ES - Avalon Presentation - May 2014

8/12/2019 ES - Avalon Presentation - May 2014

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Section I VALUATION OVERVIEW

Section II PHASE I RETAIL & OFFICE VALUATION

Section III PHASE I MULTIFAMILY VALUATION

Section IV TAX CONSIDERATIONS

Section V SUPPLEMENTAL SCHEDULES

Table of Contents


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I. VALUATION OVERVIEW


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Avalon Valuation OverviewKEY CONSIDERATIONS

Stabilized Valuation: The Analysis assumes NAP / Sarofim completes the lease-up of Phase I Retail and Office and funds all costs associated with stabilizing the asset(~$5.1mm). To the extent the Property is not delivered stabilized, we would expect there may be an earn-out structure for the remaining vacancy on the office andmultifamily.

Other / Specialty Revenue: Given the uncertainty related to the specialty leasing revenue, Investors will not likely give full credit for projected revenue; however, we believea formulaic earn-out related to this revenue could be structured to help achieve an appropriate valuation.

Hold Period: The analysis assumes a 9-year hold period reflecting the strategy that core and cash-on-cash driven investors will target for Avalon. This hold period enablesan investor to benefit from a stable and inflation-hedged cash flow stream that will not be substantially impacted by leasing costs or capex over the near term to mediumterm, thanks to the new vintage of the asset and substantial remaining lease terms. Additionally, a 9 year hold period allows the reversion value to be based on a normalizedNOI (year 10 rollover).

A more aggressive Argus model would be shared with investors and a pricing premium above those shown below would be pursued

UPFRONT VALUE EARNOUT COMBINED VALUE

PHASE I - RETAIL / OFFICE $175MM - $190MM $20MM - $40MM(Unproven Revenue)

$195MM - $230MM

PHASE I - MULTIFAMILY $84MM - $95MM $0MM - $15MM(Lease-Up Rents)

$84MM - $110MM

PHASE I - TOTAL $259MM - $285MM $20MM - $55MM $279MM - $340MM

AVALON PHASE I - VALUATION SUMMARY


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Avalon Valuation Overview (continued)

SCENARIO I:Stabilized Value

Excluding 'Unproven' Other Revenue

SCENARIO II:Stabilized Value

Including 'Unproven' Other Revenue

Underwriting Overview: - In Scenario I, the Property is delivered at 98.5%leased with Seller fundingall costs associated with lease-up and providing a credit for all rentabatements, including CAM contributions from the outparcels, office buildings,multifamily & single-family components.

- Scenario I assumes zero value credit for 'unproven', non-contractualsources of revenue such as specialty leasing, skating, parking, etc.

- This is not intended to reflect a realistic outcome; however, it provides abaseline valuation of the retail & office revenue which will be important forinvestors.

- Similar to Scenario I, Scenario II the Property is delivered at 98.5%leasedwith Seller funding all costs associated with lease-up and providing a credit forall rent abatements, including CAM contributions from the outparcels, officebuildings, multifamily & single-family components.

- Unlike Scenario I, Investors underwrite 100% of Budgeted Other Revenue(specialty leasing, skating, parking, etc), which results in $35.6mm ofincremental value.

Percent Leased: 98.5% 98.5%

Mid-Point Value: $183,700,000 $219,400,000

Mid-Point Value PSF: $391 $468

In-Place Cap Rate:(excludes general vacancy) 5.86% 5.81%

Year 1 Cap Rate: 5.76% 5.69%

Year 3 Cap Rate: 6.18% 6.08%

Hold Period: 9 years 9 years

Exit Cap Rate: 6.50% 6.50%

Unlevered IRR: 6.50% 6.50%Levered IRR:(Based on 10-yr, 50% LTV @ T+130 (.15%); 3yrs IO)

8.82% 8.79%

Levered 5-Year Cash-on-Cash: 8.24% 8.16%

NET PROCEEDS ANALYSIS

Gross Value: $183,700,000 $219,400,000

Less: Credits for In-Place Abatements ($3,743,204) ($3,743,204)

Less: Leasing Costs to Stabilize ($5,107,675) ($5,107,675)

Net Proceeds: $174,849,121 $210,549,121

AVALON PHASE I - RETAIL & OFFICE


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Avalon Valuation Overview - (continued)

STABILIZEDBase Case - $1.80 PSF

STABILIZEDPush Case - $2.00 PSF

Percent Leased:100%

(4% general vacancy)100%

(4% general vacancy)

Mid-Point Value: $89,800,000 $103,400,000

Mid-Point Value Per Unit: $359,200 $413,600

Tax Adjusted Year 1 Cap Rate: 4.24% 4.25%

Year 1 Cap Rate: 4.56% 4.53%

Year 3 Cap Rate: 5.01% 4.98%

Hold Period: 9 years 9 years

Exit Cap Rate: 5.25% 5.25%

Unlevered IRR: 6.25% 6.25%Levered IRR:(Based on 10-yr, 50% LTV @ T+130 (4.05%);full term IO)

8.14% 8.14%

Levered 5-Year Cash-on-Cash: 6.25% 6.23%

AVALON PHASE I - MULTIFAMILY


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II. PHASE I RETAIL & OFFICE VALUATION


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Unlevered Cash Flows Scenario I: Excludes Unproven Other Revenue9-year holding period beginning 11/01/2014 1 2 3 4 5 6 7 8 9 10 11

For Fiscal Year Ending October 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025PROJECT SIZE 469,283WTDAVG. PREVAILINGNNNMARKET RATEPSF/YR. In-Place $29.54 $30.34 $31.25 $32.19 $33.16 $34.15 $35.18 $36.23 $37.32 $38.44 $39.59NNNSCHEDULEDBASERENTAL INCOMEPSF/YR. $28.57 $28.14 $29.83 $30.10 $30.79 $31.03 $31.83 $32.38 $32.60 $33.32 $33.75 $29.46TOTAL OPERATINGEXPENSESPSF/YR. $12.65 $13.14 $13.71 $14.32 $14.96 $15.66 $16.38 $17.08 $17.94 $18.42 $18.67LEASESEXPIRING(INITIAL TERMONLY) 0 0 0 0 9,837 0 12,498 13,490 7,062 271,334 48,433LEASESEXPIRING(CUMULATIVE%) 0.0% 0.0% 0.0% 0.0% 2.1% 2.1% 4.8% 7.6% 9.1% 67.0% 77.3%

AVERAGEOCCUPANCYFORTHEYEAR 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5%

INCOMEPo ten ti al Ren tal Rev en ue $28. 60 $13, 423, 352 $14,219,137 $14,351,618 $14, 684, 169 $14,801,957 $15,320,899 $15, 452, 500 $15,837,485 $15,980,355 $16, 119, 019 $18,188,216Less Absorption &Turnover Vacancy (0.46) (215,790) (221,185) (227,820) (234,655) (241,694) (385,410) (256,414) (539,156) (346,036) (280,190) (4,362,644)Scheduled Base Rental Revenue 28.14 13,207,562 13,997,952 14,123,798 14,449,514 14,560,263 14,935,489 15,196,086 15,298,329 15,634,319 15,838,829 13,825,572Expense Reimbursement Revenue 7.02 3,292,573 3,436,529 3,624,235 3,823,498 4,035,126 4,203,374 4,499,001 4,671,183 4,922,081 5,074,523 4,434,068Tax Abatement Income 0.10 45,823 52,915 50,007 46,549 42,484 37,752 32,287 26,016 18,861 0 0Skating, Trash, &Grease 0.67 313,405 321,240 330,877 340,804 351,028 361,559 372,405 383,578 395,085 406,937 419,146

Pot ent ial Gros s Inc om e $35.93 $16,859,363 $17,808,636 $18,128,917 $18,660,365 $18,988,901 $19,538,174 $20,099,779 $20,379,106 $20,970,346 $21,320,289 $18,678,786General Vacancy (0.71) (333,863) (342,472) (347,340) (360,368) (364,985) (243,544) (387,853) (125,645) (332,312) (408,240) 0

Ef fec tiv e Gros s Inco me $35.21 $16,525,500 $17,466,164 $17,781,577 $18,299,997 $18,623,916 $19,294,630 $19,711,926 $20,253,461 $20,638,034 $20,912,049 $18,678,78

OPERATINGEXPENSESRepairs &Maintenance $1.11 $521,901 $534,949 $550,997 $567,527 $584,553 $602,089 $620,152 $638,757 $657,919 $677,657 $697,987Janitorial 0.56 262,600 269,165 277,240 285,557 294,124 302,948 312,036 321,397 331,039 340,970 351,199Common Area Utilities 0.15 72,599 74,414 76,647 78,946 81,315 83,754 86,267 88,855 91,520 94,266 97,094Retail Tenant Water &Sewer 0.81 381,759 391,303 403,042 415,133 427,587 440,415 453,627 467,236 481,253 495,691 510,561Office Utilities &Janitorial 0.41 191,412 196,197 202,083 208,146 214,390 220,822 227,446 234,270 241,298 248,537 255,993Security 1.18 554,994 568,869 585,935 603,513 621,619 640,267 659,475 679,260 699,637 720,626 742,245CAM 1.46 685,229 702,360 723,431 745,134 767,488 790,512 814,228 838,654 863,814 889,728 916,420General &Administrative 1.42 664,748 681,367 701,808 722,862 744,548 766,885 789,891 813,588 837,995 863,135 889,029Marketing 2.80 1,312,281 1,345,088 1,385,441 1,427,004 1,469,814 1,513,908 1,559,326 1,606,105 1,654,289 1,703,917 1,755,035Real Estate Taxes 1.31 613,024 689,904 799,413 919,696 1,051,662 1,196,285 1,354,622 1,497,803 1,711,045 1,749,038 1,749,038Insurance 0.30 140,785 144,305 148,634 153,093 157,685 162,416 167,288 172,307 177,476 182,801 188,285Management Fee 3.25% of EGI 1.14 537,079 567,650 577,901 594,750 605,277 627,075 640,638 658,237 670,736 679,642 607,061

