Washington DC State of the Market

Mr. Ritchey serves as Senior Executive Vice President. Prior to his appointment to this position in January 2016, Mr. Ritchey served as Executive Vice President, Head of our Washington, D.C. Office and National Director of Acquisitions and Development since April 1998 and Senior Vice President and Co- Manager of our Washington, D.C. office. Mr. Ritchey is responsible for all business development, leasing and marketing as well as new opportunity origination in the Washington, D.C. area. He also directly oversees similar activities on a national basis. Mr. Ritchey joined us in 1980, leading our expansion to become one of the dominant real estate firms in the Washington, D.C. metropolitan area. For four years prior to joining us, Mr. Ritchey was one of the leading commercial real estate brokers in the Washington, D.C. area with Coldwell Banker. He is a 1972 graduate of the U.S. Naval Academy and a 1973 graduate of the U.S. Naval Post Graduate School in Monterey, California.

Mr. Paul T. McDermott was elected to the Board of Trustees and named President and Chief Executive Officer of Washington REIT in October 2013. Prior to joining Washington REIT, he was Senior Vice President and Managing Director for Rockefeller Group Investment Management Corp., a wholly owned subsidiary of Mitsubishi Estate Co., Ltd. from June 2010 to September 2013. Prior to joining The Rockefeller Group, he served from 2006 to 2010 as Principal and Chief Transaction Officer at PNC Realty Investors. Between 2002 and 2006, Mr. McDermott held two primary officer roles at Freddie Mac -- Chief Credit Officer of the Multifamily Division and Head of Multifamily Structured Finance and Affordable Housing. From 1997 to 2002, he served as Head of the Washington, D.C. Region for Lend Lease Real Estate Investments.

As the Southeast Regional President, Roberta Liss is responsible for Cushman & Wakefield’s entire business in the state of Florida, Atlanta, Nashville and the Carolinas. Roberta is responsible for transformation and growth, client relationships, talent development and performance management across the Southeast U.S. Prior to this role, Roberta served as President, East Region, overseeing all of Cushman & Wakefield’s business in one third of the US. She partnered with leaders in Chicago, Minneapolis, Boston, Connecticut, New York, New Jersey, Philadelphia, Baltimore, Washington, DC, Bethesda, and Tysons Corner offices to advance corporate strategic growth, transformation, and operational optimization initiatives. She joined Cassidy Turley/DTZ, a predecessor Cushman & Wakefield company, in 2015 and served as Managing Principal for the Washington, DC Metro Region, as well as the President of the Eastern Region for DTZ. Before joining DTZ, Roberta served as Executive Vice President of Leasing, Marketing and Acquisitions at BECO Management. Before joining BECO, she was Executive Vice President of CBRE in Washington, DC, where she was a tenant and landlord broker and led strategic planning efforts. She also has served as Director of Brokerage for Washington, DC, and Maryland at Trammell Crow Co. where she was a principal and led capital markets, tenant representation, agency leasing, retail leasing and tax appeal. During her 36-year career, Roberta has executed transactions totaling more than 30 million square feet of space, has transacted eight building sales, and has advised Fortune 100 companies, financial institutions, health care companies, institutional owners and private developers on real estate matters, transactions and strategic planning. Roberta received a Bachelor of Architectural Engineering degree from Pennsylvania State University, as part of the University's 5-Year Engineering Program.

