NFI ODCE Performance A ribu on

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1 Performance Aribuon NCREIF prepared exclusively for NCREIF Members Do Not Distribute NCREIF Member Report Released 3/7/2017 As of December 31, 2016

2 NFI-ODCE AS OF DECEMBER 31, 2016 Execuve Summary Mul years 3 Execuve Summary Recent Four Quarters 4 Index Performance Percenles One Year 5 Property Performance Mul years and Quarterly Averages 6 Property Performance Percenles One Year 7 Methodology 8 Glossary of Terms 9 Abbreviaons 10 Performance Aribuon is a form of absolute aribuon that breaks down returns into unleveraged property returns plus the impacts of leverage, fund costs, and other ownership / fund vehicle structuring components. Performance Aribuon is not relave aribuon that compares a porolio to the index, such as property level Brinson aribuon. This report provides disclosure and transparency regarding the main aributes and key drivers of the benchmark, including standardized calculaons and methodologies that fosters comparability. The NCREIF Fund Index Open end Diversified Core Equity Index () is a fund level index that is capitalizaon weighted, gross of fee, me weighted return index with an incepon date of December 31, The term Diversified Core Equity style typically reflects lower risk investment strategies ulizing low leverage and generally represented by equity ownership posions in stable U.S. operang properes. Funds are generally defined as infinite life vehicles consisng of mulple investors who have the ability to enter or exit the fund on a periodic basis, subject to contribuon and/or redempon requests, thereby providing a degree of potenal investment liquidity. See the NCREIF website for more informaon about the and other NCREIF indices. This informaon is proprietary and may not be reported in whole or in part without wrien permission. The underlying data and text has been obtained from sources considered to be reliable; the informaon is believed to be accurate, but is not guaranteed. This report is for informaon purposes only and is not to be an offer, solicitaon, or recommendaon with respect to the purchase or sale of any security or a recommendaon of the services supplied by any money management organizaon. Past performance is no guarantee of future results.

3 SNAPSHOT Executive Summary Multi years Much of the return comes from the underlying properties, but there are additional factors that result in additional boosts or drags on property level returns. This report shows the impacts that affect the fund level returns. Annualized 1 Yr 2 Yr 3 Yr Total Return Net of Fees 7.79% To be completed after Total Return Gross of Fees 8.77% reconciliation of historical data PERFORMANCE RECONCILIATION OF PROPERTY LEVEL TO FUND LEVEL RETURN This section shows the impact of various fund structure components. The analysis starts with unlevered property level returns at ownership share, and layers in the impact of the other attributes, all of which total to the gross of fee, fund level return. The order of the components does not matter, although interaction may occur. For multi periods, each component is compounded separately. Annualized Unleveraged Property level Total Return at Ownership Share 7.94% Leverage 1.26% Acquisitions (partial period) 0.02% Other Non Property Equity Investments 0.01% Cash Balances 0.26% Other Assets and Liabilities 0.10% Fund Costs 0.09% Other (includes Joint Venture Deal Structuring) 0.19% Total Return Gross of Fees 8.77% Return CTR Apartment 25.2% 6.94% 1.75% Industrial 13.2% 12.27% 1.60% Office 38.7% 6.92% 2.68% Retail 19.0% 7.94% 1.51% Hotel 0.9% 