EXAMPLE PORTFOLIO

Example Re-Underwrites

Example Re-Underwrites

Example Re-Underwrites

An illustrative library of example analyses across asset classes — representative figures, not completed client engagements.

All

Industrial

Multifamily

Office

Retail

Self-Storage

Hospitality

Land

Specialty

Industrial

Cedar Hollow Industrial Park

Industrial Flex, Re-Underwritten

6.12%

4.34%

real cap

Walk Away

Phoenix MSA, AZ

Industrial

Iron Gate Industrial Park

Distribution Asset, Stress-Tested

6.95%

6.23%

real cap

Conditional

Dallas–Fort Worth, TX

Industrial

Steelyard Industrial Park

Warehouse, Expense-Verified

5.54%

5.49%

real cap

Proceed

Atlanta MSA, GA

Industrial

Northforge Industrial Park

Flex Portfolio, Re-Underwritten

6.44%

5.60%

real cap

Conditional

Charlotte, NC

Industrial

Brightwork Industrial Park

Industrial Flex, Re-Underwritten

6.60%

4.37%

real cap

Walk Away

Denver, CO

Industrial

Granite Ridge Industrial Park

Distribution Asset, Stress-Tested

7.65%

6.93%

real cap

Conditional

Tampa, FL

Industrial

Copperline Industrial Park

Warehouse, Expense-Verified

5.40%

5.74%

real cap

Proceed

Columbus, OH

Industrial

Kestrel Industrial Park

Flex Portfolio, Re-Underwritten

7.01%

6.35%

real cap

Conditional

Nashville, TN

Industrial

Timberline Industrial Park

Industrial Flex, Re-Underwritten

6.71%

4.61%

real cap

Walk Away

Kansas City, MO

Industrial

Redstone Industrial Park

Distribution Asset, Stress-Tested

6.00%

5.49%

real cap

Conditional

Boise, ID

Industrial

Cedar Hollow Commerce Center

Warehouse, Expense-Verified

5.91%

6.27%

real cap

Proceed

Raleigh, NC

Industrial

Iron Gate Commerce Center

Flex Portfolio, Re-Underwritten

5.83%

5.41%

real cap

Conditional

Salt Lake City, UT

Industrial

Steelyard Commerce Center

Industrial Flex, Re-Underwritten

7.05%

5.37%

real cap

Walk Away

Indianapolis, IN

Industrial

Northforge Commerce Center

Distribution Asset, Stress-Tested

5.94%

5.55%

real cap

Conditional

San Antonio, TX

Industrial

Brightwork Commerce Center

Warehouse, Expense-Verified

7.51%

7.71%

real cap

Proceed

Greenville, SC

Industrial

Granite Ridge Commerce Center

Flex Portfolio, Re-Underwritten

5.13%

4.89%

real cap

Conditional

Spokane, WA

Industrial

Copperline Commerce Center

Industrial Flex, Re-Underwritten

6.60%

4.98%

real cap

Walk Away

Phoenix MSA, AZ

Industrial

Kestrel Commerce Center

Distribution Asset, Stress-Tested

6.23%

5.54%

real cap

Conditional

Dallas–Fort Worth, TX

Industrial

Timberline Commerce Center

Warehouse, Expense-Verified

7.44%

7.63%

real cap

Proceed

Atlanta MSA, GA

Industrial

Redstone Commerce Center

Flex Portfolio, Re-Underwritten

5.30%

4.70%

real cap

Conditional

Charlotte, NC

Industrial

Cedar Hollow Logistics Hub

Industrial Flex, Re-Underwritten

5.74%

4.34%

real cap

Walk Away

Denver, CO

Industrial

Iron Gate Logistics Hub

Distribution Asset, Stress-Tested

5.30%

4.70%

real cap

Conditional

Tampa, FL

Industrial

Steelyard Logistics Hub

Warehouse, Expense-Verified

5.43%

5.61%

real cap

Proceed

Columbus, OH

Industrial

Northforge Logistics Hub

Flex Portfolio, Re-Underwritten

7.44%

7.05%

real cap

Conditional

Nashville, TN