The Scout Program seeks to establish and develop new real estate investment managers ("new managers") that can become established management platforms, work directly with institutional investors in a fiduciary-like environment and satisfy the current and future real estate allocation needs of large institutional investors.

New manager candidates for Scout Program generally include:

• Established real estate operators and developers that currently do not manage discretionary investment programs for institutional investors; or
• Senior management teams from opportunity funds, public REITs and financial institutions that have recently formed their own investment firms