LISTED MARKETS – September 2020

Leo Zielinski Partner Tel. +44 (0)7980 809031 [email protected]

John Rodgers Partner Tel. +44 (0)7810 307422 [email protected]

Will Strachan Partner Tel. +44 (0)7929 885859 [email protected]

Lloyd Davies We track the share price movement and regulatory announcements Partner of 57 real estate owning listed entities (“ tracked index”). Tel. +44 (0)7767 311254 A summary of the Gerald Eve tracked index in terms of GAV, NAV, [email protected] LTV, Dividend, Share Price, Market Cap, Discount/Premium to NAV and their respective weekly movement is attached. This edition Richard Moir Partner provides a comparison to share price data from 3 February 2020 Tel. +44 (0)7771 812249 (pre-Covid-19 level) to 31 August, demonstrating the impact across [email protected] certain entities as a direct result of Covid-19.

Lorenzo Solazzo As at 31 of August, the Gerald Eve tracked index is currently down 32% to pre- Data Analyst Covid-19 levels, under-performing the FTSE350 which is down 20% by comparison. Tel. +44 (0)783 309 5582 The tracked listed REITs share price increased on average 1% since 1 August 2020 [email protected] (March: -25%, April: +6%, May: -3%, June: -3%, July: -1%). The average discount to NAV is currently 29% against 3% pre-Covid-19. James Brown Surveyor As illustrated in the graph below, we have seen little recovery across the various Tel. +44 (0)7464 656563 sector groups since our last report in June. [email protected]

Supermarket 3% Share price impact from 3 February 2020 3% (pre-Covid-19 level) to present day -3% Industrial 1% Source: Gerald Eve Research/Publicly Available Information -2% Healthcare -6%

-16% -20% FTSE350

-28% -25% Alternative Sector/Long Income

-34% -32% Mixed Strategies

-30% -32% Gerald Eve Tracked Index

-36% -40% Strategies

-65% -75% Retail Strategies

-80% -70% -60% -50% -40% -30% -20% -10% 0% 10%

To 30 June 2020 To 31 August 2020

geraldeve.com Top 5 Biggest Risers and Fallers between 1 July 2020 and 31 August 2020

Risers Share Share price relative Fallers Share Share price relative price to NAV as at price to NAV as at gain 31 August 2020 fall 31 August 2020 1 Empiric Student Property +20% -36% discount 1 -43% -92% discount

2 AEW UK REIT +20% -14% discount 2 Capital & Regional -17% -81% discount

3 BMO Real Estate Investments Limited +16% -30% discount 3 -17% -48% discount

4 Alternative Income REIT +15% -32% discount 4 Real Estate Investors -16% -59% discount

5 London Metric Property +12% +37% premium 5 Panther Securities -16% -60% discount

Top 5 Biggest Risers and Fallers since February (pre-Covid-19) up to 31 August 2020

Risers Share Share price relative Fallers Share Share price relative price to NAV as at price to NAV as at gain 31 August 2020 fall 31 August 2020 1 Atlantic Leaf Properties +20% -22% discount 1 Hammerson -79% -92% discount

2 +13% +3.2% premium 2 Capital & Regional -70% -81% discount

3 Tritax Big Box REIT +12% +3.8% premium 3 Newriver REIT -68% -70% discount

4 Triple Point Social Housing +10% +1.5% premium 4 Town Centre Securities -57% -73% discount

5 London Metric Property +5% +37% premium 5 Workspace Group -54% -48% discount

* NAV may not be reflective of recent mergers/acquisitions/disposals and only reflect those reported from RNS statements. As such these figures are a guide only. All data reported has been collected from publicly available sources and therefore we cannot guarantee its accuracy. Source: Gerald Eve Research/Publicly available information

A comprehensive analysis of the Gerald Eve Tracked Index can be viewed in the Listed Entities Report at the back of this newsletter.

Q3 (to September 2020) rent collection across the Gerald Eve Tracked Index as at 31 August 2020 * Selected Listed Entities, Q3 rent collection Source: Goodbody/Gerald Eve Research/Publicly Available Information

% 100

80

60

40

20

0 PRS REIT (PRSR) LXI REIT PLC (LXI) RDI REIT PLC (RDI) Helical PLC (HLCL) PLC (SEGRO) Target Healthcare REIT CLS Holdings PLC (CLI) Ediston Property (EPIC) Regional REIT Ltd (RGL) Newriver REIT PLC (NRR) Circle Property PLC (CRC) Custodian REIT PLC (CREI) AEW UK REIT PLC (AEWU) Capital & Counties (CAPC) Warehouse REIT PLC (WHR) PLC (DLN) Capital & Regional PLC (CAL) McKay Securities PLC (MCKS) Real Estate Investors PLC (RLE) Harmsworth Group PLC (HWG) Urban Logistics REIT PLC (SHED) Tritax Big Box REIT PLAC (BBOX) Plc (GPOR) Land Securities Group PLC (LAND) London Metric Property PLC (LMP ) Alternative Income REIT PLC (AIRE) Picton Property Income Ltd (PCTN) Primary Health Properties PLC (PHP) Town Centre Securities PLC (TOWN) Supermarket Income REIT PLC (SUPR) Schroder Real Estate Investment Trust Limited (SREI) tandard Life Investments Property Income Trust Ltd (SLI ) S Industrial Diversified Mixed Strategies Retail London Stratgeies Alternatives/Long Income

* Rent collected or expected to be collected including tenants on monthly payments as last reported * Latest reported figures have been used in the creation of this graph. Rent collection figures change daily and therefore may not be accurate at the date of publication and therefore this graph is indicative only.

We will continue to track rent collection and dividend status of the Gerald Eve tracked index throughout the coming quarter. This full data is available on request. KEY EVENTS IN SUMMER 2020 AMONGST THE GERALD EVE TRACKED INDEX

INDUSTRIAL STRATEGIES

The industrial sector REITs share price increased 6% across July and August and is 1% up from pre-Covid-19 levels, continuing its exceptional performance relative to other sectors/ strategies. Occupier take-up totalled a record 14 million sq ft in Q2 2020, an increase of 19% on Q1 and 17% above the five-year quarterly average (figures not including unverified off-market occupancy by the NHS). It is unsurprising that internet retailers accounted for 44% of occupier demand with logistics operators representing 20% of activity. This strong occupier activity has maintained positive investor sentiment towards the sector as it continues to outperform the rest of the market.

• London Metric Property PLC (LMP) announced a trading update on rent collection on 2 July 2020 detailing that 95% of rent payments due up to June 2020 had been collected or are being collected monthly. The Group also announced completion of previously announced disposals totalling £54.5m.

