Commercial Real Estate Financial Analysis

R E A L E S T A T E & F in a n c ia l A d v iso r y

FINANCIAL CONSULTING BROCHURE
Private & Confidential
Disclaimer: This document is solely for informational purposes
Prepared by
Ploutus Advisors, LLC
1875 Century Park East, Suite 700
Century City, CA 90067
atapia@ploutusadvisors.com
+1.424.274.3561

FINANCIAL CONSULTING SERVICES
Our firm provides exemplary, unbiased, ethical and value-focused investment, commercial and corporate
real estate consulting services to investors, companies, owners / landlords, and users / tenants.
Below is a list of frequently requested assignments:
§ Evaluation of Lease, Sublease, Purchase, or Sale-Leaseback
§ Occupancy Cost Analysis
§ Lease Comparison Analysis
§ Space Consolidation Scenarios
§ Cash and GAAP Perspectives
§ Impact of Purchase or Lease Transactions on Financial Statements
§ Comparison of Portfolio Value vs. Outstanding Obligation
§ Portfolio Analysis vs. Business Strategy
§ Own vs. Lease Decision
§ Operating vs. Capital Lease
§ Evaluation and Assessment of Investment Opportunities
§ Valuation of Individual Assets or Real Estate Portfolios
§ Development Analysis and Project Financial Feasibility
§ Optimal Holding Period Analysis
§ Benchmarking Based on Key Measurement Metrics
§ Detailed Sensitivity or What If Analysis
§ Review and Preparation of Lease Abstracts
§ Preparation of Detailed Cash Flows
§ Market Research
Software used to create our financial decision models:
§ Excel
§ Argus
Our models can be custom-built to cater to specific needs of a client. Our goal is to help our clients make
qualified or informed decisions that are by design.
“Strive not to be a success, but rather to be of value.”
Albert Einstein

Development Financial Feasibility Report

Client: Name
Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report
3-Jun-13
Prepared by PLOUTUS ADVISORS, LLC EXECUTIVE SUMMARY

Name (“the Client”)
Name (“Client Contact”)
Address
Ploutus Advisors, LLC was commissioned on ________, 2013 by the Client to conduct financial feasibility
analyses for the proposed mixed-use development project located at _____________ Blvd., (including other
adjacent parcels) in __________, California.
GOAL & PURPOSE OF REPORT:
This report encompasses a comprehensive financial analysis of one specific mixed-use development
scenario. The development scenario analyzed, as part of this report, is as follows:
(i) Option 3H-1: 136,500 square feet total project area which includes restaurant, cafe and
multifamily (Refer to Appendix A)
The purpose of the assignment was to conduct a detailed financial analysis for the above listed scenario
presented by the Client to Ploutus Advisors, LLC. This report has been prepared for exclusive use by the
Client as a development program financial assessment document that may enable and/or lay a roadmap for
further refinement and/or modification of the development program. This report is not intended for use as a
final investment decision tool.
[Finding and Recommendations on following pages]

Client: Name
3-Jun-13

FINDINGS:
The following table exhibits few of the key findings for the scenario:
PARAMETER OPTION 3H-1
Total Project Cost (10-Year) $33.2MM
Total Project Cost / SF $243.4/SF
Levered IRR (10-Year) 18.6%
Unlevered IRR (10-Year) 10.6%
Levered Profit (10-Year) $27.2MM
Unlevered Profit (10-Year) $38.2MM
Levered IRR & Profit (7-Year) 19.1% & $16.8MM
Probability of IRR Greater Than 18.0% 57.4%
Max Unlevered IRR (Type) 14.9% (Restaurant)
Min Unlevered IRR (Type) 9.9% (Multifamily)
Note: The above results are based on an as-is land value input assumption of $3.0MM
Option 3H-1 offers the best results so far when compared with all previous options. The cost side of the
equation needs to be further validated and refined. Also, the results shown above will be significantly
impacted by market apartment rents. Currently, the model assumes $1,300 per month per 500 square feet
apartment unit as a base case assumption. The results page provides a sensitivity analysis with shows
leveraged IRRs for the project at different values of apartment rent. If the apartment rent is $1,000 per month
the project levered IRR is 10.9%. For apartment rents of $1,400 per month, the project levered IRR is 21.2%.
The results page also shows levered IRR and profit for different assumptions of holding period – 3 Years, 5
Years, 7 Years and 10 Years. Based on the current assumptions, the total project cost per square foot for
Option 3H is $243.4/SF. Market assumptions for the café and restaurants are based on a five-year initial
lease term. Therefore, within the ten-year analysis window, additional capital needs for TIA and leasing
commissions, and downtime at the end of the initial lease term have been programmed in our analysis. These
factors have a dampening effect on returns, but are unavoidable.

Client: Name
3-Jun-13

The distribution of cost across major cost categories i.e., land, hard and soft costs under Option 3H-1 is
approximately 11.3%, 67.9% and 20.8% respectively. The distribution of cost across these major cost
categories does appear to be reasonable, therefore, it can be concluded that the absolute cost amounts will
need to be further investigated to ensure that the program is sustainable.
Multifamily as a product type accounts for approximately 85.7% of the total square footage under Option
3H-1.
RECOMMENDATIONS:
In our opinion, per the above metrics Option 3H-1, based on the current development budget and product
mix generates a near reasonable internal rate of return, however, this option needs to be further validated and
fine-tuned. To enhance the financial viability of the project it is recommended that the Client explore the
following steps:
(i) Engage a General Contracting firm to validate the construction numbers
(ii) Conduct a comprehensive multifamily market research and absorption study to validate demand
for the proposed product mix, area and type, ascertain current inventory levels, competitive
supply, absorption trends and future demand projections, ability of the submarket to absorb the
planned project, and future rental rates and vacancy trends
[General Methodology, Report Contents and Conditions on following pages]

Client: Name
3-Jun-13

GENERAL METHODOLOGY:
The analysis period is assumed to be ten years with an initial two-year development period followed by an
eight-year operating period. Stabilization of each product type is assumed over a three-year operating period
post construction. At the end of the operating period a reversion or sale of the project is calculated based on
the net operating income from various product types by applying an independent exit cap rate for each
separate product type. Construction and permanent debt financing assumed in the analysis is applied towards
the entire project, and is not based on an individual product type. Valuation to determine amount of
permanent financing is derived by using an assumed cap rate that is applied to the consolidated stabilized
cash flows. Further, the entire development program is assumed as built concurrently without any phasing.
Furthermore, key development cost assumptions and market research information used to conduct the
financial analysis has been provided by and/or vetted by other independent consultants and experts, either
engaged or identified as reliable by the Client. Neither does Ploutus Advisors, LLC, nor do any of its
officers, representatives and/or employees, make any representation, guarantees and/or warranties, expressed
or implied, as to the accuracy and/or completeness of such information.
REPORT CONTENTS – FINANCIAL ANALYSIS:
The financial analysis as part of this report comprises of the following components:
1. Result Summary: Provides an overview of various project level details such as:
a. Capitalization: Breakdown of the sources and uses
b. Key Performance Metrics: Unlevered (without debt) and levered (with debt) - profit, invested
equity, multiple, return on equity (ROE) and internal rate of return (IRR)
c. Monte Carlo Simulation: Shows the probabilities for levered IRR (based on a sample size of
1,000 IRR values) being less than, between, or greater than pre-defined IRR limits
d. Cash Flow: Ten-year, unlevered, levered and cumulative cash flow, and payback period based
on the undiscounted levered cash flow
e. Cost Breakdown: Distribution of hard, soft and land costs
f. Area Breakdown: Area by product type
g. Sensitivity Analysis: Calculation of levered IRR, ROE, profit and multiple for a range of land
values, and calculation of levered IRR for a range of apartment rents
2. Monte Carlo Simulation (MCS): The levered IRR output of the financial analysis per base
assumptions was subjected to a simulation test. The model generated 1,000 random levered IRR
values based on the assumption that the model levered IRR has a standard deviation of 20%. The
result of the MCS is displayed in the Result Summary.
3. Assumptions: Primary operating related (i.e., rent, free rent, downtime, operating expenses, tenant
improvement allowance (TIA), lease term and other), exit related, and other general assumptions
used in analysis are listed under Assumptions.

Client: Name
3-Jun-13

4. Area Statement: Shows a detailed area analysis including land area information with details of
subject and target land parcels, and a breakdown of square footage by product type and parking.
5. Consolidated Cash Flows: Displays a consolidated ten-year proforma cash flow from development
to operations and sale. The proforma also shows the cash flows on both an unlevered and a levered
basis assuming (i) construction financing over the development period, (ii) permanent or take-out
financing at the end of the development period, and (iii) exit or reversion values for each product type
of the project.
6. Project Budget: Provides a detail breakdown for each major cost category: land, hard and soft.
Further, the project budget also illustrates how each itemized cost under the major cost categories is
calculated and applied to the analysis.
7. Consolidated Monthly Development Cost: Provides a breakdown of each major cost category,
namely land, hard, and soft, by month and by project product type.
8. Monthly Development Cost: Provides a detailed line-by-line itemized monthly breakdown of
development cost by product type, and includes a monthly development cost section for each product
type (upon request by Client).
9. Proforma: Provides an annual 10-Year operating proforma for each product type.
CONDITIONS:
1. Ploutus Advisors, LLC has not independently verified the validity of any assumptions provided by
the Client’s consultants, advisors and experts.
2. No independent demographic, econometric, market research or development cost study was
conducted by Ploutus Advisors, LLC as part of this analysis.
3. The findings and recommendations of this report may be subject to changes due to changes in the
product type, general macro and micro economic environment, and/or other items that are beyond the
scope of this assignment and/or control of Ploutus Advisors, LLC.
[Disclaimer on following page]

Client: Name
3-Jun-13

DISCLAIMER:
This report is based on inputs from third parties and/or sources deemed reliable. This report and its contents
are for informational purposes, only for use by the intended recipient, and may be subject to errors and/or
omissions. The recipient is advised to conduct its own due diligence and consult with other advisors prior to
making any investment decision. This analysis does not purport to be all-inclusive, or to contain all of the
information that prospective investors, lenders, and/or other stakeholders may desire. It should be noted that
all financial projections are provided for general reference and informational purposes only in that they are
based on assumptions relating to the general economy, competition, and other factors beyond the control of
Ploutus Advisors, LLC and, therefore, are subject to material variation. There may be other elements to the
project not analyzed herein that have significant tax and accounting implications, in addition to other factors
that may impact the results of this report. Ploutus Advisors, LLC urges you to consult with your audit, legal
and tax advisors in order to validate any such impact. Neither does Ploutus Advisors, LLC, nor do any of its
officers, representatives and/or employees, make any representation, guarantees and/or warranties, expressed
or implied, as to the accuracy and/or completeness of this report, financial analysis and/or any of its contents,
and no legal commitments or obligations shall arise by reason of this report or any of its contents.
CONTACT INFORMATION:
Adnan Tapia
Ploutus Advisors, LLC
Email: atapia@ploutusadvisors.com
Tel: +1.424.274.3561

Client: Name (SAMPLE)
3-Jun-13
Prepared by PLOUTUS ADVISORS, LLC
APPENDIX A - OPTION 3H-1

3-Jun-13
Prepared by PLOUTUS ADVISORS, LLC RESULT SUMMARY
CAPITALIZATION (Development Period) (At Refinance - Permanent Loan) (Total Equity Invested)
Type % Total Equity $ Amount % Total $/Total SF Amount Amount
Land Owner Land Value 21.1% $3,000,000 9.0% $21.98 Permanent Financing $28,492,102 Initial Equity $14,246,315
Capital Partner Equity 78.9% $11,246,315 33.8% $82.39 Equity $0 Deficit - At Refinance $0
Total Equity Contribution 100.0% $14,246,315 $104.37 Additional Equity over Operations $0
Construction Loan Debt $18,978,217 57.1% $139.03
Total Sources $33,224,532 100.0% $243.40 Total Sources $28,492,102 Total Equity Invested in Project $14,246,315
Loan Fees $427,382
Development Cost $31,630,362 95.2% $231.72 Construction Loan Paydown $18,978,217 Note: Additional equity may be required due to
Construction Loan - Interest Carry $1,594,170 4.8% $11.68 Equity Pay Down $9,086,504 shortfall during refinance and/or other negative
Total Uses $33,224,532 100.0% $243.40 Total Uses $28,492,102 cash flows over operating period.
KEY PERFORMANCE METRICS MONTE CARLO SIMULATION (MCS)
(Sample Size: 1,000)
Equity Profit Distribution Equity Profit Distribution Probability of (IRR ≤ 18.0%) 42.7%
$31,630,362 $38,226,319 $69,856,681 $14,246,315 $27,185,543 $41,431,858 Probability of (18.0% < IRR < 25.0%) 52.9%
Multiple IRR ROE Multiple IRR ROE Probability of (IRR ≥ 25.0%) 4.4%
2.2x 10.6% 120.9% 2.9x 18.6% 190.8% Probability of (IRR > 18.0%) 57.3%
CASH FLOW
(Amounts in $,000) Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Unlevered Cash Flow - UCF ($3,110) ($23,425) ($5,095) $1,448 $2,115 $2,431 $2,516 $2,601 $2,402 $2,798 $53,546
Levered Cash Flow - LCF ($3,110) ($11,136) $0 $10,534 $321 $637 $722 $807 $608 $1,005 $26,798
Cumulative LCF ($3,110) ($14,246) ($14,246) ($3,712) ($3,391) ($2,754) ($2,032) ($1,225) ($617) $387 $27,186
Payback Period (Years to Break-Even): 8.61 Years
U N L E V E R E D L E V E R E D
($20,000)
($15,000)
($10,000)
($5,000)
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
CASH FLOW
Levered Cash Flow - LCF Cumulative LCF 2 per. Mov. Avg. (Levered Cash Flow - LCF)

