american strategic value realty fund - granicus

American Strategic Value Realty Fund

August 19, 2020

6. B.

American Realty Advisors www.aracapital.com

2

The recent coronavirus outbreak (“COVID-19”) has been declared a pandemic and public health emergency by the World Health Organization and has spread to the

United States and many other parts of the world and may have material adverse effects on the operations and financial performance of the Fund and one or more of its

investments.

The number of positive cases continues to grow worldwide and has resulted in numerous deaths, adversely impacted global commercial activity and contributed to

significant volatility in certain equity and debt markets. The global impact of the outbreak is rapidly evolving, and many countries, states, and municipalities have reacted

by instituting quarantines, curfews, prohibitions on travel, social distancing measures, eviction moratorium orders and the closure of offices, businesses, schools, and

other public venues, including certain infrastructure structures and facilities. Businesses are also implementing similar precautionary measures. Such measures, as well

as the general uncertainty surrounding the dangers and impact of COVID-19, are creating significant disruption in supply chains and economic activity and are having a

particularly adverse impact on transportation, hospitality, tourism, retail and entertainment, among other industries.

As COVID-19 continues to spread, the potential impacts, including a global, regional or other economic recession, are increasingly uncertain and difficult to assess. The

extent of such impact on the Fund and its investments will depend on many factors including, but not limited to, the duration and scope of the COVID-19 public health

emergency; the extent of the government and business measures described above; the impact on overall supply and demand, goods and services, investor liquidity,

consumer confidence and levels of economic activity; any resulting litigation and the extent to which insurance coverages may apply; and the potential adverse effects

on the health of ARA’s personnel, all of which are highly uncertain and cannot be predicted. These factors may have material and adverse effects on the Fund’s ability to

source, manage and divest investments and achieve its investment objectives and could result in significant losses to the Fund.

COVID 19 Disclosures

6. B.


3

www.aracapital.com | American Realty Advisors

Committed to Excellence

Our mission is to create and implement client-focused

institutional real estate investment strategies designed

to provide superior returns, capital preservation, and

growth, delivered with a high level of integrity,

communication, and service.

Putting Our Clients First

ARA is 100% employee owned and client focused. The firm was

registered in 1990 with the U.S. Securities and Exchange Commission

as an Investment Advisor under the Investment Advisers Act of 1940.

ARA is also a fiduciary to its clients and acts in the best interests of our

investors.

6. B.

About American Realty Advisors

6. B.

Proven Track Record of Results• 100% employee owned private firm.

• Focused on our investors - every investor matters.

• We are dedicated - real estate investment management is our only

business line.

• Active product offerings in core, value-add, and debt strategies.

• Our investing activities, research, asset management, legal, compliance,

accounting, and back-office teams will pass any due diligence test.

Strength of Our Team• Over 17 years of senior management working together providing stability

of leadership.

• Over the past three years, ARA has reviewed on average 231 potential

deals per year valued at $26.8B.1

• Risk-management is deeply instilled in our processes and policies.

• Focused company with an entrepreneurial spirit that capitalizes on

operational efficiencies.

• We are committed to sustainable practices, operating to achieve positive

social impact and to promote diversity in our workplace.

operating history as a

real estate investment

management fiduciary

senior management

average experience

across the U.S.;

headquartered in

Los Angeles, CA

35+ active consultant

relationships

dedicated to delivering

results for our investors

31YEARS

25YEARS

7OFFICES

$10.2BILLION

in AUM

500+INSTITUTIONAL

INVESTORS

90+EMPLOYEES

All data is as of March 31, 2020 unless noted otherwise.

About ARA


5

All data is as of March 31, 2020 unless noted otherwise.1 As of December 31, 2019.

6. B.


6

Continued AUM and Investor Growth

About ARA

Number of Investors (Year End)

19 65 131 65 173 204 218 222 245 291 316 362 386 402 480 502 541 561

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Assets under management represent approximate gross market value of all assets and accounts managed by ARA excluding partners’ share of equity and partners’ share of debt on partnership investments.

AUM (Year End; $ millions)

Q1 2020:

$10.2Billion in AUM

567Institutional Investors

$3,392$4,363

$4,219

$4,526

$3,417

$3,337

$8,011$7,390

$6,762

$5,988

$5,227

$9,800

$8,247

$983

$2,523

$1,423

$1,194

$10,260

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7

American Core Realty Fund

Focuses on strong income and potential for long-term

appreciation through investment in high-quality income-

oriented core office, industrial, retail, and multi-family

properties located in major markets nationwide.

Fund Type

Gross AUM

Return Target

Liquidity

Open-End $7.03BGross

7-9%Gross

Quarterly


Focuses on a value creation investment strategy through

exploiting market inefficiencies, operational improvement, and

redeveloping or manufacturing core real estate product.

Fund Type

Gross AUM

ReturnTarget1 Liquidity

Open-End $2.00BGross

11-14%Gross

Quarterly

is to provide superior

risk-adjusted real

estate returns and

capital preservation

through a broad

spectrum of real

estate investment

strategies designed

to meet each

In addition, ARA offers customized core/core-plus/value

strategies through separate accounts as well as specialized

portfolio takeover/repositioning/disposition services to

institutional investors.

Our primary goal

American Realty Advisors

1. The Value Fund expects to target a portfolio of investments that, in aggregate, will be projected to generate gross leveraged internal

rates of return of 11%-14%.

Data as of March 31, 2020. The return targets above are estimates based on information available at the time of forecasting and

are not guarantees of future results. Please refer to the performance disclaimer and other disclosures at the end of this presentation.

6. B.

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Corporate and Community Responsibility

Risk Management:The Foundation of our Firm

About ARA

• Extensive experience acting as a fiduciary.

• Risk control forms the basis of our investment process.

• Legal/Compliance and Risk Management department involved in

all aspects of transactions.

• Avoidance of conflicts of interest.

• No litigation with clients concerning investment management

services provided by ARA.

• Defined culture of teamwork and integrity that promotes

professional development and diversity.

• Sole focus on institutional real estate investment builds

strong alignment of interests with our investors.

• Recognition of our role as a steward of the capital for plan

participants and their beneficiaries.

• Focus on capital preservation and thorough investment risk

assessment.

• Formal business continuity plan in place enabling the firm to

function remotely in reaction to the COVID-19 situation.

Our Core Values

Transparency

Integrity

Fiduciary Standards

Collaboration

Our five core values guide all decision making, define our commitment to our clients, direct our character and culture, and ensure what we stand for.

www.aracapital.com

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Investment Committee

Firm Leadership

About ARA

Stanley L. IezmanChairman & Chief Executive Officer

30 years on I.C.

Dan RobinsonManaging Director, Finance/Investment Consulting

36 years industry experience | 17 years on I.C.

Scott DarlingPresident

22 years on I.C

Paul VacheronManaging Director, Asset Management

14 years on I.C.

Sabrina UngerManaging Director, Research and Strategy

9 years industry experience | 1 year on I.C.

Management Committee Operations Committee Valuation Committee

Stanley L. IezmanChairman & Chief Executive Officer

46 years experience

Jay ButterfieldExecutive Managing Director

42 years experience

Kirk HelgesonChief Investment Officer

31 years experience

Paul VacheronManaging Director, Asset Management

37 years industry experience

Kristin AdrianGeneral Counsel/Chief Compliance Officer

40 years experience

Scott DarlingPresident

40 years industry experience

Glenn AndersonChief Accounting Officer

29 years experience

Departments

Investor Relations Portfolio Management Investments

Asset Management Legal/Compliance Accounting

As of June 30, 2020.

Research

Information Technology

Senior Management

Kirk HelgesonChief Investment Officer

16 years on I.C.

Martha ShelleyExecutive Vice President, Portfolio Management

36 years industry experience | 3 years on I.C.

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Robust and Integrated Investment Process

About ARA

Portfolio

Research

Team

Portfolio

Management

Asset Management

Team

Investment

Team

Forms framework for executing acquisition and disposition strategies

• Determines key indicators to support

implementation of strategy

• Identifies key market factors to maximize

risk-adjusted returns

Collaborates with Investment and Asset Management Teams

• Establishes and implements the

investment plan

• Develops portfolio mix

• Actively manages portfolios

Leads acquisition process and coordinates with Portfolio Management and Asset Management Teams

• Sources, identifies, underwrites,

performs due diligence, and closes

investments

• Provides feedback on capital

market conditions

Investment Committee Investment Process Legal Compliance

Participates throughout investment cycle with Investment and Portfolio Management Teams

• Implements the asset level business plan

• Directs on-site property managers, leasing

agents and other professionals

• Executes capital projects

• Implements exit strategy

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U.S. Real Estate Investment Outlook Uncertainty about the trajectory of the virus continues to strain recovery

Market Outlook

Macroeconomic Context

• Coronavirus-related impacts continue

to weigh on economic potential; we

maintain our outlook that full-year US

GDP will contract between 5-7% in

2020.

• Aggregate results of our Leading

Economic Indicator (LEI) Dashboard

suggest the macroeconomy has come

up off the bottom, though dramatic

uptick in cases in some states stand to

disrupt the recovery.

