eugene market - images1.loopnet.com · overview eugene industrial 12 mo deliveries in sf 128 k 12...

Eugene Market

PREPARED BY

Frances Victor

Broker

Industrial Market Report

INDUSTRIAL MARKET REPORT

Market Key Statistics 2

Leasing 3

Rent 5

Construction 7

Under Construction Properties 8

Sales 9

Sales Past 12 Months 10

Economy 12

Market Submarkets 14

Supply & Demand Trends 16

Rent & Vacancy 18

Sale Trends 20

Eugene Industrial

3/28/2018Copyrighted report licensed to Keller Williams Realty Portland Premiere -

666336.

OverviewEugene Industrial

12 Mo Deliveries in SF

128 K12 Mo Net Absorption in SF

1.5 MVacancy Rate

1.2%12 Mo Rent Growth

6.3%Eugene, situated in Lane County, is historicallydependent on the lumber industry. Environmentalprotections passed in the 1990s, followed by the GreatRecession, have had a negative impact on the forestproduct trade. There was a difficult adjustment period inwhich the local employment base was forced to diversify.

At present the major employers in Eugene—the stalwartsof education, healthcare, and government—are not greatusers of industrial space. This context offers insight intowhy there is little industrial development in Eugenedespite vacancies of 1%, consistently strong rent growth,and solid sales performance.

KEY INDICATORS

Asking RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$6.661.1%13,870,787Logistics 2.9% 71,512 81,500 39,520

$7.001.4%14,294,958Specialized Industrial 3.2% 2,800 0 0

$9.531.2%2,323,830Flex 1.2% 6,264 0 0

$7.041.2%30,489,575Market 2.9% 80,576 81,500 39,520

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

1.2%4.6%-4.5%Vacancy Change (YOY) 10.8% 2012 Q3 1.2% 2006 Q3

217,76567,3311.5 MNet Absorption SF 1,405,188 2017 Q4 (1,125,975) 2009 Q2

112,33473,690128 KDeliveries SF 241,587 2007 Q3 0 2015 Q4

2.4%2.2%6.3%Rent Growth 7.3% 2017 Q3 -5.2% 2009 Q4

N/A$31.8 M$70.6 MSales Volume $82.6 M 2016 Q2 $4.5 M 2008 Q1


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LeasingEugene Industrial

There is strong demand for industrial space in Eugene,evidenced by high rent growth and very tight vacancy.However, over the cycle, inventory has increased by lessthan 1%. The lack of deliveries indicates that thedemand for industrial space is not widely recognized.

Eugene industrial space caters more to manufacturersthan to distributors. Regional tenants include such localplayers as Monaco Coach, a luxury motor homemanufacturer, and Rears Manufacturing, a producer ofagricultural equipment, and branches of nationalcompanies such as International Paper Co. andWeyerhaeuser, which both take advantage of easyaccess to forest products. In November 2016, Broadcombacked out of plans to revive the former Hynixsemiconductor plant, forgoing $21 million in tax

incentives, and put the 1.2 million SF property back onthe market. It recently sold at auction. Taking a broaderview of regional employment trends, Natural Resources,Mining and Construction has experienced solid jobgrowth in the past 12 months, though only about 8,000people currently work in related positions. Growth forTrade, Transportation and Utilities is near-flat, while jobsin Manufacturing have declined.

Small logistics product may get a boost from thelegalization of marijuana. In 2015, the State of Oregondeclared recreational marijuana legal, further increasingdemand from growers looking for logistics space. InDenver, the legalization of marijuana has had a hugelypositive impact on industrial demand and rental rates.The industry could have the same effect in Eugene.

NET ABSORPTION, NET DELIVERIES & VACANCY


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LeasingEugene Industrial

VACANCY RATE

AVAILABILITY RATE


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RentEugene Industrial

Rent growth is very strong, hovering around 7% for thepast few years. The growth, which has been substantialfrom 2014 onward, is probably driven by the dearth ofnew construction during the recovery. Rental rates are a

bit lower than the national rate. In the face of staticinventory, tenants are compelled to accept large rentincreases due to lack of other options.

