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Important Disclosure The views and opinions expressed in this article are those of the author and reflect his personal perspective as of the date of publication, informed by professional experience, ongoing market observations, and qualitative assessments developed over time. This commentary is not intended to be, and should not be construed as, investment advice, a forecast, or a prediction of future performance. The observations shared do not rely on or present specific statistical analyses. Actual market conditions, outcomes, and performance may differ materially. Past experience is not indicative of future results. As we enter 2026, the commercial real estate market appears to have transitioned into a more measured and disciplined new cycle. The last several years (since the GFC) was a period of consistently declining interest rates - dramatically ending in 2022/2023 with the rapid rise and normalization of rates . This resulted in a sudden and painful shock to the real estate market, the effects of which continue to this day. It took a bit of time for reality to set in, however, the market has now clearly reset with appropriately lower valuations, and we are now at the beginning of new real estate cycle - one that feels to me more grounded in fundamentals rather than riding the wave of declining interest rates. From a personal experience standpoint, this has been the fourth downcycle of my career, and certainly both unique and challenging in its own way. The very historic upswing of investment, fundraising, and transactions 2021-22, was then dramatically disrupted by the rapid and sudden rise in interest rates in 2023. While there certainly are the key quantitative metrics that provide requisite milestones of if we have recognized reality (clarity of valuations and traction on new transactions, for example), my personal gauge is my own feel for where the market is in regard to the four stages of grief (denial, anger, depression, and acceptance). I believe by and large that we have mostly achieved the acceptance stage - so now forward into the new cycle. "This "K-shaped" dynamic, as I see it, has meaningful implications for real estate demand, especially across housing, retail, and service-oriented property types." From a macroeconomic standpoint, my read of the U.S. economy suggests continued resilience. Economic activity seems to have remained positive, supported by consumer spending and generally healthy corporate balance sheets. (Please note - the progression and impacts of the Iran war are material caveats). At the same time, job growth appears to have moderated relative to prior years, and the benefits of economic expansion have not been evenly distributed. Higher-income households, in particular, seem to remain on relatively solid footing, while affordability pressures persist across other segments of the population. This "K-shaped" dynamic, as I see it, has meaningful implications for real estate demand, especially across housing, retail, and service-oriented property types. Interest rates remain a dominant influence on real estate markets. Short-term rates have eased from prior highs, and longer-term benchmark rates (10-year UST) have remained relatively stable in the low to mid-fours. For real estate investors like us, these longer-term rates tend to matter more than short-term rates. They underpin valuation assumptions, capital structures, and underwriting discipline. Based on my conversations with lenders, investors, and deal counterparties, expectations around rates and pricing appear more grounded today than in prior periods which again relied on low and lower rates. From a valuation perspective, in my opinion it appears that the most acute phase of price correction is largely behind us. Broadly speaking and based on the deals we review and the markets we track, real estate values seem to have reached a low point in early 2024, with modest and uneven recovery since then across property types and geographies. While there is a broad and often dramatic range of price declines depending on property type and asset specifics, many assets we evaluate appear to be trading below, and often meaningfully below, replacement cost or what it would likely cost to develop comparable assets today. Construction costs generally remain materially higher than pre-Covid and are still up since the last start of the construction cycle (2021), reinforcing the relative appeal of existing, well-located properties. This backdrop has led us at Realberry to view the current environment as potentially one of the more compelling entry points in recent years for certain strategies and asset types. That said, I believe it is important to distinguish between opportunity and absolute value. On a relative basis, real estate does not necessarily appear "cheap" when measured against certain historical benchmarks. Instead, the opportunity I see today lies in clearer pricing, improved income visibility, and the ability to focus on assets where prospective returns are supported by operations and fundamentals rather than shifts in interest rates or valuation multiples. "I see the current environment placing greater emphasis on asset quality, market selection, operational execution, and patience." Looking ahead, I would expect returns in this cycle to be driven primarily by net operating income growth and durable cash flow. The prior cycle rewarded leverage, rapid appreciation, and declining interest rates. In contrast, I see the current environment placing greater emphasis on asset quality, market selection, operational execution, and patience. While this may result in a less dramatic return profile, it may also support more durable outcomes over time. Capital markets seem to reflect this transition. Based on my conversations with our banking partners, debt capital has largely returned for certain asset classes and sponsors, with lenders re-engaging and underwriting standards becoming more consistent. Equity capital remains available, but selective. Many investors continue to navigate liquidity constraints stemming from limited distributions from existing funds, often influenced by delayed valuation recognition. As pricing clarity improves and transaction activity continues to normalize, capital flows into real estate may strengthen gradually, though likely without the urgency seen in earlier cycles. In general, transaction volumes remain below prior peaks but are showing some signs of stabilization. In my experience, buyers and sellers are increasingly finding common ground as market values become more clearly established. This process of price discovery, while gradual, is an important step toward a healthier and more functional market. Within this framework, asset and market selection have taken on heightened importance. The dispersion of outcomes between property types, geographies, and even individual assets appears wider to us than in past cycles. Multifamily and industrial properties continue, in my view, to represent the deepest and most liquid segments of the institutional market. Within residential, for-rent housing formats, including build-to-rent, are attracting increased attention, which is due to demographic trends, affordability considerations, evolving lifestyle preferences, and other factors.1 Retail, after being out of favor for several years, seems to have re-emerged as a sector of strong interest following years of limited new supply and steady consumer demand, as well as retailers learning they clearly need physical stores - as well as online presence. In markets where fundamentals support it, well-located retail properties appear capable of attracting capital, inclusive of selective development.2 Office and hospitality remain more complex in our view. While each may have reached a valuation floor, recovery may be uneven. In office, a subset of high-quality, well-located assets appears positioned to perform, while the majority of assets still seem to face structural challenges in demand and functionality.3 To me, hospitality presents very interesting, but selective opportunities, particularly in the luxury and lifestyle segments and in assets acquired below replacement cost, though managing operating expenses remains a key consideration. Alternative property types, including medical office, student housing, manufactured housing, industrial outdoor storage, and data centers, continue to exhibit demand characteristics that we may find attractive, albeit with varying risk profiles and capital requirements. "In our view, the path forward is unlikely to be defined by rapid appreciation or broad-based tailwinds, but rather by disciplined investment, thoughtful underwriting, and a focus on assets supported by enduring demand." In summary, I would characterize the 2026 outlook for real estate as cautiously constructive. The market has absorbed a meaningful reset, pricing has adjusted, and capital markets appear to be stabilizing in certain segments. In our view, the path forward is unlikely to be defined by rapid appreciation, and most certainly not by continued declining interest rates, but rather by disciplined investment strategy, thoughtful underwriting, operating execution, and a focus on assets supported by secular tailwinds. At Realberry, we believe this kind of environment rewards experience, selectivity, and a long-term perspective. While uncertainty remains, both economic and geopolitical, the foundations for the next phase of the real estate cycle appear to be taking shape. For those willing to engage thoughtfully, the coming years may offer opportunities defined not by excess, but by fundamentals.

