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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Pittsburgh Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,191,533 4Q17 Year-on-Year Change 16,700 / 1.42% RCR 2018 Forecast 13,400 / 1.12% RCR 2019 Forecast 8,800 / 0.73% RCR 2020 Forecast 10,700 / 0.88% RCR 2021 Forecast 13,000 / 1.06% 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) 94.74% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 37 Annual Chg. (Reis) -0.1% RCR YE18 Forecast 94.7% RCR YE19 Forecast 95.3% RCR YE20 Forecast 95.6% RCR YE21 Forecast 95.8% 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) $996 Annual Change 2.4% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 35 RCR YE18 Forecast 2.8% RCR YE19 Forecast 2.7% RCR YE20 Forecast 2.4% RCR YE21 Forecast 2.4% 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 7.72% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 86 Risk-adjusted Index (RAI) 4.41 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 18 Generic Purchase Cap Rate 6.00% Derived Terminal Cap Rate 6.70% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 86

SECTION 2 | METRO FORECAST SUMMARIES Pittsburgh Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Pittsburgh Occupancy Rate 98% 97% 96% 94.7% 94.7% 95.3% 95.6% 95.8% 96.0% 95% 94% 93% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Pittsburgh Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Pittsburgh Year-On-Year Rent Growth 7% 6% 5% 4% 3% 2.4% 2.8% 2.7% 2.4% 2.4% 2.7% 2% 1% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Pittsburgh Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Pittsburgh Year-On-Year Payroll Job Growth 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 1.4% 1.1% 0.7% 0.9% 1.0% 1.2% 0.5% 0.0% -0.5% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 87

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