Exhibit (C)(8)

Project Gold Discussion Materials Strictly Private and Confidential Goldman Sachs & Co. LLC February 24, 2018

Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. 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Offer Metrics at Various Prices Potential Re-Bid Scenarios Revised Offer + Initial Offer Revised Offer Updated Stock (11-Nov-2017) (23-Feb-2018) Ratio $ 23.50 $ 24.00 $ 24.50 % Cash 50 % 60 % 60 % Offer Value: Value of Cash Offer $ 23.00 $ 23.00 $ 23.00 $ 23.50 $ 24.00 $ 24.50 # Blue Jay Units / Goldfinch Share 0.9656 0.9656 1.1090 1.1331 1.1572 1.1813 Value of Stock Offer $ 20.03 $ 20.03 $ 23.00 $ 23.50 $ 24.00 $ 24.50 Blended Offer Price $ 21.51 $ 21.81 $ 23.00 $ 23.50 $ 24.00 $ 24.50 Bump vs. Current Value of Initial Offer 1.4 % 6.9 % 9.2 % 11.6 % 13.9 % Bump vs. Headline Initial Offer ($23) (5.2)% 0.0 % 2.2 % 4.3 % 6.5 % Implied Offer Premia to: Current Share Price ($21.52) (0.0)% 1.4 % 6.9 % 9.2 % 11.5 % 13.8 % Pre-Rumor Share Price as of 6-Nov-17 ($19.01) 13.2 % 14.7 % 21.0 % 23.6 % 26.2 % 28.9 % 1-Year VWAP as of 6-Nov-17 ($23.13) (7.0)% (5.7)% (0.6)% 1.6 % 3.8 % 5.9 % 4Q Goldfinch IFRS NAV ($27.33) (21.3)% (20.2)% (15.8)% (14.0)% (12.2)% (10.4)% GSA NAV ($26.85) (19.9)% (18.8)% (14.3)% (12.5)% (10.6)% (8.8)% SNL NAV ($26.17) (17.8)% (16.7)% (12.1)% (10.2)% (8.3)% (6.4)% Implied Valuation Metrics based on Draft Management Projections Total Offer Value $ 13.8 bn $ 14.0 bn $ 14.8 bn $ 15.1 bn $ 15.5 bn $ 15.8 bn Implied Equity Value $ 20.9 bn $ 21.2 bn $ 22.3 bn $ 22.8 bn $ 23.3 bn $ 23.8 bn Implied Enterprise Value $ 39.3 bn $ 39.6 bn $ 40.8 bn $ 41.3 bn $ 41.7 bn $ 42.2 bn Implied Nominal Cap Rate 5.77% 5.73% 5.57% 5.50% 5.43% 5.37% Implied 2018 P / FFO 14.2 x 14.4 x 15.2 x 15.6 x 15.9 x 16.2 x Source: Blue Jay offer letter dated 11-Nov-2017, Blue Jay offer letter dated 23-Feb-2018, Bloomberg, Company Filings, Draft management projections as provided on 19-Jan-2018, Green Street Advisors, SNL Financial. Market data as of 23-Feb-2018 2

Offer Metrics at Various Prices and Levels of Cash Consideration Potential Re-Bid Scenarios (65%forRe-Bid) 75% Cash Consideration 70% Cash Consideration Base Cash Consid. Revised Offer + Initial Offer Revised Offer Updated Stock (11-Nov-2017)(23-Feb-2018) Ratio $ 23.50 $ 24.00 $ 24.50 Effective Consideration per Share Cash per Share $ 11.50 $ 13.80 $ 13.80 $ 15.28 $ 15.60 $ 15.93 Stock per Share $ 10.01 $ 8.01 $ 9.20 $ 8.23 $ 8.40 $ 8.58 Max. Discount to Stock to Reach Pre-Rumor Price (25.0)% (35.0)% (43.4)% (54.6)% (59.4)% (64.0)% Aggregate Offer Consideration Total Cash Consideration $ 7.4 bn $ 8.9 bn $ 8.9 bn $ 9.8 bn $ 10.0 bn $ 10.3 bn Goldfinch S/hr Ownership in Blue Jay 28.1 % 23.8 % 26.5 % 24.4 % 24.7 % 25.1 % Effective Consideration per Share Cash per Share $ 16.45 $ 16.80 $ 17.15 Stock per Share $ 7.05 $ 7.20 $ 7.35 Max. Discount to Stock to Reach Pre-Rumor Price (63.7)% (69.3)% (74.7)% Aggregate Offer Consideration Total Cash Consideration $ 10.6 bn $ 10.8 bn $ 11.0 bn Goldfinch S/hr Ownership in Blue Jay 21.6 % 22.0 % 22.4 % Effective Consideration per Share Cash per Share $ 17.63 $ 18.00 $ 18.38 Stock per Share $ 5.88 $ 6.00 $ 6.13 Max. Discount to Stock to Reach Pre-Rumor Price (76.4)% (83.2)% (89.6)% Aggregate Offer Consideration Total Cash Consideration $ 11.3 bn $ 11.6 bn $ 11.8 bn Goldfinch S/hr Ownership in Blue Jay 18.7 % 19.0 % 19.3 % Source: Blue Jay offer letter dated 11-Nov-2017, Blue Jay offer letter dated 23-Feb-2018, Bloomberg, Company Filings, Draft management projections as provided on 19-Jan-2018, Green Street Advisors, SNL Financial. Market data as of 23-Feb-2018 3

