Butler 76N. Allegheny. Fayette

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1 PPR undamentals Overview Map Mahoning 8 Lawrence 8 Clarion Jefferson 8 C Butler Columbiana 79 Armstrong Beaver 76N Indiana Carroll Hancock Jefferson Harrison Brooke Ohio Belmont 47 Marshall Monroe 7 Allegheny 376 Washington Greene ayette Westmoreland Summary of Last Twelve Months vs. Historical Minimum, Maximum, and Average Cambria 99 Map Layers Be Somerset County PPR Markets U.S. Cities State Capital Major Cities Secondary Cities Miles 21 Property & Portfolio Research Apartment Office Retail Warehouse Hotel Current Vacancy* Net New Supply (S)** (S)** 5.8% % 5.8% , ,45 95:3 2:2 94:2 84:4 2:1 84:4 16.9% 1, % 17.1% 455 3, ,644 82:1 92:4 96:3 83:1 2:2 82:1 12.8% 2, % 22.6% 549 2,35-2,118 4,214 :2 82:3 95:4 2:1 82:1 99:4 9.4% % 12.8% ,13-1, :4 92:2 93:3 88:4 91:2 93:4 58.1% % 57.9% -8 2, :2 2:1 93:3 87:4 2:1 9:2 *Occupancy for Hotels **Apartment and Hotel data are in units. 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