• With equity markets having improved

from their March trough, mixed-asset

portfolio rebalancing pressures have

eased somewhat, though how long

public markets can remain optimistic

on future earnings is uncertain.

Price Discovery

• Under normal conditions,

market participants typically

gauge pricing for new

commercial real estate deals

against recently completed

transactions.

• This feedback loop provides

confidence in the validity of

pricing that keeps the

transaction wheel turning.

• With minimal visibility on the

ramifications of the

coronavirus, few owners are

putting assets up for sale,

resulting in fewer data points to

guide pricing considerations.

Images: The ongoing spread of the coronavirus has added

further pressure to domestic and global growth trajectories.


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Industrial

• Pandemic increased e-

commerce’s share of total

retail sales, thus increasing

demand for warehouse

space.

• Longer term, may move

away from “just-in-time”

supply chain models to a

“just-in-case” approach,

further buoying demand.

• Cold storage increasingly in

demand.

Multi-Family

• Rent payments have

remained intact, though

cracks beginning to emerge;

absent further stimulus,

certain households may

struggle once enhanced

unemployment benefits

expire.

• Retention elevated, but

lease-up to stabilization

extended.

• Lower-density rental housing

may benefit.

Office

• Companies may adapt to

remote work (some

permanently) the longer

WFH goes on.

• Greater SF per employee

may serve to partially

counterbalance.

• Consolidation of co-working

operator space expected as

cash flows are challenged,

though segment likely to

gain in the mid-term.

Retail

• Return of foot traffic will be

slow as long as risks of

contagion continue.

• Experiential retail will see major

near-term impacts. Newer

concepts may close entirely.

• Grocery-anchored centers

should fare better.

Sectors Face Transitional Changes as a Result of Coronavirus

Market Outlook

• Hotel fundamentals to remain suppressed, particularly in

internationally driven markets; some flags may become insolvent.

• Senior housing to suffer due to skilled care exposure to virus; this,

coupled with elevated supply pipeline, suggests the sector will

struggle for some time.

• Data centers poised to benefit.

Dislocations may emerge as sectors adjust to the

transition opportunities.

Specialty Sectors


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13

Our Commitment to Sustainable Investing

About ARA

Mission

• Creating a positive impact beyond our buildings and operations

through conducting our investment activities in a sustainable

manner, adding value to our clients and communities.

Targets

• ARA maintains long-term performance targets to track our

progress by using key performance indicators that are relevant,

yet ambitious. Our efforts are guided by four key areas of

improvement shown below.

Source: ARA, LEED, Verdani Partners, Energy Star. Note: Data as of June 30, 2020 unless noted otherwise. References to Energy Star awarded & LEED certified assets relate to properties in all portfolios managed by ARA.

6.2MMSQUARE FEET of

ENERGY STAR awarded assets

8.6MMSQUARE FEET of

LEED certified assets

812019 survey result,

5 years of Core Fund membership

ENERGY WATER WASTE DIVERSION CARBON EMISSIONS

-2% -2% +5% -2%Reduce energy use intensity

(EUI) by 2% per year over next 10 years

Reduce water use intensity (WUI) by 2% per year

over next 10 years

Increase waste diversion rates to 50% within

the next 10 years

Reduce carbon emissions intensity by 2% per year

over next 10 years

ESG 10 Year Goals

2019 Core Fund Results

-5.81% +5.63% +48.45% -5.35%

6. B.


Boston East | Boston, MA

Clayton Commerce Center | Atlanta, GA

Edens Collection | Chicago, IL

Sawgrass Lake Center | Ft Lauderdale, FL

6. B.

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Fund Overview and Competitive Advantages


Competitive Advantages

Investment Strategy

The American Strategic Value Realty Fund identifies and

realizes value through identifying market inefficiencies and

implementing value creation to unlock value and generate

alpha.

Implementation

We seek to maximize value and control risk for our investors

through an investment's life cycle utilizing research-based

strategies, creative structuring, and experienced active

management.

Portfolio Construction

Our focus is on industrial, multi-family, office, retail, and other

property sectors located in major markets or identified

emerging submarkets nationwide.

Results

The Strategic Value Fund seeks to achieve an internal rate of

return target of 11-14% gross of fees through a balance of

income and appreciation.

Experience

Fund track record of over ten years with proven results at all phases of the cycle.

Expertise

Depth of portfolio management team leadership averaging 31

years of real estate experience through multiple cycles.

Existing Portfolio

Diversified in-place portfolio of assets with upside potential

due to early stage investment life cycle implementation.

Flexibility

Open-end structure provides disciplined capital deployment

and greater realization flexibility.

Opportunity

Significant capital available for new investment with sufficient

cash and uncalled commitments ready to take advantage of

market opportunities.

Data as of March 31, 2020. The return target above is an estimate based on information available at the time of forecasting and is not a guarantee of future results. Please refer to the performance disclaimer and other

disclosures at the end of this presentation.

Fund Overview

6. B.

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Adaptable Value Investment Strategy Throughout the Cycle


Early Cycle - Distress

Target distressed property, debt and

recapitalization opportunities. Seek quality

assets with broken capital structures and

mis-marketed assets with motivated sellers.

Mid Cycle - Growth

Identify repositioning, renovation,

redevelopment or development

opportunities for value creation in a

growing market.

Early-Mid Cycle Emerging Recovery

Value and growth: Pursue direct investment at bargain

prices, build programmatic joint ventures, and launch

growth platforms in response to market disruption.

Decline

Recovery

Late-Early Cycle - Emerging Distress

Adopt an opportunistic investment philosophy and

seek out market inefficiencies but remain very

cautious with a heightened sense of risk and focus

on downside protection and capital preservation.

Mid-Late Cycle - Moderating Growth

Focus on property sectors and markets expected

to outperform due to strong underlying demand

drivers and supply barriers. Emphasize exit

liquidity. Consider structured investments to

mitigate potential downside risk.

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Varied Tactical Execution to Generate AlphaUnlocking Embedded and/or Unnoticed Value


Repositioning/ Active Management

• Lease-up/Re-tenanting

• Renovation/Reposition

• Development/

Redevelopment

Creative Financial Structuring

• Structured investments

• Distressed debt

• Opportunistic capital

deployment

• Recapitalizations

Capitalizing on Under-Managed Assets

• Capital constrained

ownership

• Mis-marketed assets

• Off-market transactions

• Distressed property

Market Recovery/ Emerging Market Discovery

• Accessing investments

at a low basis

• Providing rescue capital

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Fund Snapshot


1. Leverage ratio represents the Fund’s effective ownership share of total debt as a percentage of total gross assets.

2. Leased square footage excludes development investments, debt investments, and mortgage-backed certificates.

The Fund returns include leveraged returns before (gross) and after (net) the deduction of investment management fees and other fees and reflect the reinvestment of some income. The returns are calculated for the Limited

Partners as a whole and may not be reflective of the actual returns experienced by any one investor. Returns for periods of greater than one year are annualized. Please refer to the performance disclaimer and other disclosures at

the end of this presentation.

NorthPark Distribution Center | St. Louis, MO

Arrowhead Summit | Phoenix, AZ

As of March 31, 2020

Gross Asset Value $2.00 billion

Net Asset Value $1.18 billion

Number of Investments 30

Leverage Ratio1 37.9%

Total Square Footage 6.2 million

Total Commercial Tenants 509

Leased Percentage2 86.5%

Inception Date 4Q 2009

Inception To Date Returns (gross/net) 14.41% / 12.14%

Capital Flows

Number of Investors 86

Undrawn Commitments $380 million

Redemption Queue $0 million

Capital Called 2019 $204 million

Capital Called as of Q1 2020 $45 million

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Imperial County Employees' Retirement System


The returns above are for the Investor’s investment in the American Strategic Value Realty Fund, include leveraged returns before (gross) and after (net) the deduction of investment management fees and other fees and include the reinvestment

of some income. The sum of annualized component returns may not equal the total return due to the chain-linking of quarterly returns. Please refer to the NFI-ODCE benchmark information, performance disclaimer and other disclosures at the

end of this presentation.

Performance History (%)Through June 30, 2020

Q2 2020 YTD 1 Year Since Inception

Income (Gross) 1.04 2.02 3.82 3.98

Appreciation -1.12 -0.58 2.40 4.37

Total Portfolio (Gross) -0.08 1.44 6.29 8.48

NFI-ODCE (Gross) -1.56 -0.60 2.22 5.17

Total Portfolio (Net) -0.33 0.98 5.21 7.14

Net Contributions to Date

2018 $10,517,500

2019 $24,482,500

NET INVESTMENT $35,000,000

Investment Summaryas of June 30, 2020

Inception-to-Date

Contributions $35,000,000

Redemptions -

Net Income $1,236,646

Distributions -

Net Appreciation $1,507,804

ENDING NET ASSET VALUE $37,744,450

Returns greater than one year are annualized.

Inception: January 4, 2018

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Ten Years of Strong Growth


Data as of March 31, 2020.

