Epstein Secrets

commercial development loans, likely in response to stringent regulatory oversight i t These hurdles will lift over time: San Francisco, Austin, and Charlotte are expected to see a significant increase in office supply over the next two years. However, on a national basis the pickup is expected to be grad

r Ec000nuc Analytis Data as of Match 2018. Census Bureau. Nla es of May 2018. " Fudniol Resolve Sonioi Loa!' Ollicon., Sinvoy. We as of km 2018. 6 U.S. Real Estate Strategic Outlook I September 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092292 CONFIDENTIAL SDNY_GM_00238476 EFTA01388630

return (16.7%).:c While not without risk, high-tech dominated markets Austin and Seattle also outperformed, and Sun Belt cities Atlanta. Miami and Charlotte showed strong returns and rent growth. Houston continues to drop off due to energy-related contractions eroding absorption. 5.2 Outlook and Strateg

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

ee to five years. t Overweight 4, Underweight e+ Market Weight (Alice Atlanta Austin Baltimore Boston 4+ 4+ 4+ 4+ 4-+ 4 1 4+ 44 ++ Charlotte 44 Chicago 4+ Dallas 4 4+ 44 Denver 4+ 4+ Fort Lauderdale t t 44 Houston 4 Los Angeles 4+ 44 4+ 4+ Miami 4+ 4+ t 4+ Minnea

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