Investor Presentaiton

Balance Sheet: Leverage and Total Returns Green Street Advisors ADVISORY & CONSULTING GROUP The last two bull markets could not have presented a more benign backdrop for commercial property owners. Amidst that environment, balance sheet leverage should have turbo-charged returns, but evidence of such a boost is non-existent. In fact, REITs with lower leverage outperformed over both bull market time periods. Annualized Returns vs. Peers 15% 10% 5% 0% -5% -10% D 1997 to 2007 ◇ All REITs D D D D D 2012 to 2019 ◇ All REITs 00 ㅁ ㅁ ㅁ ㅁ ㅁ ☐ ㅁㅁ ㅁㅁ D ㅁ ㅁ ㅁ D ㅁ 0 0 -15% 25% 35% 45% 55% 65% 25% 35% Net Leverage Ratio This is not a Research report. 23 23 D ㅁ ㅁ ㅁ ㅁ 45% Net Leverage Ratio 55% 65% www.GreenStreetAdvisors.com ©2019, Green Street Advisors, LLC Use of this report is subject to the Terms of Use listed at the end of the report

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