Income Opportunities REIT

Trends informing property portfolio People are making different choices in how they live, work and spend Large metropolitan cities • High density • High taxes • • High cost of living Changing housing needs . . More space Preferable schools Green space Technological innovation Increased convenience and efficiency • Hybrid shopping ⚫ Logistics Sunbelt, suburbs, mid- size markets Cost-of-living differences • Greater affordability More spending on goods and services Lower cost of commuting • More space for less Low taxes Low cost of living At December 31, 2022. Source: Cohen & Steers proprietary analysis. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend might begin. There is no guarantee investment objectives will be achieved. 18 COHEN & STEERS

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