1. Industrial
Appendix
Indianapolis, Indiana
Third Quarter 2012
cassidyturley.com | 2

2. Distribution of Space
Indianapolis Industrial Statistics
Indianapolis Industrial Statistics
Distribution of Inventory by Product Type
Distribution of Inventory by Product Type Quarter 2012
3rd
3rd Quarter 2012 239,644,682 Total Square Feet
239,644,682 Total Square Feet Medium
Distribution
Office/Showroom
20.8%
7.2%
Maintenance &
Transport
1.2%
Traditional Bulk
15.2%
Manufacturing
28.2%
Modern Bulk
Flex 24.4%
Source: Cassidy Turley Research 3.0%
Indianapolis Industrial Statistics
Distribution of Vacant Space by Product Type
Indianapolis Industrial Statistics
3rd Quarter 2012 Distribution of Vacant Space by Product Type
3rd Quarter 2012
9,020,362 Total Square Feet 9,020,362 Total Square Feet
Office/Showroom
16.7%
Maintenance & Medium
Transport Distribution
0.5% 27.4%
Manufacturing
19.4%
Flex
6.7%
Traditional Bulk
Modern Bulk 18.1%
11.3%
Source: Cassidy Turley Research
cassidyturley.com | A-i

3. Occupancy Growth
Indianapolis Industrial Market
Net Occupancy Growth
Indianapolis Industrial Market
3rd Quarter 2012
Net Occupancy Growth
3rd Quarter 2012
Square Feet
10
Millions
9
8
7
6
5
4
3
2
1
0
-1
-2
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Occupancy Growth
Source: Cassidy Turley Research
A-ii | We know The State of Real Estate®

4. Tenant Distribution
Indianapolis Industrial Market
Indianapolis Industrial Market
Flex Tenant Distribution Flex Tenant Distribution
Based on Total Number of Tenants Total Number of Tenants
Based on
3rd Quarter 2012 3rd Quarter 2012
75,000 SF+
50,000 to 74,999 SF
25,000 to 49,999 SF
10,000 to 24,999 SF
5,000 to 9,999 SF
2,500 to 4,999 SF
Under 2,500 SF
0% 5% 10% 15% 20% 25% 30% 35%
Source: Cassidy Turley Research
Indianapolis Industrial Market
Flex Tenant Distribution by Lease ExpirationIndustrial Market
Indianapolis
Based on Total Number of Tenants
Flex Tenant Distribution by Lease Expiration
3rd Quarter 2012 Based on Total Number of Tenants
3rd Quarter 2012
2017
2016
2015
2014
2013
2012
0% 5% 10% 15% 20% 25% 30%
cassidyturley.com | A-iii
Source: Cassidy Turley Research

5. Tenant Distribution
Indianapolis Industrial Market
Warehouse Tenant Distribution by Size Industrial Market
Indianapolis
Warehouse Tenant Distribution by Size
Based on Total Number of Tenants Total Number of Tenants
Based on
3rd Quarter 2012 3rd Quarter 2012
75,000 SF+
50,000 to 74,999 SF
25,000 to 49,999 SF
10,000 to 24,999 SF
5,000 to 9,999 SF
2,500 to 4,999 SF
Under 2,500 SF
0% 5% 10% 15% 20% 25% 30%
Source: Cassidy Turley Research
Indianapolis Industrial Market
Warehouse Tenant Distribution by Lease ExpirationMarket
Indianapolis Industrial
Based on Total Number of Tenants Tenant Distribution by Lease Expiration
Warehouse
Based on Total Number of Tenants
3rd Quarter 2012 3rd Quarter 2012
2017
2016
2015
2014
2013
2012
0% 5% 10% 15% 20% 25%
Source: Cassidy Turley Research
A-iv | We know The State of Real Estate®