Important Disclosure: The views and opinions expressed in this article are those of Bill Grubbs, CIO, and reflect his personal perspective as of the date of publication, informed by professional experience, ongoing market observations, and qualitative assessments developed over time. This commentary is not intended to be, and should not be construed as, investment advice, a forecast, or a prediction of future performance. The observations shared do not rely on or present specific statistical analyses. Actual market conditions, outcomes, and performance may differ materially. Past experience is not indicative of future results. March 2026 Drawing on decades of experience across multiple real estate cycles, Bill observes that across the early 90s downturn, the dot-com era, the Global Financial Crisis, COVID, and today's reset, the market has consistently repriced around a few recurring forces. In this Q&A, Realberry CIO Bill Grubbs shares what he's learned across decades of investing through multiple cycles, including what, in his experience, generally drives real estate repricing, what may be different than previous cycles, and what signals the return of liquidity and the beginning of a new cycle. His key takeaway: Today's cycle is about fundamentals, not financial engineering. His assessment is the recently ended cycle, from roughly 2010 - 2022, was largely characterized by investors "riding the wave" of low and continuingly declining interest rates, rewarding most all owners regardless of real estate investment acumen. He asserts, however, that this new market cycle will separate the winners from losers based on the ability to select the right specific assets, as well as strong execution skills. In Bill's view, the next phase of the cycle may be more likely to reward investors who focus on: Disciplined basis: Yields go up and down, but your beginning investment basis remains. High-quality assets: Those that consistently garner strong tenant demand that best fits the market - both functionally and locationally. Strong sponsors: An "operating oriented" sponsor with strongly supported convictions. His perspective is that execution at the asset and market level is foundational to success in the new cycle and real estate is returning to what it has always been at its core: a local, operational business where performance is earned. Q: If you had to summarize each major real estate cycle from the past 30 years in one sentence - in your opinion, what broke, what reset, and what ultimately recovered first? Bill: I see a pretty consistent pattern: too much capital (debt and equity) and overly aggressive underwriting drive the market to a breaking point, often triggered by an economic shock. It's my experience that values truly reset only once transactions start happening again, and the sectors with the strongest fundamentals and resulting liquidity generally recover first. The is my interpretation of each major market reset over the course of my career: Early 90s: Too much supply (capital) and leverage broke the market, valuations took years to reset due to limited transparency, and recovery was slow (5+ years) but steady once the debt issues started being recognized, and pricing finally reflected reality. Dot-Com (early 2000s): The downturn was mostly isolated to tech-driven office markets, pricing corrected quickly where demand evaporated, and most other property types recovered fast because the broader market largely stayed intact. Global Financial Crisis (2008-2009) ("GFC"): Liquidity froze as a result of global economic shock almost overnight as liquidity immediately dried up, and values reset rapidly. Multifamily recovered early because financing sources like Fannie and Freddie continued lending for that asset class through most of the downturn. COVID (2020): The economy paused abruptly and uncertainty spiked, but capital markets reset quickly, rates dropped hard, and the capital market recovery came back fast driven by exceptionally low interest rates. It should be noted that with the exception of office properties, tenant fundamentals remained solid all the way through. Today's Reset (2022-present): The sudden and material increase in interest rates, dramatically increased the cost of capital and repriced the market after quickly ending the low-rate era. The recognition of the reset values has taken time as owners and lenders accept and work through valuation reality. The recovery from a performance perspective is showing up first in high-quality assets where NOI growth is achievable through execution and there is liquidity at the asset level based on investors' confidence. And, once again, to me the key difference today is that we're no longer all riding a wave - in my opinion, returns are going to be earned through basis discipline, asset selection, and real asset-level execution. Q: In your experience, what is the most consistent driver of real estate repricing across market cycles? Bill: In my experience, the most consistent driver of real estate repricing is too much capital and over-leverage - and the behavior (aggressive underwriting and overconfidence) that comes with it. Not really a positive, but real estate is a deal-driven business. In my experience, people love to transact, and when capital is readily available, underwriting discipline tends to loosen. That's when "animal spirits" show up - and investors generally start pushing deals they probably shouldn't. I've learned over time that sometimes the best deal is the one you don't do. There are moments in the cycle where it seems to makes sense to lean in and be more aggressive, but I believe that cycles often turn when the market collectively loses discipline. One reason I compare today's environment more to the early 90s than the GFC is because it's taking longer to work through. In the early 90s, it took years for the market to fully recognize and write down values. Back then, transparency was limited. Today, technology and data have made pricing more visible than ever before, but it can still take time for both private and institutional valuations to accept the reality of lower valuations - in the GFC, there was no choice. Q: Do you think today's commercial real estate environment similar to 2008? Bill: Not really, and I think a lot of people compare everything to 2008 simply because that's the only major cycle the majority of today's investors remember clearly. The GFC was a severe and sudden shock. It was driven primarily by residential housing, but it hit commercial real estate hard because lenders stopped lending and pricing uncertainty spiked. That was the only period in my career where I felt genuinely fearful, not just about real estate, but about the broader system. But what's different today is the duration and the setup. This cycle has been slower to unwind. In the early 90s, real estate issues dragged out for about five years. That environment also came after too much supply, too much leverage, and overly aggressive underwriting - which, in my view, feels more similar to the conditions that built up through the low-rate era and accelerated in 2021 and 2022. During the post-GFC cycle and especially the post-COVID boom, it felt to me like investors were essentially riding a wave of falling interest rates. Even if you weren't perfect at the asset level, declining cap rates could lift outcomes. I don't think that's the case today. Now I think returns will be much more driven by the fundamentals and execution of each asset. Q: From your perspective, how do you think interest rates, cap rates, and credit spreads interact during a reset? Bill: I think real estate is sensitive to interest rates because it's a leveraged business - and cap rates tend to be anchored to long-term interest rates, especially the 10-year U.S. Treasury. In my experience, while developers and operators often focus on floating-rate debt because it generally can help deals pencil in the short term, for the most part real estate is a long-duration investment. So, to me, long-term rates matter most in how cap rates are priced. I've seen that when the 10-year Treasury moves meaningfully higher, it tends to force repricing across the market. That's the primary reason values corrected in 2022, when rates suddenly moved off historic lows and the Fed began tightening to normalize inflation. One important point in today's market is that cap rate spreads relative to the 10-year are still fairly tight compared to historical norms. That doesn't necessarily mean real estate is "expensive," but to me that indicates that we should be careful about underwriting aggressive exit cap rates - our focus on basis is critical. In my opinion, in this environment, relying on cap rate compression to generate returns is not a prudent strategy. Q: What do you think are the early signs the market is moving from price discovery into a true transaction environment again? Bill: I think the biggest sign is simple: transactions providing tangible clarity of actual market values. Generally, price discovery becomes real when deals actually trade. Even then, I've seen many institutional owners still carrying assets at values based on appraisals or internal marks that may not reflect true market pricing. In my experience, a functioning transaction environment requires a few things: More stability in interest rate expectations More confidence in the economic outlook Sellers willing to recognize market reality Buyers willing to deploy capital at the new basis Once values are more clearly established, in my experience, capital should begin flowing again - and that momentum builds on itself. Of course, the context of the overall economic outlook is also foundational. From what I've seen, transaction activity has increased over the last six months. It varies by property type and market, but it appears that the market has begun to re-open. From a more subjective psychological perspective, if there is a sense that most investors have evolved to the fourth stage of grief - acceptance - it's a good indication that transactions will gain traction. For further current context, fundraising has slowed dramatically from the 21-22 peak, and many investors are still constrained by limited distributions from existing investments. So, I see that while capital is returning, it's selective and patient. Q: When capital markets dislocate, what do you think matters most: asset quality, sponsor execution, or basis? Bill: In reality, I think you need all three. But in today's cycle, I'm emphasizing execution more than ever for our assets. We're not in a market where everyone benefits from falling interest rates. In my opinion, returns are going to come from the ability to grow operating income at the property level. In my experience, asset quality matters as well - and in certain sectors, it matters dramatically more. Office is the best example. There has been a real secular shift in office demand, and only the top tier of buildings will truly thrive. Lower-quality assets may struggle for a long time, even if purchased at a steep discount. Hotels are another category where execution matters disproportionately because they're operating businesses. In sectors like multifamily, industrial, and certain retail formats, there may be a broader range of asset quality that can still perform - but even there, strong asset management and sponsor capability are key differentiators in my view. Basis is foundationally important, especially in sectors like office where capital expenditures and leasing risk can be enormous. A low entry price doesn't automatically mean a good investment if the asset requires significant reinvestment to remain competitive, or there just plain is not the needed demand (some things are cheap for a reason) - but there is inherent protection to be adequately below replacement cost. Q: In your experience, what do investors misunderstand most about real estate cycles, especially after the low-rate era? Bill: I think many investors underestimate how much real work, expertise, and capital it takes to create performance in this environment. From my perspective, the long low-rate era made it relatively easy to ride the wave, as cap rates compressed, interest rates declined, and asset values often increased even without exceptional execution. Today, that tailwind is gone. Now, I think outcomes will be driven by bottom-up decisions: selecting the right asset, in the right market, on the right street corner, at the right basis - and then executing the business plan at a high level.

