Easily Compare Investments Across Geographies and Property … Street... · 2019. 1. 15. · REIT PROPERTIES AUSTIN PORTFOLIO SUMMARY. Name Submarket Grade Zip Code Grade % of REIT

Easily Compare Investments Across

Geographies and Property Sectors

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Sample Market Snapshot



Market Grade

A-Sector

Low

MarketVeryHigh

VolatilityIndex

146.4

YoY Δ

8.5%

CPPICurrent

5.3%

YoY Δ-25bps

Cap Rate LT NOI Growth

1.8%

IRR

6.3%

MARKET METRICS

Metric Current Rank of 52

Avg. Effective Rents $1,180 29

Occupancy 94.4% 46

YOY M-RevPAF Growth 3.3% 25

YOY Job Growth 3.9% 2

Median Income $76k 18

Homeownership Rate 49.5% 42

Med. Home Price $280k 22

Apartment Units 204,000 20

Households 802k 37

TOP 10 EMPLOYERS

COMMENTARY

Austin: Robust job growth continues to drive apartment fundamentals inthe capital of Texas. Austin's burgeoning tech industry attracts young talentin search of high paying jobs, resulting in one of the largest proportions ofmillennials in the nation. Known for primarily renting and preferring a live /work / play environment, the millennial demographic has developerstargeting the Downtown submarket. Rapidly rising home prices haveprovided a tailwind to apartment demand, but increasing homeownership isa long-term risk to demand. Supply has started to outpace demand andlandlords have been utilizing concessions to attract tenants. In heavysupply impacted submarkets, new lease ups offering 1-2 months freeconcession are becoming commonplace. Investors should look towards theSouthwest and Downtown where high incomes and expensive housingscreen attractive for demand. Awaiting city approval, Lincoln Propertysubmitted plans for a 66-story, mixed-use development in the CBD. Ontrack to be Austin's tallest building, it is expected to have ~575k SF of officespace and ~350 residentia l units. Height restrictions Downtown are typicallyflexible, but the city's capital view corridor restrictions may createdevelopment limitations. Overall, the apartment sector continues to displaypositive fundamentals, but growth is expected to slow over the long termdue to excess supply.

SUPPLY AND DEMAND

2.6%Rank: 1 of 52

Job Growth

2.8%Rank: 46 of 52

Income Growth

3.9%Rank: 51 of 52

Supply Growth

2.2%Rank: 19 of 52

M-RevPAF Growth

5-YEAR FORECASTS(Growth Rates Annualized; Rankings 1-52 w/ 1 being best)

State of Texas

UT Austin

HEB Grocery

Dell Technologies

Austin ISD

Seton Healthcare Family

Walmart

St. David's HealthCare

Samsung Austin Semiconductor

Apple

Austin Apartment Market Snapshot - 12/19/2018

Urbanization allowing for higher density

Vibrant economy supported by healthy job growth

Large millennial presenceStre

ngth

s

Economic volatility due to dependency on tech industry

Low barriers to entry

Congestion due to weak transportation infrastructure

Wea

knes

ses

Supply Growth Job Growth M-RevPAF Growth

'04 '06 '08 '10 '12 '14 '16 '18 '20 '22-10%

-5%

0%

5%

10%

Sources: BLS, CBRE, IHS, U.S. Census Bureau, and Green Street Advisors.

660 Newport Center Drive, Suite 800, Newport Beach, CA 92660T + 1 949 640 8780 / greenstreetadvisors.com

Important disclosure on last page© 2018, Green Street Advisors, LLCThis report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.

Green Street Advisors reserves all rights not expressly granted.

REIT PROPERTIES

AUSTIN PORTFOLIO SUMMARY

Name Submarket Grade Zip Code Grade % of REIT NOI # Props Units Nominal Cap Rate

MAA A A 6% 22 6,800 5.6%

Camden Prop Trust A A 3% 10 3,400 5.2%

UDR, Inc. A A 2% 5 1,500 5.3%

AIMCO B+ B+ <1% 1 100 -

Total REIT Exposure 1% 5.5%

Austin Apartment Market Snapshot - 12/19/2018


Important disclosure on last page© 2018, Green Street Advisors, LLCThis report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.


