1 FOURTH QUARTER 2020 EARNINGS PRESENTATION February 25, 2021

2

3 Disclaimer This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, and may cause the Company’s actual results to differ significantly from those expressed in any forward- looking statement. Factors that might cause such a difference include, without limitation, the impact of COVID-19 on the global economy, including the Company’s businesses, the Company’s common stock price, the Company’s ability to meet 2023 targets in the amounts expected or at all, whether the Company will capitalize on the powerful secular tailwinds supporting the continued growth and investment in digital infrastructure, whether the Company’s wellness infrastructure segment, including contractual rent collections, will continue to perform well despite ongoing impacts of COVID-19, the Company’s ability to continue driving strong growth in its digital business and accelerating its digital transformation, including whether the Company will continue to lower corporate expenses and achieve earnings rotation through divestment of legacy businesses and assets, the impact of the digital transformation on the Company’s earnings profile, the Company’s ability to collaborate with its partner companies and customers to build the next-generation networks connecting enterprises and consumers globally, whether the Company will realize the anticipated benefits of Wafra’s strategic investment in the Company’s digital investment management business, including whether the Wafra investment will become subject to redemption and the amount of commitments Wafra will make to the Company’s digital investment products, the Company’s ability to raise third party capital in its managed funds or co-investment structures and the pace of such fundraising (including as a result of the impact of COVID-19), whether the DCP II fund raising target will be met, in the amounts anticipated or at all, the performance of DataBank, including zColo, the success and performance of the Company’s future investment product offerings, including a digital credit investment vehicle, whether the Company will realize the anticipated benefits of its investment in Vantage SDC, including the performance and stability of its portfolio, the pace of growth in the Company’s digital investment management franchise, the Company’s ability to continue to make investments in digital assets onto the balance sheet and the quality and earnings profile of such investments, the resilience and growth in demand for digital infrastructure, whether the Company will realize the anticipated benefits of its securitization transactions, the Company’s ability to simplify its business and continue to monetize legacy businesses/OED assets, including the timing and amount of proceeds to be received by the Company, if any, and its impact on the Company’s liquidity, the Company’s ability to consummate the pending hospitality exit transaction and the amount of net proceeds to be received by the Company from the transaction, whether warehoused investments will ultimately be transferred to a managed investment vehicle or at all, the impact of impairments, the level of expenses within the wellness infrastructure segment and the impact on performance for the segment, the ability to and timing of an exit from the Company’s wellness infrastructure segment and CLNC, whether the Company will maintain or produce higher Core FFO per share (including or excluding gains and losses from sales of certain investments) in the coming quarters, or ever, the Company’s FRE and FEEUM and its ability to continue growth at the current pace or at all, whether the Company will continue to pay dividends on its preferred stock, the impact of changes to the Company’s management or board of directors, employee and organizational structure, the Company’s financial flexibility and liquidity, including borrowing capacity under its revolving credit facility (including as a result of the impact of COVID-19), the use of sales proceeds and available liquidity, the performance of the Company’s investment in CLNC (including as a result of the impact of COVID-19), whether the Company will further extend the term of its revolving credit facility, including the CLNC share price as compared to book value and how the Company evaluates the Company’s investment in CLNC, the impact of management changes at CLNC, the Company’s ability to minimize balance sheet commitments to its managed investment vehicles, customer demand for datacenters, the Company's portfolio composition, the Company's expected taxable income and net cash flows, excluding the contribution of gains, the Company’s ability to pay or grow the dividend at all in the future, the impact of any changes to the Company’s management agreements with NorthStar Healthcare Income, Inc., CLNC and other managed investment vehicles, whether Colony Capital will be able to maintain its qualification as a REIT for U.S. federal income tax purposes, the timing of and ability to deploy available capital, including whether any redeployment of capital will generate higher total returns, the Company’s ability to maintain inclusion and relative performance on the RMZ, Colony Capital’s leverage, including the Company’s ability to reduce debt and the timing and amount of borrowings under its credit facility, increased interest rates and operating costs, adverse economic or real estate developments in Colony Capital’s markets, Colony Capital’s failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, increased costs of capital expenditures, defaults on or non-renewal of leases by tenants, the impact of economic conditions (including the impact of COVID- 19 on such conditions) on the borrowers of Colony Capital’s commercial real estate debt investments and the commercial mortgage loans underlying its commercial mortgage backed securities, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, each under the heading “Risk Factors,” as such factors may be updated from time to time in our subsequent periodic filings with the U.S. Securities and Exchange Commission (“SEC”). All forward-looking statements reflect Colony Capital’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in Colony Capital’s reports filed from time to time with the SEC. Colony Capital cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. Colony Capital is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and Colony Capital does not intend to do so. This presentation may contain statistics and other data that has been obtained or compiled from information made available by third-party service providers. Colony Capital has not independently verified such statistics or data. This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Colony Capital. This information is not intended to be indicative of future results. Actual performance of Colony Capital may vary materially.

4 4 Agenda # Section 1 2020 Year In Review 2 2020 Financial Results 3 2021 The Year Ahead 4 Why Own CLNY Today 5 Q&A

5 1 2020 Year In Review

6 Promises Made, Promises Kept Sharp focus throughout the year on the four key pillars of our digital transformation Harvested Legacy Assets & Streamlined Organization Invested in High Quality Digital Assets Built Liquidity & Strengthened Capital Structure Rapidly Grew Digital Investment Management

7 $700M $500M $300M $450M Built Strong Liquidity to Fund Digital Transformation In the face the pandemic, we buried capital constraints by generating almost $2 billion of liquidity to extend maturities, reduce leverage and invest substantial capital into digital infrastructure Transparency with lenders provided continued access to significant revolver and forged trusted partners for the digital strategy Breadth of partnership already expanding in line with original expectations. Wafra has increased overall investment from $400M to $500M Investors in exchangeable notes have also become shareholders in our common equity Achieved the high end of Other Equity & Debt (OED) monetization guidance, at prices in line with revised estimates of value Legacy Asset Monetizations Amended Corporate Revolver Strategic Investment from Wafra New 2025 Exchangeable Notes +$1.9B Liquidity

