Real Estate Investment Analysis

Transcription

1 Real Estate Investment Analysis, Sample

2 2 Table of Contents Map... 3 Cash Flow... 4 Expense Reimbursement... 5 Loan Summary - Debt Sources and Uses... 7 Resale... 8 Direct Capitalization Value Sum... 9 Detailed PV - Unleveraged... 1 Detailed PV - Leveraged...11 Property Summary Rent Roll Summary Graphs...15

3 3 ll Rd 17 map River St 9 Cowan Ave Scottish Rite Ave The Royal Arch King Solomon Dr York Ave Hiram Rd Key stone Way Joppa St SITE Paradise Park Abrac Rd Henry Cowell Dr Graham Hill Rd Washington Ave Bridlewood Ct River St Acacia Ln Olympia Brackney Felton Paradise Park Mission Springs Scotts Valley Camp Evers 17 Forest of Nisene Marks State Park Day Valley Keystone Way River St Ocean St Ext University of California-Santa Cruz 1 Wilder Ranch State Park Santa Cruz Seabright 1 Soquel Cabrillo Hwy Capitola Monte Toyon Aptos Graham Hill Rd 1 St Bemard St

4 Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 1/1/28 4 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 For the Years Ending Dec-28 Dec-29 Dec-21 Dec-211 Dec-212 Dec-213 Dec-214 Dec-215 Dec-216 Dec-217 Dec-218 Potential Gross Revenue Base Rental Revenue $4,411,2 $4,78,376 $4,883,895 $4,884,176 $4,897,245 $4,965,666 $4,58,374 $3,759,386 $3,856,273 $3,886,445 $3,898,945 Base Rental Step Revenue 77,25 77,25 8,75 99,75 64,188 2, CPI & Other Adjustment Revenue 1,496 27,213 55,26 11,433 23,68 62,798 Retail Sales Percent Revenue 311, , ,445 76, ,638 1,11, , , ,93 927,665 1,137,292 Expense Reimbursement Revenue Repairs & Maintenance 121, , , ,74 171, , ,73 336,64 342, ,3 376,78 Real Estate Taxes 12, ,43 149, ,47 153, , , , , , ,88 Insurance 46,43 48,643 57,94 62,61 64,83 67, , , ,84 211,25 223,872 Total Reimbursement Revenue 288,339 32, , , , ,483 59,69 672,17 69, ,74 763,388 Cash Flow Total Potential Gross Revenue 5,88,633 5,524,325 5,895,52 6,73,596 6,25,788 6,367,929 5,269,648 5,29,999 5,287,955 5,571,422 5,862,423 Revenue Adjustments Absorption & Turnover Vacancy 136,78 22,192 62,335 66,75 29, ,912 Base Rent Abatements 21,198 14,98 General Vacancy 15,932 89, ,68 56,775 56, ,686 13,435 13, , ,945 Collection Loss 31,634 31,62 38,463 41,57 4,631 41,867 45,52 47,227 47,791 53,134 55,973 Total Revenue Adjustments 137, , , , , , ,188 18, ,32 199,858 29,918 Effective Gross Revenue 4,951,67 5,335,429 5,729,564 5,915,471 6,46,47 6,23,798 5,96,46 4,849,641 5,1,653 5,371,564 5,652,55 Operating Expenses Repairs & Maintenance 314, , , , ,891 42,75 445, ,74 51,66 531,13 562,998 Real Estate Taxes 144,75 149,93 153, , , ,85 172, ,24 183, , ,532 Insurance 135,81 143, , , , , ,649 24,28 216, , ,215 Property Management Fee 198,43 213, , , , ,152 23, ,986 24,26 214, ,1 Total Operating Expenses 792, ,77 888,576 93, ,17 1,18,46 1,15,293 1,48,922 1,14,918 1,164,37 1,226,845 Net Operating Income 4,158,89 4,495,722 4,84,988 4,984,52 5,72,94 5,185,392 4,81,167 3,8,719 3,995,735 4,27,257 4,425,66 Debt Service Interest Payments 1,32,683 1,27,791 1,15,24 993, , ,652 61, ,17 282,354 12,775 Principal Payments 1,143,281 1,238,173 1,34,941 1,452,238 1,572,773 1,73,313 1,844,687 1,997,795 2,163,611 2,343,189 Origination Points & Fees 168, Total Debt Service 2,613,964 2,445,964 2,445,965 2,445,964 2,445,964 2,445,965 2,445,965 2,445,965 2,445,965 2,445,964 Leasing & Capital Costs Tenant Improvements 6, 4, 157,157 7,259 67,5 182,4 Leasing Commissions 31,122 21, ,464 33, ,5 17,91 Capital Reserves 37,725 39,988 42,388 44,931 47,627 5,485 53,514 56,724 6,128 63,736 67,56 Total Leasing & Capital Costs 37, ,11 14,32 44, , ,43 296,514 56,724 35,78 63,736 67,56 Cash Flow After Debt Service $1,56,4 $1,918,648 $2,29,73 $2,493,67 $2,22,728 $2,585,384 $1,338,688 $1,298,3 $1,199,692 $1,697,557 $4,358,1 But Before Taxes =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== ===========

