Boulder Q2 2020

BOULDER Q2 2020

MARKET REPORT INDUSTRIAL

FULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONS Privately-Owned and Operated for Over 40 Years 303.321.5888 UNIQUEPROP.COM Boulder Industrial

INDUSTRIAL MARKET REPORT

Market Key Statistics 2 Leasing 3 Rent 7 Construction 9 Under Construction Properties 10 Sales 11 Sales Past 12 Months 12 Economy 14 Market Submarkets 17 Supply & Demand Trends 19 Rent & Vacancy 21 Sale Trends 23

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Overview Boulder Industrial

12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 342 K 103 K 7.5% 1.9%

As Colorado slowly reopens its economy, all eyes will be starting on April 27, and certain businesses will be able on the reclamation of jobs this quarter to determine the to open on May 1 with some restrictions. On May 4, shape of the recovery. The recent national May large workplaces were allowed to open at 50 percent of employment data surprised to the upside, and could capacity, and are recommended to screen workers bode well for the Denver, which outperformed the before they enter the workplace. national benchmark in April. We will be updating our analysis frequently as more Initial unemployment claims in Colorado have climbed information becomes available. The current report largely past 550,000 since mid-March as the pandemic has reflects the environment before the pandemic. wrought economic damage across job sectors, specifically in retail, leisure and hospitality, and energy. The Boulder metro has a substantial flex inventory, But the latest weekly jobless claims suggest the worst is roughly 12.5 million SF, or nearly 50% of the broader in the rearview mirror. In the week ending on June 6, just industrial inventory. Out of the 390 metro areas in the under 13,000 initial claims were filed for the second country, only the similarly tech-driven San Jose metro straight week. Continuing jobless claims as of May 23 has a higher relative proportion of flex space. The flex were at about 245,000, down from over 265,000 in the vacancy rate was near cyclical lows heading into 2020. prior week. While the large scale distribution market is limited, this Fiscal and monetary stimulus was quickly enacted to subset has started to see some growth. In Louisville, provide a bridge for those impacted by the crisis, at least construction wrapped up on the second logistics property in the short-term. The Governor's stay-at-home orders of this cycle in the Colorado Technology Center. expired on April 26, although the counties of Denver, Broomfield, Adams, Arapahoe, and Jefferson extended After record-setting years of investment in previous shelter-in-place orders through May 8. years, sales volume moderated in 2019, but was still well above historical averages. Local officials are in agreement that the economy will be reopened in phases and social distancing policies will Investment activity is expected to slow to a crawl in the remain in place. The Governor has stated that all retail coming quarters due to the financial uncertainty of the establishments will be allowed to offer curbside delivery economy coming to a hard stop.

KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction Logistics 9,523,312 5.0% $10.51 7.8% 70,686 0 409,024 Specialized Industrial 5,384,430 2.4% $10.25 4.4% (4,266) 0 0 Flex 12,982,213 11.4% $13.19 16.2% (150,641) 0 26,000 Market 27,889,955 7.5% $11.69 11.0% (84,221) 0 435,024

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0.8% 11.1% 7.6% 17.8% 2007 Q4 5.8% 2020 Q1 Net Absorption SF 103 K 103,040 231,823 922,081 2000 Q3 (2,203,387) 2008 Q2 Deliveries SF 342 K 255,600 342,760 1,417,397 2000 Q4 0 2013 Q1 Rent Growth 1.9% 1.2% 1.2% 6.2% 2018 Q4 -5.9% 2002 Q2 Sales Volume $180 M $116.8M N/A $357.2M 2017 Q3 $22.6M 2009 Q4

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 2 Leasing Boulder Industrial

Last year, Boulder's industrial market had its strongest tied to the high tech or information sectors, on par with year for net absorption since 2016. More than 500,000 San Francisco's, and behind only San Jose's nationally. SF was net absorbed last year as only 160,000 SF Unsurprisingly, an unusually large amount of demand in delivered. This compressed vacancies to a cyclical low of the Boulder industrial market stems from tenants related just under 6% by the end of the year. to high tech industries.

Although leasing activity is likely to be slower as the Major tenants that occupy flex space, which comprises pandemic shutters non-essential businesses throughout 45% of the industrial stock (second only to San Jose the state, it would not be surprising to see tenants nationally), hail from a range of high tech industries. Flex expand during this time. For example, Amazon recently tenants that occupy at least 100,000 SF in the metro announced it would hire an additional 100,000 workers in include Seagate Technology (a data storage company), order to meet elevated delivery demand as people stay Valleylab (which produces electrosurgical platforms) and at home. Array BioPharma, a developer of small-molecule drugs aimed towards treating cancer. Roughly 20% of Boulder's office-using employment is

NET ABSORPTION, NET DELIVERIES & VACANCY

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 3 Leasing Boulder Industrial

VACANCY RATE

AVAILABILITY RATE

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 4 Leasing Boulder Industrial

