SoMi Industrial Portfolio OM

SOUTH MIAMI INDUSTRIAL PORTFOLIO | IN-PLACE NET OPERATING INCOME

GENET SOUTH MIAMI INDUSTRIAL The NOI presented below illustrates the income projected in 2017 with expected base rental rate steps for in-place tenants. The Seller typically schedules 5% annual increases in multi-year leases.

GENET SOUTH MIAMI INDUSTRIAL PORTFOLIO IN-PLACE NOI Maksanim Mak Too

South Dade Industrial Center

97.9% 56,876 Mak 3

Overall Portfolio

Estimated Occupancy: Building Area (SF):

96.3% 33,945

96.2% 218,258

100.0% 57,336

97.1% 366,415

PSF

$ Amount

PSF $ Amount

PSF $ Amount

PSF

$ Amount

PSF

$ Amount

REVENUE ANNUAL BASE RENT INCOME (1) EXPENSE REIMBURSEMENTS GROSS POTENTIAL INCOME VACANCY ALLOWANCE (2) EFFECTIVE GROSS REVENUE

$3,393,538 $9.26 $135,826 $0.37 $3,529,364 $9.63

$314,566 $17,520 $332,086

$9.27 $0.52 $9.78

$1,907,172 $8.74 $81,262 $0.37 $1,988,434 $9.11

$619,440 $10.80 $16,878 $0.29 $636,318 $11.10

$552,360 $9.71 $20,165 $0.35 $572,525 $10.07

$0 $0.00

$0

$0.00

$0 $0.00

$0 $0.00

$0 $0.00

$332,086

$9.78

$1,988,434 $9.11

$636,318 $11.10

$572,525 $10.07 $3,529,364 $9.63

EXPENSES (3) REAL ESTATE TAXES (4)

$317,964 $0.87 $128,991 $0.35 $138,941 $0.38 $83,220 $0.23 $85,175 $0.23 $25,620 $0.07 $12,420 $0.03 $13,080 $0.04 $93,940 $0.26 $899,351 $2.45

$34,311 $12,590 $12,739 $8,640 $9,535 $2,400 $7,620 $1,800 $6,540 $96,175 $235,911

$1.01 $0.37 $0.38 $0.25 $0.28 $0.07 $0.22 $0.05 $0.19 $2.83

$171,003 $0.78 $71,200 $0.33 $78,983 $0.36 $51,780 $0.24 $44,680 $0.20 $13,620 $0.06 $4,800 $0.02 $8,400 $0.04 $55,492 $0.25 $499,958 $2.29 $1,488,476 $6.82

$58,430 $1.02 $23,414 $0.41 $24,410 $0.43 $11,400 $0.20 $17,240 $0.30 $4,800 $0.08 $1,380 $0.02 $15,800 $0.28 $156,874 $2.74 $479,444 $8.36 $0 $0.00

$54,220 $0.95 $21,787 $0.38 $22,809 $0.40 $11,400 $0.20 $13,720 $0.24 $4,800 $0.08 $1,500 $0.03 $16,108 $0.28 $146,344 $2.57 $0 $0.00

INSURANCE

MANAGEMENT FEE (5)

ADMINISTRATIVE

REPAIRS & MAINTENANCE

LANDSCAPING TRASH REMOVAL

ELECTRIC

WATER

TOTAL EXPENSES

NET OPERATING INCOME

$6.95

$426,181 $7.49 $2,630,013 $7.18

Notes: (1) Budgeted Base Rent for 2017 based on expected rental rate increases for existing tenants throughout the year. (2) No Vacancy Allowance deduction for in-place calculation. (3) Based on 2017 Budget provided, except where noted. See detail on Expenses pages for each asset. (4) Taxes inflate 2016 discounted assessments by 3%. It is the investor's responsibility to estimate reassessment(s) based on expected purchase price. Note from the Rent Roll that most tenants have a Base Year for RE Taxes (and Insurance), therefore, any increase would be passed through to those existing tenants. (5) Calculated as 4% of Effective Gross Revenue.

Genet South Miami Ind Analysis_010417.xls

1/23/2017 3:34 PM

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