March 2022

(Data as of February 28, 2022)

®
REITWatch
A Monthly Statistical Report on the Real Estate Investment Trust Industry
 Nareit Disclaimer

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accuracy, timeliness or completeness of data in this publication. Unless otherwise indicated, all data are
derived from, and apply only to, publicly traded securities. Any investment returns or performance data
(past, hypothetical or otherwise) are not necessarily indicative of future returns or performance. Copyright
2022 by Nareit. Nareit and REITWatch® are the exclusive registered marks of Nareit®.
 REITWATCH
TABLE OF CONTENTS

I. Indicators of U.S. REIT Investment Performance

REIT Industry Fact Sheet ....................................................................................................................................... 1

Investment Performance of the FTSE Nareit US Real Estate Index Series ...........................................................3
Investment Performance by Property Sector and Subsector ................................................................................. 4
Selected Indicators of Equity Market Performance ................................................................................................ 5
Historical Offerings of REIT Securities ................................................................................................................... 6
FTSE Nareit Equity REIT Dividend Yield vs. 10-Year Constant Maturity Treasury ................................................7
FTSE Nareit Equity REIT Dividend Yield Spread ................................................................................................... 7
Major Stock Total Return Indexes .......................................................................................................................... 8
Average Daily Dollar Trading Volume .................................................................................................................... 9
Comparative Total Return Investment Performance ............................................................................................ 10
Comparative Total Return Investment Correlations ............................................................................................. 11
20-Year Average Annual Total Returns................................................................................................................ 12
Adjusted 20-Year Average Annual Total Returns ................................................................................................ 12
20-Year Average Annual Total Return vs. 20-Year Standard Deviation of Annual Total Return .........................13
FTSE Nareit All Equity REITs Return Components.............................................................................................. 14
S&P 500 Return Components .............................................................................................................................. 15
Dow Jones U.S. Total Stock Market Return Components.................................................................................... 16
Annual Price and Total Returns by Investment Sector ......................................................................................... 17
Annual Price and Total Returns by Property Sector ............................................................................................. 18
Annual Price and Total Returns by Property Subsector ....................................................................................... 19
Annual Equity Market Capitalization ..................................................................................................................... 20
REITs in the FTSE Nareit All REIT Index and S&P Equity Indexes .....................................................................21
REIT Weight in the S&P 500 ................................................................................................................................ 26
REIT Weight in the Russell 2000.......................................................................................................................... 27
Mergers & Acquisitions Activity ............................................................................................................................ 28

II. U.S. REIT Performance Statistics by Property Sector and Sub-Sector

Industrial/Office..................................................................................................................................................... 30
• Office
• Industrial
Retail .................................................................................................................................................................... 31
• Shopping Centers
• Regional Malls
• Free Standing
Residential ............................................................................................................................................................ 32
• Apartments
• Manufactured Homes
• Single Family Homes
Diversified ............................................................................................................................................................. 33
Health Care .......................................................................................................................................................... 33
Lodging/Resorts ................................................................................................................................................... 33
Self Storage .......................................................................................................................................................... 34
Timber .................................................................................................................................................................. 34
Infrastructure ........................................................................................................................................................ 34
Data Centers ........................................................................................................................................................ 34
Specialty ............................................................................................................................................................... 34
Mortgage .............................................................................................................................................................. 35
• Home Financing
• Commercial Financing
III. Indicators of U.S. REIT Industry Activity

REIT Payout Ratios: Dividends as a Percent of Funds from Operations .............................................................36

Dividends Paid by All Listed U.S. REITs .............................................................................................................. 37
Funds from Operations of All Listed U.S. Equity REITs ....................................................................................... 38
Summary of Dividends Paid by Property Sector .................................................................................................. 39
Summary of Funds from Operations by Property Sector...................................................................................... 40

IV. Indicators of Global Real Estate Investment Performance

FTSE EPRA/Nareit Global Real Estate Index Series Investment Performance ...................................................41

V. Glossary of REITWatch Terms

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Nareit®
REIT Industry Fact Sheet
Data as of February 28, 2022, except where noted.
Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs.

Industry Size

•                     
FTSE Nareit All REITs equity market capitalization = $1.537 trillion

•                     
FTSE Nareit All Equity REITs equity market capitalization = $1.458 trillion

•                     
REITs own approximately $3.5 trillion of commercial real estate assets, including public listed, public non-listed,
and private Equity and Mortgage REITs

•                     
215 REITs are in the FTSE Nareit All REITs Index

•                     
177 REITs trade on the New York Stock Exchange

•                     
NYSE listed REITs equity market capitalization = $1.314 trillion

Investment Performance

Year-to-date and compound annual total returns of the FTSE Nareit All REITs Index, the FTSE Nareit All Equity REITs Index,
and leading US benchmarks for periods ending February 28, 2022:

FTSE Nareit Dow Jones

All All S&P Russell Nasdaq Industrial
REITs Equity REITs 500 2000 Composite Average
2022: YTD -11.33 -11.52 -8.01 -8.66 -12.01 -6.43
1-Year 20.55 21.80 16.39 -6.01 4.92 11.59
3-Year 10.12 10.81 18.24 10.50 23.25 11.72
5-Year 8.46 8.84 15.17 9.50 19.86 12.71
10-Year 10.07 10.27 14.59 11.18 17.86 12.74
15-Year 5.92 6.19 10.08 7.98 12.29 9.72
20-Year 9.98 10.41 9.25 9.07 10.92 8.86
25-Year 9.13 9.65 9.09 8.62 9.86 6.59
30-Year 10.29 10.81 10.36 9.35 10.80 8.11
35-Year 8.96 9.97 10.52 9.08 10.44 8.09
40-Year 10.40 11.74 12.31 10.65 11.46 9.74
1972 - 2022 9.67 11.66 10.93 - 9.02 7.52

Data in percent; highest return for the period in bold.

Returns in italics are price-only.

Dividends
Yield Comparison

- FTSE Nareit All REITs: 3.21%

- FTSE Nareit All Equity REITs: 2.92%
- S&P 500: 1.34%

• Public listed REITs paid out approximately $51.7 billion and public non-listed REITs paid out approximately $2.2 billion
in dividends during 2020.

• By market cap-weighted average, 58 percent of the annual dividends paid by REITs qualify as ordinary taxable
income, 14 percent qualify as return of capital and 28 percent qualify as long-term capital gains in 2020.

1
Nareit®
REIT Industry Fact Sheet
Data as of February 28, 2022, except where noted.
Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs.

Leverage and Coverage Ratios

(Data as of 2021: Q4)
Equity REITs
• Debt Ratio: 25.7%
• Coverage Ratio: 6.5x

Average Daily Dollar Trading Volume

•                     
February 2022: $10.5 billion
•                     
February 2017: $6.4 billion
•                     
February 2012: $3.9 billion

Capital Offerings
2022: YTD
Number Capital
of Offerings Raised ($M)
IPOs 0 0
Secondary Common 39 11,285
Secondary Preferred 7 545
Secondary Debt 13 6,916
ATM - -
Total 59 18,746

2
 Exhibit 1
Investment Performance:
FTSE Nareit US Real Estate Index Series
February 28, 2022
FTSE Nareit All REITs FTSE Nareit Composite FTSE Nareit Real Estate 50™ 1 FTSE Nareit All Equity REITs FTSE Nareit Equity REITs FTSE Nareit Mortgage REITs
Returns (%) Dividend Returns (%) Dividend Returns (%) Dividend Returns (%) Dividend Returns (%) Dividend Returns (%) Dividend
Period Total Price Yield2 Total Price Yield2 Total Price Yield2 Total Price Yield2 Total Price Yield2 Total Price Yield2
Annual (including current year to date)
2017 9.27 4.77 4.27 9.29 4.76 4.29 9.23 5.01 3.78 8.67 4.52 3.94 5.23 1.04 4.15 19.79 8.73 9.83
2018 -4.10 -8.34 4.80 -3.94 -8.21 4.82 -2.12 -6.02 4.20 -4.04 -7.95 4.37 -4.62 -8.72 4.63 -2.52 -12.30 11.48
2019 28.07 22.95 4.06 28.21 23.03 4.07 29.22 24.59 3.52 28.66 23.95 3.70 26.00 21.07 3.97 21.33 9.62 9.77
2020 -5.86 -9.38 3.84 -5.98 -9.51 3.84 -2.77 -6.16 3.45 -5.12 -8.40 3.56 -8.00 -11.52 3.86 -18.77 -26.77 8.99
2021 39.88 35.57 2.85 40.02 35.70 2.85 42.29 38.12 2.59 41.30 37.29 2.59 43.24 38.98 2.72 15.64 6.40 8.91
2022 -11.33 -11.49 3.21 -11.36 -11.53 3.22 -12.36 -12.49 2.98 -11.52 -11.68 2.92 -9.76 -9.96 3.01 -7.80 -8.13 9.67
Quarter (including current quarter to date)
2020: Q4 9.18 8.20 3.84 8.96 7.98 3.84 6.40 5.51 3.45 8.15 7.27 3.56 11.57 10.59 3.86 26.22 23.06 8.99
2021: Q1 8.48 7.64 3.56 8.50 7.66 3.57 7.95 7.16 3.26 8.32 7.55 3.31 8.87 8.00 3.57 11.87 9.84 8.27
Q2 11.71 10.82 3.10 11.75 10.85 3.10 12.62 11.74 2.88 12.03 11.20 2.85 12.02 11.18 3.04 6.69 4.58 7.97
Q3 0.15 -0.62 3.18 0.12 -0.65 3.18 0.52 -0.21 2.96 0.23 -0.48 2.92 0.98 0.21 3.09 -2.02 -4.04 8.41
Q4 15.25 14.36 2.85 15.34 14.44 2.85 16.44 15.59 2.59 16.17 15.36 2.59 16.31 15.49 2.72 -1.13 -3.47 8.91
2022: Q1 -11.33 -11.49 3.21 -11.36 -11.53 3.22 -12.36 -12.49 2.98 -11.52 -11.68 2.92 -9.76 -9.96 3.01 -7.80 -8.13 9.67
Month
2021: Sep -5.73 -6.23 3.18 -5.75 -6.25 3.18 -6.17 -6.66 2.96 -5.92 -6.38 2.92 -5.40 -5.86 3.09 -2.27 -3.71 8.41
Oct 6.92 6.81 3.04 6.92 6.81 3.05 7.17 7.08 2.84 7.08 6.98 2.79 7.60 7.51 2.88 3.85 3.44 8.23
Nov -1.28 -1.41 3.10 -1.23 -1.36 3.10 -0.99 -1.12 2.89 -1.01 -1.14 2.84 -0.67 -0.83 2.92 -5.59 -5.81 8.73
Dec 9.18 8.60 2.85 9.21 8.63 2.85 9.74 9.18 2.59 9.60 9.08 2.59 8.83 8.32 2.72 0.85 -0.92 8.91
2022: Jan -7.71 -7.79 3.08 -7.68 -7.76 3.08 -8.12 -8.18 2.83 -7.93 -8.01 2.80 -6.85 -6.94 2.91 -1.79 -1.98 9.06
Feb -3.92 -4.01 3.21 -3.99 -4.09 3.22 -4.61 -4.69 2.98 -3.89 -3.99 2.92 -3.13 -3.25 3.01 -6.12 -6.28 9.67
Week (including current week to date)
28-Jan-22 -0.10 -0.13 3.12 -0.10 -0.13 3.12 0.00 -0.02 2.87 -0.13 -0.15 2.84 -0.32 -0.35 2.95 0.50 0.37 9.29
4-Feb-22 -0.14 -0.16 3.13 -0.17 -0.19 3.13 -0.12 -0.14 2.87 -0.14 -0.17 2.84 -0.24 -0.27 2.96 -0.70 -0.70 9.36
11-Feb-22 -1.72 -1.74 3.19 -1.76 -1.79 3.19 -2.34 -2.36 2.95 -1.80 -1.83 2.91 -1.42 -1.45 3.01 -0.94 -0.94 9.45
18-Feb-22 -1.29 -1.31 3.23 -1.30 -1.32 3.24 -1.77 -1.78 3.01 -1.33 -1.35 2.95 -0.81 -0.84 3.04 -0.48 -0.50 9.49
25-Feb-22 2.11 2.09 3.16 2.11 2.09 3.16 2.49 2.49 2.93 2.28 2.26 2.88 2.17 2.16 2.96 -1.53 -1.67 9.65
28-Feb-22 -1.56 -1.59 3.21 -1.57 -1.60 3.22 -1.67 -1.71 2.98 -1.63 -1.66 2.92 -1.64 -1.67 3.01 -0.14 -0.15 9.67
Historical (compound annual rates at month-end)
1-Year 20.55 16.88 20.72 17.04 22.59 19.06 21.80 18.40 24.14 20.52 0.88 -7.21
3-Year 10.12 6.22 10.16 6.23 11.99 8.33 10.81 7.20 10.00 6.14 -0.92 -10.01
5-Year 8.46 4.29 8.52 4.32 9.95 6.06 8.84 4.99 7.75 3.69 2.69 -6.94
10-Year 10.07 5.68 9.97 5.55 10.25 6.22 10.27 6.37 9.67 5.59 5.77 -4.84
15-Year 5.92 1.32 - - 6.11 1.84 6.19 2.11 5.80 1.61 1.49 -9.44
20-Year 9.98 4.81 9.89 4.69 10.45 5.74 10.41 5.73 10.11 5.34 4.73 -6.53
25-Year 9.13 3.49 9.05 3.39 - - 9.65 4.42 9.40 4.12 3.50 -7.59
30-Year 10.29 4.19 10.23 4.11 - - 10.81 5.18 10.60 4.92 5.68 -5.76
35-Year 8.96 2.17 8.90 2.10 - - 9.97 3.81 9.79 3.59 4.37 -7.18
40-Year 10.40 3.15 10.35 3.09 - - 11.74 5.15 11.59 4.96 5.87 -5.76
Source: FTSE™, Nareit®.
Notes:
1
The FTSE Nareit Real Estate 50™ is designed to measure the performance of larger and more frequently traded REITs.
2
Dividend yield quoted in percent for the period end.
Disclaimer: The FTSE Nareit US Real Estate Index Series ("Indexes") is calculated by FTSE International Limited ("FTSE"). All rights in the Indexes vest in FTSE® and Nareit®. FTSE is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is
used by FTSE under licence. Nareit is a trademark of Nareit. Neither FTSE nor Nareit nor their licensors shall be liable (including in negligence) for any loss arising out of use of the Indexs by any person. All data are derived from, and apply only to, publicly traded securities.

3
 Exhibit 2
Investment Performance by Property Sector and Subsector
February 28, 2022
Number of Total Return (%) Dividend Market Capitalization ($)1
Sector Constituents 2021 February 2022: YTD Yield (%) Equity Implied

FTSE Nareit All Equity REITs 156 41.30 -3.89 -11.52 2.92 1,422,685,842 1,459,473,267
FTSE Nareit Equity REITs 148 43.24 -3.13 -9.76 3.01 1,174,756,389 1,211,489,809
Industrial 13 62.03 -6.46 -14.32 2.01 182,192,794 187,084,597
Office 19 22.00 3.74 -2.76 3.47 103,822,128 109,824,238
Retail 33 51.91 -4.29 -9.29 4.24 181,753,288 190,208,078
Shopping Centers 18 65.05 -3.08 -6.92 3.47 62,692,192 63,804,751
Regional Malls 2 92.05 -6.55 -13.69 4.74 48,018,709 54,613,479
Free Standing 13 19.72 -3.77 -8.20 4.59 71,042,386 71,789,848
Residential 22 58.29 -2.78 -9.35 2.38 236,227,316 244,515,314
Apartments 17 63.61 -1.48 -7.01 2.57 168,402,248 173,479,752
Manufactured Homes 3 41.98 -4.32 -14.24 1.92 34,590,731 35,511,127
Single Family Homes 2 52.79 -7.45 -15.14 1.92 33,234,336 35,524,435
Diversified 13 29.25 -1.20 -7.62 4.31 34,799,279 36,492,979
Lodging/Resorts 15 18.22 3.62 1.53 0.05 40,370,904 40,820,545
Health Care 16 16.32 -6.01 -5.83 4.34 118,464,642 119,247,294
Self Storage 5 79.43 -3.12 -11.03 2.61 103,319,065 107,416,664
Timber 4 28.82 1.01 -2.82 2.05 38,662,253 38,662,253
Infrastructure 4 34.41 -8.79 -21.46 2.58 209,267,199 209,321,204
Data Centers 3 25.47 -4.50 -17.46 2.30 112,556,797 113,834,957
Specialty 9 41.69 1.78 -6.77 4.69 61,250,176 62,045,144

FTSE Nareit Mortgage REITs 34 15.64 -6.12 -7.80 9.67 64,038,130 64,625,994
Home Financing 21 11.51 -10.66 -11.23 11.50 36,727,180 36,754,625
Commercial Financing 13 22.48 0.78 -2.76 7.21 27,310,950 27,871,369

Source: FTSETM, Nareit®.

Notes:
1
Implied market capitalization is calculated as common shares outstanding plus operating partnership units, multiplied by share price. Data presented in thousands of
dollars.

4
 Exhibit 3
Selected Indicators of Equity Market Performance
(Period ending index levels and percent change)
February 28, 2022

FTSE Nareit Dow Jones Nasdaq US Treasury

Period All Equity REITs S&P 500 Industrials Russell 2000 Composite 10-Year Note1
Levels Returns Levels Returns Levels Returns Levels Returns Levels Returns Yield Change

Annual (including current year to date)

2012 10,819.84 19.70 2,504.44 16.00 24,987.40 10.24 3,902.37 16.35 3,269.46 17.45 1.78 -0.11
2013 11,128.83 2.86 3,315.59 32.39 32,397.14 29.65 5,417.36 38.82 4,581.05 40.12 3.04 1.26
2014 14,247.97 28.03 3,769.44 13.69 35,650.39 10.04 5,682.50 4.89 5,256.55 14.75 2.17 -0.87
2015 14,650.51 2.83 3,821.60 1.38 35,726.03 0.21 5,431.67 -4.41 5,622.56 6.96 2.27 0.10
2016 15,914.73 8.63 4,278.66 11.96 41,619.65 16.50 6,589.05 21.31 6,121.12 8.87 2.45 0.18
2017 17,295.16 8.67 5,212.76 21.83 53,317.96 28.11 7,554.17 14.65 7,935.29 29.64 2.40 -0.05
2018 16,595.65 -4.04 4,984.22 -4.38 51,462.77 -3.48 6,722.15 -11.01 7,709.91 -2.84 2.69 0.29
2019 21,352.44 28.66 6,553.57 31.49 64,505.48 25.34 8,437.98 25.52 10,539.04 36.69 1.92 -0.77
2020 20,258.86 -5.12 7,759.35 18.40 70,778.10 9.72 10,122.27 19.96 15,272.97 44.92 0.93 -0.99
2021 28,625.44 41.30 9,986.70 28.71 85,602.90 20.95 11,622.28 14.82 18,660.07 22.18 1.52 0.59
2022 25,328.68 -11.52 9,186.37 -8.01 80,100.44 -6.43 10,615.49 -8.66 16,419.26 -12.01 1.83 0.31
Quarter (inlcuding current quarter to date)
2020: Q2 18,512.81 13.25 6,351.67 20.54 59,067.13 18.51 7,342.90 25.42 11,874.58 30.95 0.66 -0.04
Q3 18,733.04 1.19 6,918.83 8.93 63,920.31 8.22 7,705.04 4.93 13,209.20 11.24 0.69 0.03
Q4 20,258.86 8.15 7,759.35 12.15 70,778.10 10.73 10,122.27 31.37 15,272.97 15.62 0.93 0.24
2021: Q1 21,944.84 8.32 8,238.48 6.17 76,644.33 8.29 11,407.70 12.70 15,724.09 2.95 1.74 0.81
Q2 24,584.10 12.03 8,942.78 8.55 80,534.90 5.08 11,897.38 4.29 17,245.62 9.68 1.45 -0.29
Q3 24,640.59 0.23 8,994.83 0.58 79,359.02 -1.46 11,378.61 -4.36 17,206.34 -0.23 1.52 0.07
Q4 28,625.44 16.17 9,986.70 11.03 85,602.90 7.87 11,622.28 2.14 18,660.07 8.45 1.52 0.00
2022: Q1 25,328.68 -11.52 9,186.37 -8.01 80,100.44 -6.43 10,615.49 -8.66 16,419.26 -12.01 1.83 0.31
Month
2021: Feb 20,795.58 2.72 7,892.81 2.76 71,779.31 3.43 11,294.26 6.23 15,649.72 1.01 1.44 0.33
Mar 21,944.84 5.53 8,238.48 4.38 76,644.33 6.78 11,407.70 1.00 15,724.09 0.48 1.74 0.30
Apr 23,726.14 8.12 8,678.16 5.34 78,778.56 2.78 11,647.24 2.10 16,578.46 5.43 1.65 -0.09
May 23,921.42 0.82 8,738.77 0.70 80,519.36 2.21 11,671.26 0.21 16,339.43 -1.44 1.58 -0.07
Jun 24,584.10 2.77 8,942.78 2.33 80,534.90 0.02 11,897.38 1.94 17,245.62 5.55 1.45 -0.13
Jul 25,657.05 4.36 9,155.21 2.38 81,612.53 1.34 11,467.78 -3.61 17,450.67 1.19 1.24 -0.21
Aug 26,191.56 2.08 9,433.58 3.04 82,836.71 1.50 11,724.30 2.24 18,163.09 4.08 1.30 0.06
Sep 24,640.59 -5.92 8,994.83 -4.65 79,359.02 -4.20 11,378.61 -2.95 17,206.34 -5.27 1.52 0.22
Oct 26,384.62 7.08 9,625.02 7.01 84,061.50 5.93 11,862.65 4.25 18,461.29 7.29 1.55 0.03
Nov 26,117.18 -1.01 9,558.33 -0.69 81,117.73 -3.50 11,368.33 -4.17 18,522.92 0.33 1.43 -0.12
Dec 28,625.44 9.60 9,986.70 4.48 85,602.90 5.53 11,622.28 2.23 18,660.07 0.74 1.52 0.09
2022: Jan 26,354.72 -7.93 9,469.92 -5.17 82,828.41 -3.24 10,503.36 -9.63 16,988.31 -8.96 1.79 0.27
Feb 25,328.68 -3.89 9,186.37 -2.99 80,100.44 -3.29 10,615.49 1.07 16,419.26 -3.35 1.83 0.04
Historical (compound annual rates)
1-Year 21.80 16.39 11.59 -6.01 4.92
3-Year 10.81 18.24 11.72 10.50 23.25
5-Year 8.84 15.17 12.71 9.50 19.86
10-Year 10.27 14.59 12.74 11.18 17.86
15-Year 6.19 10.08 9.72 7.98 12.29
20-Year 10.41 9.25 8.86 9.07 10.92
25-Year 9.65 9.09 6.59 8.62 9.86
30-Year 10.81 10.36 8.11 9.35 10.80
35-Year 9.97 10.52 8.09 9.08 10.44
40-Year 11.74 12.31 9.74 10.65 11.46

Source: Nareit®, FactSet.

1
Ten-year constant maturity Treasury note
Returns in italics are price-only.

5
 Exhibit 4
Historical Offerings of Securities
February 28, 2022
Initial Secondary Equity Secondary Debt
Total Public Offerings Common Shares Preferred Shares ATM Issuance1 Unsecured
Capital Capital Capital Capital Capital Capital
Period Number Raised ($M) Number Raised ($M) Number Raised ($M) Number Raised ($M) Raised ($M) Number Raised ($M)
Annual Totals (including current year to date)
2014 219 67,910 6 4,067 102 24,106 24 4,618 4,648 87 30,934
2015 162 62,777 7 1,423 75 23,433 8 2,236 3,534 72 32,201
2016 196 76,833 4 1,690 75 26,158 36 4,655 7,707 82 37,261
2017 263 100,146 9 2,950 75 27,875 52 10,970 8,379 127 50,767
2018 129 55,633 5 3,264 53 16,654 10 1,580 8,913 61 25,222
2019 246 112,948 2 220 84 31,995 27 4,454 13,134 133 63,146
2020 205 106,103 4 899 46 17,793 15 3,190 11,123 140 73,099
2021 260 126,931 4 837 83 32,708 34 5,626 15,140 139 72,620
2022 59 18,746 0 0 39 11,285 7 545 - 13 6,916
Quarterly Totals
2020: Q4 27 10,248 1 3 9 3,873 3 538 3,787 14 5,809
2021: Q1 57 35,395 1 137 19 12,741 1 322 3,410 36 22,171
Q2 76 29,834 1 137 23 14,192 17 2,446 5,060 35 13,035
Q3 70 32,136 2 564 18 12,610 11 1,988 6,670 39 16,949
Q4 57 24,065 0 0 23 8,417 5 1,230 - 29 14,418
2022: Q1 59 18,746 0 0 39 11,285 7 545 - 13 6,916
Monthly Totals
2020: May 17 9,263 0 0 5 2,563 0 0 - 12 6,700
Jun 39 19,033 0 0 7 2,606 1 500 - 31 15,928
Jul 12 5,958 0 0 2 1,160 1 48 - 9 4,750
Aug 28 9,756 1 225 3 538 3 399 - 21 8,594
Sep 20 10,494 1 570 3 1,457 1 250 - 15 8,217
Oct 9 3,446 1 3 3 1,530 0 0 - 5 1,914
Nov 12 5,009 0 0 5 2,059 2 450 - 5 2,500
Dec 6 1,768 0 0 1 284 1 88 - 4 1,395
2021: Jan 18 9,543 0 0 7 2,905 1 53 - 10 6,585
Feb 20 12,152 0 0 1 92 0 0 - 19 12,060
Mar 19 9,269 1 137 11 4,632 0 0 - 7 4,500
Apr 12 3,909 0 0 4 931 2 233 - 6 2,745
May 27 12,295 0 0 6 4,045 5 694 - 16 7,557
Jun 37 11,228 1 137 13 3,297 10 1,429 - 13 6,365
Jul 12 3,447 1 547 6 1,192 2 350 - 3 1,357
Aug 22 6,974 0 0 5 879 4 600 - 13 5,495
Sep 36 18,910 1 17 7 6,318 5 1,038 - 23 11,538
Oct 16 6,836 0 0 3 361 1 175 - 12 6,300
Nov 21 9,114 0 0 6 2,586 3 935 - 12 5,593
Dec 20 8,116 0 0 14 5,471 1 120 - 5 2,525
2022: Jan 43 10,381 0 0 30 7,420 7 545 - 6 2,416
Feb 16 8,364 0 0 9 3,864 0 0 - 7 4,500

Source: Nareit®, S&P Global Market Intelligence.

Notes:
1
ATM issuance data available on a quarterly basis; 2018 data as of September 30th.

