US RESEARCH | PUBLISHED BYRAYMOND JAMES & ASSOCIATES

Robert P. Anastasi, CFA, Chairman, Global Equity Research | (727) 567-2286 | bob.anastasi@raymondjames.com AUGUST 14, 2019 | 12:31 PM EDT

EQUITY INCOME3Q19 UPDATE

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Please read domestic and foreign disclosure/risk information beginning on page 24 and Analyst Certification on page 24.

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Contents

Investment Commentary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Additions & Deletions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Equity Favorites for Yield Oriented Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

REITs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Partnerships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

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Investment Commentary

A brewing trade war and currency skirmish have heightened concerns regarding global growth and renewed market volatility.This, coupled with stubbornly low inflation, have renewed pressures on interest rates. The Fed has cut rates by 25 bp andthe market anticipates further cuts. Yields have turned negative in select major economies. The yield on the 2-year Treasurycurrently stands at 1.67%, while the yield on the 10-year has fallen to 1.68%. This compares with rates on the 2-year and 10-year bonds that were at 2.94% and 3.24%, respectively, as recently as November 2018.

Despite recent volatility in the U.S. equity markets, the S&P 500 is up nearly 17% year to date (over 18% including dividends).The steep 2018 year-end correction, somewhat offset by a 2019 first quarter recovery, makes that total return figure a moremodest 4% over the past 12 months. The forward dividend yield on the S&P 500 now stands at 2.06%. The decade since thefinancial crisis is unique in that it’s one of the unusual periods, where treasury yields are actually below the yield on the S&P 500,as shown on the front page. Shorter-term treasuries are slightly higher, but not necessarily so on an after-tax basis, becauseof the more favorable tax treatment of qualified dividends.

In a period where ultra-safe treasuries yield less than equities, dividend-paying stocks can present an attractive alternative forinvestors. This, of course depends on risk tolerance and investment horizon. To test that statement, we looked back almost50 years for periods where a 10-year moving average total return on the S&P 500 went negative, as shown below. Surprisingly(or perhaps not), we found only two brief periods (from November 2008 to June 2009 and again in June and July 2010) wherethat 10-year moving average annual total return was negative. That 2008-2010 period captured not only the carnage from thefinancial crisis, but also included the 2000-2002 tech wreck. In fairness, there were a few more periods (notably 1974, 1977,1981, and 2010) where the 10-year average S&P total return was positive, but not necessarily attractive versus treasuries. Thepoint is that with a 10-year investment horizon, equity yields can be an attractive alternative to low yielding treasuries. Thatsaid, a shorter-term horizon can seriously blow up that argument, as we have seen twice over the past 20 years.

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Source: Bloomberg, Raymond James research.

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There remain a number of buy-rated equities (Strong Buy and Outperform) with yields that exceed those of Treasury bonds.In fact, the median yield on the 42 C corps in this quarter’s Equity Income list is 3.6%. That figure is higher if one includesrecommended REITs and partnerships. In addition, that’s before factoring in potential growth, which over the very long termhas averaged nearly 6% annually for the S&P 500. As we know, that upside comes at the price of volatility.

The updated Equity Income list contains 61 securities rated as Strong Buy or Outperform by Raymond James’ Equity Researchanalysts. The list is segmented by traditional C corps, REITs, and partnerships. The partnerships are categorized separately,because they provide K1s for tax reporting purposes. While usually dominated by midstream energy MLPs, yield-orientedpartnerships include a financial services company as well. The median yield on the 42 C corps is 3.6% and noticeably above thatof the S&P 500. The yields on the REITs and partnerships on the list are materially higher, since they pay out the vast majority oftheir income. Four names were added to the list this period and seven names were deleted. Stocks are typically deleted eitherbecause the rating was downgraded to Market Perform (or lower) or because their yields were well below that of the S&P 500or the stock didn’t have enough upside to the target price. In light of rising interest rates, we prefer that recommendations forthe Equity Income list have a yield approximating, if not exceeding, that of the broader market.

For those investors who prefer a turnkey solution as opposed to picking individual stocks, Asset Management Services offersa managed portfolio* based on the Equity Income list. Each quarter, AMS’s analytical team screens these recommendeddividend-paying securities from Equity Research for yield and sector diversification. Higher yielders receive greater weights.Individual sectors can be up to 30% of the portfolio, and an industry can be up to 20%. Stocks are sold when they are no longerrated as Strong Buy or Outperform. The portfolio most recently held 29 individual positions, with a mix of roughly 50% largecap and 50% small and mid-cap. Please contact your Financial Advisor or AMS External for information.

Robert P. Anastasi, CF�,�Chairman,�Global�Equity�Research

*Past performance is not a guarantee of future results. All investing involves risk.

Asset allocation and diversification does not ensure a profit or protect against a loss.

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Additions & Deletions

Additions/Substitutions

HCP, Inc. (HCP) - New selection by analyst

Omega Healthcare Investors, Inc. (OHI) - New selection by analyst

Redwood Trust, Inc. (RWT) - New selection by analyst

Ryman Hospitality Properties, Inc. (RHP) - New selection by analyst

Deletions

Comerica Inc. (CMA) - Removed after analyst downgrade

Equinix, Inc. (EQIX) - Removed after share price appreciation near target

Kinder Morgan, Inc. (KMI) - Removed after analyst downgrade

Leggett & Platt, Incorporated (LEG) - Removed after analyst downgrade

The Home Depot, Inc. (HD) - Removed after share price appreciation near target

PacWest Bancorp (PACW) - Removed after analyst downgrade

Physicians Realty Trust (DOC) - Analyst replaced with HCP, Inc. (HCP) and Omega Healthcare Investors, Inc. (OHI)

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Equity Favorites for Yield Oriented Investors

These stocks from a screening of the Raymond James Strong Buy- and Outperform-rated universe feature healthy balancesheets, attractive cash flows, and superior total return prospects. Each has a market capitalization of more than $1 billion, andmost enjoy a dividend yield equal to or greater than that of the S&P 500.

Aflac Incorporated (AFL)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $52.92 Dec $4.16 $4.30 $4.45 12.3 $1.08/2.0% $39,181

Aflac, Inc., based in Columbus, Georgia, is the world's leading provider of supplemental insurance programs. Aflac providessupplemental accident, health, and ordinary life insurance policies to more than 50 million individuals. Aflac's policies can bepurchased on a group or individual basis and are typically used to fill in the "gaps" in other private and government-providedinsurance plans.

