LISTED MARKETS – July 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. Lorenzo Solazzo Data Analyst We provide a comparison to share price data from 3 February 2020 Tel. +44 (0)783 309 5582 [email protected] (pre-Covid-19 level) to present day to demonstrate the impact across certain entities as a direct result of Covid-19. James Brown Surveyor As at 30 of June, the Gerald Eve tracked index is currently down 30% to pre- Tel. +44 (0)7464 656563 Covid-19 level, under-performing the FTSE350 which is slowly recovering and is [email protected] now down 16%. The tracked listed REITs share price decreased on average 3% since 1 June 2020 (March: -25%, April: +6%, May: -3%). To provide context around the share price movement, the average discount to NAV is currently 31% against 3% pre-Covid-19. It is unsurprising to note that specialist sector entities across Industrial, Healthcare and Supermarkets have out-performed the REIT universe relative to other strategies within the Gerald Eve tracked index. Clearly, there are variations across the various sectors/strategies which we highlight in more detail within this report.

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

-3% Industrial

-28% Alternative Sector/ Long Income

-30% Gerald Eve Tracked Index

-34% Mixed Strategies

(Excluding -36% Strategies Supermarket Strategies) -65% -52% Retail Strategies

-16% FTSE 350

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

geraldeve.com Top 5 Biggest Risers and Fallers between 1 June 2020 and 30 June 2020

Risers Share Share price Fallers Share Share price price relative to NAV price relative to NAV gain as at 30 June 2020 fall as at 30 June 2020 1 RDI REIT PLC (RDI) +17% 55.5% Discount 1 Properties PLC (INTU) -68% 98.8% Discount

2 Stenprop Ltd (STP) +14% 15.8% Discount 2 Capital & Regional PLC (CAL) -35% 76.5% Discount

3 Panther Securities PLC (PNS) +14% 52.3% Discount 3 BMO Trust Ltd (BCPT) -20% 51.9% Discount

4 Ediston Property Investment Company PLC (EPIC) +13% 43.9% Discount 4 Schroder Real Estate Investment Trust Ltd (SREI) -18% 49.3% Discount

5 Harworth Group PLC (HWG) +13% 33.8% Discount 5 (SHB) -17% 38.8% Discount

Top 5 Biggest Risers and Fallers since February (pre-Covid-19)

Risers Share Share price Fallers Share Share price price relative to NAV price relative to NAV gain as at 30 June 2020 fall as at 30 June 2020 1 PLC (CSH) +11% 2.2% Premium 1 Intu Properties PLC (INTU) -90% 98.8% Discount

2 Atlantic Leaf Properties Ltd (ALP) +10% 26.2% Discount 2 Newriver Reit PLC (NRR) -67% 68.8% Discount

3 Tritax Big Box Reit PLC (BBOX) +5% 3.4% Discount 3 PLC (HMSO) -65% 86.6% Discount

4 Supermarket Income REIT PLC (SUPR) +3% 14.7% Premium 4 Capital & Regional PLC (CAL) -64% 76.5% Discount

5 (AGR) +1% 45.4% Premium 5 Town Centre Securities PLC (TOWN) -57% 73.2% 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.

Q2 (to June 2020) rent collection averaged 74% across the Gerald Eve Tracked Index Source: Goodbody/Gerald Eve Research/Publicly Available Information

% 100

80

60

40

20

0 LXI REIT PLC (LXI) Stenprop Ltd (STP) PLC (SGRO) Shaftesbury PLC (SHB ) Regional REIT Ltd (RGL) Newriver REIT PLC (NRR) Palace Capital PLC (PCA) Hammerson PLC (HMSO) Circle Property PLC (CRC) Custodian REIT PLC (CREI) AEW UK REIT PLC (AEWU) Intu pROPERTIES plc (INTU) Warehouse REIT PLC (WHR) Capital & Regional PLC (CAL) Secure Income REIT PLC (SIR) McKay Securities PLC (MCKS) Urban Logistics REIT PLC (SHED) Tritax Big Box REIT PLAC (BBOX) Atlantic Leaf Properties Ltd (ALP) Plc (GPOR) Londonmetric 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) BMO Real Estate Investments Ltd (BREI) BMO Commercial Property Trust Ltd (BCPT) Triple Point Social Housing REIT PLC (S0HO) Ediston Property Investment Company PLC (EPIC) Standard Life Investments Property Income Trust Ltd (SLI)

