Statement of Stewardship Seventh Edition

ABOUT THE COVER ARTIST

Crescent Communities is pleased to feature the work of CHD:WCK! on the cover of the 2022 Stewardship Report. He is a non-traditionally trained (self-taught) visual artist, whose aesthetic tastes were shaped in and around East Orange, New Jersey.

Use this QR code to find out more about CHD:WCK!.

A LETTER FROM OUR LEADERS

In 2022, Crescent Communities demonstrated just how much we can accomplish together. We returned to the office with a renewed passion and sense of purpose. Continuing to execute our five-year strategic plan and living out our mission to Build Community and Better People’s Lives, we’ve launched new brands, entered new markets, and continued to add exceptional leaders to our team. Throughout this time of tremendous growth, environmental sustainability, community building efforts, and inclusivity have remained at the heart of what we do every day. The following pages will outline our progress in reporting our environmental impact, our resolve to address inequities of all forms, and the expansion of our communitygiving efforts. A few key highlights to note:

CONTINUED PLEDGE

Our multifamily communities are 46% more efficient than average.

We are incorporating the use of solar energy and mass timber to reduce our environmental impact.

Every new HARMON single-family home in our build-to-rent communities will be certified through the National Green Building Standard.

VOLUNTEERING

Our team volunteered over 750 hours in the community and we matched nearly 50 charitable donations in support of our pillars of environment, community, education, and shelter.

Our Diversity, Equity, and Inclusion task force held several well-attended events and created opportunities for minority-owned businesses to be successful.

SUMMER ASSOCIATES

We offered full-time roles to diverse candidates who completed our Summer Associate program while also offering scholarships to those still in school.

We are pleased with our progress but we also recognize that there is much work to be done. With our team of talented, passionate, and collaborative leaders, we know that we have the strength to not only weather any potential economic challenges but to build on our successes while we grow our commitment to the environment and our advocacy for an inclusive community.

With Gratitude,

BRIAN NATWICK

Chairman & CEO

TRACY CHAMBERS Chief People Officer

LISA PHOCAS Director of Stewardship

ENERGY EFFICIENCY

SOLAR ENERGY DE&I

ENTERPRISE OVERVIEW

Crescent Communities is a nationally recognized, marketleading real estate investor, developer, and operator of mixeduse communities. We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 83 multifamily communities and 24 million square feet of commercial space. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our multifamily communities are branded NOVEL, RENDER and HARMON by Crescent Communities, our industrial developments are branded AXIAL by Crescent Communities, and our life science developments are branded THE YIELD by Crescent Communities.

Groundbreaking for The YIELD Holly Springs

Check out the video at this QR code to learn more about Crescent Communities and how we create moments that matter.

BUILD COMMUNITY. BETTER PEOPLE’S LIVES

OUR BUSINESSES

We focus on developing the most innovative places for today’s – and tomorrow’s – market. With that in mind, our businesses span the realm of community creation.

Multifamily

• 54 communities developed and sold to date representing $3.3B in development value

• 25 communities under construction and operations include over 8,000 units and $2.3B in investment

• 22 communities in pipeline including nearly 6,700 units and $2.4B in investment

Office

Single Family Build-to-Rent

• Eight Single-Family Build-to-Rent communities in portfolio with 323 homes under construction and pipeline representing $450MM of investment

• Raised $300M of third-party equity (first round) to build 4,000 homes targeting a total investment of $1.0B.

Industrial

under construction and operating representing $227M of investment

Construction

• Captive and licensed general contractor currently operating across the Southeast in Charlotte, Raleigh, and Nashville

Completed over 3,000 units and over 1,200 units under construction

• Nearly 1,000 additional units planned to start construction and targeting $120M in Annual Revenue in 2022

Life Science

• Launched The YIELD by Crescent Communities brand in 2022

First developments under construction includes a biomanufacturing lab and office campuses totaling nearly 3.3MM SF with nearby retail.

Investment Management

Be Curious Innovate Always Do What’s Right Deliver Excellence

• Raised first fund in 2022 of nearly $200M with an Opportunistic Development strategy

• Planning next series of funds, each with a unique but complementary investment strategy

• Long term objectives to reach $10.0B in AUM

River District

• 1,400 acre master-planned community in Charlotte including 550 acres of open space

• Nearly 5,000 residential homes and 8.0M SF of office/retail planned

Our award-winning regions where over

AWARD WINNING Selected by National Housing Council the nation’s Top Selected as Multifamily of the Year in 2019 Association of Home

We focus on developing the most innovative places for today’s — and tomorrow’s — market. With that in mind, our

the realm

STATEMENT OF STEWARDSHIP

BEING GOOD

STEWARDS IS

FUNDAMENTAL

TO THE PURSUIT OF

OUR MISSION TO BUILD COMMUNITY AND BETTER PEOPLE’S LIVES. At Crescent Communities, we strive to make decisions that address current and future challenges and to improve continuously to have a positive impact on the planet, the people, and the places we build and call home. We hold ourselves accountable through regular evaluation of our practices and ongoing measurement. Our goal is to ensure that the communities under our stewardship flourish for years to come. We seek to create legacies, the value of which builds with time.

Crescent Communities Charlotte Office

OUR PILLARS OF STEWARDSHIP

To build prosperous and healthy communities within the ecological limits of our planet, it is essential to tackle climate change with disciplined and thoughtful development. We have adopted environmental sustainability principles, practices, and processes to both sustain the environment and support thriving economies. We seek to inspire our colleagues, residents, tenants, and the broader development community to make positive changes that enable ecosystems to flourish.

A community is a network of relationships, enriched by shared values and motivated by the fundamental human desire to be part of something greater. We seek opportunities to build a more diverse, equitable, and inclusive community for our colleagues, partners, customers, and neighbors. When we provide opportunities for all, not only do we allow for productive communities to form and flourish, but we also create economic success.

WELLNESS

We invest to create environments that support physical and emotional well-being. When we design communities where healthy choices are easy to make, we in turn support the well-being of every person who lives, works, and plays there. The places we create then become the catalyst for a healthier and happier lifestyle, not only for our residents and tenants, but for our colleagues and the greater community as well.

