Kenneth Hahn Plaza. Los Angeles, CA Westerly Place, Suite 200 Newport Beach, CA Tel Fax

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1 Kenneth Hahn Plaza Los Angeles, CA 3990 Westerly Place, Suite 200 Newport Beach, CA Tel Fax

2 The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of Kenneth Hahn Plaza and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of REZA Investment Group Inc. or Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the Property Owner ( Owner ) in connection with the sale of the Property is REZA Investment Group Inc., and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Investment Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to REZA Investment Group Inc. Neither REZA Investment Group Inc. nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering Brochure may include certain statements and estimates by REZA Investment Group with respect to the projected future performance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, REZA Investment Group Inc. and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or REZA Investment Group Inc., nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Investment Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Investment Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and REZA Investment Group Inc. from any liability with respect thereto. To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk. Pursuant to the Exclusive Listing Agreement provided by Owner to REZA Investment Group Inc. (Broker) and the specified conditions therein, there are no brokerage commissions, finder s fees, or other compensation in connection with sale of the subject Property to any other broker or third party. Any third party broker shall only look to Buyer for any fees. 2

3 Table of Contents Executive Summary Property Overview Key Terms for Ground Lease Offering Highlights Property Data Tenancy Key Demographic Information Property Highlights & Area Overview Site Plan Tenant Profiles Location Map Overview Financial Analysis Assumptions Rent Roll 10 Year Cash Flow Appendix Demographics Parcel Map 3

4 Kenneth Hahn Plaza Los Angeles, CA Executive Summary

5 Property Overview Kenneth Hahn Plaza is a 165,195 square foot, urban infill grocery anchored community shopping center located in Los Angeles, CA. The property is prominently located at the southeast corner of the I105 Freeway and South Wilmington Avenue. The property is on a ground lease with Community Development Commission of the County of Los Angeles. Starting in March 1, 1986, the lease ends February 28, See Key Terms for Ground Lease on the next page. Investment highlights of this property include: Anchor tenants include Food 4 Less (Kroger), Rite Aid, Factory 2U and General Discount. Other national and regional retailers at the property include Payless ShoeSource, Radio Shack, Rainbow Apparel, Subway, Pizza Hut, Denny s, McDonald s, KFC and Taco Bell. Considered one of the busiest intersections in the trade area, the I105 Freeway at South Wilmington Avenue experiences average daily traffic counts of over 463,000 vehicles per day. The combination of a strong daytime population mixed with a dense residential area provides a consistent draw for the tenants in the center. Specifically, there are over 386,500 residents in a 3mile radius and over 962,500 residents within a 5mile radius of the property. Kenneth Hahn Plaza is located directly across the street from the Martin Luther King/Drew Medical Center providing an additional draw for working or visiting commuters. The property has a rental rate structure that is below market for the trade area. Anchor tenant (18,000 square feet and above) rents average approximately $6.38 per square foot, while smaller tenant (below 6,745 square feet, excluding pads) rents average only $19.30 per square foot. These below market rents provide an investor with potential upside, as well as downside protection, in the event an anchor space or inline space needs to be released in the future. 5

6 Key Terms for Ground Lease Lessor: Lessee: Community Development Commission of the County of Los Angeles Willowbrook Center Partnership, a CA limited partnership Term: 65 years, commencing on March 1, 1986 expiring on February 28, 2051 Holdover: Rent: Assignment and Subletting: Use: Tenant s Right of First Refusal: Landlord Right of First Refusal: If Tenant shall hold over after expiration of the Lease Term with the consent of the Landlord, either express or implied, such holding over shall be construed to be only a tenancy from month to month, subject to all the covenants, conditions and obligations contained in this lease. Current Total Rent: Base Rent: $9,000 per quarter payable in advance on the first of day of July, October, January and April Percentage Rent: Paid within fortyfive(45) days after the close of each quarter, equal to 20% of Gross Income in excess of Revenue Threshold (see abstract) Participation Rent: Twenty percent (20%) of Net Proceeds from any Capital Transaction Tenant may not sublease or assign without Landlord s written consent, which shall not be unreasonably withheld Certain provisions regarding restrictions on partnership interest transfers were in place for the first three years following the issuance of the Certificate of Completion pursuant to the Disposition and Development Agreement, but such partnership restrictions have lapsed (assuming the Certificate of Completion was timely issued) Tenant is permited to enter into subleases as Tenant deems advisable provided they meet certain requirements Tenant may use the property for retail, commercial, office, transportation and general public services Prohibitions on amplified advertising and broadcast, nuisance, unreasonable disturbance of neighboring occupants, and use of any portion of the property primarily for sale of alcohol (not more that 50% of floor space nor more than 50% of sales of each business) Landlord hereby grants to Tenant right of first refusal to purchase property Landlord has a right of first refusal to purchase Tenant s leasehold interest 6

