JLL Capital Markets

Capital Markets JLL Capital Markets Capabilities 2021

Capital Markets overview Consultative real estate capital markets services powered by team culture and data-driven insights.

JLL Capital Markets Through our unparalleled market knowledge, consultative mindset and proven expertise, we have earned our place as one of the largest and most successful commercial real estate capital markets intermediaries. With experience in all major property and transaction types, our capital markets advisors draw on their deep understanding of local markets and on the strength of their capital markets relationships to ensure the best outcomes, no matter how complex your needs.

Our unique team approach offers: • Client-centric focus on delivering optimal results • Collaborative culture that fosters teamwork • Shared market intelligence available through our proprietary Capforce data analytics system • Consultative emphasis

Offering services from coast-to-coast

Corporate awards Dow Jones Sustainability Index North America 3rd year in a row

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| Capital Markets

Top 70 Companies for Executive Women National Association for Female Executives 3rd year in a row

World’s Most Ethical Companies Ethisphere Institute 12th year in a row

Perfect Score on the Human Rights Campaign Foundation’s Corporate Equality Index 5th year in a row

We’ve done this before Representative Capital Markets transactions

951 Willowbrook Road Northampton, PA Industrial Sale: $201,500,000

Phillips Point West Palm Beach, FL Office Sale: $281,850,000

Pittock Block Portland, OR Data Center & Office Sale: $326,000,000

91 Acre Site Indianapolis, IN Land Financing: Confidential

REIT 9 Portfolio Multi-market Seniors housing Sale: $185,000,000

RIM San Antonio, TX Retail Sale, Equity and Financing: Confidential

Riverstone Bolingbrook, IL Affordable Housing Sale: $93,500,000 Financing: $66,907,000

Bell Summit at Flatirons Denver, CO Multi-housing Sale: $154,050,000 Financing: $103,000,000

10-asset MOB Portfolio Multi-market Healthcare Sale and Financing: Confidential Capital Markets |

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Services & property sectors Our services cover the full spectrum of commercial real estate capital markets solutions.

We offer a unified platform serving all property sectors.

Healthcare • Medical office buildings • Seniors housing • Life Science/Biotech • Hospitals & Hospital Systems Hotels & Hospitality Industrial

Land Mixed-use Multi-housing • Affordable housing • Student housing Office Retail Self Storage

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

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Our advisors play a consultative role during every transaction, securing the best terms for your needs.

Industry position $168B in global capital markets transactions in 2020 Capital Markets global position Americas

EMEA

Asia Pacific

$104B

#1 Ranked

#2 Ranked

2020 Capital Markets volume

Total Debt Originations

U.S. Investment Sales Advisory broker

$50B

#2 Ranked

2020 Capital Markets volume

Investment Advisory

$14B

#3 Ranked

2020 Capital Markets volume

Investment Advisory

Capital Markets U.S. industry position Debt Placement

#1

Total Loan Originations

Equity Placement

#1

Investment Sales Advisory

#1

Insurance Company Originator

Seconds/Mezzanine/ Preferred Equity Structures

M&A and Corporate Advisory

#2

#6

#10

Broker in U.S. overall

M&A and Corporate Advisory Sell-side Advisor

M&A and Corporate Advisory Overall Advisor

U.S. Investment Sales Advisory brokerage rankings by property type

#1

#1

#2

#3

#3

Hotel & Hospitality

Medical Office Building*

Industrial

Multi-housing

Retail

Source: Mortgage Bankers Association, Real Capital Analytics, Real Estate Alert | M&A and Corporate Advisory rankings are SNL Financial ranking for sell side M&A since 2012. Includes legacy HFF, ​Hentschel & Co. and Gleacher & Company team. *Based on 2018-2020 volume​

Capital Markets |

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Historical U.S. Capital Markets volume We bring to every assignment the full resources and manpower of the firm as One Team with a singular goal of exceeding the client’s expectations.

JLL Capital Markets is consistently recognized as a top producing firm year after year.

JLL historical U.S. Capital Markets transaction volume ($B)

$180

$172.9

$160 $150.0 $140

$154.2

$137.6 $127.9

$120 $108.4 $99.8

$100 $89.3 $80 $63.1

$60

$54.9

$43.5 $40

$31.6 $19.2

$20

$23.0

$19.5 $8.5

$0 2007

2008

2009

Note: 2007-2010 volume is HFF legacy data only.

