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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Sacramento Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 982,300 4Q17 Year-on-Year Change 20,800 / 2.16% RCR 2018 Forecast 24,700 / 2.51% RCR 2019 Forecast 21,200 / 2.11% RCR 2020 Forecast 14,000 / 1.36% RCR 2021 Forecast 13,300 / 1.28% 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) 97.55% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 1 Annual Chg. (Reis) 0.0% RCR YE18 Forecast 97.2% RCR YE19 Forecast 96.9% RCR YE20 Forecast 96.5% RCR YE21 Forecast 96.2% 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) $1,182 Annual Change 2.6% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 33 RCR YE18 Forecast 3.5% RCR YE19 Forecast 4.1% RCR YE20 Forecast 4.0% RCR YE21 Forecast 3.5% 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 7.15% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 24 Risk-adjusted Index (RAI) 3.44 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 35 Generic Purchase Cap Rate 5.10% Derived Terminal Cap Rate 5.77% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 92

SECTION 2 | METRO FORECAST SUMMARIES Sacramento Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Sacramento Occupancy Rate 99% 98% 97% 97.6% 97.2% 96.9% 96.5% 96.2% 96.2% 96% 95% 94% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Sacramento Rent Growth History and Forecast RED 49 Year-On-Year Rent Growth Sacramento Year-On-Year Rent Growth 10% 8% 6% 4% 2.6% 3.5% 4.1% 4.0% 3.5% 3.9% 2% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Sacramento Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Sacramento Year-On-Year Payroll Job Growth 5% 4% 3% 2% 2.2% 2.5% 2.1% 1.4% 1.3% 1.6% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 93

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