2017 GRESB PUBLIC DISCLOSURE

GRESB Public Disclosure offers institutional 2017 GRESB PUBLIC DISCLOSURE investors a unique measure of material UNIVERSE COVERS: GRESB INDUSTRY PARTNERS environmental, social and governance (ESG) GRESB is widely respected for providing stakeholders disclosure by REITs and listed property with compelling insights into the many dimensions of ESG companies. The analysis is based on 463 performance. This new transparency metric acknowledges that “ campanies should also strive to be ‘true-to-label’, which means information collected by GRESB from publicly CONSTITUENTS actively communicating their strategies and performance with available sources and covers the entire FTSE INCLUDING 187 GRESB veracity in the clearest, timeliest and most meaningful manner. PARTICIPANTS Peter Verwer, Chief Executive, APREA EPRA/NAREIT Developed Index and GPR 250 Index - including both GRESB Real Estate Public disclosure of data is a fundamental component of a Assessment participants and non-participants. 2.1 sustainable approach for listed real estate and we are pleased to observe a step in the right direction by GRESB with this initiative. The level of ESG disclosure is measured using USD TRILLION “ Hassan Sabir, Director of Finance, EPRA MARKET CAPITAL 22 indicators aligned with the GRESB Real Estate Assessment. Combined, they provide NAREIT is encouraged by the 2017 GRESB Public Disclosure, which a Public Disclosure Level expressed through demonstrates the increasing importance given to sustainability a sliding scale from A to E. A-level companies 100% disclosures by REITs and listed property companies around the “ globe. The results clearly show how greater transparency in ESG are the most transparent, with a high level of COVERAGE reporting by companies that participate in GRESB correlates with ESG disclosure, while E-level companies are FTSE EPRA/NAREIT higher Public Disclosure scores. Sheldon Groner, Executive Vice President, Finance & Operations, NAREIT the least transparent, with little or no ESG disclosure.

GRESB REAL ESTATE ASSESSMENT PARTICIPANTS OUTPERFORM

Non-GRESB Global GRESB participant average D C average B participant average This chart captures the public disclosure level for all REITs and listed property companies. It shows that 2017 GRESB Real Estate Assessment E D C B A participants are more transparent about their ESG commitments and 100 performance than companies that do not participate in the GRESB Assessment. Half of GRESB participants (49.7%) have an A-level disclosure, while only 4.3% disclose at an E-level. ESG disclosure is significantly less established in the wider listed universe. 53.3% of companies that did not participate in the 2017 Assessment have an E-level disclosure, while only 3.6% have an A-level 75 disclosure. The data shows that more improvements are needed by REITs and listed property companies if they are to respond to growing investor demand for transparency on ESG performance.

50 2017 PROCESS & TIMELINE

GRESB Score MARCH 1-31 DATA COLLECTION BY GRESB

25 APRIL 1 - JUNE 30 Market Cap DATA REVIEW BY CONSTITUENTS (USD billion)

1 10 20 AUGUST DATA VALIDATION BY GRESB 0 Non-GRESB Respondents SEPTEMBER 6 DATA AVAILABLE FOR USE BY INVESTORS GRESB Public Disclosure Level

DISCLOSURE METHODS DISCLOSURE TOPICS

GOVERNANCE OF SUSTAINABILITY

STAND-ALONE SECTION IN SUSTAINABILITY ANNUAL REPORT REPORT IMPLEMENTATION

57.2% OF 78.6% OF GRESB PARTICIPANTS GRESB PARTICIPANTS 15.6% OF 35.1% OF OPERATIONAL PERFORMANCE NON-GRESB PARTICIPANTS NON-GRESB PARTICIPANTS

- GRESB PARTICIPANT AVERAGE INTEGRATED SECTION ON STAKEHOLDER ENGAGEMENT - NON-GRESB REPORT CORPORATE WEBSITE PARTICIPANT AVERAGE

16.6% OF 92.5% OF GRESB PARTICIPANTS GRESB PARTICIPANTS 0 20 40 60 80 100 2.5% OF 37% OF % OF POINTS NON-GRESB PARTICIPANTS NON-GRESB PARTICIPANTS REGIONAL DIFFERENCES IN ESG TRANSPARENCY

While greater transparency on ESG issues has become the norm in many markets, regional differences still exist.

