Investor Presentaiton

In-Process Mixed-Use Expansion Pipeline ~$515 MILLION OF MIXED-USED EXPANSION PROJECTS IN PROCESS • Projects located in the 1st ring suburbs of major metro markets with significant demand drivers Near job centers with continued growth Established places Amenitized environments Delivering desirable new product featuring: ㅁ ㅁ ㅁ State of the art building systems including contactless and touchless entry New HVAC/ air quality systems Outdoor spaces Convenient parking Amenitized walkable environment ~$140 million of spend remaining on current phases over the next few years(1) Project Description Location Demand Drivers Cost Remaining Spend (1) Projected POI Update " 915 Meeting Street Pike & Rose Phase 4 266k SF office, 10k SF retail North Bethesda, MD Washington D.C. Government Healthcare (NIH <4 miles) Biosciences Medical technology $185 $200 million -$45 million remaining spend 6% 65% pre-leased to Choice Hotels and Sodexo Pursuing LEED Gold Certification ONE SANTANA WEST 376k SF office San Jose, CA Silicon Valley Global center of technology Data analytics Social media Cloud computing $315 $330 million -$95 million remaining spend 6% LEED Gold Certification achieved (1) Assumes mid-point of expected total cost less costs to date. 16

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