Alony Hetz

Investor Presentation • Mar 23, 2022

MORE THAN AN ADDRESS

TODAY'S SPEAKER

Oliver T. Carr, III CHIEF EXECUTIVE OFFICER

AGENDA

II. Why Carr?

I. Who We Are

2

III. Strategic Roadmap

IV.Strength in Development

Washington, D.C.

CARR PROPERTIES

Privately held real estate investment trust that owns, manages, acquires, and develops high -quality properties.

Note: Percentages based on gross SF and include pipeline developments. 1Includes Signal House. 2Pro rata stabilized is 5.3M RSF.

25 Year Operating History

150 Full -Time Employees

\$3.9 B

of Real Estate Owned

1 Multi -Family Asset

3 Premier Office Markets

250

Total Customers

16 1

Operating Class A Office Assets

\$1.5

Development Pipeline

7.1

Years of WALT

B

Austin, TX

ESTABLISHED IN THREE MAJOR U.S. MARKETS

35% WASHINGTON, D.C.

WASHINGTON METRO AREA

Midtown Center Columbia Center The Hub 901K Street

1875 K 2001 Penn 1700 New York Signal House

14% BETHESDA, MD

6%

4500 East-West The Wilson The Elm

1701 Duke Street

BOSTON, MA

NORTHERN VA

One Congress 200 State Street 75-101 Federal

Clarendon Square 2311 Wilson

Block 16 100 Congress

OUR GROWTH

UNDER CONSTRUCTION IN DEVELOPMENT

ONE CONGRESS BOSTON, MA // 1M SF

BLOCK 16 AUSTIN, TX // 738,000 SF

SUCCESSFUL EXPANSION INTO BOSTON & AUSTIN

MORE THAN AN ADDRESS

TARGET CUSTOMER

A company who believes culture is a differentiator, and invests in the well-being of their associates, community, and environment.

Thoughtful Design

THE CARR EXPERIENCE

Engaging Moments Distinguished Hospitality

THE CARR EXPERIENCE APP

RECENT RECOGNITIONS

2020

Project of The Year: The Wilson

MD Lease Transaction of the Year: Walker & Dunlop at The Wilson

Best Use of Automation in the Commercial Real Estate Category

2021

6 Awards of Excellence including Firm of the Year

1 Best Luxury Apartment: The Elm

Project of the Year & Best Mixed-Use Development: The Wilson & The Elm

Best Use of Automation in the Commercial Real Estate Category

Award of Excellence Best Tall Building Under 100m: The Wilson

Best Suburban Maryland High-Rise Apartment Community: The Elm

WHY CARR?

IRREPLACEABLE CLASS A OFFICE PORTFOLIO

88% Occupied 93% Leased

Higher than Market Average1

COMPETITIVE ADVANTAGE: INVESTMENT & DEVELOPMENT EXPERTISE

Recognized Over

\$500M

of Development Gains since Alony Hetz's Investment in 2013

STRONG BALANCE SHEET & CONSERVATIVE FINANCIAL MANAGEMENT

\$3.8B

Gross Asset Value

\$2.2B

Net Asset Value

1As of Q4 2021 , Class A Office Occupancy equal to: Washington, D.C. MSA – 81 .9%, Boston, MA MSA – 87.8%, Austin, TX MSA – 86.2%. 2Includes the value of ground leases.

PROVEN TRACK RECORD OF DELIVERING SUPERIOR INVESTOR RETURNS

ANNUALIZED

CARR HAS OUTPERFORMED ITS PUBLIC REIT PEERS ON A TOTAL RETURN1 BASIS, SINCE ALONY HETZ'S INVESTMENT IN AUGUST 2013.

2Represents the change in Net Asset Value per share. Net Asset Value based on real estate values utilizing third party appraisals.

3Represents the weighted average change in Net Asset Value per share based on consensus research estimates.

PORTFOLIO FINANCIAL PERFORMANCE TRENDS

since 201 4.

In addition to growth in NAV, Carr has distributed over \$430 million in dividends since 201 4.

DEVELOPMENT IS DRIVING FUTURE NOI GROWTH

2028E NOI Build-Up1
2021 NOI	OPERATING PORTFOLIO	RECENTLY COMPLETED DEVELOPMENT 2	DEVELOPMENT PIPELINE3
\$144M	\$30M-\$35M	\$35-\$40M	\$61-\$71M

Note: Amounts presented on IFRS basis.

