KENNINGTON
PROPERTY HOLDINGS
FEBRUARY 2024
OWNER’S REPORT
1
KENNINGTON PROPERTY HOLDINGS LTD. BOARD MEETING AGENDA
February 29, 2024
Review of Minutes
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
1. Income Statement
2. Balance Sheet
3. Budget Comparison Report
4. Accounts Receivable Aging Report
5. General Ledger
6. Bank Reconciliation
7. Rent Roll
8. Management Fee Calculation
ASSET MANAGEMENT REPORTS
1. KPH Cash Flow Summary
2. Cash Flow Projections Summary
3. Leasing Reports
Bradford RETAIL
Bradford FLEX
Bradford OFFICE
Thirty-Four Commercial
4. Construction/Tenant Improvements
5. Additional Reports
Litigation – N/A
JPMorgan Investment Summary
6. Old Business
KPH Property Tour date(s) follow up
Vantage Bank/Jupiter North update
Corporate Transparency Act follow up
7. New Business
David Jacobs co-investing
Acquisitions conversation
Owners Portal – www.52management.com
Next Meeting – WEDNESDAY, March 27, 2024??
Adjournment
2
OWNER’S REPORT
KPH - FEBRUARY 2024 APPROVAL OF JANUARY 2024 MINUTES 3
Board Meeting Minutes
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
OWNER’S REPORT
4
OWNER’S REPORT
PROPERTY MANAGEMENT & ACCOUNTING REPORTS 5
INCOME STATEMENT
REVENUE
KENNINGTON PROPERTY HOLDINGS
Period=Jan2024
RentAbatement-11,260.17
DeferredRent1,982.49
Rent-Holdover6,672.25
Admin.Fees865.20 TOTALRENTALINCOME804,260.30
EXPENSEREIMBURSEMENT
CAMEstimate274,486.38
CAMReconcile0.28
ElectricEstimate3,984.06
TOTALEXPENSEREIMBURSEMENT278,470.72 OTHERINCOME
LateandNSFFees570.91
OPERATING
REIMBURSABLEEXPENSES
INSURANCE
Insurance43,614.45
TOTALINSURANCE43,614.45
GROUNDSMAINTENANCE
Lawn/Landscape27,884.04
IrrigationRepairs289.86
SnowRemoval2,895.69
ParkingLotCleaning909.31
TOTALGROUNDMAINTENANCE31,978.90
PROPERTYTAXES
Taxes133,307.57
TOTALPROPERTYTAXES133,307.57
UTILITIES
Electricity12,131.97
Period to Date
RentalIncome806,000.53
RENTALINCOME
REVENUE1,083,301.93
TOTALOTHERINCOME570.91 TOTAL
EXPENSES
Income
Statement
Page 1 of 3 6
Period=Jan2024
BUILDINGMAINTENANCE
ExteriorLighting2,131.16
Security560.54
FireAlarmSystems5,072.97
FireAlarmPhoneLines504.08
PorterServices9,439.66
ExteriorPestControl6,054.44
JanitorialServices5,306.99
WindowWashing690.64
MaintenanceWages21,748.54
ElevatorContract315.32
RoofRepairs525.01
HVACRepairs4,131.92
PlumbingRepairs630.50
ElectricalRepairs719.21
Maint.Supplies1,105.49
TOTALBUILDINGMAINTENANCE58,936.47
MANAGEMENTFEES
ManagementFees44,816.58
ManagementWages46,880.60
AdministrativeWages12,980.60
TOTALMANAGEMENTFEES104,677.78
NON-REIMBURSABLE
NON-CAMADMINEXPENSE
MarketingExpense5,759.50
BankCharges67.77
OfficeSupplies2,135.18
ComputerSoftware12,537.10
RentExpense8,474.70
TOTALNON-CAMADMINEXPENSE28,974.25
NON-CAMBUILDINGEXPENSE
Period to Date KENNINGTON PROPERTY HOLDINGS Income Statement
TOTALUTILITIES54,914.18
Water25,433.59 TrashPickUp16,204.22 Gas1,144.40
TOTAL REIMBURSABLE EXPENSES427,429.35
EXPENSES
Page 2 of 3 7
Period to Date KENNINGTON PROPERTY HOLDINGS Income Statement Period=Jan2024 LocksmithServices820.54 MaintenanceVehicle1,207.44 HVACRepairsNon-Cam2,273.25 TenantBillBackR&M189.44 Ext.Signage216.50 TOTALNON-CAMBUILDINGEXPENSE4,707.17 NON-CAMUTILITIES
TOTAL NON-REIMBURSABLE EXPENSES39,702.57 TOTAL OPERATING EXPENSES467,131.92 NET OPERATING INCOME616,170.01 OWNEREXPENSES
DEBTEXPENSE InterestExpense211,053.43 TOTALDEBTEXPENSE211,053.43 NET INCOME 368,648.93 Page 3 of 3 8
VacancyElectricityNon-Cam5,127.57 VacancyGasNon-Cam893.58 TOTALNON-CAMUTILITIES6,021.15
AssetManagementFee11,204.15 Accounting7,605.00 ConsultingFees13,312.50 K.F.Overhead4,346.00 TOTALOWNEREXPENSES36,467.65
OWNER’S REPORT
9
BALANCE SHEET PROPERTY MANAGEMENT & ACCOUNTING REPORTS
KENNINGTON PROPERTY HOLDINGS
Balance Sheet
Period=Jan2024
ASSETS
CASH
Cash-ChaseSavings302,646.95
Cash-ChaseOperating702,960.35
Cash-VantageBank(51)100.00
Cash-IndependentBank1,008,113.99
TOTAL CASH2,013,821.29
ACCOUNTS RECEIVABLE
AccountsReceivable53,777.60
Dueto/from32,233.37
TOTAL ACCOUNTS RECEIVABLE86,010.97
PROPERTY
Land6,452,597.99
Buildings80,837,942.00
TenantImprovements9,582,277.12
LandscapeImprovements1,064,459.35
TOTAL PROPERTY97,937,276.46
INTANGIBLE ASSETS
MortgageEscrow-282,013.27
MortgageEscrow-AlphaPlaza250,000.00
TaxEscrow-Tollway46,979.49
UtilityDeposit-Skyway1,800.00
LoanClosingCost1,512,521.99
LoanFees236,704.75
LegalClosingCost-Skyway76,624.00
LegalClosingCost-JupiterNorth30,894.36
LegalClosingCost-JupiterSouth23,986.86
LegalClosingCost-ABC6,500.00
LegalFees143,521.30
LegalFees-Midway13,277.39
LegalFees-Placid10,831.00
LegalFees-SkywayCircle3,315.46
LoanOriginationFee76,888.72
CapitalizedCommissions3,832,325.54
PrepaidInsurance130,836.99
TOTAL INTANGIBLE ASSETS6,114,994.31
ACCUMULATED AMORTIZATION and DEPRECIATION
AccumAmortization-AlphaPlaza-871,898.00
AccumDepreciation-Alpha-24,202,111.00
1 of 3
Current Balance
Page
10
KENNINGTON PROPERTY HOLDINGS
Balance Sheet
Period=Jan2024
Current Balance
TOTAL ACCUMULATED AMORTIZATION and DEP -25,074,009.00
OTHER ASSETS
MarketableSecuritiesXX90085,460,447.26
DueDiligenceCosts16,280.80
Deferred1031Asset167,166.98
TOTAL OTHER ASSETS5,643,895.04
TOTAL ASSETS86,721,989.07
LIABILITIES AND EQUITY
LIABILITIES
NOTES
MORTGAGE NOTES PAYABLES
MortgagePayable-AlphaPlaza3,819,204.47
MortgagePayable-MidwayCenter4,274,955.21
MortgagePayable-Campbell6,372,268.38
MortgagePayable-Placid2,753,847.61
MortgagePayable-ResearchCenter8,592,735.02
MortgagePayable-ValleyViewCenter1232,194,526.69
MortgagePayable-ABC4,575,433.99
MortgagePayable-Skyway3,270,656.65
MortgagePayable-JupiterNorth1,835,121.49
MortgagePayable-JupiterSouth5,313,685.47
MortgagePayable-WatersRidgeTechII3,282,339.23
MortgagePayable-WatersRidgeTechIII7,391,021.57
MortgagePayable-Tollway3,850,000.00
TOTAL MORTGAGE NOTES PAYABLES57,525,795.78
LINE OF CREDIT
Lineofcredit-JPMorganChase2,733,330.00
TOTAL LINE OF CREDIT2,733,330.00
TOTAL NOTES60,259,125.78
ACCOUNTS PAYABLE
AccountsPayable332,735.80
PrepaidRent-79,264.91
InsuranceProceeds787,002.82
InsuranceProceeds-Campbell39,914.36
TOTAL ACCOUNTS PAYABLE1,080,388.07
ACCRUED EXPENSES
AccruedPropertyTaxes134,807.57
TOTAL ACCRUED EXPENSES134,807.57
2 of 3
Page
11
KENNINGTON PROPERTY HOLDINGS
Balance Sheet
Period=Jan2024
Current Balance
OTHER LIABILITIES
SecurityDeposits820,036.04
Deferred1031Gain10,964,473.62
TOTAL OTHER LIABILITIES11,784,509.66
TOTAL LIABILITIES73,258,831.08
EQUITY
TheDallasFoundation76,762.03
CraigKenningtonCCCTrust3,065,978.73
ClarkKenningtonCCCTrust3,065,980.66
ClaytonKenningtonCCCTrust3,065,979.68
OWNER DRAW
CapitalDistributions-CraigKenningtonCCCTrust-8,939,574.76
CapitalDistributions-ClarkKenningtonCCCTrust-8,939,574.76
CapitalDistributions-ClaytonKenningtonCCCTrust-8,939,574.76
CapitalDistributions-TheDallasFoundation-995,080.98
TOTAL OWNER DRAW -27,813,805.26
RetainedEarnings37,320,490.14
PriorYearsRetainedEarnings-5,318,227.99
TOTAL EQUITY 13,463,157.99
TOTAL LIABILITIES AND EQUITY 86,721,989.07
Page 3 of 3 12
OWNER’S REPORT
13
BUDGET COMPARISON REPORT PROPERTY MANAGEMENT & ACCOUNTING REPORTS
PTD Actual PTD Budget Variance Annual REVENUE RENTALINCOME RentalIncome806,000.53806,237.73-237.209,877,538.22 RentAbatement-11,260.17-11,260.170.00-261,318.46 DeferredRent1,982.491,982.490.0023,789.88 Rent-Holdover6,672.250.006,672.250.00 Admin.Fees865.20865.200.006,921.60 TOTALRENTALINCOME804,260.30797,825.256,435.059,646,931.24 EXPENSEREIMBURSEMENT CAMEstimate274,486.38322,777.90-48,291.523,958,632.54 CAMReconcile0.280.000.28102,500.00 ElectricEstimate3,984.065,422.76-1,438.7065,867.92 TOTALEXPENSEREIMBURSEMENT278,470.72328,200.66-49,729.944,127,000.46 OTHERINCOME LateandNSFFees570.910.00570.910.00 TOTALOTHERINCOME570.910.00570.910.00 TOTAL REVENUE 1,083,301.931,126,025.91-42,723.9813,773,931.70 OPERATING EXPENSES REIMBURSABLEEXPENSES INSURANCE Insurance43,614.4543,735.17120.72524,822.04 TOTALINSURANCE43,614.4543,735.17120.72524,822.04 GROUNDSMAINTENANCE Lawn/Landscape27,884.0428,669.49785.45333,450.64 LandscapingImprovements0.000.000.0010,000.00 TreeTrimming0.000.000.006,977.61 IrrigationRepairs289.861,825.001,535.1432,750.00 SnowRemoval2,895.691,250.00-1,645.697,000.00 ParkingLotRepairs0.000.000.001,750.00 ParkingLotCleaning909.31970.0060.6911,750.00 TOTALGROUNDMAINTENANCE31,978.9032,714.49735.59403,678.25 PROPERTYTAXES Taxes133,307.57134,807.571,500.001,617,690.84 PropertyTaxConsulting0.0069,000.0069,000.0070,200.00 HOADuesandAssessments0.00458.33458.3312,569.55 TOTALPROPERTYTAXES133,307.57204,265.9070,958.331,700,460.39 UTILITIES Electricity12,131.9713,416.331,284.36185,183.49 Water25,433.5923,698.80-1,734.79290,285.60 TrashPickUp16,204.2212,989.53-3,214.69155,874.36 Gas1,144.400.00-1,144.400.00 TOTALUTILITIES54,914.1850,104.66-4,809.52631,343.45
