SpringHill Suites Lake Charles OM

Lake Charles, LA

O F F E R I N G

M E M O R A N D U M

INVESTMENT SALES KYLE STEVENSON Managing Director 786.646.2591 Kyle.Stevenson@Berkadia.com

MABELLE PEREZ

Director 786.208.4795 Mabelle.Perez@Berkadia.com

HARRY MANCERA

Financial Analyst 404.452.1110 Harry.Mancera@Berkadia.com

MORTGAGE BANKING MATTHEW DOWER Managing Director 312.845.8513 Matthew.Dower@Berkadia.com

MIAMI 1111 Brickel Ave. Suite 1650 Miami, FL 33131

DC METRO 4445 Willard Ave, #1200 Chevy Chase, Maryland 20815

CHICAGO 125 South Wacker Dr, #400 Chicago, IL 60606

RALEIGH 3700 Computer Dr, #315 Raleigh, NC 27609

ORLANDO 300 S Orange Ave, #1325 Orlando, FL 32801

BOSTON 10 Milk St, #720 Boston, MA 02108

TAMPA 4830 W Kennedy Blvd, #600 Tampa, FL 33609

PHOENIX 2525 E Camelback Rd, Suite 1150 Phoenix, AZ 85016

SAN DIEGO 4275 Executive Square, #900 La Jolla, CA 92037

WHAT 'S INSIDE 4 | EXECUTIVE SUMMARY 8 | INVESTMENT HIGHLIGHTS 12 | PROPERTY OVERVIEW 18 | MARKET OVERVIEW 26 | HOTEL MARKET OVERVIEW 36 | FINANCIAL OVERVIEW

EXECUTIVE SUMMARY Berkadia Hotels & Hospitality ("Berkadia") has been exclusively retained in connection with the solicitation of offers to acquire the fee simple interest in the lender owned 108-room SpringHill Suites Lake Charles (the ‘Hotel’ or ‘Asset’) located along West Prien Lake Rd, directly off Interstate 210 (50,000 AADT) one the city's major thoroughfares. The premium branded Asset is offered unencumbered of management and offers a new owner the unique opportunity to acquire a recently renovated limitedservice Hotel within a burgeoning market.

Lake Charles, Louisiana in the southwest region of the state is a thriving destination that caters to many different tastes offering a wide range of activities and accommodating to both the leisure and business sectors. From the casinos and award-winning resort golf courses to a myriad of outdoor activities, fishing, and hunting adventures and over 75 annual festivals Lake Charles has positioned itself as one of the top drive-to-leisure destinations on the gulf coast region.

4

Over the past decade the market has seen over $117 billion in investments. This enormous influx of capital has fueled the city's rapid growth, which has been ranked among the fastest-growing metro areas in the country over the past five years. As of 2020 there were over $79 billion in ongoing or pending final approvals for major industrial and other development projects. These and other announced projects in the area expected to create an estimated 63,000 new jobs.

Year-End 2021 Top Line Metrics

Occupancy: 76%

ADR: $144

RevPAR: $109

LAKE CHARLES

5

INVESTMENT

HIGHIIGHTS

INVESTMENT HIGHLIGHTS Growing Market, Robust Oil & Gas Industry and Diverse Mix of Demand Generators

Major Regional Drive-to-Leisure Destination

Premium Branded Limited-Service Asset

Recently Renovated Asset

Limited new Supply in the Pipeline 8

• Over $117 Billion invested into the market since 2012 • Among the top 25 cities in the US with the fastest growing incomes • Awarded ‘Small Market of the Year’ (2018) • Port of Lake Charles – 12th busiest port in the country • Around-the-clock entertainment with 4 Vegas-style casinos and resorts • F estival Capital of Louisiana – Over 75 annual festivals • In between Houston and New Orleans Via I-10 Over 10 million people within a 3-hour drive

LAKE CHARLES

9

PROPERTY

OVERVIEW

PROPERTY OVERVIEW 1551 W Prien Lake Rd, Lake Charles LA 70601

Rooms: 108 Stories: 5 Built: 2011 Renovated: 2019 Building Size: 78,408 SF Foundation: Reinforced Concrete Slab Construction: Wood Frame Exterior Walls: EIFS and Masonry Roof: Gabled Roof Surface: Composite Shingle HVAC: Wall-mounted Units in Guestrooms / Packaged HVAC Units in Public Spaces Fire System: 100% Sprinklered 12

42

King Rooms

66 Double Queen Rooms

In-Room Amenities: Sofa bed, desk, mini-refrigerator, microwave, TV, wi-fi, iron and iring board.

