Net Lease Portfolio Highlights


**Significant Activity During the Quarter:**
- Portfolio grew to **$2.7B**
- Acquired **16** properties (**10** tenants) for **$179M** at a **7.4%** cap rate and a **16.2-year** weighted average lease term
- Entered into a new revolving warehouse credit facility totalling **$1.0B** (**$500M** committed) with a **5-year** term, at **S+1.55%** and
an advance rate of up to **70%**
- After quarter end, amended an existing **$600M** credit facility reducing spread by **60 bps** to **S+1.90%** and eliminating SOFR floor


<table>
<tr><td colspan="2">Portfolio Highlights</td><td colspan="3">Geographic Diversification</td></tr>
<tr><td>Portfolio Carrying Value</td><td>$2.7B</td><td colspan="3">Top 10 States (% of ABR)</td></tr>
<tr><td>Owned Properties</td><td>527</td><td>State</td><td>%</td><td># of Properties</td></tr>
<tr><td>Square Footage</td><td>16.9M</td><td>Illinois</td><td>9.3%</td><td>29</td></tr>
<tr><td>States</td><td>44</td><td>Ohio</td><td>8.7%</td><td>68</td></tr>
<tr><td rowspan="8">Weighted Avg. Remaining Lease Term (Years)<br>Annualized Cash Base Rent (&quot;ABR&quot;)<br>Industries<br>Tenants<br>Avg. Annual Rent Increases&lt;sup&gt;(a)&lt;/sup&gt;<br>Master Leases (% of ABR)<br>Top 10 Tenant (% of ABR)</td><td rowspan="9">16.8<br>$187M<br>72<br>123<br>2.31%<br>57.2%<br>27.9%<br>88.0%</td><td>Wisconsin</td><td>7.7%</td><td>27</td></tr>
<tr><td>Pennsylvania</td><td>7.6%</td><td>27</td></tr>
<tr><td>Virginia</td><td>6.9%</td><td>9</td></tr>
<tr><td>Texas</td><td>6.2%</td><td>33</td></tr>
<tr><td>Kansas</td><td>4.1%</td><td>21</td></tr>
<tr><td>Washington</td><td>3.9%</td><td>3</td></tr>
<tr><td>Arizona</td><td>3.7%</td><td>8</td></tr>
<tr><td>Florida</td><td>3.3%</td><td>23</td></tr>
<tr><td>Top 10 Major Industries (% of ABR)</td><td>Total</td><td>61%</td><td>248</td></tr>
</table>

(a) Assumes CPI increase of 2.0% or greater


STARWOOD PROPERTY TRUST


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