5 Schedule Of Expense Reimbursement Revenue Fiscal Year Reimbursable Operating Expenses Adjusted for Actual Occupancy 5 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 For the Years Ending Dec-28 Dec-29 Dec-21 Dec-211 Dec-212 Dec-213 Dec-214 Dec-215 Dec-216 Dec-217 Dec-218 Reimbursable Expenses Repairs & Maintenance $314,375 $333,238 $353,232 $374,426 $396,891 $42,75 $445,947 $472,74 $51,66 $531,13 $562,998 Real Estate Taxes 144,75 149,93 153, , , ,85 172, ,24 183, , ,532 Insurance 135,81 143, , , , , ,649 24,28 216, , ,215 Total Reimbursable Expenses $594,935 $626,29 $659,393 $694,35 $731,265 $77,254 $811,435 $854,936 $9,892 $949,444 $1,,745 =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== Resulting Fiscal Year Property Expense Reimbursement Revenue Exp. Reimb. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 For the Years Ending Dec-28 Dec-29 Dec-21 Dec-211 Dec-212 Dec-213 Dec-214 Dec-215 Dec-216 Dec-217 Dec-218 Expense Reimbursements Repairs & Maintenance $121,758 $128,731 $155,585 $166,74 $171,656 $176,773 $292,73 $336,64 $342,149 $363,3 $376,78 Real Estate Taxes 12, ,43 149, ,47 153, , , , , , ,88 Insurance 46,43 48,643 57,94 62,61 64,83 67, , , ,84 211,25 223,872 Total Expense Reimbursement $288,339 $32,777 $362,962 $382,812 $389,717 $387,483 $59,69 $672,17 $69,346 $733,74 $763,388 =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== Percentage of Reimbursable Expenses Collected as Expense Reimbursement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 For the Years Ending Dec-28 Dec-29 Dec-21 Dec-211 Dec-212 Dec-213 Dec-214 Dec-215 Dec-216 Dec-217 Dec-218 Expense Reimbursements Repairs & Maintenance 38.73% 38.63% 44.5% 44.52% 43.25% 42.2% 65.64% 71.9% 68.28% 68.35% 66.91% Real Estate Taxes 83.2% 84.11% 97.31% 97.39% 94.51% 85.9% 84.72% 83.58% 83.11% 84.43% 83.69% Insurance 34.17% 33.79% 37.97% 38.37% 37.38% 37.38% 78.63% 91.65% 9.46% 92.5% 92.5% Total Expense Reimbursement 48.47% 48.34% 55.4% 55.13% 53.29% 5.31% 72.79% 78.6% 76.63% 77.28% 76.28% =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== ===========