8 Fix the Debt, The Common Responds Next Management’s decisive actions to stabilize the CLNY capital structure were well received by the credit markets last summer We suggested at the time, you needed to fix the 'Top of the Stack' before the common stock could work Our debt has continued to strengthen and the common stock has started to respond March/April Trough July 31, 2020 February 23, 2021 % Increase From Trough 2021 Convertible Notes 82% 99% - Paid Off 2023 Convertible Notes 75% 92% 101% +35% Colony Preferred Stock (Series I, $25 par) $8.50 $19.76 $23.85 +180% Colony Common Stock $1.41 $1.92 $5.71 +305%

9 Harvested Legacy Assets Hospitality Sale Highlights ▪ Under contract to sell non-core legacy business with minimal expected cash flows for the next two or three years as the lodging market recovers ▪ $2.8B transaction with $67.5M of gross consolidated proceeds to CLNY ▪ Shedding all contingent liabilities and CLNY share of debt of $3.0B(1) with annual cash interest savings of $110M ▪ Anticipate approximately $7M of annual G&A savings Significant Decrease in Debt and Leverage Ratio(1) (1) Decrease in CLNY’s share of debt includes $702 million of CLNY share of debt in the Inland hotel portfolio, which is under receivership and not part of the hospitality portfolio sale. (2) 12/31/19 balance adjusted to exclude Digital investments and depreciation & amortization, which were included as of 12/31/19. Does not include carrying value of CLNC shares. (3) In addition to monetizations, decrease includes impairments net of fundings of preexisting investment commitments. OED Monetizations Significant Decrease in OED(2) ▪ During 2020, monetized 10+ investments for ~$700M achieving the high end of our $600-700M target, notably: ▪ RXR Realty: ~$180M net proceeds from the company’s ~27% interest in RXR Realty, a tristate office operator ▪ Cortland: $125M net proceeds from CLNY’s preferred equity investment in the multifamily platform ▪ Bulk Industrial: $85M net proceeds from the company’s ~51% interest in a portfolio of bulk industrial assets $1.6B $0.9B 57 47 12/31/2019 12/31/2020 # of OED Investments $6.8B $3.9B 12/31/2020 Pro Forma 67% 54% Debt/Assets (1) TOTAL DEBT (CLNY Share)

10 Digital Operating +$1.6B FEEUM ~$550M of equity invested in Digital Operating Companies raising $1.6B+ of new third- party equity $411M TEV $355M FEEUM April 2020 Digital Colony acquires the carve out of three data center campuses to launch a hyperscale platform in Latin America $544M TEV $422M FEEUM January 2020 Digital Colony completes combination of premium outdoor media assets in the United Kingdom +$22B in transaction value in 2020 across all digital infrastructure sectors deploying over $5B of FEEUM Invested In High Quality Digital Assets $14.6B TEV $1.4B FEEUM March 2020 Digital Colony leads significant take- private of leading fiber network provide; 5th largest media & communications LBO $3.5B TEV $1.15B FEEUM $200M CLNY Balance Sheet June 2020 Colony-led investor group acquires majority stake in portfolio of 12 world class North American hyperscale data centers. $2.0B TEV $725M FEEUM February 2020 Vantage Europe embarks upon European expansion; enters five new European markets $600M TEV $468M FEEUM November 2020 Digital Colony acquired telecom infrastructure firm Phoenix Tower do Brasil, adding +2,500 active sites to Highline Investment Management Digital Operating (1) Represents CLNY’s balance sheet investment in DataBank and zColo. $1.4B TEV $471M FEEUM December 2020 $345M CLNY B/S(1) Colony-led investor group funds DataBank’s acquisition of zColo adding 44 data centers

11 ~90% year-over-year growth in digital FEEUM…far exceeding our original 15% guidance for the year Step-Function Growth in Digital FEEUM ▪ Digital Liquid Strategies: ▪ ~$400M of FEEUM across two strategies, both of which have performed well and are poised for growth ▪ Co-Invest: ▪ In 2020 we raised $2.2B of net co-investment capital around Zayo, Vantage SDC, Vantage Europe and zColo ▪ DCP II: ▪ Successful $4.2B first closing exceeds the total size of DCP I. The return of many existing DCP I investors validates their confidence in the team as stewards of their capital. Exceeding ExpectationsHigh Quality Relationships and Fees YoY Growth $8.6B DCP II First Close 12/31/19 12/31/20 Digital Liquid Strategies Co-Invest

12 $1.9B $4.2B $4.1B DCP I DCP II ▪ $1.9B DCP I first close in 2018 resulted in $4.1B total fund size which was the largest digital infrastructure fund to-date ▪ $4.2B DCP II first close in 2021 exceeds DCP I total fund size and is now the largest dedicated digital infrastructure fund Current Capital Commitments Largest digital infrastructure dedicated fund with $4.2B in commitments to date surpassing DCP I in the first closing and reinforcing Digital Colony’s position as the leader in digital infrastructure DCP II First Closing •DCP II Highlights ▪ Significant percentage of existing DCP I investors committed to DCP II validating their confidence our management and Digital strategy DCP I Total Commitments Investors understand the competitive advantages of an operator led portfolio COVID-19 advanced the world’s digital transformation increasing the need and use of digital networks Strong Pipeline of digital investments globally The fund has closed three investments to-date Differentiated Strategy Strong Pipeline High Quality Relationships and Fees DCP I First Close DCP II First Close +$1.5B Total Commitments

13 2020 Financial Results2

14 4Q20 Summary Results (1) Includes Digital Operating and Digital Investment Management segments. Excludes Digital Other segment. (2) Includes $1.25B from sale of light industrial ($ millions except per share & AUM) 4Q19 3Q20 4Q20 Q/Q% FY 2020 Consolidated Revenues $299.1 $316.7 $338.8 +7% $1,236.6 Core FFO (ex Gains/Loss) per share $21.1 $0.04 $17.1 $0.03 $18.2 $0.03 +6% $46.7 $0.09 Net Income (CLNY Shareholder) per share ($26.3) ($0.05) ($205.8) ($0.44) ($140.6) ($0.30) N/M ($2,750.8) ($5.81) AUM ($B) % Digital $41.7 33% $46.8 50% $52.0 58% +11% +8% $52.0 58% Legacy Monetizations $1,383 $47 $311 N/M $698 Consolidated Revenues CLNY share of Revenues $25.9 $21.1 $118.7 $29.4 $151.9 $37.6 +28% +28% $397.7 $124.2 Consolidated FRE / Adjusted EBITDA CLNY share of FRE / Adjusted EBITDA $14.9 $12.8 $54.5 $13.3 $65.1 $11.9 +20% -11% $171.6 $51.0 Core FFO (ex Gains/Loss) per share $10.9 $0.02 $10.1 $0.02 $7.9 $0.01 -21% -21% $38.1 $0.07 AUM ($B) $13.8 $23.3 $30.0 +29% $30.0 Core Digital Segments(1) Total Company (2)

