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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Jacksonville Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 695,733 4Q17 Year-on-Year Change 17,300 / 2.555 RCR 2018 Forecast 21,800 / 3.13% RCR 2019 Forecast 14,000 / 1.95% RCR 2020 Forecast 11,000 / 1.50% RCR 2021 Forecast 12,700 / 1.71% 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) 96.04% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 14 Annual Chg. (Reis) 1.0% RCR YE18 Forecast 95.2% RCR YE19 Forecast 95.7% RCR YE20 Forecast 95.5% 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) $935 Annual Change 3.3% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 25 RCR YE18 Forecast 3.7% RCR YE19 Forecast 3.9% RCR YE20 Forecast 3.8% RCR YE21 Forecast 3.6% 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 7.54% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 12 Risk-adjusted Index (RAI) 4.12 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 19 Generic Purchase Cap Rate 5.50% Derived Terminal Cap Rate 6.16% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 56

SECTION 2 | METRO FORECAST SUMMARIES Jacksonville Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Jacksonville Occupancy Rate 98% 96% 96% 96.0% 95.2% 95.7% 95.5% 95.2% 95.0% 95% 94% 93% 92% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Jacksonville Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Jacksonville Year-On-Year Rent Growth 7% 6% 5% 4% 3.3% 3.9% 3.7% 3.8% 3.6% 3.3% 3% 2% 1% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Jacksonville Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Jacksonville Year-On-Year Payroll Job Growth 5% 4% 3% 2.6% 3.1% 1.9% 1.5% 1.7% 2.1% 2% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 57

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