6 Individual Loan & Debt Service Summary Loan Number 1 - Debt 1 6 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 1 For the Years Ending Dec-28 Dec-29 Dec-21 Dec-211 Dec-212 Dec-213 Dec-214 Dec-215 Dec-216 Dec-217 Minimum Debt Service Interest Payments $1,32,683 $1,27,791 $1,15,24 $993,726 $873,191 $742,652 $61,278 $448,17 $282,354 $12,775 Principal Payments 1,143,281 1,238,173 1,34,941 1,452,238 1,572,773 1,73,313 1,844,687 1,997,795 2,163,611 2,343,189 Total Minimum Debt Service 2,445,964 2,445,964 2,445,965 2,445,964 2,445,964 2,445,965 2,445,965 2,445,965 2,445,965 2,445,964 Fees & Contingencies Origination Points & Fees 168, Total Fees & Contingencies 168, Total Cash Flow Paid To Lender $2,613,964 $2,445,964 $2,445,965 $2,445,964 $2,445,964 $2,445,965 $2,445,965 $2,445,965 $2,445,965 $2,445,964 =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== Principal Balance Summary Beginning Principal Balance $16,8,1 $15,656,719 $14,418,547 $13,77,66 $11,625,367 $1,52,594 $8,349,282 $6,54,595 $4,56,8 $2,343,189 Periodic Principal Reductions (1,143,281) (1,238,173) (1,34,941) (1,452,238) (1,572,773) (1,73,313) (1,844,687) (1,997,795) (2,163,611) (2,343,189) Ending Principal Balance $15,656,72 $14,418,546 $13,77,66 $11,625,368 $1,52,594 $8,349,281 $6,54,595 $4,56,8 $2,343,189 =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== Debt 1 Interest Rates Interest Rate on Principal 8.% 8.% 8.% 8.% 8.% 8.% 8.% 8.% 8.% 8.% Cash Flow Coverage Ratios Cash to Total Interest Charged % % 438.9% 51.6% 58.97% % % 848.5% % % Cash to Minimum Debt Service 17.% 183.8% % 23.78% 27.4% 212.% % % % 172.1% Loan To Value Ratios Loan to Purchase Price 6.% 55.92% 51.49% 46.71% 41.52% 35.9% 29.82% 23.23% 16.1% 8.37% Loan to Capitalized Value 36.36% 31.34% 26.81% 23.61% 2.62% 17.45% 18.41% 15.4% 1.15% 5.1% Loan to Lowest Present Value 42.68% 39.78% 36.63% 33.23% 29.54% 25.54% 21.21% 16.53% 11.45% 5.95% Loan to Highest Present Value 37.87% 35.29% 32.5% 29.48% 26.2% 22.66% 18.82% 14.66% 1.16% 5.28% Lenders Yields (IRR) Base Yield to Maturity 8.% Including Fees & Penalties 8.23%

7 Schedule Of Sources & Uses Of Capital Equity is Based on Property Value, Leverage and Operating Requirements 7 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 1 For the Years Ending Dec-28 Dec-29 Dec-21 Dec-211 Dec-212 Dec-213 Dec-214 Dec-215 Dec-216 Dec-217 Sources Of Capital Net Operating Gains $4,158,89 $4,495,722 $4,84,988 $4,984,52 $5,72,94 $5,185,392 $4,81,167 $3,8,719 $3,995,735 $4,27,257 Debt Funding Proceeds 16,8, Initial Equity Contribution 11,2, Net Proceeds from Sale 45,444,53 Total Sources Of Capital $32,158,89 $4,495,722 $4,84,988 $4,984,52 $5,72,94 $5,185,392 $4,81,167 $3,8,719 $3,995,735 $49,651,31 =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== Uses Of Capital Property Purchase Price $28,, Total Debt Service 2,613,964 2,445,964 2,445,965 2,445,964 2,445,964 2,445,965 2,445,965 2,445,965 2,445,965 2,445,964 Tenant Improvements 6, 4, 157,157 7,259 67,5 182,4 Leasing Commissions 31,122 21, ,464 33, ,5 17,91 Capital Costs & Reserves 37,725 39,988 42,388 44,931 47,627 5,485 53,514 56,724 6,128 63,736 Defined Uses Of Capital 3,651,689 2,577,74 2,55,285 2,49,895 2,87,212 2,6,8 2,742,479 2,52,689 2,796,43 2,59,7 Cash Flow Distributions 1,56,4 1,918,648 2,29,73 2,493,67 2,22,728 2,585,384 1,338,688 1,298,3 1,199,692 47,141,61 Total Uses Of Capital $32,158,89 $4,495,722 $4,84,988 $4,984,52 $5,72,94 $5,185,392 $4,81,167 $3,8,719 $3,995,735 $49,651,31 =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== Sources & Uses Unleveraged Cash On Cash Return Cash to Purchase Price 14.72% 15.59% 16.92% 17.64% 16.6% 17.97% 13.52% 13.37% 13.2% 14.8% NOI to Book Value 14.83% 15.96% 17.12% 17.6% 17.65% 17.94% 13.98% 12.99% 13.5% 14.18% Leveraged Cash On Cash Return Cash to Initial Equity 13.45% 17.13% 2.45% 22.26% 19.67% 23.8% 11.95% 11.59% 1.71% 15.16% Unleveraged Annual IRR 18.31% Unleveraged Annual MIRR 14.84% Leveraged Annual IRR 25.95% Leveraged Annual MIRR 2.82%

