INVESTMENT PRINCIPLES

Capitalizing on Opportunity. Cultivating Success. Creating Value.
Our business strategy is simple and proven — focus on the best markets, own the best assets, provide superior
tenant service and hire and retain the best people. We believe in staying true to what we know and do best.

Investment Guidelines

• Invest where we possess competitive advantages.
• Acquire assets on a value basis with a goal of maximizing return on capital.
• Build sustainable cash flows to provide certainty, reduce risk and lower the cost of capital.
• Recognize that superior returns often require contrarian thinking.

Measurement of Our Corporate Success

• Measure success over the long term by total return on capital.
• Seek profitability rather than growth, because size does not necessarily add value.
• Encourage calculated risks, but compare returns with risk.
• Sacrifice short-term profit, if necessary, to achieve long-term capital appreciation.

Business Philosophy

• Build the business based on honesty and integrity in order to enhance our reputation.
• Attract and retain high calibre individuals who will grow with us over the long term.
• Ensure our people think and act like owners in all their decisions.
• Maintain an open exchange of information and strategies with all constituencies.