Cache Valley Plaza Property Type: Retail

1050 North Main Square Feet: 100,680

Logan, UT Date: 03/25/13

CURRENT UNDERWRITING

REVENUE Per Unit Per SF %

Gross Potential Rents $1,049,748 $10 $25.38 80.2%
Actual Rent 0 $0 $0.00 0.0%
Expense Reimbursement 259,010 $3 $6.26 19.8%
Percentage Rent 0 $0 $0.00 0.0%
Parking Income
Other Income 0 $0 $0.00 0.0%
TOTAL INCOME $1,308,757 $13 $31.64 100.0%

VACANCY 5.0% ($52,487) -$1 -$1.27 -4.0%

EFFECTIVE GROSS INCOME $1,256,270 $12 $30 96.0%

EXPENSES % EGI
Real Estate Taxes $165,296 $2 $4.00 13.2%
Property Insurance 13,791 $0 $0.33 1.1%
Utilities 18,387 $0 $0.44 1.5%
Repairs and Maintenance 45,534 $0 $1.10 3.6%
Janitorial 0 $0 $0.00 0.0%
Payroll and Benefits 0 $0 $0.00 0.0%
Advertising & Marketing 216 $0 $0.01 0.0%
Professional Fees 7,663 $0 $0.19 0.6%
General and Administrative 2,190 $0 $0.05 0.2%
Other Expenses 0 $0 $0.00 0.0%
Ground Rent 0 $0 $0.00 0.0%
Management 3% EGI 37,688 $0 $0.91 3.0%
Reserves $0.25 Per SF $25,170 $0 $0.61 2.0%
TOTAL EXPENSES $315,935 $3 $7.64 25.1%

NET OPERATING INCOME $940,335 $9 $22.74 74.9%

Value $12,540,000
Pro Forma Cap Rate 7.50%

ORIGINAL LOAN TERMS: KEY RATIOS

Loan Amount: $8,700,000 LTV: 69.4%
Interest Rate: 4.040% DCR: 1.70
Term: 15 Debt Yield: 10.8%
Amortization: 25 Constant: 6.4%
Monthly Payment: $46,114 Loan/Unit: $86
Annual Payment $553,370 Value/Unit: $125
Closed Date: 2/5/2013
 Cache Valley Plaza Property Type: Retail
1050 North Main Square Feet: 100,680
Logan, UT Date: 3/25/2013

% of Total Monthly Lease Lease

Suite Tenant Start Date End Date Lease Term Remaining Square Footage Square Feet Vacant Rent Annual Rate Annual Rent Type Extensions
IHOP (Ground Lease) 01/15/01 01/31/26 25.04 6.34 4,022 4% - $5,546 $16.55 $66,550 3-5 Yr
Petsmart 06/18/01 06/30/26 25.03 6.75 19,485 19% - $22,733 $14.00 $272,790 3-5 Yr
Hapy Holidays 06/01/17 05/31/22 5.00 2.67 15,986 16% - $9,991 $7.50 $119,895 2-5 Yr
Old Navy 09/18/01 09/30/18 17.03 0.00 15,512 15% - $14,775 $11.43 $177,302 1-3 Yr
Downeast Home 02/15/17 08/31/22 5.54 2.92 25,639 25% - $13,670 $6.40 $164,045 1-5 Yr
Ulta 01/06/13 01/05/23 10.00 3.27 9,706 10% - $11,243 $13.90 $134,913 2-5 Yr
Edge custom Shop 11/01/14 10/31/19 5.00 0.09 3,872 4% - $3,607 $11.18 $43,285 1-5 Yr
The Kater Shop 08/01/14 07/31/19 5.00 0.00 6,458 6% - $5,914 $10.99 $70,968
TOTAL 100,680 - $87,479 $10.43 $1,049,748

Physical Vacancy Economic Vacancy

Total Occupied 100,680 100.00% Total Occupied Rents $1,049,748 100.00%
Total Vacant 0 0.00% Total Vacant Rents $0 0.00%
Total NRA 100,680 100.00% Total Gross $1,049,748 100.00%