3-Jun-13
Prepared by PLOUTUS ADVISORS, LLC RESULT SUMMARY
COST BREAKDOWN AREA BREAKDOWN BY USE
Cost Type Amount ($) Breakdown (%) Cost Type Square Feet Breakdown (%)
LAND $3,572,000 11.3% OFFICE 0 0.0%
HARD $21,481,000 67.9% RETAIL 0 0.0%
SOFT $6,577,362 20.8% GROCERY 0 0.0%
Total $31,630,362 100.0% CAFÉ 6,500 4.8%
RESTAURANT 13,000 9.5%
MULTIFAMILY 117,000 85.7%
Total 136,500 100.0%
SENSITIVITY ANALYSIS (LEVERED) IRR BY USE IRR & PROFIT BY HOLDING PERIOD
Land Value IRR ROE Profit Multiple Use Unlevered IRR Levered IRR Holding Levered IRR Profit Incremental
$2,000,000 20.4% 205.5% $28,293,715 3.05x OFFICE na Period Profit
$2,250,000 19.9% 201.7% $28,016,672 3.02x RETAIL na
$2,500,000 19.4% 198.0% $27,739,629 2.98x CAFÉ 11.7% 3 Years 9.9% $3,335,317 $0
$2,750,000 19.0% 194.4% $27,462,586 2.94x RESTAURANT 14.9% 5 Years 19.8% $11,682,475 $8,347,158
$3,000,000 18.6% 190.8% $27,185,543 2.91x MULTIFAMILY 9.9% 7 Years 19.1% $16,815,166 $5,132,691
$3,250,000 18.2% 187.3% $26,908,500 2.87x CONSOLIDATED 10.6% 18.6% 10 Years 18.6% $27,185,543 $10,370,377
$3,500,000 17.8% 183.9% $26,631,457 2.84x
$3,750,000 17.4% 180.5% $26,354,414 2.80x IRR BY APARTMENT RENT 1300
$4,000,000 17.0% 177.1% $26,077,371 2.77x Levered IRR
$4,250,000 16.6% 173.9% $25,800,328 2.74x 1300 18.6%
$4,500,000 16.3% 170.6% $25,523,285 2.71x $2.20 $1,100 13.4%
$4,750,000 15.9% 167.4% $25,246,242 2.67x $2.40 $1,200 16.0%
$5,000,000 15.6% 164.3% $24,969,199 2.64x $2.60 $1,300 18.6%
$5,250,000 15.3% 161.2% $24,692,156 2.61x $2.80 $1,400 21.2%
$5,500,000 14.9% 158.2% $24,415,113 2.58x $3.00 $1,500 23.8%
Apartment Rent
11.3%
67.9%
20.8%
LAND HARD SOFT
0%0%0%
5%
9%
86%
OFFICE
RETAIL
GROCERY
CAFÉ
RESTAURANT
MULTIFAMILY

03-Jun-13
Prepared by PLOUTUS ADVISORS, LLC Monte Carlo Simulation
CASH FLOW Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Levered Cash Flow (in $,000) ($3,110.2) ($11,136.1) $0.0 $10,534.2 $320.9 $637.3 $721.7 $806.8 $608.2 $1,004.5 $26,798.2
PROJECT IRR & ASSUMED STD DEV
Project IRR 18.6%
Standard Deviation 20.00% 3.7%
PROBABILITY LIMITS
Project IRR Mid Range 18.0%
25.0% Mean = 0.187 Sigma = 0.037
MCS RESULT (Sample Size: 1,000)
Probability of (IRR ≤ 18.0%) 42.7%
Probability of (18.0% < IRR < 25.0%) 52.9% 100.0%
Probability of (IRR ≥ 25.0%) 4.4%
Probability of (IRR > 18.0%) 57.3%
0

2

4

6

8

10

12

IRR
Distribution

Distribution
Area
for
X
=
0.18

3-Jun-13
Prepared by PLOUTUS ADVISORS, LLC ASSUMPTIONS
KEY ASSUMPTIONS
OFFICE RETAIL GROCERY CAFÉ RESTAURANT MULTIFAMILY
Lease Type FSG NNN NNN NNN NNN
Contract Rent / SF / Month $3.00 $4.00 $3.00 $3.00 $3.00 Rent / Month / 500 SF Unit $1,300
Rent Escalation / Year 3.00% 3.00% 3.00% 3.00% 3.00% Rent / Month / 1000 SF Unit $0
Stabilization Over 3 Years Over 3 Years Over 3 Years Over 3 Years Over 3 Years Rent Escalation / Year 4.00%
Free Rent - Mo(s) / Yr of Lease 1 Months 1 Months 1 Months 1 Months 1 Months Stabilization Over 3 Years
Downtime / Rollover 9 Months 9 Months 9 Months 9 Months 9 Months Model Unit, Concession, Bad Debt 1.00%
General Vacancy Rate 10.00% 10.00% 10.00% 10.00% 10.00% Stabilized Vacancy 5.00%
Operating Expense / Year $0.00 $0.00 $0.00 $0.00 $0.00 Expense Ratio 35.00%
Operating Expense Reimbursement % 5.00% 0.00% 0.00% 0.00% 0.00% Capital Reserve / Unit / Yr $120
Initial Lease Term 5 Years 5 Years 5 Years 5 Years 5 Years Exit Cap Rate (Year 10) 5.50%
Leasing Commission - New Lease 6.00% 6.00% 6.00% 6.00% 6.00% General Assumptions
Leasing Commission - Lease Renewal 3.00% 3.00% 3.00% 3.00% 3.00% Global Escalation Rate 3.00%
TI Allowance - New Lease $25.00 $30.00 $30.00 $35.00 $0.00 Year of Reversion Yr 10
TI Allowance - Lease Renewal $15.00 $15.00 $15.00 $15.00 $0.00 Construction Loan (LTC) 60.00%
Probability of Renewal 75.00% 75.00% 75.00% 75.00% 75.00% Permanent Financing (LTV) 70.00%
Parking Rate / Stall / Month $50.00 $0.00 $0.00 $0.00 $0.00 Cap Rate - Refi * A 6.00%
Capital Reserves / SF/ Yr $0.20 $0.20 $0.20 $0.20 $0.20 Applied Cap Rate - Refi 6.00%
Exit Cap Rate (Year 10) 7.00% 7.00% 7.00% 7.00% 7.50% * Applied (A) or Blended (B)

3-Jun-13
Prepared by PLOUTUS ADVISORS, LLC AREA STATEMENT
LAND AREA INFORMATION
Parcel No. APN Address Current Existing Land Existing Acquisition OPP - Original OPP per Bldg. OPP per Land Current Purchase PP per Land Percent of
Owner Bldg. Area Coverage Date Purchase Price Square Foot Square Foot Use Price (PP) Square Foot Total PP
(SF) (SF) (%) ($) ($/SF) ($/SF) ($) ($/SF) (%)
Parcel 3 Number Address Name 2,240 11,504 19.5% 10/1/10 $680,000 $303.57 $59.11 Auto $422,434 $36.72 14.1%
Parcel 1 Number Address Name 12,000 12,225 98.2% 4/11/61 $290,000 $24.17 $23.72 Parking Lot $448,909 $36.72 15.0%
Parcel 1 Number Address Name 982 15,845 6.2% 2/6/12 $245,000 $249.49 $15.46 Parking Lot &
House
$581,838 $36.72 19.4%
Parcel 5 Number Address Name 6,353 15,679 40.5% 11/17/92 $600,000 $94.44 $38.27 Strip Center $575,742 $36.72 19.2%
Parcel 2 Number Address Name 3,626 9,607 37.7% 2/3/87 $218,000 $60.12 $22.69 Deli $352,775 $36.72 11.8%
Parcel 2 Number Address Name 4,200 4,265 98.5% 12/30/76 $24,354 $5.80 $5.71 Deli $156,613 $36.72 5.2%
Parcel 4 Number Address Name 3,030 12,573 24.1% 9/6/05 $900,000 $297.03 $71.58 AutoParts Store $461,688 $36.72 15.4%
TOTAL 32,431 81,698 39.7% $2,957,354 $91.19 $36.20 $3,000,000 $36.72 100.0%

3-Jun-13
Prepared by PLOUTUS ADVISORS, LLC AREA STATEMENT
LAND AREA INFORMATION
AREA & PARKING BREAKDOWN
Type of Use NSF Circulation % Circulation Total SF % Total Net Area (NSF)
by Use by Use by Use by Use by Use Parcel 1 Parcel 2 Parcel 3 Parcel 4 Parcel 5
OFFICE 0 0 0.0% 0 0.0%
RETAIL 0 0 0.0% 0 0.0%
GROCERY 0 0 0.0% 0 0.0%
CAFÉ 5,000 1,500 30.0% 6,500 4.8% 5,000
RESTAURANT 10,000 3,000 30.0% 13,000 9.5% 10,000
MULTIFAMILY 90,000 27,000 30.0% 117,000 85.7% 30,000 15,000 15,000 15,000 15,000
TOTAL 105,000 31,500 30.0% 136,500 100.0% 30,000 15,000 15,000 15,000 30,000
DEVELOPMENT OPTION
Type of Use Pro-Rata Circulation (SF) Total Area (SF) 3H-1
Parcel 1 Parcel 2 Parcel 3 Parcel 4 Parcel 5 Parcel 1 Parcel 2 Parcel 3 Parcel 4 Parcel 5
OFFICE 0 0 0 0 0 0 0 0 0 0
RETAIL 0 0 0 0 0 0 0 0 0 0
GROCERY 0 0 0 0 0 0 0 0 0 0
CAFÉ 0 0 0 0 1,500 0 0 0 0 6,500
RESTAURANT 0 0 0 0 3,000 0 0 0 0 13,000
MULTIFAMILY 9,000 4,500 4,500 4,500 4,500 39,000 19,500 19,500 19,500 19,500
TOTAL 9,000 4,500 4,500 4,500 9,000 39,000 19,500 19,500 19,500 39,000
Parcel Land Max FAR Max Dev PARKING Ratio SF or Rooms # Stalls RESIDENTIAL Area (SF) % of NSF % of GSF
Number Area Ratio Density OFFICE 0.00 0 0 NSF 90,000 100.0% 76.9%
(SF) (SF) RETAIL 0.00 0 0 Circulation 27,000 30.0% 23.1%
Parcel 1 28,070 3.0 84,210 CAFÉ 2.00 6,500 13 Total / GSF 117,000 100.0%
Parcel 2 13,872 3.0 41,616 RESTAURANT 2.65 13,000 35 Type SF/Unit # of Units NSF
Parcel 3 11,504 3.0 34,512 MULTIFAMILY 1.00 180 180 1B x 1B 500 180 90,000
Parcel 4 12,573 3.0 37,719 TOTAL STALLS 228 2B x 2B 0 0 0
Parcel 5 15,679 3.0 47,037 Other 0 0 0
TOTAL 81,698 3.0 245,094 TOTAL 500 180 90,000
Residential NSF Check: TRUE

03-Jun-13
Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED CASH FLOWS
CONSOLIDATED
Total Project SF 136,500 SF
PROFORMA % of Total $ / Total SF Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD
Stabilized Reversion
LAND COST (i) 10.8% $26.2 $3,572,000 $3,082,500 $489,500 $0 $0 $0
HARD COST (ii) 64.7% $157.4 $21,481,000 $0 $19,672,652 $1,808,348 $0 $0
SOFT COST (iii) 19.8% $48.2 $6,577,362 $27,673 $3,262,923 $3,286,765 $0 $0
DEVELOPMENT COST (DC) (i) + (ii) + (iii) 95.2% $231.7 $31,630,362 $3,110,173 $23,425,075 $5,095,113 $0 $0
CONSTRUCTION FINANCING
Interest Period
Interest Carry 7.00% 24 Months 4.8% $11.7 $1,594,170 $0 $1,594,170 $0 $0 $0
ALL IN PROJECT COST 100.0% $243.4 $33,224,532 $3,110,173 $25,019,245 $5,095,113 $0 $0 $0 $0 $0 $0 $0 $0

