Date: 2/2/25 2::56 PM Page: of 5 Year Cash Flow Detail 25 26 27 28 29 22 22 222 223 224 225 Income Rental Income 4- Base Rent - Office 3,686,89 3,688,897 3,736,882 3,63,29 3,695,59 3,736,545 3,625,48 3,7,84 3,834,835 3,942,73 4,8,457 42- Base Rent - Retail,83,632,845,666,847,9,866,8 2,478,98 2,555,666 2,58,7 2,659,275 2,672,597 2,739,247 2,764,684 43- Base Rent - Storage 3,975 44- Free Rent -37,26-78,496-227,869-23,84-69,39-335,658-35,465-89,25-69,642-247,463 45- Retail Sales Rent,67 46- CPI Rent 675 47- Parking Revenue 923,235 48- Vacancy Adjustment -332,22-33,66-45,56-8,27-28,453-89,279-39,646-96,323-82,49-56,382-362,479 49- Misc. Income 22,47 Total Rental Income 6,9,22 5,464,9 5,359,944 5,23,864 5,663,26 6,33,794 5,478,83 6,239,3 6,35,797 6,355,927 6,63,2 Current Year Recovery Income 42- Combined Expense Recov,28,232,683,66,663,498 2,376,956 3,358,887 3,637,49 3,242,825 3,49,732 3,48,73 3,46,875 3,377,578 423- R/E Tax Recovery 94,756 424- Insurance Recovery 42,686 Total Current Year Recovery Income,265,674,683,66,663,498 2,376,956 3,358,887 3,637,49 3,242,825 3,49,732 3,48,73 3,46,875 3,377,578 Total Income 7,384,796 7,47,357 7,23,442 7,5,89 9,22,93 9,67,284 8,72,628 9,649,33 9,543,87 9,86,8 9,54,778 Operating Expenses - Recoverable Taxes 5- Real Property Taxes 97, 926,7 935,432 944,786 954,234 963,776 973,44 983,48 992,98,2,99,2,938 Total Taxes 97, 926,7 935,432 944,786 954,234 963,776 973,44 983,48 992,98,2,99,2,938 Insurance 5- Fire Insurance 75,529 76,284 77,47 77,88 78,596 79,382 8,76 8,977 8,787 82,65 83,43 52- Property Insurance 46,355 47,89 49,297 5,79 52,298 53,82 55,359 56,92 58,48 6,66 6,667 52- Liability Insurance 525- Excess Liability 28,2 28,482 28,767 29,54 29,345 29,638 29,935 3,234 3,537 3,842 3,5
Date: 2/2/25 2::56 PM Page: 2 of 5 Year Cash Flow Detail 25 26 27 28 29 22 22 222 223 224 225 Total Insurance 25,84 252,585 255, 257,662 26,238 262,84 265,469 268,24 27,85 273,53 276,248 Utilities 52- Electricity 592,64 598,567 64,553 6,599 66,75 622,872 629, 635,39 64,745 648,63 654,644 525- Gas 287,27 29,89 292,99 295,92 298,879 3,868 34,887 37,935 3,5 34,25 37,266 522- Water & Sewer 74,659 75,46 76,6 76,92 77,69 78,467 79,252 8,45 8,845 8,653 82,47 Total Utilities 954,57 964,62 973,73 983,44 993,274,3,27,3,239,23,37,33,65,43,94,54,38 HVAC 526- HVAC - Contract 8, 8,8 82,628 83,454 84,289 85,32 85,983 86,843 87,7 88,589 89,474 5265- HVAC - Repair & Maintena 75,73 76,47 77,235 78,7 78,787 79,575 8,37 8,75 8,986 82,86 83,634 Total HVAC 56,73 58,28 59,863 6,462 63,76 64,77 66,354 68,8 69,698 7,395 73,9 Janitorial 523- Trash Removal 5,3 5,353 5,46 5,46 5,54 5,569 5,625 5,68 5,737 5,795 5,852 53- Janitorial - Contract 282,536 29,2 299,743 38,735 37,997 327,537 337,363 347,484 357,98 368,646 379,75 532- Cleaning Supplies 8,83 8,365 8,548 8,734 8,92 9, 9,32 9,495 9,69 9,886 2,85 534- Window Cleaning - Contra 3,24 3,373 3,57 3,642 3,779 3,96 4,56 4,96 4,338 4,48 4,626 Total Janitorial 329,26 338,3 347,24 356,57 366,2 376,33 386,345 396,856 47,674 48,88 43,269 Repairs & Maintenance 525- General Building 57,249 58,82 6,4 62,4 63,634 65,27 66,923 