6. Average Asking Rates
Indianapolis Industrial Market
Historical Average Asking Rate Trends
Indianapolis Industrial Market
3rd Quarter 2012 Historical Average Asking Rate Trends
Avg. Asking Rate Historical Comparison
$6.00 U.S. Midwest Indianapolis
$5.00 $5.03
$4.00 $3.78
Asking Rate (NNN)
$3.47
$3.00
$2.00
$1.00
$0.00
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
Source: Cassidy Turley Research
Indianapolis Industrial Market
Average Asking Rates by Product Type
Indianapolis Industrial Market
3rd Quarter 2012 Historical Average Asking Rate Trends
Avg. Asking Rate Historical Comparison
$10.00
$9.00
$8.00
$7.39
$7.00
Asking Rate (NNN)
$6.00
$5.00
$4.00
$3.47
$3.00 $2.89
$2.00
$1.00
$0.00
3Q 01
1Q 02
3Q 02
1Q 03
3Q 03
1Q 04
3Q 04
1Q 05
3Q 05
1Q 06
3Q 06
1Q 07
3Q 07
1Q 08
3Q 08
1Q 09
3Q 09
1Q 10
3Q 10
1Q 11
3Q 11
1Q 12
3Q 12
All Product Types Warehouse Flex
Source: Cassidy Turley Research
cassidyturley.com | A-v

7. Average Asking Rates
Indianapolis Industrial Market
Historical Average Asking Rate Trends
All Product Types Indianapolis Industrial Market
Historical Average Asking Rate Trends
3rd Quarter 2012 ALL PRODUCT TYPES
$4.50 25%
$4.00 20%
$3.50 15%
$3.00 10%
Yr/Yr % Change
Asking Rent
$2.50 5%
$2.00 0%
$1.50 -5%
$1.00 -10%
$0.50 -15%
$0.00 -20%
3Q 01
1Q 02
3Q 02
1Q 03
3Q 03
1Q 04
3Q 04
1Q 05
3Q 05
1Q 06
3Q 06
1Q 07
3Q 07
1Q 08
3Q 08
1Q 09
3Q 09
1Q 10
3Q 10
1Q 11
3Q 11
1Q 12
3Q 12
Avg. Asking Rate (NNN) Yr/Yr Change
Source: Cassidy Turley Research
Indianapolis Industrial Market
Vacancy vs. Average Asking Rate
All Product Types Indianapolis Industrial Market
Vacancy vs. Asking Rents
3rd Quarter 2012 ALL PRODUCT TYPES
Vacancy = 3.8%
Avg. Asking Rate = $3.47
$5 10%
9%
$4 8%
7%
$3 6%
5%
$2 4%
3%
$1 2%
1%
$0 0%
Avg. Asking Rate (NNN) Vacancy (All Product Types)
Source: Cassidy Turley Research
cassidyturley.com | A-vi

8. Average Asking Rates
Indianapolis Industrial Market
Historical Average Asking Rate Trends
Indianapolis Industrial Market
Warehouse Historical Average Asking Rate Trends
3rd Quarter 2012 WAREHOUSE (ALL TYPES)
$4.50 40%
$4.00 30%
$3.50
20%
$3.00
Yr/Yr % Change
10%
Asking Rent
$2.50
0%
$2.00
-10%
$1.50
-20%
$1.00
$0.50 -30%
$0.00 -40%
3Q 01
1Q 02
3Q 02
1Q 03
3Q 03
1Q 04
3Q 04
1Q 05
3Q 05
1Q 06
3Q 06
1Q 07
3Q 07
1Q 08
3Q 08
1Q 09
3Q 09
1Q 10
3Q 10
1Q 11
3Q 11
1Q 12
3Q 12
Avg. Asking Rate (NNN) Yr/Yr Change
Source: Cassidy Turley Research
Indianapolis Industrial Market
Vacancy vs. Average Asking Rate
Warehouse Indianapolis Industrial Market
Vacancy vs. Asking Rents
3rd Quarter 2012 WAREHOUSE (ALL TYPES)
Vacancy = 8.9%
Avg. Asking Rate = $2.89
$5 18%
16%
$4 14%
12%
$3
10%
8%
$2
6%
$1 4%
2%
$0 0%
Avg. Asking Rate (NNN) Vacancy (Warehouse)
Source: Cassidy Turley Research
cassidyturley.com | A-vii