6
 Exhibit 5:
REIT Dividend Yield vs. 10-Year Constant Maturity Treasury Yield
January 1990 - March 2022
Percent
12
FTSE Nareit All Equity REITs 10 Year Constant Maturity U.S. Treasury

10

0
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Source: Nareit®, FactSet.

Exhibit 6:
Monthly Equity REIT Dividend Yield Spread
January 1990 - March 2022
Percent
8
FTSE Nareit All Equity REITs Less 10 Year Constant Maturity U.S. Treasury Yield
7

5
Average Yield
4 Spread
1990 - 2022
1.21%
3

-1

-2
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Source: Nareit®, FactSet.

7
 Monthly Total Return Index Comparison
December 1989 - March 2022

Benchmarked at 100 as of December 31, 1989

3,000 FTSE Nareit All Equity REITs+2,668%

S&P 500+2,451%
2,800 Russell 2000+1,854%

2,600

2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Nareit®, FactSet.

8
 Average Daily Dollar Trading Volume
FTSE Nareit All REITs
March 1990 - March 2022
Millions ($)
16,000

14,000

12,000

10,000

8,000

6,000

Stock
exchange-listed
4,000 REITs become
eligible for
inclusion in S&P
stock indexes

2,000

0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Nareit®, FactSet.

9
 Comparative Total Return Investment Performance
February 28, 2022
(Data in percent)

FTSE Nareit Dow Jones NASDAQ Composite1 Standard & Poor's Russell 2000 Bond Indexes NCREIF
Bloomberg
Barclays US Agg
U.S. Total Citigroup Citigroup ICE BofAML ICE BofAML Credit - Corp -
Period All Equity Industrials1 Stock Market Composite 100 500 Value 500 500 Growth Utilities Value 2000 Growth Corp/Govt MBS High Yield NPI
Series Beginning> (Jan. 1972) (Dec. 1926) (Jan. 1987) (Jan. 1972) (Feb. 1985) (Jan. 1975) (Jan. 1972) (Jan. 1975) (Sep. 1989) (Jan. 1979) (Jan. 1979) (Jan. 1979) (Dec. 1975) (Jan. 1976) (Jan. 1972) (Dec. 1977)

Annual Returns (including current year to date)

2012 19.70 7.26 16.38 15.91 16.82 17.68 16.00 14.61 1.29 18.05 16.35 14.59 5.09 2.59 15.81 10.55
2013 2.86 26.50 33.47 38.32 34.99 31.99 32.39 32.75 13.21 34.52 38.82 43.30 -2.68 -1.39 7.44 10.98
2014 28.03 7.52 12.47 13.40 17.94 12.36 13.69 14.89 28.98 4.22 4.89 5.60 6.48 6.07 2.45 11.82
2015 2.83 -2.23 0.44 5.73 8.43 -3.13 1.38 5.52 -4.85 -7.47 -4.41 -1.38 0.30 1.46 -4.47 13.33
2016 8.63 13.42 12.62 7.50 5.89 17.40 11.96 6.89 16.29 31.74 21.31 11.32 2.92 1.67 17.13 7.97
2017 8.67 25.08 21.16 28.24 31.52 15.36 21.83 27.44 12.11 7.84 14.65 22.17 4.02 2.45 7.50 6.96
2018 -4.04 -5.63 -5.30 -3.88 -1.04 -8.95 -4.38 -0.01 4.11 -12.86 -11.01 -9.31 -0.31 1.00 -2.08 6.72
2019 28.66 22.34 30.90 35.23 37.96 31.93 31.49 31.13 26.35 22.39 25.52 28.48 9.77 6.51 14.32 6.42
2020 -5.12 7.25 20.79 43.64 47.58 1.36 18.40 33.47 0.48 4.63 19.96 34.63 8.76 4.09 7.11 1.60
2021 41.30 18.73 25.66 21.39 26.63 24.90 28.71 32.01 17.67 28.27 14.82 2.83 -1.76 -1.21 5.28 17.70
2022 -11.52 -6.73 -8.37 -12.10 -12.76 -3.04 -8.01 -12.49 -5.06 -4.27 -8.66 -13.03 -3.64 -2.50 -3.73 -

Quarterly Returns
2020: Q3 1.19 7.63 9.07 11.02 12.42 4.79 8.93 11.75 6.14 2.56 4.93 7.16 0.82 0.11 4.60 0.74
Q4 8.15 10.17 14.76 15.41 12.88 14.49 12.15 10.66 6.54 33.36 31.37 29.61 0.65 0.33 6.45 1.15
2021: Q1 8.32 7.76 6.45 2.78 1.58 10.77 6.17 2.12 2.80 21.17 12.70 4.88 -4.42 -1.15 0.85 1.72
Q2 12.03 4.61 8.29 9.49 11.18 4.99 8.55 11.93 -0.41 4.56 4.29 3.92 2.57 0.32 2.74 3.59
Q3 0.23 -1.91 -0.12 -0.38 0.93 -0.85 0.58 1.87 1.78 -2.98 -4.36 -5.65 -0.05 0.05 0.89 5.23
Q4 16.17 7.37 9.14 8.28 11.10 8.31 11.03 13.37 12.93 4.36 2.14 0.01 0.26 -0.42 0.71 6.15
2022: Q1 -11.52 -6.73 -8.37 -12.10 -12.76 -3.04 -8.01 -12.49 -5.06 -4.27 -8.66 -13.03 -3.64 -2.50 -3.73 -

Monthly Returns
2021: Sep -5.92 -4.29 -4.54 -5.31 -5.73 -3.29 -4.65 -5.79 -6.18 -2.00 -2.95 -3.83 -1.14 -0.39 -0.01 -
Oct 7.08 5.84 6.72 7.27 7.90 4.59 7.01 9.08 4.73 3.81 4.25 4.68 0.09 -0.22 -0.17 -
Nov -1.01 -3.73 -1.47 0.25 1.80 -3.26 -0.69 1.42 -1.65 -3.42 -4.17 -4.88 0.57 -0.07 -0.97 -
Dec 9.60 5.38 3.80 0.69 1.14 7.04 4.48 2.48 9.64 4.08 2.23 0.44 -0.39 -0.14 1.87 -
2022: Jan -7.93 -3.32 -6.01 -8.98 -8.52 -1.62 -5.17 -8.37 -3.27 -5.83 -9.63 -13.40 -2.32 -1.50 -2.73 -
Feb -3.89 -3.53 -2.51 -3.43 -4.64 -1.44 -2.99 -4.50 -1.85 1.65 1.07 0.44 -1.35 -1.02 -1.03 -

Compound Annual Returns

Complete History 11.66 7.52 10.52 10.02 13.93 11.88 10.93 11.93 8.37 12.63 11.41 9.80 7.01 6.96 8.60 -
1-Year 21.80 9.57 11.93 4.24 10.29 16.18 16.39 16.11 20.10 6.63 -6.01 -17.40 -2.18 -3.01 0.64 -
3-Year 10.81 9.36 17.43 22.22 26.12 13.41 18.24 21.80 9.60 10.91 10.50 9.22 3.78 1.96 5.31 -
5-Year 8.84 10.24 14.60 18.74 21.71 10.23 15.17 19.17 9.20 7.97 9.50 10.49 3.00 1.93 4.88 -
10-Year 10.27 10.10 14.19 16.57 18.43 11.94 14.59 16.67 10.81 10.66 11.18 11.38 2.70 1.98 5.86 -
15-Year 6.19 7.01 9.98 12.29 14.95 7.36 10.08 12.40 7.83 6.86 7.98 8.84 3.90 3.44 6.62 -
20-Year 10.41 6.24 9.58 10.92 12.46 7.99 9.25 10.17 8.87 8.84 9.07 9.00 4.22 3.79 7.67 -
25-Year 9.65 6.59 9.23 9.86 11.93 7.90 9.09 9.85 8.21 9.28 8.62 7.47 4.90 4.56 6.60 -
30-Year 10.81 8.11 10.31 10.80 13.19 9.46 10.36 10.87 8.52 10.49 9.35 7.71 5.33 5.00 7.40 -
35-Year 9.97 8.09 10.39 10.44 13.25 9.54 10.52 11.11 - 10.07 9.08 7.66 5.83 5.71 7.69 -
40-Year 11.74 9.74 - 11.46 - 11.58 12.31 12.63 - 11.95 10.65 8.94 7.26 7.40 - -

Annualized Volatility of Returns

Complete History 16.96 15.20 15.28 20.78 23.73 14.97 15.19 15.96 14.82 17.91 19.62 22.43 5.77 6.71 8.27 -
1-Year 5.37 3.80 3.80 4.57 4.90 3.65 3.83 5.10 5.53 4.21 4.17 4.98 1.22 0.58 1.17 -
3-Year 18.39 17.95 18.22 19.56 19.56 18.37 17.47 18.54 16.58 24.70 23.43 23.73 4.60 2.12 8.96 -
5-Year 16.57 15.89 16.24 17.79 17.90 16.26 15.62 16.58 14.43 21.75 21.01 21.47 3.93 2.18 7.45 -
10-Year 15.07 13.48 13.64 15.33 15.60 13.69 13.18 13.88 13.92 18.27 17.95 18.57 3.68 2.16 6.48 -
15-Year 22.71 14.88 15.90 17.77 18.06 16.40 15.39 15.43 14.23 20.72 20.38 20.81 4.00 2.48 9.75 -
20-Year 21.05 14.32 15.09 17.87 18.81 15.70 14.68 14.65 14.77 19.59 19.58 20.33 4.16 2.54 9.14 -
25-Year 19.70 15.10 15.77 22.69 24.65 15.99 15.32 15.99 15.66 18.88 20.22 22.94 4.09 2.57 8.85 -
30-Year 18.51 14.37 14.84 21.44 23.50 15.08 14.46 15.14 14.97 17.65 19.07 21.86 4.15 2.73 8.24 -
35-Year 17.85 14.93 - 21.46 23.72 15.27 14.94 15.74 - 18.07 19.53 22.20 4.30 3.21 8.43 -
40-Year 17.10 15.00 - 21.04 23.73 15.30 15.00 15.86 - 17.77 19.36 22.07 4.95 4.80 - -
1
Price only returns
Source: Nareit®, FactSet.

10
 Comparative Total Return Investment Correlation
Bloomberg
Barclays US
FTSE Nareit S&P 500/ S&P 500/ Agg Credit - Dow Jones
All Equity DJ US Total NASDAQ NASDAQ Citigroup S&P Citigroup S&P Russell 2000 Russell Russell 2000 ICE BofAML ICE BofAML Corp - High Industrial
REITs Stock Market Composite1 1001 Value 500 Growth Utilities Value 2000 Growth Corp/Govt MBS Yield Average1
Period For Upper Right: February 2012 - February 2022

FTSE Nareit All Equity

1.000 0.676 0.574 0.550 0.642 0.672 0.646 0.671 0.599 0.595 0.562 0.442 0.302 0.632 0.633
REITs

DJ US Total Stock
0.605 1.000 0.945 0.903 0.946 0.995 0.954 0.347 0.862 0.900 0.892 0.037 -0.084 0.763 0.956
Market

NASDAQ Composite1 0.431 0.887 1.000 0.983 0.808 0.938 0.970 0.229 0.748 0.837 0.880 0.078 -0.011 0.686 0.851

NASDAQ 1001 0.363 0.844 0.974 1.000 0.753 0.911 0.968 0.233 0.643 0.733 0.783 0.116 0.038 0.639 0.816

S&P 500/ Citigroup 0.636 0.939 0.717 0.674 1.000 0.946 0.821 0.356 0.883 0.865 0.805 -0.098 -0.200 0.728 0.958
Value

S&P 500 0.586 0.989 0.843 0.818 0.952 1.000 0.962 0.366 0.825 0.859 0.849 0.038 -0.080 0.743 0.963

S&P 500/ Citigroup 0.493 0.953 0.887 0.881 0.831 0.961 1.000 0.348 0.707 0.783 0.817 0.153 0.031 0.695 0.886
Growth

S&P Utilities 0.441 0.400 0.207 0.200 0.469 0.415 0.331 1.000 0.241 0.218 0.186 0.389 0.325 0.392 0.358

Russell 2000 Value 0.714 0.838 0.680 0.583 0.846 0.794 0.682 0.368 1.000 0.973 0.900 -0.136 -0.223 0.705 0.824

Russell 2000 0.631 0.885 0.841 0.746 0.806 0.820 0.764 0.317 0.947 1.000 0.976 -0.065 -0.159 0.723 0.832

Russell 2000 Growth 0.528 0.867 0.906 0.823 0.732 0.793 0.782 0.265 0.843 0.971 1.000 0.006 -0.090 0.705 0.797

ICE BofAML Corp/Govt 0.200 0.018 -0.025 -0.015 0.000 0.032 0.057 0.270 -0.046 -0.057 -0.064 1.000 0.813 0.286 -0.050

ICE BofAML MBS 0.090 -0.034 -0.063 -0.045 -0.043 -0.015 0.009 0.170 -0.095 -0.107 -0.113 0.843 1.000 0.075 -0.174

Bloomberg Barclays
US Agg Credit - Corp - 0.617 0.663 0.562 0.514 0.632 0.639 0.594 0.366 0.640 0.643 0.605 0.217 0.104 1.000 0.698
High Yield
Dow Jones Industrial
0.547 0.925 0.728 0.704 0.945 0.948 0.873 0.403 0.765 0.750 0.697 -0.013 -0.036 0.581 1.000
Average1

Period For Lower Left: February 1992 - February 2022

1
Price only returns.
Source: Nareit®, FactSet.

11
 20-Year Average Annual Total Return
February 2003 - February 2022
ML Corp/Govt 4.30
Bloomberg Barclays US Agg
8.61
Credit - Corp - High Yield
S&P Utilities 10.32

S&P 500 11.42

DJ U.S. Total Stock Market 11.88

Russell 2000 Value 12.09

Russell 2000 Growth 12.65

NASDAQ Composite 13.67

FTSE Nareit All REITs 13.90

FTSE Nareit All Equity REITs 14.57

0 3 6 9 12 15
Note: Nasdaq Composite returns are price only. Percent
Source: Nareit®, FactSet.

Adjusted 20-Year Average Annual Total Return

February 2003 - February 2022

ML Corp/Govt 1.02

Bloomberg Barclays US Agg… 0.57

S&P Utilities 0.61

S&P 500 0.55

DJ U.S. Total Stock Market 0.54

Russell 2000 Value 0.44

Russell 2000 Growth 0.44

NASDAQ Composite 0.55

FTSE Nareit All REITs 0.48

FTSE Nareit All Equity REITs 0.49

0.00 0.25 0.50 0.75 1.00 1.25

Total Return Divided by Standard Deviation of Total Return Percent

Note: Nasdaq Composite returns are price only.

Source: Nareit®, FactSet.

12
 20-Year Average Annual Total Return v.
20-Year Standard Deviation of Annual Total Returns
February 2003 - February 2022
15 FTSE Nareit All Equity
REITs
FTSE Nareit All REITs
NASDAQ Composite
13
Russell 2000 Growth

DJ U.S. Total Stock Market Russell 2000 Value

S&P 500
11
Average Annual Return (%)

S&P Utilities

9
Bloomberg Barclays US Agg
Credit - Corp - High Yield

5
ML Corp/Govt

3
0 5 10 15 20 25 30
Standard Deviation of Annual Returns (%)
1 Price
only returns.
Source: Nareit®, FactSet.

13
 FTSE Nareit All Equity REITs
Annual Returns
1972 - 2021
50
Price Average Annual Total Returns: 13.52%
Income Average Annual Income Returns (reinvested): 7.35%
40

30

20

10
Percent

-10

-20

-30

-40

-50
1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020
Source: FTSE Russell, Nareit, FactSet.

14
 S&P 500
Annual Returns
1972 - 2021
50
Average Annual Total Returns: 12.58%
Price

40 Income Average Annual Income Returns (reinvested): 3.19%

30

20

10
Percent

-10

-20

-30

-40
1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020
Source:Nareit®, FactSet.

15
 Dow Jones U.S. Total Stock Market
Annual Returns
1972 - 2021
50
Price Average Annual Total Return: 12.66%
Income
40 Average Annual Income Returns (reinvested): 3.00%

30

20

10
Percent

-10

-20

-30

-40
1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020
Source:Nareit®, FactSet.

16
 Annual Returns for the FTSE Nareit U.S. Real Estate Index Series
1972 - 2021

FTSE Nareit All REITs FTSE Nareit Composite FTSE Nareit Real Estate 50TM FTSE Nareit All Equity REITs FTSE Nareit Equity REITs FTSE Nareit Mortgage REITs
Total Price Total Price Total Price Total Price Total Price Total Price
Year Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index
1971 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1972 11.19 111.19 3.84 103.84 11.19 111.19 3.84 103.84 8.01 108.01 1.08 101.08 8.01 108.01 1.08 101.08 12.17 112.17 4.34 104.34
1973 -27.22 80.93 -33.11 69.46 -27.22 80.93 -33.11 69.46 -15.52 91.25 -21.78 79.07 -15.52 91.25 -21.78 79.07 -36.26 71.50 -42.05 60.47
1974 -42.23 46.75 -49.55 35.04 -42.23 46.75 -49.55 35.04 -21.40 71.72 -29.33 55.88 -21.40 71.72 -29.33 55.88 -45.32 39.09 -53.96 27.84
1975 36.34 63.74 22.20 42.82 36.34 63.74 22.20 42.82 19.30 85.56 8.34 60.54 19.30 85.56 8.34 60.54 40.79 55.04 24.51 34.66
1976 48.97 94.96 36.53 58.47 48.97 94.96 36.53 58.47 47.59 126.28 36.21 82.46 47.59 126.28 36.21 82.46 51.71 83.50 38.41 47.97
1977 19.08 113.07 10.10 64.37 19.08 113.07 10.10 64.37 22.42 154.59 13.97 93.98 22.42 154.59 13.97 93.98 17.82 98.38 8.16 51.89
1978 -1.64 111.21 -9.42 58.31 -1.64 111.21 -9.42 58.31 10.34 170.57 2.66 96.48 10.34 170.57 2.66 96.48 -9.97 88.57 -17.86 42.62
1979 30.53 145.16 19.35 69.59 30.53 145.16 19.35 69.59 35.86 231.73 25.49 121.07 35.86 231.73 25.49 121.07 16.56 103.24 4.26 44.44
1980 28.02 185.84 11.07 77.30 28.02 185.84 11.07 77.30 24.37 288.20 1.95 123.42 24.37 288.20 1.95 123.42 16.80 120.58 3.29 45.90
1981 8.58 201.78 -1.02 76.51 8.58 201.78 -1.02 76.51 6.00 305.50 -2.03 120.92 6.00 305.50 -2.03 120.92 7.07 129.11 -5.54 43.36
1982 31.64 265.62 19.19 91.19 31.64 265.62 19.19 91.19 21.60 371.49 11.49 134.81 21.60 371.49 11.49 134.81 48.64 191.91 31.27 56.91
1983 25.47 333.28 15.11 104.97 25.47 333.28 15.11 104.97 30.64 485.30 21.01 163.13 30.64 485.30 21.01 163.13 16.90 224.34 5.56 60.08
1984 14.82 382.65 3.53 108.67 14.82 382.65 3.53 108.67 20.93 586.86 9.30 178.30 20.93 586.86 9.30 178.30 7.26 240.64 -4.54 57.35
1985 5.92 405.30 -3.52 104.84 5.92 405.30 -3.52 104.84 19.10 698.93 9.62 195.45 19.10 698.93 9.62 195.45 -5.20 228.11 -15.33 48.55
1986 19.18 483.03 9.24 114.53 19.18 483.03 9.24 114.53 19.16 832.83 10.56 216.10 19.16 832.83 10.56 216.10 19.21 271.95 7.64 52.26
1987 -10.67 431.49 -19.01 92.76 -10.67 431.49 -19.01 92.76 -3.64 802.51 -10.31 193.82 -3.64 802.51 -10.31 193.82 -15.67 229.34 -25.70 38.83
1988 11.36 480.49 1.24 93.92 11.36 480.49 1.24 93.92 13.49 910.74 4.77 203.07 13.49 910.74 4.77 203.07 7.30 246.09 -5.12 36.84
1989 -1.81 471.78 -12.06 82.59 -1.81 471.78 -12.06 82.59 8.84 991.26 0.58 204.24 8.84 991.26 0.58 204.24 -15.90 206.95 -26.19 27.20
1990 -17.35 389.95 -28.49 59.05 -17.35 389.95 -28.49 59.05 -15.35 839.09 -26.45 150.21 -15.35 839.09 -26.45 150.21 -18.37 168.94 -29.18 19.26
1991 35.68 529.08 23.10 72.69 35.68 529.08 23.10 72.69 35.70 1,138.61 25.47 188.47 35.70 1,138.61 25.47 188.47 31.83 222.72 13.93 21.94
1992 12.18 593.49 2.87 74.78 12.18 593.49 2.87 74.78 14.59 1,304.73 6.40 200.54 14.59 1,304.73 6.40 200.54 1.92 226.99 -10.80 19.57
1993 18.55 703.57 10.58 82.69 18.55 703.57 10.58 82.69 19.65 1,561.17 12.95 226.51 19.65 1,561.17 12.95 226.51 14.55 260.01 -0.40 19.49
1994 0.81 709.24 -6.41 77.39 0.81 709.24 -6.41 77.39 3.17 1,610.67 -3.52 218.55 3.17 1,610.67 -3.52 218.55 -24.30 196.82 -33.83 12.90
1995 18.31 839.09 9.12 84.45 18.31 839.09 9.12 84.45 15.27 1,856.57 6.56 232.88 15.27 1,856.57 6.56 232.88 63.42 321.65 46.80 18.94
1996 35.75 1,139.10 26.52 106.84 35.75 1,139.10 26.52 106.84 35.27 2,511.32 26.35 294.24 35.27 2,511.32 26.35 294.24 50.86 485.25 37.21 25.98
1997 18.86 1,353.94 11.85 119.50 18.86 1,353.94 11.85 119.50 20.26 3,020.11 13.33 333.47 20.26 3,020.11 13.33 333.47 3.82 503.80 -3.57 25.05
1998 -18.82 1,099.09 -23.82 91.03 -18.82 1,099.09 -23.82 91.03 -17.50 2,491.53 -22.33 259.00 -17.50 2,491.53 -22.33 259.00 -29.22 356.60 -34.29 16.46
1999 -6.48 1,027.92 -14.06 78.23 -6.48 1,027.92 -14.06 78.23 100.00 100.00 -4.62 2,376.42 -12.21 227.37 -4.62 2,376.42 -12.21 227.37 -33.22 238.15 -40.12 9.86
2000 25.89 1,294.05 15.91 90.68 25.89 1,294.05 15.91 90.68 28.66 128.66 19.98 119.98 26.37 3,002.97 16.51 264.90 26.37 3,002.97 16.51 264.90 15.96 276.15 3.33 10.19
2001 15.50 1,494.65 7.05 97.07 15.50 1,494.65 7.05 97.07 12.20 144.36 5.13 126.14 13.93 3,421.37 5.85 280.40 13.93 3,421.37 5.85 280.40 77.34 489.74 46.37 14.91
2002 5.22 1,572.61 -2.15 94.98 5.22 1,572.61 -2.15 94.98 1.86 147.05 -4.30 120.71 3.82 3,552.10 -3.12 271.66 3.82 3,552.10 -3.12 271.66 31.08 641.93 14.23 17.03
2003 38.47 2,177.53 29.34 122.85 38.47 2,177.53 29.34 122.85 36.30 200.44 28.34 154.92 37.13 4,871.12 28.48 349.02 37.13 4,871.12 28.48 349.02 57.39 1,010.33 38.19 23.54
2004 30.41 2,839.70 22.87 150.94 30.41 2,839.70 22.87 150.94 35.00 270.58 28.31 198.79 31.58 6,409.30 24.35 434.01 31.58 6,409.30 24.35 434.01 18.43 1,196.57 7.92 25.40
2005 8.29 3,075.06 2.51 154.73 8.29 3,075.06 2.51 154.73 13.67 307.57 8.52 215.71 12.16 7,188.85 6.67 462.98 12.16 7,188.85 6.67 462.98 -23.19 919.11 -30.88 17.56
2006 34.35 4,131.39 28.31 198.53 34.02 4,121.18 27.98 198.02 35.64 417.18 30.28 281.03 35.06 9,709.31 29.51 599.59 35.06 9,709.31 29.51 599.59 19.32 1,096.72 8.44 19.04
2007 -17.83 3,394.71 -21.39 156.07 -17.83 3,386.30 -21.42 155.60 -16.34 349.00 -19.57 226.03 -15.69 8,185.75 -19.05 485.36 -15.69 8,185.75 -19.05 485.36 -42.35 632.27 -47.69 9.96
2008 -37.34 2,127.27 -41.04 92.02 -37.84 2,104.93 -41.56 90.94 -37.31 218.80 -40.78 133.85 -37.73 5,097.46 -41.12 285.79 -37.73 5,097.46 -41.12 285.79 -31.31 434.31 -40.46 5.93
2009 27.45 2,711.15 19.90 110.33 27.80 2,690.12 20.15 109.26 27.62 279.23 20.36 161.10 27.99 6,524.25 21.28 346.60 27.99 6,524.25 21.28 346.60 24.63 541.28 8.26 6.42
2010 27.58 3,458.89 21.81 134.39 27.56 3,431.62 21.76 133.03 26.72 353.83 21.13 195.14 27.95 8,347.58 23.07 426.55 27.96 8,348.46 23.06 426.53 22.60 663.59 7.01 6.87
2011 7.28 3,710.61 2.37 137.57 7.30 3,682.29 2.34 136.14 9.45 387.25 4.69 204.29 8.28 9,039.07 4.32 444.96 8.29 9,040.81 4.32 444.95 -2.42 647.56 -15.14 5.83
2012 20.14 4,458.10 14.98 158.18 19.73 4,408.71 14.54 155.93 18.05 457.14 13.37 231.60 19.70 10,819.84 15.61 514.43 18.06 10,673.56 13.86 506.60 19.89 776.34 5.83 6.17
2013 3.21 4,601.14 -1.15 156.35 2.34 4,511.90 -2.03 152.76 -0.53 454.71 -4.44 221.31 2.86 11,128.83 -0.80 510.33 2.47 10,936.91 -1.33 499.85 -1.96 761.12 -12.42 5.40
2014 27.15 5,850.23 21.93 190.65 27.23 5,740.43 22.00 186.36 28.73 585.32 23.86 274.12 28.03 14,247.97 23.44 629.96 30.14 14,233.18 25.25 626.05 17.88 897.23 6.30 5.74
2015 2.29 5,984.18 -1.95 186.93 2.05 5,858.14 -2.20 182.27 4.40 611.08 0.42 275.27 2.83 14,650.51 -0.98 623.76 3.20 14,688.11 -0.68 621.76 -8.88 817.59 -18.48 4.68
2016 9.28 6,539.68 4.97 196.21 9.37 6,407.34 5.05 191.47 5.52 644.80 1.91 280.52 8.63 15,914.73 4.77 653.48 8.52 15,939.34 4.63 650.54 22.85 1,004.41 10.00 5.15
2017 9.27 7,145.73 4.77 205.57 9.29 7,002.84 4.76 200.58 9.23 704.33 5.01 294.58 8.67 17,295.16 4.52 683.05 5.23 16,772.33 1.04 657.29 19.79 1,203.17 8.73 5.60
2018 -4.10 6,852.72 -8.34 188.43 -3.94 6,727.27 -8.21 184.12 -2.12 689.37 -6.02 276.85 -4.04 16,595.65 -7.95 628.75 -4.62 15,997.00 -8.72 599.98 -2.52 1,172.81 -12.30 4.91
2019 28.07 8,776.18 22.95 231.68 28.21 8,624.88 23.03 226.52 29.22 890.83 24.59 344.91 28.66 21,352.44 23.95 779.34 26.00 20,156.03 21.07 726.38 21.33 1,422.98 9.62 5.38
2020 -5.86 8,261.85 -9.38 209.94 -5.98 8,109.49 -9.51 204.98 -2.77 866.20 -6.16 323.67 -5.12 20,258.86 -8.40 713.86 -8.00 18,543.41 -11.52 642.70 -18.77 1,155.93 -26.77 3.94
2021 39.88 11,556.48 35.57 284.61 40.02 11,354.85 35.70 278.15 42.29 1,232.52 38.12 447.05 41.30 28,625.44 37.29 980.08 43.24 26,560.86 38.98 893.20 15.64 1,336.66 6.40 4.19

