Year-End Highlights

Improving portfolio composition

Based on the pro rata proportions of Property Net Operating Income contribution across the portfolio.

'20⁽¹⁾

'19

'18

'17

'16

Residential

Waterfront

Other

19.1% GAAP Rental Rate Roll Up
(Excluding Non-Core)

8.1% Cash Rental Rate Roll Up
(Excluding Non-Core)

$2.2bn Non-Core Asset Sales
Since 2015

(1) Projection - reflects 4Q 2019 NOI adjusted to exclude discontinued operations.

(2) Reflects completion of in-construction portfolio with the exception of The Charlotte, which is projected for initial occupancy in 2022, and RiverHouse9, which is projected for initial occupancy in 1Q21.

(3) Only includes average base rent per square foot from continuing operations, using 4Q19 results.