EFTA01375649.pdf

Location Based Approach — Balanced Between Established Gateway Cities and Growth Markets amemigima Growth Markets • Up-and-coming neighborhoods in NY, LA, Bay Area, Seattle • More affordable cities with strong job growth that are targets of millennial in-migration • Gateway cities more defensive across cycles, more liquidity • Focus on Sunbelt cities such as Phoenix, Dallas, Orlando • However, Opp Zones in gateway cities are often distressed, marginal areas or require environmental remediation • Opp Zones in the South and West are geographically much larger and pose less constraint / competition for deals as fewer • Urban gateway locations are dense — demolition of existing managers have active presence assets and displacement may be an issue • Opp Zone areas are typically not distressed, just underdeveloped • Demographic headwinds — millennial out-migration • Suburban assets easier to construct, less cost overrun risk Seattle 44,sk .• c it• 7 s IS " ‘r ° t Boston •a 6 • a San PoSsce 0N,N0 . New York Clir 11:15 Las Ss psall • 3 • Washington DC di la .4• .„,,i'Aliii4ik , . ....-, .. Los Angelei le- • r • - •••:-.1., T.,- ...:, ...... Austin - . - - 146ul tort r • ..a: I s •i i • P' t • .' Orlando Miami 12 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0071204 CONFIDENTIAL SDNY_GM_00217388 EFTA01375649