2 PPR undamentals Analysis/Economy Notable Economic and Real Estate Market Events ECON After averaging 1.6% per year from , employment growth in Pittsburgh turned negative last year. As of June, employment in Pittsburgh was down 1.1% on a year-over-year basis, equating to the loss of more than 12,9 jobs. Annual growth in services, which averaged 2.5% over the prior four years, stood at just.2% in June. All other sectors have lost jobs. Siemens and Intel are both in the process of opening new facilities in the metro, but a lack of skilled labor will continue to limit Pittsburgh s ability to catch the attention of high tech employers. Although Carnegie Mellon spawns and attracts software engineering, computer science, and robotics firms (among other disciplines), Economy.com estimates that only 3.3% of the local workforce is employed by high tech firms, compared to 3.8% nationally. In addition, only 2% of the university s tech-oriented graduates remained in Pittsburgh last year as many of Pittsburgh s brightest young adults often leave the metro for better opportunities elsewhere. APT Although construction has been fairly moderate (with completions averaging less than 1, units per year over the last four years), it has outpaced the metro s poor demographics, driving vacancy rates up to their highest level on record. Permits and starts have both fallen off significantly this year, with the 112-unit Castle Ridge Apartments one of the few major projects to break ground recently. Pittsburgh s demographic trends support a higher-than-average level of homeownership. At 71.8% in 21, the homeownership rate in Pittsburgh remained steady and about four percentage points higher than the national average. A relatively older population, above-average median household income, extremely low home prices, and the metro s inability to draw younger residents all serve to support the metro s single family market. O Relative to tech-laden markets, net absorption in Pittsburgh held up fairly well in 21 until the fourth quarter when space give-backs began to outweigh tenant expansions. This trend carried into the first quarter and preliminary data indicate that demand remained weak in the second quarter. Speculative construction has slowed, but the addition of build-to-suit projects will keep completion totals near one million S this year. The largest project currently underway is a 235, S, six-story office building in the North Side submarket dubbed the Alcoa Business Services Center. While named after Alcoa, the aluminum manufacturing concern will occupy only half of the building, relocating employees currently housed in the Allegheny Center. The Rubinoff Co., which is developing the project along with Legg Mason Real Estate Services, will relocate to the project from the Clark Building, and CoStar reports that the building is 82% leased in total. In Oakland, a five-story, 2, S build-to-suit for UPMC Health Systems, the metro s largest employer, is due to complete this fall. Significant speculative projects include Trammell Crow s 12, S, 5% preleased Cranberry Woods III and Scalo Case Development s 92, S, % preleased ountainhead at Southpointe in Cecil Township. RET Despite anemic population growth, construction levels remain fairly brisk., Wal-Mart, and Home Depot are all actively expanding in the metro and mixed-use projects like the South Side Works, The Waterfront, and The North Shore developments are adding significant new retail space to the metro s inventory as well. In Presto, a suburb southwest of Pittsburgh, work has begun on the one million S Collier Town Center. However, the actual total of competitive GLA will be significantly lower than the project s total square footage as this mixed-use project will include a hotel, a number of restaurants, and a bank among other uses. Still, anchored by two colonial-style shopping centers and a high-end furniture store, it is likely that nearby centers will come under pressure upon the opening of the project s initial phase next year. In contrast to big-box, lifestyle, and power center development, grocery-anchored construction is fairly subdued. WHS With anemic population growth, it follows that demand for new warehouse space in Pittsburgh is minimal. Located midway between the populous East Coast and the Ohio River Valley, Pittsburgh is reasonably accessible within the outer periphery of both regions. However, the metro s jagged topography limits the development of big-box distribution space that many national credit tenants have come to prefer. HOT Only two hotel projects broke ground during the first half of the year. In Cranberry Woods, a 295-room Marriott got underway this summer and at 538 Liberty Avenue in Pittsburgh, a 135-room Courtyard by Marriott is scheduled to complete early next year. Demographic Trends Annual Growth Rates 22* Category Market U.S. Market U.S. Market U.S. Market U.S. Population 2, , % 1.% -.3% 1.2%.1%.9% Households ,955.2% 1.3%.% 1.3%.4% 1.1% Median Household Income $47,515 $44, % 4.4% 4.6% 3.7% 3.9% 3.4% Apartment-Renting Households ,52 -.6% 1.7% -.6%.5%.6% 1.2% Real Retail Sales Per Capita $4,512 $4, % 1.5% 1.5% 1.8% 1.8% 1.5% Employment Trends 22* Annual Growth Rates Location SIC Category Employment Quotient Market U.S. Market U.S. Market U.S. Total Services % 4.3% 2.% 3.7% 2.4% 2.6% Business Services % 6.6% 4.% 6.2% 3.3% 3.1% Other Services % 3.8% 1.6% 3.% 2.2% 2.5% Retail Trade % 2.5%.7% 2.% 1.1% 1.6% Government % 1.6%.3% 1.3% -.1%.7% Manufacturing % -.6% -.1% -.6%.2% -.3%.I.R.E % 2.2% 1.1% 1.5%.4%.9% Wholesale Trade % 1.3% -.8% 1.4% 1.2% 1.2% Trans., Comm., Util % 1.1% 1.2% 2.%.6% 1.% Construction % 1.4% 1.7% 4.2% 1.4%.6% Mining % -6.% -1.6% -1.6% -1.2% -1.2% Total Employment 1, % 1.9% 1.% 2.% 1.3% 1.4% Office-Using Employment % 3.% 2.% 2.9% 2.% 1.9% Trucking/Warehouse Employment 7.9.3% 1.5% -.1% 1.7% 1.4% 1.2% *All units (except for dollar denominated figures) in thousands. Current Economic Indicators Employment Labor orce Unemployment Employment Net Migration () Cost Indices (U.S. = 1) Growth 6/2 Growth 6/2 Rate 6/2 Volatility Ratio 21 Business Living -1.1% -.5% 5.% Sources: PPR; Economy.com 2Q22 PPR undamentals 22 by P R O P E R T Y & P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

3 Supply, Demand, and Vacancy PPR undamentals Apartment Demand & Supply (Units) 3, 2,5 2, 1,5 1, , Apartment Market Statistics (Units) Vacancy Rate Percentage Vacant Apt. Vacancy 3.4% 3.7% 3.9% 4.2% 5.3% 5.9% 6.% 5.7% 5.3% 4.9% Apt %.7%.7%.4% -.7%.%.7%.5%.5%.6% Multifamily 2,364 2,26 2,423 1,55 1,141 1, % -6.7% 9.8% -36.% -26.4% 6.1% -17.6% -76.% -4.2% 17.% Net Apt. Completions 537 1,121 1, Apt. Inventory 112, , , , , , , , , ,94.5% 1.%.9%.7%.4%.7%.8%.2%.1%.1% Apt. Rent Index %.4% 1.%.4% -5.9% -1.5% -3.4% -.8% 1.% 2.% PPR/Dodge Pipeline Summary Bidding inal Pre- Deferred Abandoned Current Activity (Units) 1, 2, 3, 4, 5, 6, Apartments Townhouse/Condo Low Income Unclassified Multifamily by Subclass (Units) % 47% 47% 5% 1% 3, 2,5 2, 1,5 1, 5 Change in Rent vs. Change in Rent 3% 2% 1% % -1% -2% -3% -4% -5% -6% -7% Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C All Rights Reserved.