15 Consolidated Digital Adjusted FRE / Adjusted EBITDA(1)Core Digital Revenues(1) Digital Earnings Summary Consolidated Digital Revenues increased to $152M in 4Q20, driven by acquisitions of Vantage SDC in 3Q20 and zColo in 4Q20 for Digital Operating and new fees from the first closing of DCP II(2) ▪ 4Q20 fee revenues included a partial quarter of fees for DCP II of $4M, which would have been $10M for the full quarter. Consolidated Digital Adjusted FRE and Adjusted EBITDA increased to $71M during 4Q20 ▪ 4Q20 FRE was $10.3M excluding a $5.7M one-time outperformance incentive for the successful DCP II capital raise ▪ Inclusive of a full quarter of fees of DCP II fees, FRE would have been ~$16M and the FRE margin would have been 52% $8M $45.6 $60.5 $12.3 $8.9 $10.3 $14.9 $54.5 $70.8 57% 46% 47% 4Q19 3Q20 4Q20 Digital Operating Digital Adjusted FRE Combined Margin $98.6 $127.5 $19.9 $20.1 $24.4 $25.9 $118.7 $151.9 4Q19 3Q20 4Q20 Digital Operating Digital IM (1) Includes Digital Operating and Digital Investment Management segments. Excludes Digital Other segment. (2) $3.2B of the DCP II capital raise occurred in 4Q20. (3) 4Q20 FRE has been adjusted to add back a $5.7M one-time outperformance incentive for successful DCP II capital raise. ($ in millions) ($ in millions) 100% 69% 69% 20% 16% 16% CLNY % Digital IM Digital Operating 100% 69% 69% 20% 15% 16% Q/Q Q/Q 3

16 $6.8B $7.7B $7.7B $8.6B $12.8B 43% 46% 48% 49% 64% 4Q19 1Q20 2Q20 3Q20 4Q20 $13.8B $20.6B $21.6B $23.3B $30.0B 33% 43% 47% 50% 58% 4Q19 1Q20 2Q20 3Q20 4Q20 +29% Q/Q 58% 42% 32% 68% $41.7B 4Q19 Total AUM Rapid Expansion of Digital AUM and FEEUM Digital - Assets Under Management (AUM) Fee Earning Equity Under Management (FEEUM) Digital as % of Total Company AUM Digital as % of Total Company FEEUM $52.0B 4Q20 Legacy AUM Digital AUM +$16B Digital AUM ~115% and ~90% YTD growth in AUM and FEEUM, respectively • AUM growth driven by 1) the deployment of capital in DCP I to include debt capitalization of new investments, particularly in Zayo with corresponding co-investment capital, 2) the first closing of DCP II and 3) the investment of balance sheet capital in Digital Operating • FEEUM growth driven by $6B of net FEEUM increase from 1) DCP II first closing, 2) Vantage, zColo and Zayo coinvest transactions and 3) Digital liquid strategies Pro forma for sale of hospitality, Digital AUM will represent more than 60% of total AUM +50% Q/Q

17 $200M $314M 2021 2022 2023 2024+ Extending Maturities, Maximizing Liquidity Significant Liquidity for Digital TransformationManaging Corporate Liabilities (1) Excludes $65M of corporate and convertible debt maturing in January 2021, which the Company paid off. Weighted average maturity and interest rate excludes preferred equity. (2) Represents the Company’s share of corporate cash, which is calculated as consolidated cash of $704M as of 12/31/20 excluding $206M of cash from noncontrolling interest entities and $210M of the Company’s share of cash at subsidiaries as of 12/31/20, plus the full availability of the Company’s $450M corporate revolver as of 12/31/20, which will decrease to $400M on 3/31/21 based on the terms of the revolver. (3) Assumes maintenance of $450M revolver capacity for illustrative purposes. ▪ No corporate debt maturities until 2023(1) ▪ 3.8 years of weighted average maturity(1) ▪ 5% weighted average interest rate(1) 12/31/20 Liquidity(2) Estimated Monetizations 12/31/21 Estimated Gross Liquidity(3) Corporate Debt Maturities ~$400M ~$1,135M R A N G E ▪ Anticipate accumulation of $1.1 to $1.3B of gross liquidity PRIOR to any anticipated uses for the digital transformation, deleveraging and general corporate purposes ▪ Potential for additional proceeds to the extent strategic opportunities arise at CLNC and Wellness Infrastructure Clear Path to Digital

18 Significant Run-Rate Cost Savings Achieved Simplification of Cost Structure and G&A Also executing on the Digital transformation within corporate operations Cash Comp & Admin., -$31M Cash Comp & Admin., -$42M Stock Comp, -$9M Stock Comp, -$13M -$40M -$55M 22 185K 16 146K # of Offices Total SqFt Beginning of Year End of Year Headcount Rotation 376 53 300 79 Non-Digital & Corporate Digital Beginning of Year End of Year -20% (-76) +49% (+26) -27% (-6) -21% (-39K) Right-Sizing the CLNY Office Footprint Communicated Plan Achieved During 2020

