KPH Board Meeting - February 2025

Page 1


KENNINGTON PROPERTY HOLDINGS

FEBRUARY 2025

BOARD MEETING AGENDA

February 27, 2025

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

Property Tax Reserve Analysis

6. Old Business

Jupiter North – Refinance update

Liberty Capital Bank – Deposit requirement update

Juniper Square – Brandywine Place Update

7. New Business

Investor Relations Brainstorming

CAPEX Projects – Richardson Plaza & Brandywine Place

Brandywine Place Branding & Brochure

Next Meeting – Thursday, March 27, 2025 – 1 HOUR

Adjournment

KPH - FEBRUARY 2025

Board Meeting Minutes

APPROVAL OF JANUARY 2024 MINUTES

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

INCOME STATEMENT

KENNINGTON PROPERTY HOLDINGS

Property Comparison Period = Jan 2025 Book = Cash ; Tree = kci_is

NON-REIMBURSABLE EXPENSES

NON-CAM ADMIN EXPENSE

Marketing Expense579.63532.47433.31395.53744.44638.28534.86462.001,243.211,115.87 Bank Charges0.000.000.000.000.000.000.000.000.000.00

Office Supplies286.98187.00175.36114.00379.24240.00254.06165.00611.95396.00

Computer Software1,399.19685.00857.38415.002,283.73942.00993.30560.002,324.761,325.00

Dues and Subscriptions0.000.000.0041.000.0086.000.0059.000.00141.00

Rent Expense728.14757.00444.94463.00936.86973.00642.08667.001,545.071,605.00

TOTAL NON-REIMBURSABLE EXPENSES3,716.004,413.464,530.461,535.704,709.663,391.283,135.832,210.006,499.535,566.87 TOTAL OPERATING EXPENSES35,671.1337,787.7325,505.5324,453.6843,071.5440,602.3633,257.8230,923.0286,991.8483,422.23

NET OPERATING INCOME48,040.8255,499.1837,066.2749,839.2375,200.0481,363.1351,483.6747,901.2877,526.2495,668.53

OWNER EXPENSES

Asset Management Fee773.17928.09624.22738.151,186.701,214.88834.68783.471,687.111,782.65

Accounting250.52531.00153.08342.00322.33671.00220.91467.00531.581,115.00

Consulting Fees2,639.291,123.411,761.33834.493,393.301,346.652,371.90974.725,625.302,354.25 Meals0.0036.000.0022.000.0046.000.0032.000.0076.00

K.F. Overhead373.411,265.85228.18773.52480.441,628.70329.271,116.24792.342,686.06

TOTAL OWNER EXPENSES4,036.393,884.352,766.812,710.165,382.774,907.233,756.763,373.438,636.338,013.96

DEBT EXPENSE

Interest Expense11,499.0311,499.0320,982.2420,982.2430,714.6530,714.658,291.418,291.4129,841.0029,841.00

TOTAL DEBT EXPENSE11,499.0311,499.0320,982.2420,982.2430,714.6530,714.658,291.418,291.4129,841.0029,841.00

NET INCOME32,505.4040,115.8013,317.2226,146.8339,102.6245,741.2539,435.5036,236.4439,048.9157,813.57

0.000.000.000.000.000.000.000.00-39,698.96-39,698.96 0.000.000.000.000.000.000.000.000.000.00 17,085.4717,085.4756,262.8655,735.2443,482.3443,482.3437,008.5037,008.5039,257.5339,257.53

9,389.969,547.8716,020.4119,569.2123,732.9826,342.9416,491.4716,298.9136,617.9041,092.11 0.00413.420.00413.420.00413.420.00553.040.00413.42 0.000.000.000.000.000.000.000.000.000.00 0.000.000.000.000.000.000.000.000.000.00 9,389.969,961.2916,020.4119,982.6323,732.9826,756.3616,491.4716,851.9536,617.9041,505.53

0.0064.17883.0664.170.0064.170.0054.170.0064.17 0.000.000.000.000.000.00209.120.000.000.00 0.000.000.000.000.000.000.000.000.000.00 0.0064.17883.0664.170.0064.17209.1254.170.0064.17 26,475.4327,110.9373,166.3375,782.0467,215.3270,302.8753,709.0953,914.6275,875.4380,827.23

