SoMi Industrial Portfolio OM

SOUTH MIAMI INDUSTRIAL PORTFOLIO | PRO FORMA NET OPERATING INCOME (MARKET RENTAL RATES)

GENET SOUTH MIAMI INDUSTRIAL The NOI presented below illustrates the income potential by leasing all spaces within the Portfolio at market rental rates, less a vacancy allowance. Given the increasing tightening within the micro-market and the supply and demand dynamics outlined in the Executive Summary, rental rates are expected to continue to increase beyond the current market rates used for these calculations.

GENET SOUTH MIAMI INDUSTRIAL PORTFOLIO PRO FORMA NOI @ MARKET Maksanim Mak Too

South Dade Industrial Center

97.0% 56,876 Mak 3

Overall Portfolio

Estimated Occupancy: Building Area (SF):

97.0% 33,945

97.0% 218,258

97.0% 57,336

97.0% 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

$3,847,120 $10.50 $140,052 $0.38 $3,987,172 $10.88 ($119,615) ($0.33)

$339,450 $10.00

$2,185,064 $10.01 $84,862 $0.39 $2,269,926 $10.40

$685,824 $11.96 $16,878 $0.29 $702,702 $12.26

$636,782 $11.20 $20,765 $0.37 $657,547 $11.56 ($19,726) ($0.35)

$17,547

$0.52

$356,997 $10.52

($10,710)

($0.32)

($68,098)

($0.31)

($21,081)

($0.37)

$346,287 $10.20

$2,201,828 $10.09

$681,621 $11.89

$637,821 $11.21 $3,867,557 $10.56

EXPENSES (3) REAL ESTATE TAXES (4)

$317,964 $0.87 $128,991 $0.35 $154,702 $0.42 $83,220 $0.23 $85,175 $0.23 $25,620 $0.07 $12,420 $0.03 $13,080 $0.04 $93,940 $0.26 $915,112 $2.50

$34,311 $12,590 $13,851 $8,640 $9,535 $2,400 $7,620 $1,800 $6,540 $97,287 $248,999

$1.01 $0.37 $0.41 $0.25 $0.28 $0.07 $0.22 $0.05 $0.19 $2.87

$171,003 $0.78 $71,200 $0.33 $88,073 $0.40 $51,780 $0.24 $44,680 $0.20 $13,620 $0.06 $4,800 $0.02 $8,400 $0.04 $55,492 $0.25 $509,048 $2.33 $1,692,780 $7.76

$58,430 $1.02 $23,414 $0.41 $27,265 $0.48 $11,400 $0.20 $17,240 $0.30 $4,800 $0.08 $1,380 $0.02 $15,800 $0.28 $159,729 $2.79 $521,892 $9.10 $0 $0.00

$54,220 $0.95 $21,787 $0.38 $25,513 $0.45 $11,400 $0.20 $13,720 $0.24 $4,800 $0.08 $1,500 $0.03 $16,108 $0.28 $149,048 $2.62 $0 $0.00

INSURANCE

MANAGEMENT FEE (5)

ADMINISTRATIVE

REPAIRS & MAINTENANCE

LANDSCAPING TRASH REMOVAL

ELECTRIC

WATER

TOTAL EXPENSES

NET OPERATING INCOME

$7.34

$488,773 $8.59 $2,952,445 $8.06

Notes: (1) Based on current market rental rate income for the entire portfolio. See Rent Rolls for Market Rent allocations for each suite/bay. (2) Vacancy Allowance of 3.0% deducted from Gross Potential Income at 100% occupancy. (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.

TENANT OVERVIEW

Genet South Miami Ind Analysis_010417.xls

1/17/2017 2:55 PM

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