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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: East Bay Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,171,100 4Q17 Year-on-Year Change 15,700 / 1.36% RCR 2018 Forecast 22,400 / 1.91% RCR 2019 Forecast 16,100 / 1.35% RCR 2020 Forecast 9,700 / 0.80% RCR 2021 Forecast 11,200 / 0.92% 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) 96.59% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 7 Annual Chg. (Reis) -0.1% RCR YE18 Forecast 96.3% RCR YE19 Forecast 95.8% RCR YE20 Forecast 95.6% RCR YE21 Forecast 95.7% 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) $2,073 Annual Change 1.9% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 41 RCR YE18 Forecast 4.5% RCR YE19 Forecast 4.9% RCR YE20 Forecast 3.7% RCR YE21 Forecast 2.8% 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 7.08% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 26 Risk-adjusted Index (RAI) 2.91 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 43 Generic Purchase Cap Rate 4.65% Derived Terminal Cap Rate 5.32% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 44

SECTION 2 | METRO FORECAST SUMMARIES East Bay Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate East Bay Occupancy Rate 98% 97% 96% 96.6% 96.3% 95.8% 95.6% 95.7% 96.0% 95% 94% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 East Bay Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth East Bay Year-On-Year Rent Growth 14% 12% 10% 8% 6% 4% 1.9% 4.5% 4.9% 3.7% 2.8% 5.0% 2% 0% -2% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 East Bay Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth East Bay Year-On-Year Payroll Job Growth 4% 3% 2% 1.4% 1.9% 1.4% 1.5% 1% 0.8% 0.9% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 45

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