Southern Market Update SouthernUpdated April 21, 2020 Nevada Market Update Local Economic

SouthernFundamentals Nevada Market Update Resident Population Growth 2018 to 2019 Rank State Annual Growth 1 Idaho +2.09% 2 Nevada +1.74% 3 Arizona +1.69% 4 Utah +1.66% #2 Nevada 5 Texas +1.28% 6 South Carolina +1.27% 7 Washington +1.21% 8 Colorado +1.19% 9 Florida +1.10% 10 North Carolina +1.03% U.S. Average +0.48%

Source: U.S. Census Bureau Southern Nevada Market Update Nevada Population and Growth

3.2 2.5% 3.1 3.1 Millions 2.0% 3.0 1.7%

2.9 1.5% 2.8 2.7 1.0% 2.6 0.5% 2.5 2.4 0.0% '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

Source: U.S. Census Bureau Southern Nevada Market Update Clark County Population

2.4 2.3

Millions 2.2

2.0

1.8

1.6

1.4

1.2

1.0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Census Bureau (Metropolitan area population data is only available through 2018 from the US Census Bureau) Southern Nevada Market Update Clark County Population Growth

6%

5%

4%

3%

2% 1.8%

1%

0% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Census Bureau (Metropolitan area population data is only available through 2018 from the US Census Bureau) Southern Nevada Market Update Population Growth Largest 30 Metropolitan Areas

3.0% 2.5% 2.0% 1.8% 1.5% 1.0% 0.5% 0.0% -0.5%

Source: U.S. Census Bureau (Metropolitan area population data is only available through 2018 from the US Census Bureau) Southern Nevada Market Update +1.8% (net) +40,600 Residents

Source: U.S. Census Bureau Southern Nevada Market Update +111 Per Day +4.6 Per Hour

Source: U.S. Census Bureau Southern Nevada Market Update Newcomers to Clark County Based on Drivers License Surrenders

Share of Top 5 States Newcomers 1 California 36.1% 2 Florida 5.8% 3 Texas 4.8% 4 Arizona 4.5% 5 Illinois 3.6%

Source: Nevada Department of Motor Vehicles Southern Nevada Market Update Newcomers to Clark County Based on Drivers License Surrenders

State # of Newcomers State # of Newcomers State # of Newcomers State # of Newcomers California 25,042 Michigan 1,131 Massachusetts 506 Wyoming 256 Florida 3,994 Pennsylvania 1,001 Alaska 415 Mississippi 225 Texas 3,335 New Jersey 989 South Carolina 414 North Dakota 197 Arizona 3,105 Virginia 960 Kansas 383 South Dakota 154 Illinois 2,477 North Carolina 792 Oklahoma 361 Other 147 Washington 2,460 Missouri 787 Louisiana 352 New Hampshire 136 Hawaii 2,345 New Mexico 725 Iowa 340 West Virginia 112 Colorado 2,217 Wisconsin 722 Alabama 327 Maine 93 Utah 2,120 Indiana 690 Connecticut 325 Delaware 90 New York 1,897 Tennessee 672 Nebraska 322 District of Columbia 83 Georgia 1,329 Minnesota 653 Arkansas 311 Rhode Island 80 Ohio 1,231 Maryland 614 Kentucky 302 Vermont 60 Oregon 1,157 Idaho 589 Montana 296 TOTAL 69,321 Source: Nevada Department of Motor Vehicles Southern Nevada Market Update Where Are Retirees Moving?