Ronald D. Paul is the Chairman of the Board of Directors and Chief Executive Officer of Eagle Bancorp, Inc. and EagleBank, a community bank established in 1998 in Bethesda, Maryland. He has been involved in community banking for 28 years. Mr. Paul is one of the founding board members of the Bank, and has been instrumental in the growth of the Bank’s size to over $5.5 billion in assets and over 20 offices. EagleBank is the largest community bank headquartered in the Washington DC Area. Rated BBB+ by Kroll Bond Rating Agency, EagleBank is a member of the Independent Community Bankers of America, the Maryland Bankers Association and the Virginia Bankers Association. EagleBank has consistently been cited for its excellent overall financial performance by recognized bank rating services such as IDC Financial Publishing, Veribanc and BauerFinancial. For 2014, EagleBank was one of 40 banks named to the Honor Roll of Banks by Keefe, Bruyette and Woods and was named a Sm-All Star Bank by Sandler O’Neill & Partners. Eagle Bancorp, Inc. is a public company and its shares are traded on the NASDAQ Capital Market under the symbol EGBN. The Company is in the Russell 2000® Index, which measures the performance of the largest 2000 U.S. companies based on total market capitalization. EagleBank is the presenting sponsor of “EagleBank Presents the Bisnow Morning Brief,” an email subscription service providing daily news stories related to Washington, DC area commercial real estate. A founding board member of the Prince George’s National Bank in 1987, Mr. Paul continued to serve as director when the bank merged with Montgomery National Bank in 1991 and changed its name to Allegiance Bank. He was a director of Allegiance Bank from 1991 until September 1996, and a director of Allegiance Banc Corporation from 1991 until its acquisition by F&M National Corporation in 1996. Mr. Paul was born and raised in Oceanside, New York, and came to the Washington, D.C. area to attend the University of Maryland, where he received a B.A. in Accounting. In 1980, he began his career in real estate investment as a bookkeeper, and in 1987, formed his own investment company, Ronald D. Paul Companies, Inc. Mr. Paul’s real estate holdings include office buildings and multi-family apartment projects throughout the Washington Metropolitan area, as well as in Texas, Florida and Iowa. Mr. Paul was a director, as well as Chairman of the Audit Committee, of Republic Properties Trust, a New York Stock Exchange-listed real estate investment trust, until it was sold in 2007. He is active in private investments, which includes serving as Chairman of Bethesda Investments, Inc., a private venture capital fund. As President of RDP Management, Inc., he is also engaged in the business of real estate management. Very active in several charitable organizations, Mr. Paul serves on the Board of Directors of the Washington Hospital Center Foundation and, since 1987, on the Board of Directors of the National Kidney Foundation of the National Capital Area (“NCA”). Mr. Paul’s involvement with the National Kidney Foundation began in the 1980’s when he was diagnosed with kidney disease; he received a kidney transplant from his brother, Steven B. Paul, at the Washington Hospital Center in 1990. Nineteen years later, he received a second transplant from Kathy McCallum, Chief Financial Officer of Ronald D. Paul Companies. Mr. Paul served as Chairman of the Board of the National Kidney Foundation of the NCA from 2002 – 2003, and he also chaired the National Kidney Foundation’s Annual Kidney Ball—the largest one-day fund-raising event of the Foundation—in 1993 and 2000. In 2002, Mr. Paul founded the National Kidney Foundation’s Annual Ronald D. Paul Companies Kidney Walk, which has grown from approximately 40 to over 900 walkers and has raised over $900,000. While attending the University of Maryland, he was active in many community events and became the youngest member ever to serve on the Board of Directors of the American Cancer Society. As Chairman of Eagle Bancorp, in 2005, Mr. Paul founded the EagleBank Foundation, which annually raises funds for breast cancer research, patient services and education. To-date, the Foundation has raised in excess of $2.1 million.

Asheel Shah joined Kettler in 2007 and is President of the Multifamily Development division of the company. Mr. Shah has over 20 years of experience in the Washington DC real estate market and 14 years of experience dedicated to real estate acquisitions and development. He is responsible for the (i) company’s investment strategy, (ii) new business development activities, (iii) equity capital raising as well as (iv) building and maintaining partner relationships. Additionally, Mr. Shah serves on the Kettler Investment Committee and is principally responsible for making recommendations to the committee. Mr. Shah earned a bachelor’s degree in finance from St. Joseph’s University in Philadelphia, PA., and a master’s of business administration from the University of North Carolina, Chapel Hill. Prior to joining Kettler, Mr. Shah worked at Monument Realty, CarrAmerica Realty Corp. and Arthur Andersen LLP. He is an active member of the Urban Land Institute, serving on the Washington District Executive Committee and as a mentor for young leaders.