KENNINGTON PROPERTY
Budget Comparison Period=Jan2024 Page 1 of 3 14
BUILDINGMAINTENANCE
HOLDINGS
PTD Actual PTD Budget Variance Annual KENNINGTON PROPERTY HOLDINGS Budget Comparison Period=Jan2024 ExteriorLighting2,131.162,988.35857.1950,398.52 GeneralMaintenance0.00475.00475.005,750.00 Security560.541,560.551,000.0118,726.60 FireAlarmSystems5,072.972,016.01-3,056.9633,397.24 FireAlarmPhoneLines504.08676.95172.8714,858.77 PorterServices9,439.666,360.58-3,079.0876,326.96 ExteriorPestControl6,054.444,520.52-1,533.9258,162.36 PestControlServices0.0075.7875.781,001.33 JanitorialServices5,306.999,179.493,872.50103,132.06 WindowWashing690.640.00-690.6417,822.84 MaintenanceWages21,748.5421,349.21-399.33256,190.52 ElevatorContract315.32204.17-111.152,450.04 Misc.Repairs-Bldgs0.00330.00330.003,880.00 RoofRepairs525.01291.67-233.344,500.04 HVACRepairs4,131.92833.33-3,298.5911,499.96 HVACContract0.000.000.006,932.12 PlumbingRepairs630.501,634.201,003.7016,254.96 ElectricalRepairs719.21437.51-281.705,250.12 Maint.Supplies1,105.491,143.8238.3313,449.96 TOTALBUILDINGMAINTENANCE58,936.4754,077.14-4,859.33699,984.40 MANAGEMENTFEES ManagementFees44,816.5845,041.04224.46550,957.35 ManagementWages46,880.6049,707.172,826.57596,486.04 AdministrativeWages12,980.609,572.93-3,407.67114,875.16 TOTALMANAGEMENTFEES104,677.78104,321.14-356.641,262,318.55 TOTAL REIMBURSABLE EXPENSES 427,429.35489,218.50 61,789.15 5,222,607.08 NON-REIMBURSABLE EXPENSES NON-CAMADMINEXPENSE MarketingExpense5,759.502,022.86-3,736.6424,274.32 BankCharges67.7783.3315.56999.96 OfficeSupplies2,135.181,950.00-185.1823,400.00 ComputerSoftware12,537.106,083.33-6,453.77100,916.63 DuesandSubscriptions0.001,091.661,091.6613,099.92 RentExpense8,474.708,510.0035.30102,120.00 TOTALNON-CAMADMINEXPENSE28,974.2519,741.18-9,233.07264,810.83 NON-CAMBUILDINGEXPENSE MakereadyRepairs0.00150.00150.001,800.00 MakereadyCleaning0.0030.0030.00370.83 MakereadyExpense0.00108.34108.341,300.08 LocksmithServices820.54778.74-41.804,016.36 MaintenanceVehicle1,207.441,031.26-176.1812,375.12 VacancyCleaningNon-Cam0.0091.6691.661,499.92 HVACRepairsNon-Cam2,273.251,061.66-1,211.5914,589.70 PlumbingRepairNon-Cam0.00875.00875.008,000.00 TenantBillBackR&M189.440.00-189.440.00 Page 2 of 3 15
PTD Actual PTD Budget Variance Annual KENNINGTON PROPERTY HOLDINGS Budget Comparison Period=Jan2024 Ext.Signage216.5041.67-174.83500.04 TOTALNON-CAMBUILDINGEXPENSE4,707.174,168.33-538.8444,452.05 NON-CAMUTILITIES VacancyElectricityNon-Cam5,127.572,182.02-2,945.5526,184.24 VacancyGasNon-Cam893.583,740.002,846.4211,401.00 UtilityBillBack0.000.000.002,345.49 TOTALNON-CAMUTILITIES6,021.155,922.02-99.1339,930.73 TOTAL NON-REIMBURSABLE EXPENSES 39,702.57 29,831.53 -9,871.04 349,193.61 TOTAL OPERATING EXPENSES 467,131.92519,050.03 51,918.11 5,571,800.69 NET OPERATING INCOME 616,170.01606,975.88 9,194.13 8,202,131.01 OWNEREXPENSES FranchiseTax0.000.000.0040,000.00 AssetManagementFee11,204.1511,260.2656.11137,739.31 Accounting7,605.005,599.99-2,005.0167,199.88 ConsultingFees13,312.5016,484.243,171.74197,810.88 Meals0.00510.44510.446,125.28 K.F.Overhead4,346.005,819.311,473.3169,831.72 TOTALOWNEREXPENSES36,467.6539,674.243,206.59518,707.07 DEBTEXPENSE InterestExpense211,053.43210,218.74-834.692,518,402.31 TOTALDEBTEXPENSE211,053.43210,218.74-834.692,518,402.31 NET INCOME 368,648.93357,082.90 11,566.03 5,165,021.63 Page 3 of 3 16
ACCOUNTS RECEIVABLE AGING REPORT
OWNER’S REPORT
17
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
Aged Receivable
DBCaption:liveProperty:.kphfeesStatus:CurrentAgeAsOf:01/31/2024PostTo:01/2024SummaryBy:Property
027-AlphaPlaza3,232.143,232.140.000.000.00-17,112.55-13,880.41
030-MidwayCenter2,553.740.000.000.002,553.74-24,866.37-22,312.63
035-Campbell16,599.236,599.230.000.000.00-51,763.44-45,164.21
037-Placid0.000.000.000.000.00-7,911.33-7,911.33
044-ResearchCenter5,920.245,920.240.000.000.00-10,953.32-5,033.08
046-ValleyViewCommerceCenter0.000.000.000.000.00-26,551.90-26,551.90
049-AlphaBusinessCenter4,980.981,469.620.000.003,511.36-25,050.12-20,069.14
050-SkywayCircle6,652.026,652.020.000.000.00-10,290.40-3,638.38
052-JupiterCenterSouth0.000.000.000.000.00-9,292.00-9,292.00
053-WatersRidgeTech20.000.000.000.000.00-37,470.86-37,470.86
055-Tollway18,665.6210,572.82385.377,707.430.00-25,756.51-7,090.89
TOTAL 48,603.9734,446.07385.377,707.436,065.10-247,018.80-198,414.83
Current0-3031-6061-90Over Pre-Total OwedOwedOwedOwed90 OwedPaymentsOwed
Property
18
GENERAL LEDGER
OWNER’S REPORT
19
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
OWNER’S REPORT BANK RECONCILIATION PROPERTY MANAGEMENT & ACCOUNTING REPORTS 20
Cleared Items: Cleared Checks Date Tran # Notes Amount Date Cleared 10/23/2023 4564 dal03 - The Dallas Foundation 4,379.12 1/3/2024 10/23/2023 4569 dal03 - The Dallas Foundation 1,861.13 1/3/2024 11/1/2023 4593 dal03 - The Dallas Foundation 9,671.29 1/3/2024 11/15/2023 4635 dal03 - The Dallas Foundation 4,379.12 1/3/2024 12/4/2023 4676 dal03 - The Dallas Foundation 9,671.29 1/3/2024 12/13/2023 4696 dal03 - The Dallas Foundation 4,379.12 1/3/2024 12/14/2023 4704 far02 - City of Farmers Branch 639.64 1/31/2024 12/14/2023 4712 v0000097 - LSGC Electric 1,136.63 1/31/2024 12/14/2023 4714 v0000170 - Weiss Services, LLC 13,000.00 1/3/2024 12/21/2023 4741 ame02 - American Backflow & Plumbing LLC 433.00 1/31/2024 12/21/2023 4743 atm01 - Atmos Energy 892.51 1/31/2024 12/21/2023 4744 car05 - Carter Pest Control LLC 2,100.05 1/31/2024 12/21/2023 4750 t0004956 - Wombat Bakehouse, LLC. 71,198.18 1/31/2024 Balance Per Bank Statement as of 1/31/2024 767,754.25 Outstanding Deposits Deposit Date Deposit Number Amount 1/31/2024 1289 10,953.32 1/31/2024 1290 4,583.18 Plus: Outstanding Deposits 15,536.50 Outstanding Checks Check Date Check Number Payee Amount 11/21/2023 4654 lon01 - Lonestar General Contracting 70,238.24 12/14/2023 4713 v0000159 - LandCare USA LLC 4,681.85 12/21/2023 4748 mat01 - Matrix Construction Services 75.00 1/11/2024 4806 tal01 - Talley Riggins Construction Group LLC 26,536.30 1/11/2024 4808 v0000195 - B Rude Mechanical, LLC 3,518.13 1/18/2024 4821 yar01 - Yardi Systems, Inc. 201.64 1/23/2024 4823 dal03 - The Dallas Foundation 4,379.12 1/25/2024 4835 sig01 - Signarama 216.50 1/25/2024 4839 v0000159 - LandCare USA LLC 28,999.58 Less: Outstanding Checks 138,846.36 Reconciled Bank Balance 644,444.39 Balance per GL as of 1/31/2024 644,444.39 Reconciled Balance Per G/L 644,444.39 Difference (Reconciled Bank Balance And Reconciled Balance Per G/L) 0.00 742535161 KPH - Operating 2/1/2024 Bank Reconciliation Report 1/31/2024
by: sdobbs on 2/1/2024 21
Posted
Cleared Checks