9. Average Asking Rates
Indianapolis Industrial Market
Historical Average Asking Rate Trends
Indianapolis Industrial Market
Flex Historical Average Asking Rate Trends
3rd Quarter 2012 FLEX
$10.00 60%
$9.00 50%
$8.00 40%
$7.00 30%
Yr/Yr % Change
Asking Rent
$6.00 20%
$5.00 10%
$4.00 0%
$3.00 -10%
$2.00 -20%
$1.00 -30%
$0.00 -40%
3Q 01
1Q 02
3Q 02
1Q 03
3Q 03
1Q 04
3Q 04
1Q 05
3Q 05
1Q 06
3Q 06
1Q 07
3Q 07
1Q 08
3Q 08
1Q 09
3Q 09
1Q 10
3Q 10
1Q 11
3Q 11
1Q 12
3Q 12
Avg. Asking Rate (NNN) Yr/Yr Change
Source: Cassidy Turley Research
Indianapolis Industrial Market
Vacancy vs. Average Asking Rate
Flex Indianapolis Industrial Market
Vacancy vs. Asking Rents
3rd Quarter 2012 FLEX
Vacancy = 8.4%
Avg. Asking Rate = $2.89
$10 16%
$9 14%
$8
12%
$7
$6 10%
$5 8%
$4 6%
$3
4%
$2
$1 2%
$0 0%
Avg. Asking Rate (NNN) Vacancy (Flex)
Source: Cassidy Turley Research
cassidyturley.com | A-viii

10. Average Asking Rates
Indianapolis Industrial Market
Historical Average Asking Rate Trends
Indianapolis Industrial Market
Medium Distribution Historical Average Asking Rate Trends
3rd Quarter 2012 MEDIUM DISTRIBUTION
$7.00 40%
$6.00 30%
20%
$5.00
Yr/Yr % Change
10%
Asking Rent
$4.00
0%
$3.00
-10%
$2.00
-20%
$1.00 -30%
$0.00 -40%
3Q 01
1Q 02
3Q 02
1Q 03
3Q 03
1Q 04
3Q 04
1Q 05
3Q 05
1Q 06
3Q 06
1Q 07
3Q 07
1Q 08
3Q 08
1Q 09
3Q 09
1Q 10
3Q 10
1Q 11
3Q 11
1Q 12
3Q 12
Avg. Asking Rate (NNN) Yr/Yr Change
Source: Cassidy Turley Research
Indianapolis Industrial Market
Vacancy vs. Average Asking Rate
Medium Distribution Indianapolis Industrial Market
Vacancy vs. Asking Rents
3rd Quarter 2012 MEDIUM DISTRIBUTION
Vacancy = 5.0%
Avg. Asking Rate = $4.29
$6 12%
$5 10%
$4 8%
$3 6%
$2 4%
$1 2%
$0 0%
Avg. Asking Rate (NNN) Vacancy (Medium Distribution)
Source: Cassidy Turley Research
cassidyturley.com | A-ix

11. Average Asking Rates
Indianapolis Industrial Market
Historical Average Asking Rate Trends
Indianapolis Industrial Market
Traditional Bulk Historical Average Asking Rate Trends
3rd Quarter 2012 TRADITIONAL BULK
$3.50 80%
$3.00 60%
$2.50
40%
Yr/Yr % Change
Asking Rent
$2.00
20%
$1.50
0%
$1.00
$0.50 -20%
$0.00 -40%
3Q 01
1Q 02
3Q 02
1Q 03
3Q 03
1Q 04
3Q 04
1Q 05
3Q 05
1Q 06
3Q 06
1Q 07
3Q 07
1Q 08
3Q 08
1Q 09
3Q 09
1Q 10
3Q 10
1Q 11
3Q 11
1Q 12
3Q 12
Avg. Asking Rate (NNN) Yr/Yr Change
Source: Cassidy Turley Research
Indianapolis Industrial Market
Vacancy vs. Average Asking Rate
Indianapolis Industrial Market
Traditional Bulk Vacancy vs. Asking Rents
3rd Quarter 2012 TRADITIONAL BULK
Vacancy = 4.5%
Avg. Asking Rate = $2.47
$4 14%
12%
$3
10%
8%
$2
6%
4%
$1
2%
$0 0%
Avg. Asking Rate (NNN) Vacancy (Traditional Bulk)
Source: Cassidy Turley Research
cassidyturley.com | A-x

