Prepare, 11-year cash flow projections in Excel for a 1M sf industrial property:1. Part 1- Create a detailed cash flow model assuming Tenant A renews at the end of their term.

Page 1 > of 2 0 psf 0.06 0.03 Year 1 Operating Expense Projections Controllable Expenses Payroll General and Administrative (G&A) Marketing Repairs and Maintenance (R&M) Utilities CAM Other expenses Y1 60,000 30.000 0 20,000 250,000 0 1,000 0.02 0.25 0.00 Non Controllable Expenses Management Fee Insurance Real Estate Taxes Variable 100,000 1,300,000 0.10 1.30 9 Year Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Avg wwwwWWW99 Base Rental Rate Projections Market Rent Market Rent Growth Rate (Spec tenant) 1.75% 4.50 $ 3.75% 4.58 $ 4.25% $ 4.75 $ 4.2596 $ 4.95 $ 4.43% 5.16 $ 2.85% S 5.39 $ 2.85% 5.54 $ 2.85% 5.70 $ 2.85% 5.87 S 2.85% $ 6.03 S 3.27% Rent Tenant A 4.40 4.51 4.62 4.74 4.86 4.98 5.10 5.23 5.36 5.49 Page of 2 UNDERWRITING ASSUMPTIONS AND PROJECTIONS Underwriting Assumptions Analysis Start Date Projection Period Terminal Capitalization Year Current Market Rent Market Rent Growth Rate General Inflation/Expense Growth Rate (annual) General Vacancy (on "Total Tenant Revenue") Credit and Collection Loss (on "Total Tenant Revenue") Management Fees (on "Total Rental Revenue") S Year 1 10 Years 11 4.50 varies - see chart 3.00% 0.00% 2.00% 2.75% Capital Reserves (psf) - grows by inflation Renewal Probability (for existing tenant) S 0.05 70.00% Speculative Leasing Assumptions (for new tenant) Initial Lease Term Base Rent (see chart "Base Rental Rate Projections") Rent escalations Expense Reimburements/Recoveries 7 years Market Rent 2.50% NNN, excluding payroll 9 months Downtime (months vacant between leases) Free rent/Rent abatement-base rent only New leases Renewals 4 months 0 months Tenant improvements New leases (psf) Renewals (psf) Leasing Commissions New leases (psf) Renewals (psf) S S 2.50 0.25 $ $ 1.00 0.50 PROPERTY INFO AND TENANCY Property Summary Property Type Rentable Square Feet Number of buildings Number of tenants Clear height Configuration Trailer Positions Parking spaces Dock Doors Drive in Doors Building Dimensions Industrial 1,000,000 1 1 40' Cross-Dock 413 544 80/1 per 12,377 sf 4 1,597 x 620 Market Summary Market Occupancy Submarket Occupancy Park Occupancy 98% 96% 97% Rent Roll (Current Occupancy Summary) Tenant A Rentable Area Lease Start Initial Lease Term Renewal Options Base rent (psf) Rent Escalations (on base rent) Expense Reimbursements/Recoveries Free rent/Rent abatement (base rent only) Tenant Improvements (psf) Leasing Commissions (psf) Lease Terms 1,000,000 Jan. Year 1 7 years one, 5-year renewal option at same terms $ 4.40 2.50% NNN excluding Payroll expense 6 months 2.50 s 1.00 Page 1 > of 2 0 psf 0.06 0.03 Year 1 Operating Expense Projections Controllable Expenses Payroll General and Administrative (G&A) Marketing Repairs and Maintenance (R&M) Utilities CAM Other expenses Y1 60,000 30.000 0 20,000 250,000 0 1,000 0.02 0.25 0.00 Non Controllable Expenses Management Fee Insurance Real Estate Taxes Variable 100,000 1,300,000 0.10 1.30 9 Year Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Avg wwwwWWW99 Base Rental Rate Projections Market Rent Market Rent Growth Rate (Spec tenant) 1.75% 4.50 $ 3.75% 4.58 $ 4.25% $ 4.75 $ 4.2596 $ 4.95 $ 4.43% 5.16 $ 2.85% S 5.39 $ 2.85% 5.54 $ 2.85% 5.70 $ 2.85% 5.87 S 2.85% $ 6.03 S 3.27% Rent Tenant A 4.40 4.51 4.62 4.74 4.86 4.98 5.10 5.23 5.36 5.49 Page of 2 UNDERWRITING ASSUMPTIONS AND PROJECTIONS Underwriting Assumptions Analysis Start Date Projection Period Terminal Capitalization Year Current Market Rent Market Rent Growth Rate General Inflation/Expense Growth Rate (annual) General Vacancy (on "Total Tenant Revenue") Credit and Collection Loss (on "Total Tenant Revenue") Management Fees (on "Total Rental Revenue") S Year 1 10 Years 11 4.50 varies - see chart 3.00% 0.00% 2.00% 2.75% Capital Reserves (psf) - grows by inflation Renewal Probability (for existing tenant) S 0.05 70.00% Speculative Leasing Assumptions (for new tenant) Initial Lease Term Base Rent (see chart "Base Rental Rate Projections") Rent escalations Expense Reimburements/Recoveries 7 years Market Rent 2.50% NNN, excluding payroll 9 months Downtime (months vacant between leases) Free rent/Rent abatement-base rent only New leases Renewals 4 months 0 months Tenant improvements New leases (psf) Renewals (psf) Leasing Commissions New leases (psf) Renewals (psf) S S 2.50 0.25 $ $ 1.00 0.50 PROPERTY INFO AND TENANCY Property Summary Property Type Rentable Square Feet Number of buildings Number of tenants Clear height Configuration Trailer Positions Parking spaces Dock Doors Drive in Doors Building Dimensions Industrial 1,000,000 1 1 40' Cross-Dock 413 544 80/1 per 12,377 sf 4 1,597 x 620 Market Summary Market Occupancy Submarket Occupancy Park Occupancy 98% 96% 97% Rent Roll (Current Occupancy Summary) Tenant A Rentable Area Lease Start Initial Lease Term Renewal Options Base rent (psf) Rent Escalations (on base rent) Expense Reimbursements/Recoveries Free rent/Rent abatement (base rent only) Tenant Improvements (psf) Leasing Commissions (psf) Lease Terms 1,000,000 Jan. Year 1 7 years one, 5-year renewal option at same terms $ 4.40 2.50% NNN excluding Payroll expense 6 months 2.50 s 1.00