CBRE LOAN ANALYSIS

Albertsons Shops at Cactus Corner

Glendale, AZ 85304

PROPERTY SUMMARY CASH FLOW ASSUMPTIONS

$/SF
Total Leased 35,258 SF (95.3%) Gross Potential Rent $ 769,833 $ 20.81
Total Vacant 1,734 SF (4.7%) Reimbursements $ 251,464 $ 6.80
Total Security GLA 36,992 SF (100.0%) Total Gross Income $ 1,021,297 $ 27.61
Vacancy $ (96,407) 1 $ (2.61)
Effective Gross Income $ 924,890 $ 25.00
LOAN REQUEST Expenses $ (247,669) $ (6.70)
Net Operating Income $ 677,221 $ 18.31
Loan Amount $ 7,255,940 63%
Term 10 years 75%
Index Rate 4.00% VALUATION
Spread 190
Interest Rate 5.90%
Amortization 20 years Purchase Price $ 11,600,000
Loan Constant 8.53% Cap Rate 7.00%
Annual Debt Service $ 618,793 1.094422747 Value per Square Foot $ 313.58

Debt Service Coverage Ratio (NOI) 1.09 x

Debt Yield (NOI) 9.3% Notes:
Loan-to-Value 62.55% 1) Vacancy underwritten at 5% of GPR/Reimbursements/Other Income
Loan Per Sq. Ft. $196.15
 Rent Roll
Albertsons Shops at Cactus Corner

Rentable % of Lease Term Base Rent Lease Rent Increase Reimbursements

Suite Tenant Sq Ft Total SF Commencement Expiration $/Sf/Mo $/Month $/Sf/Yr $/Year Type Date $/Month Annual NNN Comments

5016-1 GameStop 1,500 4.05% 7/11/2003 1/31/2024 $ 1.92 $ 2,875 $ 23.00 $ 34,500 NNN 2/1/2023 $2,875 $6,480
5016-3&6 CenterWell 5,650 15.27% 12/1/2022 11/30/2029 $ 1.75 $ 9,888 $ 21.00 $ 118,650 NNN 12/1/2026 $10,829 $31,075 Two (2) five (5)-year options, 10% inc/5 Years
5026-2 Subway 1,300 3.51% 7/1/1992 8/31/2025 $ 1.39 $ 1,802 $ 16.64 $ 21,628 NNN 9/1/2023 $1,875 $6,360
5026-4 Nationwide Vision Center 1,733 4.68% 9/1/1992 8/31/2027 $ 1.86 $ 3,220 $ 22.30 $ 38,638 NNN 9/1/2023 $3,316 $9,600
5026-6 VACANT 534 1.44% $ 1.80 $ 963 $ 21.63 $ 11,550 NNN $2,937
5026-8 Hungry Howies Pizza 975 2.64% 1/1/2005 10/31/2026 $ 1.83 $ 1,788 $ 22.00 $ 21,450 NNN 11/1/2022 $1,841 $5,004
5026-10 New York Wok 1,300 3.51% 9/15/2009 5/31/2024 $ 1.79 $ 2,329 $ 21.50 $ 27,952 NNN 6/1/2023 $2,399 $7,200
5036-2&4 1 Stop Title Loans & MVD 4,000 10.81% 3/1/2015 2/28/2024 $ 1.20 $ 4,793 $ 14.38 $ 57,519 NNN 3/1/2023 $4,913 $20,000 Three (3) three (3)-year options at market rate
5036-6 Stop and Go Driving School 1,200 3.24% 10/1/2019 12/31/2027 $ 1.36 $ 1,634 $ 16.34 $ 19,608 NNN 1/1/2023 $1,634 $6,000 One (1) five (5)-year option, 3% annual increases
5036--8 Pipes & Cigars 900 2.43% 4/1/2008 7/31/2027 $ 1.78 $ 1,604 $ 21.38 $ 19,243 NNN 8/1/2023 $1,652 $4,740
5036-10 Labelle Nails & Spa 900 2.43% 6/1/2010 6/30/2028 $ 2.17 $ 1,950 $ 26.00 $ 23,400 NNN 7/1/2024 $2,000 $5,100
5036-12 Arizona Hair 1,200 3.24% 11/1/2000 10/31/2024 $ 1.90 $ 2,280 $ 22.80 $ 27,360 NNN 11/1/2022 $2,280 $6,240
5044-2 Autism F.I.T.S. Academy 7,000 18.92% 6/1/2022 11/30/2027 $ 1.24 $ 8,645 $ 14.82 $ 103,740 NNN 12/1/2023 $8,904 $38,500 One (1) five (5)-year option, 3% annual increases
5044-4&6 Autism F.I.T.S. Academy (expansion) 2,400 6.49% 9/1/2022 11/30/2027 $ 1.50 $ 3,600 $ 18.00 $ 43,200 NNN 3/1/2024 $3,708 $13,200 One (1) five (5)-year option, 3% annual increases
5044-8 Angels on Duty 1,200 3.24% 7/1/2020 7/9/2024 $ 1.55 $ 1,854 $ 18.54 $ 22,250 NNN 7/10/2023 $1,910 $6,600
5044-10 VACANT 1,200 3.24% $ 1.70 $ 2,042 $ 20.42 $ 24,500 NNN $6,600
12251 Big Brand Tire & Service 4,000 10.81% 2/1/1995 1/31/2030 $ 2.57 $ 10,280 $ 30.84 $ 123,360 NNN 2/1/2023 $10,280 $18,600 Five (5) five (5)-year options, 3% annial increases
Tower AT&T 0.00% 6/27/2006 6/26/2026 $ - $ 2,407 $ - $ 28,885 Gross 6/27/2024 $2,479
Bin ATRS Bin 0.00% $ - $ 200 $ - $ 2,400 Gross
Parcel 2 Albertsons (CAM Only) 0.00% - $ - $ - $ - $50,400
Parcel 4 McDonalds (CAM Only) 0.00% - $ - $ - $ - $6,828