0

5

10

15

20

25

30

35

Mar-

09

Mar-

10

Mar-

11

Mar-

12

Mar-

13

Mar-

14

Mar-

15

Mar-

16

Mar-

17

Mar-

18

Mar-

19

30Current

Investments

0

20

40

60

80

100

Mar-

09

Mar-

10

Mar-

11

Mar-

12

Mar-

13

Mar-

14

Mar-

15

Mar-

16

Mar-

17

Mar-

18

Mar-

19

86Current

Investors

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

Mar-

09

Mar-

10

Mar-

11

Mar-

12

Mar-

13

Mar-

14

Mar-

15

Mar-

16

Mar-

17

Mar-

18

Mar-

19

Mar-

20

$2.00 billionGross Asset Value

$1.18 billionNet Asset Value

US

D M

illio

ns

Historical Growth | GAV and NAV since Inception

Number of Investments Number of Investors

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Value Fund Portfolio Management Team


Leadership

Execution

Reporting and Analytics

Kirk HelgesonChief Investment Officer, Senior Portfolio Manager31 years industry experience

Martha ShelleyExecutive Vice President, Deputy Portfolio Manager36 years industry experience

Shelley SantulliExecutive Vice President, Portfolio Management30 years industry experience

Douglas RushVice President, Portfolio ManagementCommercial Investments Debt Financing32 years industry experience

David K. HubbsExecutive Vice President, Portfolio ManagementCommercial Investments40 years industry experience

Rick MassaExecutive Vice President, Portfolio ManagementCommercial Investments20 years industry experience

Glen S. WeisbergExecutive Vice President, Portfolio ManagementMulti-Family Investments30 years industry experience

Bill PantazopoulousSenior Vice President, Dispositions24 years industry experience

Michael KairisSenior Vice President, Development & Construction33 years industry experience

Margarita ChldrianFund Controller14 years industry experience

Dillon WongVice President, Portfolio Management13 years industry experience

Bradley ToberVice President, Portfolio Management8 years industry experience

Timothy ChiuVice President, Portfolio Management6 years industry experience


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$3.7 Billion in Gross Investment Activity Since InceptionTen-Year History - Early to Late Cycle Execution


Data as of March 31, 2020.

Note: Other Includes Hotel which serves as the collateral for a mezzanine investment and Land.

Gross Activity Since Inception for Property Type and Investment Strategy include total assets comprised of Current Holdings and Realizations. Current Holdings are calculated at the greater of gross fair value (100%) or projected

total capitalization for assets under development/significant repositioning. Mortgage-backed certificates and debt investments reported at investment commitment at time of origination. Debt investments are categorized under

Property Type based on the underlying collateral property type and Investment Strategy. Realizations are at gross disposition proceed amounts.

Primary Value Investment Strategies Property Type Focus

Restore to Core 52.7%

Exploit Market Inefficiencies

22.5%

Manufacture Core 24.8%

Office 40.4%

Retail 12.9%

Multi-Family 27.3%

Industrial 16.9%Other

2.5%

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Attractive Absolute and Relative Performance History


The American Strategic Value Realty Fund returns include leveraged returns before (gross) the deduction of investment management fees and other fees and reflect the reinvestment of some income. The returns are calculated for

the Limited Partners as a whole and may not be reflective of the actual returns experienced by any one investor. Returns for periods of greater than one year are annualized. Please refer to the NFI-ODCE benchmark information,

performance disclaimer and other disclosures at the end of this presentation.

• Strong investment performance with a blend of income and appreciation.

• Annualized gross total returns 302-380 bps in excess of levered core real estate, as measured by NFI-ODCE.

• Annual income returns of 3.7 to 4.9%, commensurate with levered core real estate.

• Value investment strategy drives appreciation and outperformance.

Limited Partners Performance History (%)

1Q20 1 Yr 3 Yr 5 Yr 7 Yr 10 YrSince

Inception

Income(Gross)

0.97 3.71 4.53 4.76 4.63 4.90 4.58

Appreciation 0.55 4.56 5.13 7.24 8.10 9.25 9.47

Total Portfolio (Gross)

1.52 8.39 9.83 12.26 13.01 14.50 14.41

NFI-ODCE (Gross)

0.98 4.88 6.81 8.46 9.91 11.45 11.21

Outperformance(Gross)

+0.54 +3.52 +3.02 +3.80 +3.10 +3.05 +3.19

Note: Inception date is 12/30/2009.


0%

2%

4%

6%

8%

10%

12%

14%

16%

1Q20 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI

Income (Gross) Appreciation NFI-ODCE (Gross)

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Realizations: Proven Strategy to Create Alpha


Realized Gross IRR and Realized Gross Multiple are weighted by equity contributions.

Exit is based on gross sale proceeds.

Leasing increase is based on the average Leased % at acquisition and disposition and excludes Vue 32, a preferred equity investment that was redeemed prior to stabilization.

Overall NOI increase excludes realized preferred equity investments. Realized Gross IRR and Multiple above are not a guarantee of future results. The performance information does not reflect investment management fees and

other fees which are charged at the Fund level. Please refer to the performance disclaimer and other disclosures at the end of this presentation.

• 13 realized investments.

• $897 million in gross sale proceeds.

• $234 million of equity contributions.

• Mix of acquisition repositioning and development

strategies executed.

Key Facts


• 23.1% Realized Gross IRR.

• 1.6x Realized Gross Multiple.

• 3 to 4 year average holding period.

• Increased leasing from 52% to 96%.

• Overall increase in Net Operating Income of 119%

• 75% sold to core buyers upon exit.

Summary Results

75.2%

5.3%

19.5%

Core Buyer Refinance of Preferred Equity Other Buyer

35.5%

15.5%18.7%

11.7% 13.0% 13.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Industrial Multi-Family Office

Gross Realized IRR Gross Underwritten IRR

Gross Realized IRR vs. Underwritten IRR Exit

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Diversified Portfolio to Minimize Risk


Note: Other Includes Hotel which serves as the collateral for a mezzanine investment and Land.

As of March 31, 2020. Based on Fund’s share of the gross fair value of each asset. Geographic Diversification excludes investments in mortgage-backed certificates.

Geographic Diversification

West26.4%

Midwest19.4%

East35.8%

South18.4%

Office37.4%

Retail21.7%

Industrial11.8%

Multi-Family25.1%

Other4.0%

Washington, D.C. Area San Francisco Bay Area

Phoenix

Portland

Chicago

St. Louis

Boston

New York

Philadelphia Area

Charlotte

Dallas

South Florida

AtlantaLos Angeles Area

Houston

San Diego

Existing Holdings

Additional 2020 Target Markets

Seattle

Denver

Austin

Sector Diversification

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Stabilized and Sale Ready 10.8%

Debt Investments5.5%

Cash 2.4%

Pre-Development 8.4%

Development 10.8%

Existing Assets and Not Yet Stabilized

22.5%

Stabilized Assets with More Upside 39.6%

Assets with Upside 81.3%

Portfolio Upside with Balance of Income and Appreciation


92.0%84.7% 88.1%

85.1%

0%

25%

50%

75%

100%

Multi-family Office Industrial Retail

1. Pre-Development of 8.4% consists of 6.4% with income and 2.0% without income.

2. Leased square footage excludes development investments up to 60% leased or one year post completion, investments in mortgage-backed certificates, and mezzanine debt investments.

Information shown above reflects the Fund’s effective ownership share of the gross fair value of the real estate investment less the gross fair value of any mortgage loan. Data as of March 31, 2020.

Investment Strategy Life Cycle

Leased Percentage by Property Type2

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Moderate Leverage Provides Return EnhancementConservatively Positioned to Reduce Risk


Strategy

• Target is 40-50%.

• Fund-level loan-to-value ratio of 37.9%.

• Each investment is separately leveraged with debt terms

aligned with its business plan.

• No fund-level debt other than a $75 million line of credit to

manage cash.

• Variable rate debt, of which 70% is hedged utilizing interest

rate caps, swaps, or investments in variable rate debt (KF-

Series), provides flexibility to exit investments upon business

plan completion.

• Actively managing property-level debt to take advantage of

competitive financing market and enhance returns.

• No cross-collateralization across the portfolio.

• Only non- or limited-recourse debt is utilized, limiting

exposure to the Fund as a whole.

Hedged69.6%

Unhedged30.4%

KF-Series8.9%

Swapped22.6%

Capped38.1%

Composition

• Average coupon of 4.09% on existing debt of

approximately $745 million.

• 2.44 year weighted average maturity, not including

available extension options; and 3.38 years with

extension options.

• Debt service coverage ratio of 2.28x.

Fund Debt Exposure

Data as of March 31, 2020. Use of leverage may create additional risks. KF-Series represents investments in Freddie Mac multi-family, floating-rate, mortgage backed certificates. Please refer to the disclosures at the end of this

presentation.

6. B.

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Strategic Portfolio Construction and Investment Approach


Property Sector Focus – Primary long-term focus on industrial and multi-family with selective opportunity-driven investment in office, retail, and other property sectors

Market Allocation – Continued portfolio diversification targeting major institutional markets emphasizing ARA’s high conviction markets with strong real estate fundamentals

Submarket Targets – Established or emerging where demand is expected to outpace supply due to job growth, industry composition, demographic trends, and/or barriers to entry

Investment Selection – Opportunity driven with relative value discipline and active investment management implementation

Leverage Strategy – Enhance returns through property-level debt management that aligns with individual investment plans

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Strategic Investment Focus: Industrial


Existing Holdings as of March 31, 2020.

