DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

y>h^/s>zK&&Zd ΨϯϬϬϬϬϬϬ &ŽƌŵŽƌĞŝŶĨŽƌŵĂƟŽŶĐŽŶƚĂĐƚ WdZ/<^hZ ϮϬϲϯϮϱϵϯϬϬ ƉĂƚΛĞŚŝƌĞĂůĞƐƚĂƚĞĐŽŵ

,/Z>^dds/^KZ^ dǁŽhŶŝŽŶ^ƋƵĂƌĞ ϲϬϭhŶŝŽŶ^ƚƌĞĞƚ^ƵŝƚĞϰϮϱ ^ĞĂƩůĞtϵϴϭϬϭ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

MULTI-FAMILY

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

TABLE OF CONTENTS WƌŽƉĞƌƚLJ,ŝŐŚůŝŐŚƚƐ ............................................................................................................................. Ϭϯ /ŶƚƌŽĚƵĐƟŽŶ ........................................................................................................................................ Ϭϰ DĂƉΘĞƌŝĂů ....................................................................................................................................... Ϭϱ hŶŝƚDŝdžΘŵĞŶŝƟĞƐ ......................................................................................................................... Ϭϲ ŽŶƐƚƌƵĐƟŽŶĞƚĂŝů ............................................................................................................................. Ϭϳ /ŶĐŽŵĞΘdžƉĞŶƐĞWƌŽĨŽƌŵĂ .............................................................................................................. Ϭϴ &ŝŶĂŶĐŝĂůŶĂůLJƐŝƐ^ƵŵŵĂƌLJ ................................................................................................................ Ϭϵ WŚŽƚŽŐƌĂƉŚƐ ....................................................................................................................................... ϭϬ-ϭϱ ƌŽŬĞƌWƌŽĮůĞ ...................................................................................................................................... ϭϲ

WŚŽƚŽ

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

PROPERTY HIGHLIGHTS

¨ ϴ&ŝŶĞůLJƉƉŽŝŶƚĞĚhŶŝƚƐ-ŽŶĚŽŵŝŶŝƵŵYƵĂůŝƚLJ ¨ KƌŝŐŝŶĂůůLJƵŝůƚŝŶϭϵϮϵ ¨ ŽŵƉůĞƚĞZĞŵŽĚĞůŝŶϮϬϬϴ ¨ ϯϳϰйƵƌƌĞŶƚĂƉ ¨ ϰϱϰйDĂƌŬĞƚĂƉ ¨ >ĂƌŐĞϭĞĚƌŽŽŵhŶŝƚƐ-ǀĞƌĂŐĞϳϯϮ^&ĞĂĐŚ ¨ /ŵŵĞĚŝĂƚĞ/ŶĐŽŵĞhƉƐŝĚĞWŽƚĞŶƟĂů ¨ ƌĞĂƚŚƚĂŬŝŶŐtĂƚĞƌsŝĞǁƐ ¨ ŽǀĞĚĞŝůŝŶŐƐΘƌĐŚǁĂLJƐ ¨ 'ŽƌŐĞŽƵƐŽƌŝŐŝŶĂůŚĂƌĚǁŽŽĚŇŽŽƌƐ ¨ 'ƌĂŶŝƚĞ^ůĂďŽƵŶƚĞƌƚŽƉƐ ¨ /Ŷ-ƵŶŝƚtĂƐŚĞƌƐƌLJĞƌƐ ¨ WƌŝǀĂƚĞŽŶ-ƐŝƚĞƉĂƌŬŝŶŐ;ϲ^ƉĂĐĞƐͿ ¨ ϲŽĨϴƵŶŝƚƐĨĞĂƚƵƌĞĚĞĚŝĐĂƚĞĚĚĞŶĂƌĞĂ ¨ &ŽƌŵĂůŝŶŝŶŐĂƌĞĂƐ ¨ džĐĞůůĞŶƚ>ŽĐĂƟŽŶ-YƵĞĞŶŶŶĞtĞƐƚ^ůŽƉĞ ¨ ĂƐLJĂĐĐĞƐƐƚŽŽǁŶƚŽǁŶ^ŽƵƚŚ>ĂŬĞhŶŝŽŶΘ>ŽǁĞƌYƵĞĞŶŶŶĞ ¨ WƌŽǀĞŶZĞŶƚĂůDĂƌŬĞƚǁŝƚŚ,ŝŐŚ,ŝƐƚŽƌŝĐKĐĐƵƉĂŶĐLJ ¨ DĞƟĐƵůŽƵƐůLJDĂŝŶƚĂŝŶĞĚ

