Investment Analysis
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REIT MONITORING — 47 TRACKED REITS ════════════════════════════════════════════════════════ SIGNIFICANT CHANGES DETECTED: prologis.com /investors: Reduced 2026 guidance by 8% /press: "Industrial leasing velocity slowing" SIGNAL: Industrial sector cooling — review our industrial thesis POSITIVE SIGNALS: equinix.com /investors: Raised guidance — data center demand surging /press: "$2B new development pipeline announced" /careers: +234 positions SIGNAL: Data center REIT sector strengthening wellstower.com /investors: Senior housing occupancy at 5-year high SIGNAL: Senior living recovery accelerating SECTOR PERFORMANCE SIGNALS: Data centers: Strong growth | Industrial: Decelerating Senior housing: Recovery | Office: Challenged

FUND PERFORMANCE INTELLIGENCE — PEER COMPARISON ════════════════════════════════════════════════════════ COMPETITOR FUND ACTIVITY: blackstone.com /investors: BREIT performance: +12.4% gross return (2025) /press: "Raised $30B for new global RE fund" COMPETITIVE THREAT: Massive dry powder for acquisitions starwoodcapital.com /press: "Fund XI — $10B final close" (largest ever) /products: Targeting distressed office + hospitality Competing for same distressed opportunities pimco.com /products: NEW — Real estate debt fund launched /investors: Targeting 8-10% net returns New competitor in our debt strategy space OUR POSITION: Fundraising on track, deployment 62% complete

CAP RATE INTELLIGENCE — NATIONAL TRACKER ════════════════════════════════════════════════════════ CAP RATE MOVEMENTS (from transaction announcements): MULTIFAMILY: Top markets: 4.2-4.8% (compressed 20bps QoQ) Secondary: 5.0-5.8% (stable) cushmanwakefield.com /press: "Multifamily cap rates bottoming" INDUSTRIAL: Top markets: 4.5-5.2% (expanded 15bps — first time in 3 years) cbre.com /blog: "Industrial repricing beginning" SIGNAL: Industrial values may be peaking OFFICE: Top markets: 6.0-8.5% (expanded 50bps — distress pricing) Trophy: 5.5-6.0% | Commodity: 8.0-10.0% SIGNAL: Office bifurcation — trophy vs. commodity widening SPREAD TO 10-YR TREASURY: Current: 180bps (historically tight) Limited room for cap rate compression from here

ALTERNATIVE RE INVESTMENT INTELLIGENCE ════════════════════════════════════════════════════════ DATA CENTERS — Strongest Alternative Sector New operator domains (90 days): 23 digitalrealtynyc.com /press: $4B expansion pipeline equinixexpansion.com /careers: 400+ new positions Demand drivers: AI compute, cloud migration Projected returns: 15-18% IRR LIFE SCIENCES — High Growth Lab space developer domains: 89 tracked alexandriare.com /products: 8M SF under development areslabspace.com /press: $2B life science fund Projected returns: 12-16% IRR SELF-STORAGE — Mature, Stable New facility domains slowing: -12% YoY publicstorage.com /investors: Occupancy stable at 93% Returns compressing: 8-10% IRR

DEAL SOURCING — OFF-MARKET OPPORTUNITIES ════════════════════════════════════════════════════════ DISTRESSED SIGNALS DETECTED: centerpointoffice.com — 450K SF office campus /press: "Loan maturity approaching, refinancing challenges" /careers: Property management staff reduced 50% /about: Occupancy dropped to 42% OPPORTUNITY: Acquire at 35-40% discount to replacement cost Reposition as mixed-use — IRR target: 18-22% hotelroyalegroup.com — 3-hotel portfolio /press: "Strategic review of hospitality assets" /investors: Debt covenant breach mentioned in filing OPPORTUNITY: $120M portfolio, likely priced at $80M SOURCING PIPELINE: Distressed signals: 34 properties | Off-market leads: 12 Total pipeline value: $2.1B

PORTFOLIO RISK ASSESSMENT — $4.8B PORTFOLIO ════════════════════════════════════════════════════════ CONCENTRATION RISKS: Top tenant (8.4% of NOI): Tech company showing hiring slowdown Top market (22% of value): NYC — office market challenged Top sector (34%): Industrial — strong but decelerating TENANT HEALTH ALERTS: techtenant-alpha.com — 180K SF lease, 3.2% of NOI /careers: -45% positions (layoffs) /press: Revenue miss, stock down 40% RISK: May not renew 2027 lease expiration VALUE-AT-RISK SCENARIOS: Base case: $4.8B (current) Stress case (recession): $4.1B (-14.6%) Severe stress: $3.6B (-25%) Lease rollover risk (12 months): 18% of NOI Weighted avg lease term: 6.2 years

EXIT STRATEGY INTELLIGENCE — DISPOSITION CANDIDATES ════════════════════════════════════════════════════════ OPTIMAL EXIT WINDOW — Industrial Portfolio (3 assets) Market signals: Industrial cap rates expanding (sell before further expansion) Buyer pool: 8 active industrial investors detected prologis.com /press: Actively acquiring in our markets linklogistics.com /press: $2B acquisition budget Estimated exit value: $340M (1.8x equity multiple) RECOMMENDATION: List within 60 days HOLD — Office Tower (1 asset) Market signals: Office cap rates still widening Buyer pool: Limited for commodity office RECOMMENDATION: Hold, improve occupancy from 78% to 90% Revisit exit in 18 months when market stabilizes DISPOSITION PIPELINE: $540M across 5 assets

DEBT MARKET INTELLIGENCE — CRE LENDING ════════════════════════════════════════════════════════ LENDER APPETITE SIGNALS: ACTIVE LENDERS: jpmorgan.com /products: CRE lending desk actively quoting /press: "$12B CRE origination target for 2026" Rates: SOFR + 175-225bps for industrial/multifamily pgim.com /products: Insurance company lending active /press: "$8B real estate debt deployment target" Competitive terms for long-term fixed rate RETREATING LENDERS: regionalbank-cre.com /press: "Reducing CRE exposure 20%" communitybanktrust.com /products: CRE lending page removed Regional bank pullback creating financing gaps RATE ENVIRONMENT: 10-yr Treasury: 4.25% | SOFR: 4.58% All-in rates: 5.75-6.50% (up 100bps YoY) Higher rates compressing returns — adjust underwriting

JV PARTNER EVALUATION — DEVELOPMENT OPPORTUNITY ════════════════════════════════════════════════════════ SHORTLISTED PARTNERS (3 finalists): hinesinterests.com — Score: 94/100 /about: Est. 1957, 200+ projects globally /leadership: Deep development experience, generational firm /investors: $91B AUM, A-rated balance sheet /press: Track record of successful JVs VERDICT: Premium partner — align on terms early tishmanspeyerdev.com — Score: 88/100 /about: 70 years experience, iconic projects /products: Mixed-use and office expertise VERDICT: Strong — excellent for Class A office/mixed-use newstartdevco.com — Score: 42/100 /about: Founded 2023, 12 employees /investors: No institutional backing mentioned VERDICT: Too early-stage for our project size