Reposition, redevelop, or develop into strong tenant

demand from expansion of online commerce.

• Acquire older infill vacant or soon-to-be vacated space at a

discount and redevelop to meet tenant distribution

requirements or convert to a higher and better use.

• Target recently completed vacant or partially vacant buildings

with pricing at a discount to comparable stabilized properties.

• Develop new product to address changing supply chain

logistics requirements, including small- to medium-bay

warehouse.

• Focus on major distribution hubs, last mile distribution, and

on-shoring target markets with excellent transportation and

labor supply access.

• Exit to core buyers after long-term credit leases are in place.

• Monitor and evaluate supply and demand fundamentals for

market, submarket, and product type selection.

Existing Holdings MSA Strategy

NorthPark Distribution Center St. Louis Development

Clayton Commerce Center Atlanta Lease-Up

The Quad at North Cambridge Boston

Land Assemblage

Interim Income

Entitlement

Fairway North Logistics Houston Development

Berks 61 and 222 ReadingDevelopment

Portfolio Aggregation

Skyline Commerce Center Dallas Development

• Tactical Strategy: Strong overweight.

• Build portfolio allocation after successful dispositions –

target up to 30%.

• Investment sizes tend to be smaller.

• Competitive market in terms of land or building pricing.

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Strategic Investment Focus: Multi-family



Capitalize on long-term rental housing demand trends.

• Overweight markets with a stronger outlook for employment

growth, higher barriers to entry, and lower housing affordability.

• Capture the growing demand from Millennials, aging Baby

Boomers, and single living through thoughtful community and

product design.

• Seek out recapitalization opportunities and low-basis

acquisitions from motivated sellers.

• Structure defensively with subordinate debt/preferred equity

structures to limit downside risk.

• Reposition well-located assets acquired below replacement

cost and enhance through interior unit and common area

upgrades while maintaining a post-renovation rent spread to

new product.

• Focus on urban infill locations, emerging submarkets, and

close-in suburban areas that are transit-oriented with high walk

scores and proximate to amenities and employment nodes.

• Monitor redevelopment and development opportunities and

evaluate on a very selective basis.


Boston East BostonDevelopment

Emerging Submarket

KFRED 17 VariousFloating Rate Debt

Mortgage Pool


Mortgage Pool

5 MLK (Mixed-Use) PortlandDevelopment

Emerging Submarket

Lincoln at Old Town Washington, DC Repositioning

Arrowhead Summit Phoenix Repositioning


Mortgage Pool

Broadstone

Memorial ParkHouston

Development

Emerging Submarket

Lower Greenville Dallas Development

• Tactical Strategy: Slight overweight due to attractive

long-term fundamentals.

• Submarket selection and micro-market evaluation of

existing fundamentals and supply trends is critical.

• Selective with focus on high conviction target markets.

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Strategic Investment Focus: Office



Reposition or redevelop to respond to changing tenant

requirements while strengthening tenant credit and creating

durable income.

• Identify opportunistic entry points and recapitalization

opportunities.

• Reposition assets at a discount to replacement cost and re-

tenant with credit tenants using long term leases.

• Selectively develop creative or more functional office space

with amenities and physical attributes employers will use to

attract and retain talent.

• Focus on employer-targeted downtown areas, high amenity

close-in suburban locations, or emerging suburban satellite

location nodes.

• Target lease-up opportunities utilizing long-term leases

providing greater cash flow durability and ability to exit to core

buyers.

• Carefully evaluate tenant-credit and industry composition of

market and tenants.

• Overweight markets with strong office employment growth

drivers, institutional liquidity, and barriers to entry.


Oak Brook Regency Towers Chicago Repositioning

1130 Connecticut Ave Washington, DC Repositioning

30 Montgomery Street New York Repositioning

321 North Clark Chicago Repositioning

Sawgrass Lake Center Ft. LauderdaleLease-Up

Repositioning

Sawtelle Olympic Campus Los Angeles Redevelopment

Sixth + Main Portland Repositioning

• Tactical Strategy: Underweight.

• Reduce portfolio allocation to 30% target over time.

• Very selective – must present a compelling risk-adjusted

return.

6. B.

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Strategic Investment Focus: Retail



Focus on centers with grocery-anchor components and

monitor for attractive distressed opportunities.

• Near term focus on distressed property or note purchase

opportunities and mitigating risk on existing holdings.

• Target grocery-anchored or power centers that are mispriced

due to lack of current investor demand but that have long-term

staying power and high levels of current income.

• Acquire at a significant discount to replacement cost and re-

tenant retail centers with vacant anchors or re-merchandizing

opportunities in superior locations.

• Focus on centers in infill/close-in locations with attractive

income and density levels.

• Emphasize assets that can be repositioned and/or densified

with alternative complementary uses to reduce the existing

retail footprint.

• Focus on retaining or attracting anchors/junior anchors with

compelling long-term same store sale trends, resilient credit

profiles, and online commerce resistant product offerings.


The Court at Deptford Philadelphia Lease-Up

The Shoppes at South Hills New YorkLease-Up

Redevelopment

Dublin Place Oakland

Repositioning

Redevelopment

Assemblage

Ballantyne Village CharlotteRepositioning

Redevelopment

The Village at Allen DallasRepositioning

Redevelopment

Edens Collection Chicago Development

• Tactical Strategy: Underweight.

• Reduce allocation to 15% target.

• Highly selective – must pick winners versus losers and

have a high risk-adjusted return.

6. B.

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Strategic Investment Focus: Other



Consider other property sectors expected to outperform on a

selective basis.

• Selectively target alternative property sectors if structural trends

indicate potential for cap rate compression and increased returns

due to tenant and investor demand growth.

• Self Storage – Development or portfolio acquisition or

recapitalization opportunities.

• Medical Office, Office/Lab – Locations near medical or scientific

research centers to capitalize on aging Baby Boomer

demographics.

• Data Center - Acquisition or development to capture increasing

demand for data storage.

• Hotel – Higher-return mezzanine debt with capitalized interest

reserve or discounted note purchase opportunities.

• Land – Discounted land entitlement/assemblage place-making

opportunities with interim income.


Silicon Valley Campus

Creation San Francisco

Land Assemblage

Entitlement

Interim Income

Town and Country Hotel San DiegoRedevelopment

Mezzanine Debt

• Tactical Strategy: Add exposure, but limit to maximum

10% portfolio allocation.

• Highly selective – must have high risk-adjusted return.

• Be opportunistic with unique opportunities.

• Prove out structural trends and demand for the

alternative property sector with additional detailed

research.

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Sourcing: Disciplined and Targeted Approach


Data as of December 31, 2019.

• Investment plan guides strategy and portfolio

construction.

• Investment selection drives performance.

• Recent focus on industrial and multi-family.

• Highly selective and opportunity-driven approach

in current transitioning market.

• Industrial expected to outperform.

Targeted Investment Approach

• Seven teams exclusively focused on new investment

sourcing, evaluation and closing.

• Distributive network provides deep regional industry network

and local market knowledge.

• Ability to leverage ARA industry network, operating partner

relationships, and multi-cycle experience.

• Central independent due diligence and closing function.

• Expanding sourcing channels to capitalize on emerging

distress.

Extensive Sourcing Capabilities

Allocated Investments 2017-2019 Sourcing History 2017-2019

Off-Market65%

On-Market

35%

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

Industrial Multi-Family Office Retail Other

2017 2018 2019

$2,120

$4,001

$1,629

$309

$739

66

87

27

9

15

$8.8 Billion Equity204 Investments

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Value Fund Investments - Unrealized Clayton Commerce Center | Ellenwood, GA


Value Investment Strategy: Late Cycle Lease-Up

• Off-market direct acquisition of a recently completed, vacant, 797,580 industrial

distribution/warehouse building.

• Acquired at 20% to 25% discount to core, stabilized comparable values.

• 10-year property tax incentive program lowers tenant operating costs.

• Attractive job tax credits of $4,000 per job for up to five years compared to $1,750

for majority of competing properties.

• Strategy to lease-up and sell to a core institutional buyer at premium pricing.

• Attractive risk-adjusted unlevered return of 10.57% given no property-level debt and

only leasing risk.

Core Quality Product in a Desirable Infill Location

• Class A building with 36’ clear height and cross-dock configuration able to

accommodate leading-edge distribution and racking systems.

• Strong tenant demand for new, highly functional warehouse product.

• South Atlanta infill location with superior close-in truck access to the greater Atlanta

market and direct access to major highways and the Atlanta international airport.

Acquisition Highlights:

Quarter Acquired Q2 2018

Asset Type Industrial

Year Built 2018

Size (SF) 797,580

Projected Cost (Post Lease-Up) $46.0M

Fund Equity $46.0M

Fund Ownership 100%

Underwritten Gross IRR (Unlevered) 10.57%

Underwritten Gross Multiple (Unlevered) 1.21x

The underwritten IRR and equity multiple are estimates based on information available at the time of underwriting and are not a guarantee of future results. Please refer to the performance disclaimer and other disclosures at the


6. B.

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Value Fund Investments - UnrealizedArrowhead Summit | Glendale, AZ




Value Investment Strategy: Late Cycle - Repositioning

• Reposition 412-unit Class B garden-style apartment community.

