Columbia Investor Day

MODEST NEAR-TERM ACCRETION FROM NORMANDY ACQUISITION 2020 EXPECTATIONS Revenue Streams Range (in millions) Asset Management Fees $6.5 $7.0 Property Management Fees $5.5 $6.5 Construction & Development Fees $4.0 $5.0 Leasing Fees & Other Income $1.5 $2.5 TOTAL $17.5 $21.0 Net Income & NFFO Contribution* Net Income & NFFO Accretion per Share* (after adjusting for 3.26 million additional units)** $6 million - $9 million $0.01 -$0.03 *Exclusive of transaction costs. **Incremental convertible preferred OP units issued as consideration in Normandy transaction. 00 8

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