1,577.621,582.333,336.503,346.503,673.653,684.672,065.682,071.883,836.273,847.78 1,577.621,582.333,336.503,346.503,673.653,684.672,065.682,071.883,836.273,847.78 1,714.281,765.752,012.012,072.361,950.922,009.481,470.851,514.965,337.092,748.56 0.00264.830.00310.860.00301.390.00227.240.00412.25 0.00525.000.00200.000.00250.000.00500.000.000.00 0.000.000.00200.000.000.000.000.000.000.00 0.0091.670.0083.330.0083.330.0083.330.0083.33 1,714.282,647.252,012.012,866.551,950.922,644.201,470.852,325.535,337.093,244.14

11,833.7111,833.714,936.814,936.8110,000.1410,000.145,777.495,777.4911,215.1211,215.12 11,833.7111,833.714,936.814,936.8110,000.1410,000.145,777.495,777.4911,215.1211,215.12

323.74214.33235.04250.00445.94700.000.00155.000.00500.00 1,381.11812.00820.01800.002,853.971,300.001,291.031,200.003,664.872,300.00 1,053.091,017.502,154.591,720.50613.71601.25246.43231.251,344.131,156.25 0.000.000.000.000.000.000.000.000.000.00 2,757.942,043.833,209.642,770.503,913.622,601.251,537.461,586.255,009.003,956.25

21.65387.0021.65422.3021.6522.30363.6822.30378.68705.58 0.000.000.0025.000.0025.000.000.000.0020.00 0.000.000.000.000.000.00211.07207.00377.50360.00 1,614.45249.000.000.000.000.00700.00100.001,232.70118.00 0.00208.330.000.000.000.000.000.00400.70291.67 337.87355.00675.74700.00450.48460.00197.09203.00366.03380.00 202.43236.00477.38495.00194.85201.000.00245.00525.01541.00 0.000.000.000.000.000.000.000.000.000.00 0.000.000.000.000.000.000.000.000.000.00 0.000.000.000.000.000.000.000.000.000.00 2,201.041,710.442,601.172,041.502,247.041,465.351,605.42802.893,588.132,958.00

0.000.000.000.000.000.000.000.000.000.00 0.000.000.0060.000.000.000.000.000.000.00

0.000.000.000.001,028.380.000.000.000.000.00 0.000.000.000.000.000.000.000.000.000.00 0.000.000.000.000.000.000.000.000.000.00 535.840.000.0083.330.000.000.000.00221.9183.33 0.0057.000.000.000.0040.000.000.000.000.00 163.2730.0058.7130.0098.6250.0051.1825.0097.0275.00

5,076.553,232.773,834.653,857.134,041.022,263.653,128.441,605.197,187.685,532.58

1,059.021,065.332,843.163,012.182,673.162,793.012,140.002,132.303,035.023,213.99

2,526.103,264.702,985.813,691.682,580.002,948.601,843.352,094.184,119.334,873.73 328.69390.96388.22442.09335.06353.11239.37250.79535.24583.65 3,913.814,720.996,217.197,145.955,588.226,094.724,222.724,477.277,689.598,671.37 26,873.9126,060.8823,546.8024,923.4429,167.5727,288.6318,202.6417,843.6140,274.7536,467.24

12,547.8712,564.9612,590.8012,590.8010,198.8510,198.85

-19,211.36-15,270.9030,583.2633,523.4221,670.9528,033.3124,758.7425,918.3512,077.5421,798.69

13,992.5013,992.5069,376.0969,376.0957,226.8966,876.7237,719.4340,433.00795,563.08808,450.74 0.000.000.000.000.000.000.00-3,515.00-59,768.41-54,117.38 0.000.000.000.000.000.000.000.001,982.491,982.49 13,992.5013,992.5069,376.0969,376.0957,226.8966,876.7237,719.4336,918.00737,777.16756,315.85

5,837.805,825.9334,715.2930,213.4713,728.8219,710.271,146.892,005.00303,860.88338,746.72 0.00413.420.00413.420.00413.420.000.0065.275,653.70 0.000.000.000.003,395.474,853.530.000.003,395.474,853.53 0.000.000.000.000.00516.670.000.000.00516.67 5,837.806,239.3534,715.2930,626.8917,124.2925,493.891,146.892,005.00307,321.62349,770.62