12. Average Asking Rates
Indianapolis Industrial Market
Historical Average Asking Rate Trends
Indianapolis Industrial Market
Modern Bulk Historical Average Asking Rate Trends
3rd Quarter 2012 MODERN BULK
$3.50 40%
$3.00 30%
$2.50 20%
Yr/Yr % Change
Asking Rent
$2.00 10%
$1.50 0%
$1.00 -10%
$0.50 -20%
$0.00 -30%
3Q 01
1Q 02
3Q 02
1Q 03
3Q 03
1Q 04
3Q 04
1Q 05
3Q 05
1Q 06
3Q 06
1Q 07
3Q 07
1Q 08
3Q 08
1Q 09
3Q 09
1Q 10
3Q 10
1Q 11
3Q 11
1Q 12
3Q 12
Avg. Asking Rate (NNN) Yr/Yr Change
Source: Cassidy Turley Research
Indianapolis Industrial Market
Vacancy vs. Average Asking Rate
Indianapolis Industrial Market
Modern Bulk Vacancy vs. Asking Rents
3rd Quarter 2012 MODERN BULK
Vacancy = 1.7%
Avg. Asking Rate = $3.11
$4 20%
18%
16%
$3
14%
12%
$2 10%
8%
6%
$1
4%
2%
$0 0%
Avg. Asking Rate (NNN) Vacancy (Modern Bulk)
Source: Cassidy Turley Research
cassidyturley.com | A-xi

13. Average Asking Rates
Indianapolis Industrial Market
Historical Average Asking Rate Trends
Indianapolis Industrial Market
Manufacturing Historical Average Asking Rate Trends
3rd Quarter 2012 MANUFACTURING
$4.50 70%
$4.00 60%
50%
$3.50
40%
$3.00
Yr/Yr % Change
30%
Asking Rent
$2.50 20%
$2.00 10%
0%
$1.50
-10%
$1.00
-20%
$0.50 -30%
$0.00 -40%
3Q 01
1Q 02
3Q 02
1Q 03
3Q 03
1Q 04
3Q 04
1Q 05
3Q 05
1Q 06
3Q 06
1Q 07
3Q 07
1Q 08
3Q 08
1Q 09
3Q 09
1Q 10
3Q 10
1Q 11
3Q 11
1Q 12
3Q 12
Avg. Asking Rate (NNN) Yr/Yr Change
Source: Cassidy Turley Research
Indianapolis Industrial Market
Vacancy vs. Average Asking Rate
Indianapolis Industrial Market
Manufacturing Vacancy vs. Asking Rents
3rd Quarter 2012 MANUFACTURING
Vacancy = 2.6%
Avg. Asking Rate = $3.02
$4 7%
6%
$3
5%
4%
$2
3%
2%
$1
1%
$0 0%
Avg. Asking Rate (NNN) Vacancy (Manufacturing)
Source: Cassidy Turley Research
cassidyturley.com | A-xii

14. Historical Vacancy Rates by Product Type
Indianapolis Industrial Market
Indianapolis Industrial Market
Office/Showroom Space
Office Showroom
Historical Vacancy Rates Historical Vacancy Rates
3rd Quarter 2012 3rd Quarter 2012
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
4Q 000
4Q 001
4Q 002
4Q 003
4Q 004
4Q 005
4Q 006
4Q 007
1Q 008
2Q 009
3Q 009
4Q 009
1Q 009
2Q 010
3Q 010
4Q 010
1Q 010
2Q 011
3Q 011
4Q 011
1Q 011
2Q 012
3Q 012
12
20
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
4Q
All Types Office/Showroom
Source: Cassidy Turley Research
Indianapolis Industrial Market
Medium Distribution Space Indianapolis Industrial Market
Medium Distribution
Historical Vacancy Rates
Historical Vacancy Rates
3rd Quarter 2012 3rd Quarter 2012
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
00
4Q 001
4Q 002
4Q 003
4Q 004
4Q 005
4Q 006
4Q 007
1Q 008
2Q 009
3Q 009
4Q 009
1Q 009
2Q 010
3Q 010
4Q 010
1Q 010
2Q 011
3Q 011
4Q 011
1Q 011
2Q 012
3Q 012
12
20
20
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
4Q
4Q
All Types Medium Distribution
Source: Cassidy Turley Research
cassidyturley.com | A-xiii

