U.S. Capital Markets Glide Path to Clearer Skies

Buy-side: strong vintage years follow periods of dislocation Rolling five-year forward returns (all-property)

120%

“Peak Pricing” or “Leading into Downturn” Vintage Years, but still Positive Cumulative Returns

Strong Vintage Years

Strong Vintage Years

• The age-old adage still holds…. • Periods following times of dislocation are typically great vintage years for investment. • Periods of acute uncertainty offer opportunities for those that are nimble, with deployable capital and with an ability to identify relative value, distress or long-term growth potential . • Now is also an opportune

Strong Vintage Years

100%

80%

60%

40%

20%

0%

time to consider actualizing returns (and creating liquidity for future buying opportunities) for high quality asses that remain in favor for lenders.

-20%

-40%

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

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

2022

5 Year Cumulative Total Return

Annual Total Return

61

Source: NCREIF, Cushman & Wakefield Research