Please click here for our most recently published research on AFL.C. Gregory Peters,�Insurance

Alaska Air Group, Inc. (ALK)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $61.17 Dec $4.46 $5.56 $6.45 11.0 $1.40/2.3% $7,540

Alaska Air Group, headquartered in Seattle, Washington, provides passenger and cargo air transportation services. Followingits acquisition of Virgin America on December 14, 2016, the airline serves more than 110 destinations in the United States,Canada, Mexico, and Cuba. Alaska Airlines operates a fleet of 166 Boeing 737 aircraft and 71 Airbus aircraft, and its regionalsubsidiary, Horizon, operates a fleet of 39 Q-400s and 26 E-175s.

Please click here for our most recently published research on ALK.Savanthi Syth, CFA,��irlines

AT&T Inc. (T)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $34.86 Dec $3.52 $3.60 $3.79 9.7 $2.04/5.9% $254,722

AT&T Inc., headquartered in Dallas, Texas, is one of the world's largest telecom providers, with ~30 million access lines in 22states and a global voice and data network. AT&T provides local telephony, long distance, directory, data, and Internet servicesto consumers, businesses, and governments in the U.S. and abroad. AT&T also owns AT&T Mobility, one of the largest nationalwireless provider based on customers with over 107 million subscribers.

Please click here for our most recently published research on T.Frank G. Louthan, IV,�Telecommunications�Services

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Atlantic Union Bankshares Corporation (AUB)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $36.09 Dec $2.76 $2.80 $2.90 12.9 $1.00/2.8% $2,963

Atlantic Union Bankshares Corporation, headquartered in Richmond, Virginia, is a more than $17 billion asset bank with morethan 150 branches located in Virginia, Maryland, and North Carolina.

Please click here for our most recently published research on AUB.William J. Wallace IV,�Banking

Best Buy Co., Inc. (BBY)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2019 2020 2021 P/E1 Yield Cap.2

  $71.29 Jan $5.32 $5.89 $6.38 13.4 $2.00/2.8% $19,037

Best Buy Company, Incorporated, headquartered in Richfield, Minnesota, is a multinational specialty retailer of consumerelectronics, home office products, entertainment software, appliances, and related services. The company operates 1,240locations within its domestic and international segments. Best Buy operates under the following brand names in full or jointventure: Best Buy, Best Buy Mobile, Geek Squad, Magnolia, Future Shop, Great Call, Pacific Sales, and Speakeasy. The companyalso sells online at www.bestbuy.com.

Dan Wewer, CFA,�Hardline�Retail

BGC Partners, Inc. (BGCP)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $5.02 Dec $0.70 $0.63 $0.70 8.0 $0.56/11.2% $1,732

BGC Partners, Inc., headquartered in New York City, is a global financial services brokerage firm that is focused on inter-dealertrading for a variety of interest rate, credit, foreign exchange, equities, energy, and commodity products. BGC also offersinsurance brokerage business through its Besso subsidiary.

Please click here for our most recently published research on BGCP.Patrick O'Shaughnessy, CFA,�Capital�Markets

Bloomin' Brands, Inc. (BLMN)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $16.78 Dec $1.50 $1.58 $1.77 10.6 $0.40/2.4% $1,457

Bloomin' Brands Inc., headquartered in Tampa, Florida, is one of the largest casual dining restaurant companies in theworld. The company operates a portfolio of brands including Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, andFleming's Prime Steakhouse and Wine Bar. The company's portfolio consists of nearly 1,500 systemwide restaurants (80%owned/operated by company) that generate annual sales of nearly $5.0 billion.

Please click here for our most recently published research on BLMN.Brian Vaccaro, CFA,�Restaurants

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BP p.l.c. (BP)

Outperform 2 Price Fiscal Non-GAAP EPADS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $37.20 Dec $3.80 $3.15 $5.59 11.8 $2.46/6.6% $758,174

BP plc, based in London, United Kingdom, is one of the world's largest private-sector integrated oil and gas companies. Theupstream segment has its primary operations in the U.S. and the Middle East, with other core assets in Europe, Asia-Pacific, andthe Caribbean. The downstream segment has primarily U.S. and European refineries, with others in Asia-Pacific and Africa, andalso produces a range of petrochemicals. The company holds a 19.75% equity stake in Rosneft, Russia's national oil company.

Please click here for our most recently published research on BP.Pavel Molchanov,�Integrated�Oil�and�Gas

Chevron Corporation (CVX)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $122.39 Dec $8.39 $7.94 $16.44 15.4 $4.76/3.9% $232,348

Chevron Corp., based in San Ramon, California, is one of the world's largest private-sector integrated oil and gas companies.The upstream segment has its primary operations in the U.S. and Asia-Pacific, with other core assets in Africa, the Middle East,and South America. The downstream segment has primarily U.S. and Asia-Pacific refineries, with others in Europe, Africa, andCanada, and also includes a 50% interest in Chevron Phillips Chemical Co.

Please click here for our most recently published research on CVX.Pavel Molchanov,�Integrated�Oil�and�Gas

Cisco Systems, Inc. (CSCO)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $52.72 Jul $2.61 $3.07 $3.42 17.2 $1.40/2.7% $225,680

Cisco Systems, founded in 1984 and headquartered in San Jose, California, leads the networking equipment sector providing arange of systems and software driven by enterprises, service providers, governments and other institutions around the globe.

Please click here for our most recently published research on CSCO.Simon Leopold,�Data�Infrastructure

Covanta Holding Corporation (CVA)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $16.98 Dec ($0.10) $0.03 ($0.03) NM $1.00/5.9% $2,232

Covanta Holding Corp., headquartered in Morristown, New Jersey, is the nation's largest owner/operator of waste-to-energy(WTE) facilities. Covanta currently owns/operates over 40 facilities and disposes ~5% of the nation's waste stream whilegenerating approximately 6 Mwh of renewable energy, representing an estimated 7% of the total non-hydro renewable energygenerated in the U.S.

Please click here for our most recently published research on CVA.Patrick Tyler Brown, CFA,�Waste�and�Industrial�Services

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CVS Health Corporation (CVS)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $59.85 Dec $7.08 $6.95 $7.18 8.6 $2.00/3.3% $77,835

CVS Health, headquartered in Woonsocket, Rhode Island, is one of the largest integrated pharmacy services providers. Thecompany owns and operates more than 9,800 retail and specialty pharmacy stores in 49 states, the District of Columbia, andPuerto Rico. CVS Health also operates one of the largest specialty pharmacy and pharmacy benefit managers (PBMs) throughits merger with Caremark in March 2007.

