1201 Broadway - Investment Analysis Model

($ USD in $ as Stated, Unless Otherwise Noted)

Operating Assumptions: Units: Units:

Property Name: Name 1201 Broadway Real Estate Taxes % Property Value: % 4.00%
Location: Name New York, NY Real Estate Taxes Annual Growth Rate: % 2.0%

Months in Year: # 12 Replacement Reserve per RSF per Year: $ / sq. ft. / Yr $ 2.50
Rentable Square Feet (RSF): sq. ft. 25,000 sq. ft. Replacement Reserve Annual Growth Rate: % 3.0%

Property Management Fees % EGI: % 3.0% Common Area Utilities per RSF per Year: $ / sq. ft. / Yr $ 3.00
Common Area Utilities Annual Growth Rate: % 3.0%
Common Area Maintenance (CAM) per RSF per Year: $ / sq. ft. / Yr $ 5.00
Common Area Maintenance Annual Growth Rate: % 3.5%

Insurance per RSF per Year: $ / sq. ft. / Yr $ 2.00

Insurance Annual Growth Rate: % 2.5%

Acquisition and Exit Assumptions: Units: Units:

Acquisition Date: Date 2017-12-31 Exit Date: Date 2022-12-31

Acquisition Price per Rentable Square Foot: $ / sq. ft. $ 1,000.00 Exit Cap Rate: % 6.00%
Acquisition Price: $
Exit Price: $
Implied Going-In Cap Rate: % Exit Price per RSF: $ / sq. ft.

Acquisition Costs (% Gross Acquisition Price): % 1.00% Selling Costs (% Gross Sale Price): % 1.50%
Loan Issuance Fees (% Total Debt): % 1.00%

Senior Loan Loan-to-Value (LTV) Ratio: % 50.0% Mezzanine Loan-to-Value (LTV) Ratio: % 10.0%
Senior Loan Interest Rate: % 5.00% Mezzanine Cash Interest Rate: % 7.00%
Senior Loan Amortization Period: # Years 25 Mezzanine PIK Interest Rate: % 3.00%
Senior Loan Maturity: # Years 5 Mezzanine Amortization Period: # Years N/A
Mezzanine Maturity: # Years 5
Operating Partner Equity Contribution: % 10.0%
Asset Management Fee % Initial Equity Invested: % 1.5%
Profit Split Below IRR Hurdle: % -
IRR Hurdle (Based on Levered IRR to LPs): % 10.0%
Profit Split Beyond IRR Hurdle: % 20.0%

Limited Partner Equity Contribution: %

Acquisition Sources and Uses of Funds:

Uses of
Sources of Funds: Funds:
Senior Debt: Acquisition Price:
Mezzanine: Acquisition Costs:
Operating Partner - Equity: Loan Issuance Fees:
Limited Partners - Equity: Replacement Reserves:
Total Sources: Total Uses:
 Historical: Projected: Stabilized
Rent Roll & Operating Assumptions: Units: FY17 FY18 FY19 FY20 FY21 FY22 Year:

Property-Wide Operating Assumptions:

New Lease Term (Years): # Years 10
Renewal Probability: % 70.0%
# Months of Downtime for Non-Renewal: # 6

Free Rent and Capital Costs: New: Renewal:

# Months of Free Rent: # 6 3
Tenant Improvements (TIs) per RSF: $ / sq. ft. / Yr $ 10.00 3.00
Leasing Commissions (LCs) % Total Lease Value: % 3.0% 1.0%

Office Tenant #1 - Full Service (FS) Lease:

Rentable Square Feet Occupied: sq. ft. 10,000 sq. ft.
Lease Expiration Date: Date 2019-12-31

Baseline Rent per Square Foot: $ / sq. ft. / Yr $ 120.00

Rental Growth Rate: %

(+) Base Rental Income: $

(-) Absorption & Turnover Vacancy: $
(-) Concessions & Free Rent: $
(-) Tenant Improvements (TIs): $
(-) Leasing Commissions (LCs): $

Office Tenant #2 - Single Net (N) Lease:

Rentable Square Feet Occupied: sq. ft. 7,000 sq. ft.
Lease Expiration Date: Date 2020-12-31

Baseline Rent per Square Foot: $ / sq. ft. / Yr $ 105.00

Rental Growth Rate: %

(+) Base Rental Income: $

(-) Absorption & Turnover Vacancy: $
(-) Concessions & Free Rent: $
(-) Tenant Improvements (TIs): $
(-) Leasing Commissions (LCs): $