19 $40M $38M $40M $41M $66M 1Q20 2Q20 3Q20 4Q20 PF 4Q20 $76M $79M $85M $100M $125M 1Q20 2Q20 3Q20 4Q20 PF 4Q20 $36M $34M $62M $84M $124M 1Q20 2Q20 3Q20 4Q20 PF 4Q20 $13M $13M $28M $39M $56M 1Q20 2Q20 3Q20 4Q20 PF 4Q20 Consistent and Steady Growth Through 2020… 2020 represents the first full year of Digital investment management results, which reflects the investment in professionals to support future capital raising and product growth Managed to generate consistent revenues and earnings with growth now beginning to manifest Steady and strong growth in revenues and earnings due to continued rotation of CLNY’s balance sheet into high quality digital assets Notably Vantage SDC in July 2020 and zColo in December 2020 Annualized Digital Fee Revenues Annualized Digital IM FRE1 Annualized Digital Operating Revenues Annualized Digital Operating EBITDA Investment Management Digital Operating (CLNY OP) (1) Annualization of quarterly results are adjusted for certain one-time events, aside from those noted in footnotes 2 and 3. (2) Pro-forma annualizes the contractual fee revenues from the DCP II third-party capital raising first close. PF 4Q20 FRE also excludes the $5.7M one-time outperformance incentive for successful DCP II capital raising. (3) 4Q20 FRE has been adjusted to add back $5.7M one-time outperformance incentive for successful DCP II capital raising. (4) PF 4Q20 Digital Operating revenues and EBITDA annualizes the stub period results of the zColo acquisition in December 2020. 32 2 3 3

20 $23M $53M $175M $58M $225M 2020 Actual 2021 Guidance 2023 Targets $39M $80M $80M $85M $110M 2020 Actual 2021 Guidance 2023 Targets $84M $140M $150M $150M $200M 2020 Actual 2021 Guidance 2023 Targets $54M $125M $400M $135M $500M 2020 Actual 2021 Guidance 2023 Targets …Tracking to 2021 Guidance and 2023 Targets Continued DCP II capital raising, among other products planned for the year, to contribute meaningful growth to Digital IM revenues and FRE with an anticipated $3.5 to $4.0B of capital raise during 2021 2023 target is anticipated to be achieved through final closing of DCP II and expansion of other products and scope of Colony’s investment offerings Additional earnings to be driven by organic growth, bolt on acquisitions and new balance sheet investments Capital for new balance sheet investments to be partially funded by an anticipated $400 to $600M of monetizations during 2021 as well as monetizations of other legacy businesses 20-30% Projected Annual Growth Annualized Digital Fee Revenues Annualized Digital IM FRE R A N G E R A N G E R A N G E R A N G E Investment Management Digital Operating (CLNY OP) (1) 2020 has been adjusted to add back $5.7M one-time outperformance incentive for successful DCP II capital raising. (2) Represents solely full year contributions of existing investments without consideration of new deployment 1 30-40% Projected Annual Growth Organic growth and acquisitions to drive significant growth Annualized Digital Operating Revenues Annualized Digital Operating EBITDA Organic growth and acquisitions to drive significant growth 22

21 Full Year 2021 Guidance Summary ($ millions, except where noted) Low High Digital IM Fee Revenue $140 $150 Digital Operating Revenue (CLNY OP Share) $125 $135 Total Digital Revenues $265 $285 Digital IM FRE $80 $85 Digital Operating EBITDA (CLNY OP Share) $53 $58 Total Digital FRE / EBITDA $133 $143 Digital IM Capital Raise ($ in billions) $3.5B $4.0B Monetizations $400 $600 Digital FRE / EBITDA Digital Revenues Other

22 2021 The Year Ahead3

23 Wellness CLNC Legacy OED / IM Digital Wellness CLNC Hotel Legacy OED / IM Digital Digital Transformation is Accelerating 58% Digital 4Q20 Actual Pro Forma(1) 67% Digital (1) Pro Forma AUM is representative of total company AUM following the completion of the hotel portfolio transaction (including the company’s position in the THL portfolio), as well as the reduction in Other Equity & Debt (“OED”) and Legacy IM, resulting from 2021 forecasted monetizations. Furthermore, pro forma digital AUM includes an incremental $3.75B, which represents the midpoint of the company’s 2021 capital raise guidance. Hotel Sale Closes 2021 OED Monetization 2021 New Digital FEEUM Guidance ~20% of Total AUM Digital Transformation Legacy monetizations and growing digital FEEUM take CLNY to 2/3 rotated... before we harvest Wellness and CLNC

24 2021: Four Key Digital Tailwinds 5G CLOUD $1.1T in New Global Mobile Capex $88B in 2021 Cloud Infrastructure Capex Increasing to IOT EDGE Connected Devices 1.6M EDGE SERVERS ON THE EDGE IN 2028 Source: GSMA The Mobile Economy March 2020, Cisco Report, Source: Credit Suisse, September 2020; Cowen and Company BILLION BILLION BILLION Will support 10% of cloud workloads by 2028

25 Active Into An Improving Macro Backdrop Digital Colony is well positioned to continue investing in high quality digital businesses into 2021 and beyond Digital Colony's ability to form and deploy capital into new themes and ideas across digital infrastructure is more powerful and relevant than ever ▪ We deployed $22B in 2020, putting over $5B of FEEUM to work ▪ In 2021, we expect to grow FEEUM by at least another $3.5-4.0B ▪ 40 pipeline opportunities and growing...companies, management teams, and other investors want to partner with the leading company in digital infrastructure Original Growth Path For illustrative purposes only OUR IM BUSINESS NEVER BEEN BUSIER 3 deals closed in Q4-2020 3 NEW deals in exclusivity 40 pipeline opportunities Cloud 5G Edge AI Secular trends, accelerated by COVID-19, are driving growth higher 2021

26 Continuing to Grow Our Digital IM Franchise Long-term contracted fee streams drive stable, predictable earnings that compound over time $13B Digital Bridge ▪ 6 separately capitalized companies ▪ Formed the original base for growth Credit • In house digital credit team • Intend to form capital around them in 2021 NEW STRATEGIES Liquid • Managing ~$400M FEEUM now, generating alpha across both of our strategies 2019 2020 2021 DCP I ▪ Flagship equity fund ▪ Now almost fully committed Co-invest ▪ An important commitment to our investors ▪ Boosts our firepower DCP II ▪ $4.2B first close Feb 2021 ▪ Actively deploying already ▪ $6.0 billion target $3.5B - $4B $17B

27 Investment Case Comes Together CLNY 2.0 SHARE OUR VISION New management building the next great digital infrastructure platform, creating value for shareholders as it transforms a diversified REIT across many real estate verticals to a new focused digital REIT As a complex organization is streamlined, a high- growth digital business with predictable earnings and attractive returns on invested capital emerges. The transition is aligned with strong secular tailwinds, supported by the broadest, deepest management team in digital infrastructure, and based on a differentiated strategy centered around next generation networks built to serve rapid growth in 5G, IOT, cloud, and edge compute demand Shareholder Value Predictable Earnings Differentiated Strategy Virtual Investor Day May 2021 EDGE IOT • How are we levered to key thematics - Edge, 5G, Convergence • Our customer-led approach • The Team - breadth & depth • Digital Colony value-add

