US REAL ESTATE OVERVIEW

Commercial Real Estate Market Size

By Region By Sector
Share Market Value ($ bn)

Total Market Size $516.4bn

36.6% $189.0
Office

$46.6
$171.7 24.8% $128.1
$195.5 Apartment

23.4% $120.8
Retail
$102.6

14.1% $73.0
Industrial

1.0%
$5.4
Hotel

US Property Indices Declining Vacancy Rates (%)

Office Industrial Retail Apartment

185.3
14.3
12.3 12.9
11.4 11.8
10.6 9.9 10.7
147.7 8.8
6.2 6.1 6.2
116.5
100.0

2011 2012 2013 2014 2015 Jun 2016

NCREIF Commercial Price Index House Price Index 2015 2016E 2017E

Key Growth Drivers

Gross Domestic Product ($ tn) Jun 2016 Disposable Personal Income ($ tn) Jun 2016
$18.6 $14.0

CAGR 3.3% CAGR 3.2%

2011 2011
$15.5 $11.8

2011 Mortgage Rate 2011 Unemployment Rate

3.9% 9.2%

Jun 2016 Jun 2016

3.6% 4.9%

For more information about TresVista, visit www.tresvista.com

PRIVATE EQUITY IN US REAL ESTATE

Fundraising Largest Funds Closed (2015 Jun 2016)

198 188 235 175 132 61

$15.8bn $9.0bn $5.6bn

Blackstone Real Estate Brookfield Strategic Starwood Global

Partners VIII Real Estate Partners II Opportunity Fund X

$4.5bn $4.2bn $3.3bn

$71.9 $46.7 $73.9 $60.7 $71.2 $31.9

2011 2012 2013 2014 2015 Jun 2016
Blackstone Real Estate Carlyle Realty Rockpoint Real Estate
Funds Closed ($ bn) Debt Strategies III Partners VII Fund V
Number of Funds

Deals by Sector (2015 Jun 2016) Largest Deals (2015 Jun 2016)

1% 1% 1% Stuyvesant Town-Peter Blackstone

1%
4% 6% Cooper Village, New York Group
8% 6% $5.5bn
10% 12%
Multi-family Starwood Capital
12% 8% Residential Portfolio Group
$5.4bn
28%
29% Global Logistics
Industrial Portfolio Properties
$4.5bn

34% 39% Three Bryant Park Callahan Capital

$2.2bn Partners

Number of Deals Aggregate Deal Value Multi-family Blackstone

Residential Portfolio Group
Office Apartment Retail Mixed Use $2.0bn
Industrial Hotel Niche Land
Asset Deal Size Investors

States with Highest Share of Deals (2015 Jun 2016) Last Twelve Month Returns by Sector

21%

11% Apartment Hotel

8.5% 7.2%
9% 7% 7% Total
9.2%

Retail Industrial
11.0% 12.5%
Office
California New York Florida Illinois Texas 7.5%
Sources: Bloomberg, National Council of Real Estate Investment Fiduciaries (NCREIF), US Bureau of Labor Statistics, World Bank Data, National Association of Realtors Q3 Report, Preqin Special Report
Real Estate Deals June 2016

ABOUT TRESVISTA
TresVista Financial Services is the leading provider of high-end outsourced support for asset managers, investment banks, research firms, and corporates. TresVista
delivers operational efficiencies and cost savings to its clients while providing them with dedicated teams to support them across various functional activities. Services
include investor relations, fund raising, deal sourcing, deal execution, valuation, research, financial modeling, portfolio management, marketing and legal support.

For more information about TresVista, visit www.tresvista.com