Globalization of Our Industry Simon Fairchild, IPD Wenzel Hoberg, Europe, Canada Pension Plan Investment Board Jay Weaver, Walton Street Capital Bob White, Real Capital Analytics Inc. Moderator: Brad Olsen, Atlantic Partners, Ltd.

Cross-Border Property Acquisitions GRAASKAMP CENTER FOR REAL ESTATE SPRING BOARD CONFERENCE Cross-Border Property Acquisitions Spark Innovation. Inspire Change. Provoke Possibilities. 9/17/2018

Sources of Cross-Border Capital 2012 GRAASKAMP CENTER FOR REAL ESTATE SPRING BOARD CONFERENCE Sources of Cross-Border Capital 2012 Spark Innovation. Inspire Change. Provoke Possibilities. 9/17/2018

Top 25 Cross-Border Buyers GRAASKAMP CENTER FOR REAL ESTATE SPRING BOARD CONFERENCE Top 25 Cross-Border Buyers Past 24 mos to May 2013 Increasing Capital Flows From Asia Spark Innovation. Inspire Change. Provoke Possibilities. 9/17/2018

Top 25 Cross-Border Buyers GRAASKAMP CENTER FOR REAL ESTATE SPRING BOARD CONFERENCE Top 25 Cross-Border Buyers Past 24 mos to May 2013 Spark Innovation. Inspire Change. Provoke Possibilities. 9/17/2018

Targets of Cross-Border Capital 2012 GRAASKAMP CENTER FOR REAL ESTATE SPRING BOARD CONFERENCE Targets of Cross-Border Capital 2012 Spark Innovation. Inspire Change. Provoke Possibilities. 9/17/2018

SPRING BOARD CONFERENCE GRAASKAMP CENTER FOR REAL ESTATE SPRING BOARD CONFERENCE Spark Innovation. Inspire Change. Provoke Possibilities. 9/17/2018

IPD Global Property Index The recovery continued in 2012, albeit at a slower rate Source: IPD, KTI

And ‘recovery’ evident across most markets Unlevered total returns across global markets, 1981-2012 Source: IPD, KTI

Regional split of strong & weak performance Source: IPD, KTI

Dispersion evident at city level too Source: IPD, KTI

All property return rankings for selected global cities since Q1 2006 Relative global rankings shift rapidly All property return rankings for selected global cities since Q1 2006 Q1 2006 Rank Calgary 1 Brisbane 2 Portland 3 Perth 4 Dublin 5 Wellington 6 San Francisco 7 London 8 Los Angeles 9 Vancouver 10 Miami 11 Washington DC 12 New York 13 Seattle 14 Edinburgh 15 Birmingham 16 Atlanta 17 Philadelphia 18 Auckland 19 Denver 20 Manchester 21 Houston 22 San Diego 23 Montreal 24 Sydney 25 Toronto 26 Boston 27 Dallas 28 Melbourne 29 Tokyo 30 Chicago 31 Minneapolis 32 Q2 2012 Rank 1 Calgary 2 San Diego 3 Denver 4 Boston 5 Seattle 6 Toronto 7 Vancouver 8 Montreal 9 Atlanta 10 Perth 11 San Francisco 12 Houston 13 Brisbane 14 Chicago 15 Dallas 16 Portland 17 Los Angeles 18 Miami 19 Melbourne 20 New York 21 Minneapolis 22 Sydney 23 Auckland 24 Philadelphia 25 Washington DC 26 London 27 Wellington 28 Manchester 29 Tokyo 30 Dublin 31 Birmingham 32 Edinburgh Use these charts in sequence to show how a highlighted city’s relative performance can change quickly relative to others. First slide: The underlying gray lines show the market’s constant churn. This first slide should look and feel chaotic. The logic of the chart unfolds as you click… Following slides: Keep clicking the mouse to tell the stories for the 3 cities – London, New York, and Tokyo – across this cycle.

Globalization of Our Industry Simon Fairchild, IPD Wenzel Hoberg, Europe, Canada Pension Plan Investment Board Jay Weaver, Walton Street Capital Bob White, Real Capital Analytics Inc. Moderator: Brad Olsen, Atlantic Partners, Ltd.