RESILIENCY

Our culture of resilience is demonstrated by our approach to community development and our overall business strategy. To create communities that remain relevant and prosperous over time, we balance our vision and values with the flexibility to adapt. Focusing on a foundation of resiliency allows us to seed communities that will sustain and continue to thrive long after our involvement ends. The cultivation of diverse yet synergistic lines of business supports a strategy that is both robust and resilient, yielding consistent results.

2022 ESG HIGHLIGHTS

More than

$258,000 in contributions made to nonprofit organizations including donations through our colleague charitable matching program

750+ hours volunteered by Crescent Communities colleagues through the CARES initiative

Crescent Communities Enterprise Office achieved WELL PLATINUM certification!

100% of our multifamily and commercial office communities achieved green building certifications

100%

of our communities incorporate EV-ready or include EV charging stations

100%

of our communities incorporate native or adaptive plant species that require less water

129 million gallons

41% Our multifamily communities were designed to be an average of more water efficient! Combined with our commercial portfolio, our communities save more than of water annually!

27,699 tons of construction waste diverted from the landfill. This is equal to the weight of the Statue of Liberty!

ENVIRONMENT

Crescent Communities Charlotte Office

ENVIRONMENTAL IMPACT METRICS

TO BUILD PROSPEROUS AND HEALTHY COMMUNITIES WITHIN THE ECOLOGICAL LIMITS OF OUR PLANET, IT IS ESSENTIAL TO TACKLE CLIMATE CHANGE WITH DISCIPLINED AND THOUGHTFUL DEVELOPMENT.

We have adopted environmental sustainability principles, practices, and processes to both sustain the environment and support thriving economies. We seek to inspire our colleagues, residents, tenants, and the broader development community to make positive changes that enable ecosystems to flourish.

MEMBERSHIP IN ULI GREENPRINT

Crescent Communities is a member of the Urban Land Institute (ULI) Greenprint Center for Building Performance. A global alliance of leading real estate owners, investors, and strategic partners, ULI Greenprint is committed to improving the environmental performance of the global real estate industry.

IMPACT

In our last annual report, we shared environmental performance data for our communities for the first time. We included limited energy, water, and waste metrics for our multifamily and commercial communities in development. This year, we are pleased to present a more robust set of 2022 performance data, and we look forward to expanding our metrics in future years.

27,699

56%

Energy Use Intensity (EUI) is a building’s energy use as a function of its size and is expressed as energy per square foot per year. EUI = kBtu/ft2. Water Use Intensity (WUI) is reported as all indoor water sources divided by the building size. WUI = gallons/ ft2. Weighted measures are a standard industry methodology to calculate the aggregate EUI and WUI across a portfolio based on a weighted average by square foot of intensity. Averages are based in Energy Star Portfolio Manager’s US. National Median Reference Values. Improved YOY EUI can partially be attributed to the capture of more complete metrics in 2022. In 2021, 17,646 tons of waste were diverted.

GREEN BUILDING CERTIFICATIONS

While our robust design, construction, and operational principles create efficient buildings with a reduced environmental impact, we rely on sustainability and wellness-based certifications to help guide our practices and hold ourselves accountable for results. These include LEED, NBGS, WELL, and Fitwel Certifications.

THE NATIONAL GREEN BUILDING STANDARD™ (NGBS)

NGBS is a third-party certified residential building guideline that offers certification specifically for residential construction. NGBS Certification indicates that a building has been designed and constructed in a manner that promotes improved health, lower operating costs, and a lighter environmental footprint. Since 2014, Crescent Communities has achieved a minimum of bronze-level NGBS Certification in all multifamily communities. Certified communities must achieve a minimum number of points in each of the six categories including:

Lot Design, Preparation and Development

Resource Efficiency

Energy Efficiency

Water Efficiency

Indoor Environmental Quality

Operation, Maintenance and Owner Education

LEADERSHIP IN ENERGY AND ENVIRONMENTAL DESIGN (LEED)

The most widely used green building rating system in the world, LEED certification provides independent verification of a building’s green features, encouraging the design, construction, operations, and maintenance of resource-efficient, high-performing, healthy buildings. Crescent Communities pursues LEED certification for commercial office spaces and select multifamily communities. LEED supports advancements in categories including:

Location & Transportation

Sustainable Sites

Water Efficiency

Energy & Atmosphere

Materials & Resources

Indoor Environmental Air Quality

Innovation

CURRENT CRESCENT COMMUNITIES THAT ARE LEED CERTIFIED OR PURSUING CERTIFICATION*:

Crescent Communities

Charlotte Office within Ally

Charlotte Center, Charlotte, NC — LEED Silver Certification

Elizabeth on Seventh, Charlotte, NC — Commercial Office*

Escent Research Park, Charlotte, NC — Commercial Office — LEED Certified

Carson Station, Charlotte, NC —Commercial Office*

NOVEL White Fence Farm, Denver, CO — Multifamily*

NOVEL Beach Park, Tampa, FL — Multifamily*

NOVEL 14th Street, Washington, D.C. — Multifamily*

The River District, Charlotte, NC — Mixed-Use, Master-Planned Community*

AXIAL Gateway 95, Richmond VA*

ALLY Charlotte Center

*Pursuing certification

GREEN CERTIFIED MULTIFAMILY COMMUNITIES AND RESIDENCES TO DATE 49

14,769 Communities Residences certified

23 communities in the pipeline, which is

6,913 additional residences in the pipeline for certification in 2023.

CRESCENT COMMUNITIES HAS ACHIEVED GREEN BUILDING CERTIFICATIONS FOR COMMUNITIES ACROSS THE COUNTRY INCLUDING:

Atlanta, GA

Austin, TX

Charlotte, NC

Dallas, TX

Durham, NC

Houston, TX

Jacksonville, FL

Nashville, TN

Orlando, FL

Phoenix, AZ

Raleigh, NC

Scottsdale, AZ

Tampa, FL

Washington, D.C.