Barbet Class A Stock Overview of Proposal Overview Distribution Policy Exchangeability Liquidation Governance Incorporation / Listing / Index Eligibility ï® Shares in a REIT (entity that was formerly Goldfinch) with economics designed to mimic those of existing Blue Jay Unit in all material respects — Shares will be trade independently, but will be exchangeable into Blue Jay units and paid the same dividend ï® REIT will own all of Goldfinch’s legacy assets, subject to any property JVs or asset sales. REIT shareholders will not have a claim on Blue Jay assets other than through exchange rights ï® Effectively converts Blue Jay into a “downREIT” structure ï® Regular and special dividends will be equal to distributions paid on Blue Jay units ï® Dividends to Barbet Class A stockholders will be prioritized over distributions from Barbet to Barbet unitholders / Blue Jay (both quarterly and on a cumulative basis) — Distributions to Blue Jay can only be made if ratio of Class A dividends / Barbet FFO is below 80% — If there is not enough cash flow to support distributions to Class A stockholders, Barbet may raise cash through asset sales, refinancings, etc. to support the Class A dividend ï® Beginning one year post transcation close, Barbet Class A shareholders may demand an exchange of its shares into Blue Jay units at a one-for-one basis — Blue Jay may elect to settle in cash equal to the value of Blue Jay units ï® Anti-dilution provision that will protect Barbet Class A stockholders in the event of capital events or the issuance of equity by Blue Jay ï® In the event of any liquidation of Barbet (including related entities) or Blue Jay, Class A stock will be entitled to receive the same distributions as Blue Jay units ï® In the event that Barbet’s public float becomes too small for Barbet to remain a viable public company, Blue Jay could collapse then Barbet structure and force Barbet shareholders to convert into Blue Jay or redeem their stock for cash ï® Barbet Class A stock has no voting rights (same as Blue Jay units) ï® Composition of the Barbet board of directors will be identical to that of Blue Jay, pursuant to a Joint Governance Agreement ï® Barbet will be externally managed by Blackbird through a Master Services Agreement (MSA) that will substantially identical to the MSA between Blue Jay and Blackbird, including the fee calculation structure ï® MSA payments will be a contractual obligation; however, if Barbet does not have sufficient cash to pay the MSA fee, Barbet may elect to pay the fee in Class A stock ï® Delaware / NASDAQ ï® Likely not eligible for S&P Composite Indices ï® Eligibility for RMZ is yet to be determined Source: Goodwin Draft of Barbet Term Sheet Received 5-Feb-2017, Goodwin Responses to Questions on Barbet Term Sheet Received 13-Feb-2018 Additional Information on Pro Forma Company 4