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

INTRODUCTION >Kd/KE dŚĞDĐ<ĞĂŶƉĂƌƚŵĞŶƚƐĂƌĞŝĚĞĂůůLJůŽĐĂƚĞĚǁŝƚŚŝŶ^ĞĂƩůĞƐYƵĞĞŶŶŶĞŵĂƌŬĞƚĂƚϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚdŚŝƐĂƐƐĞƚŝƐ ƉĞƌĨĞĐƚůLJ ƐŝƚƵĂƚĞĚ ǁŝƚŚ ĞdžƚƌĞŵĞůLJ ĐŽŶǀĞŶŝĞŶƚ ĂĐĐĞƐƐ ƚŽ^ŽƵƚŚ >ĂŬĞhŶŝŽŶ ƚŚĞ ŽǁŶƚŽǁŶ ^ĞĂƩůĞ ŽƌĞ ĂŶĚ >ŽǁĞƌYƵĞĞŶ ŶŶĞ KůLJŵƉŝĐtĂLJtĞƐƚ ƚƵƌŶƐ ŝŶƚŽ ϭϬƚŚ ǀĞŶƵĞtĞƐƚ ĂŶĚ ƌƵŶƐ EŽƌƚŚ^ŽƵƚŚ ƚŚƌŽƵŐŚ YƵĞĞŶ ŶŶĞ ĐŽŶͲŶĞĐƟŶŐƚŽ>ŽǁĞƌYƵĞĞŶŶŶĞĂŶĚEŽƌƚŚYƵĞĞŶŶŶĞĂŶĚďĞLJŽŶĚdĞŶĂŶƚƐĞŶũŽLJŵĂŶLJƐŚŽƉƐƌĞƐƚĂƵƌĂŶƚƐĂŶĚŵĂũŽƌĞŵƉůŽLJŵĞŶƚ ŚƵďƐ ǁŝƚŚŝŶ ǁĂůŬŝŶŐ ĚŝƐƚĂŶĐĞ ;ǁĂůŬ ƐĐŽƌĞ ŽĨϳϮͿ DĂŶLJŽĨ ƚŚĞtĞƐƚ ĨĂĐŝŶŐƵŶŝƚƐ ĨĞĂƚƵƌĞĐŽŵŵĂŶĚŝŶŐǁĂƚĞƌǀŝĞǁƐŽĨůůŝŽƩĂLJĂƐǁĞůůĂƐĚLJŶĂŵŝĐƐƵŶƐĞƚƐ