Total Operating Expenses $12.65 $5,938,411 $6,165,571 $6,432,572 $6,721,361 $7,020,062 $7,347,376 $7,684,996 $8,016,469 $8,418,021 $8,646,008 $8,759,947

NET OPERATING INCOME $10,769, 525 $22.56 $10,587,089 $11,300,593 $11, 349, 005 $11,578,636 $11,603,854 $11, 947, 254 $12,026,930 $12,236,992 $12, 220, 013 $12,266,041 $9,918,

LEASING&CAPITAL COSTS 98.5% LeasedTenant Improvements $0.00 $0 $0 $0 $0 $0 $439,045 $0 $978,691 $259,432 $0 $13,986,856Leasing Commissions 0.00 0 0 0 0 0 88,950 0 249,304 69,778 0 2,927,188Capital Reserves 0.15 70,392 72,152 74,317 76,546 78,843 81,208 83,644 86,154 88,738 91,400 94,142

Total Leasing &Capital Costs $0.15 $70,392 $72,152 $74,317 $76,546 $78,843 $609,203 $83,644 $1,314,149 $417,948 $91,400 $17,008,186

NET CASHFLOW $2 2. 41 $1 0, 51 6, 69 7 $ 11 ,2 28 ,4 41 $11, 274 ,6 88 $11, 50 2, 09 0 $ 11 ,5 25 ,0 11 $11, 338 ,0 51 $11, 94 3, 28 6 $ 10 ,9 22 ,8 43 $11, 802 ,0 65 $ 12, 17 4, 64 1 - $7 ,0 89 ,3 47

Unleveraged NOI Yields - Midpoint Value 5.8% 6.2% 6.2% 6.3% 6.3% 6.5% 6.5% 6.7% 6.7% 6.7% 5.4%Unleveraged NCF Yields - Midpoint Value 5.7% 6.1% 6.1% 6.3% 6.3% 6.2% 6.5% 5.9% 6.4% 6.6% -3.9%

RESIDUAL VALUE PRICING MATRIX2024 NOI $12,266,041 PRICE IN-PLACE YEAR 1 YEAR 3 YEAR 5 PRICE 5 YEAR AVG. 10 YEAR AVG. Unl ev . IRR Unlev . IRR Unlev. IRRTerminal Cap Rate 6.50% RANGE CAP RATE CAP RATE NOI YIELD NOI YIELD PSF Cash on Cash Cash on Cash Year 9 Year 9 Year 9Gross Residual Value $188,708,323 $198,700,000 5.4% 5.3% 5.7% 5.8% $423 5.6% 5.7% 5.7% 5.0% 5.3%

Less: Seller Costs of 0.700% ($1,320,958) $191,200,000 5.6% 5.5% 5.9% 6.1% $407 5.9% 6.0% 6.2% 5.6% 5.90%Net Residual Value $187,387,365 $183,700,000 5.9% 5.8% 6.2% 6.3% $391 6.1% 6.2% 6.9% 6.2% 6.50%Net Residual Value PSF $399 $176,200,000 6.1% 6.0% 6.4% 6.6% $375 6.4% 6.5% 7.5% 6.8% 7.15%Residual NPVas a %of Midpoint 58% $168,700,000 6.4% 6.3% 6.7% 6.9% $359 6.6% 6.8% 8.2% 7.5% 7.8%

Exit PSF $415 $385 $399Cap Rate 6.25% 6.75% 6.50%


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Levered Cash Flows Scenario I: Excludes Unproven Other RevenueSALE ASSUMPTIONSHolding Period (months) 108 Exit Cap

Cap Rate 6.50% IRR Value Value PSF RateSales Cost 0.70% 8.50% $189,800,000 $404 6.25%

9.00% $182,500,000 $389 6.50%FINANCING ASSUMPTIONS 9.50% $175,800,000 $375 6.75%Purchase Price $183,700,000Purchase Price / SF $391Financing $91,850,000Loan / PSF $196Loan-to-Value 50.0%10 Year UST 2.75%Spread 1.30%Interest Rate 4.05%Loan Term(months) 120Months of IO 120

Amortization 360Origination Fee 0.00%Monthly Payment $441,158

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

PROPERTY CASH FLOW

Property NOI - $10,587,089 $11,300,593 $11,349,005 $11,578,636 $11,603,854 $11,947,254 $12,026,930 $12,236,992 $12,220,013 $12,266,041 $9,918,839 $104,850,366 - TI's/LC's - (70,392) (72,152) (74,317) (76,546) (78,843) (609,203) (83,644) (1,314,149) (417,948) (91,400) (17,008,186) (2,797,194) Property NCF - $10,516,697 $11,228,441 $11,274,688 $11,502,090 $11,525,011 $11,338,051 $11,943,286 $10,922,843 $11,802,065 $12,174,641 ($7,089,347) $102,053,172

Net Sales Proceeds $0 $0 $0 $0 $0 $0 $0 $0 $187,387,365 $0 $0 $187,387,365

Total Property Cash Flow $10 ,51 6, 697 $11 ,22 8, 441 $ 11 ,27 4, 688 $ 11 ,50 2, 09 0 $ 11, 525 ,011 $ 11, 338 ,05 1 $11, 943 ,28 6 $1 0, 922, 843 $19 9, 189, 430 $0 $0 $289,440,537

Unleveraged Cash on Cash: NOI 5.8% 6.2% 6.2% 6.3% 6.3% 6.5% 6.5% 6.7% 6.7% 6.7% Unleveraged Cash on Cash: NCF 5.7% 6.1% 6.1% 6.3% 6.3% 6.2% 6.5% 5.9% 6.4% 6.6%

Average 9 Year Yield (NOI): 6.3% Average 9 Year Yield (NCF): 6.2%

UNLEVERAGED IRR: 6.50%

FINANCING CASH FLOW

Ending Balance $91,850,000 $91,850,000 $91,850,000 $91,850,000 $91,850,000 $91,850,000 $91,850,000 $91,850,000 $91,850,000 $0 $0 $0 End Balance/ Sq Ft $196 $196 $196 $196 $196 $196 $196 $196 $196 $0 $0 $0

Interest - $3,771,591 $3,781,924 $3,771,591 $3,771,591 $3,771,591 $3,781,924 $3,771,591 $3,771,591 $3,771,591 $0 $0 $33,964,982 Principal - $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Balloon - $0 $0 $0 $0 $0 $0 $0 $0 $91,850,000 $0 $0 $91,850,000 Total Debt Service $0 $3,771,591 $3,781,924 $3,771,591 $3,771,591 $3,771,591 $3,781,924 $3,771,591 $3,771,591 $95,621,591 $0 $0 $125,814,982

CF After Debt Service ($91,850,000) $6,745,106 $7,446,517 $7,503,097 $7,730,499 $7, 753,420 $7, 556,127 $8,171,695 $7,151, 252 $ 103,567, 839 $0 $0 $163,625,555

DSCR: NOI 2.81x 2.99x 3.01x 3.07x 3.08x 3.16x 3.19x 3.24x 3.24x - DSCR: NCF 2.79x 2.97x 2.99x 3.05x 3.06x 3.00x 3.17x 2.90x 3.13x -

Cash on Cash: NOI 7.4% 8.2% 8.2% 8.5% 8.5% 8.9% 9.0% 9.2% 9.2% 0.0%

Cash on Cash: NCF 7.3% 8.1% 8.2% 8.4% 8.4% 8.2% 8.9% 7.8% 8.7% 0.0% Average 9 Year Yield (NOI): 8.6% Average 9 Year Yield (NCF): 8.2%

LEVERAGED IRR: 8.8%

LEVERED IRR SENSITIVITY


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Lease-Up Assumptions Scenarios I & II

LEASE-UP ASSUMPTIONSLease-Up % of Rent Term TI LC Downtime Abatement

Suite(s) Type Date Size RSF (PSF) (m ont hs) (PSF) (PSF / %) TI + L C = $ Ab atement s Rent Su pport Rent Sup port Total Costs

