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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Atlanta Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 2,784,533 4Q17 Year-on-Year Change 60,200 / 2.21% RCR 2018 Forecast 57,400 / 2.06% RCR 2019 Forecast 53,200 / 1.87% RCR 2020 Forecast 37,400 / 1.29% RCR 2021 Forecast 35,800 / 1.22% 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) 95.34% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 26 Annual Chg. (Reis) -0.8% RCR YE18 Forecast 94.6% RCR YE19 Forecast 94.7% RCR YE20 Forecast 94.9% RCR YE21 Forecast 94.5% 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) $1,059 Annual Change 5.8% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 6 RCR YE18 Forecast 3.4% RCR YE19 Forecast 2.7% RCR YE20 Forecast 2.4% RCR YE21 Forecast 2.1% 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 5.92% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 48 Risk-adjusted Index (RAI) 2.87 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 44 Generic Purchase Cap Rate 5.40% Derived Terminal Cap Rate 6.15% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 18

SECTION 2 | METRO FORECAST SUMMARIES Atlanta Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Atlanta Occupancy Rate 98% 97% 96% 95% 94% 95.3% 94.7% 94.9% 94.6% 94.5% 94.6% 93% 92% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Atlanta Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Atlanta Year-On-Year Rent Growth 10% 8% 5.8% 6% 4% 3.4% 2.7% 2.4% 2.1% 2.2% 2% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Atlanta Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Atlanta Year-On-Year Payroll Job Growth 5% 4% 3% 2% 2.2% 2.1% 1.9% 1.3% 1.2% 1.7% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 19

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