NEW COMMUNITIES ADDED IN 2022:

Denver, CO

Richmond, VA

Salt Lake City, UT

Sarasota, FL Charleston, SC

INNOVATIVE INITIATIVES

THE FUTURE IS BRIGHT: HARNESSING SOLAR ENERGY

Understanding the importance of adopting renewable energy sources to reduce our operational carbon emissions, Crescent Communities implemented a process to evaluate the potential to include photovoltaics in each new community starting in 2022. As a result, three multifamily communities currently under construction will include solar panels. Recognizing that legislation supporting renewable energy sources is constantly evolving, we are including elements of solar PV-readiness in many additional communities currently in development or under construction.

MASS TIMBER: BEAUTY AND ENVIRONMENTAL BENEFITS

Embodied carbon is the measure of emissions resulting from all manufacturing, transportation, construction, and the end of life of any product. The embodied carbon of the real estate development industry can far outweigh the operational carbon emitted during the operating life of an efficiently constructed building. The structure of any building is generally the most carbon-intensive, as concrete and steel are responsible for a large portion of embodied carbon. By choosing alternative materials, it is possible to significantly reduce the embodied carbon emissions of any building.

ACCORDING TO WOODWORKS, THE WOOD PRODUCTS COUNCIL

As trees grow, they absorb carbon dioxide (CO2) from the atmosphere, release the oxygen (O2) and incorporate the carbon into their wood, leaves or needles, roots, and surrounding soils. When trees are manufactured into products, they continue to store the carbon. (Wood is 50% carbon by dry weight) In the case of buildings, the carbon is kept out of the atmosphere for the lifetime of the structure—longer if the wood is reclaimed and manufactured into other products or reused.

Crescent Communities announced plans to incorporate the use of Mass Timber into the construction of Garren, an innovative office and adaptive-use community in Alpharetta, Georgia. The finished product will be warm and inviting, and lighter on the environment. More details will be shared in forthcoming reports.

THOUGHTFULLY DESIGNED SINGLE-FAMILY HOMES FOR RENT

HARMON communities are designed to welcome and help residents build roots in a single-family home setting with none of the headaches that come with owning a home. Great care is taken to ensure that residents have a home that feels both welcoming and current but also serves as a beautiful canvas for their personal style and needs. Well-appointed homes are light and bright with open floor plans and beautiful finishes, including granite countertops and energy-efficient appliances. Every home also features SMART home technology, offering residents the ability to adjust settings for comfort and performance.

Every HARMON home is designed and constructed to be highly energy and water efficient while offering residents a greater degree of comfort and lower utility bills. Underscoring this commitment, it is our goal to achieve NGBS Bronze or greater certification on each HARMON home. We will report the average annual energy use intensity (EUI) and water use intensity (WUI) in our yearly publication of the Crescent Communities Stewardship Report and publish the data on our company websites.

HARMON Foxbank, Charleston

THE BUZZ ON BEES

We are pleased to welcome a unique group of residents to NOVEL River Oaks, a luxury multifamily community in Houston, Texas. Through a partnership with Alveole, a hive of honeybees was placed in the parking area, introducing the benefits of urban beekeeping to a new audience. Through resident engagement, educational opportunities, and honey production, Alveole provides the benefit of urban beekeeping in unexpected locations across the country. Supporting pollinator pollination and creating a sustainable impact, urban beekeeping will be incorporated into the design and operations of future Crescent Communities as well.

NOVEL River Oaks, Houston

MULTIFAMILY: NOVEL TURTLE CREEK

Located in the beloved Turtle Creek area and central to Uptown, Downtown, Oak Lawn and Park Cities, NOVEL Turtle Creek delivers a leveled-up lifestyle that is only matched by an incredible location.

NOVEL Turtle Creek achieved numerous recognitions including NGBS Silver Certification, Fitwel Certification, and WiredScore Certification. Not only is the community highly efficient, but the design and operations also support both digital connectivity and the health and well-being of residents.

KEY FEATURES THAT SUPPORT THE HEALTH AND WELL-BEING OF RESIDENTS AND THE PLANET INCLUDE:

• Continuous R30 insulation with reflective ENERGY STAR roof material reduces energy use

• Above-code low-E windows increase comfort and reduce dependence on heating and A/C

• Third-party inspections of air ducts and insulation ensure an efficient and comfortable living space

• ENERGY STAR rated appliances and lighting reduce energy use and lower bills

• Water-conserving bath fixtures and appliances reduce water use while maintaining effectiveness

• Community drip irrigation ensures that water is not wasted by placing it exactly where it needs to be

• A free and convenient valet recycling program is available to all residents

• Low-VOC insulation, adhesives, paints and finishes enhance indoor air quality

• Outdoor common areas allow residents access to nature and daylight, reducing stress and enhancing mental health

• Electric vehicle charging stations support transition to electrification

• Boutique fitness center features cardio and weight machines to support wellness

• Resident bike storage supports alternative transportation and fitness

NOVEL Turtle Creek, Dallas

NOVEL Midtown Atlanta

MULTIFAMILY: NOVEL MIDTOWN ATLANTA

A perfect complement to the energy and convenience of the area, NOVEL Midtown Atlanta offers a blend of inspiration and rejuvenation. In addition to expected luxury amenities and high-end finishes, the community boasts a resort spa with steam room, underscoring a commitment to wellness and relaxation. Additionally, the popular firstfloor Land of a Thousand Hills Café offers a space for collaboration and connection.

