U.S. Transcations Quarter Company Location Price ($M) Cap - PowerPoint PPT Presentation

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U.S. Transcations Quarter Company Location Price ($M) Cap Rate Q2/17 AAR Houston $83 6.8% Q1/17 AAR Atlanta $53 5.3% Q4/17 WPT Reno $8 7.2% Q3/17 WPT Pennsylvania $94 5.8% Q3/17 WPT Portland $74 4.8% Q2/18 GRT Columbus $298 6.0% Average 6.0% Canadian Transcations Quarter Company Location Price ($M) Cap Rate Q3/17 AAR Brampton $101 5.0% Q3/17 AAR Vaughn $76 4.7% Q3/17 AAR Pickering $24 5.3% Q3/17 AAR Richmond $33 5.9% Q3/17 AAR Mississauga & Montreal $136 5.3% Q4/17 AAR Edmonton $53 5.2% Q3/17 SMU Oakville $15 6.0% Q3/17 SMU Pointe Claire/Montreal $43 6.4% Q3/17 SMU Etobicoke $24 5.5% Q4/17 SMU Mississauga, KWC, Calgary $35 6.1% Q1/18 SMU GTA $66 5.9% Q1/18 SMU GTA $72 5.4% Average 5.6%

With sales forecast to grow to $56 billion by 2020, e-commerce users will demand an additional ~27 million sf of space (~1.5% of inventory), nearly double current industrial construction, but for e-commerce alone

Industrial-A cap rates are currently ~40 bps below office-A, ~60bps lower than the historical average, which reflects strong demand from tenants and investors and benefits existing owners