4 Supply, Demand, and Vacancy Demand & Supply (S) 2, 1,8 1,6 1,4 1,2 1, Office Market Statistics (S) Vacancy Rate PPR undamentals 24 Office Percentage Vacant Vacancy % 12.8% 13.2% 14.5% 16.% 16.9% 16.% 15.4% 14.8% % 784 1,347 1, % 2.7% 2.% 1.6%.4%.4% 1.8% 1.4% 1.3% 1.3% 891 2,236 1,722 2,46 2, % 151.% -23.% 39.7% -8.9% -54.5% -52.7% 8.% -2.2% 16.3% ,435 1,874 1, Inventory 57,43 58,247 59,682 61,556 62,96 63,864 64,34 64,776 65,157 65, % 1.5% 2.5% 3.1% 2.2% 1.5%.7%.7%.6%.6% Rent Index % 4.5% 2.4% 2.4% -6.7% -4.8% -.9%.7%.5% 1.3% PPR/Dodge Pipeline Summary Bidding inal Pre- Deferred Abandoned Current Activity (S) 5 1, 1,5 2, 2,5 3, Low Rise Mid Rise High Rise Office R&D Unclassified Office by Subclass (S) % 2,186 97% - % - % 57 3% - % 3, 2,5 2, 1,5 1, 5 Change in Rent vs. Change in Rent 8% 6% 4% 2% % -2% -4% -6% -8% Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

5 Supply, Demand, and Vacancy Demand & Supply (S) 5, 4, 3, 2, 1, Vacancy Rate PPR undamentals Retail Percentage Vacant , Retail Market Statistics (S) Vacancy 13.5% 12.5% 9.9% 9.8% 12.1% 12.4% 11.6% 11.6% 11.1% 1.7% 1,474 2,534 4,214 1, , ,16 1,99 2.% 3.4% 5.5% 1.9% -.4% 1.2% 1.7%.5% 1.4% 1.3% 2,619 2,737 2,834 1,796 1,821 2, ,25 1,94 19.% 4.5% 3.6% -36.6% 1.4% 4.7% -65.2% -2.3% 17.6% 6.7% 1,679 1,886 2,157 1,585 2,5 1, Inventory 85,547 87,433 89,591 91,176 93,226 94,576 95,299 95,895 96,598 97,421 2.% 2.2% 2.5% 1.8% 2.2% 1.4%.8%.6%.7%.9% Rent Index % -2.3% -1.2% -1.8% -4.2% -.7% 1.5%.6%.9% 2.3% PPR/Dodge Pipeline Summary Retail Current Activity by Subclass Change in Rent vs. (S) Change in Rent Bidding inal Pre- Deferred Abandoned 5 1, 1,5 2, 2,5 3, 3,5 4, 4,5 5, reestanding Stores Neighborhood Center Community Center Regional Super Regional Outlet Unclassified Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index (S) % % 153 5% 2 6% - % 1, 32% 9 78 % 25% 3, 2,5 2, 1,5 1, 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved % 8% 6% 4% 2% % -2% -4% -6%

6 Supply, Demand, and Vacancy Demand & Supply (S) 1,5 1, 5-5 Vacancy Rate PPR undamentals Warehouse Percentage Vacant , Warehouse Market Statistics (S) Vacancy % 7.9% 8.3% 8.8% 9.% 9.7% 9.1% 8.6% 8.6% % %.7%.3%.6% 1.5%.2%.9%.9%.5%.5% , % 3.2% 24.7% -5.2% -13.% 6.1% -47.3% 14.2% 39.7% 15.9% Inventory 55,5 55,127 55,546 56,192 57,142 57,669 57,87 58,53 58,38 58,62 1.%.2%.8% 1.2% 1.7%.9%.3%.3%.4%.5% Rent Index % 2.7% 4.9% 1.9% -1.% -3.%.% 2.% 2.% 2.% PPR/Dodge Pipeline Summary Bidding inal Pre- Deferred Abandoned Current Activity (S) Distribution Warehouse/lex Light Industrial Unclassified Warehouse by Subclass (S) % 43 23% - % % 11 6% 1,2 1, Change in Rent vs. Change in Rent 6% 5% 4% 3% 2% 1% % -1% -2% -3% -4% 5 1, 1,5 2, 2, Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

