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Global Company Disclosures

Information & Data Regulation

Regulated and Non-Regulated Businesses

Green Street Advisors, LLC is a U.S. limited liability company doing business as Green Street. The US Advisory business unit at Green Street is a state registered investment adviser and only offers US Advisory services through our California location. While Green Street offers some regulated products and services, global Research, Data and Analytics products along with Green Street’s global News publications are not provided as an investment advisor nor in the capacity of a fiduciary.

Green Street Advisors (UK) Ltd., doing business as Green Street, is authorized and regulated by the Financial Conduct Authority (FRN 482269). Our global organization maintains information barriers to ensure the independence of and distinction between our non-regulated and regulated businesses.

State of California Data Privacy Policies

We do not SELL or SHARE consumers’ information per the California Consumer Privacy Act (CCPA), the California Privacy Rights Act (CPRA), or the General Data Protection Regulation (GDPR), but may collect personal information from you for specified business purposes.

European Union Data Privacy Policies

Green Street adheres to the EU-U.S. DPF Principles with regard to personal data transferred from the European Union and the United Kingdom and the Swiss-U.S. DPF Principles with regard to personal data transferred from Switzerland. For more information regarding your data privacy and how we process your personal information, please read our Global Privacy Policy and Disclosures.

Green Street processes the personal data of individuals in the European Union and European Economic Area and appoints our Locatus B.V. Netherlands office as our Data Protection Representative for the purposes of GDPR. If you would like to raise a question or exercise your rights in respect to your personal data, please refer to Green Street’s Privacy Policy for instructions.

Product Specific Disclosures

Sales Comps

All verified transactions in the Sales Comp database have been comprehensively reviewed by a trained Data Associate who consults and vets all available sources to construct an accurate record of each sale.

Forecasting and Predictive Analytics

The Green Street Forecasting tool is an estimation of future events based on market trends in historical data that have proved to provide actionable insights during past market cycles.

Green Street makes no representations or warranties as to any future performance of such metrics under any market cycles.

AVM Pro

AVM accuracy is substantiated by the back-testing results of the methodology white paper. For more details please request Green Street’s AVM Whitepaper. This is not part of Green Street’s regulated business.

IJ Global

While Green Street offers some regulated products and services, global Research, Data and Analytics products along with Green Street’s global News publications are not provided as an investment advisor nor in the capacity of a fiduciary. IJGlobal products are not part of a regulated Green Street business. Green Street’s global organization maintains information barriers to ensure the independence of and distinction between its non-regulated businesses

Advisory Services

Green Street US Advisory Services is regulated by the California Department of Financial Protection and Innovation, and its headquarters is located at 100 Bayview Circle, Suite 400, Newport Beach, CA 92660. Green Street Advisors (UK) Ltd., is authorized and regulated by the Financial Conduct Authority (FRN 482269). Services are only offered to clients or perspective clients where Green Street and its advisory services representatives are properly licensed or exempt from licensure. Please note, while Green Street offers some regulated products and services, global Research, Data and Analytics products along with Green Street’s global News publications are not provided as an investment advisor nor in the capacity of a fiduciary. The firm maintains information barriers to ensure the independence of its non-regulated businesses from the regulated services provided by Green Street.

Green Street Advisory Services, at times, assists Eastdil Secured, a real estate brokerage and investment bank, when Eastdil Secured provides investment banking services to companies in Green Street’s coverage universe. Green Street is never part of the underwriting syndicate or the selling group, but Green Street may receive compensation from Eastdil Secured for consulting services that Green Street provides to Eastdil Secured related to Eastdil Secured’s investment banking services. Green Street does not control, have ownership in, or make any business or investment decisions for, Eastdil Secured.

Content Specific Disclosures

Testimonials

All testimonials are for our Research, Data and Analytics products and not endorsements of our regulated Advisory practice. All testimonials have been provided by Green Street clients. No compensation has been exchanged.

Research Reports

Green Street Research, Data and Analytics products do NOT constitute investment advice, nor are they provided in the capacity of a fiduciary.

The information contained in research reports is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. Reports are produced solely for informational purposes and is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it is not, and it should not be construed as, advice designed to meet the particular investment needs of any investor. Reports are not an offer or the solicitation of an offer to sell or buy any security.

A number of companies covered by Green Street research reports pay an annual fee to receive Green Street’s research reports. Green Street may periodically solicit this business from the subject companies. In the aggregate, annual fees for Green Street US and Green Street UK research reports received from subject companies represent approximately 3% of each of Green Street US and Green Street UK respective total revenues.

Green Street publishes research reports covering issuers that may offer and sell securities in an initial or secondary offering.

