Valuation & Advisory US Brochure

U.S. CAPABILITIES VALUATION & ADVISORY Providing timely, consistent, and actionable advice for real estate decisions.

Cushman & Wakefield Valuation & Advisory

Core Services Appraisal Management

Cushman & Wakefield’s Valuation & Advisory (V&A) group provides sophisticated advice on real estate equity and debt decisions to clients on a worldwide scale. Our capabilities span valuation and advisory services relating to acquisition, disposition, financing, litigation, and financial reporting, and 17 practice groups deliver real estate strategies and solutions to clients with unique operational, technical, and business requirements. Access to real-time market data, the insights of Cushman & Wakefield’s leasing, research, and capital markets experts, and the experience derived from more than 35 years of operation ensure the application of best practices and proven, successful methodologies.

Diligence Advisory

Dispute Analysis & Litigation Support

Financial Reporting

Property Tax Services

Valuation/Portfolio Valuation

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60 ± offices nationwide 500 ± V&A professionals 6 core services 17 practice groups

Practice Groups V&A’s Practice Groups deliver specialized real estate strategies and solutions to clients in industries and sectors with unique operational, technical, and business requirements.

• Agribusiness, Natural Resources & Energy • Automobile Dealership • Data Center • Gas Station & Convenience Store • Golf • Government • Hospitality & Gaming • Industrial

• Machinery & Equipment • Multifamily • Office • Residential Development • Restaurant • Retail • Self Storage • Senior Housing/Healthcare • Sports & Entertainment

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Cushman & Wakefield Valuation & Advisory

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CORE SERVICES Appraisal Management

Property Tax Services Our team is a network of professionals with the jurisdictional and valuation expertise needed to provide exceptional tax savings results. We have built a reputation for excellence in understanding the unique complexities of all property types. Through our extensive experience, we have developed specialized knowledge of local processes and unique jurisdictional procedures. As your trusted advisor, the Property Tax Services team can handle every aspect of property tax administration and management. Valuation/Portfolio Valuation In today’s investment climate, it is crucial that investors, lenders, and occupiers understand the value of their assets. We specialize in providing appraisal services for corporations, institutional investors, advisors, and lenders on critical equity and debt investment decisions. We have extensive experience with multi-property portfolios. Portfolio assignments are coordinated by our Portfolio Valuation team and backed by our web-based appraisal management platform. This platform enables Cushman & Wakefield staff and clients with on-demand access to track the progress of a project and to work collaboratively to share information and valuable resources such as documents, reference materials, financial analyses, project scheduling, reports, and tasks for specific assignments. It is individually tailored to each client and accessible on a global level. This invitation-only, password protected site is SSL secured and can be accessed around the globe by both clients and staff.

We provide expertise in all areas of appraisal management and administration including bidding, engaging, and reviewing appraisal reports, compliance, third-party appraiser selection, risk analysis, and property inspections. Services range from single-property appraisal reviews to major portfolio consulting engagements. Our senior professionals combine broad-based appraisal experience with banking expertise, including in-depth regulatory knowledge. This ensures that the process is performed in accordance with industry and regulatory standards, including the requirements for appraiser independence and unbiased analysis. Diligence Advisory The Diligence Advisory Group specializes in acquisition due diligence, underwriting for debt and equity investments, internal credit/risk management analysis, strategic bank advisory, and an array of services specifically designed to meet the investment strategies of our clients. Our projects encompass underwriting and transaction management for CRE participants across the spectrum and up and down the capital stack. Our seasoned professionals leverage the larger Cushman & Wakefield knowledge capital when advising clients on complex debt and equity investment decisions and, with access to real time market data and global insights, our DAG professionals are equipped with boots-on-the-ground knowledge allowing us to identify emerging trends and surface potential risks for lenders and investors. Dispute Analysis & Litigation Support Our group is comprised of individuals with expertise in real property and business valuation, economics, finance, statistical and financial modeling, forensic and fraud investigations, damage calculations involving contamination and toxic tort matters, partnership disputes, and other types of commercial litigation. Financial Reporting With exceptional credentials, industry knowledge, and unparalleled talent, our professionals are uniquely qualified to address financial reporting and related issues on both a national and international basis. We provide services for financial reporting purposes, such as fair value, purchase price allocation, and fresh start accounting, which adhere to applicable standards including U.S. GAAP and IFRS, as well as country-specific compliance. We provide robust advice, C-level interaction and consulting, and peer-to- peer review.