Source: SmartAsset Southern Nevada Market Update U-Haul Moving Prices Truck for 3 to 4 Bedroom Home

Oakland

OAKLAND TO $2,454 Southern Nevada Market Update U-Haul Moving Prices Truck for 3 to 4 Bedroom Home

Oakland

LAS VEGAS TO Oakland $124 Southern Nevada Market Update Job Growth in the Nation

Rank State Annual Growth 1 Utah +3.11% 2 Idaho +2.91% 3 Arizona +2.79% 4 Texas +2.71% #10 Nevada 5 Washington +2.44% 6 Florida +2.38% 7 Alabama +2.22% 8 North Carolina +2.09% 9 Colorado +2.06% 10 Nevada +1.94% U.S. Average +1.40%

Source: U.S. Bureau of Labor Statistics (December 2019 vs. December 2018) Southern Nevada Market Update Employment Growth Largest 30 Metropolitan Areas

4%

3% 2.5%

2%

1%

0%

Source: U.S. Bureau of Labor Statistics (December 2019 vs. December 2018) Southern Nevada Market Update Employment Las Vegas Metropolitan Area

1,100 Present: 1,048,500

1,000 Thousands 900

800

700

600

500 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update Employment Growth Las Vegas Metropolitan Area | Year-over-Year

10% 102 Consecutive Months of Positive Growth

5%

0%

-5%

-10%

-15% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update Employment Growth Las Vegas Metropolitan Area | Last 12 Months

Construction 9,400 Leisure and Hospitality 7,200 Professional and Business Services 5,000 Financial Activities 3,700 Education and Health Services 2,100 Manufacturing 1,200 Other Services 1,100 Information 200 Net Job Growth: Government 100 + 25,200 Mining and Logging -100 Trade, Transportation and Utilities -4,700

Source: U.S. Bureau of Labor Statistics (December 2019 vs. December 2018) Southern Nevada Market Update Unemployment Rate

Variance Las Vegas MSA United States 16% 14% 12% 10% 8% 6% 4% 3.5% 3.4% 2% 0% -2% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update Fast Growing Personal Income

Rank State Annual Growth 1 Washington 6.8% 2 Utah 6.3% 3 Nevada 5.7% #3 Nevada 4 Colorado 5.7% 5 Arizona 5.5% 6 Idaho 5.4% 7 Texas 5.3% 8 Florida 5.2% 9 Montana 5.0% 10 Oregon 4.9% Lowest Highest Source: U.S. Bureau of Economic Analysis (2018 vs. 2017) Southern Nevada Market Update Percent Change in Real GDP by State Q1 2019 vs Q2 2019

Nevada’s GDP Growth Is Among the Highest in the Nation

Source: U.S. Bureau of Economic Analysis Southern Nevada Market Update Percent Change in Real GDP by County 2017 vs 2018

Clark County’s Real GDP Grew Over 2.5x Faster Than the U.S. Average

Source: U.S. Bureau of Economic Analysis Southern Nevada Market Update Percent Change in Real GDP by County 2017 vs 2018

Clark County’s Real GDP Grew Over 2.5x Faster Than the U.S. Average

Source: U.S. Bureau of Economic Analysis Southern Nevada Market Update Indicator Current Period Prior Period Growth Population 2019 2,266,715 2009 1,939,407 327,308 16.9% ▲ Employment1 Dec ’19 1,030,900 Dec ‘09 827,042 203,858 24.6% ▲ Unemployment Rate Dec ’19 3.5% Dec ‘09 12.7% -9.2 pts. -9.2 pts. ▼

Average Weekly Hours Worked (Private) Dec ’19 33.8 Dec ’09 35.0 -1.2 -3.6% ▼

Average Weekly Wages (Private) Dec ’19 $841.62 Dec ’09 $682.15 $159.47 18.9% ▲

Economic Electric Meter Hookups1 Nov ’19 838,880 Nov ’09 725,421 113,459 15.6% ▲ Snapshot Drivers License Surrenders1 Dec ’19 75,611 Dec ’09 55,048 20,563 37.4% ▲ Existing Home Closings1,4 Dec ’19 45,841 Dec ’09 51,367 -5,526 -10.8% ▼ Ten-Year Existing Home Median Closing Price1,4 Dec ’19 $272,791 Dec ’09 $126,579 $146,212 115.5% ▲ New Home Closings1,4 Dec ’19 9,816 Dec ’09 5,244 4,572 87.2% ▲ Growth New Home Median Closing Price1,4 Dec ’19 $387,242 Dec ’09 $212,816 $174,426 81.9% ▲ Las Vegas MSA Initial Unemployment Insurance Claims1,3 Dec ‘19 9,938 Dec ‘09 28,318 -18,380 -64.9% ▼ Average Daily Auto Traffic: I-15 at NV/CA Border Dec ‘19 43,705 Dec ‘09 39,188 4,517 11.5% ▲