/DWZKsDEd^ dŚĞDĐ<ĞĂŶƉĂƌƚŵĞŶƚƐǁĞƌĞŽƌŝŐŝŶĂůůLJĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϮϴĂŶĚǁĞŶƚƚŚƌŽƵŐŚĂŶĞdžƚĞŶƐŝǀĞƚŽƚĂůƌĞŵŽĚĞůŽĨ Ăůů ƵŶŝƚ ŝŶƚĞƌŝŽƌƐ dŚĞ ƌĞŵŽĚĞů ŝŶĐůƵĚĞĚŵĂŶLJŵŽĚĞƌŶĂŵĞŶŝƟĞƐǁŚŝůĞƉĂLJŝŶŐ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞŽƌŝŐŝŶĂůĨĞĂƚƵƌĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŽůĚďƌŝĐŬďƵŝůĚŝŶŐƐƐƵĐŚĂƐĐŽǀĞĚĐĞŝůŝŶŐƐǁŽŽĚďĂƐĞůĞĂĚĞĚŐůĂƐƐǁŝŶĚŽǁƐĞƚĐdŚĞhŶŝƚƐĨĞĂƚƵƌĞŽƌŝŐŝŶĂůŚĂƌĚǁŽŽĚŇŽŽƌƐƐůĂďŐƌĂŶŝƚĞĐŽƵŶƚĞƌƚŽƉƐƐƚĂŝŶůĞƐƐƐƚĞĞůĂƉƉůŝĂŶĐĞƐŶĞǁďĂƚŚͲƌŽŽŵĮdžƚƵƌĞƐĂŶĚĐĂƌƉĞƚĞĚďĞĚƌŽŽŵƐ dŚĞƌĞĂƌĞĂƚŽƚĂůŽĨϴƌĞƐŝĚĞŶƟĂůƵŶŝƚƐĂůůŽĨǁŚŝĐŚĂƌĞϭďĞĚƌŽŽŵϭďĂƚŚƌŽŽŵdŚĞďĂƐĞŵĞŶƚůĞǀĞůƵŶŝƚƐĂƌĞϱϴϯƐƋƵĂƌĞĨĞĞƚĂŶĚϳϬϮƐƋƵĂƌĞĨĞĞƚƌĞƐƉĞĐƟǀĞůLJdŚĞƌĞŵĂŝŶŝŶŐϲƵƉƉĞƌŇŽŽƌƵŶŝƚƐĂƌĞĂůůϳϲϮƐƋƵĂƌĞĨĞĞƚĞĂĐŚdŚĞďƵŝůĚŝŶŐĨĞĂƚƵƌĞƐĂƐĞĐƵƌĞĞŶƚƌĂŶĐĞĂŶĚĐŽŵŵŽŶĂƌĞĂǁĂůŬƵƉdŚĞƌĞŝƐĚĞĚŝĐĂƚĞĚƚĞŶĂŶƚƐƚŽƌĂŐĞĂŶĚƉƌŝǀĂƚĞƉĂƌŬŝŶŐƐƉĂĐĞƐ

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

AERIALS

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

hE/dD/y^hDDZz Current Market hE/ddzW Ydz hE/d^& ZEd ZEd^& ZEd ZEd^& ϭďĞĚϭďĂƚŚ ϭ ϱϴϯ ΨϭϯϴϬ ΨϮϯϳ ΨϭϱϱϬ ΨϮϲϲ ϭďĞĚϭďĂƚŚ ϭ ϳϬϮ ΨϭϯϯϬ Ψϭϴϵ ΨϭϲϱϬ ΨϮϯϱ ϭďĞĚϭďĂƚŚ ϲ ϳϲϮ ΨϭϴϱϬ ΨϮϰϯ ΨϭϵϱϬ ΨϮϱϲ dŽƚĂůǀĞƌĂŐĞ ϴ ϳϯϮ ΨϭϳϮϲ ΨϮϯϲ ΨϭϴϲϮ ΨϮϱϰ

WZKWZdzKsZs/t

WZKWZdzZ^^ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ WZKWZdzdzW ĂƌůLJĞŶƚƵƌLJƌŝĐŬ DZ<d YƵĞĞŶŶŶĞ zZh/>dZEKsd Ϯ WZ>EhDZ^ ϱϯϰϯϱϬϬϬϭϬ-ϱϯϰϯϱϬϬϬϴϬ;ϴƐĞƉĂƌĂƚĞƚĂdžƉĂƌĐĞůƐͿ h/>/E'^/ ϳϰϴϴ'ƌŽƐƐ^ƋƵĂƌĞ&ĞĞƚ >E ϱϭϴϱ^ƋƵĂƌĞ&ĞĞƚ DE/d/^ /ŶhŶŝƚ>ĂƵŶĚƌLJZĞŵŽĚĞůĞĚhŶŝƚƐ WZ</E' ϲĞĚŝĐĂƚĞĚ^ƉŽƚƐ ^dKZ/^ ϰ^ƚŽƌLJƵŝůĚŝŶŐ-ϮƵŶŝƚƐƉĞƌŇŽŽƌ ZKK& &ůĂƚdŽƌĐŚŽǁŶ KE^dZhd/KE tŽŽĚ&ƌĂŵĞ >KEzWd/K ŽŵŵŽŶĂƌĞĂƉĂƟŽĂƚďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞ ^dKZ' ĞĚŝĐĂƚĞĚdĞŶĂŶƚ^ƚŽƌĂŐĞ /EdZ/KZDE/d/^ ,ĂƌĚǁŽŽĚ&ůŽŽƌƐ'ƌĂŶŝƚĐŽƵŶƚĞƌƚŽƉƐƐƚĂŝŶůĞƐƐĂƉƉůŝĂŶĐĞƐ hd/>/d/^ tĂƚĞƌ^ĞǁĞƌŝƚLJŽĨ^ĞĂƩůĞ