Structure and Governance Comparison Goldfinch, Barbet, Blue Jay, and Blackbird Goldfinch Barbet Blue Jay Blackbird Blackbird / Blue Jay 34 % > 34% 69 %¹ NA Ownership S&P500 Constituent? Yes Not Eligible No No RMZ Constituent? Yes Potentially Eligible No No Research Coverage (# 18 NA 4 8 Analysts) Structure REIT REIT Partnership Corporation Jurisdiction Delaware Delaware Bermuda Ontario, Canada Listing Exchange NYSE NASDAQ NASDAQ / TSX NYSE / TSX 3M ADTV (mm) $108.3 NA $2.2 $28.6 Liquidity (3M ADTV / Free Float) # of Blackbird / Blue Jay Directors ( / Total Board Seats) Management Structure Voting Rights 0.88 % NA 0.04 % 0.07 % 3 / 9 2 / 9 2 / 9 NA Internal External External Internal Proportional to None, None, Blackbird has full Proportional to ownership ownership Blue Jay has full control control Source: Public company filings, IBES estimates, Bloomberg, SNL Financial, Goodwin Draft of Barbet Term Sheet Sent 5-Feb-2017; Market data as of 6-Nov-2017 (pre-rumor) ¹ ~62% economic ownership including dilution from mandatory convertible preferred units. Additional Information on Pro Forma Company 5

A. Preliminary Financial Analyses of Goldfinch Standalone (4-Dec-2017)

Summary of Preliminary Illustrative Financial Analyses From Special Committee materials dated 4-Dec-2017 Stock Price (Pre-Rumor): $ 19.01 Blended Offer Price: $ 22.06 Implied 6.3% Implied Cap Rate 5.8% Implied Cap Rate Methodology Cap Rate Commentary 12.8x 2018E FFO Multiple 14.8x 2018E FFO Multiple Present Value of ï® Illustrative Implied Cap Rate Range: 5.75% – 6.75% 1 Future Stock Price $ 16.46 $ 25.06 5.4% - 6.8% ï® Illustrative Cost of Equity: 7.6% (Implied Exit Cap ï® Exit Year: Range of 2017 – 2021 Rate) Financial 2 Present Value of $ 23.81 ï® Illustrative P / NTM FFO range: 10.0x – 15.0x Analysis Future Stock Price $ 14.78 5.6% - 7.2% ï® Illustrative Cost of Equity: 7.6% Methodology (P / FFO) ï® Exit Year: Range of 2017 – 2021 3 Levered Discounted $ 19.79 5.1% - 6.2% ï® Illustrative Cost of Equity range: 7.0% - 8.0% $ 27.61 Cash Flow Analysis ï® Illustrative FCF Terminal Growth Rate range: 1.0% - 2.0% Precedent Precedent REIT ï® Public REIT transactions over past 5 years 4 Transactions: Premia ï® 25th Percentile Premium to Undisturbed Price: 8.5% Transaction $ 20.62 $ 22.71 5.7% - 6.1% to Undisturbed 1-Day ï® th Analysis 75 Percentile Premium to Undisturbed Price: 19.5% Prior Price ï® Applied to pre-rumor price of $19.01 5 52-Week High / Low $ 18.83 $ 27.10 5.2% - 6.4% ï® High: $27.10 (15-Nov-2016) ï® Low: $18.83 (3-Nov-2017) ï® High: Boenning & Scattergood (21-Nov-2017) Market ï® High excluding Boenning & Scattergood (BTIG, 20-Nov- 6 Analyst Price Target $ 18.00 $ 28.00 5.1% - 6.5% 2017): $28.00 Information 34.50 ï® Low: Goldman Sachs (6-Nov-2017) $ ï® Median: $25.00 (of 17 data points) Analyst NAV Per ï® High: Boenning & Scattergood (21-Nov-2017) 7 $ 24.17 $ 35.08 4.4% - 5.5% ï® Low: Evercore (19-Nov-2017) Share ï® Median: $27.65 (of 13 data points) $ 10.00 $ 20.00 $ 30.00 $ 40.00 Implied Cap Rate 8.4% 6.2% 4.9% 4.0% Source: Draft Management Projections, SNL Financial consensus estimates, Green Street Advisors, IBES consensus estimates, Bloomberg, available Wall Street Research; Market data as of 30-Nov-2017 Note: See page 52 for additional detail on calculation of implied cap rate. Preliminary Financial Analyses of Goldfinch Standalone 7