NOVEL MIDTOWN ATLANTA ACHIEVED NGBS BRONZE AND FITWEL CERTIFICATIONS. FEATURES SUPPORTING ENVIRONMENTAL SUSTAINABILITY AND WELLNESS INCLUDE:

• Resident bike storage and repair shop, encouraging alternative transportation

• A 3,000 square foot fitness club, resort spa and steam room encourages wellness

• Outdoor common areas allow residents access to nature and daylight, reducing stress and enhancing mental health

• A mix of onsite uses and nearby amenities reduce vehicle dependence for daily needs

• High-efficiency heat pump provides reliable heating and cooling without the direct use of fossil fuels

• Above-code low-E windows increase comfort and reduce dependence on heating and A/C

• Third-party inspections of air ducts and insulation ensure an efficient and comfortable living space

• ENERGY STAR rated appliances and lighting reduce energy use and lower bills

• Water conserving bath fixtures and appliances reduce water use while maintaining effectiveness

• Community drip irrigation ensures efficiency by placing water where it needs to be

• A free and convenient valet recycling program is available to all residents

• Low-VOC insulation, adhesives, paints and finishes enhance indoor air quality

COMMERCIAL: ELIZABETH ON SEVENTH

Situated at the iconic intersection of East 7th Street and North Caswell Road in Charlotte, Elizabeth on Seventh offers office and retail spaces featuring stunning architectural design and a pedestrian-friendly plan.

Achieving both LEED and Fitwel Certifications, Elizabeth on Seventh serves as a model of energy efficiency, resource conservation, waste mitigation and performance, all while demonstrating a commitment to improving health and wellness through design.

FEATURES SUPPORTING ENVIRONMENTAL SUSTAINABILITY AND WELLNESS INCLUDE:

• Walkability — The pedestrian friendly community is located near retail, restaurants, conveniences and the Gold Line streetcar system

• Onsite bicycle parking encourages active transportation

• Green cleaning and integrated pest management policies promote a cleaner, healthier indoor environment

• Quality views of the outdoors and ample glass and windows promote well-being

• Energy use is reduced through the inclusion of efficient fixtures and a highly effective building design

• Indoor water use is reduced by the incorporation of efficient fixtures, while outdoor water use is reduced by the selection of native species and efficient irrigation

• Materials used throughout the building have a reduced environmental impact and are low emitters of harmful VOCs

Elizabeth on Seventh, Charlotte

WE INVEST TO CREATE ENVIRONMENTS THAT SUPPORT PHYSICAL AND EMOTIONAL WELL-BEING.

When we design communities where healthy choices are easy to make, we in turn support the well-being of every person who lives, works, and plays there. The places we create then become the catalyst for a healthier and happier lifestyle, not only for our residents and tenants, but for the greater community.

WELLNESS  FITWEL

Fitwel is a building certification system that supports healthier living and working environments to improve occupant wellness and productivity. The Fitwel Certification System offers 50+ evidence-based design and operational strategies to optimize the health-promoting impact of the built environment.

The following Crescent communities achieved Fitwel Certification in 2022, while several additional communities are pursuing the designation:

MULTIFAMILY:

• NOVEL Edgehill, Nashville, TN

• NOVEL Midtown Atlanta, GA

• NOVEL Turtle Creek, Dallas, TX

WELL

Administered by the International WELL Building Institute, the WELL Building Standard is a performance-based system for measuring, certifying, and monitoring features of the built environment that impact human health and well-being. The rigorous certification process marries strategies in design, construction, and operations to lead to a built environment that supports improvements in nutrition, fitness, mood, sleep, comfort, and performance of its occupants. The features of WELL Certification are organized into ten concepts that drive health and well-being.

Crescent Communities Charlotte Office

WELL PLATINUM CERTIFICATION FOR CHARLOTTE OFFICE OF CRESCENT COMMUNITIES

Our 2021 Stewardship Report outlined our pursuit of both LEED and WELL Certification for the newly designed Charlotte office of Crescent Communities. LEED certification ensures that the space is designed and built to be high-performing, energy-efficient, and comfortable while reducing the overall environmental impact. WELL certification marries strategies in design, construction, and operations to produce a built environment that supports improvement in nutrition, fitness, mood, sleep, comfort, and productivity. Jointly, these certification pursuits ensure that the building’s impact on both the environment and the occupants are priorities.

In late 2022, the team was awarded WELL Certification at the Platinum level, a highly sought after and rarely attained designation. This certification underscores the company commitment to the health and well-being of our own team members. A few notable features demonstrated in the office include:

• Sit and stand desks at each workstation to promote movement

• Biophilic design, incorporating natural materials to bring nature indoors

• Enhanced air filtration and bipolar ionization to eliminate particulates and chemicals

• Filtered water available from all faucets throughout the office to ensure healthy water for all

• Healthy nutrition offered through delivery of fresh fruits daily, as well as low-sugar, high-fiber snacks

• Highly walkable location with easy access to amenities such as restaurants, pharmacy, and grocery store, promoting active transportation

• Robust recycling and composting program throughout office with centrally located disposal areas

• Energy savings through the inclusion of highly efficient fixtures with motion sensors and effective building design

The Charlotte office is located in Ally Charlotte Center. Crescent Communities also achieved WELL Certification for the Core and Shell building at the Gold level in 2022.

SOCIAL

Grand Opening Celebration, NOVEL Turtle Creek, Dallas

DIVERSITY, EQUITY AND INCLUSION AT CRESCENT COMMUNITIES

THE CRESCENT COMMUNITIES DIVERSITY POLICY

Crescent Communities recognizes and values a diverse and inclusive workforce. Diversity embodies all the differences: life experiences, work experiences, perspectives, cultures, religions, ethnicities, gender, age, socioeconomic status, and other aspects of life, all that make us unique individuals. Crescent Communities seeks diversity in its colleagues, values their differences, and endeavors to treat all colleagues with respect.

Lunch through a Lens Event, Charlotte Office

DE&I TASK FORCE

Understanding that action in support of inclusivity must be demonstrated from the top. In 2020, our Executive Committee established a volunteer-based Diversity, Equity and Inclusion Task Force led by our Executive Vice President and Chief People Officer, Tracy Chambers. The mission of the Task Force builds upon the diversity policy as follows:

We will reinforce our commitment to creating opportunities for all through an open and honest dialogue and develop proactive solutions that will lead to a more diverse, equitable and inclusive workforce.

Use this QR code to learn about the establishment of our task force and to read our inaugural Diversity, Equity and Inclusion Report from 2021.

