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2021 NareitCompensation SurveyDetailed compensationinformation from 122 REITs.Comparisons available for all positions by:n Property sectorn Total capitalizationn Number of full-time employeesTo order, contact: Allison Shaw at ashaw@nareit.com

Nareit 2021Compensation SurveyAs a service to its members, Nareit is pleased to present the 2021Nareit Compensation Survey. Sponsored by Nareit and conductedby Ferguson Partners, this survey is designed to provide real estatecompanies, specifically real estate investment trusts (REITs) and realestate operating companies (REOCs), with competitive compensationlevels and current information regarding the design, features, andadministration of compensation programs. In addition, this year’s surveyincludes information on employee agreements/broad-based severanceprograms, and Board of Directors compensation.The latter portion of this report specifically provides the most recentinformation for three major facets of compensation: base salary, annualincentive award values, and long-term incentive award values for203 positions (186 corporate and real estate positions and 17 on-sitepositions) commonly found in member organizations.Please note, the results from the Workforce Development & DEI portionof the survey will be the subject of a separate analysis and futurecommunication.This year’s survey had a participation rate of 51% of all Nareit corporatemembers. This rate represents approximately 60% of the equity marketcapitalization of all listed Nareit corporate members. We extend oursincere appreciation to the 122 participating organizations for providingvaluable information, which has enabled us to perform a comprehensiveexamination of compensation within the real estate industry.To order, go ven A. WechslerPresident & CEONareitJohn D. Worth, Ph.D.EVP, Research & Investor OutreachNareitJeremy I. BanoffVice CharimanFerguson PartnersLindsay M. PankratzSurvey DirectorFerguson Partners

IntroductionSurvey Methodology In the second quarter of 2021, FP worked with Nareit to develop a questionnaire for the purpose of gathering compensation information relevantto real estate companies (predominantly publicly traded) in the current market. The questionnaire included a number of questions that havebecome standard to the Nareit Survey, to allow for comparisons to prior years’ studies and to identify trends, as well as new questions designedto address current competitive issues and approaches to compensation within the real estate industry.For this year’s survey, 122 companies provided thorough responses, classifying them as participants. FP gathered all of the responses,clarified additional information (as needed), from participants, and then analyzed the data to develop this summary report. The 106 participatingcompanies that are U.S.-based stock-exchange listed, equity-focused REITs, in aggregate, have an equity market capitalization of nearly 736.9billion, which is approximately 60% of the U.S. listed equity REIT industry’s equity market capitalization.Information was requested for 195 positions and 22 on-site positions. Sufficient data were received for 186 positions and 17 on-site positions.Not every participating company was able to provide information for each data item requested because of differences in organizational andstaffing structures across companies, and not all companies employ each position surveyed. In cases where some participants did not respondto a particular question, the statistics are based only on the actual responses received.In an attempt to identify specific trends related to compensation programs, we have, in certain cases, made comparisons to the 2017 and 2019Nareit Compensation Surveys (every other year it has become practice to survey certain topics such as employment agreements, broad-basedseverance programs, and Board of Directors practices) along with last year’s 2020 Nareit Compensation & Benefits Survey. Because theparticipant base differs across these three survey years, direct comparisons of the responses may not be applicable. Due to rounding, some percentages throughout the report may not add up to exactly 100%. “ISD” is shown in circumstances where there is insufficient data to report on (i.e., fewer than five observations).The information presented in this report was compiled by Ferguson Partners, an independent third-party firm, which carried out the survey and performed the analysis reportedherein. Confidentiality was maintained throughout. Nareit and Ferguson Partners disclaim any liability, loss, or risk resulting directly or indirectly from the use of the data presentedin this book.This report may not be reproduced, re-distributed, sold, lent, licensed or otherwise transferred without the prior written consent of Ferguson Partners and Nareit .

ParticipatingCompaniesParticipating CompaniesParticipant DemographicsNumber of Full-Time EmployeesThe illustrations depict the composition of the 2021participants by property sector classification,number of full-time employees, and company size,with the latter defined by total capitalization.19%Property g/Resorts10%Diversified8%Health Care8%Specialty75-299 Employees300-750 Employees20%More than 750 Employees26%11%IndustrialMortgageLess than 75 EmployeesTotal Capitalization (Debt plus Equity)in Billions of Dollars4%3%Timber2%Infrastructure2%Data Centers2%Self-Storage2%Other: Datacenter, Timber, Residential Manufacture Homes, Recreation/Lifestyle Properties, Forestry, andNote: Property sector details provided by Nareit 13%Less than 1.5B31%19% 1.5B - 3B 3B - 5B 5B - 10B19%18%Over 10B

