GEQ Financial Package 23

ANDREWS | DICKMAN GROUP

PREPARED FOR: GEO PORTFOLIO FEBRUARY 2023 319 UNITS

YOU R P ROPERT Y O UR EX PERTISE We are excited for the possibility to work with you on the marketing and sale of this asset. As you read this package, you will find that our team has had great success in executing multifamily transactions in the Midwest markets. We have an excellent track record of selling the “story” behind each asset we market. We will ensure maximum market value by identifying a diverse buyer pool, and leveraging Marcus & Millichap’s national platform to create the most competitive environment for sale.

Nicholas Andrews

Jordan Dickman

Austin Sum

TABLE OF C ONTENTS MAR K ET UPDA T E | PA G E 4 C I NC INNATI OVERVI EW | PA G E 6 Q 4 MAR K ET | PA G E 8 P R OPER T Y S N A PS H O T | PAG E 10 F I N ANCIALS | PA G E 1 2 P R ICING | PA G E 1 8 R ED IQ | PA G E 2 0 Q &A | PAG E 2 8

M AR K E T UPDATE More than $202.6 million in invest-

Here, liquid sugar company Pennsyl-

ments are planned in Ohio, through

vania-based Sugaright LLC plans to

funding from the states Ohio Tax

create 39 new jobs and generate $2

Credit Authority (TCA). The TCA ap-

million in new annual payroll, accord-

proved 14 new projects which are

ing to local news. The companys

slated to create $99.7 million in new

new refinery in Hamilton County will

payroll and 1,663 new jobs and also

produce sucrose products for baked

retain another 3,457 jobs across the

goods and will receive a 1.066% tax

state. In the Cincinnati area, the im-

credit for seven years.

pact will be seen in Springdale, within the North Cincinnati submarket.

AS O F RECENT, As seen in many markets around the country, the Cincinnati apartment market

highs for the past six quarters. Class B led the market with an 11.0% year-over-

gave back much of the absorption gains achieved in 2021 following the COVID-19

year increase in effective asking rents, followed by a 9.2% bump in Class A rents

pandemic lockdowns. In the first two quarters of 2022, Cincinnati recorded ba-

and a 9.1% increase (a record high) in Class C units. Every submarket continued

sically no demand, followed by net move outs in 3rd quarter and 4th quarter.

to post hefty rent hikes, ranging from 7.0% in West Cincinnati to 11.9% in North

Net move-outs totaled 1,253 units in 2022, driven down by 764 net move-outs

Cincinnati. Completions in Cincinnati totaled 2,249 units in 2022, and with 176

recorded in the October to December time period. Although down from double-

units removed from stock, inventory grew 1.3%, on net.

digit growth in the previous three quarters, annual rent growth has been at record

C INC INN ATI

4T H QUA RT ER S N A PSHOT More than $202.6 million in investments are planned in Ohio, through funding from the states Ohio Tax Credit Authority (TCA). The TCA approved 14 new projects which are slated to create $99.7 million in new payroll and 1,663 new jobs and also retain another 3,457 jobs across the state. In the Cincinnati area, the impact will be seen in Springdale, within the North Cincinnati submarket.

One of Cincinnati’s largest public companies, biotech research organization Medpace, announced plans in December to expand, creating 1,500 new jobs and a payroll of $90 million over the next six years. The Cincinnati Business Courier reports the average salary of these new jobs would be $60,000 and would increase the company’s local employee base to 3,700, a 70% boost. Medpace plans to invest $150 million in a new 250,000-square-foot office building at its local headquarters in North Central Cincinnati and add a 1,000-space parking garage. Construction is scheduled to begin in 2023.

Quarterly Rent Growth- 0.4% Rent- $1,304 Rent/SF- $1.399 Occupancy- 96.2% Units Completed in last 4 quarters- 2,249 Annual Supply Growth- 1.3% Units under construction- 6,462 Projected Supply growth- 2.82% YTD 2022 Job Change- 12,800

DAY TO N Quarterly Rent Growth – 0.3% Rent- $1,077 Rent/SF- $1.182 Occupancy- 96.2% Units Completed in last 4 quarters- 412 Annual Supply Growth- 0.7% Units under construction- 886 Projected Supply growth- 1.17% YTD 2022 Job Change- 2,900

LOUISV ILLE Quarterly Rent Growth: -0.3% Rent- $1,154 Rent/SF- $1.219 Occupancy- 95.0% Units Completed in last 4 quarters- 2,157 Annual Supply Growth- 2.3% Units under construction- 1,159 Projected Supply growth- 1.12% YTD 2022 Job Change- 28,200

LEXINGTON Quarterly Rent Growth-: -1.1% Rent- $1,140 Rent/SF- $1.239 Occupancy- 95.2% Units Completed in last 4 quarters- 369 Annual Supply Growth- 0.8% Units under construction- 920 Projected Supply growth- 0.8% YTD 2022 Job Change- 6,200

C INC IN N ATI OVERV IEW

ECONOMY 1| Prior to the pandemic, Cincinnati’s real gross metropolitan product grew at an average annual rate of 1.9% from 2015 to 2019. During that same fiveyear period, job growth averaged 1.4% annually, with roughly 15,500 jobs added on average each year. In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 9.4% year-over-year in 2nd quarter. 2| In 2022, the metros inflation-adjusted economic output contracted 0.4%. At the same time, the metro recorded a net gain of 12,800 jobs, expanding the employment base 1.2%.

