easily compare investments across geographies and property ... · 7san fernando valley (west)...
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Easily Compare Investments Across
Geographies and Property Sectors
Use of this report is subject to the Terms of Use listed at the end of the report
© 2019, Green Street Advisors, LLC
The Atlas sample reports begin on the next page. Receive sample market
snapshots or property profiles in a market that is of interest to you at
Atlas Key Features:
Covering 8 sectors, 50 markets, 700 submarkets and 6,000 zip codes
Sales transaction database currently offering over 200,000 transactions going back 15+ years
Easy access to market, property, and sales comp reports
Sample Market Snapshot
Use of this report is subject to the Terms of Use listed at the end of the report
© 2019, Green Street Advisors, LLC
Market Grade
A-Sector
Low
MarketVeryHigh
VolatilityIndex
146.4
YoY Δ
8.5%
CPPICurrent
5.3%
YoY Δ-25bps
Cap Rate LT NOI Growth
1.8%
IRR
6.3%
MARKET METRICS
Metric Current Rank of 52
Avg. Effective Rents $1,180 29
Occupancy 94.4% 46
YOY M-RevPAF Growth 3.3% 25
YOY Job Growth 3.9% 2
Median Income $76k 18
Homeownership Rate 49.5% 42
Med. Home Price $280k 22
Apartment Units 204,000 20
Households 802k 37
TOP 10 EMPLOYERS
COMMENTARY
Austin: Robust job growth continues to drive apartment fundamentals inthe capital of Texas. Austin's burgeoning tech industry attracts young talentin search of high paying jobs, resulting in one of the largest proportions ofmillennials in the nation. Known for primarily renting and preferring a live /work / play environment, the millennial demographic has developerstargeting the Downtown submarket. Rapidly rising home prices haveprovided a tailwind to apartment demand, but increasing homeownership isa long-term risk to demand. Supply has started to outpace demand andlandlords have been utilizing concessions to attract tenants. In heavysupply impacted submarkets, new lease ups offering 1-2 months freeconcession are becoming commonplace. Investors should look towards theSouthwest and Downtown where high incomes and expensive housingscreen attractive for demand. Awaiting city approval, Lincoln Propertysubmitted plans for a 66-story, mixed-use development in the CBD. Ontrack to be Austin's tallest building, it is expected to have ~575k SF of officespace and ~350 residentia l units. Height restrictions Downtown are typicallyflexible, but the city's capital view corridor restrictions may createdevelopment limitations. Overall, the apartment sector continues to displaypositive fundamentals, but growth is expected to slow over the long termdue to excess supply.
SUPPLY AND DEMAND
2.6%Rank: 1 of 52
Job Growth
2.8%Rank: 46 of 52
Income Growth
3.9%Rank: 51 of 52
Supply Growth
2.2%Rank: 19 of 52
M-RevPAF Growth
5-YEAR FORECASTS(Growth Rates Annualized; Rankings 1-52 w/ 1 being best)
State of Texas
UT Austin
HEB Grocery
Dell Technologies
Austin ISD
Seton Healthcare Family
Walmart
St. David's HealthCare
Samsung Austin Semiconductor
Apple
Austin Apartment Market Snapshot - 12/19/2018
Urbanization allowing for higher density
Vibrant economy supported by healthy job growth
Large millennial presenceStre
ngth
s
Economic volatility due to dependency on tech industry
Low barriers to entry
Congestion due to weak transportation infrastructure
Wea
knes
ses
Supply Growth Job Growth M-RevPAF Growth
'04 '06 '08 '10 '12 '14 '16 '18 '20 '22-10%
-5%
0%
5%
10%
Sources: BLS, CBRE, IHS, U.S. Census Bureau, and Green Street Advisors.
660 Newport Center Drive, Suite 800, Newport Beach, CA 92660T + 1 949 640 8780 / greenstreetadvisors.com
Important disclosure on last page© 2018, Green Street Advisors, LLCThis report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.
Green Street Advisors reserves all rights not expressly granted.