ůĞĐƚƌŝĐŝƚLJWƵŐĞƚ^ŽƵŶĚŶĞƌŐLJ

PROPERTY DESCRIPTION

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

KE^dZhd/KE ^dz> tŽŽĚ&ƌĂŵĞĚŽŶƐƚƌƵĐƟŽŶ-ƌŝĐŬsĞŶĞĞƌ^ŝĚŝŶŐ h/>/E'^ ϭƵŝůĚŝŶŐ &KhEd/KE ŽŶĐƌĞƚĞ ydZ/KZt>>^ ƌŝĐŬ ZKK& &ůĂƚ-dŽƌĐŚŽǁŶ &>KKZKsZ/E'^ ,ĂƌĚǁŽŽĚĂƌƉĞƚΘdŝůĞ Ws/E' ƐƉŚĂůƚ

hd/>/d/^D,E/>^z^dD^ >dZ/> /ŶĚŝǀŝĚƵĂůůLJDĞƚĞƌĞĚ ,d/E'KK>/E' ůĞĐƚƌŝĐ&ŽƌĐĞĚŝƌ ,KdtdZ 'ĂƐ&ŝƌĞĚĞŶƚƌĂů,ŽƚtĂƚĞƌdĂŶŬŝŶĂƐĞŵĞŶƚ

WZ</E'^W^ dKd>WZ</E'^W^ ϲ KWE^W^ ϲ 'Z'^ Ϭ WZ</E'^W^WZhE/d Ϭϳϱ WZ^KEE>KsZs/t DE'Z

KǁŶĞƌDĂŶĂŐĞĚ

D/EdEE KǁŶĞƌDĂŝŶƚĂŝŶĞĚ

CONSTRUCTION DETAIL

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

INCOME AND EXPENSE PROFORMA

ƵƌƌĞŶƚ WĞƌhŶŝƚ DĂƌŬĞƚ WĞƌhŶŝƚ 'ZK^^/EKD WŽƚĞŶƟĂůZĞŶƚĂůZĞǀĞŶƵĞ ΨϭϲϱϲϵϲϬϬ ΨϮϬϳϭϮϬϬ ΨϭϳϴϴϬϬϬϬ ΨϮϮϯϱϬϬϬ hƟůŝƚLJ/ŶĐŽŵĞ ϬϬϬ ϬϬϬ ϳϮϬϬϬϬ ϵϬϬϬϬ WĂƌŬŝŶŐ/ŶĐŽŵĞ ϬϬϬ ϬϬϬ ϯϬϬϬϬϬ ϯϳϱϬϬ sĂĐĂŶĐLJ>ŽƐƐ;ϮйͿ ;ϯϯϭϰϬϬͿ ;ϰϭϰϬϬͿ ;ϯϳϴϬϬϬͿ ;ϰϳϮϬϬͿ īĞĐƟǀĞ'ƌŽƐƐ/ŶĐŽŵĞ ΨϭϲϮϯϴϮϬϬ ΨϮϬϮϵϴϬϬ ΨϭϴϱϮϮϬϬϬ ΨϮϯϭϱϯϬϬ ƵƌƌĞŶƚ WĞƌhŶŝƚ DĂƌŬĞƚ WĞƌhŶŝƚ KWZd/E'yWE^^ ZĞĂůWƌŽƉĞƌƚLJdĂdž ΨϮϭϱϲϰϬϬ ΨϮϲϵϲϬϬ ΨϮϭϱϲϰϬϬ ΨϮϲϵϲϬϬ /ŶƐƵƌĂŶĐĞ ϯϯϭϬϬϬ ϰϭϯϬϬ ϯϯϭϬϬϬ ϰϭϯϬϬ tĂƚĞƌ^ĞǁĞƌ ϰϭϯϭϬϬ ϱϭϲϬϬ ϰϭϯϭϬϬ ϱϭϲϬϬ 'ĂƌďĂŐĞ ϯϬϮϮϬϬ ϯϳϴϬϬ ϯϬϮϮϬϬ ϯϳϴϬϬ ZĞƉĂŝƌƐDĂŝŶƚĞŶĂŶĐĞ ϵϮϱϬϬϬ ϭϭϱϲϬϬ ϴϬϬϬϬϬ ϭϬϬϬϬϬ DĂŶĂŐĞƌ ϲϬϬϬϬϬ ϳϱϬϬϬ ϲϬϬϬϬϬ ϳϱϬϬϬ ůĞĐƚƌŝĐŝƚLJ'ĂƐ ϮϬϭϴϬϬ ϮϱϮϬϬ ϮϬϭϴϬϬ ϮϱϮϬϬ >ĂŶĚƐĐĂƉŝŶŐ ϵϬϬϬϬ ϭϭϯϬϬ ϭϮϬϬϬϬ ϭϱϬϬϬ dŽƚĂůdžƉĞŶƐĞƐ ΨϱϬϭϵϱϬϬ ΨϲϮϳϰϬϬ ΨϰϴϵϰϱϬϬ ΨϲϭϭϴϬϬ EĞƚKƉĞƌĂƟŶŐ/ŶĐŽŵĞ;EK/Ϳ ΨϭϭϮϭϴϳϬϬ ΨϭϯϲϮϳϱϬϬ ĂƉŝƚĂůŝnjĂƟŽŶZĂƚĞ ϯϳϰй ϰϱϰй