• Urban Logistics REIT (SHED) announced that 98% of rent due for the quarter to September has been collected, the remaining 2% is expected to be collected imminently. This follows strong rent collection in March when 100% of rents due were collected. SHED also announced three new acquisitions totalling £36.8m on 11 August 2020. The assets are located in Colchester, Exeter and Nottingham and comprise a logistics park, development site and single let warehouse in respective order. SHED also secured a new £151m loan facility to be used to fund future asset purchases. The Company announced on 1 September 2020 a potential equity raise to help acquire a current pipeline of 33 assets with a combined total value of c.£389m. Current share price is trading at a c.6% premium to NAV.

• Stenprop Limited (STP) made a number of acquisitions over the summer. STP initially acquired four warehouse units, totalling 43,500 sq ft in Stretton Business Park in Staffordshire. The £3.75m acquisition reflects a net initial yield of 6.9% and a capital value of £86 per sq ft. STP also announced the £19.6m acquisition of Bowthorpe Park industrial estate in Norwich for £19.6m. The 16 acre park comprises 246,000 sq ft of multi-let industrial space across 76 units. Finally, in , STP acquired a 73,000 sq ft multi-let industrial estate for £5.5m, reflecting a NIY of 7.3%. The estate comprises nine modern industrial units and the average rent per sq ft equates to £5.85. The Company announced that they had collected 84% of Q3 rents as at 24 July 2020.

• SEGRO (SGRO) released an update on rent collection on 8 July 2020. The group revealed that across the UK and Continental European portfolio rent collection for the second quarter as at 30 June 2020 was at 98% (adjusting for re-profiled rent agreements with customers). On 24 July 2020 SGRO announced a private placement of €450m of senior unsecured notes with a group of private investors. SGRO also gave notice to holders of the 6.75% Sterling bonds due in 2021 and the 7.0% bonds due in 2022 that it intends to redeem in full the outstanding amounts.

• Tritax Big Box REIT PLC (BBOX) announced the continuation of strong rent collection on 8 July 2020. The Group expects 97% of Q3 rents to be collected by the end of August 2020. Currently, 84% of rents have been paid to date and 13% is scheduled to be collected on a monthly basis over the remainder of the quarter. One of the highlights of the Group’s H1 was the pre-let of their Littlebrook facility (2.3m sq ft) which was agreed with Amazon for 20 years subject to index linked annual reviews. As at the end of June NAV per share was at 152.8p, with current share price trading at a c.4% premium.

• Warehouse REIT (WHR) completed a successful equity raise of £153m in July ahead of the original £100m target in March. WHR report that this raise will be used to fund their near-term pipeline of acquisitions. WHR also released a trading update on 6 August 2020. As at 30 July 94% of contracted rent due on the June 2020 quarter date had been received. At the end of July WHR exchanged contracts to sell seven smaller non-core assets for £9.9m reflecting a blended NIY of 6.1%. The disposals were in line with the March 2020 book value.

geraldeve.com RETAIL STRATEGIES

The tracked retail sector was down 26% through July and August, further compounding the damage the sector has felt since the beginning of the Covid-19 crisis, being 75% down since February. On 21 July 2020 the UK government introduced sweeping changes to the planning Use Classes Order creating a new use class order (Class E) which will encompass retail, offices, gyms and parts of D1. This change will give landlords increased flexibility to capture potential inherent value in assets through change of use or repurpose their struggling properties and support the high street revival. Only time will tell how effective these reforms will be with little or no evidence of share price movement since its announcement within our tracked retail strategy REITs.

• Hammerson PLC (HMSO) released their half year report on 6 August 2020 along with a proposed rights issue and disposal of VIA outlets which would raise £825m to recapitalise and reposition the business. HMSO also announced an updated NAV per share of 478p down from 601p per share in December 2019. Current share price is trading at a c.92% discount to NAV.

• Supermarket Income REIT (SUPR) announced the acquisition of a portfolio of six Waitrose supermarkets via a sale and leaseback transaction for £74.1m, reflecting a net initial yield of 4.4%. The stores are let to Waitrose on new 20-year leases with a tenant only break option in year 15 and are subject to 5 yearly, upward only, CPIH-linked rent reviews (C&C 1%-3%). SUPR also acquired a Tesco supermarket for £61m which reflected a net initial yield of 4.6%. SUPR also acquired a supermarket in Telford for £14.3m, reflecting a NIY of 5.0%. The lease has an unexpired term of 17 years with a break option in year 12. The lease is also subject to five-yearly, upward-only RPI linked rent reviews with a cap and collar at 1% and 3%. SUPR are currently trading at a 13.4% premium to NAV.

• Newriver REIT PLC (NRR) released a trading update on 14 August which detailed that 80% of Q2 rent had been collected or recovered through alternative payment structures. 19% of the rent roll was still outstanding. Across the retail portfolio approximately 93% of NRR’s occupiers (by income) are open. Current share price is trading at a c.70% discount to NAV.

MIXED STRATEGIES

Mixed sector strategy REITs are down 32% from pre-Covid-19 levels and up 1% from the beginning of July. Our opinion remains that certain mid-cap entities have been unfairly written down when considering their holdings and strong rent collection performance. As mentioned in our previous edition, we expect REIT M&A activity to pick up as certain entities continue to trade at significant discounts to NAV and we are aware of a number of minority stakes being traded. The average discount to NAV (weighted by market cap) across the GE Tracked Mixed sector REITs is -44%.

We have observed a lack of activity from many mixed sector REITs over the past six months, however, over the past month transaction activity has picked up. For example, McKay Securities’ acquisition of a £10m logistics property in Bracknell and Custodian REIT’s £1.7m acquisition of a leisure asset in Nottingham. We expect to see more activity into Q4 2020 with some entities sitting on large cash reserves seeking to capitalise on strong investor demand in some sectors to prove valuations and acquire accretive assets.

• Palace Capital (PCA) released year-end results (March 2020) on 7 July 2020. The Group declared a final dividend of 2.5p per share, taking the total dividend for the year to 12.0p per share. NAV per share of 364p compared to 407p for the previous year. Current share price is trading at a c.48% discount to NAV.

• RDI REIT PLC (RDI) released a trading update on 7 July 2020. Across the portfolio, approximately 70.1% of gross rents were collected for either the June quarter or the month of June where rents are billed monthly. Rents on the five Travelodge assets have been received in full based on the revised rents following the recent CVA. As highlighted in our last edition, Starwood acquired Redfine’s 29% stake in RDI which bought Starwood board representation.

geraldeve.com • CLS Holdings PLC (CLS) provided an update on Q3 rent collection on 8 July 2020. As at 7 July 2020 the Group had received 86% of rents due, or 93% taking into account those tenants who have switched to monthly rents. Rent collection for the same period in 2019 was at 96%.

• Circle Property PLC (CRC) released a rent collection update on 14 July 2020, detailing that 91% of rent for the quarter to March 2020 has been collected. Current rent collection for the June quarter stands at 77%, if agreed monthly payments are included then this figure increases to 91% of rent due. Current share price is trading at a c.47% discount to latest reported NAV.

