Investor Presentaiton

30% 20% 10% 0% -10% -20% Public Market Pricing Green Street Advisors ADVISORY & CONSULTING GROUP Pricing for real estate in the public market often diverges from private market pricing. Property sectors trade at premiums or discounts based on the macro outlook for their businesses. However, there is a wide range of observed premiums within sectors with the top companies often trading at substantially higher premium versus their peer set. Industrial REITs Observed GAV Premium Page -30% '03 '04 '05 05 30% 20% 10% 0% '06 90 Industrial Average Max Min '07 '08 '09 '10 '11 '12 '13 13 Min-Max Spread This is not a Research report. 5 '14 '15 '16 '17 '18 18 '19 Average 11% 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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