Johns Manville RFQ

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FINANCIAL MODELING

C&W has extensive experience in utilizing financial modeling applications to determine optimal real estate-based financial and transactional methodologies for our clients. These applications are aimed at maximizing critical benefits whether based on cash flow, GAAP/financial statement reporting, and/or capital structuring. Our work goes beyond traditional real estate financial analysis to show the impact of various alternatives on after-tax cash flow, and income statement and balance sheet. We bring to each project a thorough understanding of real estate supply-side economics – landlord objectives and market dynamics; and insight into the real estate capital markets and project financing structures.

Financial analysis example

PROJECT RUBICON

Maryland Market

South Carolina Market

Virginia Market

BEST MARKET OPTION SUMMARY (7 Year Term)

CenterPoint Intermodal Center, Suffolk, VA

1411 Tangier Dr., Baltimore, MD

610 Chelsea Rd, Aberdeen, MD

Hillwood, 180 Trade Center, Summerville, SC

Patillo Industrial @ Palmetto Commerce Park, SC

5/15/2015

AnalysisCommencement LeaseExpiration LeaseTerm

7/1/2016 8/31/2023 86Months

7/1/2016 8/31/2023 86Months

7/1/2016 8/31/2023 86Months

7/1/2016 6/30/2023 84Months

7/1/2016 7/31/2023 85Months

435,490RSF

405,000RSF *

400,000RSF

400,000RSF

401,066RSF

RentableSquareFeet (RSF)

OccupancyCosts -PreTax

$19,157,614 $2,673,155 $14,949,321

$21,548,566 $3,006,777 $16,678,623

$15,673,577 $2,187,011 $12,210,462

$16,793,392 $2,399,056 $13,237,765

$13,673,647 $1,930,397 $10,730,617

AverageAnnual

7.00% PV -PreTax

Average $$Cost / SF

$6.14 /RSF

$5.48 /RSF

$5.47 /RSF

$6.00 /RSF

$4.81 /RSF

Year 1RentalRate/SF

$4.80NNN

$4.45NNN

$4.15NNN

$4.59NNN

$4.06NNN

Occupancy Costs

PV - Full Term

Avg $$/RSF

$25,000,000

$20.00 /RSF

$18.00 /RSF

$21,548,566

$20,000,000

$16.00 /RSF

$19,157,614

$16,793,392

$14.00 /RSF

$15,673,577

$16,678,623

$12.00 /RSF

$15,000,000

$13,673,647

$14,949,321

$10.00 /RSF

$13,237,765

$12,210,462

$10,000,000

$8.00 /RSF

$10,730,617

$6.14 /RSF

$6.00 /RSF

$6.00 /RSF

$5.48 /RSF

$5.47 /RSF

$4.81 /RSF

$5,000,000

$4.00 /RSF

$2.00 /RSF

$0

$0.00 /RSF

1411TangierDr.,Baltimore,MD

610ChelseaRd,Aberdeen,MD Hillwood,180TradeCenter,Summerville,SC Patillo Industrial@PalmettoCommerce Park,SC

CenterPoint IntermodalCenter,Suffolk,VA

Cushman andWakefield, Inc.Confidential

5/15/2015

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