Sample Property Report



A T L A SGreen Street Advisors

2231 Butler AveLos Angeles, CA 90064

MSA: Los Angeles Submarket: Westside Sector: Industrial

Property Basics Market Overview Submarket Scores Valuation SmartComps

PROPERTY CHARACTERISTICS

Owner SEANBARRESI

Rentable Area (sq. ft.) 11,970

Land Area (acres) 0.40

Parking 13

Buildings 1

Stories 1

Year Built / Renovated 1953 / 1953

Market Grade

A+

Submarket Grade

A++

Walk Score (1-100)

86

Market Volatility

Very Low

Sector Volatility

Medium

Value Extrapolation

$5.7M

KEY METRICS

RECENT ACTIVITY - 2231 BUTLER AVE

Date Type Price Price / Sq. Ft. Buyer Seller

Aug '17 Transaction $5.0M $461 / sq. ft. SEAN BARRESI BARRESI JOHN TRUST

ふ

Map data ©2019 Google Imagery ©2019 Map data ©2019 Google

Very Walkable

Sources: CoreLogic, Walk Score, and Green Street Advisors.


Important disclosure on page 6© 2019, Green Street Advisors, LLCThis report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.


https://www.greenstreetadvisors.com/





Job Growth

Rank: 41 of 50

Income Growth

Rank: 12 of 50

Supply Growth

Rank: 5 of 50

RevPAF Growth

Rank: 1 of 50

LT NOI Growth

Rank: 1 of 50

LOS ANGELES 5-YEAR FORECASTS(Growth Rates Annualized; Rankings 1-50 w/ 1 being best)

MARKET METRICS

Metric Current Rank of 50

Avg. Effective Rents $8.30 9

Nominal Cap Rate 4.3% 48

Occupancy 95.5% 2

YOY Job Growth 1.3% 38

Median Income $67k 26

Population Density 6,100 2

GMP Growth 5.7% 22

Inventory (Sq. ft.) 942,000k 2

Average Age Stock 29.2 43

MARKET CYCLE

Contraction

Botto

min

gRecovery

Expa

nsion

Los Angeles

Industrial

SUPPLY AND DEMAND

M-REVPAF

ふ

0.7% 3.4% 0.6% 7.2% 1.9%

Los Angeles Employment GrowthLos Angeles Supply Growth

'05 '10 '15 '20-10.0%

-5.0%

0.0%

5.0%

Los Angeles Rent GrowthLos Angeles Occupancy ChangeTop 50 M-RevPAF Growth

'05 '10 '15 '20-20.0%

-10.0%

0.0%

10.0%

Sources: BLS, CBRE, IHS, U.S. Census Bureau, and Green Street Advisors.









WESTSIDE SUBMARKET MARKET GRADE

Los Angeles

A+

HousingPopulation

Interstate

Sum o

f

DistanceMedian

Air / Rail

Fis

cal

Reg

ulat

ionDesirability

DensityD

istance

Inter

stat

es

to SeaportHome Age

Distance

Hea

lth

Index

SUBMARKET GRADE

Westside

A++

HousingPopulation

Interstate

Sum o

f

DistanceMedian

Air / Rail

Fis

cal

Reg

ulat

ionDesirability

DensityD

istance

Inter

stat

es

to SeaportHome Age

Distance

Hea

lth

Index

LOS ANGELES SUBMARKETS (RANKED BY GRADE)

ふ

1

2 3

4

5

67

8

Sources: GreatSchools, U.S. Census Bureau, Walk Score, and Green Street Advisors.


Important disclosure on page 6© 2019, Green Street Advisors, LLC

Submarket Rent Occ. Med. HomePrice Affordability Pop/Sq.

Mi.Dist. to

Hwy (mi)Sum of

Hwys (mi)Dist. to

Port (mi)Med.