CAPITAL MARKETS

UNITS COMPLETIONS BY QUARTER Historic & Projected

1| Transaction dollar volumes in Cincinnati totaled roughly $520.8 million in 2022, down about 22% year-over-year. 2| Meanwhile, the number of transac-

2,500

tions decreased about 40% over the past year, with 31 apartment properties

2,000

trading hands. 3| Transactions in 2022 yielded an average cap rate of 5.39%, down 34 basis points year-over year. By comparison, cap rates averaged

1,500

5.05% in the Midwest region and 4.54% nationally. 4| Meanwhile, the average price per unit in Cincinnati came in at roughly $170,200, up 66.0% annually.

1,000

RENT

500 0

21’ Q4

22’ Q1

22’ Q2

22’ Q3

COMPLETED

22’ Q4

23’ Q1

23’ Q2

23’ Q3

23’ Q4

UNDER CONSTRUCTION

1| Over the past five years, annual change in effective asking rents in Cincinnati ranged from 1.7% to 11.9%. 2| In 4th quarter 2022, effective asking rents for new leases were up 9.9% year-over- year. That annual rent performance was above the market’s five-year average of 5.0%. 3| Looking at product classes in Cincinnati, in 4th quarter 2022 annual effective rent change registered at 9.2% in Class A units, 11.0% in Class B units and 9.1% in Class C units. 4| Among submarkets, the strongest annual rent change performances over the past year were in North Cincinnati and Butler County. In the coming year, samestore effective asking rent change in Cincinnati is expected to slow from the current level.

RENT GROWTH Sector

Quarterly

Yearly

North Cincinnati

3.1%

11.9%

Butler County

-0.4%

11.8%

Southeast Cincinnati

0.6%

11.1%

Northeast / Warren County

0.3%

10.1%

Boone County / Erlanger

1.6%

10.0%

Campbell / Kenton Counties

0.1%

9.1%

Central Cincinnati

-0.5%

8.2%

North Central Cincinnati

-2.2%

7.4%

West Cincinnati

1.9%

7.0%

20%

CINCINNATI VS NATIONAL RENT GROWTH Year-over-Year

15% 10% 5% 0%

MAR 22’

APR 22’

Q1 2022 MARKET SNAPSHOT

MAY 22’

JUN 22’

JUL 22’

AUG 22’

CINCINNATI Pre-1970s

1970s

1980s

1990s

2000+

Occupancy

95.5%

96.5%

96.3%

95.6%

96.4%

Y-O-Y Rent Growth

12.7%

12.5%

11.0%

8.5%

7.8%

Average Rent Per Unit

$1,041

$1,093

$1,231

$1,306

$1,656

SEP 22’

OCT 22’

NOV 22’

NATIONAL

EMPLOYMENT Unemployment Rate

3.0%

Jobs Added YTD

12,800

CINCINNATI RENT GROWTH BY ASSET CLASS Year-over-Year

Availability

Market

Nationally

Vacancy Rate

2.2%

5.2%

Vacant Units

5.9K

952K

Market Effective Rent/Unit

$1,215

$1,640

Concession Rate

0.4%

0.6%

Studio Asking Rent

$892

$1,491

1 Bedroom Asking Rent

$967

$1,482

2 Bedroom Asking Rent

$1,199

$1,715

3 Bedroom Asking Rent

$1,502

$2,092

12% 8% 4% 0%

MAR 22’

APR 22’

MAY 22’

LIFESTYLE

JUN 22’

JUL 22’

AUG 22’

SEP 22’

OCT 22’

NOV 22’

RENTERS BY NECESSITY

Q4 MARKET DEMAND 1| Over the past five years, annual absorption in Cincinnati has ranged from net move-outs from 1,253 units to demand for 4,544 units, averaging 2,182 units annually during that time. 2| In 2022, the market recorded net move-outs from 1,253 units, trailing concurrent supply volumes.

SUPPLY 1| New apartment completions in Cincinnati were modest recently, as 2,249 units delivered in 2022. That annual completion volume was a six-year high.

With 176 units removed from existing stock over the past year, the local inventory base grew 1.3%. 2| In the past year, supply was greatest in Central Cincinnati and Campbell/Kenton Counties. 3| New supply was concentrated in Central

Highest Overall Performing Submarket Submarkets

Rent

Occupancy

YOY

Dearborn County

$1,112

96.0%

22.7%

Fairfield

$1,272

94.9%

14.0%

Summerside

$1,191

97.5%

13.2%

Florence – east/Erlanger

$1,065

96.9%

13.2%

Dent/Harrison

$997

97.8%

12.7%

LOWEST OVERALL PERFORMING SUBMARKETS Submarkets

Rent

Occupancy

YOY

Cincinnati – English Woods/Price Hill

$828

93.7%

4.5%

Cincinnati – Mt. Auburn/Corryville

$1,905

94.4%

4.4%

Oxford

$1,623

-

3.3%

Cincinnati – Avondale

$1,431

96.4%

1.5%

Taylor Mill/Independence

$1,186

97.5%

0.3%

Cincinnati, Campbell/Kenton Counties and Northeast Cincinnati/Warren County, which received 66% of the markets total completions. 4| At the end of 2022,

TOTAL FUTURE INVENTORY GROWTH

there were 6,462 units under construction with 4,669 of those units scheduled

Submarket

Change

to complete in the next four quarters. Scheduled deliveries in the coming year

Central Cincinnati

8.5%

are expected to be concentrated in North Central Cincinnati and Butler County.

