al Valley Industrial Park Property Type: Retail

5-3055 S 1030 W,3125-3145 S 1030 W Square Feet: 367,537

South Salt Lake, UT Date: 03/25/13

CURRENT UNDERWRITING

REVENUE Per Unit Per SF %

Gross Potential Rents $1,757,122 $5 $42.49 77.3%
Actual Rent 0 $0 $0.00 0.0%
Expense Reimbursement 516,573 $1 $12.49 22.7%
Percentage Rent 0 $0 $0.00 0.0%
Parking Income
Other Income 0 $0 $0.00 0.0%
TOTAL INCOME $2,273,696 $6 $54.98 100.0%

VACANCY 5.0% ($87,856) $0 -$2.12 -3.9%

EFFECTIVE GROSS INCOME $2,185,839 $6 $53 96.1%

EXPENSES % EGI
Real Estate Taxes $253,956 $1 $6.14 11.6%
Property Insurance 46,330 $0 $1.12 2.1%
Utilities 35,886 $0 $0.87 1.6%
Repairs and Maintenance 106,316 $0 $2.57 4.9%
Janitorial 612 $0 $0.01 0.0%
Payroll and Benefits 11,392 $0 $0.28 0.5%
Advertising & Marketing 906 $0 $0.02 0.0%
Professional Fees 666 $0 $0.02 0.0%
General and Administrative 25,769 $0 $0.62 1.2%
Other Expenses 1,360 $0 $0.03 0.1%
Ground Rent 0 $0 $0.00 0.0%
Management 3% EGI 65,575 $0 $1.59 3.0%
Reserves $0.15 Per SF $55,131 $0 $1.33 2.5%
TOTAL EXPENSES $603,898 $2 $14.60 27.6%

NET OPERATING INCOME $1,581,942 $4 $38.25 72.4%

VAULE $22,600,000
Pro Forma Cap Rate 7.00%

ORIGINAL LOAN TERMS: KEY RATIOS

Loan Amount: $12,750,000 LTV: 56.4%
Interest Rate: 3.290% DCR: 2.36
Term: 7 Debt Yield: 12.4%
Amortization: 30 Constant: 5.3%
Monthly Payment: $55,769 Loan/Unit: $35
Annual Payment $669,229 Value/Unit: $61
Closed Date: 3/4/2013
 Central Valley Industrial Park Property Type: Retail
985 W 3160 S & 3005-3055 S 1030 W,3125-3145 S 1030 W Square Feet: 367,537
South Salt Lake, UT Date: 3/25/2013

% of Total Monthly Lease Lease

Suite Tenant Start Date End Date Lease Term Remaining Square Footage Square Feet Vacant Rent Annual Rate Annual Rent Type Extensions
Service Partners Northwest 06/01/14 06/30/17 3.08 0.00 30,040 8% - $13,385 $5.35 $160,622
UPS 01/01/06 08/31/18 12.67 0.00 15,020 4% - $6,459 $5.16 $77,503
Crum Electric Supply 07/01/13 08/31/18 5.17 0.00 15,081 4% - $5,933 $4.72 $71,191
A-1 Distributing 04/01/11 06/30/17 6.25 0.00 30,200 8% - $11,476 $4.56 $137,712
Exhibit WRX LLC 04/01/16 06/30/21 5.25 1.75 30,222 8% - $12,089 $4.80 $145,066
Summit Printing 11/10/11 04/30/20 8.47 0.59 17,330 5% - $6,504 $4.50 $78,047
Tri West 02/17/10 03/31/17 7.12 0.00 17,320 5% - $6,755 $4.68 $81,058
Source One Installation 11/01/14 02/29/20 5.33 0.42 23,040 6% - $8,781 $4.57 $105,366
FFE Solutions Group 12/06/16 01/31/20 3.15 0.34 17,280 5% - $7,258 $5.04 $87,091
Crown Equipment Corporation 01/01/03 03/31/24 21.25 4.51 48,138 13% - $17,859 $4.45 $214,310
Backroads Utah 09/01/06 03/31/22 15.58 2.51 15,272 4% - $6,933 $5.45 $83,202
Acusport 05/01/15 04/30/18 3.00 0.00 22,915 6% - $9,441 $4.94 $113,292
Select Portfolio 09/25/06 03/31/22 15.52 2.51 15,307 4% - $5,357 $4.20 $64,289
Dura Tuff Wear Products 02/15/07 09/30/22 15.63 3.00 15,337 4% - $6,387 $5.00 $76,643
KP LLC 05/05/16 07/31/21 5.24 1.84 22,680 6% - $9,072 $4.80 $108,864
Aire Filter Products 08/01/13 10/31/18 5.25 0.00 15,100 4% - $6,103 $4.85 $73,235
Advanced Lighting 11/01/09 12/31/18 9.17 0.00 17,255 5% - $6,636 $4.61 $79,631
TOTAL 367,537 - $146,427 $4.78 $1,757,122