David Ritchey is responsible for leading all aspects of commercial leasing and asset management for the company’s office operating portfolio, which consists of approximately 11 million square feet, in addition to a substantial under construction portfolio and future development pipeline throughout the Washington, DC region. Ritchey was active in the marketing and transaction negotiation process which led to the successful award of Amazon’s new headquarters in National Landing, located in Arlington, Virginia. He is now part of the team who is responsible for the continued transformation of a six million square foot operating office portfolio within the urban submarket.

Allison Prince is a zoning, land use, real estate development and historic preservation attorney. She represents commercial and residential developers, colleges and universities and institutional and non-profit organizations as they build, expand and redevelop buildings across the District of Columbia. Allison presents before virtually every public forum in the District of Columbia, including the Board of Zoning Adjustment, the Zoning Commission, the Historic Preservation Review Board and the Commission of Fine Arts. Additionally, she is experienced in working with foreign governments. Clients are drawn to Allison's sophisticated experience, collaborative approach and honed negotiation skills. Her long-term experience with land use in Washington DC and governmental agencies help her to quickly identify ways to streamline the approval process. Chambers USA recognizes Allison as "extremely knowledgeable and really good at pushing the ball forward and getting issues resolved."

Matt Klein is President and CEO of Akridge. Matt has 30 years of hands-on real estate experience and has been President of Akridge since 2001. Headquartered in Washington, DC since 1974, Akridge has developed, acquired, and/or entitled more than 14 million square feet of project in the Washington metropolitan area and currently has over $2 billion in real estate assets under management (including third party management) and 120 employees. The company has an inventory of development projects in the pipeline totaling more than 10 million square feet. Matt is responsible for the strategic and operational direction for all aspects of the company’s business, including property operations, strategic planning, corporate governance, acquisitions, development, finance, and partner relations. Matt initiated and directed the strategy and successful institutional fund raising associated with the Akridge Office Fund, a comingled, closed end, discretionary investment fund. He also led the successful joint venture with Jefferson Apartment Group, the Akridge multi-family affiliate. Under Matt’s leadership, Akridge has been recognized locally and nationally for its customer service, innovation, investment results, and community involvement. The company has received a long inventory of awards and recognition including the National Capital Area Business Ethics Award; numerous Firm of the Year Awards and has been featured in Washingtonian magazine and Washington Business Journal’s Best Places to Work. Akridge has been recognized eleven times nationally by CEL & Associates as the “Best in Industry” for customer service, competing against high-performing, national management companies. The company is also frequently honored with awards for its efforts in community involvement, innovative development projects and operating practices as well as for sustainability and smart growth initiatives. Matt is the immediate past Chairman of the ULI Washington District Council; a past Chair of the Washington DC Chamber of Commerce; past Chairman of the Board for the Downtown Business Improvement District; on the Executive Committee of the District of Columbia Building Industry Association; a member of The Greater Washington Board of Trade, the World Presidents’ Organization, and the Federal City Council; and, has also served on the Mayor’s Green Ribbon Committee and Streetcar Advisory Task Force. Matt earned his Bachelor of Arts degree from Wake Forest University.

Mark is vice president for CDUS in the Washington metro area. His responsibilities include the pursuit, acquisition and execution of development projects. He oversees project development teams and supports the executive vice president/area manager in growing Skanska’s development business throughout the region. Mark has more than 20 years of industry experience and has worked with site acquisition, site planning, design, development, construction management and the disposition of income-producing properties. He previously served as regional director of development for JPI, a national development firm. Mark’s development experience includes land, office, retail, multifamily and hotel development projects, primarily in the Washington and Baltimore markets. Mark holds a Masters of Architecture degree from The Catholic University of America and a Masters of Engineering Management degree from The University of California at Berkeley.

