Investor Presentaiton

Capital Allocation: Strategic Focus Green Street Advisors ADVISORY & CONSULTING GROUP The REIT market consists largely of companies focused on a single property sector. Conventional wisdom indicates that it is easier to export sector expertise over multiple geographies than to benefit from geographical expertise over multiple property types. Diversified REITs, on average, trade at a discount to their more focused peers. Last Three Years Average Observed Premium/Discount to GAV Based on % of Primary Sector vs. Total Portfolio Observed GAV Premium/Discount Count This is not a Research report. 6 -7.0% -4.5% Less than 80% 80%-99% % of NOI from Primary Sector 100%: sector-focus REIT <100%: diversified REIT 20 20 67 -0.7% 100% 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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