Please click here for our most recently published research on CVS.John Ransom,�Integrated�Benefits�Management

Delta Air Lines, Inc. (DAL)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $58.84 Dec $5.64 $7.00 $7.05 8.4 $1.61/2.7% $38,258

Delta Air Lines, Inc., headquartered in Atlanta, Georgia, provides scheduled air transportation for passengers and cargo inthe United States and internationally. With an industry-leading global network, Delta and the Delta Connection carriers offerservice to ~325 destinations in ~60 countries on six continents. Including its worldwide alliance partners, Delta offers customersmore than 15,000 daily flights, with hubs in Amsterdam (AMS), Atlanta (ATL), Boston (BOS), Detroit (DTW), Los Angeles (LAX),Minneapolis-St. Paul (MSP), New York (JFK), Paris (CDG), Salt Lake City (SLC), Seattle (SEA), and Seoul (ICN).

Savanthi Syth, CFA,��irlines

Dine Brands Global, Inc. (DIN)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $79.10 Dec $5.37 $6.87 $7.82 11.5 $2.76/3.5% $1,359

Dine Brands Global, Inc. based in Glendale, California, franchises two of the largest full service restaurant brands in the U.S. -IHOP (~1,800 units, 100% franchised) and Applebee's (~1,800 units, 100% franchised). The company's 100% franchise modelgenerates significant free cash flow which is returned to shareholders via a modestly growing dividend (after recent reset,targeting 35-45% payout ratio) and ongoing share repurchases.

Please click here for our most recently published research on DIN.Brian Vaccaro, CFA,�Restaurants

F.N.B. Corporation (FNB)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $10.95 Dec $1.10 $1.16 $1.16 9.4 $0.48/4.4% $3,557

F.N.B. Corporation, headquartered in Pittsburgh, Pennsylvania, is a more than $30 billion asset bank holding company withroughly 400 branches concentrated around the metropolitan markets of Pittsburgh (PA), Baltimore (MD), Cleveland (OH), andCharlotte, Raleigh-Durham, and Piedmont Triad (NC).

Please click here for our most recently published research on FNB.William J. Wallace IV,�Banking

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Fastenal Company (FAST)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $29.96 Dec $1.31 $1.38 $1.49 21.7 $0.88/2.9% $17,180

Fastenal Company, based in Winona, Minnesota, is a leading distributor of industrial and construction supplies. The companysells fasteners (screws, nuts and bolts, etc.), tools and equipment, hydraulics, pneumatics, safety, plumbing and HVAC supplies,janitorial goods, and electrical supplies via roughly 2,400 store locations, many located in small- to medium-sized markets,and often employing vending and on-site go-to-market strategies.

Please click here for our most recently published research on FAST.Sam J. Darkatsh,�Specialty/Industrial�Distribution

Gilead Sciences, Inc. (GILD)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $64.30 Dec $6.67 $7.06 $7.10 9.1 $2.52/3.9% $81,433

Gilead Sciences was founded in 1987 and is a research-based biopharmaceutical company that discovers, develops andcommercializes medicines in areas focused on unmet need. The company currently operates in more than 35 countriesworldwide, and is headquartered in Foster City, California. Gilead’s primary areas of focus include HIV/AIDS, liver diseases,hematology/oncology, and inflammation/respiratory diseases. The company has an active internal discovery and clinicaldevelopment programs and has been highly involved in product acquisition and in-licensing strategies.

Please click here for our most recently published research on GILD.Steven Seedhouse, Ph.D.,�Biotechnology

Halliburton Company (HAL)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $19.48 Dec $1.90 $1.32 $2.43 14.8 $0.72/3.7% $17,063

Halliburton, founded in 1919 and based in Houston, Texas, is one of the world's largest providers of products and services tothe energy industry. With over 50,000 employees in approximately 70 countries, the company serves the upstream oil and gasindustry throughout the life cycle of the reservoir - from locating hydrocarbons and managing geological data to drilling andformation evaluation, well construction and completion, and optimizing production through the life of the field.

Please click here for our most recently published research on HAL.Praveen Narra, CFA & Marshall Adkins,�Oilfield�Services

Huntington Bancshares Incorporated (HBAN)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $12.90 Dec $1.20 $1.31 $1.34 9.9 $0.60/4.7% $13,388

Huntington Bancshares Inc. is a regional bank headquartered in Columbus, Ohio. The company has $108 billion in assetsand operates almost 900 traditional branches and convenience branches located throughout Ohio, Michigan, Pennsylvania,Indiana, West Virginia, and Kentucky.

Please click here for our most recently published research on HBAN.David J. Long, CFA,�Banking

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Johnson & Johnson (JNJ)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $133.42 Dec $8.18 $8.60 $9.00 15.5 $3.80/2.8% $352,118

Johnson & Johnson, based in New Brunswick, New Jersey, is a medical products company with 2018 revenue of $81.6 billion.The business is split into three segments: Pharmaceuticals (50% of 2018 sales), Medical Devices & Diagnostics (MD&D, 33% of2018 sales), Consumer (17% of 2018 sales).

Please click here for our most recently published research on JNJ.Jayson Bedford,�Medical�Devices

Marathon Petroleum Corporation (MPC)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $47.15 Dec $6.46 $4.60 $7.50 10.3 $2.12/4.5% $31,040

Marathon Petroleum Corp. is an independent refiner based in Findlay, Ohio. The company operates 16 refineries (over 3 millionbbls per day of combined throughput capacity), located in the Mid-Continent, West Coast, and Gulf Coast regions, and marketsthrough an extensive retail network. The company also owns a significant LP unit interest in its midstream MLP, MPLX LP.

Please click here for our most recently published research on MPC.Justin Jenkins,�Independent�Refiners

MSC Industrial Direct Co., Inc. (MSM)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $68.47 Aug $5.08 $5.26 $5.75 13.0 $3.00/4.4% $3,780

MSC Industrial Direct, based in Melville, New York, is one of the largest direct marketers of a full line of industrial products inthe U.S., primarily for maintenance, repair, and operations (MRO) needs. Domestic manufacturing end-markets represent thebulk of MSC's demand, with particular focus on metalworking applications.

Sam J. Darkatsh, CFA & Joshua Wilson, CFA,�Specialty/Industrial�Distribution

Occidental Petroleum Corporation (OXY)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $44.76 Dec $5.02 $4.09 $9.01 10.9 $3.16/7.1% $40,095

Occidental Petroleum Corp., based in Houston, Texas, is one of the world's largest independent oil and gas companies. Coreoperations are located in the Permian Basin, Persian Gulf region, and Colombia. Occidental also has a chemicals segment,OxyChem. At year-end 2018, proved reserves totaled 2,752 MMBoe (75% liquids).