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2010

2011

2012

2013

2014

2015

Debt Advisory

2016

2017

2018

2019

Investment Sales Advisory

2020 Equity Placement

1Q20

1Q21

Loan Sales

Investment Sales Advisory Our investment sales advisory group is an integral component of our capital markets platform enabling access to a vast global universe of investors with real-time pricing for property sales that maximizes value and improves the certainty of closure.

• Buy-side advisory • Fee and leasehold • Partial interests • Portfolios • Forward sales • Operating platforms • Special assets / REO

#2

sales broker JLL Investment Sales Advisory U.S. Capital Markets transaction volume ($B)

$90

$74.7

$64.7

$75

$68.0

$66.1 $63.3

$52.9

$60

$47.5 $41.5

$45

$30

$27.5

$14.4

$11.8

$15

$0

$25.0

$23.5

$10.7

$8.3

$5.7

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1Q20

1Q21

Note: 2007-2010 volume is HFF legacy data only.

Capital Markets |

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Debt Advisory Our relationships with insurance companies, commercial and foreign banks, government agencies, CMBS lenders, debt funds, mortgage REITs and foreign and domestic pension funds enable our advisors to secure the best terms in the debt and equity markets.

JLL arranges the following loan types:

We are a full-service Agency/GSE lender maintaining outstanding relationships with Fannie Mae, Freddie Mac and HUD/GNMA. Our team of Agency/GSE(1) lending specialists help navigate the barriers to entry with government sponsored entities to structure and close loans quickly and efficiently. Our market leading transaction volume demonstrates our expertise.

• Permanent

• Acquisition

• Construction

• Forward

• Fixed rate/floating rate

• Tax exempt

• Bridge

• Credit tenant lease

Agency Rankings, 2020 #1 Freddie Mac Affordable Housing Lender #2 Fannie Mae Affordable Housing Lender #3 Freddie Mac Multi-housing lender by volume

#1

debt originations JLL Debt Placement U.S. Capital Markets transaction volume ($B)

$88.2

$90 $75.9 $77.6

$75 $65.8 $57.8

$60

$51.4

$49.0 $45

$37.7 $29.8

$30

$16.0

$11.7

$15

$0

$23.3

$23.4 $10.7 $5.6

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Note: 2007-2010 volume is HFF legacy data only.

Mortgage Bankers Association, Fannie Mae, Freddie Mac (1) Agency/GSE lending and loan servicing & asset management are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.​Loans made or arranged in California are pursuant to a California Financing Law license.

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$13.8

| Capital Markets

2019

2020

1Q20

1Q21

Equity Placement We have a commanding market share with more volume than its nearest six competitors combined.

Equity capital is the most critical component of any real estate transaction. JLL and its affiliate HFF Securities specialize in identifying the most compatible and accretive capital alternatives for any project or portfolio-specific real estate acquisition, development or recapitalization, as well as for any real estate business or strategic plan.

Rank

Firm

1

JLL

2

Newmark Knight Frank

3

• Asset-specific joint ventures • Programmatic joint ventures • Entity-level investments • Discretionary funds & separate accounts • Structured finance transactions • Advisory services

Volume ($M)

Deal Count

Avg. Size ($M)

$5,799

152

$38.2

$1,200

33

$36.4

Marcus & Millichap

$922

120

$7.7

4

George Smith Partners

$875

48

$18.2

5

Meridian Capital

$714

52

$13.7

6

Eastdil Secured

$700

11

$63.6

7

Cushman & Wakefield

$504

7

$71.9

Source: Based on 2020 MBA rankings

Equity placement highlights JLL is a proxy for the market pricing approximately 200 joint ventures at any one time

The equity placement market is highly fragmented​

Since 2011, JLL has closed over 1,200 equity transactions and raised approximately $46 billion of equity

In 2020, JLL completed over 140 equity transactions totaling more than $5.7 billion in equity volume

Since its formation in 2004, HFF Securities, the broker-dealer affiliate of JLL, has represented funds that have raised approximately $19 billion of discretionary capital

Since 2011, JLL has arranged transactions with over 130 capital sources in over 300 structured finance transactions

Since 2011, JLL has arranged equity transactions with over 350 capital sources in over 850 joint ventures Capital Markets |

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M&A industry rankings & qualifications JLL and its affiliate HFF Securities excel in providing consultation for large real estate transactions, including mergers and acquisitions. Whether a public or private REIT, a non-traded REIT, a real estate fund or other privately owned real estate debt, Our consultants offer expert insights to ensure your project’s success.

