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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Austin Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,044,233 4Q17 Year-on-Year Change 27,000 / 2.65% RCR 2018 Forecast 31,100 / 2.97% RCR 2019 Forecast 23,400 / 2.18% RCR 2020 Forecast 16,800 / 1.53% RCR 2021 Forecast 18,000 / 1.61% 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) 94.28% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 44 Annual Chg. (Reis) -0.4% RCR YE18 Forecast 93.9% RCR YE19 Forecast 93.9% RCR YE20 Forecast 93.6% RCR YE21 Forecast 93.0% 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) $1,099 Annual Change 6.4% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 3 RCR YE18 Forecast 4.9% RCR YE19 Forecast 3.0% RCR YE20 Forecast 3.5% RCR YE21 Forecast 3.1% 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 7.18% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 22 Risk-adjusted Index (RAI) 2.55 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 48 Generic Purchase Cap Rate 5.15% Derived Terminal Cap Rate 5.77% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 20

SECTION 2 | METRO FORECAST SUMMARIES Austin Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Austin Occupancy Rate 98.0% 96.5% 95.0% 93.5% 94.3% 93.9% 93.9% 93.6% 93.0% 92.7% 92.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Austin Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Austin Year-On-Year Rent Growth 8% 6.4% 6% 4.9% 4% 3.0% 3.5% 3.1% 2.5% 2% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Austin Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Austin Year-On-Year Payroll Job Growth 5% 4% 3% 2.7% 3.0% 2.2% 1.5% 1.6% 2.1% 2% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 21

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