Data Source Hard Cost Sources Property Attributes Occupancy Class Construction Class Construction Quality No. of Stories...

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Data Source Hard Cost Sources Property Attributes Occupancy Class Construction Class Construction Quality No. of Stories Gross Building Area (SF) Finished Office Area (SF) Building Footprint (SF) Site Area (SF) Yard Area (SF) Land/Site Value Site Value Contractor bid (signed contract) Cost Estimator Industrial - Warehouse/Distribution Type I - Concrete tilt-up Average 1 + Mezzanine 48,000 7,200 44,000 96,000 52,000 Loan Metrics Construction Period Avg. Outstanding Balance Interest Rate Loan-to-Total Dev. Cost Loan Fees Age/Life for Depreciation Effective Age Total Economic Life 18 months 50% 5.50% 65% 2% 10 85 60 Formula $ Amount $35.00 per land SF $ 3,360,000 $/Building SF $70.00 Direct Cost Building Shell Cost Office Area/Tenant Improvements On-Site Improvements Building Permits $90.00 per footprint SF $ 3,960,000 $82.50 $50.00 per office SF 360,000 $7.50 $8.00 per yard SF 416,000 $8.67 $2.00 per building SF 96,000 $2.00 Subtotal - Improvements & Permits $ 4,832,000 $100.67 General Requirements Insurance/Bonds Contractor Overhead & Profit Direct Cost Contingency Subtotal - Other Direct Costs Total Direct Cost Indirect Cost Property Taxes During Construction Construction Loan Fees Construction Loan Interest Consultants Leasing Commissions 5% of subtotal-improvements & permits 1% of subtotal - improvements & permits 5% of subtotal-improvements & permits 3% of subtotal - improvements & permits 241,600 $5.03 48,320 $1.01 241,600 $5.03 144,960 $3.02 $ 676,480 $14.09 $ 5,508,480 $114.76 Total Indirect Cost Entrepreneurial Incentive Total Development Cost (TDC) Depreciation Physical Deterioration Functional Obsolescence Economic Obsolescence Total Depreciation Summary and Conclusion 1.2% of land value annually See loan metrics See loan metrics $200,000 total $1.00 per building SF 60,480 $1.26 141,169 $2.94 291,161 $6.07 200,000 $4.17 48,000 $1.00 $ 740,810 $15.43 12% of direct & indirect costs $ 1,249,858 $26.04 $ 10,859,148 $226.23 (effective age / total economic life)*(TDC-site value) * -1 $ (1,249,858) ($26.04) None $ (1,249,858) $0.00 $0.00 ($26.04) Total Development Cost Total Depreciation Market Value $ 10,859,148 $226.23 (1,249,858) ($26.04) $ 9,609,290 $200.19 Entrepreneurial Incentive Total Development Cost (TDC) Depreciation Physical Deterioration Functional Obsolescence Economic Obsolescence Total Depreciation Summary and Conclusion Total Development Cost Total Depreciation Market Value 12% of direct & indirect costs $ 1,249,858 $26.04 $ 10,859,148 $226.23 (effective age/total economic life)*(TDC-site value) * -1 None $ (1,249,858) ($26.04) $0.00 $0.00 $ (1,249,858) ($26.04) 10,859,148 $226.23 (1,249,858) ($26.04) $ 9,609,290 $200.19 Data Source Hard Cost Sources Property Attributes Occupancy Class Construction Class Construction Quality No. of Stories Gross Building Area (SF) Finished Office Area (SF) Building Footprint (SF) Site Area (SF) Yard Area (SF) Land/Site Value Site Value Contractor bid (signed contract) Cost Estimator Industrial - Warehouse/Distribution Type I - Concrete tilt-up Average 1 + Mezzanine 48,000 7,200 44,000 96,000 52,000 Loan Metrics Construction Period Avg. Outstanding Balance Interest Rate Loan-to-Total Dev. Cost Loan Fees Age/Life for Depreciation Effective Age Total Economic Life 18 months 50% 5.50% 65% 2% 10 85 60 Formula $ Amount $35.00 per land SF $ 3,360,000 $/Building SF $70.00 Direct Cost Building Shell Cost Office Area/Tenant Improvements On-Site Improvements Building Permits $90.00 per footprint SF $ 3,960,000 $82.50 $50.00 per office SF 360,000 $7.50 $8.00 per yard SF 416,000 $8.67 $2.00 per building SF 96,000 $2.00 Subtotal - Improvements & Permits $ 4,832,000 $100.67 General Requirements Insurance/Bonds Contractor Overhead & Profit Direct Cost Contingency Subtotal - Other Direct Costs Total Direct Cost Indirect Cost Property Taxes During Construction Construction Loan Fees Construction Loan Interest Consultants Leasing Commissions 5% of subtotal-improvements & permits 1% of subtotal - improvements & permits 5% of subtotal-improvements & permits 3% of subtotal - improvements & permits 241,600 $5.03 48,320 $1.01 241,600 $5.03 144,960 $3.02 $ 676,480 $14.09 $ 5,508,480 $114.76 Total Indirect Cost Entrepreneurial Incentive Total Development Cost (TDC) Depreciation Physical Deterioration Functional Obsolescence Economic Obsolescence Total Depreciation Summary and Conclusion 1.2% of land value annually See loan metrics See loan metrics $200,000 total $1.00 per building SF 60,480 $1.26 141,169 $2.94 291,161 $6.07 200,000 $4.17 48,000 $1.00 $ 740,810 $15.43 12% of direct & indirect costs $ 1,249,858 $26.04 $ 10,859,148 $226.23 (effective age / total economic life)*(TDC-site value) * -1 $ (1,249,858) ($26.04) None $ (1,249,858) $0.00 $0.00 ($26.04) Total Development Cost Total Depreciation Market Value $ 10,859,148 $226.23 (1,249,858) ($26.04) $ 9,609,290 $200.19 Entrepreneurial Incentive Total Development Cost (TDC) Depreciation Physical Deterioration Functional Obsolescence Economic Obsolescence Total Depreciation Summary and Conclusion Total Development Cost Total Depreciation Market Value 12% of direct & indirect costs $ 1,249,858 $26.04 $ 10,859,148 $226.23 (effective age/total economic life)*(TDC-site value) * -1 None $ (1,249,858) ($26.04) $0.00 $0.00 $ (1,249,858) ($26.04) 10,859,148 $226.23 (1,249,858) ($26.04) $ 9,609,290 $200.19