Investor Presentation - Medical Office Sector

2017 INVESTMENTS • $• $2.7B INVESTMENT YEAR-TO-DATE 90% 5/5.5% KEY STRATEGIC MARKETS CAPITALIZATION RATE High quality assets → 70% on-campus 90% overlap in key markets yields synergies in leasing, property management and development Eliminating 3rd party management fees as HTA's in-house platform will generate 25 bps yield by providing building services New developments coming online in 2018 will yield an additional 25 bps Limited capital expense due to average age of Duke assets - 8.8 Years Investor Presentation | January 2018 PAGE 25

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