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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Nashville Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 996,933 4Q17 Year-on-Year Change 24,900 / 2.56% RCR 2018 Forecast 26,500 / 2.66% RCR 2019 Forecast 16,000 / 1.56% RCR 2020 Forecast 15,200 / 1.46% RCR 2021 Forecast 18,900 / 1.79% 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) 94.07% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 46 Annual Chg. (Reis) -0.7% RCR YE18 Forecast 94.6% RCR YE19 Forecast 94.6% RCR YE20 Forecast 94.5% RCR YE21 Forecast 94.6% 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) $1,015 Annual Change 4.0% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 18 RCR YE18 Forecast 2.9% RCR YE19 Forecast 2.0% RCR YE20 Forecast 2.8% RCR YE21 Forecast 3.8% 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 7.78% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 7 Risk-adjusted Index (RAI) 3.85 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 24 Generic Purchase Cap Rate 5.50% Derived Terminal Cap Rate 6.19% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 70

SECTION 2 | METRO FORECAST SUMMARIES Nashville Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Nashville Occupancy Rate 97.5% 96.5% 95.5% 94.1% 94.6% 94.5% 94.6% 94.7% 94.5% 93.6% 93.5% 92.5% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Nashville Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Nashville Year-On-Year Rent Growth 10% 8% 6% 4% 4.0% 2.9% 2.0% 2.8% 3.8% 4.4% 2% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Nashville Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Nashville Year-On-Year Payroll Job Growth 5% 4% 3% 2% 2.6% 2.7% 1.6% 1.5% 1.8% 2.6% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 71

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