As President and Chief Executive Officer of Columbia Property Trust, Nelson Mills is responsible for the Company’s overall strategy, capital transactions, operations, and the performance of its portfolio of investments. Mr. Mills has also served as a director on the Columbia Board since 2007. He was an independent director for Columbia until being named President and Chief Executive Officer in 2010, when he oversaw the establishment of an internal management team for the Company. Mr. Mills has more than 30 years of experience in the real estate investment and financial services industries. Prior to joining Columbia, he served as the President and COO of Williams Realty Advisors, LLC, managing and advising a series of real estate investment funds. Previously, Mr. Mills served as Chief Financial Officer with Lend Lease Real Estate Investments (US), Inc., one of the world’s largest institutional investment managers specializing in the acquisition and management of commercial real estate.

John Sikaitis is Managing Director of Research, Advisory & Business Development for JLL’s Mid-Atlantic business based out of Washington, DC. In his current role, John leads the region’s Research, Business Development and Advisory teams and serves as the regional Head Strategist, advising our business on day- to-day business pursuits and our clients on real estate strategies. John joined the firm in 2005 as Director of Research for the Mid-Atlantic Region. In 2007, John took on the role of Director of Research for Mid-Atlantic and Southeast platforms. In 2009, John assumed the role Head of Office Research, Americas, leading the firm’s overall analysis, message and outlook for the macro U.S. and Canada office sector in a timely thoughtful, thorough, proactive and consultative approach. John added responsibilities beyond the office role in 2011, also assuming the role of Head of Local Markets Research for the U.S., taking on leadership of all of our U.S.-based local researchers and platforms. John’s focus was to grow and differentiate the local market expertise and quality of the firm’s research across 50+ markets. In that role, he drove a new data and reporting approach, messaging and client strategy and overall enhancements to not only the people aspect of the platform, but also the technology and client outreach platforms. In that role, John more than tripled the size of the local markets team to more than 100+ researchers and rolled out many new initiatives. In 2016, John traded airports and planes for his true passion, the Washington DC marketplace. In that vein, he is the firm’s market expert and strategist around the Washington, DC real estate market and economy. As a result of his experience and extensive real estate knowledge, John has advised local developers, institutional investors and REITs, including completing consulting projects for Brandywine Realty Trust, JBG Smith, Alony Hetz, Carr Properties, EagleBank, Monday Properties, TH Real Estate, Corporate Office Properties Trust, Vornado and Brookfield Properties, among others. John has also completed work for public sector entities such as the DC BID Council, the Golden Triangle BID, the NoMa BID, the Rosslyn BID, the Crystal City BID, Washington, DC Deputy Mayor’s Office of Planning and Economic Development and Montgomery County, among others. John sits on the JLL Americas Research Leadership team and is on the Board of Directors for the Golden Triangle Business Improvement District and the Associate Board of Directors for the Steers Center for Global Real Estate at Georgetown University. John is also involved in local non-profits such as Pathways to Housing DC, Food & Friends and Georgetown Lombardi Comprehensive Cancer Center. Education John received a B.S. from Georgetown University in 2001; a Specialization in Central American Relations from the Universidad de Costa Rica, San Jose, Costa Rica; and a Specialization in Latin American Economics and Development from the Universidad de Buenos Aires, Buenos Aires, Argentina.

Timothy Trifilo is a partner in CohnReznick’s Tax Practice with more than 18 years of experience. He advises global clients in the asset management, private equity, and real estate industries including opportunity funds, venture capital, public and private REITs, institutional investment advisors, and real estate owners/developers. Tim specializes in structuring global private equity funds and investments with diverse investor profiles and in providing transaction support and advice on fund formation, public and private equity offerings, capital structures, REIT formation and qualification issues, real estate workouts, and M&A transactions. He also has significant experience in partnership taxation and joint venture transactions with specific focus on sovereign wealth funds (SWF). Prior to joining CohnReznick, Tim was a partner with a Big 4 firm. His tenure there included serving as a member of the firm’s SWF thought leadership group, obtaining a leadership position for its financial services real estate tax practice in Washington, D.C. He also led the strategy for growth and development of the financial services, asset management, and real estate tax practices in the Greater Atlanta market. Timothy is a CPA in New York, Georgia, Virginia, Maryland, and the District of Columbia.