Please click here for our most recently published research on OXY.Pavel Molchanov,�Exploration�and�Production

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Old Republic International Corporation (ORI)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $22.44 Dec $1.87 $1.85 $2.00 12.1 $0.80/3.6% $6,804

Old Republic International Corp., based in Chicago, Illinois, is one of the nation's 50 largest publicly held insuranceorganizations. The company underwrites and provides risk management services for a wide variety of coverages in the propertyand liability, title, and life and health fields.

Please click here for our most recently published research on ORI.C. Gregory Peters,�Insurance

ONEOK, Inc. (OKE)

Outperform 2 Price Fiscal GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $69.64 Dec $2.78 $3.09 $3.92 22.5 $3.56/5.1% $28,759

ONEOK, Inc. (OKE) is one of the largest natural gas and natural gas liquids midstream service providers in the nation. OKEoperates a vertically integrated midstream value chain which includes gathering, processing, fractionating, transporting,storing, and marketing natural gas and NGLs. The company operates in three distinct segments—natural gas gathering andprocessing (G&P), natural gas liquids (NGL), and natural gas pipelines—and primarily owns assets in the Rocky MountainRegion, STACK/SCOOP, Permian Basin, and Gulf Coast. OKE’s growth strategy involves heavy capital investment in the SCOOP/STACK, Williston Basin, and Permian Basin.

Please click here for our most recently published research on OKE.JR Weston, CFA & Justin Jenkins,�Midstream�Suppliers

Phillips 66 (PSX)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $99.74 Dec $11.71 $7.85 $11.00 12.7 $3.60/3.6% $44,737

Phillips 66, based in Houston, Texas, is one of the world's largest independent refiners. As of January 1, 2019 the companyowns or has an interest in 13 refineries (2,180 MBbls per day of combined throughput capacity), of which 11 are located in theU.S., while two are in Europe. In addition, the company markets transportation fuels through nearly 8,000 marketer-owned orsupplied outlets in the U.S., along with more than 1,000 company or dealer owned sites in Europe. Phillips 66 also has a 50%interest Chevron Phillips Chemical (a joint venture with Chevron Corp.) and owns a significant LP unit interest (and 50% of thegeneral partner) of DCP Midstream. Finally, the company owns a significant LP unit interest (plus 2% general partner interest)in Phillips 66 Partners LP, which is the company's sponsored growth oriented partnership focused on owning, operating, anddeveloping midstream logistics infrastructure assets.

Please click here for our most recently published research on PSX.Justin Jenkins,�Independent�Refiners

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Plains GP Holdings, L.P. (PAGP)

Strong Buy 1 Price Fiscal EPU Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $22.25 Dec $2.11 $1.94 $1.46 11.5 $1.44/6.5% $6,377

Plains GP Holdings, L.P. (PAGP) owns MLP units in Plains All American Pipeline L.P. (PAA), a publicly traded limited partnershipbased in Houston, Texas. Following the buy-in of the economic GP interest that PAGP previously owned in PAA, PAGP nowrepresents the same economic position as PAA, but PAGP is taxed as a C-Corporation as opposed to a partnership like PAA. Theunderlying partnership (PAA) operates throughout North America and is engaged in the transportation, storage, terminalling,and marketing of crude oil, refined products, liquefied petroleum gas (LPG), and other natural gas-related petroleum productsas well as natural gas storage.

Please click here for our most recently published research on PAGP.Justin Jenkins, CFA & JR Weston, CFA,�Midstream�Suppliers

Polaris Inc. (PII)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $89.56 Dec $6.56 $6.20 $6.75 14.4 $2.44/2.7% $5,474

Polaris Inc., based in Medina, Minnesota, designs, engineers, manufactures, and markets snowmobiles, all-terrain vehicles,motorcycles, and the Polaris RANGER for recreational and utility use. Polaris also markets a complete line of Polaris apparel,accessories, and parts.

Please click here for our most recently published research on PII.Joe Altobello, CFA,�Leisure�Products

QUALCOMM Incorporated (QCOM)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $72.18 Sep $3.69 $3.46 $3.77 20.8 $2.48/3.4% $87,746

QUALCOMM, Inc., headquartered in San Diego, California, is a leading developer of mobile technology globally, and monetizesthis development through an IP licensing program and through a market-leading integrated circuit (IC) business. The companyis the worldwide leader in ICs for mobile handsets, and is gaining share in the Tablet/PC market since the introduction ofWindows 8.

Please click here for our most recently published research on QCOM.Chris Caso & Melissa Fairbanks,�Semiconductors

Regions Financial Corporation (RF)

Strong Buy 1 Price Fiscal Operating EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $14.27 Dec $1.41 $1.54 $1.68 9.3 $0.62/4.3% $14,238

Headquartered in Birmingham, Alabama, Regions Financial has assets of ~$125 billion and over 1,700 banking offices in 16states.

Please click here for our most recently published research on RF.Michael Rose, CFA & David P. Feaster, Jr., CFA,�Banking

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Synovus Financial Corp. (SNV)

Strong Buy 1 Price Fiscal Operating EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $35.48 Dec $3.56 $3.93 $4.00 9.0 $1.20/3.4% $5,475

Synovus Financial Corp., headquartered in Columbus, Georgia, has +$47 billion in assets and operates in Georgia, SouthCarolina, Alabama, Florida, and Tennessee.

Please click here for our most recently published research on SNV.Michael Rose, CFA & David P. Feaster, Jr., CFA,�Banking

Targa Resources Corp. (TRGP)

Outperform 2 Price Fiscal GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $35.55 Dec ($0.53) ($0.65) $0.70 -54.6 $3.64/10.2% $8,275

Targa Resources Corporation (TRGP; formerly known as Targa Resources Investments Inc.), is headquartered in Houston,Texas. TRGP previously owned the general partner of Targa Resources Partners L.P. (NGLS - no longer publicly traded), amidstream master limited partnership (MLP) that operates in numerous areas including southwest Louisiana, the PermianBasin in West Texas, the Fort Worth Basin in North Texas, and the Williston Basin in North Dakota. Targa has since consolidatedits MLP's GP and LP interests fully into TRGP. The corporation's assets are engaged in the business of gathering, compressing,treating, processing, and selling natural gas and fractionating and selling natural gas liquids (NGL) and NGL products.

Please click here for our most recently published research on TRGP.JR Weston, CFA & Justin Jenkins,�Midstream�Suppliers

TD Ameritrade Holding Corporation (AMTD)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $44.42 Sep $3.20 $4.00 $4.10 11.1 $1.20/2.7% $24,365

TD Ameritrade Holding Corporation, headquartered in Omaha, Nebraska, provides brokerage and financial advisory services toself-directed individual investors. It also provides custodial and other support services to independent registered investmentadvisors (RIAs).

