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Attractive Risk Adjusted Returns VEST^ Industrial real estate in Mexico is priced to deliver an absolute return well above returns available in US or European industrial real estate. Projected total returns in Mexico appear in-line with the US and Europe after adjusting for sovereign risk. However, Mexico industrial assets that collect rent in US dollars avoid significant currency risk leading to an outsized risk-adjusted return profile. Private Market - Local Currency Returns Economic Estimated 20-'23 Long-Term Risk-Adjusted Cap Rate Inflation NOI Growth NOI Growth Expected Return Cap Ex Sector Cap Rate Reserve Mexico Industrial 7.5% 12% 7.0% 4.2% 3.0% 2.0% 8.9 US Industrial 4.9% 15% 4.2% 2.0% 4.2% 1.0% 5.9 European Industrial 4.3% 18% 3.9% 2.0% 3.1% 1.7% 5.8 Public Market - Local Currency Returns Private- Mkt Sector Return REIT GAV Prem G&A Load External Growth Public Return Mexico Industrial 8.9% -20.0% -0.6% +0.8% 11.4% 10 Year Return Premium to Govt Bond 10 Yr Govt Bonds (bps) 349 bps 7.9% US Industrial 5.9% 10.4% -0.4% 5.1% 2.5% 260 bps European Industrial 5.8% 0.3% -0.6% +0.4% 5.6% 1.1% 450 bps 10 Yr Bond Returns Benefit of US Dollar Denominated Leases Peso vs. USD Denominated Premium to Bond Return Mexico Industrial Adj. Return Premium vs. US & Europe 7.91% 4.50% 349 bps Peso Denominated Bonds 690 bps 690 bps 450 bps 260 bps USD Denominated Bonds Peso Denominated Bonds USD Denominated Bonds USD Denominated Mexico Industrial US Industrial European Industrial (1) Source: Greenstreet Advisors 60 60

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