We have extensive experience across a variety of different mandates

Rank

Firm

1

Goldman Sachs

$88.2

2

Citigroup

$74.0

3

Bank of America Merrill Lynch

$63.8

4

Morgan Stanley

$47.9

5

Wells Fargo

$43.7

6

JLL (1)

$39.7

7

Barclays

$31.1

8

Lazard Freres & Co.

$28.3

9

UBS

$19.8

10

JP Morgan

$19.8

(1) SNL Financial ranking for sell side M&A since 2012.

Includes Legacy HFF, Hentschel & Co. and Gleacher & Company team

M&A / Strategic Advisory Committee

Special Committee

Fairness / Opinion Valuation

$5.9B

$4.0B

$2.2B

4-Reit roll-up

NTR advisory

American Realty Capital

Cole Credit

$1.25B

Hospitality Trust

Property Trust IV

MOB portfolio sale CNL

$1.8B Parkway

$1.8B Cottonwood Residential

$825M Sentio Healthcare Properties 10 | Capital Markets

$600M FREIT

$129B

$700M Jernigan Capital

$250M Cottonwood

$1.8B

$1.4B

Playa Hotels & Resorts

$207M

$3.2B

Resource Capital Corp.

Asset-level Capital Raise

Entity-level Capital Raise

$1.0B

$500M

Equus Capital

$1.75B

Benchmark

$500M

United Wholesale Mortgage

$600M MACK Real Estate Group

Steadfast Companies

ANNALY

Realty Finance Trust

Volume ($B)

Gables Residential

$420M

$900M

Stoltz

Confidential

$420M

$300M

Equus Capital

$415 M

Phillips Edison & Company

CIP Real Estate

$250M Sherman Associates

Loan Sales Our loan sales team has significant experience providing advisory services pertaining to the workout and disposition of Performing, Sub- and Non-Performing loans (single and portfolio basis) and Real Estate Owned assets on behalf of a variety of clients including banks, life companies, special servicers, opportunity funds, debt funds, CMBS/CLO bond holders, and governmental entities. The team has also completed or participated in numerous receivership sales, 363 bankruptcy processes and UCC foreclosures.

Our team’s exceptional track record is a direct result of its comprehensive valuation and marketing approach. The loan sale team

leverages our own expertise coupled with the micromarket sales expertise of our investment sales advisory platform for each transaction to deliver best-in-class advisory services.

• Performing, sub- and non-performing loans

• Participations • REO sales

• All asset classes

• UCC Foreclosures • All geographic locations • Portfolio or stand-alone • CMBS kick-out loans transactions • A/B note structures and mezzanine loans

$2.2B Loan Sale and REO Investment Advisory transactions (2018 – 2020) 5% 20%

30%

Bank Debt Fund

Seller Type

Insurance Company

25% 25%

1% Non-performing

12% 12%

Performing

Loans By Performance

Special Servicer

44%

Misc Higher Risk Performing Well-performing

26%

Foreclosed/REO

Select transactional experience

$357M

$255M

$173M

Life insurance company Performing loan portfolio Various property types Located throughout U.S.

Bank Performing loan portfolio Hotel assets Located throughout U.S.

Special servicer Non-performing loan Office Dania Beach, FL Capital Markets | 11

Loan Servicing & Asset Management Unmatched servicing platform

$125.2B 5,600+

unpaid principal balance

Loan Servicing offices: • Bethesda, MD • Clearwater, FL • Grapevine, TX

loans

• Houston, TX • Pittsburgh, PA • St Paul, MN

Third-party designations:

135

professionals

85+

lending partners

• Fitch Ratings (primary servicer) • Freddie Mac Optigo Lender • Fannie Mae DUS® Lender • FHA Approved Lender • FHA Map Approved Lender • FHA Map Approved Healthcare

Unpaid principal balance

Number of loans

($B)

