Yield PRO TV Rate Desk

July 21, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Cost/benefits of IoT amenities in apartments. What smart features do you offer? Rate Desk notes July 21, 2020 • DOW, S&P up, NASDAQ down • UST yields .60 • Crude $41.76 • 223(f) 2.39% • 221(d)(4) 3.04% • Fannie 2.75% • Freddie 3.00% • Fannie Mae Green update tomorrow • Smart apartments • Cost benefits of IoT amenities • Digital windows

July 20, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Markets are up, new stimulus in the works, and July forbearance falls for fifth straight week. Rate Desk notes July 20, 2020 • Indices up • UST yields .62 • Crude $40.70 • 223(f) 2.39% • 221(d)(4) 3.04% • Fannie 2.75% • Freddie 3.00% • CARES Act stimulus days away from voting • $1 trillion: jobs, kids, vaccine • NLIHC: Tuesday, July 21 is Virtual Lobby Day • Lobbying for $100 billion in emergency rental assistance Program • Forbearance expiration • MBA SFR July forbearance falls for fifth straight week • Back-to-work training

July 17, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. How can human-centric design solve challenges in multifamily housing? Rate Desk notes July 17, 2020 • S&P up, DOW, NASDAQ down • UST yields .63 • Crude $40.57 • 223(f) 2.42% • 221(d)(4) 3.09% • Fannie 2.78% • Freddie 3.11% • Human-centric design in multifamily • Indoor air filtration • Designing with continuous feedback loop of residents • Banks reserving cash for loan losses • Bank reserves are not unlimited • Look to alternate funding options

July 15, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Understanding all aspects of your loan—from cash distributions to exit timing—and aligning it with your business plan. Rate Desk notes July 15, 2020 • Indices up • UST yields .63 • Crude $41.01 • 223(f) 2.49% • 221(d)(4) 3.13% • Fannie 2.80% • Freddie 3.11% • NMHC Rent Payment Tracker found 87.6 percent made a rent payment in July • Doing business with HUD • You've been approved for the loan...now what? • Surplus cash distributions • Exit timing windows • Prepayments • What don't I know? • Understanding the full scope of your loan • Aligned with business goals

July 16, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Taking advantage of historic low interest environment, locking in low to control fixed cost. Rate Desk notes July 16, 2020 • Indices down • Crude $40.71 • UST yields .61 • SF 30 yr hits record 2.98% • 223(f) 2.49% • 221(d)(4) 3.09% • Fannie 2.78% • Freddie 3.11% • Historic low interest environment • Locking in low • Fixed expense is only controllable fixed cost

July 14, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Millennials surpass boomers as largest cohort and adjusting to the suburban shift with wholistic community developments. Rate Desk notes July 14, 2020 • Indices up, near session highs • Crude $40.45 • UST yields .63 • Disparity between market and fed • 223(f) 2.50% • 221(d)(4) 3.15% • Fannie 2.80% • Freddie 3.11% • US Demographics: millennials now largest cohort • Suburban shift • Wholistic community developments • Differentiators: o Health and wellness o Walkability o Mixed use in suburban markets • Don't miss premiere of Power Hitters on July 24

July 13, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Making sure your properties are fully compliant for all accessibility requirements. Rate Desk notes July 13, 2020 • DOW up, NASDAQ, S&P down • UST yields .62 • Crude $39.60 • 223(f) 2.53% • 221(d)(4) 3.18% • Fannie 2.80% • Freddie 3.11% • HUD FHA MAP Guide expected within 75 days • HUD MF volume: $15B commitments issued in 9 months • MF accessibility: o FHA Act o ADA o ANSI standards o UFAS • Commonly missed: FHA o Interior clearance o Accessible routes o Elevators • Review plans before construction • Paper is cheaper than wood

July 7, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. When deciding between agency versus HUD/FHA financing, focus on the right solution for business plan. Rate Desk notes July 7, 2020 • Indices down • UST yields .65 • Crude $40.70 • 223(f) 2.53% • 221(d)(4) 3.13% • Fannie 2.93% • Freddie 3.14% • Agency versus HUD/FHA • Tight timeline (Agency) • Major markets (Agency) • Smaller market (HUD) • Cash-out potential (HUD) • Time to process (HUD) • Interest-only (Agency) • Maximize value (HUD) • Focus on right solution for business plan

