AMERICAN COMMUNITIES TRUST

BALTIMORE PUMPHOUSE:THE BALTIMORE PUMPHOUSE IS A MULTI-PHASED, $27M INITIATIVE TO ESTABLISH A SMALL BUSINESS TOWN CENTER IN THE HEART OF A SEVERELY DISTRESSED COMMUNITY THAT WAS ONCE AN EPICENTER OF BUSINESS AND RETAIL. THE BALTIMORE PUMPHOUSE HAS EXPANDED TO EIGHT BUILDINGS (SIX OF WHICH ARE HISTORIC) (THE "PROJECT") LOCATED AT THE CORNER OF N. WOLFE ANDN. GAY STREETS, IN BALTIMORE'S BROADWAY EAST COMMUNITY (THE "PROPERTY").THE PROJECT SPONSOR, AMERICAN COMMUNITIES TRUST ("ACT"), IS A NON-PROFIT COMMUNITY DEVELOPMENT PARTNER SPECIALIZING IN CREATING INCLUSIVE ECONOMIC DEVELOPMENT PROJECTS THAT BRING GROWTH AND PROSPERITY TO LOW-INCOME RESIDENTS. THE FIVE BUILDINGS THAT CONSTITUTE THE BALTIMORE PUMPHOUSE WERE BUILT 125 YEARS AGO AS THE WATER PUMPING STATION FOR EAST BALTIMORE.VACANT SINCE THE 1990'S, THE CONDITION OF THE BUILDINGS WAS SO DERELICT THAT THEY BECAME THE PERFECT FILMING LOCATION FOR THE WIRE. KEY OBJECTIVES OF THE PROJECT INCLUDE ELIMINATING FOUR ACRES OF BLIGHT FROM A SEVERELY DISTRESSED COMMUNITY, SUPPORTING MINORITY AND LOCALLY OWNED SMALL BUSINESSES; LOCAL JOB CREATION; INCREASING OPPORTUNITIESFOR COMMERCE AND THE CIRCULATION OF THE DOLLAR WITHIN THE COMMUNITY; RELIEVING PRESSURE ON AND UTILIZATION OF SOCIAL SERVICES; INCREASING DIRECT ACCESS TO HEALTHY FOOD; AND RESTORING HISTORICAL TREASURES.THIS MULTI-PHASE STRATEGY IS CURRENTLY IN ITS FINAL PHASE FOR COMPLETION.THE WORK DONE TO DATE INCLUDES:CONSTRUCTION COMPLETED IN AUGUST 2017: ENVIRONMENTAL REMEDIATION, SITE WORK AND REPAIR OF ESSENTIAL INFRASTRUCTURE, WHILE BUILDING NEW 8,000 SF COMMERCIAL PRODUCTION AND TEACHING KITCHENS (BUILDING 7-NEW CONSTRUCTION).CONSTRUCTION COMPLETED IN OCTOBER 2019: REHABILITATED THE HISTORIC STOREHOUSE (BUILDING 3). TODAY, THE 9,890 SF STOREHOUSE SERVES CREATIVE, HOUSING A PHOTOGRAPHY AND MOTION STUDIO AND FASHION RETAILERS.CONSTRUCTION COMPLETED IN NOVEMBER 2022: REHABILITATED 6,830 SF HISTORIC STABLES (BUILDINGS 5 AND 6) AND CONSTRUCTING A NEW CONNECTOR BETWEEN BUILDINGS 5 AND 6 TO FORM ONE SINGLE BUILDING. THE HISTORIC STABLES WILL BE LEASED FOR NONPROFIT OFFICE/ FLEX SPACE.CONSTRUCTION COMPLETED IN JULY 2025: REHABILITATED 10,000 SF OF THE HISTORIC GARAGE (BUILDING 1). THE HISTORIC GARAGE WILL BE LEASED FOR NONPROFIT OFFICE/ FLEX SPACE.THE KITCHENS BUILDING AT 1731 LLEWELYN IS FULLY LEASED 5 SMALL BUSINESS USERS, AND ONE NONPROFIT TENANT.ACQUIRING A 10,000 SF WAREHOUSE ADJACENT TO THE CAMPUS THAT WAS GOING TO BECOME VACANT IN JANUARY 2024. THE WAREHOUSE IS HOME TO A NONPROFIT USER AS A FIELD HOUSE FOR GARDENING MATERIALS AND HAS A PRELEASE TO A GYM THAT FOCUSES ON MENTAL AND PHYSICAL HEALTH.