Date Tran # Notes Amount Date Cleared 12/22/2023 4757 yar01 - Yardi Systems, Inc. 528.84 1/31/2024 1/3/2024 4758 ken30 - 52 Management, LP 67,379.49 1/31/2024 1/3/2024 22382001012024 nor03 - NorthMarq Capital 17,608.99 1/31/2024 1/3/2024 22382201012024 nor03 - NorthMarq Capital 24,421.23 1/31/2024 1/3/2024 22400301012024 lin01 - Lincoln Financial 54,454.16 1/31/2024 1/3/2024 22425001012024 nor03 - NorthMarq Capital 30,045.56 1/31/2024 1/3/2024 22427201012024 nor03 - NorthMarq Capital 18,705.23 1/31/2024 1/3/2024 22431401012024 nor03 - NorthMarq Capital 24,763.82 1/31/2024 1/3/2024 22483801012024 nor03 - NorthMarq Capital 41,443.62 1/31/2024 1/3/2024 22492501012024 nor03 - NorthMarq Capital 15,507.06 1/31/2024 1/4/2024 4759 atm01 - Atmos Energy 438.54 1/31/2024 1/4/2024 4760 car05 - Carter Pest Control LLC 1,086.83 1/31/2024 1/4/2024 4762 far02 - City of Farmers Branch 3,455.16 1/31/2024 1/4/2024 4763 fre01 - Freepoint Energy Solutions LLC 3,141.11 1/31/2024 1/4/2024 4764 fro01 - Frontier 175.80 1/31/2024 1/4/2024 4765 imp01 - Tefftnet Inc. /IMPAK 4,570.68 1/31/2024 1/4/2024 4766 rep02 - Republic Services #794 6,128.01 1/31/2024 1/4/2024 4767 tid01 - Tidy Aire, Inc. 86.61 1/31/2024 1/4/2024 4768 v0000013 - City of Lewisville 1,977.67 1/31/2024 1/4/2024 4769 v0000029 - Expert Services, LLC 4,780.05 1/31/2024 1/4/2024 4770 v0000097 - LSGC Electric 13,500.00 1/31/2024 1/4/2024 4772 vic01 - Victory Lighting & Electrical Services, LLC 173.20 1/31/2024 1/4/2024 4773 wco02 - Waste Connections Lone Star Inc. 969.73 1/31/2024 1/5/2024 4774 v0000113 - AFPG, Inc. 660.00 1/31/2024 1/5/2024 4775 cdc01 - C & D Commercial Services, Inc. 330.16 1/31/2024 1/5/2024 4776 ken30 - 52 Management, LP 31,546.86 1/31/2024 1/8/2024 4777 ken30 - 52 Management, LP 50,888.82 1/31/2024 1/8/2024 4778 atm01 - Atmos Energy 455.04 1/31/2024 1/8/2024 4779 car05 - Carter Pest Control LLC 660.33 1/31/2024 1/8/2024 4780 cdc01 - C & D Commercial Services, Inc. 579.15 1/31/2024 1/8/2024 4781 cit04 - City of Irving 1,642.03 1/31/2024 1/8/2024 4782 fis01 - Fisher Roofing LLC. 525.01 1/31/2024 1/8/2024 4783 fre01 - Freepoint Energy Solutions LLC 1,609.14 1/31/2024 1/8/2024 4784 fro01 - Frontier 328.28 1/31/2024 1/8/2024 4785 gua01 - Guard Texas 560.54 1/31/2024 1/8/2024 4787 rep02 - Republic Services #794 2,224.24 1/31/2024 1/8/2024 4788 ric02 - Richardson Fire Equipment Co. 681.97 1/31/2024 1/8/2024 4789 tid01 - Tidy Aire, Inc. 10.83 1/31/2024 1/8/2024 4790 v0000065 - Texas Construction & Rental 2,273.25 1/31/2024 1/8/2024 4792 vic01 - Victory Lighting & Electrical Services, LLC 384.40 1/31/2024 1/8/2024 4793 pla01 - City of Plano 10,427.23 1/31/2024 1/8/2024 4794 v0000113 - AFPG, Inc. 165.00 1/31/2024 1/11/2024 4795 atm01 - Atmos Energy 598.42 1/31/2024 1/11/2024 4796 atm01 - Atmos Energy 14.39 1/31/2024 1/11/2024 4797 bra01 - Bradford Realty Services of Dallas Inc. 1,886.22 1/31/2024 1/11/2024 4798 cal01 - Calhoun Bhella & Sechrest LLP 1,760.00 1/31/2024 1/11/2024 4799 car05 - Carter Pest Control LLC 855.18 1/31/2024 1/11/2024 4800 cit01 - City Wide Building Services LLC 690.64 1/31/2024 1/11/2024 4801 dig01 - Digi Security Solutions 184.03 1/31/2024 1/11/2024 4802 far02 - City of Farmers Branch 535.77 1/31/2024 1/11/2024 4803 fre01 - Freepoint Energy Solutions LLC 939.14 1/31/2024 742535161 KPH - Operating 2/1/2024 Bank Reconciliation Report 1/31/2024 Posted by: sdobbs on 2/1/2024 22
Posted by: sdobbs on 2/1/2024
Date Tran # Notes Amount Date Cleared 1/11/2024 4804 int02 - Interprise/Southwest Interior & Space Design, Inc. 1,257.45 1/31/2024 1/11/2024 4805 rep02 - Republic Services #794 5,141.37 1/31/2024 1/11/2024 4807 v0000002 - Hudson Energy Services, LLC 2,145.76 1/31/2024 1/11/2024 4809 vic01 - Victory Lighting & Electrical Services, LLC 1,763.11 1/31/2024 1/16/2024 4810 bra01 - Bradford Realty Services of Dallas Inc. 46,189.51 1/31/2024 1/18/2024 4811 cdc01 - C & D Commercial Services, Inc. 135.32 1/31/2024 1/18/2024 4812 cdc01 - C & D Commercial Services, Inc. 773.98 1/31/2024 1/18/2024 4813 car05 - Carter Pest Control LLC 2,100.05 1/31/2024 1/18/2024 4815 fre01 - Freepoint Energy Solutions LLC 229.61 1/31/2024 1/18/2024 4816 imp01 - Tefftnet Inc. /IMPAK 21.54 1/31/2024 1/18/2024 4817 mas02 - Massey Services, Inc. 75.78 1/31/2024 1/18/2024 4818 mun01 - Munsch Hardt Kopf & Harr, P.C. 1,385.00 1/31/2024 1/18/2024 4819 pla03 - Plano Police Department 300.00 1/31/2024 1/18/2024 4820 v0000113 - AFPG, Inc. 660.00 1/31/2024 1/22/2024 4822 ken30 - 52 Management, LP 50,888.82 1/31/2024 1/23/2024 4824 ken26 - Craig Kennington CCC Trust 36,686.08 1/31/2024 1/23/2024 4825 ken27 - Clark Kennington CCC Trust 40,000.00 1/31/2024 1/23/2024 4826 ken28 - Clayton Kennington CCC Trust 40,000.00 1/31/2024 1/23/2024 4827 ken30 - 52 Management, LP 3,313.92 1/31/2024 1/25/2024 4828 ali01 - A Litter Help, LLC 5,973.71 1/31/2024 1/25/2024 4829 ame03 - American Fire Protection Group, Inc. 1,990.00 1/31/2024 1/25/2024 4830 car05 - Carter Pest Control LLC 1,086.83 1/31/2024 1/25/2024 4831 cit02 - City of Richardson 3,328.84 1/31/2024 1/25/2024 4832 dcs01 - Data Center Systems 499.74 1/31/2024 1/25/2024 4833 far02 - City of Farmers Branch 3,693.61 1/31/2024 1/25/2024 4834 fre01 - Freepoint Energy Solutions LLC 3,351.81 1/31/2024 1/25/2024 4836 v0000029 - Expert Services, LLC 613.79 1/31/2024 1/25/2024 4837 v0000048 - Mitec 76.00 1/31/2024 1/25/2024 4838 v0000119 - Mountain West Series of Lockton Companies, LLC 123,461.45 1/31/2024 1/25/2024 4840 vic01 - Victory Lighting & Electrical Services, LLC 129.90 1/31/2024 Total Cleared Checks 949,771.52 Cleared Deposits Date Tran # Notes Amount Date Cleared 12/29/2023 1259 :ACH Deposit 19,805.58 1/3/2024 12/30/2023 1260 :ACH Deposit 12,317.32 1/3/2024 12/30/2023 1261 :ACH Deposit 1,600.00 1/3/2024 1/1/2024 1262 :ACH Deposit 16,019.29 1/3/2024 1/1/2024 1263 :ACH Deposit 12,731.00 1/3/2024 1/1/2024 1264 :ACH Deposit 19,243.67 1/3/2024 1/1/2024 1265 :ACH Deposit 9,517.75 1/3/2024 1/1/2024 1266 :ACH Deposit 9,169.39 1/3/2024 1/1/2024 1267 :ACH Deposit 16,682.41 1/3/2024 1/1/2024 1268 :ACH Deposit 11,807.76 1/3/2024 1/2/2024 1269 :ACH Deposit 42,705.36 1/31/2024 1/2/2024 1270 :ACH Deposit 61,153.20 1/31/2024 1/2/2024 2605 32,846.38 1/3/2024 1/2/2024 2606 14,018.97 1/3/2024 1/2/2024 2607 13,589.40 1/3/2024 1/2/2024 2608 8,361.86 1/3/2024 742535161
- Operating 2/1/2024
Reconciliation Report
Cleared Checks
KPH
Bank
1/31/2024
23
Cleared Deposits
Posted by: sdobbs on 2/1/2024
Date Tran # Notes Amount Date Cleared 1/2/2024 2609 4,273.00 1/3/2024 1/3/2024 1271 :ACH Deposit 41,151.41 1/31/2024 1/3/2024 1272 :ACH Deposit 8,658.13 1/31/2024 1/3/2024 1273 :ACH Deposit 92,138.01 1/31/2024 1/3/2024 2610 4,286.78 1/3/2024 1/3/2024 2611 95,985.00 1/3/2024 1/3/2024 2612 12,596.04 1/31/2024 1/4/2024 1274 :ACH Deposit 6,028.55 1/31/2024 1/4/2024 1275 :ACH Deposit 6,526.81 1/31/2024 1/4/2024 1276 :ACH Deposit 37,098.43 1/31/2024 1/4/2024 2613 11,648.60 1/31/2024 1/4/2024 2614 63,642.41 1/31/2024 1/5/2024 1277 :ACH Deposit 3,038.38 1/31/2024 1/5/2024 1278 :ACH Deposit 11,100.54 1/31/2024 1/5/2024 2615 4,586.39 1/31/2024 1/5/2024 2616 39,882.10 1/31/2024 1/5/2024 2617 5,112.22 1/31/2024 1/6/2024 1279 :ACH Deposit 3,140.00 1/31/2024 1/7/2024 1280 :CC Deposit 9,083.18 1/31/2024 1/9/2024 1281 :CC Deposit 2,422.50 1/31/2024 1/9/2024 2618 9,222.65 1/31/2024 1/10/2024 1282 :ACH Deposit 5,042.94 1/31/2024 1/10/2024 2619 4,210.12 1/31/2024 1/10/2024 2620 3,613.28 1/31/2024 1/10/2024 2621 1,673.75 1/31/2024 1/11/2024 1283 :ACH Deposit 166.51 1/31/2024 1/11/2024 2622 10,189.57 1/31/2024 1/11/2024 2623 6,907.08 1/31/2024 1/12/2024 1284 :ACH Deposit 3,909.33 1/31/2024 1/17/2024 1285 :CC Deposit 2,560.43 1/31/2024 1/24/2024 2624 17,150.76 1/31/2024 1/25/2024 2625 28,875.40 1/31/2024 1/26/2024 2626 9,590.08 1/31/2024 1/26/2024 2627 10,290.40 1/31/2024 1/26/2024 2628 10,973.59 1/31/2024 1/29/2024 1286 :ACH Deposit 10,457.56 1/31/2024 1/29/2024 2629 46,109.75 1/31/2024 1/30/2024 1287 :ACH Deposit 5,559.00 1/31/2024 1/30/2024 1288 :ACH Deposit 9,141.54 1/31/2024 1/30/2024 2630 9,864.51 1/31/2024 1/30/2024 2631 4,561.24 1/31/2024 1/31/2024 2632 4,210.12 1/31/2024 1/31/2024 2633 25,343.72 1/31/2024 1/31/2024 2634 9,292.00 1/31/2024 Total Cleared Deposits 1,012,883.15 Cleared Other Items Date Tran # Notes Amount Date Cleared 1/3/2024 JE 8914 01/24 Loan Pmt -27,678.68 1/31/2024 1/3/2024 JE 8915 1/24 Loan Pmt -49,311.54 1/31/2024 1/17/2024 JE 8985 1/24 Loan Pmt -21,808.58 1/31/2024 742535161 KPH - Operating 2/1/2024 Bank Reconciliation Report 1/31/2024