McCarran International Airport Passengers1 Dec ’19 51,537,638 Dec ’09 40,469,012 11,068,626 27.4% ▲

Visitor Volume1 Dec ’19 42,576,800 Dec ’09 36,351,469 6,225,331 17.1% ▲

Convention Attendance1 Dec ’19 6,649,100 Dec ’09 4,492,275 2,156,825 48.0% ▲

Gross Gaming Revenue1,2 Dec ‘19 $10,355,716,950 Dec ‘09 $8,838,262,928 $1,517,454,022 17.2% ▲

Taxable Retail Sales1,2 Dec ‘19 $47,551,974,898 Dec ‘09 $28,503,924,065 $19,048,050,833 66.8% ▲

Source: [1] Figures expressed as trailing 12-month values; [2] Indicator is the value for Clark County, NV; [3] Indicator is the value for Nevada; [4] Indicator is the value for Las Vegas Area Southern Nevada Market Update Indicator Current Period Prior Period Growth Population 2019 2,266,715 2018 2,226,115 40,600 1.8% ▲ Employment1 Dec ’19 1,030,900 Dec ’18 1,006,683 24,217 2.4% ▲ Unemployment Rate Dec ’19 3.5% Dec ’18 4.5% -1.0 pts -1.0 pts. ▼

Average Weekly Hours Worked (Private) Dec ’19 33.8 Dec ’18 33.9 -0.7 -2.1% ▼

Average Weekly Wages (Private) Dec ’19 $841.62 Dec ’18 $823.09 +$18.53 +2.3% ▲

Economic Electric Meter Hookups1 Nov ’19 838,880 Nov ’18 824,202 14,678 1.8% ▲ Snapshot Drivers License Surrenders1 Dec ’19 75,611 Dec ’18 76,256 -645 -0.8% ▼ Existing Home Closings1,4 Dec ’19 45,841 Dec ’18 47,875 -2,034 -4.2% ▼ Year-Over- Existing Home Median Closing Price1,4 Dec ’19 $272,791 Dec ’18 $257,150 $15,641 6.1% ▲ New Home Closings1,4 Dec ’19 9,816 Dec ’18 9,944 -128 -1.3% ▼ Year Growth New Home Median Closing Price1,4 Dec ’19 $387,242 Dec ’18 $383,185 $4,057 1.1% ▲ Las Vegas MSA Initial Unemployment Insurance Claims1,3 Dec ‘19 9,938 Dec ’18 10,341 -403 -3.9% ▼ Average Daily Auto Traffic: I-15 at NV/CA Border Dec ‘19 43,705 Dec ’18 45,095 -1,390 -3.1% ▼

McCarran International Airport Passengers1 Dec ’19 51,537,638 Dec ’18 49,718,526 1,819,112 3.7% ▲

Visitor Volume1 Dec ’19 42,576,800 Dec ’18 42,116,900 459,900 1.1% ▲

Convention Attendance1 Dec ’19 6,649,100 Dec ’18 6,501,800 147,300 2.3% ▲

Gross Casino Gaming Revenue1,2 Dec ‘19 $10,355,716,950 Dec ’18 $10,250,569,556 $105,147,394 1.0% ▲

Taxable Retail Sales1,2 Dec ‘19 $47,551,974,898 Dec ‘18 $44,318,917,554 $3,233,057,344 7.3% ▲