- NORTH - EUROPE - ASIA European listed property companies take 195 AMERICA 125 94 the lead in overall number of companies achieving an A-level disclosure. Public disclosure levels are lower in the US, which has more companies with an E-level $ 639.0m $ 974.0m $ 320.8m disclosure compared to other regions. When looking at average disclosure levels rather than absolute numbers, property E D C B A companies in Asia outperform other regions. 3 - SOUTH - AFRICA - AUS/NZ AMERICA 4 41 An important contributor to Asia’s high levels Market Cap of ESG disclosure is the Japanese market, $ 8.6m accounting for over half of the sample. $ 15,9m $104.6m

2017 GRESB PUBLIC DISCLOSURE UNIVERSE

EUROPE Picton Property Income Limited CT REIT Northwest Healthcare Properties Ichigo Office REIT Investment Adler Real Estate AG Primary Health Properties CubeSmart Omega Healthcare Investors Inc Corporation 360 Capital Group ADO Properties PSP Swiss Property CyrusOne Inc One Liberty Properties Inc Industrial & Infrastructure Fund 360 Capital Office Fund Aedifica Redefine International P.L.C. DCT Industrial Trust Paramount Group, Inc. Investment Corporation 360 Capital Total Return Fund AEW UK REIT plc Regional REIT DDR Corp Park Hotels & Resorts Invincible Investment Affine Retail Estates DiamondRock Hospitality Company Parkway, Inc. Japan Excellent, Inc. ALE Property Group Allreal Holding AG Holdings Digital Realty Pebblebrook Hotel Trust Japan Hotel REIT Investment Arena REIT alstria office REIT-AG Schroder European Real Estate Douglas Emmett Pennsylvania Real Estate Investment Japan Logistics Fund, Inc. Asia Pacific Data Centre Group Altarea Cogedim Investment Trust plc Dream Global REIT Trust Japan Prime Realty Investment Aspen Group ANF Immobilier Schroder ImmoPLUS Dream Industrial REIT Physicians Realty Trust Corporation Astro Japan Property Group Aroundtown Property Holding PLC Schroder Real Estate Investment Dream Office REIT Piedmont Office Realty Trust Japan Real Estate Investment BlackWall Limited Assura Trust Limited Dream Unlimited REIT Preferred Apartment Communities Corporation BlackWall Property Trust Atrium European Real Estate plc Duke Realty Corp Prologis Japan Rental Housing Investment BWP Trust Axiare Patrimonio Socimi SFL DuPont Fabros Technology PS Business Parks Japan Retail Fund Investment Carindale Property Trust Befimmo SA Easterly Government Properties Inc Public Storage Corporation Centuria Metropolitan REIT Beni Stabili SpA Siiq Société de la Tour Eiffel EastGroup Properties Pure Industrial REIT Kenedix Office Investment Cor- Charter Hall Group Big Yellow Plc Sponda Plc Education Realty Trust QTS Realty Trust poration Charter Hall Retail REIT (CQR) Company Plc St.Modwen Properties Empire State Realty Trust Quality Care Properties Kenedix Residential Investment BUWOG - Bauen und Wohnen GmbH Standard Life Investments Property EPR Properties Ramco-Gershenson Properties Trust Corporation Office Trust CA Immo Income Trust Equinix Inc. Realty Income Kenedix Retail REIT Corporation DEXUS Property Group Capital & Counties Properties PLC Swiss Prime Site Group AG Equity Commonwealth Regency Centers Corporation Keppel REIT Folkestone Education Trust Capital & Regional TAG Immobilien AG Equity Lifestyle Properties Retail Opportunity Kerry Properties GDI Property Group Castellum AB Target Healthcare REIT Equity Residential Retail Properties of America LaSalle Logiport REIT Generation Healthcare REIT Cegereal Technopolis Plc Essex Property Trust Rexford Industrial Realty Link Real Estate Investment Trust Citycon Oyj The UNITE Group Plc Extended Stay America Inc RioCan REIT Mahindra Lifespaces Developers Growthpoint Properties Australia CLS Holdings TLG IMMOBILIEN AG Extra Space Storage RLJ Lodging Trust Limited Hotel Property Investments COFINIMMO Triodos Vastgoedfonds Federal Realty Investment Trust Ryman Hospitality Properties Mapletree Commercial Trust Industria REIT conwert Immobilien Invest SE Tritax Big Box REIT FelCor Lodging Trust Inc Sabra Healthcare REIT Mapletree Industrial Trust Ingenia Communities Group Custodian REIT U+I Group FIBRA Prologis Saul Centers Mapletree Logistics Trust Investa Office Fund (IOF) D Carnegie & Co AB UK Commercial Property Trust