24
Cleared Other Items
Report 1/31/2024
Posted by: sdobbs on 2/1/2024
Date Tran # Notes Amount Date Cleared 1/24/2024 JE 9012 Prop Tax Refund 1,500.00 1/31/2024 1/25/2024 JE 9020 1/24 Interest Exp Chase -10,725.68 1/31/2024 Total Cleared Other Items -108,024.48 742535161
Operating 2/1/2024
Reconciliation
KPH -
Bank
25
Cleared Items: Cleared Checks Date Tran # Notes Amount Date Cleared 12/21/2023 603 car05 - Carter Pest Control LLC 286.86 1/31/2024 12/21/2023 608 v0000199 - Twill Wallcovering Installations, Ltd. 4,500.00 1/31/2024 12/22/2023 609 yar01 - Yardi Systems, Inc. 94.69 1/31/2024 1/3/2024 610 ken30 - 52 Management, LP 12,360.86 1/31/2024 1/4/2024 611 imp01 - Tefftnet Inc. /IMPAK 615.95 1/31/2024 1/4/2024 612 mat01 - Matrix Construction Services 630.50 1/31/2024 1/4/2024 613 v0000041 - Kings III Emergency Communications 159.13 1/31/2024 1/4/2024 614 v0000069 - Texas Safe & Lock 369.13 1/31/2024 1/4/2024 615 v0000088 - Urban Spikes 8,177.50 1/31/2024 1/4/2024 616 v0000113 - AFPG, Inc. 540.00 1/31/2024 1/4/2024 617 vic01 - Victory Lighting & Electrical Services, LLC 21.65 1/31/2024 1/5/2024 618 ken30 - 52 Management, LP 2,174.49 1/31/2024 1/8/2024 619 ken30 - 52 Management, LP 2,655.99 1/31/2024 1/11/2024 621 v0000020 - Simpson Landscape Maintenance, Inc. 1,000.00 1/31/2024 1/11/2024 622 v0000031 - City of Dallas 1,174.14 1/31/2024 1/11/2024 623 v0000080 - LoopNet 1,600.00 1/31/2024 1/11/2024 624 v0000097 - LSGC Electric 719.21 1/31/2024 1/16/2024 625 v0000018 - Rhino Removal 1,454.50 1/31/2024 Balance Per Bank Statement as of 1/31/2024 101,673.56 Outstanding Deposits Deposit Date Deposit Number Amount 1/31/2024 92 2,488.92 Plus: Outstanding Deposits 2,488.92 Outstanding Checks Check Date Check Number Payee Amount 1/11/2024 620 lon01 - Lonestar General Contracting 32,579.00 1/18/2024 633 v0000160 - Integrity Facility Solutions, Inc. 7,871.51 1/18/2024 634 yar01 - Yardi Systems, Inc. 25.21 1/25/2024 638 lon01 - Lonestar General Contracting 3,897.00 1/25/2024 640 v0000210 - Alice Cottrell Interior Design 1,273.80 Less: Outstanding Checks 45,646.52 Reconciled Bank Balance 58,515.96 Balance per GL as of 1/31/2024 58,515.96 Reconciled Balance Per G/L 58,515.96 Difference (Reconciled Bank Balance And Reconciled Balance Per G/L) 0.00 1201445606 Tollway-Operating 2/1/2024 Bank Reconciliation Report 1/31/2024 Posted by: sdobbs on 2/1/2024 26
Posted by: sdobbs on 2/1/2024
Cleared Checks Date Tran # Notes Amount Date Cleared 1/18/2024 626 fre01 - Freepoint Energy Solutions LLC 5,977.37 1/31/2024 1/18/2024 627 atm01 - Atmos Energy 531.59 1/31/2024 1/18/2024 628 fre01 - Freepoint Energy Solutions LLC 5,739.28 1/31/2024 1/18/2024 629 tid01 - Tidy Aire, Inc. 165.20 1/31/2024 1/18/2024 630 v0000019 - Bagby Elevator Company, Inc. 156.19 1/31/2024 1/18/2024 631 v0000020 - Simpson Landscape Maintenance, Inc. 1,070.01 1/31/2024 1/18/2024 632 v0000069 - Texas Safe & Lock 456.82 1/31/2024 1/22/2024 635 ken30 - 52 Management, LP 2,655.99 1/31/2024 1/25/2024 636 ali01 - A Litter Help, LLC 276.04 1/31/2024 1/25/2024 637 car05 - Carter Pest Control LLC 189.44 1/31/2024 1/25/2024 639 v0000119 - Mountain West Series of Lockton Companies, LLC 7,375.50 1/31/2024 1/25/2024 641 vic01 - Victory Lighting & Electrical Services, LLC 21.65 1/31/2024 Total Cleared Checks 63,149.68 Cleared Deposits Date Tran # Notes Amount Date Cleared 12/26/2023 87 :CC Deposit 2,488.92 1/31/2024 1/1/2024 88 :ACH Deposit 18,221.91 1/31/2024 1/3/2024 132 8,835.50 1/31/2024 1/3/2024 133 13,747.74 1/31/2024 1/4/2024 89 :ACH Deposit 9,940.30 1/31/2024 1/4/2024 134 6,360.00 1/31/2024 1/5/2024 90 :ACH Deposit 7,498.13 1/31/2024 1/5/2024 135 3,315.00 1/31/2024 1/11/2024 91 :ACH Deposit 5,098.32 1/31/2024 1/24/2024 136 8,492.26 1/31/2024 1/29/2024 137 3,605.75 1/31/2024 1/29/2024 138 5,229.75 1/31/2024 1/31/2024 139 2,070.39 1/31/2024 Total Cleared Deposits 94,903.97 Cleared Other Items Date Tran # Notes Amount Date Cleared 1/3/2024 JE 8916 1/24 Loan Pmt -16,925.96 1/31/2024 1/31/2024 JE 9051 1/24 Bank Fee -67.77 1/31/2024 Total Cleared Other Items -16,993.73 1201445606 Tollway-Operating 2/1/2024 Bank Reconciliation Report 1/31/2024
27
RENT
OWNER’S REPORT
28
ROLL PROPERTY MANAGEMENT & ACCOUNTING REPORTS
RENT ROLL
KENNINGTON PROPERTY HOLDINGS
FEBRUARY 2024
# Building Total SF Vacant Occupancy 27 Alpha Plaza 75,383 20,849 72% 30 Midway Center 46,064 1,875 96% 35 Campbell Creative Center 96,991 12,014 88% 37 Placid 66,473 - 100% 44 Research 159,958 7,855 95% 46 Valley View 43,740 - 100% 49 Alpha Business Center 50,109 - 100% 50 Skyway 62,028 - 100% 51 Jupiter Center North 43,680 - 100% 52 Jupiter Center South 82,805 - 100% 53 Waters Ridge Tech II 33,346 - 100% 54 Waters Ridge Tech III 75,087 11,047 85% 55 Bent Tree Place 57,602 5,655 90% PORTFOLIO 893,266 59,295 93%
29
OWNER’S REPORT
30
MANAGEMENT FEE CALCULATION PROPERTY MANAGEMENT & ACCOUNTING REPORTS
Management Fee Register Summary
FeePool=AllFeePools
FeeDate=01/01/2024
AsOfMonth=12/2023to12/2023
027-AlphaPlaza90,013.834.0000003,600.5512-2023
030-MidwayCenter64,263.994.0000002,570.5612-2023
035-Campbell1107,540.124.0000004,301.6112-2023
037-Placid76,228.024.0000003,049.1212-2023
044-ResearchCenter205,033.324.0000008,201.3312-2023
046-ValleyViewCommerceCenter70,481.304.0000002,819.2512-2023
049-AlphaBusinessCenter74,709.474.0000002,988.3812-2023
050-SkywayCircle56,091.874.0000002,243.6812-2023
051-JupiterCenterNorth38,193.004.0000001,527.7212-2023
052-JupiterCenterSouth102,793.114.0000004,111.7212-2023
053-WatersRidgeTech255,198.884.0000002,207.9612-2023
054-WatersRidgeTech392,621.844.0000003,704.8712-2023
055-Tollway87,245.704.0000003,489.8312-2023
Net Billing As Of Property Amount Rate TotalMonth
Total 1,120,414.45 44,816.58
31
ASSET MANAGEMENT REPORTS
OWNER’S REPORT
32
ASSET MANAGEMENT REPORTS
KPH CASH FLOW SUMMARY
33
(
KPH Cash Flow Projections Summary
Asof:1/23/20241/23/2024 ACTUAL 2021 ACTUAL 2022 2023 TOTAL 2024 PROJECTION Net Operating Income from Properties $ 6,181,836 $ 7,393,705 $ 8,462,569 DebtService/LenderFees3,290,3943,983,0363,915,579 Net Cash Flow after Debt Service 2,891,442 3,410,669 4,546,990 Capital(Actual/Projected-2024isSubjecttoRevisions) Leasing-RelatedCapital(1)1,989,7161,472,7282,463,350 BuildingCapital(2)2,746,0432,902,804455,439 TotalCapital4,735,7594,375,5312,918,789 Less:LenderProceeds,1031Escrow(IndependentBankFutureFunding)&Reserves0(998,562)(302,155) Net Cash Required for Capital 4,735,759 3,376,969 2,616,634 NetCashFlowafterCapital (1,844,317) 33,700 1,930,356 Non-ReimbursableR&M(15,911)00 Construction&LeasingAdmin(7,224)00 Accounting,Marketing&GeneralAdmin(134,422)(67,649)(67,200) ConsultingFees(281,223)(201,051)(197,811) KFOCExpenses(66,511)(73,451)(69,832) AssetMgmtFees(117,269)(120,992)(137,739) FranchiseTaxes0(26,896)(40,000) ReinvestmentofPortfolioIncomeinPortfolio(103,302)00 Legal&Professional(139,829)(81,461)0 Other-CashAdjustments(193,658)(1,525)(6,125) NetCashFlowfromOperations$(2,903,666)$(539,326)$1,411,649 IncomefromInvestments(Cash)$-$-$LineofCreditProceeds/(Paydown)(14,253,410)2,733,330RefinancingProceedsandLoanFees*7,824,8894,361,894EscrowedFunds419,610-ProceedsfromMarketableSecurities(Cash)14,598,672-Acquisitions(8,408,430)-CashDepositsIn/(Out)381,814-OtherAdjustments387,199143,419InvestmentAcctCash/(Invested)(5)4,340,836(4,252,212)Distributions&Other(8,435,745)(2,293,957)(1,492,549) Net Cash Flow KPH $ (6,048,231) $ 153,148 $ (80,901) Ending Cash Balance 6,625,820 $ $ 577,589 $ 730,736 $ 649,836 WorkingCapital:(500,000 $)(500,000 $)(500,000 $) CashAvailableforDistributions/FutureInvestments/Capital**6,625, $820 77,589 $ 230,736 $ 149,836 $
1)2024LeasingCapitalbasedonArgusprojectionsincludingnewandrollovercosts(conservative)
2)BiuldingcapitalforroofreplacementatPlacid.