Please click here for our most recently published research on AMTD.Patrick O'Shaughnessy, CFA,�Capital�Markets

The Allstate Corporation (ALL)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $104.44 Dec $8.03 $9.20 $9.40 11.4 $2.00/1.9% $34,381

Allstate Corporation, based in Northbrook, Illinois, is the largest publicly held personal lines insurer in the U.S., withapproximately 10,360 exclusive agencies and 23,800 licensed sales professionals.

Please click here for our most recently published research on ALL.C. Gregory Peters,�Insurance

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The Bank of N.T. Butterfield & Son Limited (NTB)

Outperform 2 Price Fiscal GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $26.92 Dec $3.50 $3.57 $3.98 7.5 $1.76/6.5% $1,499

The Bank of N.T. Butterfield & Son Limited is a full service bank and wealth manager headquartered in Hamilton, Bermuda.The company provides services to clients in Bermuda, the Cayman Islands, Guernsey, and Jersey, where its principal bankingoperations are located, and The Bahamas, Switzerland, Singapore, and the United Kingdom where it offers specializedfinancial services. The Bank of N.T. Butterfield offers banking services comprised of retail and corporate banking, and wealthmanagement services consisting of trust, private banking, asset management, and custody. As of June 30, 2019, The Bank ofN.T. Butterfield & Son Limited had $11.2 billion in total assets, $93.6 billion of trust and custody assets under administration,and $5.1 billion of assets under management.

Please click here for our most recently published research on NTB.Donald A. Worthington,�Banking

The Williams Companies, Inc. (WMB)

Strong Buy 1 Price Fiscal GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $23.89 Dec ($0.13) $0.88 $1.01 27.1 $1.52/6.4% $28,955

The Williams Companies, Inc., based in Tulsa, Oklahoma, is an integrated energy company that gathers, processes, andtransports natural gas. The company's operations are concentrated in the Pacific Northwest, Rockies, Gulf Coast, SouthernCalifornia, and Eastern Seaboard.

Please click here for our most recently published research on WMB.Justin Jenkins, CFA & JR Weston, CFA,�Midstream�Suppliers

Umpqua Holdings Corporation (UMPQ)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $16.12 Dec $1.44 $1.60 $1.58 10.1 $0.84/5.2% $3,550

Umpqua Holdings Corp. is a financial holding company headquartered in Portland, Oregon. The company operates branchlocations in the states of Oregon, California, Washington and Nevada. Umpqua is a high growth community bank knownfor its entrepreneurial approach, innovative use of technology, and distinctive retail banking branches. The company hasaggressively increased its asset base over the last several years through a combination of organic growth and acquisitions.

Please click here for our most recently published research on UMPQ.David J. Long, CFA,�Banking

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Union Pacific Corporation (UNP)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $168.78 Dec $7.91 $8.90 $10.10 19.0 $3.88/2.3% $118,911

Union Pacific is exposed to typical risk factors common across the railroad industry including: overhanging risk of railroad re-regulation, exposure to changes in fuel prices, changes in coal regulation, risks under common carrier obligations, a unionizedand aging workforce, and risk to overall general economic trends. In addition, given UP’s sizable exposure to import/exports(roughly 30% of its total revenues), the company carries heightened risks related to general import/export trends from foreigncurrency movements. Please see our initiation of coverage report for details on each risk factor.

Please click here for our most recently published research on UNP.Patrick Tyler Brown, CFA,�Transportation�Services

United Parcel Service, Inc. (UPS)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $115.83 Dec $7.24 $7.50 $8.25 15.5 $3.84/3.3% $99,536

With their brown ubiquitous trucks, United Parcel Service (UPS) has become almost an icon for ground delivery in the U.S.Founded in 1907 and based in Atlanta, Georgia, the company now manages a global transportation network, which spans over200 countries and offers a broad range of services. In November 1999, the company went public selling 10% of its commonstock in what was at the time the largest IPO in history.

Please click here for our most recently published research on UPS.Patrick Tyler Brown, CFA,�Transportation�Services

Valero Energy Corporation (VLO)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $78.74 Dec $7.28 $5.50 $10.00 14.3 $3.60/4.6% $32,630

Valero Energy Corp., based in San Antonio, Texas, is the world's largest independent refiner. The company currently operates14 refineries (3,130 MBbls per day of combined throughput capacity), of which 12 were located in the U.S., one in Canada, andone in Europe. The company also owns several U.S. ethanol plants.

Please click here for our most recently published research on VLO.Justin Jenkins,�Independent�Refiners

Viper Energy Partners LP (VNOM)

Strong Buy 1 Price Fiscal Distribution/Unit Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $29.45 Dec $2.17 $2.24 $4.30 13.2 $1.88/6.4% $1,844

Viper Energy Partners L.P. is a mineral and royalty interest acquisition and management company based in Midland, Texas,and was created by Diamondback Energy, Inc. The company is focused on owning and acquiring mineral interests from oiland gas properties primarily in the Permian Basin. Viper is structured as a limited partnership, but has elected to be taxedas a corporation for U.S. Federal tax purposes. Accordingly, Viper issues a Form 1099 to investors for any reportable dividendincome each tax year (as opposed to a Schedule K-1). Proved reserves as of year-end 2018 were 63.1 MMBOE (66% oil).

Please click here for our most recently published research on VNOM.John Freeman, CFA,�Exploration�and�Production

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Walmart Inc. (WMT)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2019 2020 2021 P/E1 Yield Cap.2

  $107.41 Jan $4.91 $4.80 $5.00 21.9 $2.12/2.0% $306,625

Walmart Inc. is the world's largest retailer with ~$500 billion in revenues. The company's ~11,300 stores operate on fivecontinents and encompass more than one billion square feet. Walmart was founded in 1962 when Sam Walton opened thefirst Walmart discount store in Rogers, Arkansas (its home office remains in Bentonville, Arkansas). Its strategy has alwaysrested firmly on price leadership and is best captured by its "Save Money, Live Better" advertising/marketing slogan. In all ofits formats around the world, company leaders are focused on offering Every Day Low Prices (EDLP) that are made possibleby an unwavering commitment to operating on an Every Day Low Cost (EDLC) basis. EDLC and EDLP are two tenets that fuelWalmart's productivity loop: Operate for Less, Buy for Less, Sell for Less, and Grow Sales.

Budd Bugatch, CFA & Bobby Griffin, CFA,�Home�&�Other�Retailers

1 P/E multiple based on fiscal 2019 EPS estimate.2 $ in millions.

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REITs

REITs Offering Attractive Risk-Adjusted Returns: We maintain a constructive view on the REITs and believe returns will becompetitive with and possibly exceed broader equity markets through the balance of 2019 (consistent with the message wedetailed in our 2019 REIT Outlook earlier this year). Commercial real estate (CRE) fundamentals remain sound and we believeREITs can generate 7-9% annualized returns, driven by 3-5% earnings growth and 3.5-4% dividend yields.

