Crescent Communities Statement of Stewardship 2025

TENTH EDITION

STATEMENT OF STEWARDSHIP 2025 ESG REPORT

NOVEL Beach Park, Tampa, FL

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G O V E R N A N C E

INTRODUCTION 02

About the Cover Art

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From Our Leaders

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Who We Are

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2025 ESG Highlights

ENVIRONMENTAL STEWARDSHIP 11

Environmental Impact Metrics

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Greening Our Projects

SOCIAL IMPACT & COMMUNITY BUILDING 23

Inclusion & Belonging Taskforce

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Workforce Composition

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Culture

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Community Partnerships

GOVERNANCE & ETHICAL LEADERSHIP 51

Business Ethics

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Auditing

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Risk Management

51

Data Security, Privacy, and Continuity

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Resiliency

ABOUT THE COVER ARTIST

Jaime Molina

Jaime Molina, known online as @cuttyup, is a multi-disciplinary artist based in the Denver area, characterized by his whimsical, colorful, and often, melancholic style. Molina has used a unique blend of folk art and his cultural heritage to create an entire world, which he calls Cuttytown, inhabited by the characters found in his artwork.

These pieces are based largely on his family and friends, however, represent a more global human condition. His folk art-inspired works range from small sculptural pieces, carved from champagne corks, to intricate assemblages, made of nails and wood, and include largescale murals. He has shown work and created murals nationally and internationally as well as had installations at the Denver Art Museum, the Museum of Contemporary Art in Denver, and most recently, an installation in the new Meow Wolf exhibition in Denver.

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Contents

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E N V I R O N M E N T

TA B L E O F

This painting is a visual meditation on Belonging, Building, and Becoming. Layered organic forms, like leaves, petals, and architectural shapes, intertwine around a quiet, centered figure, symbolizing individuals supported by community, place, and purpose. The overlapping colors and translucent forms speak to inclusion and shared experience, where growth happens not in isolation, but through connection. The grounded face reflects belonging and humanity at the core of development, while the upward and outward movement of shapes suggests momentum, action over words, and progress guided by intention. Natural elements merge with structured geometry, echoing Crescent Communities’ belief in building beyond buildings: creating environments that nurture people, sustainability, and long-term impact. Together, the composition embodies growth with purpose, where stewardship, equity, and thoughtful design come together to support communities that don’t just exist, but thrive.

S T A T E M E N T

“Invisible Fortress”

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I N T R O D U C T I O N

ABOUT THE COVER ART

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Leaders

NOVEL River District, Charlotte, NC

Jay Curran Chairman & CEO

Tracy Chambers Executive Vice President, Chief People Officer

NOVEL Beach Park, Tampa, FL

Erika Ruane Director of Stewardship

S T E W A R D S H I P

Thank you for being part of this important work. Together, we can create a built environment rooted in innovation, responsibility, and care for our world, while we fulfill our purpose to Build Communities and Better People’s Lives.

We believe real estate development goes beyond buildings to create lasting communities. By uniting sustainability and philanthropy under our Stewardship approach, we deliver meaningful value for our residents, investors, and the communities we serve. These efforts drive innovation, reduce long-term costs, and strengthen the places we are proud to call home.

Together, these initiatives reflect not only our environmental responsibility and appreciation for community, but also deliver meaningful, measurable value for our residents, partners, and investors.

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S O C I A L

Last year was a Greater Purpose year, which allowed us time to reflect on our wins, strengthen our culture, and reevaluate what’s important to us. With that came refined values that will guide us through 2026 and beyond.

G O V E R N A N C E

E N V I R O N M E N T

Throughout 2025, Crescent Communities remained committed to shaping places that positively impact people and the planet.

Sustainability is not just an aspiration, but instead a responsibility that guides how we plan, design, and build.

Our progress is made possible through collaboration with trusted partners and local communities. As we move forward, we will continue to measure our impact and set ambitious goals around carbon reduction, including our less measurable efforts around ecosystem restoration, circular economy, and innovation and education, while recognizing that sustainability is an evolving journey.

As always, we will continue to transparently share our progress through our annual Stewardship Report.

S T A T E M E N T

I N T R O D U C T I O N

FROM OUR

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S O C I A L

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 95 multifamily communities and 26 million square feet of commercial space.

Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, and Phoenix. Our multifamily communities are branded NOVEL 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.

G O V E R N A N C E

Our values are to Do What’s Right, Collaborate with Purpose, Inspire Creativity, and Deliver Excellence.

NOVEL RiNo, Denver, CO

OUR FOOTPRINT A N D P L AT FO RM

17 Markets 8 Offices Atlanta, GA Austin, TX Charleston, SC Charlotte, NC Dallas, TX Denver, CO Greensboro, NC Greenville, SC Houston, TX Nashville, TN Orlando, FL Phoenix, AZ Raleigh, NC Richmond, VA Salt Lake City, UT Tampa, FL Washington, D.C.

S T E W A R D S H I P

Crescent Communities is a nationally recognized, marketleading real estate investor, developer, and operator of mixed-use “communities.”