• Redesign clubhouse, improve amenities, and upgrade unit interiors from original

finishes at an estimated return on cost of 15%.

• Post-renovation rents at a discount to new construction and supported by existing

tenant income levels.

• Partner with a national, vertically-integrated, multi-family firm with extensive

repositioning experience predominantly in the Southeast and Southwest.

• Recapitalization six months after partner’s acquisition with proven rent premiums

and unit upgrade costs.

Excellent Location with Strong Market Fundamentals

• Located within the Phoenix metro in Glendale just off the Loop 101 providing

excellent highway access and an easy commute to major employment centers.

• Major employers in the submarket include American Express, USAA, Safeway,

Honeywell and Banner Thunderbird Health System.

• Attractive rent versus own dynamic from high home prices and highly-rated public

school district.

• Limited new competitive supply under construction or planned within a three-mile

radius.

• Broad range of retail and entertainment amenities within two miles.



Asset Type Multi-family

Year Built/Renovated 1999

Size (Unit/SF) 412

Project Cost (Post Renovation) $72.2M

Fund Equity $20.2M

Fund Ownership 90%

Underwritten Gross IRR (Levered) 10.95%

Underwritten Gross Multiple (Levered) 1.50x

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Value Fund Investments - Unrealized Boston East | Boston, MA


Value Investment Strategy: Mid Cycle Development Emerging Market

• Transit-oriented, Class A, mid-rise, urban multi-family development located on the

waterfront in the rapidly gentrifying East Boston neighborhood.

• Value proposition with rent levels at a 30% discount to recently constructed comparable

properties in central Boston and the Seaport district and 13% designated affordable

including artist live/work units.

• Joint venture with a well-regarded, Boston-based, regional developer.

• Risk-mitigated with fully entitled project, Guaranteed Maximum Price construction

contract and developer completion and hard cost overrun guarantees.

• Favorable total project cost at $361,000/unit compared to $500,000/unit for an

adjacent project.

• Projected stabilized return on cost is 5.5% compared to current cap rates for

comparable properties in the low to mid 4.0% range.

• Exit to institutional buyer after stabilization and emerging market maturity.

Emerging Submarket Proximate to Significant Demand Drivers

• Centrally-located urban, infill, emerging submarket with historical significance and

attracting new multi-family, retail and city infrastructure improvements.

• High barriers to entry with Boston’s difficult entitlement process and limited multi-family

sites for development.

• Adjacent to urban neighborhood retail amenities including cafes, restaurants, Shaw’s

supermarket and CVS

• Within a five-minute walk to the Maverick subway station and minutes from Boston’s

highway network and the airport with easy access to Boston’s employment districts.

• Waterfront location with direct harbor and city skyline views.



Asset Type Multi-family

Year Built 2018

Size (Units) 200

Acreage 7.15

Development Cost $72.1M

Fund Equity $23.8M

Fund Ownership 90%

Underwritten Gross IRR (Levered) 11.29%

Underwritten Gross Multiple (Levered) 1.63x



6. B.

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Value Fund Investments - RealizedCherry Logistics Center | Newark, CA


The Realized IRR and equity multiple are not a guarantee of future results of other Fund investments. Please refer to the performance disclaimer and other disclosures at the end of this presentation.



Quarter Sold Q3 2014

Asset Type Industrial

Year Built 2014

Size (SF) 574,647

Acreage 29.14

Realized Development Cost $53.0M

Realized Fund Equity $11.0M

Fund Ownership 45.0%

Realized Gross IRR (Levered) 41.72%

Realized Gross Multiple (Levered) 1.88x

Value Investment Strategy:

Early/Mid Cycle Development Market Recovery

• Early market recovery strategy to capitalize on surging “last mile” distribution demand

for new state-of-the-art industrial in the Bay Area.

• Identified 29-acre site, a Georgia-Pacific lumber yard, ideally suited for industrial

redevelopment.

• Partnered with an experienced regional developer to design and develop the project.

• Existing industrial zoning, in-place environmental approvals, low fees and a business-

friendly municipality provided favorable entitlement dynamic.

• Developed a LEED Silver certified, distribution facility.

• Risk-mitigated with a guaranteed maximum price construction contract and developer

completion and cost overrun guarantees.

• Targeted a Fortune 50 e-retailer

• Sold to an institutional core buyer.

Infill Distribution Market with Strong Pent-Up Demand

• Unique, irreplaceable site in the East Bay proximate to key transportation hubs

• Located in the I-880 Corridor, an established distribution market with high

population density and close to the Port of Oakland.

• Strong demand for high quality industrial given age and functionality of current stock

and minimal new product for the past 13 years.

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Value Fund Investments - RealizedTerrace Tower | Greenwood Village, CO


The Realized IRR and equity multiple are not a guarantee of future results for other Fund investments. Please refer to the performance disclaimer and other disclosures at the end of this presentation.

Value Investment Strategy:

Early Cycle Distressed Note Purchase/Recapitalization Repositioning

• Purchase of performing senior note at a discount to par value and a 64% discount

to estimated replacement cost.

• Sourced directly from senior lender in coordination with capital constrained

borrower.

• Recapitalized and transferred ownership at closing to newly formed equity joint

venture with existing GP equity operating partner.

• Secured new senior floating-rate financing at 60% loan-to-cost and hedged with

purchase of a LIBOR cap.

• Cash constrained owner was a closed-end fund that could not fund leasing costs

and capital improvements to create additional value.

• Collateral consisted of an 83% leased Class A-/B+ office building with an adjacent

parking structure and a 5.45-acre undeveloped parcel of land.

• Repositioned asset with $2.3 million of value-enhancing capital improvements and

deferred maintenance projects to improve marketability and stabilize.

• Aggressively marketed, leased and stabilized.

• Sold office building and land separately to Greenwood Village to maximize

proceeds.

Transit-Oriented with Target Financial Industry Employment

• Central Denver Tech Center location, directly fronting Interstate 25 with direct and

immediate access to the Orchard light rail station.

• 23% employment concentration in finance, insurance, and real estate (FIRE) sectors

within three miles of the property.

• Recovering suburban Denver office market with effective rents 13% below long-term

trend providing significant rent upside and protection from new construction.



Quarter SoldQ1 2012 (Building)

Q4 2013 (Land)

Asset Type Office

Year Built/Renovated 1984/2000

Size (SF) 242,610

Realized Project Cost $21.6M

Realized Fund Equity $8.0M

Fund Ownership 78%

Realized Gross IRR (Levered) 38.83%

Realized Gross Multiple (Levered) 2.07x

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Key Terms


1. Calculation based on percentage of Net Asset Value.

2. The Asset Management Fee is based on Net Asset Value as outlined in the Fund’s Limited Partnership Agreement. In addition, there are other fees that may be paid under certain circumstances consisting of a cash management fee of

0.10% of a partner’s pro rata portion of “Average Excess Cash” (as defined in such Agreement) and an acquisition fee of 0.60% of the gross debt and equity capitalization of new investments. The acquisition fee is typically paid by the Fund

but may be paid by a transaction counterparty. Please carefully review such Agreement for a description of these fees.

Data as of March 31, 2020. Note that there is no guarantee that the above return objective will be achieved over any specific time period. Please refer to the performance disclaimer and other disclosures at the end of this presentation.

FUND STRUCTURE: Open-end commingled real estate fund structured as a Delaware Limited Partnership.

SPONSOR:American Realty Advisors registered in 1990 with the U.S. Securities and Exchange Commission as an investment adviser under

the Investment Advisers Act of 1940.

MINIMUM INVESTMENT: $2 million.

RETURN OBJECTIVE: Target a portfolio of investments that generate gross leveraged internal rates of return of 11%-14%.

LEVERAGE: Maximum leverage of 65% at the portfolio level. Target leverage of 40-50%.

VALUATION: Quarterly independent valuations.

CO-INVESTMENT1: ARA has co-invested 2.44% ($29.0 million) in the Fund to align firm interests with Limited Partners.

PROPERTY TYPES: Industrial, multi-family, office, retail, and other select property sectors.

TERM: Perpetual.

ASSET MANAGEMENT FEE2:

• 1.25% - First $10 Million

• 1.20% - Next $15 Million

• 1.10% - Next $25 Million

• 1.00% - Thereafter

The asset management fee is charged on the net asset value of invested assets only

There are no commitment fees.

HURDLE RATE: 10% net, per annum, compounded, on unreturned capital contributions.

PREFERRED RETURN:ARA can earn a 20% performance fee after achievement of the Hurdle Rate over a three-year period as provided in the Limited

Partnership Agreement. There is a clawback on the incentive fee if at the end of each three-year period the return does not meet

the hurdle.

REDEMPTIONS: Quarterly.

6. B.

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Why Invest in the Value Fund?A Dedicated Investment Manager with an Exclusive Focus On Real Estate


Information in this slide is as of March 31, 2020. The asset level target return is an estimate based on information available at the time of underwriting and is not a guarantee of future results. Please refer to the performance disclaimer and

other disclosures at the end of this presentation.

Competitive Advantages

Cycle-Tested Value Investment Track Record

• Varied tactical value investment strategies employed across the cycle.