ROLLOVER ANALYSIS
Year Vacant/MTM 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
No. of Units - - 1 2 - - 2 1 - - 2 - -
NRA Rollover - 0 15,512 10,330 0 0 41,625 9,706 0 0 23,507 0 0
Annual Rent Rollover $0 $0 $177,302 $114,252 $0 $0 $283,940 $134,913 $0 $0 $339,340 $0 $0
% of Total SF 0% 0% 15% 10% 0% 0% 41% 10% 0% 0% 23% 0% 0%
% of Total Rent 0% 0% 17% 11% 0% 0% 27% 13% 0% 0% 32% 0% 0%
 CREFC Investor Reporting Package

COMMERCIAL OPERATING STATEMENT ANALYSIS REPORT (includes Retail/Office/Industrial/Mixed Use/Self Storage)

as of 12/31/2015

PROPERTY OVERVIEW Allocated Loan Amount/Percentage

Debt Outside Trust
Property ID Paid Thru Date (1) $ %
Note A-Scheduled Loan Balance 7,942,353.74 9/1/2016 7,942,353.74 100.00
Note B-Scheduled Loan Balance 0.00
Note C-Scheduled Loan Balance 0.00
Property Name Cache Valley Plaza
Property Type Retail

Property Address, City, State 1050 North Main Logan UT

Current Net Rentable SF/Units/Pads, Beds 96,658 SF Use second box to specify sq ft, units . . .
Year Built/Year Renovated 2000
Cap Ex Reserve (annually)/per Unit, etc. (2) 0.00 Month specify annual/per unit . . .
Statement Ending Date Underwriting 12/31/2013 12/31/2014 12/31/2015
Occupancy Rate (physical) 90.00 89.74 100.00 74.50 0.00
Occupancy Date 1/1/2012 1/1/2013 1/1/2014 1/1/2015
(1) "X" if debt is outside of the trust, otherwise leave blank .
(2) Total $ amount of Capital Reserve required annually by loan documents.

INCOME:
Number of Mos. Covered 12 12 12 0 (prcdng yr to base) (prcdng yr to 2nd prcdng)

Period Ending At Contribution 3rd Preceding 2nd Preceding Preceding Yr. TTM/YTD 2015 - 2012 2015 - 2014
Information
Statement Ending Date 12/31/2013 12/31/2014 12/31/2015 as YYYY-U/W Variance YYYY-YYYY Variance
of
Gross Potential Rent (3) 1,290,806.00 0.00 0.00 0.00 0.00 (1.00) 0.00
Less: Vacancy Loss (156,281.00) 0.00 0.00 0.00 0.00 (1.00) 0.00
OR
Base Rent (3) 0.00 1,085,783.15 1,117,960.46 1,186,519.68 0.00 0.00 0.06
Expense Reimbursement 272,000.00 219,642.95 237,578.05 259,009.55 0.00 0.00 0.09
Percentage Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Parking Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Other Income 0.00 60,500.04 60,525.54 60,474.54 0.00 0.00 (0.00)

*Effective Gross Income 1,406,525.00 1,365,926.14 1,416,064.05 1,506,003.77 0.00 0.07 0.06

(3) Use either Gross Potential (with Vacancy Loss) or Base Rents; use negative $ amt for Vacancy Loss.

OPERATING EXPENSES:
Real Estate Taxes 133,000.00 144,383.33 149,423.41 165,296.22 0.00 0.24 0.11
Property Insurance 12,211.00 13,800.00 13,987.00 13,791.00 0.00 0.13 (0.01)
Utilities 20,725.00 21,591.09 20,975.74 18,387.06 0.00 (0.11) (0.12)
Repairs and Maintenance 52,810.00 81,795.47 43,794.78 45,533.62 0.00 (0.14) 0.04
Janitorial 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management Fees 42,196.00 54,637.05 46,706.49 60,240.15 0.00 0.43 0.29
Payroll and Benefits 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Advertising and Marketing 0.00 0.00 0.00 215.88 0.00 0.00 0.00
Professional Fees 53,334.00 11,189.02 4,629.72 7,663.28 0.00 (0.86) 0.66
General and Administrative 140.00 2,042.58 2,330.70 2,189.64 0.00 14.64 (0.06)
Other Expenses 25,170.00 0.00 0.00 0.00 0.00 (1.00) 0.00
Ground Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00
*Total Operating Expenses 339,586.00 329,438.54 281,847.84 313,316.85 0.00 (0.08) 0.11

