BALTIMORE (February 6, 2006) – St. John Properties, Inc. has announced its intentions to
construct up to twenty-three new commercial office buildings in the Baltimore-Washington, D.C.-Northern
Virginia area, totaling more than one million square feet of space, at an estimated cost of approximately $80
million in 2006. This aggressive program follows an almost-equally active 2005 in which 21 buildings, totaling
one million square feet were built in the local region.

The St. John Properties portfolio, which is comprised of approximately 11 million square feet of
space locally, was 97% occupied at year-end and includes more than 1500 tenants. The total real estate
investments of the company are valued at more than $1.1 billion.

“Leasing activity in all sectors of the commercial real estate market remain brisk, and we are
building new product to keep pace with the unrelenting demand we are experiencing,” explained Edward A. St.
John, President and Founder of St. John Properties, which changed its corporate name from MIE Properties, Inc.
last year. “We see no let-up in this demand on the horizon, due to a combination of factors including relatively
low interest rates, the growth of the defense contracting industry in the local area and the rapid creation of new
businesses. The quality of life in the Baltimore-Washington, D.C. region has no peers and the household income
is among the highest in the country. All of these factors contribute to this surge in activity and positive
momentum,” he added.

In the past year, St. John Properties has embarked on a number of new projects – or initiated
construction at existing projects — that have extended build-outs. They include:

• Arundel Overlook – an eight-building, 300,000 square foot business community positioned at
  the intersection of Dorsey Road and Airport 100 Way near BWI Airport in Anne Arundel County.
• Baltimore Crossroads @95 – a 1000-acre mixed-use community in the northeast section of
  Baltimore County that will feature more than five million square feet of office and industrial space and 400,000
  square feet of retail space, plus two hotels.
• BWI Tech Park – a fourteen-building, 600,000 square foot business community near BWI
  Airport in Anne Arundel County. The company completed 150,000 square feet of space in 2005.
• Windsor Office Park – located in Woodlawn, this project will feature two office buildings
  totaling more than 63,000 square feet of space and two retail buildings totaling nearly 12,000 square feet of
  space.

In the past year, the company has also slightly changed its focus from primarily a builder of
flex/office commercial space, to one that designs and develops multi-story, Class “A” office buildings, as well as
mixed-use business communities, which combine retail and residential components. Examples of these projects
include:

• One Melford Plaza – a four-story, 150,000 square foot office building contained in the
  Maryland Science and Technology Center in Bowie.
• Annapolis Technology Park – a mixed-use community near Annapolis in Anne Arundel
  County that features office space, retail space and residential units.

In addition to changing its corporate name, St. John Properties moved into a new two-story,
72,000 square foot headquarters building in the Windsor Corporate Park in 2005. The company is also active
with a number of real estate developments in Colorado, Louisiana, Northern Virginia and Wisconsin.

Local experts are predicting another strong year for the commercial real estate industry in 2006.
According to a year-end Market Report released by NAI KLNB, much of this optimism is attributed to the
continued influx of new jobs expected in the region. As of November 2005, the State unemployment rate was
4.1%. In addition, between now and the year 2010, more than 25,000 jobs are expected to be added to the Anne
Arundel and Howard County market. More than 5000 new government jobs are anticipated to be created at Fort
Meade in Anne Arundel County and upwards of 45,000 positions are predicted in the Baltimore metropolitan
region. The economic impact of Fort Meade is expected to increase by $1 billion to more than $5 billion.

Founded in 1971 as MIE Properties, Inc., St. John Properties, Inc. owns and has developed more than
11 million square feet of flex, warehouse, office and retail space in Maryland, Colorado, Louisiana, Virginia and
Wisconsin. For more information about the company, visit www.stjohnproperties.com.

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