Epstein Secrets

ve 2007 peak levels for new warehouses.:l' The strongest markets have been Northern and Southern California. New York/New Jersey, South Florida, and Seattle. A maturing growth cycle is bringing supply and demand into balance in inland hubs. Rising supply in Atlanta, Dallas, Chicago, Riverside, Denver. a

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ghest rent growth (14.7%) while San Jose recorded the highest total 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 ene

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

ual increase during the last 15 years. 21 Supply risk has materialized in some markets, but these markets have other vulnerabilities. San Francisco, Seattle and Austin. for instance, all have large pipelines but also have overweight exposure to high-technology. Much of the riskiest speculative supply is

Desist-As Ass8t Masnaerrwint. CAS: at July 2016. CBRE-EA. Data as of July 1016 CaRE-EA Baia as of July 2016. m NCREIF. Data as of July 1016 14 U.S. Real Estate Strategic Outlook I September 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092300 CONFIDENTIAL SDNY_GM_00238484 EFTA01388635

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+ 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 CONF

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