• Moderate leverage, non-core strategy.

• Primary market focus and leaning to ARA’s high conviction markets.

• Focus on capital preservation and exit liquidity.

Pure Play Strategy and Execution

• Maintains fidelity to ARA’s core beliefs of a conservative investment approach and emphasis on

discipline and conviction in terms of property type and market selection biases.

• Non-barbell approach, which is significantly different from other non-core open-end fund strategies.

• Firm-level long-term core-plus / value-added track record of success.

Open-End Structure OffersGreater Flexibility

• The structure is tailored to the investment strategy that features patient capital, low leverage, a

conservative approach, and relatively liquid assets.

• Offers investors the flexibility to participate in a private real estate market investment opportunity as it

changes throughout a full market cycle.

• Investors do not have to re-underwrite a manager every few years, and can make adjustments to their

allocation, adding or redeeming based on their view of the opportunity set and their intrinsic asset

allocation decisions.

Attractive Risk / Return Profile

• Highly visible and risk-mitigated portfolio of assets at various points of maturity, liquidity, and risk.

• 86.5% leased portfolio generating substantial income: currently at 3.7-4.9%.

• Investor-friendly fee structure, with a high hurdle rate of 10% net within a six-year overall time frame.

Alignment of Interests• To date, the GP has invested 2.4% in the Fund.

• 10% net hurdle rate – much higher than current market levels.

6. B.

Appendix

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COVID-19 Response and Portfolio Status


• Established Business Continuity and Recovery Back-up Plan implemented in reaction to COVID-19.

• In-place technology system provided seamless “work from home” environment since March 16, 2020.

• Dedicated to frequent and transparent communication with clients and consultants regarding COVID-19 impacts on the

economy and portfolio.

• Recent focus on existing portfolio to mitigate impacts and risk.

• Retail holdings have been priority.

• Seeking loan modifications with lenders of impacted assets including debt service payment deferral, loan term

extensions, and debt covenant testing waivers.

• Re-evaluated planned 2020 dispositions.

• Clayton Commerce (Industrial, Atlanta) bidding in April and target closing in June with all-cash institutional buyer.

• NorthPark Distribution (Industrial, St. Louis) target in fourth quarter.

• Other dispositions on hold.

• $428 million in cash and unfunded commitments as of March 31, 2020 available for Fund cash flow requirements and

new investment opportunities.

• Minimal redemption requests.

• Continued focus on sourcing and shifting tactical value investment strategy in response to changing market.

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Fund Strategy Outlook


• Value investment strategy remains opportunity driven with a focus on risk mitigation and capital preservation.

• Fund has been conservatively positioned over recent years given the late cycle environment.

• Strategically targeted industrial and multi-family with focus on reducing office and retail exposure.

• Focus on tenant credit and extending weighted average lease term.

• Primary market discipline with research-based target submarkets expected to outperform.

• Reduced Fund leverage to 37.9%.

• Property-level debt

• Primarily floating rate – low interest rate environment enhances returns.

• Shifting strategy to focus on early-cycle tactical value investment strategies.

• Continued focus on industrial due to expected outperformance.

• Opportunistic approach with other property sectors.

• Target recapitalization, distressed property and note purchases, and low-basis recovery strategies.

• Expanding sourcing channels and leveraging ARA expansive industry network.

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Advantages of the Open End Structure


• Transparency vs. Blind Pool

• Invest in an established portfolio with assets at all stages of the strategy life cycle vs. an unknown blind pool.

• Maintain Your Allocation

• Control desired allocation to value-add real estate rather than being dependent on a closed-

• Ease of Administration

• Underwrite and review legal documentation for one fund.

• Only requires reporting and monitoring for one fund.

• Liquidity*

• Maintain a quarterly liquidity option.

•

• Immediate access to a diversified portfolio without paying commitment fees prior to building that exposure.

• No Fund Life Time Constraints

• Investment decisions and timing are not dependent on the life cycle of a closed-end fund.

*After 1 year. Please review the Fund’s Private Placement Memorandum and Amended and Restated Agreement of Limited Partnership.

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Summary of Holdings


1. Includes Dublin Place, Dublin Place - PetSmart Assemblage and Dublin Place - 7300 Amador Plaza Assemblage.

2. Investment in mortgage-backed certificates.

3. Unlevered underwritten returns and multiples.

4. Development.

5. Square footage includes 117,000 sf of office space and 15,000 sf of retail.

Information shown above reflects the Fund’s effective ownership share of the gross fair value of the real estate investment. All active investments above are joint ventures other than Oak Brook Regency Towers, Dublin Place Shopping Center,

Clayton Commerce Center, Town and Country Hotel, and investments in mortgage-backed certificates. Joint-venture investment partnerships are accounted for using the equity and the consolidated methods. The underwritten IRR and equity

multiple are estimates based on information available at the time of underwriting and are not a guarantee of future results. It is important to understand that investments of the type made or to be made by the Fund pose the potential for loss of

capital over any time period. Many factors affect fund performance, including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any

investment, will fluctuate, so that, when an investment is sold, the amount received could be less than what was originally invested. Please refer to disclosures at the end of this presentation.

Active Investments Location/MSAInvestment

DateProperty

TypeSF/Units

Gross Fair Value

UnderwrittenGross IRR

UnderwrittenGross Multiple

Oak Brook Regency Towers Chicago, IL 07/06/2011 Office 442,403 $102,000,000 12.1% 1.71x

1130 Connecticut Avenue Washington, DC 11/15/2011 Office 229,776 $67,000,000 11.5% 1.67x

The Court at Deptford Philadelphia, PA 05/16/2014 Retail 361,036 $34,056,400 12.7% 1.45x

The Shoppes at South Hills New York, NY 12/15/2014 Retail 517,450 $39,167,503 13.4% 1.71x

Dublin Place1 Oakland, CA 03/31/2015 Retail 309,106 $78,599,091 12.6% 1.59x

Boston East Boston, MA 12/23/2015 Multi-Family 200 units $79,246,084 11.3% 1.63x

KFRED 172,3 National Portfolio 06/23/2016 Multi-Family Various $17,276,218 10.3% 1.71x

30 Montgomery Street New York, NY 07/06/2016 Office 315,452 $129,025,294 11.0% 1.66x

321 North Clark Street Chicago, IL 08/19/2016 Office 906,091 $174,930,558 11.0% 2.36x

NorthPark Distribution Center St. Louis, MO 09/09/2016 Industrial 537,753 $34,443,999 12.0% 1.68x

Sixth + Main Portland, OR 01/06/2017 Office 383,394 $117,909,006 13.0% 1.76x

Ballantyne Village Charlotte, NC 04/25/2017 Retail 158,718 $44,026,049 15.5% 1.95x


5 MLK4, 5 Portland, OR 11/15/2017 Mixed-Use220 units

132,000 SF$71,750,826 11.8% 1.58X

The Village at Allen Dallas, TX 12/21/2017 Retail 849,602 $173,124,170 14.6% 1.76x

Lincoln at Old Town Washington, DC 03/26/2018 Multi-Family 403 units $149,150,000 14.8% 1.49x


6. B.

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Summary of Holdings


6. Development.

7. Investment in mortgage-backed certificates.

8. Unlevered underwritten returns and multiples.

9. Includes pre-development strategy component with interim income.

10. Mezzanine debt Investment.

11. Weighted average based on Net Fair Value (Effective Ownership %).

Information shown above reflects the Fund’s effective ownership share of the gross fair value of the real estate investment. All active investments above are joint ventures other than Oak Brook Regency Towers, Dublin Place Shopping Center,

Clayton Commerce Center, Town and Country Hotel, and investments in mortgage-backed certificates. Joint-venture investment partnerships are accounted for using the equity and the consolidated methods. The underwritten IRR and equity

multiple are estimates based on information available at the time of underwriting and are not a guarantee of future results. It is important to understand that investments of the type made or to be made by the Fund pose the potential for loss of

capital over any time period. Many factors affect fund performance, including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any

investment, will fluctuate, so that, when an investment tis sold, the amount received could be less than what was originally invested. Please refer to disclosures at the end of this presentation.


