Option 2

DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 2 Assumptions

GROUND LEASE SITE ACQUISITION

Ground Lease Rent – 2.00% Growth Creative Office: $7.13/SF Office: $4.50/SF - $13.50/SF Multifamily: $2.80/SF Retail: $2.75/SF Hotel: $3.50/SF Rents – 2.50% Growth w/ 3-Year Stabilization Creative Office: $35/SF Office: $37/SF Multifamily Wrap: $2.10/SF/Month Retail: $35/SF Hotel: $215 ADR Land Cost - $159.46/SF Average Creative Office: $150/SF Office: $300/SF - $500/SF Multifamily: $80/SF Retail: $50/SF Hotel: $50/SF Rents – 2.50% Growth w/ 3-Year Stabilization Creative Office: $35/SF Office: $37/SF Multifamily Wrap: $2.10/SF/Month Retail: $35/SF Hotel: $185 ADR

DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 2 Deep Dive

GROUND LEASE

Creative Office 1 – 36,285 SF • Cost: $355/SF • IRR: 24.03% • Exit Cap Rate: 6.25% • Return on Cost: 8.05%

Creative Office 2 – 120,000 SF • Cost: $355/SF • IRR: 24.00% • Exit Cap Rate: 6.25% • Return on Cost: 8.05%

Office (7) – 350,000 SF • Cost: $452/SF • IRR: 25.83% • Exit Cap Rate: 6.00% • Return on Cost: 7.57%

Office (10) – 350,000 SF • Cost: $462/SF • IRR: 22.41% • Exit Cap Rate: 6.00% • Return on Cost: 7.47%

Hotel – 150 Keys • Cost: $188,210/Key • IRR: 10.36% • Exit Cap Rate: $8.50% • Return on Cost: 6.93%

Retail – 5,000 SF • Cost: $238/SF • IRR: 44.34% • Exit Cap Rate: 7.00% • Return on Cost: 10.40%

Multifamily Wrap (3) – 230 Units • Cost: $183,564/Unit • IRR: 17.45% • Exit Cap Rate: 5.00% • Return on Cost: 5.84%

Multifamily Wrap (6) – 230 Units • Cost: 183,530/Unit • IRR: 17.58% • Exit Cap Rate: 5.00% • Return on Cost: 5.85%

SITE ACQUISITION

Creative Office 1 – 36,285 SF • Cost: $550/SF • IRR: 15.48% • Exit Cap Rate: 5.75% • Return on Cost: 6.72%

Creative Office 2 – 120,000 SF • Cost: $550/SF • IRR: 15.50% • Exit Cap Rate: 5.75% • Return on Cost: 6.72%

Office (7) – 350,000 SF • Cost: $545/SF • IRR: 23.63% • Exit Cap Rate: 5.50% • Return on Cost: 6.98%

Office (10) – 350,000 SF • Cost: $567/SF • IRR: 20.38% • Exit Cap Rate: 5.50% • Return on Cost: 6.85%

Hotel – 150 Keys • Cost: $208,754 • IRR: 12.89% • Exit Cap Rate: 8.00% • Return on Cost: 8.14%

Retail – 5,000 SF • Cost: $400/SF • IRR: 25.18% • Exit Cap Rate: 6.50% • Return on Cost: 8.23%

Multifamily Wrap (3) – 230 Units • Cost: $227,363/Unit • IRR: 17.06% • Exit Cap Rate: 4.50% • Return on Cost: 5.35%

Multifamily Wrap (6) – 230 Units • Cost: $226,940/Unit • IRR: 17.21% • Exit Cap Rate: 4.50% • Return on Cost: 5.36%

DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 2 Summary

GROUND LEASE SITE ACQUISITION

Capitalized Ground Rent: $122,365,533 Tax Revenue: $14,086,970 Total Land Cost: $115,307,775 Tax Revenue: $17,665,000