AMENITIES

INDOOR POOL

COMPLIMENTARY BREAKFAST

FITNESS CENTER

BUSINESS CENTER

MEETING SPACE: 3,324

MEETING SPACE Room Name

Total SF

Bayou Boardroom

CONVENIENCE STORE

321

Magnolia Room

1,403

Pelican Room

1,600

Total

3,324

GUEST LAUNDRY LAKE CHARLES

13

LOCATION IMMEDIATE AREA

The Hotel is ideally located along West Prien Lake Rd,

running parallel to I-210 (50,000 AADT) and with great visibility and access via exit 4. Some of the city's main demand generators can be found within a short distance of the Hotel site. Prien Lake Plaza a 250,000 retail power center is located just across the street from Hotel, while Prien Lake Mall a major regional mall with over 845,000 SF of retail space is less than a mile East.

The L’Auberge Resort & Casino and the Golden Nugget Resort and Casino, two of the four Vegas-style casinos in Lake Charles are a short 5-minute drive east from the property. McNeese State University, the city’s main higher education institution with over 7500 enrolled students, is 2.5 miles southeast of the Hotel. Lake Charles is serviced by two local airports, the Lake Charles Regional Airport and Chennault International airport, both equidistant from the hotel site just 7 miles away.

14

LOCAL TAXATION METHODOLOGY The Calcasieu Parish Appraiser determines the value of the properties within the Parish. Reassessments are completed every four years with the most recent assessment having occurred in 2020. The millage rate is typically set by November 15th of each year. Tax notices are mailed out shortly after the millage rages have been finalized in mid- November. Taxes are due on December 31st.

It is understood that a sale in this jurisdiction does not trigger a reassessment, and although there may be a discrepancy between the indicated governmentappraised and market value, the subject’s per-unit assessment relative to comparable properties is generally supported. Therefore, it is not likely that a substantial reassessment would occur immediately following a sale.

Historical Taxes $121,574 2019

$88,239 2020

$91,332 2021

LAKE CHARLES

15

MARKET

OVERVIEW

Home to over 212,000 residents, the Lake Charles, LA, Metropolitan Statistical Area (MSA) is the sixth-largest metro area in Louisiana. Located in the Acadiana region of southwestern Louisiana, Lake Charles is three hours west of New Orleans and two hours east of Houston. The metro area includes the parishes of Calcasieu and Cameron and is known as the “Lake Area,” referring to the many fresh-water marshes, scenic rivers, and lakes in the region.

Ranked among the fastest-growing metros in the country over the last five years, efforts to stimulate the regional economy are driving healthy trends in Greater Lake Charles market. Over the last decade, a remarkable $117 billion worth of industrial projects have been announced in this metro, which have helped create thousands of jobs metro wide. In particular, these investments have supported growth in several of the region's blue-collar industries - including the construction, petrochemical, and transportation sectors – whose workers are more likely to rent than own a home.

Lake Charles enjoys a diverse industry portfolio that continues to strengthen and build upon the city's historic economic base.

The Port of Lake Charles location along the Gulf of Mexico anchor the regions energy and trade sectors.