12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

Net Absorption SF Building Name/Address Submarket Bldg SF Vacant SF 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 12 Month 333-335 Centennial Pky Boulder County Ind 411,485 0 36,662 111,257 0 0 184,876 Building B Boulder County Ind 165,075 0 0 165,075 0 0 165,075 Colorado Technology Center Boulder County Ind 136,610 0 0 0 0 0 136,610 Gunbarrel Business Park Boulder Ind 200,000 0 563 107 56,673 0 57,343 Gunbarrel Tech Center Boulder Ind 38,814 0 0 0 0 0 38,556 555 Aspen Ridge Dr Boulder County Ind 118,000 40,120 38,000 0 0 0 38,000 The Campus at Longmont (1) Longmont Ind 48,400 2,219 32,449 0 0 0 33,229 Colorado Tech Center Boulder County Ind 106,795 18,216 23,340 0 0 0 28,816 1391 Horizon Ave Boulder County Ind 26,217 0 25,417 800 0 0 26,217 Foothills Business Park Boulder Ind 125,336 0 0 0 0 0 19,200 PODS Facility Longmont Ind 128,100 0 0 0 0 0 18,608 Flatiron Park Boulder Ind 36,746 0 18,373 0 0 0 18,373 1900 55th St Boulder Ind 65,750 0 0 0 0 0 17,121 Avalon Business Park Boulder County Ind 30,000 0 15,000 0 0 0 15,000 Longmont Technology Park Longmont Ind 60,360 0 0 0 0 0 13,810 Monarch Park Boulder County Ind 17,087 0 0 0 0 0 11,886 The Campus at Longmont (2) Longmont Ind 27,000 0 0 0 0 0 11,230 Subtotal Primary Competitors 1,741,775 60,555 189,804 277,239 56,673 0 833,950 Remaining Boulder Market 26,148,180 2,027,674 (154,165) (373,312) (140,894) 0 (731,017) Total Boulder Market 27,889,955 2,088,229 35,639 (96,073) (84,221) 0 102,933

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 5 Leasing Boulder Industrial

TOP INDUSTRIAL LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Qtr Tenant Name Tenant Rep Company Leasing Rep Company

1800 Nelson Rd * Longmont 152,218 Q4 19 GE Appliance Repair - -

600 Tech Ct Boulder County 113,280 Q3 20 - JLL Etkin Johnson Real Est…

333-335 Centennial Pky Boulder County 58,000 Q1 20 Alpen Glass - CBRE

6455 Spine Rd Boulder 56,673 Q1 20 Hain Celestial Savills Vista Commercial Advi…

333-335 Centennial Pky Boulder County 52,000 Q1 20 Archer DX Inc Colliers International CBRE

6400 Lookout Rd Boulder 39,769 Q1 20 Front Range Biosciences - Keys Commercial Real…

6837 Winchester Cir Boulder 38,556 Q4 19 - - Vista Commercial Advi…

555 Aspen Ridge Dr Boulder County 38,000 Q1 20 - - Tebo Properties

1925 Pike Rd Longmont 38,000 Q3 19 - - JLL

333-335 Centennial Pky Boulder County 36,662 Q3 19 - - CBRE

321 S Taylor Ave Boulder County 34,843 Q2 20 Sierra Nevada Corporation Cushman & Wakefield Etkin Johnson Real Est…

1925 Pike Rd Longmont 20,000 Q3 19 PODS - JLL

410 S Sunset St Longmont 19,853 Q3 19 - - Health Connect Propert…

1753 Boxelder St Boulder County 19,473 Q2 20 Western Greens Gibbons-White, Inc. CBRE

3550 Frontier Ave Boulder 19,200 Q3 19 1908 Brands, Inc - Cushman & Wakefield

1325 Distel Dr Boulder County 15,000 Q4 19 - - Gibbons-White, Inc.

1900 55th St Boulder 12,335 Q3 19 - - The Colorado Group, Inc.

385 S Pierce Ave Boulder County 11,491 Q4 19 - - -

204 S Bowen St Longmont 8,985 Q3 19 - - The Colorado Group, Inc.

1820 Industrial Cir Longmont 8,062 Q3 19 BZI, Inc. - Gibbons-White, Inc.

21 S Sunset St Longmont 8,000 Q2 20 - - Summit Commercial Br…

465 S Pierce Ave Boulder County 7,300 Q3 20 - - The Colorado Group, Inc.

2907 55th St Boulder 7,300 Q1 20 Liberty Puzzles - LJD Enterprises Inc

5311 Western Ave Boulder 7,017 Q3 19 - - Gibbons-White, Inc.

4820 N 63rd St Boulder 6,337 Q3 19 - - The Colorado Group, Inc.

826-828 S Sherman St Longmont 6,250 Q4 19 - - The Colorado Group, Inc.

