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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Miami Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,208,067 4Q17 Year-on-Year Change 30,000 / 2.55% RCR 2018 Forecast 29,000 / 2.40% RCR 2019 Forecast 15,800 / 1.28% RCR 2020 Forecast 7,300 / 0.58% RCR 2021 Forecast 10,900 / 0.86% 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 31 Annual Chg. (Reis) 0.3% RCR YE18 Forecast 95.2% RCR YE19 Forecast 95.1% RCR YE20 Forecast 95.1% RCR YE21 Forecast 94.8% 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) $1,404 Annual Change 6.4% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 2 RCR YE18 Forecast 5.1% RCR YE19 Forecast 3.9% RCR YE20 Forecast 2.2% RCR YE21 Forecast 3.4% 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 7.31% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 19 Risk-adjusted Index (RAI) 3.63 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 29 Generic Purchase Cap Rate 4.90% Derived Terminal Cap Rate 5.57% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 64

SECTION 2 | METRO FORECAST SUMMARIES Miami Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Miami Occupancy Rate 97.0% 96.5% 96.0% 95.5% 95.1% 95.2% 95.1% 95.1% 94.8% 95.0% 95.0% 94.5% 94.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Miami Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Miami Year-On-Year Rent Growth 8% 6.4% 7% 6% 5% 4% 3% 5.1% 3.9% 2.2% 3.4% 3.8% 2% 1% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Miami Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Miami Year-On-Year Payroll Job Growth 5% 4% 3% 2.5% 2.4% 2% 1% 1.3% 0.6% 0.9% 1.3% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 65

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