U.S. Capital Markets Glide Path to Clearer Skies

Buy-side: an income-focused era is upon us…. NOI growth by asset type

NOI Growth Still Historically Strong (excl. Office)

Income Prospects to Define Next Chapter (19Q4 = 100)

16.0%

100 110 120 130 140 150

14.0%

12.0%

10.0%

8.0%

60 70 80 90

6.0%

4.0%

2.0%

0.0%

2019 Q1

2019 Q2

2019 Q3

2019 Q4

2020 Q1

2020 Q2

2020 Q3

2020 Q4

2021 Q1

2021 Q2

2021 Q3

2021 Q4

2022 Q1

2022 Q2

2022 Q3

2022 Q4

2023 Q1

All Property Apartment Industrial Retail 2007-2019 Average 2010-2019 Average Today Office

All Property

Apartment

Industrial

Office Retail

Source: NCREIF, Cushman & Wakefield Research. Note: Figures are based on year-end.

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