1% 2%

20%

3%

17% Lake Charles Employment

by Sector

14% 13% 18 18

11%

9% 9%

Information

LARGEST EMPLOYERS- LAKE CHARLES, LA MSA Calcasieu Parish School Board

1,000-4,999

Coushatta

1,000-4,999

Lake Charles Memorial Health System

1,000-4,999

Westlake Chemical Corporation

1,000-4,999

Professional & Business Services

Turner Industries

1,000-4,999

Leisure & Hospitality

Golden Nugget, LLC

1,000-4,999

Education & Health Services

L'auberge-Lake Charles

1,000-4,999

Government

Versa Integrity Group

1,000-4,999

Trade Transportation, & Utilities

Sun Industrial Group

1,000-4,999

Mining, Lodging & Construction

Sasol Chemicals, LLC

1,000-4,999

Other Services Financial Activities Manufacturing

LAKE CHARLES

19

ENERGY Energy

The Lake Charles MSA serves as a production hub for sustainable and traditional energy. Calcasieu Parish alone is home to 16 different chemical plants, two refineries, one Liquefied Natural Gas export facility, and three different industrial gas processing

20+

Petrochemical Facilities

6,500+

Full-Time Employees

plants. Industry giants such as CITGO Petroleum Corporation, ConocoPhillips, and Westlake Chemical are cornerstones for traditional energy production in the area. CITGO, one of the area's largest employers, supports over 1,030 jobs and generates an economic impact of $597.3 million on Lake Charles.

LEISURE & Leisure & Hospitality HOSPITALITY One of Lake Charles' leading sectors is leisure and hospitality,

supporting approximately 11,400 jobs in the metro area. Lake Charles is home to the Golden Nugget, Coushatta, Isle of Capri, and L'Auberge casino resorts as well as three riverboat casinos, making it one of the largest gaming markets in Louisiana.

Coushatta Casino, one of the area's largest employers, supports over 2,300 jobs and features a gaming floor encompassing 100,000 square feet. In Lake Charles, the gaming industry brings in a total annual revenue of over $700 million.

750+

Million Annual Revenue 20

11,400+ Industry Jobs

Trade & Logistics TRADE & LOGISTICS The region is home to six area ports including the Port

of Lake Charles, the 12th-busiest port in the country.

Named as one of the fastest-growing seaports, the Port

of Lake Charles moves more than 55 million tons of cargo annually. Items such as agricultural food products, petroleum, natural gas, and aluminum move through the area's waterways. Chennault International Airport (CWF) serves as an industrial center with tenants such as Northrop Grumman and Louisiana Millwork. Each year, the airport generates an economic impact of $300 million.

55 Mill

Tons of Cargo Port of Lake Charles

$300 Mill Airport Annual Economic Impact

HEALTHCARE Healthcare

The area's health care industry is supported by Lake Charles Memorial Health System, CHRISTUS St. Patrick Hospital,

and

West

Calcasieu

Cameron

Hospital.

Together, they are home to 568 licensed beds and employ over 3,700 people. CHRISTUS St. Patrick Hospital is Lake Charles' first hospital, having served the area for more than 100 years. Lake Charles Memorial Hospital is the region's largest family-centered medical complex, offering over 60 specialties, subspecialties, and services.

3700+

Hospital Employees

565+

Hospital Beds Metro Wide LAKE CHARLES

21

CONSTRUCTION & Construction & Development Located on the west side of the Calcasieu River, Tellurian Inc.'s $15 billion, four-train Driftwood LNG project is planned.

The project remains on schedule to begin construction by early 2022. Built on 1,000 acres of land, development of the facility will be broken down into four phases and will be designed by Bechtel Oil, Gas and Chemicals. At full capacity, the facility will produce up to 26 million tons per annum of liquefied natural gas. The company cleared its environmental report and awaits approval to start construction and operation of the plant.

Just south of Lake Charles, Port Cameron is in development. The 500-acre deep-sea port will be constructed over the next four years along the Calcasieu Ship Channel. Close to 4,000 permanent jobs will be created, doubling the employment in Cameron Parish. Upon completion, the port will be the largest private energy services facility along the Gulf Coast. In the first five years of operation, Port Cameron is expected to generate $462 million in net tax revenue and attract $5.4 billion in private investment. Once built, the area will still have 750 acres available for future expansion. During its four-year development phase, 8,000 construction jobs will be supported.