ASKING RENT GROWTH (YOY)


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RentEugene Industrial

ASKING RENT PER SQUARE FOOT


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ConstructionEugene Industrial

Industrial inventory in Eugene has increased by less than1% over the course of the cycle. Many existingproperties, especially larger facilities, are owner-occupied. Developers are beginning to recognizeopportunity in this market, and all four projects whichdelivered in 2017 were speculative, securing tenantsafter breaking ground.

The 66,500 SF 1200 Renne Street building, scheduled

for construction in 18Q1, will be the largest building todeliver post-recession. The build-to-suit will be a teaplant for owner/occupant Yogi Tea. Even though rentgrowth is markedly high and the vacancy rate is about1%, there is limited pipeline activity, and only one otherbuilding is presently under construction. The 15,000 SFstructure at 630 30th Street in Springfield is alsoscheduled for 18Q1 delivery. The spec project has notyet secured a tenant.

DELIVERIES & DEMOLITIONS


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Under Construction PropertiesEugene Industrial

Properties

3Square Feet

39,520Percent of Inventory

0.1%Preleased

53.1%UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Mar-20181375 S Bertelsen Rd

Building C21,000 1 Oct-2018

-

-1

Mar-20181375 S Bertelsen Rd

Building B10,120 1 Sep-2018

-

-2

Mar-2018295 Cap Ct

8,400 1 Apr-2018-

-3


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SalesEugene Industrial

The typical industrial sale in Eugene is under $2 million,and historically the majority of deals are owner/user.There were two quite substantial sales in 2017, however.

Corning Inc’s acquisition of the 1,191,000 SF formerHynix Plant, now termed the Eugene Technology Center,is the latest development in the property’s ongoing saga.The building has been vacant since 2008. It waspurchased at auction for $12.8 million ($10.70/SF) in

November from Broadcom, which paid $21 million for theproperty only two years earlier.

In January 2017, the 335,000 SF distribution property at91386 N Coburg Industrial Way sold for $13 million($39/SF). Sold by an individual based in the metro, thiswas an owner/user purchase by Rear’s Manufacturing,who now fully occupy the property.

SALES VOLUME & PRICE PER SF INDEX


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Sales Past 12 MonthsEugene Industrial

Sale Comparables

77Avg. Cap Rate

6.7%Avg. Price/SF

$31Avg. Vacancy At Sale

1.0%SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $70,000 $2,151,974 $1,175,000 $12,750,000

Price Per SF $11 $31 $67 $212

Cap Rate 6.3% 6.7% 7.0% 7.0%

Time Since Sale in Months 1.0 6.2 5.8 12.0

Property Attributes Low Average Median High

Building SF 1,862 37,583 12,000 1,191,293

Ceiling Height 9' 17'1" 17' 30'

Docks 0 0 0 8

Vacancy Rate At Sale 0% 1.0% 0% 78.1%

Year Built 1930 1978 1976 2019

Star Rating 1.8


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Sales Past 12 MonthsEugene Industrial

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 Eugene Technology Cen…1998 1,191,293 0% $12,750,000 $11