3930 Restaurant Nov-14 1,834 0.4% $38.00 120 $100.00 $12.00 $205,408 None TBD $0 $205,408

6065 Retail Nov-14 2,000 0.4% $38.00 120 $100.00 $16.00 $232,000 3 months TBD $19,000 $251,000

5240 Office Nov-14 7,062 1.5% $30.00 84 $50.00 7.0% $470,450 7 months TBD $123,585 $594,035

4910 Restaurant Nov-14 1,500 0.3% $50.00 120 $125.00 $16.00 $211,500 None TBD $0 $211,500

6260 Office Nov-14 24,726 5.3% $28.00 132 $50.00 7.0% $1,779,249 12 months TBD $692,328 $2,471,577

6230 Office Nov-14 11,236 2.4% $30.00 132 $50.00 7.0% $826,151 12 months TBD $337,080 $1,163,231

3920 Restaurant Nov-14 1,736 0.4% $38.00 120 $100.00 $12.00 $194,432 3 months TBD $16,492 $210,924

2025 Retail STATIC 1,350 0.3%

5220 Office STATIC 5,618 1.2%

Totals 57,062 11.0% $3,919,190 TBD $1,188,485 $5,107,675


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Unlevered Cash Flows Scenario II: Includes Unproven Other Revenue9-year holding period beginning 11/01/2014 1 2 3 4 5 6 7 8 9 10 11For Fiscal Year Ending October 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

PROJECT SIZE 469,283WTDAVG. PREVAILINGNNNMARKET RATE PSF/YR. In-Place $29.54 $30.34 $31.25 $32.19 $33.16 $34.15 $35.18 $36.23 $37.32 $38.44 $39.59NNNSCHEDULEDBASE RENTAL INCOME PSF/YR. $28.57 $28.14 $29.83 $30.10 $30.79 $31.03 $31.83 $32.38 $32.60 $33.32 $33.75 $29.46TOTAL OPERATINGEXPENSES PSF/YR. $13.13 $13.62 $14.21 $14.84 $15.49 $16.20 $16.94 $17.66 $18.54 $19.04 $19.31LEASES EXPIRING(INITIAL TERMONLY) 0 0 0 0 9,837 0 12,498 13,490 7,062 271,334 48,433LEASES EXPIRING(CUMULATIVE %) 0.0% 0.0% 0.0% 0.0% 2.1% 2.1% 4.8% 7.6% 9.1% 67.0% 77.3%

AVERAGE OCCUPANCY FORTHE YEAR 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5% 98.5%

INCOMEPo ten tial Ren tal Rev en ue $28.60 $13,423,352 $14,219,137 $14,351,618 $14,684,169 $14,801,957 $15,320,899 $15,452,500 $15,837,485 $15,980,355 $16,119,019 $18,188Less Absorption & Turnover Vacancy (0.46) (215,790) (221,185) (227,820) (234,655) (241,694) (385,410) (256,414) (539,156) (346,036) (280,190) (4,362,644)Scheduled Base Rental Revenue 28.14 13,207,562 13,997,952 14,123,798 14,449,514 14,560,263 14,935,489 15,196,086 15,298,329 15,634,319 15,838,829 13,825,572Expense Reimbursement Revenue 7.02 3,292,574 3,436,529 3,624,236 3,823,500 4,035,126 4,203,374 4,499,000 4,671,185 4,922,080 5,074,521 4,434,068Short TermRentals 0.31 144,000 147,600 152,028 156,589 161,287 166,125 171,109 176,242 181,529 186,975 192,585Parking Revenue 0.39 184,480 189,092 194,765 200,608 206,626 212,825 219,209 225,786 232,559 239,536 246,722Specialty Leasing 2.89 1,356,836 1,390,757 1,432,480 1,475,454 1,519,718 1,565,309 1,612,268 1,660,636 1,710,456 1,761,769 1,814,622Vending Income 0.16 77,000 78,925 81,293 83,732 86,243 88,831 91,496 94,241 97,068 99,980 102,979Hotwire Revenue Share 0.17 79,000 80,975 83,404 85,906 88,484 91,138 93,872 96,688 99,589 102,577 105,654Tax Abatement Income 0.10 45,823 52,915 50,007 46,549 42,484 37,752 32,287 26,016 18,861 0 0Skating, Trash, & Grease 1.99 933,405 956,740 985,442 1,015,006 1,045,456 1,076,819 1,109,124 1,142,398 1,176,670 1,211,970 1,248,329

Pot en tial Gro ss Inc om e $41.17 $19,320,680 $20,331,485 $20,727,453 $21,336,858 $21,745,687 $22,377,662 $23,024,451 $23,391,521 $24,073,131 $24,516,157 $21,97

General Vacancy (0.92) (432,316) (443,385) (451,281) (467,428) (475,256) (357,123) (504,840) (246,142) (456,423) (536,075) 0Eff ec tiv e Gro ss In co me $40.25 $18,888,364 $19,888,100 $20,276,172 $20,869,430 $21,270,431 $22,020,539 $22,519,611 $23,145,379 $23,616,708 $23,980,082 $21,97

OPERATING EXPENSESRepairs & Maintenance $1.11 $521,901 $534,949 $550,997 $567,527 $584,553 $602,089 $620,152 $638,757 $657,919 $677,657 $697,987Janitorial 0.56 262,600 269,165 277,240 285,557 294,124 302,948 312,036 321,397 331,039 340,970 351,199Common Area Utilities 0.15 72,599 74,414 76,647 78,946 81,315 83,754 86,267 88,855 91,520 94,266 97,094Retail Tenant Water & Sewer 0.81 381,759 391,303 403,042 415,133 427,587 440,415 453,627 467,236 481,253 495,691 510,561Office Utilities & Janitorial 0.41 191,412 196,197 202,083 208,146 214,390 220,822 227,446 234,270 241,298 248,537 255,993Security 1.18 554,994 568,869 585,935 603,513 621,619 640,267 659,475 679,260 699,637 720,626 742,245CAM 1.46 685,229 702,360 723,431 745,134 767,488 790,512 814,228 838,654 863,814 889,728 916,420General & Administrative 1.42 664,748 681,367 701,808 722,862 744,548 766,885 789,891 813,588 837,995 863,135 889,029Marketing 3.11 1,457,781 1,494,226 1,539,052 1,585,224 1,632,781 1,681,764 1,732,217 1,784,183 1,837,709 1,892,840 1,949,625Real Estate Taxes 1.31 613,024 689,904 799,413 919,696 1,051,662 1,196,285 1,354,622 1,497,803 1,711,045 1,749,038 1,749,038Insurance 0.30 140,785 144,305 148,634 153,093 157,685 162,416 167,288 172,307 177,476 182,801 188,285Management Fee 3.25% of EGI 1.31 613,872 646,363 658,976 678,256 691,289 715,668 731,887 752,225 767,543 779,353 714,042

Total Reimbursable Expenses $13.13 $6,160,704 $6,393,422 $6,667,258 $6,963,087 $7,269,041 $7,603,825 $7,949,136 $8,288,535 $8,698,248 $8,934,642 $9,061,

N/R- Skating Expenses 0.53 250,000 256,250 263,937 271,856 280,011 288,412 297,064 305,976 315,155 324,610 334,348Total Non-Reimbursable Expenses $0.53 $250,000 $256,250 $263,937 $271,856 $280,011 $288,412 $297,064 $305,976 $315,155 $324,610 $334,34

Total Operating Expenses $13.66 $6,410,704 $6,649,672 $6,931,195 $7,234,943 $7,549,052 $7,892,237 $8,246,200 $8,594,511 $9,013,403 $9,259,252 $9,395

NET OPER ATIN G INC OME $1 2,7 55, 348 $ 26. 59 $12 ,47 7,6 60 $13 ,23 8,4 28 $1 3,34 4,9 77 $1 3,63 4,4 87 $1 3,72 1,3 79 $1 4,1 28,3 02 $1 4,2 73,4 11 $1 4,5 50,8 68 $1 4,6 03, 305 $1 4,7 20, 830 $1LEASING& CAPITAL COSTS 98.5% Leased

Tenant Improvements $0.00 $0 $0 $0 $0 $0 $439,045 $0 $978,691 $259,432 $0 $13,986,856Leasing Commissions 0.00 0 0 0 0 0 88,950 0 249,304 69,778 0 2,927,188Capital Reserves 0.15 70,392 72,152 74,317 76,546 78,843 81,208 83,644 86,154 88,738 91,400 94,142

Total Leasing & Capital Costs $0.15 $70,392 $72,152 $74,317 $76,546 $78,843 $609,203 $83,644 $1,314,149 $417,948 $91,400 $17,008,186

NET CASHFLOW $2 6.44 $ 12, 407 ,26 8 $ 13, 166 ,27 6 $ 13, 270 ,66 0 $ 13 ,557 ,94 1 $ 13 ,642 ,53 6 $13 ,519 ,09 9 $14 ,18 9,76 7 $13 ,23 6,71 9 $14 ,18 5,35 7 $14 ,62 9,4 30 -$4 ,43 3,5

Unleveraged NOI Yields - Midpoint Value 5.7% 6.0% 6.1% 6.2% 6.3% 6.4% 6.5% 6.6% 6.7% 6.7% 5.7%Unleveraged NCF Yields - Midpoint Value 5.7% 6.0% 6.0% 6.2% 6.2% 6.2% 6.5% 6.0% 6.5% 6.7% -2.0%