Commercial Real Estate Fundamentals Still Solid: The prolonged cash flow/earnings growth during this real estate cyclehas been fueled in part by more discipline in development activity as compared to previous cycles (new supply has generallybeen manageable and readily absorbed). High levels of construction cost inflation – 2-3x the rate of CPI inflation – driven byhigher labor, materials, land and permitting costs has increasingly made new development more difficult to pencil. In turn,this has helped restrict excessive development, support the value of REIT property portfolios, and drive rents higher in mostasset classes.

Interest Rates Remain Key: We are recommending REITs as a relatively defensive (as compared to the broader market), yield-oriented investment. However, we believe investors should remain mindful of the sector’s exposure to interest rates. We believethe current (increasingly cloudy) economic outlook, trade tensions, political environment, and yields on a global basis will keepU.S. rates largely in check. Indeed, expectations have shifted recently towards one or more additional Fed rate cuts. That said,we believe investors should always be mindful that a sudden reversal in the interest rate outlook could dampen REIT stockperformance. Underscoring the sector’s sensitivity to interest rates, we highlight that REIT earnings performance continuesat a solid clip, but the RMZ (price-only REIT index) is actually 2% lower than it was on July 8, 2016 when the 10-year Treasuryyield troughed at 1.36%.

Valuations Generally Fair; Further Dividend Growth on the Horizon: We acknowledge that the REIT index (RMZ) is up ~18%YTD, supported in part by the ~100 bp drop in the 10-year Treasury yield YTD and a dovish Fed. Looking ahead, we believe REITdividend growth will continue – driven by 3-5% growth of FFO/AFFO and conservative AFFO payout ratios. Specifically, AFFOpayout ratios are tracking 75-80% on 2019 estimates, which compares favorably to the historical average of 80%.

Paul Puryear, Vice�Chairman,�Equity�Research

Agree Realty Corporation (ADC)

Strong Buy 1 Price Fiscal FFO/Share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $70.83 Dec $2.85 $3.03 $3.26 23.4 $2.28/3.2% $2,973

Agree Realty Corporation, headquartered in Bloomfield Hills, Michigan, is a self-managed, self-administered REIT specializingin the ownership, management, and development of retail facilities. As of June 30, 2019, the company owned a portfolio of 722properties in 46 states with 13.1 million square feet of gross leasable area.

Please click here for our most recently published research on ADC.Collin Mings, CFA,�REITs

CyrusOne Inc. (CONE)

Strong Buy 1 Price Fiscal AFFO/Share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $65.00 Dec $3.33 $3.49 $3.95 18.6 $2.00/3.1% $7,357

CyrusOne Inc., based in Carrollton, Texas, operates carrier neutral data center and colocation services to large enterprisesin the U.S., Europe, and Asia. The company is structured as a REIT and operates ~40 data centers primarily across the U.S.CyrusOne currently has over 950 customers, including approximately half of the Fortune 20 and 190 of the Fortune 1000.

Please click here for our most recently published research on CONE.Frank G. Louthan, IV,�Telecommunications�Services

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EPR Properties (EPR)

Outperform 2 Price Fiscal FFO/Share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $76.11 Dec $5.51 $5.00 $5.44 15.2 $4.50/5.9% $5,903

EPR Properties, headquartered in Kansas City, Missouri, is a real estate investment trust (REIT) primarily focused on investingin single-tenant properties that are leased on a long-term, triple-net basis to tenants in the entertainment, recreation, andeducation sectors of the economy. The company focuses on “experiential” real estate that includes movie theatres, skiresorts, golf entertainment complexes, public charter schools, and early childhood education centers. EPR also engages in thefinancing and development of properties.

Collin Mings, CFA,�REITs

Granite Point Mortgage Trust Inc. (GPMT)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $18.46 Dec $1.53 $1.53 $1.68 12.1 $1.68/9.1% $1,013

Granite Point Mortgage Trust focuses primarily on directly originating, investing in and managing senior, floating-ratecommercial mortgage loans and other debt and debt-like commercial real estate investments. The company was formed in2005 as the commercial real estate lending business of Two Harbors Investment Corp. (NYSE: TWO) and completed its IPOon June 28, 2017. GPMT is structured as a real estate investment trust (REIT) and must distribute 90% of taxable income toshareholders. The company is externally managed by Pine River Capital Management and is based in New York, NY.

Please click here for our most recently published research on GPMT.Stephen Laws,�REITs

HCP, Inc. (HCP)

Outperform 2 Price Fiscal FFO/Share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $33.62 Dec $1.82 $1.75 $1.84 19.2 $1.48/4.4% $16,511

HCP, Inc. is a fully integrated real estate investment trust (REIT) headquartered in Irvine, California that invests primarily in realestate serving the healthcare industry in the United States. HCP's portfolio of assets is diversified across four distinct sectors:senior housing, life science, medical office and hospital.

Jonathan Hughes, CFA,�REITs

Invitation Homes Inc. (INVH)

Strong Buy 1 Price Fiscal Core FFO/share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $27.87 Dec $1.15 $1.27 $1.37 21.9 $0.52/1.9% $14,985

Based in Dallas Texas, Invitation Homes became the largest publicly traded single-family residential REIT after its IPO onFebruary 1, 2017. Its primary business strategy focuses on acquiring, renovating, leasing, and operating single-family homes asrentals, primarily in Florida and the western United States, which together accounted for 70% of Invitation Homes's revenuein 2Q19. As of June 30, the company owns 80,322 homes in 17 major markets.

Please click here for our most recently published research on INVH.Buck Horne, CFA,�REITs

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Ladder Capital Corp (LADR)

Strong Buy 1 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $16.82 Dec $2.03 $1.68 $1.80 10.0 $1.36/8.1% $2,014

Ladder Capital Corp. is an internally-managed commercial real estate finance company that focuses on loans, securities,and real estate investments. Since inception, LADR has made $30.7B of commercial real estate investments with no creditlosses. Company management and directors own over $200M of stock, or roughly 11%. LADR has 72 employees, including 22originators, across three offices in the U.S. The company is structured as a real estate investment trust and must distribute90% of taxable income to shareholders.

