Given the following data and rent roll, project the NOI of the building for the years 2021, 2022 and 2023

Projected inflation (CPI) 2021 1.0% 2022 2.0% 2023 3.0%

Expenses for 2020 Property taxes 600,000 Insurance 50,000 Maintenance & operations 400,000 Security 75,000 Snow removal 35,000 Utilities 350,000 Depreciation 50,000

Retail sales for Unit 1 in 2020 2,000,000 RENT ROLL Floor 1 Unit number Unit 1 Space vocation Retail Lease start 2017-01-01 Lease end 2026-12-31 Lease type Triple Net Square footage 23,000 Rent/sq ft 2021 2022 2023 25 25 26 Percentage factor 5% 5% 5% Breakpoint 500,000 510,000 520,000 Common Area 2,000

Floor 2 Unit number Unit 2 Space vocation Office Lease start 2017-01-01 Lease end 2026-12-31 Lease type Gross Square footage 10,000 Rent/sq ft 2021 2022 2023 50 +CPI +CPI Unit number Unit 3 Space vocation Office Lease start 2017-06-01 Lease end 2027-06-01 Lease type Triple Net Square footage 14,000 Rent/sq ft 2021 2022 2023 21 21 21 Common Area 1,000

Floor 3 Unit number Unit 4 Space vocation Office Lease start 2015-01-01 Lease end 2022-12-31 Lease type Gross Square footage 25,000 Rent/sq ft 2021 (50), 2022 (50), 2023 NOTE 1

TOTAL LEASABLE 72,000 TOTAL COMMON 3,000 TOTAL BUILDING 75,000

NOTE 1: It is aniticipated that this lease will not be renewed. The unit will be vacant for 3 months. The new lease will have a free rent period of 3 months and a base rent (gross) of $60/sq ft