RESIDUAL VALUE PRICING MATRIX2024 NOI $14,720,830 PRICE IN-PL ACE YEAR 1 YEAR 3 YEA R 5 PRICE 5 YEA R AVG. 10 YEAR AVG. Un lev. IRR Un lev. IRR Un lev. IRRTerminal Cap Rate 6.50% RANGE CAP RATE CAP RATE NOI YIELD NOI YIELD PSF Cash on Cash Cash on Cash Year 9 Year 9 Year 9Gross Residual Value $226,474,308 $234,400,000 5.4% 5.3% 5.7% 5.9% $499 5.6% 5.8% 5.2% 5.9% 5.5%

Less: Seller Costs of 0.700% ($1,585,320) $226,900,000 5.6% 5.5% 5.9% 6.0% $484 5.8% 6.0% 5.7% 6.3% 6.0%Net Residual Value $224,888,988 $219,400,000 5.8% 5.7% 6.1% 6.3% $468 6.0% 6.2% 6.2% 6.8% 6.50%Net Residual Value PSF $479 $211,900,000 6.0% 5.9% 6.3% 6.5% $452 6.2% 6.4% 6.7% 7.4% 7.0%Residual NPV as a %of Midpoin t 58% $204,400,000 6.2% 6.1% 6.5% 6.7% $436 6.5% 6.6% 7.3% 7.9% 7.6%

Exit PSF $461 $498 $479Cap Rate 6.75% 6.25% 6.50%


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Levered Cash Flows Scenario II: Includes Unproven Other RevenueSALE ASSUMPTIONSHolding Period (months) 108 Exit Cap

Cap Rate 6.50% IRR Value Value PSF RateSales Cost 0.70% 8.50% $226,600,000 $483 6.25%9.00% $217,800,000 $464 6.50%

FINANCING ASSUMPTIONS 9.50% $209,700,000 $447 6.75%Purchase Price $219,400,000Purchase Price / SF $468Financing $109,700,000Loan / PSF $234Loan-to-Value 50.0%10 Year UST 2.75%Spread 1.30%Interest Rate 4.05%Loan Term(months) 120Months of IO 120


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

PROPERTY CASH FLOW

Property NOI - $12,477,660 $13,238,428 $13,344,977 $13,634,487 $13,721,379 $14,128,302 $14,273,411 $14,550,868 $14,603,305 $14,720,830 $12,574,665 $123,972,817 - TI's/LC's - (70,392) (72,152) (74,317) (76,546) (78,843) (609,203) (83,644) (1,314,149) (417,948) (91,400) (17,008,186) (2,797,194) Property NCF - $12,407,268 $13,166,276 $13,270,660 $13,557,941 $13,642,536 $13,519,099 $14,189,767 $13,236,719 $14,185,357 $14,629,430 ($4,433,521) $121,175,623

Net Sales Proceeds $0 $0 $0 $0 $0 $0 $0 $0 $224,888,988 $0 $0 $224,888,988

Total Property Cash Flow $12 ,40 7, 268 $ 13 ,16 6, 276 $ 13, 270 ,66 0 $ 13, 557 ,94 1 $ 13, 642 ,53 6 $1 3, 519 ,099 $1 4, 189, 767 $1 3, 236, 719 $ 23 9, 07 4, 345 $0 $0 $346,064,611



UNLEVERAGED IRR: 6.50%FINANCING CASH FLOW

Ending Balance $109,700,000 $109,700,000 $109,700,000 $109,700,000 $109,700,000 $109,700,000 $109,700,000 $109,700,000 $109,700,000 $0 $0 $0 End Balance/ Sq Ft $234 $234 $234 $234 $234 $234 $234 $234 $234 $0 $0 $0

Interest - $4,504,556 $4,516,898 $4,504,556 $4,504,556 $4,504,556 $4,516,898 $4,504,556 $4,504,556 $4,504,556 $0 $0 $40,565,689 Principal - $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Balloon - $0 $0 $0 $0 $0 $0 $0 $0 $109,700,000 $0 $0 $109,700,000 Total Debt Service $0 $4,504,556 $4,516,898 $4,504,556 $4,504,556 $4,504,556 $4,516,898 $4,504,556 $4,504,556 $114,204,556 $0 $0 $150,265,689

CF After Debt Service ($109,700,000) $7,902,712 $8,649,379 $8, 766,104 $9, 053,385 $9,137,980 $9,002,202 $9,685, 211 $8,732, 163 $ 124,869,788 $0 $0 $195,798,922


Cash on Cash: NOI 7.3% 8.0% 8.1% 8.3% 8.4% 8.8% 8.9% 9.2% 9.2% 0.0% Cash on Cash: NCF 7.2% 7.9% 8.0% 8.3% 8.3% 8.2% 8.8% 8.0% 8.8% 0.0%


LEVERAGED IRR: 8.8%



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III. PHASE I MULTIFAMILY VALUATION


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Unlevered Cash Flows $1.80 PSF Base Case9-year holding period beginning 11/01/2015 1 2 3 4 5 6 7 8 9 10 11For Fiscal Year Ending October 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

TOTAL UNITS 250 ANNUAL RENT GROWTH - 5.00% 5.00% 4.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% AVERAGEMONTHLYPSF RENTS $1.80 $1.89 $1.98 $2.06 $2.13 $2.19 $2.26 $2.32 $2.39 $2.46 $2.54 ANNUAL EXPENSEGROWTH - 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

INCOME Per Unit Gross Rental Revenue $21,540 $5,384,988 $5,654,237 $5,936,949 $6,174,427 $6,359,660 $6,550,450 $6,746,963 $6,949,372 $7,157,853 $7,372,589 $7,593,767Other Income 1,241 310,175 325,684 341,968 355,647 366,316 377,306 388,625 400,284 412,292 424,661 437,401

Potential Gross Income $22,781 $5,695,163 $5,979,921 $6,278,918 $6,530,074 $6,725,976 $6,927,756 $7,135,588 $7,349,656 $7,570,146 $7,797,250 $8,031,168

General Vacancy (862) (215,400) (226,169) (237,478) (246,977) (254,386) (262,018) (269,879) (277,975) (286,314) (294,904) (303,751) Average 10-yr Vacancy (%) is 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

Effective Gross Income $21,919 $5,479,764 $5,753,752 $6,041,440 $6,283,097 $6,471,590 $6,665,738 $6,865,710 $7,071,681 $7,283,832 $7,502,347 $7,727,417

OPERATING EXPENSES Administrative/General $223 $55,830 $56,947 $58,086 $59,247 $60,432 $61,742 $62,977 $64,236 $65,521 $66,831 $68,168 Advertising/ Marketing 208 51,935 52,974 54,033 55,114 56,216 57,434 58,583 59,755 60,950 62,169 63,412Maintenance and Repair 623 155,805 158,921 162,100 165,342 168,648 172,303 175,749 179,264 182,849 186,506 190,236CAMContribution 400 100,000 100,000 100,000 100,000 100,000 102,000 104,040 106,121 108,243 110,408 112,616

Salaries/Related Expenses 1,195 298,626 304,599 310,691 316,905 323,243 330,247 336,852 343,589 350,461 357,470 364,620Unit Utilities 623 155,805 158,921 162,100 165,342 168,648 172,303 175,749 179,264 182,849 186,506 190,236Management Fee 3.0% of EGI 658 164,393 172,613 181,243 188,493 194,148 199,972 205,971 212,150 218,515 225,070 231,823Property Insurance 229 57,129 58,271 59,436 60,625 61,838 63,178 64,441 65,730 67,045 68,386 69,753Property Taxes 1,374 343,508 398,033 457,923 523,630 595,639 660,496 726,776 796,886 871,014 949,355 962,530

Total Operating Expenses $5,532 $1,383,031 $1,461,278 $1,545,611 $1,634,697 $1,728,812 $1,819,675 $1,911,138 $2,006,995 $2,107,447 $2,212,702 $2,253,394

NET OPERATING INCOME $16,387 $4,096,733 $4,292,474 $4,495,828 $4,648,401 $4,742,778 $4,846,063 $4,954,572 $5,064,686 $5,176,384 $5,289,645 $5,474,0

Capital Reserves [ $200 / unit] 200 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000

NET CASH FLOW $16,187 $4,046,733 $4,242,474 $4,445,828 $4,598,401 $4,692,778 $4,796,063 $4,904,572 $5,014,686 $5,126,384 $5,239,645 $5,424,023

Unleveraged NOI Yields - Midpoint Value 4.6% 4.8% 5.0% 5.2% 5.3% 5.4% 5.5% 5.6% 5.8% 5.9% 6.1%Tax Adjusted Unleveraged NOI Yields - Midpoint Value 4.2% 4.5% 4.7% 4.9% 5.1% 5.2% 5.4% 5.5% 5.7% 5.9% 6.1%

Unleveraged NCF Yields - Midpoint Value 4.5% 4.7% 5.0% 5.1% 5.2% 5.3% 5.5% 5.6% 5.7% 5.8% 6.0%

RESIDUAL VALUE PRICING MATRIX2025 NOI $5,289,645 PRI CE TA X A DJ UST ED YEA R 1 YEAR 3 YEA R 5 PRI CE 5 YEAR AVG. 10 YEAR AVG. Un lev . IRR Un lev . I RR Un lev . IRR

