West Palm Small Bay Industrial Portfolio

Cash Flow Projection

42nd Terrace Westroads Industrial Dyer Business Park Overall Portfolio Overall Portfolio Pro Forma In-Place In-Place In-Place In-Place

Estimated Occupancy: Building Area (SF):

100.0% 34,520

97.1% 27,600

100.0% 33,600

99.0% 95,720

97.0% 95,720

PSF $ Amount

PSF $ Amount PSF $ Amount

PSF

$ Amount PSF $ Amount

REVENUE Annual Base Rent Income (1)

$280,409 $8.12 $225,235 $8.16 $254,088 $7.56 $759,732 $7.94 $883,763 $9.23 $28,191 $0.82 $14,656 $0.53 $12,380 $0.37 $55,227 $0.58 $55,227 $0.58 $308,600 $8.94 $239,891 $8.69 $266,468 $7.93 $814,959 $8.51 $938,990 $9.81

Reimbursements (2)

Gross Potential Income

VACANCY ALLOWANCE (3)

$0 $0

$0 $0.00

$0 $0.00 ($24,449) ($0.26)

($26,137) ($0.27)

EFFECTIVE GROSS INCOME

$308,600 $8.94 $239,891 $8.69 $266,468 $7.93 $790,510 $8.26 $912,853 $9.54

EXPENSES (4) RE Taxes (5)

$37,798 $1.09 $31,724 $1.15 $36,095 $1.07 $105,617 $1.10 $105,617 $1.10 $7,300 $0.26 $8,891 $0.26 $25,325 $0.26 $25,325 $0.26 $7,025 $0.25 $7,994 $0.24 $23,837 $0.25 $23,837 $0.25 $3,000 $0.11 $4,200 $0.13 $10,200 $0.11 $10,200 $0.11

$9,134 $0.26 $8,817 $0.26 $3,000 $0.09 $3,240 $0.09 $5,400 $0.16 $550 $0.02 $4,140 $0.12

Insurance

Management Fee (6)

R&M

$3,240 $0.12

$0 $0.00 $6,480 $0.07

$6,480 $0.07

Trash Removal

$5,400 $0.20 $5,403 $0.16 $16,203 $0.17 $16,203 $0.17

Payroll Electric

$0 $0.00 $1,400 $0.04 $1,950 $0.02 $1,500 $0.12 $1,836 $0.05 $7,476 $0.08

$1,950 $0.02 $7,476 $0.08

Fire & Safety Water & Sewer

$7,500 $0.22 $10,800 $0.39 $4,200 $0.13 $22,500 $0.24 $22,500 $0.24 $79,579 $2.31 $69,989 $2.54 $70,019 $2.03 $219,588 $2.29 $219,588 $2.29

TOTAL EXPENSES

NET OPERATING INCOME

$229,021 $6.63 $169,902 $4.92 $196,448 $5.69 $570,922 $5.96 $693,266 $7.24

Notes: (1) Based on in-place rent roll from 2017 (2) Reimbursements include: CAM, RE Taxes, Labor, Alarm and Collected Late Fees (3) 3% Vacancy Allowance deduction for in-place calculation (4) Based on 2017 Budget provided. See detail on Expenses page for each asset. (5) In-Place RE Taxes inflated 2016 discounted taxes by 3% (6) Calculated as 3% of Effective Gross Revenue

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