7 Offering Highlights Tenancy Price: Submit Offer AsIs NOI: $1,570,883 Pro Forma NOI: $1,704,252 Building Size Total: Financing: Partial Interest: Property Data Address: 165,195 sq. ft. Property is subject to Community Development Bond. Please contact listing broker for additional information. Buyer is purchasing a 75% interest in the property which is subject to a ground lease. Please contact listing broker for additional information S Wilmington Avenue Los Angeles, CA Assessor s Parcel Number: , , , , , , , , Number of Buildings: 9 Major Tenants Sq. Ft. % of Project Expiration Dates Food 4 Less 38, % Dec 2012 Factory 2U 22, % Aug 2011 Rite Aid 18, % May 2010 Davita 6, % Jul 2011 Rainbow Shops 4, % Jun 2010 Denny s 4, % Dec 2012 McDonald s 4, % Nov 2012 Payles ShoeSource 3, % Jun 2009 Kentucky Fried Chicken 2, % Feb 2019 Taco Bell 2, % Jul 2011 RadioShack 2, % Jul 2011 Pizza Hut 1, % Aug 2009 Subway % Nov 2018 Other tenants 47, % Vacant 4, % Total Center Sq. Ft.: 165, % Key Demographic Information Trade Area Profile Statistics 1Mile 3Mile 5Mile 2007 Total Population 39, , , Total Population 40, , , Total Households 9,513 94, , Total Households 9,670 95, ,643 Land Size: Traffic Counts: acres 463,000 AADT at Interstate 105 and South Wilmington Avenue Source: MapInfo Corporation 7

8 Kenneth Hahn Plaza Los Angeles, CA Property Highlights & Area Overview

9 Site Plan 105 Charles Drew University A1 A6 B1 B2 General Discount WillowbrookAvenue C D E1 Launderland E2 London Fasion E3 F G1 Rainbow Retail G2 Creative Kids Stuff I4 Los Angeles Operation Hope H3 Library Davita H2 I1 Discount I2 Cigarettes H1 1 19th S tree t Shoes N5 TShirts N4 Beauty Supply N3 Fish K1 China Gate K2 o N2 N1 M L K3 K4 J Wilmington Avenue 9

10 Tenant Profiles Logo Tenant Name No. of Locations Food 4 Less 145 Factory 2U N/A Rite Aid 5,000 Davita 1,300 Rainbow Shops 1,000 Denny s 1,500 McDonald s 31,000 Payless ShoeSource 4,500 Use Website Sales Food 4 Less operates priceimpact warehouse stores under the Food 4 Less banner in Southern California, Illinois, Indiana and Nevada. The company is a subsidiary of Ralphs Grocery Co. (which is owned by grocery giant Kroger). Factory 2U is a chain of department stores located mostly in the Western United States selling clothing, domestics and merchandise. Factory 2U is a division of National Stores, Inc. Rite Aid Corporation is one of the nation s leading drugstore chains with stores in approximately 31 states and the District of Columbia. Davita provides dialysis services for those diagnosed with chronic kidney failure. Rainbow Shops specializes in junior, plus sizes and children s apparel. The store caters to shoppers between the ages of 14 and 49 years of age. Denny s is the leading fullservice, familystyle restaurant chain in the US and is open 24 hours a day, seven days a week. McDonald s is the world s #1 fastfood company by sales serving burgers and fries in almost 120 countries. Payless is the largest specialty family footwear retailer in the Western Hemisphere. The company is a subsidiary of Collective Brands. $25.7 Million $37.1 Million Private $24.3 Billion $5.26 Billion Capitalization NYSE: KR; $17.15 Billion NYSE: RAD; $ Million NYSE: DVA; $5.76 Billion $164.1 Million Private $939.4 Million $22.79 Billion $3.04 Billion NASDAQ (CM): DENN; $ Million NYSE: MCD; $69.09 Billion NYSE: PSS; $1.19 Billion 10