Boone County/Erlanger

7.1%

2,249

Butler County

5.9%

Southeast Cincinnati

4.6%

units completed in past 12 months

Campbell/Kenton Counties

3.7%

6,462

UNITS UNDER CONSTRUCTION

units currently in progress

Sector

Units

Central Cincinnati

1,211

Butler County

1,177

North Central Cincinnati

902

Boone County/Erlanger

776

Southeast Cincinnati

775

D EV ELOPMENT PIPLINE M A P - C IN C IN N AT I

UNDER CONSTRUCTION PLANNED

P RO PE T Y SN AP SHOT PROPERTY NAME:

1 COLLEGE CREST

2 BROOKWOOD APTS

3 VERNON COURT

4 READING ROAD

5 WESTWOOD APTS

Property Address:

1451 Hill Crest Rd

2227 Westwood

1506 North Bend Rd

7875 Reading Rd

2217 Harrison Ave

Northern Blvd City, State, Zip:

Cincinnati, Ohio

Cincinnati, Ohio

Cincinnati, OH 45224

Cincinnati, OH 45237

Cincinnati, OH 45211

Mt. Airy/College Hill

English Woods

College Hill

Reading

Westwood

Hamilton County

Hamilton County

Hamilton County

Hamilton County

Hamilton County

Year Built/Reno:

1957

1958

1971

1954/2016

1971

Property Type:

Market

Market

Market

Market

Market

Number Of Units:

103

96

45

23

48

Avg Unit Size:

667

630

533

961

775

Rentable Sqft:

75,900

51,040

24,000

22,106

79,000

Number of Parcels:

7

3

2

1

5

Lot Size (Acres):

6.09

4.31

0.75 acres

0.91

1.40 acres

Occupancy:

95%

97%

95%

95%

92%

# of Buildings:

6

6

2

2

3

Electric:

Resident Paid

Resident Paid

Property Paid

Resident Paid

Property paid

Gas:

Property Paid

Property Paid

Property Paid

Resident Paid

Property paid

Water/Sewer:

Property Paid

Property Paid

Property Paid

Resident Paid

Property paid

Trash:

Property Paid

Property Paid

Property Paid

Resident Paid

Property paid

Cable/Internet:

Resident Paid

Resident Paid

Property Paid

Resident Paid

Property paid

Foundation:

Slab Concrete

Slab Concrete

Slab concrete

Slab concrete

Concrete slab

Framing:

Wood Frame

N/A

Wood frame

Wood frame

Wood frame

Roof Type/Age:

Flat - Rubberized

Pitched (Composition Shingle)

Flat - Rubberized

Pitched Shingles

Flat

Exterior:

Brick

Brick

Brick

Brick

Brick

Submarket: County:

P R OPERT Y LOCATION S

3 1

2 5

4

GEQ - FINANCIALS

U N IT MI X SUM M ARY AV E R A G E E F F E C T I V E UNIT TYPE

MARKET

NO. OF UNITS

T E N TA B L E S F

T O TA L S F

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

67 Units 129 Units 113 Units 10 Units 319 Units

342 SF 700 SF 850 SF 1,060 SF 689 SF

22,890 SF 90,300 SF 96,050 SF 10,600 SF 219,840 SF

$545.43 $693.92 $829.86 $1,246.70 $728.22

$1.60 $0.99 $0.98 $1.18 $1.06 SF

$36,544 $89,516 $93,775 $12,467 $232,302

RENT/UNIT

$551.49 $719.38 $873.89 $1,255.80 $755.67

P RO J E CT E D

RENT/SF

TOTA L R E N T P OT E N T I A L

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

$1.61 SF $1.03 SF $1.03 SF $1.18 SF $1.10 SF

$36,950 $92,800 $98,750 $12,558 $241,058

$650.00 $858.41 $959.60 $1,305.00 $864.48

$1.90 SF $1.23 SF $1.13 SF $1.23 SF $1.25 SF

$43,550 $110,735 $108,435 $13,050 $275,770

SUMMARY

Studio One Bedroom Two Bedroom Three & Four Bedroom Totals / Wtd. Averages

U N I T D I S T R I BUTION

U N I T RENTS

3% 21% 41%

35%

STUDIO STUDIO

ONE BEDROOM

TWO BEDROOM

THREE & FOUR BEDROOM

AVG. EFFECTIVE

1 BED

2 BED

3 BED 4 BED

PRO FORMA PROJECTION

GEQ - FINANCIALS

UN IT MI X BREAKDOWN AV E R A G E E F F E C T I V E

MARKET

P RO J E CT E D

UNIT TYPE

N O . O F U N I TS

T E N TA B L E S F

T O TA L S F

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

STUDIO 0BR/1BA - Brookwood 0BR/1BA - College Crest

66 Units 1 Units

340 SF 450 SF

22,440 SF 450 SF

$543.85 $650.00

$1.60 SF $1.44 SF

$35,894 $650

$550.00 $650.00

$1.62 SF $1.44 SF

$36,300 $650

$650.00 $650.00

$1.91 SF $1.44 SF

$42,900 $650

Totals / Wtd. Averages

67 Units

342 SF

22,890 SF

$545.43

$1.60 SF

$36,544

$551.49

$1.61 SF

$36,950

$650.00

$1.90 SF

$43,550

ONE BEDROOM 1BR/1BA - Brookwood 1BR/1BA - College Crest 1BR/1BA - Reading 1BR/1BA - Vernon 1BR/1BA - Westwood

2 Units 75 Units 1 Units 39 Units 12 Units

700 SF 700 SF 700 SF 700 SF 700 SF

1,400 SF 52,500 SF 700 SF 27,300 SF 8,400 SF

$712.50 $709.51 $825.00 $666.22 $672.50

$1.02 SF $1.01 SF $1.18 SF $0.95 SF $0.96 SF

$1,425 $53,213 $825 $25,983 $8,070

$800.00 $725.00 $825.00 $700.00 $725.00

$1.14 SF $1.04 SF $1.18 SF $1.00 SF $1.04 SF

$1,600 $54,375 $825 $27,300 $8,700

$835.00 $865.00 $825.00 $855.00 $835.00

$1.19 SF $1.24 SF $1.18 SF $1.22 SF $1.19 SF

$1,670 $64,875 $825 $33,345 $10,020

Totals / Wtd. Averages

129 Units

700 SF

90,300 SF

$693.92

$0.99 SF

$89,516

$719.38

$1.03 SF

$92,800

$858.41

$1.23 SF

$110,735

TWO BEDROOM 2BR/1BA - Brookwood 2BR/1BA - College Crest 2BR/1BA - Reading 2BR/1BA - Vernon 2BR/1BA - Westwood

32 Units 27 Units 12 Units 6 Units 36 Units

850 SF 850 SF 850 SF 850 SF 850 SF

27,200 SF 22,950 SF 10,200 SF 5,100 SF 30,600 SF

$822.65 $839.00 $802.27 $883.33 $829.71

$0.97 SF $0.99 SF $0.94 SF $1.04 SF $0.98 SF

$26,325 $22,653 $9,627 $5,300 $29,870

$850.00 $950.00 $825.00 $900.00 $850.00

$1.00 SF $1.12 SF $0.97 SF $1.06 SF $1.00 SF

$27,200 $25,650 $9,900 $5,400 $30,600

$945.00 $995.00 $945.00 $995.00 $945.00

$1.11 SF $1.17 SF $1.11 SF $1.17 SF $1.11 SF

$30,240 $26,865 $11,340 $5,970 $34,020

Totals / Wtd. Averages

113 Units

850 SF

96,050 SF

$829.86

$0.98 SF

$93,775

$873.89

$1.03 SF

$98,750

$959.60

$1.13 SF

$108,435

THREE & FOUR BEDROOM 3BR/1BA - Reading 4BR/1BA - Reading

9 Units 1 Units

1,050 SF 1,150 SF

9,450 SF 1,150 SF

$1,239.89 $1,308.00

$1.18 SF $1.14 SF

$11,159 $1,308

$1,250.00 $1,308.00

$1.19 SF $1.14 SF

$11,250 $1,308

$1,300.00 $1,350.00

$1.24 SF $1.17 SF

$11,700 $1,350

Totals / Wtd. Averages

10 Units

1,060 SF

10,600 SF

$1,246.70

$1.18 SF

$12,467

$1,255.80

$1.18 SF

$12,558

$1,305.00

$1.23 SF

$13,050

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

INCOME EXPENSE

GEQ - FINANCIALS

INC O M E & EXPENS ES

CURRENT GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT

$2,892,696 RR ($99,048) $2,793,648 RR

OTHER INCOME Bonus Income Late/NSF Income Laundry Income Total Other Income GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$37,351 $23,182 $2,900 $63,433 $2,857,081 ($248,663) $0 $2,608,418

NON-CONTROLLABLE Real Estate Taxes 2020 Taxes Paid Total Real Estate Taxes Insurance Utilities Gas & Electric Water & Sewage Trash Removal Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Snow Removal Landscaping/Grounds Pest Control Total Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME

YEAR 1 % of GPR 3.42%

Per Unit 9,068 (310) 8,758

$3,309,240 ($66,185) $3,243,055

% of GPR

$38,472 $23,877 $2,987 $65,336 $3,308,391 ($162,153) ($16,215) $3,130,023

5.00% 0.50% 92.50%

121 75 9 205 10,371 (508) (51) 9,812

2.00%

T12 T12 T12

1.34% 0.83% 0.10% 2.27%

T12 Economic

8.90% 0.00% 87.67%

117 73 9 199 8,956 (780) 0 8,177

$270,123 Auditor $270,123 $81,063

% of EGI 10.36% 10.36% 3.11%

Per Unit 847 847 254

$270,123 $270,123 $95,700

% of EGI 8.63% 8.63% 3.06%

Per Unit 847 847 300

$145,008 $190,086 $33,263 $368,357 $719,542

5.56% 7.29% 1.28% 14.12% 27.59%

455 596 104 1,155 2,256

$147,909 $193,887 $33,928 $375,724 $741,546

4.73% 6.19% 1.08% 12.00% 23.69%

464 608 106 1,178 2,325

0.00% 3.45% 1.81% 5.26% 8.01% 0.00% 17.35% 0.00% 1.16% 9.20% 3.12% 44.11% 71.69% 28.31%

0 282 148 430 655 0 1,419 0 95 752 255 3,607 5,862 2,314

$11,165 $79,750 $11,165 $102,080 $199,375 $15,950 $382,800 $31,900 $31,900 $187,801 $82,972 $1,034,778 $1,776,325 $1,353,698

0.36% 2.55% 0.36% 3.26% 6.37% 0.51% 12.23% 1.02% 1.02% 6.00% 2.65% 33.06% 56.75% 43.25%

35 250 35 320 625 50 1,200 100 100 589 260 3,244 5,568 4,244

$0 $89,980 $47,318 $137,298 $208,908 $120 $452,618 $0 $30,236 $240,025 $81,345 Note 1 $1,150,550 $1,870,093 $738,325

1.19% 0.74% 0.09% 2.01%

Per Unit 10,374 (207) 10,166

YEAR 2 $3,408,517 ($68,170) $3,340,347

YEAR 3

% of GPR 2.00%

1.19% 0.74% 0.09% 2.01%

Per Unit 10,685 (214) 10,471

$3,510,773 ($70,215) $3,440,557

% of GPR

$40,815 $25,331 $3,169 $69,315 $3,509,872 ($172,028) ($17,203) $3,320,641

5.00% 0.50% 92.50%

128 79 10 217 11,003 (539) (54) 10,410

2.00%

1.19% 0.74% 0.09% 2.01%

Per Unit 11,006 (220) 10,785

$39,626 $24,593 $3,077 $67,296 $3,407,643 ($167,017) ($16,702) $3,223,924

5.00% 0.50% 92.50%

124 77 10 211 10,682 (524) (52) 10,106

$270,123 $270,123 $97,614

% of EGI 8.38% 8.38% 3.03%

Per Unit 847 847 306

$270,123 $270,123 $99,566

% of EGI 8.38% 8.38% 3.09%

Per Unit 847 847 312

$150,867 $197,765 $34,606 $383,238 $750,975

4.68% 6.13% 1.07% 11.89% 23.29%

473 620 108 1,201 2,354

$153,884 $201,721 $35,298 $390,903 $760,592

4.77% 6.26% 1.09% 12.13% 23.59%

482 632 111 1,225 2,384

$11,388 $81,345 $11,388 $104,122 $203,363 $16,269 $390,456 $32,538 $32,538 $193,435 $84,631 $1,057,352 $1,808,327 $1,415,597