. (
34
CASH FLOW
SEE HANDOUT
35
PROJECTIONS SUMMARY ASSET MANAGEMENT REPORTS
164,875)1,180,972
46ValleyViewandValleyViewLand48,63220,96750,60651,24752,50150,88545,68852,04752,655(51,373)50,65014,465438,971
49AphaBusinessCenter56,63936,87261,58074,34651,34660,00153,01855,52751,82557,00452,178(11,301)599,034
50Skyway75,84633,67033,53258,69735,23760,50232,64540,74038,66442,42735,901(60,799)427,062
51JupiterCenterNorth25,63823,42726,47933,71727,90528,74127,68327,78725,91921,86124,6459,156302,957
52JupiterCenterSouth81,66663,27364,20071,71764,28679,13064,54575,17875,09265,11873,835(
pense188,528189,419187,745188,480187,649183,992187,291186,560186,126210,785201,264208,0802,305,919 AmortizationofPrincipal125,742119,851130,000125,789126,113130,578126,476115,454113,826127,785124,725133,7711,500,109 LenderProceeds/FinancingFees086,00003,34943,47844,1810177,008
ReturnofLenderDeposit0
KPH PORTFOLIO - CASH FLOW PROJECTION CASH BASIS 2023 Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Report As of:1/23/2024 Property / Item Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Total 27AphaPlaza65,677118,08756,69675,17264,11965,81161,77563,91546,91162,53752,477(37,217)695,961 30MidwayCenter41,15025,48144,01054,72854,11556,29940,27749,41344,64745,33547,135(5,826)496,764 35CampbellI81,10824,54071,24672,77673,63481,81975,82473,52279,62581,08078,140(54,295)739,018 37Placid48,41734,51759,57764,99642,09676,81946,36764,74957,87158,18555,367(69,210)539,752 44KenningtonResearch138,84892,577107,297130,403125,991133,688111,089135,624140,881123,042106,407(
53WatersRidgeTechII41,19730,57940,32232,62736,40242,19930,28042,81859,30720,45238,941(17,961
54WatersRidgeTechIII71,30638,08875,17192,17770,16980,59338,44269,43570,47370,73863,589(154,457
55NorthDallasTollwa
694)44,34522,71032,65725,56323,56749,485(72,140)280,656
NOIActual/ArgusbeforeD/S(1)(2)817,363575,071730,798853,452697,107860,833650,343783,410769,433619,973728,750(692,829)7,393,705 DebtService0 InterestEx
68,369)709,671
)397,162
)585,725
y41,23932,99440,08040,849(
Non-ReimbursableExpenses00000000
TotalFinancingTransactions314,270309,270317,745314,270313,762400,570313,767302,014303,301382,048370,170341,8513,983,036
detail) TenantImprovements&Whitebox60,487080,47668,9622,77518,70913,104294,86760,27374,60199,66182,063855,978 LeasingCommissions4,7001,48876,21574,03320,6218,95766,29637,34662,27550,502177,64036,678616,750 BuildingCapital214,84954,735186,999187,958468,745298,170155,270203,729(30,805)154,723819,682188,7492,902,804 TotalCapital280,03656,223343,690330,952492,141325,836234,670535,94291,743279,8261,096,983307,4904,375,531 Less:LenderFunded/Facilities/Escrow00(158,999)0(160,000)00000(601,241)(78,322)(998,562) TotalLeasing,BuildingCapital280,03656,223184,691330,952332,141325,836234,670535,94291,743279,826495,742229,1683,376,969 Net Cash Flow after Capital and D/S 223,058209,578228,363208,23051,204134,428101,907 (54,546) 374,389 (41,901) (137,162) (1,263,848) 33,700 NOI after Debt Service Page1
503,094265,801413,053539,183383,346460,263336,576481,396466,132237,925358,580(1,034,680)3,410,669 CAPITAL - (see
(1)NOIbasedonArgusforProjections/ActualbasedonYardicashflowstatements.
(2)ProperptytaxesareoncashbasistobepaidinDecember.
(3)Beg.CashincludesOperatingAccountbutexcludesSavingsAccountof$301,770andexcludestheinvestmentaccounts.
(4)IncludesfeesforclosingsandproceedsfromprojectedrefinancingofCCCandAlphaPlazain2022.
(5)Cashdrawnfrom1031accountforNorthDallasTollwayacquisitionin2022.
(6)Estimate/Adjustmentandintercompanyitems.
(7)TiestoBalanceSheetandexcludesinvestmentcashandsavingsaccount,escrowbalancesand1031Exchange.
(8)BasedonBalanceSheet
KPH PORTFOLIO - CASH FLOW PROJECTION CASH BASIS 2023 Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Report As of:1/23/2024 Property / Item Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Total Overhead and Administrative Accounting,Marketing&GeneralAdmin(6,220)(9,375)(4,331)(3,233)(4,311)(4,180)(13,977)(5,182)(5,563)(6,321)(535)(4,421)(67,649) ConsultingFees(23,577)(22,758)(24,958)(10,869)(10,869)(15,388)(16,919)(10,869)(10,870)(18,919)(10,869)(24,185)(201,051) KFOCExpenses(3,753)(10,008)(8,321)(7,389)(10,869)(3,909)(3,909)(3,909)(4,346)(4,346)(8,346)(4,346)(73,451) AssetMgmtFees(9,935)(10,486)(10,233)(10,340)(4,152)(10,929)(11,011)(10,869)(10,788)(11,025)(10,478)(10,745)(120,992) FranchiseTax(75,702)(5,000)-53,806(26,896) Legal&Professional(6,995)(3,500)(3,238)(7,923)(10,144)(7,685)(13,559)(938)(12,910)(9,417)(4,517)(637)(81,461) Other------(500)-(200)(771)(54)(1,525) NetCashFlowfromAdministrative(50,479)(56,127)(51,081)(39,755)(116,047)(42,091)(59,375)(37,268)(44,477)(50,228)18,290(44,388)(573,026) Net Cash Flow after Overhead 172,579153,451177,281168,476 (64,843) 92,33742,532 (91,814) 329,913 (92,129) (118,871) (1,308,236) (539,326) CashFlowAdjustments Less:Noncashincome0000000000000 OtherAdjustments(15,285)019,058(38,955)(126,354)374,377(54,850)89,566(69,588)(31,775)(140,866)138,091143,419 TotalCashFlowAdjustments(15,285)019,058(38,955)(126,354)374,377(54,850)89,566(69,588)(31,775)(140,866)138,091143,419 Actual Cash Flow 157,294153,451196,339129,520(191,198)466,714(12,318)(2,248)260,325(123,904)(259,737)(1,170,145)(395,907) OperatingAccount-BeginningBalance(3)577,589610,503639,575702,777707,918304,343646,678509,981564,021597,559477,642352,164577,589 ActualCashFlowfortheMonth157,294153,451196,339129,520(191,198)466,714(12,318)(2,248)260,325(123,904)(259,737)(1,170,145)(395,907) LineofCreditProceeds/Paydown0000000000533,3302,200,0002,733,330 LoanProceeds/Paydown(4)00000004,180,6670181,227004,361,894 EscrowedFunds0000000000000 ProceedsfromMarketableSecurities(Cash)0000000000000 Acqustions0000000000000 SalesProceeds0000000000000 CapitalContributions000000000000 0 InvestmentAcctCash/(Invested)(5)0000000(4,000,000)000(252,212) (4,252,212) OtherAdjustments/GainonSale(6)000000000000 0 Distributions(124,379)(124,379)(133,137)(124,379)(212,377)(124,379)(124,379)(124,379)(226,787)(177,240)(399,070)(399,070)(2,293,957) Operating - Ending Balance 610,503639,575702,777707,918 304,343646,678509,981564,021597,559477,642352,164730,736730,736 Add Cumulative Inv. Account Cash (7) 0000000000000 Total Cash Available for Operations 610,503639,575702,777707,918304,343646,678509,981564,021597,559477,642352,164730,736730,736 Investment Accounts Recap: Beg Bal: 2,445,4832,636,0002,636,0002,636,0002,636,0002,571,3702,571,3702,554,4416,554,4416,554,4416,538,4886,621,0162,445,483 Ending Balance (8) 2,636,0002,636,0002,636,0002,636,0002,636,0002,571,3702,571,3706,554,4416,554,4416,538,4886,621,0165,629,4385,629,438 Line of Credit - Monthly Balance 300,000300,000300,000300,000300,000300,000300,000300,000300,0005,640,422833,3302,733,330 2,733,330
Page2
KPH PORTFOLIO - CASH FLOW PROJECTION CASH BASIS 2023
Property / Item
27AphaPlaza
30MidwayCenter
35CampbellI
37Placid
44KenningtonResearch
46ValleyViewandValleyViewLand
49AphaBusinessCenter
50Skyway
51JupiterCenterNorth
52JupiterCenterSouth
53WatersRidgeTechII
54WatersRidgeTechIII
55NorthDallasTollway
Non-ReimbursableExpenses
NOIActual/ArgusbeforeD/S(1)(2)
DebtService
InterestExpense
AmortizationofPrincipal
LenderProceeds/FinancingFees
ReturnofLenderDeposit
TotalFinancingTransactions
NOI after Debt Service
CAPITAL - (see detail)
TenantImprovements&Whitebox
LeasingCommissions
BuildingCapital
TotalCapital
Less:LenderFunded/Facilities/Escrow
TotalLeasing,BuildingCapital