Source: [1] Figures expressed as trailing 12-month values; [2] Indicator is the value for Clark County, NV; [3] Indicator is the value for Nevada; [4] Indicator is the value for Las Vegas Area Southern Nevada Market Update Housing

SouthernAffordability Nevada Market Update Rank State Annual Growth House Price Appreciation 1 Idaho +11.25% House Price Index Growth 2 Utah +7.49% 3 Arizona +7.48% 4 Maine +7.47% 5 Indiana +6.89% 6 Vermont +6.85% 7 New Mexico +6.37% #12 Nevada 8 New Hampshire +5.88% 9 Tennessee +5.81% 10 Kansas +5.81% 11 Wisconsin +5.77% 12 Nevada +5.76% 13 Nebraska +5.66% 14 Michigan +5.38% 15 Montana +5.33% Source: Federal Housing Finance Agency (Q3 2018 vs. Q3 2019). Note: Excludes District of Columbia. Southern Nevada Market Update House Price Index Growth Largest 30 Metropolitan Areas

9% 8% 7% 6% 5% 4% 2.9% 3% 2% 1% 0%

Source: Federal Housing Finance Agency (Q3 2018 vs. Q3 2019) Southern Nevada Market Update Single Family Median Home Price Largest 30 Metropolitan Areas

$1,200,000 $1,000,000 $800,000 $600,000 $400,000 $309,300 $200,000 N/A N/A $0

Source: National Association of Realtors (Q4 2019) Southern Nevada Market Update Housing Opportunity Index Las Vegas MSA

100 88.7 90 80 70 59.4 60 50 46.4 40 30

20 13.0 10 0 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: National Association of Homebuilders Southern Nevada Market Update U.S. Mortgage Interest Rates Fixed-Rate

15-Year 30-Year 9% 8% 7% 6% 5% 4% 3.7% 3% 3.2% 2% 1% 0%

Source: Freddie Mac Southern Nevada Market Update Average Apartment Rents

$1,200 $1,138 $1,100

$1,000

$900

$800

$700

$600

$500 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: REIS Southern Nevada Market Update New Home Market

SouthernSupply Nevada Market-Demand Update New Home Closings Las Vegas Area 45,000 50% 40,000 38,705 40% 30% 35,000 20% 30,000 10% 25,000 0% 20,000 -10% -20% 15,000 9,816 -30% 10,000 3,793 -40% 5,000 -50% 0 -60% '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 Source: SalesTraq Southern Nevada Market Update New Home Median Closing Price Las Vegas Area $450,000 50% $374,944 $400,000 40% $350,000 30% $300,000 20% $250,000 10% $200,000 0% $150,000 -10% $100,000 -20% $50,000 -30% $0 -40% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: SalesTraq Southern Nevada Market Update New Home Average Price per SF Las Vegas Area $250 30% 25% $200 $191.10 20% 15% $150 10% 5% $100 0% -5% $50 -10% -15% $0 -20% '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: SalesTraq Southern Nevada Market Update New Home Market Share As a Percentage of Total Home Sales

70%

60%

50%

40%

30%

20% 17.6%

10%

0% '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: SalesTraq Southern Nevada Market Update Actively Selling Subdivisions

600

500

400

300 213 200

100

0

SFR (Blue) '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Attached (Red) Source: SalesTraq Southern Nevada Market Update Actively Selling Subdivisions By Product Type Single Family Condo/Townhouse Condo/Townhouse Share of Product Offerings 250 14% 8 12.7% 7 15 12% 200 8 20 27 9.8% 10%

150 6 8% 6.7%

100 6% 4% 3.4% 3.4% 50 2%

0 0% '13 '14 '15 '16 '17 '18 '19 '15 '16 '17 '18 '19 Source: SalesTraq (Excludes High- and Mid-Rises Built Prior to Displayed Periods) Southern Nevada Market Update Resale Home Market