1 Green Street Implied Cap Rates Over Time Goldfinch vs. Peers | Last Five Years From Special Committee materials dated 4-Dec-2017 7.0% Current Current Pre-Rumor Nominal Implied Implied Average Implied Cap Rate Cap Rate Cap Rate Cap Rate 3M YTD 3Y 5Y 6.5% Goldfinch 5.37% 5.89% 6.51% 6.18% 6.01% 5.47% 5.51% MAC 5.00 5.52 6.02 5.89 5.72 5.09 5.25 SPG 5.13 6.16 6.24 6.10 5.93 5.28 5.26 TCO 4.42 5.61 6.12 5.85 5.52 5.15 5.25 6.16% 6.0% 5.89% 5.61% 5.5% 5.52% 5.0% 4.5% Goldfinch MAC SPG TCO 4.0% Nov-2012 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Average 2012 2013 2014 2015 2016 2017 Goldfinch 5.60% 5.60% 5.49% 5.19% 5.31% 5.98% MAC 5.73 5.52 5.37 4.73 4.93 5.69 SPG 5.19 5.23 5.23 4.98 5.05 5.89 TCO 5.21 5.39 5.37 5.03 4.99 5.47 Source: Green Street Advisors; Green Street Advisors data as of 22-Nov-2017 (latest available) and pre-rumor as of 06-Nov-2017 Preliminary Financial Analyses of Goldfinch Standalone 8

1 Illustrative Present Value of Future Stock Price Based on Cap Rate on 1-Year Forward NOI From Special Committee materials dated 4-Dec-2017 Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 29.00 $ 25.02 $ 27.45 Discounted to 30-Sep-2017 $ 23.68 1-Yr Green $ 22.57 $ 22.09 $ 23.51 $ 23.25 $ 24.56 $ 25.06 Street $ 22.38 $ 22.73 Advisors $ 19.01 $ 19.92 $ 22.03 Implied Cap $ 18.78 $ 20.33 $ 21.03 Rate Range: $ 17.83 $ 20.64 $ 19.01 $ 18.26 $ 18.92 $ 17.72 5.6% - 6.5% $ 18.54 $ 19.19 $ 19.95 $ 17.46 $ 16.55 $ 17.05 $ 17.75 $ 16.46 Today 2017E2018E2019E2020E 2021E Today 2017E 2018E2019E 2020E 2021E 6.75% Implied Cap Rate 6.51% Implied Cap Rate 5.75% Implied Cap Rate (Goldfinch Pre-Rumor)² Assumptions Per Draft Management Projections CAGR 4Q2017 2018E 2019E 2020E 2021E 1-Year Forward Adjusted Real Estate NOI $ 2,263 $ 2,341 $ 2,444 $ 2,572 $ 2,641 3.1 % Common Dividends Per Share¹ $ 0.22 $ 0.97 $ 1.04 $ 1.11 $ 1.19 6.1 % Cumulative Dividends Per Share $ 0.22 $ 1.19 $ 2.22 $ 3.33 $ 4.52 Illustrative Cost of Equity 7.6 % Source: Draft Management Projections, Company filings, Green Street Advisors, Axioma, Bloomberg, IBES; Market data as of 30-Nov-2017, Goldfinch pre-rumor date of 6-Nov-2017 Note: See page 52 for additional detail on calculation of NAV and Adjusted Real Estate NOI. 1 Full year 2017 dividends of $0.88 per share per Draft Management Projections used for 2017E-2021E CAGR calculation. Dividends are discounted to 30-Sep-2017 using mid-year convention. Share prices are discounted to 30-Sep-2017 using year-end convention. ³ Pre-rumor implied cap rate per Green Street Advisors. Preliminary Financial Analyses of Goldfinch Standalone 9

2P / NTM FFO Multiples Over Time From Special Committee materials Goldfinch vs. Peers | Last Five Years dated 4-Dec-2017 NTM-Time Weighted P/FFO Multiple 30x Pre-Rumor 3M Avg YTD Avg 3Y Avg 5Y Avg Goldfinch 11.8 x 13.3 x 14.2 x 16.8 x 17.0 x MAC 13.2 14.1 14.8 18.0 17.8 SPG 12.8 13.4 14.0 16.8 17.1 TCO 11.9 13.3 15.5 18.8 19.1 25x 20x 15.8 x 15x 15.3 x 14.7 x 13.4 x Goldfinch MAC SPG TCO 10x Nov-2012 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Average 2012 2013 2014 2015 2016 YTD Goldfinch 17.9 x 17.3 x 17.2 x 18.3 x 17.5 x 14.2 x MAC 17.7 17.5 17.8 20.3 18.3 14.8 SPG 19.0 17.8 17.5 18.3 17.7 14.0 TCO 22.2 19.9 19.6 21.4 18.9 15.5 Source: Bloomberg; Market data as of 30-Nov-2017 and pre-rumor as of 06-Nov-2017 Preliminary Financial Analyses of Goldfinch Standalone 10