7 PPR undamentals Hotel Supply, Demand, and Occupancy Demand & Supply (Rooms) 1,2 1, Occupancy Rate Percentage Occupied Hotel Market Statistics (Rooms) Occupancy 63.5% 62.9% 63.8% 63.8% 59.1% 58.2% 59.9% 61.1% 61.6% 61.9% % 5.7% 4.5% 4.% -5.3% -.3% 3.3% 2.4% 1.5% 1.4% 1, % -56.5% 64.9% -27.8% -77.8% 32.4% -84.6% 93.4% 44.9% -23.5% 433 1, Inventory 15,56 16,612 17,19 17,812 18,212 18,414 18,497 18,564 18,687 18, % 6.8% 3.% 4.1% 2.2% 1.1%.5%.4%.7% 1.% Room Rate Index %.3% 3.% 3.1% -5.4% -1.1%.1%.9% 1.3% 1.5% RevPar Index %.7% 3.6% -.4% -13.8% -.1% 3.7% 2.3% 2.2% 1.7% PPR/Dodge Pipeline Summary Bidding inal Pre- Deferred Abandoned Current Activity Change in Room Rate vs. (Rooms) Change in Room Rate 1,2 4% 3% 1, 2% 8 1% % 6-1% -2% 4-3% 2-4% -5% -6% , 1,2 1,4 1, Sources: PPR; McGraw-Hill Construction - Dodge; Smith Travel Research 2Q22 PPR undamentals 22 by P R O P E R T Y & P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

8 PPR undamentals Single amily Housing Single amily Multifamily 8, 7, 6, 5, 4, 3, 2, 1, Single amily Market Single amily Change in Home Price 6, 12% 5, 1% 8% 4, 6% 4% 3, 2% 2, % -2% 1, -4% -6% % Sources: PPR; Economy.com Single amily Market Statistics ,222 4,588 4,782 4,691 4,633 4,795 4,761 4,785 4,676 4,774.1% 8.7% 4.2% -1.9% -1.2% 3.5% -.7%.5% -2.3% 2.1% Completions 4,263 4,329 4,782 4,819 4,446 4,868 4,74 4,823 4,671 4,761 Apartment Market Statistics Multifamily 2,364 2,26 2,423 1,55 1,141 1, % -6.7% 9.8% -36.% -26.4% 6.1% -17.6% -76.% -4.2% 17.% Apartment Completions 537 1,121 1, Sources: PPR; McGraw-Hill Construction - Dodge 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

9 PPR UNDAMENTALS Projects PPR undamentals Apartment Projects ox Chapel Apartments Title Address Units Stage Start Completion 1366 Old reeport Road at the ox Chapel Yacht Club, Northeast /1 3/3 Heinz Buildings Conversions North Side 36 Planned Creekside Manor (aka Creekside Commons) Route 19-Mercer Road along the Connoquenessing Creek, Harmony 3 Planned Armstrong Cork Complex p g Cork buildings in Strip District b/w 23rd and 24th Sts., CBD 281 Planned Central Summerset at rick Park II (Nine Mile Run Site) Swisshelm Park, Squirrel Hill 256 1/2 3/3 Residences at South Side Works East Carson Street and Marina Blvd, Southside 252 6/1 4/3 Central Ventana Hills Apartments Phase II 135 Ventana Drive, West Miffin 24 Completed 3/1 5/2 The Waterfront Apartments Old Homestead Iron Works, Homestead /1 12/3 Lincoln Property Co. High-Rise at Seventh Street and ort Duquesne Blvd, Cultural District 2 Planned Downtown Castle Ridge Apartments Baldwin Street at St. Anne's Street, Castle Shannon 112 7/2 7/3 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