1830 Willow Creek Cir11/13/2017 -

-2 990 Owen Loop N- 100,514 0% $10,600,000 $10512/27/2017 -

-3 800 48th St- 252,592 0% $6,750,000 $271/8/2018 -

-4 2890 Chad Dr- 25,000 0% $5,300,000 $21211/28/2017 -

-5 1020 Owen Loop S2001 42,000 0% $3,500,000 $836/26/2017 -

-6 190 S Danebo Ave- 25,810 0% $3,000,000 $1161/26/2018 -

-7 3500 Commercial St- 33,264 0% $2,600,000 $781/3/2018 -

-8 West Eugene Industrial…1976 45,500 22.0% $2,400,000 $53

3535 W 1st Ave10/4/2017 -

-9 2950 Chad Dr- 22,204 0% $2,250,000 $1015/31/2017 -

-10 2345 W Broadway- 40,000 0% $2,100,000 $537/10/2017 -

-11 1465 W 7th Ave1950 24,150 0% $1,963,800 $812/1/2018 -

-12 2701 W 1st Ave- 72,098 0% $1,272,600 $1811/7/2017 -

-13 3115 Industrial Ave- 8,700 0% $1,200,001 $1382/27/2018 -

-14 Saginaw Industrial Facility1970 112,000 0% $1,200,000 $11

32941 E Saginaw Rd10/27/2017 -

-14 Saginaw Industrial Facility1970 112,000 0% $1,200,000 $11

32941 E Saginaw Rd10/26/2017 -

-15 490 S Bertelsen Rd1976 16,696 0% $1,200,000 $725/25/2017 -

-16 495 Seneca Rd- 14,858 0% $1,175,000 $7912/11/2017 -

-17 1015 Arrowsmith St1976 14,532 0% $1,100,000 $764/3/2017 -

-18 645-655 Wilson St- 18,888 0% $1,100,000 $5812/29/2017 -

-19 675 Conger St1975 17,185 0% $1,072,052 $6211/15/2017 7.0%


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EconomyEugene Industrial

Eugene is essentially at full employment. The metro isexhibiting robust population, labor force, and, particularly,income growth. At just over $51,000, however, themetro’s median household income lags behind thenational median of $59,000. Low costs of living, a localeconomy on the upswing, and the appealing asset of aneducated labor pool—by way of University of Oregongraduates—provide strong fundamentals. The city alsobenefits from infrastructure spending: About $100 millionwas spent in expanding the EmX rapid-transit system toWest Eugene, officially beginning service in September2017 following two years of construction.

Of Eugene’s top 10 employers in 2016, eight weregovernment entities. Led by the University of Oregon,with about 5,500 employees, the others include federal,state, county, and city agencies, two school districts, andLane Community College. The other two on the list aremedical providers: PeaceHealth Medical Group (5,500employees) and McKenzie-Willamette Medical Center(880 employees). Recent job growth is also concentratedin these industries: Both Education and Health Servicesand Government have posted gains. Natural Resources,Mining and Construction is also picking up, good newsfor a region heavily dependent on the lumber industry.

EUGENE EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

-1.20%-0.60%-1.12%-3.65%-0.41%-0.08%1.013Manufacturing

0.40%0.67%0.30%0.45%0.40%1.72%1.030Trade, Transportation and Utilities

0.43%0.57%0.21%0.46%-0.13%1.10%1.221 Retail Trade

0.74%1.43%0.24%-0.61%0.85%0.00%0.88Financial Activities

0.65%0.52%-0.03%0.61%0.18%6.34%1.332Government

---0.54%0.63%4.51%6.53%1.31Natural Resources and Mining

1.27%1.81%2.07%2.31%1.75%3.46%1.026Education and Health Services

1.49%2.54%1.57%0.96%2.44%-1.68%0.818Professional and Business Services

0.29%0.40%-1.04%-4.59%-1.11%-9.53%0.82Information

1.26%1.54%1.75%1.39%2.02%3.28%1.017Leisure and Hospitality

0.41%0.51%0.43%0.28%0.88%2.81%0.95Other Services

Total Employment 162 1.0 2.47% 1.28% 0.25% 0.65% 1.21% 0.82%

Source: Moody's Analytics

LQ = Location Quotient


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EconomyEugene Industrial

Source: Moody’s Analytics

YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change Forecast Change

Metro U.S. Metro U.S.

Population 327,350,006374,937 0.8% 0.7% 0.8% 0.8% 0.6% 0.7%

Households 126,308,406159,092 1.5% 1.2% 0.9% 0.9% 1.2% 1.1%

Median Household Income $60,221$50,510 3.5% 3.5% 1.6% 1.6% 3.4% 3.0%

Labor Force 160,867,340187,337 4.1% 0.6% 0.2% 0.4% 1.1% 0.8%

Unemployment 4.1%4.5% 0.1% -0.6% -0.1% -0.1% - -

Source: Moody’s Analytics

POPULATION GROWTH

Source: Moody's Analytics

LABOR FORCE GROWTH INCOME GROWTH


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SubmarketsEugene Industrial

EUGENE SUBMARKETS


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SubmarketsEugene Industrial

SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs SF (000) Percent Rank

Inventory

Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.