Active Investments Location/MSAInvestment

DateProperty

TypeSF/Units

Gross Fair Value

UnderwrittenGross IRR

UnderwrittenGross Multiple

Sawgrass Lake CenterFort Lauderdale,

FL03/27/2018 Office 240,238 $56,075,156 14.0% 1.78x

Arrowhead Summit Phoenix, AZ 03/30/2018 Multi-Family 412 units $70,131,064 11.0% 1.50x

Clayton Commerce Center8 Atlanta, GA 06/26/2018 Industrial 797,580 $55,900,000 10.6% 1.21x

Sawtelle Olympic Campus9 Los Angeles, CA 07/30/2018 Office 84,850 $74,005,000 15.5% 1.60x

The Quad at North Cambridge Square8,9 Boston, MA 08/01/2018 Industrial 145,491 $85,310,000 13.6% 1.34x

Edens Collection6 Chicago, IL 10/31/2018 Retail 142,734 $49,027,695 11.6% 1.68x


Fairway North Logistics Park6 Houston, TX 03/22/2019 Industrial 774,560 $10,984,916 12.2% 1.70x

Silicon Valley Campus Creation8,9 San Francisco, CA 04/30/2019 Land 17.46 acres $40,684,399 27.1% 2.13x

Berks 61 and Berks 2226,8 Reading, PA 05/03/2019 Industrial 597,600 $36,172,756 9.6% 1.48x

Town and Country Hotel8,10 San Diego, CA 06/14/2019 Hotel 688 rooms $35,664,329 15.3% 1.56x

Broadstone Memorial Park6 Houston, TX 07/29/2019 Multi-Family 358 units $27,766,295 11.5% 1.68x

Lower Greenville6 Dallas, TX 1/23/2020 Multi-Family 236 units $13,623,480 11.8% 1.62x

Skyline Commerce Center6 Dallas, TX 3/4/2020 Industrial 198,109 $3,708,514 12.8% 1.41x

TOTAL $1,925,473,438 12.8% 11 1.66x 11

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Realizations: Demonstrated and Consistent Results


1. Preferred equity redemption.

2. Includes eight properties that were sold between December 15, 2017 and September 24, 2019.

Information shown above reflects the effective ownership share of the gross fair value of the real estate investment less the gross fair value of any mortgage loan. Joint-venture investment partnerships are accounted for using the equity method. The

asset level performance information above is not a guarantee of future results. The performance information does not reflect investment management fees and other fees which are charged at the Fund level. Please refer to the performance disclaimer

and other disclosures at the end of this presentation.

Realized Investments MetroInvestment

DateProperty

TypeDisposition

DateRealized

Gross IRRRealized

Gross MultipleUnderwritten

Gross IRRUnderwritten Gross Multiple

Jasmine Distribution Center

Inland Empire, CA 09/29/2010 Industrial 04/29/2011 50.0% 1.30x 10.1% 1.53x

Terrace Tower Denver, CO 12/30/2009 Office 02/22/2012 38.8% 2.07x 14.9% 1.66x

Cherry Logistics Center Oakland, CA 09/19/2012 Industrial 09/24/2014 41.7% 1.88x 11.8% 1.67x

1221 City Center Oakland, CA 12/11/2012 Office 12/18/2015 15.4% 1.49x 12.9% 1.77x

York Logistics Center York, PA 03/03/2014 Industrial 03/29/2016 45.5% 2.15x 14.7% 1.53x

1401 South State Street Chicago, IL 09/27/2012 Multi-Family 10/27/2016 18.1% 1.90x 14.6% 1.70x

Portofino at Las Colinas Dallas, TX 05/17/2012 Multi-Family 12/29/2016 12.5% 1.62x 14.6% 1.68x

601 Marshall1 San Francisco, CA 03/30/2016 Office 08/30/2017 20.5% 1.22x 13.2% 2.67x

Altera Highland Phoenix, AZ 12/18/2014Multi-

Family10/20/2017 15.6% 1.47x 12.5% 1.74x

10 Chandler Industrial Park

Phoenix, AZ 01/25/2011 Industrial 01/5/2018 12.2% 2.14x 9.1% 1.52x

Hayward 92 Industrial Center

Oakland, CA 06/05/2014 Industrial 03/19/2018 29.2% 2.14x 12.9% 1.61x

Vue 321 Philadelphia, PA 03/04/2016 Multi-Family 06/13/2018 14.7% 1.25x 12.3% 1.63x

Denver Regional Portfolio2 Denver, CO 02/10/2015 Office 09/24/2019 16.2% 1.53x 15.1% 1.88x


6. B.

Appendix | American Realty Advisors www.aracapital.com

p. 49

Value Added Commingled Real Estate Investments Composite

COMPOSITE RETURN DATA NFI-ODCE+200 bps COMPOSITE STATISTICS AT YEAR-END

Gross-of-Fees Net-of-Fees Gross-of-Fees# of

Accounts **

Composite Assets

($ Millions)

Total Firm Net Assets*

($ Millions)

% Externally AppraisedYear Total Return Income Appreciation Total Return Total Return

2019 9.62% 3.73% 5.74% 8.41% 7.34% 1 1,129 7,387 100%

2018 10.31% 4.20% 5.93% 8.86% 10.35% 1 855 6,784 100%

2017 11.52% 6.09% 5.20% 9.68% 9.62% 1 586 6,177 85%

2016 13.18% 5.13% 7.75% 11.08% 10.77% 1 511 6,067 100%

2015 22.91% 4.61% 17.69% 18.80% 17.02% 1 354 5,588 99%

2014 13.77% 3.34% 10.20% 11.54% 14.50% 1 257 5,083 98%

2013 12.23% 6.03% 5.94% 10.72% 15.94% 1 168 4,385 100%

2012 11.68% 7.07% 4.38% 10.14% 12.94% 1 152 3,853 97%

2011 15.51% 4.39% 10.67% 13.17% 17.99% 1 95 3,496 73%

2010 27.39% 6.37% 19.98% 22.22% 18.36% 1 28 2,718 54%

Annualized Returns3 Year 10.48% 4.67% 5.62% 8.98% 9.09%

5 Year 13.41% 4.75% 8.36% 11.30% 10.97%

7 year 13.29% 4.73% 8.27% 11.25% 12.17%

Since Inception

12/30/200914.75% 4.63% 9.74% 12.45% 13.40%

COMPLIANCE STATEMENT: American Realty Advisors (“ARA”) claims compliance with the Global Investment Performance

Standards (GIPS®) and has prepared and presented this report in compliance with GIPS. ARA has been independently verified

for the periods January 1, 2001 through December 31, 2019. The verification report is available upon request. Verification

assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-

wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the

GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

THE FIRM: ARA is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment

Advisers Act of 1940, as amended.

THE COMPOSITE: The Value-Added Commingled Real Estate Investments Composite was created on December 30, 2009 and

consists of all fully discretionary open-ended commingled fund real estate portfolios managed by the firm using a value-added

strategy. ARA defines a Value-Added portfolio as one consisting of real estate assets that have not reached full stabilization or

that involve efforts to increase value and that tend to have more inherent risk than Core or Enhanced Equity portfolios.

Investments in a Value-Added portfolio are made primarily in direct real estate or joint ventures formed to invest in real estate

(excluding speculative land investments – but include entitled land pending development) that is in various stages of

development, mezzanine debt, and other similar investments nationwide, in or near major markets with above average growth

potential. ARA defines a discretionary portfolio as any portfolio over which ARA has full discretion regarding investment

decisions. The firm defines a non-discretionary portfolio as any portfolio over which ARA does not have full discretion regarding

investment decisions. The firm maintains a complete list and description of composites, which is available upon request.

BENCHMARK: For the period beginning January 1, 2010 through December 31, 2012 the composite was benchmarked against

the NFI-AVAI. NFI-AVAI returns included leverage and were shown before (gross) the deduction of investment management fees.

The NFI-AVAI should not be relied upon as an exact measure of comparison since this composite was invested in substantially

fewer assets over that time period and the weightings of each property type differed between the two in each measurement

period. In 2013, NCREIF discontinued the NFI-AVAI. As a result, for the period beginning January 1, 2013 through December 31,

2015, the composite was benchmarked against the NCREIF Fund Index Closed-End Value-Add (NFI-CEVA) benchmark. NFI-CEVA

returns are presented by NCREIF in preliminary status, and remain subject to revision. The NFI-CEVA should not be relied upon

as an exact measure of comparison since this composite does not include open-end funds or separate accounts. Previously

reported NFI-AVAI and NFI-CEVA returns were subject to revision because both benchmarks were reported on a lagged quarter

basis and NCREIF sometimes restated each index to include the addition of new funds. Therefore, the annual benchmark returns

reported in this disclosure presentation may be different than previously reported and supersede benchmark returns reported on

prior disclosure presentations. Commencing January 1, 2016, due to the lack of depth in the NFI-CEVA index, the composite

was benchmarked against the NCREIF Fund Index – Open-End Diversified Core Equity (NFI -

ODCE) Value Weight Index plus two hundred basis points. NFI-ODCE plus 200bps returns are value-weighted and shown

leveraged before the deduction of any fees. As of January 1, 2019, the NFI-ODCE plus 200bps benchmark is being applied

retroactively to show performance against such benchmark.

LEVERAGE: In some cases, the use of leverage is a significant component of the value-added investment strategy. Fixed or

floating rate debt may be used. Interest rate caps and swaps may be used when obtaining variable rate debt with the intention

of fixing the variable rate when favorable. The firm’s leverage strategy takes into account a wide variety of factors and considers

risks associated with the development, operating and leasing strategies of the underlying investments. Total leverage on this

composite does not exceed 65% of the greater of (i) the gross fair value of the assets in each portfolio included in the composite

or (ii) the initial gross investment cost of such assets.

CALCULATION OF PERFORMANCE RETURNS: Performance is stated in U.S. Dollars, is presented gross and net of management

fees and other fees and includes the reinvestment of some income and the effect of cash and cash equivalents. Net of fee

returns are reduced by actual asset management, incentive and other fees and other expenses that may be incurred in the

operation of the real estate and the portfolio. Performance returns are computed using investment level return formulas, which

calculate time-weighted returns for real estate investments by geometrically linking component returns and have been adjusted

for external cash flows. The sum of the income and appreciation may not equal the total return for annualized periods due to the

chain-linking of quarterly returns. Past performance is not a guarantee of future results.

