RCG 17 Guide to Markets FINAL[1]

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SECTION 2 | METRO FORECAST SUMMARIES Metro: Orlando Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,270,467 4Q17 Year-on-Year Change 40,600 / 3.30% RCR 2018 Forecast 48,300 / 3.80% RCR 2019 Forecast 37,100 / 2.81% RCR 2020 Forecast 34,000 / 2.51% RCR 2021 Forecast 38,200 / 2.75% 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) 95.07% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 32 Annual Chg. (Reis) -0.5% RCR YE18 Forecast 95.4% RCR YE19 Forecast 95.3% RCR YE20 Forecast 94.3% RCR YE21 Forecast 93.4% 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) $1,085 Annual Change 6.1% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 4 RCR YE18 Forecast 4.5% RCR YE19 Forecast 4.1% RCR YE20 Forecast 3.5% RCR YE21 Forecast 2.7% 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 6.98% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 30 Risk-adjusted Index (RAI) 3.28 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 38 Generic Purchase Cap Rate 5.35% Derived Terminal Cap Rate 6.02% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 78
SECTION 2 | METRO FORECAST SUMMARIES Orlando Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Orlando Occupancy Rate 98% 97% 96% 95% 95.1% 95.3% 95.2% 94.1% 94% 93.2% 92.8% 93% 92% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Orlando Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Orlando Year-On-Year Rent Growth 7% 6.1% 6% 5% 4% 4.5% 4.1% 3.5% 2.7% 2.6% 3% 2% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Orlando Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Orlando YearOn-Year Payroll Job Growth 6% 5% 4% 3.3% 3.8% 2.8% 2.5% 2.7% 3.2% 3% 2% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 79
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YEAR-END 2017 GUIDE TO MARKETS
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SECTION 1 Market Performance
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SECTION 1 | MARKET PERFORAMANCE Exe
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SECTION 1 | MARKET PERFORAMANCE Rec
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SECTION 1 | MARKET PERFORAMANCE Mac
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SECTION 1 | MARKET PERFORAMANCE Red
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SECTION 1 | MARKET PERFORAMANCE Met
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SECTION 2 Metro Forecast Summaries
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SECTION 2 | METRO FORECAST SUMMARIE
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Page 27 and 28: SECTION 2 | METRO FORECAST SUMMARIE
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RCG 17 Guide to Markets FINAL[1]

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