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Investor Presentaiton

Entitlements PIPELINE OF ADDITIONAL DENSIFICATION OPPORTUNITIES -1 million SF and 250+ residential units shovel ready (i.e. entitled and designed) expansions ㅁ Pike & Rose, Assembly Row and Santana Row • ~2,000 residential units with design and entitlements in-process □ Predominantly located on underutilized land at our shopping centers ~7 million SF and 2,000+ residential units of additional vested entitlements ㅁ Primarily in our mixed-use portfolio • ⚫ ~7 million SF (commercial + residential) of active major re-zonings in-process The Delwyn Bala Cynwyd Shopping Center The Stories Congressional Plaza Assembly Row Note: Entitlement information covers entirety of properties. There are no guarantees that we will be successful in obtaining any of the rezonings or entitlements that we are currently pursuing, that final entitlements actually obtained will be in the amounts reflected above or that we will utilize all or any of the entitlements that are currently vested or ultimately obtained. 18
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