68,592 7,278 7,98 73,7 54- Carpet Cleaning 5,45 5,55 5,56 5,65 5,67 5,728 5,785 5,843 5,92 5,96 6,2 549- Doors 4,675 4,722 4,769 4,87 4,865 4,93 4,963 5,2 5,62 5,3 5,64 545- Electrical,994 2,4 2,34 2,54 2,75 2,96 2,7 2,38 2,59 2,8 2,23 5423- Elevators 2,2 3,22 4,52 5,93 6,44 7,25 8,277 9,36,454,558 2,674 5435- Equipment 2,495 2,52 2,546 2,57 2,597 2,623 2,649 2,675 2,72 2,729 2,756 5445- Glass Repair & Replace 4,233 4,275 4,38 4,36 4,45 4,449 4,493 4,538 4,584 4,63 4,676 5447- Lighting 6,58 6,22 6,282 6,345 6,48 6,472 6,537 6,62 6,668 6,735 6,82 5453- Locks & Keys 2,595 2,62 2,647 2,674 2,7 2,727 2,755 2,782 2,8 2,838 2,866 546- Painting 8,65 8,737 8,824 8,92 9, 9,9 9,82 9,274 9,367 9,46 9,555 5465- Pest Control 6,335 6,398 6,462 6,527 6,592 6,658 6,725 6,792 6,86 6,928 6,998
Date: 2/2/25 2::56 PM Page: 3 of 5 Year Cash Flow Detail 25 26 27 28 29 22 22 222 223 224 225 5473- Plumbing 6,5 6,565 6,63 6,697 6,764 6,832 6,9 6,969 7,39 7,9 7,8 5487- Roof 6, 6,6 6,2 6,82 6,244 6,36 6,369 6,433 6,497 6,562 6,628 5489- Signs,4,44,428,442,457,47,486,5,56,53,546 Total Repairs & Maintenance 35,736 38,894 322,83 325,34 328,557 33,842 335,6 338,52 34,897 345,36 348,769 Parking & Grounds 553- Landscape 56,59 57,56 57,727 58,35 58,888 59,477 6,7 6,672 6,279 6,892 62,5 553- Land Contract,753,753,753,753,753,753,753,753,753,753,753 553-2 Landscape,2,2,2,2,2,2,2,2,2,2,2 5542- Parking Lot 5, 5,5 5,32 5,455 5,69 5,765 5,923 6,82 6,243 6,45 6,569 559- Parking & Grounds 9,8 9,998 2,98 2,4 2,64 2,8 2,8 2,228 2,44 2,655 2,872 Total Parking & Grounds 3,343 4,257 5,8 6,2 7,54 8,5 8,965 9,935,95,95 2,94 Security & Life Safety 56- Fire/Life Safety Contract 8,95 9,39 9,3 9,22 9,33 9,46 9,5 9,596 9,692 9,788 9,886 562- Security 79,62 8,46 83,23 85,63 86,93 88,782 9,67 92,577 94,53 96,448 98,42 Total Security & Life Safety 88,57 9,456 92,36 94,284 96,227 98,89 2,7 22,73 24,94 26,236 28,299 Management & Administration 57- Advertising & Promotion 6,98 6,26 6,323 6,386 6,45 6,54 6,579 6,645 6,72 6,779 6,846 572- Bank Charges,56,576,59,67,623,64,656,673,689,76,723 573- Legal,2,32,425,539,655,77,889 2,8 2,28 2,249 2,372 5745- Meals & Entertainment 7,2 7,272 7,345 7,48 7,492 7,567 7,643 7,79 7,797 7,875 7,953 5753- Office Rent 58,3 58,883 59,472 6,67 6,667 6,274 6,887 62,55 63,3 63,762 64,399 576- Payroll - Base 77,97 78,749 79,537 8,332 8,35 8,947 82,766 83,594 84,43 85,274 86,27 5765- Payroll - Bonus 4, 4,4 4,8 4,2 4,62 4,24 4,246 4,289 4,33 4,375 4,48 5766- Payroll - Burden 22,798 23,26 23,256 23,489 23,724 23,96 24,2 24,442 24,687 24,934 25,83 578- Property Management Fee 78,98 24,42 2,73 225,25 27,663 29,39 26,649 289,47 286,36 294,54 286,223 Total Management & Administration 368,44 45,538 43,732 49,984 467,572 489,6 462,56 492,346 49,22 5,457 495,246 Total Operating Expenses - Recoverable 3,583,368 3,658,345 3,694,668 3,749,64 3,836,443 3,897,77 3,9,634 3,982,483 4,22,988 4,75,48 4,2,64
