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EXHIBIT I-5AMACRO MARKET METRICS - SCALEORANGE COUNTY2000 THROUGH THIRD QUARTER 20172017ValuesHistoricalAnnual Average November 2017in 000s 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 5-Yr 10-Yr 15-Yr 3Q17 U/CJob GrowthOrange County 3.2% 1.8% -0.7% 1.9% 2.0% 2.4% 1.9% -0.2% -2.0% -7.1% -1.2% 1.2% 2.7% 2.7% 2.3% 3.2% 2.3%Inventory (000s)Orange County194.5 198.0 200.8 202.7204.4 207.6 209.9 210.9 213.7 219.8 224.7 225.3 228.7 230.5 233.4 236.8 240.4245.6CMA30.0 30.1 30.3 30.3 30.3 30.3 30.4 30.9 31.4 32.5 34.0 34.3 34.4 34.5 35.1 35.7 36.137.2% of Orange County 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%15%Santa Ana19.0 19.0 19.2 19.2 19.2 19.2 19.2 19.2 19.3 19.6 19.6 19.6 19.6 19.6 19.9 19.9 20.120.1% of Orange County 10% 10% 10% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 8% 9% 8% 8%8%Completions (000s)YTDU/COrange County1.31 5.07 0.70 2.52 1.58 3.46 1.88 0.85 4.11 8.83 1.15 0.09 3.43 2.99 3.42 3.26 2.87 3.19 3.10 2.74 4.30 0.00CMA0.00 0.07 0.25 0.00 0.00 0.00 0.28 0.46 0.95 1.76 0.61 0.09 0.00 0.24 1.04 0.00 0.94 0.44 0.61 0.44 0.61 0.00% of Orange County 0% 1% 36% 0% 0% 0% 15% 54% 23% 20% 53% 100% 0% 8% 30% 0% 33% 14% 20% 16% 14% 0%Santa Ana0.00 0.00 0.25 0.00 0.00 0.00 0.00 0.00 0.35 0.00 0.00 0.00 0.00 0.00 0.30 0.00 0.26 0.11 0.09 0.08 0.00 0.00% of Orange County 0% 0% 36% 0% 0% 0% 0% 0% 8% 0% 0% 0% 0% 0% 9% 0% 9% 4% 3% 3% 0% 0%Source: Jobs - BLS; Apartment - CoStar (for all market rate projects of 10-units or more)Note: "U/C" - under construction-8%-6%-4%-2%0%2%4%6%8%02004006008001,0001,2001,4001,6001,8002,0002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q17Completions (bar, right axis) and Job Growth (line, left axis)CMASanta AnaOrange County (Right Axis)The Competitive Market Area (CMA) has had 14%(442 average annual units) of Orange Countydeliveries over the last 5 years.17590.00 Macro: ScaleThe Concord Group2-261