SouthernSupply Nevada Market-Demand Update Resale Home Closings Las Vegas Area 70,000 80%

60,000 58,522 60%

50,000 45,841 40%

40,000 20%

30,000 0% -4.2% 20,000 -20%

10,000 -40%

0 -60% '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 Source: SalesTraq Southern Nevada Market Update Resale Home Median Closing Price Las Vegas Area $350,000 40% $280,000 30% $300,000 20% $250,000 10% $200,000 0%

$150,000 -10% -20% $100,000 -30% $50,000 -40% $0 -50% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: SalesTraq Southern Nevada Market Update Resale Home Average Price per SF Las Vegas Area $200 50% $170.98 $180 40% $160 30% $140 20% $120 10% $100 0% $80 -10% $60 -20% $40 -30% $20 -40% $0 -50% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: SalesTraq Southern Nevada Market Update Resale Home Price Appreciation

Southern Nevada Market Update Single Family Residential Closings Southern Nevada 45,000 80% 40,000 60% 35,000 32,458 40% 30,000 25,000 20%

20,000 0% -0.6% 15,000 -20% 10,000 -40% 5,000 0 -60% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '06 '08 '10 '12 '14 '16 '18 Source: GLVAR Southern Nevada Market Update Single Family Residential Median Closing Price Southern Nevada $350,000 40% $312,990 30% $300,000 20% $250,000 10% 6.0% $200,000 0%

$150,000 -10% -20% $100,000 -30% $50,000 -40% $0 -50% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: GLVAR Southern Nevada Market Update Condo/Townhouse Closings Southern Nevada 12,000 160% 140% 10,000 120%

7,890 100% 8,000 80% 60% 6,000 40% 20% 4,000 0% -1.4% 2,000 -20% -40% 0 -60% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '06 '08 '10 '12 '14 '16 '18 Source: GLVAR Southern Nevada Market Update Condo/Townhouse Median Closing Price Southern Nevada $250,000 60%

40% $200,000 $178,000 20% 8.9% $150,000 0%

$100,000 -20% -40% $50,000 -60%

$0 -80% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: GLVAR Southern Nevada Market Update Southern Nevada Market Update Nevada Homeowner’s Equity

Q3 2010 Q3 2015 Q3 2019

Under Water Under Water Under Water 19.0% 69.6% 3.6%

Positive Positive Positive 30.4% 81.0% 96.4%

Source: CoreLogic Southern Nevada Market Update Homeowner’s Equity

United States Nevada

Under Water Under Water 3.8% 3.6%

Positive Positive 96.2% 96.4%

Source: CoreLogic Southern Nevada Market Update Notices of Breach Notices of Trustee Deeds and Default Trustee Sale (Foreclosures) Clark County, NV Clark County, NV Clark County, NV

90,000 70,000 40,000

80,000 60,000 35,000 70,000 30,000 50,000 60,000 25,000 50,000 40,000 20,000 40,000 30,000 15,000 30,000 20,000 10,000 20,000 10,000 10,000 5,000

0 0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

Source: Clark County Assessor's Office Southern Nevada Market Update Mortgage Defaults in Nevada Mortgages Past Due or in Foreclosure

160,000 140,000 134,159 120,000 100,000 80,000 60,000 40,000 20,000 16,123 0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: Mortgage Banker’s Association, National Delinquency Survey Southern Nevada Market Update Mix of Resale Closings Distressed Sales (Short, Auction and REO)

4.0% 3.2% 100% 7.2% 12.3% 96.8% 90% 16.1% 92.8% 96.0% 23.5% 87.7% 80% 83.9% 70% 37.0% 76.5% 60% 63.0% 50% 40% 61.9% 30% 72.8% 38.1% 20% 27.2% 10% 0% '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: Applied Analysis/SalesTraq Southern Nevada Market Update Bank-Owned Homes 1,291 (10 Days of Effective Inventory)