17
 Annual Price and Total Returns by Property Sector
1994 - 2021
(Returns in Percent)

Office Industrial Retail Residential Diversified Health Care Lodging/Resorts Self Storage Timber Infrastructure Data Centers Specialty Mortgage
Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price
1994 2.86 -2.68 18.66 13.37 2.98 -3.94 2.31 -3.77 -6.04 -11.54 4.12 -3.54 -8.89 -12.79 8.90 1.31 - - - - - - - - -24.30 -33.81
1995 38.79 28.34 16.21 8.55 5.10 -3.20 11.99 3.80 21.16 12.54 24.88 13.93 30.79 22.35 34.40 25.42 - - - - - - - - 63.42 46.82
1996 51.82 42.85 37.22 28.99 34.61 24.43 29.46 19.72 33.96 22.25 20.40 11.87 49.19 40.32 42.85 34.51 - - - - - - - - 50.86 37.17
1997 29.01 22.56 19.02 12.76 16.95 9.83 16.31 9.04 21.67 13.15 15.76 7.56 30.09 23.30 3.41 -1.25 - - - - - - - - 3.82 -3.58
1998 -17.35 -22.14 -11.74 -16.32 -4.74 -10.87 -8.11 -13.69 -22.11 -26.02 -17.45 -23.65 -52.83 -55.01 -7.20 -10.85 - - - - - - - - -29.22 -34.29
1999 4.26 -3.11 3.90 -4.03 -11.77 -18.89 9.48 1.81 -14.41 -23.71 -24.83 -31.98 -16.14 -24.05 -8.03 -14.20 - - - - - - - - -33.22 -40.10
2000 35.45 26.62 28.62 14.48 17.97 7.72 34.30 25.25 24.10 15.21 25.84 9.97 45.77 30.83 14.69 6.50 - - - - - - - - 15.96 3.35
2001 6.65 -0.79 7.42 0.53 30.41 20.61 9.04 2.02 12.52 4.80 51.86 39.11 -8.63 -16.32 43.24 36.55 - - - - - - - - 77.35 46.32
2002 -6.29 -12.74 17.32 10.23 21.07 13.11 -5.99 -12.63 4.24 -3.38 4.82 -3.08 -1.49 -7.04 0.56 -5.01 - - - - - - - - 31.08 14.22
2003 34.01 24.84 33.13 25.76 46.77 38.46 25.90 17.65 40.25 27.87 53.59 41.65 31.69 26.57 38.14 30.75 - - - - - - - - 57.39 38.23
2004 23.28 16.22 34.10 27.78 40.23 33.23 32.71 24.08 32.41 22.20 20.96 13.35 32.70 29.08 29.70 24.33 - - - - - - - - 18.43 7.90
2005 13.11 6.76 15.41 10.76 11.80 6.60 13.69 8.31 9.87 4.04 1.79 -4.61 9.76 5.93 26.55 21.98 - - - - - - - - -23.19 -30.87
2006 45.22 39.76 28.92 24.46 29.02 24.00 38.93 33.80 38.03 32.10 44.55 35.81 28.16 22.75 40.94 36.66 - - - - - - - - 19.32 8.43
2007 -18.96 -22.01 0.38 -3.17 -15.77 -18.97 -25.21 -28.08 -22.29 -25.40 2.13 -3.47 -22.37 -25.98 -24.82 -27.16 - - - - - - - - -42.35 -47.69
2008 -41.07 -44.02 -67.47 -69.38 -48.36 -51.28 -24.89 -29.08 -28.25 -31.84 -11.98 -17.06 -59.67 -62.72 5.05 1.44 - - - - - - - - -31.31 -40.46
2009 35.55 28.04 12.17 4.84 27.17 21.57 30.82 22.81 17.02 12.77 24.62 15.76 67.19 64.53 8.37 4.44 - - - - - - - - 24.63 8.26
2010 18.41 14.50 18.89 13.60 33.41 28.43 46.01 40.87 23.75 19.03 19.20 12.71 42.77 40.51 29.29 25.20 - - - - - - - - 22.60 7.01
2011 -0.76 -4.21 -5.16 -8.74 12.20 8.27 15.37 11.82 2.82 -1.32 13.63 7.62 -14.31 -16.38 35.22 31.04 7.65 3.77 - - - - - - -2.42 -15.14
2012 14.15 10.26 31.28 26.89 26.74 22.58 6.94 3.60 12.20 7.63 20.35 14.50 12.53 9.33 19.94 16.21 37.05 32.58 29.91 28.25 - - - - 19.89 5.83
2013 5.57 2.06 7.40 4.05 1.86 -1.67 -5.36 -8.69 4.33 -0.29 -7.06 -11.41 27.18 23.07 9.49 5.92 7.86 4.54 4.80 3.30 - - - - -1.96 -12.42
2014 25.86 22.06 21.00 17.03 27.62 22.84 40.04 35.25 27.18 21.77 33.32 26.62 32.50 28.12 31.44 27.21 8.57 4.78 20.15 17.86 - - - - 17.88 6.30
2015 0.29 -2.59 2.64 -1.27 4.56 0.89 17.07 13.55 -0.49 -5.27 -7.25 -12.07 -24.42 -27.52 40.65 36.23 -6.97 -10.64 3.74 0.58 1.54 1.35 1.69 1.36 -8.88 -18.48
2016 13.17 9.74 30.72 26.14 0.95 -2.65 4.54 2.43 10.27 5.21 6.41 1.32 24.34 17.39 -8.14 -11.10 8.28 3.93 10.04 6.61 26.41 22.83 19.95 12.66 22.85 10.00
2017 5.25 2.23 20.58 16.95 -4.77 -9.07 6.63 3.40 -0.10 -4.93 0.87 -4.43 7.16 1.61 3.74 -0.27 21.92 17.55 35.38 31.78 28.43 25.16 13.22 6.60 19.79 8.73
2018 -14.50 -17.36 -2.51 -5.50 -4.96 -9.64 3.09 -0.24 -12.52 -16.98 7.58 1.17 -12.82 -17.51 2.94 -0.97 -31.96 -34.54 6.99 4.09 -14.11 -16.64 -6.68 -12.97 -2.52 -12.30
2019 31.42 27.18 48.71 44.60 10.65 5.32 30.89 27.31 24.10 18.23 21.20 15.31 15.65 8.81 13.70 9.71 42.00 35.21 41.95 38.95 44.21 40.33 27.39 19.62 21.33 9.62
2020 -18.44 -21.75 12.17 9.12 -25.18 -29.21 -10.69 -13.36 -21.76 -26.06 -9.86 -14.59 -23.60 -25.04 12.91 8.63 10.33 7.71 7.25 5.01 21.00 18.17 -8.24 -13.95 -18.77 -26.77
2021 22.00 17.92 62.03 58.51 51.91 45.97 58.29 54.28 29.25 23.79 16.32 11.57 18.22 18.16 79.43 74.52 28.82 24.71 34.41 31.56 25.47 22.72 41.69 35.61 15.64 6.40

18
 Annual Price and Total Returns by Property Subsector
1994 - 2021
(Returns in Percent)

Retail Residential Mortgage

Shopping Centers Regional Malls Free Standing Apartments Manufactured Homes Single Family Homes Home Financing Commercial Financing
Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price
1994 1.33 -5.49 8.77 1.41 -5.46 -17.52 2.19 -3.91 3.31 -2.59 - - - - - -
1995 7.40 -0.74 3.00 -5.74 31.56 20.28 12.26 3.94 10.68 2.87 - - - - - -
1996 33.49 23.37 45.27 34.10 30.95 20.38 28.93 19.07 34.93 26.58 - - - - - -
1997 21.44 14.36 13.69 6.58 17.70 10.22 16.04 8.77 16.17 9.33 - - - - - -
1998 -6.99 -13.00 -2.62 -8.17 -6.25 -11.97 -8.77 -14.37 -0.86 -6.10 - - - - - -
1999 -10.71 -18.03 -14.58 -21.22 -4.89 -12.31 10.72 2.87 -2.80 -8.77 - - - - - -
2000 15.10 4.27 23.50 13.63 8.94 -0.34 35.53 26.40 20.94 12.62 - - 9.16 -1.60 25.60 10.13
2001 29.89 19.83 31.87 22.87 23.95 12.06 8.66 1.68 13.72 6.37 - - 102.02 68.36 37.37 10.17
2002 17.72 9.63 24.56 16.76 21.76 13.65 -6.15 -12.88 -4.05 -9.61 - - 28.25 11.40 38.50 21.27
2003 43.12 34.99 52.24 43.75 35.92 27.70 25.49 17.22 29.99 21.51 - - 42.73 22.74 84.67 68.53
2004 36.25 29.63 45.01 37.70 32.87 26.03 34.72 26.50 6.40 -8.40 - - 24.91 12.89 7.45 -0.10
2005 9.27 3.59 16.54 11.76 -0.49 -5.44 14.65 9.12 -2.58 -6.04 - - -25.95 -33.94 -16.06 -22.82
2006 34.87 29.74 23.83 19.19 30.74 23.65 39.95 34.77 15.35 11.57 - - 14.75 3.87 30.31 19.61
2007 -17.68 -20.98 -15.85 -18.80 -0.43 -5.26 -25.43 -28.30 -19.34 -22.24 - - -38.23 -43.41 -48.79 -54.29
2008 -38.84 -42.23 -60.60 -62.79 -15.09 -20.32 -25.13 -29.33 -20.18 -24.06 - - -20.02 -30.25 -74.84 -78.24
2009 -1.66 -7.44 62.99 59.53 25.93 16.15 30.40 22.37 40.92 33.33 - - 28.19 11.18 -40.99 -46.15
2010 30.78 25.83 34.64 30.15 37.37 29.32 47.04 41.89 27.02 22.11 - - 21.02 5.04 41.99 33.88
2011 -0.73 -4.48 22.00 18.23 0.43 -4.94 15.10 11.63 20.38 15.48 - - -0.87 -14.41 -11.34 -18.54
2012 25.02 20.40 28.21 24.56 22.46 16.57 6.93 3.62 7.10 3.22 - - 16.38 1.94 42.98 31.06
2013 4.99 1.21 -0.98 -3.95 7.29 1.81 -6.20 -9.48 10.46 6.25 - - -12.69 -22.92 41.77 31.89
2014 29.96 25.39 32.64 28.46 9.66 3.22 39.62 34.88 46.20 40.62 - - 19.38 6.68 14.46 5.78
2015 4.72 1.01 4.23 0.83 5.88 1.19 16.45 12.96 25.65 21.57 1.77 1.67 -9.75 -20.11 -5.99 -13.19
2016 3.68 0.21 -5.20 -8.51 17.02 12.05 2.86 0.84 14.15 10.85 26.65 24.36 25.87 11.78 14.33 4.75
2017 -11.37 -15.23 -2.68 -7.09 3.10 -1.86 3.72 0.41 24.93 21.52 17.49 15.66 23.33 11.26 9.07 0.93
2018 -14.55 -18.83 -6.99 -11.46 13.93 8.37 3.70 0.09 11.43 8.41 -11.41 -12.92 -4.70 -14.95 3.51 -4.83
2019 25.03 19.07 -9.13 -14.21 24.76 19.93 26.32 22.53 49.09 45.90 44.30 42.02 17.20 4.78 32.10 22.31
2020 -27.64 -30.88 -37.15 -41.40 -10.46 -14.95 -15.34 -18.22 -1.69 -4.00 6.04 4.30 -22.59 -30.49 -10.73 -18.92
2021 65.05 59.67 92.05 83.96 19.72 14.65 63.61 58.90 41.98 39.27 52.79 50.35 11.51 1.57 22.48 14.50

19
 Equity Market Capitalization
(Millions of dollars at year end)
All REITs Equity Mortgage Hybrid1
Number Market Number Market Percent of Number Market Percent of Number Market Percent of
Year of REITs Capitalization of REITs Capitalization All REITs of REITs Capitalization All REITs of REITs Capitalization All REITs
1971 34 1,494.3 12 332.0 22.2 12 570.8 38.2 10 591.6 39.6
1972 46 1,880.9 17 377.3 20.1 18 774.7 41.2 11 728.9 38.8
1973 53 1,393.5 20 336.0 24.1 22 517.3 37.1 11 540.2 38.8
1974 53 712.4 19 241.9 34.0 22 238.8 33.5 12 231.7 32.5
1975 46 899.7 12 275.7 30.6 22 312.0 34.7 12 312.0 34.7
1976 62 1,308.0 27 409.6 31.3 22 415.6 31.8 13 482.8 36.9
1977 69 1,528.1 32 538.1 35.2 19 398.3 26.1 18 591.6 38.7
1978 71 1,412.4 33 575.7 40.8 19 340.3 24.1 19 496.4 35.1
1979 71 1,754.0 32 743.6 42.4 19 377.1 21.5 20 633.3 36.1
1980 75 2,298.6 35 942.2 41.0 21 509.5 22.2 19 846.8 36.8
1981 76 2,438.9 36 977.5 40.1 21 541.3 22.2 19 920.1 37.7
1982 66 3,298.6 30 1,071.4 32.5 20 1,133.4 34.4 16 1,093.8 33.2
1983 59 4,257.2 26 1,468.6 34.5 19 1,460.0 34.3 14 1,328.7 31.2
1984 59 5,085.3 25 1,794.5 35.3 20 1,801.3 35.4 14 1,489.4 29.3
1985 82 7,674.0 37 3,270.3 42.6 32 3,162.4 41.2 13 1,241.2 16.2
1986 96 9,923.6 45 4,336.1 43.7 35 3,625.8 36.5 16 1,961.7 19.8
1987 110 9,702.4 53 4,758.5 49.0 38 3,161.4 32.6 19 1,782.4 18.4
1988 117 11,435.2 56 6,141.7 53.7 40 3,620.8 31.7 21 1,672.6 14.6
1989 120 11,662.2 56 6,769.6 58.0 43 3,536.3 30.3 21 1,356.3 11.6
1990 119 8,737.1 58 5,551.6 63.5 43 2,549.2 29.2 18 636.3 7.3
1991 138 12,968.2 86 8,785.5 67.7 28 2,586.3 19.9 24 1,596.4 12.3
1992 142 15,912.0 89 11,171.1 70.2 30 2,772.8 17.4 23 1,968.1 12.4
1993 189 32,158.7 135 26,081.9 81.1 32 3,398.5 10.6 22 2,678.2 8.3
1994 226 44,306.0 175 38,812.0 87.6 29 2,502.7 5.6 22 2,991.3 6.8
1995 219 57,541.3 178 49,913.0 86.7 24 3,395.4 5.9 17 4,232.9 7.4
1996 199 88,776.3 166 78,302.0 88.2 20 4,778.6 5.4 13 5,695.8 6.4
1997 211 140,533.8 176 127,825.3 91.0 26 7,370.3 5.2 9 5,338.2 3.8
1998 210 138,301.4 173 126,904.5 91.8 28 4,916.2 3.6 9 6,480.7 4.7
1999 203 124,261.9 167 118,232.7 95.1 26 4,441.7 3.6 10 1,587.5 1.3
2000 189 138,715.4 158 134,431.0 96.9 22 2,652.4 1.9 9 1,632.0 1.2
2001 182 154,898.6 151 147,092.1 95.0 22 3,990.5 2.6 9 3,816.0 2.5
2002 176 161,937.3 149 151,271.5 93.4 20 7,146.4 4.4 7 3,519.4 2.2
2003 171 224,211.9 144 204,800.4 91.3 20 14,186.5 6.3 7 5,225.0 2.3
2004 190 305,025.1 150 273,629.0 89.7 33 24,774.1 8.1 7 6,622.0 2.2
2005 197 330,691.3 152 301,491.0 91.2 37 23,393.7 7.1 8 5,806.6 1.8
2006 183 438,071.1 138 400,741.4 91.5 38 29,195.3 6.7 7 8,134.3 1.9
2007 152 312,009.0 118 288,694.6 92.5 29 19,054.1 6.1 5 4,260.3 1.4
2008 136 191,651.0 113 176,237.7 92.0 20 14,280.5 7.5 3 1,132.9 0.6
2009 142 271,199.1 115 248,355.1 91.6 23 22,103.2 8.2 4 740.8 0.3
2010 153 389,295.4 126 358,908.2 92.2 27 30,387.2 7.8 -- -- --
2011 160 450,500.6 130 407,528.9 90.5 30 42,971.7 9.5 -- -- --
2012 172 603,415.3 139 544,414.9 90.2 33 59,000.3 9.8 -- -- --
2013 202 670,334.1 161 608,276.6 90.7 41 62,057.4 9.3 -- -- --
2014 216 907,427.5 177 846,410.3 93.3 39 61,017.2 6.7 -- -- --
2015 223 938,852.0 182 886,487.5 94.4 41 52,364.6 5.6 -- -- --
2016 224 1,018,729.9 184 960,192.8 94.3 40 58,537.1 5.7 -- -- --
2017 222 1,133,697.6 181 1,065,947.7 94.0 41 67,749.9 6.0 -- -- --
2018 226 1,047,641.3 186 980,314.9 93.6 40 67,326.4 6.4 -- -- --
2019 219 1,328,806.2 179 1,245,878.3 93.8 40 82,927.8 6.2 -- -- --
2020 223 1,249,186.3 182 1,184,150.2 94.8 41 65,036.1 5.2 -- -- --
2021 217 1,740,277.3 175 1,664,523.5 95.6 42 75,753.8 4.4 -- -- --
Note: Market capitalization equals share price multiplied by the number of shares outstanding and does not include Operating Partnership Units.
1
The FTSE Nareit Hybrid REITs Index was discontinued on December 17, 2010.
Source: Nareit

20
 REITs in the FTSE Nareit All REITs Index and S&P Equity Indexes
February 28, 2022
Equity Market Capitalization ($M)1
Number Ticker Investment Property S&P FTSE Nareit Percent of Percent of % of FTSE Nareit
of REITs Company Symbol Sector Subsector REITs All REITs Sector S&P REITs All REITs
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Summary by Investment Sector, Property Sector and Property Subsector
21 Office 99,222.1 109,734.4 7.85 7.14
14 Industrial 168,628.3 189,399.1 13.34 12.32
37 Retail 180,664.9 186,447.0 14.29 12.13
21 Shopping Centers 61,579.8 65,515.4 4.87 4.26
3 Regional Malls 48,403.6 48,478.2 3.83 3.15
13 Free Standing 70,681.5 72,453.4 5.59 4.71
22 Residential 167,026.0 241,625.0 13.21 15.72
17 Apartments 167,026.0 170,704.7 13.21 11.11
3 Manufactured Homes 0.0 35,676.2 0.00 2.32
2 Single Family Homes 0.0 35,244.1 0.00 2.29
17 Diversified 12,620.8 37,141.4 1.00 2.42
17 Lodging/Resorts 26,654.3 41,878.2 2.11 2.72
6 Self Storage 102,829.9 113,256.9 8.13 7.37
16 Health Care 109,435.2 119,297.9 8.65 7.76
4 Timber 38,493.2 38,867.8 3.04 2.53
6 Infrastructure 211,187.1 211,391.9 16.70 13.76
3 Data Centers 101,569.4 113,035.9 8.03 7.36
9 Specialty 30,848.1 64,691.3 2.44 4.21
43 Mortgage REITs 15,367.4 70,065.8 1.22 4.56
24 Home Financing 9,887.3 38,711.5 0.78 2.52
19 Commercial Financing 5,480.1 31,354.3 0.43 2.04
215 Industry Totals 1,264,546.8 1,536,832.5 100.00 100.00

Distribution of REITs by S&P Index

28 S&P 500 Large Cap 956,651 75.65 62.25
34 S&P 400 Mid Cap 214,408 16.96 13.95
56 S&P 600 Small Cap 93,489 7.39 6.08
118 Total S&P REITs 1,264,546.8 100.00 82.28

21
 REITs in the FTSE Nareit All REITs Index and S&P Equity Indexes
February 28, 2022
Summary of REITs in S&P Equity Indexes
S&P 500 Constituents Equity Market Cap ($M)
1 Prologis, Inc. 107,895.9
2 American Tower Corporation 102,952.7
3 Crown Castle International Corp 71,998.5
4 Equinix, Inc. 63,577.6
5 Public Storage 62,120.7
6 Simon Property Group, Inc. 45,144.6
7 Digital Realty Trust, Inc. 37,991.8
8 Realty Income Corporation 37,394.6
9 Welltower, Inc. 36,254.0
10 AvalonBay Communities, Inc. 33,308.3
11 SBA Communications Corp. Class A 33,174.1
12 Equity Residential 31,902.7
13 Alexandria Real Estate Equities, Inc. 29,462.4
14 Weyerhaeuser Company 29,129.5
15 Extra Space Storage Inc. 25,161.0
16 Mid-America Apartment Communities, Inc. 23,738.8
17 Ventas, Inc. 21,555.5
18 Essex Property Trust, Inc. 20,615.7
19 Duke Realty Corporation 20,185.1
20 Boston Properties, Inc. 19,089.4
21 UDR, Inc. 16,965.1
22 Healthpeak Properties, Inc. 16,739.2
23 Kimco Realty Corporation 14,427.6
24 Iron Mountain, Inc. 14,199.8
25 Host Hotels & Resorts, Inc. 13,044.3
26 Regency Centers Corporation 11,192.2
27 Federal Realty Investment Trust 9,143.0
28 Vornado Realty Trust 8,286.6
28 Subtotal 956,650.5
S&P 400 Mid Cap Constituents
1 Camden Property Trust 16,873.8
2 Medical Properties Trust, Inc. 12,116.5
3 Rexford Industrial Realty, Inc. 10,623.8
4 Life Storage, Inc. 10,382.4
5 Lamar Advertising Company Class A 9,454.4
6 Kilroy Realty Corporation 8,340.2
7 STORE Capital Corporation 8,309.6
8 Apartment Income REIT Corp 8,093.8
9 EastGroup Properties, Inc. 7,760.9
10 National Retail Properties, Inc. 7,481.5
11 Brixmor Property Group, Inc. 7,459.5
12 First Industrial Realty Trust, Inc. 7,435.2
13 American Campus Communities, Inc. 7,418.6
14 Omega Healthcare Investors, Inc. 6,729.1
15 Cousins Properties Incorporated 5,742.5
16 Spirit Realty Capital, Inc. 5,718.1
17 Rayonier Inc. 5,683.1
18 Douglas Emmett, Inc 5,562.4
19 SL Green Realty Corp. 5,340.5
20 National Storage Affiliates Trust 5,165.7
21 Kite Realty Group Trust 4,786.5
22 Highwoods Properties, Inc. 4,536.8
23 Park Hotels & Resorts, Inc. 4,455.5
24 PS Business Parks, Inc. 4,385.1
25 Hudson Pacific Properties, Inc. 4,025.4
26 Healthcare Realty Trust Incorporated 3,847.9
27 EPR Properties 3,723.5
28 PotlatchDeltic Corporation 3,680.6
29 Physicians Realty Trust 3,581.9
30 JBG SMITH Properties 3,461.1
31 Macerich Company 3,259.0
32 Sabra Health Care REIT, Inc. 3,071.1
33 Pebblebrook Hotel Trust 2,957.5
34 Corporate Office Properties Trust 2,944.1
34 Subtotal 214,407.6
S&P 600 Small Cap Constituents
1 Innovative Industrial Properties Inc 4,509.2
2 Agree Realty Corporation 4,476.4
3 LXP Industrial Trust 4,372.4
4 Safehold Inc. 3,470.5
5 SITE Centers Corp. 3,281.5
6 Essential Properties Realty Trust, Inc. 3,073.4
7 Uniti Group Inc. 3,061.8
8 Independence Realty Trust, Inc. 2,656.2
9 Brandywine Realty Trust 2,277.5
10 American Assets Trust, Inc. 2,210.9
11 Retail Opportunity Investments Corp. 2,205.2
12 NexPoint Residential Trust, Inc. 2,135.1
13 Urban Edge Properties 2,132.2
14 Xenia Hotels & Resorts, Inc. 2,109.9
15 Four Corners Property Trust, Inc. 2,040.6
16 DiamondRock Hospitality Company 2,007.9
17 Washington Real Estate Investment Trust 1,975.8
18 Acadia Realty Trust 1,896.0
19 Apollo Commercial Real Estate Finance, Inc. 1,825.5
20 Easterly Government Properties Inc 1,793.4
21 iStar Inc. 1,745.2
22 Two Harbors Investment Corp. 1,740.2
23 Tanger Factory Outlet Centers, Inc. 1,734.0
24 CareTrust REIT Inc 1,693.7
25 Alexander & Baldwin, Inc. 1,625.5
26 Veris Residential, Inc. 1,533.3
27 PennyMac Mortgage Investment Trust 1,527.8
28 Global Net Lease Inc 1,472.2
29 Industrial Logistics Properties Trust 1,460.8
30 Service Properties Trust 1,422.4
31 Centerspace 1,342.2
32 LTC Properties, Inc. 1,331.7
33 New York Mortgage Trust, Inc. 1,331.2
34 KKR Real Estate Finance Trust Inc. 1,305.9
35 Getty Realty Corp. 1,249.2
36 Office Properties Income Trust 1,210.4
37 Redwood Trust, Inc. 1,191.5
38 Ready Capital Corporation 1,092.9
39 RPT Realty 1,091.6
40 Saul Centers, Inc. 1,085.1
41 Summit Hotel Properties, Inc. 1,049.5
42 Community Healthcare Trust Incorporated 1,041.8
43 Ellington Financial Inc. 1,014.7
44 Orion Office REIT, Inc. 938.2
45 Armada Hoffler Properties, Inc. 895.3
46 Universal Health Realty Income Trust 786.5
47 ARMOUR Residential REIT, Inc. 729.2
48 Diversified Healthcare Trust 686.2
49 Invesco Mortgage Capital Inc. 679.6
50 Chatham Lodging Trust 668.5
51 Franklin Street Properties Corp. 610.6
52 Granite Point Mortgage Trust Inc. 603.5
53 Franklin BSP Realty Trust, Inc. 580.2
54 Whitestone REIT 578.6
55 Urstadt Biddle Properties Inc. Class A 566.8
56 Hersha Hospitality Trust Class A
56 Subtotal 93,127.4
118 Total 1,264,185.6