Originally consisting of 5 committees, our Task Force efforts were revisited in 2022, and reorganized into three focused committees: LEARNING AND CONVERSATIONS, RECRUITING AND PARTNERSHIPS. Our ongoing commitment to create a more equitable workplace and inclusive society for our colleagues and our communities is demonstrated by the transparency offered in this report.

NOVEL Edgehill, Nashville

LEARNING AND CONVERSATIONS COMMITTEE

MISSION

Offer all colleagues the opportunity to gain new perspectives and share in conversations to help us become more aware, compassionate and engaged in the quest for equity.

MEMBERS

Aldo Muccia, Lisa Phocas, Kesha Smith, Carrie DeLuca, Justin Cislo, Meaghan

Kroener Janson and Latondra Riley

EXECUTIVE SPONSORS

Jay Curran, Ben Collins and Kevin Lambert

HIGHLIGHTS FROM 2022

MAY 2022: LUNCH THROUGH A LENS — GENDER IDENTITY

Imagine carrying the added emotional weight of having to deny one of the most fundamental aspects of who you are - your gender identity. Despite a growing global awareness of the struggles trans people face, many companies that are LGBTQ+-friendly usually focus more on the “LGB” than on the “TQ+” and hence are ill-equipped to create a workplace culture that is truly supportive of trans colleagues. We welcomed Genevieve Wicker who shared her unique story of navigating gender identity and ultimately choosing to become a woman. Her open, candid insights enhanced our journey toward greater understanding and inclusion.

Genevieve did an incredible job of putting into context the value of empathy and support in helping a person be positive and productive when they are different. Her support network — people who clearly recognized that she’s a great person and productive contributor — was surely well-earned, but truly demonstrates the importance of empathy in the workplace.

JAY CURRAN, PRESIDENT, MULTIFAMILY

JUNE 2022: JUNETEENTH PRESENTATION

We were honored to welcome guest speakers Ohavia Phillips and Brittany Moore to discuss the significance of Juneteenth with our colleagues. Brittany shared how her unique perspective on the historic day led her to spearheading the “Lighting up Uptown for Juneteenth” initiative. We also heard from Ohavia about why it’s important to continuously share the history of Juneteenth and work diligently to be educated and intentional rather than performative.

SEPTEMBER 2022: LUNCH THROUGH A LENS — ARTLIFTING

ArtLifting creates opportunity, empowerment and validation for artists who have experienced homelessness and/or disability by providing the chance to secure their own income through the sale of original paintings, prints and products. By showcasing and selling artwork via ArtLifting, artists gain self-confidence that permeates all aspects of their lives. During this lunchtime presentation, we learned about the innovative mission of the organization, as well as the personal and professional impact it’s having in the lives of the artists.

OCTOBER 2022: HARVEY B. GANTT CENTER FOR AFRICAN AMERICAN ARTS + CULTURE

Our Charlotte-area colleagues took place in a guided tour where they learned more about African American culture and history from trained museum professionals, and gained a deeper understanding of the cultural and historical context of the artwork and artifacts on display.

RECRUITING COMMITTEE

MISSION

Ensure that our hiring practices are fair, equitable and non-discriminative, and strive to evaluate qualified candidates that are diverse across gender, race, ethnicity, disability, and veteran status, among others.

MEMBERS

Latondra Riley, Blake Bickmore, Sagar Rathie and Jack Barnett

EXECUTIVE SPONSORS

Tracy Chambers and Jason LaBonte

Grand Opening, NOVEL Edgehill, Nashville

• With support from the committee, Crescent Communities increased diverse hiring sources by 25% to support the diversity of our applicant pool. The team maximized posts for roles on job boards and expanded the search for candidates belonging to specific diversity-oriented groups and organizations.

• As a result of this intentional recruitment strategy, we extended offers to two of our diverse summer associates for full-time opportunities in 2022, both of which were accepted.

• Hosted nine summer associates in 2022, including four diverse students and one veteran.

• Expanded partnerships with external organizations including Historical Black Colleges and Universities (HBCUs).

• Developed guide for creating inclusive job descriptions.

• Delivered scholarships to both a NC A&T State University student and a summer associate involved with the Project Destined Program (see next page).

• Attended career fairs and hiring events to seek diverse talent at a variety of new schools, broadening our reach to include NC A&T State University, East Carolina, UNC-Chapel Hill, Appalachian State University, and Middle Tennessee State University.

• Partnered with Veteran organizations including Hire GI and Special Operators Transition Foundation (SOTF).

• Implemented Interview Training for leaders in order to mitigate bias during the process.

• Completed and communicated clear job progression paths for most roles.

Summer Associates at Second Harvest Food Bank Volunteer Event

PROJECT DESTINED

Crescent Communities is proud to partner with Project Destined, a leading social impact platform that empowers students from underrepresented communities through training in financial literacy, entrepreneurship and real estate. Project Destined interns learn the basics of financial literacy and real estate investing through a blend of live courses and e-learning grounded in ownership, investing and financial health. Throughout the eight-week-long program, interns are supported by their mentors as they learn and develop their own professional networks. The program culminates in a live event where interns present a real estate investment opportunity to a panel of executives and compete for the opportunity to win scholarships.

In 2022, Crescent Communities sponsored an incredible group of eight undergraduate students to participate. The experience culminated with a competition against other Project Destined teams across the country. The Crescent-sponsored team secured a FIRST PLACE win in their division competition!

Crescent Communities and Project Destined Team

ISAAC ALLEN, SUMMER ASSOCIATE AT CRESCENT COMMUNITIES

For the summer of my freshman year at NC A&T , I knew that I wanted to get my hands on an internship to propel my professional career. Participating in Project Destined was instrumental in achieving that goal. If it were not for the pivotal interactions that Project Destined allowed me to make in tandem with the inviting culture of Crescent Communities, I would not have had the distinguished opportunity to directly contribute to my career goal of working in commercial real estate.

In addition to sponsoring the Project Destined team, Crescent Communities was honored to host a summer associate from the program to join us and experience real estate development first-hand. Isaac Allen is a freshman at NC A&T, and in 2022, he joined Crescent Communities as a summer associate on the Capital Markets team. Isaac did an exceptional job during his time with the company and created such a positive impression that he was offered an additional $5,000 scholarship from Crescent Communities at the conclusion of his program.