VALUATIONS: The sole portfolio included in the composite consists primarily of real estate, investments in joint ventures invested

in real estate, debt investments secured by real estate, and some cash. Real estate values are based upon independent

appraisals performed on an annual basis quarterly by a third-party valuation manager/appraiser in three quarters of any given

year and by a third-party appraiser in the remaining quarter of such year. The third-party valuation manager/appraiser and the

third-party appraiser are not affiliated with ARA or each other. Consistent with methodologies used by typical institutional

investors, various approaches are considered during the determination of fair value, including the Income Approach, Sales

Comparison Approach, and/or Cost Approach or methods applicable to the asset class and geographic region. Valuations of real

estate involve subjective judgments and unobservable inputs, as the actual fair value price of real estate can be determined only

by negotiations between independent parties in sales transactions. Policies for valuing portfolios, calculating performance, and

preparing compliant presentations are available upon request.

FEES: Asset management fees are payable to ARA quarterly in arrears, based on an annual rate of 1.25% on the first $10 million

invested in a portfolio, 1.20% on the next $15 million, 1.10% on the next $25 million, and 1.00% of any amount in excess

thereof. The management fee on excess cash is 0.10% per annum, paid quarterly in arrears. ARA is also entitled to an

acquisition fee of 0.6% on each new investment which is paid by a transaction counterparty or the fund and an incentive fee,

subject to a clawback, equal to 20% of any amount in excess of a 10% annual internal rate of return calculated over a 3-year

period.

* Assets under management represent the net value of all assets and accounts managed by

American Realty Advisors (“ARA”) (excluding partners' share of equity and debt on partnership

investments and non-real estate debt assets through 12/31/10). Prior to March 31, 2008,

ARA reported total firm assets as the amount of assets under management plus undrawn

capital commitments and noted the amount of such undrawn commitments in a footnote.

Effective March 31, 2008, ARA restated year-end firm assets from 2001-2007 to omit such

undrawn commitments.

** The portfolio in the composite represents an open-end commingled fund.

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This presentation is for your information only and is neither an offer to sell nor a solicitation of an offer to buy any securities or financial instruments. The securities to which this presentation relates have

not been, and will not be registered under the U.S. Securities Act of 1933, as amended, any other U.S. federal or state or non-U.S. securities laws or the laws of any non-U.S. jurisdiction. The information

in these materials is intended solely for “Accredited Investors” within the meaning of Rule 501 of Regulation D under the U.S. Securities Act of 1933 and “qualified purchasers” within the meaning of the

U.S. Investment Company Act of 1940, as amended. Any product or service referred to herein may not be suitable for any or all persons.

The information in this presentation has been obtained or derived from sources believed by American Realty Advisors (“ARA”) to be reliable but ARA does not represent that this information is accurate or

complete. Any opinions or estimates contained in this presentation represent the judgment of ARA at the time this presentation was prepared and are subject to change without notice. They should not

be considered promises or advice. Performance analysis is based on certain assumptions with respect to significant factors that may prove not to be as assumed. You should understand these

assumptions and evaluate whether they are appropriate for your purposes. Performance results are often based on mathematical models that use inputs to calculate results. As with all models, results

may vary significantly depending upon the value of the inputs given. Models used in any analysis may be proprietary, making the results difficult for any third party to reproduce.

No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Photos used in this presentation were selected based on visual appearance,

are used for illustrative purposes only, and are not necessarily reflective of all the investments in the fund or the investments the fund will make in the future. Investments discussed in this presentation

are expected to involve the economic and business risks generally inherent in real estate investments of the type the Fund intends to make. A major risk of owning income-producing properties is the

possibility that the properties will not generate income sufficient to meet operating expenses, to service any loans that are secured by the properties or to fund adequate reserves for capital expenditures.

The income from properties may be affected by many factors, including, but not limited to, fluctuations in occupancy levels, operating expenses and rental income (which in turn may be adversely

affected by general and local economic conditions); the supply of and demand for properties of the type in which the Fund invests; energy shortages; compliance by tenants with the terms of their leases;

collection difficulties; the enactment of unfavorable environmental or zoning laws; Federal and local rent controls; other laws and regulations; and changes in real property tax rates. The marketability

and value of any properties of the Fund will depend on a number of factors beyond the control of the Fund, including, but not limited to, those previously described. Furthermore, there can be no

assurance that a ready market for the properties of the Fund will exist at any particular time, since investments in real properties are generally considered to be more illiquid than publicly-traded

securities. Any return to the investors on their investment will depend upon factors that cannot be predicted at the time of investment, that may be beyond the control of the Fund, or that may be

uninsurable or not economically insurable (such as losses caused by earthquakes, terrorism or floods). Such factors will also affect the return to the investors on their investment.

The description of certain risk factors in this presentation does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Fund. Investors should read the

Fund’s confidential offering memorandum and consult with their own advisors before deciding to subscribe or invest. In addition, as the investment markets and Fund develop and change over time, an

investment may be subject to additional and different risk factors. No assurance can be made that profits will be achieved or that substantial losses will not be incurred.

American Strategic Value Realty Fund is authorized to borrow, as measured immediately after such borrowing, up to 65% of the greater of (1) the sum of the Value Fund’s net asset value and its unfunded

capital commitments and (2) the sum of the Value Fund’s gross investment cost in all of its portfolio investments and its unfunded capital commitments, and the Fund is not required to reduce debt in the

event the total value of its real estate declines. Please review the applicable provisions in the limited partnership agreement and investment policy statement. The use of leverage introduces the risk that

cash flow from properties so encumbered, or from other sources, may not be sufficient to service the secured debt and therefore could result in the loss of equity through foreclosure. This presentation

should be considered confidential and may not be reproduced in whole or in part, and may not be circulated or redelivered to any person without the prior written consent of ARA. This presentation is

intended for Fund investors, their consultants, and prospective investors only. Past performance is not a guide to or otherwise indicative of future results. As with all investments there are associated

inherent risks. The investments made by the Fund and described herein are not FDIC insured, are not bank guaranteed, are not guaranteed by ARA and may lose value.

Performance Disclaimer: Performance information is considered supplemental information and complements the attached Value Added Commingled Real Estate Investments Composite performance.

Any performance or projection may not be reflective of the actual performance returns experienced by any one investor. It is important to understand that investments of the type made by the fund pose

the potential for loss of capital over any time period. Many factors affect fund performance, including changes in market conditions and interest rates in response to other economic, political, or financial

developments. Investment returns, and the principal value of any investment, will fluctuate, so that, when an investment is sold, the amount received could be less than what was originally invested or

that estimated at the time the investment was made. Use of leverage may create additional risks.

Disclosures

6. B.

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51


NFI-ODCE Benchmark Information: The NFI-ODCE Value Weight (“NFI-ODCE” or “ODCE”) is an unmanaged index published by the National Council of Real Estate Investment Fiduciaries (“NCREIF”). NFI-

ODCE total returns are shown before (gross) and after (net) the deduction of any investment management fees and other fees. Although the Fund may invest in similar property types as the NFI-ODCE,

the weighting of each property type will differ from the NFI-ODCE in any measurement period.

NPI Benchmark Information: NPI is the NCREIF Property Index, an unmanaged index published by NCREIF. Although the Fund may invest in similar property types as the NPI, the weighting of each

property type will differ from the NPI in any measurement period.

This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to future financial or business performance, strategies

or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current,"

"intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should,"

"could," "may" or similar expressions. American Realty Advisors (“ARA”) cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time.

Forward-looking statements speak only as of the date they are made, and ARA assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially

from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously disclosed in the Fund’s disclosure documents and those identified elsewhere in this presentation, the following factors, among others, could cause actual results to differ

materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies by ARA on behalf of the Fund and/or by

others in its industry; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets; (3) the relative and absolute investment performance and

operations of the Fund’s investments; (4) the impact of increased competition in the financial, capital and real estate markets; (5) the impact of capital improvement projects in the real estate markets;

(6) the impact of future acquisitions and divestitures by the Fund, its competitors and other participants in the financial, capital and real estate markets; (7) the favorable or unfavorable resolution of

legal proceedings affecting the Fund’s investments; (8) the impact, extent and timing of technological changes; (9) the impact of legislative and regulatory actions and reforms and increasing regulatory,

supervisory or enforcement actions of government agencies relating to the Fund’s investments; (10) terrorist activities or the impact of pandemics and other public health emergencies, which may

adversely affect the general economy, real estate, financial and capital markets and specific industries; (11) the ability of ARA to attract and retain highly talented professionals; and (12) the impact of

changes to the tax code and tax legislation in general.

Disclosures

6. B.

Printed in-house

Headquarters Office 515 S. Flower St.

49th Floor

Los Angeles, CA 90071

T 213.233.5700F 213.947.1480

LOS ANGELES | CHICAGO | ORLANDO | PHILADELPHIA | SAN FRANCISCO | WESTPORT

For More Information, Please Contact:

Jay Butterfield | Los Angeles, CA213.233.5743

[email protected]

6. B.

american strategic value realty fund - granicus

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