Fibra Uno Administracio SA Select Income REIT MCUBS MidCity Investment Kiwi Property Group Unibail-Rodamco Fideicomiso Irrevocable No. F/1401 Senior Housing Properties Trust Corporation Derwent Plc Vastned Retail N.V. (Deutsche Bank Mexico, S. A. Insti- Seritage Growth Properties Megaworld Corporation National Storage REIT Deutsche EuroShop AG Victoria Park tuciòn de Banca Mùltiple, Divisiòn Simon Property Group, Inc. Mitsubishi Estate NextDC Ltd Australia Deutsche Wohnen AG Vonovia SE Fiduciaria) y Subsidiarias SL Green Realty Mitsui Fudosan Precinct Properties New Zealand DIC Asset AG Wallenstam First Capital Realty Inc Smart REIT Mori Hills REIT Investment Cor- Dios Fastigheter Warehouses De Pauw First Industrial Realty Trust, Inc. Sotherly Hotels Inc poration Shopping Centres Australasia Prop- Empiric Student Property Wcm Bet Grndb First Potomac Realty Trust Spirit Realty Capital MORI TRUST Sogo Reit, Inc. erty Group RE Limited Entra Wereldhave Belgium FirstService Corp STAG Industrial New World Development Company Eurocommercial Properties Wereldhave NV Forest City Realty Trust, Inc. STORE Capital Corp Limited Stride F&C Commercial Property Trust Wihlborgs Fastigheter AB Four Corners Property Trust Summit Hotel Properties Nippon Accommodations Fund The GPT Group F&C UK Real Estate Investments Workspace Franklin Street Properties Sun Communities Nippon Building Fund Inc. US Masters Residential Property Fund Fabege Gaming & Leisure Properties Inc Sunstone Hotel Investors Nippon Prologis REIT, Inc. Direct Portfolio Fastighets AB Balder B NORTH AMERICA General Growth Properties Tanger Factory Outlet Centers Nomura Real Estate Holdings Westfield Corporation Foncière des Règions Acadia Realty GEO Group Taubman Nomura Real Estate Master Fund, Inc. GCP Student Living Agree Realty Getty Realty Terreno Realty NTT Urban Development AFRICA GECINA Alexanders Inc Gladstone Commercial Corporation The Macerich Company ORIX JREIT Inc. Growthpoint Properties Alexandria Real Estate Equities, Inc. Global Net Lease Inc TIER REIT Premier Investment Corporation Hyprop Investments Limited Grand City Properties Allied Properties REIT Government Properties Income Trust UDR Robinsons Land Corporation Redefine Properties Limited plc American Assets Trust, Inc. Gramercy Property Trust UMH Properties Inc Sekisui House Reit, Inc. Resilient REIT Ltd Green REIT Plc American Campus Communities Granite REIT Universal Health Realty Income Sekisui House Residential Investment GRIP REIT Plc American Homes 4 Rent HCP, Inc. Urban Edge Properties Corporation SOUTH AMERICA Grivalia Properties REIC Apartment Investment and Manage- Healthcare Realty Trust Urstadt Biddle Properties Sekisui House, Ltd. BR Malls Participaçoes S.A. HAMBORNER REIT AG ment Company Healthcare Trust of America Inc Ventas, Inc. Sino Land Iguatemi Empresa de Shopping plc Apple Hospitality REIT Hersha Hospitality Trust VEREIT SM Prime Holdings Centers SA Armada Hoffler Properties Inc Highwoods Properties Vornado Realty Trust Sumitomo Realty & Development Multiplan Empreendimentos Imobi- Helical Bar Artis REIT Hospitality Properties Trust W. P. Carey Inc Sun Hung Kai Properties Ltd. liarios SA Hemfosa Fastigheter Ashford Hospitality Prime Host Hotels & Resorts, Inc. Washington Prime Group Inc Suntec REIT Hibernia REIT PLC Ashford Hospitality Trust Hudson Pacific Properties Washington Real Estate Investment Sunway REIT Hispania Activos Inmobiliarios AvalonBay Communities, Inc. Independence Realty Trust Trust Swire Properties Limited SOCIMI, S.A. Bluerock Residential Growth REIT InnSuites Hospitality Trust Weingarten Realty Tokyo Tatemono Co., Ltd. Hufvudstaden A Boardwalk REIT InterRent REIT Welltower Inc. Tokyu Fudosan Holdings Corporation GRESB Participants Icade Boston Properties Investors Real Estate Trust Wheeler Real Estate Investment TOKYU REIT, Inc Igd Siiq Brandywine Realty Trust Invitation Homes Trust Inc United Urban Investment Corporation EPRA sBPR Gold Winners Immofinanz Group Brixmor Property Group Iron Mountain Inc Whitestone REIT UOL Group EPRA sBPR Silver Winners Inmobiliaria Colonial Brookfield Canada Office Properties Killam Apartment REIT Xenia Hotels & Resorts Wharf Holdings EPRA sBPR Bronze Winners