11 Tenant Profiles (cont d) Logo Tenant Name No. of Locations Kentucky Fried Chicken 14,800 Taco Bell 5,800 RadioShack 6,000 Pizza Hut 10,200 Subway 29,636 Use Website Sales Kentucky Fried Chiecken is one of the world s largest fastfood chains and offers fried chicken, chicken sandwiches, pot pies, chicken strips, mashed potatoes and gravy and potato wedges. KFC is a subsidiary of YUM! Brands. Taco Bell, a subsidiary of YUM! Brands, Inc., is the nation s leading Mexicanstyle quick service restaurant chain. Taco Bell serves tacos, burritos, quesadillas, nachos and other specialty items. RadioShack Corporation is a consumer electronics specialty retailer. Pizza Hut, a subsidiary of Yum! Brands, is the world s largest pizza restaurant company with restaurants in the United States and more than 100 other countries. Doctor s Associates operates the Subway chain of sandwich shops, the secondlargest quick service chain. Subway boasts more than 29,000 franchised locations in 85 countries, with more US locations than McDonald s. $520.3 Million $1.80 Billion $4.25 Billion $26 Million Capitalization NYSE: YUM; $16.27 Billion NYSE: YUM; $16.27 Billion NYSE: RSH; $2.24 Billion N/A Private NYSE: YUM; $16.27 Billion 11

12 Location Map Kenneth Hahn Plaza Los Angeles, CA 12

13 Overview Founded in 1781 and incorporated in 1850, Los Angeles is the largest city in the state of California and the second largest city in the United States. The City itself holds many distinctions. LA is the entertainment capital of the world, a cultural mecca boasting more than 300 museums, and a paradise of good weather. Downtown LA is the largest government center outside of Washington, D.C. Los Angeles is on the leading edge of several growth industries and is one of the world s centers of culture, technology, media, business and international trade. The LA fivecounty area, with more than 134,000 jobs in the fashion industry, has surpassed New York s fashion district workforce. The metro area also has more than 211,000 people at work in health sciences/biomedical activities and 361,000 people in aerospace/technology. The Los Angeles fivecounty area includes Los Angeles, Riverside, Ventura, Orange and San Bernardino counties and maintains a population of 18.2 million residents. The Los Angeles metropolitan area is home to nearly 10 million people who hail from all over the globe and speak 224 different languages. California would be the seventh largest economy in the world if it were a separate country. The LA fivecounty area would be No. 15, just behind Russia and ahead of Australia. LA County would be No. 17, behind the Netherlands and ahead of Belgium. Demographic Profile for the Los Angeles Metropolitan Area Total Population Households 2000 Total 9,519,338 3,133, Total 9,956,587 3,400, Total 10,052,309 3,467,756 % Change % 4.83% % Change % 8.50% % Change % 1.99% Average Household Income Income 2000 Average Household Income $61, Average Household Income $89, Average Household Income $102,552 Traffic Counts Major Freeway Automobiles per day Interstate 405 at Howard Hughes Pkwy. 546,000 Airports Airport Passengers per day Los Angeles Int l Airport (LAX) 167,123 Employment by Occupation Industry Percentage Management/Professional/Related 34.26% Sales/Office 27.31% Professional/Related 20.76% Office/Administrative Support 15.74% Production/Transp/Material Moving 15.25% Service Occupation 15.07% Mgmt/Business/Financial 13.50% Sales/Related Occupations 11.57% Sources: AnySite Corporation, Discover Los Angeles, California Department of Transportation, Los Angeles Internaitonal Airport 13