0.0064.170.0064.170.0064.170.000.002,087.78824.21 0.000.000.000.001,757.420.000.000.001,966.540.00 0.000.000.000.000.000.000.000.000.00208.33 0.0064.170.0064.171,757.4264.170.000.004,054.321,032.54 19,830.3020,296.02104,091.38100,067.1576,108.6092,434.7838,866.3238,923.001,049,153.101,107,119.01

2,692.782,700.836,052.886,071.002,758.982,767.253,190.301,587.9252,132.9550,677.24 2,692.782,700.836,052.886,071.002,758.982,767.253,190.301,587.9252,132.9550,677.24

2,499.412,574.422,893.362,980.171,123.511,400.000.001,572.2530,380.6030,358.56 0.00386.170.00447.000.00210.000.001,236.000.005,555.37 0.00250.000.000.000.000.000.000.000.004,355.00 0.000.000.000.000.000.000.000.000.00200.00 0.0083.330.0083.330.0083.330.000.000.001,083.30 2,499.413,293.922,893.363,510.501,123.511,693.330.002,808.2530,380.6041,552.23

4,552.324,552.3214,742.8914,742.8910,756.1810,756.186,143.006,143.00141,166.82141,166.82 4,552.324,552.3214,742.8914,742.8910,756.1810,756.186,143.006,143.00141,166.82141,166.82

792.66544.461,228.191,100.006,461.395,000.000.005,253.0810,167.6716,541.87 738.80690.001,064.651,700.00528.441,000.000.001,061.5825,734.9722,613.58 433.15385.42609.06578.17610.96565.170.00765.6719,175.6316,863.93 0.000.000.000.00473.70370.000.000.00473.70420.00 1,964.611,619.882,901.903,378.178,074.496,935.170.007,080.3355,551.9756,439.38

0.00205.000.00450.0021.65125.000.000.001,418.493,598.05 0.0050.000.0025.000.000.000.002,313.330.002,595.00 0.000.000.000.000.001,000.000.00309.42588.571,876.42 916.42225.001,391.42375.00584.55125.000.000.0011,860.052,603.67 0.000.000.000.00158.570.000.000.00559.27500.00 165.62160.00276.04290.00276.041,150.000.000.006,249.757,380.00 194.85205.00405.94425.00189.44200.000.000.004,622.295,094.00

0.000.000.000.0014,558.888,100.000.000.0014,558.888,100.00 0.000.000.000.000.000.000.000.00725.17530.00

0.000.000.000.000.0075.000.000.000.0075.00 1,756.951,184.663,626.622,875.802,950.492,019.801,362.561,360.0039,858.9431,497.88 0.000.000.000.00330.08368.000.000.00330.08368.00 0.0090.000.000.000.0050.000.000.001,169.10250.00

0.000.000.000.000.000.000.00492.672,192.07592.67 0.000.000.00250.000.00500.000.000.000.00750.00 0.000.000.000.000.00416.670.000.000.00416.67

0.000.000.000.000.00125.000.000.003,577.66441.66

0.000.000.000.000.0041.670.000.000.00249.50 39.0725.0087.9850.0067.49275.000.000.001,436.84870.00 3,072.912,144.665,788.004,740.8019,137.1914,571.141,362.564,475.4289,147.1667,788.52

793.21792.744,163.663,983.583,310.683,657.62678.501,557.0041,119.8743,996.73 2,016.482,586.604,163.984,767.723,388.283,663.691,564.191,556.0045,758.7654,188.94 262.34309.76540.78570.95439.67438.74203.29205.005,946.256,508.01 3,072.033,689.108,868.429,322.257,138.637,760.052,445.983,318.0092,824.88104,693.68 17,854.0618,000.7141,247.4541,765.6148,988.9844,483.1213,141.8425,412.92461,204.38462,317.87