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Cushman & Wakefield Valuation & Advisory

We have the market knowledge, resources, and geographic capabilities to meet our clients’ most sophisticated valuation and advisory needs.

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STRENGTHS Knowledge

Although major commercial real estate firms share some of the same capabilities, we offer a set of unique strengths to our clients: • In-depth real estate industry knowledge ensures our clients have the latest market and industry information, while providing a global context. • Our professionals are experts in their respective fields and hold credentials from various institutions, including, among others, the Appraisal Institute, Royal Institution of Chartered Surveyors (RICS), Appraisal Institue of Canada, CFA Institute, American Institute of CPAs (CPA and ABV), American Society of Appraisers, CCIM Institute, Counselors of Real Estate, International Right of Way Association (IRWA), and Association of Certified Fruad Examiners. • Experienced professionals provide local knowledge with global coverage. • We offer best-in-class service with an emphasis on quality control and cost effectiveness. • Our fully integrated technology platform supports our service delivery, helps us understand market trends, and address our client needs.

We develop proprietary research, such as local investor survey data and focus group publications. Our members also provide market presentations, expert witness testimony, and are invited to engagements as guest speakers. Our professionals attend seminars and conferences and are considered industry thought leaders. Experience & Expertise Our valuation team can offer a spectrum of services to clients. Our depth and diversity of experience ranges from one-off engagements to complex portfolio assignments. Many of our professionals have authored books and articles related to valuation issues, serve as academic instructors, and hold positions within valuation industry groups. Global Coverage Engaging a global real estate firm gives our clients access to Cushman & Wakefield’s breadth of services. With roughly 1,970 V&A professionals located in nearly 150 offices in 30 countries worldwide, we have the market knowledge, resources, and geographic capabilities to meet our clients’ most sophisticated valuation and advisory needs. Quality Our valuation services are performed under the highest applicable professional standards. To ensure the highest caliber of service, we have created defined quality control protocols. In addition, our V&A professionals regularly exchange best practices, case studies, and enhancements of business practice controls. Technology To provide our clients the best service and end product, our professionals are supported by the following internal technology solutions: • JobCenter for full life cycle engagement tracking and reporting; • Konwledge Vault for property and “comparable” transaction tracking, reporting, and integration with narrative reporting tools; and • Global Template Tools for streamlined, consistent narrative report creation.

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Cushman & Wakefield Valuation & Advisory

PRACTICE GROUPS Agribusiness, Natural Resources & Energy The Agribusiness, Natural Resources & Energy Practice Group focuses on complex land valuation, including infrastructure, mineral and water rights, and energy components (wind/solar/ hydro and power plants). Valuation services include permanent plantings, crop lands, livestock, equestrian facilities, and intensive agricultural operations such as horticulture, viticulture, and wineries. Automobile Dealership The Automobile Dealership Practice Group is comprised of professionals with specialized experience in the valuation of automobile dealerships. The group is distinguished by its combination of industry experience, local market insight, geographic coverage, and responsive service. Data Center Our group offers the specific technical expertise needed to provide expert advice on data centers, telecom switches, network providers, disaster recovery sites, and critical operations centers. Gas Station & Convenience Store The Gas Station & Convenience Store Practice Group performs valuation and advisory services within this asset specialty, with a strong emphasis on going-concern valuation. Appraisals address the allocations of the major component parts of a property, such as land, building, site improvements, fuel equipment, store equipment, and business enterprise. Golf With specialized skills and local market knowledge, our nationally-experienced appraisers provide expert advice for various golf-related property types including resort, daily fee, municipal, private equity, non-equity, and country clubs. Government The Government Practice Group conducts valuation and consultation services relating to federal, state, local, and tribal government entities.

Practice group specialization ensures that our professionals are knowledgeable and well versed within their asset class. Our clients can rest assured knowing they have industry experts handling their assignments accurately and efficiently.