Terminal Cap Rate 5.25% RANGE YR. 1 CAP RATE CAP RATE NOI YIELD NOI YIELD PER UNIT Cash on Cash Cash on Cash Year 9 Year 9 Year 9Gross Residual Value $100,755,140 $95,800,000 4.0% 4.3% 4.7% 5.0% $383,200 4.6% 4.9% 6.3% 4.5% 5.3%

Less: Seller Costs of 0.700% ($705,286) $92,800,000 4.1% 4.4% 4.8% 5.1% $371,200 4.7% 5.1% 6.7% 4.9% 5.8%Net Residual Value $100,049,854 $89,800,000 4.2% 4.6% 5.0% 5.3% $359,200 4.9% 5.2% 7.2% 5.4% 6.25%Net Residual Value PSF $400,199 $86,800,000 4.4% 4.7% 5.2% 5.5% $347,200 5.1% 5.4% 7.7% 5.9% 6.7%Residual NPVas a %of Midpoint 65% $83,800,000 4.5% 4.9% 5.4% 5.7% $335,200 5.3% 5.6% 8.2% 6.4% 7.3%

Exit Per Unit $442,326 $365,399 $400,199Cap Rate 4.75% 5.75% 5.25%

SENSITIVITY ANALYSIS CAP RATE ANALYSISVALUE VALUE PER UNIT Tax Adjusted Year 1 NOI: $3,808,816

Terminal Capitalization Rates Terminal Capitalization Rates Cap Rate Value Value / Unit5.00% 5.25% 5.50% 5.00% 5.25% 5.50% 4.10% $92,900,000 $371,600

5.75% $96,000,000 $93,000,000 $90,200,000 $384,000 $372,000 $360,800 4.20% $90,700,000 $362,8006.25% $92,700,000 $89,800,000 $87,200,000 $370,800 $359,200 $348,800 4.30% $88,600,000 $354,400

6.75% $89,500,000 $86,800,000 $84,200,000 $358,000 $347,200 $336,800 4.40% $86,600,000 $346,400 D i s c o u n

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Levered Cash Flows - $1.80 PSF Base CaseSALE ASSUMPTIONS

Holding Period (months) 108 Exit CapCap Rate 5.25% IRR Value Value Per Unit RateSales Cost 0.70% 8.00% $96,200,000 $384,800 4.75%

8.50% $88,600,000 $354,400 5.25%FINANCING ASSUMPTIONS 9.00% $82,300,000 $329,200 5.75%Purchase Price $89,800,000Purchase Price / Unit $359,200Financing $44,900,000Loan / PSF $180Loan-to-Value 50.0%10 Year UST 2.75%Spread 1.30%Interest Rate 4.05%Loan Term (months) 120Months of IO 120


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

PROPERTY CASH FLOW

Property NOI - $4,096,733 $4,292,474 $4,495,828 $4,648,401 $4,742,778 $4,846,063 $4,954,572 $5,064,686 $5,176,384 $5,289,645 $42,317,919 - TI's/LC's - (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (450,000) Property NCF - $4,046,733 $4,242,474 $4,445,828 $4,598,401 $4,692,778 $4,796,063 $4,904,572 $5,014,686 $5,126,384 $5,239,645 $41,867,919

Net Sales Proceeds $0 $0 $0 $0 $0 $0 $0 $0 $100,049,854 $0 $100,049,854

Total Property Cash Flow $4,046,733 $4,242,474 $4,445,828 $4,598,401 $4,692,778 $4,796,063 $4,904,572 $5,014,686 $105,176,239 $0 $141,917,



UNLEVERAGED IRR: 6.25%

FINANCING CASH FLOW

Ending Balance $44,900,000 $44,900,000 $44,900,000 $44,900,000 $44,900,000 $44,900,000 $44,900,000 $44,900,000 $44,900,000 $0 $0 End Balance/ Sq Ft $180 $180 $180 $180 $180 $180 $180 $180 $180 $0 $0

Interest - $1,848,758 $1,843,706 $1,843,706 $1,843,706 $1,848,758 $1,843,706 $1,843,706 $1,843,706 $1,848,758 $0 $16,608,510 Principal - $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Balloon - $0 $0 $0 $0 $0 $0 $0 $0 $44,900,000 $0 $44,900,000 Total Debt Service $0 $1,848,758 $1,843,706 $1,843,706 $1,843,706 $1,848,758 $1,843,706 $1,843,706 $1,843,706 $46,748,758 $0 $61,508,

CF After Debt Service ($44,900,000) $2,197,976 $2,398,768 $2,602,122 $2,754,694 $2,844,020 $2,952,357 $3,060,866 $3,170,979 $58,427,481 $0 $80,409


Cash on Cash: NOI 5.0% 5.5% 5.9% 6.2% 6.4% 6.7% 6.9% 7.2% 7.4% 0.0% Cash on Cash: NCF 4.9% 5.3% 5.8% 6.1% 6.3% 6.6% 6.8% 7.1% 7.3% 0.0%


LEVERAGED IRR: 8.1%



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$1.80 PSF Base Case - Assumptions

Type # Units % Mix Htd SF/Unit Htd SF Rate/Mo. Rate/SF

1 BR / 1 BA 102 41% 812 82,824 $1,547 $1.91

1 BR / 1 BA 35 14% 900 31,500 $1,603 $1.78

1 BR / 1 BA 13 5% 790 10,270 $1,496 $1.89

2BR / 2 BA 62 25% 1,200 74,400 $2,081 $1.73

2BR / 2 BA 7 3% 1,155 8,085 $2,025 $1.75

2BR / 2 BA 3 1% 1,713 5,139 $2,841 $1.66

2BR / 2 BA 4 2% 1,520 6,080 $2,616 $1.72

2BR / 2 BA 4 2% 1,709 6,836 $2,728 $1.60

2BR / 2 BA 3 1% 1,257 3,771 $2,166 $1.72

2BR / 2 BA 17 7% 1,200 20,400 $2,109 $1.76

Totals 250 100% 997 249,305 $1,795 $1.80

MULTIFAMILY UNIT MIX / RENTS


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Unlevered Cash Flows $2.00 PSF Push Case9-year holding period beginning 11/01/2015 1 2 3 4 5 6 7 8 9 10 11For Fiscal Year Ending October 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

TOTAL UNITS 250 ANNUAL RENT GROWTH - 5.00% 5.00% 4.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% AVERAGEMONTHLYPSF RENTS $2.00 $2.10 $2.21 $2.29 $2.36 $2.43 $2.51 $2.58 $2.66 $2.74 $2.82 ANNUAL EXPENSEGROWTH - 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

INCOME Per Unit Gross Rental Revenue $23,933 $5,983,320 $6,282,486 $6,596,610 $6,860,475 $7,066,289 $7,278,278 $7,496,626 $7,721,525 $7,953,170 $8,191,766 $8,437,519Other Income 1,379 344,639 361,871 379,965 395,163 407,018 419,229 431,806 444,760 458,103 471,846 486,001

Potential Gross Income $25,312 $6,327,959 $6,644,357 $6,976,575 $7,255,638 $7,473,307 $7,697,506 $7,928,432 $8,166,285 $8,411,273 $8,663,611 $8,923,52

General Vacancy (957) (239,333) (251,299) (263,864) (274,419) (282,652) (291,131) (299,865) (308,861) (318,127) (327,671) (337,501) Average 10-yr Vacancy (%) is 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

Effective Gross Income $24,355 $6,088,626 $6,393,058 $6,712,711 $6,981,219 $7,190,656 $7,406,375 $7,628,567 $7,857,424 $8,093,146 $8,335,941 $8,586,01

OPERATING EXPENSES Administrative/General $223 $55,830 $56,947 $58,086 $59,247 $60,432 $61,742 $62,977 $64,236 $65,521 $66,831 $68,168 Advertising/ Marketing 208 51,935 52,974 54,033 55,114 56,216 57,434 58,583 59,755 60,950 62,169 63,412Maintenance and Repair 623 155,805 158,921 162,100 165,342 168,648 172,303 175,749 179,264 182,849 186,506 190,236CAMContribution 400 100,000 100,000 100,000 100,000 100,000 102,000 104,040 106,121 108,243 110,408 112,616

Salaries/Related Expenses 1,195 298,626 304,599 310,691 316,905 323,243 330,247 336,852 343,589 350,461 357,470 364,620Unit Utilities 623 155,805 158,921 162,100 165,342 168,648 172,303 175,749 179,264 182,849 186,506 190,236Management Fee 3.0% of EGI 731 182,659 191,792 201,381 209,437 215,720 222,191 228,857 235,723 242,794 250,078 257,581Property Insurance 229 57,129 58,271 59,436 60,625 61,838 63,178 64,441 65,730 67,045 68,386 69,753Property Taxes 1,374 343,508 398,033 457,923 523,630 595,639 660,496 726,776 796,886 871,014 949,355 962,530

Total Operating Expenses $5,605 $1,401,297 $1,480,457 $1,565,749 $1,655,640 $1,750,384 $1,841,894 $1,934,024 $2,030,568 $2,131,727 $2,237,710 $2,279,15