July 6, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. HUD comments on 2020 FHA MAP guide focusing on eliminating green washing through real-time data monitoring. Rate Desk notes July 6, 2020 • Indices up (record setting) • UST yields .68 • Crude $40.59 • Extensions on SF forbearance • 223(f) 2.53% • 221(d)(4) 3.13% • Fannie 2.98% • Freddie 3.14% • HUD issued comments on new FHA MAP guide • Last updated 2016 • Energy conservation and water measures • Building sustainable properties • HUD focused on eliminating green washing • Real-time data monitoring • Data analytics opportunity • Perception drives behavior

July 1, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. What’s the wellness level of your communities? Do they include things like walking Zen gardens and water features? Rate Desk notes July 1, 2020 • DOW down, S&P, NASDAQ up • Crude $39.72 • UST yields .68 • 223(f) 2.54% • 221(d)(4) 3.09% • Fannie 2.99% • Freddie 3.10% • Future of outdoor common areas • Wellness within your communities • Walking garden areas: Zen, flower or vegetable • Water features and fountains

June 29, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. FFHA extended MF owners GSE forbearance to 6 months with caveats to resident back rent payments. Rate Desk notes June 29, 2020 • Indices up • Crude $39.68 • UST yields .63 • 223(f) 2.44% • 221(d)(4) 3.08% • Fannie 2.87% • Freddie 3.10% • FFHA extended MF owners GSE forbearance to 6 months • Required: o 6 month suspension on evictions o No late fees or penalties for non-payment of rent o Allow resident to repay back rent over 24 months • FHA map guide slated for Q3/Q4 2020 • HUD application queue 2-3 weeks

June 30, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Indices breaking quarterly records and the Emergency Affordable Housing Act posed to free up $73 million in new equity. Rate Desk notes June 30, 2020 • Indices up, breaking quarterly records • UST yields .66 • Crude $39.39 • 223(f) 2.47% • 221(d)(4) 3.07% • Fannie 2.87% • Freddie 3.10% • Emergency Affordable Housing Act • Fix 4% LIHTC rather than using AFR • Would free up $73.6 million in new equity • Limited supply of 9% loans (70% of development costs) • More 4% loans available (30% of development costs)

June 26, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. During uncertain markets, have a business plan and stick to the fundamentals. Rate Desk notes June 26, 2020 • Indices down on COVID-concerns for reopening • Crude $38.16 • UST yields .64 • 223(f) 2.44% • 221(d)(4) 3.09% • Fannie 2.95% • Freddie 3.06% • Spreads widen in falling UST market • LIHTC equity buyers hesitant to bid on new opportunities • Strong June rent collections • Stick to the fundamentals • Have a solid business plan

June 25, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Apartments and the new work from home normal. Micro-businesses and mixed-use spaces onsite. Rate Desk notes June 25, 2020 • Indices up • Crude $39.18 • UST yields .68 • 223(f) 2.43% • 221(d)(4) 3.08% • Fannie 2.92% • Freddie 3.06% • Apartments and the new work from home normal • Micro-business units • Mixed-use and auxiliary spaces onsite

June 24, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Still opportunities in this current economic disruption as borrowers and lenders are charging forward. Rate Desk notes June 24, 2020 • Indices down • Crude $37.95 • UST yields .68 • 223(f) 2.45% • 221(d)(4) 3.10% • Fannie 2.90% • Freddie 3.06% • Still opportunities for borrowers • Current economic disruption NOT akin to Great Recession • Borrowers and lenders charging forward • Record 221(d)(4) rate in LIHTC Texas deal • Hidden key impacts on your business

June 23, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. What does more cash mean for MF portfolios and where are rates going? Rate Desk notes June 23, 2020 • Indices up • Crude $40.02 • UST yields .72 • 223(f) 2.45% • 221(d)(4) 3.10% • Fannie 2.90% • Freddie 3.06% • What does more cash mean for MF portfolios? • Acquisitions, renovations and economic vacancy • Where are rates going? • Global markets • Could rates go to zero? • Returns drive investments • Secondary market • Historic low interest rates