Operating Expense Ratio 0.24 0.24 0.20 0.21 0.00 (0.14) 0.05

*Net Operating Income 1,066,939.00 1,036,487.60 1,134,216.21 1,192,686.92 0.00 0.12 0.05

Leasing Commissions 0.00 0.00 24,010.02 0.00 0.00 0.00 (1.00)

Tenant Improvements 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital Expenditures 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Extraordinary Capital Expenditures 0.00
Total Capital Items 0.00 0.00 24,010.02 0.00 0.00 0.00 (1.00)

*Net Cash Flow 1,066,939.00 1,036,487.60 1,110,206.19 1,192,686.92 0.00 0.12 0.07

Debt Service - A Note 551,062.00 553,370.04 553,370.04 553,370.04 0.00 0.00 0.00
Debt Service - B Note 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt Service - C Note 0.00 0.00 0.00 0.00 0.00 0.00 0.00

*Net Cash Flow after Debt Service 515,877.00 483,117.56 556,836.15 639,316.88 0.00 0.24 0.15

*DSCR: (NOI/Debt Service) - A Note 1.94 1.87 2.05 2.16 0.00 0.11 0.05
*DSCR: (NOI/Debt Service) - A & B Note 1.94 1.87 2.05 2.16 0.00 0.11 0.05

*DSCR: (NOI/Debt Service) - A, B & C Note 1.94 1.87 2.05 2.16 0.00 0.11 0.05
*DSCR: (NCF/Debt Service) - A Note 1.94 1.87 2.01 2.16 0.00 0.11 0.07
*DSCR: (NCF/Debt Service) - A & B Note 1.94 1.87 2.01 2.16 0.00 0.11 0.07

*DSCR: (NCF/Debt Service) - A, B & C Note 1.94 1.87 2.01 2.16 0.00 0.11 0.07

Source of Financial Data Underwriting YE2013 YE2014 YE2015

(i.e. operating statements, financial statements, tax return, other)

Notes and Assumptions: Years above will roll, always showing a 3yr sequential history. Comments from the most recent NOI Ajdustment Worksheet should be carried forward to Operating Statement Analysis Report.
Year-over-year variances (either higher or lower) must be explained and noted for the following: >20% DSCR change, >20% EGI/Total Operating Expenses or Total Capital Items.
Quarterly variance comments may be necessary if the loan is on the Watch List

Income:

Expense:

Capital Items:

DSCR:

* Used in the CREFC Comparative Financial Status Report/CREFC Property File/CREFC Loan Periodic Update File. Note the information for multiple property loans must be consolidated (if available) for
reporting to the CREFC Loan Periodic Update File.

© 2013 CRE Finance Council IRP Version 7.0

Released 7/1/12, Effective 10/1/13
yr to 2nd prcdng)

015 - 2014
YYYY Variance

0.00
0.00

0.06
0.09
0.00

0.00
(0.00)

0.06

0.11
(0.01)
(0.12)
0.04
0.00
0.29
0.00
0.00
0.66
(0.06)
0.00
0.00
0.11

0.05

0.05

(1.00)
0.00
0.00

(1.00)

0.07

0.00
0.00
0.00

0.15

0.05
0.05

0.05
 0.07
0.07

0.07

sis Report.

able) for

on 7.0
 Cache Valley Plaza

Interest Rate 4.04% Underwritten Value $13,336,740.63 Property Type:

Amortization 25.0 Loan Amount 8,700,000 65.23% LTV
Original UW Vacancy 10.00% Equity $4,636,740.63
Pro Forma UW Vac. 5.00%
Original Cap Rate 8.00% Current Value $12,537,800.18
Current Cap Rate 7.50% Value at Sale $13,648,786.74 7 Yr
Income Growth Rate 2.50%
Expense Growth Rate 2.50% IRR 13.31%
Sales Transaction Costs 2.00% Return Multiple 1.84
Start Date 1/1/2013
Investment Period (Years) 7.00

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Cash on Cash Return (4,636,741) 9.11% 11.22% 12.48% 8.35% 8.57% 9.08% 145.60% 0.00%

