ECONOMIC OVERVIEW The Memphis News: Q1 Economic Overview A quick look at key economic indicators from a range of industries, including real estate, fi nance and transportation

REAL ESTATE

Commercial Sales: Number and total volume* Residential Sales: Number and average price* New Home Permits: Number and average price* 3,882 258

209

*Data include all sales and permits in Shelby County. Source: Chandler Reports, chandlerreports.com

FIVE BIG DEALS LOGISTICS, TRANSPORTATION AND MANUFACTURING

1. Sedgwick Planning $34M Expansion Purchasing Managers Index Freight Transportation Services Index Memphis-based Sedgwick Claims Management announced a $34 million relocation and expansion of its corporate headquarters. The company, which currently operates out of two locations – 90,000 square feet at 1100 Ridgeway Loop Blvd. and 80,000 square feet at 2620 Thousand Oaks Blvd. – was awarded a $10.4 million tax incentive to consolidate into a 245,808-square-foot facility at 8155 T&B Blvd., the current headquarters of Thomas & Betts Corp. 2. ‘Town Center’ Plan Could Bring Retail, Theater, More to Germantown The developers behind a proposed 32-acre mixed-use develop- ment west of Saddle Creek want to create a walkable “town cen- ter” environment in Germantown by adding 254,500 square feet of retail space, including a 40,000-square-foot theater; 56,400 square feet of o ce space; a 130-room hotel; 302 apartments; and 2,031 parking spaces. Scott Taylor, president and CEO of Carter USA, billed the development as a regional attraction that would keep entertainment dollars in Germantown and also draw in visitors from the rest of Shelby County and North . 3. SouthernSun to Overhaul, Move Into A PMI reading above 50 percent indicates that the *Most recent fi gure available. The Transportation Services Index manufacturing economy is generally expanding; below 50 (TSI) is a measure of the month-to-month changes in the output Hickman Building Downtown percent that it is generally declining. Source: Institute for of services provided by the for-hire transportation industries. SouthernSun Asset Management unveiled a $16 million plan to Supply Management Source: Bureau of Transportation Statistics turn the nine-story Hickman Building, 240 Madison Ave., into a mixed-use project that houses the Memphis-based investment Memphis International Airport fi rm's headquarters, plus 40 apartments, 5,000 square feet of retail and a connected parking structure. Formerly known as the Total Passengers Medical Arts Building, the structure has been dormant since 1971. (enplaned and deplaned) 4. MRG Proposes Apartments Near Edge Of A nearly century-old neighborhood that was torn in two when came crashing to a halt at the doorstep of Over- ton Park is again on the precipice of change. Overton Gateway, Makowsky Ringel Greenberg’s proposed multifamily development at Sam Cooper Boulevard and East Parkway, tentatively calls for seven, fi ve-story multifamily buildings – two on the north side of Sam Cooper and fi ve on the larger parcel south of Sam Cooper. Total Cargo Handled 5. Bally’s, Resorts Tunica Sell for $44M (lbs.) Penn National Gaming Inc. entered into a agreement to buy RIH Acquisitions MS I LLC and RIH Acquisitions MS II LLC, the holding companies for Bally’s Casino Tunica and Resorts Casino Tunica – for roughly $44 million in cash. The transaction still has to be ap- proved by the Mississippi Gaming Commission. Once the deal is complete, Penn will operate Bally’s and Resorts Tunica and lease the underlying property from Gaming and Leisure Properties Inc. Source: Memphis-Shelby County Airport Authority WALL STREET

Stock prices from six Memphis-based public companies* FedEx Corp. FedEx AutoZone Inc. Inc. AutoZone Fred's Inc. Fred's International Paper Co. Paper International

Stock prices from six companies with large local presence* Gannett Co. Inc. Gannett Co. BancorpSouth Inc. BancorpSouth Nucor Corp. Nucor Tenet Healthcare Corp. Healthcare Tenet

HUMAN RESOURCES

Memphis MSA Total Nonfarm Employment Memphis MSA Unemployment Rate 641,900

5.2% Source: Department of Labor and Workforce Development Workforce Labor and of Department Tennessee Source:

*Most recent fi gures available *Most recent fi gures available Bureau Census U.S. Source: