Page 11 - Alliance Data Systems - Dallas Market Overview

Considerations

» Alliance Data is over market on the 7th and 8th floors and below market
on the 4th floor.

» Space is currently underutilized, with only 164 associates / 410 RSF per
person. Consolidating all operations onto one floor (7 or 8) would allow

for a footprint closer to industry standard of 175 RSF per person.

» With 6 years remaining on the lease and 100,000 SF currently available in
the building in a submarket with 25% vacancy, the Landlord is unlikely

to entertain any conversation about giving back space early, even with a
lease buyout being offered.

» Several competitive subleases on the market with an average market
time of 12.6 months. 38 blocks of space in the Legacy submarket of
25,000 RSF or more available.

» Future Alliance Data outlook for the Plano market given HQ relocation to
Columbus.

» Plano represents Alliance Data’s most expensive real estate within the
portfolio on a PSF basis.

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