1. In general, what drives differences in FFO and AFFO multiples? Is it fair to say that, for the pair of REITs in this example, differences in multiples are likely driven by differences in expected cash flow growth? Are there some factors that may suggest otherwise, or not? 2. In general, what is the interpretation of implied cap rates? Do you think the difference (or lack of difference) between the two REITs implied cap rates is sensible? 3. What are some possible explanations of the NAV premiums, or discounts of these two REITs? How do they compare to the average NAV premium/discount in their asset class in 2023 (use information from the slides)? Is the difference (or lack thereof) with respect to the asset class average sensible, in your opinion?

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1. In general, what drives differences in FFO and AFFO multiples? Is it fair to say that, for the pair of REITs in this example, differences in multiples are likely driven by differences in expected cash flow growth? Are there some factors that may suggest otherwise, or not? 2. In general, what is the interpretation of