Create a projected 6-year annual income and expense pro forma financial statement for the Property, based on the information provided for each property and your own underwriting; start the projection on July 1, 2020.

Property #2 Property type = Industrial warehouse Location = Franklin/Mansfield, MA Year Built = 2005 Property Size: 350,000 SF Tenant Area (SF) Market Rent Lease Expiration Date (year) Current Annual Rent Lockheed Martin 180,000 June 2022 $5.00/sf triple net Your assumption Raytheon 75,000 June 2021 $5.50/sf triple net Your assumption 60,000 June 2023 $6.00/sf triple net Thermo Fisher Scientific Your assumption Vacant 35,000 n/a Your assumption Total 350,000 Assume all are triple net leases and leases go to your projected market rate after expiration Lease renewal probability: 50% Vacancy rate: 7% per year Annual Rent and Expense Growth Rate: 3% Terminal cap rate = 7.0% Discount rate = 8.0% Leasing Reserve= $5/SF at start of investment Property #2 Property type = Industrial warehouse Location = Franklin/Mansfield, MA Year Built = 2005 Property Size: 350,000 SF Tenant Area (SF) Market Rent Lease Expiration Date (year) Current Annual Rent Lockheed Martin 180,000 June 2022 $5.00/sf triple net Your assumption Raytheon 75,000 June 2021 $5.50/sf triple net Your assumption 60,000 June 2023 $6.00/sf triple net Thermo Fisher Scientific Your assumption Vacant 35,000 n/a Your assumption Total 350,000 Assume all are triple net leases and leases go to your projected market rate after expiration Lease renewal probability: 50% Vacancy rate: 7% per year Annual Rent and Expense Growth Rate: 3% Terminal cap rate = 7.0% Discount rate = 8.0% Leasing Reserve= $5/SF at start of investment