10 PPR UNDAMENTALS PPR undamentals Office Projects Projects Title Address S () Stage Village of Southpointe II (former Western Center) along I-79, Cecil Township 778 Planned Washington County Start Completion The North Shore E. General Robinson Street and E. Stadium Drive, Pittsburgh 75 Planned North Shore Alcoa Business Services Center Tenants: Alcoa; Rubinoff Between Isabella and East General Robinson Sts., Pittsburgh 235 8/1 2/3 North Side BTS for UPMC Health System Tenants: UPMC 5115 Centre St. next to the Hillman Cancer Center 2 6/1 9/2 Oakland Quantum Two in the South Side Works project, Pittsbugh 18 Planned South Side Dick's Clothing & Sporting Goods HQ Cranberry Woods Business Park, Cranberry Township 15 Planned Tenants: Dick's Clothing & Sporting Goods Pittsburgh Technology Park Building Hazelwood 125 Planned Cranberry Woods III Tenants: McKesson Automation 5 Cranberry Woods Drive, Cranberry Township 12 2/2 11/2 BTS for Oncology Nursing Society 125 Enterprise Drive, RIDC Park West 99 Completed 5/1 8/2 Tenants: Oncology Nursing Society Parkway West ountainhead at Southpointe 555 Southpointe Blvd, Cecil Township 92 3/2 3/3 Washington County 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

11 PPR UNDAMENTALS Projects PPR undamentals Retail Projects Title Address S () Stage Start Completion The Mall at Robinson Town Centre Parkway West & Hwy 6 1,2 Completed 8/ 1/1 Robinson Township Tenants: J.C. Penney; Sears; Kaufmann's; Dick's Sporting Goods (75k); Gap, Aeropostale, Ameripage, oot Locker razer Galleria Heights Mall Route 28, razer Township in NE 1,2 Planned Deer Creek Crossing site bounded by the Pennsylvania Turnpike, Route 28 and Route Planned Tenants:, Costco, Home Depot, Giant Eagle, OfficeMax, PETSMART, Best Buy and Dick's Clothing and Sporting Goods Cranberry Township intersection of 228 and and I-79, Cranberry Township 9 planned 12/3 East Gate Shopping Center Redevelopment rankstown Rd & Robinson Blvd, Penn Hills 47 Planned Tenants: Shop n Save; Wal-Mart; Lowe's, American Eagle Outfitters, Bath & Body Works, The Children's Place Wal-Mart Supercenter 28 Old Mall Rd, Butler 22 5/2 5/3 Butler Countty Tenants: Wal-Mart Wal-mart SuperCenter US Hwy 3 and Hwy 981, Latrobe 2 Planned 2/2 11/2 Westmoreland County Tenants: Wal-mart at Butler Commons Tenants: Butler Commons Shopping Center, Butler 19 4/2 9/2 Allegheny Town Center Route 56 Bypass, Allegheny Township 1 Completed 5/1 5/2 Westmoreland County Tenants: Giant Eagle (77 ksf) Northtowne Square Route 8, Richland Township 8 Planned Tenants: Giant Eagle 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

12 PPR UNDAMENTALS PPR undamentals Warehouse Projects Projects Title Tri-County Commerce Park Phase V Address S () Stage Start Completion in New Sewickley Township, Northwest 22 Planned 6/1 6/2 BTS for Reinhart ood Service Tenants: Reinhart oodservice in the Westmoreland Distribution Park, Greensburg 15 Planned Westmoreland County BTS for ABB Tenants: ABB Westmoreland Distribution Park, South Greensburg 1 Planned 4/3 Westmoreland County Leetsdale Industrial Park Building A 45 Riverport Drive, Leetsdale 81 Completed 11/1 1/2 BTS for uhrer Wholesale Company 31 E. Carson St., Pittsburgh 74 Completed 2/2 7/2 Tenants: uhrer Wholesale Company BTS for Sysco ood Services, Inc. along Rte 68, Harmony 43 2/2 9/2 Tenants: Sysco ood Services 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.

13 PPR UNDAMENTALS Projects PPR undamentals Hotel Projects Title Address Rooms Stage Start Completion Convention Center Hotel Penn/Liberty/Grant Avenue, Pittsburgh 5 Planned Central Marriott at Cranberry Woods SR 228 & Cranberry Woods Drive, Cranberry Township 295 6/2 9/2 Pittsburgh Airport Courtyard Marriott 144 Planned Northwest Courtyard by Marriott 538 Liberty Ave 135 4/2 3/2 Pittsburgh Holiday Inn Express/Swimming Pool 2 S 1th St 125 Completed 9/1 8/2 Pittsburgh Hampton Inn Hometown (Slippery Rock) off Rt. 79, Slippery Rock 111 Planned North 2Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, L L C. All Rights Reserved.