Page 23 of 32 – SEC Filing
| FrontFour Capital and the Value Fund GP are parties to the Amended and Restated Limited Partnership Agreement, dated April 19, 2017, for the Value Fund. Pursuant to the terms of that agreement, the Value Fund GP is the sole general partner of the Value Fund and has all powers necessary and appropriate to make and divest of the investment of the Value Fund in the Stapled Units and otherwise deal in or with and exercise all rights, powers, privileges, options and other incidents of ownership or possession with respect to the investment and is entitled, generally on an annual basis, to a portion of the appreciation in the value of the Stapled Units. |
| Sandpiper and Sandpiper GP are parties to the Limited Partnership Agreement, dated February 6, 2017, for Stone Opportunity LP. Pursuant to the terms of that agreement, Sandpiper has the authority to, acting on the instructions of Sandpiper GP, to trade in the securities of the REIT and GP, and Sandpiper GP has the authority to carry on the activity of Stone Opportunity LP and is entitled, generally, to a portion of the appreciation in the value of the Stapled Units. |
| The Master Fund beneficially owns (i) 553 call options with a strike price of $42.00, 243 call options with a strike price of $46.00, 784 call options with a strike price of $48.00, and 604 call options with a strike price of $50.00, for a total of 2,184 call options for 218,400 Stapled Units, which expire on July 21, 2017, and (ii) 122 call options with a strike price of $48.00 for 12,200 Stapled Units, which expire on October 20, 2017. The Canadian Fund beneficially owns (i) 17 call options with a strike price of $42.00, 7 call options with a strike price of $46.00, 21 call options with a strike price of $48.00, and 15 call options with a strike price of $50.00, for a total of 60 call options for 6,000 Stapled Units, which expire on July 21, 2017, and (ii) 102 call options with a strike price of $48.00 for 10,200 Stapled Units, which expire on October 20, 2017. The Separately Managed Accounts beneficially own (i) 340 call options with a strike price of $42.00, 150 call options with a strike price of $46.00, 495 call options with a strike price of $48.00, and 381 call options with a strike price of $50.00, for a total of 1,366 call options for 136,600 Stapled Units, which expire on July 21, 2017, and (ii) 76 call options with a strike price of $48.00 for 7,600 Stapled Units, which expire on October 20, 2017. |
| The Master Fund has (i) sold 1,331 and 845 put options with strike prices of $40.00 and $42.00, respectively, which expire on July 21, 2017, for a total of 217,600 Stapled Units, and (ii) sold 122 put options with a strike price of $42.00, which expire on October 20, 2017, for a total of 12,200 Stapled Units. The Canadian Fund has (i) sold 38 and 21 put options with strike prices of $40.00 and $42.00 respectively, which expire on July 21, 2017, for a total of 5,900 Stapled Units, and has (ii) sold 102 put options with a strike price of $42.00, which expire on October 20, 2017, for a total of 10,200 Stapled Units. The Separately Managed Accounts have (i) sold 841 and 534 put options with strike prices of $40.00 and $42.00, respectively, which expire on July 21, 2017, for a total of 137,500 Stapled Units, and have (ii) sold 76 put options with a strike price of $42.00, which expire on October 20, 2017, for a total of 7,600 Stapled Units. |
| Except as set forth herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons or between the Reporting Persons and any other person with respect to the Stapled Units. |
| Item 7. | EXHIBITS |
| Exhibit | Description |
| 1 | Joint Filing Agreement, dated May 1, 2017. |
| 2 | Group Agreement, dated April 25, 2017. |
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