ESG Initiatives and Development Overview

3.0 CONSISTENTLY HIGH PERFORMANCE IN RENEWAL LEASING SPREADS Lease Renewal Rate Increases (1) 9.2% 10-year pre-pandemic average (2010-2019) 9.2% 12.0% 10.0% 8.0% 6.0% 4.0% 12-year average, including pandemic years 2.0% (2010-2021) 7.5% (2) 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 2022 (1) Represents increase on total portfolio basis. Includes all renewals and contractual fixed rate renewals. (2) The Trust achieved a 8.9% lease renewal rate increase in Q1 2022 when comparing the net rental rate in the last year of the expiring term to the average net rental rate over the renewal term. First Capital 16

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