Diversified 2,286 3,356 4,252 3, , Lodging/Resorts 2,906 3,708 4,381 4,649 1,005 1,411 1,153 1,080 1,192

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1 T-Tracker: NAREIT Total REIT Industry Tracker Series First Quarter 217 Results Funds From Operations (FFO) for All Listed U.S. Equity REITs Annual Millions of dollars :Q1 216:Q2 216:Q3 216:Q4 217:Q1 Office 4,717 5,516 6,154 6,281 1,547 1,777 1,495 1,461 1,536 Industrial 2,222 2,5 2,962 3, Retail 9,522 11,316 12,622 13,411 3,32 3,368 3,198 3,543 3,139 Shopping Centers 3,64 3,665 4,9 4,25 1,72 1, , Regional Malls 5,694 6,332 6,8 7,273 1,782 1,796 1,778 1,917 1,739 Free Standing 763 1,319 1,813 1, Residential 4,571 5,331 6,32 6,361 1,491 1,646 1,627 1,597 1,724 Apartments 4,218 4,852 5,617 5,429 1,27 1,436 1,379 1,344 1,435 Manufactured Homes Single Family Homes Diversified 2,286 3,356 4,252 3, , Lodging/Resorts 2,96 3,78 4,381 4,649 1,5 1,411 1,153 1,8 1,192 Self Storage 1,768 1,985 2,268 2, Health Care 4,699 5,366 4,92 7,41 1,743 1,83 1,743 1,724 1,793 Timber Infrastructure 1,258 2,982 3,639 4, ,81 1,8 1,336 Data Centers 945 1,186 1,95 2, Specialty , All Listed Equity REITs 34,994 43,371 49,93 56,41 13,264 14,495 13,723 14,919 14,338 Percent change Q/Q Percent change over year ago FFO per share Percent change, Q/Q, FFO per share Percent change over year ago, FFO per share Source: Company reports, S&P Global Market Intelligence, NAREIT. For more information, visit: REIT.com/t-tracker

2 Millions of dollars 16, 14, 12, 1, 8, 6, Specialty Data Centers Infrastructure Timber Health Care Self Storage Lodging/Resorts Diversified Residential Retail Industrial Office All Equity REITs FFO of All Listed U.S. Equity REITs 4, 2, (2,)

3 T-Tracker: NAREIT Total REIT Industry Tracker Series First Quarter 217 Results Net Operating Income (NOI) for All Listed U.S. Equity REITs Annual Millions of dollars :Q1 216:Q2 216:Q3 216:Q4 217:Q1 Office 6,915 8,21 9,349 9,382 2,436 2,459 2,214 2,273 2,269 Industrial 3,454 3,634 4,74 4,249 1,36 1,51 1,82 1,8 1,94 Retail 14,581 16,995 17,194 17,73 4,228 4,19 4,235 4,42 4,238 Shopping Centers 4,617 5,74 6,162 6,228 1,536 1,587 1,543 1,562 1,529 Regional Malls 7,752 7,998 8,154 7,95 1,996 1,937 1,937 2,79 1,917 Free Standing 2,212 3,258 2,879 2, Residential 7,377 8,241 9,218 9,57 2,356 2,36 2,396 2,458 2,527 Apartments 6,675 7,23 7,792 7,752 1,923 1,922 1,927 1,98 2,12 Manufactured Homes Single Family Homes Diversified 3,786 5,4 8,78 6,92 1,423 1,526 1,599 1,545 1,357 Lodging/Resorts 4,658 5,398 6,625 6,723 1,477 1,979 1,712 1,555 1,74 Self Storage 2,143 2,459 2,873 3, Health Care 6,124 7,116 8,284 9,394 2,261 2,31 2,344 2,479 2,447 Timber 3,651 3,289 2,697 2, Infrastructure 2,5 5,324 6,466 7,452 1,76 1,827 1,93 1,961 2,346 Data Centers 1,493 1,768 3,56 4,54 1,54 1,11 1,156 1,184 1,192 Specialty - - 1,253 5,515 1,189 1,42 1,452 1,473 1,361 All Listed Equity REITs 56,682 67,643 8,373 85,672 2,475 21,645 21,653 21,899 22,46 Percent change Q/Q Percent change over year ago NOI per share Percent change, Q/Q, NOI per share Percent change over year ago, NOI per share Source: Company reports, S&P Global Market Intelligence, NAREIT. For more information, visit: REIT.com/t-tracker

4 Millions of dollars 25, 2, 15, 1, Specialty Data Centers Infrastructure Timber Health Care Self Storage Lodging/Resorts Diversified Residential Retail Industrial Office All Equity REITs NOI of All Listed U.S. Equity REITs 5,