(Actual) (Actual) (Actual) (Pro Forma)>>

0 1 2 3 4 5 6 7 8
Org. Underwriting 2013 2014 2015 2016 2017 2018 2019 2020

Gross Potential Rents 1,290,806 0 0 0 1,049,748 1,075,991 1,102,891 1,130,463 1,158,725

Actual Rent 0 1,085,783 1,117,960 1,186,520 0
Other Income 272,000 219,643 237,578 259,010 259,010 265,485 272,122 278,925 285,898
Gross Potential Income 1,562,806 1,305,426 1,355,539 1,445,529 1,308,757 1,341,476 1,375,013 1,409,388 1,444,623
Vacancy (156,281) 0 0 0 (52,487) (67,074) (68,751) (70,469) (72,231)
Effective Income 1,406,525 1,305,426 1,355,539 1,445,529 1,256,270 1,274,402 1,306,262 1,338,919 1,372,392
Expenses (339,586) (329,439) (281,848) (313,317) (315,935) (323,833) (331,929) (340,227) (348,733)
NOI 1,066,939 975,988 1,073,691 1,132,212 940,335 950,569 974,333 998,692 1,023,659

Cap Rate 8.00% 8.00% 8.00% 8.00% 7.50% 7.50% 7.50% 7.50% 7.50%
Value 13,336,741 12,199,845 13,421,133 14,152,655 12,537,800 12,674,255 12,991,112 13,315,890 13,648,787

DSCR 1.93 1.76 1.94 2.05 1.70 1.72 1.76 1.80 1.85
Capital Expenses
Debt Service (553,370) (553,370) (553,370) (553,370) (553,370) (553,370) (553,370) (553,370) (553,370)
Net Cash Flow 513,569 422,617 520,321 578,842 386,965 397,199 420,963 445,322 470,289

Cash on Cash Return 9.11% 11.22% 12.48% 8.35% 8.57% 9.08% 9.60% 10.14%

Sale Price 14,315,876 15,096,165 12,537,800 12,674,255 12,991,112 13,315,890 13,648,787 13,990,006
End of Year Loan Balance (8,494,329) (8,280,194) (8,057,246) (7,825,121) (7,583,444) (7,331,819) (7,069,839) (6,797,077)
Sales Transaction Costs (286,318) (301,923) (250,756) (253,485) (259,822) (266,318) (272,976) (279,800)
Sales Proceeds 5,535,229 6,514,048 4,229,799 4,595,649 5,147,846 5,717,752 6,305,972 6,913,130

IRR Calculation
Operational Cash Flow (4,636,741) 422,617 520,321 578,842 386,965 397,199 420,963 445,322 470,289
Capital Event 0 0 0 0 0 0 6,305,972 0
Cash Flows (4,636,741) 422,617 520,321 578,842 386,965 397,199 420,963 6,751,293 0
Retail

Year 9 Year 10
0.00% 0.00%

9 10 11 12 13
2021 2022 2023 2024 2025

1,187,693 1,217,385 1,247,820 1,279,016 1,310,991

293,046 300,372 307,881 315,578 323,467

1,480,739 1,517,757 1,555,701 1,594,594 1,634,458
(74,037) (75,888) (77,785) (79,730) (81,723)
1,406,702 1,441,869 1,477,916 1,514,864 1,552,735
(357,451) (366,388) (375,547) (384,936) (394,559)
1,049,250 1,075,482 1,102,369 1,129,928 1,158,176

7.50% 7.50% 7.50% 7.50% 7.50%

13,990,006 14,339,757 14,698,250 15,065,707 15,442,349

1.90 1.94 1.99 2.04 2.09

(553,370) (553,370) (553,370) (553,370) (553,370)

495,880 522,112 548,999 576,558 604,806

10.69% 11.26% 11.84% 12.43%

14,339,757 14,698,250 15,065,707 15,442,349

(6,513,088) (6,217,412) (5,909,567) (5,589,051) (5,255,345)
(286,795) (293,965) (301,314) (308,847)
7,539,873 8,186,874 8,854,826 9,544,451

495,880 522,112 548,999 576,558

0 0 0 0
0 0 0 0 13.31% IRR
8,535,263
1.84 Return Multiple