1779 Valtec Ln Boulder 6,000 Q2 20 - - The Colorado Group, Inc.

260 Pearl St Boulder 5,698 Q4 19 - - The Colorado Group, Inc.

3125 Sterling Cir Boulder 5,454 Q1 20 - - The Colorado Group, Inc.

2400-2438 30th St Boulder 5,382 Q2 20 - - Boulder Valley Real Est…

2400-2438 30th St Boulder 5,382 Q1 20 - - Boulder Valley Real Est…

6420 Gunpark Dr Boulder 4,981 Q3 19 Gym Number Five LLC - Dean Callan & Compan…

3063 Sterling Cir Boulder 4,853 Q1 20 - - The Colorado Group, Inc.

5763 Arapahoe Ave Boulder 4,776 Q3 19 - - The Colorado Group, Inc.

6880 Winchester Cir Boulder 4,409 Q2 20 - - Chrisman Commercial;…

6519 E Arapahoe Rd Boulder 4,050 Q1 20 - - Matrix Group, Inc.

1218 Commerce Ct Boulder County 4,000 Q4 19 Artemite - WK Real Estate

1255 Rock Creek Cir Boulder County 3,750 Q2 20 Bionatus LLC Savills Dean Callan & Compan…

4699 Nautilus Ct S Boulder 3,717 Q2 20 - - The Colorado Group, Inc. *Renewal

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 6 Rent Boulder Industrial

Due to an abrupt change in market conditions due to the average. coronavirus outbreak, leasing activity, and rental Over the past five years, industrial rents have observations by extension, are likely to be minimal in the consistently grown faster than the metro's historical near term. Additionally, uncertainty surrounding financial average, but slightly below the national average. markets are likely to keep many landlords, tenants, and their lenders on the sidelines until the virus is contained There are reasons for optimism in the long term outlook: and stay-at-home orders are lifted. That being said, The industrial vacancy rate was close to cycle lows tenants in “essential businesses” could be looking to heading into 2020 and the flex vacancy rate at a cycle expand during the crisis as demand rises in consumer low. Moreover, leasing at speculative development staples. (namely in the CTC) was exceptional before the pandemic. With tight conditions and a demonstrated After a record-setting year of rent growth 2018, annual strong response to new supply, landlords were holding gains noticeably decelerated last year. Despite this trend, solid pricing power when leases come to term. rents in 2019 still grew well above their long term

MARKET RENT GROWTH (YOY)

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 7 Rent Boulder Industrial

MARKET RENT PER SQUARE FEET

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 8 Construction Boulder Industrial

The Colorado Governor's stay-at-home order considers as a positive given the current market conditions induced jobs in the construction industry as “essential or critical”, by the coronavirus pandemic, there is supply pressure which would allow developers to move forward with looming. The amount of under construction space, projects if they choose. Deteriorating economic roughly 750,000 SF, reached a cyclical high at the end of conditions could keep upcoming groundbreakings on 20Q1. Over 60% of that space was available for lease. hold, and speculative projects slated to deliver in 2020 must grapple with the uncertainty of demand. Four 100,000-plus SF projects are in the pipeline. Allen Company has 165,000 SF and 133,000 SF underway in In 2019, industrial deliveries in Boulder reached their Louisville, and Etkin Johnson is building 146,000 SF and lowest point since 2015, and all of this new space was 113,000 SF warehouses at its Louisville Corporate leased by the end of the year. While this could be viewed Campus.

DELIVERIES & DEMOLITIONS

SUBMARKET CONSTRUCTION

Under Construction Inventory Average Building Size

No. Submarket Bldgs SF (000) Pre-Leased SF (000) Pre-Leased % Rank All Existing Under Constr Rank 1 Boulder County 4 357 28 8.0% 2 32,664 89,256 1 2 Longmont 2 78 78 100% 1 25,657 39,000 2 3 Boulder 0 - - - - 29,951 - - Totals 6 435 106 24.5% 29,733 72,504

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 9 Under Construction Properties Boulder Industrial

Properties Square Feet Percent of Inventory Preleased 6 435,024 2.9% 24.5%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Louisville Corporate Ca… Etkin Johnson Real Estate Partne… 1 146,318 1 Mar 2020 Jan 2021 725 Tech Ct Etkin Johnson Real Estate Partne… Building A Allen Company Inc 2 133,556 1 May 2019 Sep 2020 682 CTC Blvd Allen Company Inc Vista Buisness Park - 3 51,150 2 Aug 2019 Mar 2021 Horizon Ave Own It Storage Vista Building C West Rac Contracting Corp. 4 40,000 1 Aug 2019 Sep 2020 1925 Pike Rd West Rac Contracting Corp. Building B West Rac Contracting Corp. 5 38,000 1 Aug 2019 Aug 2020 1925 Pike Rd West Rac Contracting Corp. Sustainable Supply - 6 26,000 2 Feb 2020 Aug 2020 1376-1404 Horizon Ave Microg Lacoste

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 10 Sales Boulder Industrial

Boulder does not have a stock of large-scale distribution Star, 38,000 SF flex building that was renovated into centers that would attract the major institutional players. pure creative office space. The sale price was $15.5 With a compelling demographic and tech-driven million and Apple leases the entire property on a term economic story, the metro nonetheless receives that ends in mid-2026. significant attention from mid-sized investors with a national scope,. Healthy investment interest drives Another notable trade last year was Ivy Realty Services competitive pricing: Out of roughly 300 metro areas with acquisition of 6150 Lookout Road from Etkin Johnson for less than 50 million SF of industrial space, Boulder's $10.5 million ($208/SF). The building features a 16-foot market cap rate is in the lowest 10% of markets. clear height, three dock high and 7 grade level doors. The building delivered in 1981 and the seller On the surface, sales volume in 2019 looked like it may implemented a $2 million capital improvement plan after have taken a step back, but investors remained active in it took over. The building is fully leased by First RF Corp, the mid-tier range. For example, in November, Fred and the reported cap rate was near 7%. Alger & Company acquired 5360 Sterling Drive, a 3-

SALES VOLUME & MARKET SALE PRICE PER SF

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 11 Sales Past 12 Months Boulder Industrial

Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 49 5.1% $166 3.3%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $325,000 $5,974,404 $2,500,000 $49,000,000

Price/SF $62 $166 $168 $405

Cap Rate 4.9% 5.1% 5.2% 5.3%

Time Since Sale in Months 0.6 7.8 8.4 11.9

Property Attributes Low Average Median High Building SF 1,300 34,303 18,500 411,485

Ceiling Height 10' 15'1" 15' 28'

Docks 0 2 0 17

Vacancy Rate At Sale 0% 3.3% 0% 95.6%

Year Built 1912 1981 1984 2005

Star Rating 2.3

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 12 Sales Past 12 Months Boulder Industrial

RECENT SIGNIFICANT SALES

Property Sale

Property Name - Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF Cap Rate 333-335 Centennial Pky 1 - 1995 411,485 0% 7/10/2020 $49,000,000 $119 -

