ash 395 Total Planned 3,506 27 29 9 64 Lofts at Eleventh Avenue, The 118 65 Rey Phase II, The 461 West Cedar Street & Kettner 66 Blvd - Holland 196 13 97 10th Avenue & E Street 365 98 1st Avenue & Beech Street 364 32 99 499 West Ash Street 336 101 Overture, The 282 94 Raytheon Site Redevelopment 50

Total Prospective 2,122 1000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective a Berkshire Hathaway and Jefferies Financial Group company San Diego New Construction and Proposed Multifamily Projects PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT-UP 1 Anden 152 North Twin Oaks Valley Road San Marcos CA 92069 Lease-Up 118 San Marcos 06/01/2018 01/31/2020 03/01/2019 2 One Paseo Living 3200 Paseo Village Way San Diego CA 92130 Lease-Up 608 Del Mar 07/12/2018 12/31/2019 04/26/2019 3 Salt 371 North Cleveland Street Oceanside CA 92054 Lease-Up 52 Oceanside 08/01/2018 10/31/2019 06/17/2019 4 BLVD North Park 2020 El Cajon Blvd San Diego CA 92104 Lease-Up 165 Central San Diego 03/01/2017 09/30/2019 07/01/2019 5 Valentina by Alta 1919 Pacific Hwy San Diego CA 92101 Lease-Up 110 Central San Diego 06/01/2017 09/30/2019 06/27/2019 6 Hanover Mission Valley 6161 Fairmount Avenue San Diego CA 92120 Lease-Up 385 Elliot - Navajo 02/01/2018 09/30/2019 05/30/2019 7 F11 1110 F Street San Diego CA 92101 Lease-Up 99 Central San Diego 06/01/2016 09/30/2019 12/14/2018 8 Palisade at Westfield UTC 8800 Lombard Place San Diego CA 92122 Lease-Up 300 University 10/01/2017 08/31/2019 06/17/2019 9 K1 330 13th Street San Diego CA 92101 Lease-Up 226 Central San Diego 09/01/2017 08/31/2019 06/10/2019 10 Marisol 3251 Marisol Place Carlsbad CA 92010 Lease-Up 278 Carlsbad 05/01/2017 08/31/2019 06/01/2018 11 Sereno 930 3rd Avenue Chula Vista CA 91911 Lease-Up 120 Chula Vista 03/31/2017 07/31/2019 07/01/2018 12 Montecito Apartments at Carlsbad 2510 West Ranch Street Carlsbad CA 92010 Lease-Up 263 Carlsbad 11/01/2016 07/31/2019 06/01/2018 13 Park 12 - the Collection 100 Park Plaza San Diego CA 92101 Lease-Up 718 Central San Diego 01/01/2016 07/31/2019 02/01/2018 Total Lease-Up 3,442 14 Purl Civita Blvd & Russell Pkwy San Diego CA 92108 Under Construction 434 Kearny Mesa 04/01/2018 01/31/2021 15 Block, The 710 Broadway San Diego CA 92101 Under Construction 617 Central San Diego 11/30/2018 12/31/2020 16 StreetLights at Vista 100 Main Street Vista CA 92083 Under Construction 126 Vista 03/29/2019 09/30/2020 17 Escaya SWC Heritage Road & Paseo Cultura Chula Vista CA 91913 Under Construction 273 Sweetwater 11/18/2018 06/30/2020 18 Escondido Gateway Grand 700 West Grand Avenue Escondido CA 92025 Under Construction 126 Escondido 11/01/2018 06/30/2020 19 915 Grape 915 West Grape Street San Diego CA 92101 Under Construction 70 Central San Diego 03/24/2019 06/30/2020 20 Alexan Rivue Solstice Avenue & Strata Street Chula Vista CA 91915 Under Construction 253 Sweetwater 03/01/2018 05/31/2020 21 Strauss Fifth Avenue 3534 5th Avenue San Diego CA 92103 Under Construction 141 Central San Diego 03/01/2018 05/31/2020 22 Jefferson Pacific Beach 4275 Mission Bay Drive San Diego CA 92109 Under Construction 172 Coastal 10/01/2017 03/31/2020 23 625 Broadway 625 Broadway San Diego CA 92101 Under Construction 232 Central San Diego 10/01/2017 01/31/2020 24 National City 715 South V Avenue National City CA 91950 Under Construction 50 National City 06/12/2018 01/31/2020 25 Park & Market Market Street & Park Blvd San Diego CA 92101 Under Construction 426 Central San Diego 12/01/2017 01/31/2020 26 Urbana 393 H Street Chula Vista CA 91910 Under Construction 135 Chula Vista 06/20/2018 12/31/2019 27 Pinnacle on the Park Phase II 424 15th Street San Diego CA 92101 Under Construction 472 Central San Diego 07/01/2016 12/31/2019 28 Block C Phase II 250 North City Drive San Marcos CA 92078 Under Construction 66 Escondido 09/14/2018 11/30/2019

