Epstein Secrets

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 Strategy Our outlook for the national office market i

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

County all exhibited total returns of 16% or more over the past year. In contrast, several slower growth Midwest and East Coast markets. along with Houston, made up a majority of the underperformers with total returns in the single digits. Among apartment property subtypes, garden apartments were the t

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

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+ Minneapolis 4 New York 4+ 1 44 Oakland i East Bay 44 t 4+ Orange County Philadelphi

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