14 Kenneth Hahn Plaza Los Angeles, CA Financial Analysis

15 Assumptions Analysis Period Commencement Date July 2008 Term 10 Years Area Measures Building Square Feet 169,160 Inflation Rates General 3% Annually Operating Expenses All Operating Expenses have been taken from the 2007 Income & Expense with management set at 3% of the Effective Gross Revenue inflated at annual 3% increases. Leasing Assumptions Lease Retention Ratio 75% Rent Adjustments Annual 3% Inc. Downtime 6 months (which equates to 2 months vacant) Rent Abatement None Reimbursement Method* NNN 15% No MGMT Lease Term 5 Years Tenant Improvements $10/$0SF (New/Renewal) Leasing Commissions 4%/2% Rent (New/Renewal) *NNN 15% No MGMT Tenants pay their respective prorata share of operating expenses as well as a 15% admin fee, which is charged to cam and insurance. Capital Reserve A capital reserve of $.10/SF has been incorporated into the model. General Vacancy Loss Year 1 is current occupancy. Years 210 are at 3% of the potential gross revenue excluding anchors and out parcels. Renewals/Expirations Several tenants have options to renew within their initial lease period. For tenants with options, their option terms have been applied once the tenant s primary term ends. The speculative renewal is applied at the termination of all tenants primary and option terms (if applicable). If a tenant expires in year one of the analysis period with no options, the lease is modeled to extend to end of first year then to market rates. 15

16 Rent Roll Tenant Name Type & Suite Number Lease Dates & Term CHARLES DREW UNIVERSITY Retail, Suite: A1 Jul2008 to Jun2013 Floor SqFt Bldg Share 5, % Rate & Amount per Year per Month $14.20 $72,420 $1.18 $6,035 Notes: Charles Drew University to expand into this space at above terms. CHARLES DREW UNIVERSITY, Suite: A1 Jul2013 to Jun2018 5, % Notes: Tenant has 15 Yr option at the rates above. CHARLES DREW UNIVERSITY Retail, Suite: A3 Jun2008 to May2013 CHARLES DREW UNIVERSITY, Suite: A3 Jun2013 to May2018 2, % 2, % Notes: Tenant has 15 Yr option at the rates above CHARLES DREW UNIVERSITY Retail, Suite: A6 Jul2008 to Jun2013 3, % $16.46 $83,955 $1.37 $6,996 $24.00 $64,800 $2.00 $5,400 $27.82 $75,121 $2.32 $6,260 $14.20 $55,380 $1.18 $4,615 Notes: Charles Drew University to expand into this space at above terms. CHARLES DREW UNIVERSITY, Suite: A6 Jul2013 to Jun2018 3, % Notes: Tenant has 15 Yr option at the rates above VACANT Retail, Suite: B1 Jul2009 to Jun2014 VACANT Retail, Suite: B2 Jul2009 to Jun2014 1, % 1, % $16.46 $64,201 $1.37 $5,350 $18.54 $27,810 $1.55 $2,318 $24.72 $32,878 $2.06 $2,740 Changes on Jul2009 Jul2010 Jul2011 Jul2012 Jul2014 Jul2015 Jul2016 Jul2017 Jun2009 Jun2010 Jun2011 Jun2012 Jun2014 Jun2015 Jun2016 Jun2017 Jul2009 Jul2010 Jul2011 Jul2012 Jul2014 Jul2015 Jul2016 Jul2017 Jul2010 Jul2011 Jul2012 Jul2013 Jul2010 Jul2011 Jul2012 Jul2013 Changes to $14.63 $15.06 $15.52 $15.98 $16.96 $17.46 $17.99 $18.53 $24.72 $25.46 $26.23 $27.01 $28.66 $29.52 $30.40 $31.31 $14.63 $15.06 $15.52 $15.98 $16.96 $17.46 $17.99 $18.53 $19.10 $19.67 $20.26 $20.87 $25.46 $26.23 $27.01 $27.82 Description of Operating Expense Reimbursements Imprvmnts Rate Amount Commssns Rate Amount Sales Breakpoint Overage % $10.30 $15,450 $10.30 $13,699 $ % $5,906 $ % $6,982 Assumption about subsequent terms for this tenant MLA $15 MLA $15 MLA $24 MLA $24 MLA $15 MLA $15 MLA $18 MLA $24 16