Industrial Diversified Mixed Strategies Specialist / Alternative Asset Retail London Stratgeies

* We will report further around the June quarter day rent collection once more data is available. 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. KEY EVENTS IN JUNE 2020 AMONGST THE GERALD EVE TRACKED INDEX

INDUSTRIAL STRATEGIES

The industrial sector REITs share price increased 5% across June and is 3% down from pre- Covid-19 levels, showing exceptional performance relative to other sectors/strategies. It’s no secret that the industrial and logistics sector has not only been relatively unscathed by the coronavirus crisis, but in many cases actively boosted by it. Shifts towards online retail have been accelerated by the lockdown, and warehouses are set to be the major beneficiaries. Investor interest in the sector has continued its pre-crisis upward trajectory.

• Warehouse REIT (WHR) announced on 6 July 2020 that they had successfully completed a £153m equity raise, ahead of the original £100m target in March. WHR report that this raise will be used to fund their near- term pipeline of acquisitions, stating that their total ‘firepower’ is now well in excess of £200m.

• London Metric (LMP) reported Year-End results on the 10 June 2020. Contracted income was reported up 37% to £123.3m, assisted by the £455m Mucklow acquisition (amongst others). March quarter date rent collection recorded at 93%. NAV per share reported at 171.7p with current share price trading at NAV. Post year-end LMP have acquired £85m of assets including long income assets let to Kwik Fit and Euro Garages, an urban logistics unit let to Ocado and five supermarkets via a S&L with Waitrose.

• Stenprop Limited (STP) – the company continues to deliver its transition plan to be wholly Multi Let Industrial (MLI) / Urban Logistics by March 2022 with currently around two thirds of its portfolio weighted to industrial vs 46% the previous year. STP reported Year-End results on the 12 June 2020. At 31 May 2020, 82% of the portfolio’s total rent invoiced for the March 2020 quarter date has been collected. Total dividend for the year ended 31 March 2020 of 6.75 pence per share (2019: 6.75 pence per share). NAV per share of 139p with share price currently trading at a c.16% discount.

• SEGRO (SGRO) announced the acquisition of Perivale Park for £202.5m NIY 3.5% and raised £680m via a share placing and retail offer. SEGRO also announced the sale of City Park Vienna to Nuveen Real Estate for €65m concluding SEGRO’s presence in Austria, in line with the Group’s strategy. The sheds vs retail divergence couldn’t be more clearly shown through the share price performance (rebased from Feb 2016) of SEGRO vs Hammerson as below:

Hammerson vs SEGRO – Share price (rebased from Feb’16) Source: Gerald Eve Research, Publicly Available Information

Index = 100 250

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0 Feb ‘16 Sept ‘16 Apr ‘17 Nov‘17 Jun‘18 Jan‘19 Aug‘19 Mar’20

geraldeve.com MIXED STRATEGIES

Mixed sector/strategy portfolios are down on average 34% from pre-Covid-19 levels. In our view certain mid-cap entities have been harshly written down considering strong rent collection performance since February relative to other strategies and their respective asset sector weightings. It is unsurprising to note Private Equity are circling some of these mid-cap listed entities given the significant share price falls since February and the heavy discounts to NAV. Apollo’s proposed acquisition of the entire share capital of Atlantic Leaf, Tristan Capital’s acquisition of 13.2% of share capital of McKay Securities and Starwood’s acquisition of 29.4% of the share capital in RDI are recent examples. We expect this trend to continue into H2 with further M&A and consolidation.

• McKay Securities (MCKS) reported Year-End results on the 9 June 2020. Portfolio valuation of £510m (March 2019: £482.7m). MCKS has minimal retail or leisure asset exposure in their portfolio with 77% weighted to offices and 18% to industrial. Total dividend for the year of 7.2p per share (March 2019: 10.2p), reduced by 29.4%. NAV per share of 329p with share price currently trading at a c.45% discount. Tristan Capital Partners are now a 13.2% shareholder.