5550 Airport Blvd 2 - 1991 178,713 0% 5/28/2020 $39,737,500 $222 -

5360 Sterling Dr 3 - 2000 38,263 0% 11/22/2019 $15,500,000 $405 5.3%

1821 Lefthand Cir 4 - 1979 20,000 25.3% 1/8/2020 $7,400,000 $370 -

2420 Trade Centre Ave 5 - 1997 32,460 0% 10/29/2019 $5,234,172 $161 -

5305 Sterling Dr 6 - 1996 27,330 0% 8/26/2019 $4,978,626 $182 -

6859 N Foothills Hwy 7 - 1990 54,036 0% 4/27/2020 $4,800,000 $89 -

2410 Trade Centre Ave 8 - 1989 26,724 0% 10/29/2019 $4,489,936 $168 -

2400 Trade Centre Ave 9 - 1989 25,200 0% 10/29/2019 $4,152,951 $165 -

2500 Trade Centre Ave 10 - 1997 25,200 0% 10/29/2019 $3,922,941 $156 -

5300 Sterling Dr 11 - 1983 20,832 95.5% 8/26/2019 $3,771,374 $181 -

3210 Valmont Rd 12 - 1975 10,932 0% 8/1/2019 $3,375,000 $309 -

The Veris Bldg 13 - 1997 17,087 0% 9/30/2019 $3,188,461 $187 - 6315 Monarch Park Pl 1860 Lefthand Cir 14 - 1983 19,200 0% 12/17/2019 $3,175,000 $165 -

379 S Arthur Ave 15 - 2005 14,989 0% 11/14/2019 $2,500,000 $167 -

4820 N 63rd St 16 - 1984 19,660 42.0% 1/28/2020 $2,447,470 $124 -

26 S Sunset St 17 - 1980 15,000 0% 3/11/2020 $2,000,000 $133 -

Craftsman Units - Bldg R 18 - 2003 5,040 54.5% 12/17/2019 $1,900,000 $377 - 3100 Carbon Pl 686 S Taylor St 19 - 1986 13,052 0% 4/29/2020 $1,835,000 $141 -

11 S Main St 20 - 1984 9,880 0% 8/9/2019 $1,650,000 $167 -

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 13 Economy Boulder Industrial

As Colorado slowly reopens its economy, all eyes will be (Weld County) posted 3.5% population growth for a on the reclamation of jobs this quarter to determine the second straight year in 2017, a cyclical high. Fort Collins shape of the recovery. The recent national May saw its population rise by 1.6% in 2017, virtually employment data surprised to the upside, and could unchanged from the 1.7% increase the prior year. bode well for the Denver, which outperformed the national benchmark in April. Notably, much of the explosive growth in the Greeley metro is occurring in far southwest Weld County, Initial unemployment claims in Colorado have climbed bordering Longmont, and easily within commuting past 550,000 since mid-March as the pandemic has distance to central Boulder. Cities here such as Erie, wrought economic damage across job sectors, Firestone, and Frederick each saw cumulative population specifically in retail, leisure and hospitality, and energy. growth of 22% or more over the past five years, and But the latest weekly jobless claims suggest the worst is residential development is exploding. The Southwest in the rearview mirror. In the week ending on June 6, just Weld County apartment submarket illustrates the under 13,000 initial claims were filed for the second dramatic growth here: The market-rate apartment stock straight week. Continuing jobless claims as of May 23 is slated to climb from less than 150 units at the start of were at about 245,000, down from over 265,000 in the 2016, to 1,500 units by year-end 2019, with many of the prior week. smaller cities here now seeing their first-ever large apartment developments. Fiscal and monetary stimulus was quickly enacted to provide a bridge for those impacted by the crisis, at least A takeaway from the growth in Weld County is that in the short-term. The Governor's stay-at-home orders affordable housing options are being created in expired on April 26, although the counties of Denver, close—and commutable—proximity to the city of Boulder. Broomfield, Adams, Arapahoe, and Jefferson extended This should facilitate economic expansion, and act as shelter-in-place orders through May 8. some counter to the headwinds posed by the difficulty of residential building (and increasing lack of affordable Local officials are in agreement that the economy will be options) in the city of Boulder itself. reopened in phases and social distancing policies will remain in place. The Governor has stated that all retail Housing prices are a staggering 75% of the peak of the establishments will be allowed to offer curbside delivery last cycle. According to the Federal Housing Finance starting on April 27, and certain businesses will be able Agency's All-Transactions House Price Index, home to open on May 1 with some restrictions. On May 4, prices have increased by more than 10% annually on large workplaces were allowed to open at 50 percent of average over the last five years, and have increased at capacity, and are recommended to screen workers an annual rate north of 8% in every quarter since the before they enter the workplace. start of 2014.

Boulder developed into a dynamic economy in the past A number of different industries have contributed to this decade, and job growth outperformed the national growth, but high tech companies continue to grab most benchmark for the virtual entirety of the last cycle. Total of the headlines, and for good reason. Tech companies nonfarm payrolls exceed the prerecession peak by have flourished in Boulder thanks to a well-developed roughly 30,000, representing cumulative growth of about infrastructure that stems from a synergistic relationship 20% since 2010. Annual job gains have consistently with the University of Colorado. Firms looking to hire remained around 3% in 2019, well above the national have no shortage of qualified graduates from which to average. choose, although the labor market—both in Boulder and in the broader Colorado Front Range—has been Affordability is an increasing concern, and likely a exceptionally tight for years. predominant factor in the population growth slowdown observed over the past two years. Population data The amount of flex space in Boulder speaks to how released in September 2018 pegged 2017 population important the tech sector is to the economy. Flex space, growth at a mere 0.4%, down from 1.0% in 2016. From which draws demand from high-tech tenants needing 2011 to 2015, the population grew by an average of both office and R&D space, represents just over half of 1.5% per year. Meanwhile, population growth held steady the entire industrial stock. San Jose is the only other in more affordable Northern Colorado metros. Greeley metro in the country where flex space comprises at least