In 2020 more than $46 million in federal funding was awarded to rebuild soil disposal sites and dredge the Calcasieu Shipping Channel. Included in the Army Corps of Engineers 2020 Work Plan, the money will benefit the roughly 40 industries that rely on the channel to move goods in and out of the Lake Charles region.

Sasol Ltd. recently completed an $11.1 billion ethane cracker plant that will help boost the company's revenue by more than 70%. The company added 1,500 new jobs including contractors and permanent positions for production at the first of seven production units. A joint venture with LyondellBasell, the facility will be a key manufacturer of low-density polyethylene and other polymer products.

22

DEVELOPMENT

Phillips 66 Refinery LAKE CHARLES

23

HOTEL MARKET

OVERVIEW

COMPETITIVE SET ANALYSIS During the last decade, as a result of the market’s strong economic development trends and investment the market experienced a signif icant influx of new demand. Currently the SpringHill Suites’ competitive set includes seven nearby hotels totaling 676 rooms, which increased by a total of 160 rooms during the time period between 2016 and 2019. This relevant increase saturated the market which had a signif icant impact in the competitive set’s performance during in 2019. But the competitive set has experienced a signif icant increase since its 2019 & 2020 low points. During 2021 the competitive set experienced a spike in both occupancy and ADR in part attributed to the covid induced pent-up-leisure demand.

Hurricane Laura which impacted the area in August 2020 caused a demand increase f rom displaced residents and the construction crews groups related to the recovery efforts, by

Q2

2022

this

increased

demand

is

expected

to

normalize. The Springhill Suites has historically lagged its competitive set, with the latest RevPAR index of January 2022

at

a

98%

penetration, giving a new owner the

opportunity to leverage the asset’s recent renovation and implement a focused revenue management strategy to drive top-line metrics beyond its historical benchmarks.

26

SpringHill Suites 1551 W Prien Lake Rd Lake Charles, LA

2011

Opening

108

Courtyard

2995 L'auberge Ave Lake Charles, LA

2016

Opening

110

Rooms

Rooms

Complimentary Breakfast

Restaurante & Bar Convenience Store

F&B

3,324 SF

F&B

120 SF

Meeting Space

Meeting Space

Indoor Pool

Outdoor Pool

Business Center

Business Center

Fitness Room

Fitness Room

Holiday Inn Express 1150 W Prien Lake Rd Lake Charles, LA

2018

Opening

92

Tru by Hilton

1220 W Prien Lake Rd Lake Charles, LA

2018

Opening

98

Hampton Inn

3175 Holly Hill Rd Lake Charles, LA

2014

Opening

82

Holiday Inn & Suites 2940 Lake St Lake Charles, LA

2010

Opening

120

Rooms

Rooms

Rooms

Rooms

Complimentary Breakfast

Complimentary Breakfast, Convenience Store

Complimentary Breakfast, Convenience Store

Restaurant & Bar

F&B

950 SF

F&B

0 SF

F&B

600 SF

F&B

2,345 SF

Meeting Space

Meeting Space

Meeting Space

Meeting Space

Outdoor Pool

X

Indoor Pool

Indoor Pool

Business Center

Business Center

Business Center

Business Center

Fitness Room

Fitness Room

Fitness Room

Fitness Room

LAKE CHARLES

27

In between 2016 and 2019 a total of 160 new daily available rooms entered the competitive set. Since 2017 a total of 800 new rooms entered the market. Currently there are 2 assets totaling 92 rooms under construction expected to be delivered by Q4 of 2023.

