Investor Presentaiton

Balance Sheet: Leverage and Total Returns Green Street Advisors ADVISORY & CONSULTING GROUP Higher-levered companies saw 70%-90% of their equity value evaporate from '07-'09 and many of these companies' current stock prices are still well below pre-recession highs. Leverage and Total Return Performance Peak-to-Trough ('07-'09) 0% -10% -20% -30% Total Returns (Annualized) -40% -50% -60% -70% -80% -90% 00 ●Green Street Universe O O -100% 20% 30% 40% 50% This is not a Research report. 00 ●REIT Avg. 0 60% 70% 80% 90% 100% Leverage 24 24 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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