Green Street US generally prohibits research analysts from sending draft research reports to subject companies. However, it should be presumed that the analyst(s) who authored this report has(/have) had discussions with the subject company to ensure factual accuracy prior to publication and has(/have) had assistance from the company in conducting due diligence, including visits to company sites and meetings with company management and other representatives.

Reports issued in the European Economic Area (EEA) by Green Street UK: Green Street US accepts no responsibility for this report to the extent that it is read by persons based in the EEA. Green Street Advisors (UK) Ltd is registered in England, (Company number. 6471304), and its registered office is 3rd and 4th Floors, 25 Maddox Street London W1S 2QN. Green Street Advisors (UK) Ltd is authorized and regulated by the Financial Conduct Authority in the United Kingdom (FRN 482269).

Green Street US is the parent company of Green Street UK.

GSA AU is GSA UK’s representative for the purposes of the sufficient equivalence class order exemption; both GSA AU and GSA UK do not hold an AFS license; and GSA UK is regulated by the FCA under UK laws, which differ from Australian laws.

Green Street, along with its research professionals, are not registered as an advisor or dealer in any category with a securities regulator in Canada and any advice provided is not a solicitation to offer or sell or trade in specific securities or to provide tailored advice to any person in Canada.

Swiss recipients: the funds, the REITs, the investment companies, and any collective investment schemes referred to in these reports may not have been registered with the Swiss Financial Market Supervisory Authority (FINMA) and no Swiss representative or paying agent has been appointed. Reports provided in Switzerland are for the use of the addressees only and may not be distributed, copied, reproduced, or passed on to any third parties.

Terms of Use

Protection of Proprietary Rights: To the extent that this report is issued by Green Street US, this material is the proprietary and confidential information of Green Street and is protected by copyright. To the extent that this report is issued by Green Street UK, this material is the proprietary and confidential information of Green Street (UK) Ltd and is protected by copyright.

Reports may be used solely for reference for internal business purposes. Reports may not be reproduced, re-distributed, sold, lent, licensed, or otherwise transferred without the prior consent of Green Street. All other rights with respect to research reports are reserved by Green Street.

EEA and UK Recipients: For use only by Professional Clients and Eligible Counterparties: Green Street Advisors (UK) Ltd is authorized by the Financial Conduct Authority to issue this report to “Professional Clients” and “Eligible Counterparties” only. This report is not for the use of “Retail Clients”. This report is provided in the United Kingdom for the use of the addressees any other person who receives this report should not act on the contents of this report.

Green Street reserves the right to update the disclosures and policies set out in this document at any time.

ESG Policy and Metrics

Green Street renumeration considerations are subject to compliance with all Green Street policies including its ESG Policy.

Green Street considers sustainability factors in its research recommendations. Green Street has built a way to assess the “E” of ESG by rating with an “E” REIT Score. A variety of metrics, “E” metrics, have been created to assist investors in discerning differences across companies. These measures are not intended to find the most sustainable or “greenest” investment, but rather where the potential risks/opportunities may be and not factored into pricing. These “E” metrics, while important, appear to have little impact on overall intrasector REIT valuation differences. REITs tend to look very similar, which limits the ability to pick stocks based on “E”. The “E” issue matters far more between property sectors and between Class A and Class B properties. Thus, it’s not currently a big driver of Green Street stock picks, but will likely influence our thoughts between high vs low quality buildings more dramatically in the future. Green Street also examines corporate governance factors in its research recommendations. A corporate governance score has been utilized for U.S. REITs that helps inform the alignment between management, the board, and shareholders on a variety of metrics. This corporate governance score and other aspects of governance are not formal components of Green Street’s REIT valuation model, but it provides another factor with which to differentiate between REITs.

Green Street does not take into account Principle Adverse Impacts (PAIs) in its investment advice on REITs. However, there are two areas in which limited considerations involving climate events are factored into our process: market‐level long‐term growth rates account for climate events while sector allocation results are impacted either by an adjustment to risks factors or to capitalized expenditures to quantify the cost of a possible transition to net zero emission. Overall this is a very small part of our research process. In addition, since we cover public companies that operate under their own level of regulation, were an issue at a covered company made public, this would be considered and opined upon as appropriate.

Environmental, Social, and Governance Policy (ESG)

Introduction and Scope
Below is a set of principles and practices that guide Green Street’s operations to align actions with ESG goals. This policy applies to all business activities conducted by or on behalf of the Green Street global organization.

Overall, we consider social, ethical, and environmental issues in a manner consistent with our duties to our employees, clients, and owners and to be accessible to, and engage with, a range of stakeholders on key ESG issues and challenges.

Thought Leadership on this topic ensures we take the analytical lead as innovators in Commercial Real Estate on topics related to ESG that impact the industry and the environment.

Employee Engagement is important as we implement relevant and appropriate ESG training, awareness for employees to better enable our team to make a difference through changes in behavior, and changes to company practices and policies.

