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EXHIBIT I-4BUILDING PERMITSORANGE COUNTY1990 THROUGH SECOND QUARTER 2017Santa Ana Orange CountyMF 5+MF 5+PeriodTotal# Shr. % OC Total # Shr.Annual1990 94 21 22% 0% 11,983 6,379 53%1991 43 0 0% 0% 6,555 2,434 37%1992 43 0 0% 0% 5,821 1,850 32%1993 74 0 0% 0% 6,344 1,575 25%1994 3 0 0% 0% 12,640 4,554 36%1995 6 0 0% 0% 8,193 1,822 22%1996 12 0 0% 0% 10,173 2,895 28%1997 15 0 0% 0% 12,261 3,657 30%1998 42 0 0% 0% 9,704 2,031 21%1999 62 0 0% 0% 12,239 3,897 32%2000 329 274 83% 5% 12,520 5,075 41%2001 25 0 0% 0% 8,611 1,832 21%2002 122 26 21% 1% 11,796 4,597 39%2003 184 40 22% 1% 9,248 2,733 30%2004 105 5 5% 0% 9,256 4,073 44%2005 79 0 0% 0% 7,143 2,665 37%2006 643 0 0% 0% 8,303 4,216 51%2007 99 0 0% 0% 7,372 4,931 67%2008 13 0 0% 0% 3,235 1,774 55%2009 7 0 0% 0% 2,143 668 31%2010 8 0 0% 0% 3,134 1,186 38%2011 167 110 66% 5% 4,352 2,381 55%2012 382 354 93% 10% 6,082 3,434 56%2013 20 0 0% 0% 10,422 6,281 60%2014 95 0 0% 0% 9,291 5,223 56%2015 541 502 93% 8% 10,771 6,393 59%2016 219 70 32% 1% 11,523 6,671 58%L4Q 450 241 54% 5% 9,921 4,672 47%Annual Average5-Yr 251 185 74% 3% 9,618 5,600 58%10-Yr 155 104 67% 3% 6,833 3,894 57%20-Yr 158 69 44% 2% 8,470 3,686 44%25-Yr 132 55 42% 2% 8,503 3,457 41%Note: "L4Q" - last one year ending 3Q17Source: US Department of Housing and Urban Development01,0002,0003,0004,0005,0006,0007,0000100200300400500600700'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16MF (5+) Building PermitsSanta AnaOrange County (Right Axis)Orange County has seen strong development in the multifamily market over the last 10 years with 57% (3,894 annually) of all building permits pulled for multifamily structures with 5 or more units.Santa Ana's 20 year (from 1990 to 2010) share of Orange County's multifamily deliveries was approximately 0.6%, but over the last 5 years Santa Ana has increased its share to 3.3%17590.00 Macro: PermitThe Concord Group2-260
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