17 Rent Roll (cont d) Tenant Name Type & Suite Number Lease Dates & Term GENERAL DISCOUNT INC. Retail, Suite: C Aug2003 to Apr Months GENERAL DISCOUNT INC., Suite: C May2013 to Apr Months Floor SqFt Bldg Share 18, % 18, % Notes: Tenant has 110 Yr option at the rates above. RITE AID Retail, Suite: D May1987 to May Months RITE AID, Suite: D Jun2010 to May Months 18, % NATL 18, % Notes: Tenant has 35 Yr options at the same rent. RADIO SHACK Retail, Suite: E1 Aug2001 to Jul Months LAUNDERLAND Retail, Suite: E2 Dec1990 to Apr Months LAUNDERLAND, Suite: E2 May2013 to Apr2018 2, % 2, % 2, % Notes: Tenant has 15 Yr options at the rates above. Rate & Amount per Year per Month $6.88 $123,750 $0.57 $10,313 $7.56 $136,080 $0.63 $11,340 $6.50 $118,044 $0.54 $9,837 $6.50 $118,044 $0.54 $9,837 $22.40 $51,744 $1.87 $4,312 $12.24 $32,319 $1.02 $2,693 $14.19 $37,467 $1.18 $3,122 Changes on Changes to May2018 $8.32 May2009 May2010 May2011 May2012 May2014 May2015 May2016 May2017 $12.61 $12.99 $13.38 $13.78 $14.62 $15.06 $15.51 $15.97 Description of Operating Expense Reimbursements See method: GENERAL DISCOUNT See method: GENERAL DISCOUNT See method: RITE AID See method: RADIO SHACK Imprvmnts Rate Amount Commssns Rate Amount Sales Breakpoint Overage % Natural 3.00% Natural 3.00% Assumption about subsequent terms for this tenant MLA $8 Anchor MLA $8 Anchor MLA $8 Anchor MLA $8 Anchor MLA $24 MLA $24 MLA $24 17

18 Rent Roll (cont d) Tenant Name Type & Suite Number Lease Dates & Term LONDON FASHION Retail, Suite: E3 Dec2003 to Nov2008 LONDON FASHION, Suite: E3 Dec2008 to Nov2013 Floor SqFt Bldg Share 2, % 2, % Notes: Tenant has 15 Yr option at the rates above. RALPH'S/FOOD 4 LESS Retail, Suite: F May1987 to Dec Months RALPH'S/FOOD 4 LESS, Suite: F Jan2013 to Dec Months 38, % 38, % Notes: Tenant has 55 Yr options at the rates above. PAYLESS SHOESOURCE Retail, Suite: G1 Jul1987 to Jun Months RAINBOW WOMENS RETAIL Retail, Suite: G2 Oct1993 to Jun Months FACTORY 2U Retail, Suite: H1 Aug2001 to Aug Months FACTORY 2U, Suite: H1 Sep2011 to Aug2016 3, % 4, % 22, % REGNL 22, % Notes: Tenant has 15 Yr option at the rate above. DAVITA Retail, Suite: H2 Aug1999 to Jul Months 6, % Rate & Amount per Year per Month $16.89 $50,156 $1.41 $4,180 $18.00 $53,460 $1.50 $4,455 $4.75 $185,000 $0.40 $15,417 $5.13 $200,000 $0.43 $16,667 $23.49 $72,349 $1.96 $6,029 $15.43 $73,179 $1.29 $6,098 $7.40 $164,393 $0.62 $13,699 $8.11 $180,302 $0.68 $15,025 $19.76 $133,281 $1.65 $11,107 Changes on Changes to Dec2009 Dec2010 Dec2011 Dec2012 $18.54 $19.10 $19.67 $20.26 Description of Operating Expense Reimbursements Imprvmnts Rate Amount Commssns Rate Amount See method: FFL Jan2018 Jan2023 Jan2028 Jan2032 $5.26 $5.52 $5.65 $5.91 Aug2008 Aug2009 Aug2010 $20.55 $21.37 $22.23 See method: FFL See method: FACTORY 2U See method: FACTORY 2U Sales Breakpoint Overage % Natural 6.00% Natural 6.00% $18,500, % $18,500, % Natural 3.00% Natural 3.00% Assumption about subsequent terms for this tenant MLA $24 MLA $24 MLA $8 Anchor MLA $8 Anchor MLA $24 MLA $21 MLA $8 Anchor MLA $8 Anchor MLA $18 18