REIT PROPERTIES
AUSTIN PORTFOLIO SUMMARY
Name Submarket Grade Zip Code Grade % of REIT NOI # Props Units Nominal Cap Rate
MAA A A 6% 22 6,800 5.6%
Camden Prop Trust A A 3% 10 3,400 5.2%
UDR, Inc. A A 2% 5 1,500 5.3%
AIMCO B+ B+ <1% 1 100 -
Total REIT Exposure 1% 5.5%
Austin Apartment Market Snapshot - 12/19/2018
660 Newport Center Drive, Suite 800, Newport Beach, CA 92660T + 1 949 640 8780 / greenstreetadvisors.com
Important disclosure on last page© 2018, Green Street Advisors, LLCThis report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.
Green Street Advisors reserves all rights not expressly granted.
Sample Property Report
Use of this report is subject to the Terms of Use listed at the end of the report
© 2019, Green Street Advisors, LLC
A T L A SGreen Street Advisors
2231 Butler AveLos Angeles, CA 90064
MSA: Los Angeles Submarket: Westside Sector: Industrial
Property Basics Market Overview Submarket Scores Valuation SmartComps
PROPERTY CHARACTERISTICS
Owner SEANBARRESI
Rentable Area (sq. ft.) 11,970
Land Area (acres) 0.40
Parking 13
Buildings 1
Stories 1
Year Built / Renovated 1953 / 1953
Market Grade
A+
Submarket Grade
A++
Walk Score (1-100)
86
Market Volatility
Very Low
Sector Volatility
Medium
Value Extrapolation
$5.7M
KEY METRICS
RECENT ACTIVITY - 2231 BUTLER AVE
Date Type Price Price / Sq. Ft. Buyer Seller
Aug '17 Transaction $5.0M $461 / sq. ft. SEAN BARRESI BARRESI JOHN TRUST
ふ
Map data ©2019 Google Imagery ©2019 Map data ©2019 Google
Very Walkable
Sources: CoreLogic, Walk Score, and Green Street Advisors.
660 Newport Center Drive, Suite 800, Newport Beach, CA 92660T + 1 949 640 8780 / greenstreetadvisors.com
Important disclosure on page 6© 2019, Green Street Advisors, LLCThis report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.
Green Street Advisors reserves all rights not expressly granted.
A T L A SGreen Street Advisors
2231 Butler AveLos Angeles, CA 90064
MSA: Los Angeles Submarket: Westside Sector: Industrial
Property Basics Market Overview Submarket Scores Valuation SmartComps
Job Growth
Rank: 41 of 50
Income Growth
Rank: 12 of 50
Supply Growth
Rank: 5 of 50
RevPAF Growth
Rank: 1 of 50
LT NOI Growth
Rank: 1 of 50
LOS ANGELES 5-YEAR FORECASTS(Growth Rates Annualized; Rankings 1-50 w/ 1 being best)
MARKET METRICS
Metric Current Rank of 50
Avg. Effective Rents $8.30 9
Nominal Cap Rate 4.3% 48
Occupancy 95.5% 2
YOY Job Growth 1.3% 38
Median Income $67k 26
Population Density 6,100 2
GMP Growth 5.7% 22
Inventory (Sq. ft.) 942,000k 2
Average Age Stock 29.2 43
MARKET CYCLE
Contraction
Botto
min
gRecovery
Expa
nsion
Los Angeles
Industrial
SUPPLY AND DEMAND
M-REVPAF
ふ
0.7% 3.4% 0.6% 7.2% 1.9%
Los Angeles Employment GrowthLos Angeles Supply Growth
'05 '10 '15 '20-10.0%
-5.0%
0.0%
5.0%
Los Angeles Rent GrowthLos Angeles Occupancy ChangeTop 50 M-RevPAF Growth
'05 '10 '15 '20-20.0%
-10.0%
0.0%
10.0%
Sources: BLS, CBRE, IHS, U.S. Census Bureau, and Green Street Advisors.
660 Newport Center Drive, Suite 800, Newport Beach, CA 92660T + 1 949 640 8780 / greenstreetadvisors.com
Important disclosure on page 6© 2019, Green Street Advisors, LLCThis report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.