• Real Estate Investors PLC (RLE) reported June quarter rent collection at c.82% on 15 July 2020 (adjusted for monthly and deferred agreements). REI also announced that rent collection for the March quarter had now risen to c.90%. Current share price is trading at a c.59% discount to latest reported NAV.

• BMO Real Estate Investments Limited (BREI) announced that their unaudited NAV per share as at 30 June 2020 was 96.6p. This represents a decrease in 3.1% from the NAV per share reported in March 2020 at 99.7p. BREI reported rent collection at 91% for March to June with almost full recovery from offices and sheds. Current share price is trading at a c.30% discount to latest reported NAV.

• St. Modwen Properties PLC (SMP) released their half year results on 22 July. NAV per share fell 12.6% to 423.1p due to pressure on land and retail values. Current share price reflects a c.23.4% discount to last reported NAV.

• Helical PLC (HCL) announced latest rent collection statistics on 23 July 2020. As at 22 July 2020 the Group had collected 77.3% of rents due, with a further 13.6% agreed to be paid in instalments up to the September quarter day. HCL also announced that they had successfully secured a £140m development facility on their joint venture scheme in Farringdon with Ashby Capital, 33 Charterhouse Street. The 192,000 sq ft office building is expected to complete by Summer 2022.

• AEW UK REIT PLC (AEWU) released an update on their NAV and declared their dividend on 23 July 2020. The Company announced an interim dividend of 2.00p per share, in line with the targeted annual dividend of 8.00p per share. NAV per share was reported at a slight increase on the previous quarter at 93.37p (93.13p March 2020). Current share price reflects a discount of c.14% to last reported NAV.

• McKay Securities PLC (MCKS) released a rent collection update on 23 July 2020 detailing that 74% of June quarter day rents had been collected, rising to 92% on receipt of income from agreed monthly and deferred payment plans. MCKS also acquired a £10m logistics asset in Bracknell which represented a NIY of 5.6%. The freehold estate consists of two modern self-contained units totalling 54,157 sq ft. McKay were advised by Gerald Eve throughout the transaction. Current share price is trading at a c.42% discount to latest reported NAV.

• Ediston Property Investment Company PLC (EPIC) EPIC released a rent collection update on 6 August 2020 detailing that as at 5 August 2020, 80.5% of Q3 rents due by 1 August 2020 had been collected. If the tenants who are on current monthly payment agreements continue to pay in September, then EPIC anticipate rent collection will rise to 90.4%. EPIC are currently trading at c.48% discount to last reported NAV.

• Picton Property Income Limited (PCTN) released an updated NAV on 24 July 2020, reflecting 92.2 pence per share, a 1.3% reduction from March 2020. PCTN also declared a quarterly dividend of 0.625p per share. Current share price is trading at a c.23% discount to latest reported NAV.

• Regional REIT Limited (RGL) announced their half year valuation at £742.3m, only a 3.7% portfolio decrease since 31 December 2019. These are strong figures considering disposals of £15.1m during the period. The Group also released an update on Q2 rent collection which has increased to c.93%. Current share price is trading at a c.32% discount to latest reported NAV.

• Standard Life Investments Property Income Trust (SLI) released an updated NAV as at 30 June 2020 on 3 August 2020. NAV per share was declared at 79.6p down from 83.2p in March 2020. Current share price is trading at an c.34% discount to NAV.

• CLS Holdings PLC (CLS) announced their half year financial report on 12 August 2020. NAV per share increased 3.2% to 339.6p from 329.2p in December 2019. Rent collection has remained strong with 95% of contracted rent due for the third quarter collected. Current share price is trading at a c.42% discount to NAV.

• Capital and Counties Properties PLC (CAPC) released interim results on 12 August 2020. The Group’s NAV per share reduced from 312.9 in December 2019 to 256.9 (as at 30 June 2020). Current share price is trading as a c.46% discount to NAV. geraldeve.com LONDON STRATEGIES

One of the most significant deals in the capital (post-Covid-19) completed at the end of July as Hong Kong’s Link REIT acquired 25 Cabot Square from Hines. We understand that Link bought the 14 storey Canary Wharf property (mainly let to Morgan Stanley) for £380m / 4.86% NIY. This was an entirely post Covid-19 deal and we understand the final price to be within 1% of the price agreed with Blackstone earlier in the year. This deal is a strong indicator of investor sentiment towards London as many companies begin to reintegrate their staff back to the office. Since pre-Covid-19 London strategy entities are down 40% and are 5% down across July and August.

Morgan Stanley reported that in London only 33% of ‘white collar’ office employees have returned to the workplace for three or more days a week. This compares to 51% in Madrid and 71% in Berlin. This illustrates that many London based firms have been reluctant to ask staff to return to work citing the main reasons as childcare across the summer and public transport risks. Schroders are the first London based institution to announced that staff will be able to work from home on a permanent basis, even after the pandemic. This data is surprising, especially considering that in 2019, the UK was below the European average for employees usually working from home. We expect that in September, office occupancy in London will begin to increase as children go back to school and employees return from holidays.

• Workspace Group PLC (WKP) released a business update on 9 July 2020. The Group announced that cash collection for the first quarter is now at 75% and that 65% of rent had been collected for the second quarter (this compares to c.80% for the second quarter last year). WKP also announced the granting of planning permission for a major mixed-use redevelopment in Wandsworth comprising 171,000 sq ft of commercial space and 402 residential units.

• Derwent London PLC (DLN) released a rent collection update on 7 July 2020 which summarised the Group’s rent collection statistics across the March 2020 and June 2020 quarters. For the March quarter DLN have received 81% or March rents and for June 70% of rents. The Group has waived 25% of service charge due as part of their ongoing support to occupiers, this is estimated to cost DLN c.£4m. Current share price reflects a discount of c.28% to last reported NAV.

• Great Portland Estates (GPOR) released a trading update on 10 July 2020. 69% of June rent was collected including amounts covered by rent deposits (58% excluding deposits). 82% of March rent has now been collected including drawn deposits (70% excluding deposits). GPOR signed £4.3m of new rent in the past quarter with market lettings 4.4% ahead of March 2020 ERV.

geraldeve.com ALTERNATIVE/LONG INCOME STRATEGIES

The Alternative/Long Income Strategy REITs overall share price remained broadly the same through July and August 2020 (1.7% down) although as expected REITs associated with essential services continue to outperform the sector overall. Some Travelodge Landlords now have optionality to consider breaking leases with Accor’s Ibis brand or new entrant to the market, Goodnight Hotels seeking to acquire hotels in performing markets if possession can be secured providing potential asset liquidity or valuation improvements through new lease structures or improved covenants. Secure income REIT launched the sale of their entire Travelodge portfolio (c.£450m) as the hotel chain’s largest Landlord seeks an exit. SIR hold 123 Travelodge assets, the sale will provide a benchmark to the industry as the first major hotel transaction post-Covid-19.