5 T-Tracker: NAREIT Total REIT Industry Tracker Series First Quarter 217 Results Dividends Paid by All Listed U.S. Equity and Mortgage REITs Annual Millions of dollars :Q1 216:Q2 216:Q3 216:Q4 217:Q1 Office 2,844 3,334 4,476 3,948 1, ,168 1,37 Industrial 1,74 2,215 2,283 2, Retail 6,653 9,897 8,693 9,414 2,593 2,327 2,27 2,287 2,323 Shopping Centers 2,174 2,725 2,825 2, Regional Malls 3,216 5,143 4,554 4,869 1,431 1,24 1,9 1,18 1,153 Free Standing 1,264 2,3 1,314 1, Residential 3,185 3,697 4,87 8,939 4,84 1,91 1,526 2,238 1,153 Apartments 2,978 3,337 3,67 8,355 3, ,365 2,78 99 Manufactured Homes Single Family Homes Diversified 2,467 3,65 3,965 3, Lodging/Resorts 1,43 1,788 2,537 2, Self Storage 1,44 1,61 1,945 2, Health Care 3,842 4,596 6,463 5,887 1,459 1,476 1,582 1,371 1,452 Timber 1,71 1,25 1,177 1, Infrastructure 435 1,18 2,185 2, Data Centers ,456 1, Specialty , All Listed Equity REITs 25,641 33,955 39,724 46,468 13,837 1,325 1,682 11,625 1,937 Listed Mortgage REITs 8,36 7,362 6,849 6,683 1,85 1,62 1,623 1,634 1,6 All Listed REITs 33,947 41,317 46,573 53,15 15,642 11,945 12,35 13,258 12,537 Percent change Q/Q Percent change over year ago Dividends per share Percent change, Q/Q Percent change over year ago Source: Company reports, S&P Global Market Intelligence, NAREIT. For more information, visit: REIT.com/t-tracker

6 Millions of dollars 16, 14, 12, 1, 8, 6, Mortgage REITs Specialty Data Centers Infrastructure Timber Health Care Self Storage Lodging/Resorts Diversified Residential Retail Industrial Office All REITs Dividends Paid by All Listed U.S. Equity and Mortgage REITs 4, 2,

7 T-Tracker: NAREIT Total REIT Industry Tracker Series First Quarter 217 Results Same Store Net Operating Income (SS NOI) for All Listed U.S. Equity REITs Percent change over year ago Office Industrial Retail Shopping Centers Regional Malls Free Standing Residential Apartments Manufactured Homes Single Family Homes Diversified (.6) (.4) (.2) Lodging/Resorts Self Storage Health Care Timber Infrastructure Data Centers Specialty All Listed Equity REITs Source: Company reports, S&P Global Market Intelligence, NAREIT. For more information, visit: REIT.com/t-tracker

8 Percent change, over a year ago 7 Growth of Same Store Net Operating Income All Equity REITs

9 Change over 4 quarters Millions of dollars 4, Change in Net Operating Income 3,5 3, New constituents in the FTSE-NAREIT index Change in non-ss NOI Change in SS NOI Total 2,5 2, 1,5 1, , -1,5

10 Percent 1 95 Occupancy Rates Office Industrial Retail Apartments All Equity REITs

11 Billions of dollars 4 Acquisitions and Dispositions 3 Gross Acquisitions Dispositions Net Acquisitions Source: S&P Global Market Intelligence, NAREIT T-Tracker -2 (R)

12 Billions of dollars 3 2 Acquisitions and Dispositions by Equity REITs, 217:Q1 Dispositions Gross Acquisitions Net Acquisitions

13 Millions of dollars 45, 4, 35, 3, 25, 2, 15, Specialty Data Centers Infrastructure Timber Health Care Self Storage Lodging/Resorts Diversified Residential Retail Industrial Office All Equity REITs Development Pipeline 1, 5,

14 25 Ratio Price/FFO Price/FFO All Equity REITs

15 Percent 7 Debt to Total Assets 65 6 FOMC Tightening Cycle Debt/Book Assets Debt/Market Assets

16 Percent 46 Shareholders' Equity to Total Assets FOMC Tightening Cycle Shareholders Equity (Total)/Assets

17 Percent 45 4 Interest Expense to Net Operating Income FOMC Tightening Cycle Interest Expense/NOI

18 8 Percent Weighted Average Interest Rate on Long-term Debt of All Equity REITs 7 FOMC Tightening Cycle Weighted Average Interest Rate

19 8 Percent Weighted Average Interest Rate on Total Debt of All Equity REITs 7 FOMC Tightening Cycle Weighted Average Interest Rate

20 8 Months Weighted Average Term to Maturity on Debt of All Equity REITs

21 6 Ratio Weighted Average Interest Coverage Ratio of All Equity REITs FOMC Tightening Cycle 5 Weighted Average Interest Coverage Ratio