St. John Properties | PIT Presentation to UNC

W E L C O M E

ABOUT ME

Sean Doordan – Senior Vice President, Acquisitions

‣ M.S. in Real Estate, Edward St. John Real Estate Program the Johns Hopkins Carey Business School ‣ Masters of Health Administration,

George Washington University ‣ B.S. in Business Management, University of Delaware

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C O M P A N Y V I D E O

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LOCATIONS

ABOUT SJP

| ABOUT St. John Properties, Inc. is one of the Mid Atlantic region’s largest and most successful privately held commercial real estate firms. Founded in 1971 by Edward St. John and headquartered in Baltimore, MD, the company has developed and owns more than 19 million square feet of office, flex/research and development, warehouse, retail and residential space across eight states. St. John Properties is a vertically-integrated real estate developer, and maintains an excellent credit history with no loan defaults. The company was recently named NAIOP’s National Developer of the Year.

LOCATIONS ‣ Founded in 1971 by Edward St. John ‣ One of the Mid-Atlantic’s largest privately held commercial real estate firms ‣ Recently named National Developer of the Year by NAIOP ‣ Locally owned and headquartered in Baltimore

$3+ BILLION REAL ESTATE VALUE

19+ MILLION SQUARE FEET

ZERO LOAN DEFAULTS

150 LOCATIONS

2,100+ CLIENTS

190+ EMPLOYEES

47 YEARS IN BUSINESS

$3+ BILLION REAL ESTATE VALUE

ZERO LOAN DEFAULTS

50 ATIONS

190+ EMPLOYEES

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ABOUT SJP

We are a vertically-integrated real estate developer. Our team of in-house professionals manage everything from start to finish, including: ‣ Acquisitions ‣ Land Development ‣ Interior Design/Space Planning ‣ Tenant Improvements ‣ Property Management ‣ Maintenance ‣ Building Construction ‣ Leasing & Marketing

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NEW CONSTRUCTION & DEVELOPMENT 2018-2019 National Development Pipeline

Buildings

196,033 SF 945,326 SF 1,366,904 SF Square Feet

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5 8 38 6

Total Buildings Single-Story Office Multi-Story Office Flex/R&D Retail

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11

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73,353 SF

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1

112,000 SF 2,693,616 SF

Warehouse/Bulk

0 3 6 9 12

Total Buildings: 58

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PRODUCTS

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FLEX/R&D

St. John Properties has perfected the Flex/R&D building, which offers a combination of office space in the front with a loading component in the back: ‣ Dock and/or drive-in loading ‣ 16-18 ft. clear ceiling heights and 30 ft. column spans ‣ Free, ample parking with ratios of 4/1,000 SF ‣ LEED designed ‣ Located near major highways and/or transportation hubs

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OFFICE

Two-Story & Single-Story Office: ‣ Direct-entry suites, offering 24/7 access and tenant control of utilities ‣ Free, ample parking with ratios of 4-5/1,000 SF ‣ LEED designed

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ABOUT SJP MULTI-STORY OFFICE

Multi-Story Office: ‣ Class ‘A’ office buildings offering high glazing ratios, attractive lobbies, and onsite amenities including gyms and showers ‣ Free, ample parking with ratios of 4-5/1,000 SF ‣ LEED designed

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RETAIL

Retail: ‣ Provides amenities and services to enhance business parks and neighboring communities ‣ Inline, pad sites, neighborhood shopping centers, and regional mall opportunities ‣ Over 2 million square feet across the portfolio

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MIXED-USE COMMUNITIES

Our mixed-use communities are designed for the “Work, Live, Play lifestyle” – offering a combination of office and flex/R&D space, as well as supporting retail, hotel and residential units.

‣ 550 acres ‣ 1.8+ million sq. ft. of commercial space ‣ 1,900 residential units

‣ 466 acres ‣ 1+ million sq. ft. of commercial space ‣ 1,800 residential units

‣ 600 acres ‣ 2+ million sq. ft. of commercial space ‣ 1,300 residential units

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WAREHOUSE/BULK

Warehouse/Bulk:

‣ Dock and/or drive-in loading ‣ 22-24 ft. clear ceiling heights ‣ Located near major highways and/or transportation and shipping hubs

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RESIDENTIAL

St. John Properties partners with quality developers to create residential communities consisting of luxury multi-family rental and single-family units.

‣ Greenleigh at Crossroads ‣ 317 units ‣ Opened in June 2018

‣ Melford Town Center ‣ 388 units ‣ Opening in early 2020

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HOSPITALITY & GAMING

Our Gaming Division owns the 316-room Best Western Plus Boomtown Casino Hotel in Reno, NV. Complete with six restaurants, two pools and a family fun center, the hotel is located in the foothills of the Sierras, just minutes from downtown Reno and a short drive to Lake Tahoe.

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ABOUT SJP PARTNER IN TRAINING PROGRAM ‣ The purpose of the St. John Properties Partner in Training (PIT) program is to prepare trainees to become Regional Partners and expand into new markets across the country. ‣ Selected PIT candidates are entered into an intensive four-year long program at our Baltimore headquarters. ‣ The PIT will learn the fine points of site selection, acquisition, development, design, construction, leasing, marketing, and property management. ‣ PITs will be compensated with a competitive salary, benefits package and other incentives. ‣ On completion of the training program, the PIT graduate will be eligible for equity participation and other incentives once their new office location has been selected.

