1. TULSA AREA MULTIFAMILY MARKET 2015 REVIEW & 2016 FORECAST Presented by David Forrest & Brian Donahue February 17, 2016

2. 2 TULSA APARTMENT MARKET AVERAGE RENTAL RATES Source: CBRE, December 2015

3. 3 TULSA APARTMENT MARKET AVERAGE VACANCY Source: CBRE, December 2015

4. 4 TULSA MULTIFAMILY SALES VOLUME (PROPERTIES OVER 50 UNITS IN SIZE) Source: CBRE, December 2015

5. 5 TULSA APARTMENT MARKET AVERAGE APARTMENT SALES PRICE PER UNIT Source: CBRE, December 2015

6. 6 TULSA APARTMENT MARKET CLASS A SUBURBAN AVERAGE RENTAL RATES* Source: CBRE, December 2015

7. 7 TULSA APARTMENT MARKET CLASS A SUBURBAN OCCUPANCY* Source: CBRE, December 2015

8. 8 TULSA APARTMENT MARKET MULTIFAMILY CONSTRUCTION Source: CBRE, December 2015, Prior to 1988-INCOG

9. 9 TULSA APARTMENT MARKET AVERAGE VACANCY Source: CBRE, December 2015, Prior to 1988-INCOG

10. 10 TULSA APARTMENT MARKET AVERAGE RENTAL RATES Source: CBRE, December 2000

11. 11 TULSA APARTMENT MARKET AVERAGE VACANCY VERSUS NEW SUPPLY Source: CBRE, December 2015

12. 12 TULSA APARTMENT MARKET CLASS A AVERAGE VACANCY VERSUS NEW SUPPLY Source: CBRE, December 2015

13. 13 TULSA APARTMENT MARKET AVERAGE OCCUPANCY VERSUS OIL PRICES Source: CBRE, December 2015 and Energy Information Administration

14. 14 2016 TULSA MULTIFAMILY - TIMING OF NEW CONSTRUCTION Source: CBRE, February 2016

15. For more information regarding this presentation please contact: DAVID FORRESTBRIAN DONAHUE, CCIM First Vice PresidentAssociate T +1 405 607 6093T +1 918 392 7250 F +1 405 607 6271F +1 918 663 6402 david.forrest@cbre.combrian.donahue@cbre.com