19 Rent Roll (cont d) Tenant Name Type & Suite Number Lease Dates & Term LOS ANGELES OPERATION HOPE Retail, Suite: H3 Jun1999 to Jun Months LOS ANGELES PUBLIC LIBRARY Retail, Suite: I1 Apr1989 to Jun Months Floor SqFt Bldg Share 3, % LOCAL 2, % Rate & Amount per Year per Month $16.28 $52,926 $1.36 $4,411 $11.48 $25,256 $0.96 $2,105 Notes: LA Public Library currently occupies this space and is MtM. DISCOUNT CIGARETTES Retail, Suite: I2 Mar2004 to May Months DISCOUNT CIGARETTES, Suite: I2 Jun2009 to May % % Notes: Tenant has 15 Yr option at the rates above. CREATIVE KIDS STUFF Retail, Suite: I4 Apr2000 to Jun Months Notes: Tenant is MtM. KENTUCKY FRIED CHICKEN Retail, Suite: J Feb1999 to Feb Months KENTUCKY FRIED CHICKEN, Suite: J Mar2019 to Feb Months LOCAL % 2, % 2, % Notes: Tenant has 45 Yr options at the rates above. LOUISIANA FISH MARKET Retail, Suite: K1 Jan1990 to Jun Months % $40.32 $8,709 $3.36 $726 $41.52 $8,968 $3.46 $747 $5.13 $1,801 $0.43 $150 $15.71 $44,000 $1.31 $3,667 $20.92 $58,564 $1.74 $4,880 $47.84 $33,488 $3.99 $2,791 Changes on Changes to Jun2010 Jun2011 Jun2012 Jun2013 $42.77 $44.05 $45.37 $46.73 Feb2009 Feb2014 Feb2019 Mar2024 Mar2029 Mar2034 Jul2009 Jul2010 Jul2011 $17.29 $19.01 $20.92 $23.01 $25.31 $27.84 $49.75 $51.74 $53.81 Description of Operating Expense Reimbursements Imprvmnts Rate Amount Commssns Rate Amount Sales Breakpoint Overage % Assumption about subsequent terms for this tenant MLA $15 MLA $12 MLA $50 MLA $50 MLA $24 MLA $45 19

20 Rent Roll (cont d) Tenant Name Type & Suite Number Lease Dates & Term CHINA GATE Retail, Suite: K2 Jul1987 to May Months SUBWAY Retail, Suite: K3 Dec2003 to Nov Months STARBUCKS COFFEE Retail, Suite: K4 Jul2003 to Jul Months Notes: Tenant is dark, paying rent. MCDONALD'S Retail, Suite: L Sep1987 to Nov Months MCDONALD'S, Suite: L Dec2012 to Nov Months Floor SqFt Bldg Share % % 2, % 4, % 4, % Notes: Tenant has 35 Yr options at the rates above. TACO BELL Retail, Suite: M Aug1991 to Jul Months TACO BELL, Suite: M Aug2011 to Jul Months 2, % 2, % Notes: Tenant has 45 Yr options at the rates above. Rate & Amount per Year per Month $53.02 $35,786 $4.42 $2,982 $30.40 $23,621 $2.53 $1,968 $27.00 $54,000 $2.25 $4,500 $16.94 $76,245 $1.41 $6,354 $19.91 $89,588 $1.66 $7,466 $21.50 $55,902 $1.79 $4,658 $23.65 $61,492 $1.97 $5,124 Changes on Jun2009 Jun2010 Jun2011 Dec2008 Dec2009 Dec2010 Dec2011 Dec2012 Dec2013 Dec2014 Dec2015 Dec2016 Dec2017 Changes to $54.61 $56.24 $57.93 $40.41 $42.03 $43.71 $45.46 $47.27 $49.16 $51.13 $53.18 $55.30 $57.52 Aug2008 $30.24 Dec2017 $23.39 Aug2016 Aug2021 Aug2026 $26.02 $28.62 $31.48 Description of Operating Expense Reimbursements Imprvmnts Rate Amount Commssns Rate Amount Sales Breakpoint Overage % Natural 4.00% Assumption about subsequent terms for this tenant MLA $45 MLA $45 20

