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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Tampa Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,352,100 4Q17 Year-on-Year Change 29,900 / 2.26% RCR 2018 Forecast 23,100 / 1.71% RCR 2019 Forecast 16,800 / 1.22% RCR 2020 Forecast 14,400 / 1.03% RCR 2021 Forecast 20,300 / 1.44% 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) 95.48% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 20 Annual Chg. (Reis) -0.4% RCR YE18 Forecast 94.7% RCR YE19 Forecast 94.3% RCR YE20 Forecast 94.0% RCR YE21 Forecast 93.8% 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) $1,014 Annual Change 3.6% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 21 RCR YE18 Forecast 3.4% RCR YE19 Forecast 3.1% RCR YE20 Forecast 3.0% RCR YE21 Forecast 2.9% 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 6.36% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 41 Risk-adjusted Index (RAI) 3.96 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 23 Generic Purchase Cap Rate 5.25% Derived Terminal Cap Rate 5.97% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 112

SECTION 2 | METRO FORECAST SUMMARIES Tampa Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Tampa Occupancy Rate 97% 96% 95% 95.5% 94.7% 94.3% 94.0% 93.8% 94.1% 94% 93% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Tampa Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Tampa Year-On-Year Rent Growth 7% 6% 5% 4% 3.6% 3.4% 3.1% 3.0% 2.9% 3.0% 3% 2% 1% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Tampa Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Tampa Year-On-Year Payroll Job Growth 5% 4% 3% 2% 2.3% 1.7% 1.2% 1.0% 1.4% 2.1% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 113

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