Source: Yardi Matrix San Diego New Construction and Proposed Multifamily Projects PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT-UP 29 4th + J 372 4th Avenue San Diego CA 92101 Under Construction 168 Central San Diego 02/10/2018 08/31/2019 30 Breeze Hill 631 South Melrose Drive Vista CA 92081 Under Construction 88 Oceanside 05/05/2018 08/31/2019 31 Vive on the Park Phase II 8725 Ariva Court San Diego CA 92123 Under Construction 248 Kearny Mesa 12/01/2016 07/31/2019 Total Under Construction 4,097 32 14th Street & Commercial Street 14th Street & Commercial Street San Diego CA 92101 Planned 444 Central San Diego 33 Camden Hillcrest 4311 Third Avenue San Diego CA 92103 Planned 125 Central San Diego 34 Citiplace 110 West Ash Street San Diego CA 92101 Planned 147 Central San Diego 35 Columbia & Hawthorn Columbia Street & Hawthorn Street San Diego CA 92101 Planned 125 Central San Diego 36 Pacific Heights 11th Avenue & B Street San Diego CA 92101 Planned 279 Central San Diego 37 Park and Broadway 13th Street & C Street San Diego CA 92101 Planned 613 Central San Diego 38 StreetLights Makers Quarter SWC 16th Street & F Street San Diego CA 92101 Planned 295 Central San Diego 39 Montezuma 6213 Montezuma Road San Diego CA 92115 Planned 128 Mid-City 40 Alexan Fashion Valley 123 Camino De La Reina San Diego CA 92108 Planned 284 Kearny Mesa 41 Heights at Fashion Valley, The 6950 Friars Road San Diego CA 92108 Planned 319 Kearny Mesa 42 Lux UTC Phase II 4200 Brooke Court San Diego CA 92122 Planned 445 University 43 University City Village Phase III Governor Drive & Gullstrand Street San Diego CA 92122 Planned 81 University 44 Outpost 13247 Poway Road Poway CA 92064 Planned 53 Poway 45 Santa Venetia Street 1627 Santa Venetia Street Chula Vista CA 91913 Planned 297 Sweetwater 46 Copper Hills Mixed-Use Fallsview Road & San Elijo Road San Marcos CA 92078 Planned 189 San Dieguito 47 Belvedere, The 901 Mission Avenue Oceanside CA 92054 Planned 90 Oceanside 48 Persea 1333 North Santa Fe Avenue Vista CA 92084 Planned 305 Vista 49 11th & Broadway SEC 11th Avenue & Broadway San Diego CA 92101 Planned 618 Central San Diego 50 220 Broadway 220 West Broadway San Diego CA 92101 Planned 431 Central San Diego 51 7th & Market 701 Market Street San Diego CA 92101 Planned 159 Central San Diego 52 Park Blvd 3922 Park Blvd San Diego CA 92103 Planned 58 Central San Diego 53 Union & Ash 232 West Ash Street San Diego CA 92101 Planned 395 Central San Diego 54 University Avenue Manor 5556 University Avenue San Diego CA 92105 Planned 63 Mid-City 55 Vive Lux SEC Kearny Villa Road & Lightwave Avenue San Diego CA 92123 Planned 442 Kearny Mesa 56 Merge 56 Carmel Mountain Road & Via Panacea San Diego CA 92129 Planned 242 Del Mar

