n tax ■ Potential to become the largest economic development and investment program in the last 30-40 years ■ Concentration of capital in specific Opp Zone locations has the potential to transform these communities over time and lift asset values ■ Real estate investment should stand on its own merits

or implied after-tax returns including the tax benefit are not shown due to further necessary guidance on tax treatment and certain other aspects of Opp Zone regulation. Individual asset targets may differ materially from the ranges shown here. •• Recipients are urged to consult their own accountants for

mes. 163 homes sold since grand opening in October 2018 • Potential to separate B2R, multifamily and commercial parcels in the master plan into an Opp Zone to be developed by GTIS and Harvard Investments over a 10-year period •There can be no guarantee that the project will be consummated by GTIS Quali

d as a partnership after year 10 ■ The FMV Basis Step-Up eliminates shareholders' gain from the deemed liquidation of their REIT shares — the 10 yr Opp Zone tax benefit is protected ■ However, after the deemed liquidation, the basis of each asset will be equal to its FMV, and any future gain would be pa

n tax ■ Potential to become the largest economic development and investment program in the last 30-40 years ■ Concentration of capital in specific Opp Zone locations has the potential to transform these communities over time and lift asset values ■ Real estate investment should stand on its own merits

or implied after-tax returns including the tax benefit are not shown due to further necessary guidance on tax treatment and certain other aspects of Opp Zone regulation. Individual asset targets may differ materially from the ranges shown here. •• Recipients are urged to consult their own accountants for

d as a partnership after year 10 ■ The FMV Basis Step-Up eliminates shareholders' gain from the deemed liquidation of their REIT shares — the 10 yr Opp Zone tax benefit is protected ■ However, after the deemed liquidation, the basis of each asset will be equal to its FMV, and any future gain would be pa