22
 REITs in the FTSE Nareit All REITs Index and S&P Equity Indexes
February 28, 2022
Property Sector: Office
1 Alexandria Real Estate Equities, Inc. ARE Equity S&P 500 29,462.4 26.85 2.33 1.92
2 Boston Properties, Inc. BXP Equity S&P 500 19,089.4 17.40 1.51 1.24
3 Kilroy Realty Corporation KRC Equity S&P 400 8,340.2 7.60 0.66 0.54
4 Vornado Realty Trust VNO Equity S&P 500 8,286.6 7.55 0.66 0.54
5 Cousins Properties Incorporated CUZ Equity S&P 400 5,742.5 5.23 0.45 0.37
6 Douglas Emmett, Inc DEI Equity S&P 400 5,562.4 5.07 0.44 0.36
7 SL Green Realty Corp. SLG Equity S&P 400 5,340.5 4.87 0.42 0.35
8 Highwoods Properties, Inc. HIW Equity S&P 400 4,536.8 4.13 0.36 0.30
9 Hudson Pacific Properties, Inc. HPP Equity S&P 400 4,025.4 3.67 0.32 0.26
10 Equity Commonwealth EQC Equity 3,239.5 2.95 0.21
11 Corporate Office Properties Trust OFC Equity S&P 400 2,944.1 2.68 0.23 0.19
12 Paramount Group, Inc. PGRE Equity 2,450.1 2.23 0.16
13 Brandywine Realty Trust BDN Equity S&P 600 2,277.5 2.08 0.18 0.15
14 Piedmont Office Realty Trust, Inc. Class A PDM Equity 2,113.5 1.93 0.14
15 Easterly Government Properties Inc DEA Equity S&P 600 1,793.4 1.63 0.14 0.12
16 Empire State Realty Trust, Inc. Class A ESRT Equity 1,626.5 1.48 0.11
17 Office Properties Income Trust OPI Equity S&P 600 1,210.4 1.10 0.10 0.08
18 City Office REIT, Inc. CIO Equity 747.3 0.68 0.05
19 Franklin Street Properties Corp. FSP Equity S&P 600 610.6 0.56 0.05 0.04
20 Creative Media & Community Trust Corporation CMCT Equity 181.3 0.17 0.01
21 New York City REIT, Inc. Class A NYC Equity 154.2 0.14 0.01
21 Sector Totals 109,734.4 100.00 7.85 7.14
14 S&P Sector Total 99,222.1
Property Sector: Industrial
1 Prologis, Inc. PLD Equity S&P 500 107,895.9 56.97 8.53 7.02
2 Duke Realty Corporation DRE Equity S&P 500 20,185.1 10.66 1.60 1.31
3 Rexford Industrial Realty, Inc. REXR Equity S&P 400 10,623.8 5.61 0.84 0.69
4 EastGroup Properties, Inc. EGP Equity S&P 400 7,760.9 4.10 0.61 0.50
5 First Industrial Realty Trust, Inc. FR Equity S&P 400 7,435.2 3.93 0.59 0.48
6 Americold Realty Trust COLD Equity 7,128.1 3.76 0.46
7 STAG Industrial, Inc. STAG Equity 6,818.8 3.60 0.44
8 Terreno Realty Corporation TRNO Equity 5,146.8 2.72 0.33
9 Innovative Industrial Properties Inc IIPR Equity S&P 600 4,509.2 2.38 0.36 0.29
10 PS Business Parks, Inc. PSB Equity S&P 400 4,385.1 2.32 0.35 0.29
11 LXP Industrial Trust LXP Equity S&P 600 4,372.4 2.31 0.35 0.28
12 Industrial Logistics Properties Trust ILPT Equity S&P 600 1,460.8 0.77 0.12 0.10
13 Plymouth Industrial REIT, Inc. PLYM Equity 902.5 0.48 0.06
14 INDUS Realty Trust, Inc. INDT Equity 774.6 0.41 0.05
14 Sector Totals 189,399.1 100.00 13.34 12.32
9 S&P Sector Total 168,628.3
Property Sector: Retail
1 Kimco Realty Corporation KIM Equity Shopping Centers S&P 500 14,427.6 22.02 1.14 0.94
2 Regency Centers Corporation REG Equity Shopping Centers S&P 500 11,192.2 17.08 0.89 0.73
3 Federal Realty Investment Trust FRT Equity Shopping Centers S&P 500 9,143.0 13.96 0.72 0.59
4 Brixmor Property Group, Inc. BRX Equity Shopping Centers S&P 400 7,459.5 11.39 0.59 0.49
5 Kite Realty Group Trust KRG Equity Shopping Centers S&P 400 4,786.5 7.31 0.38 0.31
6 SITE Centers Corp. SITC Equity Shopping Centers S&P 600 3,281.5 5.01 0.26 0.21
7 Retail Opportunity Investments Corp. ROIC Equity Shopping Centers S&P 600 2,205.2 3.37 0.17 0.14
8 Urban Edge Properties UE Equity Shopping Centers S&P 600 2,132.2 3.25 0.17 0.14
9 Acadia Realty Trust AKR Equity Shopping Centers S&P 600 1,896.0 2.89 0.15 0.12
10 InvenTrust Properties Corp IVT Equity Shopping Centers 1,849.2 2.82 0.12
11 Tanger Factory Outlet Centers, Inc. SKT Equity Shopping Centers S&P 600 1,734.0 2.65 0.14 0.11
12 RPT Realty RPT Equity Shopping Centers S&P 600 1,091.6 1.67 0.09 0.07
13 Saul Centers, Inc. BFS Equity Shopping Centers S&P 600 1,085.1 1.66 0.09 0.07
14 Necessity Retail REIT, Inc. Class A RTL Equity Shopping Centers 869.5 1.33 0.06
15 Phillips Edison & Company, Inc. PECO Equity Shopping Centers 631.9 0.96 0.04
16 Whitestone REIT WSR Equity Shopping Centers S&P 600 578.6 0.88 0.05 0.04
17 Urstadt Biddle Properties Inc. Class A UBA Equity Shopping Centers S&P 600 566.8 0.87 0.04 0.04
18 Cedar Realty Trust Inc CDR Equity Shopping Centers 327.2 0.50 0.02
19 Urstadt Biddle Properties Inc. UBP Equity Shopping Centers 173.1 0.26 0.01
20 Retail Value, Inc. RVI Equity Shopping Centers 65.4 0.10 0.00
21 Wheeler Real Estate Investment Trust, Inc. WHLR Equity Shopping Centers 19.3 0.03 0.00
21 Subsector Totals 65,515.4 100.00 4.87 4.26
14 S&P Subsector Total 61,579.8
1 Simon Property Group, Inc. SPG Equity Regional Malls S&P 500 45,144.6 93.12 3.57 2.94
2 Macerich Company MAC Equity Regional Malls S&P 400 3,259.0 6.72 0.26 0.21
3 Pennsylvania Real Estate Investment Trust PEI Equity Regional Malls 74.6 0.15 0.00
3 Subsector Totals 48,478.2 100.00 3.83 3.15
2 S&P Subsector Total 48,403.6
1 Realty Income Corporation O Equity Free Standing S&P 500 37,394.6 51.61 2.96 2.43
2 STORE Capital Corporation STOR Equity Free Standing S&P 400 8,309.6 11.47 0.66 0.54
3 National Retail Properties, Inc. NNN Equity Free Standing S&P 400 7,481.5 10.33 0.59 0.49
4 Spirit Realty Capital, Inc. SRC Equity Free Standing S&P 400 5,718.1 7.89 0.45 0.37
5 Agree Realty Corporation ADC Equity Free Standing S&P 600 4,476.4 6.18 0.35 0.29
6 Essential Properties Realty Trust, Inc. EPRT Equity Free Standing S&P 600 3,073.4 4.24 0.24 0.20
7 Four Corners Property Trust, Inc. FCPT Equity Free Standing S&P 600 2,040.6 2.82 0.16 0.13
8 Getty Realty Corp. GTY Equity Free Standing S&P 600 1,249.2 1.72 0.10 0.08
9 Orion Office REIT, Inc. ONL Equity Free Standing S&P 600 938.2 1.29 0.07 0.06
10 NETSTREIT Corp. NTST Equity Free Standing 872.4 1.20 0.06
11 Seritage Growth Properties Class A SRG Equity Free Standing 444.6 0.61 0.03
12 Postal Realty Trust, Inc. Class A PSTL Equity Free Standing 238.3 0.33 0.02
13 Alpine Income Property Trust, Inc. PINE Equity Free Standing 216.6 0.30 0.01
13 Subsector Totals 72,453.4 100.00 5.59 4.71
9 S&P Subsector Total 70,681.5
37 Sector Totals 186,447.0 14.29 12.13
25 S&P Sector Total 180,664.9

23
 REITs in the FTSE Nareit All REITs Index and S&P Equity Indexes
February 28, 2022
Property Sector: Residential
1 AvalonBay Communities, Inc. AVB Equity Apartments S&P 500 33,308.3 19.51 2.63 2.17
2 Equity Residential EQR Equity Apartments S&P 500 31,902.7 18.69 2.52 2.08
3 Mid-America Apartment Communities, Inc. MAA Equity Apartments S&P 500 23,738.8 13.91 1.88 1.54
4 Essex Property Trust, Inc. ESS Equity Apartments S&P 500 20,615.7 12.08 1.63 1.34
5 UDR, Inc. UDR Equity Apartments S&P 500 16,965.1 9.94 1.34 1.10
6 Camden Property Trust CPT Equity Apartments S&P 400 16,873.8 9.88 1.33 1.10
7 Apartment Income REIT Corp AIRC Equity Apartments S&P 400 8,093.8 4.74 0.64 0.53
8 American Campus Communities, Inc. ACC Equity Apartments S&P 400 7,418.6 4.35 0.59 0.48
9 Independence Realty Trust, Inc. IRT Equity Apartments S&P 600 2,656.2 1.56 0.21 0.17
10 NexPoint Residential Trust, Inc. NXRT Equity Apartments S&P 600 2,135.1 1.25 0.17 0.14
11 Washington Real Estate Investment Trust WRE Equity Apartments S&P 600 1,975.8 1.16 0.16 0.13
12 Centerspace CSR Equity Apartments S&P 600 1,342.2 0.79 0.11 0.09
13 Preferred Apartment Communities, Inc. APTS Equity Apartments 1,337.4 0.78 0.09
14 Apartment Investment & Management Co Class A AIV Equity Apartments 1,087.0 0.64 0.07
15 Bluerock Residential Growth REIT Inc Class A BRG Equity Apartments 701.2 0.41 0.05
16 BRT Apartments Corp BRT Equity Apartments 400.1 0.23 0.03
17 Clipper Realty, Inc. CLPR Equity Apartments 152.9 0.09 0.01
17 Subsector Totals 170,704.7 100.00 13.21 11.11
12 S&P Subsector Total 167,026.0
1 Sun Communities, Inc. SUI Equity Manufactured Homes 20,978.5 58.80 1.37
2 Equity LifeStyle Properties, Inc. ELS Equity Manufactured Homes 13,604.3 38.13 0.89
3 UMH Properties, Inc. UMH Equity Manufactured Homes 1,093.4 3.06 0.07
3 Subsector Totals 35,676.2 100.00 0.00 2.32
0 S&P Subsector Total 0.0
1 Invitation Homes, Inc. INVH Equity Single Family Homes 22,557.9 64.00 1.47
2 American Homes 4 Rent Class A AMH Equity Single Family Homes 12,686.2 36.00 0.83
2 Subsector Totals 35,244.1 100.00 0.00 2.29
0 S&P Subsector Total 0.0
22 Sector Totals 241,625.0 13.21 15.72
12 S&P Sector Total 167,026.0
Property Sector: Diversified
1 W. P. Carey Inc. WPC Equity 14,418.5 38.82 0.94
2 DigitalBridge Group, Inc. Class A DBRG Equity 3,722.8 10.02 0.24
3 Broadstone Net Lease, Inc. BNL Equity 3,493.0 9.40 0.23
4 JBG SMITH Properties JBGS Equity S&P 400 3,461.1 9.32 0.27 0.23
5 American Assets Trust, Inc. AAT Equity S&P 600 2,210.9 5.95 0.17 0.14
6 Alexander & Baldwin, Inc. ALEX Equity S&P 600 1,625.5 4.38 0.13 0.11
7 Veris Residential, Inc. VRE Equity S&P 600 1,533.3 4.13 0.12 0.10
8 Global Net Lease Inc GNL Equity S&P 600 1,472.2 3.96 0.12 0.10
9 Service Properties Trust SVC Equity S&P 600 1,422.4 3.83 0.11 0.09
10 Alexander's, Inc. ALX Equity 1,294.3 3.48 0.08
11 Armada Hoffler Properties, Inc. AHH Equity S&P 600 895.3 2.41 0.07 0.06
12 Gladstone Commercial Corporation GOOD Equity 789.7 2.13 0.05
13 One Liberty Properties, Inc. OLP Equity 602.5 1.62 0.04
14 Modiv Inc. Class C MDV Equity 128.6 0.35 0.01
15 Presidio Property Trust, Inc. Class A SQFT Equity 38.7 0.10 0.00
16 Medalist Diversified REIT, Inc. MDRR Equity 17.7 0.05 0.00
17 Generation Income Properties, Inc. GIPR Equity 14.9 0.04 0.00
17 Sector Totals 37,141.4 100.00 1.00 2.42
7 S&P Sector Total 12,620.8
Property Sector: Lodging/Resorts
1 Host Hotels & Resorts, Inc. HST Equity S&P 500 13,044.3 31.15 1.03 0.85
2 Ryman Hospitality Properties, Inc. RHP Equity 4,850.5 11.58 0.32
3 Park Hotels & Resorts, Inc. PK Equity S&P 400 4,455.5 10.64 0.35 0.29
4 Apple Hospitality REIT Inc APLE Equity 4,039.4 9.65 0.26
5 Pebblebrook Hotel Trust PEB Equity S&P 400 2,957.5 7.06 0.23 0.19
6 RLJ Lodging Trust RLJ Equity 2,331.0 5.57 0.15
7 Sunstone Hotel Investors, Inc. SHO Equity 2,317.5 5.53 0.15
8 Xenia Hotels & Resorts, Inc. XHR Equity S&P 600 2,109.9 5.04 0.17 0.14
9 DiamondRock Hospitality Company DRH Equity S&P 600 2,007.9 4.79 0.16 0.13
10 Summit Hotel Properties, Inc. INN Equity S&P 600 1,049.5 2.51 0.08 0.07
11 CorePoint Lodging, Inc. CPLG Equity 934.6 2.23 0.06
12 Chatham Lodging Trust CLDT Equity S&P 600 668.5 1.60 0.05 0.04
13 Braemar Hotels & Resorts, Inc. BHR Equity 384.4 0.92 0.03
14 Hersha Hospitality Trust Class A HT Equity S&P 600 361.2 0.86 0.03 0.02
15 Ashford Hospitality Trust, Inc. AHT Equity 291.5 0.70 0.02
16 Sotherly Hotels Inc. SOHO Equity 39.3 0.09 0.00
17 InnSuites Hospitality Trust IHT Equity 35.8 0.09 0.00
17 Sector Totals 41,878.2 100.00 2.11 2.72
8 S&P Sector Total 26,654.3
Property Sector: Self Storage
1 Public Storage PSA Equity S&P 500 62,120.7 54.85 4.91 4.04
2 Extra Space Storage Inc. EXR Equity S&P 500 25,161.0 22.22 1.99 1.64
3 Life Storage, Inc. LSI Equity S&P 400 10,382.4 9.17 0.82 0.68
4 CubeSmart CUBE Equity 10,366.0 9.15 0.67
5 National Storage Affiliates Trust NSA Equity S&P 400 5,165.7 4.56 0.41 0.34
6 Global Self Storage, Inc. SELF Equity 61.0 0.05 0.00
6 Sector Totals 113,256.9 100.00 8.13 7.37
4 S&P Sector Total 102,829.9
Property Sector: Health Care
1 Welltower, Inc. WELL Equity S&P 500 36,254.0 30.39 2.87 2.36
2 Ventas, Inc. VTR Equity S&P 500 21,555.5 18.07 1.70 1.40
3 Healthpeak Properties, Inc. PEAK Equity S&P 500 16,739.2 14.03 1.32 1.09
4 Medical Properties Trust, Inc. MPW Equity S&P 400 12,116.5 10.16 0.96 0.79
5 Omega Healthcare Investors, Inc. OHI Equity S&P 400 6,729.1 5.64 0.53 0.44
6 Healthcare Trust of America, Inc. Class A HTA Equity 6,431.3 5.39 0.42
7 Healthcare Realty Trust Incorporated HR Equity S&P 400 3,847.9 3.23 0.30 0.25
8 Physicians Realty Trust DOC Equity S&P 400 3,581.9 3.00 0.28 0.23
9 Sabra Health Care REIT, Inc. SBRA Equity S&P 400 3,071.1 2.57 0.24 0.20
10 National Health Investors, Inc. NHI Equity 2,423.4 2.03 0.16
11 CareTrust REIT Inc CTRE Equity S&P 600 1,693.7 1.42 0.13 0.11
12 LTC Properties, Inc. LTC Equity S&P 600 1,331.7 1.12 0.11 0.09
13 Community Healthcare Trust Incorporated CHCT Equity S&P 600 1,041.8 0.87 0.08 0.07
14 Global Medical REIT Inc GMRE Equity 1,007.9 0.84 0.07
15 Universal Health Realty Income Trust UHT Equity S&P 600 786.5 0.66 0.06 0.05
16 Diversified Healthcare Trust DHC Equity S&P 600 686.2 0.58 0.05 0.04
16 Sector Totals 119,297.9 100.00 8.65 7.76
13 S&P Sector Total 109,435.2

24
 REITs in the FTSE Nareit All REITs Index and S&P Equity Indexes
February 28, 2022
Property Sector: Timber
1 Weyerhaeuser Company WY Equity S&P 500 29,129.5 74.94 2.30 1.90
2 Rayonier Inc. RYN Equity S&P 400 5,683.1 14.62 0.45 0.37
3 PotlatchDeltic Corporation PCH Equity S&P 400 3,680.6 9.47 0.29 0.24
4 CatchMark Timber Trust, Inc. Class A CTT Equity 374.6 0.96 0.02
4 Sector Totals 38,867.8 100.00 3.04 2.53
3 S&P Sector Total 38,493.2
Property Sector: Infrastructure
1 American Tower Corporation AMT Equity S&P 500 102,952.7 48.70 8.14 6.70
2 Crown Castle International Corp CCI Equity S&P 500 71,998.5 34.06 5.69 4.68
3 SBA Communications Corp. Class A SBAC Equity S&P 500 33,174.1 15.69 2.62 2.16
4 Uniti Group Inc. UNIT Equity S&P 600 3,061.8 1.45 0.24 0.20
5 Power REIT PW Equity 159.2 0.08 0.01
6 CorEnergy Infrastructure Trust, Inc. CORR Equity 45.5 0.02 0.00
6 Sector Totals 211,391.9 100.00 16.70 13.76
4 S&P Sector Total 211,187.1
Property Sector: Data Centers
1 Equinix, Inc. EQIX Equity S&P 500 63,577.6 56.25 5.03 4.14
2 Digital Realty Trust, Inc. DLR Equity S&P 500 37,991.8 33.61 3.00 2.47
3 CyrusOne Inc. CONE Equity 11,466.5 10.14 0.75
3 Sector Totals 113,035.9 100.00 8.03 7.36
2 S&P Sector Total 101,569.4
Property Sector: Specialty
1 VICI Properties Inc VICI Equity 17,585.3 27.18 1.14
2 Iron Mountain, Inc. IRM Equity S&P 500 14,199.8 21.95 1.12 0.92
3 Gaming and Leisure Properties, Inc. GLPI Equity 10,823.5 16.73 0.70
4 Lamar Advertising Company Class A LAMR Equity S&P 400 9,454.4 14.61 0.75 0.62
5 OUTFRONT Media Inc. OUT Equity 3,885.9 6.01 0.25
6 EPR Properties EPR Equity S&P 400 3,723.5 5.76 0.29 0.24
7 Safehold Inc. SAFE Equity S&P 600 3,470.5 5.36 0.27 0.23
8 Gladstone Land Corp. LAND Equity 1,022.5 1.58 0.07
9 Farmland Partners Inc FPI Equity 525.9 0.81 0.03
9 Sector Totals 64,691.3 100.00 2.44 4.21
4 S&P Sector Total 30,848.1
Investment Sector: Mortgage
1 Annaly Capital Management, Inc. NLY Mortgage Home Financing 10,052.1 25.97 0.65
2 AGNC Investment Corp. AGNC Mortgage Home Financing 6,776.6 17.51 0.44
3 New Residential Investment Corp. NRZ Mortgage Home Financing 4,843.8 12.51 0.32
4 Chimera Investment Corporation CIM Mortgage Home Financing 2,871.6 7.42 0.19
5 MFA Financial, Inc. MFA Mortgage Home Financing 1,791.6 4.63 0.12
6 Two Harbors Investment Corp. TWO Mortgage Home Financing S&P 600 1,740.2 4.50 0.14 0.11
7 PennyMac Mortgage Investment Trust PMT Mortgage Home Financing S&P 600 1,527.8 3.95 0.12 0.10
8 New York Mortgage Trust, Inc. NYMT Mortgage Home Financing S&P 600 1,331.2 3.44 0.11 0.09
9 Redwood Trust, Inc. RWT Mortgage Home Financing S&P 600 1,191.5 3.08 0.09 0.08
10 Ready Capital Corporation RC Mortgage Home Financing S&P 600 1,092.9 2.82 0.09 0.07
11 Ellington Financial Inc. EFC Mortgage Home Financing S&P 600 1,014.7 2.62 0.08 0.07
12 ARMOUR Residential REIT, Inc. ARR Mortgage Home Financing S&P 600 729.2 1.88 0.06 0.05
13 Invesco Mortgage Capital Inc. IVR Mortgage Home Financing S&P 600 679.6 1.76 0.05 0.04
14 Franklin BSP Realty Trust, Inc. FBRT Mortgage Home Financing S&P 600 580.2 1.50 0.05 0.04
15 Dynex Capital, Inc. DX Mortgage Home Financing 563.6 1.46 0.04
16 Orchid Island Capital, Inc. ORC Mortgage Home Financing 556.5 1.44 0.04
17 Angel Oak Mortgage, Inc. AOMR Mortgage Home Financing 414.4 1.07 0.03
18 Great Ajax Corp. AJX Mortgage Home Financing 261.8 0.68 0.02
19 AG Mortgage Investment Trust, Inc. MITT Mortgage Home Financing 143.4 0.37 0.01
20 Cherry Hill Mortgage Investment Corp. CHMI Mortgage Home Financing 134.7 0.35 0.01
21 Ellington Residential Mortgage REIT EARN Mortgage Home Financing 124.5 0.32 0.01
22 Western Asset Mortgage Capital Corporation WMC Mortgage Home Financing 112.9 0.29 0.01
23 Arlington Asset Investment Corp. Class A AAIC Mortgage Home Financing 100.7 0.26 0.01
24 Lument Finance Trust, Inc. LFT Mortgage Home Financing 76.1 0.20 0.00
24 Subsector Totals 38,711.5 100.00 0.78 2.52
9 S&P Subsector Total 9,887.3
1 Starwood Property Trust, Inc. STWD Mortgage Commercial Financing 7,223.2 23.04 0.47
2 Blackstone Mortgage Trust, Inc. Class A BXMT Mortgage Commercial Financing 5,308.2 16.93 0.35
3 Hannon Armstrong Sustainable Infrastructure Capital, Inc. HASI Mortgage Commercial Financing 4,009.4 12.79 0.26
4 Arbor Realty Trust, Inc. ABR Mortgage Commercial Financing 2,709.1 8.64 0.18
5 Apollo Commercial Real Estate Finance, Inc. ARI Mortgage Commercial Financing S&P 600 1,825.5 5.82 0.14 0.12
6 iStar Inc. STAR Mortgage Commercial Financing S&P 600 1,745.2 5.57 0.14 0.11
7 Ladder Capital Corp. Class A LADR Mortgage Commercial Financing 1,447.9 4.62 0.09
8 KKR Real Estate Finance Trust Inc. KREF Mortgage Commercial Financing S&P 600 1,305.9 4.16 0.10 0.08
9 BrightSpire Capital Inc BRSP Mortgage Commercial Financing 1,149.7 3.67 0.07
10 Broadmark Realty Capital Inc BRMK Mortgage Commercial Financing 1,148.0 3.66 0.07
11 TPG RE Finance Trust, Inc. TRTX Mortgage Commercial Financing 910.5 2.90 0.06
12 Ares Commercial Real Estate Corporation ACRE Mortgage Commercial Financing 688.6 2.20 0.04
13 Granite Point Mortgage Trust Inc. GPMT Mortgage Commercial Financing S&P 600 603.5 1.92 0.05 0.04
14 Chicago Atlantic Real Estate Finance, Inc. REFI Mortgage Commercial Financing 352.0 1.12 0.02
15 AFC Gamma, Inc. AFCG Mortgage Commercial Financing 323.6 1.03 0.02
16 NexPoint Real Estate Finance, Inc. NREF Mortgage Commercial Financing 192.5 0.61 0.01
17 Seven Hills Realty Trust SEVN Mortgage Commercial Financing 161.2 0.51 0.01
18 Sachem Capital Corp. SACH Mortgage Commercial Financing 144.3 0.46 0.01
19 ACRES Commercial Realty Corp. ACR Mortgage Commercial Financing 106.1 0.34 0.01
19 Subsector Totals 31,354.3 100.00 0.43 2.04
4 S&P Subsector Total 5,480.1
43 Sector Totals 70,065.8 1.22 4.56
13 S&P Sector Total 15,367.4

28 S&P 500 Large Cap 956,650.5 75.65 62.25

34 S&P 400 Mid Cap 214,407.6 16.96 13.95
56 S&P 600 Small Cap 93,488.6 7.39 6.08
112 S&P Index Total 1,264,546.8 100.00 82.28
215 Industry Total 1,536,832.5 100.00
1
Equity market capitalization does not include operating partnership units or preferred stock.