Bo Menkiti is the Founder and CEO of the Menkiti Group, a real estate company dedicated to transforming lives and communities through real estate. The Menkiti Group is focused on strengthening neighborhoods through the strategic development, management, and disposition of real estate in urban markets. Mr. Menkiti also serves as CEO and is the Founding Partner of Keller Williams Capital Properties, a residential real estate brokerage managed by the Menkiti Group. Mr. Menkiti’s work has been featured in David Bornstein’s book on social entrepreneurs “How to Change the World,” and in Stephen Goldsmith’s “The Power of Social Innovation.” Mr. Menkiti has been recognized nationally by Ebony and Inc. Magazine as one of the coolest young entrepreneurs in America, and was awarded The National Association of Realtors Prestigious “30 under 30” award in 2006. Mr. Menkiti was also honored as a Minority Business Leader by the Washington Business Journal and named to the paper’s 2014 Power 100, a list of the most influential business leaders in the Washington metropolitan area. He was also recently honored by the National Association of Realtors as the District of Columbia Realtor of the Year in 2014 and as Keller Williams Realty International’s 2015 Entrepreneur of the Year. Under Mr. Menkiti’s leadership, the Menkiti Group and Keller Williams Capital Properties have been recognized by Inc. Magazine as being among the fastest growing private companies in the nation and by the Initiative for Competitive Inner City (ICIC) and Fortune Magazine as two of the fastest growing inner city businesses in America. Prior to forming the Menkiti Group and Keller Williams Capital Properties, Mr. Menkiti served as Chief Operating Officer of College Summit, a national non-profit organization dedicated to increasing the college enrollment rate of low-income students. In this capacity, Mr. Menkiti oversaw the organization’s successful growth into a multi-site national organization. Mr. Menkiti served as the 2013 President of the District of Columbia Association of Realtors and is a board member of City First Bank of DC and Dance Place. Mr. Menkiti also serves as a member of the Steering Committee of the Small Business Policy Project and on the board of DC Water, the District of Columbia Water and Sewer Authority. In 2015, Mr. Menkiti was inducted on the board of the Myer Foundation, the Federal City Council, and was elected as the Executive Board Member of Prolanthropy. Earlier this year, Mr. Menkiti launched the Capital Properties Menkiti Group Foundation, an organization that focuses its resources on serving the diverse social needs existing in the National Capital Area. Mr. Menkiti is a graduate of Harvard University. He lives in the District with his wife and three young sons.

For over 35 years, Papadopoulos Properties has helped local and national landlords, retailers, and restaurateurs find success in Washington DC, Maryland & Virginia. Hotel developer clients include Magna Hospitality, Westmont Hospitality, Highgate Hospitality, Carr Hospitality, Red Lion Hotels, Met Life, Westbrook Partners, Southern Management, Quadrangle Development, Donohoe Company, Brands represented, Park Hyatt, Fairmont, Hilton, RL, Intercontinental, Marriott-Autograph-Ritz Carlton-Residence Inn-Marquis

Ross Draber is the chief operating officer of United Bank, a subsidiary of United Bankshares, Inc., a $19.3 billion bank holding company. He is responsible for the performance and profitability of the Bank, directing commercial and consumer banking sales and service operations throughout the Washington, D.C. metro area. Draber oversees the region’s market presidents and works alongside them to drive growth and develop business strategy and execution plans. Draber has played an integral role in United Bank’s expansion since assuming the role in 2015. During that time, United Bank has grown to over 70 branches in Maryland, Virginia and Washington, D.C. It has the number one deposit market share among community banks in the Washington, D.C. Metropolitan Statistical Area. Draber is highly involved with the merger and acquisition team and was instrumental in the Bank’s successful acquisitions of Cardinal Financial Corporation and its subsidiaries George Mason Mortgage, LLC and Cardinal Wealth Services, Inc. (2017); Bank of Georgetown (2016); and Virginia Commerce Bank (2014). Draber previously served as a senior vice president of treasury and corporate finance. In this role, he managed the capital adequacy and regulatory risk of United Bankshares, Inc., serving on the Asset Liability Committee (ALCO) and stress test development team. He oversaw the mergers and acquisitions analysis and supervised commercial loan pricing and term sheet structuring within United Bank. Prior to that, Draber held several positions in treasury and credit administration. Draber is a CFA® charterholder and a 2017 Washington Business Journal 40 Under 40 honoree. He graduated from Washington and Lee University with a Bachelor of Science in Accounting and Business Administration.

