SoMi Industrial Portfolio OM

GENET SOUTH MIAMI INDUSTRIAL PORTFOLIO OCCUPANCY SUMMARY RENT ROLL PORTFOL I O OCCUPANCY SUMMARY

SOUTH MIAMI INDUSTRIAL PORTFOLIO | HISTORICAL EXPENSES - SOUTH DADE INDUSTRIAL CENTER

Jan-17

BASE RENT

CAM RECOVERIES

Rent PSF Annual MARKET RENT

RBA (SF)

Pro Rata %

RBA Rent PSF Monthly Annual

Security Deposit

PSF Monthly Annual

Occupied Property Vacant Property

355,662 97.1% $9.38 $278,142 $3,337,703 $0.38 $11,319 $135,826 $294,376 10,753 2.9% $9.82 $8,803 $105,630 $0.45 $400 $4,800 366,415 100.0% $9.40 $286,944 $3,443,333 $0.38 $11,719 $140,626

Total Property

$10.50 $3,847,120

EXPENSES NOTES

South Dade Industrial Center (SDIC) was purchased in February, 2015; therefore, the figures below represent annualized 2015 figures based on 11 months of financials. The six buildings within the Maksanim ownership were purchased in December, 2012, at which time the property was in the low-60% occupancy range. At the time of purchase, the property was in a pre-foreclosure situation, after years of neglect and distress. As such, in addition to the high vacancy, there were numerous tenants that were in default that were either subsequently evicted or signed new leases. Expenses across the Portfolio have been reduced drastically since being purchased when capital and labor were required (both in “Repairs & Maintenance”) for repositioning of the Portfolio, including R&M to get suites ready for occupancy. For this asset—and all those that follow—the 2017 Budget accounts for reduced labor and property management expenses following a successful lease-up strategy and stabilization of operations. Subsequent to sale, Real Estate Taxes will be reassessed by the Miami-Dade County Property Appraiser. Because the Portfolio is being offered unpriced, we have not accounted for this in our underwriting. Also note that all tenants pay electric directly and reimburse Landlord for water use. Tenants also pay for trash directly at all properties except SDIC. Square Feet: 33,945 SOUTH DADE INDUSTRIAL CENTER GENET SOUTH MIAMI INDUSTRIAL Historical and Pro Forma Expenses

2015 Annualized

2016 Actual (1)

2017 Budget (2)

In-Place (3)

Total $

$ PSF

Total $

$ PSF

Total $

$ PSF

Total $

$ PSF

(4)

REAL ESTATE TAXES

$32,391 $26,517 $14,805 $11,291 $43,255 $7,281 $4,594 $2,210 $3,240

$0.95 $0.78 $0.44 $0.33 $1.27 $0.21 $0.14 $0.07 $0.10

$33,312 $12,536 $12,150 $8,022 $22,854 $7,200 $8,638 $2,019 $5,044

$0.98 $0.37 $0.36 $0.24 $0.67 $0.21 $0.25 $0.06 $0.15

$33,312 $12,590 $13,604 $8,640 $9,535 $2,400 $7,620 $1,800 $6,540

$0.98 $0.37 $0.40 $0.25 $0.28 $0.07 $0.22 $0.05 $0.19

$34,311 $12,590 $12,739 $8,640 $9,535 $2,400 $7,620 $1,800 $6,540

$1.01 $0.37 $0.38 $0.25 $0.28 $0.07 $0.22 $0.05 $0.19

INSURANCE

(5)

MANAGEMENT FEE ADMINISTRATIVE

(6)

REPAIRS & MAINTENANCE

LANDSCAPING TRASH REMOVAL

ELECTRIC

WATER

Total Expenses

$145,583 $4.29

$111,775 $3.29

$96,041 $2.83

$96,175 $2.83

NOTES: (1) Excluded seller's corporate payroll allocations and excess management fee. (2) Budget reflects reduced labor and property management expenses following a successful lease-up strategy and stabilization of operations. (3) Based on 2017 Budget, except where noted. (4) In-Place RE Taxes inflated 2016 discounted taxes by 3%. (5) Pro Forma is calculated at 4% of Effective Gross Revenue. (6) Historically contained property repositioning R&M costs, including labor for both an additional Property Manager (PM) and maintenance engineer during property repositioning. For 2017/In-Place, PM allocation as been moved to Administrative.

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