Option 1

DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 1 Assumptions

GROUND LEASE

Ground Lease Rent – 2.00% Growth Creative Office: $7.88/SF Office: $7.88/SF Office Tower: $17.50/SF Multifamily: $3.00/SF - $3.10/SF Retail: $3.00/SF Hotel: $3.75/SF

Rents – 2.50% Growth w/ 3-Year Stabilization Creative Office: $35/SF Office: $37/SF Multifamily Wrap: $2.10/SF/Month Multifamily Tower: $2.25/SF/Month Retail: $35/SF Hotel: $215 ADR

SITE ACQUISITION

Land Cost - $135.43/SF Average Creative Office: $150/SF Office: $150/SF Office Tower: $350/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 Multifamily Tower: $2.25/SF/Month Retail: $35/SF Hotel: $185 ADR

DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 1 Deep Dive

GROUND LEASE

Creative Office – 120,000 SF • Cost: $352/SF • IRR: 24.05% • Exit Cap Rate: 6.25% • Return on Cost: 8.06%

Office (8) – 140,000 SF • Cost: $407/SF • IRR: 26.67% • Exit Cap Rate: 6.25% • Return on Cost: 8.21%

Office (10) – 350,000 SF • Cost: $462/SF • IRR: 19.25% • Exit Cap Rate: 6.00% • Return on Cost: 7.20%

Hotel – 150 Keys • Cost: $188,189/Key • IRR: 9.69% • Exit Cap Rate: $8.50% • Return on Cost: 6.89% Retail – 5,000 SF • Cost: $238/SF • IRR: 41.14% • Exit Cap Rate: 7.00% • Return on Cost: 10.09%

Multifamily Wrap (3) – 230 Units • Cost: $183,527/Unit • IRR: 15.72% • Exit Cap Rate: 5.00% • Return on Cost: 5.73%

Multifamily Wrap (6) – 230 Units • Cost: 183,493/Unit • IRR: 15.85% • Exit Cap Rate: 5.00% • Return on Cost: 5.74%

Multifamily Tower – 320 Units • Cost: $328,083/Unit • IRR: 11.68% • Exit Cap Rate: 4.75% • Return on Cost: 5.19% Creative Office – 120,000 SF • Cost: $533/SF • IRR: 17.69% • Exit Cap Rate: 5.75% • Return on Cost: 6.94%

Office (8) – 140,000 SF • Cost: $518/SF • IRR: 23.45% • Exit Cap Rate: 5.75% • Return on Cost: 7.47%

Office (10) – 350,000 SF • Cost: $584/SF • IRR: 18.10% • 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%

Multifamily Tower – 320 Units • Cost: $349,011/Unit • IRR: 18.51% • Exit Cap Rate: 4.25% • Return on Cost: 4.88%

SITE ACQUISITION

DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 1 Summary

GROUND LEASE

Capitalized Ground Rent: $107,411,080 Tax Revenue: $13,438,003

SITE ACQUISITION

Total Land Cost: $101,215,860 Tax Revenue: $16,850,365