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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Philadelphia Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 2,959,067 4Q17 Year-on-Year Change 33,200 / 1.13% RCR 2018 Forecast 46,700 / 1.58% RCR 2019 Forecast 33,500 / 1.11% RCR 2020 Forecast 31,400 / 1.03% RCR 2021 Forecast 33,300 / 1.08% 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) 96.09% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 13 Annual Chg. (Reis) -0.2% RCR YE18 Forecast 96.3% RCR YE19 Forecast 96.8% RCR YE20 Forecast 96.5% RCR YE21 Forecast 96.5% 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) $1,246 Annual Change 2.1% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 37 RCR YE18 Forecast 3.0% RCR YE19 Forecast 3.1% RCR YE20 Forecast 3.0% RCR YE21 Forecast 2.9% 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 7.47% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 19 Risk-adjusted Index (RAI) 6.78 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 2 Generic Purchase Cap Rate 5.45% Derived Terminal Cap Rate 6.13% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 82

SECTION 2 | METRO FORECAST SUMMARIES Philadelphia Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Philadelphia Occupancy Rate 98% 97% 96.1% 96.3% 96.8% 96.6% 96.5% 96.5% 96% 95% 94% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Philadelphia Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Philadelphia Year-On-Year Rent Growth 8% 6% 4% 2.1% 3.0% 3.1% 3.0% 2.9% 3.0% 2% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Philadelphia Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Philadelphia Year-On-Year Payroll Job Growth 3.5% 3.0% 2.5% 2.0% 1.5% 1.1% 1.6% 1.1% 1.1% 1.1% 1.2% 1.0% 0.5% 0.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 83

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