28 Why Own CLNY Today4

29 1. Fastest Growing digital REIT 2. Converged Vision for Network Infrastructure allowing investors to participate in the entire ecosystem 3. Leadership and experience matter: CLNY has the deepest bench in the sector, and this gives us a decided advantage as we invest, finance, and operate our businesses 4. We are executing a best-in-class ESG framework that delivers social impact for our employees, customers and investors 1 2 3 4 THE COLONY DIFFERENCE

30 Colony Capital delivers a series of customer solutions focused on next-generation mobile and internet connectivity solutions through a converged network experience A Global Digital REIT Focused on Converged Networks Traditional Siloed Digital Infrastructure Approach Macro Site Data Centers Small Cells Optic Fiber Today’s Infrastructure 3G and 4G: Coverage and Densification Next Gen Networks 5G and Beyond: Performance, Speed, and ON DEMAND Hyper-Converged Digital Architecture

31 Between the balance sheet and investment management, we have assembled a diverse global portfolio of digital infrastructure assets equating to $30.0B in AUM 31 Notes: All figures as of December 31, 2020 except otherwise noted. (1) CLNY balance sheet has a combined exposure to DCP I and DCP II of $245M of which $94M has been funded as of February 2021; (2) “Active sites” represents owned and other revenue generating sites, while “total sites” includes other sites on which the company has marketing/management rights; for Digita, “total sites” includes certain micro data centers and IoT sites; for Wildstone, “active sites” represents the number of revenue generating panels; (3) Includes contracted and in construction (“CIC”) networks; (4) Includes under construction sites and signed but not closed transactions; (5) Includes BBNB (contracted) sites and other active near-term pipeline opportunities. Digital Colony Partners II 2013 2014 2015 2016 /2017 2016 /2020 2017 2017 2018 2018 2019 2019 2019 2020 2020 2020 2020 2020 ~2,400 active sites ~5,100 total sites(2) ~7,000 active sites ~310,000 total sites(2) ~33,100 nodes(3) ~420 networks(3) ~3,600 route miles fiber(3) ~3,000 active sites ~39,000 total sites(2) 64 data centers(4) 12 stabilized data centers (separated in 2020) 2 operating hyper scale campuses; 4 currently under dev. ~5,000 nodes ~5,000 towers(5) ~150 networks(5) ~300 tower sites ~1,900 total sites(2) 14 data centers ~3,200 on- net locations ~2,400 route miles ~3,300 active sites ~4,100 total sites(2),(3) ~3,000 active sites 126,000+ route miles, ~40,200 on-net buildings 2 operating hyper scale campus; 4 currently under dev. 2 operating hyper scale campus 1 currently under dev. 3 Data Center and Tower Companies Towers Towers Small Cells Towers Enterprise DC Hyperscale DC Hyperscale DC Small Cells Towers Enterprise DC Fiber Towers Outdoor Digital Infra Fiber Hyperscale DC Hyperscale DC Various 19 Distinct Digital Operating Companies/Platforms Across Four Capital Sources ( ) Capital Source Earnings Stream DBH Legacy Cos. Mgmt. Fees DCP I/DCP II(1) Mgmt. Fees & Carried Interest Co-Invest Capital Mgmt. Fees & Carried Interest CLNY Balance Sheet Investment Earnings Digital Colony Universe: What We've Built...So Far

32 The Deepest Team with a Singular Focus F IBER & SMALL CELL TEAMD A T A C ENTER TEAM TO WER TEAM Raul Martynek Senior Advisor CEO of DataBank Sureel Choksi Senior Advisor Board Member of Zayo and Scala; President and CEO of Vantage Brokaw Price Operating Partner A 20+ year veteran in the data center sector Alex Gellman Senior Advisor Board Member of Highline and FreshWave; CEO of Vertical Bridge Graham Payne Senior Advisor CEO of FreshWave Group. Jose Sola Senior Advisor CEO of Mexico Tower Partners Daniel Seiner Senior Advisor CEO of Andean Telecom Partners Fernando Viotti Senior Advisor CEO of Highline NORTH AMERICA NORTH AMERICA SOUTH AMERICA EUROPE Marc Ganzi Chief Executive Officer Jacky Wu Chief Financial Officer Ben Jenkins CIO, Digital Investment Management Kevin Smithen Global Head of Strategy and Capital Formation Justin Chang CIO, Digital Balance Sheet Investments Severin White Head of Public Investor Relations REVAMP OF SENIOR MANAGEMENT Leading transformation to Colony 2.0 GLOBAL INDUSTRY LEADERS SECOND TO NONE >95 data centers >135k fiber route miles ~350k tower sites >35k small cell nodes Steve Smith Senior Advisor CEO of Zayo Group Jim Hyde Senior Advisor CEO of ExteNet Systems David Pistacchio Operating Partner Chairman of Beanfield; Board Member of Aptum and Zayo Murray Case Operating Partner Chairman of Scala Data Centers Dan Armstrong Senior Advisor CEO and Board Member of Beanfield Technologies EXPERIENCED DIGITAL INVESTMENT TEAM S INGAP O RE Wilson Chung Principal LO ND O N Manjari Govada Vice President James Burke Principal NEW YO RK Hayden Boucher Principal Scott McBride Principal Sadiq Malik Managing Director Tom Yanagi Managing Director Geoff Goldschein Managing Director, General Counsel B O C A RATO N Geneviève Maltais-Boisvert Principal Warren Roll Managing Director Leslie Golden Managing Director Jeff Ginsberg Managing Director & CAO NORTH AMERICA SOUTH AMERICA Steven Sonnenstein Managing Director Jon Mauck Managing Director Michael Foust Senior Advisor Chairman of Databank and Vantage Marcos Peigo Senior Advisor CEO of Scala Data Centers SOUTH AMERICA GLOBAL Brian Lee Treasurer & Head of Corporate Finance Donna L. Hansen Chief Admin Officer & Global Head of Tax Dean Criares Managing Director Digital Credit 32 Liam Stewart Managing Director & COO Richard Coyle Senior Advisor COO of ExteNet Systems