Home AgeDist. To

Air/Rail (mi) Grade

1 South Bay $9.30 97.3% $544k Very Expensive 7,710 1 57 8 36 4 A++

2 Westside $9.20 93.3% $680k Very Expensive 12,220 1 35 21 36 5 A++

3 Commerce / Vernon $7.00 93.1% $388k Expensive 12,990 1 20 17 32 6 A++

4 Mid-Counties $8.40 97.0% $436k Expensive 7,690 1 33 14 37 5 A+

5 San Gabriel Valley $7.90 95.5% $524k Very Expensive 5,440 1 64 27 39 9 A+

6 San Fernando Valley (East) $9.40 95.7% $543k Very Expensive 4,410 1 42 31 38 5 A+

7 San Fernando Valley (West) $8.80 94.2% $658k Very Expensive 4,160 4 16 34 39 7 A

8 Santa Clarita $8.60 93.7% $466k Expensive 1,430 5 11 45 37 13 A-

Los Angeles $8.30 95.5% $550k Very Expensive 6,100 2 279 22 37 6 A+

This report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.Green Street Advisors reserves all rights not expressly granted.






LOS ANGELES TRANSACTION HISTORY

'05-'09 '10-'14 2015 2016 2017 2018

Transaction Volume $7.2B $7.3B $2.4B $2.5B $2.2B $1.9B

Number of Transactions 1,290 1,193 327 336 293 204

Total Sq. Ft. 62M 64M 16M 14M 16M 8.9M

Avg. Price / Sq. Ft. $171 $161 $200 $228 $220 $261

CAP RATES / CPPI

GSA Market Cap Rate

4.3%

Value Extrapolation

$5.7M

2231 BUTLER AVE VALUE EXTRAPOLATION

Last Sale Date 8/24/17

Last Sale Price $5.0M

Last Sale Price Per Sq. Ft. $461

Los Angeles CPPI Sep/2017 136.4

Los Angeles CPPI Present 156.8

Change 15.0%

Value Extrapolation $5.7M

Value Extrapolation Per Sq. Ft. $530

ふ

$ pe

r sq.

‚.

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19Jan Jul

Jan JulJan Jul

Jan JulJan Jul

Jan JulJan Jul

Jan JulJan Jul

Jan JulJan Jul

Jan JulJan Jul

Jan JulJan Jul

Jan

0

200

400

600

Los Angeles Commercial Property Price IndexLos Angeles Nominal Cap Rate

'06 '08 '10 '12 '14 '16 '180

60

120

180

3.0%

6.0%

9.0%

12.0%

Sources: CoreLogic and Green Street Advisors. Note: Value Extrapolation tool is not an appraisal or formal opinion of value.









SMARTCOMPS

Address Date Sq. Ft. Distance Submarket Price Price / Sq. Ft. Year Built Owner

- 2231 BUTLER AVE LOS ANGELES, CA, 90064 8/24/17 10,844 - Westside $5.0M $461 1953 SEANBARRESI

1 11080 LA GRANGE AVE LOS ANGELES, CA, 90025 9/17/18 4,184 0.6mi Westside $2.7M $652 1955 LA GRANGE HOLDINGS LLC

2 3416 WESLEY ST CULVER CITY, CA, 90232 3/30/17 16,292 3.4mi Westside $5.5M $337 1952 MICKY LP

3 12820 PANAMA ST LOS ANGELES, CA, 90066 11/18/16 13,913 3.6mi Westside $4.5M $323 1958 PANAMA SILICON BEACH LLC

4 2010 S WESTGATE AVE LOS ANGELES, CA, 90025 7/24/15 7,325 0.5mi Westside $4.7M $648 1985 SOUTH WESTGATE 2010 LLC

5 2205 STONER AVE LOS ANGELES, CA, 90064 1/21/16 8,598 0.3mi Westside $6.3M $733 1958 STONER PROPERTIES LLC

6 1941 PONTIUS AVE LOS ANGELES, CA, 90025 4/12/16 4,680 0.5mi Westside $3.3M $705 1955 FOXBOROUGH PARK INC

7 4801 W JEFFERSON BLVD LOS ANGELES, CA, 90016 7/3/17 23,000 5.5mi Westside $4.2M $181 1948 JEFFWARE LLC

8 5800 W 3RD ST LOS ANGELES, CA, 90036 1/6/17 9,676 6.0mi Westside $4.6M $475 1937 5800 WEST THIRD STREET LLC

9 10401 JEFFERSON BLVD CULVER CITY, CA, 90232 12/12/16 12,389 3.5mi Westside $6.0M $486 1983 10401 JEFFERSON LP

10 5250 W 102ND ST LOS ANGELES, CA, 90045 7/29/16 15,078 7.6mi South Bay $4.8M $318 - GCG 5250 W 102ND STREET LLC

Average - 11,514 3.2mi - $4.7M $486 1959 -

ふ

ふ

12

3

456

7

8

9

10

Sources: CoreLogic and Green Street Advisors.