2 Illustrative Present Value of Future Stock Price Based on 1-Year Forward FFO per Share Multiple From Special Committee materials dated 4-Dec-2017 Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 26.14 $ 27.31 Discounted to 30-Sep-2017 $ 24.16 1-Yr IBES $ 22.25 $ 22.81 $ 21.49 $ 22.06 $ 21.93 $ 22.51 $ 23.52 $ 23.81 Consensus $ 19.01 $ 19.01 $ 20.57 P/NTM FFO $ 17.51 $ 17.95 $ 19.01 $ 19.14 $ 19.56 Range: $ 17.50 $ 18.15 11.8x–16.7x $ 17.41 $ 18.20 $ 17.43 $ 16.10 $ 16.66 $ 17.15 $ 14.83 $ 15.20 $ 14.78 $ 15.00 $ 15.68 Today 2017E2018E2019E 2020E2021E Today 2017E 2018E 2019E2020E 2021E 10.0x Forward P / FFO 11.8x Forward P / FFO 15.0x Forward P / FFO (Goldfinch Pre-Rumor)² Assumptions Per Draft Management Projections CAGR 4Q2017 2018E 2019E 2020E 2021E 1-Year Forward FFO Per Share $ 1.48 $ 1.52 $ 1.61 $ 1.74 $ 1.82 4.2 % Common Dividends Per Share¹ $ 0.22 $ 0.97 $ 1.04 $ 1.11 $ 1.19 6.1 % Cumulative Dividends Per Share $ 0.22 $ 1.19 $ 2.22 $ 3.33 $ 4.52 Illustrative Cost of Equity 7.6 % Source: Draft Management Projections, Axioma, Bloomberg, IBES; Market data as of 30-Nov-2017, Goldfinch pre-rumor date of 6-Nov-2017 1 Full year 2017 dividends of $0.88 per share per Draft Management Projections used for 2017E-2021E CAGR calculation. Dividends are discounted to 30-Sep-2017 using mid-year convention. Share prices are discounted to 30-Sep-2017 using year-end convention. ² Pre-rumor Forward FFO multiple per IBES consensus. Preliminary Financial Analyses of Goldfinch Standalone 11

3 Illustrative Discounted Levered Free Cash Flow Analysis ($ in millions) From Special Committee materials dated 4-Dec-2017 2017E 4Q2017 2018E 2019E 2020E 2021E 2022E EBITDA $ 555 $ 2,220 $ 2,275 $ 2,379 $ 2,509 $ 2,579 Less: Interest Expense (198) (794) (801) (814) (813) (805) Plus: Net Other Income 12 13 3 3 3 5 FFO $ 369 $ 1,439 $ 1,478 $ 1,568 $ 1,700 $ 1,779 Less: Maintenance Capex (76) (351) (334) (254) (178) (178) AFFO $ 293 $ 1,088 $ 1,144 $ 1,314 $ 1,522 $ 1,600 Less: Development Capex (246) (747) (631) (90) (40) - Less: Mandatory Debt Amortization (46) (197) (221) (251) (262) (273) Less: Other Cash Flow Items 572 208 13 (16) (17) (16) Levered Free Cash Flow $ 573 $ 351 $ 305 $ 957 $ 1,202 $ 1,311 Terminal Value¹ Terminal $ 2,579 (805) 5 $ 1,779 (178) $ 1,600 - - - $ 1,600 $ 26,608 Source: Company filings, Draft Management Projections, Axioma, Bloomberg, Green Street Advisors ¹ Based on 7.6% cost of equity and 1.5% terminal growth rate. Preliminary Financial Analyses of Goldfinch Standalone 12