33 DCP integrates ESG analysis into the due diligence of potential investments. Reports include key company-level and macro ESG risks and opportunities A Commitment to Our Shared Future CLNY NET ZERO 2030 DEI PROGRESS TARGET NET ZERO GREENHOUSE GAS EMISSIONS BY 2030 ACROSS THE ENTIRE COLONY DIGITAL ECO-SYSTEM Partner Organizations TANGIBLE RESULTS HELP BUILD A DIVERSE, TALENTED WORKFORCE THROUGH MENTORSHIPS, INTERNSHIPS, RECRUITING AND CAREERS/COMPENSATION DEFINE ESG METRICS FOR ALL PORTFOLIO COMPANIES AND COLLECT, ANALYZE AND REPORT THE DATA Vertical Bridge became the world’s first carbon neutral tower company in June 2020 Hosting a Climate Corps fellow from Environmental Defense Fund in 2021 Committed to a net zero carbon footprint by December 2021 Steering committee coordinates various DE&I programs with a focus on scalable initiatives at CLNY ESG has been a central part of Colony’s operating framework, providing impact at every level of our organization We have partnered with and become a member of several organizations to ensure that the company has best in industry ESG Nov 2020 Announces 100% of its energy consumption to renewable and certified source Partner Organizations Our four pillars of diversity focus on: 1. Mentorship 2. College Internship Program 3. Recruiting 4. Career Path / Promotions

34 5 Q&A Session

35 Non-GAAP Reconciliations Total CLNY Core Digital Segments (5) for the Year Ended for the Three Months Ended for the Year Ended Core Funds from Operations (in thousands, except per share) December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 Net income (loss) attributable to common stockholders $ (140,575) $ (205,784) $ (26,251) $ (2,750,782) $ (3,801) $ (3,067) $ 1,932 $ (11,024) Adjustments for FFO attributable to common interests in Operating Company and common stockholders: Net income (loss) attributable to noncontrolling common interests in Operating Company (15,411) (22,651) (2,867) (302,720) (413) (337) 206 (1,207) Real estate depreciation and amortization 136,245 162,705 118,253 561,195 75,389 70,474 1,576 199,226 Impairment of real estate 31,365 142,767 60,273 1,956,662 – – – – Gain from sales of real estate (26,566) (12,332) (1,449,040) (41,912) – – – – Less: Adjustments attributable to noncontrolling interests in investment entities (79,874) (146,905) 910,702 (638,709) (63,359) (60,086) (1,237) (165,984) FFO attributable to common interests in Operating Company and common stockholders (94,816) (82,200) (388,930) (1,216,266) 7,816 6,984 2,477 21,011 Adjustments for Core FFO attributable to common interests in Operating Company and common stockholders: (41,101) (10,529) 637 (65,000) – – – – 6,464 7,546 399,999 503,337 (221) 3,832 – 3,611 CLNC Distributable Earnings adjustments (2) (31,473) (27,256) (5,401) 212,587 – – – – Equity-based compensation expense 8,689 8,380 20,154 36,642 1,378 338 20 3,283 Straight-line rent revenue and expense (6,404) (6,282) (5,735) (19,953) (3,504) (2,821) 20 (3,615) Amortization of acquired above- and below-market lease values, net (1,224) (1,376) (9,991) (6,828) 974 790 – 1,987 Amortization of deferred financing costs and debt premiums and discounts 25,017 4,382 49,253 54,336 16,797 (3,208) – 13,589 Unrealized fair value losses on interest rate and foreign currency hedges, and foreign currency (1,465) 1,952 (889) 11,826 91 (87) – 4 Acquisition and merger-related transaction costs 2,272 7,963 (944) 11,706 – 5 685 1,022 Restructuring and merger integration costs (3) 33,174 6,839 16,684 68,733 5 – – 5 Preferred share redemption costs – – (5,150) - – – – – Amortization and impairment of investment management intangibles 8,315 8,849 8,640 37,971 6,344 6,319 5,595 28,306 Non-real estate fixed asset depreciation, amortization and impairment 12,865 3,873 1,922 34,851 3,218 2,714 286 8,661 Gain on consolidation of equity method investment – – – – – – – – Amortization of gain on remeasurement of consolidated investment entities – – 6 12,996 – – – – Tax effect of Core FFO adjustments, net (317) (5,410) (7,864) (3,015) 898 (4,391) 2,033 (13,327) Less: Adjustments attributable to noncontrolling interests in investment entities 6,782 6,572 (24,801) 1,964 (25,891) (409) (199) (26,458) Less: CFFO from discontinued operations 21,491 13,086 (47,904) 57,450 – – – – Core FFO attributable to common interests in Operating Company and common stockholders $ (51,731) $ (63,611) $ (314) $ (266,663) $ 7,905 $ 10,066 $ 10,917 $ 38,079 Less: Core FFO (gains) losses 69,928 80,752 21,383 313,383 – – – – Core FFO ex-gains/losses attributable to common interests in Operating Company and common stockholders $ 18,197 $ 17,141 $ 21,069 $ 46,720 $ 7,905 $ 10,066 $ 10,917 $ 38,079 Core FFO per common share / common OP unit (4) $ (0.10) $ (0.12) $ (0.00) $ (0.50) $ 0.01 $ 0.02 $ 0.02 $ 0.07 Core FFO ex-gains/losses per common share / common OP unit (4) $ 0.03 $ 0.03 $ 0.04 $ 0.09 $ 0.01 $ 0.02 $ 0.02 $ 0.07 W.A. number of common OP units outstanding used for Core FFO per common share and OP unit (4) 536,694 536,516 541,263 537,393 536,694 536,516 541,263 537,393 for the Three Months Ended _________ Gains and losses from sales of depreciable real estate within the Other segment, net of depreciation, amortization and impairment previously adjusted for FFO (1) Gains and losses from sales of investment management businesses and impairment write-downs associated investment management __ __ (1) For the three months ended December 31, 2020, September 30, 2020 and December 31, 2019, net of $43.1 million consolidated or $10.4 million CLNY OP share, $23.7 million consolidated or $8.9 million CLNY OP share and $18.0 million consolidated or $9.6 million CLNY OP, respectively, of depreciation, amortization and impairment charges previously adjusted to calculate FFO. For the twelve months ended December 31, 2020, net of $90.5 million consolidated or $52.2 million CLNY OP share of depreciation, amortization and impairment charges previously adjusted to calculate FFO. (2) Represents adjustments to align the Company’s Core FFO and with CLNC’s definition of Distributable Earnings and to reflect the Company’s percentage interest in the respective company's earnings. (3) Restructuring and merger integration costs primarily represent costs and charges incurred as a result of corporate restructuring and reorganization to implement the digital evolution. These costs and charges include severance, retention, relocation, transition, shareholder settlement and other related restructuring costs, which are not reflective of the Company’s core operating performance and the Company does not expect to incur these costs subsequent to the completion of the digital evolution. (4) Calculated based on weighted average shares outstanding including participating securities and assuming the exchange of all common OP units outstanding for common shares. (5) Includes Digital Operating and Digital Investment Management segments; excludes Digital Other.