21 Rent Roll (cont d) Tenant Name Type & Suite Number Lease Dates & Term PIZZA HUT Retail, Suite: N1 Sep2005 to Aug Months VACANT Retail, Suite: N2 Jul2009 to Jun2014 HANDY'S BEAUTY SUPPLY Retail, Suite: N3 Jul1992 to Aug Months TSHIRT CITY Retail, Suite: N4 Apr2007 to Mar2012 NEW FAMILY SHOES Retail, Suite: N5 Dec2003 to Dec Months DENNY'S Retail, Suite: O Aug1994 to Dec Months DENNY'S, Suite: O Jan2013 to Dec Months Floor SqFt Bldg Share 1, % 1, % % % 1, % 4, % 4, % Notes: Tenant has 45 Yr options at the rates above Total Occupied SqFt Total Available SqFt Total Center SqFt 160,579 4, ,195 Rate & Amount per Year per Month $18.36 $22,858 $1.53 $1,905 $30.90 $55,187 $2.58 $4,599 $31.07 $27,963 $2.59 $2,330 $31.20 $28,080 $2.60 $2,340 $32.02 $39,865 $2.67 $3,322 $16.89 $79,356 $1.41 $6,613 $19.42 $91,248 $1.62 $7,604 Changes on Changes to Jul2010 Jul2011 Jul2012 Jul2013 Sep2008 Sep2009 Sep2010 Apr2009 Apr2010 Apr2011 $31.83 $32.78 $33.77 $34.78 $32.31 $33.61 $34.95 $32.14 $33.10 $34.09 Jan2018 Jan2023 Jan2028 $22.34 $25.69 $29.54 Description of Operating Expense Reimbursements Imprvmnts Rate Amount Commssns Rate Amount Sales Breakpoint Overage % $10.30 $18,396 $ % $11,720 Natural 6.00% Natural 2.50% Natural 3.00% Assumption about subsequent terms for this tenant 21

22 10 Year Cash Flow For the Years Ending Year 1 Jun2009 Year 2 Jun2010 Year 3 Jun2011 Year 4 Jun2012 Potential Gross Revenue Base Rental Revenue $1,939,872 $1,992,520 $2,056,361 $2,091,783 $2,139,606 $2,227,050 $2,279,985 $2,319,010 $2,403,545 $2,481,392 Absorption & Turnover Vacancy (112,500) (33,451) (17,608) (51,610) (8,758) (26,408) (62,242) (20,412) (91,311) (37,215) Scheduled Base Rental Revenue 1,827,372 1,959,069 2,038,753 2,040,173 2,130,848 2,200,642 2,217,743 2,298,598 2,312,234 2,444,177 Expense Reimbursement Revenue CAM 906, , ,538 1,022,186 1,069,383 1,100,447 1,125,769 1,176,384 1,220,197 1,302,455 INSURANCE 73,345 76,915 79,644 81,405 84,800 86,999 88,749 92,329 92,370 97,839 PROPERTY TAX 238, , , , , , , , , ,963 MANAGEMENT Total Reimbursement Revenue 1,217,818 1,283,210 1,337,998 1,371,033 1,433,932 1,475,471 1,509,405 1,576,839 1,628,358 1,736,257 Percentage Rent 9,898 10,195 10,501 10,816 11,140 11,474 11,819 12,173 12,538 12,915 Total Potential Gross Revenue 3,055,088 3,252,474 3,387,252 3,422,022 3,575,920 3,687,587 3,738,967 3,887,610 3,953,130 4,193,349 General Vacancy (16,824) (28,620) (39,515) (35,179) (32,845) (721) (19,401) Effective Gross Revenue 3,055,088 3,235,650 3,358,632 3,422,022 3,536,405 3,652,408 3,738,967 3,854,765 3,952,409 4,173,948 Operating Expenses CAM 882, , , , ,000 1,022,790 1,053,473 1,085,078 1,117,630 1,151,159 INSURANCE 74,209 76,435 78,728 81,090 83,523 86,028 88,609 91,267 94,005 96,825 PROPERTY TAX 254, , , , , , , , , ,487 MANAGEMENT 91,653 97, , , , , , , , ,218 Ground Rent 181, , , , , , , , , ,493 Total Operating Expenses 1,484,205 1,531,398 1,578,118 1,624,340 1,673,423 1,723,922 1,774,948 1,828,306 1,882,615 1,942,182 Net Operating Income 1,570,883 1,704,252 1,780,514 1,797,682 1,862,982 1,928,486 1,964,019 2,026,459 2,069,794 2,231,766 Leasing & Capital Costs Tenant Improvements 73,622 12,577 33,055 3,869 14,404 44,654 14, ,852 7,421 Leasing Commissions 51,248 14,022 38,899 9,244 20,200 50,424 16, ,378 15,391 Capital Reserves 16,520 17,015 17,526 18,051 18,593 19,151 19,725 20,317 20,926 21,554 Total Leasing & Capital Costs 16, ,885 44,125 90,005 31,706 53, ,803 51, ,156 44,366 Cash Flow Before Debt Service & Taxes $1,554,363 $1,562,367 $1,736,389 $1,707,677 $1,831,276 $1,874,731 $1,849,216 $1,975,306 $1,842,638 $2,187,400 Year 5 Jun2013 Year 6 Jun2014 Year 7 Jun2015 Year 8 Jun2016 Year 9 Jun2017 Year 10 Jun