Quick takeaways Demand for rental housing remains historically strong as affordability challenges keep households renting longer.1 Build-to-Rent (BTR) combines the lifestyle benefits of single-family homes without the long-term financial commitment of homeownership.1 Multifamily fundamentals may strengthen as new supply slows and occupancies tighten.4 High-growth regions, including the Mountain West, continue to attract population, jobs, and rental demand.5 The Rise of Build-to-Rent Housing BTR communities are purpose-built neighborhoods planned specifically for renters and often designed as townhome or single-family-style communities.1 These communities typically offer more space, privacy, and neighborhood-style amenities than traditional apartments, without the financial and maintenance responsibilities associated with homeownership.1 Demand for BTR has grown rapidly in recent years as homeownership has become increasingly difficult for many households.1 Higher mortgage rates, elevated home prices, and limited for-sale inventory have pushed many households toward renting by necessity.3 At the same time, lifestyle-driven renters are prioritizing flexibility, leading younger families, professionals, and downsizing retirees to seek rental options that resemble for-sale housing in form and function.1 Occupancy across BTR communities has remained generally high and, in some data, slightly above multifamily overall, although results can vary by market.2 Institutional capital has followed, with investors increasingly viewing BTR as an extension of multifamily housing rather than a separate asset class.6 While the sector has expanded quickly, BTR still represents a relatively small share of total U.S. housing supply, leaving room for continued growth as demand persists.2 According to The Wall Street Journal, large single-family rental operators and private equity firms have already been shifting toward build-to-rent strategies, and future regulatory clarity may accelerate that trend. Policy Tailwinds Are Accelerating BTR Momentum Recent federal policy developments may further accelerate the growth of BTR housing. In January 2026, the White House issued an executive order directing federal agencies to issue guidance intended to limit certain institutional acquisitions of single-family homes and to include "narrowly tailored exceptions" for buildtorent properties that are planned, permitted, financed, and constructed as rental communities.6 We believe the distinction is significant. While the policy focus is on large investors acquiring existing homes, often framed as competing with individual homebuyers, BTR communities are developed from the ground up as rental neighborhoods, adding new housing supply rather than absorbing existing inventory.6 As a result, BTR has avoided the type of political scrutiny facing traditional single-family rental portfolios.6 While the outcome of these policies remains uncertain, some industry participants have suggested this exemption could influence capital allocation decisions.2 According to The Wall Street Journal, large single-family rental operators and private equity firms have already been shifting toward build-to-rent strategies, and future regulatory clarity may accelerate that trend.6 Since 2012, more than 321,000 BTR homes have been delivered nationally, with over three-quarters built in just the past five years, underscoring the sector's rapid expansion amid rising affordability pressures.6 Beyond regulatory considerations, the BTR model may offer operational efficiencies. Concentrated rental neighborhoods are generally less costly and more efficient to manage than scattered single-family homes, while still delivering the space and lifestyle features renters increasingly prefer.2 Certain economists also believe that demand for single-family rentals is driven by structural factors - including home prices, mortgage rates, and demographic shifts - that may be slow to reverse.3 Taken together, policy clarity, operational efficiency, and sustained renter demand may support BTR's continued role as a key component of the U.S. rental housing market.3 Markets in the Mountain West often exhibit a favorable balance of demand drivers and supply constraints, creating conditions that may support stable occupancy, competitive rent levels, and long-term asset durability. Why the Mountain West Stands Out While rental housing demand is national in scope, certain regions may be positioned for continued demand. The Mountain West has emerged as a standout due to strong population growth, job creation, and relative affordability compared to coastal markets.5 States such as Colorado, Utah, Idaho, Arizona, Montana, and Nevada continue to attract new residents seeking economic opportunity and quality of life, driving sustained demand for both apartments and rental homes.5 At the same time, land availability and development feasibility vary by market, supporting more disciplined growth patterns than in prior cycles.5 Markets in the Mountain West often exhibit a favorable balance of demand drivers and supply constraints, creating conditions that may support stable occupancy, competitive rent levels, and long-term asset durability.5 Current Market Context Higher interest rates have reduced transaction volumes and softened pricing in certain markets and in some cases acquisitions may be below estimated replacement cost.1 At the same time, rental fundamentals currently appear stable overall. Occupancies are high, demand is durable, and new supply is moderating across much of the U.S.1 Investors deploying capital in the current environment may benefit from current income while positioning for potential upside as financing conditions evolve.1 Importantly, we believe that housing affordability challenges may be structural rather than temporary. To us, the widening gap between renting and owning, combined with demographic and economic trends, suggests that a growing share of households expect to remain renters long-term,3 which could underpin sustained demand for both BTR and multifamily housing. A Long-Term Perspective We believe BTR investments are not about chasing short-term trends. They are about aligning capital with long-term shifts in how people live, work, and form households.3 Rental housing meets a fundamental human need and has repeatedly demonstrated resilience during periods of economic uncertainty.1 By focusing on well-located assets in growth markets, and emphasizing quality, discipline, and operational execution, we believe BTR and multifamily can support long-term investment objectives over time. That conviction - grounded in data and long-term fundamentals - is why we continue to invest in these strategies and continue to monitor current market conditions.

