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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: San Francisco Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,132,567 4Q17 Year-on-Year Change 18,300 / 1.64% RCR 2018 Forecast 25,800 / 2.28% RCR 2019 Forecast 18,000 / 1.55% RCR 2020 Forecast 15,300 / 1.30% RCR 2021 Forecast 18,400 / 1.54% Payroll Job Summary Total Payrolls (4Q17) 75,856,600 4Q17 Year-on-Year Change 1,287,000 / 1.73% RCR 2018 Forecast 1,587,500 / 2.09% RCR 2019 Forecast 1,128,900 / 1.46% RCR 2020 Forecast 916,200 / 1.17% RCR 2021 Forecast 999,000 / 1.29% Occupancy Rate Summary 4Q17 Occupancy Rate (Reis) 95.49% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 19 Annual Chg. (Reis) 0.3% RCR YE18 Forecast 95.6% RCR YE19 Forecast 96.0% RCR YE20 Forecast 96.5% RCR YE21 Forecast 96.9% Annual Chg. (Reis) -0.4% RCR YE18 Forecast 95.0% RCR YE19 Forecast 95.2% RCR YE20 Forecast 95.2% RCR YE21 Forecast 95.2% Effective Rent Summary Mean Rent (Reis) $2,894 Annual Change 2.0% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 39 RCR YE18 Forecast 6.6% RCR YE19 Forecast 3.6% RCR YE20 Forecast 2.9% RCR YE21 Forecast 4.1% RCR YE18 Forecast 3.8% RCR YE19 Forecast 3.4% RCR YE20 Forecast 3.1% RCR YE21 Forecast 3.2% Total Return Summary Expected Total Return 7.84% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 5 Risk-adjusted Index (RAI) 3.74 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 26 Generic Purchase Cap Rate 4.35% Derived Terminal Cap Rate 5.01% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 100

SECTION 2 | METRO FORECAST SUMMARIES San Francisco Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts 98% RED 49 Occupancy Rate San Francisco Occupancy Rate 97.1% 97% 96% 95.5% 95.6% 96.0% 96.5% 96.9% 95% 94% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 San Francisco Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth San Francisco Year-On-Year Rent Growth 14% 12% 10% 8% 6% 4% 2.0% 6.6% 3.6% 2.9% 4.1% 5.4% 2% 0% -2% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 San Francisco Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth San Francisco Year-On-Year Payroll Job Growth 6% 5% 4% 3% 2% 2.3% 1.6% 1.6% 1.3% 1.5% 2.0% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 101

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