103 NE 59th St 103 NE 59th St OM - Final

FINANCIAL OVERVIEW Project Cash Flows Income Current Market Rent Proj Market Rent Increase Projected Market Rent FY 1 FY 2 FY 3 FY 4 FY 5 214,200 214,200 220,626 227,245 234,062 0 6,426 6,619 6,817 7,022 214,200 220,626 227,245 234,062 241,084 Gain/Loss-To-Lease -2,142 -2,206 -2,272 -2,341 -2,411 Gross Potential Rent 212,058 218,420 224,972 231,722 238,673 Vacancy Loss -10,603 -10,921 -11,249 -11,586 -11,934 -2,121 -2,184 -2,250 -2,317 -2,387 199,335 205,315 211,474 217,818 224,353 Economic Occupancy 94% 94% 94% 94% 94% Effective Rent Per Sf(Excl Vacancy) 2.42 2.49 2.57 2.65 2.73 199,335 205,315 211,474 217,818 224,353 4,000 4,080 4,162 4,245 4,330 Net Bad Debt Expense Effective Rental Income Effective Gross Income Expenses Repairs & Maintenance Turnover / Make Ready Landscaping / Contract Services Utilities Controllable Expenses Insurance 0 0 0 0 0 125 127 130 133 135 5,770 5,885 6,003 6,123 6,246 10,778 10,993 11,213 11,438 11,666 5,233 5,338 5,444 5,553 5,664 Real Estate Taxes 42,097 42,939 43,798 44,674 45,567 Management Fees 5,980 6,159 6,344 6,535 6,731 53,310 64,088 2,550 66,638 132,696 54,436 65,430 2,601 68,031 137,284 55,587 66,800 2,653 69,453 142,021 56,762 68,199 2,706 70,905 146,913 57,962 69,629 2,760 72,389 151,964 Fixed Expenses Total Operating Expenses Capital Reserves Total Expenses Net Operating Income 103 NE 59TH STREET | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 21

103 NE 59th St 103 NE 59th St OM - Final | Page 21