• Atlantic Leaf Properties Limited (ALP) – Apollo have announced the proposed acquisition of the entire share capital in ALP for approximately £152m or 80.5 pence per share representing a premium of over 33% against 60.53 pence per share prior to the statement, which reflects a c.22% discount to last reported NAV. The deal, which is expected to complete in August, will result on Atlantic Leaf being delisted from the JSE and the Stock Exchange of Mauritius. ALP have a very small exposure to retail, representing 1% of the total portfolio.

• Schroder Real Estate Investment Trust Limited (SREI) reported Year-End results on the 9 June 2020. 74% of rent collected for the quarter commencing 1 April 2020. Their dividend is currently suspended. NAV per share of 59.7p with share price currently trading at a c.49% discount. SREI’s portfolio currently has 25% exposure to retail assets.

• Regional REIT (RGL) announced the sale of a 40,000 sq ft office building, Buildings 2&3 The Oaks, Westwood Business Park, Coventry for £6.3m, reflecting a net initial yield of 6.5% and 8.6% above the latest valuation. RGL’s share price is currently trading at a 37% discount to NAV against a 3.5% premium pre-Covid-19. Conversely, RGL is in the top 5 for rent collection data across the Gerald Eve tracked index for the March quarter date having successfully collected 96.7% of Q1 rent, higher than some industrial focussed REITs. RGL reported a raft of lease renewals and extensions which secured a 20% ERV uplift. RGL have 6% exposure to retail in their portfolio.

• Picton Property Income Ltd (PCTN) released their preliminary annual results on 23 June 2020 for Year-End 31 March 2020 reporting NAV per share of 93p with share price currently trading at a c.34% discount. PCTN also maintained their dividend at the same level as 2019, at 3.5p per share. PCTN have a 9% exposure to retail in their portfolio.

• Custodian REIT (CREI) reported results on 23 June 2020 for the Year-End 31 March 2020. NAV per share decreased by 5.1% to 101.6p with share price currently trading at a c.12% discount compared to an 11% premium pre-Covid-19. Dividend per share for the year was 6.65p reflecting a 7% yield to current share price. CREI have a 33% exposure to retail within their portfolio.

• AEW UK REIT (AEWU) announced their year-end 31 March 2020 results on 23 June 2020. Rental income across the year was £17.42m (31 March 2019: £17.18m). NAV per share at 93.13p, down from 98.61p in 2019, with share price currently trading at a c.28% discount. The Group maintained their dividend in line with 2019 at 8.0p per share. AEWU have 12% of their portfolio exposed to retail assets.

• UK Commercial Property REIT (UKCM) announced the sale of their last office located in the on 25 June 2020. UKCM acquired the property in 2015 for £27.8m and completed their asset management plan, selling the asset for £40m following exchange of contracts in early May 2020. UKCM have a 23% exposure to retail across their portfolio. UCKM share price currently reflects a 28% discount to last reported NAV.

• PLC (BLND) released their 2020 annual report on 30 June 2020. Key figures include a NAV of 774p per share (905p March 2019) and a dividend of 15.97p per share, a decrease from 2019’s dividend of 31.00p per share. As at 26 June 2020 BLND had collected 88% of rent for office and 36% of rent for retail relating to the June Quarter. Brookfield Asset Management recently acquired a 7% stake in British Land becoming one of their largest shareholders. NAV per share of 774p with share price currently trading at a c.50% discount. geraldeve.com RETAIL STRATEGIES

The tracked retail sector has been the most damaged by the Covid-19 crisis, but this decline follows over five years of downward trending performance. The tracked REITs Retail sector share price value has dropped by almost two thirds since February and is a staggering 88% down over the past five years (excluding supermarket strategies). This share price decline appears to have flattened across June where the stock market has perhaps priced in much of the expected decline. There is still a lot of pain to come in the sector and we expect to see further high profile administrations across retailers and real estate owning entities through 2020 and beyond. It is no surprise that Supermarket Income REIT has performed well compared to other retail strategy entities, currently trading at 3% above pre-Covid-19 levels.

• Intu Properties PLC (INTU) have collapsed into administration after failing to reach an agreement with lenders over its debt. We understand that a number of asset managers are set to take over the running of assets within the shopping centre portfolio including M&G Real Estate, Capital and Regional and British Land.

