Investment Summary

Data Center Project

City, State
Executive Highlights General Information
1. Data Center Project Overview Property Type Data Center
The Project will be a 120,000 square foot data center located in the Far North Denver Location City, State
neighborhood. This will be a 1.2 MW data center. Several factors, including multiple NSF 1,200 SqFt
redevelopments of existing projects in the neighborhood, proximity to downtown, and ease of # of Racks 24
access to the Rocky Mountains all provide a promising outlook to this project.

Financial Information
Development Cost $27,700,937
Cost Per Unit $1,154,206/Rack

2. Strong Wage Growth Sale Assumptions

Exit Date Jun-27
The Mile High City's growing economy
and population have driven up real Gross Sale Proceeds $35,765,180
estate sales nearly every month in the Gross Sale Price / Rack $1,490,216/Rack
past five years. Employment growth
has accelerated in almost a straight line
Returns Summary
since the start of 17Q4. In August 2018,
annual employment growth came in at Unlevered IRR 10.9%
2.8% (41,000 jobs), sharply up from a Unlevered Peak Capital $26,547,343
recent low of 1.7% in September 2017 Unlevered Net Profit $14,834,937
(25,000 jobs).1
Unlevered Profit Multiple 1.6x

Levered IRR 19.3%

Levered Peak Capital $6,175,234
Levered Net Profit $8,433,598
3. Location Levered Profit Multiple 2.4x
The Project site provides a close
proximity to downtown Denver, Investor IRR 16.6%
including easy access to Pepsi Center, Investor Peak Capital $5,248,949
Sloan Lake, Elitch Gardens, Mile High
Stadium, LoDo, and Downtown. This Investor Net Profit $5,932,961
up and coming neighborhood is poised Investor Profit Multiple 2.1x
for explosive growth as many lots in the
area are undergoing redevelopment. The
Waterfall Assumptions
broader Denver metro has become a
premier destination for educated Limited Partner Contribution % 85.0%
Millennials, and net migration and total General Partner Contribution % 15.0%
employment growth remain well above First Hurdle 9.0%
the national average.1
First Cash Flow 30.0%
Second Hurdle 12.0%
Second Cash Flow 40.0%
Third Hurdle 14.0%
Third Cash Flow 45.0%
4. Property Description Fourth Hurdle 15.0%
24 Racks, 1,200 SF Fourth Cash Flow 50.0%

Contact Information
Contact contact@contact.com
 Investment Summary
Data Center Project
City, State
Annual Cashflow Summary
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Total
Effective Gross Income $0 $0 $1,233,317 $2,235,715 $2,301,512 $2,369,257 $8,139,801
Operating Expenses 0 0 (508,154) (595,803) (613,582) (631,892) (2,349,430)
Net Operating Income $0 $0 $725,163 $1,639,912 $1,687,930 $1,737,365 $5,790,370

Project Management Fee $0 $0 ($12,333) ($22,357) ($23,015) ($23,693) ($81,398)

Capital Expenditures Reserve 0 0 48,204 91,662 94,412 97,244 331,521
Cashflow after Vacancy & Reserve $0 $0 $761,034 $1,709,217 $1,759,327 $1,810,916 $6,040,494

Land Cost ($5,000,000) $0 $0 $0 $0 $0 ($5,000,000)

Hard Costs $0 ($15,000,000) $0 $0 $0 $0 ($15,000,000)

Soft Costs 0 (6,523,672) 0 0 0 0 (6,523,672)
Total Construction Costs $0 ($21,523,672) $0 $0 $0 $0 ($21,523,672)

Gross Sale Proceeds $0 $0 $0 $0 $0 $35,765,180 $35,765,180

Disposition Costs 0 0 0 0 0 (447,065) (447,065)
Total $0 $0 $0 $0 $0 $35,318,115 $35,318,115

Unlevered Cashflow ($5,000,000) ($21,523,672) $761,034 $1,709,217 $1,759,327 $37,129,032 $14,834,937

Construction Loan Origination Fee ($207,757) $0 $0 $0 $0 $0 ($207,757)

Construction Loan Exit Fee 0 0 0 0 0 0 0
Construction Loan Interest Expense 0 (455,784) (1,223,068) 0 0 0 (1,678,852)
Construction Proceeds 0 20,261,978 513,724 0 0 0 20,775,703
Construction Principal Repayment 0 0 (20,775,703) 0 0 0 (20,775,703)
Working Capital Release 0 0 23,672 0 0 0 23,672
Permanent Debt Origination Fee 0 0 0 0 0 0 0
Permanent Debt Exit Fee 0 0 0 0 (305,698) 0 (305,698)
Permanent Debt Interest Expense 0 0 0 (1,241,798) (1,226,120) 0 (2,467,918)
Permanent Debt Principal Amortization/Repayment 0 0 0 (131,473) (20,644,230) 0 (20,775,703)
Permanent Proceeds 0 0 20,775,703 0 0 0 20,775,703
Refi Debt Origination Fee 0 0 0 0 (101,899) 0 (101,899)
Refi Debt Exit Fee 0 0 0 0 0 (304,809) (304,809)
Refi Debt Interest Expense 0 0 0 0 0 (915,578) (915,578)
Refi Proceeds 0 0 0 0 20,379,891 0 20,379,891
Refi Debt Principal Paydown 0 0 0 0 0 (59,279) (59,279)
Refi Final Repayment 0 0 0 0 0 (20,320,612) (20,320,612)
Mezz Debt Proceeds 0 750,000 0 0 0 0 750,000
Mezz Debt Interest Pay 0 0 0 0 0 (442,500) (442,500)
Mezz Debt Principal Amortization/Repayment 0 0 0 0 0 (750,000) (750,000)

Levered Cashflow ($5,207,757) ($967,477) $75,362 $335,946 ($138,730) $14,336,254 $8,433,598

Data Center Project
City, State

Error Check

Annual Cashflow Summary (Model Outputs) Annual Cashflow Summary (Investor Summary) Returns Summary
Monthly CF Annual CF Monthly CF Annual CF Monthly CF Annual CF Waterfall
Effective Gross Income Effective Gross Income Unlevered IRR
Total Operating Expenses Total Operating Expenses Unlevered Peak Capital
Net Operating Income Net Operating Income Unlevered Net Profit
Unlevered Profit Multiple
Project Management Fee Project Management Fee
Capital Expenditures Reserve Capital Expenditures Reserve Levered IRR
Cashflow after Vacancy & Reserve Cashflow after Vacancy & Reserve Levered Peak Capital
Levered Net Profit
Land Cost Land Cost Levered Profit Multiple

Hard Costs Hard Costs Investor IRR

Soft Costs Soft Costs Investor Peak Capital
Total Construction Costs Total Construction Costs Investor Net Profit
Investor Profit Multiple
Gross Sale Proceeds Gross Sale Proceeds
Disposition Costs Disposition Costs Internal Checks
Total Total Error Help Override?
Levered Peak Equity
Unlevered Net Cashflow Unlevered Net Cashflow Large Levered IRR?
Small Levered IRR?
Construction Loan Origination Fee Construction Loan Origination Fee Unlevered Peak Equity
Construction Loan Exit Fee Construction Loan Exit Fee Revenues vs. Expenses
Construction Loan Interest Expense Construction Loan Interest Expense Investor IRR Check
Construction Proceeds Construction Proceeds Sources Check
Construction Principal Repayment Construction Principal Repayment Uses
Working Capital Release Working Capital Release Sources tie to Uses?
Permanent Debt Origination Fee Permanent Debt Origination Fee Total Project Cashflow
Permanent Debt Exit Fee Permanent Debt Exit Fee Total Contribution Check
Permanent Debt Interest Expense Permanent Debt Interest Expense Total Distribution Check
Permanent Debt Principal Amortization/Repayment Permanent Debt Principal Amortization/Repayment LP Net Cashflow Check
Permanent Proceeds Permanent Proceeds GP Net Cashflow Check
Refi Debt Origination Fee Refi Debt Origination Fee Waterfall Cashflows match Deal Cashflows?
Refi Debt Exit Fee Refi Debt Exit Fee Waterfall Equity ties to Project Equity?
Refi Debt Interest Expense Refi Debt Interest Expense Construction Budget
Refi Proceeds Refi Proceeds Purchase Price
Refi Debt Principal Paydown Refi Debt Principal Paydown Soft Costs
Refi Final Repayment Refi Final Repayment Soft Costs Start Date
Mezz Debt Proceeds Mezz Debt Proceeds Soft Costs End Date
Mezz Debt Interest Pay Mezz Debt Interest Pay Hard Costs
Mezz Debt Principal Amortization/Repayment Mezz Debt Principal Amortization/Repayment Hard Cost Start Date
Hard Cost End Date
Levered Cashflow Levered Cashflow
Manual Checks
Debt and Equity Spell Check
Monthly CF Annual CF Do the returns seem reasonable?
Debt Print Ready?
Equity Hard Coded Numbers?
Extra rows hidden?
© 2019 Top Shelf Models, LLC Investor Summary text boxes?
Investor Summary Pictures?
Data Center Project
City, State

