Page 19 - Solana101_OfferingMemorandum_GSP

OFFICE PROFORMA

YEAR ENDING 8/31/2022 8/31/2023 8/31/2024 8/31/2025 8/31/2026
OPERATING YEAR UNTRENDED YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
Gross Rental Income 3,220,245 218,188 3,188,092 3,662,273 3,773,664 3,888,444
Concessions -- (545,017) (917,483) -- -- --
Parking Income -- -- -- -- -- --
Late Fees/Other Fees 16,101 1,091 15,940 18,311 18,868 19,442
NNN Reimbursements 665,414 137,364 739,348 809,072 826,424 844,156
POTENTIAL GROSS INCOME $3,901,760 ($188,374) $3,025,898 $4,489,656 $4,618,956 $4,752,043
Vacancy (390,176) -- (302,590) (448,966) (461,896) (475,204)
EFFECTIVE GROSS INCOME $3,511,584 ($188,374) $2,723,308 $4,040,691 $4,157,061 $4,276,838
TOTAL OPERATING EXPENSES (736,119) (168,494) ($754,437) ($825,584) ($843,289) ($861,384)
NET OPERATING INCOME $2,775,465 ($356,868) $1,968,871 $3,215,107 $3,313,771 $3,415,454

RETAIL PROFORMA

YEAR ENDING 8/31/2022 8/31/2023 8/31/2024 8/31/2025 8/31/2026
OPERATING YEAR UNTRENDED YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
Gross Rental Income 501,143 67,910 553,109 569,932 587,267 605,130
Percentage Rent Income 136,320 -- 34,080 136,320 136,320 136,320
Concessions -- (154,084) (51,618) -- -- --
Parking Income 26,817 3,352 26,817 26,817 26,817 26,817
Late Fees/Other Fees 5,011 679 5,531 5,699 5,873 6,051
NNN Reimbursements 143,357 31,602 159,286 169,810 173,337 176,942
POTENTIAL GROSS INCOME $812,648 ($50,541) $727,204 $908,578 $929,614 $951,260
Vacancy (40,632) -- (36,360) (45,429) (46,481) (47,563)
EFFECTIVE GROSS INCOME $772,016 ($50,541) $690,844 $863,149 $883,133 $903,697
TOTAL OPERATING EXPENSES (155,141) (43,789) (162,536) ($173,275) ($176,874) ($180,554)
NET OPERATING INCOME $616,874 ($94,330) $528,308 $689,874 $706,259 $723,144