3 Illustrative Discounted Levered Free Cash Flow Analysis From Special Committee materials dated 4-Dec-2017 Implied Current Share Price Terminal Growth Rate # #### 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % Equity 7.00 % $ 23.48 $ 24.38 $ 25.36 $ 26.43 $ 27.61 Equity 7.25 % 22.45 23.26 24.15 25.12 26.19 of 7.60 % 21.11 21.84 22.62 23.46 24.38 of Cost 7.75 % 20.61 21.30 22.04 22.84 23.71 Cost 8.00 % 19.79 20.42 21.10 21.84 22.63 Implied Terminal Multiple (P / NTM FFO) Terminal Growth Rate # #### 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % Equity 7.00 % 14.6 x 15.3 x 16.0 x 16.8 x 17.7 x Equity 7.25 % 14.0 14.7 15.3 16.1 16.9 of 7.60 % 13.3 13.8 14.4 15.1 15.8 of Cost 7.75 % 13.0 13.5 14.1 14.7 15.4 Cost 8.00 % 12.5 13.0 13.6 14.1 14.8 % of Equity Value from Terminal Value Terminal Growth Rate $ 0.83 1.00 % 1.25 %1.50 % 1.75 % 2.00 % 7.00 % 83.1 % 83.7 %84.3 % 85.0 % 85.6 % 7.25 % 82.4 % 83.0 %83.6 % 84.3 % 84.9 % 7.60 % 81.5 % 82.1 %82.7 % 83.3 % 84.0 % 7.75 % 81.1 % 81.7 %82.3 % 82.9 % 83.6 % 8.00 % 80.4 % 81.0 %81.7 % 82.3 % 82.9 % Implied Terminal Cap Rate Terminal Growth Rate 6.2 % 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % 7.00 % 6.2 % 6.0 % 5.8 % 5.7 % 5.5 % 7.25 % 6.3 % 6.2 % 6.0 % 5.8 % 5.7 % 7.60 % 6.5 % 6.4 % 6.2 % 6.1 % 5.9 % 7.75 % 6.6 % 6.5 % 6.3 % 6.2 % 6.0 % 8.00 % 6.8 % 6.6 % 6.5 % 6.3 % 6.1 % Source: Company filings, Draft Management Projections, Axioma, Bloomberg, Green Street Advisors Preliminary Financial Analyses of Goldfinch Standalone 13

4 Precedent US REIT Transaction Premia Deals >$1bn in Value | Last 5 Years From Special Committee materials dated 4-Dec-2017 Premium to Transaction Undisturbed 1- Premium to SNL Date Announced Acquiror Name Target Name Value ($bn)¹ Day Prior NAV Consideration 10-Aug-2017 Invitation Homes Starwood Waypoint Homes $ 8.6 0.8 % (2.7)% Stock 4-Jul-2017 Greystar Real Estate Partners Monogram Residential Trust, Inc. 4.0 22.4 % 0.7 % Cash 30-Jun-2017 Canada Pension Plan Investment Board Parkway, Inc. 1.3 13.1 % 9.7 % Cash 28-Jun-2017 Government Properties Income Trust First Potomac Realty Trust 1.5 5.1 % (7.1)% Cash 9-Jun-2017 Digital Realty Trust, Inc. DuPont Fabros Technology, Inc. 7.2 14.9 % 27.8 % Stock 7-May-2017 Sabra Health Care REIT, Inc. Care Capital Properties, Inc. 4.1 11.8 % 29.6 % Stock 24-Apr-2017 RLJ Lodging Trust FelCor Lodging Trust Incorporated 2.9 16.7 % NA Stock 27-Feb-2017 Tricon Capital Group Silver Bay Realty Trust Corp. 1.5 19.4 % (10.2)% Cash 14-Nov-2016 Regency Centers Corp Equity One, Inc. 5.8 15.3 % 5.1 % Stock 15-Aug-2016 Mid-America Apartment Cmnty Post Properties, Inc. 4.9 16.6 % 10.7 % Stock 29-Apr-2016 Cousins Properties Inc Parkway Properties, Inc. 4.0 13.0 % (2.1)% Stock 25-Feb-2016 Brookfield Asset Mgmt Inc Rouse Properties, Inc. 2.6 35.3 % (9.4)% Cash 15-Dec-2015 DRA Advisors LLC IRC Retail Centers 2.1 6.6 % (6.4)% Cash 3-Dec-2015 American Homes 4 Rent American Residential Properties, Inc. 1.4 8.7 % (19.0)% Stock 16-Oct-2015 Harrison Street Re Capital LLC Campus Crest Communities, Inc. 1.7 24.4 % (15.4)% Cash 8-Oct-2015 Blackstone RE Partners VIII LP BioMed Realty Trust, Inc. 8.1 23.8 % 1.0 % Cash 8-Sep-2015 Blackstone RE Partners VIII LP Strategic Hotels & Resorts, Inc. 5.9 4.8 % (3.2)% Cash 22-Jun-2015 Lone Star Funds Home Properties, Inc. 7.9 3.4 % 6.6 % Cash 22-Apr-2015 Brookfield Asset Mgmt Inc Associated Estates Realty Corporation 2.5 17.4 % 14.4 % Cash 10-Apr-2015 Blackstone Ppty Partners LP Excel Trust, Inc. 2.8 14.5 % 7.2 % Cash 31-Oct-2014 Omega Healthcare Investors Inc Aviv REIT, Inc. 2.8 16.2 % 57.5 % Stock 16-Sep-2014 Washington Prime Group Inc Glimcher Realty Trust 4.3 34.1 % 21.8 % Cash / Stock 2-Jun-2014 Ventas Inc American Realty Capital Healthcare Trust, Inc. 2.4 13.9 % NA Cash / Stock 9-Dec-2013 Essex Property Trust Inc BRE Properties, Inc. 6.2 (2.1)% 2.3 % Cash / Stock 23-Oct-2013 American Rlty Capital Ppty Inc Cole Real Estate Investments, Inc. 10.9 7.8 % 17.5 % Cash / Stock 3-Jun-2013 Mid-America Apartment Communities, Inc. Colonial Properties Trust 4.2 10.7 % (8.4)% Stock 28-May-2013 American Rlty Capital Ppty Inc CapLease, Inc. 2.1 19.7 % 16.9 % Cash 25-Apr-2013 Brookfield Office Pptys Inc MPG Office Trust, Inc. 2.1 21.2 % 7.9 % Cash Low $ 1.3 (2.1)% (19.0)% 25th Percentile $ 2.1 8.5 % (5.6)% Mean $ 4.1 14.6 % 5.9 % Median $ 3.5 14.7 % 3.7 % 75th Percentile $ 5.8 19.5 % 13.4 % High $ 10.9 35.3 % 57.5 % Source: Company filings, SNL, Thomson Reuters, CapIQ ¹ Total Transaction Size per CapIQ. Preliminary Financial Analyses of Goldfinch Standalone 14

