Carroll

Founded in 2004, CARROLL has built a strong reputation in the real estate industry with a focus on acquiring, managing, and developing properties nationwide. With a robust track record of over $12.1 billion in real estate acquisitions and $8.8 billion in successful exits, CARROLL has consistently demonstrated its expertise and commitment to delivering results. In 2021, CARROLL became a part of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company, providing a comprehensive and integrated platform for managing commercial real estate (CRE) and related businesses.

As part of The RMR Group, CARROLL benefits from a scalable platform, a deep and experienced team of more than 600 real estate professionals in more than 30 offices nationwide, and approximately $36 billion in assets under management. This vertical integration and extensive experience enable CARROLL to provide exceptional services and deliver outstanding results to its institutional partners, private investors, and its own principals.

Investment Management Capabilities

CARROLL's experienced team develops intuitive strategies to target different investment goals, offering various investment services and solutions to its partners and clients. The firm's Sponsored Investment Management services specialize in two main strategies:

• Core/Core+ Strategy: Targeting longer-term holds with growth attributes, CARROLL applies moderate capital infusion and repositioning to enable more appreciation and maximize returns. This strategy is designed for investors who seek long-term growth and appreciation.

• Value-Add Strategy: Focusing on well-located assets with below-market rents, CARROLL implements repeatable value-add programs to provide additional upside potential by growing revenue and net operating income (NOI). This strategy aims to maximize returns while managing risk and delivering sustainable growth.

Real Estate Services Overview

CARROLL's real estate services focus on maximizing investment returns by setting strategic plans for each investment and personalized care for clients. The firm's service offerings include:

• Asset Management: The Asset Management team aims to maximize property values by developing customized strategies for each rental property, focusing on revenue maximization, expense rationalization, and maintaining a keen eye on macro and micro business conditions.

• Property Management: CARROLL offers a national Property Management solution designed to maximize investment returns by setting strategic plans for each investment and providing personalized care for each individual client. The experienced teams in the field offer leadership and oversight, while the firm's ARIUM brand strives to reward residents and add value to their lives by showing appreciation.

• Construction Management: With a dedicated team of experienced construction professionals, CARROLL manages all aspects of construction projects, from initial design and permitting to construction and final walk-through, ensuring timely delivery and quality craftsmanship.

• IT Services: CARROLL's IT Services department provides cutting-edge technology infrastructure, enabling efficient operations and seamless communication between team members, partners, and clients.

• Marketing Services: The Marketing Services team focuses on branding, advertising, and public relations efforts to ensure CARROLL's properties stand out in the market and attract high-quality residents.

• HR Services: CARROLL's HR department supports the firm's growth and success by attracting, developing, and retaining top talent and fostering a positive work environment.

Insights: Intelligent Investing, Driven by Data

CARROLL maintains a strong commitment to staying at the forefront of the industry by employing data-driven decision-making and continuous learning. By creating and sharing insights, the firm aims to foster a culture of intelligent investing and informed decision-making for its partners and clients.