NET OPERATING INCOME $18,749 $4,687,330 $4,912,601 $5,146,961 $5,325,579 $5,440,271 $5,564,482 $5,694,543 $5,826,856 $5,961,420 $6,098,231 $6,306,

Capital Reserves [ $200 / unit] 200 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000

NET CASH FLOW $18,549 $4,637,330 $4,862,601 $5,096,961 $5,275,579 $5,390,271 $5,514,482 $5,644,543 $5,776,856 $5,911,420 $6,048,231 $6,256,86

Unleveraged NOI Yields - Midpoint Value 4.5% 4.8% 5.0% 5.2% 5.3% 5.4% 5.5% 5.6% 5.8% 5.9% 6.1%Tax Adjusted Unleveraged NOI Yields - Midpoint Value 4.3% 4.5% 4.7% 4.9% 5.1% 5.2% 5.4% 5.5% 5.7% 5.9% 6.1%

Unleveraged NCF Yields - Midpoint Value 4.5% 4.7% 4.9% 5.1% 5.2% 5.3% 5.5% 5.6% 5.7% 5.8% 6.1%

RESIDUAL VALUE PRICING MATRIX2025 NOI $6,098,231 PRICE TA X A DJ USTED YEA R 1 YEA R 3 YEA R 5 PRICE 5 YEA R AVG. 10 YEA R AVG. Un lev . IRR Un lev . I RR Un lev . IRTerminal Cap Rate 5.25% RANGE YR. 1 CAP RATE CAP RATE NOI YIELD NOI YIELD PER UNIT Cash on Cash Cash on Cash Year 9 Year 9 Year 9Gross Residual Value $116,156,783 $109,400,000 4.0% 4.3% 4.7% 5.0% $437,600 4.6% 5.0% 6.9% 5.0% 5.4%

Less: Seller Costs of 0.700% ($813,097) $106,400,000 4.1% 4.4% 4.8% 5.1% $425,600 4.7% 5.1% 7.3% 5.4% 5.8%Net Residual Value $115,343,686 $103,400,000 4.3% 4.5% 5.0% 5.3% $413,600 4.9% 5.2% 7.7% 5.8% 6.25%Net Residual Value PSF $461,375 $100,400,000 4.4% 4.7% 5.1% 5.4% $401,600 5.0% 5.4% 8.1% 6.2% 6.7%Residual NPVas a %of Midpoint 65% $97,400,000 4.5% 4.8% 5.3% 5.6% $389,600 5.2% 5.6% 8.6% 6.7% 7.1%

Exit Per Unit $538,271 $440,403 $461,375Cap Rate 4.50% 5.50% 5.25%

SENSITIVITY ANALYSIS CAP RATE ANALYSISVALUE VALUE PER UNIT Tax Adjusted Year 1 NOI: $4,399,412

Terminal Capital ization Rates Terminal Capitalization Rates Cap Rate Value Value / Unit5.00% 5.25% 5.50% 5.00% 5.25% 5.50% 4.10% $107,300,000 $429,200

5.75% $110,500,000 $107,100,000 $103,900,000 $442,000 $428,400 $415,600 4.20% $104, 700, 000 $418, 8006.25% $106,700,000 $103,400,000 $100,400,000 $426,800 $413,600 $401,600 4.30% $102, 300, 000 $409, 200

6.75% $103,100,000 $99,900,000 $97,000,000 $412,400 $399,600 $388,000 4.40% $100,000,000 $400,000 i s c o u n

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$2.00 PSF Push Case - Assumptions

Type # Units % Mix Htd SF/Unit Htd SF Rate/Mo. Rate/SF

1 BR / 1 BA 102 41% 812 82,824 $1,719 $2.12

1 BR / 1 BA 35 14% 900 31,500 $1,781 $1.98

1 BR / 1 BA 13 5% 790 10,270 $1,663 $2.10

2BR / 2 BA 62 25% 1,200 74,400 $2,313 $1.93

2BR / 2 BA 7 3% 1,155 8,085 $2,250 $1.95

2BR / 2 BA 3 1% 1,713 5,139 $3,156 $1.84

2BR / 2 BA 4 2% 1,520 6,080 $2,906 $1.91

2BR / 2 BA 4 2% 1,709 6,836 $3,031 $1.77

2BR / 2 BA 3 1% 1,257 3,771 $2,406 $1.91

2BR / 2 BA 17 7% 1,200 20,400 $2,344 $1.95

TOTALS 250 100% 997 249,305 $1,995 $2.00

MULTIFAMILY UNIT MIX / RENTS


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IV. TAX CONSIDERATIONS & PROCESS


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Tax Efficiency Considerations

Primary objective is to help structure the transaction(s) in the most tax efficient manner most tax-efficient method for the Sarofim / NAP partnership.Working with the partnerships tax advisors, there may be several ways to accomplish this, and below are four possible strategies for achieving this objective:

1. Participating Partnership Loan

2. Leveraged Partnership

3. UP-REIT Transaction

4. Convertible Mortgage

ES has recently explored split of fee and leasehold in order to gain pricing arbitrage and tax benefits, but mixed-use nature of Avalon creates numerous

complexities for such a structure.

Likely the best option given current ownership needs regarding liquidity, tax efficiency, and ongoing engagement.Sell [ 80% - 95% ] of the existing partnership

Amend and re-state Partnership Agreement to admit a new partner, which avoids the sale of the propertySarofim can either remain in or exit from the venture

New partner pays Sarofim cash for their interest (or whichever portion of their interest they are interested in taking out of the asset). This assumes they areindifferent to the tax consequences.New partner makes a partnership loan to NAP (and Sarofim, if they remain) for their interest

Loan has an equity conversion featureSecured by NAP partnership interest in Phase INew partner can convert at their discretion after lockout periodNAP maintains Put right of its interest at a pre-determined price

Effectively defers taxes until loan to equity conversion occurs or NAP exercises put option

PARTICIPATING PARTNERSHIP LOAN


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Tax Efficiency Considerations (continued)

Meets several objectives: immediate liquidity, continued operational engagement, and tax deferral.Treasure regulations may be changing on this subject and should be considered prior to execution.Considerations:

NAP must provide bottom dollar guaranty of new debt to be placed upon the asset.Due to typical use of non-recourse debt on similar acquisitions, the ability to provide guaranty is limited and could trigger disguised sale provisions.NAP will desire very lengthy lockout period for sale or call option.NAP will require approval rights for new financing activities to avoid taxable event upon debt payoff

LEVERAGED PARTNERSHIP

Intriguing option but may not be optimal for the following reasons: Active public REITs that would be prospective acquirers would also be interested in operating the retail asset, but may consider stepping aside until allphases are completed and NAP has exited the property.Public mall REIT valuations are currently trading at > 18x multiples and implied cap rates in the low-5s.

Federal would be sole likely interested strip center REIT and they are trading > 23x multiple and implied 4.8% cap rate.

Non-traded REITs (EDENS, Donohue Schrieber, for instance) are relatively illiquid.Certain ERISA-sponsored vehicles are structured as REITs (PRISA, for instance), but face similar concerns around liquidity.

UPREIT structure allows for property contributions to a partnership (the OP) in exchange for partnership interests (referred to as OP units) on a tax-deferredbasis.

Provides many of the advantages of a contribution to a REIT for publicly traded shares.Liquidity (and tax liability) can be managed over time.Benefits for estate planning given step-up in basis.Can be structured as common, preferred, or convertible preferred shares.

UP-REIT TRANSACTION


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Tax Efficiency Considerations (continued)

If it can be structured, it provides the benefits of an equity sale, without the tax consequences to the seller.Immediate partial liquidity, continued full asset control and potential to capture future upside are key benefits.Capital markets upside is potentially limited given current point of cycle.Limited market depth for this alternative and its complexity may create structuring discount to outright fee sale.

CONVERTIBLE PARTICIPATING PREFERRED EQUITY


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OFFSHORE / OTHER DOMESTIC / INSTITUTIONAL

ADIA Allianz APG

Australia SuperBIG Shopping Centers

Cadillac Fairview

CPPIBCrow HoldingsFuture Fund

GIC Real EstateGLLHarel

Hines Global REITHKMA

H&R REITInvestcorp

KIAMiller Capital

MitsuiNGPF

Norges BankNPS

Oxford PropertiesPhoenix Insurance

PSPQIC

RioCanWafra

Whitestone REIT

AEW American Realty Advisors

Bentall KennedyBlackrock

Blackstone (core)Cornerstone Advisers

CBRE Global InvestorsClarion PartnersHeitmanHI GroupINVESCOJPMorgan

L&B Realty AdvisorsLaSalle Investment Mgmt

MetLifeMorgan StanleyNew York Life

Northwestern MutualOConnor Capital Partners

PrincipalPrudentialRockwood

RREEFStockbridgeTIAA-CREF

TA AssociatesUBS

Potential Joint Venture PartnersThe following is intended to be a demonstrative list of potential joint venture investors that would be contacted during a marketing campaign. Those that arehighlighted have been the most active buyers of retail properties in 2012 - 2014. Eastdil Secured has either sold to, sold for, or created joint ventures with nearlyall of them.