6/7 Goldfinch Research Analyst Views From Special Committee materials dated 4-Dec-2017 NAV Broker Estimate Date Rating Price Target per Share Primary Valuation Methodology Bank of America¹ 13-Nov-17 Buy $ 25.00 $ 25.00 NAV Barclays 27-Nov-17 Hold 24.00 33.97 NAV, DCF, “sentiment/regression” BMO Capital Markets 17-Nov-17 Hold 22.00 27.69 NAV, DCF Boenning & Scattergood 21-Nov-17 Buy 34.50 35.08 NAV BTIG 20-Nov-17 Buy 28.00 32.26 NAV; FFO multiple Citibank 17-Nov-17 NA 27.50 29.90 NAV Deutsche Bank 12-Nov-17 Hold 26.00 NA NAV Evercore 26-Nov-17 Hold 23.00 24.17 NAV, DCF Goldman Sachs¹ 6-Nov-17 Sell 18.00 NA AFFO multiple Green Street Advisors² 30-Nov-17 Hold NA 27.65 - J.P. Morgan 17-Nov-17 Buy 25.00 NA DCF Mizuho Securities 20-Nov-17 Hold 23.00 26.50 NAV RBC Capital Markets 12-Nov-17 Buy 25.00 24.72 NAV Sandler O’Neill 13-Nov-17 Hold 25.00 25.80 FFO multiple, dividend yield, AFFO yield Stifel 14-Nov-17 Buy 24.00 29.00 Cap rate SunTrust 7-Nov-17 Buy 26.00 27.11 NAV UBS 31-Oct-17 Hold 23.00 NA NAV Wells Fargo 12-Nov-17 Hold 23.00 NA NAV Low $ 18.00 $ 24.17 Mean $ 24.82 $ 28.37 Median $ 25.00 $ 27.65 High $ 34.50 $ 35.08 Source: Latest available broker research as of 30-Nov-2017 ¹ Bank of America and Goldman Sachs recommendations / price targets from prior recent reports (having moved to unrated post transaction announcement). ² Not included in IBES / SNL consensus. Preliminary Financial Analyses of Goldfinch Standalone 15