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 14 Economy Boulder Industrial half of the industrial stock. expansion of the campus. Several Fortune 500 companies also help solidify the Amazon, Uber, and Twitter also have a presence in the economy, including GE, IBM, Lockheed Martin, and metro, and the high tech backbone should continue to be Qualcomm. Google, which employed three or four an important source of high-paying job growth in hundred employees in the metro earlier in the cycle, now Boulder. Of course, there's always the possibility of being employs upwards of 1,000 and is actively expanding with overly exposed to a certain sector, and high tech and the completion of its 200,000-SF campus. The firm information jobs do account for about 20% of office- bought the first phase of its campus in a record-breaking using employment, in the neighborhood of San deal, and further made its commitment to the area clear Francisco's level. by announcing plans to move forward with a 100,000-SF

BOULDER EMPLOYMENT BY INDUSTRY IN THOUSANDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 18 1.1 -7.55% -8.83% 1.86% 0.15% 1.42% 1.36% Trade, Transportation and Utilities 24 0.7 -8.10% -10.53% 1.07% 0.09% 1.97% 2.15% Retail Trade 16 0.8 -10.58% -12.52% 0.36% -0.55% 2.39% 2.59% Financial Activities 7 0.6 -3.65% -1.47% -0.31% 1.13% 0.89% 0.78% Government 38 1.3 -1.47% -4.27% 1.93% -0.47% 1.35% 0.87% Natural Resources, Mining and Construction 6 0.5 -5.04% -8.10% 3.00% 1.97% 1.13% 2.04% Education and Health Services 27 0.9 1.74% -7.10% 3.22% 1.18% 0.98% 2.79% Professional and Business Services 39 1.4 3.17% -8.27% 3.31% 1.55% 0.68% 2.55% Information 8 2.1 -6.61% -6.37% -0.97% -0.12% 1.35% 2.09% Leisure and Hospitality 15 1.1 -28.50% -38.38% -0.89% -2.43% 6.03% 10.20% Other Services 6 0.9 -5.12% -16.97% 0.98% -0.85% 1.58% 3.57% Total Employment 189 1.0 -5.10% -11.15% 1.74% 0.27% 1.65% 2.72% Source: Oxford Economics LQ = Location Quotient

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 15 Economy Boulder Industrial

YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics

DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro U.S. Metro U.S. Metro U.S. Metro U.S. Population 327,006 329,740,031 0.3% 0.5% 1.0% 0.6% 0.5% 0.5% Households 129,019 122,429,844 0.2% 0.4% 0.8% 0.7% 0.4% 0.4% Median Household Income $88,047 $64,482 2.1% 1.9% 3.6% 2.6% 2.8% 2.7% Labor Force 199,011 158,090,938 0.7% -3.1% 1.6% 0.3% 0.6% 1.1% Unemployment 9.0% 13.4% 6.6% 9.8% 0.2% 0.4% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 16 Submarkets Boulder Industrial

BOULDER SUBMARKETS

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 17 Submarkets Boulder Industrial

SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction as % of Inventory

No. Submarket Bldgs SF (000) % Market Rank Bldgs SF (000) Percent Rank Bldgs SF (000) Percent Rank 1 Boulder 383 11,471 41.1% 1 0 0 0% - 0 - - - 2 Boulder County 311 10,158 36.4% 2 4 342 3.4% 1 4 357 3.5% 1 3 Longmont 244 6,260 22.4% 3 0 0 0% - 2 78 1.2% 2

SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 1 Boulder $13.10 1 2.0% 1 1.4% 2 2 Boulder County $11.29 2 2.0% 2 2.2% 1 3 Longmont $9.81 3 1.3% 3 0.7% 3

SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 1 Boulder 525,930 4.6% 1 (84,698) -0.7% 3 - 2 Boulder County 739,992 7.3% 2 199,643 2.0% 1 1.7 3 Longmont 822,307 13.1% 3 (12,011) -0.2% 2 -

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 18 Supply & Demand Trends Boulder Industrial

OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 29,131,123 322,154 1.1% 338,095 1.2% 1.0 2023 28,808,969 301,147 1.1% 314,126 1.1% 1.0 2022 28,507,822 193,989 0.7% 254,778 0.9% 0.8 2021 28,313,833 196,455 0.7% 205,955 0.7% 1.0 2020 28,117,378 569,226 2.1% (61,581) -0.2% - YTD 27,889,955 341,803 1.2% (144,655) -0.5% - 2019 27,548,152 159,100 0.6% 554,953 2.0% 0.3 2018 27,389,052 449,739 1.7% 444,385 1.6% 1.0 2017 26,939,313 331,963 1.2% 289,395 1.1% 1.1 2016 26,607,350 232,991 0.9% 614,464 2.3% 0.4 2015 26,374,359 81,472 0.3% 45,058 0.2% 1.8 2014 26,292,887 204,232 0.8% 771,741 2.9% 0.3 2013 26,088,655 (83,691) -0.3% 88,808 0.3% - 2012 26,172,346 (51,826) -0.2% 137,926 0.5% - 2011 26,224,172 64,700 0.2% 155,438 0.6% 0.4 2010 26,159,472 27,389 0.1% 514,783 2.0% 0.1 2009 26,132,083 26,600 0.1% (169,934) -0.7% - 2008 26,105,483 (1,388,187) -5.0% (95,082) -0.4% -