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ABOUT SJP ABOUT THE PROGRAM

PROGRAM GRADUATES

Partner in Training Program Workflow Program Workflow

Program Graduates

PROPERTY MANAGEMENT 2 MONTHS

LEGAL & ACQUISITIONS 1 MONTH

DEVELOPMENT 5 MONTHS

Sean Doordan SENIOR VICE PRESIDENT ACQUISITIONS

Greg Fax REGIONAL PARTNER WISCONSIN

Steven R REGIONA COL

PROGRAM GRADUATES

TENANT IMPROVEMENT 10 MONTHS

CONSTRUCTION 6 MONTHS

Sean Doordan SENIOR VICE PRESIDENT ACQUISITIONS

Greg Fax REGIONAL PARTNER WISCONSIN

Steven Rasmussen REGIONAL PARTNER COLORADO

Daniel Thomas REGIONAL PARTNER UTAH

LEASING 24 Months

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PROPERTY MANAGEMENT The Property Management department training unit will introduce the PIT to the services the company provides to each building — maintenance, lease administration and the duties of a Property Manager. ‣ Building Maintenance ‣ Property Administration - Abstracting leases, collections, batches, water billing, CAM and RET billings - Collection calls - Lease administration ‣ Property Management - Walk parks and visit clients in portfolio - Attend collections, negotiations, arbitrations and court appearances - Respond to building inspection reports

- Attend all move-in’s and move-outs for assigned portfolio - Create actual budget with comparison to last two years

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TENANT IMPROVEMENT The Interior Construction department initiates client build-outs and tenant improvements. During this section of the PIT program, the trainee will learn the details of building out leased space for the client — including estimating, project management and permit expediting. ‣ Provide turnkey estimating using a combination of previously-bid unit pricing and competitive vendor proposals that are solicited from the market. ‣ Run projects and complete estimates on their own while being shadowed by a Project Manager and the VP of Interior Construction. ‣ The PIT will manage and estimate 6-8 projects of various sizes and dollar amounts from start to finish.

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LEASING & MARKETING During their time with the Leasing department, the PIT will shadow several Leasing Representatives to learn how the department functions including the following: ‣ Sales styles, different submarkets and competition, building types and the various users of commercial real estate ‣ The features and benefits of leasing a St. John Properties building ‣ How to prepare and negotiate all lease documents and renewal amendments ‣ How to price buildings based on market information, use types and tenant improvements ‣ How to best market the company and your projects including Costar, broker events, direct mail, sales calls, existing clients, local media outlets, and other marketing channels including social media.

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CONSTRUCTION St. John Properties utilizes value engineering and state-of-the-art construction techniques in creating all of its products. Our in-house teams allow us to complete projects on schedule and at a competitive price. During this phase of the program, the PIT will work hands-on with the onsite construction Superintendents as well as Project Managers and the SVP of Construction. ‣ Field Work - Hands-on construction with the Superintendent ‣ Project Management - Construction budgets and project estimating, day-to-day activities including site visits ‣ Work with SVP of Construction - Reviewing design of buildings, site plans, landscaping, utilities, parking, LEED building and vendor selection - This is where overlap with Development can occur

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DEVELOPMENT The Development training unit will familiarize the PIT with the development and entitlement process, from site acquisition through the commencement of construction. The PIT will be given an overview of programs regulated at the various levels of government in addition to legislative and lobbying activities. Additional topics will include: ‣ Development Topics - Zoning - Land Use - Building Codes - Studies/Feasibility - Fees ‣ Development/Entitlement Process - Acquisition - Concept Plan - Community outreach

- Development Plan - Construction Plans - Building Plans - Redevelopment/Renovations

- Design - Permits

- Economic Incentives - SJP Design Standards

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LEGAL & ACQUISITIONS St. John Properties manages all acquisition, partnership, investment, and contract activities internally. During this phase of the program, the PIT will be introduced to the various steps involved in the acquisitions process. ‣ Acquisitions - Introduction to means of finding and sourcing investment opportunities

- Preliminary financial modeling - Introduction to deal structuring

‣ Contracts - Basic understanding of a fee simple purchase and sale agreement for improved and unimproved land. - Exposure to reviewing due diligence and understanding the effects of title/ survey/environmental/zoning on acquisitions and financing. - Understanding easements, declarations and importance of creating or reserving rights at time of purchase and sale. - Setting up basic organizational structure

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OUR DNA

‣ Client focused, with a commitment to excellence ‣ Employing the best and brightest in their respective fields

‣ 40% of SJP employees have been with the company for 10+ years ‣ Company gym, physical therapist, vitamins, and a stocked kitchen ‣ Comprehensive benefit package including company vehicle, iPhone, 401(k) with match, profit sharing, and more ‣ Company outings and tickets to sporting events ‣ Bettering the communities we serve through the Edward St. John Foundation which has gifted more than $60 million dollars, and an employee matching gift program

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Q U E S T I O N S ?

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“We don’t just believe in a commitment to excellence. We practice it every day.” Edward St. John Founder & Chairman

T H A N K Y O U

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