EFTA Document EFTA01375649

Location Based Approach - Balanced Between Established Gateway Cities and Growth Markets amemigima • Up-and-coming neighborhoods in NY, LA, Bay Area, Seattle • Gateway cities more defensive across cycles, more liquidity • However, Opp Zones in gateway cities are often distressed, marginal areas or require environmental remediation • Urban gateway locations are dense - demolition of existing assets and displacement may be an issue • Demographic headwinds - millennial out-migration Seattle .•c 44,sk it• 7 s IS " 'r ° t • a 6 Clir 11:15 0N,N0 San PoSsce Las Ss p all s 3 Los Angelei Growth Markets • More affordable cities with strong job growth that are targets of millennial in-migration • Focus on Sunbelt cities such as Phoenix, Dallas, Orlando • Opp Zones in the South and West are geographically much larger and pose less constraint / competition for deals as fewer managers have active presence • Opp Zone areas are typically not distressed, just underdeveloped • Suburban assets easier to construct, less cost overrun risk di la .4• .",,i'Aliii4ik , . .... -, .. -.146ul tort ...a: I s Austin r • •i i • P ' t • .' Orlando Boston a . New York Washington DC Miami 12 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0071204 CONFIDENTIAL PROT1 PROT0