• LXi REIT PLC (LXI) announced on 2 July 2020 that 84% of rents had been collected for the June to September quarter. In addition, the Group revealed that arrears in respect of the March quarter day have now been settled in line with the agreed terms of the Travelodge CVA announced in June. LXI also announced that they had sold two portfolios of social housing assets for £10.7m, reflecting a 5.25% exit yield as well as exchanging on a forward funding deal of a Lidl supermarket in County Durham for £7.5m. The store has been fully pre-let to Lidl on a 20 year lease with one break at year 15.

• Alternative Income REIT PLC (AIRE) released a trading and NAV update on 6 August 2020. The Company’s NAV per share (as at 30 June 2020) fell to 83.6p per share from 88p per share in March 2020. The Group also announced that at least 84% of Q3 rents due will be collected September 2020. Current share price is trading at a c.28% discount to NAV.

• Primary Health Properties (PHP) completed a £140m equity raise in July. PHP have identified £128m of investment opportunities which should lead to quick deployment of capital. It is expected that the increased size of the portfolio will enable PHP to take on more risk through acquiring assets with shorter leases. The group also announced 91% rent collection for Q3 as well as growth in NAV from 107.9p per share (31 December 2019) to 109.1p per share. Current share price is trading at a c.40% premium to latest reported NAV.

geraldeve.com Issue No: 110 28 August 2020

Real Estate - Market Snapshot of REITs / Listed Entities - Pre & During Covid-19 Outbreak

Variation Gerald Eve Analytics - Key Contacts Current Weekly Ranking Pre-Covid- Total Covid-19 Daily Movement % International Indexes (28 August Movement (from By Fall 19 Fall % (27-28 August 2020) 2020) 21 August 2020)

1 DOW JONES INDU AVERAGE NDX TRUE 28,400 21,456 -24% -1% 1%

2 HONG KONG HANG SENG INDEX TRUE 3,185 2,456 -23% -1% -1%

3 FTSE 100 FALSE 7,326 5,964 -19% -1% -1%

4 FTSE 350 FALSE 4,124 3,376 -18% 0% 0% LORENZO SOLAZZO​ JOHN RODGERS LEO ZIELINSKI WILL STRACHAN 5 FALSE 13,045 11,616 -11% -1% 1% DEUTSCHE BORSE DAX INDEX Data Analyst Partner Partner Partner

6 S&P 500 INDEX FALSE 2,793 2,627 -6% 0% 1% Capital Markets Capital Markets Capital Markets Capital Markets +44 207 333 6438 +44 (0)20 3486 3467 +44 (0)20 3486 3468 +44 (0)20 3486 3474 7 FALSE 374 371 -1% 1% -1% SHANGAI STOCK EXCHANGE INDEX [email protected] [email protected] [email protected] [email protected]

8 NASDAQ NMS COMPOSITE INDEX TRUE 7,973 8,758 10% -1% 1%

9 EURONEXT TRUE 73 91 24% 0% 0% All indices prices are in GBP and from 3 February 2020 except Hong Kong Hang Seng and Shangai Stock Exchange which was date 13 January 2020.

Key Financials Market Cap Movement Share Price Movement Discount / Premium to NAV Rent Collection Current Current Weekly GERALD EVE TRACKED INDEX Pre-Covid- Total Covid-19 Daily Movement % Pre-Covid- Current GAV Total Laibilities NAV per Share % of Assets in Retail Pre-Covid-19 (28 August (28 August Movement (from Q2 Q3 19 Fall % (27-28 August 2020) 19 (28 August 2020) 2020) 2020) 21 August 2020) Ranking By Share Tracked UK REITs / Listed Entities £177bn £40bn 21332 £72bn £57bn 21253 15132 -29% 0% -1% 0% -29% 76% 82% Price Fall Issue No: 110 28 August 2020 1 PROPERTIES PLC (XLON:INTU) £7,117m £5,271m 147.0 100% £234m £24m 17.3 1.8 -90% 0% 0% -88.2% -98.8% 30% N/A 2 HAMMERSON PLC (XLON:HMSO) Real Estate - Market£7,315m Snapshot£2,938m of REITs / Listed601.0 Entities100% - Pre & During£1,775m Covid-19 Outbreak£371m 231.6 48.4 -79% 0% -3% -61.5% -91.9% 47% N/A 3 CAPITAL & REGIONAL PLC (XLON:CAL) £727m £535m 361.0 N/A £243m £73m 234.3 70.0 -70% 0% -1% -35.1% -80.6% 50% 34%

4 NEWRIVER REIT PLC (XLON:NRR) £1,381mVariation £636m 201.0 100% £575m £182mGerald Eve Analytics 187.8 - Key Contacts 59.5 -68% 1% -6% -6.6% -70.4% 64% 60% Current Weekly Ranking5 TOWN CENTRE SECURITIES PLC (XLON:TOWN)Pre-Covid- Total Covid-19£405m Daily Movement£217m % 354.0 36% £118m £51m 222.0 95.0 -57% 0% 0% -37.3% -73.2% 75% 79% International Indexes (28 August Movement (from By Fall 19 Fall % (27-28 August 2020) 6 WORKSPACE GROUP PLC (XLON:WKP) 2020) £2,682m £700m 21 August 2020)1086.0 0% £2,211m £1,025m 1,223.0 563.5 -54% -1% -4% 12.6% -48.1% N/A N/A 1 7 DOW JONESREAL INDU ESTATE AVERAGE INVESTORS NDX PLCTRUE (XLON:RLE) 28,400 21,456 -24%£242m -1%£116m 1% 67.4 52% £103m £52m 55.0 28.0 -49% 0% 0% -18.4% -58.5% N/A 82% 2 HONG KONG HANG SENG INDEX TRUE 3,185 2,456 -23% -1% -1%

3 8 FTSE 100 Standard Life InvestmentsFALSE Property Income 7,326 Trust Limited 5,964 (XLON:SLI)-19%£497m -1%£145m -1% 83.2 9% £404m £216m 99.3 52.6 -47% 0% -4% 19.4% -36.8% 66% 69%