Issuers of this Report: US and EEA: This report has been prepared by analysts working for Green Street Advisors (GSA (US)) and/or Green Street Advisors (U.K.) Limited (GSA (UK)). GSA (US) is the parent company of GSA (UK). This report is issued in the USA by GSA (US). GSA (UK) accepts no responsibility for this report to the extent that it is relied upon by persons based in the USA. GSA (US) is regulated by the United States Securities and Exchange Commission, and its headquarters is located at 660 Newport Center Drive, Suite 800, Newport Beach, CA 92660. This report is issued in the European Economic Area (EEA) by GSA (UK). GSA (US) accepts no responsibility for this report to the extent that it is relied upon by persons based in the EEA. GSA (UK) is registered in England, (Company number. 6471304), and its registered office is 20 Balderton Street, 5th Floor, London, W1K 6TL. GSA (UK) is authorized and regulated by the Financial Conduct Authority in the United Kingdom and is entered on the FCA’s register (no. 482269]). References to “Green Street” in Disclosures in this section and in the Other Important Information section apply to: • GSA (US) to the extent that this report has been disseminated in the USA; or • GSA (UK) to the extent that this report has been disseminated in the EEA. Green Street Advisors US is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the SEC under US laws, which differ from Australian laws.

Green Street Advisors UK Ltd. is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the FCA under UK laws, which differ from Australian laws. Green Street reserves the right to update the disclosures and policies set out in this document at any time. We encourage a careful comparison of these disclosures and policies with those of other research providers, and welcome the opportunity to discuss them. Affiliate Disclosures: Green Street does not directly engage in investment banking, underwriting or advisory work with any of the companies in our coverage universe. However, the following are potential conflicts regarding our affiliates that should be considered: • Green Street has an advisory & consulting practice servicing investors seeking to acquire interests in publicly-traded companies. Green Street may provide such valuation services to

prospective acquirers of companies which are the subject(s) of Green Street’s research reports. • An affiliate of Green Street is an investment manager implementing a real estate securities strategy focused on REITs. The portfolios managed by this affiliate contain securities of

issuers covered by Green Street’s research department. The affiliate is located in separate offices, employs an investment strategy based on Green Street’s published research, and does not trade with Green Street’s affiliated trading desk, Green Street Trading (GST). However, the investment management affiliate has engaged GST as a placement agent for an investment partnership it manages. The principals of Green Street Advisors, Green Street Investors and affiliates have invested in GSREF, L.P.

Terms of Use Protection of Proprietary Rights: To the extent that this report is issued by GSA (US), this material is the proprietary and confidential information of Green Street Advisors, LLC, and is protected by copyright. To the extent that this report is issued by GSA (UK), this material is the proprietary and confidential information of Green Street Advisors (U.K.) Limited, and is protect-ed by copyright. This report may be used solely for reference for internal business purposes. This report may not be reproduced, re-distributed, sold, lent, licensed or otherwise transferred without the prior consent of Green Street. All other rights with respect to this report are reserved by Green Street. • EEA Recipients: For use only by Professional Clients and Eligible Counterparties: GSA (UK) is authorized by the Financial Conduct Authority of the United Kingdom to issue this

report to "Professional Clients" and "Eligible Counterparties" only and is not authorized to issue this report to "Retail Clients", as defined by the rules of the Financial Conduct Authority. This report is provided in the United Kingdom for the use of the addressees only and is intended for use only by a person or entity that qualifies as a "Professional Client" or an "Eligible Counterparty". Consequently, this report is intended for use only by persons having professional experience in matters relating to investments. This report is not intend-ed for use by any other person. In particular, this report intended only for use by persons who have received written notice from GSA (UK) that he/she/it has been classi-fied, for the purpose of receiving services from GSA (UK), as either a "Professional Client" or an "Eligible Counterparty". Any other person who receives this report should not act on the contents of this report.

