Investor Presentaiton

Capital Allocation: High-Quality Outperforms Green Street Advisors ADVISORY & CONSULTING GROUP The markets' underestimation of cap-ex for lower-quality assets has seen REITs that focus on higher-quality assets generating better total returns over the long-term. 10-yr Return vs. Property Sector Peers Better Returns Cap Rates and Returns: Higher Cap Rates = Lower Returns 15% Relative Lower Cap Rates = Better Returns O Major Sectors REITS 8% 0% -8% -15% -1.2% -0.8% -0.4% 0.0% 0.4% This is not a Research report. Trendline Relative Higher Cap Rates = Inferior Returns Higher Cap Rates Nominal Cap Rate vs. Property Sector Peers 0.8% 18 1.2% U.S. REIT 10-Yr Average Return vs. Sector -5.8% Peers (Sept '09- Sept 19') 5.4% Cap Rates Above the Average Cap Rates Below the Average 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

View entire presentation