156,252156,440156,440142,333147,834148,222148,222134,731135,035135,035135,035(163,351)1,432,226 48,89848,89848,89848,89848,89848,89848,89831,80215,46715,46735,315(105,890)334,450 58,49945,32845,32845,52540,09653,15153,15153,15158,75958,85158,851(1,940)568,749 48,40348,59848,59848,59848,59848,59837,36037,36037,71937,71949,272(65,282)425,538 27,33127,33127,33127,33127,33127,33127,33127,33127,33127,33132,750(42,944)263,113 87,75887,75887,75887,75887,75878,14378,14378,14378,14378,14388,008(55,716)861,800 43,66043,66043,66043,66043,66043,66043,6605,7295,7295,7296,400(36,091)293,114 86,78886,78886,78886,78886,78886,78890,73690,73680,26885,91785,917(151,449)802,857 59,94659,94659,94659,94659,98759,98753,99455,63055,97655,27557,099(76,394)561,336 0000000000000 874,110868,455871,636852,100866,281868,086859,183799,729783,902786,946842,979(810,839)8,462,569 0
211,697211,304210,906210,512210,110209,677209,623209,184208,745209,781211,742211,2802,524,561 116,905117,305117,717118,122127,48812,799128,586129,043129,496130,726131,185131,6461,391,018 0000 0
328,602328,609328,623328,634337,598222,476338,209338,227338,241340,507342,927342,9263,915,579
545,508539,846543,013523,466528,683645,610520,974461,502445,661446,439500,052(1,153,765)4,546,990
40,9500191,20428,125075,072335,7600209,959142,155392,238454,1161,869,579
8,868034,8668,279046,20290,7030119,40546,141120,141119,166593,772 000000455,43900000455,439 49,8180226,07036,4040121,274881,9020329,364188,296512,379573,2822,918,789
0000(160,000)00000(142,155)0(302,155)
49,8180226,07036,404(160,000)121,274881,9020329,364188,296370,224573,2822,616,634 495,690539,846316,943487,062688,683524,336 (360,928) 461,502116,298258,143129,828 (1,727,047) 1,930,356
Net Cash Flow after Capital and D/S
ProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected Report As of: 1/23/2024 Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24 Total 2024 59,74666,74666,81960,09367,18262,83564,84171,92571,03968,81074,779(19,221)715,595 49,37049,37049,46550,56550,64252,56552,56552,64253,01253,01253,488(56)566,639 87,92788,06190,87690,87697,77898,178100,553100,553104,952104,952105,360(29,436)1,040,629 59,53159,53159,72959,72959,72959,72959,72959,99760,47360,70560,705(63,069)596,522
Page3
KPH PORTFOLIO - CASH FLOW
CASH BASIS 2023
Overhead and Administrative
Accounting,Marketing&GeneralAdmin
ConsultingFees
KFOCExpenses
AssetMgmtFees
FranchiseTax
Legal&Professional
Other
NetCashFlowfromAdministrative
Less:Noncashincome
LineofCreditProceeds/Pa
LoanProceeds/Pa
EscrowedFunds
A
2,733,3302,733,3302,733,3302,733,3302,733,3302,733,3302,733,3302,733,3302,733,3302,733,3302,733,3302,733,330 2,733,330
(1)NOIbasedonArgusforProjections/ActualbasedonYardicashflowstatements.
(2)ProperptytaxesareoncashbasistobepaidinDecember.
(3)Beg.CashincludesOperatingAccountbutexcludesSavingsAccountof$301,770andexcludestheinvestmentaccounts.
(4)IncludesfeesforclosingsandproceedsfromprojectedrefinancingofCCCandAlphaPlazain2022.
(5)Cashdrawnfrom1031accountforNorthDallasTollwayacquisitionin2022.
(6)Estimate/Adjustmentandintercompanyitems.
(7)TiestoBalanceSheetandexcludesinvestmentcashandsavingsaccount,escrowbalancesand1031Exchange.
(8)BasedonBalanceSheet
Property / Item
Net Cash Flow
CashFlowAd
after Overhead
justments
justments Actual Cash Flow OperatingAccount-BeginningBalance(3)
ctualCashFlowfortheMonth
OtherAdjustments TotalCashFlowAd
A
ydown
ydown(
)
4
ProceedsfromMarketableSecurities(Cash)
cquistions
pitalContributions InvestmentAcctCash/(Invested)(5) OtherAdjustments/GainonSale(6) Distributions Operating - Ending Balance Add Cumulative Inv. Account Cash (7) Total Cash Available for Operations Investment Accounts Recap: Beg Bal: Ending Balance (8) Line of Credit - Monthly Balance
SalesProceeds Ca
PROJECTION
ProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected Report As of: 1/23/2024 Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24 Total 2024 (5,600)(5,600)(5,600)(5,600)(5,600)(5,600)(5,600)(5,600)(5,600)(5,600)(5,600)(5,600)(67,200) (16,484)(16,484)(16,484)(16,484)(16,484)(16,484)(16,484)(16,484)(16,484)(16,484)(16,484)(16,484)(197,811) (5,819)(5,819)(5,819)(5,819)(5,819)(5,819)(5,819)(5,819)(5,819)(5,819)(5,819)(5,819)(69,832) (11,478)(11,478)(11,478)(11,478)(11,478)(11,478)(11,478)(11,478)(11,478)(11,478)(11,478)(11,478)(137,739) (3,333)(3,333)(3,333)(3,333)(3,333)(3,333)(3,333)(3,333)(3,333)(3,333)(3,333)(3,333)(40,000) ------------0 (510)(510)(510)(510)(510)(510)(510)(510)(510)(510)(510)(510)(6,125) (43,226)(43,226)(43,226)(43,226)(43,226)(43,226)(43,226)(43,226)(43,226)(43,226)(43,226)(43,226)(518,707) 452,464496,621273,718443,837645,457481,110 (404,154) 418,27773,072214,91786,603 (1,770,273) 1,411,649 0000000000000 0000000000000 0000000000000 452,464496,621273,718443,837645,457481,110(404,154)418,27773,072214,91786,603(1,770,273)1,411,649 730,7361,058,8221,431,0631,580,4021,899,8602,420,9372,777,6682,249,1352,543,0332,491,7262,582,2642,544,488730,736 452,464496,621273,718443,837645,457481,110(404,154)418,27773,072214,91786,603(1,770,273)1,411,649 0000000000000 0000000000000 0000000000000 0000000000000 0000000000000 0000000000000 0000000000000 0000000000000 0000000000000 (124,379)(124,379)(124,379)(124,379)(124,379)(124,379)(124,379)(124,379)(124,379)(124,379)(124,379)(124,379)(1,492,549) 1,058,8221,431,0631,580,4021,899,8602,420,9372,777,6682,249,1352,543,0332,491,7262,582,2642,544,488649,836649,836 0000000000000 1,058,8221,431,0631,580,4021,899,8602,420,9372,777,6682,249,1352,543,0332,491,7262,582,2642,544,488649,836649,836 5,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,438 5,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,4385,629,438
Page4
ASSET MANAGEMENT REPORTS
LEASING REPORTS
OWNER’S REPORT
40
BRADFORD RETAIL
OWNER’S REPORT
41
4885-120 2,376 SF 20232024 2025 2026 2027 2028 2029 LEASED SUITE 275- 4,800 RSF ESCAPE NEWPORT 1/31/2029 LEASED SUITE 270- 4,000 RSF LIVE ARTS CONSERVATORY 12/31/2025 LEASED SUITE 100 - 4,999 RSF EURO LIVING 11/30/2025 LEASED SUITE 125- 3,600 RSF BELLA BRA SHOP 4/4/2027 LEASED SUITE 155- 4,875 RSF GOWNS OF GRACE 8/31/2025 VACANT SUITE 205- 6,600 RSF LEASED SUITE 210- 6,300 RSF DAVID DIKE FINE ART 4/30/2029 LEASED SUITE 250- 5,040 RSF GAME SHOW BATTLE 3/31/2027 VACANT SUITE 240 3,360 RSF LEASED SUITE 220- 3,880 RSF MANACARE 8/31/2023 VACANT SUITE 260- 4,183 RSF VACANT SUITE 280 1,618 RSF LEASED SUITE 200- 3,340 RSF JUDY NORDSETH 7/31/2026 LEASED SUITE 195- 1,875 RSF WINDOW SEASON 9/30/2024 LEASED SUITE 2902,772 RSF CANTERA DOORS 5/31/2024 LEASED SUITE 2952,696 RSF ALEXANDER OTIS 5/31/2026 LEASED SUITE 285- 2,177 RSF AUSSIE GRIND 3/31/2028 LEASED SUITE 2881,928 RSF KITCHEN SOCIAL 6/30/2028 VACANT SUITE 110 2,383 RSF VACANT SUITE 120- 2,376 RSF LEASED SUITE 115- 2,542 RSF URBAN SPIKES 10/31/2025 AL PH A PL AZA 4885 & 4887 ALPHA ROAD, FARMERS BRANCH, TX 75244 VACANT AS OF 1/31/2024
MID WA Y CEN TER
14430 MIDWAY ROAD, FARMERS BRANCH, TX 75244
LEASED
SUITE 14468 - 1,450RSF AAT FINANCIAL 2/28/2025
LEASED SUITE 144682,300 RSF MMB STRATEGY 5/31/2026
AVAILABLE SUITE 144641,875
RSF
LEASED
SUITE 14462 - 1,875 RSF WALLPAPER PLACE 11/30/2027
LEASED
SUITE 14454 - 1,875 RSF CHIOMA 9/30/2027
LEASED
SUITE 14456 - 3,750 RSF ROCK A SNAP 2/28/2028
LEASED SUITE 14460 - 1,875 RSF VALENCIA THEATER SEATING 2/28/2026
LEASED SUITE 14452 - 1,859 RSF AMY’S STUDIO 10/31/2025
LEASED SUITE 144483,750 RSF HERITAGE HOUSE CLOCKS 3/31/2027
LEASED
SUITE 14446 - 1,875 RSF EDIBLE ARRANGEMENTS 10/31/2027
LEASED
SUITE 14476- 2,938 RSF