Model Outputs

Capital Stack Sources and Uses of Cash Waterfall Assumptions

Construction Debt $20,775,703 Sources Limited Partner 85.0%
Equity 6,175,234 Construction Debt $20,775,703 General Partner 15.0%
Mezz Debt 750,000 Equity 6,175,234 First Hurdle 9.0%
Total $27,700,937 Mezz Debt 750,000 First Cash Flow 30.0%
Total Sources $27,700,937 Second Hurdle 12.0%
Project Costs Second Cash Flow 40.0%
Land Purchase Price $5,000,000 Uses Third Hurdle 14.0%
Hard Costs 15,000,000 Land Purchase Price $5,000,000 Third Cash Flow 45.0%
Soft Costs 6,523,672 Hard Costs 15,000,000 Fourth Hurdle 15.0%
Interest Reserve 969,508 Soft Costs 6,523,672 Fourth Cash Flow 50.0%
Placement Fees 207,757 Interest Reserve 969,508
Total $27,700,937 Placement Fees 207,757
Total Uses $27,700,937

Rent Roll
Market Rent
Tenant Name kW / Rack # of Racks % $ / kW/Month /Rack Total
Bank of Brittany 50 6 25.0% $150.00 $7,500 $45,000
Nick's Accounting Solutions 50 3 12.5% 150.00 7,500 22,500
Scott's Waterfall Chasing Service 50 4 16.7% 150.00 7,500 30,000
Moyra Aviation 50 1 4.2% 150.00 7,500 7,500
Eric's Epic Energy 50 3 12.5% 150.00 7,500 22,500
Colorado Crepes by Chris 50 1 4.2% 150.00 7,500 7,500
K-Pop Kirsten Entertainment 50 6 25.0% 150.00 7,500 45,000

Data Center Project Total 1,200 24 100.0% $1,050.00 $52,500 $180,000

Data Center Project Average 50 $150.00 $7,500
 Annual Cashflow Summary
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Total
Effective Gross Income $0 $0 $1,233,317 $2,235,715 $2,301,512 $2,369,257 $0 $0 $0 $0 $0 $8,139,801
Operating Expenses 0 0 (508,154) (595,803) (613,582) (631,892) 0 0 0 0 0 (2,349,430)
Net Operating Income $0 $0 $725,163 $1,639,912 $1,687,930 $1,737,365 $0 $0 $0 $0 $0 $5,790,370

Project Management Fee $0 $0 ($12,333) ($22,357) ($23,015) ($23,693) $0 $0 $0 $0 $0 ($81,398)

Capital Expenditures Reserve 0 0 48,204 91,662 94,412 97,244 0 0 0 0 0 331,521
Cashflow after Vacancy & Reserve $0 $0 $761,034 $1,709,217 $1,759,327 $1,810,916 $0 $0 $0 $0 $0 $6,040,494

Land Cost ($5,000,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($5,000,000)

Soft Costs $0 ($6,523,672) $0 $0 $0 $0 $0 $0 $0 $0 $0 ($6,523,672)

Hard Costs 0 (15,000,000) 0 0 0 0 0 0 0 0 0 (15,000,000)
Total Construction Costs $0 ($21,523,672) $0 $0 $0 $0 $0 $0 $0 $0 $0 ($21,523,672)

Gross Sale Proceeds $0 $0 $0 $0 $0 $35,765,180 $0 $0 $0 $0 $0 $35,765,180

Disposition Costs 0 0 0 0 0 (447,065) 0 0 0 0 0 (447,065)
Total $0 $0 $0 $0 $0 $35,318,115 $0 $0 $0 $0 $0 $35,318,115

Unlevered Cashflow ($5,000,000) ($21,523,672) $761,034 $1,709,217 $1,759,327 $37,129,032 $0 $0 $0 $0 $0 $14,834,937

ROC 0.0% 0.0% 2.9% 6.4% 6.6% 6.8% 0.0% 0.0% 0.0% 0.0% 0.0% 22.8%

Construction Loan Origination Fee ($207,757) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($207,757)

Construction Loan Exit Fee 0 0 0 0 0 0 0 0 0 0 0 0
Construction Loan Interest Expense 0 (455,784) (1,223,068) 0 0 0 0 0 0 0 0 (1,678,852)
Construction Proceeds 0 20,261,978 513,724 0 0 0 0 0 0 0 0 20,775,703
Construction Principal Repayment 0 0 (20,775,703) 0 0 0 0 0 0 0 0 (20,775,703)
Working Capital Release 0 0 23,672 0 0 0 0 0 0 0 0 23,672
Permanent Debt Origination Fee 0 0 0 0 0 0 0 0 0 0 0 0
Permanent Debt Exit Fee 0 0 0 0 (305,698) 0 0 0 0 0 0 (305,698)
Permanent Debt Interest Expense 0 0 0 (1,241,798) (1,226,120) 0 0 0 0 0 0 (2,467,918)
Permanent Debt Principal Amortization/Repayment 0 0 0 (131,473) (20,644,230) 0 0 0 0 0 0 (20,775,703)
Permanent Proceeds 0 0 20,775,703 0 0 0 0 0 0 0 0 20,775,703
Refi Debt Origination Fee 0 0 0 0 (101,899) 0 0 0 0 0 0 (101,899)
Refi Debt Exit Fee 0 0 0 0 0 (304,809) 0 0 0 0 0 (304,809)
Refi Debt Interest Expense 0 0 0 0 0 (915,578) 0 0 0 0 0 (915,578)
Refi Proceeds 0 0 0 0 20,379,891 0 0 0 0 0 0 20,379,891
Refi Debt Principal Paydown 0 0 0 0 0 (59,279) 0 0 0 0 0 (59,279)
Refi Final Repayment 0 0 0 0 0 (20,320,612) 0 0 0 0 0 (20,320,612)
Mezz Debt Proceeds 0 750,000 0 0 0 0 0 0 0 0 0 750,000
Mezz Debt Interest Pay 0 0 0 0 0 (442,500) 0 0 0 0 0 (442,500)
Mezz Debt Principal Amortization/Repayment $0 $0 $0 $0 $0 ($750,000) $0 $0 $0 $0 $0 ($750,000)

Levered Cashflow ($5,207,757) ($967,477) $75,362 $335,946 ($138,730) $14,336,254 $0 $0 $0 $0 $0 $8,433,598

Cash on Cash 0.0% -7.4% -7.5% 5.4% 4.4% 6.4% 0.0% 0.0% 0.0% 0.0% 0.0%
Debt Yield 0.0% 0.0% 3.5% 7.6% 7.9% 8.2% 0.0% 0.0% 0.0% 0.0% 0.0%
DSCR 0.0x 0.0x 0.6x 1.2x 1.1x 1.2x 0.0x 0.0x 0.0x 0.0x 0.0x
 Annual Waterfall Summary
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Total
Project Cashflow Summary
Distributable Cash $0 $0 $761,034 $1,709,217 $1,759,327 $1,810,916 $0 $0 $0 $0 $0 $6,040,494
Land Cost (5,000,000) 0 0 0 0 0 0 0 0 0 0 (5,000,000)
Construction Costs 0 (21,523,672) 0 0 0 0 0 0 0 0 0 (21,523,672)
Sales Proceeds 0 0 0 0 0 35,318,115 0 0 0 0 0 35,318,115
Fees/Interest/Financing (207,757) 20,556,194 (685,672) (1,373,270) (1,898,057) (22,792,778) 0 0 0 0 0 (6,401,340)
Total Project Cashflow ($5,207,757) ($967,477) $75,362 $335,946 ($138,730) $14,336,254 $0 $0 $0 $0 $0 $8,433,598

Investor Cashflow Summary

Capital Contributions ($6,175,234) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($6,175,234)
Return of Capital 0 0 0 25,761 246,818 14,336,254 0 0 0 0 0 14,608,832
Investor Net Cashflow ($6,175,234) $0 $0 $25,761 $246,818 $14,336,254 $0 $0 $0 $0 $0 $8,433,598

Limited Partner Contributions ($5,248,949) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($5,248,949)

Limited Partner Distributions 0 0 0 21,897 209,795 10,950,218 0 0 0 0 0 11,181,910
Limited Partner Net Cashflow ($5,248,949) $0 $0 $21,897 $209,795 $10,950,218 $0 $0 $0 $0 $0 $5,932,961

General Partner Contributions ($926,285) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($926,285)

