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Assumptions
Property Assumptions Market Leasing Assumptions
Analysis Start August 1, 2013
Rentable Building Area SF % Initial Lease-Up Period 12 months
Occupied 76,390 94.26%
Vacant 4,651 5.74% Office Renewal
Total 81,041 100.00% 2013 Market Rental Rates $23.00
Growth Rates Rent Structure Full Service
General Growth Rate 3.00%
Operating Expenses 3.00% Rent Adjustment 2.50% annually
Real Estate Taxes 3.00%
Annual Market Rent Growth Rate Lease Terms 36 months
Yr 1 3.00%
Yr 2 3.00% 2013 Tenant Improvements
Yr 3 3.00% New $15.00
Yr 4+ 3.00% Renewal $5.00
Weighted $7.50
Miscellaneous Revenue Future Leasing Commissions
New 6.00%
2013 Miscellaneous Revenues Renewal 3.00%
Parking $100,000 Weighted 3.75%
Total 2013 Misc. Revenues $100,000
Free Rent (Outside) 0 Month(s) Free
Operating & Capital Expense Assumptions
Renewal Probability 75%
Management Fee (% of EGR) 3.00% Downtime Period
New 6 Month(s)
Weighted 2 months
Capital Reserves $0.35 psf
FOOTNOTES:
Actual total square footage for the three buildings is 81,041.
The square footage referenced in the leases for Building C
results in a discrepancy of 1,479 RSF. It is assumed this RSF
is corrected after the first year of tenancy for the tenants in
Building C.