A-ONE ENGRAVING 3/31/2028
LEASED
SUITE 14472/74- 5,042 RSF BALEY’S BRIDAL 1/31/2027
20242025
2026
2027
2028
2029
LEASED
SUITE 14444 - 1,950 RSF
MIMI’S UPHOLSTERY 4/30/2025
LEASED
SUITE 14442 - 1,950 RSF OVERTON FAMILY JEWELS 11/30/2027
LEASED
SUITE 14440 - 1,950 RSF
VERTICON CONSTRUCTION 4/30/2027
LEASED
SUITE 14438 - 1,950 RSF
BREAKING BREW MEADERY 6/30/2024
LEASED
SUITE 14436 - 3,934 RSF WEG’S GUNS 10/31/2026
LEASED
SUITE 14430 - 3,885 RSF SIGNARAMA 8/31/2026
AS OF 1/31/2024
VACANT
BRADFORD FLEX
OWNER’S REPORT
44
AL PHA BU SINESS CEN TER
4300 & 4350 ALPHA ROAD, FARMERS BRANCH, TX 75244
LEASED
SUITE 2-210- 2,910 RSF
TWO RIVERS VENTURES 1/31/2026
LEASED
SUITE 1-100- 6,944 RSF ADAPT STRENGTH 4/30/2025
LEASED
SUITE 1-115- 5,981 RSF AIRWAY TECHNOLOGIES 8/31/2031
LEASED
SUITE 1-130- 4,313 RSF
TWO RIVERS VENTURES 1/31/2026
20242025
2026
2027
2029
LEASED
SUITE 2-200- 9,800 RSF ACCESS HEALTHCARE 9/30/2025
LEASED
SUITE 3-100- 3,581 RSF
ALPHA LOCK SECURITY 4/30/2024
LEASED
SUITE 3-110- 3,262 RSF
SHARI’S MANAGEMENT 9/30/2025
LEASED
SUITE 3-120- 1/31/2024 RSF
COMPRO COMPUTER 3/31/2029
LEASED
SUITE 2-230- 4,486 RSF PROTECTION NETWORKS 4/30/2027
LEASED
SUITE 3-130- 2,996 RSF
ALLIED BIOSCIENCE 1/31/2025
2031
AS OF 1/31/2024
VACANT
45
SKYWAY CIRCLE
SKYWAY CIRLCE, IRVING, TX 75038 Lorem ipsum Lorem ipsum Lorem ipsum 20242025 2028 2029 2030 2031 VACANT LEASED SUITE 3117- 18,287 RSF AP AMERICAS 8/31/2028
SUITE 3113 - 11,425 RSF WELLER TRUCK PARTS, LLC 6/30/2024
SUITE 3109- 13,776 RSF EBERL CLAIM SERVICE, LLC 1/31/2025
SUITE 3101- 18,450 RSF AP AMERICAS 8/31/2028 AS OF 1/31/2024 46
3101-3117
LEASED
LEASED
LEASED
VALLEY
LEASED SUITE 100 - 19,200 RSF TEXAS PROGRAMS FOR ALERNATIVE EDUCATION 8/31/2024
LEASED SUITE 150 - 9,864 RSF DISH NETWORK 7/31/2024
LEASED SUITE 1807,740 RSF ESSENTIAL FORMULAS 11/30/2028
2025 2026 2027 2028 VACANT
20232024
VALLEY VIEW LANE, IRVING, TX 75061
VIE W 1861
LEASED SUITE 1406,936 RSF ASURION 10/31/2026 AS OF 1/31/2024
BRADFORD OFFICE
OWNER’S REPORT
48
SUITE120-4,660RSF LEASED SUITE130-6,168RSF �SEEBOOST/EVEGLAZELLC 1/31/2027 VACANT
2025 2026 2027
2028 I I I 2030 2031 l
� KENNINGTON COMMERCIAL
49
5...ZANAGEMENT
AVAILABLE
AS OF 1/31/2024
1217/1219
RICHARDSON, TX 75081
LEASED
SUITE 150 - 4,446 RSF GET CLEAN SERVICES 1/31/2026
LEASED
SUITE 140 - 2,993 RSF VERSAR, INC. 11/30/2027
LEASED
SUITE 130 - 3,891 RSF SYNERGY SOLUTIONS 7/31/2026
LEASED
SUITE 120 - 3,591 RSF PRELOAD, LLC 4/30/2026
LEASED
SUITE 110 - 2,992 RSF DIRECT LINE GLOBAL 12/31/2027
LEASED
SUITE 100 - 4,465 RSF TXS INDUSTRIAL DESIGN 6/30/2026
LEASED
SUITE 100 - 13,858 RSF
TALLEY-RIGGINS CONSTRUCTION 6/30/2028
AVAILABLE
SUITE 130 - 7,354 RSF LEASED
SUITE 160 - 6,746 RSF ELECTION SYSTEMS & SOFTWARE 12/31/2026
AS OF 1/31/2024
2027 2028 2030 2031 VACANT
20252026
CCC - DIGITAL
DIGITAL
DRIVE,
LEASED
LEASED
LEASED
J UP ITER 2100, 2200, & 2201 10TH STREET AND 1009 JUPITER ROARD, PLANO, TX 75074
2029 2030 2031 2032 VACANT
SUITE 4100 - 43,680 RSF ENSEO 10/31/2027
SUITE 1100 33,460 RSF GLOBAL IP 10/31/2030
20242027
LEASED
LEASED
SUITE 2300 7,920 RSF VECTOR CONTROLS 5/31/2024
SUITE 2100 7,345 RSF FORTRESS SOLU. 10/31/2029
RSF FORTRESS SOLUTIONS 10/31/2029 AS OF 1/31/2024
SUITE 3100 - 34,080
LEASED
SUITE 100 - 10,008 RSF RACKMOUNT 8/31/2027
20252026
2027
LEASED SUITE 2004,800 RSF PLANO DATA 7/31/2025
LEASED SUITE 5505,024 RSF C&W SPECIALISTS 8/31/2026 LEASED SUITE 5007,680 RSF TNT SPA MOVERS 8/31/2027 LEASED SUITE 4004,800 RSF EXTRAVAGANZA 12/31/2025 LEASED SUITE 3007,200 RSF HISCO 9/30/2025
LEASED SUITE 6007,136 RSF M4 SPECIALTY 12/31/2026
LEASED SUITE 7007,193 RSF MIDLAND TOWER 2/29/2028
LEASED SUITE 800- 12,632 RSF BRINKS 12/31/2026
2030 VACANT
2028 2029
P LAC ID
PLACID AVENUE, PLANO,
1200
TX 75074 AS OF 11/31/2024
20232024 2025 2026 2027 2028 2029 2030 LEASED SUITE 5100 - 38,180 RSF KCW ENTERPRISES 9/30/2030 LEASED SUITE 2100 - 6,957 RSF TERMINIX 3/31/2023 LEASED SUITE 2150 - 7,453 RSF ABLE AUTO 1/31/2030 LEASED SUITE 2300 - 8,924 RSF ADAPTIVE 3D 7/31/2024 LEASED SUITE 3120 - 15,479 RSF AXCENT NETWORKS 8/31/2026 LEASED SUITE 3100 7,855 RSF HORIZON OXYGEN 2028 LEASED SUITE 1300 - 45,422 RSF NEXREV INC. 10/31/2027 LEASED SUITE 4400 - 9,204 RSF NIMBLETRONICS 6/30/2025 LEASED SUITE 4200 - 10,248 RSF REMEDI SENIORCARE 3/31/2026 LEASED SUITE 4100 - 5,827 RSF CMC NETWORK 4/30/2029 LEASED SUITE 4125 4,409 RSF CALGAR ENTERPRISES 5/31/2026 RESEARCH CE NTER 600, 601, 608 D EVELOPMENT D RIV E & 2600/2700 RESEARCH DRIV E, PLA NO, TX 750 74 VACANT AS OF 1/31/2024
WATERS RIDGE II
1965
20242025
LEASED
SUITE 200- 11,194 RSF
HOYA OPTICAL LABS 10/31/2025
2026
LEASED
SUITE 100- 22,152 RSF
HORIZON HEALTH CORPORATION 7/31/2024
20272028 2029 VACANT
LAKEPOINTE DRIVE, LEWISEVILLE, TX 75057
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AS OF 1231/2024
WATER S R IDG E II I
20242025
LEASED
SUITE 300
OCCUSYSTEMS
SUITE 200 - 5,783 RSF
LEASED
SUITE 400 - 15,814 RSF K12 VIRTUAL SCHOOLS 6/30/2025
LEASED
SUITE 500 - 12,344 RSF FORD MOTOR 11/30/2025
LEASED
SUITE 100
6,300 RSF
CARDINAL TRACKING 8/31/2024
LEASED
SUITE 700 - 19,389 RSF
ALLEGIANCE TRUCKING 5/31/2025
VACANT
SUITE 800
5,071 RSF
2026
10,386 RSF 2/28/2029 AS OF 1/31/2024
20272028
2029
LAKEWAY DRIVE, LEWISVILLE, TX
1825
75057
VACANT
VACANT
THIRTY-FOUR COMMERCIAL OFFICE LEASING
OWNER’S REPORT
56
LEASED
SUITE 100 - 6,110 RSF
BENT TREE FAMILY PHYSICIANS 4/30/2026
LEASED SUITE 100 - 2,298 RSF
DR. WALLACE 4/30/2025
LEASED SUITE 105 - 4,772 RSF
MINIMALLY INVASIVE 8/31/2027
LEASED
SUITE 100 - 1,240 RSF
LEASED
SUITE 125 - 495 RSF
EVANTELL 6/30/2027
LEASED
SUITE 110 - 2,432 RSF
DR. WALLACE 4/30/2025
DR. WALLACE 4/30/2025 AVAILABLE SUITE 150 1,984 RSF
LEASED
SUITE 180 - 2,660 RSF
ALL CARE 9/1/2030
AVAILABLE
SUITE 120 - 1,298 RSF
PRESTIGIE INSURANCE 12/31/2026
LEASED
LEASED
SUITE 130 - 1,213 RSF
AURORA INSURANCE 9/30/2024
SUITE 140 - 3,590 RSF
EVANTELL 6/30/2027
17 110 DALLAS PKWY 17110 N DALLAS PARKWAY, DALLAS, TX 75248 FIRST FLOOR EXPIRATIONS Lorem ipsum 20232024 2025 2026 2027 2031 VACANT 2030 2031 AS OF 1/31/2024 57
17110 N
PARKWAY, DALLAS, TX 75248
LEASED
SUITE 210 - 1,715 RSF FLAGG LAW 9/30/2025
LEASED
SUITE 212 & 214 - 4,305 RSF BOHACH LAW 6/30/2024
AVAILABLE
SUITE 218 2,269 RSF
LEASED
SUITE 208 - 1,325 RSF
JAMESON & POWERS 9/30/2025
LEASED SUITE 206 - 1,978 RSF
JAMESON & POWERS 9/30/2025
AVAILABLE
SUITE 205 1,372 RSF
LEASED
SUITE 201 - 1,278 RSF
NATHAN RESEARCH INC. 9/30/2025
LEASED
SUITE 284 - 746 RSF
ROARING LAMBS 8/31/2031
LEASED
SUITE 280 - 1,942 RSF
FIRST FINANCIAL 10/31/2024
LEASED
SUITE 220 - 4,118 RSF WORKSHOP STUDIOS 11/30/2030
LEASED
SUITE 200 1,031 RSF JEFFERSON PHYSICIANS 4/30/2026
LEASED
SUITE 286 - 1,178 RSF
LIBERTY TEXAS MED-LEGAL 9/30/2026
LEASED
SUITE 222 - 876 RSF
MARK FUGIT 2/28/2025
LEASED
SUITE 230 - 2,627 RSF
R.R.E.A.C.H. 6/30/2027
LEASED
SUITE 290 - 2,750 RSF
RAY LEVY & ASSOCIATES 6/30/2027
AS OF 1/31/2024
17110 D A LL AS PKWY
FLOOR EXPIRATIONS MECH MECH MECH
DALLAS
SECOND
Lorem ipsum 20232024 2025 2026 2027 2031 VACANT 2030 2031
58
ASSET MANAGEMENT REPORTS
CONSTRUCTION/ TENANT IMPROVEMENTS
OWNER’S REPORT
59
CONSTRUCTION PROJECTS OVERALL SUMMARY
60
CONSTRUCTION PROJECTS OVERALL SUMMARY
61
Kennington Alpha Plaza Construction Active TI Projects
Property: Alpha Plaza
Project: Vacancy Demo
Suite: 240
GC: Ren Pro
Cost: $3,220.44
SF: 3,360
Cost/SF: $0.96
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Kennington Research Center, LLC
Construction Active TI Projects
Property: 44 Research
Project: Horizon Oxygen LL Work