36 Non-GAAP Reconciliations (1) CLNY’s share of the $5.7M one-time outperformance incentive was $4.9M, which is based on the partial year CLNY owned 100% of the Digital investment management business prior to the Wafra investment. Three Months Ended Twelve Months Ended (In thousands) December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 CLNY Share of Core Digital Revenues Total Revenues $151,921 $118,686 $25,890 $397,703 Less: Non-controlling interest (114,360) (89,283) (4,805) (273,509) CLNY pro-rata share of Revenues $37,561 $29,403 $21,085 $124,194 Digital Net Income (Loss) Digital Investment Management $1,840 $3,539 $2,551 $9,793 Digital Operating (52,902) (38,479) (692) (130,818) Digital Other 19,788 6,757 (4,636) 35,802 Digital Net Income (Loss) ($31,274) ($28,183) ($2,777) ($85,223) Digital Investment Management FRE Determined as Follows Net income (loss) $1,840 $3,539 $2,551 $9,793 Adjustments: – Interest income (1) (2) (34) (37) Interest expense – – 1,645 – Depreciation and amortization 6,421 10,259 5,655 29,887 Compensation expense—equity-based & incentive 1,649 1,101 – 4,021 Administrative expenses—straight-line rent (1) 14 18 45 Fee Income — intercompany 862 – – 862 Investment and services expense 204 – – 204 Placement fee 1,202 – – 1,202 Transaction Costs – – $378 – Equity method earnings (losses) (6,744) (6,134) 103 (13,038) Other gain (loss), net (102) (32) 11 (170) Income tax expense (benefit) (757) 144 2,004 59 Fee related earnings $4,573 $8,889 $12,331 $32,828 Add: one-time incentive 5,701 – – 5,701 Fee related earnings (adjusted) $10,274 $8,889 $12,331 $38,529 Fee income $24,191 $20,048 $19,106 $83,356 Fee Income — intercompany 862 – – 862 Other income 183 87 712 1,026 Compensation expense—cash (18,353) (9,414) (4,909) (43,939) Administrative expenses (2,310) (1,832) (2,578) (8,477) Fee related earnings 4,573 8,889 12,331 32,828 CLNY ownership 44.8% (1) 70.9% 100.0% 84.4% CLNY pro-rata share of FRE 2,051 6,306 12,331 27,723 Three Months Ended Twelve Months Ended (In thousands) December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 Digital Operating Adjusted EBITDA Determined as Follows Net income (loss) from continuing operations ($52,902) ($38,479) ($692) ($130,818) Adjustments: – Interest expense 41,815 18,589 1,272 77,976 Income tax (benefit) expense (6,967) (6,091) 10 (21,461) Depreciation and amortization 78,554 73,107 1,804 210,263 Other (gain) loss 200 45 – 245 EBITDAre 60,700 47,171 2,394 136,205 Straight-line rent expenses and amortization of above- and below-market lease intangibles (2,607) (2,106) – (1,996) Interest income (80) – (80) Amortization of leasing costs – – – (1,218) Compensation expense—equity-based 728 148 – 1,172 Installation services 429 (65) – 1,146 Restructuring & integration costs 803 470 – 2,269 Transaction, investment and servicing costs 564 (50) 130 1,287 Adjusted EBITDA $60,537 $45,568 $2,524 $138,785 CLNY ownership 16.2% 15.2% 20.0% 16.8% CLNY pro-rata share of Adjusted EBITDA $9,800 $6,948 $505 $23,290

