San Antonio Market Overview. 1 st 2 nd Quarter 2015

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1 San Antonio Market Overview 1 st 2 nd Quarter 2015

2 San Antonio, Texas

3 Attributes of San Antonio Why San Antonio? The seventh most populated city in the United States of America and the second most populated city in the state of Texas, with a population of 1,409,019. Greater San Antonio has a population of over 2.3 million based on the 2014 US Census and continues to expand. The city employs 1,000,000 workers and highly skilled talent pool of 150,000+ college students. It is notable for Spanish colonial missions, the Alamo, the River Walk, the Tower of the Americas, the Alamo Bowl, and Marriage Island. It is visited by about 26 million tourists a year and entertainment includes SeaWorld and Six Flags Fiesta Texas theme parks, fivetime NBA champion San Antonio Spurs and hosts the annual San Antonio Stock Show & Rodeo, one of the largest such events in the country. Tourism employs 94,000 citizens and makes an economic impact of over $10.7 billion in the local economy The US armed forces have numerous facilities in San Antonio: Fort Sam Houston, Lackland Air Force Base, Randolph Air Force Base and Lackland AFB/Kelly Field Annex It is home to six Fortune 500 companies and the South Texas Medical Center, the only medical research and care provider in the South Texas region. The Henry B. Gonzalez Convention Center hosts more than 300 events each year with over 750,000 convention delegates from around the world. San Antonio is home to six Fortune 500 companies: Valero Energy Corp, Tesoro Corp, USAA, Clear Channel Communications, NuStar Energy and CST Brands, Inc. H-E-B, the 14th largest private company in the United States is headquartered in San Antonio. The famous River Walk, meanders through the Downtown area, and is the city s second most visited attraction. It is lined with numerous shops, bars, and restaurants. San Antonio received an A+ as one of the best cities - Forbes 2014 for business. San Antonio was recognized as one of the fastest recovering cities in the nation after the recession. - Bloomberg 2014 San Antonio moved back into the Top 10 as a Best Performing Cities in Milken Institute [The study is based on how well a city is creating and sustaining jobs and economic growth.] projected 2-2.5%. - San Antonio Chamber of Commerce Impressive statistics tell the story on San Antonio s economy upswing; the 2015 net new jobs is projected to be 28,000 a 3% job growth exceeding the state s 2

York, Los Angeles, Chicago, Houston, Philadelphia, & Phoenix. Since 2000, San Antonio's population has grown 21.

4 7 th Most Populous City In The Nation 1.3 MILLION PEOPLE LIVE IN SAN ANTONIO [Source: US Census Bureau] San Antonio is the 7th most populous city in the nation behind New York, Los Angeles, Chicago, Houston, Philadelphia, & Phoenix. Since 2000, San Antonio's population has grown 21.7% and is the 2nd most populated city in Texas. TOP 10 US CITIES BY POPULATION 1. New York City, NY 2. Los Angeles, CA 3. Chicago, IL 4. Houston, TX 5. Philadelphia, PA 6. Phoenix, AZ 7. SAN ANTONIO, TX 8. San Diego, CA 9. Dallas, TX 10. San Jose, CA

5 SAN ANTONIO'S AMONG THE TOP 20 CITIES FOR BUSINESS GROWTH San Antonio was recognized as one of the fastest recovering cities in the nation. San Antonio benefited from expansions at its military installations, growth in health care and biosciences, renewed investment in oil and gas exploration and non-traditional energy sources via Eagle Ford Shale, as well as revived production at a Toyota truck plant and its impact on suppliers. Consumer spending and housing activity, which remained strong during the recession, have expanded further. San Antonio never experienced an artificial "bubble" in home prices and the recent downturn has not caused a crash in home prices in the San Antonio area.

6 SAN ANTONIO COST OF LIVING VS THE NATIONAL AVERAGE SAN ANTONIO 87.7% AUSTIN ATLANTA PHOENIX DALLAS ALBUQUERQUE KANSAS CITY DENVER CHICAGO SAN DIEGO SAN FRANCISCO -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

SAN ANTONIO IS AFFORDABLE San Antonio's Median Home Price Is $156,800. San Antonio has been named the third-strongest major metropolitan area in Texas and ninth overall in America.

7 SAN ANTONIO IS AFFORDABLE San Antonio's Median Home Price Is $156,800. San Antonio has been named the third-strongest major metropolitan area in Texas and ninth overall in America. San Antonio retail estate market maintains its stable position as average and median prices for single-family homes continue a steady climb. [Sources: San Antonio Board of Realors, San Antonio Economic Development Foundation]

FORBES RANKS SAN ANTONIO TOP CITY IN 2014 2015 AT A GLANCE Metro Population: 2,285,200 Major Industries: Gross Metro Product: Defense, Health care, Tourism $101.