Castle Rock, Colorado is a Mountain West residential market frequently referenced in discussions about population growth and housing demand. It is discussed here solely as general market context. Situated between Denver and Colorado Springs, Castle Rock combines population growth, high household incomes,1 nationally recognized livability,2 highly rated schools,2 and housing unaffordability1 that can influence long-term rental demand. Why Castle Rock Stands Out Population growth and in-migration: One of Colorado's faster-growing communities,3 supported by in-migration, incomes, and demographic momentum.1 Livability factors: Nationally recognized for livability, safety, schools, and access to outdoor amenities.2 Housing supply and affordability: High home prices and demographic growth,1 including demand for housing beyond traditional apartments, may influence rental demand, including for single-family-style rental options. A Growth Story Still in Motion Castle Rock is one of Colorado's faster-growing communities3 and its growth has not been fleeting. The town's population increased by approximately 51% between 2010 and 2020 and increased by approximately 13.7% since the 2020 Census (through the July 1, 2025 estimate),4 outpacing national growth rates.5 Equally important is who is moving to Castle Rock. Median household income is approximately $139,000, and more than half of adult residents hold a bachelor's degree or higher.1 Together, these demographic trends may influence housing demand over time. Connected to Opportunity Castle Rock benefits from proximity to two major employment hubs, Denver and Colorado Springs. Mean travel time to work is around 30 minutes. Regional connectivity has improved with the I-25 South Gap project, which added capacity and other corridor improvements.7 Local development initiatives have also been proposed. For example, The Brickyard project is a proposed redevelopment that includes plans for housing, retail, hospitality, and a 145,000-square-foot community sports complex.8 Developments like this may influence Castle Rock's evolution over time. A Place People Choose Livability is a defining characteristic frequently cited for Castle Rock. WalletHub has ranked Castle Rock among the top small cities nationally, including as the best small city in Colorado and among the top in the U.S. in a recent ranking.2 Livability.com also included the town in its 2024 list of the Top 100 Best Places to Live in the U.S.6 Outdoor recreation and open space are central to the community's identity, with 130 miles of trails, over 60 parks, and over 6,900 acres of open space.8 Philip S. Miller Park spans more than 300 acres and offers trails, recreation facilities, and year-round amenities.9 Combined with schools and other quality-of-life factors, these features may contribute to resident retention.3 Housing Fundamentals That Matter Castle Rock's housing market reflects a common theme in suburban markets: demand paired with limited supply. Approximately 79% of housing units are owner-occupied,4 which can result in a constrained rental inventory. The median value of owner-occupied housing units is approximately $652,900 (2020-2024).4 This contributes to affordability constraints and can influence renter demand. Rental housing, by contrast, may be more attainable for some households. Median gross rent is approximately $2,0004 and median selected monthly owner costs with a mortgage are approximately $2,787 (2020-2024).4 This rent-versus-buy gap may influence rental demand, particularly among households seeking suburban living without the financial commitment or obligations of homeownership. Overall, Castle Rock appears to offer a convergence of population growth, affluence, livability, and structural supply constraints, which are characteristics that may increase certain kinds of housing demand. These factors may also align with certain for-rent housing models which can provide residents with space and flexibility while responding to affordability considerations.

LOVELAND, Colorado (February 23, 2025) - Realberry, a Colorado-based real estate investor and developer in commercial, multifamily, hospitality, residential and mixed-use assets, today shared significant progress on its newest mixed-use district - the officially rebranded Avenue South - a 140-acre project in the award-winning Centerra community in Loveland, Colorado. Horizontal construction on Avenue South officially began in December, marking the start of site development for the district, which will expand the Centerra community with a walkable mix of retail, office, and housing at the intersection of Interstate 25 and U.S. Highway 34. Vertical construction on the retail core is currently expected to begin in May, and residential construction is anticipated to begin in 2027. "Breaking ground on such a significant and complex project is an exciting milestone. It tangibly demonstrates our ongoing commitment to the Loveland community and larger Northern Colorado region," said Kyle Harris, Senior Vice President of Master-Planned Communities at Centerra. "Avenue South continues Centerra's vision by creating a complete, connected district where people can gather, shop, dine and enjoy everyday conveniences close to home. From a much-needed grocery store to vibrant public spaces, this project is about delivering a new and unique experience for Northern Colorado families and businesses." The first phase of Avenue South is anticipated to include approximately 170,000 square feet of retail and restaurants, 150,000 square feet of office space and more than 800 residences with a mix of apartments, townhomes and single-family homes. The district will be anchored by a much-needed, 37,000-square-foot Whole Foods. A 3.2-acre linear park and event lawn - The Front Porch - is planned to provide space for concerts, events and community gatherings. The office component of the project will be anchored by a 120,000-square-foot, four-story headquarters for the general contracting firm, Hensel Phelps. "Building our new state-of-the-art corporate headquarters at Avenue South represents our commitment to our employees," said Mike Choutka, Chairman of the Board of Hensel Phelps. "This location allows us to strengthen our Northern Colorado roots and continue to serve our clients, partners and the community." Located in Loveland's primary growth corridor, Avenue South will serve as a gateway to Centerra while continuing the community's focus on walkability and connection to nature. Trails and sidewalks will link directly to Loveland Sports Park and the larger Centerra trail network. Realberry is also pursuing Fitwel certification to guide its sustainability and wellness goals on its new, Northern Colorado office location. "We're excited to see new activity at the Avenue South site," said Loveland Mayor Patrick McFall. "This project helps create new jobs, supports a vibrant and diverse business landscape and includes much-needed affordable housing. Working with our partners ensures growth that strengthens our workforce while staying true to our community values." Avenue South builds on Centerra's 25-year record as a hub for business and community in northern Colorado. The master-planned development is home to more than 150 businesses, 8,500 employees and 4,500 homes, alongside regional employers, dining, retail and recreation. With Avenue South, Realberry continues to invest in Northern Colorado's long-term economic growth while delivering new choices for residents and businesses seeking a connected, mixed-use environment. The project also follows the company's recent rebrand and launch of a sponsor-led investment platform, underscoring Realberry's continued evolution and strategic expansion nationwide. To learn more about Avenue South, visit Centerra.com/AvenueSouth. For more information about Avenue South and upcoming investment opportunities, visit www.Realberry.com. About Centerra Centerra, an awardwinning 3,000acre masterplanned community located in Loveland at the heart of Northern Colorado, is a Realberry development that was built on the belief that nature provides the perfect balance to urban planning. As a community designed to enhance all aspects of life, Centerra integrates neighborhoods with recreation, art, shopping and dining, business opportunities and medical services. Centerra and its businesses offer more than 8,500 part-time and full-time jobs. This unique community is home to Northern Colorado's first lifestyle center, The Promenade Shops at Centerra; UCHealth-Medical Center of The Rockies, a stateoftheart 187-bed LEED goldcertified regional hospital; and The Marketplace at Centerra, one of Northern Colorado's largest contiguous shopping centers. Centerra is also home to High Plains Environmental Center, which manages 483 acres of wetlands, open space and reservoirs within Centerra and Chapungu Sculpture Park, a 26-acre park with more than 80 stone sculptures throughout. In 2018, Centerra became the first certified National Wildlife Federation (NWF) Community Wildlife Habitat in Colorado. In 2022, Centerra was designated the state's first Sustainable Landscape Community by the Associated Landscape Contractors of Colorado, a designation recognizing the community's commitment to water conservation and sustainability. Named Development of the Year by the National Association of Industrial & Office Properties' (NAIOP) Colorado Chapter, Centerra embodies Realberry's purpose of creating great places and fabled experiences for people. For additional information, visit www.centerra.com. About Realberry Realberry is a diversified real estate investment, development and management firm headquartered in Colorado. The company invests in, develops and operates real estate across the hospitality, multifamily, commercial, mixed-use and master-planned community sectors throughout the United States. Founded in 1991, Realberry applies a disciplined approach to portfolio management focused on long-term value creation, financial discipline and responsible development. The company partners with institutional and accredited individual investors through a sponsor-led investment platform designed to provide access to real estate opportunities nationwide. Realberry's integrated platform includes in-house capabilities spanning acquisition, development, asset management and operations. The company's strategy emphasizes transparency, rigorous oversight and alignment with investors and communities. For more information, visit www.realberry.com. Nothing in this press release constitutes investment, legal, tax, or other advice, nor should it be relied upon as such. Realberry does not make recommendations regarding any particular security, strategy, or investment.