Other Important Information Management of Conflicts of Interest: Conflicts of interest can seriously impinge the ability of analysts to do their job, and investors should demand unbiased research. In that spirit, Green Street adheres to the following policies regarding conflicts of interest: • Green Street employees are prohibited from owning the shares of any company in our coverage universe. • Green Street employees do not serve as officers or directors of any of our subject companies. • Neither Green Street nor its employees/analysts receives any compensation from subject companies for inclusion in our research. • On occasion, Green Street analysts may be contacted by companies within the firm’s coverage universe regarding potential employment opportunities. Additional disclosure will be

made when appropriate. • The research analysts who authored this report may hold shares of the non REIT companies mentioned in this research report. These are not companies in our coverage universe. Please also have regard to the Affiliate Disclosures listed above when considering the extent to which you place reliance on this research report and any research recommendations made herein. Green Street, at times, assists Eastdil Secured, a real estate brokerage and investment bank, when Eastdil Secured provides investment banking services to companies in Green Street’s coverage universe. Green Street is never part of the underwriting syndicate or the selling group, but Green Street may receive compensation from Eastdil Secured for consulting services that Green Street provides to Eastdil Secured related to Eastdil Secured's investment banking services. Green Street does not control, have ownership in, or make any business or invest-ment decisions for Eastdil Secured. A number of companies covered by Green Street research reports pay an annual fee to receive Green Street’s research reports. Green Street may periodically solicit this business from the subject companies. In the aggregate, annual fees for GSA (US) and GSA (UK) research reports received from subject companies represent approximately 3% of each of GSA (US)’s and GSA (UK)'s respective total revenues. Green Street publishes research reports covering issuers that may offer and sell securities in an initial or secondary offering. Broker-dealers involved with selling the issuer’s securities or their affiliates may pay compensation to GSA upon their own initiative, or at the request of Green Street's clients in the form of “soft dollars,” for receiving research reports published by Green Street. The information contained in this report is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This report is produced solely for informational purposes and is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it is not, and it should not be construed as, advice designed to meet the particular investment needs of any investor. This report is not an offer or the solicitation of an offer to sell or buy any security. For Green Street’s advisory customers, this research report is for informational purposes only and the firm is not responsible for implementation. Nor can the firm be liable for suitability obligations.

Green Street’s Disclosure Information


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Issuers of this Report: US and EEA: This report has been prepared by analysts working for Green Street Advisors (GSA (US)) and/or Green Street Advisors (U.K.) Limited (GSA (UK)). GSA (US) is the parent company of GSA (UK). This report is issued in the USA by GSA (US). GSA (UK) accepts no responsibility for this report to the extent that it is relied upon by persons based in the USA. GSA (US) is regulated by the United States Securities and Exchange Commission, and its headquarters is located at 660 Newport Center Drive, Suite 800, Newport Beach, CA 92660. This report is issued in the European Economic Area (EEA) by GSA (UK). GSA (US) accepts no responsibility for this report to the extent that it is relied upon by persons based in the EEA. GSA (UK) is registered in England, (Company number. 6471304), and its registered office is 20 Balderton Street, 5th Floor, London, W1K 6TL. GSA (UK) is authorized and regulated by the Financial Conduct Authority in the United Kingdom and is entered on the FCA’s register (no. 482269]). References to “Green Street” in Disclosures in this section and in the Other Important Information section apply to: • GSA (US) to the extent that this report has been disseminated in the USA; or • GSA (UK) to the extent that this report has been disseminated in the EEA. Green Street Advisors US is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the SEC under US laws, which differ from Australian laws.

Green Street Advisors UK Ltd. is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the FCA under UK laws, which differ from Australian laws. Green Street reserves the right to update the disclosures and policies set out in this document at any time. We encourage a careful comparison of these disclosures and policies with those of other research providers, and welcome the opportunity to discuss them. Affiliate Disclosures: Green Street does not directly engage in investment banking, underwriting or advisory work with any of the companies in our coverage universe. However, the following are potential conflicts regarding our affiliates that should be considered: • Green Street has an advisory & consulting practice servicing investors seeking to acquire interests in publicly-traded companies. Green Street may provide such valuation services to

prospective acquirers of companies which are the subject(s) of Green Street’s research reports. • An affiliate of Green Street is an investment manager implementing a real estate securities strategy focused on REITs. The portfolios managed by this affiliate contain securities of

issuers covered by Green Street’s research department. The affiliate is located in separate offices, employs an investment strategy based on Green Street’s published research, and does not trade with Green Street’s affiliated trading desk, Green Street Trading (GST). However, the investment management affiliate has engaged GST as a placement agent for an investment partnership it manages. The principals of Green Street Advisors, Green Street Investors and affiliates have invested in GSREF, L.P.