(+) Expense Reimbursements: $

Tenant #3 - Retailer - Triple Net (NNN) Lease:

Rentable Square Feet Occupied: sq. ft. 6,000 sq. ft.
Lease Expiration Date: Date 2024-12-31

Baseline Rent per Square Foot: $ / sq. ft. / Yr $ 90.00

Rental Growth Rate: %

(+) Base Rental Income: $

(-) Absorption & Turnover Vacancy: $
(-) Concessions & Free Rent: $
(-) Tenant Improvements (TIs): $
(-) Leasing Commissions (LCs): $

(+) Expense Reimbursements: $

Annual Capital Costs: $

Replacement Reserve Amount: $

Numerical Year: Year 2017 2018 2019 2020 2021 2022 2023
 Historical: Projected: Stabilized
Property Pro-Forma: Units: FY17 FY18 FY19 FY20 FY21 FY22 Year:

Revenue:
(+) Base Rental Income: $
(-) Absorption & Turnover Vacancy: $
(-) Concessions & Free Rent: $
(+) Expense Reimbursements: $
Potential Gross Revenue: $
(-) General Vacancy: $
Effective Gross Income (EGI): $

Expenses:
(-) Property Management Fees: $
(-) Common Area Maintenance (CAM): $
(-) Common Area Utilities: $
(-) Insurance: $
(-) Real Estate & Property Taxes: $
(-) CapEx, TI, and LC Reserves: $
Total Expenses: $

Net Operating Income (NOI): $

NOI Margin: %

(-) CapEx, TIs, and LCs: $

(+) Capital Costs Paid from Reserves: $

Adjusted Net Operating Income: $

Adjusted NOI Margin: %

(-) Cash Interest Expense on Senior Debt: $

(-) Cash Interest Expense on Mezzanine:
(-) Senior Debt Principal Repayment: $

Cash Flow to Equity Investors: $

PIK Interest on Mezzanine: $

(+) Ending Senior Debt Balance: $

(+) Ending Mezzanine Balance: $
Total Debt Balance: $

Debt Yield: %

Interest Coverage Ratio - NOI: x

Interest Coverage Ratio - Adjusted NOI: x

Debt Service Coverage Ratio (DSCR) - NOI: x

Debt Service Coverage Ratio (DSCR) - Adjusted NOI: x
 Historical: Projected:
IRR Calculations: Units: FY17 FY18 FY19 FY20 FY21 FY22

Project Cash Flows (Unleveraged IRR):

(+) Proceeds from Sale of Property: $
(-) Selling Costs: $
(+) Adjusted NOI (Cash Flows to All Investors): $
(-) Property Acquisition Price: $
Total Project Cash Flows (Unleveraged IRR): $

Unleveraged Internal Rate of Return (IRR): %

Total Returns: $
Total Initial Investment: $
Cash-on-Cash Multiple: x

Cash Flow to Equity Investors (Leveraged IRR):

(+) Proceeds from Sale of Property: $
(-) Selling Costs: $
(+) Cash Flows to Equity Investors: $
(-) Debt Principal Repayment Upon Exit: $
(-) Initial Equity Investment: $
Total Cash Flows to Equity (Leveraged IRR): $

Leveraged Internal Rate of Return (IRR): %

Total Returns to Equity: $

Invested Equity: $
Cash-on-Cash Multiple: x

Historical: Projected:
Waterfall Returns Schedule: Units: FY17 FY18 FY19 FY20 FY21 FY22

(+) Total Cash Flow and Returns to Equity Investors: $

(-) Asset Management Fee to Operating Partner: $
Equity Cash Flow to Limited Partners: $

Tier 1 IRR - Up to 10.0% for JUST Limited Partners:

Beginning Balance:
Returns Accrual: 10.0%
Repayment: 100.0%
Ending Balance:

Cash Flow Available for Tier 2 Distribution: $

Tier 2 IRR - Above 10.0% Limited Partners' IRR:

Limited Partners (LPs): 80.0%

Operating Partner (OP): 20.0%

Returns Analysis by Investor Group:

Limited Partners (LP) - Leveraged Returns: $

Internal Rate of Return (IRR): %
Cash-on-Cash Multiple: x
Annual Yield on Initial Investment: %

Operating Partner (OP) - Leveraged Returns: $

Internal Rate of Return (IRR): %
Cash-on-Cash Multiple: x
Annual Yield on Initial Investment: %