0.35% 2.52% 0.35% 3.23% 6.31% 0.50% 12.11% 1.01% 1.01% 6.00% 2.63% 32.80% 56.09% 43.91%

36 255 36 326 638 51 1,224 102 102 606 265 3,315 5,669 4,438

$11,616 $82,972 $11,616 $106,204 $207,430 $16,594 $398,265 $33,189 $33,189 $199,238 $86,324 $1,080,433 $1,841,025 $1,479,616

0.36% 2.57% 0.36% 3.29% 6.43% 0.51% 12.35% 1.03% 1.03% 6.00% 2.68% 33.33% 57.11% 45.89%

36 260 36 333 650 52 1,248 104 104 606 271 3,369 5,771 4,638

INCOME EXPENSE

GEQ - FINANCIALS

C A SH F LOW

CURRENT

YR 1 YE FEB-2024

YR 2 YE JAN-2025

YR 3 YE JAN-2026

YR 4 YE JAN-2027

YR 5 YE JAN-2028

YR 6 YE JAN-2029

YR 7 YE JAN-2030

YR 8 YE JAN-2031

YR 9 YE JAN-2032

YR 10 YE JAN-2033

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT Total Other Income

$2,892,696 ($99,048) $2,793,648 $63,433

$3,309,240 ($66,185) $3,243,055 $65,336

$3,408,517 ($68,170) $3,340,347 $67,296

$3,510,773 ($70,215) $3,440,557 $69,315

$3,616,096 ($72,322) $3,543,774 $70,701

$3,724,579 ($74,492) $3,650,087 $72,115

$3,836,316 ($76,726) $3,759,590 $73,557

$3,951,406 ($79,028) $3,872,378 $75,029

$4,069,948 ($81,399) $3,988,549 $76,529

$4,192,046 ($83,841) $4,108,205 $78,060

$4,317,808 ($86,356) $4,231,451 $79,621

GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$2,857,081 ($248,663) $0 $2,608,418

$3,308,391 ($162,153) ($16,215) $3,130,023

$3,407,643 ($167,017) ($16,702) $3,223,924

$3,509,872 ($172,028) ($17,203) $3,320,641

$3,614,475 ($177,189) ($17,719) $3,419,568

$3,722,202 ($182,504) ($18,250) $3,521,448

$3,833,147 ($187,979) ($18,798) $3,626,370

$3,947,406 ($193,619) ($19,362) $3,734,425

$4,065,078 ($199,427) ($19,943) $3,845,708

$4,186,265 ($205,410) ($20,541) $3,960,314

$4,311,072 ($211,573) ($21,157) $4,078,343

Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves TOTAL EXPENSES

$270,123 $81,063 $368,357 $137,298 $208,908 $120 $452,618 $0 $30,236 $240,025 $81,345 $1,870,093

$270,123 $95,700 $375,724 $102,080 $199,375 $15,950 $382,800 $31,900 $31,900 $187,801 $82,972 $1,776,325

$270,123 $97,614 $383,238 $104,122 $203,363 $16,269 $390,456 $32,538 $32,538 $193,435 $84,631 $1,808,327

$270,123 $99,566 $390,903 $106,204 $207,430 $16,594 $398,265 $33,189 $33,189 $199,238 $86,324 $1,841,025

$275,525 $101,558 $398,721 $108,328 $211,578 $16,926 $406,230 $33,853 $33,853 $205,174 $88,050 $1,879,797

$281,036 $103,589 $406,696 $110,495 $215,810 $17,265 $414,355 $34,530 $34,530 $211,287 $89,811 $1,919,402

$286,656 $105,661 $414,829 $112,705 $220,126 $17,610 $422,642 $35,220 $35,220 $217,582 $91,608 $1,959,859

$292,389 $107,774 $423,126 $114,959 $224,529 $17,962 $431,095 $35,925 $35,925 $224,066 $93,440 $2,001,188

$298,237 $109,929 $431,589 $117,258 $229,019 $18,322 $439,717 $36,643 $36,643 $230,742 $95,309 $2,043,408

$304,202 $112,128 $440,220 $119,603 $233,600 $18,688 $448,511 $37,376 $37,376 $237,619 $97,215 $2,086,537

$310,286 $114,370 $449,025 $121,995 $238,272 $19,062 $457,481 $38,123 $38,123 $244,701 $99,159 $2,130,597

NET OPERATING INCOME

$738,325

$1,353,698

$1,415,597

$1,479,616

$1,539,771

$1,602,046

$1,666,510

$1,733,237

$1,802,300

$1,873,776

$1,947,745

DEBT SERVICE - Proposed New Principal Payments Interest Payments TOTAL DS - Proposed New Loan

$150,427 $730,884 $881,310

$150,427 $730,884 $881,310

$159,705 $721,606 $881,310

$169,555 $711,756 $881,310

$180,012 $701,298 $881,310

$191,115 $690,195 $881,310

$202,903 $678,408 $881,310

$215,417 $665,893 $881,310

$228,704 $652,607 $881,310

$242,810 $638,501 $881,310

$257,786 $623,525 $881,310

DEBT SERVICE - Loan 2 Principal Payments Interest Payments TOTAL DS - Loan 2 CONSOLIDATED DEBT SERVICE

$5,894 $28,640 $34,534 $915,845

$5,894 $28,640 $34,534 $915,845

$6,258 $28,276 $34,534 $915,845

$6,644 $27,890 $34,534 $915,845

$7,054 $27,480 $34,534 $915,845

$7,489 $27,045 $34,534 $915,845

$7,951 $26,583 $34,534 $915,845

$8,441 $26,093 $34,534 $915,845

$8,962 $25,572 $34,534 $915,845

$9,514 $25,020 $34,534 $915,845

$10,101 $24,433 $34,534 $915,845

NET CASH FLOW AFTER DEBT

($177,519)

$437,854

$499,752

$563,772

$623,926

$686,201

$750,666

$817,392

$886,456

$957,932

$1,031,901

TRAILING 3.62% 3.48% -2.09% n/a

YR 1 6.63% 6.38% 5.16% 121.37%

YR 2 6.93% 6.67% 5.89% 55.20%

YR 3 7.25% 6.97% 6.64% 39.31%

YR 4 7.54% 7.26% 7.35% 30.60%

YR 5 7.85% 7.55% 8.09% 25.72%

YR 6 8.16% 7.85% 8.85% 22.62%

YR 7 8.49% 8.17% 9.63% 20.49%

YR 8 8.83% 8.50% 10.45% 18.96%

YR 9 9.18% 8.83% 11.29% 17.82%

YR 10 9.54% 9.18% 12.16% 16.93%

DEBT SERVICE COVERAGE RATIO RETURN ANALYSIS CAP Rate (Purchase Price) 'All-In' CAP Rate (Total Cost) Cash-on-Cash Return IRR

0.81

1.48

1.55

1.62

1.68

1.75

1.82

1.89

1.97

2.05

2.13

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

14.40% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

Income Gross Potential Rent (Loss) / Gain to Lease* Other Income Expenses Expenses Management Fee**

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS Physical Vacancy Non-Revenue Units Bad Debt Concessions Allowance Total Economic Loss

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

5.00% 0.00% 0.50% 0.00% 5.50%

5.00% 0.00% 0.50% 0.00% 5.50%

5.00% 0.00% 0.50% 0.00% 5.50%

5.00% 0.00% 0.50% 0.00% 5.50%

5.00% 0.00% 0.50% 0.00% 5.50%

5.00% 0.00% 0.50% 0.00% 5.50%

5.00% 0.00% 0.50% 0.00% 5.50%

5.00% 0.00% 0.50% 0.00% 5.50%

5.00% 0.00% 0.50% 0.00% 5.50%

5.00% 0.00% 0.50% 0.00% 5.50%

*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income

GEQ - FINANCIALS

P R IC IN G P U RC H A S E P R I C E

Target Purchase Price Per Unit Per RSF

A N A LY S I S A S S U M P T I O N S

$20,416,000 $64,000 $92.87

ACQUISITION / ADDITIONAL COSTS

Projected Capital Expenditures Renovation Cost Closing Costs Transfer Tax Total Loan Fees

$800,000 $0 $0 $0 $0

Total Acquisition Costs

$800,000

P U RC H A S E P R I C E

Total Cost Per Unit Per RSF

$21,216,000 $66,508 $96.51

R E N T S U M M A RY ( M O N T H LY )

Analysis Period

10.00 Years

Analysis Start Date

Feb-2023

Terminal Cap Rate Cost of Sale

4.12% 6.00%

AC Q U I S I T I O N F I N A N C I N G S U M M A RY

Loan Amount

$12,729,600

Loan to Value (LTV)

62.35%

Loan to Cost (LTC)

60.00%

Existing or Proposed Loan

Proposed

Origination Date

Feb-2023

Interest Rate

6.00%

Years Interest Only

0.00

Equity Required

$8,486,400

Equity to Value Equity to Cost

41.57% 40.00%

Avg. Effective Rent Avg. Current Market Rent Avg. Projected Rent

$728 $756 $864

T O TA L E X P E N S E S S U M M A RY ( P E R U N I T )

Trailing Year 1 Year 2

$5,862 $6,068 $6,168

N O I S U M M A RY

Trailing Year 1 Year 2

$738,325 $1,194,294 $1,256,192

E C O N O M I C L O S S S U M M A RY

Trailing Year 1 10-Year Projected Avg.

8.90% 5.50% 5.50%

GEQ - FINANCIALS

P R IC IN G A L L- I N C A P R AT E PRICE

PER UNIT

P E R RS F

$21,436,800

$67,200

$97.51

$21,096,533 $20,756,267

$66,133 $65,067

$95.96 $94.42

$20,416,000

$64,000

$92.87

$20,075,733 $19,735,467 $19,395,200

$62,933 $61,867 $60,800

$91.32 $89.77 $88.22

CAS H - O N - CAS H R E T U R N S

YEAR 1

YEAR 2

TRAILING

YEAR 1

3.44%

5.37%

5.65%

-2.00%

3.50% 3.56%

5.45% 5.54%

5.74% 5.83%

-2.03% -2.06%

3.62%

5.63%

5.92%

-2.09%

3.68% 3.74% 3.81%

5.72% 5.82% 5.91%

6.02% 6.12% 6.22%

-2.13% -2.16% -2.20%

3.13% 3.18% 3.23% 3.28% 3.33% 3.39% 3.45%

Y E A R 3 ( F U L LY A M O R TIZING)

YEAR 2

3.83%

4.55%

3.89% 3.95%

4.69%

4.01%

4.76%

4.08% 4.14% 4.21%

4.84%

4.62%

4.92% 5.01%

Marketing the asset without a specific price allows us to customize our sales approach to each investor’s specific rehab costs, cost of debt and minimum return requirements.

Thus facilitating a competitive bidding environment and ultimately maximizing the value of the Property.

SUGGESTED LIST PRICE: MARKET BID

Cash on Cash Return Internal Rate of Return (IRR) CAP Rate (Purchase Price) CAP Rate ("All-In") Gross Revenue Multiplier (GRM)

TRAILING

TRAILING

YR 1

YR2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

-2.09% n/a 3.62% 3.48% 7.31

3.28% 76.60% 5.85% 5.63% 6.30

4.01% 39.48% 6.15% 5.92% 6.11

4.76% 30.07% 6.47% 6.22%

5.44% 23.99% 6.75% 6.49%

6.13% 20.55% 7.03% 6.77%

6.85% 18.35% 7.33% 7.06%

7.60% 16.85% 7.64% 7.36%

8.37% 15.77% 7.97% 7.67%

9.17% 14.96% 8.30% 7.99%

10.00% 14.34% 8.64% 8.32%

GEQ - FINANCIALS

RED IQ AVG MAR KET RE NT AT TIME O F A N A LYSI S

AVG E F F R EN T AT T IM E O F AN ALYS IS

E FFECTI VE INC OME AT TIM E O F A N A LYSI S

INCO ME AN A LYSIS MARCH 22’ OCTOBER 22’ FEBRUARY 23’

T RAI LI N G NOI PER UNIT

TRA I L I N G E XPEN S E S AT T IM E O F AN ALS IS

E C ONOMI C VACA NCY AT TIM E O F A N A LYSI S

EXP E NSE AN ALYSIS MARCH 22’ OCTOBER 22’ FEBRUARY 23’

GEQ - FINANCIALS

RED IQ D SCR AT T IME OF A NA LYSIS

LT V AT T IM E O F AN ALYS IS

I NTER ST RATE S | 10 YEA R TRE ASURY AT TI M E O F A N A LYSIS

LOAN AN A LYSIS MARCH 22’ OCTOBER 22’ FEBRUARY 23’

A D G IQ

Unit Type

Earlier

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23 Aug-23 Later

Studio

0

4

0

1

1

2

2

4

3

3

4

2

2

0

1 Bed

0

2

2

3

2

5

2

6

2

0

4

3

2

0

2 Bed

0

1

2

3

1

4

0

3

4

3

3

1

3

0

3 Bed

0

0

0

0

0

0

0

0

0

2

1

0

0

0

4+ Bed

0

0

1

0

0

0

0

0

0

0

0

0

0

0

* INFO UN AVAIL ABLE WITH GIVEN RENT ROLL - ABOVE INFORM ATION IS FROM OCTOBER 22’ RENT ROLL

Earlier

22-Sep

22-Oct

22-Nov

22-Dec

23-Jan

23-Feb

23-Mar

23-Apr

23-May

23-Jun

23-Jul

LossToLease

$1,551

$1,446

$1,363

$1,108

$983

$510

$480

$190

$110

$75

$-

$-

GainToLease

$25

$25

$25

$25

$25

$25

$25

$25

$25

$25

$25

$25

NetLossToLease

$1,526

$1,421

$1,338

$1,083

$958

$485

$455

$165

$85

$50

$(25)

$(25)

* INFO UN AVAIL ABLE WITH GIVEN RENT ROLL - ABOVE INFORM ATION IS FROM OCTOBER 22’ RENT ROLL

A D G IQ Unit Type

In-Place

Market

Studio

$545.56

$551.49

1 Bed

$687.94

$719.38

2 Bed

$830.02

$873.89

3 Bed

$1,238.89

$1,250.00

4+ Bed

$1,308.00

$1,308.00

Unit Type

Occupied

Vacant

Studio

19%

2%

1 Bed

39%

2%

2 Bed

34%

2%

3 Bed

3%

0%

4+ Bed

0%

0%

Base Rental Revenue

Oct-21

Nov-21

Dec-21

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

$208,577

$193,286

$198,860

$206,613

$201,309

$210,136

$201,120

$208,235

$205,031

$212,988

$226,615

$218,543

Q U ES T IO N / ANSWER S / REC A P • Is there a contract falling into the ‘Office Supplies & Software’ gl account? That account has the same charge every month. o Brookwood, College Crest, Reading, Vernon, and Westwood all have consistent charges through the 12 months. Is this your Property software? o Yes. Property and Accounting Software.

• What is the ‘Lender Repair Reimbursement’ gl account? o Brookwood had a 1 time negative expense of almost $14k in Sep21 o This is not an operational line item. Money is withheld by lender and disbursed once repairs and turns are done. The negative means the lender has paid out. Please ignore this line in when assessing operational P&L. • What is the gl account ‘Unapplied Cash Bi o It is how accounting software accounts for pre-payment of certain bills. Again, this is not an operational expense. These are typically utilities bills that are pre-paid/ reimbursed. Ignore this line item to avoid double counting as these are going to picked up in the actual utilities lines.

• Roof repair on Vernon was over $12k for the LTM, any CAPEX in there? o Bulk of expenses were last summer o Almost all of it CAPEX Payroll: Reason for labor being high at Brookwood?

They had high labor expenses for the last 7 months. o Lots of units being turned over so we can change over tenants and leases to higher market rents. This is a good thing. They should be one-time and will be much lower once stabilized.

• Pest control: Higher expenses for LTMs at Brookwood and College Crest. Reason for higher expenses?

o Turnover related. Should be lower and comparable to other properties as it stabilizes.

• What is bonus income?

All properties but College Crest had income through the LTMs • Additional income from Cincinnati Housing Authority given as incentives to landlords to accept Section 8 tenants.