BRENDAN PIERCE, CRESCENT COMMUNITIES PRESIDENT OF COMMERCIAL

We are so proud to be involved with Project Destined. It has been a game changer for not only the young adults participating in the program but also for Crescent and its colleagues. Project Destined offers college students access to best-in-class firms and helps them explore a career in Commercial Real Estate. For Crescent, we are presented a diverse and impressive pool of talent to eventually add to our team. Crescent is focused on increasing our company’s diversity and Project Destined is the perfect partner to make this happen.

PARTNERSHIPS COMMITTEE

MISSION

Support partnerships that foster diversity and equity. This task force will actively seek diverse vendor relationships in all areas of construction and business operations.

MEMBERS

Jonathan Bedford, Darek Burns, Erika Ruane, Elizabeth McMillan, Eric Rothrock and Jason Lotz

EXECUTIVE SPONSORS

Tracy Chambers

Minority and Small Business Outreach Event

• Crescent Communities increased Minority and Women Owned Business Enterprise (MWBE) participation to 5%.

• Introduced diverse business owners to opportunities within Crescent Communities through several informational events.

4TH ANNUAL MINORITY AND SMALL BUSINESS OUTREACH

Our 4th Annual Minority and Small Business Outreach event included over 75 vendors, general contractors and subcontractor partners. Our colleagues spoke about our pipeline of development activity in the Charlotte and Raleigh areas. Representatives from our key general contract partners including Blythe Development, JE Dunn Construction, Swinerton, Gilbane Building Company, C4 Builders LLC and Brasfield & Gorrie, LLC were also in attendance to network and encourage participation with minority groups across our development footprint.

• Our committee continued to refine our process for tracking our monetary level of engagement with minority vendors in our accounting software, and instituted new goals. New forms for capturing this vital information were introduced to the entire Crescent Communities team.

• We instituted new policies to ensure that our general contractor partners will solicit bids of at least one MWBE vendor for each trade for work.

Visit to Harvey B. Gantt Center for African American Arts & Culture, Charlotte

DEVELOPING SKILLS FOR FUTURE LEADERS

Crescent Communities is honored to establish a partnership with the Community Building Initiative (CBI), a non-profit organization with a mission to give people and organizations the knowledge, skills and courage to fight bias, remove barriers to opportunity and build a more equitable Charlotte-Mecklenburg area.

For each of the last three years, two rising leaders within our organization have been chosen to participate in CBI’s LU40 program (Leadership Under 40). These young leaders will use the knowledge they gain through the program to help affect change within Crescent Communities, in the real estate development industry, and throughout the greater community. Past participants include Ruth Evans, James Richardson, Violet Iwata-Dean, and Shep Reynolds.

Current LU40 Participants:

JACK BARNETT Financial Associate

MATTHEW BOX Senior Director of Construction

THE ROC CHARLOTTE

The ROC is a nonprofit organization partnering with Central Piedmont Community College to provide opportunities to select high school juniors to introduce them to construction technology. The program allows students to earn dual high school and college credits. Not only does our President of Construction, Daniel Cooper, serve on the board for this impactful organization, our team hosts groups of students on our jobsites throughout the year to offer an overview of construction activities taking place in real time.

KESHA SMITH, CONTRACTS COORDINATOR

Crescent Communities is one of the first corporate companies that I have ever been a part of that goes beyond the boundaries of diversity. They are always willing to learn about other cultures, ethnicities, and things that are out of the norm or scope of what “Corporate America looks like.” They accept individuals as they are with the understanding that we are all different but with gained wisdom and knowledge, in addition to eradicating fear we can impact the world as a unit. Crescent understands that we all come from different cultures and backgrounds, and they use this advantage beautifully to enhance the growth of the company.

WOMEN IN REAL ESTATE GROUP

The Crescent Communities Women’s Group consists of voluntary participants across business units and levels of leadership. Participation is open to all colleagues of Crescent Communities. The Group formally began meeting in spring of 2019 to explore opportunities to assist the women of Crescent Communities with career development, skill refinement and community building opportunities. Through this initiative, Crescent Communities hosts events, guest speakers and other initiatives designed to help women reach their full potential.

HARVESTING CONNECTIONS WOMEN’S EVENT

On October 27th, Crescent Communities partnered with the leaders of the women’s group at Turner Construction, “Building Turner Women,” to present the 5th annual Harvesting Connections event, an opportunity for women in the real estate and construction industry to explore tools to overcome shared challenges and connect with supportive women in the industry. The well-attended and highly inspiring event was led by Stacy Cassio, CEO of the Pink Mentor Network. Donations were accepted for Dress for Success Charlotte. All attendees left the event with new connections and a positive outlook for the future!

OUR 2022 WORKFORCE COMPOSITION

HIRES (12/31/2022) (EXCLUDES SUMMER ASSOCIATES) 66.7% White

NEW 73.2% Male 85.7% White 11.1% Black 22.2% Hispanic or Latino

NEW

BY

CRESCENT COMMUNITIES INCLUSIVE CULTURE

MENTORSHIP PROGRAM

This year we introduced our Mentorship program, establishing a partnership between colleagues for the purposes of learning and growth. Anyone at any job level may participate and benefit from a mentoring relationship. A few of the subject areas included in the mentorship program include leadership development, financial acumen, directing and delegating, presentation skills, conflict resolution, and developing a personal brand. In our inaugural year, 32% of our colleagues participated in a mentoring partnership.

Lunch through a Lens, Charlotte Office

LISTENING TO OUR COLLEAGUES

SURVEYS

To ensure the success of our colleagues, we administer an anonymous Colleague Culture Survey on an annual basis. Topics covered in the survey include career growth opportunity, work environment, training and development, communication, trust and collaboration, benefits and recognition, diversity and belonging.