Date: 2/2/25 2::56 PM Page: 4 of 5 Year Cash Flow Detail 25 26 27 28 29 22 22 222 223 224 225 Net Operating Income 3,8,428 3,489,2 3,328,774 3,75,25 5,85,65 5,773,568 4,89,995 5,666,55 5,52,88 5,74,32 5,428,64 Non-Operating Expenses Landlord s Expense 725- Business Travel 8,94 8,993 9,83 9,74 9,266 9,358 9,452 9,546 9,642 9,738 9,836 7225- Legal Fees,4,54,69,75,822,93,4,5,262,374,488 723- Meals & Entertainment 6 66 62 68 624 63 637 643 65 656 663 724- Space Planning 7,2 7,272 7,345 7,48 7,492 7,567 7,643 7,79 7,797 7,875 7,953 Total Landlord s Expense 27,4 27,375 27,649 27,925 28,25 28,487 28,77 29,59 29,35 29,643 29,94 Total Non-Operating Expenses 27,4 27,375 27,649 27,925 28,25 28,487 28,77 29,59 29,35 29,643 29,94 Cash Flow after Non-Operating Expenses 3,774,324 3,46,636 3,3,26 3,723,29 5,57,445 5,745,8 4,78,223 5,637,49 5,49,532 5,7,676 5,398,675 Debt Service Debt Service 25- Principal Repayment 32,785 78,46 89,882 22,53 25,338 229,56 244,73 26,9 278,673 297,569 37,877 7- Interest Expense 489,293 466,997 388,487 328,296 35, 3,942 285,78 269,357 25,775 232,88 22,572 Total Debt Service 622,78 645,458 578,369 53,449 53,449 53,449 53,449 53,449 53,449 53,449 53,449 Total Debt Service 622,78 645,458 578,369 53,449 53,449 53,449 53,449 53,449 53,449 53,449 53,449 Cash Flow after Debt Service 3,52,246 2,86,79 2,722,757 3,92,842 4,626,997 5,24,633 4,25,774 5,7,42 4,96,83 5,8,228 4,868,226 Capital Expenditures Capital Expenditures 2- Building Improvements 542, 24, 24, 24, 24, 24, 24, 24, 24, 24, 24, 3- Tenant Improvements 6,33 54,888 266,9 56,393 382,6 3,57 66,28 59,729 386,969 2,398 45,567 4- Other Capital Expenditures 4,65 6- Lease Commissions 7,223 3,38 2,58 6,46 7,788 7,67 436,677 3,476 95,429 77,67 7,93
Date: 2/2/25 2::56 PM Page: 5 of 5 Year Cash Flow Detail 25 26 27 28 29 22 22 222 223 224 225 Total Capital Expenditures 58,85 325,269 77,77 456,439 73,397 424,663,292,85 33,24 722,398 57,565 763,469 Total Capital Expenditures 58,85 325,269 77,77 456,439 73,397 424,663,292,85 33,24 722,398 57,565 763,469 Cash Flow after Capital Expenditures 2,572,6 2,49,9 2,4,986 2,736,43 3,896,599 4,789,969 2,957,969 4,776,838 4,238,686 4,663,663 4,4,757
Date: 2/2/25 2:2:2 PM Page: of 2 Year Cash Flow Summary 25 26 27 28 29 22 22 222 223 224 225 Income Rental Income 6,9,22 5,464,9 5,359,944 5,23,864 5,663,26 6,33,794 5,478,83 6,239,3 6,35,797 6,355,927 6,63,2 Current Year Recovery Income,265,674,683,66,663,498 2,376,956 3,358,887 3,637,49 3,242,825 3,49,732 3,48,73 3,46,875 3,377,578 Total Income 7,384,796 7,47,357 7,23,442 7,5,89 9,22,93 9,67,284 8,72,628 9,649,33 9,543,87 9,86,8 9,54,778 Operating Expenses - Recoverable Taxes 97, 926,7 935,432 944,786 954,234 963,776 973,44 983,48 992,98,2,99,2,938 Insurance 25,84 252,585 255, 257,662 26,238 262,84 265,469 268,24 27,85 273,53 276,248 Utilities 954,57 964,62 973,73 983,44 993,274,3,27,3,239,23,37,33,65,43,94,54,38 HVAC 56,73 58,28 59,863 6,462 63,76 64,77 66,354 68,8 69,698 7,395 73,9 Janitorial 329,26 338,3 347,24 356,57 366,2 376,33 386,345 396,856 47,674 48,88 43,269 Repairs & Maintenance 35,736 38,894 322,83 325,34 328,557 33,842 335,6 338,52 34,897 345,36 348,769 Parking & Grounds 3,343 4,257 5,8 6,2 7,54 8,5 8,965 9,935,95,95 2,94 Security & Life Safety 88,57 9,456 92,36 94,284 96,227 98,89 2,7 22,73 