June 22, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Freddie Forward rate lock: great when rates are rising, not so great when rates are falling. Rate Desk notes June 22, 2020 • Indices up • Crude $40.60 • UST yields .71 • 223(f) 2.40% • 221(d)(4) 3.05% • Fannie 2.90% • Freddie 3.10% • Affordable housing and LIHTC • Freddie Forward rate lock • Older forwards up to 3.00 points higher than current rates • Some forwards available for HUD/FHA loans (new construction, sub rehab or 223(f))

June 19, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Representing your housing rental brand and living communities through your digital reflection. Rate Desk notes June 19, 2020 • Indices down (up for the week) • Crude $39.65 • UST yields .70 • 223(f) 2.45% indicative • 221(d)(4) 3.10% • Fannie 2.90% • Freddie 3.06% • Digital reflection: housing rental brand • Living communities • Physical features and benefits (in unit and area amenities) • What are the soft benefits? • Value of your community • Soft benefits growing part of digital reflection

June 17, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Trapped equity in debt service reserves and MF designs of the future. Rate Desk notes June 17, 2020 • Indices up • Crude $37.77 • UST yields .73 • 223(f) 2.45% • 221(d)(4) 3.10% • Fannie 2.90% • Freddie 3.10% • Valuations • Debt service reserve escrows • Setting aside market value • Trapped equity • Designs of the future • Tower vs townhome • Built-ins making a comeback

June 18, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Price compression for MF developers and incredibly low interest rates, the financing is right and it's time to build. Rate Desk notes June 18, 2020 • Dow down, S&P, NASDAQ up • Crude $39.10 • UST yields .71 • 223(f) 2.33% • 221(d)(4) 3.125% • Fannie 2.90% • Freddie 3.06% • Back in the office • 40% want to keep working from home • Commercial construction • Price compression for MF developers • Historically low interest rates

June 16, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Missing amenities: Owner and renter frustrations with amenities during the shelter in place. Rate Desk notes June 16, 2020 • Indices up • Crude $37.93 • UST yields .76 • 223(f) 2.48% • 221(d)(4) 3.13% • Fannie 2.83% • Freddie 3.17% • Missing amenities: Sorry, we're closed • Pay as you go • 12-mo average to underwrite seasonal income

June 8, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Choosing the right amenities for market differentiation. Rate Desk Notes June 8, 2020 • Indices up • Crude $38.51 • UST yields .87 • 223(f) 2.55% • 221(d)(4) 3.20% • Fannie 2.90% • Freddie 3.20% • Choosing the right amenities • High end condo vs Class-A apartments • Market differentiation

June 5, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. HUD approval mitigants, 223(f) escrows and new HUD issued stat limits. Rate Desk notes June 5, 2020 • Indices up, S&P, NASDAQ near record highs • Crude $38.97 • UST yields .83 • 223(f) 2.65% • 221(d)(4) 3.30% • Fannie 2.85% • Freddie 3.20% • Key mitigants: o Liquidity o High DSCR o Strong management • 223(f) escrows (in addition to R4R and MIP) o Non-critical repairs o 9-mo DS reserve o 250% of NC repairs o 10 or 20% assurance of completion • HUD issued new stat limits • No changes to the major markets • 315% allowance to HCP on project-by-project basis

June 4, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Match debt to business plan not vice versa and stay better positioned by watching capital markets. Rate Desk notes June 4, 2020 • Dow up, S&P, NASDAQ down • Crude $37.33 • UST yields .83 • 223(f) 2.53% • 221(d)(4) 3.18% • Fannie 3.15% • Freddie 3.20% • Selecting debt programs • Match debt to business plan not vice versa • Stay better positioned: watch capital markets

June 2, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. Follow the leader: look for expansion opportunities during disruption. Room for growth with value-add acquisition strategy Rate Desk notes June 2, 2020 • Indices close in the green • Crude $36.87 • UST yields .68 • 223(f) 2.47% • 221(d)(4) 3.12% • Fannie 3.15% • Freddie 3.20% • Greystar Real Estate Partners acquires Alliance Residential (130,000 units) • Follow the leader: look for expansion opportunities during disruption • Value-add acquisition strategy • Collections are holding up • Room for growth