• Difference between “insurance escrow” and “insurance”? Seems like insurance escrow is the actual insurance expense. o Brookwood, Reading, Vernon had small dollars in the ‘Insurance’ gl code o “Insurance escrow” is the actual insurance expense. It is escrowed and then paid out at the end of the year. Use this as the expense. “Insurance” number is small and one-time additional expenses, not related to on-going operations.

NOTA BLE M ARKE T SO LD C OMP S Y T D OCTO B ER 2022 Property Asset Class

Property Name

City

State

Units

Date

Buyer

Seller

Sale Date

Total Sale Price (MM)

Sale Price Per Unit

Fully Affordable

Harbour Cove

Cincinnati

OH

66

1905

Sundance Property Management

PRE/3

01/05/2022

$6.53

$98,989.89

Workforce - Upper

Beacon Tower

Cincinnati

OH

58

1966

Vorhand, Hermann

Cincinnati Properties

01/24/2022

$4.90

$84,482.76

Workforce - Upper

Williamtown

Cincinnati

OH

84

1971

REM Capital

Z-Ingenuity

02/17/2022

$4.34

$59,514.00

Workforce - Upper

Eagle Watch

Cincinnati

OH

96

1968

REM Capital

Z-Ingenuity

02/17/2022

$6.26

$65,237.00

Workforce - Upper

Heirloom Of Cincinnati

Cincinnati

OH

161

1949

REM Capital

Z-Ingenuity

02/18/2022

$13.84

$85,983.00

Workforce - Upper

Wyoming

Cincinnati

OH

96

1967

REM Capital

Z-Ingenuity

02/19/2022

$6.22

$64,799.00

Workforce - Upper

Meadowood

Forest Park

OH

106

1985

SNS Capital Group

Blue Tides Partners

03/28/2022

$5.87

$55,357.55

Workforce - Upper

Woodside

Cincinnati

OH

60

1972

SNS Capital Group

Blue Tides Partners

03/28/2022

$4.33

$72,100.00

Low Mid-Range

Apple Valley

Independence

KY

108

1990

PLK Communities

Noll, David J.

03/30/2022

$17.45

$161,574.07

Workforce - Upper

Riverchase

Newport

KY

204

1975

Fairway America

Ray Brown Properties

06/01/2022

$22.60

$111,078.43

Upper Mid-Range

John R. Green Lofts

Covington

KY

178

2022

Stoneweg US

RealtyLink

06/10/2022

$62.00

$348,314.61

Workforce - Lower

Willow Glen

Erlanger

KY

69

1967

Detzel, Jeffrey A.

Axiom Residential

06/10/2022

$5.00

$72,463.77

Workforce - Upper

Meadow View Apartments & Townhomes

Springboro

OH

180

1994

Zidan Management Group

Eenhoorn Management

07/01/2022

$24.63

$138,518.52

Workforce - Upper

Victoria Square

Newport

KY

232

1964

Sunset Property Solutions

Broeman, Dwight W.

07/12/2022

$26.68

$115,000.00

Workforce - Upper

Creekside

Cincinnati

OH

0

1969

Ohayon, Shalom

ME Real Estate

07/15/2022

$5.00

Fully Affordable

North Pointe Townhomes

West Chester

OH

100

1995

SNS Capital Group

Clear Creek Investment Partners

07/22/2022

$12.40

$124,000.00

Upper Mid-Range

Poste

Cincinnati

OH

124

2020

A-Strategy Management

Milhaus Development

07/25/2022

$21.33

$172,043.01

Workforce - Upper

Terrace Woods

Cincinnati

OH

54

1965

Ravipati, Krishnamohan

Miller, Thomas L.

08/10/2022

$5.72

$106,000.00

Workforce - Upper

Crescent Ridge

Crescent Springs

KY

143

1976

Cooper Street Capital

PLK Communities

08/17/2022

$17.30

$120,979.02

Fully Affordable

Batavia Meadows

Batavia

OH

54

1980

Guntaka, Swarna Latha

Clermont Metropolitan Housing Authority

08/24/2022

$3.18

$58,796.30

Workforce - Upper

Bahama West

Cincinnati

OH

66

1965

Kang, Constance

Maritato, Karl C.

08/26/2022

$2.67

$40,404.03

Workforce - Upper

Northside Flats

Cincinnati

OH

141

2016

Red Knight Properties

Rusk, William D.

09/19/2022

$7.33

$52,009.45

Upper Mid-Range

Current at the Banks

Cincinnati

OH

300

2011

Crawford Hoying

Nicol Investment Company

10/13/2022

$62.82

$209,400.00

$348.40

$109,865.66

2680

NOTA BLE CURRENT M A R K E T U N DER C O NT RACTS Y TD OCTOBER 2022 Property Asset Class

Property Name

City

State

Unit Count

Completion Date

Buyer

Seller

Sale Date

Total Sale Price (MM)

Sale Price Per Unit

Workforce - Upper

Royal Cove

Ft Thomas

KY

96

1990

Under contract

King Communities

TBD

$9.70

$101,041.00

Workforce - Upper

Cincy 222

Westwood

OH

222

1970

Under contract

ME Real Estate

TBD

$14.00

$63,063.00

Workforce - Upper

Dwell and Renaissance

Avondale

OH

100

1972

Under contract

R-Investment

TBD

$6.00

$60,000.00

Workforce - Upper

College/Price Hill Portfolio

College Hill

OH

158

1974

Under contract

Micah Kamarass

TBD

$9.40

$59,500.00

Workforce - Upper

Cedar Ridge

Park Hills

KY

168

1960

Under contract

Miles Sinclair

TBD

$14.50

$86,310.00

Workforce - Upper

1922 Hopkins

Norwood

OH

18

1970

Under contract

Danny Gudorf

TBD

$1.50

$68,181.00

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