Occupied 35,258 95.31% $ 1.73 $ 61,149 $ 20.81 $ 733,783

Vacant 1,734 5% $ 1.73 $ 3,004 $ 20.79 $ 36,050
TOTAL RENTABLE AREA 36,992 100.00% $ 1.73 $ 64,153 $ 20.81 $ 769,833 $251,464

*Rent Roll above includes rent bumps for GameStop, Stop and Go Driving, Arizona Hair & Big Brand Tire & Service
* CenterWell is scheduled to take occupancy and start paying rent 12/1/2022. We have included their rent in our analysis.

file:///conversion/tmp/activity_task_scratch/727035395.xlsx\Rent Roll CBRE Capital Markets

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 Expiration Chart
Albertsons Shops at Cactus Corner

Cumulative
Year # Leases Total SF % of Total % of Total Income % of Total

Vacant 2 1,734 4.7% 4.7% $36,050 4.7%

2023 0 0 0.0% 4.7% $0 0.0%
2024 5 9,200 24.9% 29.6% $169,581 22.1%
2025 1 1,300 3.5% 33.1% $21,628 2.8%
2026 2 975 2.6% 35.7% $50,335 6.6%
2027 5 13,233 35.8% 71.5% $224,429 29.2%
2028 1 900 2.4% 73.9% $23,400 3.0%
2029 1 5,650 15.3% 89.2% $118,650 15.5%

Total 18 36,992 100.0% $767,433 100.0%

CBRE Capital Markets

file:///conversion/tmp/activity_task_scratch/727035395.xlsx\Expiration
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 Cash Flow Projections
Albertsons Shops at Cactus Corner

Proforma Per Square Foot Notes

Rental Income
Gross Potential Rent $ 769,833 $ 20.81
Total Rental Income $ 769,833

Reimbursement Income
Reimbursement Income $ 251,464 $ 6.80
Total Reimbursement Income $ 251,464

General Vacancy $ (96,407) $ (2.61)

Total Income $ 924,890 $ 25.00

Expenses
Common Area Maintenance $ (69,822) $ (1.89)
R&M $ (5,493) $ (0.15)
Utilities $ (49,100) $ (1.33)
Property Taxes $ (71,569) $ (1.93)
Insurance $ (12,493) $ (0.34)
Property Management $ (39,192) $ (1.06) 4% Fee

Total Expenses $ (247,669) $ (6.70)

Net Operating Income $ 677,221 $ 18.31

\
$9,674,587
$7,255,940
 Loan Payoff Schedule
Albertsons Shops at Cactus Corner

Loan Balance Loan Per

Beginning Ending to CBRE Gross Build.
Loan Year Balance Balance Capitalized Value Square Foot
Year 1 $7,255,940 $ 7,060,006 60.86% $ 190.85
Year 2 $ 7,060,006 $ 6,852,193 59.07% $ 185.23
Year 3 $ 6,852,193 $ 6,631,783 57.17% $ 179.28
Year 4 $ 6,631,783 $ 6,398,011 55.16% $ 172.96
Year 5 $ 6,398,011 $ 6,150,067 53.02% $ 166.25
Year 6 $ 6,150,067 $ 5,887,092 50.75% $ 159.15
Year 7 $ 5,887,092 $ 5,608,175 48.35% $ 151.61
Year 8 $ 5,608,175 $ 5,312,350 45.80% $ 143.61
Year 9 $ 5,312,350 $ 4,998,591 43.09% $ 135.13
Year 10 $ 4,998,591 $ 4,665,812 40.22% $ 126.13
Year 11 $ 4,665,812 $ 4,312,859 37.18% $ 116.59
Year 12 $ 4,312,859 $ 3,938,509 33.95% $ 106.47
Year 13 $ 3,938,509 $ 3,541,465 30.53% $ 95.74
Year 14 $ 3,541,465 $ 3,120,352 26.90% $ 84.35
Year 15 $ 3,120,352 $ 2,673,710 23.05% $ 72.28
Year 16 $ 2,673,710 $ 2,199,992 18.97% $ 59.47
Year 17 $ 2,199,992 $ 1,697,557 14.63% $ 45.89
Year 18 $ 1,697,557 $ 1,164,662 10.04% $ 31.48
Year 19 $ 1,164,662 $ 599,463 5.17% $ 16.21
Year 20 $ 599,463 $ - 0.00% $ -
Year 21 $ - $ - 0.00% $ -
Year 22 $ - $ - 0.00% $ -
Year 23 $ - $ - 0.00% $ -
Year 24 $ - $ - 0.00% $ -
Year 25 $ - $ - 0.00% $ -
Year 26 $ - $ - 0.00% $ -
Year 27 $ - $ - 0.00% $ -
Year 28 $ - $ - 0.00% $ -
Year 29 $ - $ - 0.00% $ -
Year 30 $ - $ - 0.00% $ -

Assumes no appreciation of the Subject property over the Loan's term.

Debt Service $618,793

Interest Rate 5.90%
Value $11,600,000
Square Footage 36,992