Rank Bank Count 1 US Bank 519 2 Fannie Mae 222 3 First American Trust 206 4 BNY Mellon 86 5 Freddie Mac 39 6 First Saving Bank 38 7 Bank of America 37 8 Deutsche Bank 37 9 Wilmington Savings 31 10 Wells Fargo 24

Southern Nevada Market Update Effective Months of Availability Multiple Listing Service

10 9 United States: 3.0 Months 8 Southern Nevada: 2.1 Months 7 6 5 4 3 2.1 2 1 0

'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: MLS/SalesTraq Southern Nevada Market Update Effective Months of Availability By Price Segment

Less than $100,000 1.8 $100,000 - $149,999 2.5 $150,000 - $199,999 2.5 $200,000 - $249,999 1.7 1.8 Months $250,000 - $299,999 1.5 $300,000 - $349,999 1.6 2.5 Months $350,000 - $399,999 2.0 $400,000 - $449,999 2.3 $450,000 - $499,999 2.9 $500,000 - $999,999 3.7 $1,000,000 and Over 9.0

Source: MLS/SalesTraq Southern Nevada Market Update Effective Months of Availability

Southern Nevada Market Update Median Days on the Market Las Vegas Area Single Family Market 60 December 2019: 32 Days 50 December 2018: 26 Days

40 32 30

20

10

0

'11 '12 '13 '14 '15 '16 '17 '18 '19

Source: SalesTraq, GLVAR/MLS Southern Nevada Market Update Share of Homes Sold Within 30 Days Single Family Residences

80% 70% 60% 50% 48.7% 40% 30% 20% 10% 0%

Source: GLVAR Southern Nevada Market Update Las Vegas High-Rise Market

Southern Nevada Market Update Las Vegas Area High-Rise Market Units Sold by Project - 2019

MGM Signature 72 66 60 47 45 44 Allure 37 35 27 Trump 25 24 23 20 Newport Lofts 18 Waldorf Astoria 18 Condo 15 Platinum 12 6 Soho Lofts 6 Metropolis 4 Boca Raton 3 Source: SalesTraq/MLS Southern Nevada Market Update Las Vegas Area High-Rise Market Average Price per Unit by Project - 2019

Waldorf Astoria $2,556,049 Park Towers $2,088,333 One Queensridge Place $1,899,375 Turnberry Place $751,605 Veer Towers $676,940 Palms Place $618,251 Panorama Towers $554,688 Metropolis $499,625 The Ogden $475,207 Turnberry Towers $455,767 Vdara Condo Hotel $451,233 One Las Vegas $437,982 Sky Las Vegas $432,042 Trump $381,912 Newport Lofts $342,494 Soho Lofts $341,167 MGM Signature $329,095 Juhl $322,043 Allure $271,092 Boca Raton $180,000 Platinum $147,583 Source: SalesTraq/MLS Southern Nevada Market Update Las Vegas Area High-Rise Market Average Price per SF by Project - 2019

Waldorf Astoria $1,253 Vdara Condo Hotel $697 Palms Place $646 Veer Towers $637 Park Towers $596 Trump $522 One Queensridge Place $496 MGM Signature $427 Panorama Towers $367 Turnberry Towers $365 Juhl $331 The Ogden $330 Turnberry Place $319 Sky Las Vegas $316 One Las Vegas $292 Newport Lofts $247 Metropolis $242 Allure $238 Boca Raton $238 Soho Lofts $234 Platinum $164 Source: SalesTraq/MLS Southern Nevada Market Update Future

SouthernConsiderations Nevada Market Update $23 Billion

Southern Nevada Market Update (Las Vegas Raiders)

