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S  0͒ "``  X*  0ђ "`0   ]+October 25, 2006 NAHB Construction Forecast,,Z  08ؒ "0P  h* Copyright 2006, Witten Advisors LLC Dallas, Texas *52 4  B@ݒ#" ` :Witten(2   s *,"& LMarket Advisory Services(2   0"r {GMarket insights for apartment owners, developers, investors and lendersH 2H    <#" ` c!Market-Smart Investment Decisions&"(2!    H#" ` @Advisors (2 H  0޽h ? ̙33y___PPT10Y+D=' & = @B + Default Design(0 @8(     N rArA *    v* U++UU  N, rArA  *   x* U++UUd  c $ ?v   4  N rArA  Y?   RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  T rArA @    v* U++UU  T rArA  @   x* U++UUH  02m.F ? ̙3380___PPT10.xp P(     Nu& rArA *  &  v* U++UU  N& rArA  * &  x* U++UU  TX& rArA @  &  v* U++UU  T& rArA  @ &  x* U++UUH  02m.F ? ̙3380___PPT10.p|0 @.00(  0x 0 c $ >   x 0 c $ `     H 0 0޽h ? 33___PPT10i.s+D=' & = @B +0 &d (  d ~ d s *0 >   H d 0޽h ? 33___PPT10i. +D=' & = @B + 0^N0 l  (  l  l  6؇ "``    l 0 p 0 LSource: Witten Advisors(2 l TA ?  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H  0޽h ? ̙33___PPT10i.)p=+D=' & = @B +` 0 wo@- (   x  c $x `     0  ` SSource: Real Capital Analytics  (2   TA ?x  H  0޽h ? ̙33___PPT10i.30x^+D=' & = @B +j 0 y-(  ~  s * `      0   W#Source: U.S. Department of Commerce$(2$  TA ?\  H  0޽h ? ̙33___PPT10i.30x^+D=' & = @B +e 0 |t- (  x  c $\  `      0 p 0 X$Source: U.S. Department of Commerce%(2%  TA ?@   H  0޽h ? ̙33___PPT10i.30x^+D=' & = @B +0 &) (   ~  s * >   H  0޽h ? 33___PPT10i. +D=' & = @B + 0 0L(  x  c $0 `       TA  ?  H  0޽h ? ̙33___PPT10i.+D=' & = @B +} &0 1$(  x  c $  `      0 pP 0 p<Source: Federal Reserve Board, Witten Advisors calculations=(2=  TA ?@P  H  0޽h ? ̙33___PPT10i.30x^+D=' & = @B + 0 ! R(   ~  s *|(       TA ?  H  0޽h ? ̙33___PPT10i.(dY+D=' & = @B + 0  *( t(  ( ~ ( s *d- `     ( 0. @ Sources: Housing starts, U.S. Department of Commerce; residential land price trends, Federal Reserve Board; forecasts, Witten Advisors(2 ( TA ?`=  H ( 0޽h ? ̙33___PPT10i.(dY+D=' & = @B + '0 1*(  x  c $7 `      TA ?k    08 pp0 vBSource: U.S. Department of Commerce, Witten Advisors calculationsC(2CH  0޽h ? ̙33___PPT10i.30x^+D=' & = @B +d 0 {s0!  (   x  c $   H  0޽h ? 33___PPT10i. +D=' & = @B +_ 0 vn! (   ~  s *(O `      0O p 0 LSource: Witten Advisors(2  TA ?  H  0޽h ? ̙33___PPT10i.(@+D=' & = @B +w 0^N0 vn! (   ~  s *W        0Y p 0 LSource: Witten Advisors(2  TA ?`  H  0޽h ? ̙33___PPT10i.(@+D=' & = @B +0^N0 000(  x  c $` >   x  c $a  `     H  0޽h ? ̙33___PPT10i.p5+D=' & = @B + 0 p m(   ~  s *g `      s *(n 0 `   "  (  0lw @  \(Source: U.S. Bureau of Labor Statistics)(2)O  6ੴ  "` ^VN___PPT90( uEmployment Growth Rate 12 Months ending July 2006 Las Vegas +5.6% Phoenix +5.1% Salt Lake City +4.5% Raleigh +4.0% Fort Lauderdale +4.0% Orlando +4.0% Seattle +3.9% U.S. +1.3%2182545~  (H  0޽h ? 33___PPT10i. pTBl+D='  = @B +L 0 c[ (   ~  s * `      s *| ` @   "  (  0{    LSource: Witten Advisors(2  0X  `q @PH@___PPT9" -Apartment Absorption Rate 12 Months ending 2Q 2006 Houston +5.1% San Antonio +4.8% Austin +3.8% Fort Worth +3.7% Atlanta +3.6% Portland +3.3% Charlotte +3.2%T31e2u  (H  0޽h ? 33___PPT10i. pTBl+D=' & = @B ++ 0 B: (   ~  s *` `      s * `    "  (  0    LSource: Witten Advisors(2  0$  `q @TLD___PPT9&% Smallest Rent Increases 12 Months ending 2Q 2006 Columbus +1.3% Kansas City +1.2% San Antonio +1.2% St. Louis +1.0% Detroit +0.8% Cincinnati +0.4%@1f1f  (H  0޽h ? 33___PPT10i. pTBl+D='  = @B +   0 $,  (   r  S         0  NTrailing 12-month totals(22  H  33"`F 6 < 2  B 33"` R  < 2  Bw 33"` ? :  < 2  BZx 33"`3 P <   08 @  X$Source: U.S. Department of Commerce%(2%v  6A?f`  H  0޽h ? ̙33___PPT10i.\pO+D='  = @B +0 0(    TA  ? 