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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Minneapolis Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 2,025,867 4Q17 Year-on-Year Change 45,600 / 2.30% RCR 2018 Forecast 32,900 / 1.62% RCR 2019 Forecast 19,500 / 0.95% RCR 2020 Forecast 16,400 / 0.79% RCR 2021 Forecast 23,200 / 1.11% 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) 96.28% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 9 Annual Chg. (Reis) -0.3% RCR YE18 Forecast 96.2% RCR YE19 Forecast 96.4% RCR YE20 Forecast 96.1% RCR YE21 Forecast 96.1% 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) $1,205 Annual Change 3.9% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 20 RCR YE18 Forecast 3.0% RCR YE19 Forecast 3.6% RCR YE20 Forecast 2.7% 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 7.24% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 20 Risk-adjusted Index (RAI) 4.75 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 13 Generic Purchase Cap Rate 5.20% Derived Terminal Cap Rate 5.91% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 68

SECTION 2 | METRO FORECAST SUMMARIES Minneapolis Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Minneapolis Occupancy Rate 98% 97% 96.3% 96.2% 96.4% 96.4% 96.1% 96.2% 96% 95% 94% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Minneapolis Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Minneapolis Year-On-Year Rent Growth 7% 6% 5% 3.9% 3.6% 4% 3.0% 2.7% 2.8% 3.1% 3% 2% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Minneapolis Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Minneapolis Year-On-Year Payroll Job Growth 3.5% 3.0% 2.3% 2.5% 2.0% 1.6% 1.6% 1.5% 1.0% 0.9% 0.8% 1.1% 0.5% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 69

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