Intervest Offices & Warehouses Brookfield Property Partners Kilroy Realty Corporation Wheelock & Co NAREIT Leader in the Light participants InterXion Europe BRT Realty Trust Kimco Realty Corporation ASIA Yatra Capital Limited Properties plc Camden Property Trust Kite Realty Group Trust Activia Properties Inc. Irish Residential Properties REIT Canadian Apartment Properties REIT La Quinta Holdings Inc Advance Residence Investment Kennedy Wilson Europe Real Estate Canadian REIT LaSalle Hotel Properties Corporation plc Care Capital Properties Inc Lexington Realty Trust AEON MALL Co., Ltd. Klépierre CareTrust REIT Inc Life Storage AEON REIT Investment Corporation. Klovern CBL & Associates Properties LPT - Combined Portfolio AIMS AMP Capital Industrial REIT Kungsleden AB Cedar Realty Trust LTC Properties Ascendas Real Estate Investment Land Securities Group PLC Chartwell Retirement Residences Mack-Cali Realty Trust Lar Espana Real Estate SOCIMI SA Chatham Lodging Trust Medical Properties Trust Ayala Land Inc. Leasinvest Real Estate Chesapeake Lodging Trust MGM Growth Properties LLC Azrieli Group LEG Immobilien AG Choice Properties REIT Mid America Apartments Cambridge Industrial Trust ABOUT GRESB LondonMetric Property Plc City Office REIT Inc Milestone Apartments REIT CapitaLand Commercial Trust McKay Securities PLC Colony Starwood Homes Monmouth Real Estate Investment CapitaLand Limited MedicX Fund Columbia Property Trust Inc Corp CapitaLand Mall Trust MERCIALYS Cominar REIT Monogram Residential Trust, Inc. CDL Hospitality Trusts GRESB is an industry-driven organization transforming the MERLIN Properties SOCIMI SA Community Healthcare Trust Inc Morguard REIT Champion REIT way capital markets assess the environmental, social and Mobimo Holding AG Condor Hospitality Trust Inc National Health Investors Cheung Kong Property Holdings governance (ESG) performance of real asset investments. NBG Pangaea REIC CoreCivic, Inc. National Retail Properties China Overseas Land & Investment NEPI CoreSite Realty Corp National Storage Affiliates Trust Ltd. 850 property companies and funds, jointly representing NEWRIVER REIT PLC Corporacion Inmobiliaria Vesta S.A.B. New Senior Investment Group China Resources Land more than USD 3.7 trillion in assets under management, Norwegian Property de C.V. New York REIT Inc China Vanke NSI NV Corporate Office Properties Trust NexPoint Residential Trust Inc City Developments Limited participate in the GRESB Real Estate Assessment. The Pandox Cousins Properties Incorporated NorthStar Realty Europe Corp Daiwa House Industry Co., Ltd. Infrastructure Assessment covers 64 funds and 160 Phoenix Spree Deutschland Crombie REIT Northview Apartment REIT Daiwa House REIT Investment assets, and 25 portfolios complete the Debt Assessment. Corporation Daiwa Office Investment Corpo- ration GRESB data and analytical tools are used by 67 Fortune REIT institutional and retail investors, including pension funds Frasers Centrepoint Trust GET YOUR PUBLIC DISCLOSURE LEVEL Frasers Commercial Trust and insurance companies, collectively representing over Frasers Logistics & Industrial Trust USD 17 trillion in institutional capital, to engage with Is your organization listed here? Contact [email protected] to receive your free Public Frontier Real Estate Investment Corporation investment managers to enhance and protect shareholder Disclosure Scorecard. Fukuoka REIT value. GDS China Global Logistic Properties Limited GLP J-REIT Greater transparency on ESG issues has become the norm, GET PUBLIC DISCLOSURE DATA FOR ALL LISTED REAL ESTATE Godrej Properties with GRESB widely recognized as the global ESG benchmark VEHICLES Hang Lung Properties Limited for real assets. Learn more at www.gresb.com HEIWA REAL ESTATE REIT, Inc. If you are an investor with exposure to the listed real estate sector, contact us at info@gresb. Henderson Land Development Company com to get access to the full Public Disclosure dataset. We provide a Public Disclosure Level Hongkong Land for the entire FTSE EPRA/NAREIT Developed Index and GPR 250 Index, including entities Hulic Co., Ltd. © 2017 GRESB BV that do not participate in the GRESB Real Estate Assessment. HULIC REIT, Inc. Hysan Development Company