SoMi Industrial Portfolio OM

MAK 3

SOUTH MIAMI INDUSTRIAL PORTFOLIO | HISTORICAL EXPENSES - MAK 3 Historical and Pro Forma NOI

Square Feet:

56,876

2015 Actual

2016 Actual (1)

2017 Budget (2)

In-Place (3)

Total $

$ PSF

Total $

$ PSF

Total $

$ PSF

Total $

$ PSF

EXPENSES

(4)

REAL ESTATE TAXES

$53,681 $27,152 $25,022 $11,505 $42,728 $5,600 $2,102 $16,843 $0

$0.94 $0.48 $0.44 $0.20 $0.75 $0.10 $0.00 $0.04 $0.30

$52,641 $15,396 $21,252 $7,280 $41,821 $5,600 $1,570 $16,177 $611

$0.93 $0.27 $0.37 $0.13 $0.74 $0.10 $0.01 $0.03 $0.28

$52,641 $21,787 $23,090 $11,400 $13,720 $4,800 $1,500 $16,108 $0

$0.93 $0.38 $0.41 $0.20 $0.24 $0.08 $0.00 $0.03 $0.28

$54,220 $21,787 $22,809 $11,400 $13,720 $4,800 $1,500 $16,108 $0

$0.95 $0.38 $0.40 $0.20 $0.24 $0.08 $0.00 $0.03 $0.28

INSURANCE

(5)

MANAGEMENT FEE ADMINISTRATIVE

(6)

REPAIRS & MAINTENANCE

LANDSCAPING TRASH REMOVAL

ELECTRIC

WATER

Total Expenses

$184,633 $3.25

$162,348 $2.85

$145,046 $2.55

$146,344 $2.57

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

1/23/2017 3:09 PM

TENANT OVERVIEW

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