Income Opportunities REIT

Attractive value in growth markets Case study Target property profile Attractive valuation Transaction characteristics 7% cap rate vs 5-6% historically Discount to replacement cost Strong in-place cash flows Ability to increase rents Pricing at 49% discount to replacement cost High cash on cash return of 7.5% Favorable supply/demand dynamics Limited competition Current leases below market; low rent/occupancy cost relative to sales No new supply in local submarket Traditional buyers sidelined At December 31, 2022. Source: Cohen & Steers. There is no guarantee that properties with similar characteristics will be sourced for investment on behalf of any Cohen & Steers portfolio or account. This information is included solely to illustrate the proposed investment strategy and the types of transactions the strategy may pursue. The actual investments of the strategy may differ substantially from the property above. 23 COHEN & STEERS

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