0.004,536.302,385.49

0.006,403.613,084.35

0.002,294.30630.00

0.009,050.643,714.35

245.0051,192.7433,274.29

460.0031,731.6314,571.25

849.0049,404.8947,374.17

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

BALANCE SHEET

Loan

Loan

Loan

Loan

Loan

Loan

KENNINGTON

Period = Jan 2025 Book = Cash ; Tree = kci_bs

Loan Fees - Tollway

Legal Closing Cost - Skyway

Legal Closing Cost - Jupiter North

Legal Closing Cost - Jupiter South

Legal

Legal

Legal

Legal

Legal

ACCUMULATED AMORTIZATION and DEPRECIATION

Accum Amortization -2,138,602.00

Accum

TOTAL ACCUMULATED AMORTIZATION and DEP -32,250,813.00

OTHER ASSETS

Marketable Securities XX9008

OTHER ASSETS 996,384.11

ASSETS 80,407,279.38 LIABILITIES AND EQUITY NOTES

MORTGAGE NOTES PAYABLES

Mortgage Payable - Alpha Plaza 3,666,767.56

Mortgage Payable - Midway Center 4,196,757.16

Mortgage Payable - Campbell 6,246,923.67

Mortgage Payable - Placid 2,643,932.62

Mortgage Payable - Research Center 8,303,108.88

Mortgage Payable - Valley View Center 1 2 3 2,160,304.40

Mortgage Payable - ABC 4,431,606.36

Mortgage Payable - Skyway 3,170,356.57

Mortgage Payable - Jupiter North 1,791,127.58

Mortgage Payable - Jupiter South 5,146,936.18

Mortgage Payable - Waters Ridge Tech II 3,212,279.12

OWNER DRAW

Capital Distributions - Craig Kennington CCC Trust

Capital Distributions - Clark Kennington CCC Trust -1,372,980.00

Capital Distributions - Clayton Kennington CCC Trust -1,372,980.00

Capital Distributions - The Dallas Foundation -150,311.13

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

KENNINGTON PROPERTY HOLDINGS

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

ACCOUNTS RECEIVABLE AGING REPORT

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

GENERAL LEDGER

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

Posted by: sdobbs on 2/3/2025

1/2/2025

1/2/2025

1/8/2025

1/8/2025

1/8/2025

1/8/2025

- Operating

Bank Reconciliation Report 1/31/2025 Posted by: sdobbs on 2/3/2025

742535161

car05 - Carter Pest Control

1/16/2025

1/23/2025

1/28/2025

1/28/2025

2/3/2025 Bank Reconciliation Report 1/31/2025 Posted by: sdobbs on 2/3/2025

742535161

Cleared Checks

Reconciliation Report 1/31/2025 Posted by: sdobbs on 2/3/2025

1/28/2025

1/28/2025

1/28/2025

1/28/2025

1/29/2025

1/29/2025

Cleared Deposits

Cleared Other Items

Report 1/31/2025 Posted by: sdobbs on 2/3/2025

Reconciliation Report 1/31/2025 Posted by: sdobbs on 2/3/2025

Posted by: sdobbs on 2/3/2025

Reconciliation Report 1/31/2025 Posted by: sdobbs on 2/3/2025

1201445606

Cleared Deposits

Cleared Other Items

1/1/2025 JE 10439 :PostRecurring

1/28/2025 JE 10526 01.28.25 Trnsfr Property Tax

1/31/2025 JE 10546 01/25 Bank Fee

1/31/2025 JE 10547 Corr Amount on cleared

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

RENT ROLL

KENNINGTON PROPERTY HOLDINGS

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

MANAGEMENT FEE CALCULATION

050

Management Fee Register Summary

054

ASSET MANAGEMENT REPORTS

ASSET MANAGEMENT REPORTS

KPH CASH FLOW SUMMARY

KPH Cash Flow Projections Summary

ASSET MANAGEMENT REPORTS

CASH FLOW PROJECTIONS

SUMMARY

27 Alpha Plaza

48,61351,21953,25340,18847,55947,03243,11631,52542,75945,43744,81723,261518,779

30Midway Center 42,13041,40049,28743,79833,28834,91541,79226,67838,69737,76136,54227,012453,300

35Campbell I 56,50769,50267,94573,70477,91063,78970,00756,78064,63460,40567,81367,086796,082

37Placid 44,13848,57153,85754,29759,28745,36146,24545,51845,72743,96645,10251,370583,439

44Kennington Research 106,38295,616125,015105,45496,57690,435100,23765,37978,84176,38971,46183,0291,094,814

