700 Technology Park, Billerica

1 0 -y e a r un l e v e r e d cash f low

General Vacancy

5.0%

5.0%

5.0%

Year 1

Year 2

Year 3

Start:

Jul-2019 Jun-2020

Jul-2020 Jun-2021

Jul-2021 Jun-2022

Cash Flow Line Item

End:

100.0% $17.26

97.9% $17.60

98.4% $17.96 4,238 9.6% 22.0%

Average Physical Occupancy

Scheduled Base Rental Income ($/SF) Lease Expiration (Initial Term Only) Lease Expiration (% of Total SF) Cumulative Lease Expiration (% of Total SF)

5,505 12.4% 12.4%

0

0.0%

12.4%

Year 1 PSF

Gross Potential Rent

$17.26

$763,296

$778,340 ($15,829) ($10,537) $129,356 $881,330 ($41,386) $839,944 $66,385 $35,641 $26,354 $32,136 $29,355 $67,140 $104,975 $14,299 $145,397 $521,682 $318,262 $68,813 $27,525 $6,631 $102,969 $215,293

$794,369 ($12,552) ($7,921) $138,349 $912,245 ($36,877) $875,368 $68,377 $36,710 $27,144 $33,100 $30,236 $69,491 $108,125 $14,728 $149,759 $537,670 $337,698 $52,975 $21,190 $6,631 $80,796 $256,902

Scheduled Base Rental Revenue Absorption & Turnover Vacancy

$0.00 $0.00 $2.76

$0 $0

Less: Free Rent

$121,924 $885,220 ($32,009) $853,211 $64,451 $34,603 $25,586 $31,200 $28,500 $66,560 $101,918 $13,883 $141,162 $507,863 $345,348

Expense Reimbursement Revenue Total Potential Gross Revenue

$20.02

($0.72) $19.29

General Vacancy

Effective Gross Revenue

Operating Expenses: Repairs & Maintenance Cleaning & Janitorial

$1.46 $0.78 $0.58 $0.71 $0.64 $1.50 $2.30 $0.31 $3.19 $7.81 $0.00 $0.00 $0.15 $0.15 $7.66 $11.48

Management Fees

Maintenance Salaries

Snow Removal

Tenant Electricity

Utilities

Insurance

Real Estate Taxes

Total Operating Expenses

NetOperating Income

$0 $0

Tenant Improvements Leasing Commissions Replacement Reserves

$6,631 $6,631

Total Leasing & Capital Costs Cash Flow Before Debt Service

$338,717

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700 Technology Park Drive | billerica, ma