Investment Philosophy:

• Real Estate provides an attractive total return opportunity with diversification and inflation protection

• A concentrated, value driven portfolio, focused on long-term results can produce superior returns

• Real Estate markets are cyclical, actively managing exposure provides an opportunity to enhance returns

• Rents and values are heavily influenced by demographics & income growth

• Replacement costs drive the value of real estate over the long-term

• Public market volatility creates opportunities for active managers

Key Investment Features We Seek:

• Sustainable earnings growth, or fundamentals which are approaching an inflection point

• Asymmetric return opportunities

• Attractive total return potential

• Attractive valuation

• Balanced capital structure

• Positive alignment of interests between management and shareholders