46 Valley View and Valley View Land 43,80850,79248,83550,93353,07249,16749,38724,895 (2,465) 3,791 (7,901) 1,654365,969

49 Alpha Business Center 47,36644,62840,02452,39041,76261,29840,11454,30832,82645,30638,25438,332536,608

50Skyway 31,24024,62842,30339,13741,38265,16530,16230,41835,76640,65531,37922,263434,498

51Jupiter Center North 25,54923,27228,53328,51724,70026,55948,26022,31026,72126,64433,77933,364348,207

52Jupiter Center South 60,10269,01469,43164,21190,83270,17469,97160,75665,03167,78331,41339,098757,817

53Waters Ridge Tech II 34,71934,83039,54539,05942,84938,51338,14549,414 (750) 958 (10,451) (4,401) 302,429

54Waters Ridge Tech III 45,54746,83564,14866,60280,84648,25084,17395,22658,66650,43523,25395,236759,216

55North Dallas Tollway 30,07055,18035,62953,64634,68932,36168,21048,45834,13454,63425,93236,231509,174

56Richardson Plaza 0000000000013,25613,256

after Debt Service

50Skyway

51Jupiter Center North

52Jupiter Center South

53Waters Ridge Tech II

54Waters Ridge Tech III

55North Dallas Tollway

56Richardson Plaza

66,74673,95674,02866,89374,19574,60174,18981,48678,59978,59967,012(71,368)738,938 56,28957,27554,88655,09252,55352,63552,72855,17055,47756,45853,398(11,622)590,340 94,95495,05098,36798,367105,554105,554106,162106,162106,162106,162106,361(55,409)1,073,443 60,08960,08967,17667,17667,17667,17667,17661,29161,61052,60252,602(74,885)609,278 133,075133,271151,591151,795151,989152,094127,356127,356164,088164,088164,088(134,017)1,486,774 4,9434,9434,9434,9434,9434,9434,9434,9434,94317,12717,347(112,372)(33,409) 56,04451,82357,36257,36257,56262,56162,56162,56162,56142,34742,347(33,642)581,449 54,28239,86639,86639,86639,86658,41358,41358,41359,06759,06759,067(72,670)493,518 39,40239,40239,40239,40239,40239,40239,40239,40239,40239,40247,503(39,545)401,974 84,97984,97984,97984,97984,97985,27285,27285,27285,27285,27286,124(63,978)873,402 6,1166,1166,1166,1166,1166,1166,1166,1166,1166,116(1,542)(58,153)1,466 73,41576,94677,32677,32683,83749,84923,38434,25145,76257,27266,136(129,010)536,494 58,97058,88657,51856,51845,85655,01452,37351,23959,61056,71162,130(72,262)542,564 19,40822,30622,55922,55922,70824,53125,09225,09225,11624,90527,714(46,502)215,489 0000000000000 808,714804,908836,120828,394836,736838,161785,168798,754853,786846,129850,287 (975,434) 8,111,722

219,031218,580218,137218,150217,793224,915224,608224,125226,638226,322225,819225,3212,669,439 131,143131,605132,067132,543133,012137,180137,775138,273139,659140,157140,661141,1621,635,237 00000 0 350,174350,185350,204350,693350,805362,095362,383362,398366,297366,479366,480366,4834,304,676 458,540454,723485,916477,701485,931476,066422,785436,356487,489479,650483,807(1,341,917)3,807,046 95,84625,000319,593046,42171,84698,975210,161311,338150,600343,47701,673,257 84,20029,842111,515042,91573,86627,975115,08379,82482,583197,6900845,492 11,32211,3229,75184,75121,751171,46115,751126,096264,47172,79734,751159,751983,977