8 FORBES RANKS SAN ANTONIO TOP CITY IN AT A GLANCE Metro Population: 2,285,200 Major Industries: Gross Metro Product: Defense, Health care, Tourism $101.2 B Median Household Income: $50,075 Median Home Price: $169,600 Unemployment: 4.9% Job Growth (2013): 2.7% Cost of Living: 1.9% above nat'l avg College Attainment: 26.5% Net Migration (2013): 6,300 EMPLOYMENT Job Growth 2.7% Projected Annual Job Growth 3.5% Unemployment 4.9% Median Household Income $50,075 Household Income Growth 0.6% High-Tech Employment 3.9% HOUSING Median Home Price $169,600 Home Price Change 6.9% Housing Affordability 195 EDUCATION High School Attainment 83.7% College Attainment 26.5% Graduate Degrees 9.7% Top Colleges FORBES LISTS #16 Best Places for Business and Careers QUALITY OF LIFE Cost of Living 1.9% above nat'l avg 7

9 SAN ANTONIO INDUSTRY San Antonio is home to Fortune 500 companies Clear Channel, NuStar Energy, Tesoro, USAA, and Valero. Major area employers such as the South Texas Medical Center provide healthcare for 5.49 million patients annually and employs 70,000 healthcare professionals, generating an economic impact of $14.3 billion on the local economy. Major Employers

10 SAN ANTONIO A DOMINANT FORCE IN BIOSCIENCES & HEALTHCARE One of six San Antonio employees works in the Bioscience & Healthcare Industry. These fields have an annual economic impact of $29.2 billion, employ more than 156,000 people and pay out $7.5 billion in wages and salaries. The Bioscience and Healthcare Industry has added nearly 40,000 net new jobs over the past decade, fueling San Antonio's growth.

11 SAN ANTONIO: MILITARY HUB Crucial Role: San Antonio's Military Community BROOKS CITY-BASE FORT SAM HOUSTON LACKLAND AFB RANDOLPH AFB

12 SAN ANTONIO: FINANCIAL SERVICES GIANT One of San Antonio's most stable, promising & significant business sectors. San Antonio's financial sector employs more than 65,400 people.

14 SAN ANTONIO TOURISM DESTINATION Rich in culture and heritage, San Antonio provides tourists an authentic experience and so much more San Antonio hosts more than 28 million annual visitors and experiences an annual impact of $12.2 billion.

15 VISITORS COME TO SAN ANTONIO FOR A stroll along the Riverwalk or an opportunity to watch champion sports teams, San Antonio is a leading destination The Alamo attracts 2.5 million visitors annually. There are several major arts and cultural events that currently take place in San Antonio. Fiesta is a major 11-day celebration that has taken place in some form for 119 years and currently draws several million attendees each year.

With an already robust education system,

16 SAN ANTONIO: HIGHER LEARNING The area plays host to 15 Colleges & Universities offering degrees in all major fields of study and educating more than 150,000 students. Through a community-wide effort known as SA2020, Mayor Julian Castro intends to orchestrate one of the greatest turnarounds in education in the United States by providing the community with access to quality education and career opportunities. With an already robust education system, the initiative positions San Antonio's current and future workforce ahead of other major markets. SAN ANTONIO ACADEMIC INSTITUTES

SAN ANTONIO RETAIL TRENDS The retail real estate picture remains stable and

[ranging from 4.0% regional malls to 14.

17 SAN ANTONIO RETAIL TRENDS The retail real estate picture remains stable and growthoriented in San Antonio City-wide vacancy for all centers over 20k SF is 9% [ranging from 4.0% regional malls to 14.2% in smaller strips 30k and under] down from 10.1% in Rents are averaging $16.51 [up from $16.42 in 2014]. Leading retail construction project in the city is the 260k SF The Rim [Phase 2] A dozen other tracts of land are being built out by HEB, Walmart superstores, and Walmart Neighborhood Market sites.

18 SAN ANTONIO RETAIL

19 brokerage advisory investment management AUSTIN OFFICE CORPORATE OFFICE DFW HOUSTON OFFICE SAN ANTONIO OFFICE 221 W. 6th Street 2525 McKinnon Street Memorial Drive Reunion Place Suite 1030 Suite 700 Suite 170 Suite 160 Austin, TX Dallas, TX Houston, TX San Antonio, TX p p p p f f f f All Rights Reserved - The Retail Connection

SAN ANTONIO SELECT-SERVICE PORTFOLIO

SAN ANTONIO SELECT-SERVICE PORTFOLIO O FFE R IN G S UMMA RY Hampton Inn Hampton Inn & Suites / Fairfield Inn & Suites NE/ INVESTMENT OVERVIEW Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp a Texas licensed real estate