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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Boston Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,889,567 4Q17 Year-on-Year Change 47,000 / 2.55% RCR 2018 Forecast 40,300 / 2.13% RCR 2019 Forecast 28,200 / 1.46% RCR 2020 Forecast 22,600 / 1.15% RCR 2021 Forecast 21,000 / 1.06% 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) 95.07% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 33 Annual Chg. (Reis) -0.3% RCR YE18 Forecast 94.6% RCR YE19 Forecast 95.2% RCR YE20 Forecast 95.8% RCR YE21 Forecast 95.6% 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) $2,126 Annual Change 3.4% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 24 RCR YE18 Forecast 4.5% RCR YE19 Forecast 3.8% RCR YE20 Forecast 3.5% RCR YE21 Forecast 3.3% 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 6.94% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 31 Risk-adjusted Index (RAI) 4.01 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 22 Generic Purchase Cap Rate 4.60% Derived Terminal Cap Rate 5.24% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 24

SECTION 2 | METRO FORECAST SUMMARIES Boston Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Boston Occupancy Rate 96.5% 96.0% 95.8% 95.6% 95.5% 95.1% 95.2% 95.2% 95.0% 94.6% 94.5% 94.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Boston Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Boston Year-On-Year Rent Growth 7% 6% 4.6% 5% 4% 3.4% 3.8% 3.5% 3.3% 2.9% 3% 2% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Boston Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Boston Year-On-Year Payroll Job Growth 3.5% 3.0% 2.5% 2.5% 2.1% 2.0% 1.5% 1.5% 1.2% 1.1% 1.4% 1.0% 0.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 25

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