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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Baltimore Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,422,800 4Q17 Year-on-Year Change 12,400 / 0.88% RCR 2018 Forecast 15,900 / 1.12% RCR 2019 Forecast 11,000 / 0.76% RCR 2020 Forecast 11,900 / 0.82% RCR 2021 Forecast 15,800 / 1.08% 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) 96.25% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 10 Annual Chg. (Reis) 0.1% RCR YE18 Forecast 95.7% RCR YE19 Forecast 96.0% RCR YE20 Forecast 96.1% RCR YE21 Forecast 96.0% 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) $1,182 Annual Change 1.8% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 43 RCR YE18 Forecast 3.0% RCR YE19 Forecast 3.1% RCR YE20 Forecast 2.9% RCR YE21 Forecast 3.0% 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 6.84% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 34 Risk-adjusted Index (RAI) 4.52 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 16 Generic Purchase Cap Rate 5.40% Derived Terminal Cap Rate 6.14% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 22

SECTION 2 | METRO FORECAST SUMMARIES Baltimore Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Baltimore Occupancy Rate 97.5% 97.0% 96.5% 96.3% 95.7% 96.0% 96.1% 96.0% 96.0% 96.0% 95.5% 95.0% 94.5% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Baltimore Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Baltimore Year-On-Year Rent Growth 7% 6% 5% 4% 1.8% 3.0% 3.1% 2.9% 3.0% 3.2% 3% 2% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Baltimore Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Baltimore Year-On-Year Payroll Job Growth 3.5% 2.5% 1.5% 0.9% 1.1% 0.8% 0.8% 1.1% 1.4% 0.5% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 23

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