Southern Nevada Market Update

Southern Nevada Market Update

Southern Nevada Market Update MSG Sphere at the Venetian

Southern Nevada Market Update Google Data Center

Southern Nevada Market Update Circa Resort and Casino

Southern Nevada Market Update Caesars FORUM Conference Center

Southern Nevada Market Update UNLV Medical School Building

Southern Nevada Market Update Project Cost Status Est. Completion Date Resorts World Las Vegas $4,300,000,000 Under Construction 2021 The Drew $3,100,000,000 Planned 2022 Jackie Robinson Arena and Hotel Project $3,000,000,000 Planned DND Allegiant Stadium (Raiders) $1,970,000,000 Under Construction 2020 MSG Sphere at the Venetian $1,660,000,000 Under Construction 2021 Las Vegas Convention Center Expansion $1,400,000,000 Under Construction 2020 Union Village $1,200,000,000 Under Construction 2025 Henderson West $950,000,000 Planned 2028 Majestic Las Vegas $850,000,000 Planned 2023 Google Data Center $600,000,000 Under Construction 2020 UnCommons $400,000,000 Planned 2021 Caesars FORUM Conference Center $375,000,000 Under Construction 2020 Astral Hotel and Casino $350,000,000 Planned 2022 Haas Automation Manufacturing Plant $327,000,000 Planned 2022 Nevada Museum of Art, Las Vegas $250,000,000 Planned 2025 I-15 and Tropicana Interchange Reconstruction $200,000,000 Planned 2024 Virgin Las Vegas (rebrand of Hard Rock Hotel & Casino) $200,000,000 Under Construction 2020 UNLV Medical School Building $155,000,000 Planned 2021 Note: Several projects have details that are not disclosed or to be determined. DND = “Did Not Disclose”. Totals may not sum due to rounding. Southern Nevada Market Update Project Cost Status Est. Completion Date (Rebrand of SLS Las Vegas) $150,000,000 Under Construction 2023 I-15/CC-215 Northern Beltway Interchange $110,500,000 Planned 2022 Hotel & Casino Rebrand $110,000,000 Under Construction 2021 Extension to $100,000,000 Planned DND Elysian at the Hughes Center $100,000,000 Under Construction 2020 Delta by Marriott $100,000,000 Under Construction 2022 Centennial Hills Hospital Expansion $98,000,000 Under Construction 2021 AC Hotel by Marriott $95,000,000 Planned 2022 Expo at World Market Center Las Vegas $90,000,000 Under Construction 2020 CSN Health & Sciences Building $77,000,000 Under Construction 2021 Intermountain Healthcare Performance Center $75,000,000 Under Construction 2020 The Bend $70,000,000 Under Construction 2021 New 215 Interchanges at Losee, Pecos, and Lamb $70,000,000 Under Construction 2020 Luxury Apartments at Twain/Dean Martin $65,000,000 Under Construction 2020 Education Building $64,400,000 Under Construction 2021 Blue Diamond Widening $58,600,000 Under Construction 2020 New Las Vegas Municipal Courthouse $56,000,000 Under Construction 2021 Hampton Inn & Suites/Home2Suites $55,000,000 Under Construction 2020 Note: Several projects have details that are not disclosed or to be determined. DND = “Did Not Disclose”. Totals may not sum due to rounding. Southern Nevada Market Update Project Cost Status Est. Completion Date Las Vegas Convention Center Loop $52,500,000 Under Construction 2020 Downtown Henderson $50,000,000 Under Construction 2021 Repaving $47,700,000 Under Construction 2021 Hotel & Casino Third Tower $45,000,000 Under Construction 2020 Water Pipeline to Apex Industrial Park $42,000,000 Under Construction 2020 South Point Hotel Casino & Spa Renovation $40,000,000 Under Construction 2020 Monorail Station at MSG Sphere Las Vegas $33,600,000 Planned DND I-215 Beltway Widening $29,600,000 Planned 2021 Expansion $32,000,000 Planned 2021 Sahara and Las Vegas Blvd Pedestrian Bridge $28,000,000 Planned 2024 Lifeguard Arena in Henderson $25,000,000 Under Construction 2020 Hotel and Casino Renovations $21,000,000 Under Construction 2020 Nevada State College Dorms $20,000,000 Planned 2020 Archie Grant Park Affordable Housing Renovations $12,300,000 Under Construction 2020 McCarran Airport Infrastructure Improvements $13,900,000 Planned DND Treehouse Las Vegas $7,100,000 Under Construction 2020 Skyline Hotel & Casino Expansion $7,000,000 Under Construction 2020 Expansion $3,000,000 Under Construction 2020 Note: Several projects have details that are not disclosed or to be determined. DND = “Did Not Disclose”. Totals may not sum due to rounding. Southern Nevada Market Update Project Cost Status Est. Completion Date Showcase Mall Expansion $1,160,000 Planned 2020 AREA15 DND Under Construction 2020 Henderson Executive Airport Expansion DND Under Construction 2020 Fairfield Inn by Marriott DND Under Construction 2020 Wynn West DND Planned DND SpringHill Suites Marriott DND Planned 2021 Aloft Hotel DND Planned DND The Element Hotel by Westin DND Planned 2022 Mardi Gras Hotel and Casino Redevelopment DND Planned 2023 Boyd Gaming Las Vegas Headquarters DND Planned DND Flamingo Mixed-Use Development DND Under Construction 2021 Circa Resort and Casino DND Under Construction 2020 Harrah's Las Vegas Hotel and Casino Room Renovations DND Planned 2020 USA High-Speed Rail DND Planned 2023 Howard Hughes Ballpark Hotel DND Planned DND Ahern Hotel & Convention Center (Rebrand of Lucky Dragon Hotel & Casino) DND Planned 2020 WVC (Rebrand and Renovation of Enclave) DND Under Construction 2020 MGM-Invenergy Solar Project DND Planned 2020 TOTAL $23,342,360,000 Southern Nevada Market Update Things to Expect in 2020

