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RCG 17 Guide to Markets FINAL[1]

SECTION 2 | METRO

SECTION 2 | METRO FORECAST SUMMARIES Metro: San Diego Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,463,767 4Q17 Year-on-Year Change 19,200 / 1.33% RCR 2018 Forecast 23,600 / 1.61% RCR 2019 Forecast 17,600 / 1.18% RCR 2020 Forecast 13,000 / 0.86% RCR 2021 Forecast 13,600 / 0.90% 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) 96.72% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 5 Annual Chg. (Reis) -0.2% RCR YE18 Forecast 96.8% RCR YE19 Forecast 97.4% RCR YE20 Forecast 97.8% RCR YE21 Forecast 98.1% 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) $1,659 Annual Change 2.0% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 40 RCR YE18 Forecast 2.8% RCR YE19 Forecast 3.3% RCR YE20 Forecast 3.3% RCR YE21 Forecast 3.9% 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 6.51% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 38 Risk-adjusted Index (RAI) 3.53 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 34 Generic Purchase Cap Rate 4.50% Derived Terminal Cap Rate 5.17% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 98

SECTION 2 | METRO FORECAST SUMMARIES San Diego Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts 99% 98% RED 49 Occupancy Rate San Diego Occupancy Rate 96.7% 96.8% 97.4% 97.8% 98.1% 98.3% 97% 96% 95% 94% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 San Diego Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth San Diego Year-On-Year Rent Growth 8% 7% 6% 4.7% 5% 4% 2.0% 2.8% 3.3% 3.3% 3.9% 3% 2% 1% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 San Diego Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth San Diego Year-On-Year Payroll Job Growth 4% 3% 2% 1.3% 1.6% 1.2% 0.9% 0.9% 1.1% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 99

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