4 FTSE 350 FALSE 4,124 3,376 -18% 0% 0% 9 CAPITAL & COUNTIES PROPERTIES PLC (XLON:CAPC) £3,095m £1,075m 240.5 57% LORENZO£2,053m SOLAZZO​ £1,056mJOHN RODGERS 242.0 LEO ZIELINSKI 129.4 WILL STRACHAN-47% 2% 2% 0.6% -46.2% 44% 30% 5 FALSE 13,045 11,616 -11% -1% 1% DEUTSCHE BORSE DAX INDEX Data Analyst Partner Partner Partner Capital Markets Capital Markets 6 10 S&P 500EDISTON INDEX PROPERTY INVESTMENTFALSE COMPANY 2,793 PLC (XLON:EPIC) 2,627 -6%£309m 0% £104m 1% 96.2 64% £187m £112m 88.4 Capital Markets 50.0 Capital Markets-43% -5% -3% -8.1% -48.0% 75% 88% +44 207 333 6438 +44 (0)20 3486 3467 +44 (0)20 3486 3468 +44 (0)20 3486 3474 7 SHANGAI STOCK EXCHANGE INDEX FALSE 374 371 -1% 1% -1% 11 Schroder Real Estate Investment Trust Limited (XLON:SREI) £448m £138m 59.7 25% [email protected]£273m [email protected]£164m 52.7 [email protected] 30.3 [email protected]% 0% -5% -11.7% -49.3% N/A 74% 8 NASDAQ NMS COMPOSITE INDEX TRUE 7,973 8,758 10% -1% 1% 9 12 EURONEXTPALACE CAPITAL PLC (XLON:PCA)TRUE 73 91 24%£276m 0% £100m 0% 364.0 13% £151m £87m 327.0 189.5 -42% 0% 1% -10.2% -47.9% 70% N/A All indices prices are in GBP and from 3 February 2020 except Hong Kong Hang Seng and Shangai Stock Exchange which was date 13 January 2020. 13 PANTHER SECURITIES P L C (XLON:PNS) £195m £104m 514.0 Few £62m £36m 350.0 205.0 -41% 0% 0% -31.9% -60.1% N/A N/A 14 SECURE INCOME REIT PLC (XLON:SIR) Key Financials£2,083m £931m Market Cap431.1 Movement 0% Share£1,529m Price Movement £928m Discount472.0 / Premium to NAV277.0 Rent-41% Collection -1% -3% 9.5% -35.7% 100% N/A Current Current Weekly Pre-Covid- Total Covid-19 Daily Movement % Pre-Covid- Current 15 GAV Total Laibilities NAV per£1,024m Share % of Assets in£425m Retail Pre-Covid-19 489.0(28 August 7% (28 August £572m £349mMovement (from 476.5 284.5 Q2 Q3 0% -7% -2.6% -41.8% HELICAL PLC (XLON:HLCL) 19 Fall % (27-28 August 2020) 19 (28 August 2020) -40% N/A 95% 2020) 2020) 21 August 2020) 16 £4,001m £994m 878.0 69% £2,718m £1,568m 884.0 529.0 3% 1% 0.7% -39.7% Ranking (XLON:SHB) -40% 30% N/A By Share17 Tracked UK REITs / Listed Entities £177bn £40bn £13,742m21332 £4,137m £72bn 1298.0£57bn 2125338% 15132 -29%£7,011m 0% £4,301m -1% 945.6 0% -29% 578.1 76% -39% 82% -1% 1% -27.1% -55.5% N/A 60% Price Fall LAND SECURITIES GROUP PLC (XLON:LAND) 1 18 INTU PROPERTIESBMO Commercial PLC (XLON:INTU) Property Trust Limited£7,117m (XLON:BCPT)£5,271m £13,557m147.0 100%£328m £234m 130.9 £24m 17.3 32% 1.8 -90%£875m 0% £540m 0% 109.4 -88.2% -98.8% 68.7 30% -37% N/A 0% 2% -16.4% -47.5% 74% N/A 2 19 HAMMERSONLONDON PLC (XLON:HMSO) & ASSOCIATED PROPERTIES £7,315mPLC (XLON:LAS)£2,938m 601.0£137m 100%£81m £1,775m 48.9 £371m 231.6 100% 48.4 -79%£17m 0% £11m -3% -61.5%20.5 -91.9% 13.0 47% -37% N/A 0% 0% -58.1% -73.4% N/A N/A 3 CAPITAL & REGIONAL PLC (XLON:CAL) £727m £535m 361.0 N/A £243m £73m 234.3 70.0 -70% 0% -1% -35.1% -80.6% 50% 34% 4 20 NEWRIVERGREAT REIT PLC PORTLAND (XLON:NRR) ESTATES P L C (XLON:GPOR)£1,381m £636m 201.0£2,753m 100%£550m £575m 868.0£182m 187.8 28% 59.5 -68%£2,359m 1% £1,537m -6% 929.4 -6.6% -70.4% 603.6 64% -35% 60% 0% -1% 7.1% -30.5% 62% 69% 5 21 TOWN RDICENTRE REIT SECURITIES P.L.C. PLC (XLON:RDI) (XLON:TOWN) £405m £217m 354.0£1,475m 36%£732m £118m 185.5 £51m 222.0 31% 95.0 -57%£498m 0% £322m 0% 131.0 -37.3% -73.2% 85.2 75% -35% 79% 0% -1% -29.4% -54.1% N/A 70% 6 WORKSPACE GROUP PLC (XLON:WKP) £2,682m £700m 1086.0 0% £2,211m £1,025m 1,223.0 563.5 -54% -1% -4% 12.6% -48.1% N/A N/A 22 £11,245m £4,098m 774.0 45% £5,180m £3,365m 559.0 365.7 -35% 1% 1% -27.8% -52.8% 7 REAL ESTATEBRITISH INVESTORS LAND PLC COMPANY (XLON:RLE) PUBLIC LIMITED£242m COMPANY(THE)£116m (XLON:BLND)67.4 52% £103m £52m 55.0 28.0 -49% 0% 0% -18.4% -58.5% N/A 82% N/A N/A 8 23 StandardRegional Life Investments REIT PropertyLimited Income (XLON:RGL) Trust Limited (XLON:SLI)£497m £145m 83.2£875m 9% £392m £404m 112.1£216m 99.3 6% 52.6 -47%£501m 0% £328m -4% 116.0 19.4% -36.8% 76.5 66% -34% 69% 1% 0% 3.5% -31.8% 97% 91% 9 CAPITAL & COUNTIES PROPERTIES PLC (XLON:CAPC) £3,095m £1,075m 240.5 57% £2,053m £1,056m 242.0 129.4 -47% 2% 2% 0.6% -46.2% 44% 30% 24 £1,691m £611m 484.2 2% £1,087m £689m 489.0 324.0 -34% 1% 2% 1.0% -33.1% N/A N/A 10 EDISTONST. PROPERTY MODWEN INVESTMENT PROPERTIES COMPANY PLC PLC (XLON:EPIC) (XLON:SMP)£309m £104m 96.2 64% £187m £112m 88.4 50.0 -43% -5% -3% -8.1% -48.0% 75% 88% 1125 SchroderGCP Real STUDENT Estate Investment LIVING Trust LimitedPLC (XLON:DIGS) (XLON:SREI) £448m £138m 59.7£987m 25%£251m £273m 174.7£164m 52.7 0% 30.3 -43%£926m 0% £628m -5% 203.5 -11.7% -49.3% 138.0 N/A -32% 74% 1% 1% 16.5% -21.0% N/A N/A 12 PALACE CAPITAL PLC (XLON:PCA) £276m £100m 364.0 13% £151m £87m 327.0 189.5 -42% 0% 1% -10.2% -47.9% 70% N/A 26 HARWORTH GROUP PLC (XLON:HWG) £525m £53m 155.6 0% £480m £322m 149.0 101.5 -32% 4% 1% -4.2% -34.8% N/A 95% 13 PANTHER SECURITIES P L C (XLON:PNS) £195m £104m 514.0 Few £62m £36m 350.0 205.0 -41% 0% 0% -31.9% -60.1% N/A N/A 1427 SECUREDERWENT INCOME REIT PLCLONDON (XLON:SIR) PLC (XLON:DLN) £2,083m £931m £57,255m431.1 0%£1,321m £1,529m 3901.0£928m 472.0 0% 277.0 -41%£4,634m -1% £3,202m -3% 4,146.0 9.5% -35.7% 2,828.0 100% -32% N/A -1% -2% 6.3% -27.5% 81% 84% 15 £1,024m £425m 489.0 7% £572m £349m 476.5 284.5 -40% 0% -7% -2.6% -41.8% N/A 95% 28 HELICALPicton PLC (XLON:HLCL) Property Income Limited (XLON:PCTN) £696m £183m 92.2 9% £554m £394m 101.6 70.7 -30% 0% 0% 10.2% -23.3% 86% 85% 16 SHAFTESBURY PLC (XLON:SHB) £4,001m £994m 878.0 69% £2,718m £1,568m 884.0 529.0 -40% 3% 1% 0.7% -39.7% 30% N/A 1729 LAND SECURITIESEMPIRIC GROUP STUDENT PLC (XLON:LAND) PROPERTY PLC (XLON:ESP)£13,742m £4,137m 1298.0£1,029m 38%£393m £7,011m 110.2£4,301m 945.6 0% 578.1 -39%£603m -1% £415m 1% -27.1%99.9 -55.5% 70.0 N/A -30% 60% 4% 7% -9.4% -36.5% N/A N/A 1830 BMO CommercialMCKAY PropertySECURITIES Trust Limited P L C (XLON:BCPT) (XLON:MCKS)£13,557m £328m 130.9£520m 32%£211m £875m 329.0£540m 109.4 0% 68.7 -37%£249m 0% £175m 2% 264.0 -16.4% -47.5% 190.0 74% -28% N/A 1% 1% -19.8% -42.2% 73% 92% 19 LONDON & ASSOCIATED PROPERTIES PLC (XLON:LAS) £137m £81m 48.9 100% £17m £11m 20.5 13.0 -37% 0% 0% -58.1% -73.4% N/A N/A 2031 GREAT CLSPORTLAND HOLDINGS ESTATES P PLC L C (XLON:GPOR) (XLON:CLI) £2,753m £550m 868.0£2,357m 28%£1,128m £2,359m 339.6£1,537m 929.4 0% 603.6 -35%£1,088m 0% £784m -1% 267.0 7.1% -30.5% 196.2 62% -27% 69% 0% -1% -21.4% -42.2% 99% 95% 2132 RDI REITHIGHCROFT P.L.C. (XLON:RDI) INVESTMENTS PLC (XLON:HCFT)£1,475m £732m 185.5£90m 31% £28m £498m 1195.0£322m 131.0 0% 85.2 -35%£48m 0% £36m -1% 930.0 -29.4% -54.1% 700.0 N/A -25% 70% 0% 0% -22.2% -41.4% N/A N/A 22 COMPANY PUBLIC LIMITED COMPANY(THE) (XLON:BLND)£11,245m £4,098m 774.0 45% £5,180m £3,365m 559.0 365.7 -35% 1% 1% -27.8% -52.8% N/A N/A 33 £2,850m £858m 853.0 0% £4,621m £3,870m 1,271.0 967.5 0% 0% 49.0% 13.4% 23 RegionalTHE