$150 4,798

$125

$100

3,230 3,240 3,098 3,190

$75

$50

$25

$0

3,377

3,720

3,777 4,022

2002

2004

2006

$113

$35.0 $29.3 $30.9 $32.2 $32.3

$39.7 $41.9

6,000

5,000

$108 4,000

3,000

$64.7 $48.9

2,000

1,000

2008

2010

2012

2014

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

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$124.7 $125.2

$76.2

2,000 1,931 2,112

$19.1 $22.4 $13.4 $15.3 $16.5

4,499

5,657

$90.9

2,356 1,760

4,254

5,124

5,327

5,649

2016

2018

2020 3/31/21

0

Corporate Finance & Net Lease We are a recognized leader in the single-tenant sector with net lease investment sales advisory, sale leaseback, and build-to-suit transaction experience.

Our Corporate Finance platform bridges the world between real estate and finance by developing strategies that align capital, occupancy and growth decisions for corporate and institutional clients. Through in-depth financial analysis, we evaluate strategic solutions to help you make the most of the buildings you own.

Our Net Lease experts help clients unlock real estate value by leveraging sophisticated technology and unparalleled access to the marketplace. We ensure successful execution in the purchase, recapitalization and sale of single-tenant net lease properties.

Build-to-suit • Source and structure project financing • Developer and capital provider selection • Corporate finance advisory • Secure economic incentives • Lease agreement negotiation and execution

Net Lease Sales • Investment property sales • Acquisition/disposition underwriting and structuring • Value realization strategies • Sell and buy-side advisory

Sale-leaseback • Own versus lease analysis • Corporate finance advisory • Transaction underwriting and structuring • Capital provider selection • Lease agreement negotiation and execution

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Derivative Consulting JLL partners with a team of expert advisors JLL joined forces with Kensington Capital Advisors to provide even greater access to advanced analytics, risk management consultation and hedging tools. The partnership is based around a shared commitment to transparency and a focus on delivering advisory services that generate optimal outcomes without conflicts of interest or breaches in confidentiality. JLL’s clients benefit from direct access to Kensington’s senior professionals, each of whom possesses extensive market experience gained from working with financial institutions across the world. Like JLL, Kensington does not represent

lenders providing hedges or receive undisclosed payments, thereby avoiding conflicts of interest that might complicate transactions. The partnership strengthens the already exemplary customer service JLL clients receive, while preserving the high levels of confidentiality that characterize both organizations.

• Hedge advisory • CMBS Defeasance • Analytics

Client Technology

Bidding Services

Advisory Services

Cap Escrow Servicing

Rate Cap Contracts

Municipal Finance

Hedge Accounting

Defeasance Escrows

Legal Expert

Derivative Valuation

Bond Proceeds Investment

CMBS/Muni Defeasance

Yield Maintenance Defeasance Monitoring

Bond/Securities Financing

Debt/Loan Calculation

Risk/Hedging

Debt Management System Custom Portals

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Derivative Advisory Analysis

Global connectivity & coverage One team reporting from global locations Capital Markets Global Executive Oversight • Mark Gibson • Richard Bloxam • Matt Richards • Stuart Crow

Americas • Jon Geanakos • Miyeon Lee • Simon Graff Canada • Matt Picken Latin America • Manny DeZárraga • Max LaCava

Global International Capital Lead • Riaz Cassum

Europe • Fraser Bowen • Alice Buckingham

North Asia • Darren Xia

Middle East • Fadi Moussalli • Mor Ziv - Israel

South Asia • Tim Graham • Heather Liew

China • Kitty Liu - Beijing • Alvin Leung - Hong Kong

South Africa • Tom Mundy

Korea • Kimin Chung • Jayme Han

Australia • Kate Low

EMEA

Americas

Japan • Sumihiro Hiratsuka • Ken Sakuramoto • Naoki Hasegawa

Asia-Pacific

1,525 CM Professionals

956 CM Professionals

509 CM Professionals

74 Offices

40 Offices

26 Countries

14 Countries

59 Offices 5 Countries

Source: JLL employment totals March 2021

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To learn more about JLL Capital Markets, please contact:

jllcapitalmarkets@am.jll.com

us.jll.com/capitalmarkets © 2021 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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