4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) • CyrusOne (CONE) Health Care (page 5 of "US REIT 3Q16 Earnings Preview") • Medical Properties Trust (MPW) Additionally, I've attached information on two REIT managers we recommend for diversified exposure to US REITs: SMA: • Adelante Capital Man

ce Realty Trust IRT Kennedy-Wilson Holdings KW Kilroy Realty Corp. KRC Kimco Realty Corp. KIM Macerich Co. MAC Mack-Cali Really Corp. CLI Medical Properties Trust MPW Paramount Group PGRE Post Properties PPS Prologis Inc. PLD QTS Realty Trust Inc. QTS Ranwo-Gershenson Property Trust RPT Regency Cent

ce Realty Trust IRT Kennedy-Wilson Holdings KW Kilroy Realty Corp. KRC Kimco Realty Corp. KIM Macerich Co. MAC Mack-Cali Really Corp. CLI Medical Properties Trust MPW Paramount Group PGRE Post Properties PPS Prologis Inc. PLD QTS Realty Trust Inc. QTS Ranwo-Gershenson Property Trust RPT Regency Cent

4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) • CyrusOne (CONE) Health Care (page 5 of "US REIT 3Q16 Earnings Preview") • Medical Properties Trust (MPW) Additionally, I've attached information on two REIT managers we recommend for diversified exposure to US REITs: SMA: • Adelante Capital Man

22 July 2016 REITs Medical Properties Trust Elevated government reimbursement risk While an updated payor mix has not been provided since August 2014, Medicare (38%) and Medicaid (13%) accou

22 July 2016 REITs Medical Properties Trust In each of the past 5 years, the final reimbursement rate for inpatient services has been higher than the proposed rate, averaging 80bps higher tha

22 July 2016 REM Medical Properties Trust Payment model considerations Episode-based payment initiatives In an attempt to coordinate care across different settings and generate cost savin

22 July 2016 RElTs Medical Properties Trust 'Figure 40 Income Stotement (continued) /1141=21111101SYSIIIIIIIII 119•0110•00:1 lear0004weromiatts PP eenretahon Aciltiewn0 wawa naltoira Sir

Preview") • Digital Realty Trust (DLR) EFTA_R1_01542053 EFTA02445774 CyrusOne (CONE) Health Care (page 5 of "US REI= 3Q16 Earnings Preview") Medical Properties Trust (MPW) Additionally, I've attached information on two REI= managers we recommend for diversified exposure to US REITs:=/p> SMA: Adelante Capital M