• NewRiver REIT (NRR) reported Year-End (March 2020) results on 18 June 2020. NRR reported NAV per share of 201 with share price currently trading at a c.67% discount. NRR reported a total dividend per share of 16.2p (21.6p March 2019). NewRiver have reportedly exchanged unconditional contracts with Tungsten to sell a former B&Q depot in Sheffield for c.£5.5m. We understand that Tungsten intend to demolish the existing B&Q facility and construct a new warehouse of c.170,000 sq ft.

• Hammerson (HMSO) recently announced that David Atkins, current Chief Executive Officer of HMSO, is to step down. David Atkins will remain in position until spring 2021 at the latest whilst the board search for a successor.

LONDON STRATEGIES

Negative outlooks for rents and capital values due to both Covid-19 and Brexit fears continue to weigh on the sector. Whether the level of discounting by the stock market is justified is a constant debate. London has and will undoubtedly be impacted, but importantly it will continue to be a global city attracting talent and tourists. It’s diverse occupier base, from tech giants to world banks, will be swift to adapt to changing employment practices to satisfy their needs. The sector decreased 9% since the 1 June and is 36% down from pre-Covid-19 level.

• Capco (CAPC) agreed to acquire a 26.3% shareholding in Shaftesbury PLC across two tranches for a total consideration of £436m, at 540 pence per Shaftesbury share, representing a discount of 13.9%. Shaftesbury share price is currently 527.5p, reflecting a 2.4% premium to Capco investment. NAV per share of 293p with share price currently trading at a c.49% discount.

• Great Portland Estates (GPOR) released their annual report of 24 June 2020. Key performance indicators across the year (31 March 2020) include a NAV per share increase of 1.8% to 868p and a total dividend per share of 12.6p, up 3.3% on 2019. Share price currently reflects a c.26% discount to NAV.

• PLC (DLN) announced the completion of 80 Charlotte Street, ‘a new Fitzrovia Landmark’ on 16 June 2020. The 380,000 sq ft mixed-use development is the largest undertaken by the Group, and its first net zero carbon development. The project is already 90% let providing a contracted rent of £24.3m.

geraldeve.com ALTERNATIVE/LONG INCOME STRATEGIES

The Alternative/Long Income Strategies have had mixed fortunes over the last few months. Naturally, portfolios linked to essential services such as supermarkets and healthcare are some of the best performing REITs in terms of share price relative to NAV but, not all entities have fared well given notable high profile CVAs such as Travelodge or income exposure to student accommodation. For example, healthcare strategies blended share price has decreased 2% since pre Covid-19 levels, whilst the overall sector is down 28%.

• Civitas Social Housing PLC (CSH) released their annual report on 30 June 2020. CSH reported NAV per share of 107.95p, broadly level with last year, with share price currently trading at a 1.3% premium. CSH paid a total dividend of 5.3p per share, in line with the board’s target. The Group’s portfolio valuation increased from £826.9m to £878.7m across the year.

• Triple Point Social Housing REIT PLC (SOHO) announced the acquisition of seven properties (comprising 40 units) for £7.6m on 8 June 2020. The Group also provided an update on rents received stating that 100% of rent due for April 2020 had been paid and 95% of rent due for May 2020. NAV per share of 105p with share price currently reflecting a c.6% discount.

• Assura PLC (AGR) released their annual report on 9 June 2020. Highlights for the year include the current rent roll growing by 6% to £108.9m, NAV per share increasing 1.1% to 53.9p and a dividend at 2.75p per share (2.65p March 2019).

• Secure Income REIT (SIR) released the impact of the agreed Travelodge CVA on their portfolio on 19 June 2020. SIR is Travelodge’s largest landlord, holding 123 hotels with a rent commitment of £28.3m as at 31 December 2019. As a result of the CVA, up to 31 December 2020 the Group’s minimum contracted rent (across the total portfolio) will drop 12.9%. To year-end 31 December 2021 the total contracted rent (across the portfolio) will be down 7.6%. On 24 June 2020 SIR announced that after allowing for rent adjustments agreed with certain tenants, 100% of rent due on 24 June 2020 had been collected. In addition, £2.3m of arrears were received from Travelodge.

• LXi REIT PLC (LXI) released a similar statement on 19 June 2020. The flexibility in the CVA terms allows the Group to break certain leases with Travelodge, should it wish to do so, in order to replace Travelodge with an alternative tenant. Certain leases, where rent recovery is less than 100% until 2021, will receive lease extensions. Rents across all Travelodge assets will revert to 100% from the end of December 2021.