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Key Joint Venture Partner Selection Considerations / Issues:

JOINT VENTURE CONSIDERATIONS & ISSUES

The following is a very brief outline of the critical issues that will influence the appeal of any transaction to both the owners of Avalon and any prospective

developer. These issues will need to be vetted by Avalons advisor through overseeing the a thorough selection process, involving marketing feedback, thoughtfullyadministered interviews, leverage preferences, and a careful vetting of capital behind the proposed partner. A great depth of institutional knowledge needs to bepossessed by the advisor in order to effect the optimal outcome. The issues below, and others, would form the basis for a term sheet outline which may bepresented to the developer candidates during the marketing process. Gaining clarity on these issues is a necessary pre-cursor to the ultimate selection. Prior tothe marketing effort, the Sarofim, NAP and Eastdil Secured will need to clarify the expectations and goals of any new venture.

Project Approval / Operating Philosophy / Cultural Fit: Need to identify designconcept, vision and priorities at the outset to control the discussion on what isbeing sought in the way of a partner. Is there chemistry between the parties?

Valuation: In theory, maximizing asset value for purposes of admitting a partneris preferred. Need to consider structuring alternatives, trade-offs andperformance projections vs. outright sale.

Project Team: Is there agreement on the project team.

Master Developer, CCRs and Association framework with which to price it asa basis for negotiation. Underwriteable expenses.

Decision Making: Compatibility regarding control expectations is critical. Day-to-day management would normally vest with the Development Partner, subjectto significant decision input from the current ownership on Major Decisions

(which need to be defined). Control among partners will be a critical element,but control features depend on the amount and nature of the capitalization.

Investment Horizon: Need to define timeframe parameters and ensure analignment of interests. Exit strategy and future investment / capital calls alsoneed to be addressed.

Contribution by Entering Partner: Defining the portion of equity that isanticipated to be contributed by the entering partner (50%to 90%).

Entity Structure: Simple partnership, private REIT, Down REIT, etc.

Lockout Provision: Operator would typically like protection on exit rights giveninfrastructure developed around the asset operations.

Tax Considerations: Addressing the need with outside Advisors to structure and executethe transaction in the most tax efficient manner possible.

Exit Mechanisms: There will need to be some sort of exit mechanism, buy/sell, drag along,etc.

Right of First Offer: Typically partners are free to sell their partnership interest subject to aright of first offer to the other partner and a potential lock-out period.

Budget & Operating Framework: Guidelines will need to be established for approvals ofbudgets and variance parameters that require approval. Management and leasingagreements will be important documents and drafts of these agreements will be distributedtoward the end of the marketing process.

Distributions: Pro rata vs. preferred, promotes and hurdles all involve trade-offs with valueand help determine partner selection.

Fees: Trade-offs between fee revenue streams and total asset value. Some flexibility maybe useful in marketing.

Sale or Refinancing: Usually requires consent of both partners unless pre-approved as partof the exit strategy. Tolerance for leverage needs to be compatible and defined withinrange.

Default Provisions: In the case of un-met capital contributions, non-defaulting partner needsthe option of providing defaulting partners capital in a dilutive form.

Partnership Dispute Resolution Mechanisms: Both major and minor.

Administration: Partners will require a mechanism for timely decision making.


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CONSIDERATIONS Beginning with ICSC conference, begin early dialogue to build buzz, and energy while preparation is in process.

Launch formal marketing in June, with first-class materials.

Demand property tours make requirement for proposal.

Encourage meetings with NAP leadership, moderated by ES.

Set bid date and run round(s) of offers, followed by in-person interviews.

Market the opportunity to all core investors, making sure to approach retail and multifamily decision-makers.

Primary focus is mixed-use JV partners that will be invested in the entirety of the project.

Encourage offers from strict multifamily investors for outright purchase of the multifamily.

Many of the multifamily investors are also prospective aggressive mixed-use investors, so not entirely different pool.

Heightens sensitivity and pressure for JV investors.

Office component treated the same as the retail.

All elements can be financed separately or as one project.

Once JV investor selected, market debt opportunity to balance sheet and CMBS lenders.LTV level TBD based upon investor desire and prospective tax structuring concept(s).

Diligence to be limited due to new construction , new leases, and venture structure.

Closing period TBD dependent on debt.

New investor will undoubtedly desire to participate in Phase II and future phases

Can be negotiated into current agreement .

More likely structured as ROFO (preferred) or ROFR upon stabilization.

NAP to maintain all control of development and business plan for future phases.

Formal Process

Treatment o fMixed Components

Marketing Strategy

Debt Process

Diligence / Closing

Future Phases


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Marketing OverviewPROSPECTIVE TIMELINE

Begi n End Week: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25Dat e Dat e Monday: 5/19 5/26 6/2 6/9 6/16 6/23 6/30 7/7 7/14 7/21 7/28 8/4 8/11 8/18 8/25 9/1 9/8 9/15 9/22 9/29 10/6 10/13 10/20 10/27 11/3

Friday: 5/23 5/30 6/6 6/13 6/20 6/27 7/4 7/11 7/18 7/25 8/1 8/8 8/15 8/22 8/29 9/5 9/12 9/19 9/26 10/3 10/10 10/17 10/24 10/31 11/7Key milestones:

Gather Due Diligence Materials 5/19 5/21 1

Complete Financial Underwriting 5/21 6/3 1 1 1

Generate Offering MemorandumMaterials 5/21 6/10 1 1 1 1

Deliver Draft OMto NAP / Sarofim 6/10 6/10 1

Launch Teaser to Market 6/10 6/10 1

Launch Final Offering Memorandumto Market 6/17 6/17 1

Marketing -> Bid Date 6/17 7/17 1 1 1 1 1

Take Initial Round Bids 7/17 7/17 1

Best & Final Process -> Final Bids 7/18 7/29 1 1 1

Take Final Round Bids 7/29 7/29 1

Buyer Interviews / Selection / Negotiation 7/30 8/4 1 1

Buyer Due Diligence Period 8/6 9/5 1 1 1 1 1

Extended Closing Period (~50 days) 9/6 10/30 1 1 1 1 1 1 1 1

Pricing Discovery

Closingto Coincide

with ExpectedCompetion Date:


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V. SUPPLEMENTAL SCHEDULES, CASE STUDIES,POTENTIAL DEBT TERMS


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Unproven Other Revenue Valuation

UNPROVEN OTHER REVENUE VALUATION ANALYSISS ta bi li zed S ta bi li zat io n G ro wt h Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Revenue Date Rate Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24

INCOMEShort TermRentals (RMU) $144,000 Jan-16 3.0% $102,000 $138,000 $147,600 $152,028 $156,589 $161,287 $166,125 $171,109 $176,242 $181,529Parking Revenue $184,480 Jan-16 3.0% $130,673 $176,793 $189,092 $194,765 $200,608 $206,626 $212,825 $219,209 $225,786 $232,559Specialty Leasing - Signage, Advertising and Sponsorship $235,000 Jan-16 3.0% $166,458 $225,208 $240,875 $248,101 $255,544 $263,211 $271,107 $279,240 $287,617 $296,246Specialty Leasing - Light Pole Banners $12,000 Jan-16 3.0% $8,500 $11,500 $12,300 $12,669 $13,049 $13,441 $13,844 $14,259 $14,687 $15,127Specialty Leasing - Event Revenue (3 Signature Events) $75,000 Jan-16 3.0% $53,125 $71,875 $76,875 $79,181 $81,557 $84,003 $86,523 $89,119 $91,793 $94,547Specialty Leasing - Santa Revenue (Offsets Expense) $30,000 Jan-16 3.0% $21,250 $28,750 $30,750 $31,673 $32,623 $33,601 $34,609 $35,648 $36,717 $37,819Specialty Leasing - Static Signage Panels (6 at $5,000/mo) $360,000 Jan-16 3.0% $255,000 $345,000 $369,000 $380,070 $391,472 $403,216 $415,313 $427,772 $440,605 $453,823Specialty Leasing - LED Signage Income $605,000 Jan-16 3.0% $428,542 $579,792 $620,125 $638,729 $657,891 $677,627 $697,956 $718,895 $740,462 $762,676Specialty Leasing - Infinite Touch Income $59,000 Jan-16 3.0% $41,792 $56,542 $60,475 $62,289 $64,158 $66,083 $68,065 $70,107 $72,210 $74,377Specialty Leasing - LED Content Management ($19,164) Jan-16 3.0% ($13,575) ($18,366) ($19,643) ($20,232) ($20,839) ($21,465) ($22,108) ($22,772) ($23,455) ($24,159)Vending Revenue - Coke $77,000 Jan-16 3.0% $54,542 $73,792 $78,925 $81,293 $83,732 $86,243 $88,831 $91,496 $94,241 $97,068Hotwire - Revenue Sharing Agreement $79,000 Jan-16 3.0% $55,958 $75,708 $80,975 $83,404 $85,906 $88,484 $91,138 $93,872 $96,688 $99,589Skating - Rental Revenue $520,000 Jan-16 3.0% $368,333 $498,333 $533,000 $548,990 $565,460 $582,423 $599,896 $617,893 $636,430 $655,523Skating - ProgramSponsorship $100,000 Jan-16 3.0% $70,833 $95,833 $102,500 $105,575 $108,742 $112,005 $115,365 $118,826 $122,390 $126,062

