Priorities Targets Considerations Invest in accretive growth Double-digit IRR over the long-term, limit equity dilution and show per share growth Each opportunity should provide accretive long-term return and improve portfolio quality Maintain strong balance sheet and liquidity $0 Debt with Revolving Credit Facility and cash on hand to fund opportunities Outstanding debt will be paid down and cash balance will build for investment in growth Return capital to shareholders Consistent dividend growth Regular Dividends Dividend raises consider assessment of future portfolio performance without formulaic targets Discretionary Special dividend / share buyback Considers cash balance, investment pipeline, trading valuation and relative returns Capital Allocation Framework Built-in flexibility and discretion as competing priorities change with market conditions 24