General Partner Distributions 0 0 0 3,864 37,023 3,386,035 0 0 0 0 0 3,426,922
General Partner Net Cashflow ($926,285) $0 $0 $3,864 $37,023 $3,386,035 $0 $0 $0 $0 $0 $2,500,637

Hypothetical Investor Cashflow Summary

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Total
Hypothetical Investor ($750,000)
Hypothetical Contributions ($750,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($750,000)
Hypothetical Distributions 0 0 0 3,129 29,977 1,564,630 0 0 0 0 0 1,597,736
Hypothetical Net Cashflow ($750,000) $0 $0 $3,129 $29,977 $1,564,630 $0 $0 $0 $0 $0 $847,736

Hypothetical $750,000 Investor

Hypothetical $$ $750,000
Hypothetical $% 14.3%
Data Center Project
City, State

Assumptions

General Property & Timing Assumptions Operating Assumptions Construction Debt Assumptions
Project Name Data Center Project Lease Up Loan to Cost 75.0% LTC
Building City, State City, State Start Leasing Jul-23 LTC Loan Amount $20,775,703
General Partner General Partner Racks Leased / Month 2 Construction Interest Reserve $969,508
Limited Partner Limited Partner Months to Lease 12.0 Stabilized Month Month 24
Gross Square Footage 120,000 SF Date Stabilized Jun-24 Construction Loan Start Month Jun-22 Month 0
Net Square Footage 120,000 SF Rent Growth To Delivery 3.0% Construction Loan Payoff Month Jun-24 Month 24
Total kW 1,200 kW Fixed Interest Rate? N
Number of Racks 24 Revenues Annual Fixed Rate/Spread over LIBOR 4.5%
Land Cost $5,000,000 Recovery Revenue Per kW $100 LIBOR Cap 6.0%
Analysis Start Date Jun-22 RUBS Per Rack $100 LIBOR Floor 0.0%
Land Purchase Month 0 Other Income Per Rack $450 Financing Fee 1.0% $207,757
Soft Costs Start Month Jul-22 Blank 1 Per Rack $0 Exit Fee (If prepaid) 1.5%
Soft Costs Finish Month Jun-23 Blank 2 Per Rack $0
Construction Start Month Jul-22 Blank 3 Per Rack $0 Permanent Debt Assumptions
Construction Finish Month Jun-23 Convert? Y
Months to Delivery 12 Expenses Annual Monthly Total Conversion Method (LTV/Construction) Construction
Delivery Month Jul-23 Power Per kW $50 $5,000 Interest Calculation Actual/365
Working Capital Release Month (Construction Period) 24 Utilities Per kW $25 $2,500 Amortization Period 30 Years
Full Occupancy Month 24 Security Per Rack $150 $300 IO Period 6 Months
Rent Inflation Timing Annual Payroll Per Rack $150 $300 Perm Debt Start Month Jun-24 Month 24
Other Income Inflation Timing Annual Repairs & Maintenance Per Rack $300 $600 Perm Debt Payoff Month 48
Expense Inflation Timing Annual Monthly Services Per Rack $60 $120 I/O Period (Months) 12
Insurance Per Rack $125 $250 NOI at Debt Acquisition $1,639,912
Exit Assumptions Blank 1 Per Rack $0 $0 Loan To Value 80.0%
Sale Month Month 60 Blank 2 Per Rack $0 $0 Cap Rate For LTV 5.0%
Sale Date Jun-27 Blank 3 Per Rack $0 $0 Loan Amount $20,775,703
Cap Rate 5.00% Real Estate Taxes (Total Project / Yr) $294,709 $24,559 Fixed Interest Rate? N
NOI at Exit Forward 12 Mo $1,788,259 Management Fee 7.5% Fixed Rate/Spread over LIBOR 4.5%
Gross Sale $ $35,765,180 LIBOR Cap 6.0%
Gross Sale $ / SF $29,804 Expenses after NOI Annual LIBOR Floor 0.0%
Gross Sale $ / Rack $1,490,216 Project Management Fee 1.0% Initial Commitment Fee 0.0%
Transaction Costs 1.25% Capex Reserves Per Rack $300 Exit Fee 1.5%
Months Held After Construction Completion 48 months
Mezzanine Assumptions Refi Debt Assumptions
Waterfall Structure Mezzanine Debt? Y Convert? Y
Waterfall Based On: Cash Flow Mezzanine Amount $750,000 Conversion Method (LTV/Permanent) Permanent
Limited Partner ## 85.0% Interest Rate 12.0% Interest Calculation 30/360
General Partner ## 15.0% Implied LTC 2.71% Amortization Period 30 Years
First Hurdle ## 9.0% Mezz Start Month Month 0 IO Period 6 Months
First Cash Flow ## 30.0% Mezz End Month Month 60 Refi Debt Start Month Jun-26 Month 48
Second Hurdle ## In Use 12.0% Refi Debt Payoff Month 60
Second Cash Flow ## 40.0% NOI at Debt Acquisition $1,737,365
Third Hurdle ## In Use 14.0% Loan To Value 70.0%
Third Cash Flow ## 45.0% Cap Rate For LTV 5.0%
Fourth Hurdle ## Not Applicable 15.0% Loan Amount $20,379,891
Fourth Cash Flow ## 50.0% Loan Fixed? Y
Fixed Rate/Spread over LIBOR 4.5%
© 2019 Top Shelf Models, LLC LIBOR Cap 6.0%
LIBOR Floor 0.0%
Initial Commitment Fee 0.5%
Exit Fee 1.5%
 Yearly Revenue Assumptions
Year Expense Inflation Rent Inflation Other Income Inflation Tax Inflation Concession % Vacancy % Bad Debt %
Year 1 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 0.0%
Year 2 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%
Year 3 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%
Year 4 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%
Year 5 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%
Year 6 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%
Year 7 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%
Year 8 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%
Year 9 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%
Year 10 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%
Year 11 3.0% 3.0% 2.0% 3.0% 1.0% 5.0% 2.0%

Sensitivities - Levered IRR/Levered Multiple

Exit Cap Rate
19.3% / 2.4x 5.50% 5.25% 5.00% 4.75% 4.50%
Month 48 12.2% / 1.6x 16.4% / 1.8x 20.4% / 2.1x 24.5% / 2.4x 28.6% / 2.7x
Exit Month Month 54 13.0% / 1.7x 16.4% / 2.0x 19.8% / 2.2x 23.3% / 2.5x 26.7% / 2.8x
Month 60 13.5% / 1.8x 16.4% / 2.1x 19.3% / 2.4x 22.3% / 2.7x 25.2% / 3.0x
Month 66 13.9% / 2.0x 16.4% / 2.2x 18.9% / 2.5x 21.4% / 2.8x 24.0% / 3.2x
Month 72 14.2% / 2.1x 16.4% / 2.4x 18.5% / 2.7x 20.7% / 3.0x 23.0% / 3.3x
Data Center Project
City, State

Rent Roll Rent Assumption: kW

Market Rent
Tenant Name NSF (Total) kW / Rack # of Racks % $ / kW/Month /Rack Total Base Assumption

Data Center Project

Bank of Brittany 30,000 50 6 25.0% $150.00 $7,500 $45,000 $150.00
Nick's Accounting Solutions 15,000 50 3 12.5% 150.00 7,500 22,500 150.00
Scott's Waterfall Chasing Service 20,000 50 4 16.7% 150.00 7,500 30,000 150.00
Moyra Aviation 5,000 50 1 4.2% 150.00 7,500 7,500 150.00
Eric's Epic Energy 15,000 50 3 12.5% 150.00 7,500 22,500 150.00
Colorado Crepes by Chris 5,000 50 1 4.2% 150.00 7,500 7,500 150.00
K-Pop Kirsten Entertainment 30,000 50 6 25.0% 150.00 7,500 45,000 150.00
Data Center Project Total 120,000 1,200 24 100.0% $1,050.00 $52,500 $180,000
Data Center Project Average 50 $150.00 $7,500

Growth Rate 3.0% Rent at Delivery $7,744

Data Center Project
City, State

Construction Budget

Project Budget - Data Center Project - City, State

Total Cost $ per NSF $ per Rack Start Date Duration End Date
Hard Costs:
Structures Hard Costs $15,000,000 Fixed Amount $15,000,000 $125.00 $625,000 7/1/2022 12 6/30/2023
Land Improvements 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
General Requirements 0 Per NSF 0 0.00 0 7/1/2022 12 6/30/2023
Builder's Overhead 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
P&P Bond Premium 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
FF&E 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Network Electronics 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Modular, Adaptable Racking 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Telecommunications Cabling & Systems 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Ventilation & Cooling Systems 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Eletrical Cabling & Related Equipment 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Electronic Security Systems 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
On-Site Office Space 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Fire Detection & Suppression Equipment 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Foundation Costs 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Umbrella Insurance 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Landscape & Irrigation 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Preliminary Construction Costs 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 1 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 2 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 3 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 4 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 5 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 6 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 7 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 8 0.0% % of Hard and Soft Costs 0 0.00 0 7/1/2022 12 6/30/2023
Blank 9 0.0% % of Hard and Soft Costs 0 0.00 0 7/1/2022 12 6/30/2023
Blank 10 0.0% % of Hard and Soft Costs 0 0.00 0 7/1/2022 12 6/30/2023