25
 REITs in the S&P 500
December 31, 2001 - December 31, 2019

Weight Market Cap ($M)

3.00% 800,000

Market Cap of REITs in the S&P 500 (right axis)

REIT weight in the S&P 500 (left axis)

700,000
2.50%

600,000

2.00%
500,000

1.50% 400,000

300,000
1.00%

200,000

0.50%
100,000

0.00% 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: Nareit, Bloomberg, FactSet.

26
 REITs in the Russell 2000
December 31, 2001 - December 31, 2019

Weight Market Cap ($M)

9.00% 200,000

Market Cap of REITs in the Russell 2000 (right axis)

8.00% REIT weight in the Russell 2000 (left axis) 180,000

160,000
7.00%

140,000
6.00%

120,000
5.00%

100,000

4.00%
80,000

3.00%
60,000

2.00%
40,000

1.00% 20,000

0.00% 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: Nareit, Bloomberg, FactSet.

27
 U.S. REIT Merger and Acquisition Activity
(2004 - 2022)
Year Acquiror Target Acquiror Type Deal Value ($M) Announced Completed Status
2004 Ventas, Inc. ElderTrust Public REIT 191 19-Nov-03 5-Feb-04 Completed
Aslan Realty Partners, LLC Great Lakes REIT Private Real Estate Company 252 21-Jan-04 27-Apr-04 Completed
ProLogis/Eaton Vance Corporation Keystone Property Trust Public REIT/Investment Advisor 729 3-May-04 4-Aug-04 Completed
Simon Property Group Chelsea Property Group Public REIT 3,000 21-Jun-04 14-Oct-04 Completed
General Growth Properties, Inc. The Rouse Company Public REIT 7,000 19-Aug-04 12-Nov-04 Completed
PL Retail LLC (Kimco Realty & DRA Advisors) Price Legacy Corporation Public REIT/Investment Advisor 3,500 24-Aug-04 21-Dec-04 Completed
Total Public to Public 14,420 98%
Total Public to Private 252 2%
Total 14,672
2005 Camden Property Trust Summit Property Group Public REIT 1,100 24-Oct-04 28-Feb-05 Completed
iStar Financial, Inc. Falcon Financial Investment Trust Public REIT 120 20-Jan-05 2-Mar-05 Completed
Colonial Properties Trust Cornerstone Realty Income Trust Public REIT 566 25-Oct-04 1-Apr-05 Completed
Centro Properties Limited Kramont Realty Trust Australian LPT 120 Completed
The Lightstone Group Prime Group Realty Trust Private Real Estate Company 1,500 17-Feb-05 1-Jul-05 Completed
ProLogis Catellus Development Corporation Public REIT 3,819 6-Jun-05 15-Sep-05 Completed
DRA Advisors LLC CRT Properties, Inc. Investment Advisor 890 17-Jun-05 Completed
ING Clarion Gables Residential Trust Private Equity Joint Venture 4,900 7-Jun-05 30-Sep-05 Completed
DRA Advisors LLC Capital Automotive REIT Investment Advisor 1,800 2-Sep-05 16-Dec-05 Completed
Total Public to Public 5,725 39%
Total Public to Private 9,090 61%
Total 14,815
2006 Brandywine Realty Trust Prentiss Properties Trust Public REIT 1,921 3-Oct-05 4-Jan-06 Completed
CDP Capital-Financing Inc. Criimi Mae Inc. Investment Advisor/Pension Fund 1,700 19-Jan-06 Completed
Morgan Stanley Property Fund AMLI Residential Properties Investment Advior/Brokerage Firm 2,100 23-Oct-05 7-Feb-06 Completed
Duke Realty Corporation The Mark Winkler Company Public REIT 855 2-Mar-06 4-Mar-06 Completed
CalEast Industrial Investors CenterPoint Properties Trust Real Estate Operating Partnership 2,436 7-Dec-05 8-Mar-06 Completed
Morgan Stanley Real Estate and Onex Real Estate Town and Country Trust Private Real Estate Joint Venture 1,500 19-Dec-05 31-Mar-06 Completed
Kimco Realty Corporation Atlantic Realty Trust Public REIT 83 1-Dec-05 31-Mar-06 Completed
Host Marriott Corporation Starwood Hotels and Resorts Public REIT 4,040 14-Nov-05 7-Apr-06 Completed
GE Real Estate, Inc. & Trizec Properties Arden Realty Trust Public non-REIT and REIT 3,032 21-Dec-05 2-May-06 Completed
Blackstone Group LP MeriStar Hospitality Corporation Private Equity Firm 2,600 20-Feb-06 2-May-06 Completed
LBA Realty LLC Bedford Property Investors Private Real Estate Company 432 10-Feb-06 5-May-06 Completed
Spirit Finance Corporation Sun Capital Partners, Inc. (ShopKo Stores) Public REIT 815 10-May-06 2-Jun-06 Completed
Mack-Cali Realty Corporation Gale Real Estate Services Corp. Public REIT 545 16-Feb-06 5-Jun-06 Completed
Blackstone Group LP CarrAmerica Realty Corp. Private Equity Firm 5,600 6-Mar-06 13-Jul-06 Completed
Archstone-Smith Deutsche WohnAnlage GmbH Public REIT 649 29-Jun-06 31-Jul-06 Completed
Public Storage Inc. Shurgard Storage Centers Inc. Public REIT 3,200 7-Mar-06 23-Aug-06 Completed
Westmont Hospitality and Cadim Inc. (Braveheart Holdings Boykin Lodging Company JV- Public Pension Fund 417 22-May-06 21-Sep-06 Completed
Accredited Home Lenders Holding Co. Aames Investment Corporation Mortgage Banking Firm 340 14-Sep-06 1-Oct-06 Completed
Brookfield Properties Corporation Trizec Canada, Inc. Real Estate Operating Company 2,670 5-Jun-06 5-Oct-06 Completed
Blackstone Group LP and Brookfield Properties Co. Trizec Properties, Inc. JV- Private Equity Firm & REOC 6,500 5-Jun-06 5-Oct-06 Completed
Health Care Property Investors CNL Retirement Properties Public REIT 5,300 2-May-06 6-Oct-06 Completed
Centro Watt Heritage Property Investment Trust Inc. JV - Australian LPT & Private Equity Firm 3,200 9-Jul-06 19-Oct-06 Completed
Kimco Realty Corporation Pan Pacific Retail Properties Public REIT 4,000 10-Jul-06 31-Oct-06 Completed
Morguard Corporation Sizeler Property Investors, Inc. Canadian REIT 324 7-Aug-06 10-Nov-06 Completed
Morgan Stanley Glenborough Realty Trust, Inc. Brokerage Firm 1,900 21-Aug-06 29-Nov-06 Completed
Health Care REIT Windrose Medical Properties Trust Public REIT 877 13-Sep-06 20-Dec-06 Completed
Koll/PER LLC AmeriVest Properties Real Estate Operating Partnership 273 18-Jul-06 29-Dec-06 Completed
Lexington Corporate Properties Newkirk Realty Trust, Inc. Public REIT 1,080 25-Jul-06 3-Jan-07 Completed
SL Green Realty Corp. Reckson Associates Realty Corp. Public REIT 6,000 3-Aug-06 25-Jan-07 Completed
Morgan Stanley Saxon Capital Brokerage Firm 706 8-Aug-06 4-Dec-06 Completed
Babcock & Brown Real Estate Investments BNP Residential Properties Inc. Investment Advisor/Brokerage Firm 766 31-Aug-06 28-Feb-07 Completed
Hospitality Properties Trust TravelCenters of America Inc. Public REIT 1,900 1-Sep-06 31-Jan-07 Completed
Geo Group CentraCore Properties Trust Correctional Facility Operator 428 19-Sep-06 24-Jan-07 Completed
Crown Castle International Corporation Global Signal Inc. Public Tower Company 4,000 16-Oct-06 12-Jan-07 Completed
Developers Diversified Realty Corp. Inland Retail Real Estate Trust, Inc. Public REIT 6,200 23-Oct-06 27-Feb-07 Completed
Record Realty Trust Government Properties Trust, Inc. Australian LPT 223 24-Oct-06 13-Apr-07 Completed
GE Capital Solutions Trustreet Properties, Inc. Financial Lending Company 3,000 30-Oct-06 27-Feb-07 Completed
JP Morgan-Special Situation Property Fund Columbia Equity Trust Pension Trust Fund 502 6-Nov-06 1-Mar-07 Completed
National HealthCare Corporation National Health Realty Health Care Provider 268 21-Dec-06 31-Oct-07 Completed
Total Public to Public 44,244 54%
Total Public to Private 38,138 46%
Total 82,381
2007 Ventas, Inc. Sunrise Senior Living REIT Public REIT 1,036 14-Jan-07 26-Apr-07 Completed
Simon Propery Group; Farallon Capital Management Mills Corporation Public REIT; Investment Advisor 1,350 17-Jan-07 3-Apr-07 Completed
Morgan Stanley CNL Hotels & Resorts Inc. Brokerage Firm 6,702 19-Jan-07 12-Apr-07 Completed
Brookfield Asset Management Inc. Longview Fibre Asset Management Firm 2,150 5-Feb-07 20-Apr-07 Completed
Blackstone Group Equity Office Properties Trust Private Equity Firm 39,000 7-Feb-07 9-Feb-07 Completed
Credit-Based Asset Servicing and Securitization LLC (C-BA Fieldstone Investment Corporation Mortgage Banking Firm 259 16-Feb-07 17-Jul-07 Completed
Centro Properties Group New Plan Excel Realty Trust, Inc. Australian LPT 6,200 27-Feb-07 20-Apr-07 Completed
Macquarie Bank Limited, Kaupthing Bank hf, et al. Spirit Finance Corporation Investment Advisor/Brokerage Firm 3,500 13-Mar-07 1-Aug-07 Completed
Inland American Real Estate Trust Inc. Winston Hotels, Inc. Asset Management Firm 460 3-Apr-07 2-Jul-07 Completed
Apollo Investment Corporation Innkeepers USA Trust Closed-End Investment Company 1,500 16-Apr-07 29-Jun-07 Completed
JER Partners Highland Hospitality Private Equity Firm 2,000 24-Apr-07 28-Jul-07 Completed
AP AIMCAP Holdings LLC Eagle Hospitality Properties Trust, Inc. Closed-End Investment Company 319 27-Apr-07 15-Aug-07 Completed
Morgan Stanley Crescent Real Estate Equity Brokerage Firm 6,500 23-May-07 3-Aug-07 Completed
Tishman Speyer/ Lehman Brothers Archstone-Smith Real Estate Company/ Brokerage Firm 22,200 29-May-07 5-Oct-07 Completed
Whitehall Street Global Real Estate, LP Equity Inns, Inc. Investment Advisor/Brokerage Firm 2,200 21-Jun-07 25-Oct-07 Completed
Sentinel Omaha LLC America First Apartment Investors Real Estate Advisory Firm 532 25-Jun-07 18-Sep-07 Completed
Liberty Property Trust Republic Property Trust Public REIT 850 24-Jul-07 4-Oct-07 Completed
Gramercy Capital Corp/New York American Financial Realty Trust Public REIT 1,094 5-Nov-07 1-Apr-08 Completed
Total Public to Public 10,530 11%
Total Public to Private 87,321 89%
Total 97,851
2008 American Campus Communities GMH Communities Trust Public REIT 1,400 12-Feb-08 11-Jun-08 Completed
Hypo Real Estate Bank AG Quadra Realty Trust Brokerage Firm 179 29-Jan-08 14-Mar-08 Completed
Boston Properties Macklowe Properties (NYC Office Portfolio) Public REIT 3,950 24-May-08 10-Jun-08 Completed
American Land Lease Green Courte Real Estate Partners Private Equity Firm 113 10-Dec-08 16-Mar-09 Completed
Total Public to Public 5,350 95%
Total Public to Private 292 5%
Total 5,642
2009 No Deals

2010 Brookfield Asset Management Inc. Crystal River Capital, Inc. Asset Management Firm 14 24-Feb-10 30-Jul-10 Completed
Tiptree Financial Partners, LP Care Investment Trust, Inc. Real Estate Advisory Firm 97 16-Mar-10 13-Aug-10 Completed
HCP, Inc. HCR ManorCare, Inc. Public REIT 6,080 14-Dec-10 8-Apr-11 Completed
Total Public to Public 6,080 98%
Total Public to Private 111 2%
Total 6,191
2011 AMB Property Corp. ProLogis Public REIT 16,517 31-Jan-11 3-Jun-11 Completed
Ventas, Inc. Nationwide Health Properties, Inc. Public REIT 7,010 28-Feb-11 1-Jul-11 Completed
Ventas, Inc. Cogdell Spencer, Inc. Public REIT 635 27-Dec-11 2-Apr-12 Completed
Total Public to Public 24,162 100%
Total Public to Private 0%
Total 24,162
2012 Realty Income Corp. American Realty Capital Trust, Inc. Public REIT 2,887 6-Sep-12 22-Jan-13 Completed
HCP, Inc. Emeritus; Blackstone JV (Portfolio Acquisition) Public REIT 1,730 16-Oct-12 31-Oct-12 Completed
AvalonBay Communities, Inc. / Equity Residential Archstone-Smith Trust, Inc. Public REIT 6,476 26-Nov-12 27-Feb-13 Completed
American Realty Capital Properties, Inc. American Realty Capital Trust III, Inc. Public REIT 2,325 14-Dec-12 28-Feb-13 Completed
Total Public to Public 13,418 100%
Total Public to Private 0 0%
Total 13,418

28
 U.S. REIT Merger and Acquisition Activity
(2004 - 2022)
Year Acquiror Target Acquiror Type Deal Value ($M) Announced Completed Status
2013 Cole Credit Property Trust II, Inc. Spirit Realty Capital, Inc. Non-traded REIT 2,835 22-Jan-13 17-Jul-13 Completed
Annaly Capital Management, Inc. CreXus Investment Corp. Public REIT 876 30-Jan-13 23-May-13 Completed
Brookfield Office Properties Inc. MPG Office Trust, Inc. Real Estate Operating Company 1,938 24-Apr-13 15-Oct-13 Completed
American Realty Capital Properties, Inc. CapLease, Inc. Public REIT 2,048 28-May-13 5-Nov-13 Completed
Mid-America Apartment Communities, Inc. Colonial Properties Trust Public REIT 4,112 3-Jun-13 1-Oct-13 Completed
American Realty Capital Properties, Inc. American Realty Capital Trust IV, Inc. Public REIT 2,207 1-Jul-13 3-Jan-14 Completed
W. P. Carey Inc. Corporate Property Associates 16 Public REIT 4,041 25-Jul-13 31-Jan-14 Completed
American Realty Capital Properties, Inc. Cole Real Estate Investments, Inc. Public REIT 10,281 23-Oct-13 7-Feb-14 Completed
Essex Property Trust, Inc. BRE Properties, Inc. Public REIT 6,141 9-Dec-13 1-Apr-14 Completed
Total Public to Public 29,706 86%
Total Public to Private 4,773 14%
Total 34,479
2014 Ventas, Inc. American Realty Capital Healthcare Trust, Inc. Public REIT 2,297 2-Jun-14 16-Jan-15 Completed
EDENS, Inc. AmREIT, Inc. Private Real Estate Company 620 31-Oct-14 18-Feb-15 Completed
NorthStar Realty Finance Corp. Griffin-American Healthcare REIT II, Inc. Public REIT 3,881 5-Aug-14 3-Dec-14 Completed
Select Income REIT Cole Corporate Income Trust, Inc. Public REIT 2,987 2-Sep-14 29-Jan-15 Completed
GoldenTree Asset Management LP Origen Financial, Inc. Asset Manager 456 9-Sep-14 20-Jan-15 Completed
Washington Prime Group Inc. Glimcher Realty Trust Public REIT 4,323 16-Sep-14 15-Jan-15 Completed
Omega Healthcare Investors, Inc. Aviv REIT, Inc. Public REIT 2,822 31-Oct-14 1-Apr-15 Completed
Griffin Capital Essential Asset REIT, Inc. Signature Office REIT Inc. Public REIT - 24-Nov-14 10-Jun-15 Completed
Total Public to Public 16,309 94%
Total Public to Private 1,076 6%
Total 17,385
2015 The Blackstone Group LP Excel Trust, Inc. Asset Manager 1,021 10-Apr-15 31-Jul-15 Completed
Brookfield Asset Management Inc. Associated Estates Realty Corporation Asset Manager 1,690 22-Apr-15 7-Aug-15 Completed
Independence Realty Trust, Inc Trade Street Residential, Inc. Public REIT 287 11-May-15 17-Sep-15 Completed
Extra Space Storage Inc. SmartStop Self Storage, Inc. Public REIT 855 15-Jun-15 1-Oct-15 Completed
Lone Star Investment Advisors, LLC Home Properties, Inc. Asset Manager 5,156 22-Jun-15 7-Oct-15 Completed
Chambers Street Properties Gramercy Property Trust Inc. Public REIT 1,489 1-Jul-15 17-Dec-15 Completed
Global Logistic Properties Limited Industrial Income Trust Inc. Public REIT 4,555 29-Jul-15 4-Nov-15 Completed
The Blackstone Group LP Strategic Hotels & Resorts, Inc. Asset Manager 5,648 8-Sep-15 11-Dec-15 Completed
The Blackstone Group LP BioMed Realty Trust Asset Manager 7,866 8-Oct-15 27-Jan-16 Completed
Harrison Street Real Estate Capital Campus Crest Communities, Inc. Private Equity Firm 1,900 16-Oct-15 2-Mar-16 Completed
Starwood Capital Group / Milestone Apartments REIT Landmark Apartment Trust, Inc. Investor Group 1,900 22-Oct-15 27-Jan-16 Completed
Weyerhaeuser Company Plum Creek Timber Company, Inc. Public REIT 8,462 8-Nov-15 19-Feb-16 Completed
American Homes 4 Rent American Residential Properties, Inc. Public REIT 1,415 3-Dec-15 29-Feb-16 Completed
Starwood Waypoint Residential Trust Colony American Homes, Inc. Public REIT 1,592 21-Sep-15 5-Jan-16 Completed
Total Public to Public 18,655 43%
Total Public to Private 25,181 57%
Total 43,836
2016 Brookfield Asset Management, Inc. Rouse Properties, Inc. Asset Manager 2,369 25-Feb-16 6-Jul-16 Completed
Apollo Commercial Real Estate Finance, Inc. Apollo Residential Mortgage, Inc. Public REIT 641 26-Feb-16 31-Aug-16 Completed
ARMOUR Residential REIT, Inc. JAVELIN Mortgage Investment Corp. Public REIT 812 2-Mar-16 6-Apr-16 Completed
Sutherland Asset Management Corporation ZAIS Financial Corp. Private REIT 104 7-Apr-16 31-Oct-16 Completed
Annaly Capital Management, Inc. Hatteras Financial Corp. Public REIT 12,584 11-Apr-16 12-Jul-16 Completed
Apple Hospitality REIT, Inc. Apple REIT Ten, Inc. Public REIT 1,300 14-Apr-16 1-Sep-16 Completed
Cousins Properties Incorporated Parkway Properties, Inc. Public REIT 3,829 29-Apr-16 6-Oct-16 Completed
NorthStar Asset Management Group Inc. Colony Capital, Inc. Asset Manager 6,218 29-Apr-16 10-Jan-17 Completed
NorthStar Asset Management Group Inc. NorthStar Realty Finance Corp. Asset Manager 12,120 29-Apr-16 10-Jan-17 Completed
Mid-America Apartment Communities, Inc. Post Properties, Inc. Public REIT 4,873 15-Aug-16 1-Dec-16 Completed
Farmland Partners Inc. American Farmland Company Public REIT 248 12-Sep-16 2-Feb-17 Completed
Regency Centers Corporation Equity One, Inc. Public REIT 5,788 14-Nov-16 1-Mar-17 Completed
Total Public to Public 30,075 59%
Total Public to Private 20,810 41%
Total 50,885
2017 Tricon Capital Group Inc. Silver Bay Realty Trust Corp. Asset Manager 1,433 27-Feb-17 9-May-17 Completed
RLJ Lodging Trust FelCor Lodging Trust Incorporated Public REIT 2,829 24-Apr-17 31-Aug-17 Completed
Sabra Health Care REIT, Inc. Care Capital Properties, Inc. Public REIT 3,925 7-May-17 17-Aug-17 Completed
Digital Realty Trust, Inc. DuPont Fabros Technology, Inc. Public REIT 7,600 9-Jun-17 14-Sep-17 Completed
Government Properties Income Trust First Potomac Realty Trust Public REIT 1,400 28-Jun-17 2-Oct-17 Completed
Canada Pension Plan Investment Board Parkway, Inc. Pension Fund 1,200 30-Jun-17 12-Oct-17 Completed
Greystar Growth and Income Fund, LP Monogram Residential Trust, Inc. Investor Group 3,000 4-Jul-17 19-Sep-17 Completed
Invitation Homes Inc. Starwood Waypoint Homes Public REIT 4,578 10-Aug-17 16-Nov-17 Completed
Total Public to Public 20,332 78%
Total Public to Private 5,633 22%
Total 25,965
2018 Brookfield Asset Management Inc. GGP Inc. Asset Manager / Public REIT 27,171 26-Mar-18 28-Aug-18 Completed
Two Harbors Investment Corp. CYS Investments, Inc. Public REIT 1,480 26-Apr-18 31-Jul-18 Completed
Welltower Inc. Quality Care Properties, Inc. Public REIT 3,429 26-Apr-18 26-Jul-18 Completed
Prologis, Inc. DCT Industrial Trust Inc. Public REIT 8,379 29-Apr-18 22-Aug-18 Completed
Annaly Capital Management, Inc. MTGE Investment Corp. Public REIT 1,188 2-May-18 7-Sep-18 Completed
Blackstone Group L.P. Gramercy Property Trust Asset Manager 7,326 7-May-18 10-Oct-18 Completed
Greystar Real Estate Partners, LLC Education Realty Trust, Inc. Private Real Estate Company 4,380 25-Jun-18 20-Sep-18 Completed
Brookfield Asset Management Inc. Forest City Realty Trust, Inc. Asset Manager 11,400 31-Jul-18 7-Dec-18 Completed
Pebblebrook Hotel Trust LaSalle Hotel Properties Public REIT 5,200 6-Sep-18 30-Nov-18 Completed
Government Properties Income Trust Select Income REIT Public REIT 3,939 17-Sep-18 31-Dec-19 Completed
Oncor Electric Delivery InfraREIT, Inc. Electric Utility 2,200 18-Oct-18 16-May-19 Completed
Ready Capital Corporation Owens Realty Mortgage, Inc. Public REIT 200 7-Nov-18 29-Mar-19 Completed
Total Public to Public 50,985 67%
Total Public to Private 25,307 33%
Total 76,292
2019 Omega Healthcare Investors, Inc. MedEquities Realty Trust, Inc. Public REIT 595 2-Jan-19 17-May-19 Completed
Shidler Equities L.P. Pacific Office Properties Trust, Inc. Real Estate Investment Firm 250 25-Jan-19 Pending
Cousins Properties Incorporated TIER REIT, Inc. Public REIT 2,333 25-Mar-19 14-Jun-19 Completed
Park Hotels & Resorts Inc. Chesapeake Lodging Trust Public REIT 2,607 6-May-19 18-Sep-19 Completed
AXA SA NorthStar Realty Europe Corp. Insurance Firm 1,097 3-Jul-19 30-Sep-19 Completed
Prologis, Inc. Industrial Property Trust Inc. Public REIT 3,759 15-Jul-19 8-Jan-20 Completed
KBS Strategic Opportunity REIT, Inc. Reven Housing REIT, Inc. Public REIT 105 3-Jul-19 4-Nov-19 Completed
Prologis, Inc. Liberty Property Trust Public REIT 13,103 27-Oct-19 4-Feb-20 Completed
Total Public to Public 22,503 94%
Total Public to Private 1,347 6%
Total 23,851
2020 Simon Property Group, Inc. Taubman Centers, Inc. Public REIT 7,499 10-Feb-20 29-Dec-20 Completed
NexPoint Advisors, L.P. Jernigan Capital, Inc. Asset Manager 843 3-Aug-20 6-Nov-20 Completed
Pretium; Investment funds manged by Ares Front Yard Residential Corporation Investor group 2,499 19-Oct-20 11-Jan-21 Completed
Ready Capital Corporation Anworth Mortgage Asset Corporation Public REIT 2,286 7-Dec-20 19-Mar-21 Completed
Total Public to Public 9,785 75%
Total Public to Private 3,342 25%
Total 13,126
2021 Brookfield Asset Management Inc. Brookfield Property REIT Asset Manager 4,303 4-Jan-21 26-Jul-21 Completed
Kimco Realty Weingarten Realty Investors Public REIT 5,602 15-Apr-21 3-Aug-21 Completed
RMR Mortgage Trust Tremont Mortgage Trust Real Estate Finance Company 54 26-Apr-21 30-Sep-21 Completed
Realty Income Corporation VEREIT, Inc. Public REIT 17,265 29-Apr-21 1-Nov-21 Completed
Blackstone Real Estate Investment Trust QTS Realty Trust, Inc. Public REIT 7,867 7-Jun-21 31-Aug-21 Completed
Ventas, Inc. New Senior Investment Group, Inc. Public REIT 2,276 28-Jun-21 21-Sep-21 Completed
Kite Realty Group Trust Retail Properties of America Public REIT 4,583 19-Jul-21 22-Oct-21 Completed
Benefit Street Partners Realty Trust, Inc. Capstead Mortgage Corporation Public REIT 818 26-Jul-21 19-Oct-21 Completed
Independence Realty Trust, Inc. Steadfast Apartment REIT, Inc. Public REIT 4,016 26-Jul-21 16-Dec-21 Completed
PIMCO Columbia Property Trust, Inc. Investment Manager 3,900 7-Sep-21 7-Dec-21 Completed
Industrial Logistics Properties Trust Monmouth Real Estate Investment Corporation Public REIT 3,538 5-Nov-21 28-Feb-22 Completed
Highgate / Cerberus Capital Management, L.P. CorePoint Lodging Inc. Investor group 1,439 8-Nov-21 3-Mar-22 Completed
American Tower Corp. CoreSite Realty Corp. Public REIT 10,281 15-Nov-21 27-Dec-21 Completed
KKR / Global Infrastructure Partners CyrusOne, Inc. Investor group 15,156 15-Nov-21 25-Mar-22 Completed
Blackstone, Inc. Bluerock Residential Growth REIT Asset Manager 3,128 20-Dec-21 Pending
Total Public to Public 56,247 67%
Total Public to Private 27,980 33%
Total 84,227
2022 Blackstone Real Estate Income Trust, Inc. Resource REIT, Inc. Public REIT 3,991 24-Jan-22 Pending
Blackstone Real Estate Income Trust, Inc. Preferred Apartment Communities, Inc. Public REIT 5,417 16-Feb-22 Pending
Healthcare Trust of America, Inc. Healthcare Realty Trust Incorporated Public REIT 11,214 28-Feb-22 Pending
Total Public to Public 20,623 100%
Total Public to Private 0%
Total 20,623
Industry Totals: 2004-2022
Total Public to Public 378,527 60%
Total Public to Private 250,652 40%
Total 629,179