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

&/EE/>E>z^/^EKWZd/E'/E&KZDd/KE WhZ,^WZ/ ΨϯϬϬϬϬϬϬϬϬ WZK:d^,/Es^dDEdKtEWzDEd ΨϭϯϱϬϬϬϬϬϬ WZK:d&/Z^d>KEDKhEd ΨϭϲϱϬϬϬϬϬϬ DKZd/d/KE^,h> ϯϬzĞĂƌƐ EEh>WZEd'Zd ϯϳϱй EEh>d^Zs/ ΨϵϭϲϵϳϬϬ EdKWZd/E'/EKD ΨϭϭϮϭϴϳϬϬ ^,&>Kt&KZdy^ ΨϮϬϰϵϬϬϬ

FINANCIAL ANALYSIS SUMMARY

<z&/EE/>/E/dKZ^ WZ/WZhE/d ΨϯϳϱϬϬϬϬϬ WZ/WZ^YhZ&KKd ΨϰϬϬϬϬ W/d>/d/KEZd;hZZEdͿ ϯϳϰй W/d>/d/KEZd;DZ<dͿ ϰϱϰй

^,^,ZdhZE&KZdy^-zZϭ ΨϮϬϰϵϬϬϬ WZ/E/W>Zhd/KE-zZϭ ΨϮϵϴϮϮϬϬ

WZ/d/KEdy^s/E'^;^dͿzZϭ ΨϮϱϵϯϬϬϬ

dKd>ZdhZE-zZϭ;^йͿ ϱϲϱй dKsZ'Zd/K ϭϮϮ

'ZK^^ZEdDh>d/W>/Z ϭϴϭϬ

dKd>ZdhZE-zZϭ ΨϳϲϮϰϮϬϬ

WZ/d/KE;ϮϳϱzZ^dZ/',d>/EͿzZϭ ΨϴϲϰϯϯϬϬ

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

DĐ<ĞĂŶƉĂƌƚŵĞŶƚƐ-YƵĞĞŶŶŶĞ y>h^/s>zK&&ZdΨϯϬϬϬϬϬϬ ϭϰϬϰKůLJŵƉŝĐtĂLJtĞƐƚ^ĞĂƩůĞtĂƐŚŝŶŐƚŽŶ

*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections,assumptions or estimates used

are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the

property for your needs.