• Primary Health Properties PLC (PHP) announced on 25 June 2020 that the third quarterly interim dividend of 1.475p per ordinary share will be paid on 21 August 2020. The dividend comprises a Property Income Distribution of 1.275p per share and an ordinary dividend of 0.2p per share.

geraldeve.com GERALD EVE TRACKED INDEX GE TRACKED INDEX

Key International Indexes for Comparison Weekly Ranking Pre-Covid- Current Total Covid-19 Daily Movement % International Indexes Movement (from By Fall 19 (30 June 2020) Fall % (29-30 June 2020) 23 June 2020)

1 Dow Jones Industrial Average Index TRUE 28,400 20,627 -27% 0% 0%

2 Hong Kong Hang Seng Index TRUE 3,185 2,526 -21% 0% -1%

3 FTSE 350 FALSE 4,124 3,447 -16% -1% -2%

4 FTSE 100 TRUE 7,326 6,158 -16% -1% -2%

5 Deutsche Boerse DAX Index FALSE 13,045 11,052 -15% 0% -1%

6 S&P 500 Index FALSE 2,793 2,502 -10% 1% 0%

7 Shangai Stock Exchange Index FALSE 374 343 -8% 0% 1%

8 NASDAQ Composite Index TRUE 7,973 8,172 2% 1% 0%

9 Euronext TRUE 73 82 11% -1% 2% 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.

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

Key Financials Market Cap Movement Share Price Movement Discount / Premium to NAV Dividend Q1 2020 % of Assets in Current Current Total Covid-19 Daily Movement % Current Quarterly Dividend GAV NAV per Share Pre-Covid-19 Pre-Covid-19 Pre-Covid-19 Retail (30 June 2020) (30 June 2020) Fall % (29-30 June 2020) (30 June 2020) Yield Ranking By Share Tracked UK REITs / Listed Entities £125bn 21465 £72bn £56bn 21256 15184 -29% 0% -1% -30% 1% Price Fall 1 Intu Properties PLC (XLON:INTU) £7,117m 147.0 100% £234m £24m 17.3 1.8 -90% 0% -88.2% -98.8% Not Declared 2 Newriver Reit PLC (XLON:NRR) £1,381m 201.0 100% £575m £185m 187.8 65.6 -65% -5% -6.6% -67.4% Not Declared 3 Capital & Regional PLC (XLON:CAL) £727m 361.0 N/A £243m £108m 234.3 84.0 -64% -8% -35.1% -76.7% SDA 4 Hammerson PLC (XLON:HMSO) £7,315m 601.0 100% £1,775m £660m 231.6 85.4 -63% -7% -61.5% -85.8% Suspended 5 Town Centre Securities PLC (XLON:TOWN) £405m 354.0 36% £118m £51m 222.0 99.3 -55% -1% -37.3% -72.0% 3% 6 Palace Capital PLC (XLON:PCA) £276m 407.0 13% £151m £80m 327.0 171.8 -47% -1% -19.7% -57.8% Suspended 7 PLC (XLON:WKP) £2,682m 1086.0 0% £2,211m £1,237m 1,223.0 675.0 -45% -1% 12.6% -37.8% Not Declared 8 Secure Income REIT Plc (XLON:SIR) £2,083m 431.1 0% £1,529m £888m 472.0 271.0 -43% 0% 9.5% -37.1% 2% 9 BMO Commercial Property Trust Ltd (XLON:BCPT) £13,557m 130.9 32% £875m £552m 109.4 63.6 -42% 0% -16.4% -51.4% Suspended 10 Empiric Student Property PLC (XLON:ESP) £1,029m 110.2 0% £603m £350m 99.9 58.2 -42% 2% -9.4% -47.2% Suspended 11 Land Securities Group PLC (XLON:LAND) £13,742m 1298.0 38% £7,011m £4,109m 945.6 561.0 -41% 0% -27.1% -56.8% Suspended 12 Schroder Real Estate Investment Trust Ltd (XLON:SREI) £448m 