23 Kenneth Hahn Plaza Los Angeles, CA Appendix

24 Demographics POPULATION 1 mile 3 mile 5 mile 1990 Total Population 34, , , Total Population 37, , , Total Population 39, , , Total Population 40, , ,012 % Population Change % 7.87% 7.86% % Population Change % 2.53% 2.79% % Population Change % 0.82% 0.88% HOUSEHOLDS 1 mile 3 mile 5 mile 1990 Total Households 8,322 87, , Total Households 8,725 89, , Total Households 9,513 94, , Total Households 9,670 95, ,643 % Households Change % 2.34% 2.73% % Households Change % 5.66% 6.26% % Households Change % 1.44% 1.68% HOUSEHOLD INCOME 1 mile 3 mile 5 mile % 2007 HH Income < $10, % 12.65% 11.14% % 2007 HH Income $10,000$14, % 7.60% 7.42% % 2007 HH Income $15,000$19, % 7.11% 6.90% % 2007 HH Income $20,000$24, % 7.57% 7.25% % 2007 HH Income $25,000$29, % 7.17% 6.55% % 2007 HH Income $30,000$34, % 7.14% 6.92% % 2007 HH Income $35,000$39, % 6.38% 6.05% % 2007 HH Income $40,000$44, % 6.05% 6.02% % 2007 HH Income $45,000$49, % 6.40% 6.14% % 2007 HH Income $50,000$59, % 9.45% 10.01% % 2007 HH Income $60,000$74, % 10.24% 11.44% % 2007 HH Income $75,000$99, % 7.35% 8.53% % 2007 HH Income $100,000$124, % 2.19% 2.59% % 2007 HH Income $125,000$149, % 1.18% 1.49% % 2007 HH Income $150,000$199, % 0.59% 0.67% % 2007 Household Income $200, % 0.91% 0.88% INCOME 1 mile 3 mile 5 mile 2000 Average Household Income $33,189 $38,150 $40, Average Household Income $49,968 $52,361 $56, Average Household Income $57,432 $60,123 $64, RACE AND ETHNICITY 1 mile 3 mile 5 mile % 2007 White Population 19.62% 27.97% 31.32% % 2007 Black Population 20.14% 14.94% 16.46% % 2007 American Indian/Alaska Native 0.64% 0.77% 0.77% % 2007 Asian/Hawaiian/Pacific Islander 0.46% 0.81% 2.96% % 2007 Other Population (Incl 2+ Races) 41.18% 43.55% 41.00% % 2007 Hispanic Population 60.83% 71.32% 70.51% % 2007 NonHispanic Population 39.17% 28.68% 29.49% Source: MapInfo Corporation 24

25 Parcel Map 25

26 3990 Westerly Place, Suite 200 Newport Beach, CA Tel Fax