WĂƚ ďĞŐĂŶ ŚŝƐ ĐĂƌĞĞƌ ŝŶ ŽŵŵĞƌĐŝĂů ZĞĂů ƐƚĂƚĞ ŝŶ ϭϵϵϳǁŚŝůĞ ƐƟůů ĂƩĞŶĚŝŶŐ ƚŚĞ hŶŝǀĞƌƐŝƚLJ ŽĨ tĂƐŚŝŶŐƚŽŶ /Ŷϭϵϵϵ ŚĞ ŐƌĂĚƵĂƚĞĚǁŝƚŚ Ă ĚĞŐƌĞĞ ĨƌŽŵ ƚŚĞ ht &ŽƐƚĞƌ^ĐŚŽŽů ŽĨ ƵƐŝŶĞƐƐ ĂŶĚ ŝŵŵĞĚŝĂƚĞůLJ ǁĞŶƚ ƚŽ ǁŽƌŬ ĂƐ ĂĨƵůůLJ ůŝĐĞŶƐĞĚĐŽŵŵĞƌĐŝĂů ƌĞĂůĞƐƚĂƚĞďƌŽŬĞƌǁŝƚŚĂ ůŽĐĂůŝŶĚƵƐƚƌLJ ůĞĂĚĞƌ /Ŷ ϮϬϬϯ WĂƚ ĨŽƵŶĚĞĚ ,/ ZĞĂů ƐƚĂƚĞĚǀŝƐŽƌƐǁŝƚŚĂĨŽĐƵƐŝŶƚŚĞĂĐƋƵŝƐŝƟŽŶĂŶĚĚŝƐƉŽƐŝƟŽŶŽĨŵƵůƟ-ĨĂŵŝůLJ ƉƌŽƉĞƌƟĞƐ ŝŶ ƚŚĞ ŐƌĞĂƚĞƌ WƵŐĞƚ ^ŽƵŶĚ ZĞͲŐŝŽŶ,/ZĞĂůƐƚĂƚĞĚǀŝƐŽƌƐǁĂƐĨŽƵŶĚĞĚŽŶƚŚĞƉƌŝŶͲĐŝƉĂůƐ ŽĨ yWZ/E ,KE^dz Θ /Ed'Z/dz dŚƌŽƵŐŚͲŽƵƚŚŝƐ ĐĂƌĞĞƌWĂƚŚĂƐ ƐƵĐĐĞƐƐĨƵůůLJ ĐůŽƐĞĚϭϱϬн ƚƌĂŶƐĂĐͲƟŽŶƐƚŽƚĂůŝŶŐΨϮϱϬDнŝŶĐŽŶƐŝĚĞƌĂƟŽŶ WĂƚĐƵƌƌĞŶƚůLJƐĞƌǀĞƐĂƐƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚŽĨƚŚĞDƚĂŬĞƌ,ŽƵƐŝŶŐƐƐŽĐŝĂƟŽŶĂůŽĐĂůŶŽŶ-ƉƌŽĮƚŚŽƵƐŝŶŐĚĞǀĞůŽƉĞƌƐĞƌǀŝŶŐƚŚĞZĂŝŶŝĞƌsĂůůĞLJŽĨ^ĞĂƩůĞ WZK&^^/KE>yWZ/E · ,/ZĞĂůƐƚĂƚĞĚǀŝƐŽƌƐ/ŶĐ;WƌĞƐŝĚĞŶƚΘ&ŽƵŶĚĞƌͿ · DƚĂŬĞƌ,ŽƵƐŝŶŐƐƐŽĐŝĂƟŽŶ;ŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚͿ · ĞƐŝŐŶĂƚĞĚƌŽŬĞƌ;^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶͿ hd/KE · hŶŝǀĞƌƐŝƚLJŽĨtĂƐŚŝŶŐƚŽŶ-^ĞĂƩůĞ · ĂĐŚĞůŽƌŽĨƌƚƐƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƟŽŶ

W/>/d/^ WZKWZdzs>hd/KEΘWWZ/^> d/>hEZtZ/d/E' >E'Kd/dKE^

W,z^/>/E^Wd/KE

/ZdDZ<d/E' ^^dDy/D/d/KEΘKE^h>d/E' s>hKE^h>d/E'

&/EE/E'

Yh/^/d/KEΘ/^WK^/d/KE

:

WdZ/<Z^hZ ŝƌĞĐƚϮϬϲϯϮϱϵϯϬϬ ĞůůϮϬϲϮϮϲϲϮϬϬ

ŵĂŝůƉĂƚΛĞŚŝƌĞĂůĞƐƚĂƚĞĐŽŵ

WdZ/<Z^hZ| WZ^/EdΘ&KhEZ