15. Historical Vacancy Rates by Product Type
Indianapolis Industrial Market
Traditional Bulk Space Indianapolis Industrial Market
Historical Vacancy Rates Traditional Bulk Space
Historical Vacancy Rates
3rd Quarter 2012
3rd Quarter 2012
18%
16%
14%
12%
10%
8%
6%
4%
2%
4Q 000
4Q 001
4Q 002
4Q 003
4Q 004
4Q 005
4Q 006
4Q 007
1Q 008
2Q 009
3Q 009
4Q 009
1Q 009
2Q 010
3Q 010
4Q 010
1Q 010
2Q 011
3Q 011
4Q 011
1Q 011
2Q 012
3Q 012
12
20
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
4Q
All Types Traditional Bulk
Source: Cassidy Turley Research
Indianapolis Industrial Market
Modern Bulk Space Indianapolis Industrial Market
Historical Vacancy Rates Modern Bulk Space
3rd Quarter 2012 Historical Vacancy Rates
3rd Quarter 2012
19%
17%
15%
13%
11%
9%
7%
5%
3%
1%
00
4Q 001
4Q 002
4Q 003
4Q 004
4Q 005
4Q 006
4Q 007
1Q 008
2Q 009
3Q 009
4Q 009
1Q 009
2Q 010
3Q 010
4Q 010
1Q 010
2Q 011
3Q 011
4Q 011
1Q 011
2Q 012
3Q 012
12
20
20
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
4Q
4Q
All Types Modern Bulk
Source: Cassidy Turley Research
A-xiv | We know The State of Real Estate®

16. Historical Vacancy Rates by Product Type
Indianapolis Industrial Market
Flex Space Indianapolis Industrial Market
Historical Vacancy Rates Flex Space
3rd Quarter 2012 Historical Vacancy Rates
3rd Quarter 2012
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
4Q 000
4Q 001
4Q 002
4Q 003
4Q 004
4Q 005
4Q 006
4Q 007
1Q 008
2Q 009
3Q 009
4Q 009
1Q 009
2Q 010
3Q 010
4Q 010
1Q 010
2Q 011
3Q 011
4Q 011
1Q 011
2Q 012
3Q 012
12
20
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
4Q
All Types Flex
Source: Cassidy Turley Research
Indianapolis Industrial Market
Manufacturing Space Indianapolis Industrial Market
Historical Vacancy Rates Manufacturing Space
Historical Vacancy Rates
3rd Quarter 2012 3rd Quarter 2012
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
00
4Q 001
4Q 002
4Q 003
4Q 004
4Q 005
4Q 006
4Q 007
1Q 008
2Q 009
3Q 009
4Q 009
1Q 009
2Q 010
3Q 010
4Q 010
1Q 010
2Q 011
3Q 011
4Q 011
1Q 011
2Q 012
3Q 012
12
20
20
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
4Q
4Q
All Types Manufacturing
Source: Cassidy Turley Research
cassidyturley.com | A-xv

17. Historical Vacancy Rates by Product Type
Indianapolis Industrial Market
Indianapolis Industrial Market
Traditional and Modern Bulk Space
Traditional and Modern Bulk Space
Historical Vacancy Rates Historical Vacancy Rates
3rd Quarter 2012 3rd Quarter 2012
19%
17%
15%
13%
11%
9%
7%
5%
3%
1%
4Q 000
4Q 001
4Q 002
4Q 003
4Q 004
4Q 005
4Q 006
4Q 007
1Q 008
2Q 009
3Q 009
4Q 009
1Q 009
2Q 010
3Q 010
4Q 010
1Q 010
2Q 011
3Q 011
4Q 011
1Q 011
2Q 012
3Q 012
12
20
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
4Q
Modern Bulk Traditional Bulk
Source: Cassidy Turley Research
A-xvi | We know The State of Real Estate®