1Assumes Carr raises no additional equity at the entity level from its investors. Projections assume that Carr raises \$1 27 million of third-party equity at the project level to help fund future costs for Block 1 6 development (approximately 49% of total project equity).

2Recently Completed Development includes The Wilson, The Elm and Signal House.

3Development Pipeline includes Carr's Portion of remaining development costs at One Congress and Block 1 6 (\$595 million).

PROJECTED FUTURE FFO GROWTH

STRONG FINANCIAL POSITION

LEVERAGE

• Conservative leverage
  • 43% debt to total assets1
• Financial flexibility with \$500 million unsecured revolver
• Manageable future debt maturities

DEBT MATURITY SCHEDULE

1Includes the value of ground leases.

STRENGTH THROUGH THE PANDEMIC

Weighted Average Lease Term of 7.1 Years

Only 3.9% of Leases Expire in 2022

Less than 3% of Total Lease Revenue Comes from Retail Customers

99% of Contractual Rent Collected since April 2020

Executed 811,000 SF of Office Leases During Pandemic

CHANGE IN OCCUPANCY & LEASED RATES (CARR SHARE)

LIMITED NEAR-TERM LEASE ROLLOVER1

Approximately 21 % ABR expiringthrough 2024. 1Excludes properties in development.

STRATEGIC ROADMAP

REFRAMING OUR MINDSET

THE WAY THE WORLD WORKS HAS CHANGED AND IS RAPIDLY EVOLVING.

OUR STRATEGIC FOCUS:

• Hospitality Mindset
• Focus on Well-Being
• Healthy Buildings
• Smart Buildings

HOSPITALITY FOCUS

INTERIOR DESIGN

• Internal Design Resource with Luxury Hospitality Expertise
• Hospitality-Focused Interior Design Firms

DISTINGUISHED HOSPITALITY

• 28 Hours of Dedicated Service & Culture Training
• Recognition & Sustainment Efforts

ACTIVATED SPACES

• Integrated F&B in Lobbies
• Penthouse & Rooftops
• Collaboration & Conference Spaces

DESTINATION FOOD & BEVERAGE

• Thoughtfully Concepted Restaurants
• World Renowned Chefs
• Mix of Fine Dining & Fast Casual

FOCUS ON WELL-BEING

• Wellness Focused Events & Programming
• Biophilic Design
• Natural Light Floor-to-Ceiling Windows

MARKET-LEADING FITNESS FACILITIES

• Top-of-the-Line Equipment
• Spa-Quality Locker Rooms
• Multi-Purpose Studios

HEALTHY BUILDINGS

CERTIFICATIONS

ENVIRONMENTAL IMPACT

WASTE DIVERSION 10%

2016-2020

Due to COVID-1 9 in 2020, our EUI and GHG reduction targets may be overstated due to reduced physical occupancy.

RENEWABLE ENERGY

Operate 3 Rooftop Solar PV Installations

NATURAL HABITATS & BIODIVERSITY

Green Roofs & Beehives

INDOOR HEALTH

Promote High Cognitive Function & Productivity

SMART BUILDINGS

INDOOR AIR QUALITY TECHNOLOGY

HASSEL-FREE ACCESS CONTROL TOUCHLESS VISITOR MANAGEMENT

ELEVATOR MOBILE DESTINATION DISPATCH

IN-HOUSE DATA ANALYTICS DASHBOARD

DEVELOPMENT IS OUR COMPETITIVE ADVANTAGE

DEVELOPMENT CAPABILITIES HIGH-QUALITY PORTFOLIO BUILT BY CARR

OUR DEVELOPMENT PROFILE

• State-of-the-Art Class A Design Projects
• Preeminent Locations with Strong Demand Drivers
• Best-in-Class Amenity Offerings
• Market-Leading Sustainability

OUR PARTNERS

55% OF EXISTING PORTFOLIO DEVELOPED IN-HOUSE

901 K Street 2009

2010

Ave 2013

1700 New York 4500 East-West 2014

2311 Wilson Blvd 2018

Midtown Center 2018

The Wilson & The Elm 2020 / 2021

Signal House 2021

PRO FORMA FOR FUTURE DELIVERIES: 69% OF PORTFOLIO

One Congress 2023

Block 16 2026

THE WILSON & THE ELM LANDMARK MIXED-UED DEVELOPMENT

PROJECT COST:

TOTAL PROFIT: \$161 Million

YIELD ON COST:

REMAINING PROFIT TO BE RECOGNIZED:

6.3%

\$29 Million

\$545 Million

BETHESDA, MD

THE WILSON RSF: 363,000

THE ELM UNITS: 456

THE WILSON COMPLETION: Q4 2020

THE ELM COMPLETION: Q1 2021

Gold Certification

SIGNAL HOUSE D.C.'S FIRST CREATIVE CLASS OFFICE

WASHINGTON, D.C.