59.7 25% £273m £159m 52.7 31.7 -40% -1% -11.7% -46.9% Suspended 13 Shaftesbury PLC (XLON:SHB) £4,001m 878.0 69% £2,718m £1,619m 884.0 537.5 -39% -2% 0.7% -38.8% Suspended 14 Real Estate Investors PLC (XLON:RLE) £242m 67.4 52% £103m £62m 55.0 33.5 -39% 0% -18.4% -50.3% 3% 15 Standard Life Investments Property Income Trust Ltd (XLON:SLI)£497m 83.2 9% £404m £269m 99.3 60.6 -39% -3% 19.4% -27.2% 2% 16 GCP Student Living PLC (XLON:DIGS) £987m 174.7 0% £926m £569m 203.5 124.2 -39% -1% 16.5% -28.9% 1% 17 Capital & Counties Properties PLC (XLON:CAPC) £2,800m 292.9 57% £2,053m £1,264m 242.0 148.5 -39% -2% -17.4% -49.3% 1% 18 Regional REIT Ltd (XLON:RGL) £875m 112.1 6% £501m £311m 116.0 72.7 -37% -2% 3.5% -35.1% 3% 19 London & Associated Properties PLC (XLON:LAS) £137m 48.9 100% £17m £12m 20.5 13.0 -37% -7% -58.1% -73.4% Suspended 20 RDI REIT PLC (XLON:RDI) £1,475m 185.5 31% £498m £281m 131.0 83.2 -36% -2% -29.4% -55.1% Suspended 21 Ediston Property Investment Company PLC (XLON:EPIC) £309m 96.2 64% £187m £112m 88.4 56.6 -36% -4% -8.1% -41.2% 2% 22 McKay Securities PLC (XLON:MCKS) £520m 329.0 0% £249m £179m 264.0 173.0 -34% 1% -19.8% -47.4% 3% 23 Harworth Group PLC (XLON:HWG) £525m 155.6 0% £480m £351m 149.0 100.0 -33% -3% -4.2% -35.7% Not Declared 24 AEW UK REIT PLC (XLON:AEWU) £204m 93.1 12% £157m £111m 99.0 66.8 -33% -1% 6.3% -28.3% 3% 25 BMO Real Estate Investments Ltd (XLON:BREI) £344m 102.6 33% £206m £127m 85.6 58.8 -31% 5% -16.6% -42.7% 1% 26 St Modwen Properties PLC (XLON:SMP) £1,691m 484.2 2% £1,087m £755m 489.0 336.5 -31% 1% 1.0% -30.5% Suspended 27 Helical PLC (XLON:HLCL) £1,024m 489.0 7% £572m £387m 476.5 328.0 -31% 0% -2.6% -32.9% 2% 28 Great Portland Estates PLC (XLON:GPOR) £2,753m 868.0 28% £2,359m £1,614m 929.4 640.4 -31% -1% 7.1% -26.2% 1% 29 British Land Company PLC (XLON:BLND) £11,245m 774.0 45% £5,180m £3,554m 559.0 385.4 -31% 0% -27.8% -50.2% Suspended 30 Picton Property Income Ltd (XLON:PCTN) £696m 93.0 9% £554m £394m 101.6 70.8 -30% -1% 9.2% -23.9% 1% 31 Derwent London PLC (XLON:DLN) £5,633m 3958.0 0% £4,634m £3,150m 4,146.0 2,890.0 -30% -1% 4.7% -27.0% 2% 32 Panther Securities P L C (XLON:PNS) £195m 514.0 Few £62m £43m 350.0 245.0 -30% 0% -31.9% -52.3% Not Declared 33 CLS Holdings PLC (XLON:CLI) £2,306m 295.1 0% £1,088m £771m 267.0 187.0 -30% -5% -9.5% -36.6% 3% 34 Alternative Income REIT PLC (XLON:AIRE) £119m 88.6 0% £59m £43m 73.3 52.0 -29% -1% -17.4% -41.3% 3% 35 Unite Group PLC (XLON:UTG) £2,850m 853.0 0% £4,621m £3,679m 1,271.0 917.5 -28% 2% 49.0% 7.6% Suspended 36 UK Commercial Property REIT Ltd (XLON:UKCM) £1,459m 89.8 23% £1,123m £837m 86.4 62.4 -28% -3% -3.8% -30.5% 1% 37 Circle Property PLC (XLON:CRC) £141m 295.0 4% £59m £43m 205.0 152.5 -26% 1% -30.5% -48.3% Deferred 38 Highcroft Investments PLC (XLON:HCFT) £90m 1195.0 0% £48m £37m 