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EXHIBIT 7B <br />MF MACRO -MARKET PERFORMANCE - OCCUPANCY & RENTS <br />ORANGE COUNTY <br />2000 THROUGH FIRST QUARTER 2020 <br />Values <br />Historical <br />Annual Average <br />1-Year <br />in000s <br />2000 <br />2001 <br />2002 <br />2003 <br />2004 <br />2005 <br />2006 <br />2007 <br />2008 <br />2009 <br />2010 <br />2011 <br />2012 <br />2013 <br />2014 <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />5-Yr <br />10-Yr <br />15-Yr <br />1Q19 <br />1Q20 <br />Job Growth <br />Orange County <br />3.1% <br />1.8% <br />-0.7% <br />1.9% <br />2.0% <br />2.4% <br />1.9% <br />-0.2% <br />-2.0% <br />-7.1% <br />-1.2% <br />1.2% <br />2.7% <br />2.7% <br />2.3% <br />3.2% <br />2.6% <br />2.1% <br />2.0% <br />1.3% <br />0.9% <br />Asking Rent($) <br />Orange County <br />1,238 <br />1,302 <br />1,321 <br />1,328 <br />1,358 <br />1,428 <br />1,520 <br />1,598 <br />1,626 <br />1,555 <br />1,518 <br />1,537 <br />1,584 <br />1,640 <br />1,705 <br />1,788 <br />1,875 <br />1,938 <br />1,988 <br />2,050 <br />2,013 <br />2,053 <br />Gr/Yr <br />5.2% <br />1.4% <br />0.5% <br />2.3% <br />5.1 % <br />6.5% <br />5.1 % <br />1.8% <br />-4.4% <br />-2.4% <br />1.3% <br />3.1 % <br />3.5% <br />3.9% <br />4.9% <br />4.9% <br />3.4% <br />2.6% <br />3.1 % <br />3.8% <br />2.8% <br />2.8% <br />Y/Y: <br />2.0% <br />Santa Ana <br />1,096 <br />1,152 <br />1,173 <br />1,183 <br />1,204 <br />1,260 <br />1,339 <br />1,403 <br />1,425 <br />1,367 <br />1,331 <br />1,353 <br />1,395 <br />1,439 <br />1,512 <br />1,590 <br />1,669 <br />1,731 <br />1,779 <br />1,838 <br />1,813 <br />1,859 <br />Gr/Yr <br />5.1 % <br />1.8% <br />0.8% <br />1.8% <br />4.6% <br />6.3% <br />4.8% <br />1.6% <br />-4.1 % <br />-2.6% <br />1.6% <br />3.1 % <br />3.2% <br />5.0% <br />5.2% <br />5.0% <br />3.7% <br />2.8% <br />3.3% <br />4.0% <br />3.0% <br />2.9% <br />Y/Y: <br />2.5% <br />Asking Rent($/SF) <br />Orange County <br />1.41 <br />1.49 <br />1.51 <br />1.52 <br />1.55 <br />1.63 <br />1.74 <br />1.83 <br />1.86 <br />1.78 <br />1.73 <br />1.75 <br />1.81 <br />1.87 <br />1.95 <br />2.04 <br />2.15 <br />2.22 <br />2.27 <br />2.34 <br />2.30 <br />2.35 <br />Gr/Yr <br />5.3% <br />1.3% <br />0.5% <br />2.3% <br />5.3% <br />6.4% <br />5.0% <br />1.9% <br />-4.6% <br />-2.4% <br />1.2% <br />3.1 % <br />3.6% <br />4.0% <br />4.9% <br />5.0% <br />3.4% <br />2.5% <br />3.1 % <br />3.8% <br />2.8% <br />2.8% <br />Y/Y: <br />2.2% <br />Santa Ana <br />1.32 <br />1.39 <br />1.41 <br />1.43 <br />1.45 <br />1.52 <br />1.62 <br />1.70 <br />1.72 <br />1.65 <br />1.61 <br />1.63 <br />1.69 <br />1.74 <br />1.83 <br />1.92 <br />2.02 <br />2.09 <br />2.15 <br />2.22 <br />2.19 <br />2.25 <br />Gr/Yr <br />5.1 % <br />1.8% <br />0.9% <br />1.9% <br />4.6% <br />6.4% <br />4.8% <br />1.5% <br />-4.2% <br />-2.6% <br />1.7% <br />3.2% <br />3.0% <br />5.2% <br />5.3% <br />5.1 % <br />3.6% <br />2.7% <br />3.3% <br />4.0% <br />3.0% <br />2.9% <br />Y/Y: <br />2.7% <br />Occupancy <br />Orange County <br />97% <br />96% <br />95% <br />95% <br />95% <br />96% <br />96% <br />95% <br />95% <br />94% <br />94% <br />94% <br />95% <br />95% <br />96% <br />95% <br />96% <br />95% <br />95% <br />95% <br />96% <br />95% <br />95% <br />95.1% <br />94.0% <br />Santa Ana <br />98% <br />97% <br />96% <br />96% <br />96% <br />96% <br />96% <br />96% <br />95% <br />94% <br />95% <br />96% <br />96% <br />96% <br />96% <br />97% <br />96% <br />96% <br />96% <br />95% <br />96% <br />96% <br />96% <br />95.4% <br />90.9% <br />8% <br />Rent Growth (bar) and Job Growth (line) <br />8.0% <br />6% <br />6 % <br />6.0 % <br />5% 5% 5% 5% <br />5% 5% <br />4 % <br />4.0% <br />3% 3% 3% <br />3% <br />2% <br />2 % 2 % <br />2.0% <br />0% <br />0.0% <br />-2 % <br />-2.0 <br />-3 <br />-4 % <br />-4.0% <br />-4 <br />-6 % <br />-6.0 % <br />-8 % -8.0 % <br />2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 <br />Santa Ana =Orange County -Orange County ( right axis) <br />Source: Jobs - BLS; Apartment - CoStar (for projects that are 5+ units) <br />20233.00 Macro: Rent THE CONCORD GIROUIP <br />