2.60% 0.02% Land 0.4% 4.79% 0.02% Other 2.7% 13.64% 0.36% Unlev Propertylevel Total Return 100.0% 10.92% 7.94% EFFECTS OF LEVERAGE Annualized Property level leverage at principal balance Property level leverage marked to market Fund level leverage at principal balance Fund level leverage marked to market Total effects of leverage 1 Yr 2 Yr 3 Yr UNLEVERAGED PROPERTY LEVEL RETURN AND CONTRIBUTION TO RETURN (CTR) Weights, Return and Contribution to Return (CTR) are at ownership share. Annualized 1 Yr 2 Yr 3 Yr average weight for 1 yr This section describes the effects of leverage in greater detail. This is listed in the second row of the Performance Reconciliation of Property Level Return to Fund Level Return. 1 Yr 2 Yr 3 Yr 0.76% 0.19% 0.30% 0.00% 1.26% To be completed after reconciliation of historical data To be completed after reconciliation of historical data To be completed after reconciliaton of historical data As of 12/31/16 Joint Venture Structuring 0.31% 0.25% 0.26% Page 3 of 10

4 SNAPSHOT Executive Summary Recent Four Quarters Much of the return comes from the underlying properties, but there are additional factors that result in additional boosts or drags on property level returns. This report shows the impacts that affect the fund level returns. 3/31/16 6/30/16 9/30/16 12/31/16 1 Yr Total Return Net of Fees 1.95% 1.91% 1.83% 1.88% 7.79% Total Return Gross of Fees 2.18% 2.13% 2.07% 2.11% 8.77% PERFORMANCE RECONCILIATION OF PROPERTY LEVEL TO FUND LEVEL RETURN This section shows the impact of various fund structure components. The analysis starts with unlevered property level returns at ownership share, and layers in the impact of the other attributes, all of which total to the gross of fee, fund level return. The order of the components does not matter, although interaction may occur. For multi periods, each component is compounded separately. 3/31/16 6/30/16 9/30/16 12/31/16 1 Yr Unleveraged Property level Total Return at Ownership Share 2.12% 2.15% 1.88% 1.56% 7.94% Leverage 0.16% 0.13% 0.25% 0.64% 1.26% Acquisitions (partial period) 0.01% 0.02% 0.04% 0.01% 0.02% Other Non Property Equity Investments 0.02% 0.02% 0.00% 0.01% 0.01% Cash Balances 0.05% 0.06% 0.06% 0.07% 0.26% Other Assets and Liabilities 0.03% 0.02% 0.02% 0.02% 0.10% Fund Costs 0.02% 0.02% 0.02% 0.02% 0.09% Other (includes Joint Venture Deal Structuring) 0.07% 0.05% 0.04% 0.03% 0.19% Total Return Gross of Fees 2.18% 2.13% 2.07% 2.11% 8.77% UNLEVERAGED PROPERTY LEVEL RETURN AND CONTRIBUTION TO RETURN (CTR) Weights, Return and Contribution to Return (CTR) are at ownership share. Average CTR Return Weights 3/31/16 6/30/16 9/30/16 12/31/16 1 Yr 1 Yr 1 Yr Apartment 0.47% 0.48% 0.46% 0.30% 1.75% 6.94% 25.2% Industrial 0.38% 0.41% 0.39% 0.37% 1.60% 12.27% 13.2% Office 0.78% 0.75% 0.58% 0.51% 2.68% 6.92% 38.7% Retail 0.39% 0.41% 0.35% 0.31% 1.51% 7.94% 19.0% Hotel 0.01% 0.01% 0.00% 0.00% 0.02% 2.60% 0.9% Land 0.01% 0.00% 0.00% 0.00% 0.02% 4.79% 0.4% Other 0.09% 0.10% 0.08% 0.07% 0.36% 13.64% 2.7% Unlev Prop Tot Ret 2.12% 2.15% 1.88% 1.56% 7.94% 100.0% EFFECTS OF LEVERAGE This section describes the effects of leverage in greater detail. This is listed in the second row of the Performance Reconciliation of Property Level Return to Fund Level Return. Property level leverage at principal balance Property level leverage marked to market Fund level leverage at principal balance Fund level leverage marked to market Total effects of leverage Joint Venture Structuring 3/31/16 6/30/16 9/30/16 12/31/16 1 Yr 0.19% 0.20% 0.18% 0.15% 0.76% 0.05% 0.10% 0.04% 0.29% 0.19% 0.07% 0.07% 0.07% 0.07% 0.30% 0.05% 0.04% 0.04% 0.13% 0.00% 0.16% 0.13% 0.25% 0.64% 1.26% #REF! #REF! #REF! #REF! #REF! As of 12/31/16 Page 4 of 10