Green Street Advisors reserves all rights not expressly granted.
A T L A SGreen Street Advisors
2231 Butler AveLos Angeles, CA 90064
MSA: Los Angeles Submarket: Westside Sector: Industrial
Property Basics Market Overview Submarket Scores Valuation SmartComps
WESTSIDE SUBMARKET MARKET GRADE
Los Angeles
A+
HousingPopulation
Interstate
Sum o
f
DistanceMedian
Air / Rail
Fis
cal
Reg
ulat
ionDesirability
DensityD
istance
Inter
stat
es
to SeaportHome Age
Distance
Hea
lth
Index
SUBMARKET GRADE
Westside
A++
HousingPopulation
Interstate
Sum o
f
DistanceMedian
Air / Rail
Fis
cal
Reg
ulat
ionDesirability
DensityD
istance
Inter
stat
es
to SeaportHome Age
Distance
Hea
lth
Index
LOS ANGELES SUBMARKETS (RANKED BY GRADE)
ふ
1
2 3
4
5
67
8
Sources: GreatSchools, U.S. Census Bureau, Walk Score, and Green Street Advisors.
660 Newport Center Drive, Suite 800, Newport Beach, CA 92660T + 1 949 640 8780 / greenstreetadvisors.com
Important disclosure on page 6© 2019, Green Street Advisors, LLC
Submarket Rent Occ. Med. HomePrice Affordability Pop/Sq.
Mi.Dist. to
Hwy (mi)Sum of
Hwys (mi)Dist. to
Port (mi)Med.
Home AgeDist. To
Air/Rail (mi) Grade
1 South Bay $9.30 97.3% $544k Very Expensive 7,710 1 57 8 36 4 A++
2 Westside $9.20 93.3% $680k Very Expensive 12,220 1 35 21 36 5 A++
3 Commerce / Vernon $7.00 93.1% $388k Expensive 12,990 1 20 17 32 6 A++
4 Mid-Counties $8.40 97.0% $436k Expensive 7,690 1 33 14 37 5 A+
5 San Gabriel Valley $7.90 95.5% $524k Very Expensive 5,440 1 64 27 39 9 A+
6 San Fernando Valley (East) $9.40 95.7% $543k Very Expensive 4,410 1 42 31 38 5 A+
7 San Fernando Valley (West) $8.80 94.2% $658k Very Expensive 4,160 4 16 34 39 7 A
8 Santa Clarita $8.60 93.7% $466k Expensive 1,430 5 11 45 37 13 A-
Los Angeles $8.30 95.5% $550k Very Expensive 6,100 2 279 22 37 6 A+
This report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.Green Street Advisors reserves all rights not expressly granted.
A T L A SGreen Street Advisors
2231 Butler AveLos Angeles, CA 90064
MSA: Los Angeles Submarket: Westside Sector: Industrial
Property Basics Market Overview Submarket Scores Valuation SmartComps
LOS ANGELES TRANSACTION HISTORY
'05-'09 '10-'14 2015 2016 2017 2018
Transaction Volume $7.2B $7.3B $2.4B $2.5B $2.2B $1.9B
Number of Transactions 1,290 1,193 327 336 293 204
Total Sq. Ft. 62M 64M 16M 14M 16M 8.9M
Avg. Price / Sq. Ft. $171 $161 $200 $228 $220 $261
CAP RATES / CPPI
GSA Market Cap Rate
4.3%
Value Extrapolation
$5.7M
2231 BUTLER AVE VALUE EXTRAPOLATION
Last Sale Date 8/24/17
Last Sale Price $5.0M
Last Sale Price Per Sq. Ft. $461
Los Angeles CPPI Sep/2017 136.4
Los Angeles CPPI Present 156.8
Change 15.0%
Value Extrapolation $5.7M
Value Extrapolation Per Sq. Ft. $530
ふ
$ pe
r sq.
‚.