1 Lane County 30,490 100% 1 3 40 0.1% 11,226 6 128 0.4% 1

SUBMARKET RENT

Growth

Asking Rent

Per SFSubmarketNo.

12 Month Asking Rent Annualized Quarterly Rent

RankRank GrowthRank

1 Lane County 5.2%1 6.3% 1$7.04 1

SUBMARKET VACANCY & NET ABSORPTION

12 Month Net Absorption

Rank Construct. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 Lane County 372,425 1.2% 0.11,473,721 4.8% 11


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Supply & Demand TrendsEugene Industrial

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Constrct. RatioSF SF Growth % Growth SFYear

2022 105,705 0.3% 0.3%77,582 1.430,968,326

2021 117,175 0.4% 0.2%61,586 1.930,862,621

2020 129,732 0.4% 0.1%24,016 5.430,745,446

2019 89,366 0.3% 0.4%126,458 0.730,615,714

2018 118,273 0.4% 0.2%70,362 1.730,526,348

YTD 81,500 0.3% 0.3%80,576 1.030,489,575

2017 38,823 0.1% 4.6%1,405,188 030,408,075

2016 152,462 0.5% -2.1%(640,369) -30,369,252

2015 0 0% 1.4%424,445 030,216,790

2014 74,279 0.2% 3.4%1,032,653 0.130,216,790

2013 0 0% 3.0%893,867 030,142,511

2012 0 0% -2.5%(768,291) 030,142,511

2011 0 0% 0%(1,359) 030,142,511

2010 0 0% -2.2%(672,491) 030,142,511

2009 39,224 0.1% -2.6%(780,062) -30,142,511

2008 73,480 0.2% -1.1%(318,447) -30,103,287

SPECIALIZED INDUSTRIAL SUPPLY & DEMAND



2022 718 0% -0.1%(11,334) -14,297,772

2021 797 0% -0.2%(24,139) -14,297,054

2020 857 0% -0.3%(48,452) -14,296,257

2019 444 0% 0.1%15,487 014,295,400

2018 (2) 0% -0.5%(69,487) -14,294,956

YTD 0 0% 0%2,800 014,294,958

2017 0 0% 8.7%1,237,046 014,294,958

2016 0 0% -7.2%(1,024,889) 014,294,958

2015 0 0% 2.1%296,118 014,294,958

2014 11,221 0.1% 1.9%271,083 014,294,958

2013 0 0% 5.2%739,997 014,283,737

2012 0 0% -0.8%(110,478) 014,283,737

2011 0 0% -0.4%(55,503) 014,283,737

2010 0 0% -3.3%(469,406) 014,283,737

2009 0 0% -5.6%(795,976) 014,283,737

2008 0 0% -0.8%(117,785) 014,283,737


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Supply & Demand TrendsEugene Industrial