Source: Yardi Matrix San Diego New Construction and Proposed Multifamily Projects PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT-UP 57 Courtyards Pacific Village, The 10955 Carmel Mountain Road San Diego CA 92129 Planned 276 North San Diego 58 Scripps Ranch Scripps Poway Pkwy & Spring Canyon Road San Diego CA 92131 Planned 264 Poway 59 Little Flower 8585 La Mesa Blvd La Mesa CA 91942 Planned 130 La Mesa 60 Cannon Road Senior SEC Cannon Road & Wind Trail Way Carlsbad CA 92010 Planned 98 Carlsbad 61 Carlsbad Village Lofts 1044 Carlsbad Village Drive Carlsbad CA 92008 Planned 106 Carlsbad 62 Taylor Street Old Taylor Street & East Vista Way Vista CA 92084 Planned 90 Vista Total Planned 7,591 63 419 Upas Street 419 Upas Street San Diego CA 92103 Prospective 128 Central San Diego 64 Lofts at Eleventh Avenue, The 1122 G Street San Diego CA 92101 Prospective 118 Central San Diego 65 Rey Phase II, The 810 B Street San Diego CA 92101 Prospective 461 Central San Diego West Cedar Street & Kettner 66 West Cedar Street & Kettner Blvd San Diego CA 92101 Prospective 196 Central San Diego Blvd - Holland 67 Wollcott Crossing 4693 Grim Avenue San Diego CA 92104 Prospective 55 Central San Diego 68 Park Lofts 1509 National City Blvd National City CA 91950 Prospective 306 National City 69 Waypoint 1040 National City Blvd National City CA 91950 Prospective 180 National City 70 Bella Vista Renovation 4742 Solola Avenue San Diego CA 92113 Prospective 170 Southeast San Diego 71 Northwest Village Creek 4970 Market Street San Diego CA 92102 Prospective 149 Southeast San Diego 72 4089 Fairmount Avenue 4089 Fairmount Avenue San Diego CA 92105 Prospective 73 Mid-City 73 Costa Villas 1579 Morena Blvd San Diego CA 92110 Prospective 150 Kearny Mesa 74 Mission Valley Fashion Valley Road & Hotel Circle North San Diego CA 92108 Prospective 840 Kearny Mesa 75 Riverwalk Redevelopment Fashion Valley Road & Friars Road San Diego CA 92108 Prospective 100 Kearny Mesa 76 SDSU Mission Valley 9449 Friars Road San Diego CA 92108 Prospective 100 Kearny Mesa 77 Winthrop Street Limerick Avenue & Winthrop Street San Diego CA 92117 Prospective 73 Kearny Mesa 78 Del Mar Resort Camino Del Mar & Via de la Valle Del Mar CA 92014 Prospective 86 Del Mar 79 Stone Creek Camino Ruiz & Carroll Canyon Road San Diego CA 92126 Prospective 4,445 Mira Mesa 80 Poway Road 12941 Poway Road Poway CA 92064 Prospective 216 Poway 81 Mission Valley Friars Road & San Diego Mission Road San Diego CA 92108 Prospective 4,500 Elliot - Navajo 82 Riverbend Mission Gorge Road & Old Cliffs Road San Diego CA 92120 Prospective 996 Elliot - Navajo 83 172 Wells Avenue 172 Wells Avenue El Cajon CA 92020 Prospective 100 El Cajon

Source: Yardi Matrix San Diego New Construction and Proposed Multifamily Projects PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT-UP 84 Park Center Drive Townhomes Mast Blvd & Park Center Drive Santee CA 92071 Prospective 365 Santee 85 Winter Gardens 9224 Winter Gardens Blvd Lakeside CA 92040 Prospective 60 Lakeside 86 Elliott Pond H Street & Ramona Street Ramona CA 92065 Prospective 70 Ramona 87 Vista Place 242 North El Camino Real Encinitas CA 92024 Prospective 88 San Dieguito 88 Marja Acres Residential Development El Camino Real & Kelly Drive Carlsbad CA 92008 Prospective 218 Carlsbad 89 North Coast Hwy North Coast Hwy & Costa Pacifica Way Oceanside CA 92054 Prospective 308 Oceanside 90 Park Villas at El Corazon NWC Oceanside Blvd & Rancho Del Oro Drive Oceanside CA 92056 Prospective 278 Oceanside 91 Pavilion at Oceanside, The Foussat Road & Mission Avenue Oceanside CA 92054 Prospective 310 Oceanside 92 Palomar Heights 555 East Valley Pkwy Escondido CA 92025 Prospective 225 Escondido 