Diversity and Inclusion is paramount to our organization as we identify, recruit, and develop the best talent in the market regardless of gender, race, ethnicity, nationality, religion, orientation, or other background. We celebrate the diversity of our employees, and we work continuously to create an environment where the best talent can contribute, learn, grow, and succeed regardless of differences.

Suppliers are expected to adhere to the same principles and ethical standards set by Green Street throughout the course of our business relationships. Where relevant and appropriate, we will seek partnerships with suppliers that are owned, operated, or managed by traditionally underrepresented groups.

Environmental Sustainability
We are committed to driving down our energy and carbon impacts. Our program is committed to environmentally sustainable initiatives that deliver near-term efficiency, value and health for our business, our people, and the wider community.

Social

Green Street understands the importance of meeting its social obligations both at the company level and in the communities where we do business. Green Street is committed to engage with our employees to provide a challenging, dynamic, and inclusive work environment that supports their professional development, and promotes a work-life balance that prioritizes overall health and wellness. We will support initiatives that benefit the local and macro environment, human welfare, and education. We will preserve and promote the protection of human rights and welfare within our own business activities, as well as those of our supply chain.

Governance

Our focus is to promote strong oversight, transparency, and risk management at all levels of our organization, ensuring the resilience and long-term preservation of value for our business.

Employment Related Policies & Disclosures

Managing Conflicts of Interest

Conflicts of interest can seriously impinge the ability of Green Street employees to do their job. In that spirit, Green Street adheres to the following policies across its organization regarding conflicts of interest:

* Green Street employees are prohibited from actively trading the shares of any company in our coverage universe.

* Green Street employees do not serve as officers or directors of any of our subject companies.

* Neither Green Street nor its employees/analysts receive any compensation from subject companies for inclusion in our research.

* On occasion, Green Street analysts may be contacted by companies within the firm’s coverage universe regarding potential employment opportunities. Additional disclosure will be made when appropriate.

* Green Street’s Advisory business services investors seeking to acquire interests in publicly traded companies. Green Street may provide valuation services to prospective acquirers of companies which are the subject(s) of Green Street’s research reports.

Modern Slavery and Human Trafficking Statement

Financial Year Ended: 31 December 2025

This statement is prepared pursuant to the UK Modern Slavery Act 2015, which requires organisations with an annual turnover of £36 million or more to publish the steps taken to prevent modern slavery and human trafficking in their business and supply chains.

Green Street (“GS”) acknowledges its responsibilities in relation to tackling modern slavery and commits to complying with the provisions laid down in the Act and any subsequent legislation in this regard. The company strictly prohibits the use of modern slavery and human trafficking in all our operations and supply chain. We have been and will continue to be committed to operating our systems and controls aimed at ensuring that modern slavery is not taking place anywhere within our organisation or in any of our supply chains. Green Street understands that this requires an ongoing review of both its internal practices and outside vendor relationships. GS is committed to providing a positive, legally compliant working environment.

1. Our Business
GS is part of the Green Street Group of companies. The UK branch is owned and managed by Green Street Advisors, LLC (U.S.). We are a global research, data, analytics and news organisation with offices in:
  • United Kingdom
  • United States (California, New York, New Jersey, Georgia)
  • Canada
  • Australia
  • Bulgaria
  • Netherlands
  • Belgium

Our policies reinforce core labour rights, including:

  • Health and safety
  • Prevention of child and forced labour
  • Fair working conditions

2. Policies Relating to Modern Slavery
Our internal governance framework includes:

  • Modern Slavery & Human Trafficking Policy
  • Whistleblowing Policy
  • Anti‑Bribery & Corruption Policy
  • Vendor Management Policy
  • Code of Conduct policy

Policy Governance

  • All policies are reviewed annually by the Compliance Department.
  • The Modern Slavery Policy is approved by the Board.
  • Policies include escalation routes, internal reporting expectations, and disciplinary consequences for non‑compliance.
  • All employees certify they have read and understood these policies during onboarding and through annual training.

GS promotes a culture of openness. The whistleblowing process allows employees and suppliers to report concerns confidentially or anonymously.

