Investor Presentaiton

Contractual Rent Bumps Matter At the end of the 10-year lease term, Lease A rolls over at a rate of 5% → To achieve the same new lease rent as Lease A, Lease B would have to roll over at -15% and Lease C at ~25% → Additionally, Lease A collected ~5% more rent over the course of the lease than Lease B and -9% more than Lease C Lease A 3% Rent Bumps Annually Lease B 2% Rent Bumps Annually Lease C 10% Rent Bump in Year 5 Initial Rent 20.00 Initial Rent 20.00 Initial Rent 20.00 Rent Bump(s) 3% annually Rent Bump(s) 2% annually Rent Bump(s) 10% in Year 6 Term 10 years Term 10 years Term 10 years Square Feet 10,000 SF Square Feet 10,000 SF Square Feet 10,000 SF Year 1 $ 20.00 Year 1 $ 20.00 Year 1 $ 20.00 Year 2 $ 20.60 Year 2 $ 20.40 Year 2 $ 20.00 Year 3 $ 21.22 Year 3 $ 20.81 Year 3 $ 20.00 Year 4 $ 21.85 Year 4 $ 21.22 Year 4 $ 20.00 Year 5 $ 22.51 Year 5 $ 21.65 Year 5 ՄՌ $ 20.00 Year 6 $ 23.19 Year 6 $ 22.08 Year 6 $ 22.00 Year 7 $ 23.88 Year 7 $ 22.52 Year 7 $ 22.00 Year 8 $ 24.60 Year 8 $ 22.97 Year 8 $ 22.00 Year 9 $ 25.34 Year 9 $ 23.43 Year 9 $ 22.00 Year 10 $ 26.10 Year 10 $ 23.90 Year 10 $ 22.00 Rollover Required 5% Rollover Required -15% Rollover Required -25% New Lease Rent $ 27.40 New Lease Rent $ 27.40 New Lease Rent $ 27.40 Total Rent over Term $ 2,292,776 Total Rent over Term $ 2,189,944 Total Rent over Term $ 2,100,000 % less than Lease A -(5%) % less than Lease A -(9%) 12

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