RCG 17 Guide to Markets FINAL[1]

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SECTION 2 | METRO FORECAST SUMMARIES Metro: Cincinnati Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,109,233 4Q17 Year-on-Year Change 14,900 / 1.36% RCR 2018 Forecast 16,600 / 1.5% RCR 2019 Forecast 13,500 / 1.2% RCR 2020 Forecast 11,400 / 10% RCR 2021 Forecast 12,900 / 1.12% 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) 95.31% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 28 Annual Chg. (Reis) -0.6% RCR YE18 Forecast 94.6% RCR YE19 Forecast 94.5% RCR YE20 Forecast 93.7% RCR YE21 Forecast 93.2% 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) $836 Annual Change 2.5% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 34 RCR YE18 Forecast 3.1% RCR YE19 Forecast 2.6% RCR YE20 Forecast 2.7% RCR YE21 Forecast 93.2% 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 7.20% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 21 Risk-adjusted Index (RAI) 4.70 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 14 Generic Purchase Cap Rate 6.40% Derived Terminal Cap Rate 7.19% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 30
SECTION 2 | METRO FORECAST SUMMARIES Cincinnati Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Cincinnati Occupancy Rate 97.5% 96.5% 95.3% 95.5% 94.5% 93.5% 94.6% 94.5% 93.7% 93.2% 93.0% 92.5% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Cincinnati Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Cincinnati Year-On-Year Rent Growth 7% 6% 5% 4% 3% 2.5% 3.1% 2.6% 2.7% 2.8% 3.0% 2% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Cincinnati Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Cincinnati Year-On-Year Payroll Job Growth 3.5% 3.0% 2.5% 1.4% 2.0% 1.5% 1.5% 1.2% 1.0% 1.1% 1.5% 1.0% 0.5% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 31
Page 1 and 2: YEAR-END 2017 GUIDE TO MARKETS
Page 3 and 4: SECTION 1 Market Performance
Page 5: SECTION 1 | MARKET PERFORAMANCE Exe
Page 8 and 9: SECTION 1 | MARKET PERFORAMANCE Rec
Page 10 and 11: SECTION 1 | MARKET PERFORAMANCE Mac
Page 12 and 13: SECTION 1 | MARKET PERFORAMANCE Red
Page 14 and 15: SECTION 1 | MARKET PERFORAMANCE Met
Page 17 and 18: SECTION 2 Metro Forecast Summaries
Page 19 and 20: SECTION 2 | METRO FORECAST SUMMARIE
Page 29: SECTION 2 | METRO FORECAST SUMMARIE
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SECTION 2 | METRO FORECAST SUMMARIE
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RCG 17 Guide to Markets FINAL[1]

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