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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Palm Beach Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 629,400 4Q17 Year-on-Year Change 8,000 / 1.29% RCR 2018 Forecast 10,900 / 1.73% RCR 2019 Forecast 5,700 / 0.89% RCR 2020 Forecast 2,200 / 0.34% RCR 2021 Forecast 5,300 / 0.82% 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) 94.25% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 45 Annual Chg. (Reis) -1.6% RCR YE18 Forecast 94.3% RCR YE19 Forecast 94.6% RCR YE20 Forecast 94.8% RCR YE21 Forecast 95.0% 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) $1,393 Annual Change 5.7% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 8 RCR YE18 Forecast 3.1% RCR YE19 Forecast 2.7% RCR YE20 Forecast 2.1% RCR YE21 Forecast 2.6% 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 6.00% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 46 Risk-adjusted Index (RAI) 3.11 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 39 Generic Purchase Cap Rate 5.05% Derived Terminal Cap Rate 5.79% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 80

SECTION 2 | METRO FORECAST SUMMARIES Palm Beach Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Palm Beach Occupancy Rate 97% 96% 95% 94.2% 94.3% 94.6% 94.8% 95.0% 95.3% 94% 93% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Palm Beach Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Palm Beach Year-On-Year Rent Growth 8% 5.7% 6% 4% 3.1% 2.7% 2.1% 2.6% 2.9% 2% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Palm Beach Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Palm Beach Year-On-Year Payroll Job Growth 5% 4% 3% 2% 1% 1.3% 1.7% 0.9% 0.3% 0.8% 1.6% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 81

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