29
 Share Price ($) FFO per Share Price/FFO FFO FFO Debt/ Equity Implied Average Average
52 Week Estimates ($) Estimates Growth (%) Payout (%) EBITDA Total Return (%) Dividend Market Market Debt Share Dollar Relative Long-Term
Name Ticker 28-Feb-2022 High Low 2022 2023 2022 2023 2022 - 2023 2021: Q3 2021: Q3 Feb-22 QTD YTD 1-Yr 3-Yr 5-Yr Yield (%) Cap ($M) Cap ($M) Ratio (%) Volume Volume Liquidity Issuer Rating
Office
Alexandria Real Estate Equity ARE 189.40 223.57 164.30 8.39 9.09 22.57 20.83 8.31 42.92 4.66 -2.79 -15.05 -15.05 21.43 14.60 12.71 2.43 29,462.4 29,462.4 21.6 1,026 193,508 0.657 BBB+
Boston Properties BXP 122.31 132.51 101.26 7.39 7.94 16.55 15.39 7.53 55.23 7.05 9.13 6.19 6.19 27.81 0.89 0.66 3.20 19,089.4 21,295.0 40.0 1,061 125,191 0.656 A-
Brandywine Rlty BDN 13.33 15.00 12.57 1.40 1.46 9.54 9.10 4.83 55.88 6.72 3.65 0.64 0.64 15.22 0.42 0.82 5.70 2,277.5 2,290.7 45.0 1,842 24,308 1.067 BBB-
City Office REIT CIO 17.22 21.27 10.56 1.57 1.69 10.95 10.19 7.48 - 8.04 -3.42 -11.82 -11.82 77.16 23.74 13.24 4.65 747.3 747.3 44.1 276 4,869 0.651
Corporate Office Properties OFC 26.21 30.18 24.42 2.33 2.45 11.24 10.71 4.94 55.00 6.08 3.76 -6.29 -6.29 4.93 4.52 -1.24 4.20 2,944.1 2,985.4 41.9 924 23,542 0.800 BBB-
Cousins Property CUZ 38.63 42.15 35.08 2.74 2.84 14.08 13.58 3.72 32.50 3.03 0.18 -3.38 -3.38 18.99 3.97 5.79 3.21 5,742.5 5,809.8 28.0 1,166 44,924 0.782
Creative Media & Community Trust Corporation CMCT 7.76 13.20 6.59 0.63 - 12.32 - - - 0.34 0.78 5.58 5.58 -33.82 -18.03 -4.32 3.87 181.3 181.3 54.0 20 148 0.082
Douglas Emmett DEI 31.70 36.92 30.16 2.04 2.20 15.52 14.43 7.55 50.00 7.09 1.54 -5.37 -5.37 0.12 -3.23 -1.81 3.53 5,562.4 6,456.4 42.5 1,195 37,791 0.679
Easterly Government Properties DEA 20.82 23.40 20.03 1.36 1.40 15.35 14.84 3.46 83.87 6.57 -0.72 -9.16 -9.16 -0.51 10.22 5.23 5.09 1,793.4 2,000.1 35.9 724 14,896 0.831
Empire State Realty Trust ESRT 9.46 12.81 8.55 0.76 0.88 12.41 10.76 15.32 58.33 6.37 6.05 6.29 6.29 -13.20 -12.81 -13.51 1.48 1,626.5 2,777.2 47.2 1,487 13,715 0.843
Equity Commonwealth EQC 26.57 28.95 25.13 0.00 0.18 -19,424.82 148.70 -13,163.05 0.00 0.31 2.04 2.59 2.59 -5.81 0.79 3.03 0.00 3,239.5 3,240.7 0.0 944 24,944 0.770
Franklin Street Properties FSP 5.78 6.54 4.43 0.39 0.41 14.82 13.98 5.98 42.86 7.94 4.14 -1.24 -1.24 31.38 0.58 -7.75 6.23 610.6 610.6 43.1 576 3,231 0.529
Highwoods Prop HIW 43.60 48.62 41.33 3.87 3.97 11.28 10.98 2.67 65.97 5.58 2.29 -1.09 -1.09 14.00 2.60 0.57 4.59 4,536.8 4,656.1 37.3 1,119 47,933 1.057 BBB
Hudson Pacific Properties HPP 26.40 30.28 22.54 2.04 2.17 12.96 12.17 6.52 51.02 13.48 11.72 6.84 6.84 7.10 -3.93 -3.09 3.79 4,025.4 4,044.4 53.4 1,166 28,644 0.712 BBB-
Kilroy Realty KRC 71.62 78.89 61.25 4.42 4.77 16.20 15.02 7.83 47.89 6.31 11.91 7.76 7.76 16.29 2.02 1.26 2.90 8,340.2 8,485.1 34.9 865 59,391 0.712 BBB
New York City REIT NYC 11.61 13.77 5.93 0.03 0.15 387.00 77.40 400.00 - - 6.32 10.47 10.47 22.82 - - 3.45 154.2 154.2 - 45 511 0.331
Office Properties Income Trust OPI 25.05 31.35 23.13 4.76 4.90 5.27 5.12 2.93 36.67 5.25 -1.69 3.05 3.05 7.36 1.60 -13.59 8.78 1,210.4 1,210.4 68.4 283 7,033 0.581 BBB-
Paramount Group PGRE 11.19 11.53 7.88 0.93 0.96 11.99 11.65 2.90 41.67 8.25 28.77 34.17 34.17 24.36 -4.70 -5.57 2.50 2,450.1 2,725.9 65.6 2,959 27,696 1.130
Piedmont Office Realty Trust Cl A PDM 17.04 20.29 16.16 2.04 2.14 8.37 7.98 4.91 93.33 3.70 -2.81 -6.09 -6.09 4.72 -1.53 -0.98 4.93 2,113.5 2,113.5 45.7 973 16,703 0.790 BBB
SL Green Realty SLG 79.52 87.78 69.29 6.83 7.44 11.64 10.69 8.88 50.60 8.48 10.08 8.50 8.50 21.40 1.00 -2.39 4.69 5,340.5 5,679.3 53.7 919 71,007 1.330 BBB-
Vornado Realty VNO 43.28 50.28 39.17 3.27 3.47 13.25 12.49 6.07 50.77 5.40 5.54 4.75 4.75 5.82 -8.35 -8.97 4.90 8,286.6 8,812.2 51.4 1,747 73,852 0.891 BBB
AVERAGE 39.93 45.68 34.75 2.72 3.03 -894.83 22.30 -632.56 50.81 6.03 4.59 1.78 1.78 12.74 0.72 -0.99 4.01 5,225.4 5,511.3 42.7 1,015 40,183 0.756

Industrial
Americold Realty Trust COLD 26.72 40.39 25.12 1.11 1.31 24.17 20.46 18.15 93.75 8.15 -6.08 -18.51 -18.51 -21.77 -0.02 - 3.29 7,128.1 7,128.1 28.1 1,947 54,212 0.761
Duke Realty Corp DRE 53.00 65.64 41.93 1.91 2.11 27.76 25.12 10.52 65.15 4.82 -7.80 -18.84 -18.84 37.86 24.47 19.40 2.11 20,185.1 20,352.0 13.0 1,988 109,766 0.544 BBB+
Eastgroup Properties EGP 190.76 228.56 143.28 6.63 7.24 28.79 26.34 9.32 60.00 5.08 -4.58 -16.28 -16.28 43.04 24.64 23.92 2.31 7,760.9 7,760.9 13.8 235 45,540 0.587
First Industrial Realty Trust FR 57.58 66.48 45.79 2.15 2.35 26.76 24.55 9.00 53.05 4.83 -5.26 -13.02 -13.02 37.55 22.60 19.46 1.88 7,435.2 7,602.5 15.7 753 44,241 0.595 BBB
Industrial Logistics Properties Trust ILPT 22.37 28.40 21.52 1.96 1.92 11.42 11.68 -2.20 80.49 4.43 -2.44 -9.39 -9.39 10.77 8.65 - 5.90 1,460.8 1,460.8 33.9 459 10,246 0.701
INDUS Realty Trust Inc INDT 76.14 82.25 59.40 1.53 1.90 49.63 40.02 24.02 - - -3.07 -6.07 -6.07 26.29 32.87 21.37 0.84 774.6 774.6 - 19 1,416 0.183
Innovative Industrial Properties IIPR 188.46 286.21 166.47 8.63 10.35 21.84 18.21 19.93 76.09 2.95 -4.91 -28.32 -28.32 -0.73 38.09 67.91 3.18 4,509.2 4,509.2 4.9 189 35,781 0.794
LXP Industrial Trust LXP 15.46 16.04 11.11 0.71 0.75 21.65 20.55 5.36 88.75 4.52 3.83 -1.02 -1.02 49.25 23.21 12.71 3.10 4,372.4 4,427.0 25.4 3,081 46,938 1.074 BBB-
Plymouth Industrial REIT PLYM 26.08 32.00 16.85 1.84 1.92 14.16 13.57 4.34 68.18 9.22 -9.29 -18.50 -18.50 81.63 27.50 - 3.22 902.5 929.8 38.3 307 8,522 0.944
Prologis PLD 145.85 168.36 106.00 5.04 5.56 28.96 26.24 10.35 - 3.79 -7.00 -13.37 -13.37 50.18 30.74 26.64 1.73 107,895.9 110,879.8 12.5 2,951 437,436 0.405 A-
PS Business Parks PSB 159.29 186.97 147.66 7.40 7.59 21.53 20.99 2.56 62.87 0.00 -4.59 -13.51 -13.51 15.88 6.49 10.12 2.64 4,385.1 5,548.8 0.6 81 13,014 0.297 A-
Rexford Industrial Realty REXR 70.13 81.11 50.40 1.90 2.14 37.01 32.74 13.05 53.33 4.85 -4.15 -13.54 -13.54 49.33 29.22 27.44 1.37 10,623.8 10,796.6 10.9 1,104 78,341 0.737
STAG Industrial STAG 38.96 47.96 33.61 2.18 2.31 17.89 16.86 6.12 81.06 5.37 -8.54 -18.28 -18.28 28.04 17.13 13.89 3.75 6,818.8 6,974.1 21.0 1,125 45,365 0.665
Terreno Realty TRNO 68.79 85.29 57.77 1.95 2.18 35.30 31.59 11.73 68.57 3.75 -8.00 -19.35 -19.35 25.11 21.36 22.66 1.98 5,146.8 5,146.8 10.8 362 25,520 0.496
AVERAGE 81.40 101.12 66.21 3.21 3.54 26.20 23.49 10.16 70.94 4.75 -5.13 -14.86 -14.86 30.89 21.92 24.14 2.66 13,528.5 13,877.9 17.6 1,043 68,310 0.627

OVERALL AVERAGE 56.52 67.86 47.33 2.92 3.24 -526.42 22.79 -367.91 58.86 5.53 0.70 -4.88 -4.88 20.00 9.45 7.92 3.47 8,546.7 8,858.0 32.8 1,026 51,433 0.705

30
 Retail
Share Price ($) FFO per Share Price/FFO FFO FFO Debt/ Equity Implied Average Average
52 Week Estimates ($) Estimates Growth (%) Payout (%) EBITDA Total Return (%) Dividend Market Market Debt Share Dollar Relative Long-Term
Name Ticker 28-Feb-2022 High Low 2022 2023 2022 2023 2022 - 2023 2021: Q3 2021: Q3 Feb-22 QTD YTD 1-Yr 3-Yr 5-Yr Yield (%) Cap ($M) Cap ($M) Ratio (%) Volume Volume Liquidity Issuer Rating
Shopping Centers
Acadia Realty AKR 21.44 23.10 18.97 1.23 1.36 17.44 15.77 10.59 71.79 8.10 8.34 -1.79 -1.79 16.66 -6.18 -4.49 2.80 1,896.0 2,006.0 48.6 662 13,439 0.709
Brixmor Property Group BRX 25.12 26.76 20.23 1.92 2.04 13.09 12.32 6.26 58.33 6.26 -0.95 -0.22 -0.22 32.62 18.51 7.12 3.82 7,459.5 7,459.5 40.8 3,041 76,470 1.025 BBB-
Cedar Realty Trust CDR 24.01 28.50 13.70 2.46 2.71 9.75 8.86 10.01 45.45 8.33 1.14 -4.09 -4.09 76.67 5.65 -5.24 1.10 327.2 340.5 60.5 85 1,955 0.597
Federal Realty Invs FRT 117.58 139.37 101.45 5.87 6.35 20.02 18.53 8.07 65.38 5.46 -7.77 -13.75 -13.75 20.41 -0.41 0.00 3.64 9,143.0 9,221.7 29.0 519 62,835 0.687 A-
Inventrust Properties IVT 25.95 31.06 1.27 - - - - - - 4.35 -3.67 -4.81 -4.81 126.52 21.40 6.59 0.79 1,849.2 1,849.2 22.5 227 5,801 0.314
Kimco Realty Cp KIM 23.53 25.36 18.75 1.51 1.62 15.59 14.57 7.03 73.68 5.27 -3.01 -4.54 -4.54 32.47 15.50 4.91 2.89 14,427.6 14,449.4 34.4 7,938 190,040 1.317 BBB+
Kite Realty Group Trust KRG 21.93 23.21 18.73 1.64 1.77 13.34 12.40 7.56 144.32 6.96 5.03 1.57 1.57 18.44 17.92 5.62 3.47 4,786.5 4,832.9 41.7 1,884 40,403 0.844 BBB-
The Necessity Retail REIT Inc RTL 7.04 10.11 6.98 1.06 1.16 6.62 6.09 8.78 110.00 8.34 -14.77 -21.05 -21.05 -12.53 -4.77 - 12.07 869.5 870.7 64.5 932 7,519 0.865
Phillips Edison & Company PECO 32.32 35.22 27.15 2.09 2.26 15.44 14.33 7.76 - - 2.83 -1.62 -1.62 - - - 3.34 631.9 631.9 - 1,439 45,957 7.273
Regency Centers REG 65.89 77.86 56.71 3.87 4.08 17.02 16.17 5.28 61.58 4.20 -8.17 -12.55 -12.55 24.73 4.24 2.42 3.79 11,192.2 11,215.3 25.1 1,133 77,360 0.691 BBB+
Retail Opportunity ROIC 18.16 19.86 15.87 1.06 1.14 17.05 15.92 7.11 67.93 6.75 -2.00 -7.35 -7.35 18.20 4.98 -0.45 2.42 2,205.2 2,412.3 36.3 1,208 21,998 0.998 BBB-
Retail Value RVI 3.10 27.91 2.98 - - - - - - 6.88 -1.59 -2.68 -2.68 69.14 1.25 - -45.21 65.4 65.4 1.5 159 493 0.755
RPT Realty RPT 12.95 14.58 11.41 1.03 1.11 12.60 11.72 7.52 81.48 6.03 2.61 -3.21 -3.21 21.73 5.37 1.62 3.71 1,091.6 1,116.3 44.9 522 6,592 0.604
Saul Centers BFS 46.03 54.67 39.89 3.15 3.27 14.61 14.08 3.81 63.10 6.42 -6.78 -12.26 -12.26 36.32 -1.69 -1.97 4.95 1,085.1 1,446.0 40.9 29 1,377 0.127
SITE Centers SITC 15.55 17.27 13.56 1.12 1.18 13.90 13.16 5.57 60.61 4.65 5.00 -1.77 -1.77 20.25 9.31 -3.04 3.09 3,281.5 3,283.7 34.7 2,425 36,869 1.124 BBB-
Tanger Factory Outlet Center SKT 16.68 21.51 15.13 1.71 1.75 9.75 9.55 2.14 61.40 3.72 -1.94 -12.54 -12.54 10.45 -2.49 -7.94 4.38 1,734.0 1,816.8 41.7 1,034 17,246 0.995 BBB
Urban Edge Properties UE 18.22 20.27 16.52 1.19 1.33 15.31 13.70 11.76 75.86 6.00 -0.11 -4.11 -4.11 14.07 2.23 -4.18 3.29 2,132.2 2,261.8 44.0 2,246 40,291 1.890
Urstadt Biddle Pptys UBA 18.83 21.55 16.65 1.55 1.64 12.17 11.47 6.18 76.39 4.01 -4.37 -10.61 -10.61 21.99 1.39 1.66 5.05 566.8 566.8 31.8 197 3,767 0.665
Wheeler Real Estate Investment Trust Inc WHLR 1.99 5.30 1.51 - - - - - 0.00 8.11 13.71 2.58 2.58 -40.06 0.00 -31.11 0.00 19.3 19.8 94.7 13 26 0.136
Whitestone REIT WSR 11.78 13.54 7.69 1.02 1.11 11.55 10.61 8.82 118.75 9.73 15.79 17.11 17.11 31.89 3.41 3.92 3.65 578.6 589.5 55.9 728 8,003 1.383
AVERAGE 26.41 31.85 21.26 1.97 2.11 13.84 12.90 7.31 72.71 6.29 -0.03 -4.88 -4.88 28.42 5.03 -1.45 1.15 3,267.1 3,322.8 41.8 1,321 32,922 1.150

Regional Malls
Macerich MAC 15.30 22.21 11.70 1.94 2.03 7.87 7.53 4.44 93.75 9.80 -6.63 -10.62 -10.62 22.88 -22.81 -19.85 3.92 3,259.0 3,418.4 55.1 3,163 50,128 1.538
Pennsylvania Real Estate Investment Trust PEI 0.93 3.17 0.62 - - - - - 123.53 12.24 12.04 -8.83 -8.83 -53.51 -42.84 -39.20 0.00 74.6 76.5 95.7 434 388 0.520
Simon Property Group SPG 137.56 170.50 113.38 11.74 12.23 11.71 11.24 4.19 67.43 5.03 -6.55 -13.90 -13.90 27.30 -3.99 -0.95 4.80 45,144.6 51,580.0 30.1 2,336 332,536 0.737 A
AVERAGE 51.26 65.29 41.90 6.84 7.13 9.79 9.39 4.31 94.90 9.02 -0.38 -11.12 -11.12 -1.11 -23.21 -20.00 2.91 16,159.4 18,358.3 60.3 1,978 127,684 0.932

Free Standing
Agree Realty ADC 64.15 75.44 62.38 3.85 4.05 16.64 15.85 4.99 85.38 5.21 -1.54 -9.47 -9.47 3.21 3.06 9.49 4.25 4,476.4 4,498.7 25.9 575 36,518 0.816
Alpine Income Property Trust PINE 19.17 20.69 17.36 1.59 1.55 12.05 12.39 -2.74 - - -2.69 -4.34 -4.34 10.67 - - 5.63 216.6 216.6 - 46 871 0.402
Essential Properties Realty Trust EPRT 25.28 32.68 22.83 1.57 1.70 16.11 14.89 8.16 72.41 5.25 -4.78 -12.31 -12.31 13.11 19.43 - 4.11 3,073.4 3,555.1 22.7 1,167 29,572 0.962
Four Corners Property Trust FCPT 26.38 29.89 25.60 1.65 1.74 16.01 15.18 5.43 82.14 5.03 -2.55 -10.30 -10.30 1.94 3.42 8.28 5.04 2,040.6 2,048.4 27.9 480 12,600 0.617
Getty Realty GTY 27.55 34.08 27.13 2.00 2.08 13.80 13.27 4.04 81.40 4.81 -7.15 -14.15 -14.15 3.74 -0.82 5.96 5.95 1,249.2 1,249.2 29.4 362 10,213 0.818
National Retail Properties NNN 42.61 50.00 41.62 3.01 3.12 14.15 13.68 3.49 73.53 4.57 -3.99 -10.28 -10.28 1.72 -1.96 3.49 4.98 7,481.5 7,481.5 30.8 1,102 47,294 0.632 BBB+
NetSTREIT NTST 22.14 26.65 18.40 1.10 1.25 20.06 17.67 13.53 - - -2.04 -3.32 -3.32 30.77 - - 3.61 872.4 872.4 - 438 9,577 1.098
Orion Office REIT ONL 17.03 31.98 14.39 - - - - - - - 2.34 -8.78 -8.78 - - - 0.00 938.2 938.2 - 528 8,911 0.950
Postal Realty Trust PSTL 17.45 21.12 16.93 1.02 1.13 17.05 15.40 10.75 - - -1.12 -10.70 -10.70 13.67 - - 5.21 238.3 238.3 - 115 2,029 0.851
Realty Income O 66.09 74.10 63.50 3.94 4.10 16.79 16.10 4.27 82.96 5.33 -4.43 -7.01 -7.01 18.10 3.86 6.74 4.48 37,394.6 37,425.2 29.9 3,740 252,040 0.674 A-
Seritage Growth Properties SRG 10.19 19.43 8.49 - - - - - - 10.34 -1.64 -23.21 -23.21 -49.53 -38.54 -25.37 0.00 444.6 649.6 63.4 678 6,340 1.426
Spirit Realty Capital SRC 46.37 52.22 42.50 3.63 3.81 12.78 12.18 4.89 69.44 4.66 -2.30 -3.78 -3.78 13.79 13.04 5.91 5.50 5,718.1 5,718.1 34.6 1,065 49,232 0.861 BBB
Store Capital REIT STOR 30.72 36.76 28.73 2.18 2.32 14.10 13.23 6.65 70.21 5.84 -3.12 -10.70 -10.70 -4.02 2.83 9.30 5.01 8,309.6 8,309.6 31.8 2,201 67,307 0.810 BBB
AVERAGE 31.93 38.85 29.99 2.32 2.44 15.41 14.53 5.77 77.19 5.67 -2.69 -9.87 -9.87 4.76 0.48 2.97 4.14 5,573.3 5,630.8 32.9 961 40,962 0.840

OVERALL AVERAGE 30.47 37.16 26.13 2.42 2.57 14.15 13.26 6.54 76.37 6.38 -1.02 -7.21 -7.21 17.46 0.98 -2.17 2.38 5,174.3 5,409.2 41.0 1,246 43,722 1.020

31
 Residential
Share Price ($) FFO per Share Price/FFO FFO FFO Debt/ Equity Implied Average Average
52 Week Estimates ($) Estimates Growth (%) Payout (%) EBITDA Total Return (%) Dividend Market Market Debt Share Dollar Relative Long-Term
Name Ticker 28-Feb-2022 High Low 2022 2023 2022 2023 2022 - 2023 2021: Q3 2021: Q3 Feb-22 QTD YTD 1-Yr 3-Yr 5-Yr Yield (%) Cap ($M) Cap ($M) Ratio (%) Volume Volume Liquidity Issuer Rating
Apartments
American Campus Communities ACC 53.81 57.36 43.17 2.43 2.62 22.10 20.52 7.71 64.79 6.24 3.90 -5.22 -5.22 36.41 10.77 5.47 3.49 7,418.6 7,453.4 33.5 1,066 54,823 0.739 BBB
Apartment Income REIT AIRC 51.61 55.22 42.31 2.44 2.61 21.17 19.75 7.20 - - -1.45 -4.79 -4.79 30.79 - - 3.49 8,093.8 8,093.8 - 805 42,050 0.520
Apartment Inv Management AIV 7.14 8.14 6.14 - - - - - 65.93 2.36 1.56 -7.51 -7.51 50.00 14.65 11.23 0.00 1,087.0 1,156.1 56.6 1,834 12,621 1.161 BBB-
Avalonbay Communities AVB 238.59 258.26 184.51 9.59 10.47 24.89 22.79 9.19 63.64 4.68 -2.31 -5.54 -5.54 39.81 10.66 8.90 2.67 33,308.3 33,310.1 19.0 703 169,717 0.510 A-
Bluerock Residential Growth REIT BRG 26.55 27.20 8.89 0.82 0.94 32.58 28.40 14.72 - 11.11 0.00 0.61 0.61 160.70 44.94 24.70 2.45 701.2 933.2 59.5 203 5,382 0.768
BRT Apartments BRT 22.01 24.63 16.09 1.28 1.38 17.20 15.95 7.81 105.26 15.32 -0.81 -8.25 -8.25 45.93 25.81 27.80 4.18 400.1 400.1 35.2 79 1,741 0.435
Camden Property CPT 165.11 178.68 109.91 6.32 6.90 26.14 23.93 9.23 63.11 3.97 3.14 -7.59 -7.59 62.35 22.61 18.00 2.01 16,873.8 17,163.7 14.6 933 152,688 0.905 A-
Centerspace CSR 93.99 111.26 67.28 4.33 4.54 21.71 20.73 4.73 90.91 8.35 -1.46 -15.25 -15.25 41.52 20.60 12.50 3.06 1,342.2 1,470.5 33.0 70 6,482 0.483
Clipper Realty CLPR 9.52 10.25 7.31 0.41 - 23.22 - - - 18.00 3.82 -4.23 -4.23 14.26 -5.97 -2.93 3.99 152.9 403.5 72.9 50 459 0.300
Equity Residential EQR 85.30 92.88 71.39 3.46 3.76 24.68 22.69 8.76 66.67 5.49 -3.87 -5.75 -5.75 34.37 8.60 9.81 2.83 31,902.7 33,084.3 19.8 2,013 175,443 0.550 A-
Essex Prop Trust ESS 317.17 357.25 271.84 13.98 15.10 22.69 21.01 8.02 55.69 4.76 -4.61 -9.95 -9.95 27.85 7.43 9.42 2.64 20,615.7 21,345.0 21.1 330 106,007 0.514 BBB+
Independence Realty Trust IRT 25.27 26.84 15.20 1.02 1.12 24.73 22.53 9.76 105.88 10.00 9.92 -2.17 -2.17 84.59 40.76 29.19 0.33 2,656.2 2,678.5 49.7 3,525 85,003 3.200
Mid-America Apartment Comm MAA 204.61 229.44 144.36 8.03 8.71 25.47 23.49 8.45 60.76 4.84 -1.00 -10.38 -10.38 55.34 29.18 18.55 2.13 23,738.8 24,578.8 14.2 577 120,263 0.507 BBB+
NexPoint Residential Trust NXRT 84.97 92.45 46.09 2.97 3.35 28.56 25.33 12.79 59.78 11.81 7.15 1.36 1.36 112.05 36.97 33.00 1.79 2,135.1 2,141.3 42.4 113 9,201 0.431
Preferred Apartment Communities APTS 25.26 25.80 9.22 0.95 1.06 26.60 23.83 11.59 66.67 9.94 51.44 39.87 39.87 225.71 27.88 21.40 2.77 1,337.4 1,359.6 71.0 2,568 56,283 4.208
UDR UDR 54.87 60.79 43.81 2.29 2.49 23.97 22.05 8.74 63.24 5.12 -3.47 -7.97 -7.97 37.08 10.80 12.10 2.64 16,965.1 18,234.2 21.9 1,888 104,840 0.618 BBB+
Washington Real Estate Inv WRE 23.36 26.95 22.10 0.90 0.98 26.01 23.84 9.13 142.86 8.32 -5.12 -9.63 -9.63 7.91 0.39 -2.34 2.91 1,975.8 1,976.1 18.5 681 16,241 0.822 BBB
AVERAGE 87.60 96.67 65.27 3.83 4.40 24.48 22.45 9.19 76.80 8.14 3.34 -3.67 -3.67 62.75 19.13 14.80 2.55 10,041.4 10,340.1 36.4 1,026 65,838 0.981