REIT UNITE Limited (XLON:RGL) GROUP PLC (XLON:UTG) £875m £392m 112.1 6% £501m £328m 116.0 76.5 -34% 1% 0% 3.5% -31.8% 97% -24% 91% N/A N/A 2434 ST. MODWENCUSTODIAN PROPERTIES REIT PLC (XLON:SMP) PLC (XLON:CREI) £1,691m £611m 484.2£591m 2% £164m £1,087m 101.6£689m 489.0 33% 324.0 -34%£474m 1% £361m 2% 112.8 1.0% -33.1% 86.3 N/A -23% N/A 0% -4% 11.0% -15.1% 70% 80% 25 GCP STUDENT LIVING PLC (XLON:DIGS) £987m £251m 174.7 0% £926m £628m 203.5 138.0 -32% 1% 1% 16.5% -21.0% N/A N/A 35 £141m £62m 295.0 4% £59m £45m 205.0 157.5 -23% 0% 0% -30.5% -46.6% 70% 91% 26 HARWORTHCIRCLE GROUP PROPERTY PLC (XLON:HWG) PLC (XLON:CRC) £525m £53m 155.6 0% £480m £322m 149.0 101.5 -32% 4% 1% -4.2% -34.8% N/A 95% 2736 DERWENTUK LONDON COMMERCIAL PLC (XLON:DLN) PROPERTY REIT LIMITED£57,255m (XLON:UKCM)£1,321m 3901.0£1,459m 0% £350m £4,634m 86.3£3,202m 4,146.0 23% 2,828.0 -32%£1,123m -1% £862m -2% 86.4 6.3% -27.5% 66.4 81% -23% 84% 0% -1% 0.1% -23.1% N/A N/A 28 Picton Property Income Limited (XLON:PCTN) £696m £183m 92.2 9% £554m £394m 101.6 70.7 -30% 0% 0% 10.2% -23.3% 86% 85% 37 BMO Real Estate Investments Limited (XLON:BREI) £344m £104m 96.6 33% £206m £162m 85.6 68.0 -21% 1% 6% -11.4% -29.6% 69% N/A 29 EMPIRIC STUDENT PROPERTY PLC (XLON:ESP) £1,029m £393m 110.2 0% £603m £415m 99.9 70.0 -30% 4% 7% -9.4% -36.5% N/A N/A 3038 MCKAYAEW SECURITIES UK REITP L C (XLON:MCKS) PLC (XLON:AEWU) £520m £211m 329.0£204m 0% £56m £249m 93.4 £175m 264.0 12% 190.0 -28%£157m 1% £127m 1% -19.8%99.0 -42.2% 80.0 73% -19% 92% 1% -2% 6.0% -14.3% 64% 84% 31 £2,357m £1,128m 339.6 0% £1,088m £784m 267.0 196.2 -27% 0% -1% -21.4% -42.2% 99% 95% 39 CLS HOLDINGSALTERNATIVE PLC (XLON:CLI) INCOME REIT PLC (XLON:AIRE) £119m £43m 88.6 0% £59m £48m 73.3 60.0 -18% 1% 7% -17.4% -32.3% 64% 84% 32 HIGHCROFT INVESTMENTS PLC (XLON:HCFT) £90m £28m 1195.0 0% £48m £36m 930.0 700.0 -25% 0% 0% -22.2% -41.4% N/A N/A 3340 THE UNITELXI GROUPREIT PLC (XLON:UTG) (XLON:LXI) £2,850m £858m 853.0£834m 0% £186m £4,621m 124.3£3,870m 1,271.0 0% 967.5 -24%£702m 0% £584m 0% 134.6 49.0% 13.4% 113.4 N/A -16% N/A 0% 4% 8.3% -8.8% 84% 84% 34 £591m £164m 101.6 33% £474m £361m 112.8 86.3 0% -4% 11.0% -15.1% 41 CUSTODIANTHE REIT PRS PLC REIT (XLON:CREI) PLC (XLON:PRSR) £598m £1m 95.8 0% -23%£453m £383m 91.5 78.3 70% -14% 80% 0% 4% -4.5% -18.3% N/A 98% 35 CIRCLE PROPERTY PLC (XLON:CRC) £141m £62m 295.0 4% £59m £45m 205.0 157.5 -23% 0% 0% -30.5% -46.6% 70% 91% 3642 UK COMMERCIALTARGET PROPERTY HEALTHCARE REIT LIMITED REIT (XLON:UKCM) PLC (XLON:THRL)£1,459m £350m 86.3£590m 23%£135m £1,123m 108.1£862m 86.4 0% 66.4 -23%£547m 0% £508m -1% 119.5 0.1% -23.1% 108.8 N/A -9% N/A -2% -1% 10.5% 0.6% N/A 96% 3743 BMO RealBIG Estate YELLOW Investments GROUP Limited PLC (XLON:BREI) (XLON:BYG) £344m £104m £1,599m96.6 33%£405m £206m 697.1£162m 85.6 0% 68.0 -21%£1,951m 1% £1,871m 6% 1,167.0 -11.4% -29.6% 1,072.0 69% -8% N/A 0% 1% 67.4% 53.8% N/A N/A 38 AEW UK REIT PLC (XLON:AEWU) £204m £56m 93.4 12% £157m £127m 99.0 80.0 -19% 1% -2% 6.0% -14.3% 64% 84% 44 £420m £78m 107.2 0% £344m £321m 108.0 99.6 -1% -1% 0.8% -7.1% 39 ALTERNATIVEIMPACT INCOME HEALTHCARE REIT PLC (XLON:AIRE) REIT PLC (XLON:IHR)£119m £43m 88.6 0% £59m £48m 73.3 60.0 -18% 1% 7% -17.4% -32.3% 64% -8% 84% 100% N/A 4045 LXI REITStenprop PLC (XLON:LXI) Limited (XLON:STP) £834m £186m 124.3£622m 0% £231m £702m 139.0£584m 134.6 0% 113.4 -16%£382m 0% £366m 4% 128.0 8.3% -8.8% 121.0 84% -5% 84% 0% 2% -7.9% -12.9% 81% N/A 41 THE PRS REIT PLC (XLON:PRSR) £598m £1m 95.8 0% £453m £383m 91.5 78.3 -14% 0% 4% -4.5% -18.3% N/A 98% 46 £2,573m £1,279m 107.9 0% £1,918m £2,015m 157.6 152.4 -3% 0% -1% 46.1% 41.2% 98% 96% 42 TARGETPRIMARY HEALTHCARE HEALTH REIT PLC (XLON:THRL) PROPERTIES PLC (XLON:PHP)£590m £135m 108.1 0% £547m £508m 119.5 108.8 -9% -2% -1% 10.5% 0.6% N/A 96% 4347 BIG YELLOWWAREHOUSE GROUP PLC (XLON:BYG) REIT PLC (XLON:WHR) £1,599m £405m 697.1£471m 0% £208m £1,951m 109.5£1,871m 1,167.0 0% 1,072.0 -8%£372m 0% £440m 1% 116.0 67.4% 53.8% 113.0 N/A -3% N/A -1% -2% 5.9% 3.2% 94% N/A 44 £420m £78m 107.2 0% £344m £321m 108.0 99.6 -8% -1% -1% 0.8% -7.1% 100% N/A 48 IMPACT HEALTHCARE REIT PLC (XLON:IHR) £1,471m £585m 421.0 0% £1,687m £1,639m 801.5 783.5 -2% 3% 2% 90.4% 86.1% N/A N/A 45 StenpropSAFESTORE Limited (XLON:STP) HOLDINGS PLC (XLON:SAFE)£622m £231m 139.0 0% £382m £366m 128.0 121.0 -5% 0% 2% -7.9% -12.9% 81% N/A 4649 PRIMARYURBAN HEALTH LOGISTICSPROPERTIES PLC REIT (XLON:PHP) PLC (XLON:SHED)£2,573m £1,279m 107.9£343m 0% £85m £1,918m 137.9£2,015m 157.6 0% 152.4 -3%£278m 0% £275m -1% 147.5 46.1% 41.2% 146.5 98% -1% 96% 0% 1% 7.0% 6.2% 93% 98% 47 £471m £208m 109.5 0% £372m £440m 116.0 113.0 -3% -1% -2% 5.9% 3.2% 94% N/A 50 WAREHOUSESUPERMARKET REIT PLC (XLON:WHR) INCOME REIT PLC (XLON:SUPR) £504m £176m 97.0 0% £363m £521m 107.5 110.0 2% 0% 0% 10.8% 13.4% 100% 100% 48 HOLDINGS PLC (XLON:SAFE) £1,471m £585m 421.0 0% £1,687m £1,639m 801.5 783.5 -2% 3% 2% 90.4% 86.1% N/A N/A 4951 URBANSEGRO LOGISTICS PUBLIC REIT PLC (XLON:SHED) LIMITED COMPANY (XLON:SGRO)£343m £85m £10,083m137.9 0%£2,405m £278m 708.0£275m 147.5 29% 146.5 £10,010m-1% 0% £11,516m1% 912.8 7.0% 6.2% 952.8 93% 4% 98% 0% -2% 28.9% 34.6% 85% 93% 50 £504m £176m 97.0 0% £363m £521m 107.5 110.0 2% 0% 0% 10.8% 13.4% 52 SUPERMARKETASSURA INCOME PLC REIT (XLON:AGR) PLC (XLON:SUPR) £2,209m £907m 53.9 0% £1,868m £2,156m 77.4 81.0 100% 5% 100% 0% -1% 43.6% 50.3% N/A N/A 51 SEGRO PUBLIC LIMITED COMPANY (XLON:SGRO) £10,083m £2,405m 708.0 29% £10,010m £11,516m 912.8 952.8 4% 0% -2% 28.9% 34.6% 85% 93% 5253 ASSURALONDONMETRIC PLC (XLON:AGR) PROPERTY PLC (XLON:LMP)£2,209m £907m £2,419m53.9 0% £980m £1,868m 171.7£2,156m 77.4 4% 81.0 £1,902m5% 0% £2,200m -1% 226.0 43.6% 50.3% 236.8 N/A 5% N/A 0% -1% 31.6% 37.9% 95% 95% 5354 LONDONMETRICTRIPLE POINTPROPERTY SOCIAL PLC (XLON:LMP) HOUSING REIT PLC£2,419m (XLON:SOHO)£980m 171.7£544m 4% £175m £1,902m 105.4£2,200m 226.0 0% 236.8 5%£340m 0% £372m -1% 31.6%97.0 37.9% 107.0 95% 10% 95% 2% 1% -7.9% 1.5% 100% N/A 54 TRIPLE POINT SOCIAL HOUSING REIT PLC (XLON:SOHO) £544m £175m 105.4 0% £340m £372m 97.0 107.0 10% 2% 1% -7.9% 1.5% 100% N/A 5555 TRITAXTRITAX BIG BOX REIT BIG PLC BOX (XLON:BBOX) REIT PLC (XLON:BBOX)£3,940m £1,301m 150.0£3,940m 0%£1,301m £2,368m 150.0£2,668m 138.7 0% 155.8 12%£2,368m -1% £2,668m -1% 138.7 -7.6% 3.8% 155.8 96% 12% 97% -1% -1% -7.6% 3.8% 96% 97% 5656 CIVITASCIVITAS SOCIAL HOUSING SOCIAL PLC HOUSING(XLON:CSH) PLC (XLON:CSH)£901m £234m 107.2£901m 0% £234m £611m 107.2£688m 98.3 0% 110.6 13%£611m 1% £688m 1% 98.3-8.3% 3.2% 110.6 N/A 13% N/A 1% 1% -8.3% 3.2% N/A N/A 57 Atlantic Leaf Properties Limited (XJSE:ALP) £383m £186m 104.0 1% £133m £153m 67.7 81.0 20% 2% 1% -35.0% -22.2% 85% N/A 57 Atlantic Leaf Properties Limited (XJSE:ALP) £383m £186m 104.0 1% £133m £153m 67.7 81.0 20% 2% 1% -35.0% -22.2% 85% N/A Date of Issue: 29/08/2020

