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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: Salt Lake City Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 733,267 4Q17 Year-on-Year Change 16,400 / 2.29% RCR 2018 Forecast 19,900 / 2.71% RCR 2019 Forecast 15,500 / 2.06% RCR 2020 Forecast 13,000 / 1.69% RCR 2021 Forecast 14,500 / 1.85% 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) 95.03% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 35 Annual Chg. (Reis) -0.7% RCR YE18 Forecast 95.5% RCR YE19 Forecast 95.6% RCR YE20 Forecast 95.4% RCR YE21 Forecast 94.8% 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) $935 Annual Change 4.8% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 15 RCR YE18 Forecast 3.9% RCR YE19 Forecast 4.1% RCR YE20 Forecast 3.7% RCR YE21 Forecast 3.7% 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 8.00% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 2 Risk-adjusted Index (RAI) 4.49 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 17 Generic Purchase Cap Rate 5.10% Derived Terminal Cap Rate 5.79% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 94

SECTION 2 | METRO FORECAST SUMMARIES Salt Lake City Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Salt Lake City Occupancy Rate 97.0% 96.5% 96.0% 95.5% 95.0% 95.0% 95.4% 95.5% 95.3% 94.8% 94.8% 94.5% 94.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Salt Lake City Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Salt Lake City Year-On-Year Rent Growth 9% 8% 7% 4.8% 6% 5% 4% 3.9% 4.1% 3.7% 3.7% 4.1% 3% 2% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Salt Lake City Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Salt Lake City Year-On-Year Payroll Job Growth 3.5% 3.0% 2.7% 2.5% 2.0% 2.3% 2.1% 1.7% 1.8% 2.3% 1.5% 1.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 95

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