Subtotal- Hard Costs $15,000,000 $125.00 $625,000

Soft Costs:
Construction Management Fee $0 Fixed Amount $0 $0.00 $0 7/1/2022 12 6/30/2023
Architect-Base Building 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Market Study 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
A&E 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Insurance 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Environmental (ESA, Radon) 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Appraisal (Preliminary & Final Reports 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Utility Consumption Analysis 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Developer Fee 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
General Partner Development Fee 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Independent A&E Cost Review 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Survey 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Legal & Organizational Expense 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Title & Recording 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
On-Site Leasing Personnel 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Real Estate Taxes During Construction 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Operating Deficit 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Developer Fee 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Land Loan Carrying Costs 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Preliminary Soft Costs 6,500,000 Fixed Amount 6,500,000 54.17 270,833 7/1/2022 12 6/30/2023
Blank 1 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 2 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 3 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 4 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 5 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 6 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 7 0 Fixed Amount 0 0.00 0 7/1/2022 12 6/30/2023
Blank 8 0.0% % of Hard and Soft Costs 0 0.00 0 7/1/2022 12 6/30/2023
Blank 9 0.0% % of Hard and Soft Costs 0 0.00 0 7/1/2022 12 6/30/2023
Blank 10 0.0% % of Hard and Soft Costs 0 0.00 0 7/1/2022 12 6/30/2023
Working Capital 23,672 0.20 986 7/1/2022 12 6/30/2023

Subtotal- Soft Costs $6,523,672 $54.36 $271,820

Subtotal Hard and Soft Costs $21,523,672 $179.36 $896,820

LTC Debt Analysis Loan & Equity Amount Summary

Land Cost $5,000,000 Total Construction Budget $27,700,937
Construction Interest 969,508 LTC 75%
Financing Fees 207,757 Loan Amount $20,775,703
Equity Amount $6,175,234
Total Budget $27,700,937 Mezzanine Amount $750,000

Debt $20,775,703
Mezzanine 750,000
Equity 6,175,234
Data Center Project
City, State

Taxes

Taxes - Data Center Project - City, State

Land Purchase Price $5,000,000
Hard Costs 15,000,000
Soft Costs Include? N 0
Construction Interest Include? N 0
Financing Fees Include? N 0

Assessment Percentage 50.0%

Assessed Value $10,000,000

Year 1 Millage Rates (All Millage Rates should be divided by 100)

County $0.2531
City 0.7766
School 1.3104
College 0.1240
Hospital 0.2695
County College 0.2135
Special District 0.0000
Blank 1 0.0000
Blank 2 0.0000
Blank 3 0.0000
Blank 4 0.0000
Blank 5 0.0000
Total $2.9471

Stabilized Tax Expense $294,709

Data Center Project Effective Gross Total Op. Building
City, State
Unlevered Levered
Year 2022 2022 2022 2022 2022 2022 2022 2023
Monthly CF Cashflows Cashflows Year # 0 1 1 1 1 1 1 1
Quarter 0 1 1 1 2 2 2 3
Circular Break No Month 0 1 2 3 4 5 6 7

Date Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23

Unlevered Cashflow

Lease-Up Total
Number of Racks Available 24 0 0 0 0 0 0 0 0
Number of Racks Leased 24 0 0 0 0 0 0 0 0
Number of Racks Remaining 0 0 0 0 0 0 0 0 0
Cumulative Racks Leased 24 0 0 0 0 0 0 0 0
Cumulative kW Leased 1,200 0 0 0 0 0 0 0 0
Occupancy 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Average Monthly Rent 0 0 0 0 0 0 0 0

Revenues
Scheduled Base Rental Revenue $8,290,965 $0 $0 $0 $0 $0 $0 $0 $0
Recovery Revenue 448,385 0 0 0 0 0 0 0 0
RUBS 8,968 0 0 0 0 0 0 0 0
Other Income 40,355 0 0 0 0 0 0 0 0
Blank 1 0 0 0 0 0 0 0 0 0
Blank 2 0 0 0 0 0 0 0 0 0
Blank 3 0 0 0 0 0 0 0 0 0
General Vacancy (385,211) 0 0 0 0 0 0 0 0
Concessions (87,887) 0 0 0 0 0 0 0 0
Bad Debt (175,773) 0 0 0 0 0 0 0 0
Effective Gross Income $8,139,801 $0 $0 $0 $0 $0 $0 $0 $0

Operating Expenses
Power ($258,548) $0 $0 $0 $0 $0 $0 $0 $0
Utilities (129,274) 0 0 0 0 0 0 0 0
Security (15,513) 0 0 0 0 0 0 0 0
Payroll (15,513) 0 0 0 0 0 0 0 0
Repairs & Maintenance (31,026) 0 0 0 0 0 0 0 0
Monthly Services (6,205) 0 0 0 0 0 0 0 0
Insurance (12,927) 0 0 0 0 0 0 0 0
Blank 1 0 0 0 0 0 0 0 0 0
Blank 2 0 0 0 0 0 0 0 0 0
Blank 3 0 0 0 0 0 0 0 0 0
Real Estate Taxes (1,269,939) 0 0 0 0 0 0 0 0
Management Fee (610,485) 0 0 0 0 0 0 0 0
Total Operating Expenses ($2,349,430) $0 $0 $0 $0 $0 $0 $0 $0

Net Operating Income $5,790,370 $0 $0 $0 $0 $0 $0 $0 $0

Project Management Fee ($81,398) $0 $0 $0 $0 $0 $0 $0 $0

Cap Ex Reserves 331,521 0 0 0 0 0 0 0 0
Cash Flow after Vacancy & Reserve $6,040,494 $0 $0 $0 $0 $0 $0 $0 $0

Building Schedule
Land Purchase ($5,000,000) ($5,000,000) $0 $0 $0 $0 $0 $0 $0
 Hard Costs
Structures Hard Costs ($15,000,000) $0 ($1,250,000) ($1,250,000) ($1,250,000) ($1,250,000) ($1,250,000) ($1,250,000) ($1,250,000)
Land Improvements 0 0 0 0 0 0 0 0 0
General Requirements 0 0 0 0 0 0 0 0 0
Builder's Overhead 0 0 0 0 0 0 0 0 0
P&P Bond Premium 0 0 0 0 0 0 0 0 0
FF&E 0 0 0 0 0 0 0 0 0
Network Electronics 0 0 0 0 0 0 0 0 0
Modular, Adaptable Racking 0 0 0 0 0 0 0 0 0
Telecommunications Cabling & Systems 0 0 0 0 0 0 0 0 0
Ventilation & Cooling Systems 0 0 0 0 0 0 0 0 0
Eletrical Cabling & Related Equipment 0 0 0 0 0 0 0 0 0
Electronic Security Systems 0 0 0 0 0 0 0 0 0
On-Site Office Space 0 0 0 0 0 0 0 0 0
Fire Detection & Suppression Equipment 0 0 0 0 0 0 0 0 0
Foundation Costs 0 0 0 0 0 0 0 0 0
Umbrella Insurance 0 0 0 0 0 0 0 0 0
Landscape & Irrigation 0 0 0 0 0 0 0 0 0
Preliminary Construction Costs 0 0 0 0 0 0 0 0 0
Blank 1 0 0 0 0 0 0 0 0 0
Blank 2 0 0 0 0 0 0 0 0 0
Blank 3 0 0 0 0 0 0 0 0 0
Blank 4 0 0 0 0 0 0 0 0 0
Blank 5 0 0 0 0 0 0 0 0 0
Blank 6 0 0 0 0 0 0 0 0 0
Blank 7 0 0 0 0 0 0 0 0 0
Blank 8 0 0 0 0 0 0 0 0 0
Blank 9 0 0 0 0 0 0 0 0 0
Blank 10 0 0 0 0 0 0 0 0 0
Subtotal: Hard Costs ($15,000,000) $0 ($1,250,000) ($1,250,000) ($1,250,000) ($1,250,000) ($1,250,000) ($1,250,000) ($1,250,000)

