Fairly standard disclaimers

The information contained in this report: (i) has been prepared or received from sources believed to be reliable but is not guaranteed; (ii) is not a complete summary or statement of all available data; (iii) is not an offer or recommendation to buy or sell any particular securities; and (iv) is not an offer to buy or sell any securities in the markets or sectors discussed in the report.

The opinions and forecasts expressed in this report are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. Any opinions or forecasts in this report are not guarantees of how markets, sectors or individual securities or issuers will perform in the future, and the actual future performance of such markets, sectors or individual securities or issuers may differ. Further, any forecasts in this report have not been based on information received directly from issuers of securities in the sectors or markets discussed in the report.

Dr. John A. Kilpatrick serves as Chairman of Greenfield Advisors, Inc., and a Director of Bartow Street Capital as well as other companies. In these roles, he provides investment advice to clients regarding the real estate market and the various sectors within that market.

Greenfield Advisors is a real estate focused consulting firm.  Greenfield and its affiliates also provide investment management services and advice to various investment companies, real estate investment trusts, and other advisory clients about the real estate markets and sectors, including specific securities within these markets and sectors.

Clients of Greenfield or its affiliates may from time to time invest a significant portion of their assets in the securities of companies primarily engaged in the real estate industry, such as real estate investment trusts, or in real estate itself, and may have investment strategies that focus on specific real estate markets, sectors and regions. Real estate investments purchased or sold based on the information in this research report could indirectly benefit these clients by increasing the value of their portfolio holdings which in turn would increase the amount of advisory fees that these clients pay to Greenfield or its affiliates.

Greenfield and its affiliates (including their respective officers, directors and employees) may at times: (i) release written or oral commentary, technical analysis or trading strategies that differ from or contradict the opinions and forecasts expressed in this report; (ii) invest for their own accounts in a manner contrary to or different from the opinions and forecasts expressed in this report; and (iii) have long or short positions in securities or in options or other derivative instruments based thereon. Furthermore, Greenfield and its affiliates may make recommendations to, or effect transactions on behalf of, their advisory clients in a manner contrary to or different from the opinions and forecasts in this report. Real estate investments purchased or sold based on the information in this report could indirectly benefit Greenfield, its affiliates, or their respective officers, employees and directors by increasing the value of their proprietary or personal portfolio holdings.

Dr. Kilpatrick may from time to time have personal investments in real estate, in securities of issuers in the markets or sectors discussed in this report, or in investment companies or other investment vehicles that invest in real estate and the real estate securities markets (including investment companies and other investment vehicles for which Greenfield or an affiliate serves as a consultant). Real estate investments purchased or sold based on the information in this report could directly benefit Dr. Kilpatrick by increasing the value of his personal investments.