Notes / Disclaimer Date of Issue: 29/08/2020 *Market Cap & Share Price as of (24.07.2020). GAV, LTV, Liabilities and NAV as per latest figures reported **Pre-Covid19 data is from 03.02.2020 ***Pre-Covid-19Notes / Disclaimer Market Cap is estimated by multiplying share price by number of shares outstanding Note:*Market GAV, LTV, Cap Liabilities & Share and NAV Price may notas beof reflective (24.07.2020). of recent mergers/acquisitions/disposals GAV, LTV, Liabilities and and onlyNAV reflect as thoseper latestlatest official figures reported reported from RNS statements. As such these figures are a guide only. All data reported has been collected from publicly available sources and therefore we cannot guarantee its accuracy.

Data**Pre-Covid19 must not be used data in any 3rdis from party reporting, 03.02.2020 publications or statements without prior consent from Gerald Eve LLP. Gerald Eve LLP accept no liability / responsibility for its use. %***Pre-Covid-19 No of Retail Assets assessed Market from reviewCap isof latestestimated figures (where by multiplying available). Based share on number price of assets, by number not income of exposure shares to outstandingretail occupiers. ****SDA: Scrip Dividend Alternative Note: GAV, LTV, Liabilities and NAV may not be reflective of recent mergers/acquisitions/disposals and only reflect those latest official reported from RNS statements. As such these figures are a guide only. All data reported has been collected from publicly available sources and therefore we cannot guarantee its accuracy.