37 Important Note Regarding Non-GAAP Financial Measures This presentation includes certain “non-GAAP” supplemental measures that are not defined by generally accepted accounting principles, or GAAP, including the financial metrics defined below, of which the calculations may from methodologies utilized by other REITs for similar performance measurements, and accordingly, may not be comparable to those of other REITs. FFO: The Company calculates funds from operations (“FFO”) in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding (i) extraordinary items, as defined by GAAP; (ii) gains and losses from sales of depreciable real estate; (iii) impairment write-downs associated with depreciable real estate; (iv) gains and losses from a change in control in connection with interests in depreciable real estate or in-substance real estate, plus (v) real estate-related depreciation and amortization; and (vi) including similar adjustments for equity method investments. Included in FFO are gains and losses from sales of assets which are not depreciable real estate such as loans receivable, equity method investments, as well as equity and debt securities, as applicable. Core FFO: The Company computes core funds from operations (Core FFO) by adjusting FFO for the following items, including the Company’s share of these items recognized by its unconsolidated partnerships and joint ventures: (i) gains and losses from sales of depreciable real estate within the Other segment, net of depreciation, amortization and impairment previously adjusted for FFO; (ii) gains and losses from sales of investment management businesses and impairment write-downs associated investment management; (iii) equity-based compensation expense; (iv) effects of straight-line rent revenue and expense; (v) amortization of acquired above- and below-market lease values; (vi) debt prepayment penalties and amortization of deferred financing costs and debt premiums and discounts; (vii) unrealized fair value gains or losses on interest rate and foreign currency hedges, and foreign currency remeasurements; (viii) acquisition and merger related transaction costs; (ix) restructuring and merger integration costs; (x) amortization and impairment of finite-lived intangibles related to investment management contracts and customer relationships; (xi) gain on remeasurement of consolidated investment entities and the effect of amortization thereof; (xii) non-real estate fixed asset depreciation, amortization and impairment; (xiii) change in fair value of contingent consideration; and (xiv) tax effect on certain of the foregoing adjustments. Beginning with the first quarter of 2018, the Company’s Core FFO from its interest in Colony Credit Real Estate (NYSE: CLNC) represented its percentage interest multiplied by CLNC’s Distributable Earnings (previously referred to as Core Earnings). Refer to CLNC’s filings with the SEC for the definition and calculation of Distributable Earnings. Beginning in the fourth quarter of 2020, the Company excluded results from discontinued operations in its calculation of Core FFO and applied this exclusion to prior periods. The Company computes Core FFO ex-gains by adjusting Core FFO to exclude gains and losses from the Company’s Other segment. FFO and Core FFO should not be considered alternatives to GAAP net income as indications of operating performance, or to cash flows from operating activities as measures of liquidity, nor as indications of the availability of funds for our cash needs, including funds available to make distributions. FFO and Core FFO should not be used as supplements to or substitutes for cash flow from operating activities computed in accordance with GAAP. The Company’s calculations of FFO and Core FFO may differ from methodologies utilized by other REITs for similar performance measurements, and, accordingly, may not be comparable to those of other REITs. The Company uses FFO and Core FFO as supplemental performance measures because, in excluding real estate depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that captures trends in occupancy rates, rental rates, and operating costs. The Company also believes that, as widely recognized measures of the performance of REITs, FFO and Core FFO will be used by investors as a basis to compare its operating performance with that of other REITs. However, because FFO and Core FFO exclude depreciation and amortization and capture neither the changes in the value of the Company’s properties that resulted from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of its properties, all of which have real economic effect and could materially impact the Company’s results from operations, the utility of FFO and Core FFO as measures of the Company’s performance is limited. FFO and Core FFO should be considered only as supplements to GAAP net income as a measure of the Company’s performance. Additionally, Core FFO excludes the impact of certain fair value fluctuations, which, if they were to be realized, could have a material impact on the Company’s operating performance. The Company also presents Core FFO excluding gains and losses from sales of certain investments as well as its share of similar adjustments for CLNC. The Company believes that such a measure is useful to investors as it excludes periodic gains and losses from sales of investments that are not representative of its ongoing operations. Digital Operating Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) and Adjusted EBITDA: The Company calculates EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts, which defines EBITDAre as net income or loss calculated in accordance with GAAP, excluding interest, taxes, depreciation and amortization, gains or losses from the sale of depreciated property, and impairment of depreciated property. The Company calculates Adjusted EBITDA by adjusting EBITDAre for the effects of straight- line rental income/expense adjustments and amortization of acquired above- and below-market lease adjustments to rental income, equity-based compensation expense, restructuring and integration costs, transaction costs from unsuccessful deals and business combinations, litigation expense, the impact of other impairment charges, gains or losses from sales of undepreciated land, and gains or losses on early extinguishment of debt and hedging instruments. Revenues and corresponding costs related to the delivery of services that are not ongoing, such as installation services, are also excluded from Adjusted EBITDA. The Company uses EBITDAre and Adjusted EBITDA as supplemental measures of our performance because they eliminate depreciation, amortization, and the impact of the capital structure from its operating results. However, because EBITDAre and Adjusted EBITDA are calculated before recurring cash charges including interest expense and taxes and are not adjusted for capital expenditures or other recurring cash requirements, their utilization as a cash flow measurement is limited. Fee Related Earnings (“FRE”): The Company calculates FRE for its investment management business within the digital segment as base management fees, other service fee income, and other income inclusive of cost reimbursements, less compensation expense (excluding equity-based compensation), administrative expenses (excluding fund raising placement agent fee expenses), and other operating expenses related to the investment management business. The Company uses FRE as a supplemental performance measure as it may provide additional insight into the profitability of the overall digital investment management business. FRE is presented prior to the deduction for Wafra's 31.5% interest. Net Operating Income (“NOI”): NOI for our real estate segments represents total property and related income less property operating expenses, adjusted for the effects of (i) straight-line rental income adjustments; (ii) amortization of acquired above- and below-market lease adjustments to rental income; and (iii) other items such as adjustments for the Company’s share of NOI of unconsolidated ventures. The Company believes that NOI is a useful measure of operating performance of its respective real estate portfolios as it is more closely linked to the direct results of operations at the property level. NOI also reflects actual rents received during the period after adjusting for the effects of straight-line rents and amortization of above- and below- market leases; therefore, a comparison of NOI across periods better reflects the trend in occupancy rates and rental rates of the Company’s properties. NOI excludes historical cost depreciation and amortization, which are based on different useful life estimates depending on the age of the properties, as well as adjust for the effects of real estate impairment and gains or losses on sales of depreciated properties, which eliminate differences arising from investment and disposition decisions. This allows for comparability of operating performance of the Company’s properties period over period and also against the results of other equity REITs in the same sectors. Additionally, by excluding corporate level expenses or benefits such as interest expense, any gain or loss on early extinguishment of debt and income taxes, which are incurred by the parent entity and are not directly linked to the operating performance of the Company’s properties, NOI provides a measure of operating performance independent of the Company’s capital structure and indebtedness. However, the exclusion of these items as well as others, such as capital expenditures and leasing costs, which are necessary to maintain the operating performance of the Company’s properties, and transaction costs and administrative costs, may limit the usefulness of NOI. NOI may fail to capture significant trends in these components of U.S. GAAP net income (loss) which further limits its usefulness. NOI should not be considered as an alternative to net income (loss), determined in accordance with U.S. GAAP, as an indicator of operating performance. In addition, the Company’s methodology for calculating NOI involves subjective judgment and discretion and may differ from the methodologies used by other comparable companies, including other REITs, when calculating the same or similar supplemental financial measures and may not be comparable with other companies. Pro-rata: The Company presents pro-rata financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company computes pro-rata financial information by applying its economic interest to each financial statement line item on an investment-by- investment basis. Similarly, noncontrolling interests’ share of assets, liabilities, profits and losses was computed by applying noncontrolling interests’ economic interest to each financial statement line item. The Company provides pro-rata financial information because it may assist investors and analysts in estimating the Company’s economic interest in its investments. However, pro-rata financial information as an analytical tool has limitations. Other equity REITs may not calculate their pro-rata information in the same methodology, and accordingly, the Company’s pro-rata information may not be comparable to such other REITs' pro-rata information. As such, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP but may be used as a supplement to financial information as reported under GAAP.

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