SPECIALIZED INDUSTRIAL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 5,384,430 0 0% 5,560 0.1% 0 2023 5,384,430 0 0% 9,729 0.2% 0 2022 5,384,430 0 0% 4,677 0.1% 0 2021 5,384,430 0 0% (43,112) -0.8% - 2020 5,384,430 0 0% 73,169 1.4% 0 YTD 5,384,430 0 0% 78,608 1.5% 0 2019 5,384,430 0 0% 112,923 2.1% 0 2018 5,384,430 0 0% 30,658 0.6% 0 2017 5,384,430 (4,034) -0.1% (63,612) -1.2% - 2016 5,388,464 0 0% 50,838 0.9% 0 2015 5,388,464 (192,115) -3.4% (173,863) -3.2% - 2014 5,580,579 27,752 0.5% 265,528 4.8% 0.1 2013 5,552,827 0 0% 59,637 1.1% 0 2012 5,552,827 0 0% (21,706) -0.4% - 2011 5,552,827 0 0% 153,476 2.8% 0 2010 5,552,827 27,389 0.5% 167,957 3.0% 0.2 2009 5,525,438 0 0% (304,590) -5.5% - 2008 5,525,438 (1,700,000) -23.5% 792 0% -

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 19 Supply & Demand Trends Boulder Industrial

LOGISTICS SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 10,581,704 259,505 2.5% 256,388 2.4% 1.0 2023 10,322,199 242,582 2.4% 228,686 2.2% 1.1 2022 10,079,617 156,268 1.6% 179,066 1.8% 0.9 2021 9,923,349 196,661 2.0% 245,295 2.5% 0.8 2020 9,726,688 481,731 5.2% 130,542 1.3% 3.7 YTD 9,523,312 278,355 3.0% 69,531 0.7% 4.0 2019 9,244,957 128,100 1.4% 462,770 5.0% 0.3 2018 9,116,857 246,950 2.8% 162,462 1.8% 1.5 2017 8,869,907 154,429 1.8% (65,098) -0.7% - 2016 8,715,478 1,775 0% 250,879 2.9% 0 2015 8,713,703 59,137 0.7% (90,153) -1.0% - 2014 8,654,566 64,000 0.7% 255,421 3.0% 0.3 2013 8,590,566 (47,428) -0.5% (20,259) -0.2% - 2012 8,637,994 (26,069) -0.3% 155,290 1.8% - 2011 8,664,063 64,700 0.8% 173,474 2.0% 0.4 2010 8,599,363 0 0% 150,109 1.7% 0 2009 8,599,363 5,000 0.1% 26,723 0.3% 0.2 2008 8,594,363 68,959 0.8% 231,052 2.7% 0.3

FLEX SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 13,164,989 62,649 0.5% 76,147 0.6% 0.8 2023 13,102,340 58,565 0.4% 75,711 0.6% 0.8 2022 13,043,775 37,721 0.3% 71,035 0.5% 0.5 2021 13,006,054 (206) 0% 3,772 0% - 2020 13,006,260 87,495 0.7% (265,292) -2.0% - YTD 12,982,213 63,448 0.5% (292,794) -2.3% - 2019 12,918,765 31,000 0.2% (20,740) -0.2% - 2018 12,887,765 202,789 1.6% 251,265 1.9% 0.8 2017 12,684,976 181,568 1.5% 418,105 3.3% 0.4 2016 12,503,408 231,216 1.9% 312,747 2.5% 0.7 2015 12,272,192 214,450 1.8% 309,074 2.5% 0.7 2014 12,057,742 112,480 0.9% 250,792 2.1% 0.4 2013 11,945,262 (36,263) -0.3% 49,430 0.4% - 2012 11,981,525 (25,757) -0.2% 4,342 0% - 2011 12,007,282 0 0% (171,512) -1.4% - 2010 12,007,282 0 0% 196,717 1.6% 0 2009 12,007,282 21,600 0.2% 107,933 0.9% 0.2 2008 11,985,682 242,854 2.1% (326,926) -2.7% -

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 20 Rent & Vacancy Boulder Industrial

OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $12.35 140 1.6% 6.0% 2,135,894 7.3% -0.1% 2023 $12.16 137 2.5% 4.3% 2,151,219 7.5% -0.1% 2022 $11.86 134 3.4% 1.8% 2,163,530 7.6% -0.3% 2021 $11.48 130 0.1% -1.5% 2,223,648 7.9% -0.1% 2020 $11.46 130 -1.7% -1.7% 2,232,696 7.9% 2.1% YTD $11.69 132 0.3% 0.3% 2,088,229 7.5% 1.7% 2019 $11.66 132 4.3% 0% 1,601,771 5.8% -1.5% 2018 $11.17 126 6.2% -4.1% 1,997,624 7.3% -0.1% 2017 $10.53 119 4.4% -9.7% 1,992,270 7.4% 0.1% 2016 $10.09 114 4.1% -13.5% 1,942,067 7.3% -1.5% 2015 $9.69 110 4.5% -16.9% 2,331,175 8.8% 0.1% 2014 $9.27 105 4.8% -20.5% 2,285,611 8.7% -2.2% 2013 $8.85 100 3.0% -24.1% 2,853,120 10.9% -0.6% 2012 $8.59 97 1.6% -26.3% 3,025,619 11.6% -0.7% 2011 $8.46 96 0.4% -27.5% 3,215,371 12.3% -0.4% 2010 $8.42 95 -2.4% -27.8% 3,306,109 12.6% -1.9% 2009 $8.63 98 -2.5% -26.0% 3,793,503 14.5% 0.7% 2008 $8.85 100 0.8% -24.1% 3,596,969 13.8% -4.0%