930.0 710.0 -24% 0% -22.2% -40.6% Not Declared 39 Custodian REIT PLC (XLON:CREI) £591m 101.6 33% £474m £386m 112.8 89.0 -21% 3% 11.0% -12.4% 2% 40 PRS Reit PLC (XLON:PRSR) £598m 95.8 0% £453m £365m 91.5 75.0 -18% 1% -4.5% -21.7% Deferred 41 LXI REIT PLC (XLON:LXI) £834m 124.3 0% £702m £595m 134.6 116.6 -13% -1% 8.3% -6.2% 1% 42 PLC (XLON:BYG) £1,599m 714.9 0% £1,951m £1,760m 1,167.0 1,011.0 -13% 0% 63.2% 41.4% 2% 43 Impact Healthcare REIT PLC (XLON:IHR) £272m 104.7 0% £344m £304m 108.0 98.0 -9% 1% 3.2% -6.4% 2% 44 Stenprop Ltd (XLON:STP) £622m 139.0 0% £382m £339m 128.0 117.5 -8% -4% -7.9% -15.5% 1% 45 Target Healthcare REIT PLC (XLON:THRL) £590m 108.1 0% £547m £499m 119.5 110.0 -8% 1% 10.5% 1.8% 2% 46 Holdings PLC (XLON:SAFE) £1,471m 421.0 0% £1,687m £1,519m 801.5 744.0 -7% 1% 90.4% 76.7% 2% 47 Urban Logistics Reit PLC (XLON:SHED) £343m 137.9 0% £278m £258m 147.5 137.5 -7% -1% 7.0% -0.3% 3% 48 Londonmetric Property PLC (XLON:LMP) £2,419m 171.7 4% £1,902m £1,922m 226.0 211.8 -6% 1% 31.6% 23.4% 1% 49 Warehouse REIT PLC (XLON:WHR) £471m 109.5 0% £372m £349m 116.0 111.0 -4% 0% 5.9% 1.4% 1% 50 Primary Health Properties PLC (XLON:PHP) £2,573m 107.9 0% £1,918m £1,887m 157.6 155.6 -1% 1% 46.1% 44.2% 1% 51 SEGRO PLC (XLON:SGRO) £10,083m 708.0 29% £10,010m £10,661m 912.8 911.6 0% 0% 28.9% 28.8% 2% 52 Assura PLC (XLON:AGR) £2,209m 53.9 0% £1,868m £2,093m 77.4 78.6 2% 0% 43.6% 45.8% 1% 53 Triple Point Social Housing REIT PLC (XLON:SOHO) £544m 105.4 0% £340m £351m 97.0 99.0 2% -1% -7.9% -6.0% Not Declared 54 Supermarket Income REIT PLC (XLON:SUPR) £504m 97.0 0% £363m £526m 107.5 111.3 3% 0% 10.8% 14.7% 1% 55 Tritax Big Box Reit PLC (XLON:BBOX) £3,940m 150.0 0% £2,368m £2,444m 138.7 145.2 5% 1% -7.6% -3.2% 1% 56 Atlantic Leaf Properties Ltd (XJSE:ALP) £383m 104.0 1% £133m £141m 70.5 77.6 10% 2% -32.2% -25.4% 3% 57 Civitas Social Housing PLC (XLON:CSH) £901m 107.2 0% £611m £678m 98.3 109.4 11% 2% -8.3% 2.1% 1%

Date of Issue:30/06/2020 Notes / Disclaimer *Market Cap & Share Price as of (30.06.2020). GAV, LTV, Liabilities and NAV as per latest figures reported **Pre-Covid19 data is from 03.02.2020 ***Pre-Covid-19 Market Cap is estimated by multiplying share price by number of shares outstanding 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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INVESTMENT BRIEF PRIME LOGISTICS MULTI-LET The definitive guide to The definitive guide to the The definitive guide to the UK’s UK commercial property investment UK’s distribution property market multi-let industrial property market

Summer 2020 Summer 2020 Summer 2019

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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 Analysis of the London office market Q1 2020

Winter 2019/2020

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