03-Jun-13
Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED CASH FLOWS
FINANCING Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD
A) Equity Max: $14,246,315
Equity Draws $14,246,315 $3,110,173 $11,136,142 $0 $0 $0 $0 $0 $0 $0 $0 $0
B) Construction Loan Max: $18,978,217
Opening Balance $0 $0 $13,883,104 $18,978,217 $0 $0 $0 $0 $0 $0 $0
Loan Draws % of DC: 60.0% Avg Balance: 60.0% $18,978,217 $0 $13,883,104 $5,095,113 $0 $0 $0 $0 $0 $0 $0 $0
Paydown from Permanent Financing $18,978,217 $0 $0 $0 $18,978,217 $0 $0 $0 $0 $0 $0 $0
Closing Balance $0 $13,883,104 $18,978,217 $0 $0 $0 $0 $0 $0 $0 $0
Shortfall $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
C) Permanent / Take-Out Financing
Stabilized NOI $2,442,180
Cap Rate (Blended) 6.00%
Est. Stabilized Value $40,703,003 Month Start 0 0 0 0 1 13 25 37 49 61 73
Appraised Amount $40,703,003 Month End 0 0 0 0 12 24 36 48 60 72 84
LTV 70.0% Loan Draws $28,492,102 $0 $0 $0 $28,492,102 $0 $0 $0 $0 $0 $0 $0
Loan Amount $28,492,102 Loan Fees $427,382 $0 $0 $0 $427,382 $0 $0 $0 $0 $0 $0 $0
LIBOR 0.80% Debt Service / Year $12,557,008 $0 $0 $0 $0 $1,793,858 $1,793,858 $1,793,858 $1,793,858 $1,793,858 $1,793,858 $1,793,858
Spread 400 bps Debt Service / Month $0 $0 $0 $0 $149,488 $149,488 $149,488 $149,488 $149,488 $149,488 $149,488
Interest Rate 4.80% Interest Paid / Year $9,019,225 $0 $0 $0 $0 $1,358,118 $1,336,736 $1,314,305 $1,290,773 $1,266,086 $1,240,188 $1,213,020
Amortization 30.00 Yrs Principal Paid / Year $3,537,783 $0 $0 $0 $0 $435,741 $457,123 $479,554 $503,086 $527,772 $553,670 $580,839
Loan Fees 1.50% Closing Loan Balance $0 $0 $0 $28,492,102 $28,056,361 $27,599,239 $27,119,685 $26,616,599 $26,088,827 $25,535,158 $24,954,319
Year of Permanent Financing 3 Loan Repay $24,954,319 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $24,954,319
Debt Service Coverage 1.41x na na na na 1.18x 1.36x 1.40x 1.45x 1.34x 1.56x 1.62x
Debt Yield 9.2% 5.1% 7.6% 8.8% 9.3% 9.9% 10.3% 11.1% 11.8%
NET OPERATING INCOME (NOI) $19,629,301 $0 $0 $0 $1,455,948 $2,123,241 $2,442,180 $2,534,002 $2,629,322 $2,680,408 $2,828,824 $2,935,376
$/Total SF
OPERATING CASH FLOW BEFORE DEBT $140.8 $19,214,359 $0 $0 $0 $1,447,728 $2,114,775 $2,431,168 $2,515,579 $2,600,621 $2,402,099 $2,798,375 $2,904,014
CASH FLOW FROM SALE BEFORE DEBT
Reversion Yr of Sale Exit Cap Rate % Total Reversion $/SF
10 5.8% 100.0% $382.5 $52,208,580 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $52,208,580
OFFICE 7.0% 0.0% $0.0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
RETAIL 7.0% 0.0% $0.0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
GROCERY 7.0% 0.0% $0.0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
CAFÉ 7.0% 6.4% $513.0 $3,334,772 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,334,772
RESTAURANT 7.5% 11.9% $478.8 $6,224,908 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $6,224,908
MULTIFAMILY 5.5% 81.7% $364.5 $42,648,899 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $42,648,899
Cost of Sale 3.0% $1,566,257 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,566,257
$/Total SF
NET CASH FLOW FROM SALE BEFORE DEBT $371.0 $50,642,322 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $50,642,322
UNLEVERED CASH FLOW 10.6% $38,226,319 ($3,110,173) ($23,425,075) ($5,095,113) $1,447,728 $2,114,775 $2,431,168 $2,515,579 $2,600,621 $2,402,099 $2,798,375 $53,546,336
CAFÉ Unlevered IRR 11.7% $2,599,318 ($148,135) ($1,360,455) ($374,689) $33,800 $143,273 $194,118 $199,942 $205,940 $27,277 $218,482 $3,459,765
RESTAURANT Unlevered IRR 14.9% $5,809,560 ($296,194) ($2,235,898) ($452,243) $67,600 $286,546 $388,236 $399,883 $411,880 $314,553 $436,963 $6,488,233
MULTIFAMILY Unlevered IRR 9.9% $29,817,441 ($2,665,844) ($19,828,722) ($4,268,182) $1,346,328 $1,684,956 $1,848,814 $1,915,754 $1,982,801 $2,060,269 $2,142,930 $43,598,338
LEVERED CASH FLOW 18.6% $27,185,543 ($3,110,173) ($11,136,142) $0 $10,534,232 $320,916 $637,310 $721,721 $806,763 $608,240 $1,004,517 $26,798,159

03-Jun-13
Prepared by PLOUTUS ADVISORS, LLC PROJECT BUDGET
TYPE OF USE
CAFÉ RESTAURANT MULTIFAMILY TOTAL
TOTALAREA BY USE 6,500 SF 13,000 SF 117,000 SF 136,500 SF
DRIVERS
Land Cost $142,857 $285,714 $2,571,429 $3,000,000
Hard Cost $1,239,762 $1,874,524 $18,366,714 $21,481,000
Use as % of Total Area 4.76% 9.52% 85.71% 100.0%
Land Allocation 4.76% 9.52% 85.71% 100.0%
Cost Allocation 4.76% 9.52% 85.71% 100.0%
LAND COST
(1) Land / Purchase Costs:
1 1 Land Purchase Cost $21.98 / SF $142,857 $285,714 $2,571,429 $3,000,000
2 2 Real Estate Broker's Fees - Land Sale 1.00% $0.22 / SF $1,429 $2,857 $25,714 $30,000
3 3 Title Policy - Land Acquisition 0.25% $0.05 / SF $357 $714 $6,429 $7,500
4 4 Recording Fees 0.25% $0.05 / SF $357 $714 $6,429 $7,500
5 5 Transfer Taxes 0.25% $0.05 / SF $357 $714 $6,429 $7,500
6 6 Filing Fee 0.25% $0.05 / SF $357 $714 $6,429 $7,500
7 7 Legal / Due Diligence 1.00% $0.22 / SF $1,429 $2,857 $25,714 $30,000
8 8 Off-Site Improvements 2.00% $0.44 / SF $2,857 $5,714 $51,429 $60,000
9 9 Miscellaneous Fees 0.50% $0.11 / SF $714 $1,429 $12,857 $15,000
10 Subtotal 5.50% $23.19 / SF $150,714 $301,429 $2,712,857 $3,165,000
11
12 (2) Eng Fees / Entitlement Cost:
13 1 Appraisal Fees - Land Purchase $0.11 / SF $714 $1,429 $12,857 $15,000
14 2 Demolition Cost $1.47 / SF $9,524 $19,048 $171,429 $200,000
15 3 Market Study $0.18 / SF $1,190 $2,381 $21,429 $25,000
16 4 Planning & Zoning Fee - PUD Approval $0.29 / SF $1,905 $3,810 $34,286 $40,000
17 5 Lot Line Adjustment - Parcel Maps/Plats $0.00 / SF $0 $0 $0 $0
18 6 Entitlement Consultant $0.18 / SF $1,190 $2,381 $21,429 $25,000
19 7 Financial Consultant $0.11 / SF $714 $1,429 $12,857 $15,000
20 8 Special Development Fees $0.00 / SF $0 $0 $0 $0
21 9 Traffic Study $0.11 / SF $714 $1,429 $12,857 $15,000
22 10 Geotechnical Survey $0.11 / SF $714 $1,429 $12,857 $15,000
23 11 Environmental Survey - Phase I $0.11 / SF $714 $1,429 $12,857 $15,000
24 12 Environmental Survey - Phase II $0.00 / SF $0 $0 $0 $0
25 13 ALTA Survey $0.09 / SF $571 $1,143 $10,286 $12,000
26 14 Flood Certificate / Inspection Fee $0.00 / SF $0 $0 $0 $0
27 15 Hazardous Material Remediation $0.22 / SF $1,429 $2,857 $25,714 $30,000
28 Subtotal $2.98 / SF $19,381 $38,762 $348,857 $407,000
29
30 LAND ASSEMBLY/PRE-DEV COSTS % Total: 11.3% $26.17 /SF $170,095 $340,190 $3,061,714 $3,572,000
31

03-Jun-13
TYPE OF USE
32 HARD COST
33
34 (1) Building Core & Shell:
35 OFFICE Core & Shell 0 SF x $140.00 / SF = - - - $0
36 RETAIL Core & Shell 0 SF x $130.00 / SF = - - - $0
37 GROCERY Core & Shell 0 SF x $130.00 / SF = - - - $0
38 CAFÉ Core & Shell 6,500 SF x $130.00 / SF = $845,000 - - $845,000
39 RESTAURANT Core & Shell 13,000 SF x $130.00 / SF = - $1,690,000 - $1,690,000
40 MULTIFAMILY Core & Shell 117,000 SF x $135.00 / SF = - - $15,795,000 $15,795,000
41 Subtotal 136,500 SF $845,000 $1,690,000 $15,795,000 $18,330,000
42
43 (2) Parking:
45 At Grade # of Stalls 13 35 148 196
46 Below Grade # of Stalls 0 0 32 32
47 1 At Grade Parking 196 Stalls $5,000 / Stall = $65,000 $175,000 $740,000 $980,000
48 2 Below Grade Parking 32 Stalls $18,000 / Stall = $0 $0 $576,000 $576,000
49 Subtotal 228 Stalls $65,000 $175,000 $1,316,000 $1,556,000
50
51 (3) Tenant Finishes:
52 OFFICE Tenant Finishes 0 SF x $15.00 / SF = - - - $0
53 RETAIL Tenant Finishes 0 SF x $15.00 / SF = - - - $0
54 GROCERY Tenant Finishes 0 SF x $15.00 / SF = - - - $0
55 CAFÉ Tenant Finishes 6,500 SF x $15.00 / SF = $97,500 - - $97,500
56 RESTAURANT Tenant Finishes 13,000 SF x $0.00 / SF = $0 - $0
57 MULTIFAMILY Tenant Finishes 117,000 SF x $10.00 / SF = - - $1,170,000 $1,170,000
58 Subtotal 136,500 SF $97,500 $0 $1,170,000 $1,267,500
59
60 (4) Sitework:
61 Sitework $4,762 $9,524 $85,714 $100,000
62
63 (5) TIA:
64 OFFICE TIA 0 SF x $30.00 / SF = - - - $0
65 RETAIL TIA 0 SF x $30.00 / SF = - - - $0
66 GROCERY TIA 0 SF x $30.00 / SF = - - - $0
67 CAFÉ TIA 6,500 SF x $35.00 / SF = $227,500 - - $227,500
68 RESTAURANT TIA 13,000 SF x $0.00 / SF = $0 - $0
69 MULTIFAMILY TIA 117,000 SF x $0.00 / SF = - - $0 $0
70 Subtotal 136,500 SF $227,500 $0 $0 $227,500
71
72 HARD COST - CONSTRUCTION % Total: 67.9% $157.37 /SF $1,239,762 $1,874,524 $18,366,714 $21,481,000
73