Compensationby PositionExecutive ManagementChairman of the BoardChief Executive OfficerChief Operating OfficerChief Financial OfficerChief Administrative OfficerChief Accounting OfficerGeneral CounselChief Information Officer/Chief Technology OfficerChief Investment OfficerInternational PositionsHead/President of Region or CountrySenior-Level Executive of Region or CountrySenior ManagementRegional COO/Regional EVPDivision or Subsidiary PresidentTop Internal Audit ProfessionalTop Human Resources ProfessionalCorporate ControllerTop Risk Management ProfessionalCorporate TreasurerTop Corporate Strategy ProfessionalTop Investor Relations ProfessionalTop New Business/Development ProfessionalTop Portfolio Management ProfessionalTop Corporate Responsibility ProfessionalCorporate Services Positions – AccountingDivision ControllerAssistant ControllerTreasury ManagerTreasury AccountantMid-Level Accounting ProfessionalSenior AccountantStaff AccountantMid-Level Accounts Receivable/Accounts Payable ProfessionalJunior-Level Accounts Receivable/Accounts Payable ProfessionalCorporate Services Positions – AdministrationOffice ManagerExecutive AssistantAdministrative AssistantReceptionistCorporate Services Positions – Audit and TaxInternal AuditorSenior-Level Corporate Tax ProfessionalMid-Level Corporate Tax ProfessionalJunior-Level Corporate Tax ProfessionalSenior-Level Financial Reporting ProfessionalMid-Level Financial Reporting ProfessionalJunior-Level Financial Reporting ProfessionalCorporate Services Positions – Customer ServiceTop Customer Service/Tenant Relations ProfessionalJunior-Level Customer Service/Tenant Relations ProfessionalCorporate Services Positions – Environmental, Social,and Governance (ESG)Senior-Level Sustainability ProfessionalMid-Level Sustainability ProfessionalJunior-Level Sustainability ProfessionalCorporate Services Positions – FinanceSenior-Level Finance ProfessionalMid-Level Finance ProfessionalJunior-Level Finance ProfessionalCorporate Services Positions – Financial/Budgetingand PlanningSenior-Level Financial/Budgeting and Planning ProfessionalMid-Level Financial/Budgeting and Planning ProfessionalJunior-Level Financial/Budgeting and Planning ProfessionalTo order, go to reit.com/compensation-survey-order

Compensationby PositionCorporate Services Positions – Human ResourcesHuman Resources DirectorMid-Level Human Resources ProfessionalHuman Resources GeneralistHuman Resources CoordinatorTraining & Development ProfessionalRecruitment ProfessionalTop Compensation & Benefits ProfessionalJunior Compensation & Benefits ProfessionalMid-Level HRIS ProfessionalHRIS AnalystCorporate Services Positions – LegalAssociate - General CounselSenior AttorneyStaff LawyerSenior ParalegalParalegalCorporate Services Positions – MarketingTop Marketing ProfessionalSenior-Level Marketing ProfessionalMid-Level Marketing ProfessionalJunior-Level Marketing ProfessionalSocial Media ProfessionalMarketing CoordinatorMid-Level Communications ProfessionalGraphic DesignerTop Brand Strategy ProfessionalCorporate Services Positions – OperationsMid-Level Operations ProfessionalCorporate Services Positions – PayrollMid-Level Payroll ProfessionalPayroll AdministratorCorporate Services Positions– ResearchTop Research ProfessionalSenior-Level Research ProfessionalMid-Level Research ProfessionalJunior-Level Research Professional – AssociateJunior-Level Research Professional – AnalystCorporate Services Positions– Risk ManagementSenior-Level Risk Management ProfessionalMid-Level Risk Management ProfessionalJunior-Level Risk Management ProfessionalCorporate Services Positions – TechnologyTop Information Security Professional/Top Cyber Security ProfessionalTop MIS/IT ProfessionalSenior-Level IT ProfessionalMid-Level IT ProfessionalJunior-Level IT ProfessionalIT Project ManagerTop Data Analytics ProfessionalSenior-Level Data Management ProfessionalInfrastructure Development ProfessionalDatabase EngineerMid-Level Applications Development ProfessionalJunior-Level Applications Development ProfessionalMid-Level Web Development ProfessionalJunior-Level Web Development ProfessionalDatabase Administration SpecialistHelp Desk ProfessionalNetwork AdministratorTelecommunications SpecialistMid-Level Information Security ProfessionalJunior-Level Information Security ProfessionalAsset/Property Management Software ManagerMid-Level MIS/IT ProfessionalJunior-Level MIS/IT ProfessionalData ScientistData Governance ProfessionalMid-Level Property Technology ProfessionalJunior-Level Property Technology ProfessionalReal Estate Positions – Architecture & EngineeringChief Architect/DesignerChief EngineerBuilding EngineerTo order, go to reit.com/compensation-survey-order