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Crescent Communities

S T A T E M E N T

I N T R O D U C T I O N

WHO WE ARE

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S O C I A L

Utilized

G O V E R N A N C E

20,000lbs of recycled material $17,250 Matched

from our construction sites to build Pete with the Big Feet

in colleague donations to local nonprofits

100%

Celebrated

projects achieved green certifications

first LEED

certified industrial development Diverted

16,655 tons of waste from the landfill, the equivalent of

Volunteered

1,100+ hours in our communities

5,552

adult male hippos

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100%

of our multifamily and commercial projects

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Installed EV charging stations on

At Crescent Communities, we strive to make decisions that address both current and future challenges, while having a positive impact on the planet, people, and places we build and call home. We hold ourselves accountable through regular evaluation of our practices and ongoing measurement. We seek to create legacies, the value of which builds with time. Our goal is to ensure that the communities under our stewardship flourish for years to come. The pages of our Stewardship Report outline our commitment to our four pillars of Stewardship: Environment, Community, Wellness, and Resiliency.

S T A T E M E N T

E N V I R O N M E N T

Being good stewards is fundamental to the pursuit of our mission to Build Community and Better People's Lives.

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I N T R O D U C T I O N

2025 ESG Highlights

S TAT E M E N T O F S T E WA R D S H I P

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S O C I A L G O V E R N A N C E

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, and the broader development community to make positive changes that enable ecosystems to flourish.

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E N V I R O N M E N T

E N V I R O N M E N T A L

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In 2025, we continued to refine the management and reporting of the environmental impact of our multifamily communities. As we capture more robust data, our results become more accurate and reliable.

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Environmental Impact Metrics

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S O C I A L G O V E R N A N C E

Business Line

2022 Weighted EUI kBtu/ft2

2023 Weighted EUI kBtu/ft2

2024 Weighted EUI kBtu/ft2

2025 Weighted EUI kBtu/ft2

Industry Average

Multifamily

33.8

28.6

27.9

28.0

59.6

Commercial Office

38.9

30.2

39.4

39.4

52.9

Comparison to Industry Averages

53%

more efficient

26%

more efficient

WATER USE

Impact Crescent Communities is committed to setting the industry standard for carbon reduction in the real estate industry, driving meaningful sustainability efforts.

The River District, Charlotte, NC

2023 Water Use Intensity (WUI) gallons/ft2

2024 Water Use Intensity (WUI) gallons/ft2

2025 Water Use Intensity (WUI) gallons/ft2

LEED Baseline WUI

Multifamily

***

41.2

45.4

45.4

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Commercial Office

6.5

6.3

7.0

7.0

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Comparison to LEED Baseline

39%

more efficient

46%

more efficient

Represents over 175 million gallons of water saved annually.

MAKING AN

While our impact metrics show quantitative data we can compare year over year to gauge performance and overall reduction in consumption, we also value our work that can’t be as easily measured. We believe that making meaningful environmental impact goes beyond energy, water, and waste reduction in

Business Line

2022 Water Use Intensity (WUI) gallons/ft2

our communities and developments. In 2025, we continued to support the work we started in 2024 to move the needle on Ecosystem Restoration, Circular Economy, and Innovation & Education to spread our message, enhance our communities, and better the lives of the people, plants, and animals who live in them.

CONSTRUCTION WASTE

More than 16,655 tons of waste was diverted from the landfill.

The data above represents 6,687,005ft2 of multifamily (NOVEL) and 268,073ft2 of commercial office space. Energy Use Intensity (EUI) is building 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. EUI averages are based on the Energy Star Portfolio Manager US. National Median Reference Values. WUI averages and baselines were calculated using the LEED for Homes water calculator.

Improved YOY EUI can partially be attributed to the capture of more complete metrics over previous years.

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ENERGY USE

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G O V E R N A N C E

Pete is a gentle reminder that how we progress and move forward makes an impact on our environment. Pete’s story about how his giant feet crush the very flowers he searches for reminds us that progression takes a toll and that we need to be intentional in that.

Nashville, TN

Pete is a gentle reminder that how we progress and move forward makes an impact on our environment.

Pete’s story about how his giant feet crush the very flowers he searches for reminds us that progression takes a toll and that we need to be intentional in that.

The troll and his message is a natural extension of The River District, a community which values nature and intentional design.

Pete has already been visited by hundreds of thousands of people, encouraging them to reflect on the impact each of us has on the environment, explore nature, and care for the planet, each other, and nature.

BIG PETE’S BIG FEET This story, one I once was told, is about a troll named Pete, And since he was just three years old, he walked on two big feet.

He leaped across the river deep and up the mountain steep, But without something bittersweet, this story’s incomplete.

The River District, Charlotte, NC

Pete, he was in love with everything around his feet— The flowers in the peat moss, roses, daisies, and the weeds.

But every time he moved his feet, his heart would skip a beat, ’Cause every step he took, he crushed the flowers underneath.

So Pete, he stopped to wonder at a heap of blooming buckwheat, And wished his feet were more petite—he grieved them so gigantic.

He wondered, should he take a seat and slowly fall asleep, Or should he keep on walking, in the hope to spread their seed?

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S O C I A L

In 2025, Crescent colleagues participated in volunteer events that demonstrate how local action supports ecosystem restoration. In Nashville, TN, the team removed litter from the Richland Creek Greenway which, in turn, reduces pollutants entering streams, protects wildlife from ingestion and entanglement, and improves soil and water quality. In Huntersville, NC, volunteers planted native trees at Free Spirit Farm, strengthening biodiversity by creating habitats for birds and pollinators, stabilizing soil to prevent erosion, and increasing long-term carbon sequestration. Together, these efforts not only restored environmental health but also reinforced community stewardship, proving that hands-on engagement can repair natural systems while deepening residents’ connection to the places they call home.

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Ecosystem Restoration

S T A T E M E N T

E N V I R O N M E N T

Being a builder and developer of projects, Crescent Communities understands the role that materials play in our business as well as the toll they take on the planet. We strive to reuse materials as much as we can, while also maintaining the integrity and level of quality of our projects. In 2025, Crescent Communities partnered with Thomas Dambo to spread the message of circular economy and sustainability. Thomas Dambo is a recycling artist from Denmark who has produced artwork in more than 20 countries that encourages people to think about the importance of upcycling and environmentalism. Inspired by The River District, Thomas created his 172nd giant troll named “Big Pete,” laying at 90 feet tall, made from telephone poles, old bourbon barrels, sticks and branches from the surrounding forest, and recycled and leftover wood from the adjacent Crescent Communities development construction. Pete was built utilizing volunteers from Crescent Communities, our development partners, and nonprofit partners.

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Circular Economy

NOVEL Davidson, Davidson, NC

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G O V E R N A N C E

In our headquarters office in Charlotte, we began a new partnership with Feeding Charlotte, a local food rescue organization.

Supporting food rescue efforts reduces landfill waste, lowers methane emissions, and strengthens relationships with local nonprofits and residents. That kind of engagement builds awareness of material flows, logistics, and social impact — encouraging developers to think beyond buildings and toward wholecommunity systems. It also educates internal teams about circular economy principles and the role real estate developers can play in addressing food insecurity and climate impact simultaneously. Together, these practices serve as living laboratories, educating architects, contractors, investors, and local governments about scalable innovation — and positioning developers as catalysts for more sustainable, resilient communities.

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S O C I A L

As the built environment evolves, forwardthinking solutions that respond to changing market demands, environmental responsibilities, and community expectations are essential to stay competitive. At The River District, project-level decisions, like repurposing boulders found on site instead of importing new materials, demonstrate innovation through resourcefulness and environmental stewardship. Using existing stone reduces transportation emissions, preserves the natural character of the land, and turns constraints into design features.

Similarly, we piloted low-carbon concrete in sidewalks and incorporated solar-powered street lighting, which introduced teams, contractors, and municipal partners to

alternatives and materials that meaningfully cut embodied carbon. Additionally, our builder partners were encouraged to incorporate energy efficiency guidelines in their homes, further reinforcing a culture of performance, not just compliance.

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E N V I R O N M E N T

Crescent Communities believes innovation and education are paramount to carbon footprint reduction. In addition to our growing list of solar photovoltaic installations and smart building systems, as well as our partnerships with local nonprofits, we strive to constantly innovate and challenge ourselves, while looking to community organizations for education and growth.

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Environmental Innovation and Education

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GREENING OUR

Projects

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S O C I A L G O V E R N A N C E

T H E N AT I O N A L G R E E N B U I L D I N G S TA N DA R D™ ( N G B S)

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 resourceefficient, high-performing, healthy buildings. Crescent Communities pursues LEED certification for commercial office spaces, industrial developments, and select multifamily communities.

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.

Certified communities must achieve a minimum number of points in each of the six categories.

FIT WEL

WELL OVERALL GREEN BUILDING C E R T I FI C AT I O NS

To underscore our commitment to the design, construction, and operation of high-performing, efficient buildings, we seek sustainability and wellness-based certifications.

These certifications not only provide a roadmap to guide our practices and ensure results, but they also ensure that all partners involved in the project from start to finish are working toward the same goals. 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.

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Completed Communities

16,742

Completed Residences

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Communities in Process

3,816

Residences in Process

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.

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+ evidencebased design and operational strategies to optimize the health-promoting impact of the built environment.

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.

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E N V I R O N M E N T

LEADERSHIP IN ENERGY AND E N V I R O N M E N TA L D ES I G N (L E E D)

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I N T R O D U C T I O N

PROJECT SPOTLIGHT

AXIAL Rapid Commerce

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A C H I E V E M E N T: L E E D S I LV E R

S O C I A L

Located in Charlotte, North Carolina within immediate proximity to one of the busiest cargo hubs in the world, AXIAL Rapid Commerce is a 37-acre, 449,000-square-foot, rear-load industrial facility that was designed to provide multimodal connectivity to major ground transportation corridors, while also keeping sustainability in mind. Features supporting environmental sustainability and wellness at AXIAL Rapid Commerce:

G O V E R N A N C E

The facility is located within 1 mile of I-485 for easy access for users doing interstate travel, and within 6 miles of Charlotte Douglas International Airport for air freight.

Dirt and dust were minimized during construction, ductwork was sealed prior to operation, products used had low VOC content, and construction tasks were scheduled in a way that maintained the cleanest indoor environment possible.

Solar reflective roof materials result in less heat absorbed by the site, lower building cooling/energy needs, and a more comfortable environment for building users.

The landscape around the warehouse was carefully selected to withstand all seasons and does not require permanent irrigation to preserve precious water resources.

Through the use of energy-efficient lighting, lighting controls, and HVAC systems, this facility is able to reduce its power usage by over 34%.

Enhanced commissioning process to increase energy efficiency and effectiveness.

Reduced embodied carbon by 14.65% as compared to similar building baseline utilizing a life-cycle assessment method to guide design and construction decisions.

Adequate storage bins are located within the facility’s office space that accommodate the collection of paper, cardboard, glass, plastic, and metal. These recyclables are collected and stored in a discrete location in order to facilitate convenient and hygienic waste practices.

She Built This City & Sleep in Heavenly Peace Build Day During She Built This City’s Change Makers Conference volunteer day, AXIAL Rapid Commerce lent their space for community volunteers to build bunk beds for Sleep in Heavenly Peace, a national organization that provides beds to children in need, showing how an industrial space can be used to support community initiatives.

AXIAL Rapid Commerce, Charlotte, NC

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I N T R O D U C T I O N

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E N V I R O N M E N T S O C I A L G O V E R N A N C E

S O C I A L

I M P A C T

&

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

We support 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.

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Learning & Conversations

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PURPOSE

Ben Collins, Jay Curran

Offer all colleagues opportunities to gain new perspectives and share in conversations to become more aware, compassionate, and engaged in the quest for inclusion and belonging.

Erika Ruane

S O C I A L G O V E R N A N C E

HIGHLIGHTS

Continued to pair each learning session with a related volunteer opportunity to support the material covered. The Catawba Riverkeeper lunch & learn was paired with the Nashville, TN greenway clean up; The Environmental Justice panel with Trees Charlotte and Sustain Charlotte

was paired with the Earth Day walkability study; and the Greenhouse Scholars application review supported the deep dive into the organization’s partnership with Crescent Communities.

INCLUSION & BELONGING

Task Force The Crescent Communities Executive Committee operates the Inclusion & Belonging Task Force, supported by three volunteer-based committees.

Led by our Executive Vice President, Chief People Officer, Tracy Chambers, the Task Force acts to uphold its critical mission: to create opportunities for all through an open and honest dialogue and develop proactive solutions that will lead to a more inclusive workforce, not as a separate workgroup, but fully integrated throughout projects, developments, and daily decisions. Throughout the year, the committees supported this mission through the three working groups.

The River District, Charlotte, NC

S T E W A R D S H I P

E N V I R O N M E N T

EXECUTIVE SPONSORS

LEADER

S T A T E M E N T

I N T R O D U C T I O N

COMMIT TEE

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I N T R O D U C T I O N

COMMIT TEE

Vendor Partnerships Support widening the pool for potential partnerships to foster competition and encourage partnering with the best possible vendors. Encourage minority and women-owned business enterprise (MWBE) participation across vendor relationships in all areas of construction and business operations.

LEADER

Eoin Breen

S T E W A R D S H I P

PURPOSE

Daniel Cooper

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E N V I R O N M E N T

EXECUTIVE SPONSOR

S O C I A L G O V E R N A N C E

HIGHLIGHTS

Over the past year, the Crescent Communities Vendor Partnerships Committee has made great progress in broadening vendor participation and strengthening competition across our portfolios. Through monthly meetings and ongoing collaboration, the committee leveraged the Textura platform to improve transparency, consistency, and accountability in reporting, creating clear insight into participation levels and recognizing the meaningful contributions of diverse business partners.

This success reflects the dedication and leadership of the Vendor Partnership Committee, whose efforts in education, data integrity, and early MWBE engagement have built a strong, scalable foundation for continued growth. Looking ahead, Crescent Communities is excited to build on this momentum, strengthen partnerships, and advance equitable business practices across every portfolio.”

7th Annual Minority and Small Business Outreach More than 100 people attended our 7th Annual Minority and Small Business Outreach event in July. Vendors, general contractors, subcontractor partners, elected officials, and other government representatives joined Crescent Communities at the Innovation Barn in Charlotte to learn about our pipeline of development opportunities and our commitment to building a diverse and welcoming work environment and industry. Representatives from our key general contract partners were also in attendance to network and encourage participation with minority groups across our development footprint.

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I N T R O D U C T I O N

COMMIT TEE

Recruiting

S O C I A L

Ensure that our hiring practices are fair, inclusive, and nondiscriminatory, and that we attract the strongest possible candidates from a broad range of backgrounds and institutions.

The goal of the Recruiting Committee is to expand our recruiting reach across a wide variety of educational institutions and professional networks, including Historically Black Colleges and Universities (HBCUs), while also working to ensure inclusive internal growth opportunities are accessible to all colleagues.

G O V E R N A N C E

HIGHLIGHTS: EXTERNAL

As economic conditions improved from 2024, we were grateful to welcome 33 new colleagues. We also continued our partnership with The ROC Charlotte, a nonprofit organization with a mission to educate and mentor high school students for technical roles and career opportunities in the construction industry.

AJ Armstrong Marketing and HR fall associate

REFLECTIONS FROM XIMENA PEREZ, T H E R O C C H A R L O T T E G R A D UAT E

The ROC provided a strong foundation for my career through hands-on, industry-relevant coursework that directly translates to realworld application. Courses such as Blueprint Reading, Methods and Materials, Architecture Design I, Carpentry, and Construction Management helped prepare me for my role by strengthening my understanding of construction documents, processes, and jobsite expectations. Beyond technical skills, The ROC emphasized practical experience and career readiness, including internship opportunities that aligned with my professional goals and eased the transition into the construction industry.

Additionally, we partnered with GardHouse, a Charlotte-based nonprofit dedicated to creating seamless employment pipelines for underserved college students. Their leading workforce development program provides paid semester-long internships, career coaching, and professional development opportunities. Through this partnership, we welcomed AJ Armstrong as a Marketing and HR associate in Fall 2025. AJ brought fresh ideas and energy, helping advance projects that align with our organizational goals. More importantly, this opportunity provided firsthand experience and professional development, reinforcing our mission to create equitable access to career opportunities. We are proud to continue fostering partnerships that empower future leaders and strengthen the communities we call home.

What I enjoy most about CCC is the continuous learning environment.

Each day presents new challenges that encourage growth, collaboration, and problem-solving. Being part of a team that is supportive, knowledgeable, and open to learning from one another makes CCC a rewarding place to work.”

HIGHLIGHTS: INTERNAL

Crescent Communities offered 24 total internal promotions, many as part of the career progression program.

S T E W A R D S H I P

Tracy Chambers

PURPOSE

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E N V I R O N M E N T

EXECUTIVE SPONSOR & LEADER

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E N V I R O N M E N T S O C I A L G O V E R N A N C E

PROFESSIONAL GROW TH &

Networking Opportunities In addition to the Recruiting Committee’s efforts to expand colleague personal and professional growth and provide networking opportunities, Crescent Communities encouraged colleagues to grow and develop through several training opportunities and workshops throughout the year.

NOVEL Ballantyne, Charlotte, NC

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I N T R O D U C T I O N

S T A T E M E N T

Community Building Initiative

Keith Aull

G O V E R N A N C E

Summer Associates

Mentor Program In 2022, Crescent Communities launched a mentorship program, based on internal feedback, to support colleague professional and personal growth. The goal of the program is to provide a structure that connects mentors and mentees and support the engagement, learning, and growth of colleagues and their careers. Anyone at any level can participate and benefit from a mentoring relationship.

In the Spring of 2025, we partnered with Jason VanGardner of Elevate Exchange to enhance the mentor program. The Elevated Exchange is designed to connect passionate mentors with eager mentees, fostering growth and collaboration. There were close to 50 participants in the 2025 program. Our goals included enhancing skills, expanding networks, and creating a supportive community that inspires both personal and professional development. Jason also held a session for

The mentor program has been instrumental in my professional growth at Crescent. As I transitioned into commercial real estate, access to seasoned leaders with decades of industry experience provided invaluable guidance and support.”

TARANG VAKHARIA DIRECTOR OF FINANCE

our colleagues, Elevate your Leadership Unlocking the Power within, to discuss topics like self-awareness, self-regulation, motivation, empathy, and social skills and how they all play into who we are as leaders.

More than interns, Crescent Communities Summer Associates play key roles on our internal teams and enhance external community support. The program provides opportunities to learn, share ideas and gain perspective alongside some of the industry’s best and brightest. In 2025, we hosted seven Summer Associates in construction, development, finance, and marketing rolesthree of which were returning from 2024. Additionally, we hired four previous Summer Associates as full-time employees.

Women’s Group In the Spring of 2024, Crescent Communities women were surveyed about opportunities for support. Based on the survey responses, the Women’s Steering Committee, made up of volunteers across the company, was created to provide the support requested.

In 2025, we built upon those connections and implemented the ElevateHer program, a space where women can gather and take turns sharing about themselves or a topic they enjoy. The feedback was overwhelmingly positive, with women expressing how much they have enjoyed getting to know their colleagues.

In the spring, Crescent Communities women gathered to celebrate International Women’s Day with a morning of service, networking, and a tour of the NOVEL River District development.

Volunteers packed 96 backpacks full of school supplies for local students with Classroom Central to equip students with the tools needed to succeed.

S T E W A R D S H I P

S O C I A L

For each of the last six years, 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 create positive, impactful change within Crescent Communities, in the real estate development industry, and throughout the greater community.

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E N V I R O N M E N T

Crescent Communities is honored to establish a partnership with the Community Building Initiative (CBI), a nonprofit 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.

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G O V E R N A N C E

T O TAL HEAD COUNT BY E THNICIT Y

0.5% Two or More races

Black or African American

Colleagues

supported. We will continue to be transparent in sharing information about our workforce.

DIRECTOR LEVEL & HIGHER BY ETHNICITY

6.1%

Hispanic or Latino

3.0% Asian

78.6% White

3.3%

91.8%

1.0% Native Hawaiian or Other pacific Islander

White

9.1%

S T E W A R D S H I P

S O C I A L

We believe that better business decisions are made when all parties are included and

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81.9%

7.1% Hispanic or Latino

O F

E N V I R O N M E N T

Crescent Communities is committed to fostering an inclusive work environment where all colleagues are welcomed, valued, and have the opportunity to succeed.

2025 Total Headcount

14.3% Black or African American

Black or African American

White

NEW HIRES (HEADCOUNT BY GENDER) EXCLUDES SUMMER ASSOCIATES

2025 PROMOTIONS (HEADCOUNT BY GENDER)

3.0% Asian 24.2% Female

42.9% Female

75.8% Male

57.1% Male

5.1% Black or African American

1.6%

8.1% Hispanic or Latino

3.3%

Hispanic or Latino

Asian

82.3% White

SUMMER/FALL ASSOCIATES (HEADCOUNT BY ETHNICITY)

T O TAL HEAD COUNT

BY GENDER

DIRECTOR LEVEL & HIGHER BY GENDER

27.3% Under 35

2025 PROMOTIONS (HEADCOUNT BY AGE)

40% Black or African American

T O TAL HEAD COUNT

BY AGE

20% White

32.2% Age 35-45 40.4% Over 45 DIRECTOR LEVEL BY AGE

40% Hispanic or Latino

6.6% Under 35

SUMMER/FALL ASSOCIATES (HEADCOUNT BY GENDER)

39.3% Age 35-45 29.8% Female

70.2% Male

26.2% Female

73.8% Male

54.1% Over 45

77.8% Male

22.2% Female

S T A T E M E N T

Composition

2025 PROMOTIONS (HEADCOUNT BY ETHNICITY)

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I N T R O D U C T I O N

NEW HIRES (HEADCOUNT BY ETHNICITY) EXCLUDES SUMMER ASSOCIATES

WORKFORCE

50% Under 35

21.4% Age 35-45

28.6% Over 45

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I N T R O D U C T I O N

O F S T E W A R D S H I P

E N V I R O N M E N T S O C I A L G O V E R N A N C E

Culture The Crescent Communities culture is one of transparency, regular engagement, ongoing learning and growth, and promoting the wellbeing of the whole person.

To that end, Crescent Communities has implemented policies around Summer Fridays, flexible PTO, wellness reimbursements, parental leave, and mental health informational sessions. Each year, we host open forum town halls and implement engagement and feedback mechanisms to promote transparency and foster a culture of openness.

NOVEL Beach Park, Tampa, FL

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I N T R O D U C T I O N

Greater Purpose

O F S T E W A R D S H I P

E N V I R O N M E N T

Held on a biennial basis, the Greater Purpose meeting brings all colleagues of Crescent Communities together to reinforce our mission to Build Community and Better People’s Lives. The theme of the 2025 Greater Purpose meeting, held in May, was MOMENTUM. After a day of community volunteer events and small group huddles, the entire team gathered for an inspirational meeting.

S O C I A L

HIGHLIGHTS FROM G R E AT E R P U R P O SE 2 0 2 5

G O V E R N A N C E

Our Crescent Cares service events brought together more than 190 colleagues who spent over four hours volunteering with incredible local organizations: She Built This City, Freedom Communities, Classroom Central, Habitat for Humanity of the Charlotte Region, Habitat for Humanity ReStore of Charlotte, Roc Solid Foundation, Digi-Bridge and The Bulb.

Crescent Cares teams prepared garden beds, built 10 bunkbeds for children in need, painted walls, assembled furniture, created 408 STEAM kits and 408 homework supply kits, built a playhouse for a child battling cancer, and more.

The Crescent Communities leadership team shared our refreshed values with the company.

We were honored to welcome keynote speaker Adam Smiley Poswolsky, who shared powerful insights on relationships and purpose at work — reminding us that nothing beats the power of human connection and belonging.

Charlotte local artist Tiya Caniel Maynard captured the event through live painting.

Matt Olin with Charlotte Is Creative served as our incredible emcee.

The theme, MOMENTUM, emphasizes how our mission will continue to drive us. We all have the potential to grow personally and professionally, and during the Greater Purpose meeting, we examined strategies that encourage us to thrive while enriching the lives of everyone we serve.”

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HIGHLIGHTS

S O C I A L G O V E R N A N C E

O V E R A L L H E A LT H 1

Crescent Communities has a very strong culture with high engagement, pride, trust, and collaboration.

2

Colleagues feel inspired to give their best at work

3

Colleagues feel as though they belong at Crescent Communities

4

Colleagues feel as though Crescent Communities actively seeks involvement and investment in the larger community

W H AT E M P L OY E ES L OV E 1

Strong sense of purpose and pride in the organization

2

Genuine care between colleagues

3

Work-life balance and flexibility as a true differentiator

4

Inclusive, respectful, and collaborative environment

5

Confidence in Crescent’s long-term relevance and reputation

AREAS OF IMPROVEMENT 1

Formalize Career Paths & Promotion Transparency

2

Strengthen Leadership Visibility & Clarity During Uncertainty

3

Reduce Decision Bottlenecks & Meeting Overload

4

Address Workload Sustainability & Resourcing

5

Invest in Practical AI & Manager Capability

People’s Lives. We believe these updated values will encourage growth, innovation, and remind us why we do the work we do.

Do What’s Right

Inspire Creativity

Doing what’s right isn’t always easy, but it’s what defines us— right by our people, partners, planet, and communities. We champion diverse perspectives, honesty, and transparency, fostering strong relationships that fuel our success. At the heart of it all, being good humans is what truly matters.

Beyond words, our actions speak for us. The proof lives in our people, partnerships, and the communities we uplift.

Creativity lives in all of us, ready to bring new ideas to life. Every moment holds the potential for something extraordinary. A fresh perspective can transform an idea into something groundbreaking.

We embrace creativity every day, not only in bold ideas, but in the attention to detail that drives meaningful change. We seek new possibilities, discover unexpected connections, and elevate the everyday. At our core, we are innovators, dreamers, and creators—shaping a future full of endless potential.

Collaborate with Purpose We live by the proverb, “If you want to go fast, go alone. If you want to go far, go together.” We believe that collective intelligence, diverse ideas, and meaningful collisions spark true innovation. By fostering collaboration— both within our team and beyond—we create a culture where ideas are challenged with respect, perspectives are broadened, and creativity thrives.

Grounded in a shared vision, we move with strategic intent and purpose.

We approach challenges with a mindset that is not only creative but also efficient and impactful. Through shared ownership and accountability, we push each other to go further and achieve more, together.

Deliver Excellence We believe in the relentless pursuit of excellence. It is not about perfection, but about intention. We create, craft, and execute with intention and the results are exceptional communities and projects that far exceed the standard in each market. The caliber of our colleagues and partners allows us to achieve impressive results and highly sought after communities. In all that we do to build community and better people’s lives – and we do so with a dedication to excellence.

S T E W A R D S H I P

In 2025, the Crescent Communities values were updated to better represent our culture and the motivators driving us to support our mission to Build Community and Better

O F

Last year, a Culture Survey was designed to gather insights into the aspects of our workplace culture that directly impact our business performance. The goal was to better understand what company aspects are working well and where we have opportunities to improve. It was completely anonymous to ensure honest perspectives and was responded to by 92% of colleagues.

S T A T E M E N T

E N V I R O N M E N T

Updated Values

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I N T R O D U C T I O N

Culture Survey

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I N T R O D U C T I O N

O F S T E W A R D S H I P

E N V I R O N M E N T S O C I A L G O V E R N A N C E

COMMUNIT Y

Partnerships Crescent Communities supports community initiatives that align with our three thoughtfully identified focus areas: Education, Environment, and Shelter & Services.

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S O C I A L

income senior living community in Charlotte developed by Laurel Street Residential.

The project, which officially closed in February 2024, will offer both market-rate and affordable housing for seniors and is located next to a master-planned continuing care retirement community—helping meet a critical need for senior housing in the region. To date, the fund has secured over 1,866 residences. In late 2025, Crescent Communities committed and additional $500K investment to the fund which will look to preserve and create an additional 1,000 units by the end of 2028.

O F

E N V I R O N M E N T

Housing affordability remains a growing challenge in all markets where Crescent Communities operates. In response, Crescent Communities not only supports impactful nonprofits but also takes direct action by developing affordable housing and preserving naturally occurring affordable housing (NOAH). Through a $1.5 million commitment to the Housing Impact Fund— managed by Ascent Housing—Crescent Communities is helping preserve and improve NOAH in Mecklenburg County. In December 2023, Crescent Communities invested in Springhouse Square, a mixed-

S T A T E M E N T

I N T R O D U C T I O N

Support for Affordable Housing

G O V E R N A N C E

Crescent Communities CARES 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.

1,866

residences secured secured by funding

$500K

additionally invested by Crescent Communities to create

1,000 units by the end of 2028

As part of our mission to Build Communities and Better People’s Lives, Crescent Communities is a committed member of the Charlotte Executive Leadership Council (CELC).

This council unites CEOs and business leaders from the Charlotte area’s leading businesses and colleges/universities to advocate for impactful solutions to strengthen our community and share their perspectives on the issues and opportunities facing Charlotte.

By participating in the CELC, we can work with other organizations who share our mission and values to improve Charlotte’s economic vitality, equitable opportunity, and quality of life for all through membership in the Healthy Communities, Education, and Workforce Development working groups. To further reinforce our mission, Crescent Communities supports the spirit of giving among colleagues.

Recognizing the important work that nonprofit organizations do to uplift our community, Crescent Communities offers a financial match of up to $500 per colleague annually to qualified charitable organizations. In addition to our robust philanthropy and charitable match programs, Crescent Communities also offers financial support to qualified nonprofit organizations for which a colleague serves on a governing board. Colleagues are encouraged to actively engage with the community and support nonprofit organizations they are passionate about.

C O M M U N I T Y S E R V I C E I M PA C T: 2025 HIGHLIGHTS

1,100+

10

volunteer hours contributed by Crescent Communities colleagues

Nonprofit boards served by team members

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$17,250

community volunteer opportunities offered across various markets

in colleague donations matched to local nonprofits

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G O V E R N A N C E

Crescent Communities chose five volunteers of the year in 2025. These colleagues played a meaningful role in strengthening company culture and supporting our mission by modeling service, initiative, and community commitment.

Their willingness to give time and energy beyond their day-to-day responsibilities reinforced our values in action, not just in words. By stepping forward, they inspired peers to get involved,

EDUCATION VOLUNTEER EVENT SPOTLIGHT

Digi-Bridge

Crescent Communities has been partnering with Digi-Bridge for many years, supporting the work they do for students in STEAM (science, technology, engineering, arts, and math) learning and ensuring access in under-represented areas to offer opportunities for all. In 2025, Crescent Communities colleagues volunteered to build STEAM kits and teacher appreciation gifts for Highland Renaissance Academy as well as facilitate an engagement activity with the students as part of Greater Purpose. Digi-Bridge also led a building activity during Bring Your Child to Work Day. The kids had so much fun building a marble course with craft materials and testing them with their new friends. Additionally, a couple of summer associates participated in DigiBridge’s inaugural Crown Town Challenge, where they helped pack 1,000 Charlotte sports-themed STEAM kits that were delivered to Classroom Central for distribution in their Free Store.

Tristan Merritt Superintendent II, Construction

deepened cross-team relationships through shared service experiences, and demonstrated that impact extends beyond project sites and office walls. Their leadership helped cultivate a culture where generosity, collaboration, and purpose are celebrated, creating a ripple effect that continues to energize employees and connect the company more closely to the communities it serves.

In the fall, the Crescent Communities Construction team got together, in partnership with the Davidson Lands Conservancy, to build benches and restore a pump house at Fisher Farm in Davidson, NC. As part of our partnership, the benches were donated to support the NOVEL Davidson project community.

SHELTER & SERVICES VOLUNTEER EVENT SPOTLIGHT

She Built This City & Sleep in Heavenly Peace Build

Crescent Communities colleagues came together to build bunk beds with She Built This City, a Charlotte-based organization that teaches women construction trades, and Sleep in Heavenly Peace, a national organization that provides beds for children in need. The event was held at AXIAL Rapid Commerce, free of charge, to further support She Built This City’s mission. She Built This City has been an important partner to Crescent Communities for a long time, with Crescent Communities supporting yearly volunteer events and their annual Change Makers conference during Women in Construction week.

S T E W A R D S H I P

S O C I A L

Manuel Irausquin Tony Jolicoeur Senior Area Superintendent, Superintendent, Construction Construction

O F

Seth Golden Project Manager II, Construction

Crescent Communities Construction Team Build Day

S T A T E M E N T

E N V I R O N M E N T

Katie Congdon Vice President, Marketing

ENVIRONMENT VOLUNTEER EVENT SPOTLIGHT

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I N T R O D U C T I O N

Volunteers of the Year

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We are proud to have supported the following organizations through time, talent, funding, or Board service in 2025:

G O V E R N A N C E Plant, Preserve & Celebrate!

S T E W A R D S H I P

S O C I A L

Trees Charlotte

O F

E N V I R O N M E N T

O R G A N IZ AT I O NS T H AT I N C LU D E B OA R D SE RV I C E

S T A T E M E N T

I N T R O D U C T I O N

Supporting Our Community

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E T H I C A L

S O C I A L G O V E R N A N C E

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 researchdriven investment approach executed by locally based teams.

S T E W A R D S H I P

Leadership

O F

E N V I R O N M E N T

&

S T A T E M E N T

I N T R O D U C T I O N

G O V E R N A N C E

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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.

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.

Crescent Communities is governed by a seven-person board which includes representatives of Sumitomo Forestry and Crescent Communities. 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.

D A T A S E C U R I T Y, P R I V A C Y, A N D C O N T I N U I T Y

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.

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 our 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 support a strategy that is both robust and resilient, yielding consistent results.

S T E W A R D S H I P

G O V E R N A N C E

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.

O F

S O C I A L

AUDITING

S T A T E M E N T

E N V I R O N M E N T

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. The Code is managed by our internal Director of Risk Management and Internal Audit. We maintain a whistle-blower hotline, EthicsLine, provided by InTouch, and we take measures to ensure that every colleague is aware of the existence and purpose of the hotline.

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I N T R O D U C T I O N

BUSINESS ETHICS

CRESCENT COMMUNITIES, LLC 601 S. TRYON STREET, SUITE 800, CHARLOTTE NC 28202 980.321.6000 | CRESCENTCOMMUNITIES.COM