A LETTER FROM CEO TODD MANSFIELD

Our hearts are heavy at the crisis and uncertainty that our nation and community are facing right now. We are taking this situation very seriously and are exploring how we can play a role in addressing the growing needs in our community. In the short term, we have made a financial contribution to two organizations: Feeding America and the Second Harvest Food Bank of Charlotte. With school and employment disruption, health risks, and uncertainty, millions of Americans will turn to food banks for much-needed support. We want to assist the national efforts to address those in need, as well as the efforts in our hometown. We will continue to evaluate opportunities to support the Charlotte community and beyond.

Despite the uncertainty, we believe this challenge will ultimately pass. We are confident that the same factors that have made our region a vibrant, growing, and most importantly resilient, area will resume and help to support the recovery. No one can say at this time just what the outcome of this situation will be from a health or a financial perspective; however, we are well positioned to navigate through this turmoil. 

I am proud to say that Crescent Communities is operating very effectively in a remote capacity. While it has taken a joint effort, we are maintaining business continuity. All of our team members are able to connect remotely and conduct necessary business. 

We continue to make it our civic duty at Crescent Communities to stay on top of current best practices, as advised by industry leaders and government officials, in hopes of minimizing the impact. It is of paramount importance to safeguard the health and safety of our team members, residents and respected partners. We are committed to both the well-being of our people and the success of the company, and have taken the following steps:

1. All of our offices across the country are closed in accordance with CDC guidelines.
2. We are staying the course with our investment activity. We believe financial market participants are generally taking a pause to assess the situation. Ultimately, we anticipate the real estate market will return to more normal conditions. 
3. We are continuing construction activity to the best of our ability. There may be disruptions if the situation progresses, but at this time, we are moving forward. Contractors, including our team members, are employing social distancing, video meetings and strict hygiene practices to maintain safety and wellness.
4. Preventive measures are in place at our actively operating communities. We and our 3^rd party property management teams are doing our utmost to protect the residents and occupants of our communities. At this time, all leasing tours are taking place virtually, and we continue to execute new leases.

We commend the Federal government for taking major steps with regard to sick and paid family leave for those families experiencing the coronavirus or who have lost access to childcare.  The government is also moving forward with unprecedented financial assistance to ailing individuals and industries, which we support.  

Our senior team is connecting regularly to assess the environment and evaluate new health information from the authorities.  We will remain committed to our Crescent Communities core value to “Do what’s right." 

Wishing you wellness and strength,

Todd