Project Timing 1. Analysis Start: 12/31/22 2. Predevelopment: 12 months 3. Construction: 24 months 4. Lease 1: Commencing 12 months after delivery 5. Lease 2: Commencing 24 months after delivery 6. Sale Date: Month 72 or 12/31/28 Project Size: 1. Project GSF: To be determined by applying efficiency below to NRSF 2. Project NRSF: 190,000 SF 3. Project Efficiency: 95% Development Assumptions 1. Land Purchase Price: $80 / GSF to be spent at time zero 2. Soft Costs: $50 / GSF to be spent 100% during the predevelopment period 3. Hard Costs: $300 / GSF a. 1/3 to be spent during the first year of construction b. 2/3 to be spent during the second year of construction 4. Leasing Assumptions a. Tenant 1 i. Premises: 125,000 NRSF ii. Rent: $48 / SF NNN iii. Free Rent: 12 months iv. Escalations: 2.5% v. Term: 7 years vi. Tenant Improvement Allowance: $150 / NRSF 1. Paid 100% in lease commencement year vii. Leasing Commissions 6% 1. Paid 100% in lease commencement year

b. Tenant 2 i. Premises: 65,000 NRSF ii. Rent: $60 / SF NNN iii. Free Rent: 12 months iv. Escalations: 2.5% v. Term: 10 years vi. Tenant Improvement Allowance: $180 / NRSF 1. Paid 100% in lease commencement year vii. Leasing Commissions 6% 1. Paid 100% in lease commencement year

Operating Assumptions: The numbers below should be reflected at delivery and escalate thereafter 1. Opex: $12 / SF 2. Real Estate Taxes: $15 / SF 3. Escalation: 2.5% Sale Assumptions

1. Residual Cap Rate: 5.25% to be applied to year 7 NOI 2. Sales Costs: 2.00% 3. Please display the following on a gross dollar and $ / GSF basis: a. Gross Sales Proceeds b. Selling Costs c. Net Sale Proceeds d. Gross Sales Proceeds de-escalated to the commencement date at 2.75% growth rate

Financing Assumptions: Please assume a traditional bank construction loan for this project. That means equity up-front. 1. Loan to Cost: 65% 2. Interest Rate: 6.00% 3. Recordation Tax: 2.50% 4. Financing Fees: 1.50% Please include the following as part of your model: 1. Sources and Uses Table 2. Returns a. Unlevered IRR b. Levered IRR c. Equity Multiple d. Stabilized Yield e. Stabilized Cash on Cash 3. Data Tables Measuring IRR at the following: a. Tenant 1 rents ($1/SF increments) vs cap rates b. Land purchase price ($5 / SF increments) vs debt interest rate (0.25% increments) c. Tenant 2 rents ($2 / SF increments) vs TIs ($10 / SF increments) 4. Please build a waterfall reflecting the following: a. 5% GP Investment / 95% LP Investment b. Pari Passu until a 8% return c. 20% to the GP and 80% to the LP until a 12% return d. 30% to the GP and 70% to the LP until a 15% return e. 40% to the GP and 60% to the LP thereafter