RSF: 227,000

COST: \$151 Million

7.7%

68%1

\$34 Million

PRE-LEASED:

COMPLETION: Q2 2021

TOTAL PROFIT: \$34 Million

YIELD ON COST:

REMAINING PROFIT TO BE RECOGNIZED:

UNIQUE AMENITIES:

• Recording Studio
• Karaoke Room
• Demonstration Kitchen
• Indoor-Outdoor Bar

Gold Certification

// CARR PROPERTIES

1Includes signed LOIs.

26

ONE CONGRESS TALLEST BUILDING IN BOSTON IN 30 YEARS

BOSTON, MA

RSF: 1,007,000

COST: \$977 Million1

COMPLETION: Q1 2023

LUXURY AMENITIES:

• Full-Floor Amenity Center
• 30,000 SF Outdoor Terrace
• 7,000 SF Fitness Center
• 850-Space Bike Facility

Gold Certification

1Figures above represent 1 00% of the project. Carr owns a 75% interest. 2Includes signed LOIs.

YIELD ON COST: 6.4%

TOTAL PROFIT: \$419 Million1

REMAINING PROFIT TO BE RECOGNIZED:

\$259 Million1

PRE-LEASED: 100%2

NEW DEVELOPMENT IN HIGH-GROWTH MARKET

BLOCK 16

AUSTIN, TX

RSF: 738,000

ESTIMATED COST: \$518 Million

PROJECTED STABILIZED NOI:

\$40 Million

CONSTRUCTION START: Q1 2023

CONSTRUCTION COMPLETION:

Q1 2026

AMENITIES & FEATURES:

• 32,000 SF of Outdoor Space
• Terraces on All Office Levels + Private Penthouse Terrace
• State-of-the-Art HVAC & Filtration Systems
• Market-Leading Sustainability & Health Features

Note: These figures represent 1 00% of the project.

DELIVERING OFFICE FOR THE FUTURE

29 // CARR PROPERTIES

DISCLAIMER

These materials contain certain tables and other financial analyses (the "Illustrative Materials"). Numerous assumptions were used in preparing the Illustrative Materials. As such, neither the Company, its affiliates or subsidiaries nor its representatives makes any representation, warranty or guaranty of any kind, express or implied, as to the accuracy, completeness or reasonableness of the Illustrative Materials or any other written or oral communication transmitted or made available to any recipient, or as to whether the Illustrative Materials and/or the assumptions upon which they are based will prove to be accurate. Changes in such assumptions may dramatically affect the accuracy of the Illustrative Materials. The Company, its affiliates, subsidiaries and its representatives expressly disclaim any and all liability based on or arising from, in whole or in part, the information, errors therein or omissions therefrom. The Illustrative Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related matters.

Additionally, some or all of the materials and presentation may include or be based upon information related to the historical performance of the Company. The Company's past performance does not guarantee, and is not necessarily indicative of, future performance.

This presentation contains forward-looking statements. Those statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from the information set forth herein and are not guarantees of future performance. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of the dates thereof, the Company undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions and their effect on our liquidity and financial conditions and those of our customers; adverse economic or real estate conditions generally, and specifically, in the Greater Washington, D.C., Boston, Massachusetts and Austin, Texas markets; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or nonrenewal of leases by customers; any significant downturn in tenants' businesses; our ability to re-lease a property at or above current market rates; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers' financial condition and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance.

You should not place undue reliance on forward-looking statements and are advised to make your own independent analysis and determination with respect to the forward-looking statements, which reflect the Company's view only as of the date hereof.

THE INFORMATION CONTAINED HEREIN SUPERSEDES ANY PREVIOUS SUCH INFORMATION DELIVERED TO YOU AND WILL BE SUPERSEDED BY ANY FURTHER INFORMATION DELIVERED TO YOU.