Soft Costs
Construction Management Fee $0 $0 $0 $0 $0 $0 $0 $0 $0
Architect-Base Building 0 0 0 0 0 0 0 0 0
Market Study 0 0 0 0 0 0 0 0 0
A&E 0 0 0 0 0 0 0 0 0
Insurance 0 0 0 0 0 0 0 0 0
Environmental (ESA, Radon) 0 0 0 0 0 0 0 0 0
Appraisal (Preliminary & Final Reports 0 0 0 0 0 0 0 0 0
Utility Consumption Analysis 0 0 0 0 0 0 0 0 0
Developer Fee 0 0 0 0 0 0 0 0 0
General Partner Development Fee 0 0 0 0 0 0 0 0 0
Independent A&E Cost Review 0 0 0 0 0 0 0 0 0
Survey 0 0 0 0 0 0 0 0 0
Legal & Organizational Expense 0 0 0 0 0 0 0 0 0
Title & Recording 0 0 0 0 0 0 0 0 0
On-Site Leasing Personnel 0 0 0 0 0 0 0 0 0
Real Estate Taxes During Construction 0 0 0 0 0 0 0 0 0
Operating Deficit 0 0 0 0 0 0 0 0 0
Developer Fee 0 0 0 0 0 0 0 0 0
Land Loan Carrying Costs 0 0 0 0 0 0 0 0 0
Preliminary Soft Costs (6,500,000) 0 (541,667) (541,667) (541,667) (541,667) (541,667) (541,667) (541,667)
Blank 1 0 0 0 0 0 0 0 0 0
Blank 2 0 0 0 0 0 0 0 0 0
Blank 3 0 0 0 0 0 0 0 0 0
Blank 4 0 0 0 0 0 0 0 0 0
Blank 5 0 0 0 0 0 0 0 0 0
Blank 6 0 0 0 0 0 0 0 0 0
Blank 7 0 0 0 0 0 0 0 0 0
Blank 8 0 0 0 0 0 0 0 0 0
Blank 9 0 0 0 0 0 0 0 0 0
Blank 10 0 0 0 0 0 0 0 0 0
Working Capital (23,672) 0 (1,973) (1,973) (1,973) (1,973) (1,973) (1,973) (1,973)
Subtotal: Soft Costs ($6,523,672) $0 ($543,639) ($543,639) ($543,639) ($543,639) ($543,639) ($543,639) ($543,639)

Construction Total ($21,523,672) $0 ($1,793,639) ($1,793,639) ($1,793,639) ($1,793,639) ($1,793,639) ($1,793,639) ($1,793,639)

Gross Sale Proceeds $35,765,180 $0 $0 $0 $0 $0 $0 $0 $0

Disposition Costs (447,065) 0 0 0 0 0 0 0 0
Total $35,318,115 $0 $0 $0 $0 $0 $0 $0 $0

Unlevered Cashflow $14,834,937 ($5,000,000) ($1,793,639) ($1,793,639) ($1,793,639) ($1,793,639) ($1,793,639) ($1,793,639) ($1,793,639)
Cumulative Unlevered Cashflow (5,000,000) (6,793,639) (8,587,279) (10,380,918) (12,174,557) (13,968,197) (15,761,836) (17,555,475)

Unlevered Summary
IRR 10.9%
Multiple 1.6x
Peak Capital ($26,547,343)
Net Profit $14,834,937
Levered Cashflow

Total
Construction Loan Origination Fee ($207,757) ($207,757) $0 $0 $0 $0 $0 $0 $0
Construction Loan Exit Fee 0 0 0 0 0 0 0 0 0
Construction Loan Interest Expense (1,678,852) 0 0 (321) (7,699) (15,839) (23,203) (32,426) (41,169)
Construction Proceeds 20,775,703 0 76,162 1,793,960 1,801,338 1,809,479 1,816,842 1,826,066 1,834,808
Construction Principal Repayment (20,775,703) 0 0 0 0 0 0 0 0
Working Capital Release 23,672 0 0 0 0 0 0 0 0
Permanent Debt Origination Fee 0 0 0 0 0 0 0 0 0
Permanent Debt Exit Fee (305,698) 0 0 0 0 0 0 0 0
Permanent Debt Interest Expense (2,467,918) 0 0 0 0 0 0 0 0
Permanent Debt Principal Amortization/Repayment (20,775,703) 0 0 0 0 0 0 0 0
Permanent Proceeds 20,775,703 0 0 0 0 0 0 0 0
Refi Debt Origination Fee (101,899) 0 0 0 0 0 0 0 0
Refi Debt Exit Fee (304,809) 0 0 0 0 0 0 0 0
Refi Debt Interest Expense (915,578) 0 0 0 0 0 0 0 0
Refi Proceeds 20,379,891 0 0 0 0 0 0 0 0
Refi Debt Principal Paydown (59,279) 0 0 0 0 0 0 0 0
Refi Final Repayment (20,320,612) 0 0 0 0 0 0 0 0
Mezz Debt Proceeds 750,000 0 750,000 0 0 0 0 0 0
Mezz Debt Interest Pay (442,500) 0 0 0 0 0 0 0 0
Mezz Debt Principal Amortization/Repayment (750,000) 0 0 0 0 0 0 0 0

Levered Cashflow $8,433,598 ($5,207,757) ($967,477) $0 $0 $0 $0 $0 $0

Cumulative Levered Cashflow (5,207,757) (6,175,234) (6,175,234) (6,175,234) (6,175,234) (6,175,234) (6,175,234) (6,175,234)
Peak Month 0 0 1 1 1 1 1 1

Levered Summary 1
IRR 19.3%
Multiple 2.4x
Peak Capital ($6,175,234)
Net Profit $8,433,598

Construction

Total
LIBOR Curve 0.29% 0.33% 0.39% 0.44% 0.51% 0.58% 0.66% 0.74%
LIBOR Cap 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
LIBOR Floor 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Fixed/Spread Over LIBOR 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Total Interest 4.79% 4.83% 4.89% 4.94% 5.01% 5.08% 5.16% 5.24%

Beginning Balance $0 $0 $76,162 $1,870,122 $3,671,460 $5,480,939 $7,297,781 $9,123,846

Proceeds 20,775,703 0 76,162 1,793,960 1,801,338 1,809,479 1,816,842 1,826,066 1,834,808
Interest Reserve 969,508 0 0 321 7,699 15,839 23,203 32,426 41,169
Interest Expense (1,678,852) 0 0 (321) (7,699) (15,839) (23,203) (32,426) (41,169)
Principal Repayment (20,775,703) 0 0 0 0 0 0 0 0
Ending Balance $0 $76,162 $1,870,122 $3,671,460 $5,480,939 $7,297,781 $9,123,846 $10,958,654
Debt Origination Month 0 1 0 0 0 0 0 0
Permanent

LIBOR Curve 0.29% 0.33% 0.39% 0.44% 0.51% 0.58% 0.66% 0.74%
LIBOR Cap 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
LIBOR Floor 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Fixed/Spread Over LIBOR 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Total Interest 4.79% 4.83% 4.89% 4.94% 5.01% 5.08% 5.16% 5.24%

Beginning Balance Total $0 $0 $0 $0 $0 $0 $0 $0

Proceeds 20,775,703 0 0 0 0 0 0 0 0
Payment (2,982,786) 0 0 0 0 0 0 0 0
Interest Expense (2,467,918) 0 0 0 0 0 0 0 0
Principal Portion (395,812) 0 0 0 0 0 0 0 0
Principal Repayment (20,379,891) 0 0 0 0 0 0 0 0
Ending Balance $0 $0 $0 $0 $0 $0 $0 $0

Origination Fee $0 $0 $0 $0 $0 $0 $0 $0 $0
Exit Fee (305,698) 0 0 0 0 0 0 0 0

Refi

LIBOR Curve 0.29% 0.33% 0.39% 0.44% 0.51% 0.58% 0.66% 0.74%
LIBOR Cap 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
LIBOR Floor 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Fixed/Spread Over LIBOR 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Total Interest 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%

Beginning Balance Total $0 $0 $0 $0 $0 $0 $0 $0

Proceeds 20,379,891 0 0 0 0 0 0 0 0
Payment (1,135,881) 0 0 0 0 0 0 0 0
Interest Expense (915,578) 0 0 0 0 0 0 0 0
Principal Portion (59,279) 0 0 0 0 0 0 0 0
Principal Repayment (20,320,612) 0 0 0 0 0 0 0 0
Ending Balance $0 $0 $0 $0 $0 $0 $0 $0

Origination Fee ($101,899) $0 $0 $0 $0 $0 $0 $0 $0

Exit Fee (304,809) 0 0 0 0 0 0 0 0

Mezzanine

Total Interest 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%

Beginning Balance Total $0 $0 $750,000 $750,000 $750,000 $750,000 $750,000 $750,000