Terms of Use Protection of Proprietary Rights: To the extent that this report is issued by GSA (US), this material is the proprietary and confidential information of Green Street Advisors, LLC, and is protected by copyright. To the extent that this report is issued by GSA (UK), this material is the proprietary and confidential information of Green Street Advisors (U.K.) Limited, and is protect-ed by copyright. This report may be used solely for reference for internal business purposes. This report may not be reproduced, re-distributed, sold, lent, licensed or otherwise transferred without the prior consent of Green Street. All other rights with respect to this report are reserved by Green Street. • EEA Recipients: For use only by Professional Clients and Eligible Counterparties: GSA (UK) is authorized by the Financial Conduct Authority of the United Kingdom to issue this

report to "Professional Clients" and "Eligible Counterparties" only and is not authorized to issue this report to "Retail Clients", as defined by the rules of the Financial Conduct Authority. This report is provided in the United Kingdom for the use of the addressees only and is intended for use only by a person or entity that qualifies as a "Professional Client" or an "Eligible Counterparty". Consequently, this report is intended for use only by persons having professional experience in matters relating to investments. This report is not intend-ed for use by any other person. In particular, this report intended only for use by persons who have received written notice from GSA (UK) that he/she/it has been classi-fied, for the purpose of receiving services from GSA (UK), as either a "Professional Client" or an "Eligible Counterparty". Any other person who receives this report should not act on the contents of this report.

Other Important Information Management of Conflicts of Interest: Conflicts of interest can seriously impinge the ability of analysts to do their job, and investors should demand unbiased research. In that spirit, Green Street adheres to the following policies regarding conflicts of interest: • Green Street employees are prohibited from owning the shares of any company in our coverage universe. • Green Street employees do not serve as officers or directors of any of our subject companies. • Neither Green Street nor its employees/analysts receives any compensation from subject companies for inclusion in our research. • On occasion, Green Street analysts may be contacted by companies within the firm’s coverage universe regarding potential employment opportunities. Additional disclosure will be

made when appropriate. • The research analysts who authored this report may hold shares of the non REIT companies mentioned in this research report. These are not companies in our coverage universe. Please also have regard to the Affiliate Disclosures listed above when considering the extent to which you place reliance on this research report and any research recommendations made herein. Green Street, at times, assists Eastdil Secured, a real estate brokerage and investment bank, when Eastdil Secured provides investment banking services to companies in Green Street’s coverage universe. Green Street is never part of the underwriting syndicate or the selling group, but Green Street may receive compensation from Eastdil Secured for consulting services that Green Street provides to Eastdil Secured related to Eastdil Secured's investment banking services. Green Street does not control, have ownership in, or make any business or invest-ment decisions for Eastdil Secured. A number of companies covered by Green Street research reports pay an annual fee to receive Green Street’s research reports. Green Street may periodically solicit this business from the subject companies. In the aggregate, annual fees for GSA (US) and GSA (UK) research reports received from subject companies represent approximately 3% of each of GSA (US)’s and GSA (UK)'s respective total revenues. Green Street publishes research reports covering issuers that may offer and sell securities in an initial or secondary offering. Broker-dealers involved with selling the issuer’s securities or their affiliates may pay compensation to GSA upon their own initiative, or at the request of Green Street's clients in the form of “soft dollars,” for receiving research reports published by Green Street. The information contained in this report is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This report is produced solely for informational purposes and is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it is not, and it should not be construed as, advice designed to meet the particular investment needs of any investor. This report is not an offer or the solicitation of an offer to sell or buy any security. For Green Street’s advisory customers, this research report is for informational purposes only and the firm is not responsible for implementation. Nor can the firm be liable for suitability obligations.

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Documents

Easily Compare Investments Across Geographies and Property … Street... · 2019. 1. 15. · REIT PROPERTIES AUSTIN PORTFOLIO SUMMARY. Name Submarket Grade Zip Code Grade % of REIT