Realberry, a Colorado-based real estate investor and developer in commercial, multifamily, hospitality, residential, and mixed-use assets, announced the acquisition of Red Hawk Crossings, a 60-unit build-to-rent townhome community at Wolfensberger Road and Prairie Hawk Drive in Castle Rock, Colorado. The acquisition represents a strategic expansion of Realberry's growing build-to-rent portfolio in high-demand suburban markets. Realberry will work with Asset Living to provide property management and plans to execute a renovation program and operational enhancements, providing a rare opportunity at a well-located community that delivers an attractive alternative to homeownership. "Red Hawk Crossings exemplifies the kind of opportunity we look for in the build-to-rent space: well-located communities in growing suburban markets where we can add value through targeted upgrades and management," said Chad McWhinney, CEO and Co-Founder of Realberry. "As demand for alternatives to both traditional homeownership or multifamily rental continues to rise, build-to-rent is a strategic opportunity to align how people want to live-the space and feel of a single-family home with the ease and service of a professionally managed community." The acquisition positions the company to meet the growing demand for build-to-rent homes, a segment that saw nearly 27,500 new units completed nationwide in 2023, according to RentCafe data - 75% more than the prior year. RentCafe data also showed a 91% increase in build-to-rent home completions in Denver over the past five years, reflecting strong local and national demand for professionally managed rental alternatives to homeownership. In addition to meeting the strong renter demand, the location also offers a strategic advantage, with Castle Rock, Colorado, recently named by WalletHub as the Best Small City in Colorado and one of the Best in the U.S. Built in 2015, Red Hawk Crossings features 3-bedroom, 2.5-bathroom townhomes averaging 1,534 square feet, each with two-car direct-access garages. The property is located off I-25 on the west side of Castle Rock, minutes from downtown and adjacent to the master-planned community The Meadows, offering residents access to retail, recreational amenities, healthcare, and schools, as well as straight-line commutes to Denver, the Denver Tech Center, and Colorado Springs. "This is an incredibly high-quality project with an established foundation of operation from the previous owners," added Tim Slater, Managing Director of Acquisitions with Realberry. "We're excited to continue building on that legacy, enhancing the resident experience and integrating Red Hawk Crossings into our growing portfolio of thoughtfully managed rental communities." Red Hawk Crossings represents a strong addition to Realberry's build-to-rent portfolio, joining Finley, a townhome community located in the Baseline master-planned community in Broomfield, and VellaTerra, part of Kinston at Centerra in Loveland. With institutional interest in build-to-rent rising nationally, the acquisition offers the opportunity to deliver a value-add, suburban rental community that aligns with Realberry's broader strategy of investing in sustainable, high-performing communities throughout Colorado.

The Wall Street Journal analyzes how recent federal action targeting institutional buyers of existing homes could accelerate growth in the build-to-rent (BTR) segment. The article explains why newly constructed rental communities are exempt from the proposed restrictions, positioning BTR as a potential beneficiary as capital shifts away from purchasing existing housing stock. It also explores how this policy carve-out, combined with affordability pressures and operational efficiencies, may influence investor behavior, suburban development patterns, and the long-term evolution of the single-family rental market. Read the full article in The Wall Street Journal

Quick Takeaways: Adds Balance Beyond Stocks and Bonds: Private real estate's income and appreciation drivers move differently from public markets, which may reduce overall volatility. Inflation-Linked Income Potential: Rents and replacement costs may rise with inflation, which may help protect real returns. Now More Accessible: Institutional-quality private real estate strategies are increasingly available to accredited and high-net-worth investors through fund platforms and managed offerings. Why now With traditional stock and bond markets facing tighter yield spreads and ongoing inflation pressure, we believe many investors are rethinking how to diversify their portfolios. In our experience, private real estate, once limited to pensions, endowments, and family offices, is even more accessible through professionally managed private funds and sponsor direct platforms that make it easier to participate in high-quality, income-generating properties. By providing exposure to tangible assets that produce income and appreciation, private real estate can help balance market volatility and deepen portfolio diversification. Characteristics of private real estate Private real estate involves investing directly or indirectly in physical assets such as multifamily housing, logistics, office, retail, or hospitality properties. Unlike publicly traded REITs or other products, these investments are held privately through limited partnerships, commingled funds, or fractional ownership structures. Core features include: Illiquidity: Investments typically require multi-year holding periods. Valuation Lag: Appraised values change quarterly or annually, which may reduce short-term volatility but can delay recognition of market shifts. Income Generation: Properties can earn cash flow through lease payments made on time. Capital Appreciation: Value can rise through market growth, property upgrades, and for other reasons, but value can fall as well. Active Management: Execution quality - from leasing to financing - can materially impact returns. How it fits in a diversified portfolio Private real estate behaves differently from stocks and bonds because its return sources - rental income, property appreciation, and inflation linkage - can respond to separate economic forces. That independence can improve risk-adjusted returns over time. Key benefits may include: Diversification: Return drivers differ from those of equities and fixed income. Lease Income: Long-term leases can deliver recurring rent cash flow. Inflation Hedge: Property values and rents can rise with inflation and replacement costs. Risk/Return Profile: More balanced exposure to growth and income in certain markets. Low Correlation: Often moves independently from stocks and bonds, which can help smooth overall portfolio volatility. Key risks include: Liquidity: Capital often locked for several years at least. Valuation Lag: Appraisals may not immediately reflect market moves. Leverage: Debt magnifies both gains and losses. Market Cycles: Tenant demand and property values fluctuate with local economies. Manager Selection: Experience, discipline, and transparency vary widely. Because of these factors, private real estate is typically suited for long-term investors who can tolerate limited liquidity and prioritize income stability over quick gains. How individual investors can participate Some investors target 15-20%* of total portfolio exposure to private real estate, depending on their objectives and liquidity needs. Ways individual investors participate include: Private Real Estate Funds: Professionally managed portfolios offering diversification across multiple assets. Interval or Tender Offer Funds: Semi-liquid structures that allow periodic redemptions, bridging access and flexibility. Co-Investment and Fractional Platforms: Smaller minimums for direct property exposure without operational burdens. These vehicles can allow individuals access to high-quality institutional real estate while benefiting from professional oversight and scale. A practical framework Investors often blend different real estate strategies based on goals and risk tolerance: Core/Core-Plus: Stabilized assets focused on income. Value-Add: Assets with repositioning or operational upside. Opportunistic: Higher risk/reward through development or specialty sectors such as logistics, data centers, or healthcare. In our view, a well-structured allocation in commercial real estate diversifies across strategy, property type, geography, and position in the capital stack can help achieve optimal portfolio diversification across economic cycles. The bottom line We believe private real estate may complement traditional investments by including holdings that can support income, help mitigate inflation, and offer long-term value-creation potential. But it's not one-size-fits-all. These are long-term, illiquid investments best suited for investors with multiyear horizons and the ability to tolerate economic cycles. The key is aligning exposure size, structure, and manager quality with your broader financial plan. Before investing, discuss private real estate allocations with a qualified financial advisor who can help you evaluate suitability, structure, and risk tolerance. Sources: https://fundrise.com/education/real-estate-strategies https://www.morganstanley.com/ideas/alternative-investments-portfolio-diversification https://www.jpmorgan.com/insights/real-estate/real-estate-banking/institutional-real-estate-investing-how-it-works https://origininvestments.com/real-estate-crowdfunding-is-really-property-syndicates-2-0/ https://www.ssga.com/us/en/individual/insights/building-resilience-with-private-cre https://www.invesco.com/us/en/insights/private-real-estate-income-returns.html https://www.hodesweill.com/real-estate-allocations-monitor https://www.capgemini.com/insights/research-library/world-wealth-report/

