Income Opportunities REIT

Access to small/medium transactions Potential for better pricing and less competition from existing fund buyers Greater opportunities 2022 transaction volume (# of properties) Value advantage Average cap rates by transaction size (1) (2019-2022) 10.3K 7.6x more Small/medium market transactions in the small/medium market in 2022 1.3K Large market Small/medium market: Transactions <$75M 5.9% 5.4% 5.1% 5.1% 5.0% 4.9% 4.4% Small/medium transaction cap rates have been 77bps higher on average since 2019 3.9% 2019 2020 2021 2022 Large market: Transactions > $75M Data as of December 31, 2022. Source: Greenstreet Data quoted represents past performance, which is no guarantee of future results. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. The views and opinions above are as of the date of this publication and are subject to change without notice. (1) Capitalization rate (cap rate) is calculated by dividing a property's net operating income by the current market value. This ratio, expressed as a percentage, is an estimation of an investor's potential unlevered return on a real estate investment. 21 COHEN & STEERS

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