0D    0 @  X$Source: U.S. Department of Commerce%(2%H  0޽h ? 33___PPT10i.YO` +D='  = @B + 0  0(  ~  s * `       <  "`` 0    x  0% p 0 V"Source: Witten Advisors forecasts#(2#Q  0P%  "`` 0PH@___PPT9" 2007 Houston 13.6k Dallas 8.4k Atlanta 7.6k Miami 6.2k Los Angeles 5.6k Seattle 5.4k Washington DC 5.3k Phoenix 5.2k Austin 5.2k San Antonio 4.3k!Z" Z?    xH  0޽h ? ̙33___PPT10i. +D=' % = @B +0 @|(  |r | S h >   H | 0޽h ? ̙33___PPT10i.S s+D=' % = @B +O0 ((  ^  S v   %   c $&%  Y?  %   H  02m.F ? ̙3380___PPT10.Дj\0  l(   d  c $v   %   s * %  Y?  %  VBPage 37 notes the job growth leaders through July& the top 8 remain the same although the order has been shuffled a bit. Only two of our 42 metros reported a loss of jobs in the past year, as Indy joins Detroit. In terms of job growth rate, Raleigh is the only new name to the leader board.H  02m.F ? ̙3380___PPT10.`dw\0  l(   d  c $v   %   s *X7%  Y?  %  VLikewise, the leaders in apartment absorption on page 38 look largely the same as last quarter, with a heavy representation of Texas markets along with an array from across the country. Charlotte is the new addition to this group, coming in 7th in pace of rental demand growth.$"H  02m.F ? ̙3380___PPT10.60  F(   d  c $v   %   s *C%  Y?  %  0The striking rent growth through 2Q that I alluded to earlier is presented in page 39, with the leaders being FL and CA markets, along with Phoenix. The lagging markets for rent growth are all Midwestern markets except San Antonio where a large supply of new units is dampening rents.H  02m.F ? ̙3380___PPT10.`dw$0 h 4(  h d h c $v   %  h s *I%  Y?  %   H h 02m.F ? ̙3380___PPT10.0   p (  p d p c $v   %  p s *  Y?  %  w2Q a very solid performance, pretty much matching our forecast with occupancy above 95% and rent growth in excess of 4%H p 02m.F ? ̙3380___PPT10.ptjZ0  x j(  x d x c $v   %  x s *P%  Y?  %  T@As has been the case since the apartment recovery began, this good news is the result of another quarter of healthy rental demand, with over 340,000 units absorbed in the last 12 months. This is off from the 400k total last quarter but marks a fourth consecutive quarter with annual absorption above 300k units, matching the 2000 boom in that regard. Of course, what we want to know is what happens next with supply and demand, and therefore occupancy and rents. To understand that, we need to understand the changes that are taking place in the drivers behind the apartment market s recent successes. We ll talk about 4 transitions today, the first one shown on page 9& H x 02m.F ? ̙3380___PPT10.p%0 jb ! (   d  c $v   % V  s *p_%  Y?  %  Page 26 gives you an update on hard cost inflation and highlights two key factors: First, that 2004 was the peak in hard cost inflation, with 2005 also far above average, and Second that 2006 inflation to date is moving closer toward the long-term average of 3 to 3%. The pace of construction cost increases is slowing notably. If NOIs do grow by 6-8% in the near term as expected, hard costs may not be the barrier to construction that they have been recently.H  02m.F ? ̙3380___PPT10.,mB&0 @! R(   d  c $v   %   s *|l%  Y?  %  <(In reality, we ARE seeing MF permits rise, up to 389k units in the past 12 months, the highest since 1987& but this trend may be sending the wrong signal because actual MF starts are flat about where they have been for five years. It may be that some new rental deals that received permits are on hold while plans are value engineered to reduce cost and/or while financing is renegotiated, or it may be that new condos have taken out permits and are dealing with the same cost challenges and/or with converting soft reservations to hard sales contracts. The jury is still out on whether starts will follow the uptrend in permits& BUT& page 29 illustrates that H  02m.F ? ̙3380___PPT10.:q)0 ! (   d  c $v   %   s *z%  Y?  %  kWConsidering all these factors, then, what is the outlook for the U.S. apartment market?H  02m.F ? ̙3380___PPT10.*0 ! (   d  c $v   %   s *%  Y?  %  ~In big picture terms, the outlook on page 31 is similar to what we saw last quarter, as we haven t been completely surprised by any of these emerging trends. Absorption does slow a little more in the future because of slower job growth, but still exceeds new completions into 2007 and exceeds NET completions into 2008.H  02m.F ? ̙3380___PPT10.p+0 ! (   d  c $v   %   s *%  Y?  %  These supply/demand levels mean a strengthening market in 2007 and a healthy, stable outlook for 2008-2009. Occupancy holds above 95% and rents rise by 3 to 4% per year. Downside risks are twofold: 1) economy has a hard rather than soft landing, which triggers not just slower job creation but in fact job losses, and 2) MF starts do follow permits higher and exceed the forecast.H  02m.F ? ̙3380___PPT10.ptjPi0 ) `(   d  c $v   %   s *̖%  Y?  %  J6Getting closer to where the rubber meets the road in making multifamily investment decisions, we need to translate this changing national outlook into local job forecasts. We now that each city has a unique local job cycle  the 2000 tech boom devastated San Francisco but was scarcely felt in Los Angeles. As housing slows, this pattern will affect some markets more than others. Here s an example on page 23H  02m.F ? ̙3380___PPT10.k0 z0*, (  , d , c $v   % n , s *0%  Y?  %  If single-family starts drop by 15%/year or so over the next two years as expected, then residential land price inflation would fall back to single digits, according to this Fed study& also making new rental development marginally more feasible.H , 02m.F ? ̙3380___PPT10.,m^q0 *\ n(  \ d \ c $v   %  \ s *%  Y?  %  XDNonetheless, this rapid slowdown in the housing market appears to have added some caution to the latest economic forecasts. While the outlook through 2009 is one of continued job growth, the pace is much slower in late 2006 and early 2007. By late 2009, the housing-driven economic adjustment is expected to have passed through the system, with 2009 job growth at 2 million jobs, the same as last quarter s forecast.H \ 02m.F ? ̙3380___PPT10.,mt0 `+x (  x d x c $v   % z x s *%  Y?  %  One of the reasons a soft landing is possible even though home building is slowing and will produce job losses is the rebound taking place in commercial and public construction projects. In the last 12 months, employment gains in residential construction have slowed to 70k, after adding 200k or more jobs annually in 2004 and 2005. Accelerating non-residential construction has hired almost 125,000 new workers in the past year and thus provides a bit of a safety net to the construction industry.H x 02m.F ? ̙3380___PPT10.,m0 LDP- (   d  c $v   % 8  s *h%  Y?  %  Sales are off, but pretty modestly  the peak sales pace in mid-2005 was 940k units; one year later, that pace is off to 820k units, a 15% drop. At this level, demand is comparable to 2004 and well above 2003 s rate.H  02m.F ? ̙3380___PPT10.:0 php- (   d  c $v   % \  s *%  Y?  %  Listings for sale are definitely higher, up to 8 months supply as of July. Softening markets may lead more sellers to list their units with a Realtor than during a strong market, which may exaggerate this run-up to a degree. But the take-away here is that the market still carries a much heavier inventory than is ideal and that this inventory is still rising.H  02m.F ? ̙3380___PPT10.:20 -B(  d  c $v   %   s *D%  Y?  %  ,This inventory overhang means that prices are weakening rapidly. The latest year-year comparison says condo prices are up marginally, but a quarter-to-quarter comparison would show prices down slightly. If there s little hope for buyers to profit from rising prices, some would-be condo buyers are likely to remain renters, which strengthens rental demand but weakens the condo market further.H  02m.F ? ̙3380___PPT10.¦Sf60 - F(   d   c $v   %    s *&  Y?  %  0Page 13 is intended to provide some perspective to this discussion and just points out that, while inventories are oversupplied, the degree of this overhang is moderate from a historical point of view, SO FAR. We are not now facing a replay of the 1980s glut. However, as condo inventories keep rising, we have raised our estimate of the share of condos that are rented in many markets. That change is reflected in this quarter s forecasts. So, when does this oversupply peak? And, how long does the adjustment period last?H   02m.F ? ̙3380___PPT10.:)0 -9(  d  c $v   &   s *%  Y?  &  #The answer to those questions is highlighted on page 14, and is a function of when MF for-sale starts begin to pull back. There was certainly no evidence of a slowdown through 2Q; our guess is that this downturn may begin in 3Q, about a year after sales began to soften.H  02m.F ? ̙3380___PPT10.:0 .$(  $X $ C v   &  $ S &  Y?  &  In a number of metros, developers are loading the construction pipeline pretty aggressively, despite the 2004-2005 run-up in construction costs. In these examples, our forecasts for future market performance are less bullish than was the case say 6 months ago.H $ 02m.F ? ̙3380___PPT10. G$0 P.44(  4d 4 c $v    4 s *<      H 4 02m.F ? 3380___PPT10.9; N$0 p.<4(  <d < c $v   &  < s *&  Y?  &   H < 02m.F ? ̙3380___PPT10.¦&C$0 P/t4(  td t c $v   &  t s *@%  Y?  %   H t 02m.F ? ̙3380___PPT10.¦&C$0 @04(  d  c $v   &   s *\$&  Y?  &   H  02m.F ? ̙3380___PPT10.¦&CZ0 `0j(  d  c $v   &   s *)&  Y?  &  T@As has been the case since the apartment recovery began, this good news is the result of another quarter of healthy rental demand, with over 340,000 units absorbed in the last 12 months. This is off from the 400k total last quarter but marks a fourth consecutive quarter with annual absorption above 300k units, matching the 2000 boom in that regard. Of course, what we want to know is what happens next with supply and demand, and therefore occupancy and rents. To understand that, we need to understand the changes that are taking place in the drivers behind the apartment market s recent successes. We ll talk about 4 transitions today, the first one shown on page 9& H  02m.F ? ̙3380___PPT10.pZ0 0j(  d  c $v   &   s *9&  Y?  &  T@As has been the case since the apartment recovery began, this good news is the result of another quarter of healthy rental demand, with over 340,000 units absorbed in the last 12 months. This is off from the 400k total last quarter but marks a fourth consecutive quarter with annual absorption above 300k units, matching the 2000 boom in that regard. Of course, what we want to know is what happens next with supply and demand, and therefore occupancy and rents. To understand that, we need to understand the changes that are taking place in the drivers behind the apartment market s recent successes. We ll talk about 4 transitions today, the first one shown on page 9& H  02m.F ? ̙3380___PPT10.p)0 09(  d  c $v   &   s *,I&  Y?  &  #The answer to those questions is highlighted on page 14, and is a function of when MF for-sale starts begin to pull back. There was certainly no evidence of a slowdown through 2Q; our guess is that this downturn may begin in 3Q, about a year after sales began to soften.H  02m.F ? ̙3380___PPT10.:$0 14(  d  c $v   &   s *'&  Y?  &   H  02m.F ? ̙3380___PPT10.,m$0 p14(  d  c $v   &   s *T&  Y?  &   H  02m.F ? ̙3380___PPT10.:)0 1 9(   d   c $v   &    s *Z&  Y?  &  #The answer to those questions is highlighted on page 14, and is a function of when MF for-sale starts begin to pull back. There was certainly no evidence of a slowdown through 2Q; our guess is that this downturn may begin in 3Q, about a year after sales began to soften.H   02m.F ? ̙3380___PPT10.:)0 19(  d  c $v   &   s *c&  Y?  &  #The answer to those questions is highlighted on page 14, and is a function of when MF for-sale starts begin to pull back. There was certainly no evidence of a slowdown through 2Q; our guess is that this downturn may begin in 3Q, about a year after sales began to soften.H  02m.F ? ̙3380___PPT10.:rxp^RЀ3ÿ lHbP  @AL G@;b bW< ]P^b (yUbG@Xir rE9S;[^aM.X`0x@E0c6ehO S`h~C` d0Z   Frv"e@cJYQ3{!O%G*/5V8Z `6lbTiPexe;+>tW@zB| nD yL ^}sSV@dXZ q-^a1Oh+'0p hp  Austin February 2002  Ron WittenKLeon799Microsoft PowerPoint@`:@@%s@ܞ@ GPg  @  y--$xx--'@Garamond-. 2 qFOctober 25, 2006."System:-@Garamond-. .2 v=NAHB Construction Forecast.-@Garamond-.  2 p1.-@Garamond-. =2 su$Copyright 2006, Witten Advisors LLC .-@Garamond-. 2 v Dallas, Texas.---$yyy--'@Garamond-. 2 {Witten.--- $==--'@Garamond-. +2 Market Advisory Services.-@Garamond-. @2 q&Market insights for apartment owners, .-@Garamond-. 92 t!developers, investors and lenderse.-@Garamond-. 2 yMarket.-@Garamond-.  2 -.-@Garamond-. .2 Smart Investment Decisions.---$--'@Garamond-. 2 Advisors.-@Garamond-. 72 4 Multifamily Construction Outlook.-@Garamond-.  2 BNfor.-@Garamond-. 2 J<NAHB Fall 2006.-@Garamond-. 72 S' Construction Forecast Conference.-՜.+,0    On-screen ShowM/PF ResearchD$! ' GaramondDefault DesignMicrosoft Graph 2000 Chart!Multifamily Construction Outlook)Recent U.S. Apartment Market Performance,Apartment occupancy and rent trends strong&driven by very healthy rental demandKey Demand Drivers3Rental demand shaped, in part, by job availability8Jobs Outlook: slowdown in 2006, gradually stronger 20074Commercial construction taking up part of job slack-Wider rent-buy gap also drives rental demand:Post-2001 decline in rates: bad news for apartment owners2Home-buying now out of reach for average consumerCondominium Market$Existing condo sales off moderately-Condo listings are still rising, leading toEsofter condo prices nationally (therefore, falling in some markets)$Condo conversion activity drying upVEmpty condo inventory reaches 13-year high but not near a replay of the 1980s (yet),Q: When will MF for-sale starts slow down?Key Supply Drivers;Post-2001 decline in rates: good news for apartment owners-Lower rates supported new rental development1Spike in MF cost inflation appears to be passing/SF slowdown should weaken land price inflation-Yields on rental development end their slide1Actual MF starts are steady, though permits rise&Outlook for the U.S. Apartment MarketDemand > supply through 2007COccupancy rises through 2007; rent growth rate peaks in early 2007Local Market Prospects*July 2006 Actuals: Job Growth Highlights,2Q 2006 Actuals: Top Demand Growth Markets12Q 2006 Actuals: Effective Rent Growth by MetroRSeveral metros see a spike in MF permits, despite construction costs examples: Slide 34*Top Markets for Multifamily Rental Starts Questions  Fonts UsedDesign TemplateEmbedded OLE Servers Slide Titles$_cKLeonKLeon  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)PicturesBCurrent UserSummaryInformation(PowerPoint Document("cDocumentSummaryInformation8