LOGISTICS SUPPLY & DEMAND



2022 90,788 0.6% 0.5%76,418 1.214,287,724

2021 100,628 0.7% 0.5%73,769 1.414,196,936

2020 111,448 0.8% 0.5%63,666 1.814,096,308

2019 76,949 0.6% 0.7%95,981 0.813,984,860

2018 118,624 0.9% 0.9%129,968 0.913,907,911

YTD 81,500 0.6% 0.5%71,512 1.113,870,787

2017 38,823 0.3% 0.8%108,962 0.413,789,287

2016 106,360 0.8% 2.8%390,548 0.313,750,464

2015 0 0% 0.7%100,235 013,644,104

2014 63,058 0.5% 5.2%711,694 0.113,644,104

2013 0 0% 0.8%112,422 013,581,046

2012 0 0% -4.8%(655,002) 013,581,046

2011 0 0% 0.2%22,809 013,581,046

2010 0 0% -1.4%(186,933) 013,581,046

2009 39,224 0.3% 0.3%44,315 0.913,581,046

2008 65,980 0.5% -1.0%(130,778) -13,541,822

FLEX SUPPLY & DEMAND



2022 14,199 0.6% 0.5%12,498 1.12,382,830

2021 15,750 0.7% 0.5%11,956 1.32,368,631

2020 17,427 0.7% 0.4%8,802 2.02,352,881

2019 11,973 0.5% 0.6%14,990 0.82,335,454

2018 (349) 0% 0.4%9,881 -2,323,481

YTD 0 0% 0.3%6,264 02,323,830

2017 0 0% 2.5%59,180 02,323,830

2016 46,102 2.0% -0.3%(6,028) -2,323,830

2015 0 0% 1.2%28,092 02,277,728

2014 0 0% 2.2%49,876 02,277,728

2013 0 0% 1.8%41,448 02,277,728

2012 0 0% -0.1%(2,811) 02,277,728

2011 0 0% 1.4%31,335 02,277,728

2010 0 0% -0.7%(16,152) 02,277,728

2009 0 0% -1.2%(28,401) 02,277,728

2008 7,500 0.3% -3.1%(69,884) -2,277,728


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Rent & VacancyEugene Industrial

OVERALL RENT & VACANCY

Asking Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2022 137 0.9% 9.4%$7.67 480,188 1.6% 0.1%

2021 136 1.0% 8.5%$7.60 452,065 1.5% 0.2%

2020 134 0.9% 7.6%$7.52 396,476 1.3% 0.3%

2019 133 2.4% 6.8%$7.46 290,760 0.9% -0.1%

2018 130 4.8% 4.6%$7.28 327,852 1.1% -0.1%

YTD 126 1.2% 1.2%$7.04 372,425 1.2% 0%

2017 124 7.1% 0%$6.95 371,501 1.2% -4.5%

2016 116 7.0% -7.1%$6.49 1,737,962 5.7% 2.6%

2015 108 6.7% -14.6%$6.07 945,131 3.1% -1.4%

2014 102 6.4% -22.2%$5.69 1,369,576 4.5% -3.2%

2013 96 3.9% -30.0%$5.34 2,327,950 7.7% -3.0%

2012 92 1.4% -35.1%$5.15 3,221,817 10.7% 2.5%

2011 91 -0.8% -37.0%$5.07 2,453,526 8.1% 0%

2010 91 -3.6% -35.9%$5.11 2,452,167 8.1% 2.2%

2009 95 -5.2% -31.1%$5.30 1,779,676 5.9% 2.7%

2008 100 -0.8% -24.3%$5.59 960,390 3.2% 1.3%

SPECIALIZED INDUSTRIAL RENT & VACANCY

Asking Rent


Vacancy

SF Percent Ppts Chg

2022 139 0.9% 9.1%$7.62 249,346 1.7% 0.1%

2021 138 1.0% 8.3%$7.55 237,294 1.7% 0.2%

2020 136 0.9% 7.3%$7.48 212,358 1.5% 0.3%

2019 135 2.4% 6.5%$7.41 163,049 1.1% -0.1%

2018 132 4.5% 4.3%$7.24 178,092 1.2% -0.2%

YTD 127 1.0% 1.0%$7.00 197,367 1.4% 0%

2017 126 7.3% 0%$6.93 200,167 1.4% -8.7%

2016 118 7.3% -7.3%$6.46 1,437,213 10.1% 7.2%

2015 110 6.2% -15.1%$6.02 412,324 2.9% -2.1%

2014 103 6.3% -22.3%$5.67 708,442 5.0% -1.8%

2013 97 4.2% -29.9%$5.33 968,304 6.8% -5.2%

2012 93 2.0% -35.4%$5.12 1,708,301 12.0% 0.8%

2011 91 -0.3% -38.1%$5.02 1,597,823 11.2% 0.4%

2010 92 -3.3% -37.7%$5.03 1,542,320 10.8% 3.3%

2009 95 -5.2% -33.2%$5.20 1,072,914 7.5% 5.6%

2008 100 -0.4% -26.3%$5.49 276,938 1.9% 0.8%


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Rent & VacancyEugene Industrial