Manufactured Homes
Equity Lifestyle Properties ELS 74.62 88.45 63.64 2.74 2.93 27.26 25.46 7.08 48.67 3.19 -4.69 -14.88 -14.88 23.37 13.46 15.88 1.94 13,604.3 14,032.6 16.7 817 62,540 0.460
Sun Communities SUI 181.00 210.41 150.04 7.22 7.92 25.05 22.86 9.59 59.66 5.54 -4.21 -13.80 -13.80 21.36 19.33 19.87 1.83 20,978.5 21,470.6 18.9 587 110,346 0.526
UMH Properties UMH 23.06 27.33 19.17 0.95 1.19 24.20 19.35 25.06 47.37 4.53 -1.43 -14.88 -14.88 39.75 24.66 14.55 3.47 1,093.4 1,093.4 28.0 284 6,608 0.604
AVERAGE 92.89 108.73 77.62 3.64 4.01 25.50 22.56 13.91 51.90 4.42 -3.44 -14.52 -14.52 28.16 19.15 16.77 2.41 11,892.1 12,198.9 21.2 562 59,831 0.530

Single Family Homes

American Homes 4 Rent AMH 38.01 43.61 33.34 1.57 1.70 24.28 22.38 8.51 18.52 4.92 -2.86 -12.84 -12.84 23.36 21.32 10.83 1.05 12,686.2 14,769.8 18.7 2,090 80,573 0.635 BBB-
Invitation Homes INVH 37.80 45.34 31.99 1.67 1.85 22.57 20.42 10.55 50.00 9.19 -9.48 -16.19 -16.19 32.14 20.39 13.80 2.33 22,557.9 22,764.4 22.7 5,861 237,825 1.054
AVERAGE 37.91 44.48 32.67 1.62 1.77 23.43 21.40 9.53 34.26 7.05 -6.17 -14.52 -14.52 27.75 20.85 12.31 1.69 17,622.0 18,767.1 20.7 3,976 159,199 0.845

OVERALL AVERAGE 83.80 93.57 63.99 3.59 4.08 24.53 22.36 9.93 68.39 7.51 1.55 -6.14 -6.14 54.85 19.30 14.84 2.45 10,983.0 11,359.7 32.8 1,231 73,506 0.907

32
 Share Price ($) FFO per Share Price/FFO FFO FFO Debt/ Equity Implied Average Average
52 Week Estimates ($) Estimates Growth (%) Payout (%) EBITDA Total Return (%) Dividend Market Market Debt Share Dollar Relative Long-Term
Name Ticker 28-Feb-2022 High Low 2022 2023 2022 2023 2022 - 2023 2021: Q3 2021: Q3 Feb-22 QTD YTD 1-Yr 3-Yr 5-Yr Yield (%) Cap ($M) Cap ($M) Ratio (%) Volume Volume Liquidity Issuer Rating
Diversified
Alexander & Baldwin Inc. ALEX 22.43 25.92 16.79 0.96 1.05 23.36 21.36 9.38 - - -2.27 -10.60 -10.60 32.60 2.02 -3.27 3.21 1,625.5 1,625.5 23.3 276 6,205 0.382
Alexanders Inc ALX 253.42 287.89 247.02 17.41 17.89 14.56 14.17 2.76 90.18 6.76 -3.74 -1.00 -1.00 -0.22 -7.18 -5.15 7.10 1,294.3 1,294.3 45.1 14 3,646 0.282
American Assets Trust Inc. AAT 36.56 40.41 32.44 2.15 2.31 17.02 15.80 7.73 50.00 6.56 1.64 -2.58 -2.58 21.33 -2.75 -0.83 3.28 2,210.9 2,838.9 36.8 264 9,450 0.427 BBB-
Armada Hoffler Properties AHH 14.68 15.72 12.54 1.12 1.14 13.13 12.89 1.93 80.00 8.30 4.63 -3.55 -3.55 19.14 3.44 6.28 4.63 895.3 1,144.8 46.1 573 8,058 0.900
Broadstone Net Lease BNL 21.66 27.91 18.30 1.45 1.53 14.96 14.17 5.56 - - -6.27 -12.73 -12.73 25.31 - - 4.89 3,493.0 3,493.0 - 642 14,210 0.407
DigitalBridge Group Inc DBRG 7.25 8.50 5.84 0.24 0.33 30.53 22.14 37.89 - 9.62 -0.68 -12.97 -12.97 22.47 14.54 -7.75 0.00 3,722.8 3,950.1 54.2 4,624 33,877 0.910
Generation Income Properties GIPR 6.96 8.80 0.02 0.63 - 11.05 - - - - -0.37 14.30 14.30 ######## 54,289.22 - 3.88 14.9 14.9 - 11 75 0.504
Gladstone Commercial GOOD 21.19 25.77 19.56 1.66 1.73 12.73 12.25 3.97 96.15 5.64 -8.10 -16.85 -16.85 21.43 8.83 8.24 7.10 789.7 805.5 42.1 283 6,171 0.781
Global Net Lease GNL 14.21 20.00 13.79 2.01 2.03 7.08 7.00 1.12 121.02 7.77 -0.91 -4.50 -4.50 -15.97 2.28 -0.93 11.26 1,472.2 1,472.2 61.0 1,016 14,422 0.980
JBG SMITH Properties JBGS 26.68 34.96 25.99 1.50 1.58 17.76 16.92 4.94 80.36 5.83 -2.63 -7.07 -7.07 -13.41 -10.38 - 3.37 3,461.1 3,865.1 39.2 830 22,627 0.654
Veris Residential Inc VRE 16.90 19.66 15.48 0.65 0.77 26.11 22.04 18.45 51.28 1.97 2.42 -8.05 -8.05 20.97 -5.02 -7.86 0.00 1,533.3 1,702.5 56.6 485 8,238 0.537 BB-
Medalist Diversified Reit Inc MDRR 1.09 2.11 0.98 0.07 0.06 16.77 18.17 -7.69 - 35.82 8.89 -7.42 -7.42 -41.72 -44.52 - 7.34 17.7 17.9 75.5 165 169 0.954
Modiv MDV 17.01 68.00 16.17 - - - - - - - -74.84 -74.84 -74.84 - - - 0.56 128.6 128.6 - 72 2,080 1.617
One Liberty OLP 29.06 36.24 22.27 2.04 2.07 14.22 14.04 1.31 93.75 7.76 -4.72 -17.63 -17.63 44.65 8.51 11.55 6.19 602.5 602.5 36.8 61 1,827 0.303
Presidio Property Trust SQFT 3.68 5.13 3.05 0.10 0.20 38.74 18.40 110.53 - - 1.10 -5.64 -5.64 12.26 - - 11.30 38.7 38.7 - 50 183 0.474
Service Properties Trust SVC 8.63 14.83 7.11 1.68 2.04 5.15 4.23 21.67 60.23 2.79 0.94 -1.71 -1.71 -32.53 -29.47 -19.06 0.46 1,422.4 1,422.4 83.6 1,548 13,558 0.953 BBB-
W. P. Carey Inc. WPC 77.40 83.52 70.57 4.97 5.14 15.59 15.07 3.45 94.50 6.55 -0.26 -5.67 -5.67 19.37 7.46 10.45 5.45 14,418.5 14,418.5 31.8 949 72,229 0.501 BBB
AVERAGE 34.05 42.67 31.05 2.41 2.66 17.42 15.24 14.87 81.75 8.78 -5.01 -10.50 -10.50 94,752.29 3,874.07 -0.76 4.71 2,184.8 2,284.4 48.6 698 12,766 0.680

Health Care
CareTrust REIT CTRE 17.50 24.57 17.12 1.53 1.64 11.44 10.70 6.96 64.06 4.20 -17.49 -23.35 -23.35 -17.31 -3.34 6.98 6.06 1,693.7 1,693.7 23.4 905 17,179 1.014 BB-
Community Healthcare Trust CHCT 41.70 52.22 39.70 2.40 2.63 17.37 15.86 9.47 110.14 4.67 -7.11 -10.90 -10.90 -1.24 9.42 17.14 4.20 1,041.8 1,041.8 18.6 98 4,212 0.404
Diversified Healthcare Trust DHC 2.88 4.82 2.46 0.18 0.49 16.09 5.84 175.61 114.71 6.18 -5.57 -6.49 -6.49 -35.31 -36.90 -28.26 1.39 686.2 686.2 83.3 1,512 4,612 0.672 BB+
Global Medical REIT GMRE 15.70 18.39 13.11 1.04 1.19 15.06 13.21 14.02 117.65 6.58 -7.16 -11.55 -11.55 23.07 22.82 22.24 5.22 1,007.9 1,020.1 33.6 315 5,096 0.506
Healthcare Realty Trust HR 26.08 33.70 26.08 1.81 1.86 14.42 14.02 2.87 76.92 5.71 -15.04 -16.70 -16.70 -5.97 -2.53 -0.14 4.75 3,847.9 3,847.9 29.2 2,304 69,795 1.814 BBB
Healthcare Trust Of America Inc HTA 29.39 34.72 26.70 1.82 1.87 16.11 15.69 2.71 77.50 6.16 -9.71 -11.14 -11.14 13.05 5.77 2.70 4.42 6,431.3 6,546.2 30.4 4,124 127,311 1.980 BBB
Healthpeak Properties Inc PEAK 31.06 37.36 30.75 1.74 1.85 17.90 16.81 6.48 86.05 5.91 -11.37 -13.13 -13.13 10.59 4.75 3.78 3.86 16,739.2 16,938.9 25.0 5,140 166,551 0.995 BBB+
LTC Properties LTC 33.83 43.63 31.36 2.51 2.74 13.47 12.35 9.06 76.00 4.41 -5.69 0.18 0.18 -11.98 -3.22 -1.54 6.74 1,331.7 1,331.7 35.0 326 11,062 0.831
Medical Properties Trust MPW 20.34 24.13 19.66 1.86 1.94 10.93 10.49 4.17 83.33 6.45 -10.63 -13.92 -13.92 -0.74 9.43 15.47 5.51 12,116.5 12,121.3 44.7 5,413 114,560 0.945 BB+
National Health Investors NHI 53.31 74.85 50.96 4.74 5.19 11.25 10.26 9.58 76.34 4.75 -7.82 -7.24 -7.24 -17.04 -6.31 -1.22 6.75 2,423.4 2,423.4 32.2 285 15,441 0.637
Omega Healthcare Investors OHI 28.17 39.16 27.20 2.85 2.98 9.89 9.44 4.73 98.51 5.79 -8.31 -2.45 -2.45 -17.58 -0.26 5.24 9.51 6,729.1 6,934.1 42.0 3,649 103,985 1.545 BBB-
Physicians Realty Trust DOC 16.26 19.55 16.26 1.11 1.13 14.68 14.35 2.31 92.00 6.11 -10.95 -12.58 -12.58 0.60 1.79 1.27 5.66 3,581.9 3,666.1 32.4 2,530 43,591 1.217 BBB-
Sabra Health Care REIT SBRA 13.43 18.68 12.49 1.58 1.65 8.49 8.14 4.31 104.65 - 0.99 1.51 1.51 -15.58 -1.87 -5.54 8.94 3,071.1 3,071.1 44.1 2,553 33,614 1.095 BB+
Universal Health Rlty Income UHT 57.11 73.57 55.23 - - - - - 84.38 4.91 -2.04 -3.97 -3.97 -3.63 -4.95 1.49 4.94 786.5 786.5 29.4 66 3,730 0.474
Ventas Inc VTR 54.00 63.64 45.69 3.02 3.29 17.90 16.40 9.16 80.87 5.85 1.85 5.63 5.63 5.52 -0.25 1.24 3.33 21,555.5 21,717.4 37.3 2,418 125,183 0.581 BBB+
Welltower Inc. WELL 83.29 98.31 71.04 3.57 4.09 23.35 20.34 14.78 95.60 4.83 -3.15 -2.18 -2.18 26.39 7.89 8.08 2.93 36,254.0 36,254.0 28.2 2,606 213,832 0.590 BBB+
AVERAGE 32.75 41.33 30.36 2.12 2.30 14.56 12.93 18.41 89.92 5.50 -7.45 -8.02 -8.02 -2.95 0.14 3.06 5.26 7,456.1 7,505.0 35.6 2,140 66,235 0.956

Lodging/Resorts
Apple Hospitality REIT APLE 17.69 18.55 14.09 1.46 1.71 12.10 10.34 17.08 - 3.68 9.67 9.54 9.54 24.46 5.35 2.32 0.23 4,039.4 4,039.4 29.6 2,023 34,388 0.851
Ashford Hospitality Trust AHT 8.61 66.70 6.86 2.74 3.46 3.15 2.49 26.27 - 11.77 10.53 -10.31 -10.31 -74.90 -73.94 -55.82 0.00 291.5 479.7 88.0 1,195 10,251 3.517
Braemar Hotels & Resorts BHR 5.96 7.22 4.20 0.79 0.90 7.57 6.65 13.86 - 8.58 11.40 16.86 16.86 -14.61 -21.00 -11.02 0.00 384.4 413.4 77.7 516 3,007 0.782
Chatham Lodging Trust CLDT 13.75 14.93 11.12 1.00 1.47 13.72 9.34 46.96 - 6.98 3.62 0.22 0.22 -1.29 -9.52 -3.40 0.00 668.5 668.5 45.9 410 5,795 0.867
Diamondrock Hospitality DRH 9.55 10.68 8.14 0.66 0.90 14.42 10.57 36.39 - 5.77 2.14 -0.62 -0.62 -5.63 -2.18 0.17 0.00 2,007.9 2,015.5 36.7 1,848 17,914 0.892
Hersha Hospitality Trust HT 9.23 12.20 8.13 0.99 1.38 9.33 6.69 39.47 140.00 11.87 2.33 0.65 0.65 -17.00 -19.28 -10.58 0.00 361.2 400.7 74.6 278 2,641 0.731
Host Hotels & Resorts HST 18.27 19.93 14.86 1.26 1.69 14.51 10.83 33.96 41.67 2.58 5.36 5.06 5.06 10.13 -0.23 3.43 0.00 13,044.3 13,186.1 30.3 9,271 169,294 1.298 BB+
Innsuites Hospitality Tr IHT 3.92 11.55 2.04 - - - - - - - 32.43 80.42 80.42 36.80 29.60 18.20 0.51 35.8 48.2 26.8 31 109 0.306
Park Hotels & Resorts PK 18.84 22.82 15.98 1.11 2.12 17.01 8.88 91.61 107.69 3.85 3.52 -0.21 -0.21 -13.38 -11.97 -0.37 0.00 4,455.5 4,455.5 52.3 3,202 60,539 1.359
Pebblebrook Hotel Trust PEB 22.51 25.73 19.94 1.22 2.18 18.44 10.34 78.27 95.00 8.36 3.97 0.63 0.63 -0.49 -9.33 -1.95 0.18 2,957.5 2,961.8 48.8 1,428 32,903 1.113
RLJ Lodging Trust RLJ 13.99 16.45 12.01 1.35 1.89 10.34 7.42 39.32 - 5.22 1.01 0.43 0.43 -10.65 -6.50 -5.41 0.29 2,331.0 2,341.8 52.1 1,449 20,989 0.900
Ryman Hospitality Properties RHP 88.11 97.15 70.07 5.91 7.64 14.92 11.53 29.34 59.86 5.73 -0.33 -4.19 -4.19 14.00 5.25 9.96 0.00 4,850.5 4,850.5 37.6 400 35,812 0.738 B+
Sotherly Hotels Inc SOHO 2.35 4.05 1.89 0.56 0.73 4.20 3.22 30.36 48.08 8.66 18.09 12.44 12.44 -36.14 -27.07 -15.77 0.00 39.3 43.5 90.7 53 124 0.316
Summit Hotel Properties INN 9.89 10.54 8.44 0.98 1.32 10.04 7.49 34.05 62.07 4.88 4.99 1.33 1.33 -4.44 -2.63 -5.40 0.00 1,049.5 1,052.1 51.1 605 5,975 0.569
Sunstone Hotel Investors SHO 10.58 13.55 10.15 0.69 0.96 15.38 10.99 39.98 - 3.94 -6.45 -9.80 -9.80 -19.91 -9.35 -3.55 0.00 2,317.5 2,317.5 19.9 4,200 47,579 2.053
Xenia Hotels & Resorts XHR 18.54 20.74 15.39 1.17 1.47 15.81 12.64 25.13 - 3.84 6.92 2.37 2.37 -7.16 0.88 4.92 0.00 2,109.9 2,135.8 42.1 572 10,458 0.496
AVERAGE 16.99 23.30 13.96 1.46 1.99 12.06 8.63 38.80 79.19 6.38 6.82 6.55 6.55 -7.51 -9.50 -4.64 0.08 2,559.0 2,588.1 50.3 1,718 28,611 1.049

OVERALL AVERAGE 28.05 35.91 25.25 2.01 2.32 14.74 12.27 24.03 85.17 6.75 -1.94 -4.12 -4.12 31,580.61 1,175.81 -0.78 3.38 4,028.2 4,088.3 44.6 1,502 35,399 0.891

33
 Share Price ($) FFO per Share Price/FFO FFO FFO Debt/ Equity Implied Average Average
52 Week Estimates ($) Estimates Growth (%) Payout (%) EBITDA Total Return (%) Dividend Market Market Debt Share Dollar Relative Long-Term
Name Ticker 28-Feb-2022 High Low 2022 2023 2022 2023 2022 - 2023 2021: Q3 2021: Q3 Feb-22 QTD YTD 1-Yr 3-Yr 5-Yr Yield (%) Cap ($M) Cap ($M) Ratio (%) Volume Volume Liquidity Issuer Rating
Self Storage
CubeSmart CUBE 48.21 57.02 37.83 2.41 2.59 20.01 18.61 7.55 80.00 4.87 -4.99 -15.29 -15.29 34.52 20.83 16.62 3.57 10,366.0 10,456.9 20.9 1,513 75,510 0.728 BBB
Extra Space Storage EXR 188.15 226.73 132.55 7.78 8.31 24.19 22.65 6.77 74.78 5.99 -5.07 -17.02 -17.02 53.71 29.17 23.02 2.66 25,161.0 26,272.7 16.6 696 135,870 0.540
Global Self Storage Inc SELF 5.70 6.69 4.72 0.33 0.35 17.54 16.29 7.69 130.00 6.00 -7.32 0.00 0.00 35.60 19.77 9.58 4.56 61.0 61.0 22.9 29 174 0.284
Life Storage LSI 126.59 153.18 85.95 5.97 6.45 21.21 19.63 8.07 75.76 5.58 -6.19 -16.77 -16.77 55.31 29.46 21.28 3.16 10,382.4 10,414.0 18.2 509 67,000 0.645 BBB
National Storage Affiliates Trust NSA 58.27 69.20 39.93 2.71 2.87 21.47 20.30 5.75 81.08 6.66 -5.34 -15.79 -15.79 55.81 32.08 24.01 3.09 5,165.7 7,946.8 23.9 610 36,660 0.710
Public Storage PSA 355.02 396.47 246.76 14.81 15.92 23.98 22.30 7.49 79.37 0.72 -0.98 -5.22 -5.22 55.90 22.84 13.22 2.25 62,120.7 62,203.1 10.2 776 276,861 0.446 A
AVERAGE 130.32 151.55 91.29 5.67 6.08 21.40 19.96 7.22 86.83 4.97 -4.98 -11.68 -11.68 48.47 25.69 17.96 3.22 18,876.1 19,559.1 18.8 689 98,679 0.559

Timber
CatchMark Timber Trust CTT 7.66 12.50 7.21 0.54 0.58 14.19 13.26 6.94 - - -5.69 -11.21 -11.21 -21.76 -2.26 -1.92 3.92 374.6 374.6 41.4 230 1,840 0.491
PotlatchDeltic PCH 54.90 63.44 49.19 4.60 3.51 11.93 15.64 -23.70 - 6.60 2.06 -8.83 -8.83 19.57 22.26 11.51 3.21 3,680.6 3,680.6 16.1 436 23,538 0.640 BBB-
Rayonier RYN 39.70 42.58 32.25 1.28 1.35 31.02 29.41 5.47 - 3.36 8.65 -1.64 -1.64 25.32 14.57 10.55 2.72 5,683.1 5,683.1 20.3 590 22,335 0.393 BBB-
Weyerhaeuser WY 38.88 42.57 32.95 - - - - - - - -0.27 -2.09 -2.09 23.01 21.01 7.45 1.75 29,129.5 29,129.5 14.5 4,561 184,295 0.633 BBB
AVERAGE 35.29 40.27 30.40 2.14 1.81 19.05 19.44 -3.76 - 4.98 1.19 -5.94 -5.94 11.54 13.89 6.90 2.90 9,717.0 9,717.0 23.1 1,454 58,002 0.539

Infrastructure
American Tower Corp AMT 226.87 303.62 226.87 10.21 11.13 22.22 20.38 9.04 48.55 5.66 -9.79 -22.44 -22.44 7.04 10.85 16.85 2.45 102,952.7 102,952.7 28.2 1,908 454,479 0.441 BBB-
CorEnergy Infrastructure Trust CORR 3.07 7.50 2.74 - - - - - 133.93 2.57 -15.19 -0.56 -0.56 -57.04 -54.09 -34.92 6.51 45.5 45.5 82.7 164 599 1.316
Crown Castle Intl Corp CCI 166.59 208.74 159.93 7.37 7.81 22.59 21.34 5.86 82.72 6.35 -8.72 -20.19 -20.19 10.18 15.59 16.20 3.53 71,998.5 71,998.5 23.0 2,205 377,474 0.524 BBB-
Power REIT PW 48.26 80.05 36.14 2.53 4.30 19.08 11.22 69.96 0.00 6.40 -22.81 -29.95 -29.95 28.45 99.23 48.34 0.00 159.2 159.2 9.3 33 1,935 1.215
SBA Communications SBAC 303.39 389.02 275.69 11.53 12.60 26.30 24.08 9.22 - 8.90 -6.78 -22.01 -22.01 19.83 19.55 21.67 0.76 33,174.1 33,174.1 25.5 675 209,589 0.632 BB
Uniti Group UNIT 12.97 14.44 10.37 1.73 1.83 7.49 7.09 5.66 133.33 6.42 7.55 -7.42 -7.42 14.56 16.62 -7.43 4.63 3,061.8 3,115.8 61.3 1,681 19,641 0.641 CCC-
AVERAGE 126.86 167.23 118.62 6.68 7.53 19.53 16.82 19.95 79.71 6.05 -9.29 -17.10 -17.10 3.84 17.96 10.12 2.98 35,232.0 35,241.0 38.3 1,111 177,286 0.795

Data Centers
Digital Realty Trust DLR 134.92 176.87 132.23 6.89 7.40 19.58 18.24 7.36 108.85 5.22 -9.59 -23.72 -23.72 3.20 9.63 8.13 3.44 37,991.8 39,270.0 22.5 2,252 314,963 0.829 BBB
Equinix Inc EQIX 709.73 882.83 669.38 29.17 31.67 24.33 22.41 8.54 61.96 4.96 -2.09 -16.09 -16.09 10.69 20.55 15.52 1.62 63,577.6 63,577.6 16.5 532 369,789 0.582 BBB-
AVERAGE 422.33 529.85 400.81 18.03 19.53 21.95 20.32 7.95 85.41 5.09 -5.84 -19.90 -19.90 6.95 15.09 11.83 2.53 50,784.7 51,423.8 19.5 1,392 342,376 0.705

Specialty
EPR Properties EPR 49.80 56.00 42.56 4.15 4.37 12.01 11.40 5.40 90.24 5.66 13.82 6.00 6.00 14.83 -8.29 -3.52 6.02 3,723.5 3,723.5 46.0 846 38,969 1.047 BBB-
Farmland Partners REIT FPI 11.67 14.38 10.79 0.29 0.34 40.59 34.07 19.13 - 18.46 2.46 -2.34 -2.34 -0.76 34.77 4.07 1.71 525.9 553.8 47.4 327 3,719 0.707
Gaming & Leisure Properties GLPI 45.41 51.33 42.43 3.60 3.70 12.62 12.27 2.92 98.55 6.46 0.51 -6.68 -6.68 8.87 15.12 14.93 5.90 10,823.5 10,823.5 36.9 1,225 54,442 0.503 BB+
Gladstone Land LAND 29.89 37.44 18.30 0.79 0.90 38.02 33.11 14.83 111.13 13.72 -1.79 -11.20 -11.20 70.80 39.40 23.02 1.82 1,022.5 1,022.5 38.7 262 7,889 0.771
Iron Mountain IRM 49.18 55.46 37.01 3.14 3.36 15.66 14.63 7.09 152.75 7.51 7.10 -6.02 -6.02 49.54 19.88 13.84 5.03 14,199.8 14,199.8 43.7 1,982 89,281 0.629 BB-
Lamar Advertising LAMR 109.06 122.34 93.92 7.17 7.57 15.21 14.41 5.58 - 5.84 -1.53 -10.09 -10.09 30.74 16.59 12.42 3.67 9,454.4 9,454.4 28.7 456 50,636 0.536 BB
Outfront Media OUT 26.70 29.04 21.60 1.88 2.17 14.20 12.29 15.60 - 8.93 7.49 -0.45 -0.45 32.71 8.85 4.96 1.50 3,885.9 3,885.9 51.3 1,577 39,815 1.025 BB-
Safehold Inc SAFE 61.36 94.40 54.35 1.82 2.08 33.80 29.55 14.38 - 6.85 -0.87 -23.16 -23.16 -18.81 49.41 - 1.11 3,470.5 4,237.5 33.4 239 14,845 0.428
VICI Properties VICI 27.96 33.14 26.75 2.02 2.16 13.86 12.93 7.15 77.70 4.96 -2.31 -7.14 -7.14 2.83 15.40 - 5.15 17,585.3 17,585.3 20.9 8,118 228,670 1.300 BB
AVERAGE 45.67 54.84 38.63 2.76 2.96 21.78 19.40 10.23 106.07 8.71 2.76 -6.79 -6.79 21.20 21.24 9.96 3.55 7,187.9 7,276.3 38.6 1,670 58,696 0.772