5 Index Performance Percentiles One Year As of 12/31/16 One Year Ended December 31, 2016 Group Item Total Returns and Impacts on Returns Additional Information 75th Percentile Median 25th Percentile Equal Avg Std Dev Unleveraged Property level Total Return at Ownership Share 7.94% 8.57% 8.11% 7.63% 8.14% 1.03% Leverage 1.26% 1.93% 1.39% 1.23% 1.55% 0.60% Acquisitions (partial period) 0.02% 0.00% 0.05% 0.15% 0.05% 0.18% Other Investments 0.01% 0.01% 0.00% 0.03% 0.04% 0.28% Cash Balances 0.26% 0.18% 0.23% 0.28% 0.25% 0.10% Other Assets and Liabilities 0.10% 0.21% 0.12% 0.05% 0.15% 0.16% Fund Costs 0.09% 0.07% 0.11% 0.16% 0.11% 0.05% Other (includes JV Deal Structuring) 0.19% 0.01% 0.07% 0.34% 0.11% 0.31% Total Return Gross of Fees 8.77% 10.12% 9.18% 8.73% 9.27% 1.45% Total Return Net of Fees 7.79% 9.19% 8.44% 7.91% 8.36% 1.51% Property level Income 4.50% 4.83% 4.59% 4.36% 4.56% 0.44% Property level Appreciation 3.33% 3.75% 3.48% 3.02% 3.46% 0.82% Fund level Income 4.50% 4.99% 4.69% 4.32% 4.65% 0.57% Fund level Appreciation 4.12% 5.11% 4.49% 3.89% 4.46% 1.11% Property leverage at principal balance 0.76% 1.24% 1.03% 0.63% 0.99% 0.55% Property leverage marked to market 0.19% 0.25% 0.17% 0.09% 0.18% 0.20% Fund leverage at principal balance 0.30% 0.66% 0.25% 0.11% 0.37% 0.34% Fund leverage marked to market 0.00% 0.01% 0.00% 0.00% 0.01% 0.09% Total Leverage 1.26% 1.93% 1.39% 1.23% 1.55% 0.60% One Year Ended December 31, 2016 Group Item Total 75th Percentile Median 25th Percentile Equal Avg Std Dev Gross Real Estate $213,549 $10,102 $6,118 $2,485 $8,898 $9,288 Net Assets $163,385 $7,173 $4,932 $1,638 $6,808 $7,193 Balance Net Real Estate $170,773 $8,353 $5,068 $1,697 $7,116 $7,205 Sheet, Cash Cash Reserves % 3.00% 3.14% 2.56% 1.99% 2.79% 1.09% Flows and Leverage 21.97% 26.67% 23.63% 20.79% 23.71% 4.51% Other (quarterend averages) Contributions $4,404 $255 $109 $39 $183 $187 Distributions $4,185 $231 $109 $18 $175 $200 $ millions # of Investments Occupancy Rate 92.84% 94.26% 93.08% 91.20% 92.67% 2.51% Page 5 of 10

6 Property Performance Multi years and Quarterly Averages As of 12/31/16 ANNUALIZED RETURNS QUARTERLY AVERAGES GROUP ITEM 1 Yr 2 Yr 3 Yr Quarterly Trends Quarterly Avg Min Return & QE Date Max Return & QE Date Std Dev Avg Count Avg Denom ($ millions) All Total 7.94% 7.94% 1.93% 1.56% 12/ % 06/ % 2,760 $198,689 Property Type NPI Qualifying Sub type Region Division Life Cycle Markets Structure Appraisal A 6.94% 6.94% 1.69% 1.20% 12/ % 06/ % 618 $50,045 H 2.60% 2.60% 0.65% 0.22% 12/ % 06/ % 17 $1,746 I 12.27% 12.27% 2.94% 2.85% 12/ % 06/ % 925 $26,181 L 4.79% 4.79% 1.18% 0.77% 06/ % 03/ % 81 $819 O 6.92% 6.92% 1.69% 1.32% 12/ % 03/ % 541 $76,792 R 7.94% 7.94% 1.93% 1.59% 12/ % 06/ % 390 $37,817 X 13.64% 13.64% 3.25% 2.64% 12/ % 06/ % 188 $5,290 A 6.30% 6.30% 1.54% 1.11% 12/ % 06/ % 543 $45,491 H 2.60% 2.60% 0.65% 0.22% 12/ % 06/ % 17 $1,746 I 12.04% 12.04% 2.88% 2.80% 09/ % 12/ % 838 $24,740 O 6.77% 6.77% 1.65% 1.30% 12/ % 03/ % 516 $74,817 R 7.68% 7.68% 1.87% 1.59% 12/ % 03/ % 370 $144,677 AG 8.61% 8.61% 2.09% 1.85% 12/ % 06/ % 159 $10,659 AH 6.38% 6.38% 1.56% 1.04% 12/ % 06/ % 374 $34,120 AL 7.35% 7.35% 1.79% 1.03% 12/ % 03/ % 85 $5,266 ID 6.82% 6.82% 1.66% 1.31% 09/ % 12/ % 18 $611 IF 7.22% 7.22% 1.76% 0.93% 09/ % 03/ % 65 $1,577 IO 12.35% 12.35% 2.96% 2.17% 03/ % 12/ % 13 $503 IW 12.71% 12.71% 3.04% 2.92% 03/ % 06/ % 822 $23,327 OCB 6.12% 6.12% 1.50% 1.17% 12/ % 06/ % 193 $44,872 OSU 8.06% 8.06% 1.96% 1.52% 12/ % 03/ % 348 $31,920 RC 9.53% 9.53% 2.30% 1.92% 12/ % 06/ % 83 $5,677 