LOGISTICS RENT & VACANCY

Asking Rent


Vacancy

SF Percent Ppts Chg

2022 135 0.9% 9.8%$7.26 195,473 1.4% 0.1%

2021 134 1.0% 8.9%$7.20 181,103 1.3% 0.2%

2020 132 0.9% 8.0%$7.12 154,244 1.1% 0.3%

2019 131 2.4% 7.2%$7.06 106,462 0.8% -0.1%

2018 128 5.2% 5.0%$6.89 125,494 0.9% -0.1%

YTD 124 1.6% 1.6%$6.66 146,826 1.1% 0.1%

2017 122 7.5% 0%$6.55 136,838 1.0% -0.5%

2016 113 6.9% -7.5%$6.09 207,073 1.5% -2.1%

2015 106 7.2% -14.9%$5.70 491,261 3.6% -0.7%

2014 99 6.2% -23.2%$5.32 591,496 4.3% -4.8%

2013 93 3.4% -30.9%$5.01 1,240,132 9.1% -0.8%

2012 90 0.5% -35.3%$4.84 1,352,554 10.0% 4.8%

2011 90 -1.2% -35.9%$4.82 697,552 5.1% -0.2%

2010 91 -4.1% -34.4%$4.88 720,361 5.3% 1.4%

2009 94 -5.6% -28.9%$5.08 533,428 3.9% 0%

2008 100 -1.8% -21.7%$5.39 538,519 4.0% 1.4%

FLEX RENT & VACANCY

Asking Rent


Vacancy

SF Percent Ppts Chg

2022 139 0.9% 8.8%$10.37 35,369 1.5% 0.1%

2021 137 1.0% 8.0%$10.28 33,668 1.4% 0.2%

2020 136 0.8% 7.1%$10.18 29,874 1.3% 0.4%

2019 135 2.4% 6.3%$10.09 21,249 0.9% -0.1%

2018 132 4.2% 4.0%$9.86 24,266 1.0% -0.4%

YTD 127 0.8% 0.7%$9.53 28,232 1.2% -0.3%

2017 126 4.4% 0%$9.46 34,496 1.5% -2.5%

2016 121 6.1% -4.4%$9.07 93,676 4.0% 2.2%

2015 114 6.8% -10.7%$8.55 41,546 1.8% -1.2%

2014 107 7.5% -18.3%$8.00 69,638 3.1% -2.2%

2013 99 4.5% -27.1%$7.44 119,514 5.2% -1.8%

2012 95 2.7% -32.9%$7.12 160,962 7.1% 0.1%

2011 93 -1.3% -36.4%$6.94 158,151 6.9% -1.4%

2010 94 -2.6% -34.6%$7.03 189,486 8.3% 0.7%

2009 96 -3.5% -31.0%$7.22 173,334 7.6% 1.2%

2008 100 1.4% -26.4%$7.48 144,933 6.4% 3.4%


666336. Page 19

Sale TrendsEugene Industrial

OVERALL SALES

Completed Transactions

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2022 -- - -- 138- $71.15 8.7%

2021 -- - -- 137- $70.86 8.7%

2020 -- - -- 136- $70.08 8.7%

2019 -- - -- 132- $68.33 8.6%

2018 -- - -- 127- $65.58 8.5%

YTD $15.7 M13 1.3% $44.92$2,241,686 123- $63.24 8.4%

2017 $71.1 M72 9.5% $30.26$2,293,082 1216.7% $62.46 8.3%

2016 $57.4 M70 4.0% $54.26$1,078,004 1158.4% $59.54 8.3%

2015 $72.8 M64 8.6% $31.93$1,583,585 1106.5% $56.52 8.3%

2014 $35.2 M40 2.6% $49.51$1,136,969 1049.0% $53.42 8.3%

2013 $24.7 M32 2.7% $35.65$1,176,764 97- $50.10 8.5%

2012 $38.2 M33 5.6% $24.24$1,659,042 9110.0% $47.00 8.8%

2011 $20.4 M26 1.5% $46.11$888,824 85- $43.99 9.2%

2010 $15.6 M19 1.2% $44.38$818,955 819.1% $41.83 9.5%

2009 $19.8 M23 1.6% $42.17$899,227 848.0% $43.45 9.7%

2008 $6.6 M4 0.3% $73.82$1,647,250 100- $51.62 9.0%


666336. Page 20

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