93 1100 West San Marcos 1100 West San Marcos Blvd San Marcos CA 92078 Prospective 82 San Marcos 94 Main Square 1167 West San Marcos Blvd San Marcos CA 92078 Prospective 519 San Marcos 95 Newland Sierra Deer Springs Road & Mesa Rock Road San Marcos CA 92069 Prospective 95 Vista 96 Lilac Hills Ranch West Lilac Road & Mesa Lilac Road Escondido CA 92026 Prospective 211 Fallbrook 97 10th Avenue & E Street 10th Avenue & E Street San Diego CA 92101 Prospective 365 Central San Diego 98 1st Avenue & Beech Street 1st Avenue & Beech Street San Diego CA 92101 Prospective 364 Central San Diego 99 499 West Ash Street 499 West Ash Street San Diego CA 92101 Prospective 336 Central San Diego 100 6th Avenue & Olive Street 6th Avenue & Olive Street San Diego CA 92103 Prospective 204 Central San Diego 101 Overture, The 1122 4th Avenue San Diego CA 92101 Prospective 282 Central San Diego 102 Hilltop NWC Euclid Avenue & Hilltop Drive San Diego CA 92114 Prospective 128 Southeast San Diego 103 Village Center at Euclid & Market SWC Euclid Avenue & Market Street San Diego CA 92102 Prospective 839 Southeast San Diego 104 Hazard Center Redevelopment 7510 Hazard Center Drive San Diego CA 92108 Prospective 473 Kearny Mesa 105 Qualcomm Stadium Site Friars Road & Stadium Way San Diego CA 92108 Prospective 4,800 Kearny Mesa 106 Jefferson La Mesa Baltimore Drive & El Cajon Blvd La Mesa CA 91942 Prospective 230 La Mesa 107 Solana Highlands Redevelopment 701 South Nardo Avenue Solana Beach CA 92075 Prospective 260 San Dieguito 108 Encinas Creek Cannon Road & College Blvd Carlsbad CA 92010 Prospective 100 Carlsbad 95 Epic at Gateway Centre Phase II, The 3115 Grand Avenue Pinellas Park FL 33782 Prospective 112 Pinellas Park 96 Nouveau 10491 Gandy Blvd North St. Petersburg FL 33702 Prospective 68 Mainlands 97 One Park West SEC Carillon Pkwy & Ulmerton Road St. Petersburg FL 33716 Prospective 298 Mainlands

Source: Yardi Matrix San Diego New Construction and Proposed Multifamily Projects PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT-UP 98 Preserve at Lake Ashton, The Lake Ashton Blvd & Thompson Nursery Road Lake Wales FL 33859 Prospective 512 Lake Wales 99 Serenity at Lake Wales 820 Chalet Suzanne Road Lake Wales FL 33859 Prospective 335 Lake Wales 100 Jacks Road & US Route 27 Jacks Road & US Route 27 Davenport FL 33897 Prospective 426 Davenport/Haines City 101 Posner Boulevard Plymouth Drive & Posner Blvd Davenport FL 33837 Prospective 302 Davenport/Haines City 102 Retreat at Lake Wilson Old Lake Wilson Road & Osceola Polk Line Road Davenport FL 33896 Prospective 360 Davenport/Haines City 103 Retreat at Lake Wilson Phase II Old Lake Wilson Road & Osceola Polk Line Road Davenport FL 33896 Prospective 350 Davenport/Haines City 104 Shoppes at Citrus Ridge Citrus Ridge Road & US Highway 27 Davenport FL 33837 Prospective 300 Davenport/Haines City 105 Tierra Del Sol Bella Citta Blvd & US Route 27 Davenport FL 33897 Prospective 252 Davenport/Haines City 106 Arbours at Saddle Oaks Country Club Road & Old Pasco Road Wesley Chapel FL 33544 Prospective 264 Land O'Lakes/Odessa 107 Cypress Town Center SWC Interstate 75 & State Road 56 Wesley Chapel FL 33543 Prospective 230 Land O'Lakes/Odessa 108 Gables at Seven Oaks Eagleston Blvd & Stockton Drive Wesley Chapel FL 33544 Prospective 723 Land O'Lakes/Odessa Total Prospective 24,652 TOTAL SAN DIEGO 39,782

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