RF 5.69% 5.69% 1.40% 0.63% 03/ % 06/ % 37 $5,244 RN 8.46% 8.46% 2.05% 1.64% 12/ % 09/ % 127 $5,654 RP 8.17% 8.17% 1.98% 1.64% 12/ % 03/ % 56 $5,327 RR 7.01% 7.01% 1.71% 1.21% 12/ % 09/ % 19 $3,933 RS 8.73% 8.73% 2.11% 1.70% 12/ % 06/ % 24 $9,399 RT 3.96% 3.96% 0.98% 0.05% 12/ % 03/ % 38 $1,798 XH 7.22% 7.22% 1.76% 0.18% 03/ % 12/ % 12 $594 XS 14.96% 14.96% 3.55% 2.60% 12/ % 03/ % 161 $4,053 E 6.45% 6.45% 1.58% 1.28% 12/ % 06/ % 689 $63,760 M 5.96% 5.96% 1.46% 0.91% 12/ % 06/ % 371 $20,214 S 7.00% 7.00% 1.71% 1.21% 12/ % 03/ % 691 $38,576 W 10.23% 10.23% 2.47% 2.15% 12/ % 06/ % 1,009 $76,140 ENC 6.49% 6.49% 1.59% 1.08% 12/ % 03/ % 307 $17,383 M 7.90% 7.90% 1.92% 1.43% 12/ % 03/ % 169 $10,113 ME 5.95% 5.95% 1.46% 1.10% 12/ % 03/ % 302 $19,426 NE 6.67% 6.67% 1.63% 1.36% 12/ % 06/ % 388 $44,334 P 10.59% 10.59% 2.55% 2.27% 12/ % 06/ % 840 $66,027 SE 9.02% 9.02% 2.18% 1.66% 12/ % 03/ % 361 $18,241 SW 5.22% 5.22% 1.28% 0.82% 12/ % 06/ % 330 $20,335 WNC 2.77% 2.77% 0.69% 0.22% 12/ % 09/ % 64 $2,831 D 19.04% 19.04% 4.46% 3.14% 12/ % 06/ % 138 $5,520 L 5.47% 5.47% 1.35% 0.08% 12/ % 09/ % 55 $2,860 O 7.70% 7.70% 1.87% 1.55% 12/ % 03/ % 2,446 $188,334 P 3.99% 3.99% 0.99% 0.04% 06/ % 03/ % 107 $959 R 6.88% 6.88% 1.68% 0.30% 12/ % 03/ % 14 $1,014 Other 8.07% 8.07% 1.96% 1.68% 12/ % 06/ % 1,385 $101,284 Top % 7.81% 1.90% 1.45% 12/ % 03/ % 1,376 $97,406 JV 8.63% 8.63% 2.09% 1.78% 12/ % 06/ % 903 $68,919 WO 7.57% 7.57% 1.84% 1.44% 12/ % 03/ % 1,857 $129,770 E 7.98% 7.98% 1.94% 1.59% 12/ % 06/ % 2,304 $178,186 I 7.45% 7.45% 1.81% 1.26% 12/ % 06/ % 430 $18,902 Not all sectors are shown due to data filters. Average quarterly property count must be 10 or more. Page 6 of 10

7 Property Performance Percentiles One Year As of 12/31/16 Group Item Total 75th Percentile Median 25th Percentile Equal Avg Std Dev Fund Count ALL Total 7.94% 8.57% 8.11% 7.63% 8.14% 1.03% 24 Property Type NPI Qualifying Property Subtype Region Division ONE YEAR RETURNS A 6.94% 7.66% 6.86% 6.05% 6.81% 1.54% 24 I 12.27% 13.62% 11.85% 10.48% 12.31% 2.78% 24 L 4.79% 5.23% 0.99% 2.66% 2.74% 14.18% 12 O 6.92% 8.72% 7.62% 5.85% 7.50% 1.83% 24 R 7.94% 9.27% 8.23% 7.54% 8.12% 1.66% 24 A 6.30% 7.07% 6.59% 6.00% 6.36% 1.41% 21 I 12.04% 13.54% 11.63% 10.64% 11.88% 2.23% 21 O 6.77% 8.70% 7.79% 5.75% 7.48% 1.78% 21 R 7.68% 9.10% 7.92% 7.31% 7.68% 1.81% 21 AG 8.61% 9.57% 8.36% 6.09% 6.77% 4.35% 19 AH 6.38% 7.28% 6.52% 5.23% 6.25% 1.94% 21 AL 7.35% 9.03% 6.11% 4.69% 6.33% 3.82% 13 IF 7.22% 10.46% 8.23% 6.65% 7.98% 4.12% 12 IW 12.71% 13.49% 12.17% 10.78% 12.66% 3.35% 21 OCB 6.12% 10.65% 7.67% 5.87% 8.42% 3.40% 19 OSU 8.06% 9.58% 7.30% 6.51% 7.83% 2.48% 21 RC 9.53% 10.36% 9.22% 6.63% 9.53% 7.22% 16 RF 5.69% 7.97% 5.81% 1.81% 3.69% 8.08% 12 RN 8.46% 9.69% 8.47% 7.24% 8.58% 2.23% 15 RP 8.17% 8.65% 7.99% 5.38% 7.42% 2.08% 12 E 6.45% 8.49% 6.90% 5.52% 7.02% 1.92% 21 M 5.96% 7.81% 6.44% 5.21% 7.03% 2.94% 20 S 7.00% 9.25% 8.74% 7.01% 7.29% 3.09% 21 W 10.23% 10.66% 9.51% 8.74% 9.82% 1.96% 21 ENC 6.49% 8.34% 6.91% 5.85% 7.61% 3.53% 20 M 7.90% 9.70% 7.60% 4.76% 6.87% 3.79% 18 ME 5.95% 7.02% 5.96% 4.49% 6.22% 3.01% 19 NE 6.67% 8.93% 7.91% 5.33% 7.30% 2.38% 21 P 10.59% 11.58% 10.39% 8.74% 10.30% 2.03% 21 SE 9.02% 11.05% 9.40% 7.45% 9.32% 2.39% 20 SW 5.22% 8.27% 5.84% 3.51% 5.05% 4.24% 20 WNC 2.77% 6.41% 4.98% 1.42% 3.30% 4.50% 15 Life Cycle O 7.70% 8.51% 7.72% 7.07% 7.82% 1.06% 21 Markets Structure Other 0.00% 8.93% 8.23% 6.73% 7.88% 1.54% 21 Top % 8.53% 7.75% 6.70% 7.73% 1.10% 21 JV 0.00% 9.03% 7.97% 6.57% 7.75% 3.28% 18 WO 0.00% 8.64% 7.51% 6.53% 7.70% 1.21% 21 Appraisal E 7.98% 8.56% 7.61% 7.12% 8.25% 2.06% 19 Not all sectors are shown due to data filters. Fund count must be 12 or more. Page 7 of 10