Stephen Laws,�REITs

NexPoint Residential Trust, Inc. (NXRT)

Strong Buy 1 Price Fiscal Core FFO/share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $45.87 Dec $1.68 $1.90 $2.15 24.1 $1.10/2.4% $1,096

NexPoint Residential Trust, Inc is an externally advised, publicly traded REIT that acquires, owns, and operates multifamilyrental properties, located primarily in large “Sun Belt” metropolitan areas in the Southeastern U.S., Texas, and Arizona.NexPoint focuses its investments in Class “B” and “C” multifamily properties (i.e., “workforce housing”) that usually includea significant “value add” opportunity, in which the company can reinvest incremental “rehab” capital that typically providesoutsized returns on investment. As of June 30, 2019, NexPoint owned 39 properties in seven states, with a total of 13,407 units.

Buck Horne, CFA,�REITs

Omega Healthcare Investors, Inc. (OHI)

Strong Buy 1 Price Fiscal FFO/Share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $38.55 Dec $2.91 $2.92 $3.20 13.2 $2.64/6.8% $8,348

Omega Healthcare Investors, Inc., is a fully integrated, self-administered, self-managed real estate investment trust thatinvests in real estate serving the healthcare industry. The company provides capital and leases long-term healthcare facilities,primarily skilled nursing facilities and, to a lesser extent, senior housing facilities.

Please click here for our most recently published research on OHI.Jonathan Hughes, CFA,�REITs

Park Hotels & Resorts Inc. (PK)

Outperform 2 Price Fiscal FFO/Share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $24.09 Dec $2.96 $2.90 $2.83 8.3 $1.80/7.5% $4,857

Park Hotels & Resorts Inc., headquartered in McLean, Virginia, is a self-advised and self-administered lodging REIT with adiverse portfolio of iconic and market-leading hotels and resorts, encompassing 48 hotels comprising more than 29,000 roomslocated in prime U.S.

Please click here for our most recently published research on PK.William A. Crow,�REITs

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Redwood Trust, Inc. (RWT)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $17.04 Dec $1.78 $1.49 $1.65 11.5 $1.20/7.0% $1,665

Redwood Trust, Inc. (RWT) focuses on investing in mortgages and other real estate-related assets. The company operates itbusiness in two segments: Investment Portfolio and Residential Mortgage Banking. The Investment Portfolio generates netinterest income from interest on its loan and securities investments less the financing costs on the debt financing the portfolio.The Residential Mortgage Banking business, which is in a taxable REIT subsidiary (TRS), generates non-interest income fromthe acquisition and sale or securitization of residential loans. Redwood is internally managed and is structured as a Real EstateInvestment Trust (REIT), which requires the company to distribute at least 90% of its REIT taxable income to shareholders.Redwood, which was founded in 1994, is headquartered in Mill Valley, CA and has offices in Denver and Chicago. The companyhas 130 employees.

Stephen Laws,�REITs

Retail Opportunity Investments Corp. (ROIC)

Strong Buy 1 Price Fiscal FFO/Share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $18.11 Dec $1.14 $1.14 $1.18 15.9 $0.79/4.4% $2,070

Retail Opportunity Investments Corp. is a self-managed real estate investment trust (REIT) focused on acquiring, owning,leasing, repositioning and managing necessity-based community and neighborhood shopping centers anchored by nationalor regional supermarkets and drugstores. As of June 30, 2019, the company's property portfolio included 89 shopping centersencompassing approximately 10.2 million square feet located along the West Coast.

Please click here for our most recently published research on ROIC.Collin Mings, CFA,�REITs

Ryman Hospitality Properties, Inc. (RHP)

Outperform 2 Price Fiscal FFO/Share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $81.63 Dec $5.86 $6.82 $7.41 12.0 $3.60/4.4% $4,199

Ryman Hospitality Properties, Inc., based in Nashville, Tennessee, is a REIT specializing in group-oriented, destination hotelassets in urban and resort markets. Ryman's owned assets are managed by Marriott International, Inc., under the GaylordHotels brand. These assets include a network of four upscale, meetings-focused resorts, ownership through a joint ventureof the Gaylord Rockies Resort, the Grand Ole Opry, a weekly showcase of country music performers, The Inn at Opryland, theAC Hotel Washington, D.C. at National Harbor, Ryman Auditorium, General Jackson Showboat, Gaylord Springs, WildhorseSaloon, and WSM-AM.

Please click here for our most recently published research on RHP.William A. Crow,�REITs

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STAG Industrial, Inc. (STAG)

Outperform 2 Price Fiscal Core FFO/share Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $29.33 Dec $1.79 $1.81 $1.91 16.2 $1.43/4.9% $3,729

STAG Industrial Inc., based in Boston, Massachusetts, is an industrial property REIT that focuses on single-tenant assets acrossprimary and secondary markets. The company's portfolio totaled 395 industrial properties and ~78 million square feet.

Please click here for our most recently published research on STAG.William A. Crow,�REITs

Starwood Property Trust Inc. (STWD)

Outperform 2 Price Fiscal Non-GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $23.49 Dec $2.19 $1.86 $2.20 12.6 $1.92/8.2% $6,612

Starwood Property Trust, Inc. focuses primarily on originating, acquiring, financing and managing commercial mortgage loansand other commercial real estate debt investments, commercial mortgage-backed securities (CMBS), and other commercialreal estate investments in the U.S. and Europe. STWD completed its IPO and commenced operations in August 2009. In April2013, STWD acquired LNR Property LLC, which expanded the company's business and added the investing and servicingsegment. In January 2014, the company completed the spin-off of its single-family residential portfolio. STWD is structured asa real estate investment trust (REIT) and must distribute 90% of its taxable income to shareholders. The company is externallymanaged by STWD Manager, which is a part of Starwood Capital Group, and is based in Greenwich, CT.

Please click here for our most recently published research on STWD.Stephen Laws,�REITs

Weyerhaeuser Company (WY)

Strong Buy 1 Price Fiscal GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $25.09 Dec $0.99 $0.09 $0.75 NM $1.36/5.4% $18,690

Weyerhaeuser Company, based in Seattle, Washington, is one of the world's largest owners of timberlands. The company isalso one of the largest manufacturers of wood products. Weyerhaeuser is the largest timber REIT based on equity marketcapitalization.

Please click here for our most recently published research on WY.Collin Mings, CFA,�REITs

1 P/E multiple based on fiscal 2019 EPS estimate.2 $ in millions.

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PARTNERSHIPS

The section below is made up of partnerships that generate a K1 for tax reporting purposes. Recently, this segment wasdedicated to midstream suppliers, most of which were master limited partnerships (MLPs). To more accurately segment thenames featured in this piece, we have included the midstream energy names that generate 1099s with the C corps. This sectionnow includes a financial services company. Please see our Quarterly Midstream Review for the most recently published MLPPriority List.