Realberry's hospitality investment strategy centers on disciplined acquisitions (both core-plus and value-add) and developments positioned for consistent and resilient performance across market cycles. Our goal is to create long-term value for investors through a collaborative, cross-disciplinary approach that unites Acquisitions, Development, and Asset Management. At the end of the day, it's our mission to create places people love, and to support the communities in which we operate and invest. We're focused on our environmental and community impact just as much as our focused hospitality investment strategy. In the following breakdown of our hospitality investment strategy, we'll cover: Strategic Framework: The hospitality sector spans a wide range of property types, locations, and service levels. Our strategy focuses on categories we believe demonstrate resilient fundamentals. Based on our internal research, this generally includes: Boutique luxury hotels in established destination markets; Lifestyle properties that offer differentiated, location-driven experiences; and Select-service hotels supported by durable and well-defined demand drivers. Note: all investment opportunities are subject to specific underwriting, market conditions, and risks as outlined in each offering's materials. We emphasize cross-team accountability, underwriting grounded in well-supported market data, and a focus on measurable value. We target assets priced below replacement cost, pursuing ground-up development only where we see exceptional fundamentals, and maintaining disciplined cash flow strategies with a clear, research-led approach to value creation. Branding Strategy: We seek partnerships with strong local operators for F&B, and look for brands with high brand equity. Operator & Management Contracts: We build pragmatic relationships with strong operators in the asset's type and market, ensure local staffing quality, and seek owner-favorable contracts. Success in this industry depends on top-tier locations, sustainable revenue models, and strategic brand/operator partnerships executed with accountability and clear exit strategies. We make decisions based on our beliefs about long-term resilience and what we believe is best for our communities. Our Filter for Hospitality Acquisitions and Developments At Realberry, hospitality real estate investments begin with a disciplined filter intended to balance opportunity and risk. We focus on assets that we believe are below replacement cost and have reliable income streams or well-supported near-term upside. We believe these types of opportunities allow us to apply our operational expertise for long-term value creation. Core-plus and value-add repositioning projects Require a clearly defined, upfront plan. Must demonstrate compelling risk-adjusted income potential. Plans are backed by data, realistic assumptions, and a clear vision for value creation. Assets are priced below replacement cost. Ground-up developments Pursued selectively and evaluated for balanced risk-adjusted value creation. Often incorporate public-private partnerships or for-sale residential components. Designed to promote sustainable tourism development and local economic impact. Hold period and portfolio management Our underwritten hold period is often 4-7 years but can depend on market and asset performance. We may selectively recommend long-term holds. Undergoes regular portfolio reviews and strategic exit evaluations. Maintains alignment with market conditions, investor objectives, and real estate investment cycle resilience. "We understand the upsides and challenges of the hospitality market very clearly. Given that understanding, we believe it is critical to have a focused product strategy (luxury destination, local lifestyle, and very narrowly select service hotels). Two critical overall principles are buying below replacement cost and being disciplined sellers once we achieve our execution objectives." - Bill Grubbs, Chief Investment Officer What We Look for in a Market We believe strong investments start with strong locations. Realberry is opportunistic in targeting hotel investment locations that we believe demonstrate durable, data-backed demand drivers, such as tourism, business travel, and year-round recreation. We look for hard-to-duplicate markets with natural or cultural appeal, supported by diverse demand segments that balance seasonality. Our preference is for healthy business climates and communities that value both growth and sustainability. Market selection is guided by data from sources we trust such as Greenstreet, CoStar, and LARC, seeking to ensure that every acquisition or development opportunity is backed by quantifiable market strength. Partnering with Brands That Elevate Value We believe our hospitality brand partnerships play a critical role in creating meaningful differentiation and delivering premium guest experiences. We prioritize brands that we believe have demonstrated strong performance characteristics in relevant segments and align with the property's design, location, and story. This may include trusted national names such as Marriott and Hilton, which we consider additive to a property's image and attributions, as well as select independent or boutique brands that we believe offer a distinctive local identity. Each brand partnership must clearly enhance the asset's positioning and resonance with its audience, and not just fill a flag requirement. Our food and beverage (F+B) strategy is an extension of that philosophy. We prefer leasing or licensing agreements with proven local operators that we believe enable authentic, community-driven hospitality projects that reflect local taste and culture. In our view, a substantial majority of F+B revenue should come from non-hotel guests, to help promote the venues becoming true neighborhood destinations. "A modern hotel must serve as the living room for its community. We see our food and beverage program as a core financial driver, not just an amenity. By seeking to invest in authentic and highly curated F&B experiences, we seek to enhance the overall performance of our investment. More critically, we think these spaces transform the hotel into a dynamic local hub, achieving more local connectivity and making the property a true, welcoming extension of its surrounding neighborhood." - Jason Cruce, Executive Vice President, Hospitality Development Operating with Precision and Accountability At Realberry, we believe that disciplined execution is just as important as smart acquisition. Our approach emphasizes team accountability across Acquisitions, Development, and Asset Management, seeking to ensure that every decision is made with transparency and shared responsibility for results. We maintain rigorous underwriting clarity by, among other things, grounding assumptions in real market data. We hold our team accountable, not the management company. Each investment undergoes debt yield analysis to assess whether leverage levels support the potential for steady, sustainable distributions in varying market conditions. Through semi-annual hold/sell reviews, we assess each property's performance and determine whether it remains aligned with our business plan and investor goals. Our assessment requires us to ask ourselves: Is operating performance at or above business plan expectations? Is it an opportune time to sell? Have we achieved our business plan? Have we maximized the asset's value? This consistent oversight seeks to ensure that we remain proactive, maximizing value and mitigating risk before market cycles shift. Adapting Strategy Through Market Cycles The hospitality industry is cyclical, so we build our strategy to be as resilient as possible. During periods of economic expansion, we seek select development opportunities that we believe demonstrate strong fundamentals and align with our risk-adjusted investment criteria. When the market contracts, we pivot toward acquisition-heavy strategies, targeting underperforming assets that we believe have potential for repositioning or improved management. We use this flexibility to try and protect investor capital while continuing to deliver value across changing conditions. Our focus remains on markets that we believe have long-term economic durability, strong tourism infrastructure, and growth potential in sustainable tourism development. Beyond Returns - Creating Lasting Community Value Our investment philosophy goes beyond returns. Realberry hospitality projects are an opportunity to create lasting community value, consistent with our broader Corporate Social Responsibility (CSR) commitments. Our developments seek to embody sustainability, placemaking, and economic growth, so that each property enhances the environment and enriches the local community. These initiatives mirror our approach to hospitality investments - long-term, thoughtful, and centered on people and place. "We view our investments as a tool for positive change. Every Realberry engagement is guided by a commitment to respect and enhance the environment through robust sustainability practices and to truly listen to the communities we serve. Our goal isn't just to invest, but to be an integral partner at every level. By seeking to ensure that our projects are accretive to the sense of place and actively lift the entire surrounding neighborhood, we try to enrich the lives of everyone who calls it home." - Jason Cruce, Executive Vice President, Hospitality Development Investing in the Future of Realberry Realberry hospitality investments are guided by discipline, creativity, and a long-term commitment to value. We do it for our investors, our guests, and the communities we serve. By focusing on key locations, data-driven decisions, and strategic partnerships, we seek to continue building a hospitality portfolio designed to adapt across real estate cycles and contribute meaningfully to the communities where they're located. Connect with our team to learn more about our hospitality investment strategy and discover how Realberry is shaping the future of community-centered hospitality.