Suite: Building 6 #100
GC: Lonestar
Cost: $153,217.00
SF: 7,855
Cost/SF: $19.50/SF
63
Bent Tree Place
Capital Improvement – Exterior Improvements
Front Façade Feature Wall Before After
64
Bent Tree Place
Capital Improvement – Exterior Improvements
Front Façade Feature Wall
65
Bent Tree Place
Lobby Upgrade Design
66
Bent Tree Place
Lobby Upgrade Design
67
Bent Tree Place
Lobby Upgrade Design
Furniture
68
Partial
Package
Bent
Consistent Frosting at First Floor Storefront Glass Added/Upgraded LED 2x2 Lighting at both stairwells 69
Tree Place Lobby Upgrade Design
Bent Tree Place
Lobby Upgrade Design
Stairwell Wallpaper
70
Bent Tree Place Lobby Upgrade Design
Updated Restroom Doors 71
Bent Tree Place
Lobby Upgrade Design
Moss Wall
72
Bent Tree Place
Fire Remediation - Building
73
Bent Tree Place
Spec Suite #160
• Property: Bent Tree Place
• Project: Spec Suite
• Suite: 160
• Target Cost: $99,200.00
• SF: 1,984
• Target Cost/SF: $50/SF
• Status: Value Engineering/Obtaining Revised Pricing
74
Bent Tree Place
Suite #205
• Property: Bent Tree Place
• Project: Petrovybe – Potential Tenant
• Suite: 205
• Cost: TBD
• SF: 1,372
• Cost/SF: TBD
• Status: Waiting on Pricing
75
Bent Tree Place
Spec Suite #205
• Property: Bent Tree Place
• Project: Spec Suite
• Suite: 205
• Cost: $28,141.00
• SF: 1,372
• Cost/SF: $20.51/SF
• Status: Waiting to install drop ceiling/feedback from Petrovybe
76
ASSET MANAGEMENT REPORTS
ADDITIONAL REPORTS
OWNER’S REPORT
77
Morgan
Account 4/25/22 6/21/22 9/25/23 10/18/23 12/13/23 1/22/24 Change US Government Money Market Fund 4,389,748 4,408,230 3,462,838 3,477,984 14,589 Investment Grade Corporate Bonds 8,642,652 8,515,437 2,164,693 2,130,258 2,162,248 2,183,225 (8,102) Independent Bank Money Market 1,004,352 1,010,786 1,935 TOTAL 14,622,202 8,515,437 6,554,441 6,538,488 6,629,438 6,671,995 42,557 Loan Balance 11,870,848 5,802,556 300,000 300,000 833,330 2,733,330 1,900,000 Equity 2,751,354 2,712,881 6,254,441 6,238,488 5,796,108 3,938,665 1,942,557 Availability - 1,407,337 1,600,000 1,600,000 1,600,000 266,670 (1,333,330) 4/25/22 6/21/22 9/25/23 10/18/23 12/13/23 1/22/24 Purchase Yield Purchase Yield Purchase Yield Purchase Yield Purchase Yield Purchase Yield $'s US Government Money Market Fund 5.14 5.14 5.14 5.12 178,073 Investment Grade Corporate Bonds 3.02 2.71 2.71 5.95 5.95 129,902 Independent Bank Money Market 4.41 4.41 44,576 Average 3.02 4.34 4.35 5.29 5.28 352,550 Line of Credit (1.69) (2.55) (6.61) (6.61) (6.62) (6.61) (180,673) Annual Arbitrage 0.47 (2.27) (2.26) (1.33) (1.33) 171,877 78
JP
Investment Account
ASSET MANAGEMENT REPORTS
OLD BUSINESS
OWNER’S REPORT
79
KPH PROPERTY TOUR DATE(S)
FOLLOW UP
OWNER’S REPORT
80
VANTAGE BANK/JUPITER NORTH UPDATE
OWNER’S REPORT
81
JUPITER NORTH
VANTAGE BANK MODIFICATION TERMS
Principal Balance - 2/27/24 1,834,882 Original Modified Interest Rate 4.25% 4.25% Term 4/20 to 2/24 2/24 to 4/25 DSCR Min 1.25 1.25 Amount for P&I 4,000,000 1,837,947 Principal 15,245 3,066 TBD Interest 6,563 7,377 TBD Total 21,808 10,443 P&I Total Difference 11,365 Annualized CF Increase 136,380 NOI 289,829 283,853 P&I Annualized 261,696 125,316 DSCR 1.11 2.27 82
CORPORATE TRANSPARENCY ACT
FOLLOW UP
OWNER’S REPORT
83
January 10, 2024
Via Email
Kennington Commercial
4514 Travis Street, Suite 312
Dallas, TX 75205
Attention:
Clayton Kennington, CCIM
Jim Hodges, COO
Dear Clayton and Jim:
Re: Corporate Transparency Act (“CTA”)
The Corporate Transparency Act (CTA) is upon us. It takes effect on January 1, 2024 and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities which are intentionally formed by filings with a state office.
Corporations, LLCs, and other entities subject to the CTA are called “reporting companies.” People who form new reporting companies must file a beneficial ownership information (BOI) report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) within 90 days of forming the company during 2024 and thirty (30) days beginning January 1, 2025.
The owners of reporting companies created before 2024 must also file a BOI report, but they have until January 1, 2025 (but think December 31, 2024).
Some businesses are exempt from filing—for example, large operating companies with over 20 employees and $5 million in income. There are other more narrow exemptions as well that do not include the smaller companies.
The BOI report must contain the name, the birth date, the address, and an ID number and image of that ID (Driver’s License, State Identification Card, Passport, etc.) for each “beneficial owner” of the reporting company. These are the human beings who (1) own or control at least 25 percent of the company or (2) collectively, exercise “substantial control” over the company.
The BOI report is filed online at a new federal database called BOSS (an acronym for Beneficial Ownership Secure System). There is no filing fee.
84
Government law enforcement and security agencies will use the data from BOI reports to help combat money laundering, tax evasion, terrorism, and other crimes. It will not be available to the public.
Naturally, there are many unresolved questions about the BOI report filing requirements, for example:
• Do you have to file a BOI report if you own a single asset property in an LLC? (Yes.)
• Do you have to file 10 BOI reports if you own 10 LLCs each with a single asset property or other asset? (Yes.)
• Can certified public accountants, enrolled agents, and other non-lawyers file BOI reports for clients without running afoul of unauthorized practice of law rules? (Unclear.)
• Are registered agents of entities responsible for filing the BOI report? (No.)
• Do the self-employed have to file? (No.)
• Do I need to list a street address in the BOI report? (Yes.)
• Do I need to list my Social Security number in the BOI report? (No.)
• Do I need to list my attorney in the BOI report? (Maybe.)
• Must I file an updated BOI report if a beneficial owner ceases to be an owner of the company? (Yes.)
• Do I have to list my minor child in a BOI report? (No, but you as a parent must have filed a BOI)
I’ve provided some basic answers above from multiple sources and they are subject to early interpretation that will modify or change as the implementation of the CTA becomes fully functional. There will be other questions as the filing process and, particularly, official filing forms, which are not now available, are developed by the Department of the Treasury.
I recommend review now of all of your entities to determine what needs to be done with respect to CTA for each of those entities. I am available to help with the review.
Please feel free to call me with your questions and I will try to give you the latest available answers to your questions.
Very truly,
DENTON & ASSOCIATES, A Professional Corporation
By: Michael G. Denton
Kennington Commercial January 10, 2024 Page 2
85
ASSET MANAGEMENT REPORTS
NEW BUSINESS
OWNER’S REPORT
86
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OWNER’S REPORT
BUSINESS ITEMS FOR DISCUSSION
NEW
DAVID
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ACQUISITIONS CONVERSATION
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OWNERS PORTAL
OWNERS PORTAL 52MANAGEMENT.COM Password: KPHportal!234 Email Logins: craig@kenningtoncommercial.com clark@kenningtoncommercial.com clayton@kenningtoncommercial.com jim@kenningtoncommercial.com cacashman@swbell.net 88
NEXT MEETING
WEDNESDAY, MARCH 27, 2024 ???
9:00 - 10:00 AM
OWNER’S REPORT
89