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Colliers International | Atlanta ownership:

> CAPITAL MARKETS Office, Medical Office, Industrial, Retail, Multifamily & Hospitality

> CORPORATE SOLUTIONS

> LAND | PROPERTY CONSULTING Office, Industrial, Retail, Multifamily, Institutional & Special Purpose Use

> LANDLORD SERVICES Office, Industrial, Retail & Medical Office

> INVESTMENT SERVICES Office, Industrial, Retail, Multifamily, Seniors Housing & Government-Leased

> OCCUPIER & TENANT REPRESENTATION Office, Industrial, Retail & Education

> PROJECT & CONSTRUCTION MANAGEMENT

> PROPERTY, FACILITY & ASSET MANAGEMENT Office, Industrial & Retail

> TECHNOLOGY / DATA CENTER SOLUTIONS

> TRANSIT ORIENTED DEVELOPMENT

> VALUATION & ADVISORY SERVICES

COLLIERS INTERNATIONAL 2015 PERFORMANCE ATLANTA USA GLOBAL

TOTAL TRANSACTION VOLUME (in Billions) $2.95 $50.1 $112

NUMBER OF LEASE/ SALE TRANSACTIONS 1,055 26,094 82,273

NUMBER OF PROFESSIONALS 238 5,380 16,146

SQUARE FEET MANAGED (in Millions) 102 491.1 1,909

2015 TRANSACTIONAL SUMMARY | ATLANTA

SALE VOLUME (in Millions) $595.1

LEASE VOLUME (in Millions) $1,400.7

MORTGAGE ORIGINATIONS (in Millions) $483.8

CONSULTING / OTHER (in Millions) $785.7

70%CIGI

30%CIA HOLDCO

APTS CIGI

554 16,000

CIGNYSE NASDAQ

OFFICES in 66 countires

PROFESSIONALS300 IN ATLNATA

TSX

PREFERRED APARTMENT COMMUNITIES | COLLIERS INTERNATIONAL

Company overviews

AL GA FL NC SC TN TX

11 7 2 2 7

1 11 4 1 5 5 3

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OFFICE LEASING

Class A office rents the last two years have increased by 16%. We forecast those rents will continue

to rise, but at a slower pace in 2017. Over 3 million SF under construction (67% pre-leased)

delivering in 2017/2018.

CAPITAL MARKETS

Long-term debt capital will be readily available with

competitive rates, while access to construction debt will be limited

and highly valued.

LAND & DEVELOPMENT

The developers with the best access to capital (not just the

highest bidder) are going to see the best deals from the land

brokers in 2017.

RETAIL INVESTMENT SALES

Dominant grocery chains seek landlord efficiencies –

Bigger is Better.

OFFICE INVESTMENT SALES

Strongest fundamentals in decades. Main contributor is

limited spec development due to rising costs and regulatory

lending. Slow start to 2016 sales, but 3Q volume strong. Pricing

remains stable.

SENIORS HOUSING

Investment in seniors housing has remained strong in 2016

as the segment provides buyers with favorable spreads compared

to other traditional multifamily properties.

RETAIL LEASING

Even with the disruptive factors like online shopping, retail is still about location. Owners

are finding success with better management and emphasis on “place making” to generate foot

traffic.

MULTIFAMILY & STUDENT HOUSING

Greater capital requirements for banks limit their ability to

lend at higher levels of leverage. Alternative lenders like private

equity funds and Mortgage REITs could pick up some of the slack.

PREFERRED APARTMENT COMMUNITIES | COLLIERS INTERNATIONAL

Market Conditions & trends

NATIONAL trends

WE’VE NEVER BEEN IN A REAL ESTATE CYCLE LIKE THIS > Transaction volume has rebounded from downturn > But development remains below historic norms for most

property types > Real estate will not be the trigger for a business cycle

recession this time around

THE DEVELOPER/FINANCIER THAT UNDERSTANDS OPTIONALITY IN THEIR PROJECTS WILL BE THE WINNER AS IT WILL BE OF GREAT VALUE OVER THE NEXT GENERATION > Optionality allows for the adjustment of space needs to vary

in terms of size, location and use on an as-needed basis > Gig workers, sole proprietors, and co-working spaces all

examples of beneficiaries > Gives owners the ability to maximize highest and best use,

based on immediate tenant demand in market

SOUTHERN SUBURBAN MIGRATION TO CONTINUE > The southern regions where 42% of Americans currently

live will receive 62% of the household growth in US over next decade

> Suburban office demand will return as millennials move into more management roles and begin families.