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Hospitality & Gaming The Hospitality & Gaming Practice Group offers a full range of valuation, advisory, property tax, and litigation support services. The team is distinguished by its combination of industry experience, local market knowledge, global coverage, and responsive service. Industrial Industrial Practice Group professionals have extensive industrial property experience and are strategically located in major markets nationwide. Machinery & Equipment Valuation & Advisory’s Machinery & Equipment Practice Group provides valuation and advisory services pertaining to U.S. GAAP and IFRS financial reporting requirements, collateral lending, equipment lease analysis, insurance reporting, litigation support, property tax consulting, and transactional considerations. Our practice model combines the best of research analytics and equipment consulting expertise. Multifamily The Multifamily Practice Group has a broad base of experienced professionals who are well-versed in all forms of multifamily assets ranging from suburban, garden-style properties to urban high-rise complexes. The team is extensively involved with assets around the nation, with specialized expertise in affordable housing, age-restricted housing, and student housing. Office The Office Practice Group has extensive experience with all types of office buildings. We draw from our proprietary in-house resources including a comprehensive database, dedicated research team, and access to the top office leasing and investment sale brokers in the world. Residential Development Our team actively works in residential development markets, incorporating the most current and applicable data into our analyses to assist our clients in making well-informed acquisition, disposition, financing, underwriting, and investment decisions.

Restaurant The Restaurant Practice Group performs valuation and advisory services for all restaurant types including full-service, fast food, casual, and quick-serve locations. Appraisal services address the allocations of the major component parts of a property, such as land, building, site improvements, restaurant equipment, and business enterprise. Retail Retail Practice Group professionals have extensive valuation experience and are dedicated retail experts in their market areas. Our team has expertise in processing and channeling information so clients make the right decision about their properties. Self Storage The Self Storage Practice Group is an international, full-service real estate appraisal team specializing in this asset class. Our clients include individual owners, major lending institutions, developers, pension funds and advisors, franchisors, management companies, and others who require strong industry knowledge and global market coverage. Senior Housing/Healthcare The Senior Housing/Healthcare Practice Group has extensive experience appraising senior housing and healthcare properties including hospitals, surgical centers, congregate care facilities, continuing care retirement communities, behavioral care facilities, hospice, assisted living, skilled nursing facilities, and medical office buildings. Sports & Entertainment The Sports & Entertainment Practice Group offers a full range of valuation and advisory services to a wide-variety of property types in this sector. Our team has extensive experience providing professional consultation services to investors, property owners, financial institutions, developers, and public entities.

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Cushman & Wakefield Valuation & Advisory

AMERICAS UNITED STATES ALABAMA Birmingham ARIZONA Phoenix CALIFORNIA El Segundo Inland Empire Los Angeles Orange County Sacramento San Diego San Francisco Sierra Madre Silicon Valley Walnut Creek COLORADO Denver CONNECTICUT Hartford Stamford DISTRICT OF COLUMBIA Washington, D.C. FLORIDA

MICHIGAN Lansing MINNESOTA Minneapolis MISSOURI Kansas City

St. Louis NEVADA Las Vegas NEW JERSEY East Rutherford NEW YORK Bu alo Islandia New York City Syracuse NORTH CAROLINA Charlotte Raleigh OHIO Cleveland Columbus OREGON Portland PENNSYLVANIA Philadelphia Pittsburgh SOUTH CAROLINA Greenville TENNESSEE

ND

WA

MT

M

SD

OR

ID

WY

NE

NV

UT

CO

KS

CA

OK

AZ

NM

TX

Boca Raton Jacksonville Miami Orlando Stuart Tampa GEORGIA Honolulu ILLINOIS Chicago Rosemont INDIANA Atlanta HAWAII

Memphis Nashville TEXAS Austin Dallas Houston McKinney UTAH

HI

60 ± O ces Nationwide

Indianapolis KENTUCKY Louisville MARYLAND Baltimore MASSACHUSETTS Boston

Park City VIRGINIA Richmond WASHINGTON Seattle

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LEADERSHIP CONTACTS

AMERICAS Eric B. Lewis, MAI, FRICS President, Valuation & Advisory Americas eric.lewis@cushwake.com +1 212 841 5964

ME

James Moran, MAI, CRE, CCIM, FRICS Executive Managing Director Chief Strategy Officer james.moran@cushwake.com +1 416 359 2424

WI

VT

MI

NY

NH

A

MA

PA

IN

RI

IL

CT

OH

NJ

WV

DE

MO

KY

VA

Brian Kriter Executive Managing Director Business Development Lead brian.kriter@cushwake.com +1 416 359 2434

MD

DC

TN

NC

AR

SC

MS AL GA

LA

FL

Cushman & Wakefield V&A O ces

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Cushman & Wakefield Valuation & Advisory

Core Services Leaders

APPRAISAL MANAGEMENT Clarke Lewis, MAI Senior Managing Director clarke.lewis@cushwake.com +1 631 234 5140 DILIGENCE ADVISORY Terri Magnani Senior Managing Director terri.magnani@cushwake.com +1 212 713 6772