Physical Vacancy Economic Vacancy

Total Occupied 367,537 100.00% Total Occupied Rents $1,757,122 100.00%
Total Vacant 0 0.00% Total Vacant Rents $0 0.00%
Total NRA 367,537 100.00% Total Gross $1,757,122 100.00%

ROLLOVER ANALYSIS
Year Vacant/MTM 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
No. of Units - 3 5 - 3 2 3 - 1 - - - -
NRA Rollover - 77,560 85,371 0 57,650 52,902 45,916 0 48,138 0 0 0 0
Annual Rent Rollover $0 $379,392 $414,852 $0 $270,504 $253,930 $224,134 $0 $214,310 $0 $0 $0 $0
% of Total SF 0% 21% 23% 0% 16% 14% 12% 0% 13% 0% 0% 0% 0%
% of Total Rent 0% 22% 24% 0% 15% 14% 13% 0% 12% 0% 0% 0% 0%
 CREFC Investor Reporting Package

COMMERCIAL OPERATING STATEMENT ANALYSIS REPORT (includes Retail/Office/Industrial/Mixed Use/Self Storage)

as of 12/31/2015

PROPERTY OVERVIEW Allocated Loan Amount/Percentage

Debt Outside Trust
Property ID Paid Thru Date (1) $ %
Note A-Scheduled Loan Balance 12,077,550.94 11/1/2016 0.00 0.00
Note B-Scheduled Loan Balance 0.00
Note C-Scheduled Loan Balance 0.00
Property Name Central Valley Industrial Park
Property Type Warehouse/Industrial/Flex-space

Property Address, City, State 985 W 3160 S & 3005-3055 S 1030 W,3125- South Salt Lake UT
3145 S 1030 W
Current Net Rentable SF/Units/Pads, Beds 366,673 SF Use second box to specify sq ft, units . . .
Year Built/Year Renovated 1991 1995
Cap Ex Reserve (annually)/per Unit, etc. (2) 0.00 Month specify annual/per unit . . .
Statement Ending Date Underwriting 12/31/2014 12/31/2015
Occupancy Rate (physical) 96.00 0.00 100.00 100.00 0.00
Occupancy Date 1/1/2013 2/28/2014 1/1/2015
(1) "X" if debt is outside of the trust, otherwise leave blank .
(2) Total $ amount of Capital Reserve required annually by loan documents.

INCOME:
Number of Mos. Covered 0 12 12 0 (prcdng yr to base) (prcdng yr to 2nd prcdng)

Period Ending At Contribution 3rd Preceding 2nd Preceding Preceding Yr. TTM/YTD 2015 - 2013 2015 - 2014
Information
Statement Ending Date 12/31/2014 12/31/2015 as YYYY-U/W Variance YYYY-YYYY Variance
of
Gross Potential Rent (3) 1,489,611.00 0.00 0.00 0.00 0.00 (1.00) 0.00
Less: Vacancy Loss (155,414.00) 0.00 0.00 0.00 0.00 (1.00) 0.00
OR
Base Rent (3) 0.00 0.00 1,499,901.68 1,609,570.02 0.00 0.00 0.07
Expense Reimbursement 387,837.00 0.00 435,141.91 516,573.26 0.00 0.01 0.19
Percentage Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Parking Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Other Income 82,962.00 0.00 2,745.74 36,881.00 0.00 (0.56) 12.43

*Effective Gross Income 1,804,996.00 0.00 1,937,789.33 2,163,024.28 0.00 0.20 0.12

(3) Use either Gross Potential (with Vacancy Loss) or Base Rents; use negative $ amt for Vacancy Loss.

