## Portfolio Evolution 

We remain committed to our portfolio evolution and the continued re fi nement of our asset base. We made a lot of progress on our portfolio in 2013 and we plan to continue to execute our strategy in 2014. We previously said that one of our main goals would be to rotate out of the less attractive o ffi ce and industrial market segments, and we executed toward that objective in 2013. 

We remain focused on steadfastly pursuing opportunities for value creation and long-term growth. We are con fi dent that as the economic recovery accelerates, these asset classes will capture rent increases and future property appreciation, which will provide our stockholders with stock value 

appreciation and long-term distribution sustainability. In addition, by decreasing the number of asset classes in our portfolio, we believe we will be in a better position to execute on our multiple liquidity strategies in the future. 

While focusing our portfolio concentration is an important component of our strategy, the diversity of our portfolio in our three targeted asset classes allows us to be both strategic and prudent buyers of real estate. We can move capital into one asset class or another as markets and cap rates shift. GLYPH<T_h> is diversity will allow our stockholders to bene fi t from changing as well as improving markets. 