We are a real estate company with purpose. We believe in possibility, potential, and the transformative power of bringing value and opportunity to our communities. Our approach to real estate development, investment, and management encourages our team to create great places. Places with meaning and places built to last. We don't want people to just live or work in our communities; we want them to feel like they truly belong. We prioritize intentional community development. The ethos that guides how we operate is called The Realberry Way. It is a purpose-driven, values-led, and commitment-forward approach to creating places people love. And it's built upon our mission, vision, and values. We use the Realberry Way as our internal compass for employees and as a visible standard for partners, clients, and communities. We want people to know what we stand for, and we want them to see us living out. Rooted in Mission, Vision, and Values Our mission is crisp, clean, and simple, and acts as a guide for everything we build, manage, and invest in - creating places people love. Every day, when our employees come to work and our partners come to support us, they live that mission. Value, lasting builds, safety, high-quality design; these are all important aspects of our job, but at the end of the day, it's always the goal to ensure our residents love where they live, that consumers enjoy their retail and dining experiences, and that hardworking employees are excited to come to their office spaces. We infuse this mission into our work at the very first steps, and weave it into the heart of each community. It's in the details of planning, the beauty in the design, and the careful financial decision-making. So what do we hope for in the long term? What are we after? We aspire to be the most innovative and sought-after private real estate investment company, distinguished by our creative passion and unwavering financial discipline. By achieving this goal, we'll continue to live out our mission of creating places people love. Still, it's important to have more specific guidelines to help us move toward our goals and realize our mission - we call those guidelines our core values. The first is respect. We understand that recognizing the hard work and success of another person will motivate them in return. What goes around comes around, so what we hope to see in the world, we give to the world. We care about people, we care about our organization, and we care about the communities where we operate. The second is integrity. We do what we say we are going to do. For over 30 years, we've remained committed to making a mark on our community. Through our work in each project, we've exuded this intent. We like to say 'start with the why, end with the wow.' The third is perseverance. We've put all this time and effort into our mission and goals because we believe in our business model wholeheartedly. We see the future, we understand our part in getting there, and we have the determination to make the journey worthwhile. We work toward a win-win. It's the mark of a great organization when it can press forward when faced with obstacles, and we certainly have had to overcome our fair share. And finally, legacy. Whether an employee is making an individual decision at their desk or leadership and partners are making corporate decisions with long-term implications, we're looking at the future. We see our vision so clearly, it is integral to our operations that we consider how each decision will affect that vision of the future. The Core 4 Defining our mission, vision, and values is only the first step in the Realberry Way. We need to actually live out these ideas every day. Each and every employee and partner should be aligned with the way we run this business, so we have a rule of thumb. When we make decisions and move our business forward, everything must have a resounding 'yes' to at least two out of the four following guidelines and never a 'no' to any of them. These aren't 'rules' per se, they are a decision-making metric for our teams to ensure we are integrating our mission, vision, and values into everything we do. Our success isn't just built on great investments; it's built on a clear, intentional approach to how we operate. Let's take a look at our metric guidelines, The Core 4: The Customer Experience: Every touchpoint matters; creating experiences that engage all five senses. Not only do we create places people love, but we should also be prioritizing the customer at every touch point. Developing a community, designing a hospitality experience, creating a mixed-use environment - it should all exceed our customers' expectations. We encourage our employees to see opportunities for customer touchpoints and suggest ways to make them better. Associate Experience: Empowering people to do their best work by fostering belonging and pride. Our people are at the core of everything we do. We believe that by supporting and valuing our employees, they are going to do their best work. We uplift, we prioritize, and we inspire them so they can be the best versions of themselves. Community Impact: Development with intention, ensuring places uplift the community. We're rooted in community. Building places people love and building in communities near our homes means putting a bit of our heart into what we do. We're mindful of our impact in every sense of the word and make decisions with people and community at the forefront. Financial Performance: Sustaining long-term growth and stability with disciplined investment. We need excellent financial performance to thrive - it's the reality of what we do. This piece of the puzzle requires us to balance our vision, discipline, and strategic execution for sustainable success. Every decision we make starts with the philosophical and emotional implications, but is grounded by the financial. Everything is a balance. The Core 4 is our long-term strategy. When our employees are performing their duties, participating in committees, and making decisions, we ask that they consider how their actions will impact the Core 4. The Realberry Way in Action The Realberry Way is how we bring our vision of creating places people love to life. Every project reflects our commitment to values-based real estate development, where long-term community benefit and operational excellence go hand in hand. By focusing on details, avoiding "death by a thousand cuts," and keeping everything on brand, we ensure our properties deliver meaningful, lasting experiences. Our projects are designed with a focus on our development pillars as well. We stick to these pillars through the lens of the Core 4 to ensure a cohesive and goal-oriented project finish. Architecture and Design Sustainable Development Community Engagement and Impact Arts and Culture Project Innovation and Technology To learn more about the pillars, check out our website. Take a look at how intentional community development and sustainable placemaking practices come together to create destinations where people truly belong: Centerra At Centerra, people are at the heart of every experience. The community blends homes, businesses, dining, and gathering spaces with trails, parks, and cultural amenities so residents can live, work, and play in one place. Families come together for annual events like the Wild Wonderful Weekend and the Halloween Hullabaloo, while music lovers gather for the long-running Sounds of Centerra concert series. Local partnerships with schools, arts organizations, and nonprofits deepen those connections, making Centerra more than a neighborhood; it's a hub of culture, tradition, and shared experiences. Baseline Baseline represents the next generation of community building, designed to foster connections across people, place, and purpose. Its central hub and neighborhoods are designed with walkability, gathering spaces, and vibrant streetscapes that encourage daily interaction. Neighbors can participate in events, arts programs, and cultural activities that shape the community. More than a place to live, Baseline is envisioned as a "next great Colorado community" where residents, businesses, and visitors create lasting memories and meaningful relationships. Together, Centerra and Baseline illustrate the Realberry Way in action. Why It Matters The Realberry Way is the culmination of all of the above. It is the guide that we follow to stay committed to creating great places. For our employees, it's a clear compass. Every person at Realberry knows the 'why' behind their work and how their decisions and actions contribute to something larger. It instills pride, belonging, and a sense of ownership in shaping communities that endure. We ensure our teams abide by the Core 4 while still upholding the original thought behind the development (through the lens of the development pillars). For our partners and clients, it offers assurance. When you collaborate with Realberry, you know what you're going to get - a real estate company with purpose. A business that blends creativity with financial discipline and aims to make decisions through the lens of long-term value. Our clients and partners can rest assured that we're approaching every project with thoughtfulness, rigor, and unwavering commitment. For our communities, it means intentional impact. We create experiences, gathering places, and cultural hubs that enrich daily life. We're focused on values-based real estate development that fosters connection, supports local economies, and creates environments where people can thrive. Ultimately, The Realberry Way matters because everything we do is rooted in purpose and designed for lasting impact. Living the Realberry Way The Realberry Way isn't just a slogan; it's a lived practice. It ensures every project is aligned with long-term impact, creating places that inspire, ensure, and serve. At the end of the day, we're trying to become the most innovative and sought after real estate company, so every investment we develop or acquire must transform places into meaningful experiences. It's all connected. The Realberry Way is how we operate; think of it as the energy we bring to our work every day. Join us in building, partnering, or in community to create places people love.

