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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Columbus Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,098,467 4Q17 Year-on-Year Change 14,100 / 1.30% RCR 2018 Forecast 19,300 / 1.76% RCR 2019 Forecast 16,300 / 1.46% RCR 2020 Forecast 14,300 / 1.26% RCR 2021 Forecast 16,700 / 1.45% 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) 95.86% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 17 Annual Chg. (Reis) -0.4% RCR YE18 Forecast 94.9% RCR YE19 Forecast 95.3% RCR YE20 Forecast 95.1% RCR YE21 Forecast 95.0% 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) $848 Annual Change 3.4% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 23 RCR YE18 Forecast 2.3% RCR YE19 Forecast 2.4% RCR YE20 Forecast 2.2% RCR YE21 Forecast 2.3% 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 6.43% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 40 Risk-adjusted Index (RAI) 4.8 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 12 Generic Purchase Cap Rate 6.00% Derived Terminal Cap Rate 6.75% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 36

SECTION 2 | METRO FORECAST SUMMARIES Columbus Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Columbus Occupancy Rate 97.0% 96.5% 95.9% 96.0% 95.5% 95.3% 95.1% 95.0% 94.9% 94.9% 95.0% 94.5% 94.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Columbus Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Columbus Year-On-Year Rent Growth 6.0% 5.5% 5.0% 4.5% 4.0% 3.4% 3.5% 3.0% 2.5% 2.3% 2.4% 2.2% 2.3% 2.7% 2.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Columbus Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Columbus Year-On-Year Payroll Job Growth 3.5% 3.0% 2.5% 2.0% 1.3% 1.8% 1.5% 1.5% 2.0% 1.5% 1.3% 1.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 37

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