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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: New York Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 4,478,800 4Q17 Year-on-Year Change 67,600 / 1.53% RCR 2018 Forecast 82,500 / 1.84% RCR 2019 Forecast 69,300 / 1.52% RCR 2020 Forecast 71,400 / 1.54% RCR 2021 Forecast 81,700 / 1.74% 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) 94.51% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 41 Annual Chg. (Reis) -2.1% RCR YE18 Forecast 93.1% RCR YE19 Forecast 93.0% RCR YE20 Forecast 93.0% RCR YE21 Forecast 93.3% 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) $3,434 Annual Change 0.2% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 49 RCR YE18 Forecast 3.3% RCR YE19 Forecast 4.2% RCR YE20 Forecast 4.1% RCR YE21 Forecast 4.0% 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 7.45% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 14 Risk-adjusted Index (RAI) 2.58 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 47 Generic Purchase Cap Rate 4.30% Derived Terminal Cap Rate 4.94% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 72

SECTION 2 | METRO FORECAST SUMMARIES New York Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate New York Occupancy Rate 98% 97% 96% 94.5% 95% 94% 93.1% 93.0% 93.0% 93.3% 93.1% 93% 92% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 New York Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth New York Year-On-Year Rent Growth 8% 6% 4% 0.2% 3.3% 4.2% 4.1% 4.0% 4.4% 2% 0% -2% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 New York Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth New York Year-On-Year Payroll Job Growth 4% 3% 2% 1.8% 1.5% 1.5% 1.5% 1.7% 2.0% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 73

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