3. Due Diligence
Our Vendor Management Policy outlines expected standards for suppliers, including:

  • Compliance with all applicable laws and regulations
  • Prohibition of child and forced labour
  • Pre‑contract screening to confirm vendors maintain modern slavery policies or attest to compliance with applicable laws.
  • Responsible disengagement procedures

4. Our Supply Chain
Green Street has a zero-tolerance approach to modern slavery and are committed to acting ethically and with integrity in all our business dealings and relationships. We expect all those in our supply chain, as well as third party vendors, to comply with our values in this respect. We furthermore expect that our suppliers will hold their own suppliers to the same high standards. GS’s supply chain primarily includes:

  • Professional service providers
  • Technology and software vendors
  • Data providers
  • Office and facilities suppliers
  • Recruitment and HR service providers

Supply Chain Transparency Measures
During the reporting year we strengthened oversight through:

  • The introduction of a mandatory Supplier Modern Slavery Questionnaire
  • Mapping of labour practices, geographic risk and subcontracting

5. Supplier Due Diligence & Risk Assessment
GS considers its risk of exposure to slavery/human trafficking to be extremely limited. It does not conduct business or engage routinely with any suppliers in high-risk geographies or industries. Nonetheless, it has taken steps to ensure that such practices do not take place in its business nor the business of any organisation that supplies goods and/or services to it. When engaging in jurisdictions with a potential higher risk, enhanced due diligence procedures are carried out and documented in full as part of its vendor diligence process. Our risk‑based supplier assessment includes:

Standard Due Diligence

  • Category‑specific and jurisdiction‑specific risk assessments
  • Review of labour standards, policies, certifications and relevant history
  • Screening for sanctions, litigation, reputational or human rights issues
  • Requirement for suppliers to cascade modern‑slavery standards to their own supply chains

Enhanced Due Diligence (for higher‑risk suppliers)

  • Detailed document reviews
  • Verification of safe recruitment, fair pay and working conditions

Current Risk Profile
GS’s exposure is generally low due to our service‑based business model. Potential risks may arise in:

  • Technology and data suppliers using subcontractors
  • Cleaning, maintenance and office‑services providers
  • International suppliers located in higher‑risk jurisdictions

Risk Mitigation Actions Taken This Year

  • Implementation of a mandatory Supplier Modern Slavery Questionnaire

6. Effectiveness & Key Performance Indicators
We measure effectiveness through the following KPIs:

Operational KPIs

  • 100% completion of mandatory modern‑slavery training
  • 100% right‑to‑work verification for all new hires
  • 100% compliance with legal minimum wage requirements for UK and US staff
  • 100% of employee payments made to accounts held in their own name

Supply Chain KPIs

  • Zero confirmed instances of supplier non‑compliance with forced‑labour standards
  • Ensure regular contact with material suppliers and critical outsourcers including their understanding of, and compliance with, our expectations.

Improvement Areas Identified

  • Expanded supplier training and engagement

7. Training
All employees receive:

  • Mandatory onboarding training on modern slavery
  • Annual refresher training
  • Role‑specific guidance for procurement, recruitment, outsourcing and vendor‑management teams
  • Scenario‑based learning to identify warning signs

8. Continuous Improvement
Next‑year priorities include:

  • Introduction of a Vendor Code of Conduct

9. Board Approval
This Modern Slavery and Human Trafficking Statement was approved by the Board of Directors of Green Street on 30th March 2026.

Signed on behalf of the Board:
Jeff Stuek, CEO and Board Member

Outside Recruiting Agency Engagement

We stand firm in our commitment to never discriminate against any candidate or employee based on age, race, religion, color, ethnicity, national origin, gender, gender identity, sexual orientation, membership in an employee organization, medical condition, family history, genetic information, veteran status, marital status, parental status or pregnancy. We celebrate the unique qualities that each individual brings to an organization, fostering an environment where everyone feels valued and empowered.

Equal Employment Opportunity Employer

The talent acquisition team at Green Street will not ask for any personal identifying information such as your social security number, birth certificate, financial institution, driver’s license number or passport information over the phone or over email during the interview process. We always schedule video interviews through Microsoft Teams, we do not require you to install any applications to your computer and we do not use chat services for interviews. Our recruiters only send emails from @greenstreet.com addresses. Up to date job openings can be found on our career site and all applications will go through the applicant tracking system (ATS) for review by the talent acquisition team. The Federal Trade Commission offers information on job scams and how to protect yourself here.

Recruiting Fraud Notice

Our team does not accept unsolicited resumes or CVs from recruiters or employment agencies. We will not pay referral compensation or recruiter fees associated with unsolicited resumes or CVs. The company expressly retains the right to consider and hire candidates from such submissions without incurring any financial obligation to the recruiter or agency involved.

AI-Assisted Hiring Process

We leverage artificial intelligence (AI) to enhance our hiring process, ensuring efficiency, consistency, and fairness in candidate evaluations. AI tools may be used in various stages, including resume screening, application processing, and interview scheduling. Please note that AI does not make final hiring decisions – our recruitment team carefully reviews and assesses all candidates. We are committed to maintaining transparency and fairness.

Career Accessibility

We endeavor to ensure that the opportunity to join us is accessible to individuals with diverse needs. Your journey is important to us, and we are dedicated to providing the support you need. If you wish to discuss potential accommodations related to applying for employment at Green Street or wish to provide feedback about the accessibility of this website, please contact careers@greenstreet.com.