EFTA Document EFTA01388619

18 October 2016 REITs US REIT 3016 Earnings Preview Key Healthcare topics questions. for 30 I6 • Pricing/occupancy in markets with elevated supply such as Atlanta, San Antonio, Houston, Kansas City. Denver. Orlando, Chicago, Dallas, and Sacramento, with each having over 9% of inventory currently under construction • Updated FX outlook for 2016 with GBP 7-8% weaker vs. 20. We expect HCN's and VTR's earnings to be largely insulated from GBP devaluation given hedging • Long-term views