'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19Jan Jul
Jan JulJan Jul
Jan JulJan Jul
Jan JulJan Jul
Jan JulJan Jul
Jan JulJan Jul
Jan JulJan Jul
Jan JulJan Jul
Jan
0
200
400
600
Los Angeles Commercial Property Price IndexLos Angeles Nominal Cap Rate
'06 '08 '10 '12 '14 '16 '180
60
120
180
3.0%
6.0%
9.0%
12.0%
Sources: CoreLogic and Green Street Advisors. Note: Value Extrapolation tool is not an appraisal or formal opinion of value.
660 Newport Center Drive, Suite 800, Newport Beach, CA 92660T + 1 949 640 8780 / greenstreetadvisors.com
Important disclosure on page 6© 2019, Green Street Advisors, LLCThis report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.
Green Street Advisors reserves all rights not expressly granted.
A T L A SGreen Street Advisors
2231 Butler AveLos Angeles, CA 90064
MSA: Los Angeles Submarket: Westside Sector: Industrial
Property Basics Market Overview Submarket Scores Valuation SmartComps
SMARTCOMPS
Address Date Sq. Ft. Distance Submarket Price Price / Sq. Ft. Year Built Owner
- 2231 BUTLER AVE LOS ANGELES, CA, 90064 8/24/17 10,844 - Westside $5.0M $461 1953 SEANBARRESI
1 11080 LA GRANGE AVE LOS ANGELES, CA, 90025 9/17/18 4,184 0.6mi Westside $2.7M $652 1955 LA GRANGE HOLDINGS LLC
2 3416 WESLEY ST CULVER CITY, CA, 90232 3/30/17 16,292 3.4mi Westside $5.5M $337 1952 MICKY LP
3 12820 PANAMA ST LOS ANGELES, CA, 90066 11/18/16 13,913 3.6mi Westside $4.5M $323 1958 PANAMA SILICON BEACH LLC
4 2010 S WESTGATE AVE LOS ANGELES, CA, 90025 7/24/15 7,325 0.5mi Westside $4.7M $648 1985 SOUTH WESTGATE 2010 LLC
5 2205 STONER AVE LOS ANGELES, CA, 90064 1/21/16 8,598 0.3mi Westside $6.3M $733 1958 STONER PROPERTIES LLC
6 1941 PONTIUS AVE LOS ANGELES, CA, 90025 4/12/16 4,680 0.5mi Westside $3.3M $705 1955 FOXBOROUGH PARK INC
7 4801 W JEFFERSON BLVD LOS ANGELES, CA, 90016 7/3/17 23,000 5.5mi Westside $4.2M $181 1948 JEFFWARE LLC
8 5800 W 3RD ST LOS ANGELES, CA, 90036 1/6/17 9,676 6.0mi Westside $4.6M $475 1937 5800 WEST THIRD STREET LLC
9 10401 JEFFERSON BLVD CULVER CITY, CA, 90232 12/12/16 12,389 3.5mi Westside $6.0M $486 1983 10401 JEFFERSON LP
10 5250 W 102ND ST LOS ANGELES, CA, 90045 7/29/16 15,078 7.6mi South Bay $4.8M $318 - GCG 5250 W 102ND STREET LLC
Average - 11,514 3.2mi - $4.7M $486 1959 -
ふ
ふ
12
3
456
7
8
9
10
Sources: CoreLogic and Green Street Advisors.
660 Newport Center Drive, Suite 800, Newport Beach, CA 92660T + 1 949 640 8780 / greenstreetadvisors.com
Important disclosure on page 6© 2019, Green Street Advisors, LLCThis report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.
Green Street Advisors reserves all rights not expressly granted.
Issuers of this Report: US and EEA: This report has been prepared by analysts working for Green Street Advisors (GSA (US)) and/or Green Street Advisors (U.K.) Limited (GSA (UK)). GSA (US) is the parent company of GSA (UK). This report is issued in the USA by GSA (US). GSA (UK) accepts no responsibility for this report to the extent that it is relied upon by persons based in the USA. GSA (US) is regulated by the United States Securities and Exchange Commission, and its headquarters is located at 660 Newport Center Drive, Suite 800, Newport Beach, CA 92660. This report is issued in the European Economic Area (EEA) by GSA (UK). GSA (US) accepts no responsibility for this report to the extent that it is relied upon by persons based in the EEA. GSA (UK) is registered in England, (Company number. 6471304), and its registered office is 20 Balderton Street, 5th Floor, London, W1K 6TL. GSA (UK) is authorized and regulated by the Financial Conduct Authority in the United Kingdom and is entered on the FCA’s register (no. 482269]). References to “Green Street” in Disclosures in this section and in the Other Important Information section apply to: • GSA (US) to the extent that this report has been disseminated in the USA; or • GSA (UK) to the extent that this report has been disseminated in the EEA. Green Street Advisors US is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the SEC under US laws, which differ from Australian laws.
Green Street Advisors UK Ltd. is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the FCA under UK laws, which differ from Australian laws. Green Street reserves the right to update the disclosures and policies set out in this document at any time. We encourage a careful comparison of these disclosures and policies with those of other research providers, and welcome the opportunity to discuss them. Affiliate Disclosures: Green Street does not directly engage in investment banking, underwriting or advisory work with any of the companies in our coverage universe. However, the following are potential conflicts regarding our affiliates that should be considered: • Green Street has an advisory & consulting practice servicing investors seeking to acquire interests in publicly-traded companies. Green Street may provide such valuation services to
prospective acquirers of companies which are the subject(s) of Green Street’s research reports. • An affiliate of Green Street is an investment manager implementing a real estate securities strategy focused on REITs. The portfolios managed by this affiliate contain securities of
issuers covered by Green Street’s research department. The affiliate is located in separate offices, employs an investment strategy based on Green Street’s published research, and does not trade with Green Street’s affiliated trading desk, Green Street Trading (GST). However, the investment management affiliate has engaged GST as a placement agent for an investment partnership it manages. The principals of Green Street Advisors, Green Street Investors and affiliates have invested in GSREF, L.P.
Terms of Use Protection of Proprietary Rights: To the extent that this report is issued by GSA (US), this material is the proprietary and confidential information of Green Street Advisors, LLC, and is protected by copyright. To the extent that this report is issued by GSA (UK), this material is the proprietary and confidential information of Green Street Advisors (U.K.) Limited, and is protect-ed by copyright. This report may be used solely for reference for internal business purposes. This report may not be reproduced, re-distributed, sold, lent, licensed or otherwise transferred without the prior consent of Green Street. All other rights with respect to this report are reserved by Green Street. • EEA Recipients: For use only by Professional Clients and Eligible Counterparties: GSA (UK) is authorized by the Financial Conduct Authority of the United Kingdom to issue this
report to "Professional Clients" and "Eligible Counterparties" only and is not authorized to issue this report to "Retail Clients", as defined by the rules of the Financial Conduct Authority. This report is provided in the United Kingdom for the use of the addressees only and is intended for use only by a person or entity that qualifies as a "Professional Client" or an "Eligible Counterparty". Consequently, this report is intended for use only by persons having professional experience in matters relating to investments. This report is not intend-ed for use by any other person. In particular, this report intended only for use by persons who have received written notice from GSA (UK) that he/she/it has been classi-fied, for the purpose of receiving services from GSA (UK), as either a "Professional Client" or an "Eligible Counterparty". Any other person who receives this report should not act on the contents of this report.
