Blackwells Capital Activist Presentation Deck

TOP INDUSTRY EXPOSURE DRE - Industry exposure % of ABR Transportation 22.0% Manufactured Products E-commerce Retail Wholesale Goods Consumer Services Food Products Textiles Technology Health Services Total Source: BaML Global Research. 18.0% 16.0% 10.0% BW BLACKWELLS CAPITAL 8.0% 5.0% 5.0% 4.0% 3.0% 2.0% 93.0% PLD - Industry exposure %, NRA Consumer Goods 9.0% Food Transport Appliances General Retailer Clothing Construction Auto Top Industry Exposure Paper/Packaging Home Goods Total 9.0% 8.5% 8.0% 7.5% 7.3% 6.8% 6.5% 5.0% 4.5% 72.1% REXR - Industry exposure % of ABR Wholesale Trade 23.0% Strictly Confidential & Trade Secret Warehousing Manufacturing Retail Trade Transportation Scientific/Technical Construction Information Repair/Maintenance Paper / Printing Total 21.0% 14.0% 11.0% 6.0% 6.0% 3.0% 2.0% 2.0% 2.0% 90.0% Source: Company fillings DRE pg 32 of November NAREIT Presentation; PLD pg 2 of Investor Fact Sheet (as of 12/31/19); REXR pg 9 of November 2019 Investor Presentation; STAG pg 17 of 4019 Supp STAG - Industry exposure % of ABR Auto Components 11.1% 8.6% 7.4% 7.2% 4.8% 4.7% 4.5% 4.5% 3.6% 3.4% 59.8% Air Freight & Logistics Commercial Services & Supplies Containers & Packaging Machinery Household Durables Building Products Food Products Electrical Equipment Food & Staples Retailing Total 99

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