03-Jun-13
TYPE OF USE
74 SOFT COST
75
76 (1) Design & Consultants:
77 1 Architect $5.86 / SF $38,095 $76,190 $685,714 $800,000
78 2 MEP & Fire Protection $2.20 / SF $14,286 $28,571 $257,143 $300,000
79 3 Structural $1.10 / SF $7,143 $14,286 $128,571 $150,000
80 4 ADA $0.15 / SF $952 $1,905 $17,143 $20,000
81 5 Surveyor $0.11 / SF $714 $1,429 $12,857 $15,000
82 6 Civil $0.18 / SF $1,190 $2,381 $21,429 $25,000
83 7 Exterior Skin $0.00 / SF $0 $0 $0 $0
84 8 Landscaping $0.11 / SF $714 $1,429 $12,857 $15,000
85 9 Restaurant & Kitchen $0.00 / SF $0 $0 $0 $0
86 10 Roofing & Waterproofing $0.22 / SF $1,429 $2,857 $25,714 $30,000
87 11 Swimming Pool & Equipment $0.00 / SF $0 $0 $0 $0
88 12 Vertical Transportation $0.04 / SF $238 $476 $4,286 $5,000
89 13 Parking $0.09 / SF $571 $1,143 $10,286 $12,000
90 14 Special Systems
91 Acoustical $0.04 / SF $238 $476 $4,286 $5,000
92 Audio Visual $0.00 / SF $0 $0 $0 $0
93 Telecommunications / Data $0.04 / SF $238 $476 $4,286 $5,000
94 Security $0.04 / SF $238 $476 $4,286 $5,000
95 15 Contingency 5.00% $0.51 / SF $3,302 $6,605 $59,443 $69,350
96 Subtotal % of HC: 6.78% $10.67 / SF $69,350 $138,700 $1,248,300 $1,456,350
97
98 (2) Miscellaneous Dev Cost:
99 1 Site Security $0.37 / SF $2,381 $4,762 $42,857 $50,000
## 2 Utility Consumption $0.55 / SF $3,571 $7,143 $64,286 $75,000
## 3 Drawing / Printing $0.13 / SF $857 $1,714 $15,429 $18,000
## 4 Team Meeting / Catering $0.04 / SF $238 $476 $4,286 $5,000
## Subtotal % of HC: 0.69% $1.08 / SF $7,048 $14,095 $126,857 $148,000
##
## (3) Permits & Fees:
## 1 Building Permit Fee 1.50% $2.36 / SF $18,596 $28,118 $275,501 $322,215
## 2 Plan Check Fee 0.18% $0.28 / SF $2,232 $3,374 $33,060 $38,666
## 3 Grading Permit 0.13% $0.20 / SF $1,550 $2,343 $22,958 $26,851
## 4 Water & Sewer Tap Fees 0.13% $0.20 / SF $1,550 $2,343 $22,958 $26,851
## 5 State Imposed Fees 0.13% $0.20 / SF $1,550 $2,343 $22,958 $26,851
## 6 School Impact Fees 0.13% $0.20 / SF $1,550 $2,343 $22,958 $26,851
## 7 Other Misc. Permits & Fees 0.05% $0.08 / SF $620 $937 $9,183 $10,741
## Subtotal % of HC: 2.23% $3.51 / SF $27,647 $41,802 $409,578 $479,026
##
## (4) Testing & Inspections:
## 1 Soils Testing 0.11% $0.17 / SF $1,364 $2,062 $20,203 $23,629
## 2 Concrete Testing / Reinforcing Inspec 0.08% $0.12 / SF $930 $1,406 $13,775 $16,111
## 3 Masonry Testing / Inspection 0.07% $0.11 / SF $868 $1,312 $12,857 $15,037
## 4 Steel Testing / Inspections 0.08% $0.12 / SF $930 $1,406 $13,775 $16,111
## 5 Fireproofing Testing / Inspections 0.08% $0.12 / SF $930 $1,406 $13,775 $16,111
## 6 Building Envelope / Window Wall Testing 0.05% $0.08 / SF $620 $937 $9,183 $10,741
## Subtotal % of HC: 0.46% $0.72 / SF $5,641 $8,529 $83,569 $97,739

03-Jun-13
TYPE OF USE
##
## (5) Legal:
## 1 Land Purchase DD / Purchase Agrmt $0.73 / SF $4,762 $9,524 $85,714 $100,000
## 2 Development / Construction Agrmt $0.37 / SF $2,381 $4,762 $42,857 $50,000
## 3 Consultant / Broker Agrmt / CC&Rs $0.55 / SF $3,571 $7,143 $64,286 $75,000
## 4 RE Tax Consultant / Audits / Accounting $0.37 / SF $2,381 $4,762 $42,857 $50,000
## 5 Legal: Miscellaneous $0.15 / SF $952 $1,905 $17,143 $20,000
## Subtotal % of HC: 1.37% $2.16 / SF $14,048 $28,095 $252,857 $295,000
##
## (6) Insurance During Construction:
## 1 Builders Risk Insurance (Hard Cost) $0.30 /$100/Yr x 30 Mths $9,298 $14,059 $137,750 $161,108
## 2 Builders Risk Insurance (Soft Cost) $0.35 /$100/Yr x 30 Mths $1,864 $3,403 $18,744 $24,011
## 3 General Liablility Wrap-up Policy 1.50% $18,596 $28,118 $275,501 $322,215
## 4 Earthquake Insurance 0.00% $0 $0 $0 $0
## 5 Professional Insurance - e.g.: CPPIC $14,286 $28,571 $257,143 $300,000
## 6 Commercial Umbrella w/Constructn $0 $0 $0 $0
## 7 Force Majeure w/Owner $0 $0 $0 $0
## Subtotal % of HC: 3.76% $5.91 / SF $44,045 $74,151 $689,138 $807,333
##
## (7) Taxes During Construction:
## 1 Property Taxes (Year 1) $0.33 / SF $15,000 $15,000 $15,000 $45,000
## 2 Property Taxes (Year 2) $0.66 / SF $30,000 $30,000 $30,000 $90,000
## 3 Property Taxes (Year 3) $0.00 / SF $0 $0 $0 $0
## 4 Property Taxes (Year 4) $0.00 / SF $0 $0 $0 $0
## 5 Sales Tax w/Constructn $0.00 / SF $0 $0 $0 $0
## Subtotal % of HC: 0.63% $0.99 / SF $45,000 $45,000 $45,000 $135,000
##
## (8) Marketing / Leasing Office:
## 1 Leasing Office (Staff/Equip/Furn/Trailer) $0.33 / SF $15,000 $15,000 $15,000 $45,000
## 2 Model Room Construction $0.00 / SF $0 $0 $0 $0
## 3 Model Room Furniture $0.00 / SF $0 $0 $0 $0
## 4 Marketing (Print/Media Advt/PR) $0.13 / SF $6,000 $6,000 $6,000 $18,000
## 5 Leasing Commissions 6.0% $1.50 / SF $68,329 $136,657 In OpEx $204,986
## 6 Other $0.00 / SF $0 $0 $0 $0
## Subtotal % of HC: 1.25% $1.96 / SF $89,329 $157,657 $21,000 $267,986
##
## (9) Developer Fees:
## 1 Development Fee 10.0% $15.74 / SF $123,976 $187,452 $1,836,671 $2,148,100
## 2 CM & PM Fee 2.0% $3.15 / SF $24,795 $37,490 $367,334 $429,620
## Subtotal % of HC: 12.00% $18.88 / SF $148,771 $224,943 $2,204,006 $2,577,720
##
## (10) General Contingency
## Soft Cost Contingency 5.0% $2.29 / SF $22,544 $36,649 $254,015 $313,208
SOFT COST % Total: 20.8% $48.19 /SF $473,421 $769,621 $5,334,319 $6,577,362
DEVELOPMENT COST % Total: 100.0% $231.72 /SF $1,883,279 $2,984,335 $26,762,748 $31,630,362
DEVELOPMENT COST PER SF $289.7 $229.6 $228.7 $231.7

Project Code | Project Type: OPTION 3H-1
LAND COST
(1) Land / Purchase Costs:
1 Land Purchase Cost
2 Real Estate Broker's Fees - Land Sale
3 Title Policy - Land Acquisition
4 Recording Fees
5 Transfer Taxes
6 Filing Fee
7 Legal / Due Diligence
8 Off-Site Improvements
9 Miscellaneous Fees
Subtotal
(2) Eng Fees / Entitlement Cost:
1 Appraisal Fees - Land Purchase
2 Demolition Cost
3 Market Study
4 Planning & Zoning Fee - PUD Approval
5 Lot Line Adjustment - Parcel Maps/Plats
6 Entitlement Consultant
7 Financial Consultant
8 Special Development Fees
9 Traffic Study
10 Geotechnical Survey
11 Environmental Survey - Phase I
12 Environmental Survey - Phase II
13 ALTA Survey
14 Flood Certificate / Inspection Fee
15 Hazardous Material Remediation
Subtotal
LAND ASSEMBLY/PRE-DEV COSTS
Financial Feasibility Report Financial Feasibility Report
PROJECT BUDGET PROJECT BUDGET
OFFICE RETAIL CAFÉ RESTAURANT MULTIFAMILY
SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T
0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP
0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP
0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP
0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP
0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP
0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP
0 2 SL 0 2 SL 0 2 SL 0 2 SL 0 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
0 2 SL 0 2 SL 0 2 SL 0 2 SL 0 2 SL
1 1 SL 1 1 SL 1 1 SL 1 1 SL 1 1 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 6 SL 1 6 SL 1 6 SL 1 6 SL 1 6 SL
1 6 SL 1 6 SL 1 6 SL 1 6 SL 1 6 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL
$0.00MM $0.00MM $0.17MM $0.34MM $3.06MM
03-Jun-13
LEGEND:
SM - Start Month
D (Mo) - Duration in Mths
T - Treatment for
Distribution of Cost
Select one of the following
Treatments (T)
SP - Single Payment
SL - Straight Line
SC - S-Curve

HARD COST
(1) Building Core & Shell:
OFFICE Core & Shell
RETAIL Core & Shell
GROCERY Core & Shell
CAFÉ Core & Shell
RESTAURANT Core & Shell
MULTIFAMILY Core & Shell
Subtotal
(2) Parking:
1 At Grade Parking
2 Below Grade Parking
Subtotal
(3) Tenant Finishes:
OFFICE Tenant Finishes
RETAIL Tenant Finishes
GROCERY Tenant Finishes
CAFÉ Tenant Finishes
RESTAURANT Tenant Finishes
MULTIFAMILY Tenant Finishes
Subtotal
(4) Sitework:
Sitework
(5) TIA:
OFFICE TIA
RETAIL TIA
GROCERY TIA
CAFÉ TIA
RESTAURANT TIA
MULTIFAMILY TIA
Subtotal
HARD COST - CONSTRUCTION
03-Jun-13
LEGEND:
6 8 SC
6 8 SC
6 8 SC
6 8 SC
6 8 SC
6 4 SC 6 4 SC 6 4 SC 6 4 SC 6 4 SC
6 4 SC 6 4 SC 6 4 SC 6 4 SC 6 4 SC
12 4 SC
12 4 SC
12 4 SC
12 4 SC
12 4 SC
1 2 SC 1 2 SC 1 2 SC 1 2 SC 1 2 SC
4 4 SC
4 4 SC
4 4 SC
4 4 SC
4 4 SC
$0.00MM $0.00MM $1.24MM $1.87MM $18.37MM

SOFT COST
(1) Design & Consultants:
1 Architect
2 MEP & Fire Protection
3 Structural
4 ADA
5 Surveyor
6 Civil
7 Exterior Skin
8 Landscaping
9 Restaurant & Kitchen
10 Roofing & Waterproofing
11 Swimming Pool & Equipment
12 Vertical Transportation
13 Parking
14 Special Systems
Acoustical
Audio Visual
Telecommunications / Data
Security
15 Contingency
Subtotal
(2) Miscellaneous Dev Cost:
1 Site Security
2 Utility Consumption
3 Drawing / Printing
4 Team Meeting / Catering
Subtotal
(3) Permits & Fees:
1 Building Permit Fee
2 Plan Check Fee
3 Grading Permit
4 Water & Sewer Tap Fees
5 State Imposed Fees
6 School Impact Fees
7 Other Misc. Permits & Fees
Subtotal
(4) Testing & Inspections:
1 Soils Testing
2 Concrete Testing / Reinforcing Inspec
3 Masonry Testing / Inspection
4 Steel Testing / Inspections
5 Fireproofing Testing / Inspections
6 Building Envelope / Window Wall Testing
Subtotal
03-Jun-13
LEGEND:
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC
4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC
4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC
4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC
1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL
4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL
4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL
4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL
4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL
4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL
2 2 SL 2 2 SL 2 2 SL 2 2 SL 2 2 SL
0 2 SC 0 2 SC 0 2 SC 0 2 SC 0 2 SC
6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC
6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC
6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC
12 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC
12 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC

(5) Legal:
1 Land Purchase DD / Purchase Agrmt
2 Development / Construction Agrmt
3 Consultant / Broker Agrmt / CC&Rs
4 RE Tax Consultant / Audits / Accounting
5 Legal: Miscellaneous
Subtotal
(6) Insurance During Construction:
1 Builders Risk Insurance (Hard Cost)
2 Builders Risk Insurance (Soft Cost)
3 General Liablility Wrap-up Policy
4 Earthquake Insurance
5 Professional Insurance - e.g.: CPPIC
6 Commercial Umbrella
7 Force Majeure
Subtotal
(7) Taxes During Construction:
1 Property Taxes (Year 1)
5 Sales Tax
Subtotal
(8) Marketing / Leasing Office:
1 Leasing Office (Staff/Equip/Furn/Trailer)
2 Model Room Construction
3 Model Room Furniture
4 Marketing (Print/Media Advt/PR)
5 Leasing Commissions
6 Other
Subtotal
(9) Developer Fees:
1 Development Fee
2 CM & PM Fee
Subtotal
(10) General Contingency
Soft Cost Contingency
SOFT COST
DEVELOPMENT COST
DEVELOPMENT COST PER SF
03-Jun-13
LEGEND:
0 6 SL 0 6 SL 0 6 SL 0 6 SL 0 6 SL
0 6 SL 0 6 SL 0 6 SL 0 6 SL 0 6 SL
1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC
1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC
1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL
12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL
12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL
12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL
6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL
6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL
6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL
0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC
0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC
0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC
$0.00MM $0.00MM $0.47MM $0.77MM $5.33MM
$0.00MM $0.00MM $1.88MM $2.98MM $26.76MM
$0.0 $0.0 $289.7 $229.6 $228.7