Data must not be used in any 3rd party reporting, publications or statements without prior consent from Gerald Eve LLP. Gerald Eve LLP accept no liability / responsibility for its use. % No of Retail Assets assessed from review of latest figures (where available). Based on number of assets, not income exposure to retail occupiers. ****SDA: Scrip Dividend Alternative

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Summer 2020 ISSUE 1 – OCCUPIERS Summer 2020 Summer 2020

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Investment Brief Prime Logistics Multi-Let What impacts are current How has the UK logistics How are small industrial events having on UK market performed and properties performing and commercial property how prepared is it for how well insulated are they markets and how has this current events and any against the expected changed our forecasts for Brexit impacts? shock? each sector?

SOUTH EAST OFFICE LONDON MARKETS INVESTMENT BULLETIN London office property performance and key themes Q1 2020

Summer 2020

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South East Offices London Markets Analysis of the south Analysis of the London east office market office market

9 LISTED MARKETS – REAL ESTATE HOW CAN WE HELP?

CONTACTS

UK Capital Markets Regional Investment Valuations Research John Rodgers Callum Robertson Michael Riordan Steve Sharman Partner Partner Partner Partner Tel. +44 (0)20 3486 3467 Tel. +44 (0)16 1259 0480 Tel. +44 (0)20 7653 6828 Tel. +44 (0)20 7333 6271 Mobile +44 (0)7810 307422 Mobile +44 (0)7810 655791 Mobile +44 (0)7796 611127 Mobile +44 (0)7508 008118 [email protected] [email protected] [email protected] [email protected]

London Offices Healthcare Hotels Ben Clarke Lloyd Davies Richard Moir Will Kirkpatrick Senior Associate Partner Partner Partner Tel. +44 (0)20 7333 6288 Tel. +44 (0)20 7333 6242 Tel. +44 (0)20 7333 6281 Tel. +44 (0)20 7333 6228 [email protected] Mobile +44 (0)7767 311254 Mobile +44 (0)7771 812249 Mobile +44 (0)7836 287983 [email protected] [email protected] [email protected] Oliver Al-Rehani Senior Analyst Alternatives/Long income Portfolios Corporate Finance Tel. +44 (0)020 7518 7255 Richard Lines Leo Zielinski Steven Oliver Mobile +44 (0)7584 112501 Partner Partner Tel. +44 (0)20 3745 5892 [email protected] Tel. +44 (0)20 7333 6274 Tel. +44 (0)20 3486 3468 Mobile +44 (0)7908 622355 Mobile +44 (0)7825 721289 Mobile +44 (0)7980 809031 [email protected] [email protected] [email protected] Property Asset Industrial & Logistics Leisure Management Nick Ogden Daniel Anning Jennifer Cottle Partner Partner Partner Tel. +44 (0)20 3486 3469 Tel. +44 (0)20 7333 6374 Tel. +44 (0)203 486 3497 Mobile +44 (0)7825 106681 Mobile +44 (0)7776 161821 Mobile +44 (0)7919 520700 [email protected] [email protected] [email protected]

South East Offices Charles Wilford International Guy Freeman Partner Hettie Cust Partner Tel. +44 (0)20 7333 6215 Tel. +44 203 486 3484 Tel. +44 (0)20 3486 3471 Mobile +44 (0)7774 834113 Mobile +44 (0)7920 267523 Mobile +44 (0)7796 813141 [email protected] [email protected] [email protected] James Welch Partner Tel. +44 (0)203 486 3744 Mobile +44 (0)7768 005822 [email protected]

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09/20