Investor Presentaiton

Alignment of Interests: Executive Compensation Green Street Advisors ADVISORY & CONSULTING GROUP There are several ways to structure executive compensation packages. Some practices are seen as better than others, such as awarding compensation based on relative total return performance versus a well-defined peer set. Overall, the best practice is to use common sense and reward management when shareholders do well. Base Salary • Market-based Merit-based • Subjective The Four Components of Executive Compensation Short-Term Incentive Plan • Operating metrics • 1-yr total returns • Paid in cash Individual performance Long-Term Incentive Plan 3-yr total returns • Three-year vesting • . Paid in equity Equity Plus Option • $1 cash = $1.20 equity Three-year vesting Employee election The Do's and Dont's of Executive Compensation Bonus Bonus Performance Pay Poor All in Cash Average Mixed Cash + Shares This is not a Research report. Good Mostly Shares No link to Share Price (i.e., ROE) Highest Pay Relative to Peers Linked to Absolute Returns or FFO Growth Pay In-Line with Peers Linked to Relative Total Return w/ Appropriate Peers Lowest Pay Relative to Peers 15 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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