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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Detroit Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 2,033,167 4Q17 Year-on-Year Change 32,000 / 1.60% RCR 2018 Forecast 42,900 / 2.11% RCR 2019 Forecast 13,000 / 0.63% RCR 2020 Forecast 9,400 / 0.45% RCR 2021 Forecast 10,300 / 0.49% 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) 97.34% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 2 Annual Chg. (Reis) -0.3% RCR YE18 Forecast 98.0% RCR YE19 Forecast 98.4% RCR YE20 Forecast 98.4% RCR YE21 Forecast 98.2% 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) $947 Annual Change 3.5% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 22 RCR YE18 Forecast 3.2% RCR YE19 Forecast 2.3% RCR YE20 Forecast 1.8% RCR YE21 Forecast 1.6% 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 7.03% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 27 Risk-adjusted Index (RAI) 4.52 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 15 Generic Purchase Cap Rate 6.25% Derived Terminal Cap Rate 7.02% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 42

SECTION 2 | METRO FORECAST SUMMARIES Detroit Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Detroit Occupancy Rate 100% 99% 98% 97.3% 98.0% 98.4% 98.4% 98.2% 98.2% 97% 96% 95% 94% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Detroit Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Detroit Year-On-Year Rent Growth 7% 6% 5% 4% 3.5% 3.2% 3% 2.3% 1.8% 1.6% 1.8% 2% 1% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Detroit Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Detroit Year-On-Year Payroll Job Growth 4% 3% 1.6% 2.1% 2% 0.9% 1% 0.6% 0.5% 0.5% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 43

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