Case Study Southern US Portfolio Westshore submarket 975K size 238M at purchase 249M upon sale In 2014, Legacy Parkway acquired 22 Class A & B office assets throughout the Southern United States. We had been tracking some of these assets for years and even made unsolicited offers on several occasions. Corporate Expertise The Southern U.S. portfolio was marketed to a small group of potential buyers as an all-or-nothing portfolio. The asset pool was a poor fit for many, resulting in lackluster interest and a below market price. Capitalizing on this inefficiency, we captured the pricing arbitrage between the individual and portfolio asset values. Investment Acumen We successfully negotiated a contract to acquire the entire portfolio for $475 million. Prior to closing, Legacy Parkway identified a buyer for the “flip” portfolio and signed a hard contract with a back-to-back closing. Through disciplined, thoughtful structuring and messaging to the street, we mitigated substantial transaction risks with an unexpected strategy. The transaction closed in November of 2014, and we acquired Corporate Center I, II, and III at a below-market price. This acquisition increased our portfolio quality, scale, and synergies within Tampa’s highly sought after Westshore submarket. Operational Excellence We only wanted three of the 22 buildings in the portfolio, so upon purchase, we simultaneously sold 19 of the assets. The remaining three assets were adjacent to a building we already owned, so we knew them better than anyone. They had been acquired by another company in 2005 and were 97% occupied. After years of poor management, occupancy had declined to 70%. With the market strengthening, we saw an opportunity to maximize occupancy. Corporate Center III Acquired / Sold Dec 2014 / Sep 2016 Rentable Square Feet 292K At Acquisition 76M Upon Sale 79M Corporate Center II Acquired / Sold Dec 2014 / Sep 2016 Rentable Square Feet 291K At Acquisition 68M Upon Sale 71M Corporate Center I Acquired / Sold Dec 2014 / Sep 2016 Rentable Square Feet 391K At Acquisition 94.3M Upon Sale 99M