Enterprise Products Partners L.P. (EPD)

Strong Buy 1 Price Fiscal GAAP EPU Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $28.40 Dec $1.91 $2.19 $2.26 13.0 $1.76/6.2% $62,168

Enterprise Products Partners L.P. (EPD), headquartered in Houston, Texas, is the largest publicly traded energy partnership.Services include natural gas transportation, gathering, processing, and storage; natural gas liquids (NGL) and propylenefractionation, transportation, storage, and import and export terminaling; refined product and crude oil transportation;offshore production platform services; and marine transportation services.

Please click here for our most recently published research on EPD.Justin Jenkins, CFA & JR Weston, CFA,�Midstream�Suppliers

Fortress Transportation & Infrastructure Inv. LLC (FTAI)

Outperform 2 Price Fiscal GAAP EPS Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $14.95 Dec $0.07 $0.55 $1.57 27.4 $1.32/8.8% $1,269

Fortress Transportation and Infrastructure Investors LLC, headquartered in New York, NY, owns and acquires transportationinfrastructure and equipment assets across aviation, energy, intermodal transport, and rail sectors. Fortress is externallymanaged by FIG LLC (an affiliate of Fortress) with acquisitions being the key to bottom-line growth, targeting an IRR of 15-25%,with the equipment leasing platform providing the bulk of cash flows needed to grow its dividend and pay for acquisitions whilethe infrastructure platform provides opportunities for unique market growth. Distributions from FTAI are treated as return ofcapital, and shareholders receive a Schedule K-1 tax form.

Please click here for our most recently published research on FTAI.Robert Dodd, Ph.D.,�Specialty�Finance

MPLX L.P. (MPLX)

Outperform 2 Price Fiscal GAAP EPU Estimate   Dividend/ Market  08/13/2019 Year 2018 2019 2020 P/E1 Yield Cap.2

  $27.10 Dec $2.29 $2.55 $2.62 10.6 $2.67/9.9% $28,650

Formed in 2012, MPLX LP (MPLX) is a growth-oriented master limited partnership (MLP) created by Marathon Petroleum Corp.(MPC), one of the largest downstream refining companies in the United States. As the sponsor and owner of the generalpartner of MPLX, MPC has a large interest in the growth profile of MPLX LP. MPLX seeks to own, operate, develop, andacquire midstream-oriented crude oil, refined product, and natural gas liquids (NGL) assets. In a recent transaction, MPLXacquired MarkWest Energy LP (formerly MWE) and significantly increased its NGL and natural gas operations, especially in thenortheastern U.S. In addition to its refinery-facing logistics and storage operations, MPLX is now one of the largest gatherers,processors, fractionators, and transporters of natural gas and NGLs in the country.

Please click here for our most recently published research on MPLX.Justin Jenkins, CFA & JR Weston, CFA,�Midstream�Suppliers

1 P/E multiple based on fiscal 2019 EPS estimate.2 $ in millions.

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Ratings and DefinitionsRaymond James & Associates (U.S.) definitions: Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, andoutperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, atotal return of 15% is expected to be realized over the next 12 months. Outperform (MO2) Expected to appreciate and outperform the S&P 500over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used forsecurities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield overthe next 12-18 months. Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months. Underperform(MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold. Suspended (S) The rating andprice target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply withapplicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking servicesto the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Ltd. (Canada) definitions: Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% andoutperform the S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and outperform theS&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities. Underperform (MU4) Thestock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold. Suspended(S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable,or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investmentbanking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry ahigher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.

Coverage Universe Rating Distribution* Investment Banking Relationships

RJA RJL RJA RJL

Strong Buy and Outperform (Buy)Market Perform (Hold)Underperform (Sell)

55% 62%41% 36%4% 2%

21% 27%11% 16%3% 0%

*�Columns�may�not�add�to�100%�due�to�rounding.

Suitability Ratings (SR)

Medium Risk/Income (M/INC) Lower to average risk equities of companies with sound financials, consistent earnings, and dividend yields abovethat of the S&P 500. Many securities in this category are structured with a focus on providing a consistent dividend or return of capital.

Medium Risk/Growth (M/GRW) Lower to average risk equities of companies with sound financials, consistent earnings growth, the potential forlong-term price appreciation, a potential dividend yield, and/or share repurchase program.

High Risk/Income (H/INC) Medium to higher risk equities of companies that are structured with a focus on providing a meaningful dividendbut may face less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial and competitiveissues, higher price volatility (beta), and potential risk of principal. Securities of companies in this category may have a less predictable incomestream from dividends or distributions of capital.

High Risk/Growth (H/GRW) Medium to higher risk equities of companies in fast growing and competitive industries, with less predictable earnings(or losses), more leveraged balance sheets, rapidly changing market dynamics, financial or legal issues, higher price volatility (beta), and potentialrisk of principal.

High Risk/Speculation (H/SPEC) High risk equities of companies with a short or unprofitable operating history, limited or less predictablerevenues, very high risk associated with success, significant financial or legal issues, or a substantial risk/loss of principal.

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Stock Charts, Target Prices, and Valuation MethodologiesValuation Methodology: The Raymond James methodology for assigning ratings and target prices includes a number of qualitative and

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quantitative factors, including an assessment of industry size, structure, business trends, and overall attractiveness; management effectiveness;competition; visibility; financial condition; and expected total return, among other factors. These factors are subject to change depending onoverall economic conditions or industry- or company-specific occurrences.

Target Prices: The information below indicates our target price and rating changes for the subject companies over the past three years.

Risk FactorsGeneral Risk Factors: Following are some general risk factors that pertain to the business of the subject companies and the projected targetprices and recommendations included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product/service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market sharesor new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to themanagement, financial condition or accounting policies or practices could alter the prospective valuation; or (4) External factors that affectthe U.S. economy, interest rates, the U.S. dollar or major segments of the economy could alter investor confidence and investment prospects.International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible politicaland economic instability.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories,is available at raymondjames.bluematrix.com/sellside/Disclosures.action. Copies of research or Raymond James' summary policies relatingto research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James Financial Servicesoffice (please see RaymondJames.com for office locations) or by calling 727-567-1000, toll free 800-237-5643.

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For clients of Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates isintended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as describedin the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (high net worth companies, unincorporated associations,etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended)or any other person to whom this promotionmay lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be reliedupon by such persons and is, therefore, not intended for private individuals or those who would be classified as Retail Clients.

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This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, beingpersons who are Eligible Counterparties or Professional Clients as described in "Code Monetaire et Financier" and Reglement General de l'Autoritedes marches Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be reliedupon by such persons and is, therefore, not intended for private individuals or those who would be classified as Retail Clients.

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For�institutional�clients�in�the�European�Economic��rea�(EE�)�outside�of�the�United�Kingdom:

This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully besubmitted.

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