Proceeds 750,000 0 750,000 0 0 0 0 0 0
Beginning Interest Accrual 0 0 0 7,500 15,000 22,500 30,000 37,500
Current Period Interest 442,500 0 0 7,500 7,500 7,500 7,500 7,500 7,500
Interest Payoff (442,500) 0 0 0 0 0 0 0 0
Ending Interest Accrual 0 0 7,500 15,000 22,500 30,000 37,500 45,000
Principal Repayment (750,000) 0 0 0 0 0 0 0 0
Ending Balance $0 $750,000 $750,000 $750,000 $750,000 $750,000 $750,000 $750,000

Equity Needed

Total
Equity Needed $6,175,234 $5,207,757 $967,477 $0 $0 $0 $0 $0 $0
Data Center Project Effective Gross Total Op. Building
City, State
Unlevered Levered
Annual CF Year 2022 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Year Number 0 1 2 3 4 5 6 7 8 9 10 11

Unlevered Cashflow

Lease-Up Total
Number of Racks Leased 24 0 0 24 0 0 0 0 0 0 0 0 0
Cumulative Racks Leased 0 0 0 24 24 24 24 24 24 24 24 24 24
Cumulative kW Leased 0 0 0 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200
Occupancy 0.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Average Monthly Rent 0 0 7,744 7,957 8,195 8,441 8,695 8,955 9,224 9,501 9,786 10,079

Revenues
Scheduled Base Rental Revenue $8,290,965 $0 $0 $1,208,031 $2,291,544 $2,360,290 $2,431,099 $0 $0 $0 $0 $0 $0
Recovery Revenue 448,385 0 0 66,300 124,848 127,345 129,892 0 0 0 0 0 0
RUBS 8,968 0 0 1,326 2,497 2,547 2,598 0 0 0 0 0 0
Other Income 40,355 0 0 5,967 11,236 11,461 11,690 0 0 0 0 0 0
Blank 1 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 2 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 3 0 0 0 0 0 0 0 0 0 0 0 0 0
General Vacancy (385,211) 0 0 (9,859) (121,506) (125,082) (128,764) 0 0 0 0 0 0
Concessions (87,887) 0 0 (12,816) (24,301) (25,016) (25,753) 0 0 0 0 0 0
Bad Debt (175,773) 0 0 (25,632) (48,603) (50,033) (51,506) 0 0 0 0 0 0
Effective Gross Income $8,139,801 $0 $0 $1,233,317 $2,235,715 $2,301,512 $2,369,257 $0 $0 $0 $0 $0 $0

Operating Expenses
Power ($258,548) $0 $0 ($61,800) ($63,654) ($65,564) ($67,531) $0 $0 $0 $0 $0 $0
Utilities (129,274) 0 0 (30,900) (31,827) (32,782) (33,765) 0 0 0 0 0 0
Security (15,513) 0 0 (3,708) (3,819) (3,934) (4,052) 0 0 0 0 0 0
Payroll (15,513) 0 0 (3,708) (3,819) (3,934) (4,052) 0 0 0 0 0 0
Repairs & Maintenance (31,026) 0 0 (7,416) (7,638) (7,868) (8,104) 0 0 0 0 0 0
Monthly Services (6,205) 0 0 (1,483) (1,528) (1,574) (1,621) 0 0 0 0 0 0
Insurance (12,927) 0 0 (3,090) (3,183) (3,278) (3,377) 0 0 0 0 0 0
Blank 1 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 2 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 3 0 0 0 0 0 0 0 0 0 0 0 0 0
Real Estate Taxes (1,269,939) 0 0 (303,550) (312,656) (322,036) (331,697) 0 0 0 0 0 0
Management Fee (610,485) 0 0 (92,499) (167,679) (172,613) (177,694) 0 0 0 0 0 0
Total Operating Expenses ($2,349,430) $0 $0 ($508,154) ($595,803) ($613,582) ($631,892) $0 $0 $0 $0 $0 $0

Net Operating Income $5,790,370 $0 $0 $725,163 $1,639,912 $1,687,930 $1,737,365 $0 $0 $0 $0 $0 $0

Project Management Fee ($81,398) $0 $0 ($12,333) ($22,357) ($23,015) ($23,693) $0 $0 $0 $0 $0 $0

Cap Ex Reserves 331,521 0 0 48,204 91,662 94,412 97,244 0 0 0 0 0 0
Cash Flow after Vacancy & Reserve $6,040,494 $0 $0 $761,034 $1,709,217 $1,759,327 $1,810,916 $0 $0 $0 $0 $0 $0

Building Schedule
Land Purchase ($5,000,000) ($5,000,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Hard Costs
Structures Hard Costs ($15,000,000) $0 ($15,000,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Land Improvements 0 0 0 0 0 0 0 0 0 0 0 0 0
General Requirements 0 0 0 0 0 0 0 0 0 0 0 0 0
Builder's Overhead 0 0 0 0 0 0 0 0 0 0 0 0 0
P&P Bond Premium 0 0 0 0 0 0 0 0 0 0 0 0 0
FF&E 0 0 0 0 0 0 0 0 0 0 0 0 0
Network Electronics 0 0 0 0 0 0 0 0 0 0 0 0 0
Modular, Adaptable Racking 0 0 0 0 0 0 0 0 0 0 0 0 0
Telecommunications Cabling & Systems 0 0 0 0 0 0 0 0 0 0 0 0 0
Ventilation & Cooling Systems 0 0 0 0 0 0 0 0 0 0 0 0 0
Eletrical Cabling & Related Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0
Electronic Security Systems 0 0 0 0 0 0 0 0 0 0 0 0 0
On-Site Office Space 0 0 0 0 0 0 0 0 0 0 0 0 0
Fire Detection & Suppression Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0
Foundation Costs 0 0 0 0 0 0 0 0 0 0 0 0 0
Umbrella Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0
Landscape & Irrigation 0 0 0 0 0 0 0 0 0 0 0 0 0
Preliminary Construction Costs 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 1 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 2 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 3 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 4 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 5 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 6 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 7 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 8 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 9 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 10 0 0 0 0 0 0 0 0 0 0 0 0 0
Subtotal: Hard Costs ($15,000,000) $0 ($15,000,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Soft Costs
Construction Management Fee $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Architect-Base Building 0 0 0 0 0 0 0 0 0 0 0 0 0
Market Study 0 0 0 0 0 0 0 0 0 0 0 0 0
A&E 0 0 0 0 0 0 0 0 0 0 0 0 0
Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0
Environmental (ESA, Radon) 0 0 0 0 0 0 0 0 0 0 0 0 0
Appraisal (Preliminary & Final Reports 0 0 0 0 0 0 0 0 0 0 0 0 0
Utility Consumption Analysis 0 0 0 0 0 0 0 0 0 0 0 0 0
Developer Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
General Partner Development Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Independent A&E Cost Review 0 0 0 0 0 0 0 0 0 0 0 0 0
Survey 0 0 0 0 0 0 0 0 0 0 0 0 0
Legal & Organizational Expense 0 0 0 0 0 0 0 0 0 0 0 0 0
Title & Recording 0 0 0 0 0 0 0 0 0 0 0 0 0
On-Site Leasing Personnel 0 0 0 0 0 0 0 0 0 0 0 0 0
Real Estate Taxes During Construction 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Deficit 0 0 0 0 0 0 0 0 0 0 0 0 0
Developer Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Land Loan Carrying Costs 0 0 0 0 0 0 0 0 0 0 0 0 0
Preliminary Soft Costs (6,500,000) 0 (6,500,000) 0 0 0 0 0 0 0 0 0 0
Blank 1 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 2 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 3 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 4 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 5 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 6 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 7 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 8 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 9 0 0 0 0 0 0 0 0 0 0 0 0 0
Blank 10 0 0 0 0 0 0 0 0 0 0 0 0 0
Working Capital (23,672) 0 (23,672) 0 0 0 0 0 0 0 0 0 0
Subtotal: Soft Costs ($6,523,672) $0 ($6,523,672) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Construction Total ($21,523,672) $0 ($21,523,672) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Gross Sale Proceeds $35,765,180 $0 $0 $0 $0 $0 $35,765,180 $0 $0 $0 $0 $0 $0

Disposition Costs (447,065) 0 0 0 0 0 (447,065) 0 0 0 0 0 0
Total $35,318,115 $0 $0 $0 $0 $0 $35,318,115 $0 $0 $0 $0 $0 $0

Unlevered Cashflow $14,834,937 ($5,000,000) ($21,523,672) $761,034 $1,709,217 $1,759,327 $37,129,032 $0 $0 $0 $0 $0 $0

Cumulative Unlevered Cashflow (5,000,000) (26,523,672) (25,762,638) (24,053,421) (22,294,094) 14,834,937 14,834,937 14,834,937 14,834,937 14,834,937 14,834,937 14,834,937

Unlevered Summary
IRR 10.9%
Multiple 1.6x
Peak Capital ($26,547,343)
Net Profit $14,834,937
Levered Cashflow

