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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Ft. Lauderdale Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 856,967 4Q17 Year-on-Year Change 22,700 / 2.72% RCR 2018 Forecast 23,200 / 2.71% RCR 2019 Forecast 9,100 / 1.03% RCR 2020 Forecast 6,900 / 0.78% RCR 2021 Forecast 13,700 / 1.53% 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) 95.38% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 24 Annual Chg. (Reis) 0.1% RCR YE18 Forecast 95.7% RCR YE19 Forecast 95.4% RCR YE20 Forecast 95.1% RCR YE21 Forecast 95.2% 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) $1,367 Annual Change 2.9% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 29 RCR YE18 Forecast 4.1% RCR YE19 Forecast 3.4% RCR YE20 Forecast 2.5% RCR YE21 Forecast 2.6% 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 6.13% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 43 Risk-adjusted Index (RAI) 3.44 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 36 Generic Purchase Cap Rate 4.90% Derived Terminal Cap Rate 5.66% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 46

SECTION 2 | METRO FORECAST SUMMARIES Ft. Lauderdale Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Ft. Lauderdale Occupancy Rate 96.5% 96.0% 95.7% 95.5% 95.4% 95.4% 95.1% 95.2% 95.3% 95.0% 94.5% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Ft. Lauderdale Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts 8% 7% RED 49 Year-On-Year Rent Growth Ft. Lauderdale Year-On-Year Rent Growth 6% 5% 4% 3% 4.1% 2.9% 3.4% 2.5% 2.6% 3.2% 2% 1% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Ft. Lauderdale Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Ft. Lauderdale Year-On-Year Payroll Job Growth 3.5% 4% 2.7% 2.7% 3% 2% 1.0% 0.8% 1.5% 2.0% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 47

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