FINANCIAL REPORTING Marius Andreasen, MAI, CFA Senior Managing Director marius.andreasen@cushwake.com +1 312 470 1881 PROPERTY TAX SERVICES Edward G. Williams, MAI Senior Managing Director edward.williams@cushwake.com +1 201 508 5216

DISPUTE ANALYSIS & LITIGATION SUPPORT Richard Marchitelli, MAI, CRE, FRICS Executive Managing Director +1 704 916 4447 richard.marchitelli@cushwake.com

Practice Group Leaders

AGRIBUSINESS, NATURAL RESOURCES & ENERGY Curtis Buono, ARA, MAI, AI-GRS Senior Director curtis.buono@cushwake.com +1 858 558 5629

GOVERNMENT Sid Womack, MAI, AI-GRS, FRICS Senior Managing Director sid.womack@cushwake.com +1 913 440 0421

AUTOMOBILE DEALERSHIP Stephen Kay, MAI Managing Director stephen.kay@cushwake.com +1 847 486 0034 DATA CENTER Gene Williams, MAI, CCIM, MRICS Senior Director gene.williams@cushwake.com +1 408 436 3681

HOSPITALITY & GAMING Mark Capasso Executive Director, Americas Practice Leader mark.capasso@cushwake.com +1 213 955 6442 Leah Dauer Murphy, MAI Executive Director, U.S. Practice Leader leah.murphy@cushwake.com +1 414 203 3043

INDUSTRIAL Mike Schaeffer, MAI, FRICS Executive Managing Director mike.schaeffer@cushwake.com +1 312 470 1870 MACHINERY & EQUIPMENT David Koller, ASA, MRICS Managing Diretor david.koller@cushwake.com +1 312 470 3853

GAS STATION & CONVENIENCE STORE Dave McArdle, MAI Senior Managing Director david.mcardle@cushwake.com +1 212 841 7789

GOLF Rick Zbranek, MAI Senior Managing Director rick.zbranek@cushwake.com +1 713 963 2863

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“Tackling business problems and developing tactical solutions is one of our strengths. We enjoy working with our clients, cultivating those relationships, and seeing an assignment from start to finish. Our doors are always open—just pick up the phone or send us an email.”

VALUATION/PORTFOLIO VALUATION George Rago, MAI

Executive Managing Director george.rago@cushwake.com +1 212 841 7851 Doug Heinrich, MAI Executive Director doug.heinrich@cushwake.com +1 913 440 0422 Judson H. Cline, MAI, MRICS Senior Director judson.cline@cushwake.com +1 916 473 7396

George Rago, Executive Managing Director

MULTIFAMILY Meghan Czechowski, MAI Managing Director meghan.czechowski@cushwake.com +1 312 470 2356

RETAIL Richard Latella, MAI, FRICS Executive Managing Director richard.latella@cushwake.com +1 212 841 7675 SELF STORAGE Kate Spencer, MAI Managing Director kate.spencer@cushwake.com +1 214 558 9953

OFFICE Chris Cauthen, MAI, LEED AP Executive Director chris.cauthen@cushwake.com +1 972 663 9686

RESIDENTIAL DEVELOPMENT Scott Schafer, MAI, MRICS Senior Managing Director scott.schafer@cushwake.com +1 716 200 0171

SENIOR HOUSING/HEALTHCARE Gerald Rasmussen, MAI, FRICS Executive Managing Director gerald.rasmussen@cushwake.com +1 203 326 5884 SPORTS & ENTERTAINMENT Scott Schafer, MAI, MRICS Senior Managing Director scott.schafer@cushwake.com +1 716 200 0171

RESTAURANT Dave McArdle, MAI Senior Managing Director david.mcardle@cushwake.com +1 212 841 7789

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About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Cushman & Wakefield Capabilities

Service Lines Agency Leasing Asset Services Capital Markets Facility Services Global Occupier Services Project & Development Services

Advisory Groups Automotive Banking & Financial

Build-to-Suit Data Center eCommerce & Electronic Fulfillment Education Emerging Technology Food & Beverage Global Supply Chain Solutions Healthcare Land

Tenant Representation Valuation & Advisory

Property Types Healthcare Hospitality Industrial Land Multi-family

Legal Sector Life Sciences Net Lease Not-for-Profit Ports & Intermodal Public Sector Rail Sports & Entertainment Third-Party Logistics (3PL)

Office Retail

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