8 Prospective Property Resale 8 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 1 For the Years Ending Dec-28 Dec-29 Dec-21 Dec-211 Dec-212 Dec-213 Dec-214 Dec-215 Dec-216 Dec-217 Resale Amount Gross Proceeds from Sale $48,576,629 $52,33,36 $53,837,459 $54,727,348 $55,878,491 $43,55,17 $4,278,556 $42,328,295 $44,554,41 $46,849,539 Commissions & Adjustments (1,457,299) (1,569,911) (1,615,124) (1,641,82) (1,676,355) (1,35,153) (1,28,357) (1,269,849) (1,336,632) (1,45,486) Net Proceeds From Sale 47,119,33 5,76,449 52,222,335 53,85,528 54,22,136 42,199,954 39,7,199 41,58,446 43,217,778 45,444,53 Outstanding Debt Retirement Total Principal Balances (15,656,72) (14,418,546) (13,77,66) (11,625,368) (1,52,594) (8,349,281) (6,54,595) (4,56,8) (2,343,189) Prepayment Penalties (156,567) (144,185) (13,776) (116,253) (1,526) (83,493) (65,47) (45,68) (23,431) Net Resale Proceeds After Debt $31,36,43 $36,197,718 $39,13,953 $41,343,97 $44,49,16 $33,767,18 $32,5,557 $36,56,578 $4,851,158 $45,444,53 =========== =========== =========== =========== =========== =========== =========== =========== =========== =========== Unleveraged Annual IRR 83.% 47.86% 36.6% 3.31% 26.97% 21.2% 19.19% 18.84% 18.52% 18.31% Unleveraged Annual MIRR 83.% 45.92% 33.49% 27.38% 23.77% 18.31% 16.3% 15.72% 15.23% 14.84% Leveraged Annual IRR % 91.33% 62.92% 49.98% 42.71% 32.71% 28.91% 27.75% 26.75% 25.95% Leveraged Annual MIRR % 88.41% 59.19% 45.77% 38.12% 28.19% 24.25% 22.88% 21.72% 2.82% Resale

9 Direct Capitalization Value Summary In Inflated Dollars for the Fiscal Year Beginning 1/1/ For the Months Total Potential Gross Revenue Base Rental Revenue $4,411,2 Base Rental Step Revenue 77,25 CPI & Other Adjustment Revenue Retail Sales Percent Revenue 311,844 Expense Reimbursement Revenue Repairs & Maintenance 121,758 Real Estate Taxes 12,178 Insurance 46,43 Total Reimbursement Revenue 288,339 9 Total Potential Gross Revenue 5,88,633 Revenue Adjustments Absorption & Turnover Vacancy Base Rent Abatements General Vacancy 15,932 Collection Loss 31,634 Total Revenue Adjustments 137,566 Effective Gross Revenue 4,951,67 Operating Expenses Repairs & Maintenance 314,375 Real Estate Taxes 144,75 Insurance 135,81 Property Management Fee 198,43 Total Operating Expenses 792,978 Net Operating Income 4,158,89 Direct Cap. Val. Sum. Capitalization Rate 7.5% Capitalized Value $55,441,187