Comp Set Top Line Metrics $160

80%

$140

75%

$120

70%

$100

65%

$80

60%

$60

55%

$40

50%

$20

45%

$0

2016

2017

2018 ADR

28

2019 RevPAR

2020 Occ

2021

40%

Market Top Line Metrics TTM March 2022 ADR $106.8

Occupancy 64.5%

RevPAR $68.9

UP

UP

UP

18%

20%

42%

YoY

YoY

YoY

January TTM Topline Metrics 70% $120 65% $100 60%

$80

55%

$60

50%

$40

45%

$20

$0

2013

Source: CoStar

2014

2015

2016

2017 ADR

2018 RevPAR

2019

2020

2021

2022

2023 Forecast

40%

Occupancy

LAKE CHARLES

29

MARKET DEMAND DISTRIBUTION

7% 8%

Group Extended-Stay

48%

Commercial

37%

Leisure

Estimated market mix for the subject and competitive properties during 2021.

30

Market Seasonality 180

90%

160

80%

140

70%

120

60%

100

5 0%

80

40%

60

30%

40

20%

20

10%

0

0%

Jan

Feb

Mar

Apr

May ADR

Jun

Jul

RevPAR

Aug

Sep

Oct

Nov

Dec

Occupancy

Estimated market seasonality for the subject and competitive properties during 2021.

LAKE CHARLES

31

Weekday Demand Distribution $180

90%

$160

80%

$140

70%

$120

60%

$100

50%

$80

40%

$60

3 0%

$40

20%

$20

10%

$0

0%

Sunday

Monday

Tuesday ADR

Wednesday RevPAR

Thursday

Friday

Saturday

Occ

Estimated weekday demand distribution for the subject and competitive properties during 2021.

32

LAKE CHARLES

33

FINANCIAL

OVERVIEW

HISTORICALS 6 MONTHS ENDING DECEMBER 31, 2019

12 MONTHS ENDING DECEMBER 31, 2020

12 MONTHS ENDING DECEMBER 31, 2021

12 MONTHS ENDING FEBRUARY 28, 2022

108 39,420 21,040 53.4% $47.03 $25.10 -

108 39,528 21,040 53.2% $123.39 162.4% $65.68 161.7%

108 39,420 29,841 75.7% $143.57 16.3% $108.68 65.5%

108 39,420 28,845 73.2% $147.11 -$107.65 --

Rooms Available Rooms Occupied Rooms Occupancy ADR ADR % Change RevPAR RevPAR % Change REVENUE Rooms Food & Beverage Other Operated Departments Total Revenue

AMOUNT $989,493 $12,528 $47,124 $1,049,145

PERCENT 94.3% 1.2% 4.5% 100.0%

AMOUNT $2,596,166 $20,005 $68,111 $2,684,282

PERCENT 96.7% 0.7% 2.5% 100.0%

AMOUNT $4,284,159 $25,755 $75,641 $4,385,555

PERCENT 97.7% 0.6% 1.7% 100.0%

AMOUNT $4,243,455 $37,636 $72,351 $4,353,442

PERCENT 97.5% 0.9% 1.7% 100.0%

DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Departments Total Expenses

$376,865 $19,223 $9,473 $405,561

38.1% 153.4% 20.1% 38.7%

$577,194 $15,908 $13,564 $606,666

22.2% 79.5% 19.9% 22.6%

$954,861 $23,797 $5,910 $984,568

22.3% 92.4% 7.8% 22.5%

$950,439 $16,168 $19,485 $986,092

22.4% 43.0% 26.9% 22.7%

Gross Operating Income

$643,584

61.3%

$2,077,616

77.4%

$3,400,987

77.5%

$3,367,350

77.3%

Administrative & General Information and Telecommunication Franchise Fees Sales & Marketing Repairs & Maintenance Energy Costs