8 Description Unleveraged Propertylevel Total Return at Ownership Share Methodology PERFORMANCE RECONCILIATION OF PROPERTY LEVEL TO FUND LEVEL RETURN Note: all components are at ownership share % Formula Property level leverage at principal balance Note: all property components are at ownership share % Property level leverage marked to market Impact % of Prop Leveraged at Principal Balance (above) Fund level leverage at principal balance Fund level leverage marked to market Acquisitions (partial period) Other Investments Cash Balances Impact % of Fund Leveraged at Principal Balance (above) % % Note: Acquisitions are not included in the starting property returns because of NCREIF's policy to exclude initial acquisition periods in the NPI. Disposition partial periods are included in the starting property unleveraged returns. Other Assets and Liabilities Fund Costs Joint Venture Deal Structuring Other Total Return Gross of Fee Total Return Net of Fee,,, $ $ $ $ Late adjustments, investment level items not in property data submission and property vs. fund cash flow timing differential. The ODCE Total Return gross of fee is the headline Index return. The impact % represents the spread above or below the property level unleveraged total return. The ODCE Total Return net of fee is the gross of fee return reduced by the impact of manager advisory fees and promote (incentive fees) in the numerator. Page 8 of 10

9 Glossary of Terms Acquisitions (partial periods) The impact of new acquisitions on fund level returns. Acquisitions closed during the quarter are not included in the property level returns. If leverage was applied to the acquisition, it is accounted for in this line item rather than in property level leverage. Cash % Cash and cash equivalents as a percent of net real estate assets. Cash Balances Contribution Ownership Share Leverage MTM (Mark to Market) Fees Fund Costs Gross Real Estate Assets JV Deal Structuring Leverage Net Assets The impact on returns of maintaining cash balances. See ownership share. The impact on adjusting the book value or outstanding value of debt payables (e.g. mortgages) that results in either a debt appreciation gain or loss depending on interest rates. The impact of investment management advisory fees on investor returns. To the extent fees are paid outside the fund, a deemed contribution and fee expense is recorded to capture the impact of fees in the net of fee returns. The impact on fund returns of fund costs such as appraisal, audit, legal, tax, administrative, etc. All real estate related investments including wholly owned, joint ventures, and public equity and debt securities. For joint venture investments where equity method accounting is used, gross real estate assets include the fund's ownership share of underlying offbalance sheet debt. Included in Other. Fund's effective share is different than the contribution ownership share of profits when JV deals are non paripassu, aka JV Leakage (Gain). For promote structures this will be negative when the investment performs above stipulated hurdle rates and the fund is required to pay a disproportionate share of profits to the JV Partner, or positive if there are promote claw back provisions. For preference structures, this will be positive during the preference period when the fund receives a preference return before the JV Partner. The loan to value defined by the ratio of total debt payable / total investment assets. All assets less all liabilities reflected on a market value basis substantially in compliance with the Real Estate