10 Prospective Present Value Cash Flow Before Debt Service plus Property Resale Discounted Annually (Endpoint on Cash Flow & Resale) over a 1-Year Period 1 For the P.V. of P.V. of P.V. of P.V. of P.V. of Analysis Year Annual Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Period Ending Cash 12.% Year 1 Dec-28 $4,12,364 $3,745,785 $3,728,836 $3,712,4 $3,695,394 $3,678,896 Year 2 Dec-29 4,364,612 3,67,118 3,574,548 3,542,417 3,51,717 3,479,442 Year 3 Dec-21 4,736,668 3,558,729 3,51,638 3,463,41 3,417,27 3,371,467 Year 4 Dec-211 4,939,571 3,373,793 3,313,143 3,253,849 3,195,875 3,139,187 Year 5 Dec-212 4,648,692 2,886,472 2,821,755 2,758,772 2,697,469 2,637,792 Year 6 Dec-213 5,31,349 2,84,65 2,763,827 2,689,965 2,618,395 2,549,38 Year 7 Dec-214 3,784,653 1,942,126 1,881,439 1,822,91 1,766,453 1,711,985 Year 8 Dec-215 3,743,995 1,746,61 1,684,368 1,624,619 1,567,243 1,512,137 Year 9 Dec-216 3,645,657 1,546,115 1,484,278 1,425,177 1,368,68 1,314,661 Year 1 Dec-217 4,143,521 1,597,56 1,526,676 1,459,284 1,395,15 1,334,12 Total Cash Flow 43,159,82 26,844,31 26,289,58 25,752,443 25,232,43 24,728,77 Property 9% Cap Rate 45,444,53 17,52,65 16,743,81 16,4,69 15,31,32 14,631,769 Total Property Present Value $44,364,96 $43,33,318 $41,757,133 $4,533,75 $39,36,476 =========== =========== =========== =========== =========== Rounded to Thousands $44,365, $43,33, $41,757, $4,534, $39,36, =========== =========== =========== =========== =========== Per SqFt Percentage Value Distribution Assured Income 44.67% 45.36% 46.5% 46.75% 47.44% Prospective Income 15.84% 15.73% 15.62% 15.5% 15.39% Prospective Property Resale 39.49% 38.91% 38.33% 37.75% 37.17% =========== =========== =========== =========== =========== 1.% 1.% 1.% 1.% 1.% Present Value Unleve.

11 Prospective Present Value Cash Flow After Debt Service plus Property Resale Discounted Annually (Endpoint on Cash Flow & Resale) over a 1-Year Period 11 For the P.V. of P.V. of P.V. of P.V. of P.V. of Analysis Year Annual Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Period Ending Cash 12.% Year 1 Dec-28 $1,56,4 $1,369,455 $1,363,258 $1,357,117 $1,351,31 $1,345, Year 2 Dec-29 1,918,648 1,585,659 1,571,342 1,557,218 1,543,283 1,529,534 Year 3 Dec-21 2,29,73 1,721,39 1,697,782 1,674,942 1,652,511 1,63,478 Year 4 Dec-211 2,493,67 1,73,167 1,672,549 1,642,616 1,613,35 1,584,732 Year 5 Dec-212 2,22,728 1,367,721 1,337,56 1,37,212 1,278,163 1,249,887 Year 6 Dec-213 2,585,384 1,459,382 1,42,26 1,382,252 1,345,476 1,39,836 Year 7 Dec-214 1,338, , , ,79 624,821 65,554 Year 8 Dec-215 1,298,3 65,54 583, ,25 543, ,253 Year 9 Dec-216 1,199,692 58, , ,989 45, ,621 Year 1 Dec-217 1,697, , , , , ,568 Total Cash Flow 18,531,437 11,662,19 11,425,551 11,196,24 1,973,968 1,758,463 Property 9% Cap Rate 45,444,53 17,52,65 16,743,81 16,4,69 15,31,32 14,631,769 Value of Equity Interest $29,182,84 $28,169,361 $27,2,93 $26,275,27 $25,39,232 =========== =========== =========== =========== =========== Rounded to Thousands $29,183, $28,169, $27,21, $26,275, $25,39, =========== =========== =========== =========== =========== Per SqFt Value of Equity Interest $29,182,84 $28,169,361 $27,2,93 $26,275,27 $25,39,232 Debt Balance as of Jan-28 16,8, 16,8, 16,8, 16,8, 16,8, 16,8, =========== =========== =========== =========== =========== Total Leveraged Present Value 45,982,84 44,969,361 44,,93 43,75,27 42,19,232 Rounded to Thousands $45,983, $44,969, $44,1, $43,75, $42,19, =========== =========== =========== =========== =========== Per SqFt Present Value Leve.

