IR Menu Series B Preferred Stock Measurement of Aggregate FVA Amount Per 6% Series B Participating Preferred Share 2017 Land Values 2021 Land Values Portfolio State Relative Weighting Applied in Determining FVA (1) Actual FVA Value (2) Assigned Baseline Value Actual FVA Value (3) FVA Value Relative to August, 2017 Baseline Illinois 34.344% $7,300 100.0 $7,900 8.22% California 19.265% $8,700 100.0 $10,900 25.29% South Carolina 6.892% $3,000 100.0 $3,600 20.00% North Carolina 6.695% $4,450 100.0 $4,750 6.74% Colorado 6.318% $1,430 100.0 $1,610 12.59% Arkansas 5.776% $3,180 100.0 $3,390 6.60% Nebraska 4.292% $2,900 100.0 $3,100 6.90% Louisiana 4.275% $3,000 100.0 $3,220 7.33% Florida 3.580% $5,700 100.0 $6,020 5.61% Mississippi 2.037% $2,500 100.0 $2,860 14.40% Georgia 1.923% $3,550 100.0 $3,670 3.38% Michigan 1.451% $4,800 100.0 $5,300 10.42% Texas 0.855% $2,090 100.0 $2,380 13.88% Virginia 0.752% $4,350 100.0 $4,700 8.05% South Dakota 0.696% $2,180 100.0 $2,190 0.46% Kansas 0.484% $1,850 100.0 $2,100 13.51% Alabama 0.365% $2,750 100.0 $3,200 16.36% Cumulative FVA 12.33% FVA Factor (50% Cumulative FVA) 6.16% FVA Amount $ 1.54 FVA Amount + initial liquidation preference $ 26.54 (1) Based on the total unaudited book value of our properties in each Portfolio State as of June 30, 2017. These will be the Weighting Factors for measurement of Cumulative FVA and the Premium Amount and will at no time change as it relates to the Series B Participating Preferred Stock. (2) Represents the 2017 Land Values as published in the 2017 Land Value Report for each Portfolio State. Such values will remain constant for purposes of calculating the FVA Amount, notwithstanding any revisions to the 2017 Land Values in subsequent Land Value Reports. (3) Represents the 2021 Land Values as published in the 2021 Land Value Report for each Portfolio State. Figures represent state-wide averages per the survey methodology, as defined in the final prospectus for the Company’s 6.00% Series B Participating Preferred Stock.