, and have attached the most recent reports on each. Please let us know if like us to send reports on any of the other names listed in the basket. Data Centers (page 4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) • CyrusOne (CONE) Health Care (page 5 of "US REIT 3Q16 Earnings Preview

ectively. While yield concerns have weighed on REITs overall over the past few months, performance by property type was not just yield driven, with Data Centers falling almost 8% since 8/1 after running up 36% YTD up to that point. Concerns about a near-term pullback in hyper-scale cloud demand and the lac

arnings Preview Table Of Contents REIT 3Q16 preview 3 Set up into 3Q better than it's been in a long time 3 ...but catalysts remain elusive 4 Data Centers remain our favorite property type 4 Strip REIT valuations looking better, but Sports Authority optics could be a challenge 5 Slowing trends expe

n versus the past few quarters. SLG also reported YTD leasing activity as of mid-September that suggested another strong quarter of leasing in 3Q. Data Centers remain our favorite property type Data center leasing volume, recently driven by accelerating hyper-scale cloud demand, has also come into question

ectively. While yield concerns have weighed on REITs overall over the past few months, performance by property type was not just yield driven, with Data Centers falling almost 8% since 8/1 after running up 36% YTD up to that point. Concerns about a near-term pullback in hyper-scale cloud demand and the lac

have attached the most recent reports on each. Please let us know if you'd like us to send reports on any of the other names listed in the basket. Data Centers (page 4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) • CyrusOne (CONE) Health Care (page 5 of "US REIT 3Q16 Earnings Preview

attached the most recent reports on each. Please let us k=ow if you'd like us to send reports on any of the other names list=d in the basket. <=u> Data Centers <=b>(page 4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) EFTA_R1_01542053 EFTA02445774 CyrusOne (CONE) Health Care (page 5