OPERATING EXPENSES:
Real Estate Taxes 241,472.00 0.00 248,101.53 253,955.56 0.00 0.05 0.02
Property Insurance 17,452.00 0.00 47,657.84 46,330.00 0.00 1.65 (0.03)
Utilities 52,185.00 0.00 55,917.55 35,886.25 0.00 (0.31) (0.36)
Repairs and Maintenance 54,794.00 0.00 91,017.52 106,316.18 0.00 0.94 0.17
Janitorial 0.00 0.00 630.00 611.90 0.00 0.00 (0.03)
Management Fees 54,150.00 0.00 58,133.68 64,890.73 0.00 0.20 0.12
Payroll and Benefits 9,466.00 0.00 22,118.00 11,391.50 0.00 0.20 (0.48)
Advertising and Marketing 0.00 0.00 0.00 905.50 0.00 0.00 0.00
Professional Fees 0.00 0.00 0.00 666.00 0.00 0.00 0.00
General and Administrative 10,503.00 0.00 15,546.10 25,768.72 0.00 1.45 0.66
Other Expenses 146,669.00 0.00 2,872.78 1,360.35 0.00 (0.99) (0.53)
Ground Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00
*Total Operating Expenses 586,691.00 0.00 541,995.00 548,082.69 0.00 (0.07) 0.01

Operating Expense Ratio 0.33 0.00 0.28 0.25 0.00 (0.22) (0.09)

*Net Operating Income 1,218,305.00 0.00 1,395,794.33 1,614,941.59 0.00 0.33 0.16

Leasing Commissions 0.00 0.00 45,834.00 45,834.00 0.00 0.00 0.00

Tenant Improvements 0.00 0.00 45,834.00 45,834.00 0.00 0.00 0.00
Capital Expenditures 0.00 0.00 55,000.95 55,000.95 0.00 0.00 0.00
Extraordinary Capital Expenditures 0.00
Total Capital Items 0.00 0.00 146,668.95 146,668.95 0.00 0.00 0.00

*Net Cash Flow 1,218,305.00 0.00 1,249,125.38 1,468,272.64 0.00 0.21 0.18

Debt Service - A Note 665,866.00 0.00 669,229.20 669,229.20 0.00 0.01 0.00
Debt Service - B Note 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt Service - C Note 0.00 0.00 0.00 0.00 0.00 0.00 0.00

*Net Cash Flow after Debt Service 552,439.00 0.00 579,896.18 799,043.44 0.00 0.45 0.38

*DSCR: (NOI/Debt Service) - A Note 1.83 0.00 2.09 2.41 0.00 0.32 0.16
*DSCR: (NOI/Debt Service) - A & B Note 1.83 0.00 2.09 2.41 0.00 0.32 0.16

*DSCR: (NOI/Debt Service) - A, B & C Note 1.83 0.00 2.09 2.41 0.00 0.32 0.16
*DSCR: (NCF/Debt Service) - A Note 1.83 0.00 1.87 2.19 0.00 0.20 0.18
*DSCR: (NCF/Debt Service) - A & B Note 1.83 0.00 1.87 2.19 0.00 0.20 0.18

*DSCR: (NCF/Debt Service) - A, B & C Note 1.83 0.00 1.87 2.19 0.00 0.20 0.18

Source of Financial Data Underwriting YE2014 YE2015

(i.e. operating statements, financial statements, tax return, other)

Notes and Assumptions: Years above will roll, always showing a 3yr sequential history. Comments from the most recent NOI Ajdustment Worksheet should be carried forward to Operating Statement Analysis Report.
Year-over-year variances (either higher or lower) must be explained and noted for the following: >20% DSCR change, >20% EGI/Total Operating Expenses or Total Capital Items.
Quarterly variance comments may be necessary if the loan is on the Watch List

Income:

Expense:

Capital Items:

DSCR:

* Used in the CREFC Comparative Financial Status Report/CREFC Property File/CREFC Loan Periodic Update File. Note the information for multiple property loans must be consolidated (if available) for
reporting to the CREFC Loan Periodic Update File.

© 2013 CRE Finance Council IRP Version 7.0

Released 7/1/12, Effective 10/1/13
yr to 2nd prcdng)

015 - 2014
YYYY Variance

0.00
0.00

0.07
0.19
0.00

0.00
12.43

0.12

0.02
(0.03)
(0.36)
0.17
(0.03)
0.12
(0.48)
0.00
0.00
0.66
(0.53)
0.00
0.01

(0.09)

0.16

0.00
0.00
0.00

0.00

0.18

0.00
0.00
0.00

0.38

0.16
0.16

0.16
 0.18
0.18

0.18

sis Report.

able) for

on 7.0
 Central Valley Industrial Park

Interest Rate 3.29% Underwritten Value $16,920,904.44 Property Type

Amortization 30.0 Loan Amount 12,750,000 75.35% LTV
Original UW Vacancy 7.93% Equity $4,170,904.44
Pro Forma UW Vac. 5.00%
Original Cap Rate 7.20% Current Value $22,599,168.14
Current Cap Rate 7.00% Value at Sale $24,537,967.24 7 Yr
Income Growth Rate 2.50%
Expense Growth Rate 2.50% IRR 30.82%
Sales Transaction Costs 2.00% Return Multiple 4.31
Start Date 1/1/2013
Investment Period (Years) 7.00