03-Jun-13
Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED MONTHLY DEVELOPMENT COST
CONSOLIDATED - MONTHLY CASH FLOWS Total Month Month Month Month Month Month
0 1 2 3 4 5
LAND COST
1 OFFICE $0 $0 $0 $0 $0 $0 $0
2 RETAIL $0 $0 $0 $0 $0 $0 $0
3 GROCERY $0 $0 $0 $0 $0 $0 $0
4 CAFÉ $170,095 $146,786 $16,317 $5,722 $317 $317 $317
5 RESTAURANT $340,190 $293,571 $32,635 $11,444 $635 $635 $635
6 MULTIFAMILY $3,061,714 $2,642,143 $293,714 $103,000 $5,714 $5,714 $5,714
LAND ASSEMBLY/PRE-DEV COSTS $3,572,000 $3,082,500 $342,667 $120,167 $6,667 $6,667 $6,667
HARD COST
1 OFFICE $0 $0 $0 $0 $0 $0 $0
2 RETAIL $0 $0 $0 $0 $0 $0 $0
3 GROCERY $0 $0 $0 $0 $0 $0 $0
4 CAFÉ $1,239,762 $0 $4 $4,758 $0 $209 $10,653
5 RESTAURANT $1,874,524 $0 $9 $9,515 $0 $0 $0
6 MULTIFAMILY $18,366,714 $0 $79 $85,636 $0 $0 $0
HARD COST - CONSTRUCTION $21,481,000 $0 $92 $99,908 $0 $209 $10,653
SOFT COST
1 OFFICE $0 $0 $0 $0 $0 $0 $0
2 RETAIL $0 $0 $0 $0 $0 $0 $0
3 GROCERY $0 $0 $0 $0 $0 $0 $0
4 CAFÉ $473,421 $1,349 $6,588 $5,607 $5,800 $19,350 $19,968
5 RESTAURANT $769,621 $2,623 $10,005 $8,522 $8,850 $29,408 $30,483
6 MULTIFAMILY $5,334,319 $23,702 $77,658 $63,088 $66,116 $267,196 $277,072
SOFT COST $6,577,362 $27,673 $94,250 $77,218 $80,767 $315,953 $327,523
DEVELOPMENT COST
1 OFFICE $0 $0 $0 $0 $0 $0 $0
2 RETAIL $0 $0 $0 $0 $0 $0 $0
3 GROCERY $0 $0 $0 $0 $0 $0 $0
4 CAFÉ $1,883,279 $148,135 $22,910 $16,087 $6,118 $19,876 $30,939
5 RESTAURANT $2,984,335 $296,194 $42,648 $29,481 $9,485 $30,043 $31,117
6 MULTIFAMILY $26,762,748 $2,665,844 $371,450 $251,724 $71,831 $272,910 $282,787
DEVELOPMENT COST $31,630,362 $3,110,173 $437,009 $297,293 $87,434 $322,829 $344,843

CONSOLIDATED - MONTHLY CASH FLOWS Total
LAND COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $170,095
5 RESTAURANT $340,190
6 MULTIFAMILY $3,061,714
LAND ASSEMBLY/PRE-DEV COSTS $3,572,000
HARD COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,239,762
5 RESTAURANT $1,874,524
HARD COST - CONSTRUCTION $21,481,000
SOFT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $473,421
SOFT COST $6,577,362
DEVELOPMENT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,883,279
DEVELOPMENT COST $31,630,362
03-Jun-13
CONSOLIDATED MONTHLY DEVELOPMENT COST CONSOLIDATED MONTHLY DEVELOPMENT COST
Month Month Month Month Month Month
6 7 8 9 10 11
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$317 $0 $0 $0 $0 $0
$635 $0 $0 $0 $0 $0
$5,714 $0 $0 $0 $0 $0
$6,667 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$157,409 $66,618 $63,714 $108,772 $280,142 $309,347
$1,711 $15,216 $158,398 $229,424 $560,284 $618,694
$15,694 $127,249 $1,260,466 $2,059,863 $5,236,497 $5,782,408
$174,814 $209,083 $1,482,577 $2,398,060 $6,076,923 $6,710,449
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$10,498 $12,450 $15,918 $21,910 $28,283 $33,980
$17,535 $20,996 $27,134 $37,587 $48,925 $58,819
$73,590 $105,320 $161,706 $258,323 $362,052 $452,511
$101,623 $138,767 $204,757 $317,820 $439,259 $545,310
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$168,224 $79,069 $79,631 $130,682 $308,425 $343,327
$19,881 $36,213 $185,532 $267,011 $609,208 $677,513
$94,998 $232,569 $1,422,171 $2,318,186 $5,598,549 $6,234,918
$283,103 $347,850 $1,687,334 $2,715,880 $6,516,182 $7,255,758

LAND COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $170,095
HARD COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,239,762
SOFT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $473,421
DEVELOPMENT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,883,279
03-Jun-13
Month Month Month Month Month Month
12 13 14 15 16 17
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$115,740 $29,552 $67,103 $25,742 $0 $0
$231,301 $49,973 $0 $0 $0 $0
$2,162,845 $521,841 $805,240 $308,898 $0 $0
$2,509,885 $601,365 $872,343 $334,640 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$39,428 $40,648 $39,851 $35,096 $29,250 $23,726
$66,465 $67,213 $64,566 $56,161 $46,446 $37,488
$513,784 $522,723 $500,831 $423,383 $333,184 $249,884
$619,677 $630,583 $605,248 $514,639 $408,881 $311,098
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$155,168 $70,200 $106,955 $60,837 $29,250 $23,726
$297,765 $117,186 $64,566 $56,161 $46,446 $37,488
$2,676,629 $1,044,563 $1,306,070 $732,281 $333,184 $249,884
$3,129,562 $1,231,949 $1,477,591 $849,279 $408,881 $311,098

LAND COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $170,095
HARD COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,239,762
SOFT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $473,421
DEVELOPMENT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,883,279
03-Jun-13
Month Month Month Month Month Month Month
18 19 20 21 22 23 24
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$19,049 $15,334 $13,074 $11,597 $10,667 $10,096 $3,903
$30,001 $23,992 $20,454 $18,138 $16,679 $15,783 $5,350
$180,111 $124,217 $91,117 $69,453 $55,814 $47,429 $34,057
$229,161 $163,544 $124,645 $99,187 $83,161 $73,307 $43,310
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$19,049 $15,334 $13,074 $11,597 $10,667 $10,096 $3,903
$30,001 $23,992 $20,454 $18,138 $16,679 $15,783 $5,350
$180,111 $124,217 $91,117 $69,453 $55,814 $47,429 $34,057
$229,161 $163,544 $124,645 $99,187 $83,161 $73,307 $43,310

LAND COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $170,095
HARD COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,239,762
SOFT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $473,421
DEVELOPMENT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,883,279
03-Jun-13
25 26 27 28 29 30 31
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0

LAND COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $170,095
HARD COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,239,762
SOFT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $473,421
DEVELOPMENT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,883,279
03-Jun-13
32 33 34 35 36 37 38
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0

LAND COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $170,095
HARD COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,239,762
SOFT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $473,421
DEVELOPMENT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,883,279
03-Jun-13
39 40 41 42 43 44 45
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0

LAND COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $170,095
HARD COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,239,762
SOFT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $473,421
DEVELOPMENT COST
1 OFFICE $0
2 RETAIL $0
3 GROCERY $0
4 CAFÉ $1,883,279
03-Jun-13
Month Month Month
46 47 48
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0

03-Jun-13
Prepared by PLOUTUS ADVISORS, LLC CAFE PROFORMA
CAFÉ
Total SF 6,500 SF
PROFORMA Average Average Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
$/SF/Mo $/SF/Yr to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD
Operating Cash Flow 1 2 3 4 5 6 7 8
Economic Occupancy 15.0% 60.0% 78.8% 78.8% 78.8% 73.1% 78.8% 78.8% 78.8%
Physical Occupancy 25.0% 75.0% 95.8% 95.8% 95.8% 81.3% 95.8% 95.8% 95.8%
Occupied Square Feet 1,625 SF 4,875 SF 6,229 SF 6,229 SF 6,229 SF 5,281 SF 6,229 SF 6,229 SF 6,229 SF
New Lease 6,500 SF
Contract Rent / Month NNN $3.00 $3.09 $3.18 $3.28 $3.38 $3.48 $3.58 $3.69 $3.80
Rent Escalation 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Annual Rent / SF $36.00 $37.08 $38.19 $39.34 $40.52 $41.73 $42.99 $44.28 $45.60
Renewal Prob Downtime Weighted
Downtime/Rollover 75.0% 9.00 Mo 2.25 Mo 9.00 Mo 3.00 Mo 0.50 Mo 0.50 Mo 0.50 Mo 2.25 Mo 0.50 Mo 0.50 Mo 0.50 Mo
Free Rent in Months 1.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo 0.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo
Renewal Prob TI Cost Weighted
Tenant Improvemt (TI) 75.0% $15.00 Renew $20.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.00 $0.00 $0.00 $0.00
TI Amount $35.00 New $0 $0 $0 $0 $0 $130,000 $0 $0 $0
Annual Cash Flows
Annual Contract Rent Check $0 $3.33 $40.02 $2,080,807 $234,000 $241,020 $248,251 $255,698 $263,369 $271,270 $279,408 $287,790 $296,424
Less: Free Rent ($19,500) ($20,085) ($20,688) ($21,308) ($21,947) $0 ($23,284) ($23,983) ($24,702)
Less: Downtime/Rollover ($175,500) ($60,255) ($10,344) ($10,654) ($10,974) ($50,863) ($11,642) ($11,991) ($12,351)
Reimbursement Income 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Parking Income 13 Stalls $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Potential Gross Income $39,000 $160,680 $217,219 $223,736 $230,448 $220,407 $244,482 $251,817 $259,371
Less: General Vacancy 10.00% ($3,900) ($16,068) ($21,722) ($22,374) ($23,045) ($22,041) ($24,448) ($25,182) ($25,937)
Effective Gross Income (EGI) $2.29 $27.48 $1,429,010 $35,100 $144,612 $195,497 $201,362 $207,403 $198,366 $220,034 $226,635 $233,434
Operating Expenses Yr 1-Operation Annual
(% or $/SF/Yr) Escalation
Property Taxes $0.00 2.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Insurance $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
R&M $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Administration $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Security $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Parking Expense $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Insurance $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
General Bldg $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Management Fee 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Operating Expenses $0.00 $0.00 $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Expense Ratio (% of EGI) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Income (NOI) $2.29 $27.48 $1,429,010 $35,100 $144,612 $195,497 $201,362 $207,403 $198,366 $220,034 $226,635 $233,434
NOI YOY Growth 312.0% 35.2% 3.0% 3.0% -4.4% 10.9% 3.0% 3.0%
NOI Margin - NOI/EGI 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Tenant Improvements $0 $0 $0 $0 $0 ($130,000) $0 $0 $0
Leasing Commission Renewal 3.00% 5 Yr Term ($39,583)
Capital Reserves $0.20/Yr 3.00% ($1,300) ($1,339) ($1,379) ($1,421) ($1,463) ($1,507) ($1,552) ($1,599) ($1,647)
Operating Cash Flow Before Debt $1,247,867 $33,800 $143,273 $194,118 $199,942 $205,940 $27,277 $218,482 $225,036 $231,787
Operating Cash Flow YOY Growth 323.9% 35.5% 3.0% 3.0% -86.8% 701.0% 3.0% 3.0%
Operating Margin - Operating Cash Flow/EGI 96.3% 99.1% 99.3% 99.3% 99.3% 13.8% 99.3% 99.3% 99.3%

03-Jun-13
Prepared by PLOUTUS ADVISORS, LLC RESTAURANT PROFORMA
RESTAURANT
Total SF 13,000 SF
PROFORMA Average Average Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
$/SF/Mo $/SF/Yr to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD
Economic Occupancy 15.0% 60.0% 78.8% 78.8% 78.8% 73.1% 78.8% 78.8% 78.8%
Physical Occupancy 25.0% 75.0% 95.8% 95.8% 95.8% 81.3% 95.8% 95.8% 95.8%
New Lease 13,000 SF
Contract Rent / Month NNN $3.00 $3.09 $3.18 $3.28 $3.38 $3.48 $3.58 $3.69 $3.80
Rent Escalation 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Annual Rent / SF $36.00 $37.08 $38.19 $39.34 $40.52 $41.73 $42.99 $44.28 $45.60
Renewal Prob Downtime Weighted
Downtime/Rollover 75.0% 9.00 Mo 2.25 Mo 9.00 Mo 3.00 Mo 0.50 Mo 0.50 Mo 0.50 Mo 2.25 Mo 0.50 Mo 0.50 Mo 0.50 Mo
Free Rent in Months 1.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo 0.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo
Renewal Prob TI Cost Weighted
Tenant Improvemt (TI) 75.0% $0.00 Renew $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
TI Amount $0.00 New $0 $0 $0 $0 $0 $0 $0 $0 $0
Annual Cash Flows
Annual Contract Rent Check $0 $3.33 $40.02 $4,161,613 $468,000 $482,040 $496,501 $511,396 $526,738 $542,540 $558,816 $575,581 $592,848
Less: Free Rent ($39,000) ($40,170) ($41,375) ($42,616) ($43,895) $0 ($46,568) ($47,965) ($49,404)
Less: Downtime/Rollover ($351,000) ($120,510) ($20,688) ($21,308) ($21,947) ($101,726) ($23,284) ($23,983) ($24,702)
Reimbursement Income 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Parking Income 35 Stalls $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Potential Gross Income $78,000 $321,360 $434,439 $447,472 $460,896 $440,814 $488,964 $503,633 $518,742
Less: General Vacancy 10.00% ($7,800) ($32,136) ($43,444) ($44,747) ($46,090) ($44,081) ($48,896) ($50,363) ($51,874)
Effective Gross Income (EGI) $2.29 $27.48 $2,858,020 $70,200 $289,224 $390,995 $402,725 $414,806 $396,733 $440,068 $453,270 $466,868
Operating Expenses Yr 1-Operation Annual
(% or $/SF/Yr) Escalation
Property Taxes $0.00 2.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Insurance $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
R&M $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Administration $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Security $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Parking Expense $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Insurance $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
General Bldg $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Management Fee 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0
Operating Expenses $0.00 $0.00 $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Expense Ratio (% of EGI) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Income (NOI) $2.29 $27.48 $2,858,020 $70,200 $289,224 $390,995 $402,725 $414,806 $396,733 $440,068 $453,270 $466,868
NOI YOY Growth 312.0% 35.2% 3.0% 3.0% -4.4% 10.9% 3.0% 3.0%
Tenant Improvements $0 $0 $0 $0 $0 $0 $0 $0 $0
Leasing Commission Renewal 3.00% 5 Yr Term ($79,165)
Capital Reserves $0.20/Yr 3.00% ($2,600) ($2,678) ($2,758) ($2,841) ($2,926) ($3,014) ($3,105) ($3,198) ($3,294)
Operating Cash Flow Before Debt $2,755,735 $67,600 $286,546 $388,236 $399,883 $411,880 $314,553 $436,963 $450,072 $463,575
Operating Cash Flow YOY Growth 323.9% 35.5% 3.0% 3.0% -23.6% 38.9% 3.0% 3.0%