Total
Construction Loan Origination Fee ($207,757) ($207,757) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Construction Loan Exit Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Construction Loan Interest Expense (1,678,852) 0 (455,784) (1,223,068) 0 0 0 0 0 0 0 0 0
Construction Proceeds 20,775,703 0 20,261,978 513,724 0 0 0 0 0 0 0 0 0
Construction Principal Repayment (20,775,703) 0 0 (20,775,703) 0 0 0 0 0 0 0 0 0
Working Capital Release 23,672 0 0 23,672 0 0 0 0 0 0 0 0 0
Permanent Debt Origination Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Permanent Debt Exit Fee (305,698) 0 0 0 0 (305,698) 0 0 0 0 0 0 0
Permanent Debt Interest Expense (2,467,918) 0 0 0 (1,241,798) (1,226,120) 0 0 0 0 0 0 0
Permanent Debt Principal Amortization/Repayment (20,775,703) 0 0 0 (131,473) (20,644,230) 0 0 0 0 0 0 0
Permanent Proceeds 20,775,703 0 0 20,775,703 0 0 0 0 0 0 0 0 0
Refi Debt Origination Fee (101,899) 0 0 0 0 (101,899) 0 0 0 0 0 0 0
Refi Debt Exit Fee (304,809) 0 0 0 0 0 (304,809) 0 0 0 0 0 0
Refi Debt Interest Expense (915,578) 0 0 0 0 0 (915,578) 0 0 0 0 0 0
Refi Proceeds 20,379,891 0 0 0 0 20,379,891 0 0 0 0 0 0 0
Refi Debt Principal Paydown (59,279) 0 0 0 0 0 (59,279) 0 0 0 0 0 0
Refi Final Repayment (20,320,612) 0 0 0 0 0 (20,320,612) 0 0 0 0 0 0
Mezz Debt Proceeds 750,000 0 750,000 0 0 0 0 0 0 0 0 0 0
Mezz Debt Interest Pay (442,500) 0 0 0 0 0 (442,500) 0 0 0 0 0 0
Mezz Debt Principal Amortization/Repayment (750,000) 0 0 0 0 0 (750,000) 0 0 0 0 0 0

Levered Cashflow $8,433,598 ($5,207,757) ($967,477) $75,362 $335,946 ($138,730) $14,336,254 $0 $0 $0 $0 $0 $0

Cumulative Levered Cashflow (5,207,757) (6,175,234) (6,099,872) (5,763,926) (5,902,656) 8,433,598 8,433,598 8,433,598 8,433,598 8,433,598 8,433,598 8,433,598
Peak Month 0 0 1 1 1 1 1 1 1 1 1 1

Levered Summary 1
IRR 19.3%
Multiple 2.4x
Peak Capital ($6,175,234)
Net Profit $8,433,598

Construction

Total
Beginning Balance $0 $0 $20,261,978 $0 $0 $0 $0 $0 $0 $0 $0 $0
Proceeds 20,775,703 0 20,261,978 513,724 0 0 0 0 0 0 0 0 0
Interest Reserve 969,508 0 455,784 513,724 0 0 0 0 0 0 0 0 0
Interest Expense (1,678,852) 0 (455,784) (1,223,068) 0 0 0 0 0 0 0 0 0
Principal Repayment (20,775,703) 0 0 (20,775,703) 0 0 0 0 0 0 0 0 0
Ending Balance $0 $20,261,978 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Permanent

Beginning Balance Total $0 $0 $0 $20,775,703 $20,644,230 $0 $0 $0 $0 $0 $0 $0

Proceeds 20,775,703 0 0 20,775,703 0 0 0 0 0 0 0 0 0
Payment (2,982,786) 0 0 0 (1,492,327) (1,490,459) 0 0 0 0 0 0 0
Interest Expense (2,467,918) 0 0 0 (1,241,798) (1,226,120) 0 0 0 0 0 0 0
Principal Portion (395,812) 0 0 0 (131,473) (264,339) 0 0 0 0 0 0 0
Principal Repayment (20,379,891) 0 0 0 0 (20,379,891) 0 0 0 0 0 0 0
Ending Balance $0 $0 $20,775,703 $20,644,230 $0 $0 $0 $0 $0 $0 $0 $0

Origination Fee $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Exit Fee (305,698) 0 0 0 0 (305,698) 0 0 0 0 0 0 0

Refi

Beginning Balance Total $0 $0 $0 $0 $0 $20,379,891 $0 $0 $0 $0 $0 $0

Proceeds 20,379,891 0 0 0 0 20,379,891 0 0 0 0 0 0 0
Payment (1,135,881) 0 0 0 0 0 (1,135,881) 0 0 0 0 0 0
Interest Expense (915,578) 0 0 0 0 0 (915,578) 0 0 0 0 0 0
Principal Portion (59,279) 0 0 0 0 0 (59,279) 0 0 0 0 0 0
Principal Repayment (20,320,612) 0 0 0 0 0 (20,320,612) 0 0 0 0 0 0
Ending Balance $0 $0 $0 $0 $20,379,891 $0 $0 $0 $0 $0 $0 $0

Origination Fee ($101,899) $0 $0 $0 $0 ($101,899) $0 $0 $0 $0 $0 $0 $0

Exit Fee (304,809) $0 $0 $0 $0 $0 ($304,809) $0 $0 $0 $0 $0 $0

Mezzanine

Total Interest 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%

Beginning Balance Total $0 $0 $750,000 $750,000 $750,000 $750,000 $0 $0 $0 $0 $0 $0

Proceeds 750,000 0 750,000 0 0 0 0 0 0 0 0 0 0
Beginning Interest Accrual 0 0 82,500 172,500 262,500 352,500 0 0 0 0 0 0
Current Period Interest 442,500 0 82,500 90,000 90,000 90,000 90,000 0 0 0 0 0 0
Interest Payoff (442,500) 0 0 0 0 0 (442,500) 0 0 0 0 0 0
Ending Interest Accrual 0 82,500 172,500 262,500 352,500 0 0 0 0 0 0 0

Principal Repayment (750,000) $0 $0 $0 $0 $0 ($750,000) $0 $0 $0 $0 $0 $0

Ending Balance $0 $750,000 $750,000 $750,000 $750,000 $0 $0 $0 $0 $0 $0 $0

Equity Needed

Total
Equity Needed $6,175,234 $5,207,757 $967,477 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Data Center Project
City, State

Waterfall 2022 2022 2022 2022 2022 2022 2022 2023 2023
0 1 1 1 1 1 1 1 1
Month 0 1 2 3 4 5 6 7 8
Date Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23

Promote Splits
Deal Cashflow ($5,207,757) ($967,477) $0 $0 $0 $0 $0 $0 $0

Future Cash Needs ($6,560,782) ($1,353,025) ($385,548) ($385,548) ($385,548) ($385,548) ($385,548) ($385,548) ($385,548)

Beginning Cash Balance $0 $967,477 $0 $0 $0 $0 $0 $0 $0

Capital Called 6,175,234 0 0 0 0 0 0 0 0
Cash Reserved 0 0 0 0 0 0 0 0 0
Cash Needs (5,207,757) (967,477) 0 0 0 0 0 0 0
Ending Cash Balance $967,477 $0 $0 $0 $0 $0 $0 $0 $0

Limited Partners = 85.0%

Total Cash Flow Available ($6,175,234) $0 $0 $0 $0 $0 $0 $0 $0
Limited Partners to First Hurdle (9.0%) (5,248,949) 0 0 0 0 0 0 0 0
IRR Check 9.0%
General Partner to First Hurdle ($926,285) $0 $0 $0 $0 $0 $0 $0 $0
IRR Check 9.0%

First Promote Splits (17.6% Promote)

Excess Cash Flow $0 $0 $0 $0 $0 $0 $0 $0
Limited Partners to Second Hurdle (12.0%) (5,248,949) 0 0 0 0 0 0 0 0
IRR Check 12.0%
General Partner to Second Hurdle (926,285) 0 0 0 0 0 0 0 0
IRR Check 12.0%
First Promote $0 $0 $0 $0 $0 $0 $0 $0

Second Promote Splits (29.4% Promote)

Excess Cash Flow $0 $0 $0 $0 $0 $0 $0 $0
Limited Partners to Third Hurdle (14.0%) (5,248,949) 0 0 0 0 0 0 0 0
IRR Check 14.0%
General Partner to Third Hurdle (926,285) 0 0 0 0 0 0 0 0
IRR Check 14.0%
Second Promote $0 $0 $0 $0 $0 $0 $0 $0

Third Promote Splits (35.3% Promote)