24,94 26,236 28,299 Management & Administration 368,44 45,538 43,732 49,984 467,572 489,6 462,56 492,346 49,22 5,457 495,246 Total Operating Expenses - Recoverable 3,583,368 3,658,345 3,694,668 3,749,64 3,836,443 3,897,77 3,9,634 3,982,483 4,22,988 4,75,48 4,2,64 Net Operating Income 3,8,428 3,489,2 3,328,774 3,75,25 5,85,65 5,773,568 4,89,995 5,666,55 5,52,88 5,74,32 5,428,64 Non-Operating Expenses Landlord s Expense 27,4 27,375 27,649 27,925 28,25 28,487 28,77 29,59 29,35 29,643 29,94 Total Non-Operating Expenses 27,4 27,375 27,649 27,925 28,25 28,487 28,77 29,59 29,35 29,643 29,94 Cash Flow after Non-Operating Expenses 3,774,324 3,46,636 3,3,26 3,723,29 5,57,445 5,745,8 4,78,223 5,637,49 5,49,532 5,7,676 5,398,675 Debt Service Debt Service 622,78 645,458 578,369 53,449 53,449 53,449 53,449 53,449 53,449 53,449 53,449 Total Debt Service 622,78 645,458 578,369 53,449 53,449 53,449 53,449 53,449 53,449 53,449 53,449 Cash Flow after Debt Service 3,52,246 2,86,79 2,722,757 3,92,842 4,626,997 5,24,633 4,25,774 5,7,42 4,96,83 5,8,228 4,868,226
Date: 2/2/25 2:2:2 PM Page: 2 of 2 Year Cash Flow Summary 25 26 27 28 29 22 22 222 223 224 225 Capital Expenditures Capital Expenditures 58,85 325,269 77,77 456,439 73,397 424,663,292,85 33,24 722,398 57,565 763,469 Total Capital Expenditures 58,85 325,269 77,77 456,439 73,397 424,663,292,85 33,24 722,398 57,565 763,469 Cash Flow after Capital Expenditures 2,572,6 2,49,9 2,4,986 2,736,43 3,896,599 4,789,969 2,957,969 4,776,838 4,238,686 4,663,663 4,4,757
Date: 2/2/25 2:3: PM Page: of Year Occupancy Percentage by Property Prop ID Prop Name RSF 25 26 27 28 29 22 22 222 223 224 RTL 25 Reforecast 88,3 SAM 25 Reforecast 38,65 99.66% 96.9%.% 99.28% 99.83% 9.5% 99.87% 94.7% 97.4% 93.58% 99.28% 99.3% 96.4% 96.73% 97.83% 97.69% 92.6% 99.% 99.24% 96.3% Totals : 97.97% 99.4% 97.52% 97.94% 95.23% 98.54% 93.4% 98.38% 97.4% 97.46%
Date: 2/2/25 2:5:5 PM Page: of Valuation based on NOI / CapRate Prop ID Prop Name RSF Cap Rate 25 26 27 28 29 22 22 222 223 224 RTL 25 Reforecast 88,3 6% SAM 25 Reforecast 38,65 6% 5,238,729 42,9,463 3,85, 3,29,3 3,97,5 39,983,733 35,352,83 39,79,377 35,647,783 42,7,45 36,62,36 42,294,575 49,228,958 55,5,482 56,242,399 44,83,772 54,652,24 56,366,99 52,988,2 53,874,546 Total Value : 58,5,92 55,479,575 62,52,258 86,427,497 96,226,32 8,66,575 94,442,5 92,4,69 95,688,66 9,476,96
Date: 2/2/25 2:: PM Page: of 2- Building Improvements PCID RTL Description 25 Reforecast 25 26 27 28 29 22 22 222 223 224 225 RTL Earthquake Seismic Upgrade RTL Painting - Exterior Bldg RTL Parking Lot repaving RTL parking structure 45, RTL Roof Replacement RTL Linked to Actuals 257, SAM 25 Reforecast SAM Painting - Exterior of Building SAM Reface Building Entrance Signage SAM Roof Repairs SAM Seismic Upgrade SAM Linked to Actuals 24, SAM Carry Forward - Reface Building Entrance Signage SAM Carry Forward - Roof Repairs SAM Carry Forward - Seismic Upgrade SAM Carry Forward - Linked to Actuals 24, 24, 24, 24, 24, 24, 24, 24, 24, 24, SAM Carry Forward - Painting - Exterior of Building Totals: 542, 24, 24, 24, 24, 24, 24, 24, 24, 24, 24,