Risk Factors Update Summary

• Equity commitment increased by $5.9 million to $47 million for the Solis Gainesville II project.
• Growth depends on external sources for distribution. Mezzanine loans and similar investments are significant risks.
• Preferred equity investment of $28.4 million for Solis Peachtree Corners with a minimum interest guarantee of $12.0 million.
• Decrease in net income attributable to common stockholders and OP Unitholders from $82.5 million to $4.4 million.
• Acquisition of The Interlock for $214.1 million, including $105.6 million senior construction loan.
• Funds from operations attributable to common stockholders and OP Unitholders decreased from $106.7 million to $90.6 million.
• Mezzanine loan agreement repayment of $90.2 million for The Interlock acquisition.
• Normalized funds from operations decreased from $107.2 million to $110.5 million.
• Preferred equity investment of $9.2 million for The Allure at Edinburgh with a mandatory redemption feature.
• Property segment net operating income increased from $146.5 million to $160.1 million.
• Preferred equity investment of $37.9 million for Solis Kennesaw with interest rates varying over time.
• Office NOI increased from $47.7 million to $53.1 million.
• Increase in employees from 161 to 164, emphasizing employee development and training programs.
• Retail same store NOI increased from $55.0 million to $59.6 million.