NEW COLLEAGUE BREAKFAST

New colleagues are personally invited to attend a breakfast with our Chairmain & CEO, Brian Natwick, to ensure they feel included and acknowledged. They are invited to learn and encouraged to ask questions and share ideas.

ALL COLLEAGUE TOWN HALL MEETING

Brian Natwick meets with all colleagues in small groups over lunch on an annual basis. He shares recent company updates and invites colleagues to share their perspectives. Brian requests each colleague to share their thoughts on what is working and what is not working from their individual perspective.

PROMOTING PAY EQUITY

The Crescent Communities Talent team regularly reviews compensation and benefits throughout the year to ensure pay equity among our colleagues internally and in comparison, with similar organizations and industries.

Tree Planting Event, Denver

2022 BENEFITS

The list of benefits available for Crescent Communities colleagues is expansive. Here are a few highlights:

• Childbirth and Bonding Policy: To ensure that our childbirth policy supported our colleagues equally, we eliminated the previous required one year waiting period, which extended this benefit to new hires.

• Maternity and Paternity Leave: We understand that childbirth is an important time for not only new moms, but new dads as well. We offer 12 weeks of paid maternity and paternity leave for our colleagues.

• Mental Health Support: Mental health and well-being are critical to health, happiness, and productivity. To enhance our promotion of mental health in the workplace and beyond, we enhanced our Employee Assistance Program (EAP) package to include additional sessions with professional therapists.

• Wellness Program: We increased our annual wellness subsidy to promote the reduction of health risks through mental health support applications. We also held a Workplace Burnout webinar to listen and share tools to help combat the situation. The WELL Platinum certification of our workplace highlights the many mental and physical well-being support measures that we incorporate in our daily practice at Crescent Communities.

• GO Day: In support of our company value, “Be Curious,” every full-time colleague is encouraged to take one “Get Outside” day off to visit a park, greenway, play a sport, take children on an outdoor adventure, or simply get creative exploring the outdoors.

• Summer Fridays: To encourage work-life balance, colleagues are encouraged to leave the office at 1 pm on Fridays from Memorial Day through Labor Day. This allows colleagues to get a kick-start on their time away to relax and recharge.

• Education Support: In addition to supporting the continuing education requirements for related certifications, Crescent Communities offers educational reimbursement opportunities for colleagues wishing to further their education in related fields of study.

• Board Service Support: Colleagues are encouraged to serve the community and be involved with nonprofit organizations for which they are passionate. Crescent Communities offers financial support to qualified nonprofit organizations for which a colleague serves on a governing board.

BUILDING COMMUNITY

We support community initiatives that align with our three thoughtfully identified focus areas: EDUCATION, ENVIRONMENT, SHELTER & BASIC NEEDS. Through the Crescent Communities CARES volunteer and charitable giving program, we cultivate a culture of passionate engagement, and we tackle difficult issues such as affordable housing, chronic homelessness, educational disparity, and the climate crisis.

Trees are the lifeblood of our communities, providing shade, oxygen, protection from wind and noise, food and shelter for wildlife, filtering stormwater, reducing energy consumption, increasing home values, and offsetting carbon emissions. While we strive to make business decisions that have a minimal environmental impact, Crescent Communities understands that the real estate development process can put our green space and tree canopy at risk. Understanding the importance of a strong urban canopy, Crescent Communities actively supports organizations across the country that work to ensure that all residents have access to the health and environmental benefits that trees provide. In addition to providing financial support, our teams participate in tree planting events annually.

NASHVILLE TREE FOUNDATION

Our first tree planting of the year took place in Nashville on March 17th. Partnering with the Nashville Tree Foundation, the Crescent Communities team joined forces with the NOVEL Edgehill leasing team to plant dozens of trees in Tony Rose Park. The team was proud to add green to the tree canopy on St. Patrick’s Day!

TREESATLANTA

In November, the Atlanta team joined forces to plant much needed trees in the South Bend Park area of Atlanta. It was a chilly day, but the team worked hard and warmed up quickly. Our first planting with TreesAtlanta was a rewarding experience, and we look forward to many more.

TREESCHARLOTTE

In December, the Crescent Communities team sponsored a tree giveaway and helped to distribute trees to firsttime tree planters. We are pleased to continue our longstanding relationship with TreesCharlotte!

THE PARK PEOPLE, DENVER DIGS TREES

In May, our Denver team partnered with the Park People of Denver in support of the Denver Digs Trees Initiative. The program provides free and affordable trees throughout the community with a special focus on low-canopy neighborhoods. Our first planting with the organization was a huge success!

CRESCENT COMMUNITIES CARES EVENTS IN 2022

TRIPS FOR KIDS

In April, the Crescent Communities CARES team took part in the 2022 Earthshare Corporate Challenge. Our team was paired with Trips for Kids, and we spent our time breaking down

HABITAT FOR HUMANITY

Charlotte-area multifamily developers and partners joined forces to fund and build a home in partnership with Habitat for Humanity of the Charlotte Region. Organized by Crescent Communities, this event was the fourth Multifamily Developers Build. The Crescent team had the pleasure of kicking off construction in April, watching the progress through the summer, and joining the happy and deserving homeowners for a dedication event in October.

dozens of bikes, rerouting approximately 2,250 pounds of waste material from the landfill, and uncovering materials to be used to repair bikes in support of the community biking programs.

Trips for Kids

SECOND HARVEST FOOD BANK

Colleagues from Crescent Communities took part in two special events with the Second Harvest Food Bank. In July, the summer associates gathered to sort donations for high-need families across

VALLEY PARTNERSHIP, ARIZONA

the region. In the fall, colleagues joined forces with other area corporations for the annual Sort-a-Rama event in the Charlotte Convention Center to pack more than 16,000 food boxes for families in need!

The Valley Partnership is an advocacy group supporting responsible development in the Phoenix area. In November, our Phoenix office spent a Saturday alongside 300 industry partners providing landscaping in support of the House of Refuge, a community providing transitional housing and wraparound support programs to families experiencing homelessness.

CLASSROOM CENTRAL DONATION DRIVE

In August, our team gathered a record number of school supply items in support of Classroom Central. Our colleagues donated more than 5,200 items, supporting the academic success

of high-needs students throughout the Charlotte area.

