Case Study Phoenix Portfolio Tempe submarket 1.25M size 318M at purchase 452M upon sale Legacy Parkway identified Tempe as a desirable submarket of Phoenix with characteristics of out-sized growth. Beginning in June 2011, Legacy Parkway acquired and developed six Class A office buildings in Tempe, AZ, totaling approximately 1.3 million square feet. Investment Acumen We identified Tempe as a relevant submarket poised for growth. Tempe had transformed into a premiere office submarket in Phoenix with the lowest vacancy rates and highest rents in the state, as well as enviable demographic trends. Our investment strategy focused on acquiring scale through the acquisition of the best Tempe assets. We succeeded in being the earliest and most decisive investor in the market, generating off-market acquisition opportunities, developing selectively, and enhancing asset value through active asset management. Operational Excellence Through five separate transactions, we bought 75% of the Class A buildings in Tempe, as well as a plot of land where we developed Hayden Ferry Lakeside III. By aggregating the portfolio, we accommodated better tenant growth and generated higher rental rates. Rates grew 65% over a four-year period, leading to strong value creation. Our scale of ownership within the submarket also allowed us to relocate tenants, re-price contracts and drive additional revenue from the shared parking garages. US Airways Acquired / Sold Dec 2012 / Sep 2016 Rentable Square Feet 225K At Acquisition 56M Upon Sale 63M Tempe Gateway Acquired / Sold Dec 2012 / Sep 2016 Rentable Square Feet 264K At Acquisition 66M Upon Sale 94M Hayden Ferry Lakeside III Acquired / Sold Oct 2015 / Sep 2016 Rentable Square Feet 262K At Acquisition 69M Upon Sale 114M Hayden Ferry Lakeside II Acquired / Sold Mar 2012 / Sep 2016 Rentable Square Feet 300K At Acquisition 84M Upon Sale 108M Hayden Ferry Lakeside I Acquired / Sold Jul 2011 / Sep 2016 Rentable Square Feet 203K At Acquisition 43M Upon Sale 73M