$92,537 $14,678 $122,660 $39,933 $68,047 $51,883

8.8% 1.4% 11.7% 3.8% 6.5% 4.9%

$193,052 $39,476 $321,664 $66,673 $107,862 $89,858

7.2% 1.5% 12.0% 2.5% 4.0% 3.3%

$282,593 $57,599 $527,350 $72,914 $191,932 $136,528

6.4% 1.3% 12.0% 1.7% 4.4% 3.1%

$278,408 $52,899 $517,132 $80,634 $184,690 $144,252

6.4% 1.2% 11.9% 1.9% 4.2% 3.3%

Total Undistributed Operating Expenses

$389,738

37.1%

$818,585

30.5%

$1,268,916

28.9%

$1,258,015

28.9%

Gross Operating Profit

$253,846

24.2%

$1,259,031

46.9%

$2,132,071

48.6%

$2,109,335

48.5%

$33,458 $71,450 $1,325 $31,474

3.2% 6.8% 0.1% 3.0%

$101,051 $156,202 $1,325 $80,528

3.8% 5.8% 0.0% 3.0%

$119,997 $171,127 $1,703 $131,567

2.7% 3.9% 0.0% 3.0%

$99,319 $182,763 $1,600 $130,603

2.3% 4.2% 0.0% 3.0%

Total Fixed Charges

$137,707

13.1%

$339,106

12.6%

$424,394

9.7%

$414,285

9.5%

EBITDA

$116,139

11.1%

$919,925

34.3%

$1,707,677

38.9%

$1,695,050

38.9%

Reserve for Replacement (2)

$41,966

4.0%

$107,371

4.0%

$175,422

4.0%

$174,138

4.0%

Net Operating Income

$74,173

7.1%

$812,554

30.3%

$1,532,255

34.9%

$1,520,912

34.9%

UNDISTRIBUTED OPERATING EXPENSES

FIXED CHARGES Insurance Property Taxes Leased equip & Other Management Fees (1)

Notes: (1) Management Fees have been assumed to be 3.00% of Total Revenues.

(2) Replacement Reserve has been assumed to be 4.00% of Total Revenues.

Berkadia and their respective affiliates, officers, and directors neither warrants nor guarantees the results of these projections and analyses since unanticipated events and/or circumstances may occur.

All potential investors must conduct and rely upon their own due diligence as well as underwriting with respect to estimating the future operating performance of the property.

36

PROFORMA Rooms Available Rooms Rooms Sold Occupancy ADR ADR % Change RevPAR RevPAR % Change

