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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Cleveland Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,067,733 4Q17 Year-on-Year Change 6,600 / 0.62% RCR 2018 Forecast 6,100 / 0.57% RCR 2019 Forecast 4,900 / 0.46% RCR 2020 Forecast 1,200 / 0.11% RCR 2021 Forecast 3,700 / 0.34% 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) 96.74% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 3 Annual Chg. (Reis) -0.3% RCR YE18 Forecast 96.3% RCR YE19 Forecast 96.5% RCR YE20 Forecast 97.8% RCR YE21 Forecast 97.1% 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) $837 Annual Change 2.8% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 31 RCR YE18 Forecast 2.3% RCR YE19 Forecast 2.3% RCR YE20 Forecast 1.9% RCR YE21 Forecast 1.9% 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 7.83% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 6 Risk-adjusted Index (RAI) 6.88 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 1 Generic Purchase Cap Rate 6.60% Derived Terminal Cap Rate 7.35% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 32

SECTION 2 | METRO FORECAST SUMMARIES Cleveland Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Cleveland Occupancy Rate 99% 98% 97% 96.7% 96.3% 96.5% 96.8% 97.1% 97.6% 96% 95% 94% 93% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Cleveland Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Cleveland Year-On-Year Rent Growth 7% 6% 5% 4% 3% 2.8% 2.3% 2.3% 1.9% 1.9% 2.2% 2% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Cleveland Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Cleveland Year-On-Year Payroll Job Growth 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.6% 0.6% 0.5% 0.1% 0.3% 0.9% 0.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 33

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