18. Change in Inventory, Net Absorption & Vacancy Rates
Indianapolis Industrial Market
Overall
Indianapolis Industrial Market
Change in Inventory, Net Absorption & Vacancy Rate
Overall
3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy
3rd Quarter 2012
Square Feet
10 10%
Millions
9 9%
8 8%
7
6 7%
5 6%
4 5%
3 4%
2 3%
1
0 2%
-1 1%
-2 0%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
Indianapolis Industrial Market
Indianapolis Industrial Market
Downtown Submarket
Downtown
Change in Inventory, Net Absorption & Vacancy Rate Vacancy
Change in Inventory, Absorption, and
3rd Quarter 2012 3rd Quarter 2012
Square Feet
250 6%
Thousands
150 5%
4%
50
3%
-50
2%
-150 1%
-250 0%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
cassidyturley.com | A-xvii

19. Change in Inventory, Net Absorption & Vacancy Rates
Indianapolis Industrial Market
East Submarket Indianapolis Industrial Market
East
Change in Inventory, Net Absorption & Vacancy Rate
3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy
rd 3 Quarter 2012
Square Feet
1,800 14%
Thousands
1,400 12%
1,000 10%
600
8%
200
6%
-200
-600 4%
-1,000 2%
-1,400 0%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
Indianapolis Industrial Market
Indianapolis Industrial Market
Northeast Submarket Northeast
Change in Inventory, Net Change in Inventory, Absorption, and Vacancy
Absorption & Vacancy Rate
3rd Quarter 2012 3rd Quarter 2012
Square Feet
1,200 10%
Thousands
1,000 9%
8%
800
7%
600 6%
400 5%
200 4%
3%
0
2%
-200 1%
-400 0%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
A-xviii | We know The State of Real Estate®

20. Change in Inventory, Net Absorption & Vacancy Rates
Indianapolis Industrial Market
North Submarket Indianapolis Industrial Market
Change in Inventory, Net Absorption & Vacancy Rate
North
3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy
3rd Quarter 2012
Square Feet
300 14%
Thousands
200 12%
100 10%
0 8%
-100 6%
-200 4%
-300 2%
-400 0%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
Indianapolis Industrial Market
Northwest Submarket Indianapolis Industrial Market
Change in Inventory, Net Absorption & Northwest Rate
Vacancy
3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy
rd 3 Quarter 2012
Square Feet
3,000 14%
Thousands
2,000 12%
10%
1,000
8%
0
6%
-1,000
4%
-2,000 2%
-3,000 0%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
cassidyturley.com | A-xix

21. Change in Inventory, Net Absorption & Vacancy Rates
Indianapolis Industrial Market
Southeast Submarket Indianapolis Industrial Market
Southeast
Change in Inventory, Net Absorption & Vacancy Rate
3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy
rd 3 Quarter 2012
Square Feet
400 6%
Thousands
300
5%
200
100 4%
0
3%
-100
-200 2%
-300
1%
-400
-500 0%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
Indianapolis Industrial Market
South Submarket Indianapolis Industrial Market
South
Change in Inventory, Net Absorption & Vacancy Rate
Change in Inventory, Absorption, and Vacancy
3rd Quarter 2012 3rd Quarter 2012
Square Feet
1,000 22%
Thousands
800 20%
600 18%
400 16%
14%
200
12%
0
10%
-200 8%
-400 6%
-600 4%
-800 2%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
A-xx | We know The State of Real Estate®

22. Change in Inventory, Net Absorption & Vacancy Rates
Indianapolis Industrial Market
Southwest Submarket Indianapolis Industrial Market
Change in Inventory, Net Absorption & Southwest Rate
Vacancy
3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy
3rd Quarter 2012
Square Feet
5,000 14%
Thousands
4,500
4,000 12%
3,500 10%
3,000
2,500 8%
2,000 6%
1,500
1,000 4%
500 2%
0
-500 0%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
Indianapolis Industrial Market
West Submarket Indianapolis Industrial Market
West
Change in Inventory, Net Absorption & Vacancy Rate
Change in Inventory, Absorption, and Vacancy
3rd Quarter 2012 3rd Quarter 2012
Square Feet
1,400 12%
Thousands
1,200
10%
1,000
800 8%
600
6%
400
200 4%
0
2%
-200
-400 0%
00
01
02
03
04
05
06
07
08
09
10
11
12
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption Inv Change Vac %
Source: Cassidy Turley Research
cassidyturley.com | A-xxi