03-Jun-13
Prepared by PLOUTUS ADVISORS, LLC MULTIFAMILY PROFORMA
MULTIFAMILY
Unit Type Number Percent of Avg Area Total Area Avg Rent Avg Rent Annual
of Units Total Units Per Unit SF /SF/Month /Unit/Month Rent
1Bed x 1Bath 180 100.0% 500 90,000 $2.60 $1,300 $2,808,000
2Bed x 2Bath 0 0.0% 0 0 $0.00 $0 $0
Residential 180 100.0% 500 90,000 $2.60 $1,300 $2,808,000
Other 0 0 0 $0.00 $0 $0
Annual Gross Rent $2,808,000
Rentable Area 77% 90,000
Common Area/Circulation 23% 27,000
Total SF 100% 117,000
PROFORMA Average Avg/Unit Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
/Mo to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD
Economic Occupancy 90.8% 74.0% 89.0% 94.0% 94.0% 94.0% 93.9% 93.9% 93.9% 93.9%
Physical Occupancy 91.9% 75.0% 90.0% 95.0% 95.0% 95.0% 95.0% 95.0% 95.0% 95.0%
Gross Market Rent (GMR) $1,497 $25,873,547 $2,808,000 $2,920,320 $3,037,133 $3,158,618 $3,284,963 $3,416,361 $3,553,016 $3,695,136 $3,842,942
Gross Market Rent Escalation 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
Loss-to-Lease $0 $0 $0 $0 $0 ($3,416) ($3,553) ($3,695) ($3,843)
Loss-to-Lease as % of Gross Market Rent 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1%
Gross Scheduled Rent $1,497 $25,862,883 $2,808,000 $2,920,320 $3,037,133 $3,158,618 $3,284,963 $3,412,945 $3,549,463 $3,691,441 $3,839,099
Vacancy ($702,000) ($292,032) ($151,857) ($157,931) ($164,248) ($170,647) ($177,473) ($184,572) ($191,955)
Economic Vacancy as % of Scheduled Rent 8.1% 25.0% 10.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Other - Model Unit, Conc., Allow., Bad Debt, etc. ($28,080) ($29,203) ($30,371) ($31,586) ($32,850) ($34,129) ($35,495) ($36,914) ($38,391)
Other as % of Scheduled Rent 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Effective Rental Income $2,077,920 $2,599,085 $2,854,905 $2,969,101 $3,087,865 $3,208,168 $3,336,495 $3,469,955 $3,608,753
Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Income as % of Gross Scheduled Rent 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Effective Gross Income (EGI) $1,366 $23,603,494 $2,077,920 $2,599,085 $2,854,905 $2,969,101 $3,087,865 $3,208,168 $3,336,495 $3,469,955 $3,608,753
EGI YOY Growth 25.1% 9.8% 4.0% 4.0% 3.9% 4.0% 4.0% 4.0%
EGI Margin - EGI/GMR 90.8% 74.0% 89.0% 94.0% 94.0% 94.0% 93.9% 93.9% 93.9% 93.9%
Operating Expense ($727,272) ($909,680) ($999,217) ($1,039,185) ($1,080,753) ($1,122,859) ($1,167,773) ($1,214,484) ($1,263,064)
Expense Ratio as % of EGI 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Residential NOI $888 $15,342,271 $1,350,648 $1,689,405 $1,855,688 $1,929,916 $2,007,112 $2,085,309 $2,168,722 $2,255,471 $2,345,689
YOY Growth
Other NOI 0.0% $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Operating Income (NOI) $888 $15,342,271 $1,350,648 $1,689,405 $1,855,688 $1,929,916 $2,007,112 $2,085,309 $2,168,722 $2,255,471 $2,345,689
NOI YOY Growth 25.1% 9.8% 4.0% 4.0% 3.9% 4.0% 4.0% 4.0%
$ per Unit YOY Growth
CapEx Reserve $120 3.0% ($4,320) ($4,450) ($6,875) ($14,162) ($24,311) ($25,040) ($25,792) ($26,565) ($27,362)
Reserve Applied % 20.0% 20.0% 30.0% 60.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Operating Cash Flow Before Debt $880 $15,210,757 $1,346,328 $1,684,956 $1,848,814 $1,915,754 $1,982,801 $2,060,269 $2,142,930 $2,228,905 $2,318,327
Operating Cash Flow YOY Growth 25.2% 9.7% 3.6% 3.5% 3.9% 4.0% 4.0% 4.0%

Comprehensive Lease Analysis With GAAP Impact

of 4
Developed by Comprehensive Financial Analysis of a Real Estate Lease
Client Name & Property Address
October 2, 2013
INPUT DASHBOARD (PART A)
ALL INPUT IN BLUE
GENERAL CONTRACT RENT
Lease Commences 5/1/13 From To Number of Rent Esc. (Lease Type) > Gross Rent Input
Lease Term 60 Months or 5.0 Yrs Month Month Months CPI $/SF/Mo $/SF/Yr $/SF/Yr
Lease Expiration/Analysis End Date 4/30/18 3.00% Applied Rate
Cash Flow Period 1 Annual 5/1/13 4/30/14 12 $3.00 $36.00 $36.00
Pre-Tax Discount Rate 8.00% 5/1/14 4/30/15 12 3.0% $3.09 $37.08 $38.00
Equivalent Periodic PT Discount Rate 8.00% 5/1/15 4/30/16 12 3.0% $3.18 $38.19 $40.00
Estimated Tax Rate 40.00% 5/1/16 4/30/17 12 3.0% $3.28 $39.34 $42.00
After-Tax Discount Rate 4.80% 5/1/17 4/30/18 12 3.0% $3.38 $40.52 $44.00
Undepreciated TI Write-Off at Expiration Yes 0 $0.00
RLO Yes 5/1/15 0 $0.00
0 $0.00
0 $0.00
GAAP 0 $0.00
GAAP Rent Start (Refer to Note) 5/1/13 0 $0.00
Straight-Line Rent Period (Mos) 60 0 $0.00
Note: Enter Date of "Beneficial Use" i.e., Earlier of 0 $0.00
Construction Start or Lease Commencement for GAAP 0 $0.00
0 $0.00
0 $0.00
AREA 0 $0.00
Suite / Floor / Bldg Start Date RSF Total Months 60 Avg Rent (5/1/13-4/30/18) $38.23
Building A 5/1/13 15,000 Note 1: In case of a "Modified" Lease, enter Direct Expenses under "Expense" input area
Load Factor 15.00% Note 2: "Fixed" - Enter Rental Rate; "CPI" - CPI Included in GAAP Rent; "CPI(NR)" - CPI Not Included in GAAP Rent
Total USF 13,043
EXPENSE RENT ABATEMENT
Operating Expense Escalation Yr 2011 Yr 2013 Months From Months To Months To Percent
Utilities 3.0% $5.00 $5.30 1 2 2 100%
R&M 3.0% $1.50 $1.59 13 14 2 50%
Janitorial 3.0% $1.00 $1.06 25 26 2 100%
G&A 3.0% $1.00 $1.06 0 0 0 100%
Management Fee 3.0% $1.25 $1.33 0 0 0 100%
Insurance 3.0% $0.65 $0.69 0 0 0 100%
Security 3.0% $0.50 $0.53 0 0 0 100%
Equipment Maint. 3.0% $0.50 $0.53 0 0 0 100%
Other 1 3.0% $0.00 $0.00 0 0 0 100%
Other 2 3.0% $0.00 $0.00 0 0 0 100%
Other 3 3.0% $0.00 $0.00 Total Months Abated 5.00 Total Amount $
Other 4 5.0% $0.00 $0.00 Abatement Type Gross $244,940
Other 5 3.0% $0.00 $0.00
Other 6 3.0% $0.00 $0.00
Real Estate Taxes 2.0% $2.00 $2.08 COMMISSION FEE
Subtotal / Avg. Esc. 3.1% $13.40 $14.18 From To % of Rent
For Gross Rent: Enter "BY" for Base Yr BY Month Month Contract
Base Year: 2013 1 60 3.0%
Direct Expense Escalation Yr 2011 Yr 2013 0 0 0.0%
DE 1 4.0% $1.00 $1.08 0 0 0.0%
DE 2 4.0% $0.50 $0.54 Commission Fee $79,053
Subtotal / Avg. Esc. 4.0% $1.50 $1.62 Time Applied (Month of Lease Term) Month 0
Total Expense $14.90 $15.80 Commission Rebate ($) $50,000
Fiscal/Calendar Fiscal < (Fiscal Esc. is per Lease Start) Time Applied (Month of Lease Term) Month 3
PARKING
General Stalls Rate Initial Rent Must-Take Stalls Rate Initial Rent Total Stalls Total Initial Rent
Type # $/Stall/Month $/Month Type # $/Stall/Month $/Month # $/Month
Unreserved 20 75 1,500 Unreserved 18 75 1,350 38 2,850
Reserved 0 0 0 Reserved 0 0 0 0 0
Other 0 0 0 Other 0 0 0 0 0
Total 20 $1,500 Total 18 $1,350 38 $2,850
Escalation/Yr 5.0% Rent Start Month 5 Escalation/Yr 5.0% Rent Start Month 20
Fiscal/Calender Fiscal < (Fiscal Esc. is per Lease Start) Fiscal/Calender Calendar < (Fiscal Esc. is per Lease Start) Parking Ratio 2.50/1,000 SF
General Parking Abatement Must-Take Parking Abatement
Ratio Per Rentable SF
From Month To Month Percent From Month To Month Percent
3 6 100% 30 40 100% Note: For Parking Abatement
0 0 100% 0 0 100% enter Month of Lease Term
0 0 100% 0 0 100%
Tenant Representation Analysis
Enter BY In One Cell, NOT Both
Disclaimer:Informationfurnishedregardingpropertyhasnotbeenverifiedandnorepresentations,expressorimplied,canbemadeasitsaccuracy.Thisanalysismaybesubjecttoerrors,omissions,changeofprice,rentalorotherconditions.Wedonotprovideanyguarantees,expressorimplied,astotheaccuracyoftheinformationshownherein.Alldatashould
beverifiedbytheuser.TheanalysisrepresentsourinterpretationandisNOTintendedtoreplaceinformationreceivedfromtaxand/oraccountingprofessionals.Theuserisadvisedtoconductitsownduediligenceandconsultwithitsadvisorspriortomakinganydecision.
©Copyright2013,PloutusAdvisors,LLC.AllRightsReserved.
For
Illustra+on
Purposes
Only

For
further
informa+on,
please
contact:

Adnan
Tapia

+1.424.274.3561
|

of 4
October 2, 2013
Tenant Representation Analysis For
Illustra+on
Purposes
Only

For
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informa+on,
please
contact:

Adnan
Tapia

+1.424.274.3561
|

INPUT DASHBOARD (PART B)
ALL INPUT IN BLUE
TENANT IMPROVEMENT COST
TI - Part A Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part F Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF
TI Cost RT $600,000 $40.00 TI Cost RT $0 $0.00
Less: LL TI Allowance or Deferred Rent Credit $150,000 $10.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00
Net TI Cost 39.0 Yrs $450,000 $30.00 Net TI Cost 3.0 Yrs $0 $0.00
Time Applied (Month of Lease Term) Month 0 Time Applied (Month of Lease Term) Month 0
Area Applied (RSF) 15,000 SF Area Applied (RSF) 0 SF
TI - Part B Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part G Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF
TI Cost RT $75,000 $15.00 TI Cost RT $0 $0.00
Less: LL TI Allowance or Deferred Rent Credit $25,000 $5.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00
Net TI Cost 7.0 Yrs $50,000 $10.00 Net TI Cost 3.0 Yrs $0 $0.00
TI - Part C Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part H Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF
TI Cost RT $0 $0.00 TI Cost 7.0 Yrs $0 $0.00
Less: LL TI Allowance or Deferred Rent Credit $0 $0.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00
Net TI Cost 2.0 Yrs $0 $0.00 Net TI Cost 3.0 Yrs $0 $0.00
Area Applied (RSF) 0 SF Area Applied (RSF) 0 SF
TI - Part D Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part I Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF
TI Cost RT $0 $0.00 TI Cost 2.0 Yrs $0 $0.00
TI - Part E Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part J Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF
TI Cost RT $0 $0.00 TI Cost RT $0 $0.00
Total TI Cost ($) $675,000 $55.00 Note: For Tax and GAAP Useful Life (UL), enter either "RT" for Remaining Term,
Total Net TI Cost ($) $500,000 $40.00 or Number of Years
MISCELLANEOUS COST
Miscellaneous - Part A $ per RSF Miscellaneous - Part C $ per RSF
Moving Cost $1.00 Moving Cost $0.00
Other $0.00 Other $0.00
Total Amount ($) $15,000 Total Amount ($) $0
Miscellaneous - Part B $ per RSF Miscellaneous - Part D $ per RSF
Moving Cost $1.00 Moving Cost $0.00
Other $0.00 Other $0.00
Total Amount ($) $50,000 Total Amount ($) $0
Total Miscellaneous Cost ($) $65,000
OTHER MUST-TAKE RENT (Storage, etc)
Description RSF Rate/RSF/Yr StartCost/Month
Storage Room 2,000 $12.00 $2,000
Other 0 $0.00 $0
2,000 $2,000
Escalation/Yr 3.0% Rent Start Month 6
Fiscal/Calender Fiscal < (Fiscal Esc. is per Lease Start)
Disclaimer:Informationfurnishedregardingpropertyhasnotbeenverifiedandnorepresentations,expressorimplied,canbemadeasitsaccuracy.Thisanalysismaybesubjecttoerrors,omissions,changeofprice,rentalorotherconditions.Wedonotprovideanyguarantees,expressorimplied,astotheaccuracyoftheinformationshownherein.Alldata
shouldbeverifiedbytheuser.TheanalysisrepresentsourinterpretationandisNOTintendedtoreplaceinformationreceivedfromtaxand/oraccountingprofessionals.Theuserisadvisedtoconductitsownduediligenceandconsultwithitsadvisorspriortomakinganydecision.
©Copyright2013,PloutusAdvisors,LLC.AllRightsReserved.

of 4
October 2, 2013
Illustra+on
Purposes
Only

For
further
informa+on,
please
contact:

Adnan
Tapia

+1.424.274.3561
|

CASH ANALYSIS
Period T0 T1 T2 T3 T4 T5 T6 T7 T8 T9 T10 Total
Months 12 12 12 12 12 60
Period Beginning 5/1/13 5/1/14 5/1/15 5/1/16 5/1/17
Period Ending 12 4/30/14 4/30/15 4/30/16 4/30/17 4/30/18
Lease Rent
Annualized Gross Rent 37.62$ 39.17$ 40.77$ 42.41$ 44.11$ -$ -$ -$ -$ -$
NNN Rent 21.82 22.90 24.02 25.16 26.34 - - - - -
Utilities 5.30 5.46 5.63 5.80 5.97 - - - - -
R&M 1.59 1.64 1.69 1.74 1.79 - - - - -
Janitorial 1.06 1.09 1.13 1.16 1.19 - - - - -
G&A 1.06 1.09 1.13 1.16 1.19 - - - - -
Management Fee 1.33 1.37 1.41 1.45 1.49 - - - - -
Insurance 0.69 0.71 0.73 0.75 0.78 - - - - -
Security 0.53 0.55 0.56 0.58 0.60 - - - - -
Equipment Maint. 0.53 0.55 0.56 0.58 0.60 - - - - -
Other 1 - - - - - - - - - -
Other 2 - - - - - - - - - -
Other 3 - - - - - - - - - -
Other 4 - - - - - - - - - -
Other 6 - - - - - - - - - -
Real Estate Taxes 2.08 2.12 2.16 2.21 2.25 - - - - -
DE 1 1.08 1.12 1.17 1.22 1.27 - - - - -
DE 2 0.54 0.56 0.58 0.61 0.63 - - - - -
Expenses 15.80 16.27 16.75 17.25 17.76 - - - - -
Gross ($/RSF/Yr) - Per Months/Yr 37.62$ 39.17$ 40.77$ 42.41$ 44.11$ -$ -$ -$ -$ -$
NNN Rent 327,374$ 343,574$ 360,260$ 377,447$ 395,149$ -$ -$ -$ -$ -$ 1,803,804$
Expenses 236,962 244,002 251,257 258,733 266,437 - - - - - 1,257,391
Gross Rent 564,336$ 587,576$ 611,517$ 636,180$ 661,586$ -$ -$ -$ -$ -$ 3,061,195$
Gross Abatement (94,056) (48,965) (101,919) - - - - - - - (244,940)
Gross Rent, After Abatement ($/Yr) 470,280$ 538,611$ 509,597$ 636,180$ 661,586$ -$ -$ -$ -$ -$ 2,816,255$
Other Cost
Net TI Cost - Part A 450,000 - - - - - - - - - - 450,000
Net TI Cost - Part B - 50,000 - - - - - - - - - 50,000
Net TI Cost - Part C - - - - - - - - - - - -
Net TI Cost - Part D - - - - - - - - - - - -
Net TI Cost - Part E - - - - - - - - - - - -
Net TI Cost - Part F - - - - - - - - - - - -
Net TI Cost - Part G - - - - - - - - - - - -
Net TI Cost - Part H - - - - - - - - - - - -
Net TI Cost - Part I - - - - - - - - - - - -
Net TI Cost - Part J - - - - - - - - - - - -
Net TI Cost 450,000 50,000 - - - - - - - - - 500,000
Parking Cost - 9,000 25,920 26,933 33,042 40,945 - - - - - 135,840
Miscellaneous Cost 15,000 50,000 - - - - - - - - - 65,000
Other Must Take Cost (Storage, etc.) - 14,000 24,720 25,462 26,225 27,012 - - - - - 117,419
Commission Rebate - (50,000) - - - - - - - - - (50,000)
Commission Fee 79,053 - - - - - - - - - - 79,053
Total Other Cost ($/Yr) 544,053 73,000 50,640 52,394 59,267 67,957 - - - - - 847,312
Pre-Tax Occupancy Cost ($/Yr) 544,053$ 543,280$ 589,251$ 561,992$ 695,447$ 729,544$ -$ -$ -$ -$ -$ 3,663,567$
Tax Benefit/Shield
Gross Rent, After Abatement ($/Yr) -$ 188,112$ 215,445$ 203,839$ 254,472$ 264,635$ -$ -$ -$ -$ -$ 1,126,502$
Depreciation - Net TI Cost - Part A - 4,615 4,615 4,615 4,615 161,538 - - - - - 180,000
Depreciation - Net TI Cost - Part B - 476 2,857 2,857 2,857 10,952 - - - - - 20,000
Depreciation - Net TI Cost - Part C - - - - - - - - - - - -
Depreciation - Net TI Cost - Part D - - - - - - - - - - - -
Depreciation - Net TI Cost - Part E - - - - - - - - - - - -
Depreciation - Net TI Cost - Part F - - - - - - - - - - - -
Depreciation - Net TI Cost - Part G - - - - - - - - - - - -
Depreciation - Net TI Cost - Part H - - - - - - - - - - - -
Depreciation - Net TI Cost - Part I - - - - - - - - - - - -
Depreciation - Net TI Cost - Part J - - - - - - - - - - - -
Depreciation - Net TI Cost - 5,092 7,473 7,473 7,473 172,491 - - - - - 200,000
Net TI Credit - - - - - - - - - - - -
Parking Cost - 3,600 10,368 10,773 13,217 16,378 - - - - - 54,336
Other Must Take Cost (Storage, etc.) - 5,600 9,888 10,185 10,490 10,805 - - - - - 46,968
Commission Rebate - (20,000) - - - - - - - - - (20,000)
Commission Fee 31,621 - - - - - - - - - - 31,621
Total Tax Shield 37,621$ 202,404$ 243,173$ 232,269$ 285,651$ 464,308$ -$ -$ -$ -$ -$ 1,465,427$
AT Occupancy Cost ($/Yr) 506,432$ 340,876$ 346,078$ 329,722$ 409,796$ 265,235$ -$ -$ -$ -$ -$ 2,198,140$
Result
Occupancy Cost (All in $s) Pre-Tax Discount Rate 6.0% 7.0% 8.0% 9.0% 10.0%
Pre-Tax Undiscounted Cost 3,663,567$ Pre-Tax NPV ($) 3,006,095 3,148,889 3,075,927 3,006,095 2,939,222 2,875,150
Pre-Tax NPV 3,006,095$ Pre-Tax ARE ($/Yr) 747,535 750,190 752,896 755,652 758,457
Pre-Tax ARE ($/SF/Yr) 49.84 50.01 50.19 50.38 50.56
After-Tax Undiscounted Cost 2,198,140$ After-Tax NPV ($/Yr) 2,032,420 2,007,281 1,982,789 1,958,922 1,935,659
After-Tax NPV 1,982,789$
Notes: Annual Rental Equivalent - ARE; Net Present Value - NPV (Discount Rate Increment) > 1.0%
Remaining Lease Obligation (RLO)
RLO as of 5/1/15
RLO Undiscounted Amount 1,986,982$
RLO Present Value 1,757,788$
Disclaimer: Information furnished regarding property has not been verified and no representations, express or implied, can be made as its accuracy. This analysis may be subject to errors, omissions, change of price, rental or other conditions. We do not provide any guarantees, express or implied, as to the
accuracy of the information shown herein. All data should be verified by the user. The analysis represents our interpretation and is NOT intended to replace information received from tax and/or accounting professionals. The user is advised to conduct its own due diligence and consult with its advisors prior to
making any decision.
© Copyright 2013, Ploutus Advisors, LLC. All Rights Reserved.
$2,000

$3,000

$4,000

6.0%
7.0%
8.0%
9.0%
10.0%

Thousands

Pre-‐Tax
NPV
($,000)

Pre-‐Tax
NPV

of 4
October 2, 2013
Illustra+on
Purposes
Only

For
further
informa+on,
please
contact:

Adnan
Tapia

+1.424.274.3561
|

GAAP ANALYSIS
Period T0 T1 T2 T3 T4 T5 T6 T7 T8 T9 T10 Total
Months 12 12 12 12 12 60
Period Ending 4/30/13 4/30/14 4/30/15 4/30/16 4/30/17 4/30/18
Lease Rent
Annualized Gross Rent 35.75$ 36.22$ 36.71$ 37.20$ 37.72$ -$ -$ -$ -$ -$
NNN GAAP (Straight-Lined) Rent (Refer to Description Below) 19.96 19.96 19.96 19.96 19.96 - - - - -
Expenses, except Direct Expenses 14.18 14.58 15.00 15.42 15.86 - - - - -
Direct Expenses 1.62 1.69 1.75 1.82 1.90 - - - - -
FSG ($/RSF/Yr) - Per Months/Yr 35.75$ 36.22$ 36.71$ 37.20$ 37.72$ -$ -$ -$ -$ -$
GAAP Rent 299,332$ 299,332$ 299,332$ 299,332$ 299,332$ -$ -$ -$ -$ -$ 1,496,661$
Expenses 236,962 244,002 251,257 258,733 266,437 - - - - - 1,257,391
Gross Rent ($/Yr) 536,294$ 543,334$ 550,589$ 558,065$ 565,770$ -$ -$ -$ -$ -$ 2,754,052$
Other Cost
Depreciation - TI Cost - Part A - 120,000 120,000 120,000 120,000 120,000 - - - - - 600,000
Depreciation - TI Cost - Part B - 3,000 18,000 18,000 18,000 18,000 - - - - - 75,000
Depreciation - TI Cost - Part C - - - - - - - - - - - -
Depreciation - TI Cost - Part D - - - - - - - - - - - -
Depreciation - TI Cost - Part E - - - - - - - - - - - -
Depreciation - TI Cost - Part F - - - - - - - - - - - -
Depreciation - TI Cost - Part G - - - - - - - - - - - -
Depreciation - TI Cost - Part H - - - - - - - - - - - -
Depreciation - TI Cost - Part I - - - - - - - - - - - -
Depreciation - TI Cost - Part J - - - - - - - - - - - -
Depreciation - TI Cost - 123,000 138,000 138,000 138,000 138,000 - - - - - 675,000
Parking Cost - 9,000 18,900 19,845 20,837 21,879 - - - - - 90,461
Commission Fee 79,053 - - - - - - - - - - 79,053
Total Other Expense ($/Yr) 94,053 182,000 156,900 157,845 158,837 159,879 - - - - - 909,514
Pre-Tax Occupancy Expense ($/Yr) 94,053$ 718,294$ 700,234$ 708,434$ 716,902$ 725,649$ -$ -$ -$ -$ -$ 3,663,567$
EBITDA Impact ($/Yr) 94,053$ 595,294$ 562,234$ 570,434$ 578,902$ 587,649$ -$ -$ -$ -$ -$ 2,988,567$
Tax Provision 37,621$ 287,318$ 280,094$ 283,374$ 286,761$ 290,260$ -$ -$ -$ -$ -$ 1,465,427$
After-Tax Occupancy Expense ($/Yr) 56,432$ 430,976$ 420,141$ 425,060$ 430,141$ 435,389$ -$ -$ -$ -$ -$ 2,198,140$
GAAP RENT TREATMENT: NNN GAAP Rent includes NNN-equivalent base rent (net of abatement), TI allowance (also called deferred rent credit), must-take parking (net of abatement), must-take storage, all calculated on a straight-line basis from 5/1/13
Result
GAAP Expense (All in $s) Pre-Tax GAAP Reconciliation TI Cost & GAAP Depreciation Reconciliation
Pre-Tax GAAP Expense $3,663,567 Item Cash GAAP Item TI Cost GAAP Depn
After-Tax Undiscounted Cost $2,198,140
NNN Rent $1,803,804 $1,496,661 Part A $600,000 $600,000
GAAP Reconciliation Rent Abatement ($244,940) Part B $75,000 $75,000
Pre-Tax Undiscounted Cost $3,663,567 TI Allowance ($175,000) Part C $0 $0
Pre-Tax GAAP Expense $3,663,567 Must-Take (MT) Parking $61,538 Part D $0 $0
Variance $0 MT Parking Abatement ($16,160) Part E $0 $0
Variance Due to CPI(NR) - GAAP NA Commission Rebate ($50,000) Part F $0 $0
Variance Balance NA Other Must-Take Rent $117,419 Part G $0 $0
Part H $0 $0
P&L Impact Part I $0 $0
GAAP Rent From Lease Start 1,496,661 Part J $0 $0
GAAP Rent Prior to Lease Start $0 Subtotal $1,496,661 $1,496,661 Subtotal $675,000 $675,000
Total GAAP Rent $1,496,661 -$
Annual Impact to P&L $299,332 Variance $0 Variance $0
Monthly Impact to P&L $24,944
Total Variance $0
Disclaimer: Information furnished regarding property has not been verified and no representations, express or implied, can be made as its accuracy. This analysis may be subject to errors, omissions, change of price, rental or other conditions. We do not provide any guarantees, express or implied, as to the
accuracy of the information shown herein. All data should be verified by the user. The analysis represents our interpretation and is NOT intended to replace information received from tax and/or accounting professionals. The user is advised to conduct its own due diligence and consult with its advisors prior to
making any decision.
© Copyright 2013, Ploutus Advisors, LLC. All Rights Reserved.

$94,053

$595,294

$562,234

$570,434

$578,902

$587,649

$-‐

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

Apr-‐13
Apr-‐14
Apr-‐15
Apr-‐16
Apr-‐17
Apr-‐18

EBITDA
Impact
($/Yr)

Client
Tenant Representation Summary of Results
O P T I O N S Bldg A - Option 1 Bldg B - Option 2 Bldg C - Option 3 Bldg D - Option 4 Bldg E - Option 5
RSF 40,946 40,000 40,000 40,000 40,000
Rent Commencement Date 9/1/2006 9/1/2006 9/1/2006 9/1/2006 9/1/2006
Lease Term (Years) 10 10 10 10 10
Lease Type NNN NNN NNN Modified Gross NNN
Contract Rent ($/RSF/Yr) Y 01 13.95 14.00 19.00 24.00 21.75
Y 02 14.23 14.35 19.50 24.00 21.75
Y 03 14.51 14.70 20.00 24.50 21.75
Y 04 14.80 15.05 20.50 24.50 22.50
Y 05 15.10 15.40 21.00 25.00 22.50
Y 06 15.40 15.75 21.50 25.00 22.50
Y 07 15.71 16.10 22.00 25.00 23.25
Y 08 16.02 16.45 22.50 26.00 23.25
Y 09 16.34 16.80 23.00 26.00 23.25
Y 10 16.67 17.15 23.50 26.00 23.25
Avg 15.27 15.58 21.25 25.00 22.58
Total Rent $ 6,254,445 6,230,000 8,500,000 10,000,000 9,030,000
Total Expense $ 4,555,044 4,454,529 4,221,617 3,831,179 4,221,617
Avg Expense ($/RSF/Yr) 11.12 11.14 10.55 9.58 10.55
Cash Basis
Gross Rent, Less Abatmt, Undiscounted $ 10,809,489 10,684,529 12,721,617 11,050,179 13,251,617
Total Other Cost, Undiscounted $ 574,190 1,207,000 600,000 600,000 200,000
Pre-Tax Cost, Undiscounted $ 11,383,679 11,891,529 13,321,617 11,650,179 13,451,617
Discount Rate 8.0% 8.0% 8.0% 8.0% 8.0%
Tax Rate Applied 40.0% 40.0% 40.0% 40.0% 40.0%
PT NPV $ 7,721,235 8,264,416 9,001,663 7,926,777 9,006,841
PT NPV Differential $ 0 543,181 1,280,428 205,542 1,285,606
AT NPV $ 5,438,399 5,836,561 6,334,420 5,572,374 6,310,030
AT NPV Differential $ 0 398,162 896,021 133,975 871,631
GAAP Basis
Gross Rent, Less Abatmt, Undiscounted $ 10,809,489 10,684,529 12,721,617 11,050,179 13,251,617
Total Other Expense, Undiscounted $ 574,190 1,207,000 600,000 600,000 200,000
PT Expense, Undiscounted $ 11,383,679 11,891,529 13,321,617 11,650,179 13,451,617
PT Expense, Differential $ 0 507,851 1,937,938 266,500 2,067,938
AT Expense, Undiscounted $ 6,830,207 7,134,918 7,992,970 6,990,107 8,070,970
AT Expense, Differential $ 0 304,710 1,162,763 159,900 1,240,763
GAAP Basis - EPS Impact
Weighted Avg Shares-Diluted (2004) 34,882,000
PT $/Share - 3 Yr Avg 0.03 0.03 0.04 0.03 0.04
AT $/Share - 3 Yr Avg 0.02 0.02 0.02 0.02 0.02
Best Option [PT Cash Basis] :- Bldg A - Option 1
Page 1 of 14

Client
Tenant Representation Summary of Results
This analysis does not purport to be all inclusive, or to contain all of the information that prospective tenants may desire. It should be noted that all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the
general economy, competition, and other factors beyond the control of Ploutus Advisors and, therefore, are subject to material variation. There may be other elements to the proposed transaction not analyzed that have tax and GAAP implications, in addition to other
factors that impact the investment results of this opportunity. We urge you to consult with your auditing and tax advisory firm(s) in order to validate the results and recommendations stated herein. Further, Ploutus Advisors recommends that you prepare your own
analysis based on information, that in your judgment, may be relevant. Neither Ploutus Advisors, nor any of its respective officers or employees, has made any representation or warranty, expressed or implied, as to the accuracy or completeness of this analysis or any of its
contents, and no legal commitments or obligations shall arise by reason of this model or any of its contents.
Pre-Tax NPV and Annual Rental Equivalent (10 Yr Avg $/RSF)
29.53
33.5633.54
30.79
28.10
7,000,000
7,500,000
8,000,000
8,500,000
9,000,000
9,500,000
Bldg A Bldg B Bldg C Bldg D Bldg E
Scenario
OccupancyCost(in$)
24.00
26.00
28.00
30.00
32.00
34.00
AnnualRentalEquivalent(in
$/RSF)
NPV ARE/SF
Page 2 of 14

Client
Tenant Representation Bldg A - Option 1
LEASE DETAILS
General NNN Rent Schedule Expense*
Rent Start Date 9/1/2006 Month Rent Esc/Yr $ per Mth $ per Yr Growth Rate 2005 2006
Term of Lease (Yrs) 10.00 2.0% OpEx + RE Taxes 3.0% 6.99 7.20
Expiry of Lease 8/31/2016 1-12 1.16$ 13.95$ Utilities 2.5% 2.50 2.56
Tax Rate 40.0% 13-24 2.0% 1.19 14.23 Total 9.49$ 9.76$
PT Discount Rate 8.0% 25-36 2.0% 1.21 14.51
AT Discount Rate 4.8% 37-48 2.0% 1.23 14.80 *Analysis applies OpEx/Tax on Fiscal Basis
Tax Depreciation 39 Yrs 49-60 2.0% 1.26 15.10
GAAP Depreciation 10 Yrs 61-72 2.0% 1.28 15.40
73-84 2.0% 1.31 15.71 Tenant Improvement
85-96 2.0% 1.34 16.02 Percent $ per RSF
97-108 2.0% 1.36 16.34 Required TI Cost 45.00
Area 109-120 2.0% 1.39 16.67 Supervision Fee 0.0% -
Floor/Suite RSF Average Rent 1.27$ 15.27$ Less: Space Plan -
Entire Bldg 40,946 Less: TI Allowance 30.00
- Parking* Net TI Cost per RSF 15.00$
- Parking Ratio: 4.0 Stalls per 1000 RSF
Total RSF 40,946 Type Stalls Rate Initial Rent
$/Stall/Mth $/Mth Miscellaneous
Unreserved 164 - - Moving Allowance from LL (40,000)$
Reserved 0 - -
Abatement Total 164 -$
Months % Abamt Escalation/Yr 3.0%
0 0.0% *Analysis applies Parking escalation on Fiscal Basis ALL INPUT IN BLUE
CASH BASIS
Initial 1 2 3 4 5 6 7 8 9 10 Total
Year Ending Investment 8/31/2007 8/31/2008 8/31/2009 8/31/2010 8/31/2011 8/31/2012 8/31/2013 8/31/2014 8/31/2015 8/31/2016 /Avg
Months in Year 12 12 12 12 12 12 12 12 12 12 120
New Lease Rent
NNN 13.95$ 14.23$ 14.51$ 14.80$ 15.10$ 15.40$ 15.71$ 16.02$ 16.34$ 16.67$ 15.27$
OpEx + RE Taxes 7.20 7.42 7.64 7.87 8.10 8.35 8.60 8.85 9.12 9.39 8.25
Utilities 2.56 2.63 2.69 2.76 2.83 2.90 2.97 3.05 3.12 3.20 2.87
FSG ($/RSF/Yr) 23.71$ 24.27$ 24.84$ 25.43$ 26.03$ 26.65$ 27.28$ 27.92$ 28.59$ 29.27$ 26.40$
Gross Rent 970,920 993,811 1,017,261 1,041,285 1,065,897 1,091,112 1,116,945 1,143,413 1,170,530 1,198,315 10,809,489
Less: Rent Abatement - - - - - - - - - - -
Gross Rent, less Abatmt ($/Yr) 970,920$ 993,811$ 1,017,261$ 1,041,285$ 1,065,897$ 1,091,112$ 1,116,945$ 1,143,413$ 1,170,530$ 1,198,315$ 10,809,489$
Other Cost
Net TI Cost 614,190 - - - - - - - - - - 614,190
Moving (40,000) - - - - - - - - - - (40,000)
Parking - - - - - - - - - - - -
Total Other Cost ($/Yr) 574,190 - - - - - - - - - - 574,190
PT Occupany Cost ($/Yr) 574,190$ 970,920$ 993,811$ 1,017,261$ 1,041,285$ 1,065,897$ 1,091,112$ 1,116,945$ 1,143,413$ 1,170,530$ 1,198,315$ 11,383,679$
Tax Benefit/Shield
Gross Rent, less Abatmt ($/Yr) -$ 388,368$ 397,524$ 406,904$ 416,514$ 426,359$ 436,445$ 446,778$ 457,365$ 468,212$ 479,326$ 4,323,795$
Net TI Cost - Depreciation - 6,299 6,299 6,299 6,299 6,299 6,299 6,299 6,299 6,299 188,982 245,676
Rent Credit - - - - - - - - - - - -
Moving (16,000) - - - - - - - - - - (16,000)
Parking - - - - - - - - - - - -
Total Tax Shield (16,000)$ 394,667$ 403,824$ 413,204$ 422,813$ 432,658$ 442,744$ 453,078$ 463,664$ 474,511$ 668,307$ 4,553,471$
AT Occupany Cost ($/Yr) 590,190$ 576,252$ 589,987$ 604,057$ 618,472$ 633,239$ 648,368$ 663,868$ 679,748$ 696,019$ 530,007$ 6,830,207$
Occupancy Cost Discount Rate 6.0% 7.0% 8.0% 9.0% 10.0%
PT Undiscounted Cost 11,383,679$ PT NPV 7,721,235 8,441,430 8,068,335 7,721,235 7,397,925 7,096,414
PT NPV 7,721,235$ PT ARE ($/SF) 28.01 28.06 28.10 28.15 28.21
AT Undiscounted Cost 6,830,207$
AT NPV 5,438,399$
Page 3 of 14

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