43 Acadia Realty Trust USA-NY-Rye AKR / NYSE REIT - Retail 2,313 48.8x 3.8% 5.7% 2.0% 7.8% 4.9% www.acadiarealty.com AG Mortgage Investment Trust I USA-NY-New York MITT / NYSE REIT - Diversified 533 8.4x 10.2% 4.5% 14.5% 11.0% NA www.agmortgageinvestmenttrust.com AGNC Investment Corp USA-MD-Bethesda AGNC / Nasdaq REIT - Residential 9,146 5.4x 11.3% 1.9% 10.1% 6.8% 11.7% www.agnc.com Agree Realty Corp USA-MI-Bloomfield Hills ADC / NYSE REIT - Retail 1,767 30.0x 3.7% 12.8% 29.7% 19.6% 10.9% www.agreerealty.com Alexander & Baldwin Inc USA-HI-Honolulu ALEX / NYSE REIT - Diversified 1,683 4.8x 0.3% -15.8% 5.1% 2.2% NA www.alexanderbaldwin.com Alexander’s Inc USA-NJ-Paramus ALX / NYSE REIT - Retail 1,843 26.4x 4.9% -5.4% 3.7% 9.8% 4.7% www.alx-inc.com Alexandria Real Estate Equitie USA-CA-Pasadena ARE / NYSE REIT - Office 13,468 46.0x 2.8% -1.1% 15.8% 18.3% 3.6% www.are.com Allied Properties Real Estate Canada-Toronto APYRF / OTC REIT - Office 3,367 11.1x 3.6% 4.5% 12.6% 5.8% NA www.alliedreit.com American Assets Trust Inc USA-CA-San Diego AAT / NYSE REIT - Retail 1,849 97.9x 2.7% 3.8% 2.3% 8.3% NA www.americanassetstrust.com American Campus Communities In USA-TX-Austin ACC / NYSE REIT - Residential 5,735 53.0x 4.3% 5.3% 10.3% 8.5% 6.5% www.americancampus.com American Finance Trust Inc USA-NY-New York AFIN / Nasdaq REIT - Diversified 1,683 -- 0.0% NA NA NA NA www.americanfinancetrust.com American Homes 4 Rent Class A USA-CA-Agora Hills AMH / NYSE REIT - Residential 6,877 -- 0.9% 6.8% 13.9% 8.8% NA www.americanhomes4rent.com Company Headquarters Ticker / Exchange Industry Market Trailing Dividend YTD 3-Year 5-Year 10-Year Website Cap ($M) P/E Yield Return Return Return Return REITs Real estate investment trusts (REITs) are corporations established with the express purpose of owning and managing real estate assets. These corporate structures have become very popular with income-oriented investors and those who favor conservative investments. There are several reasons for the popularity of REITs: • Conservative: Although real estate assets can increase or decrease in value due to demographic, supply and demand, and other variables, office buildings, apartment complexes, industrial buildings, and the types of properties that experienced, well-managed REITs invest in tend to retain their value. As such, they provide a certain degree of downside protection for more conservative-oriented investors. • Stable Income Streams: Tenants who sign long-term leases to live in or use the real properties owned by REITs provide a long-term, stable stream of revenue and profits for the REITs and their investors. • Special Taxation: Perhaps one of the most attractive attributes of REIT investments are the specialized taxation benefits that only REITs enjoy. Namely, any REIT that pays out more than 90% of its quarterly net income to investors in the form of common stock corporate dividends is generally exempt from taxation on current income (but not on retained earnings). REITs can invest in either the real estate properties themselves (known as “Equity REITs”), the underlying mortgage securities collateralized by the assets (“Mortgage REITs”), or a combination of the two (“Hybrid REITs”), but to qualify as a REIT and obtain the preferential tax treatment, the IRS requires all REITs to pay out at least 90% of their net profits each quarter. In order to gain efficiencies and expertise, many REITs focus on specific industry sectors, such as: • Residential • Office • Industrial • Retail • Hotel & Motel • Health Care Facilities • Diversified (a combination of more than one of the above) The table below shows the real estate investment trusts, both domestic and foreign, traded on U.S. stock exchanges: