Fellow Stockholders

As 2024 begins, we continue to believe that the current price of our common stock does not accurately reflect the value of our underlying real estate assets. We will continue to seek to increase shareholder value by (1) pursuing the sale of select properties where we believe that short to intermediate term valuation potential has been reached and (2) striving to lease vacant space in our buildings. We intend to use proceeds from any property dispositions primarily for continued debt reduction.

The office property sales market continues to be highly competitive due to liquidity constraints. There is increased competition among potential sellers for limited capital allocated to office properties. However, we currently have several properties in some stage of potential disposition, and anticipate that additional properties will be brought to market later in the year. We continue to believe that our ability to access available, but limited, liquidity in the office-asset capital investment markets, is the most important factor to successfully complete office property dispositions.

Leasing currently vacant space in our portfolio has the potential to positively impact our future earnings. We have begun to see increased leasing activity in many of the markets and submarkets where we have vacant space. In addition, across our portfolio, we continue to see a slow but steady increase of tenant employees returning to the office. We believe that a continuation of this trend could help businesses make longer-term leasing decisions and translate into increased leasing of our vacant space.

We look forward to 2024 with anticipation and optimism.

Thank you for your continued support.

George J. Carter

Chairman & Chief Executive Officer