Second Harvest Food Bank Sort-a-Rama Event

SHE BUILT THIS CITY AND BERRYHILL SCHOOL

In October, Crescent colleagues joined forces with She Built This City to build picnic tables with 8th grade students from Berryhill School. Together, we empowered the students to build something with their hands that the whole school will enjoy. Our team also shared our career paths and

talked about the many opportunities to establish a meaningful career in the construction trades. We are pleased to support these incredible students and the work of She Built This City, a nonprofit sparking interest in construction and maker trades for women and girls.

CATAWBA RIVERKEEPER

In December, Crescent Communities team members gathered with our friends from Land Design and the Catawba Riverkeeper for a shoreline clean up event onsite at The River District. In total, over 2,100 pounds of trash and debris were removed, supporting the environmental stewardship of our natural habitat and precious Catawba River.

A ROOF ABOVE

In December, colleagues gathered to make sandwiches in support of “Operation Sandwich” at A Roof Above. The organization typically serves more than 800 sandwiches to those in need on a daily basis. Our support

helped feed families struggling with homelessness and provided much needed nourishment and nutrition.

SALVATION ARMY ANGEL TREE AND SILVER BELLS

Colleagues generously donated new toys and clothing for children, and gift cards for seniors, during our Angel Tree Donation Drive in December. Because of our efforts, 20 children and 15 seniors

had gifts to open during the holiday season. Together with other areaorganizations, the Salvation Army of Charlotte provided gifts for more than 3,000 families in need in 2022.

JUNIOR ACHIEVEMENT

In addition to financially supporting the efforts of Junior Achievement of Atlanta, Georgia, several colleagues volunteered their time to serve as project coaches for the 3DE program offered to students in high-needs schools in the Atlanta area. This program offers real-life examples designed to prepare students for life beyond the classroom walls. The Crescent coaches developed a real-life business scenario and coached the students through the development of their own plans for success through the Senior Capstone program.

Crescent is pleased to help make a difference for these bright students!

Colleagues donating to Salvation Army

WE ARE PROUD TO HAVE SUPPORTED THE FOLLOWING ORGANIZATIONS THROUGH TIME, TALENT, OR TREASURE IN 2022:

CHARITABLE MATCHING PROGRAM

To further reinforce our mission to Build Community and Better People’s Lives, Crescent Communities supports the spirit of giving among colleagues. Recognizing the important work that nonprofit organizations do to lift our community, Crescent Communities offers a financial match on charitable contributions. Qualified donations of up to $250 are matched on an annual basis. We are pleased to support the organizations that our colleagues find meaningful and appreciate their support of the community. Recognizing the impact of this match, the team will be increasing the annual donation match to $500 in 2023.

Trees ees Charlotte Plant, Preserve & Celebrate!

Grand Opening, NOVEL Turtle Creek, Dallas

GOVERNANCE

GOVERNANCE

OUR COMMITMENT TO EFFECTIVE GOVERNANCE

In July 2018, Crescent Communities became an independently operated investment management affiliate of Sumitomo Forestry of America, Inc. Through our integrated services of development, construction, property operations, and investment management, Crescent Communities strives to deliver strong investment performance through the cycles, capture market opportunities with innovative products, and continue our research-driven investment approach executed by locally based teams.

We provide our investors with real estate investment opportunities to meet their investment objectives, mindful of our obligations to accountability, transparency, and trust. We also aim to provide healthy and productive spaces, develop and operate assets in a manner consistent with Crescent’s tradition of responsible corporate citizenship, and oversee the management of buildings to maximize resource efficiency and environmental sustainability.

Crescent Communities adheres to governance practices that will ensure our investors’ ongoing confidence and thoughtful risk management. This involves a continual review of how legislation, guidelines, and best practices should be embodied in our approach. Representing the company, the Chairman and CEO actively participates in the National Association of Corporate Directors, an organization dedicated to identifying and fostering best practices in governance.

Crescent Communities is governed by a seven-person board which includes four representatives of Sumitomo Forestry and the company Chairman & CEO. Sumitomo Forestry of America has one representative director and a small financial and operations oversight team based at Crescent’s Charlotte headquarters. Operating authority is delegated by our Board of Directors via a clearly delineated delegation of authority policy.

BUSINESS ETHICS

Our governance policies include our Crescent Code of Business Ethics. The Code of Business Ethics sets forth principles that employees must follow. It describes ethical risks for colleagues, provides guidance on how to recognize and deal with ethical issues, and explains how to report what is believed to be unethical conduct. The Code is intended to foster a culture of integrity, compliance, respect, and accountability.

This Code applies to all colleagues of Crescent Communities, its subsidiaries, and its affiliates and requires annual certification by each colleague. Please refer to the Code document for details. The Code is managed by our internal Director of Risk Management and Internal Audit. We maintain a whistleblower hotline, EthicsLine provided by InTouch, and we take measures to ensure that every colleague is aware of the existence and purpose of the hotline.

AUDITING

Crescent Communities engages an independent, nationally recognized audit firm to perform an annual audit

of the organization and to ensure our financial statements and operations are presented accurately and in accordance with generally accepted accounting principles of the United States. The Company’s auditors have certified that our financial reporting accurately reflects the financial position of Crescent Communities and its subsidiaries.

RISK MANAGEMENT

Crescent Communities has developed standards and processes for risk management across our various disciplines and product types. Our Director of Risk Management works with our insurance brokers and risk consultants to maintain proper insurance coverages for the company and our assets, as well as insurance requirements for our contractors and service professionals. Our external legal teams are also key partners in mitigating risk.

DATA SECURITY, PRIVACY, AND CONTINUITY

Data security, privacy and business continuity are top priorities at Crescent Communities. We use both internal and external resources to help minimize cyber threats. We continually audit and test our systems, our infrastructure, and our organization to ensure we are working to effectively stop cyber treats before they happen. Crescent Communities also takes privacy very seriously and we work diligently to safeguard all personal data.