Year 1

Year 2

Year 3

Year 4

Year 5

108 39,420 28,382 72.0% $149.31 -$107.50 --

108 39,420 28,382 72.0% $153.79 3.0% $110.73 3.0%

108 39,528 28,460 72.0% $158.40 3.0% $114.05 3.0%

108 39,420 27,594 70.0% $163.15 3.0% $114.21 0.1%

108 39,420 27,594 70.0% $168.05 3.0% $117.63 3.0%

REVENUE Rooms Food & Beverage Other Operated Departments Total Revenue

AMOUNT $4,237,743 $28,633 $109,173 $4,375,550

PERCENT 96.9% 0.7% 2.5% 100.0%

AMOUNT $4,364,876 $29,779 $112,448 $4,507,103

PERCENT 96.8% 0.7% 2.5% 100.0%

AMOUNT $4,508,139 $30,756 $116,139 $4,655,035

PERCENT 96.8% 0.7% 2.5% 100.0%

AMOUNT $4,502,066 $30,715 $115,983 $4,648,764

PERCENT 96.8% 0.7% 2.5% 100.0%

AMOUNT $4,637,128 $31,636 $119,462 $4,788,227

PERCENT 96.8% 0.7% 2.5% 100.0%

DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Departments Total Expenses

$988,686 $25,770 $16,461 $1,030,917

23.3% 90.0% 15.1% 23.6%

$968,913 $25,312 $16,955 $1,011,179

22.2% 85.0% 15.1% 22.4%

$952,136 $23,067 $17,511 $992,714

21.1% 75.0% 15.1% 21.3%

$904,695 $23,036 $17,488 $945,219

20.1% 75.0% 15.1% 20.3%

$940,883 $23,727 $18,012 $982,622

20.3% 75.0% 15.1% 20.5%

Gross Operating Income

$3,344,633

76.4%

$3,495,924

77.6%

$3,662,321

78.7%

$13,467,784

73.6%

$3,805,604

79.5%

$322,592 $41,405 $440,725 $148,596 $161,995

7.4% 0.9% 10.1% 3.4% 3.7%

$338,721 $42,647 $453,947 $156,026 $166,855

7.5% 0.9% 10.1% 3.5% 3.7%

$348,883 $43,927 $468,846 $160,707 $171,861

7.5% 0.9% 10.1% 3.5% 3.7%

$359,349 $45,244 $468,215 $165,528 $177,017

7.7% 1.0% 10.1% 3.6% 3.8%

$370,130 $46,602 $482,261 $170,494 $182,327

7.7% 1.0% 10.1% 3.6% 3.8%

Total Undistributed Operating Expenses

$1,224,029

28.0%

$1,272,348

28.2%

$1,310,658

28.2%

$1,334,116

28.7%

$1,372,952

28.7%

Gross Operating Profit

$2,120,604

48.5%

$2,223,576

49.3%

$2,351,663

50.5%

$2,369,429

51.0%

$2,432,652

50.8%

$144,169 $174,693 $1,743 $131,267

3.3% 4.0% 0.0% 3.0%

$149,936 $178,186 $1,795 $135,213

3.3% 4.0% 0.0% 3.0%

$154,434 $181,750 $1,849 $139,651

3.3% 3.9% 0.0% 3.0%

$157,522 $185,385 $1,904 $139,463

3.4% 4.0% 0.0% 3.0%

$160,673 $189,093 $1,961 $143,647

3.4% 3.9% 0.0% 3.0%

$451,871

10.3%

$465,130

10.3%

$477,684

10.3%

$484,275

10.4%

$495,374

10.3%

UNDISTRIBUTED OPERATING EXPENSES Administrative & General Information and Telecommunication Sales & Marketing Repairs & Maintenance Energy Costs

FIXED CHARGES Insurance Property Taxes Leased equip & Other Management Fees Total Fixed Charges

$1,668,733

38.1%

$1,758,446

39.0%

$1,873,979

40.3%

$1,885,154

40.6%

$1,937,278

40.5%

Reserve for Replacement

EBITDA

$175,022

4.0%

$180,284

4.0%

$186,201

4.0%

$185,951

4.0%

$191,529

4.0%

Net Operating Income

$1,493,711

34.1%

$1,578,161

35.0%

$1,687,778

36.3%

$1,699,203

36.6%

$1,745,749

36.5%

Berkadia and their respective affiliates, officers, and directors neither warrants nor guarantees the results of these projections and analyses since unanticipated events and/or circumstances may occur. All potential investors must conduct and rely upon their own due diligence as well as underwriting with respect to estimating the future operating performance of the property.

LAKE CHARLES

37

INVESTMENT SALES KYLE STEVENSON Managing Director 786.646.2591 Kyle.Stevenson@Berkadia.com

MABELLE PEREZ

Director 786.208.4795 Mabelle.Perez@Berkadia.com

HARRY MANCERA

Financial Analyst 404.452.1110 Harry.Mancera@Berkadia.com

MORTGAGE BANKING MATTHEW DOWER Managing Director 312.845.8513 Matthew.Dower@Berkadia.com

MIAMI 1111 Brickel Ave. Suite 1650 Miami, FL 33131

DC METRO 4445 Willard Ave, #1200 Chevy Chase, Maryland 20815

CHICAGO 125 South Wacker Dr, #400 Chicago, IL 60606

RALEIGH 3700 Computer Dr, #315 Raleigh, NC 27609

ORLANDO 300 S Orange Ave, #1325 Orlando, FL 32801

BOSTON 10 Milk St, #720 Boston, MA 02108

TAMPA 4830 W Kennedy Blvd, #600 Tampa, FL 33609

PHOENIX 2525 E Camelback Rd, Suite 1150 Phoenix, AZ 85016

SAN DIEGO 4275 Executive Square, #900 La Jolla, CA 92037

DISCLAIMER & CONFIDENTIALITY

AGREEMENT

The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation.

In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.

Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. © 2022 Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Adrienne Barr, CA DRE Lic. # 01308753. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada. For state licensing details, visit: http://www.berkadia.com/legal/licensing.