Page 14 - Lennox International - May 2020

COMPARISON ANALYSIS COST COMPARISON ANALYSIS
Lennox

May-20

1,576,813 1,493,991 1,638,930
LL Renewal Response
1008 W 2780 S
Salt Lake City, UT Competitive Building A Competitive Building B
60 Month Option
RENTABLE SQUARE FEET 45,000 42,000 49,000
AVERAGE RENTAL RATE (NNN) $7.01 NNN $7.00 NNN $6.58 NNN
MONTHS OF FREE RENT 0 months 1 month 1 month
ESTIMATED 1ST YEAR OPEX $1.75 $1.80 $1.70
ANALYSIS PERIOD 60 Months 61 Months 61 Months
($6.60 NNN - 3% annual bumps) ($6.70 NNN - 3.0% annual bumps) ($6.30 NNN - 3.0% annual bumps)
6/1/2021 Commencement 6/1/2021 Commencement 6/1/2021 Commencement

IMPROVEMENT ALLOWANCE OFFERED As-is $3.00 $2.50

TOTAL OCCUPANCY COST OVER TERM $2,000,134 $1,907,682 $2,094,757
NPV @ 8% $1,647,148 $1,561,750 $1,714,905
AVG. COST PER ANNUM $400,027 $375,282 $412,083
AVG. COST PER ANNUM - PSF $8.89 $8.94 $8.41

AVG. COST PER ANNUM
$450,000
$400,000
$350,000
$300,000
$250,000 $400,027 $375,282 $412,083
$200,000
$150,000
$100,000
$50,000
$0
LL Renewal Response Competitive Building A Competitive Building B
1008 W 2780 S
Salt Lake City, UT
60 Month Option

NPV @ 8%
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000 $1,647,148
$1,000,000 $1,561,750 $1,714,905
$800,000
$600,000
$400,000
$200,000
$0
LL Renewal Response Competitive Building A Competitive Building B
1008 W 2780 S
Salt Lake City, UT
60 Month Option

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