1441 Montiel Road, Escondido

FINANCIAL ANALYSIS

RENT ROLL

1441 Montiel OM

Analysis Date: 2/6/2019

Rent Roll

Date of

% of

Start Date

End Recovery

Rental

Monthly

Annual

Monthly

Market Over/(Under)

Renewal Options

Square

Tenant

Bldg Suite Feet Project

Date

Type Increase

Rent

Rent PSF Rent PSF

Rent

Market

Comments

1441

115 17,406 34.8% 2/1/2014 1/31/2026

$20,887.20 $21,513.82 $22,159.23 $22,824.01

$14.40 $14.83 $15.28 $15.74 $16.21 $16.69 $17.19

$1.20 $1.24 $1.27 $1.31 $1.35 $1.39 $1.43

$1.25

-4.0%

Current size is 19,156 SF with term expiring 1/31/2021. Tenant has historically reimbursed on a NNN basis but current lease is MG. PROSPECTIVE - Analysis assumes CTE downsize of 1,750 SF and new NNN lease effective 5/1/2019 at rates and terms displayed. Property Tax protection from increases due to new construction or change of ownership. Ongoing ROFR to lease additional space at offer terms. Analysis assumes tenant exercises all renewal options with no free rent, $0.00 TI, and 0% LC Tenant is exempt from Property Taxes and tenant's share is excluded from operating expenses. Ongoing right to terminate with 6 months notice if state/federal charter is revoked, or government funding is substantially reduced. 2014 BY Insurance assumed to be $5,500. Analysis assumes tenant exercises renewal option with renewal MLA free rent, TI, and LC.

Construction Testing & Engineering

1-7 YR at 103% of previous, with 3.0% annual increases.

NNN

5/1/2020 5/1/2021 5/1/2022

5/1/2023 $23,508.73 5/1/2024 $24,213.99 5/1/2025 $24,940.41

1441

141

12,440 24.9% 3/1/2003 2/28/2023

$12,602.00

$12.16

$1.01

$1.25

-24.7% [1]

T-Mobile West, LLC

2-5 YR at fixed rates. 1st @ $13,970 2nd @ $15,399

NNN

95% Gross-Up

1441 143-145 12,962 25.9% 8/1/2014 6/30/2021 Tax - Exempt

$15,943.26 $16,461.74

$14.76 $15.24 $15.72

$1.23 $1.27 $1.31

$1.25

-1.6%

Element Education, Inc.

1-7 YR at 103% of previous, with 3.0% annual increases.

Ins. - 2014 BY 8/1/2019

8/1/2020 $16,980.22

Plus CAM &

premises Electric

1441

115 B 7,182 14.4%

$1.25

N/A

VACANT

Assumes 1,750 SF from CTE downsize, an 5,432 SF of new construction.

49,990 100.0% 42,808 85.6% 7,182 14.4%

Total - 5/1/2019

$49,432

$13.86

$1.15

$1.25

-9.3%

Total Square Feet

Occupied Square Feet Vacant Square Feet

[1] Over/(Under) Market has been adjusted to account for differences in reimbursement methodologies and fixed CAM charges.

1441 MONTIEL ROAD, ESCONDIDO

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