Fellow Stockholders

I am pleased to report strong execution on our 2021 strategies to reduce debt and to lease space. 2021 highlights include the sale of 999 Peachtree on October 22, 2021 for $223.9 million and a recorded gain of approximately $86.8 million, the lease of approximately 100,000 square feet with a new tenant at Pershing Park, and a lease renewal for approximately 250,000 square feet at Eldridge Green. As of December 31, 2021, we have sold ten properties in 2021 for aggregate gross proceeds of approximately $603 million and an aggregate, weighted-average, in-place capitalization rate (on both GAAP and cash basis) of approximately 5.5%. Between September 30, 2020 and December 31, 2021, we reduced our total indebtedness by approximately 53% from approximately $1.0 billion to approximately $475 million.

We remain encouraged by the strong level of demand that our real estate assets have received in the market from a diverse pool of potential buyers. Aggregate pricing on the properties sold exceeded our expectations and reinforced our belief that we are unlocking embedded value for our stockholders that has not been reflected in the price of our common stock. We continue to believe that the current price of our common stock does not accurately reflect the value of our underlying real estate assets and intend to continue our current strategy of seeking to increase stockholder value through the sale of select properties where we believe that short to intermediate term valuation potential has been reached. We intend to use the proceeds from any future dispositions for continued debt reduction, repurchases of our common stock, any special dividends required to meet REIT requirements, and other general corporate purposes.

We look forward to 2022 with anticipation and optimism.

Thank you for your continued support.

George J. Carter

Chairman & Chief Executive Officer

1999 BROADWAY − DENVER, CO