Madi Ford serves as the co-founder and managing partner of Audeo Partners, a certified small and woman owned business operating in Virginia. In this capacity, she manages acquisitions, deal structuring, development, joint venture negotiation, and equity and debt finance from a legal perspective for Audeo Partners and the firm’s consulting clients. Madi has a decade of transactional legal experience in commercial real estate, in addition to extensive experience in corporate governance. She advises on risk mitigation and complex cross-functional matters relevant to the ownership, asset management, and development of multi-family rental housing for Audeo Partners and several local firms and landowners in a consulting capacity. Madi has executed over $250M in debt financing including HUD, agency, and conventional market loans as well as structuring 1031 and opportunity zone equity for development deals. Madi has secured multiple successful PUD and BZA approvals for development projects totaling over $1B in development potential. She has also successfully managed complex litigation related to a class-action suit designed to prevent a $700M development from proceeding. Most recently, Madi transitioned distressed bank notes into a redevelopment project supporting retail, 200 multifamily units and 60 for sale units. Prior to founding Audeo Partners, Madi served as the Senior Vice President and General Counsel at MidCity Development where she oversaw all legal matters for the asset management and repositioning and development of a 9,000-unit portfolio of affordable and market rate apartment communities across the Mid-Atlantic. Ford has also served as Director of Legal Affairs at Vantage Management and as a Corporate Associate at Bingham McCutchen L.P. She holds a Bachelor of Science in Economics, Public Policy and the Law from Trinity College and a Juris Doctor from American University’s Washington College of Law. Madi currently serves on the Emerging Leaders Committee of the National Multi-Family Housing Council (NMHC) as well as serving on the NMHC Working Group for the Women in Multifamily Networking Series. Madi serves on the Board of Directors for The Academy of Hope Adult Public Charter School, Habitat for Humanity, D.C.-NOVA, and The Alice and Eugene Ford Foundation. She is a member of the Leadership Council for the District of Columbia and the Greater Washington Community Foundation: Partnership to End Homelessness. She has previously served on the boards of directors for two private companies, the Community Services Foundation, and the Holton-Arms School Alumnae Board. Madi is a passionate participant and supporter of initiatives focused on affordable housing, economic empowerment, and access to education. She was a Steering Committee Member for Habitat for Humanity D.C.’s 2017 Women Build, the Event Chair for the 30th Anniversary Gala for Habitat for Humanity D.C. in 2019, and the Event Chair for Habitat for Humanity D.C.’s 2021 Women Build campaign and the Co-Chair for Habitat for Humanity D.C.-NOVA’s 2022 merger launch. Additionally, Madi served as the Event Chair for the Academy of Hope’s 35th Anniversary Gala. Madi is very proud to have led fundraising campaigns generating several million dollars in donations for local organizations and was recognize in Fall 2022 as the March of Dimes “Heroine of Washington” for the Real Estate Sector.

Phyllis Liebman Brill has over 20 years of construction management experience working for both commercial real estate developers and contractors in the DC Metropolitan area. She is responsible for the design, permitting, purchasing and construction of interior build-outs and cap ex projects within the MRP portfolio. Phyllis has a B.A. in English from SUNY Binghamton and a Masters in Interior Design from Mount Vernon College (now part of George Washington University). She is also a LEED accredited professional. Phyllis has been an active member of the DC Chapter of Commercial Real Estate Women (CREW) for over 13 years. She has served on the Executive Committee and on the Board of Directors. Phyllis is currently the 2017 President of CREW DC.