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Cash on Cash Return (4,170,904) 13.16% 17.35% 21.79% 21.88% 22.20% 23.15% 342.05% 0.00%

(Actual) (Actual) (Actual) (Pro Forma)>>

0 1 2 3 4 5 6 7 8
Org. Underwriting 2013 2014 2015 2016 2017 2018 2019 2020

Gross Potential Rents 1,489,611 1,489,611 0 0 1,757,122 1,801,050 1,846,077 1,892,229 1,939,534
Actual Rent 0 0 1,499,902 1,609,570 0
Other Income 470,799 470,799 435,142 516,573 516,573 529,488 542,725 556,293 570,200
Gross Potential Income 1,960,410 1,960,410 1,935,044 2,126,143 2,273,696 2,330,538 2,388,801 2,448,521 2,509,734
Vacancy (155,414) (155,414) 0 0 (87,856) (116,527) (119,440) (122,426) (125,487)
Effective Income 1,804,996 1,804,996 1,935,044 2,126,143 2,185,839 2,214,011 2,269,361 2,326,095 2,384,248
Expenses (586,691) (586,691) (541,995) (548,083) (603,898) (618,995) (634,470) (650,332) (666,590)
NOI 1,218,305 1,218,305 1,393,049 1,578,061 1,581,942 1,595,016 1,634,891 1,675,764 1,717,658

Cap Rate 7.20% 7.20% 7.20% 7.20% 7.00% 7.00% 7.00% 7.00% 7.00%
Value 16,920,904 16,920,904 19,347,897 21,917,508 22,599,168 22,785,942 23,355,590 23,939,480 24,537,967

DSCR 1.82 1.82 2.08 2.36 2.36 2.38 2.44 2.50 2.57
Capital Expenses
Debt Service (669,229) (669,229) (669,229) (669,229) (669,229) (669,229) (669,229) (669,229) (669,229)
Net Cash Flow 549,076 549,076 723,819 908,831 912,713 925,787 965,662 1,006,534 1,048,429

Cash on Cash Return 13.16% 17.35% 21.79% 21.88% 22.20% 23.15% 24.13% 25.14%

Sale Price 19,900,694 22,543,723 22,599,168 22,785,942 23,355,590 23,939,480 24,537,967 25,151,416
End of Year Loan Balance (12,496,445) (12,234,421) (11,963,646) (11,683,826) (11,394,660) (11,095,836) (10,787,031) (10,467,912)
Sales Transaction Costs (398,014) (450,874) (451,983) (455,719) (467,112) (478,790) (490,759) (503,028)
Sales Proceeds 7,006,235 9,858,427 10,183,539 10,646,397 11,493,818 12,364,854 13,260,177 14,180,476

IRR Calculation
Operational Cash Flow (4,170,904) 549,076 723,819 908,831 912,713 925,787 965,662 1,006,534 1,048,429
Capital Event 0 0 0 0 0 0 13,260,177 0
Cash Flows (4,170,904) 549,076 723,819 908,831 912,713 925,787 965,662 14,266,711 0
Industrial

Year 9 Year 10
0.00% 0.00%

9 10 11 12 13
2021 2022 2023 2024 2025

1,988,023 2,037,723 2,088,666 2,140,883 2,194,405

584,455 599,067 614,043 629,394 645,129

2,572,478 2,636,790 2,702,710 2,770,277 2,839,534
(128,624) (131,839) (135,135) (138,514) (141,977)
2,443,854 2,504,950 2,567,574 2,631,763 2,697,558
(683,255) (700,336) (717,845) (735,791) (754,185)
1,760,599 1,804,614 1,849,729 1,895,973 1,943,372

7.00% 7.00% 7.00% 7.00% 7.00%

25,151,416 25,780,202 26,424,707 27,085,325 27,762,458

2.63 2.70 2.76 2.83 2.90

(669,229) (669,229) (669,229) (669,229) (669,229)

1,091,370 1,135,385 1,180,500 1,226,744 1,274,143

26.17% 27.22% 28.30% 29.41%

25,780,202 26,424,707 27,085,325 27,762,458

(10,138,134) (9,797,341) (9,445,165) (9,081,226) (8,705,132)
(515,604) (528,494) (541,706) (555,249)
15,126,464 16,098,872 17,098,453 18,125,982

1,091,370 1,135,385 1,180,500 1,226,744

0 0 0 0
0 0 0 0 30.82% IRR
17,979,704
4.31 Return Multiple