Other Important Information Management of Conflicts of Interest: Conflicts of interest can seriously impinge the ability of analysts to do their job, and investors should demand unbiased research. In that spirit, Green Street adheres to the following policies regarding conflicts of interest: • Green Street employees are prohibited from owning the shares of any company in our coverage universe. • Green Street employees do not serve as officers or directors of any of our subject companies. • Neither Green Street nor its employees/analysts receives any compensation from subject companies for inclusion in our research. • On occasion, Green Street analysts may be contacted by companies within the firm’s coverage universe regarding potential employment opportunities. Additional disclosure will be
made when appropriate. • The research analysts who authored this report may hold shares of the non REIT companies mentioned in this research report. These are not companies in our coverage universe. Please also have regard to the Affiliate Disclosures listed above when considering the extent to which you place reliance on this research report and any research recommendations made herein. Green Street, at times, assists Eastdil Secured, a real estate brokerage and investment bank, when Eastdil Secured provides investment banking services to companies in Green Street’s coverage universe. Green Street is never part of the underwriting syndicate or the selling group, but Green Street may receive compensation from Eastdil Secured for consulting services that Green Street provides to Eastdil Secured related to Eastdil Secured's investment banking services. Green Street does not control, have ownership in, or make any business or invest-ment decisions for Eastdil Secured. A number of companies covered by Green Street research reports pay an annual fee to receive Green Street’s research reports. Green Street may periodically solicit this business from the subject companies. In the aggregate, annual fees for GSA (US) and GSA (UK) research reports received from subject companies represent approximately 3% of each of GSA (US)’s and GSA (UK)'s respective total revenues. Green Street publishes research reports covering issuers that may offer and sell securities in an initial or secondary offering. Broker-dealers involved with selling the issuer’s securities or their affiliates may pay compensation to GSA upon their own initiative, or at the request of Green Street's clients in the form of “soft dollars,” for receiving research reports published by Green Street. The information contained in this report is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This report is produced solely for informational purposes and is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it is not, and it should not be construed as, advice designed to meet the particular investment needs of any investor. This report is not an offer or the solicitation of an offer to sell or buy any security. For Green Street’s advisory customers, this research report is for informational purposes only and the firm is not responsible for implementation. Nor can the firm be liable for suitability obligations.
Green Street’s Disclosure Information
This report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.Green Street Advisors reserves all rights not expressly granted.
Issuers of this Report: US and EEA: This report has been prepared by analysts working for Green Street Advisors (GSA (US)) and/or Green Street Advisors (U.K.) Limited (GSA (UK)). GSA (US) is the parent company of GSA (UK). This report is issued in the USA by GSA (US). GSA (UK) accepts no responsibility for this report to the extent that it is relied upon by persons based in the USA. GSA (US) is regulated by the United States Securities and Exchange Commission, and its headquarters is located at 660 Newport Center Drive, Suite 800, Newport Beach, CA 92660. This report is issued in the European Economic Area (EEA) by GSA (UK). GSA (US) accepts no responsibility for this report to the extent that it is relied upon by persons based in the EEA. GSA (UK) is registered in England, (Company number. 6471304), and its registered office is 20 Balderton Street, 5th Floor, London, W1K 6TL. GSA (UK) is authorized and regulated by the Financial Conduct Authority in the United Kingdom and is entered on the FCA’s register (no. 482269]). References to “Green Street” in Disclosures in this section and in the Other Important Information section apply to: • GSA (US) to the extent that this report has been disseminated in the USA; or • GSA (UK) to the extent that this report has been disseminated in the EEA. Green Street Advisors US is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the SEC under US laws, which differ from Australian laws.
Green Street Advisors UK Ltd. is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the FCA under UK laws, which differ from Australian laws. Green Street reserves the right to update the disclosures and policies set out in this document at any time. We encourage a careful comparison of these disclosures and policies with those of other research providers, and welcome the opportunity to discuss them. Affiliate Disclosures: Green Street does not directly engage in investment banking, underwriting or advisory work with any of the companies in our coverage universe. However, the following are potential conflicts regarding our affiliates that should be considered: • Green Street has an advisory & consulting practice servicing investors seeking to acquire interests in publicly-traded companies. Green Street may provide such valuation services to
prospective acquirers of companies which are the subject(s) of Green Street’s research reports. • An affiliate of Green Street is an investment manager implementing a real estate securities strategy focused on REITs. The portfolios managed by this affiliate contain securities of
issuers covered by Green Street’s research department. The affiliate is located in separate offices, employs an investment strategy based on Green Street’s published research, and does not trade with Green Street’s affiliated trading desk, Green Street Trading (GST). However, the investment management affiliate has engaged GST as a placement agent for an investment partnership it manages. The principals of Green Street Advisors, Green Street Investors and affiliates have invested in GSREF, L.P.