Southern Nevada Market Update Leap Year – An Extra Day 116,100 140,200 Las Vegas Visitors McCarran Int’l Airport Passengers $128.4 M $28.3 M Taxable Retail Sales Gross Gaming Revenue 113 153 New Residents Home Closings Southern Nevada Market Update Friday New Year’s Day

3-Day Weekend More Convenient Travel Arrangements for Visitors

Southern Nevada Market Update Bigger Las Vegas Bowl

Post-Christmas Date for the First Time in History

Joe Faraoni / ESPN Images Southern Nevada Market Update Bigger Las Vegas Bowl

36,800 Seating Capacity at Sam Boyd 62,500 Seating Capacity at Allegiant Stadium

Joe Faraoni / ESPN Images Southern Nevada Market Update Pac-12 Championship

2020 and 2021 Two-year Agreement 5.9 Million Viewers for the 2019 Game

Southern Nevada Market Update Las Vegas Convention Calendar Rotation Strong Convention Calendar 55 Citywide Conventions 2.1 M Attendees Source: Las Vegas Convention and Visitors Authority Southern Nevada Market Update Convention Center Expansion and LVCC Loop 1.4 M Additional Square Feet 4,400 Travelers per Hour Will be Able to Travel Inside the LVCC Loop Source: Las Vegas Convention and Visitors Authority Southern Nevada Market Update NFL Draft

Nashville Broke the Attendance Record in 2019 with 600,000 Attendees

Southern Nevada Market Update NFL Draft 42,000 Hotel Rooms in Nashville 149,000 Hotel Rooms in Las Vegas

Southern Nevada Market Update Southern Nevada

SouthernMarket Nevada Market Update Update It’s Official: Las Vegas Raiders are here

“Both cities will always be part of our DNA, but today we bring a new chapter in our storied history. Four years ago, we told the state of Nevada that you’re getting more than a football team. You’re getting an army. You’re getting a Raider Nation.”

Source: Las Vegas Review Journal, January, 22 2020 Southern Nevada Market Update Southern Nevada

SouthernMarket Nevada Market Update Update