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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Phoenix Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 2,059,867 4Q17 Year-on-Year Change 38,400 / 1.90% RCR 2018 Forecast 49,400 / 2.40% RCR 2019 Forecast 36,100 / 1.71% RCR 2020 Forecast 24,300 / 1.13% RCR 2021 Forecast 30,700 / 1.41% 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) 95.29% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 29 Annual Chg. (Reis) -0.4% RCR YE18 Forecast 95.1% RCR YE19 Forecast 94.9% RCR YE20 Forecast 94.2% 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) $912 Annual Change 5.1% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 12 RCR YE18 Forecast 4.1% RCR YE19 Forecast 4.1% RCR YE20 Forecast 3.8% RCR YE21 Forecast 2.8% 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 6.90% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 33 Risk-adjusted Index (RAI) 3.59 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 32 Generic Purchase Cap Rate 5.20% Derived Terminal Cap Rate 5.92% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 84

SECTION 2 | METRO FORECAST SUMMARIES Phoenix Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Phoenix Occupancy Rate 97% 96% 95.3% 95.1% 94.9% 95% 94.2% 94% 93.3% 93.3% 93% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Phoenix Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Phoenix Year-On-Year Rent Growth 8% 6% 5.1% 4.1% 4.1% 3.8% 3.6% 4% 2.8% 2% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Phoenix Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Phoenix Year-On-Year Payroll Job Growth 5% 4% 3% 2% 1.9% 2.4% 1.7% 1.1% 1.4% 2.1% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 85

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