Terms of Use Protection of Proprietary Rights: To the extent that this report is issued by GSA (US), this material is the proprietary and confidential information of Green Street Advisors, LLC, and is protected by copyright. To the extent that this report is issued by GSA (UK), this material is the proprietary and confidential information of Green Street Advisors (U.K.) Limited, and is protect-ed by copyright. This report may be used solely for reference for internal business purposes. This report may not be reproduced, re-distributed, sold, lent, licensed or otherwise transferred without the prior consent of Green Street. All other rights with respect to this report are reserved by Green Street. • EEA Recipients: For use only by Professional Clients and Eligible Counterparties: GSA (UK) is authorized by the Financial Conduct Authority of the United Kingdom to issue this
report to "Professional Clients" and "Eligible Counterparties" only and is not authorized to issue this report to "Retail Clients", as defined by the rules of the Financial Conduct Authority. This report is provided in the United Kingdom for the use of the addressees only and is intended for use only by a person or entity that qualifies as a "Professional Client" or an "Eligible Counterparty". Consequently, this report is intended for use only by persons having professional experience in matters relating to investments. This report is not intend-ed for use by any other person. In particular, this report intended only for use by persons who have received written notice from GSA (UK) that he/she/it has been classi-fied, for the purpose of receiving services from GSA (UK), as either a "Professional Client" or an "Eligible Counterparty". Any other person who receives this report should not act on the contents of this report.
Other Important Information Management of Conflicts of Interest: Conflicts of interest can seriously impinge the ability of analysts to do their job, and investors should demand unbiased research. In that spirit, Green Street adheres to the following policies regarding conflicts of interest: • Green Street employees are prohibited from owning the shares of any company in our coverage universe. • Green Street employees do not serve as officers or directors of any of our subject companies. • Neither Green Street nor its employees/analysts receives any compensation from subject companies for inclusion in our research. • On occasion, Green Street analysts may be contacted by companies within the firm’s coverage universe regarding potential employment opportunities. Additional disclosure will be
made when appropriate. • The research analysts who authored this report may hold shares of the non REIT companies mentioned in this research report. These are not companies in our coverage universe. Please also have regard to the Affiliate Disclosures listed above when considering the extent to which you place reliance on this research report and any research recommendations made herein. Green Street, at times, assists Eastdil Secured, a real estate brokerage and investment bank, when Eastdil Secured provides investment banking services to companies in Green Street’s coverage universe. Green Street is never part of the underwriting syndicate or the selling group, but Green Street may receive compensation from Eastdil Secured for consulting services that Green Street provides to Eastdil Secured related to Eastdil Secured's investment banking services. Green Street does not control, have ownership in, or make any business or invest-ment decisions for Eastdil Secured. A number of companies covered by Green Street research reports pay an annual fee to receive Green Street’s research reports. Green Street may periodically solicit this business from the subject companies. In the aggregate, annual fees for GSA (US) and GSA (UK) research reports received from subject companies represent approximately 3% of each of GSA (US)’s and GSA (UK)'s respective total revenues. Green Street publishes research reports covering issuers that may offer and sell securities in an initial or secondary offering. Broker-dealers involved with selling the issuer’s securities or their affiliates may pay compensation to GSA upon their own initiative, or at the request of Green Street's clients in the form of “soft dollars,” for receiving research reports published by Green Street. The information contained in this report is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This report is produced solely for informational purposes and is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it is not, and it should not be construed as, advice designed to meet the particular investment needs of any investor. This report is not an offer or the solicitation of an offer to sell or buy any security. For Green Street’s advisory customers, this research report is for informational purposes only and the firm is not responsible for implementation. Nor can the firm be liable for suitability obligations.
Green Street’s Disclosure Information
This report contains copyrighted subject matter and is covered under the Green Street Advisors' Terms of Use.Green Street Advisors reserves all rights not expressly granted.