23. Submarket Maps & Stat Sheets by Product Type
INDIANAPOLIS INDUSTRIAL MARKET
VACANCY & NET ABSORPTION HISTORY BY SUBMARKET
ALL PRODUCT TYPES (3Q 2012)
SUBMARKET INVENTORY VACANT VACANCY OCCUPIED OCCUPANCY ABSORPTION ABSORPTION
(SF) (SF) RATE (SF) RATE (NET QTR) (NET YTD)
DOWNTOWN
3Q2011 17,643,392 685,291 3.9% 16,958,101 96.1% (113,160) (61,413)
2Q2012 17,661,406 625,642 3.5% 17,035,764 96.5% (5,134) 82,366
3Q2012 17,661,406 665,592 3.8% 16,995,814 96.2% (39,950) 42,416
EAST
3Q2011 45,070,818 2,214,212 4.9% 42,856,606 95.1% 204,050 513,888
2Q2012 45,162,578 1,937,321 4.3% 43,225,257 95.7% 560,124 573,333
3Q2012 45,095,710 1,883,724 4.2% 43,211,986 95.8% (13,271) 560,062
NORTHEAST
3Q2011 17,971,554 985,929 5.5% 16,985,625 94.5% (48,705) 148,538
2Q2012 18,002,865 1,012,379 5.6% 16,990,486 94.4% 51,626 98,597
3Q2012 18,071,053 969,726 5.4% 17,101,327 94.6% 110,841 209,438
NORTH
3Q2011 4,576,882 188,067 4.1% 4,388,815 95.9% 53,200 117,578
2Q2012 4,547,083 224,403 4.9% 4,322,680 95.1% (68,135) (66,135)
3Q2012 4,517,012 111,918 2.5% 4,405,094 97.5% 82,414 16,279
NORTHWEST
3Q2011 44,038,871 2,189,306 5.0% 41,849,565 95.0% 97,309 1,341,636
2Q2012 43,894,366 1,844,511 4.2% 42,049,855 95.8% (216,522) (280,922)
3Q2012 44,062,755 2,250,355 5.1% 41,812,400 94.9% (237,455) (518,377)
SOUTHEAST
3Q2011 17,610,005 328,014 1.9% 17,281,991 98.1% 34,983 228,654
2Q2012 17,609,975 351,398 2.0% 17,258,577 98.0% (73,434) (23,414)
3Q2012 17,609,975 339,398 1.9% 17,270,577 98.1% 12,000 (11,414)
SOUTH
3Q2011 12,045,384 1,287,716 10.7% 10,757,668 89.3% (277,129) (25,570)
2Q2012 12,473,857 903,523 7.2% 11,570,334 92.8% (22,396) 8,604
3Q2012 12,473,857 275,523 2.2% 12,198,334 97.8% 628,000 636,604
SOUTHWEST
3Q2011 60,778,743 2,501,531 4.1% 58,277,212 95.9% (153,970) 1,444,875
2Q2012 61,178,196 1,986,671 3.2% 59,191,525 96.8% 13,614 653,810
3Q2012 61,170,145 2,048,317 3.3% 59,121,828 96.7% (69,697) 584,113
WEST
3Q2011 20,556,937 918,936 4.5% 19,638,001 95.5% (27,288) 159,310
2Q2012 18,982,769 645,809 3.4% 18,336,960 96.6% 348,283 271,959
3Q2012 18,982,769 475,809 2.5% 18,506,960 97.5% 170,000 441,959
TOTALS
3Q2011 240,292,586 11,299,002 4.7% 228,993,584 95.3% (230,710) 3,867,496
2Q2012 239,513,095 9,531,657 4.0% 229,981,438 96.0% 588,026 1,318,198
3Q2012 239,644,682 9,020,362 3.8% 230,624,320 96.2% 642,882 1,961,080
A-xxii | We know The State of Real Estate®