SECURING THE “LAST MILE” ADVANTAGE IN THE ERA OF E-COMMERCE IS A BEST BET GOING FORWARD

ATLANTA trends

ATLANTA RANKS 15TH IN NATION OF MARKETS TO WATCH IN REGARDS TO OVERALL REAL ESTATE PROSPECTS (OUT OF 78 MARKETS)

PACES OF RECENT ECONOMIC GROWTH COMBINED WITH MODERATE LEVELS OF NEW SUPPLY DURING THE RECOVERY HAS INCREASED INTEREST IN ATLANTA FROM A GROWING NUMBER OF INVESTORS IN MULTIPLE PROPERTY TYPES

KEY ISSUES THAT WILL DRIVE ATLANTA’S FUTURE: > Transportation investment > Local school quality, important to due diligence > Developments focused on urban characteristics

WE’RE (MUCH) CLOSER TO THE END OF THE

EXPANSION THAN THE BEGINNING:

> The uneven, moderate expansion continues.

> Two to three good years left (probably) but . . .

> The economy is cooling (though not cratering).

RISKS ARE WEIGHTED MORE TO THE DOWNSIDE

AND GROWING:

> Global economic slowing, strong dollar; European banks.

> Election jitters; corporate uncertainty.

> Interest rates to rise very modestly and not material.

WE’RE (MUCH) CLOSER TO THE TOP OF THE

PROPERTY MARKET CYCLE THAN THE BOTTOM:

> Financial returns easing as cap rates stabilize / rise.

> But strong investor interest will maintain asset values.

> Strong property fundamentals will drive income returns.

> Leasing and investment sales volumes stay strong but below 2015.

CYCLICAL RECOVERY IS ESSENTIALLY COMPLETE:

> Remaining weakness is structural.

> Bifurcation more important than rising tide, especially in retail.

> Structural changes favor multi-family, industrial over retail, CBD office over suburban

PREFERRED APARTMENT COMMUNITIES | COLLIERS INTERNATIONAL

2017 Us ForeCast ANDREW NELSON, COLLIERS GLOBAL ECONOMIST

2017 Emerging Trends in Real Estate | PWC & ULI Colliers International Research

BOB MATHEWS CEO, President | AtlantaColliers International Atlanta

32 YRSin CRE

25 YRSat Colliers

DEMING FISH Senior Vice President | AtlantaLandlord Services

33 YRSin CRE

5 YRSat Colliers

FRED SHEATSSenior Vice President | AtlantaOffice Services

30 YRSin CRE

25 YRSat Colliers

HANK HALLSenior Vice President | AtlantaCapital Markets

29 YRSin CRE

19 YRSat Colliers

KEVIN TROYSenior Vice President | AtlantaCapital Markets

27 YRSin CRE

4 YRSat Colliers

JOE MONTGOMERYSenior Vice President | AtlantaRetail Investment Sales

31 YRSin CRE

20 YRSat Colliers

ROB JORDANSenior Vice President | AtlantaLand & Development Services

17 YRSin CRE

1/2 YRSat Colliers

TOSH WOLFESenior Vice President | AtlantaRetail Leasing Service

9 YRSin CRE

2 YRSat Colliers

WILL MATHEWSVice President | AtlantaMultifamily & Student Housing

7 YRSin CRE

5 YRSat Colliers

HAYES SWANNSenior Vice President | AtlantaOffice Investment Sales

31 YRSin CRE

7 YRSat Colliers

MARCUS VAN AMERINGENVice President | AtlantaSeniors Housing

15 YRSin CRE

1/2 YRSat Colliers

HUSTON GREENVice President | AtlantaOffice Investment Sales

13 YRSin CRE

9 YRSat Colliers

RON CAMERONSenior Vice President | AtlantaMultifamily & Student Housing

28 YRSin CRE

7 YRSat Colliers

PREFERRED APARTMENT COMMUNITIES | COLLIERS INTERNATIONAL

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