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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Denver Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,473,367 4Q17 Year-on-Year Change 23,200 / 1.60% RCR 2018 Forecast 27,700 / 1.88% RCR 2019 Forecast 19,200 / 1.28% RCR 2020 Forecast 17,600 / 1.16% RCR 2021 Forecast 22,300 / 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) 95.10% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 30 Annual Chg. (Reis) 0.4% RCR YE18 Forecast 93.6% RCR YE19 Forecast 93.9% RCR YE20 Forecast 93.1% RCR YE21 Forecast 93.3% 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) $1,236 Annual Change 7.0% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 1 RCR YE18 Forecast 5.6% RCR YE19 Forecast 3.6% RCR YE20 Forecast 3.3% RCR YE21 Forecast 3.1% 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 7.17% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 23 Risk-adjusted Index (RAI) 1.90 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 49 Generic Purchase Cap Rate 4.90% Derived Terminal Cap Rate 5.45% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 40

SECTION 2 | METRO FORECAST SUMMARIES Denver Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Denver Occupancy Rate 97% 96% 95.1% 95% 94% 93.6% 93.9% 93.1% 93.3% 93.6% 93% 92% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Denver Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Denver Year-On-Year Rent Growth 10% 8% 7.0% 5.6% 6% 3.6% 3.6% 3.3% 3.1% 4% 2% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Denver Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Denver Year-On-Year Payroll Job Growth 5% 4% 3% 2% 1.6% 1.9% 1.3% 1.2% 1.4% 2.0% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 41

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