SPECIALIZED INDUSTRIAL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $10.97 144 1.9% 5.0% 157,109 2.9% -0.1% 2023 $10.77 141 2.8% 3.0% 162,669 3.0% -0.2% 2022 $10.47 137 3.7% 0.2% 172,398 3.2% -0.1% 2021 $10.10 132 0.5% -3.4% 177,075 3.3% 0.8% 2020 $10.05 132 -3.8% -3.8% 133,963 2.5% -1.4% YTD $10.25 134 -1.9% -1.9% 128,524 2.4% -1.5% 2019 $10.45 137 3.0% 0% 207,132 3.8% -2.1% 2018 $10.15 133 7.0% -2.9% 320,055 5.9% -0.6% 2017 $9.48 124 5.4% -9.3% 350,713 6.5% 1.1% 2016 $8.99 118 3.9% -14.0% 291,135 5.4% -0.9% 2015 $8.65 113 3.6% -17.2% 341,973 6.3% -0.1% 2014 $8.35 109 5.8% -20.1% 360,225 6.5% -4.3% 2013 $7.89 103 3.1% -24.5% 598,001 10.8% -1.1% 2012 $7.65 100 2.6% -26.8% 657,638 11.8% 0.4% 2011 $7.46 98 0.8% -28.6% 635,932 11.5% -2.8% 2010 $7.40 97 -2.1% -29.2% 789,408 14.2% -2.6% 2009 $7.56 99 -1.0% -27.7% 929,976 16.8% 5.5% 2008 $7.63 100 2.9% -27.0% 625,386 11.3% -20.9%

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 21 Rent & Vacancy Boulder Industrial

LOGISTICS RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $11.14 144 1.7% 5.6% 570,687 5.4% -0.1% 2023 $10.96 142 2.5% 3.9% 567,121 5.5% 0% 2022 $10.68 138 3.5% 1.3% 552,704 5.5% -0.3% 2021 $10.33 133 0.3% -2.1% 575,018 5.8% -0.6% 2020 $10.30 133 -2.4% -2.4% 623,316 6.4% 3.5% YTD $10.51 136 -0.4% -0.4% 480,875 5.0% 2.1% 2019 $10.55 136 3.6% 0% 272,051 2.9% -3.7% 2018 $10.18 132 6.4% -3.4% 606,721 6.7% 0.8% 2017 $9.57 124 4.5% -9.2% 522,233 5.9% 2.4% 2016 $9.16 118 3.6% -13.2% 302,706 3.5% -2.9% 2015 $8.84 114 4.8% -16.2% 551,810 6.3% 1.8% 2014 $8.44 109 6.0% -20.0% 393,370 4.5% -2.3% 2013 $7.96 103 4.7% -24.5% 584,791 6.8% -0.3% 2012 $7.61 98 2.9% -27.9% 611,960 7.1% -2.1% 2011 $7.39 95 1.2% -30.0% 793,319 9.2% -1.3% 2010 $7.30 94 -2.4% -30.8% 902,093 10.5% -1.7% 2009 $7.48 97 -3.4% -29.1% 1,052,202 12.2% -0.3% 2008 $7.74 100 0.4% -26.6% 1,073,925 12.5% -2.0%

FLEX RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $13.85 136 1.5% 6.5% 1,408,098 10.7% -0.2% 2023 $13.65 134 2.3% 5.0% 1,421,429 10.8% -0.2% 2022 $13.34 131 3.2% 2.6% 1,438,428 11.0% -0.3% 2021 $12.93 127 0% -0.6% 1,471,555 11.3% 0% 2020 $12.93 127 -0.5% -0.5% 1,475,417 11.3% 2.7% YTD $13.19 129 1.4% 1.4% 1,478,830 11.4% 2.7% 2019 $13.00 128 5.2% 0% 1,122,588 8.7% 0.4% 2018 $12.36 121 5.7% -5.0% 1,070,848 8.3% -0.5% 2017 $11.69 115 3.9% -10.1% 1,119,324 8.8% -2.0% 2016 $11.25 110 4.5% -13.5% 1,348,226 10.8% -0.9% 2015 $10.76 106 4.6% -17.2% 1,437,392 11.7% -1.0% 2014 $10.28 101 3.8% -20.9% 1,532,016 12.7% -1.3% 2013 $9.91 97 1.9% -23.8% 1,670,328 14.0% -0.7% 2012 $9.73 95 0.5% -25.2% 1,756,021 14.7% -0.2% 2011 $9.68 95 -0.2% -25.5% 1,786,120 14.9% 1.4% 2010 $9.70 95 -2.5% -25.4% 1,614,608 13.4% -1.6% 2009 $9.95 98 -2.4% -23.5% 1,811,325 15.1% -0.7% 2008 $10.19 100 0.3% -21.6% 1,897,658 15.8% 4.5%

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 22 Sale Trends Boulder Industrial

OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$170.70 208 6.8% 2023 ------$167.38 204 6.8% 2022 ------$161.73 197 6.8% 2021 ------$152.43 186 7.0% 2020 ------$151.56 185 7.2% YTD 15 $113.7M 2.7% $8,662,404 $149.22 4.9% $160.08 195 6.9% 2019 75 $187.7M 6.2% $3,712,819 $121.03 6.4% $158.07 192 6.8% 2018 47 $259.4M 7.0% $7,190,929 $144.01 7.3% $146.24 178 6.9% 2017 88 $337.6M 13.0% $4,603,907 $101.84 7.3% $131.77 160 7.1% 2016 49 $131.7M 7.2% $3,505,387 $79.44 7.4% $120.12 146 7.3% 2015 46 $132.7M 5.7% $3,447,549 $97.93 8.0% $110.95 135 7.5% 2014 72 $157.5M 7.2% $3,072,077 $89.07 7.7% $99.88 122 7.9% 2013 44 $39.2M 3.9% $1,371,361 $73.10 7.8% $91.50 111 8.1% 2012 54 $79.6M 5.8% $1,844,950 $56.33 7.3% $86.78 106 8.3% 2011 47 $92.6M 5.1% $2,618,555 $72.67 11.4% $82.71 101 8.6% 2010 23 $47.3M 2.1% $3,040,227 $86.26 - $79.35 97 8.9% 2009 20 $22.6M 1.1% $1,636,077 $84.51 7.9% $75.21 92 9.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

SPECIALIZED INDUSTRIAL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$153.41 213 6.8% 2023 ------$149.93 208 6.8% 2022 ------$144.40 201 6.9% 2021 ------$135.65 188 7.0% 2020 ------$134.43 187 7.2% YTD 5 $61.2M 8.8% $12,230,506 $129.29 - $142.08 197 6.9% 2019 9 $37.3M 7.7% $4,667,348 $94.52 6.1% $140.74 195 6.9% 2018 8 $11.2M 6.6% $2,793,966 $35.71 6.4% $130.11 181 7.0% 2017 16 $54M 13.3% $4,153,985 $78.30 8.2% $116.24 161 7.2% 2016 11 $32.9M 8.9% $4,112,745 $70.32 8.4% $104.83 146 7.4% 2015 11 $23.6M 5.2% $2,364,053 $92.56 - $97.21 135 7.6% 2014 14 $19.9M 9.5% $1,990,383 $40.08 - $87.35 121 8.0% 2013 6 $14.3M 5.9% $2,854,680 $82.03 6.9% $79.48 110 8.3% 2012 4 $7.6M 2.5% $2,411,370 $53.90 - $75.09 104 8.5% 2011 13 $24.9M 7.0% $2,766,946 $70.42 13.0% $72.20 100 8.7% 2010 5 $6.1M 1.3% $5,456,100 $98.70 - $69.87 97 9.0% 2009 4 $3.2M 0.5% $798,500 $112.64 - $66.29 92 9.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 23 Sale Trends Boulder Industrial

LOGISTICS SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$162.41 213 6.7% 2023 ------$159.17 209 6.7% 2022 ------$153.67 201 6.8% 2021 ------$144.66 190 6.9% 2020 ------$143.64 188 7.1% YTD 6 $7.7M 0.8% $1,638,438 $103.58 4.9% $151.80 199 6.8% 2019 27 $52.8M 5.3% $2,891,488 $130.79 6.8% $149.87 197 6.8% 2018 19 $51.7M 4.4% $3,933,694 $150.37 7.8% $138.37 181 6.9% 2017 21 $30.7M 4.1% $2,339,093 $120.94 6.3% $124.14 163 7.0% 2016 19 $32.7M 4.9% $2,130,873 $91.63 - $113.56 149 7.2% 2015 14 $21.7M 2.8% $1,548,324 $87.42 - $105.09 138 7.4% 2014 30 $36.8M 6.1% $1,632,439 $80.11 7.3% $94.26 124 7.8% 2013 25 $14.3M 4.8% $865,076 $76.24 8.4% $85.13 112 8.2% 2012 20 $27.5M 4.6% $1,776,518 $74.33 - $80.69 106 8.4% 2011 15 $11.1M 3.2% $1,307,542 $44.05 9.8% $76.78 101 8.6% 2010 12 $17.6M 3.0% $1,718,956 $68.47 - $73.58 96 8.9% 2009 11 $9.5M 1.9% $1,247,143 $65.69 7.5% $69.58 91 9.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

FLEX SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$184.19 203 6.8% 2023 ------$180.87 199 6.8% 2022 ------$175.06 193 6.8% 2021 ------$165.30 182 7.0% 2020 ------$164.69 181 7.2% YTD 4 $44.9M 1.7% $11,226,243 $208.69 - $173.85 191 6.9% 2019 39 $97.6M 6.3% $3,976,419 $129.72 6.2% $171.51 189 6.8% 2018 20 $196.6M 8.9% $10,345,240 $171.71 7.3% $158.94 175 6.9% 2017 51 $252.9M 19.2% $5,354,792 $106.65 7.0% $144.03 159 7.1% 2016 19 $66.2M 8.2% $4,631,019 $79.34 6.8% $131.47 145 7.3% 2015 21 $87.4M 7.9% $6,120,701 $102.59 8.0% $121.11 133 7.5% 2014 28 $100.8M 7.0% $5,432,576 $124.12 8.1% $109.35 120 7.8% 2013 13 $10.5M 2.4% $1,267,000 $60.73 - $101.33 112 8.0% 2012 30 $44.5M 8.1% $1,816,917 $49.32 7.3% $96.26 106 8.2% 2011 19 $56.7M 5.6% $3,127,032 $84.61 - $91.58 101 8.5% 2010 6 $23.6M 1.9% $5,739,438 $102.80 - $87.68 97 8.8% 2009 5 $9.8M 0.9% $4,672,500 $105.18 8.3% $83.19 92 9.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

7/28/2020 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 24