DENVER - (Jan. 14, 2026) - McWhinney, a Colorado-based real estate investor and developer in commercial, multifamily, hospitality, residential, and mixed-use assets, today announced it has changed its name to Realberry. The rebrand coincides with a strategic shift in the company's investment approach, aimed at expanding access to high-quality real estate opportunities and broadening wealth-building pathways for accredited investors nationwide. The name Realberry draws from the company's earliest chapter, a small berry stand run by brothers Chad and Troy McWhinney and reflects the connection between the company's earliest beginnings and our ongoing commitment to transparent, timely communication with investors. "For over three decades, our work has centered on unlocking possibility," said Chad McWhinney, Co-Founder and Chief Executive Officer of Realberry. "This next step honors where we began while expanding who we serve. Realberry will seek to marry deep real estate expertise with technology and connect accredited investors to real estate assets. The real difference here is that we're not a tech company trying to figure out real estate, we are a longstanding real estate investor and developer seeking to leverage tech to drive greater access and transparency for accredited investors." The company believes its decision to move towards expanded access is reinforced by the growing number of accredited investors in the U.S. According to a June 2025 working paper by the SEC's Office of the Investor Advocate, approximately 12.6% of the U.S. population qualifies as accredited investors. At the same time, the credit lending environment remains challenging, increasing demand for diversified capital structures. Realberry's model responds to these trends by providing qualified investors access to information about real estate opportunities and by supporting sponsors with a broader potential capital base. "We believe sponsors nationwide are rethinking how capital is sourced and deployed as macroeconomic pressures and evolving credit conditions are reshaping the real estate landscape," said Steve Drew, Chief Operating Officer. "With Realberry, we aim to be at the front of that market shift with a model that prioritizes the investor experience. Our goal is to equip a broader pool of accredited investors with the education and intuitive tools they need to evaluate available opportunities in a complex market where quality matters more than ever." At roll-out, investors will have access to one initial offering, Red Hawk Crossings, a 60-unit build-to-rent (BTR) community located in Castle Rock, Colorado. More offerings will be strategically added on a regular basis. Details will be made available directly on the Realberry investor platform. Moving forward, the Realberry name will appear across all business units, projects and communications. The company's leadership and disciplined investment strategy remain unchanged. What is changing is the company's commitment to expanding access through a more advanced platform. "We've always believed that real estate can be a long-term, value-creating asset class," added McWhinney. "We believe Realberry positions us to share those opportunities more broadly, with the same level of rigor and discipline that has defined our work from the start." The company's evolution is grounded in a national portfolio that spans residential, hospitality, industrial, and mixed-use assets across multiple markets. Their work includes some of Denver's most recognized destinations, such as Union Station, Dairy Block, The Maven and The Crawford, as well as award-winning master-planned communities such as Centerra and Baseline, reflecting a history of working on complex, long-term developments. To learn more about the company's offerings, visit: realberry.com. Offerings are available only to eligible investors and are made solely through definitive offering documents. About Realberry Realberry is a diversified real estate investment, development and management firm headquartered in Colorado. The company invests in, develops and operates real estate across the hospitality, multifamily, commercial, mixed-use and master-planned community sectors throughout the United States. Founded in 1991, Realberry applies a disciplined approach to portfolio management focused on long-term value creation, financial discipline and responsible development. The company partners with institutional and accredited individual investors through a sponsor-led investment platform designed to provide access to real estate opportunities nationwide. Realberry's integrated platform includes in-house capabilities spanning acquisition, development, asset management and operations. The company's strategy emphasizes transparency, rigorous oversight and alignment with investors and communities. For more information, visit www.realberry.com. Nothing in this press release constitutes investment, legal, tax, or other advice, nor should it be relied upon as such. Realberry does not make recommendations regarding any particular security, strategy, or investment.

Realberry and Livmark Communities, a developer specializing in multifamily and single-family for-rent communities, announced today the groundbreaking of Mountain Brook Flats, a new 200-unit luxury apartment community in Longmont, Colorado. The $71 million joint venture brings together Livmark's experience designing high-quality, ownership-level communities and Realberry's long-term approach to executing and operating multifamily assets across the region. "Mountain Brook Flats reflects the kind of opportunity that Realberry looks for: well-designed communities where we can bring strong execution experience and make long-term investments in Colorado's growth," said Dani Sassower, Senior Vice President of Housing with Realberry. "As housing preferences evolve, we're focused on supporting more ways for people to live well across every stage of life, while continuing to invest in vibrant, sustainable communities along the Front Range." Located within the Mountain Brook master-planned community, the project spans nine acres and is strategically positioned just west of downtown Longmont, within walking distance of restaurants and retail along Hover Street and less than a 20-minute drive from downtown Boulder. "We're thrilled to introduce Mountain Brook Flats, a new standard of rental living for Longmont. These homes feature condo-level craftsmanship and design typically reserved for Colorado's most upscale for-sale communities, paired with a best-in-class amenity package that truly elevates the resident experience. It's unlike anything Longmont has seen before," said Chris Beabout, Managing Partner at Livmark Communities. Building on Livmark Communities' experience designing similar floor plans for for-sale condominiums, Realberry and Livmark aim to bring the same ownership-quality design to the rental market with Mountain Brook Flats. The 200-home community will feature 10 three-story, 20-unit buildings with one-, two-, and three-bedroom residences averaging just over 1,150 square feet. The apartment homes are designed for comfort and longevity, with high-quality finishes, oversized balconies and convenient garage parking. Residents will also share the new Mountain Brook Clubhouse, currently inclusive of a resort-style pool with swim lanes and a splash pad, a fitness center with yoga studios, an outdoor fireplace and seating area, a tavern lounge, tennis and pickleball courts and pocket parks that connect the community, with plans to add a dog park. With Longmont's CHIPS Zone designation, one of only two in Colorado, fueling investment in semiconductor and advanced manufacturing, the region is poised for continued growth in jobs and housing. Residents benefit from proximity to employers in technology, healthcare, and advanced manufacturing, including Google, IBM, Ball Aerospace, and UC Health - all while providing a more attainable cost of living than nearby Boulder and Denver. "Longmont continues to experience strong population and employment growth, and Mountain Brook Flats is designed to meet that demand with larger units, elevated finishes, and in-demand amenities," said Chad O'Connor, Vice President - Acquisitions & Development. "We're proud to partner with Livmark Communities on a project that complements the broader Mountain Brook community and reinforces Longmont's position as one of Colorado's most desirable places to live." Construction of Mountain Brook Flats is scheduled to begin in December 2025, with lease-up anticipated to commence in 2027. Landmark Construction Solutions, a Livmark Communities-affiliated company, will serve as the general contractor. About Realberry Realberry is a diversified real estate investment, development and management firm headquartered in Colorado. The company invests in, develops and operates real estate across the hospitality, multifamily, commercial, mixed-use and master-planned community sectors throughout the United States. Founded in 1991, Realberry applies a disciplined approach to portfolio management focused on long-term value creation, financial discipline and responsible development. The company partners with institutional and accredited individual investors through a sponsor-led investment platform designed to provide access to real estate opportunities nationwide. Realberry's integrated platform includes in-house capabilities spanning acquisition, development, asset management and operations. The company's strategy emphasizes transparency, rigorous oversight and alignment with investors and communities. For more information, visit www.realberry.com. Nothing in this press release constitutes investment, legal, tax, or other advice, nor should it be relied upon as such. Realberry does not make recommendations regarding any particular security, strategy, or investment. About Livmark Communities Building off 20-plus years of success in delivering over 2,000 for-sale condos and townhomes, award-winning Landmark Homes established Livmark Communities. Livmark emerges as a distinct brand, focusing on great community and floor plan designs in the for-rent multifamily and single-family attached built-to-rent markets. Livmark's local expertise in all aspects of multifamily development, including site design, entitlement, general contracting, and asset management, makes it uniquely capable of delivering thriving communities along the Colorado Front Range. For more information about Livmark Communities and its role in the Mountain Brook development, visit www.livmarkcommunities.com or follow us on LinkedIn.