OVERALL AVERAGE 108.89 134.33 93.72 5.39 5.81 20.92 19.10 9.59 90.04 6.59 -2.51 -11.01 -11.01 20.91 19.95 11.58 3.18 19,621.4 19,851.9 30.4 1,275 114,845 0.690

34
 Mortgage
Share Price ($) FFO per Share Price/FFO FFO FFO Debt/ Equity Implied Average Average
52 Week Estimates ($) Estimates Growth (%) Payout (%) EBITDA Total Return (%) Dividend Market Market Debt Share Dollar Relative Long-Term
Name Ticker 28-Feb-2022 High Low 2022 2023 2022 2023 2022 - 2023 2021: Q3 2021: Q3 Feb-22 QTD YTD 1-Yr 3-Yr 5-Yr Yield (%) Cap ($M) Cap ($M) Ratio (%) Volume Volume Liquidity Issuer Rating
Home Financing
AG Mortgage Investment Trust MITT 9.04 14.37 8.56 - - - - - - 13.82 -14.07 -11.80 -11.80 -27.07 -40.88 -23.90 9.29 143.4 143.4 94.5 195 1,892 1.320
AGNC Investment AGNC 12.91 18.70 12.75 2.61 2.66 4.95 4.85 1.92 - 25.27 -12.50 -12.67 -12.67 -11.90 -0.08 2.29 11.15 6,776.6 6,776.6 87.9 10,122 139,651 2.061
Angel Oak Mortgage AOMR 16.24 18.90 14.35 2.35 - 6.91 - - - - -4.97 -0.85 -0.85 - - - 4.43 414.4 414.4 - 54 916 0.221
Annaly Capital Management NLY 6.96 9.54 6.79 1.18 1.21 5.90 5.75 2.54 - - -11.90 -11.00 -11.00 -7.22 -0.98 1.91 12.64 10,052.1 10,052.1 84.6 29,134 213,305 2.122
Arlington Asset Investment Cor AAIC 3.20 4.20 3.20 - - - - - - - -6.71 -8.57 -8.57 -20.20 -23.19 -18.56 0.00 100.7 100.7 83.9 87 293 0.290
ARMOUR Residential REIT ARR 8.13 12.51 8.00 - - - - - - - -12.33 -15.31 -15.31 -24.70 -17.44 -9.45 14.76 729.2 729.2 81.8 2,805 24,576 3.370
Cherry Hill Mortgage Investment CHMI 7.52 10.56 7.19 - - - - - - - -7.27 -9.07 -9.07 -14.00 -16.08 -5.91 14.36 134.7 134.7 87.2 156 1,204 0.894
Chimera Investment CIM 12.17 16.80 11.85 - - - - - - 18.00 -16.07 -19.30 -19.30 15.22 -2.92 1.69 10.85 2,871.6 2,871.6 75.7 2,626 34,503 1.202
Dynex Capital DX 15.37 20.38 15.19 - - - - - - - -3.64 -6.51 -6.51 -10.82 4.57 5.17 10.15 563.6 563.6 82.3 731 11,732 2.082
Ellington Financial Inc EFC 17.67 19.44 15.89 - - - - - - 14.77 0.29 5.17 5.17 23.81 12.59 12.99 10.19 1,014.7 1,018.5 78.7 822 14,384 1.417
Ellington Residential Mortgage REIT EARN 9.64 13.77 9.36 - - - - - - 19.67 -7.60 -5.36 -5.36 -11.29 5.13 3.58 9.34 124.5 124.5 88.8 136 1,373 1.103
Franklin BSP Realty Trust Inc FBRT 13.20 17.13 12.55 - - - - - - - -2.00 -11.65 -11.65 - - - 2.16 580.2 580.2 - 389 5,162 0.890
Great Ajax AJX 11.39 14.67 10.90 - - - - - - 13.20 -12.65 -12.80 -12.80 8.37 2.23 5.10 8.43 261.8 269.0 79.8 66 808 0.309
Invesco Mortgage Capital IVR 2.18 4.30 2.09 - - - - - - 16.45 -18.66 -19.13 -19.13 -37.74 -40.58 -23.41 16.51 679.6 679.6 89.0 7,119 17,614 2.592
Lument Finance Trust Inc LFT 3.05 4.41 2.76 - - - - - - 18.55 -3.48 -20.57 -20.57 2.27 5.67 -0.54 11.80 76.1 76.1 90.1 164 508 0.668
MFA Financial MFA 4.06 4.87 3.90 - - - - - - 13.31 -12.31 -10.96 -10.96 9.95 -11.10 -4.81 10.84 1,791.6 1,791.6 76.1 4,724 20,548 1.147
New Residential Investment Corp. NRZ 10.38 11.64 9.31 - - - - - - - -2.54 -3.08 -3.08 9.61 -6.34 0.39 9.63 4,843.8 4,843.8 86.4 6,056 63,585 1.313
New York Mortgage Trust NYMT 3.51 4.82 3.43 - - - - - - - -6.40 -5.65 -5.65 -7.61 -7.64 -0.69 11.40 1,331.2 1,331.2 68.5 3,212 11,551 0.868
Orchid Island Capital ORC 3.29 6.17 3.16 - - - - - - 24.97 -17.04 -24.65 -24.65 -32.86 -7.43 -5.97 20.06 556.5 556.5 89.1 4,992 18,960 3.407
PennyMac Mortgage Investment Trust PMT 15.60 21.30 15.24 - - - - - - 14.06 -12.46 -9.98 -9.98 -9.38 0.39 8.54 12.05 1,527.8 1,527.8 86.8 1,122 18,133 1.187
Ready Capital Corporation RC 14.85 16.60 13.38 - - - - - - - 4.28 -4.99 -4.99 26.17 9.42 13.31 11.31 1,092.9 1,109.5 87.1 1,040 14,997 1.372
Redwood Trust RWT 10.39 14.04 10.10 - - - - - - - -15.73 -21.23 -21.23 12.60 -5.55 -1.91 8.85 1,191.5 1,191.5 89.6 1,475 16,354 1.373
Two Harbors Investment TWO 5.06 8.09 5.00 - - - - - - - -12.00 -12.31 -12.31 -22.57 -20.64 -10.54 13.44 1,740.2 1,740.2 81.8 5,990 31,626 1.817
Western Asset Mortgage Capital WMC 1.85 4.14 1.71 - - - - - - 15.08 -15.14 -12.32 -12.32 -38.07 -38.11 -21.80 12.97 112.9 112.9 95.3 492 960 0.850
AVERAGE 9.07 12.14 8.61 2.05 1.94 5.92 5.30 2.23 - 17.26 -9.29 -11.02 -11.02 -7.61 -9.04 -3.30 10.69 1,613.0 1,614.1 84.8 3,488 27,693 1.411

Commercial Financing
ACRES Commercial Realty Corp ACR 11.26 18.25 11.09 - - - - - - - -7.10 -9.70 -9.70 -13.52 -27.81 -12.29 0.00 106.1 106.1 93.9 20 243 0.229
AFC Gamma AFCG 19.75 25.02 18.24 - - - - - - - 0.30 -13.22 -13.22 - - - 10.13 323.6 323.6 - 115 2,263 0.699
Apollo Commercial Real Estate Finance ARI 13.05 16.78 12.56 - - - - - - 6.21 -4.40 -0.84 -0.84 8.06 0.71 4.25 10.73 1,825.5 1,825.5 76.6 1,573 20,634 1.130 BB-
Arbor Realty Trust ABR 18.00 20.73 15.87 - - - - - 103.85 11.21 2.80 -1.75 -1.75 16.52 21.28 31.21 8.00 2,709.1 3,077.9 79.5 1,900 32,813 1.211
Ares Commercial Real Estate ACRE 14.65 16.92 13.72 - - - - - - 11.92 -0.27 0.76 0.76 16.69 9.93 12.14 9.56 688.6 688.6 73.8 615 8,821 1.281
Blackstone Mortgage Trust BXMT 31.78 33.87 29.47 - - - - - - - 1.15 3.79 3.79 17.73 5.92 8.96 7.80 5,308.2 5,308.2 - 1,656 51,861 0.977
BrightSpire Capital Inc (A) BRSP 8.86 10.51 8.25 0.97 1.02 9.13 8.69 5.15 - 12.68 -5.64 -13.65 -13.65 14.15 -14.88 - 8.13 1,149.7 1,176.9 74.4 584 5,273 0.459
Broadmark Realty Capital Inc (A) BRMK 8.66 11.05 7.88 - - - - - - - -6.92 -6.71 -6.71 -8.18 0.97 - 9.70 1,148.0 1,148.0 - 1,032 9,229 0.804
Chicago Atlantic Real Estate Finance REFI 20.21 20.21 16.00 - - - - - - - 6.37 21.38 21.38 - - - 0.00 352.0 352.0 - 57 1,076 0.306
Granite Point Mortgage Trust GPMT 11.22 15.61 10.68 - - - - - - 12.64 -7.27 -4.18 -4.18 8.63 -9.17 - 8.91 603.5 603.5 82.3 400 4,604 0.763
Hannon Armstrong Sustainable Infrastructure C HASI 47.34 64.08 36.75 - - - - - - - 14.13 -10.88 -10.88 -13.62 29.28 24.96 2.96 4,009.4 4,022.5 35.5 829 35,010 0.873 BB+
iStar Inc. STAR 25.12 27.26 16.55 6.53 -0.29 3.85 -86.62 -104.44 - 15.43 17.58 -2.26 -2.26 44.94 46.90 18.58 1.99 1,745.2 1,745.2 59.1 930 22,880 1.311 BB-
KKR Real Estate Finance Trust KREF 21.47 23.16 18.39 - - - - - - 16.85 0.61 3.07 3.07 26.57 11.44 - 8.01 1,305.9 1,305.9 80.7 491 10,355 0.793
Ladder Capital LADR 11.46 12.62 10.75 - - - - - - 13.81 -3.62 -4.42 -4.42 7.26 -7.40 3.87 6.98 1,447.9 1,599.1 71.6 768 8,906 0.615
NexPoint Real Estate Finance NREF 21.01 23.29 18.52 2.98 2.46 7.05 8.54 -17.45 - - 4.79 9.14 9.14 23.96 - - 9.04 192.5 192.5 - 33 673 0.350
Sachem Capital SACH 4.90 6.36 4.57 - - - - - - 2.74 -11.87 -16.10 -16.10 17.08 13.24 9.57 9.80 144.3 144.3 45.0 295 1,500 1.040
Seven Hills Realty Trust SEVN 11.04 12.65 10.29 - - - - - - - 1.75 8.82 8.82 -3.05 -9.43 -6.44 9.06 161.2 161.2 - 23 253 0.157
Starwood Property Trust Inc. STWD 23.84 26.94 22.40 - - - - - - 11.39 -3.68 -1.89 -1.89 12.66 12.27 10.63 8.05 7,223.2 7,223.2 69.8 2,218 53,968 0.747 BB
TPG RE Finance Trust TRTX 11.84 14.39 11.20 - - - - - - 12.44 -6.18 -3.90 -3.90 22.36 -7.43 - 8.11 910.5 910.5 79.6 402 4,899 0.538
AVERAGE 17.66 21.04 15.43 3.49 1.06 6.68 -23.13 -38.91 103.85 11.57 -0.39 -2.24 -2.24 11.66 4.74 9.58 7.21 1,650.2 1,679.7 70.9 734 14,487 0.752

35
 FTSE Nareit All Equity REITs:
Dividend Payout Ratio (%)
Quarterly, 2000: Q1 - 2020: Q4

200
192

180

160

140

120
108

101
98 97
100 95
91 92 92
89 90 90 89 90 90
87 85 86 87 88
85 83 84 84 85 84 84
83 83 83
80 80 81 80 82
79 78 79 80
78 77 78 78 77 78 78 77
80 76 77 76 76
74 74 73 75 74 74 75
72 72 71 73 72 71 71
73 73
70 69 69 70 70 69 69 70 69
66 66 67 67 67 66
63 64

60

40

20

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Nareit®; S&P Global Market Intelligence.

36
Billions of dollars Dividends Paid by All Listed
18 U.S. Equity and Mortgage REITs
Mortgage REITs
Specialty
16 Data Centers
Infrastructure
Timber
14
Health Care
Self Storage
12 Lodging/Resorts
Diversified

10 Residential
Retail
Industrial
8 Office
All REITs
6

0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: S&P Capital IQ Pro, Nareit T-Tracker(R)

37
Billions of dollars
FFO of All Listed
20.0
Specialty
U.S. Equity REITs
Data Centers
17.5
Infrastructure
Timber
Health Care
15.0
Self Storage
Lodging/Resorts
12.5 Diversified
Residential
Retail
10.0
Industrial
Office

7.5 All Equity REITs

5.0

2.5

0.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

(2.5) Source: S&P Capital IQ Pro, Nareit T-Tracker(R)

38
 Nareit T-Tracker: Dividends Paid
Third Quarter 2021 Results

Annual
Millions of dollars 2018 2019 2020 2020:Q3 2020:Q4 2021:Q1 2021:Q2 2021:Q3
Office 4,109 4,725 4,218 909 1,379 999 1,218 1,244
Industrial 2,895 3,157 3,879 1,005 954 1,013 1,032 1,215
Retail 10,227 10,381 6,572 1,482 1,436 1,805 1,749 2,424
Shopping Centers 3,257 3,153 2,131 374 315 594 562 616
Regional Malls 4,984 5,057 2,095 516 508 540 530 1,129
Free Standing 1,987 2,170 2,346 592 612 672 657 679
Residential 4,949 5,102 5,606 1,369 1,509 1,513 1,504 1,539
Apartments 4,053 4,104 4,505 1,089 1,247 1,176 1,172 1,209
Manufactured Homes 492 560 632 163 163 171 184 188
Single Family Homes 403 438 469 117 99 167 147 142
Diversified 3,972 7,564 3,721 686 730 720 632 611
Lodging/Resorts 3,320 3,390 1,315 28 30 56 39 40
Self Storage 2,626 2,707 2,764 699 691 713 726 773
Health Care 6,089 6,281 5,942 1,413 1,345 1,334 1,406 1,391
Timber 1,315 1,297 678 72 204 208 208 205
Infrastructure 3,795 3,932 4,495 1,118 1,177 1,235 1,230 1,256
Data Centers 2,482 2,401 2,812 729 411 1,101 770 734
Specialty 2,977 3,270 2,783 610 620 655 625 679
All Listed Equity REITs 48,755 54,207 44,785 10,120 10,485 11,354 11,139 12,113
Listed Mortgage REITs 7,700 8,727 7,008 1,573 1,576 1,688 1,672 1,758
All Listed REITs 56,456 62,934 51,793 11,693 12,061 13,042 12,811 13,871
Percent change Q/Q -4.8 3.2 8.1 -1.8 8.3
Percent change over year ago 6.8 11.5 -17.7 -28.0 -28.7 -17.2 4.3 18.6

Dividends per share 1.696 1.806 1.427 0.325 0.334 0.360 0.348 0.372
Percent change, Q/Q -6.3 2.9 7.7 -3.4 7.1
Percent change over year ago 4.9 6.5 -21.0 -31.1 -32.0 -18.4 0.2 14.6
Source: Company reports, S&P Capital IQ Pro, Nareit. For more information, visit: reit.com/t-tracker

39
 Nareit T-Tracker: FFO
Third Quarter 2021 Results

Annual
Millions of dollars 2018 2019 2020 2020:Q3 2020:Q4 2021:Q1 2021:Q2 2021:Q3
Office 6,591 6,615 6,489 1,502 1,657 1,455 2,002 1,857
Industrial 4,678 4,919 5,455 1,295 1,281 1,482 1,640 1,718
Retail 14,053 13,293 10,505 2,400 2,608 2,699 3,257 3,180
Shopping Centers 4,228 4,329 3,475 788 888 952 1,024 1,067
Regional Malls 7,526 6,411 4,307 943 992 1,089 1,444 1,270
Free Standing 2,299 2,553 2,723 669 728 658 789 842
Residential 7,199 7,842 7,373 1,800 1,841 1,912 2,079 2,214
Apartments 5,623 6,025 5,379 1,324 1,306 1,354 1,466 1,524
Manufactured Homes 785 870 923 265 228 265 325 358
Single Family Homes 791 947 1,071 211 306 293 288 331
Diversified 3,170 1,913 2,246 917 523 476 718 873
Lodging/Resorts 5,003 4,936 (2,349) (848) (521) (399) 91 415
Self Storage 3,124 3,246 3,192 778 850 980 1,017 1,192
Health Care 6,538 7,044 6,303 1,248 1,580 1,462 1,531 1,607
Timber - - - - - - - -
Infrastructure 6,513 6,970 6,340 1,661 2,225 1,844 2,403 2,389
Data Centers 3,321 3,654 3,637 836 964 1,117 1,117 1,055
Specialty 3,412 3,495 2,913 846 786 747 1,090 934
All Listed Equity REITs 63,603 63,929 52,104 12,435 13,794 13,775 16,947 17,433
Percent change Q/Q 10.9 10.9 -0.1 23.0 2.9
Percent change over year ago 7.8 0.5 -18.5 -18.6 -16.2 -6.0 51.1 40.2

FFO per share 2.704 2.652 2.071 0.498 0.548 0.544 0.662 0.671

Percent change, Q/Q, FFO per share 9.2 10.0 -0.8 21.6 1.4
Percent change over year ago, FFO per share 9.1 -1.9 -21.9 -21.6 -19.7 -9.6 44.9 34.6
Source: Company reports, S&P Capital IQ Pro, Nareit. For more information, visit: reit.com/t-tracker

40
 FTSE EPRA/Nareit Global Real Estate Index Series
Developed Markets
(Percent change, as of Feb 28, 2022)
(All values based in U.S. dollars)

Global North America Asia Europe

Return Components Dividend Return Components Dividend Return Components Dividend Return Components Dividend
Period Total Price Yield Total Price Yield Total Price Yield Total Price Yield
Annual (including current year to date)
2013 4.39 0.72 3.73 1.27 -2.56 4.18 4.37 1.21 3.01 16.21 11.64 3.87
2014 15.89 11.73 3.35 28.15 23.23 3.65 0.22 -2.97 2.84 10.41 6.49 3.22
2015 0.05 -3.41 3.60 1.81 -2.00 3.91 -7.25 -10.17 3.28 6.67 3.33 3.09
2016 4.99 1.27 3.79 8.18 4.27 4.05 6.11 2.48 3.38 -7.28 -10.44 3.53
2017 11.42 7.19 3.84 4.57 0.35 4.20 16.10 12.10 3.38 29.12 24.44 3.40
2018 -4.74 -8.37 4.30 -3.89 -7.65 4.62 -1.46 -5.03 3.65 -12.13 -15.42 4.33
2019 23.06 18.40 3.83 24.51 19.66 4.00 17.10 12.98 3.60 27.34 22.42 3.64
2020 -8.18 -11.70 3.92 -9.75 -13.31 3.97 -9.08 -12.63 4.08 -1.87 -5.26 3.62
2021 27.21 23.21 2.96 42.60 38.28 2.71 4.34 0.48 3.93 9.96 6.89 2.70
2022 -8.01 -8.28 3.21 -9.63 -9.84 3.01 -3.60 -4.15 4.05 -7.02 -7.10 2.86
Quarter (including current quarter to date)
2021: Q1 6.11 5.25 3.63 9.66 8.76 3.63 6.34 5.32 3.76 -4.31 -4.83 3.45
Q2 9.42 8.39 3.17 11.39 10.53 3.09 3.50 2.54 3.68 10.97 9.29 2.78
Q3 -0.73 -1.45 3.22 0.68 -0.09 3.08 -3.62 -4.46 3.85 -2.14 -2.62 2.87
Q4 10.37 9.59 2.96 15.95 15.12 2.71 -1.64 -2.61 3.93 5.81 5.53 2.70
2022: Q1 -8.01 -8.28 3.21 -9.63 -9.84 3.01 -3.60 -4.15 4.05 -7.02 -7.10 2.86
Month
2021: Sep -5.71 -6.06 3.22 -5.57 -6.01 3.08 -2.51 -2.80 3.85 -10.14 -10.25 2.87
Oct 6.00 5.90 3.04 7.81 7.70 2.86 1.50 1.40 3.77 5.38 5.33 2.78
Nov -2.18 -2.40 3.09 -1.01 -1.17 2.90 -5.46 -5.92 3.96 -2.42 -2.54 2.71
Dec 6.44 6.04 2.96 8.65 8.16 2.71 2.50 2.09 3.93 2.90 2.80 2.70
2022: Jan -5.72 -5.81 3.12 -6.73 -6.83 2.90 -3.70 -3.81 4.06 -4.18 -4.21 2.77
Feb -2.43 -2.62 3.21 -3.11 -3.24 3.01 0.11 -0.36 4.05 -2.96 -3.02 2.86
Historical (compound annual rates at month-end)
1-Year 13.56 10.02 22.79 19.14 -4.08 -7.66 7.20 4.22
3-Year 6.07 2.29 8.83 4.95 -0.59 -4.33 5.56 2.01
5-Year 6.22 2.34 7.14 3.14 2.87 -0.90 7.32 3.57
10-Year 7.48 3.60 8.78 4.73 4.15 0.55 8.29 4.37
15-Year 3.43 -0.47 5.22 1.03 1.48 -2.07 1.24 -2.63
20-Year 9.11 4.84 9.79 5.14 7.83 4.00 8.89 4.81
25-Year 7.22 2.90 9.24 4.19 4.67 1.03 7.61 3.62
Source: FTSE™, EPRA®, Nareit®.

41
Editors’ Note: Nareit provides media resources on REIT Basics, a Glossary of REIT Terms, as well as other industry data and
information on the value that REITs provide to investors, the economy and our communities on reit.com. Nareit also makes
economists and other industry experts available for commentary on industry trends and research.

Disclaimer
Nareit is the worldwide representative voice for REITs and listed real estate companies with an interest in U.S. real estate and
capital markets. Members are REITs and other businesses that own, operate and manage income-producing real estate, as
well as those firms and individuals who advise, study and service those businesses. Nareit is the exclusive registered
trademark of Nareit®, 1875 I St., NW, Suite 600, Washington, DC 20006-5413. Learn more about Nareit a reit.com.
Copyright© 2021 by Nareit.® All rights reserved.

This information is solely educational in nature and is not intended by Nareit to serve as the primary basis for any investment
decision. Nareit is not acting as an investment adviser, investment fiduciary, broker, dealer or other market participant, and no
offer or solicitation to buy or sell any security or real estate investment is being made. Investments and solicitations for
investment must be made directly through an agent, employee or representative of a particular investment or fund and cannot
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accept any monies to be invested in a particular security or real estate investment.

All REIT data are derived from, and apply only to, publicly traded securities. While such data are believed to be reliable when
prepared or provided, such data are subject to change or restatement. Nareit does not warrant or guarantee such data for
accuracy or completeness, and shall not be liable under any legal theory for such data or any errors or omissions therein. See
Nareit’s Terms of Use for important information regarding this data, the underlying assumptions and the limitations of Nareit’s
liability therefore, all of which are incorporated by reference herein.

Performance results are provided only as a barometer or measure of past performance, and future values will fluctuate from
those used in the underlying data. Any investment returns or performance data (past, hypothetical or otherwise) shown herein
or in such data are not necessarily indicative of future returns or performance.

Before an investment is made in any security, fund or investment, investors are strongly advised to request a copy of the
prospectus or other disclosure or investment documentation and read it carefully. Such prospectus or other information
contains important information about a security’s, fund’s or other investment’s objectives and strategies, risks and expenses.
Investors should read all such information carefully before making an investment decision or investing any funds. Investors
should consult with their investment fiduciary or other market professional before making any investment in any security, fund
or other investment.
Glossary of REITWatch terms:

REIT Name: Full name of the company.

Ticker: The company's stock exchange symbol.

Share Price ($): The closing price per share on the date noted.

52-Week Share Price ($): The high and low closing prices for the shares over the previous 52 weeks.

Price/FFO Multiples: Price on the date indicated divided by the FactSet mean FFO estimate for the current and following year.

FFO per Share Estimates ($): FactSet mean FFO estimate for the current and following year.

FFO Growth (%): The percentage change between the current and following year mean FFO estimate as reported by FactSet.

Debt/EBITDA Multiples Average Total Debt over the prior 2 quarters divided by the the most recent quarter's annualized EBITDA.

FFO Payout (%): Regular cash dividends paid on the company's primary issue of common stock as a percent of funds from operations, on a per-share basis.

Dividend Yield (%): The current indicated dividend rate annualized and divided by the current stock price.

Dividend Spread (%): The difference between the REIT dividend yield and the 10-year constant maturity treasury yield.

Total Returns (%): Total returns are calculated by taking the closing price for the current period, adding any dividends with an ex-dividend date in that period then
subtracting the closing price for the previous period and dividing the result by the closing price of the prior period.

Month: The monthly total return as calculated at month-end.

Year to Date: The total return for the calendar year through the latest month-end.

One Year: The total return for the previous year.

Two Year: The annualized total return for the previous 2 years.

Three Year: The annualized total return for the previous 3 years.

Five Year: The annualized total return for the previous 5 years.

Equity Market Capitalization ($ Millions): Price on the date indicated times the number of common shares outstanding.

Implied Market Capitalization ($ Millions): Price on the date indicated times the number of shares outstanding including Operating Partnership Units.

Debt Ratio (%): A leverage ratio calculated by taking the REIT’s total debt and dividing it by the total market capitalization. Total capitalization is the sum of implied
market capitalization and total debt.

Long-Term Issuer Rating: The long-term credit rating, as announced by Standard & Poors, and obtained from SNL Financial.

Average Share Volume: The average number of shares traded daily over the past month, represented in thousands.

Average Daily Dollar Volume: The average of the daily value of shares traded over the past month, represented in thousands. Daily value is computed by multiplying shares
traded by the closing price on that date.

Relative Liquidity (%): Average daily dollar volume divided by equity market capitalization.
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