SoMi Industrial Portfolio OM

MAKSANIM

Historical and Pro Forma NOI

SOUTH MIAMI INDUSTRIAL PORTFOLIO | HISTORICAL EXPENSES - MAKSANIM

Square Feet:

218,258

2014 Actual

2015 Actual

2016 Actual (1)

2017 Budget (2)

In-Place (3)

Total $ $ PSF Total $ $ PSF Total $ $ PSF

Total $ $ PSF Total $ $ PSF

(4)

REAL ESTATE TAXES

$183,879 $39,532 $80,000 $26,165 $163,942 $16,725

$0.84 $0.18 $0.37 $0.12 $0.75 $0.08 $0.00 $0.02 $0.31

$178,751 $82,003 $80,000 $41,018 $180,117 $15,165 $6,110 $11,758 $93,256

$0.82 $0.38 $0.37 $0.19 $0.83 $0.07 $0.03 $0.05 $0.43

$175,477 $79,280 $76,706 $32,315 $151,332 $15,240 $6,370 $9,249 $58,927

$0.80 $0.36 $0.35 $0.15 $0.69 $0.07 $0.03 $0.04 $0.27

$175,477 $71,200 $81,156 $51,780 $44,680 $13,620 $4,800 $8,400 $55,492

$0.80 $0.33 $0.37 $0.24 $0.20 $0.06 $0.02 $0.04 $0.25

$171,003 $71,200 $78,983 $51,780 $44,680 $13,620 $4,800 $8,400 $55,492

$0.78 $0.33 $0.36 $0.24 $0.20 $0.06 $0.02 $0.04 $0.25

INSURANCE

(5)

MANAGEMENT FEE ADMINISTRATIVE

(6)

REPAIRS & MAINTENANCE

LANDSCAPING TRASH REMOVAL

$157

ELECTRIC

$5,054 $66,722

WATER

Total Expenses

$582,176 $2.67

$688,178 $3.15 $604,896 $2.77

$506,605 $2.32

$499,958 $2.29

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. 2014-2015 expenses reflect the higher of 4% of EGR or minimum charge of $80,000 during repositioning period. (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.

Genet South Miami Ind Analysis_010417.xls

1/24/2017 3:00 PM

TENANT OVERVIEW

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