$2,461,316 $1,743,432 $2,358,761 $2,522,849 $2,598,534 $2,676,490 $2,756,785 $2,839,489 $2,924,673 $3,012,414 $3,102,786

EXPENSES

Specialty Leasing $145,500 Nov-14 3.0% $145,500 $149,138 $153,612 $158,220 $162,967 $167,856 $172,891 $178,078 $183,420 $188,923Other Operating Expenses 1 - (Skating Rink) $250,000 Nov-14 3.0% $250,000 $256,250 $263,938 $271,856 $280,011 $288,412 $297,064 $305,976 $315,155 $324,610$395,500 $395,500 $405,388 $417,549 $430,076 $442,978 $456,267 $469,955 $484,054 $498,575 $513,533

NET OPERATING INCOME $1,347,932 $1,953,374 $2,105,300 $2,168,459 $2,233,513 $2,300,518 $2,369,533 $2,440,619 $2,513,838 $2,589,253Residual Valuation (6.50%Cap; 2%COS) $39,037,971NET INCOME $1,347,932 $1,953,374 $2,105,300 $2,168,459 $2,233,513 $2,300,518 $2,369,533 $2,440,619 $41,551,809

Discount Value

6.5% $36,100,0007.0% $34,900,0007.5% $33,600,0008.0% $32,500,0008.5% $31,300,000


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Summary of In-Place Rent AbatementsRENT ABATEMENT / SELLER CREDIT SUMMARY

In-PlaceTenant Suite RSF Start Expiration Seller Credits

American Threads 6005 2,012 11/14 10/21 25,485 Anthropologie 4080 10,616 11/14 10/24 259,353 Ashton Woods (Office) 6200 13,490 11/14 5/22 216,402 Bantam & Biddy 4095 2,912 11/14 10/24 56,784 Bantu 4000 1,862 11/14 10/24 39,102 Boston Proper 5080 2,208 11/14 10/24 27,968 Columbia 4020 3,175 11/14 10/24 42,329 Cosmetic Market 3030 5,448 11/14 10/24 90,800

Crate & Barrel 1010 16,824 11/14 10/24 807,552 Cru Wine 4930 1,653 11/14 10/24 34,437 Dental Town (Office) 5260 5,221 11/14 5/25 79,185 Destination Maternity 4005 2,552 11/14 10/24 51,040 Dry Bar 4050 1,999 11/14 10/19 32,650 Goldberg's Deli 3080 3,282 11/14 10/24 68,922 Hug & Associates (Offi 5280 2,689 11/14 4/25 34,957 Integrated Care (Offic 5210 8,065 11/14 10/21 101,820 Lens Crafters 4090 3,287 11/14 10/24 83,271 Lululemon 5020 3,298 11/14 10/19 197,880 Marlows Tavern 3900 3,572 11/14 10/24 67,421

Paper Source 4060 2,468 11/14 10/24 73,068 Road Runner 2030 5,808 11/14 10/24 77,440 Rocket Farms 1060 5,653 11/14 10/24 101,754 Sage 4070 1,905 11/14 10/19 30,480 Soft Surroundings 3000 4,602 11/14 10/24 43,719 Van Michael 3055 2,364 11/14 10/24 40,188 Wakefield Beasley (Off 5200 28,233 11/14 10/24 987,526 **Hotel CAM HOT1 8/15 7/65 22,501 **Hotel CAM (Above Ret HOT2 5/15 4/65 15,002 **Outparcel 5 CAM OP5 5/15 4/65 5,002 **Single Family CAM SF 1/16 12/65 29,166In-Place Totals 3,743,204

Lease Dates


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Unproven Revenue DetailsUNPROVEN REVENUE ANALYSIS

Ongoing or In-Place Total Scenario I Scenario IILine Item One-Time Contractual Speculative Stabilized Ex . Speci al ty Rev enue In cl . Sp ec ial ty Rev enu e Li kel y Out com e Com men ts

Grand Opening Marketing One-Time $180,000 $0 $0 $0 $0 NAP / Sarofimretail theseintiial contributions

- Removed fromES Model; analysis assumes Grand Opening Marketing is paid directly to NAP/ Sarofim

Short TermRentals (RMU) Ongoing $24,000 $120,000 $144,000 $0 $144,000 TBD@Closing + Earnout

- Assumes 8 RMUs @$2,000/mo for 8 months and 4 RMUs @$1,000/mo for 4 months(currently have 2 signed deals for $2,000/mo each from11/1/14 - 10/31/15)

Parking Revenue Ongoing $0 $184,480 $184,480 $0 $184,480 TBD@Closing + Earnout

- Assumes $2,000/mo fromeach of 2 valets; $3,000/meter/year fromeach of 46 meteredspaces less cost of $120/meter/year

Specialty Leasing - Signage, Advertising and Sponsorship Ongoing $0 $235,000 $235,000 $0 $235,000 TBD@Closing + Earnout

- Sponsorship Revenue

Specialty Leasing - Light Pole Banners Ongoing $0 $12,000 $12,000 $0 $12,000 TBD@Closing + Earnout

Specialty Leasing - Event Revenue (3 Signature Events) Ongoing $0 $75,000 $75,000 $0 $75,000 TBD@Closing + Earnout

Specialty Leasing - Santa Revenue (Offsets Expense) Ongoing $0 $30,000 $30,000 $0 $30,000 TBD@Closing + Earnout

Specialty Leasing - Static Signage Panels (6 at $5,000/mo) Ongoing $0 $360,000 $360,000 $0 $360,000 TBD@Closing + Earnout

Specialty Leasing - LEDSignage Income Ongoing $0 $605,000 $605,000 $0 $605,000 TBD@Closing + Earnout

Specialty Leasing - Infinite Touch Income Ongoing $0 $59,000 $59,000 $0 $59,000 TBD@Closing + Earnout

Specialty Leasing - LEDContent Management Ongoing $0 ($19,164) ($19,164) $0 ($19,164) TBD@Closing + Earnout

Vending Revenue - Coke Ongoing $0 $77,000 $77,000 $0 $77,000 TBD@Closing + Earnout

- Assumes $1,000 / month in vending revenue + sponsorship- In negotiations with Coke for 5 year sponsorship contract. Likely ~ $36,000.yr

Hotwire - Revenue Sharing Agreement Ongoing $0 $79,000 $79,000 $0 $79,000 TBD@Closing + Earnout

- There will be no other service provider to the MF- Still negotiating terms of the revenue sharing agreement

Trash Revenue (Offsets Expense) Ongoing $241,405 $0 $241,405 $241,405 $241,405 @Closing - This is a profit center; however, ES' read of the leases seems to limit the arbitrage. The trashcontract expense (not finalized) is roughly $132,925 and is included in CAM.

Grease Trap Cleaining Revenue (Offsets Expense) Ongoing $72,000 $0 $72,000 $72,000 $72,000 @Closing - This is a 100%offset; no profit

Skating - Rental Revenue Ongoing $0 $520,000 $520,000 $0 $520,000 TBD@Closing + Earnout

- Still negotiating terms with skating rink operators - potentially a revenue sharing agreementwhich could provide upside. Forecast numbers are based on 40,000 skaters @$13.

Skating - ProgramSponsorship Ongoing $0 $100,000 $100,000 $0 $100,000 TBD@Closing + Earnout

- No deals signed, but interest from Celebrity Cruises, PNCBank for $20 - $50k each

Totals $517,405 $2,437,316 $2,774,721 $313,405 $2,774,721


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Potential Debt Scenarios

BENCHMARK INTEREST RATES (ROUNDED) 5/14/2014

30-day LIBOR 0.15%UST Spread Swap

5 Year 1.56% 0.09% 1.65%

7 Year 2.09% 0.07% 2.16%10 Year 2.54% 0.09% 2.63%

BANK / LIFE CO.(FLOATING) LIFE COMPANY(FIXED)Loan SizingMin Debt Yield: 9.5% 9.5%Max LTV: 65% 65%

5-Year Pricing & TermsLoan Type: Floating Rate Fixed RateTerm: 3+1+1 years 5 yearsInterest Rate: L + 1.40%-1.50% 5-Yr UST + 1.50%-1.60% (3.25%-3.35%)

Amo rti zatio n: 5 Years IO 3 Years IO, 30 Year Amort thereafter Origination Fees: 0.50%- 0.65% 0.15%Extension Fees: 0.20%- 0.25% N/APrepayment: 12 mos. of LO / SM, Par thereafter 36-mos. LO, 1%or YM (T+50), 3 mos. Par Forward Commitment Will require some premium/structure 0.10%Interest Rate premium

10-Year Pricing & TermsLoan Type: Fixed RateTerm: 10 yearsInterest Rate: 10-Yr UST + 1.30%-1.40% (4.05%-4.15%)

Amo rti zatio n: 5 Years IO (10 @ 50%LTV), 30 Year Amort thereafter Origination Fees: 0.15%Extension Fees: N/APrepayment: 96-mos. LO, 1%or YM (T+50), 3 mos. Par Forward Commitment 0.15%Interest Rate premium

ES - Avalon Presentation - May 2014

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