12 Property Summary Report Timing & Inflation Reporting Period: January 1, 28 to December 31, 217; 1 years Inflation Month: Analysis Start General Inflation Rate: 6.% Property Size & Occupancy Property Size: 251,5 Square Feet Alternate Size: 96,5 Square Feet Number of rent roll tenants: 4 Total Occupied Area: 231,5 Square Feet, 92.5%, during first month of analysis Space Absorption 3 Year In-Line Space 2, Square Feet, leasing from 7/9 to 4/1 1 lease per month, 2, SqFt per lease General Vacancy Method: Percent of All Rental Revenue Rate: 5.% for 2 years 4.5% thereafter Based On: Tenant Groups Affect Primary Rate As: Replace Included Groups:.% for Vacancy Group Credit & Collection Loss Method: Percent of All Rental Revenue Rate: 2.% Based On: Tenant Groups Affect Primary Rate As: Replace Included Groups:.% for Loss Group 12 Debt Financing Number of Notes: 1 Beginning Principal Balance: $16,8, Average Year 1 Interest Rate: 8.% Property Purchase & Resale Purchase Price: $28,, Resale Method: Capitalize Cash Flow Adjusted for Average Tenant Improvements and Leasing Commissions Cap Rate: 9.% Cap Year: Year 11 Commission/Closing Cost: $1,45,486 Net Cash Flow from Sale: $45,444,53 Present Value Discounting Discount Method: Annually (Endpoint on Cash Flow & Resale) Unleveraged Discount Rate: 1.% to 12.%,.5% increments Unleveraged Present Value: $39,36,476 at 12.% Unleveraged Annual IRR: 18.31% Property Summary Leveraged Discount Rate: 1.% to 12.%,.5% increments Value of Equity Interest: $25,39,232 at 12.% Leveraged Annual IRR: 25.95%

13 Presentation Rent Roll & Current Term Tenant Summary As of Jan-28 for 251,5 Square Feet 13 Tenant Name Floor Rate & Amount CPI & Current Months Pcnt Description of Imprvmnts Commssns Sales Assumption about Type & Suite Number SqFt per Year Changes Changes Porters Wage to to Operating Expense Rate Rate Breakpoint subsequent terms Lease Dates & Term Bldg Share per Month on to Miscellaneous Abate Abate Reimbursements Amount Amount Overage % for this tenant Walmart $18. Apr-24 $ Full Service: - - $225. Option Retail, Suite: 1 135, $2,43, Apr-29 $22. Pays no expense $175. See assumption: Apr-1999 to Mar % $1.5 reimbursement. 4.% Walmart 18 Months $22,5 Walmart $ See method: $.5 $1.3 $225. Market Option, Suite: 1 135, $1,755, Walmart 2.% Natural See assumption: Apr-214 to Mar % $1.8 $67,5 $175,5 4.% Walmart 6 Months $146,25 D Damas $2. Jun-22 $ See method: - - See category: Option Retail, Suite: 2 51,5 $1,3, CAM+15% Theatre Tickets See assumption: Jun-22 to May % $1.67 D Damas 12 Months $85,833 D Damas $ See method: $2.5 $4. See category: Market Option, Suite: 2 51,5 $1,3, CAM+15% 2.% Theatre Tickets See assumption: Jun-212 to May % $1.67 $128,75 $26, D Damas 12 Months $85,833 Smokin Joes $16. Apr-22 $ See method: Option Retail, Suite: 3 25, $4, Apr-23 $17. CAM+15% See assumption: Apr-21 to Mar % $1.33 Apr-24 $17.5 Smokin Joes 18 Months $33,333 Apr-25 $18. Smokin Joes $18.5 Apr-217 $ See method: $2.5 $2.5 - Market Option, Suite: 3 25, $462,5 Apr-218 $19.5 CAM+15% 2.% See assumption: Apr-216 to Mar % $1.54 Apr-219 $2. $62,5 $51,25 Smokin Joes 6 Months $38,542 Apr-22 $25.5 Sanders Retail $ Gross: Pays the ReAbsorb Retail, Suite: 4 2, $231,2 increases over an See assumption: Jul-24 to Jun % $.96 expense stop of Sanders Retail 6 Months $19,267 $ Year In-Line Space $21.2 Jul-21 $ % See method: $5. $2.59 $3. Market Retail, Suite: Mo 19 2, $42,4 Jul-211 $23.2 CAM+2% 4.% Natural See assumption: Jul-29 to Jun-212.8% $1.77 $1, $5,187 5.% Sanders Retail 36 Months $3,533 Rent Roll 3 Year In-Line Space $21.2 Aug-21 $ % See method: $5. $2.59 $3. Market Retail, Suite: Mo 2 2, $42,4 Aug-211 $23.2 CAM+2% 4.% Natural See assumption: Aug-29 to Jul-212.8% $1.77 $1, $5,187 5.% Sanders Retail 36 Months $3,533

