Case Study Charlotte Portfolio CBD submarket 1.77M size 397M at purchase 520M upon sale Corporate Expertise This series of acquisitions was done in connection with raising public company common equity. Timing these investments to be paired with public equity raises was a difficult endeavor given the market dynamics at the time. Investment Acumen Parkway entered Charlotte in 2012 with the acquisition of Hearst Tower. With the anchor tenant, Bank of America, facing financial headwinds, it was a challenging time. Parkway negotiated a sale/leaseback with Bank of America and stepped in to stabilize the remainder of the rent roll. Later that year, Parkway acquired 525 North Tryon from a portfolio buyer who didn’t want to turn around the asset. Parkway then acquired NASCAR Plaza, a recently constructed asset that had leased up at rents significantly below market. Operational Excellence Parkway quickly built a market-leading portfolio and repositioned the leasing and management efforts to provide a better user experience. Leasing velocity quickly increased, operating expenses were reduced, and the rent rolls were stabilized. 525 North Tryon Acquired / Sold Dec 2012 / Dec 2014 Rentable Square Feet 402K At Acquisition 47.4M Upon Sale 60M NASCAR Plaza Acquired / Sold Dec 2012 / Oct 2016 Rentable Square Feet 390K At Acquisition 100M Upon Sale 117M Hearst Tower Acquired / Sold Jun 2012 / Oct 2016 Rentable Square Feet 973K At Acquisition 250M Upon Sale 343M