Investment Approach

• Employ fundamental research with a bottom-up approach.
• Assess the capability, strategy, and management of the business.
• Evaluate the asset base potential.
• Understand the supply and demand dynamics by property and market.
• Utilize relative valuation metrics and analysis.
• Balance valuation analysis versus fundamental assessment.
• Continually monitor investments to ensure that execution and results are tracking expectations.
• Leverage the deep knowledge base at T. Rowe Price.