14 Presentation Rent Roll & Current Term Tenant Summary As of Jan-28 for 251,5 Square Feet (continued) 14 3 Year In-Line Space $21.2 Sep-21 $ % See method: $5. $2.59 $3. Market Retail, Suite: Mo 21 2, $42,4 Sep-211 $23.2 CAM+2% 4.% Natural See assumption: Sep-29 to Aug-212.8% $1.77 $1, $5,187 5.% Sanders Retail 36 Months $3,533 3 Year In-Line Space $21.2 Oct-21 $ % See method: $5. $2.59 $3. Market Retail, Suite: Mo 22 2, $42,4 Oct-211 $23.2 CAM+2% 4.% Natural See assumption: Oct-29 to Sep-212.8% $1.77 $1, $5,187 5.% Sanders Retail 36 Months $3,533 3 Year In-Line Space $21.2 Nov-21 $ % See method: $5. $2.59 $3. Market Retail, Suite: Mo 23 2, $42,4 Nov-211 $23.2 CAM+2% 4.% Natural See assumption: Nov-29 to Oct-212.8% $1.77 $1, $5,187 5.% Sanders Retail 36 Months $3,533 3 Year In-Line Space $21.2 Dec-21 $ % See method: $5. $2.59 $3. Market Retail, Suite: Mo 24 2, $42,4 Dec-211 $23.2 CAM+2% 4.% Natural See assumption: Dec-29 to Nov-212.8% $1.77 $1, $5,187 5.% Sanders Retail 36 Months $3,533 3 Year In-Line Space $22.47 Jan-211 $ % See method: $5. $2.74 $3. Market Retail, Suite: Mo 25 2, $44,944 Jan-212 $24.47 CAM+2% 4.% Natural See assumption: Jan-21 to Dec-212.8% $1.87 $1, $5,483 5.% Sanders Retail 36 Months $3,745 3 Year In-Line Space $22.47 Feb-211 $ % See method: $5. $2.74 $3. Market Retail, Suite: Mo 26 2, $44,944 Feb-212 $24.47 CAM+2% 4.% Natural See assumption: Feb-21 to Jan-213.8% $1.87 $1, $5,483 5.% Sanders Retail 36 Months $3,745 3 Year In-Line Space $22.47 Mar-211 $ % See method: $5. $2.74 $3. Market Retail, Suite: Mo 27 2, $44,944 Mar-212 $24.47 CAM+2% 4.% Natural See assumption: Mar-21 to Feb-213.8% $1.87 $1, $5,483 5.% Sanders Retail 36 Months $3,745 3 Year In-Line Space $22.47 Apr-211 $ % See method: $5. $2.74 $3. Market Retail, Suite: Mo 28 2, $44,944 Apr-212 $24.47 CAM+2% 4.% Natural See assumption: Apr-21 to Mar-213.8% $1.87 $1, $5,483 5.% Sanders Retail 36 Months $3,745 Rent Roll Total Occupied SqFt 231,5 Total Available SqFt 2,

15 Graphs 15 Annual Net Operating Income Annual Cash Flow before Debt Percent of Expenses Reimbursed Distribution of PV 6,, 6,, 8 5,, 5,, 6 4,, 4,, Resale 3,, 3,, 4 Assured 2,, 2,, 1,, 1,, 2 Prospective Annual Resale before Debt Internal Rate of Return Square Feet Expiring 6,, 2 15, 5,, 4,, 15 1, 3,, 1 2,, 1,, 5 5, Before Debt After Debt Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Unleveraged Present Value Percent Occupancy by Year Market vs. Effective Rent 5,, 1 4 4,, 8 3 3,, 6 2 2,, 4 1,, 1.% 1.5% 11.% 11.5% 12.% Market Effective Graphs