Excess Cash Flow $0 $0 $0 $0 $0 $0 $0 $0
Limited Partners to Forth Hurdle (9999.0%) (5,248,949) 0 0 0 0 0 0 0 0
IRR Check 16.6%
General Partner to Fourth Hurdle (926,285) 0 0 0 0 0 0 0 0
IRR Check 16.6%
Third Promote $0 $0 $0 $0 $0 $0 $0 $0

Final Promote Splits (9999.0% Promote)

Excess Cash Flow $0 $0 $0 $0 $0 $0 $0 $0
Limited Partner Final Equity Distribution 0 0 0 0 0 0 0 0
General Partner Final Equity Distribution 0 0 0 0 0 0 0 0
Fourth Promote $0 $0 $0 $0 $0 $0 $0 $0

Limited Partner Analysis

Total Investor Cash Flows ($5,248,949) $0 $0 $0 $0 $0 $0 $0 $0
Cumulative Capital to Limited Partner ($5,248,949) ($5,248,949) ($5,248,949) ($5,248,949) ($5,248,949) ($5,248,949) ($5,248,949) ($5,248,949) ($5,248,949)
IRR Check 16.6%

Limited Partner Summary Statistics

IRR 16.6%
Peak Capital $5,248,949
Net Profits $5,932,961
Profit Multiple 2.1x

General Partner Analysis

Total General Partner Cashflows ($926,285) $0 $0 $0 $0 $0 $0 $0 $0
Total Promote 0 0 0 0 0 0 0 0 0
Total General Partner Cashflows ($926,285) $0 $0 $0 $0 $0 $0 $0 $0
Cumulative Cashflow to General Partner (926,285) (926,285) (926,285) (926,285) (926,285) (926,285) (926,285) (926,285) (926,285)
IRR Check 30.2%
($926,285) ($926,285) ($926,285) ($926,285) ($926,285) ($926,285) ($926,285) ($926,285) ($926,285)
General Partner Summary Statistics
IRR 30.2%
Peak Capital $926,285
Net Profits $2,500,637
Profit Multiple 3.7x
($926,285) $0 $0 $0 $0 $0 $0 $0 $0
OK 0 0 0 0 0 0 0 0 0

Check to Cash Flows -

Data Center Project
City, State

Lease Comps

Address Property Name Total SF kW / RackNumber of Racks $ / kW Year Built Gross-up Factor - Age Grossed-up Rents
1201 E Apache Blvd Park Place 1200 50 12 $1.10 2022 1.00 $1.10
1205 E Apache Blvd Nexa Apartments 1500 50 15 $1.50 2017 1.00 $1.50
1831 E Apache Blvd Tempo at McClintock Station 1000 50 10 $2.60 2017 1.00 $2.60
1616 N Central Ave The Muse 950 50 9 $1.30 2017 1.00 $1.30
420 N Scottsdale Rd Aura Watermark 600 50 6 $2.50 2019 1.00 $2.50
1050 S Terrace Rd The Vertex 2500 50 25 $1.40 2015 1.05 $1.47
1 E Camelback Rd One Camelback 2250 50 22 $1.20 2020 1.00 $1.20
920 S Terrace Rd Sterling 920 Terrace 1750 50 17 $1.50 2018 1.00 $1.50
323 E Veterans Pky University House Tempe 1500 50 15 $1.60 2013 1.05 $1.68
7025 E Via Soleri Dr Broadstone Waterfront 1100 50 11 $1.00 2015 1.05 $1.05

Average 1435 50 14 $1.57 2017 1.02 $1.59

Gross Up Factor - Age: Projects delivered prior to 2000 are grossed up by 20%; Projects delivered between 2000 and 2010 are grossed up by 10%; Projects delivered between 2010 and 2015 are grossed up by 5%
Prior to: Gross Up Factor:
2000 120%
2010 110%
2015 105%
Data Center Project
City, State

Sale Comps

Address Property Name CoStar * Sale Date Sale Price Price/Unit Price/SF Cap Rate Year Built
6515 W McDowell Rd Westover Parc 4 Star 9/3/2019 $12,250,000 $118,932 $132.43 6.06% 2002
10350 W McDowell Rd Aventura 4 Star 7/9/2019 $65,400,000 $160,294 $177.51 2000
2005 N 103rd Ave Zinc 4 Star 6/28/2019 $80,000,000 $200,000 $178.96 2018
8400 W Virginia Ave West Town Court 4 Star 5/17/2019 $42,000,000 $153,284 $179.76 2009
3065 N 67th Ave La Estrella Vista 4 Star 5/16/2019 $13,375,000 $139,322 $124.19 2008
101 N 91st Ave Copper Cove Apartments 3 Star 5/21/2018 $22,458,000 $98,500 $97.84 2003
8400 W Virginia Ave West Town Court 4 Star 9/27/2017 $34,475,000 $125,821 $147.55 5.53% 2009
11120 W Van Buren St Versante Apartment Homes 4 Star 8/29/2017 $45,650,000 $135,863 $141.01 5.10% 2007
1700 N 103rd Ave Oceana Apartment 4 Star 6/9/2017 $30,750,000 $128,125 $150.00 5.40% 2004
12115 W Van Buren St Coldwater Springs Apartments 4 Star 10/5/2016 $40,966,500 $136,101 $142.35 5.27% 2007
4410 N 99th Ave Tamarron Apartments 4 Star 4/28/2016 $38,250,000 $116,615 $75.45 2006
12175 W McDowell Rd Ashton Pointe 4 Star 2/29/2016 $42,500,000 $135,350 $142.03 2009
10350 W McDowell Rd Aventura 4 Star 12/9/2015 $42,240,000 $103,529 $114.65 5.44% 2000
105 N Links Dr Club at Coldwater Springs 3 Star 12/1/2014 $24,000,000 $95,617 $93.18 2004
1700 N 103rd Ave Oceana Apartment 4 Star 9/26/2014 $23,150,000 $96,458 $112.93 5.97% 2004
8550 W McDowell Rd Del Mar Apartments 4 Star 8/30/2013 $14,400,000 $100,000 $98.73 5.88% 2008
6515 W McDowell Rd Westover Parc 4 Star 1/2/2013 $5,300,000 $53,535 $65.03 2002
Total/Average $33,950,853 $123,373 $127.86 5.58% 2006
Data Center Project
City, State

LIBOR

As of: 11/26/2021

Date Rate Date Rate

12/1/2021 0.09% 12/31/2021 0.0900%
1/3/2022 0.12% 1/31/2022 0.1200%
2/1/2022 0.14% 2/28/2022 0.1400%
3/1/2022 0.17% 3/31/2022 0.1700%
4/1/2022 0.21% 4/30/2022 0.2100%
5/2/2022 0.24% 5/31/2022 0.2400%
6/1/2022 0.29% 6/30/2022 0.2900%
7/1/2022 0.33% 7/31/2022 0.3300%
8/1/2022 0.39% 8/31/2022 0.3900%
9/1/2022 0.44% 9/30/2022 0.4400%
10/3/2022 0.51% 10/31/2022 0.5100%
11/1/2022 0.58% 11/30/2022 0.5800%
12/1/2022 0.66% 12/31/2022 0.6600%
1/2/2023 0.74% 1/31/2023 0.7400%
2/1/2023 0.81% 2/28/2023 0.8100%
3/1/2023 0.89% 3/31/2023 0.8900%
4/3/2023 0.96% 4/30/2023 0.9600%
5/1/2023 1.02% 5/31/2023 1.0200%
6/1/2023 1.07% 6/30/2023 1.0700%
7/3/2023 1.12% 7/31/2023 1.1200%
8/1/2023 1.17% 8/31/2023 1.1700%
9/1/2023 1.22% 9/30/2023 1.2200%
10/2/2023 1.26% 10/31/2023 1.2600%
11/1/2023 1.30% 11/30/2023 1.3000%
12/1/2023 1.33% 12/31/2023 1.3300%
1/1/2024 1.37% 1/31/2024 1.3700%
2/1/2024 1.40% 2/29/2024 1.4000%
3/1/2024 1.42% 3/31/2024 1.4200%
4/1/2024 1.45% 4/30/2024 1.4500%
5/1/2024 1.47% 5/31/2024 1.4700%
6/3/2024 1.48% 6/30/2024 1.4800%
7/1/2024 1.49% 7/31/2024 1.4900%
8/1/2024 1.50% 8/31/2024 1.5000%
9/2/2024 1.50% 9/30/2024 1.5000%
10/1/2024 1.50% 10/31/2024 1.5000%
11/1/2024 1.50% 11/30/2024 1.5000%
12/2/2024 1.49% 12/31/2024 1.4900%
1/1/2025 1.49% 1/31/2025 1.4900%
2/3/2025 1.48% 2/28/2025 1.4800%
3/3/2025 1.47% 3/31/2025 1.4700%
4/1/2025 1.47% 4/30/2025 1.4700%
5/1/2025 1.47% 5/31/2025 1.4700%