Investor Presentaiton

5-year Annualized Return Capital Allocation: Dividend Policy Green Street Advisors ADVISORY & CONSULTING GROUP Investors who view high yields as a virtue are likely to be disappointed as REITs with above-average dividend yields have generally underperformed their lower-yielding peers. 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% 16 1% This is not a Research report. 2% ㅁ D 08 D 3% Dividends vs. Returns GSA Universe 80 00 4% ☑ D D D Dividend Yield D 5% ㅁㅁ %9 21 24 7% ㅁ ㅁ %8 D 5-year Total Return Comparison 2.3% Above Avg. Dividend Yield 12.4% Below Avg. Dividend Yield 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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