SoMi Industrial Portfolio OM

MAK TOO

SOUTH MIAMI INDUSTRIAL PORTFOLIO | HISTORICAL EXPENSES - MAK TOO Historical and Pro Forma NOI

Square Feet:

57,336

2014 Actual

2015 Actual

2016 Actual (1)

2017 Budget (2)

In-Place (3)

Total $ $ PSF Total $ $ PSF

Total $

$ PSF

Total $ $ PSF Total $ $ PSF

EXPENSES

(4)

REAL ESTATE TAXES

$46,374 $31,192 $20,833 $4,579 $31,562 $3,500 $1,802 $3,271 $17,902

$0.81 $0.54 $0.36 $0.08 $0.55 $0.06 $0.03 $0.06 $0.31

$56,182 $28,509 $25,625 $12,371 $28,767 $5,600 $2,177 $23,792 $0

$0.98 $0.50 $0.45 $0.22 $0.50 $0.10 $0.00 $0.04 $0.41

$56,728 $24,880 $22,104 $4,509 $30,328 $5,200 $1,574 $13,076 $0

$0.99 $0.43 $0.39 $0.08 $0.53 $0.09 $0.00 $0.03 $0.23

$56,728 $23,414 $25,401 $11,400 $17,240 $4,800 $1,380 $15,800 $0

$0.99 $0.41 $0.44 $0.20 $0.30 $0.08 $0.00 $0.02 $0.28

$58,430 $23,414 $24,410 $11,400 $17,240 $4,800 $1,380 $15,800 $0

$1.02 $0.41 $0.43 $0.20 $0.30 $0.08 $0.00 $0.02 $0.28

INSURANCE

(5)

MANAGEMENT FEE ADMINISTRATIVE

(6)

REPAIRS & MAINTENANCE

LANDSCAPING TRASH REMOVAL

ELECTRIC

WATER

Total Expenses

$161,015 $2.81

$183,023 $3.19

$158,399 $2.76

$156,163 $2.72

$156,874 $2.74

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.

Genet South Miami Ind Analysis_010417.xls

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