Epstein Secrets

2010 2012 2014 2016 :Awn. CGiE.EA Vaza a, 2018 San Francisco Bay area office markets continue to show the most robust growth, with San Jose and Oakland as top performers. Oakland boasted the highest rent growth (14.7%) while San Jose recorded the highest total return (16.7%).:c While not without ri

vestment, and any investment in suburbs without adequate transit connections. NCREIF (total retuins1:O311E-EA (rent growth). Dula as of July 2016. U.S. Real Estate Strategic Outlook I Septiir 2 ,h= 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092301 CONFIDENTIAL SDNY_GM_00238485 EFTA01388636

slowed to 10.9% (trailing four quarters) in the first quarter 2016 from 12.0% as of late 2015.s, Western metros have been the primary outperformers: Oakland. Denver, Portland, Riverside, San Jose, San Francisco and Orange County all exhibited total returns of 16% or more over the past year. In contrast,

he near term. Deutsche Assaf Managemern. Data so of Jun., 2016. '=• NCREW Dm as of Apol 2016. Douliv,f r Asset Management Dab an of June 2016. 20 U.S. Real Estate Strategic Outlook I September 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092306 CONFIDENTIAL SDNY_GM_00238490 EFTA01388639

+ 44 Denver 4+ 4+ Fort Lauderdale t t 44 Houston 4 Los Angeles 4+ 44 4+ 4+ Miami 4+ 4+ t 4+ Minneapolis 4 New York 4+ 1 44 Oakland i East Bay 44 t 4+ Orange County Philadelphia Phoenix 4+ 4+ Portland 4+ 4+ Riverside San Diego 4+ San Francisco 4+ San Jose t 4+

side San Diego 4+ San Francisco 4+ San Jose t 4+ Seattle 4-0 4+ Washington DC 4 West Palm Beach 4+ Snece L'atv.vn. 'am? ?.14,thringr: U.S. Real Estate Strategic Outlook I Sept<;rnh•-;r 2-D 23 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092309 CONFIDENTIAL SDNY_GM_00238493 EFTA01388640