Information Standards (REIS). Investors in open end funds can generally actively trade in and out of funds based on the reported net asset value, subject to liquidity constraints. Net Real Estate Assets Index Performance Attribution Other Other Investments Ownership Share Reporting Standards Performance and Risk Manual Total Return, Gross of Fee Total Return, Net of Fee Gross Real Estate at Fair Value less Debt, including proportionate share of underlying joint ventures. This excludes all other assets and liabilities. The Index is capitalization weighted and gross of fees. Full definition can be found in the Quarterly Detailed Report available at a form of absolute attribution that breaks down the ODCE fund returns into property returns and fund vehicle structure impacts of cash balances, fund costs, and other items, including leverage. Absolute attribution drills down to better understand the overall ODCE Index returns. Items not reported to NCREIF such as property income post sale date, late adjustments, property vs. fund cash flow timing differences, and the JV Deal Structuring impact. Non real estate equity investments such as investments in public equities, public debt securities, private debt, private operating companies. These are investments that are not reported to NCREIF and therefore must be accounted for separately. Also known as contribution share. The percent of property owned by the fund according to the amount of capital the fund is required to contribute to the venture. For properties wholly owned by the fund, the ownership share will be 100%. For pari passu joint ventures, ownership share will likely be the same as the distribution share. Where joint venture distributions are non pari passu, ownership share will be different than distribution share. Please refer to the Reporting Standards Performance and Risk Manual for details of property level and fund level returns as well as leverage and attribution information. Total Return, gross of investment advisory fees, based on changes in published market value Net Assets. The data contributing members provide all fund level returns as well as other pertinent data. NCREIF does not calculate individual fund returns but does calculate the overall aggregated Index return based on invested capital. Total Return, net of advisory fees. Net of fee returns are only presented at the Index Aggregate level to provide a proxy for the average advisory fees charged. Fee structures not only vary across managers and funds but also within a fund as fees may be negotiable and scaled based on the size of an investors' investment. Page 9 of 10

10 A I O R L H X Property Type Apartment Industrial Office Retail Land Hotel Other Property Performance Defined Abbreviations Property Subtype AG Apartment Garden AH Apartment High rise AL Apartment Low rise ID Industrial Research & Development IF Industrial Flex IM Industrial Manufacturing IO Industrial Other IS Industrial Office Showroom IW Industrial Warehouse OCB Office Central Business District OSU Office Suburban RC Retail Community Center RF Retail Fashion/Specialty Center RN Retail Neighborhood Center RP Retail Power Center RR Retail Regional RS Retail Super Regional Mall RT Retail Single Tenant XH Healthcare XS Self Storage Units E M S W Region East Midwest South West Division Life Cycle ME Mideast O Operating NE Northeast C Conversion ENC East North Central D Development WNC West North Central E Expansion SE Southeast L Initial Leasing SW Southwest P Pre development M Mountain R Renovation P Pacific Structure Appraisal JV Joint Venture E External WO Wholly owned I Internal Page 10 of 10