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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Dallas Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 2,622,333 4Q17 Year-on-Year Change 69,200 / 2.71% RCR 2018 Forecast 81,100 / 3.09% RCR 2019 Forecast 72,800 / 2.69% RCR 2020 Forecast 64,300 / 2.32% RCR 2021 Forecast 68,400 / 2.41% 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) 95.05% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 34 Annual Chg. (Reis) -1.1% RCR YE18 Forecast 94.1% RCR YE19 Forecast 94.1% RCR YE20 Forecast 93.9% RCR YE21 Forecast 93.9% 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) $1,057 Annual Change 6.0% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 5 RCR YE18 Forecast 4.3% RCR YE19 Forecast 3.9% RCR YE20 Forecast 3.4% 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 7.41% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 16 Risk-adjusted Index (RAI) 5.54 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 4 Generic Purchase Cap Rate 5.20% Derived Terminal Cap Rate 5.79% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 38

SECTION 2 | METRO FORECAST SUMMARIES Dallas Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Dallas Occupancy Rate 97.0% 96.0% 95.0% 95.1% 94.1% 94.1% 93.9% 93.9% 94.2% 94.0% 93.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Dallas Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts 8% 7% RED 49 Year-On-Year Rent Growth 6.0% Dallas Year-On-Year Rent Growth 6% 5% 4% 4.3% 3.9% 3.4% 3.3% 3.8% 3% 2% 1% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Dallas Payroll Job History and Forecast Souces: BLS History and RCR Forecasts 6% RED 49 Year-On-Year Payroll Growth Dallas Year-On-Year Payroll Job Growth 5% 4% 3% 3.1% 2.7% 2.7% 2.3% 2.4% 3.0% 2% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 39

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