Operating Portfolio Management We own and manage a premier portfolio of assets of the highest quality valued at over $60 billion. Our operating portfolio consists of a diversified mix of properties including 32 luxury rental buildings with over 13,000 apartments, over 30 million square feet of commercial space, 5,500 luxury condominium residences and approximately 60,000 affordable and workforce housing units located throughout the United States. We developed a majority of these properties ensuring that they are the best assets in their respective submarkets. And we provide a diligently maintained property management platform, via our dedicated professionals and technology, which enables us to consistently exceed our residents’ and commercial tenants’ expectations. Our focus on, and commitment to, providing the highest and most personalized level of service is one of the hallmarks of the company and a key differentiator. Our success on this front has also allowed us to create and promote our groundbreaking suite of benefits and programming across our collection of properties. Given our unique position as owner/operator and our visionary mindset, we have been a leading innovator in managing real estate assets. We were the first to recognize the importance of hospitality in the tenant experience, the first to offer a fully online leasing process and among the first to accept electronic payment, via credit card or automatic bank withdrawal. We have also been at the forefront of sustainability, with most of our new developments pursuing LEED Silver certification or higher, and wellness as evidenced by our groundbreaking smoke-free initiative at our residential rental buildings. We continue to introduce new programs, pursue new ideas and push the boundaries of what’s possible.