ASSET MANAGEMENT REPORTS

LEASING REPORTS

BRADFORD RETAIL

AL PH A PL AZA

MID WA Y CEN TER

BRADFORD FLEX

VALLEY VIE W

1861 VALLEY VIEW LANE, IRVING, TX 75061

AL PHA BU SINESS CEN TER

SUITE 3-100- 3,581 RSF

SUITE 3-110- 3,262 RSF SHARI’S MANAGEMENT 9/30/2025

SUITE 3-120- 1/31/2024 RSF COMPRO COMPUTER 3/31/2029 SUITE 3-130- 2,996 RSF

SKYWAY CIRCLE

3101-3117 SKYWAY CIRLCE, IRVING, TX 75038

SUITE 3117- 18,287 RSF AP AMERICAS 8/31/2028

SUITE 3113 - 11,425 RSF WELLER TRUCK PARTS, LLC 8/31/2029 AVAILABLE

SUITE 3109- 13,776 RSF VACATED 1/31/2025

SUITE 3101- 18,450 RSF AP AMERICAS 8/31/2028

BRADFORD OFFICE

CCC - CAM PB ELL

1200/1210 CAMPBELL ROAD, RICHARDSON, TX 75081

LEASED

SUITE 110 - 10,370 RSF BRAZEN ANIMATION 10/31/2030

LEASED

SUITE 108 - 25,437 RSF PNC BANK 5/31/2030

LEASED

SUITE 120 - 4,660 RSF SEEBOOST 1/31/2027

LEASED

SUITE 130 - 6,168 RSF

SEEBOOST/EVEGLAZE LLC 1/31/2027

CCC - D IG I TA L

LEASED

SUITE 150 - 4,446 RSF BOGEY BROS 11/30/2029

SUITE 140 - 2,993 RSF VERSAR, INC. 11/30/2027 LEASED SUITE 120 - 3,591 RSF PRELOAD, LLC 4/30/2026

SUITE 130 - 3,891 RSF SYNERGY SOLUTIONS 7/31/2026

SUITE 110 2,992 RSF DIRECT LINE GLOBAL 12/31/2027

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

P LAC ID

RESEARCH CENTER

J UP ITER

WATERS RIDGE II

1965 LAKEPOINTE DRIVE, LEWISEVILLE, TX 75057

LEASED

SUITE 200- 11,194 RSF

HOYA OPTICAL LABS

10/31/2025

AVAILABLE

SUITE 100- 22,152 RSF

WATER S R IDG E II I

1825 LAKEWAY DRIVE, LEWISVILLE, TX 75057

LEASED

SUITE 200 OCCUSYSTEMS

LEASED

SUITE 400 - 15,814 RSF K12 VIRTUAL SCHOOLS 6/30/2025

AVAILABLE

SUITE 300 - 5,783 RSF SUITE 100 COMPASS BIOMED 6,300 RSF 4/30/2030

LEASED

SUITE 500 - 12,344 RSF FORD MOTOR 11/30/2025

LEASED

SUITE 700 - 19,389 RSF ALLEGIANCE TRUCKING 5/31/2025

RICHARDSON PLAZA

RICHARDSON PLAZA

THIRTY-FOUR

BENT TREE PLACE

BENT TREE PLACE

17110 N DALLAS PARKWAY, DALLAS, TX 75248

BRANDYWINE PLACE

BRANDYWINE PLACE

BRANDYWINE PLACE

BRANDYWINE PLACE

ASSET MANAGEMENT REPORTS

CONSTRUCTION/ TENANT IMPROVEMENTS

CONSTRUCTION PROJECTION

TI PROJECTS

RESEARCH CENTER

CONSTRUCTION PROJECTION RESEARCH

Property: Research

Project: EcoShield

Suite: 2100

GC: Gulfcoast

TI Cost: $40,000.00

Cost PSF: $5.75/SF

SF: 6,957

Status: Punchlist

Rate: $10.00 NNN; 3% Bumps; 62 Months; 2 Months Free

CONSTRUCTION PROJECTION RESEARCH

PLACID

CONSTRUCTION PROJECTION PLACID

Property: Placid

Project: Hisco

Suite: 400

GC: TBD

TI Cost: $10,000.00

Cost PSF: $2.09/SF

SF: 4,800

Status: In Progress

Rate: $12.00 NNN; 4% Bumps; 60 Months

WATERS RIDGE III

CONSTRUCTION PROJECTION WATERS

RIDGE III

Property: Waters Ridge III

Project: Compass Biomedical

Suite: 100

GC: TBD

TI Cost: $25,000.00

Cost PSF: $2.09/SF

SF: 6,300

Status: Pre Construction

Rate: $13.00 NNN; 4% Bumps; 63 Months; 3 Months Free

BRANDYWINE PLACE

CONSTRUCTION PROJECTION

BRANDYWINE PLACE

Property: Brandywine Place

Project: Brick Vault

Suite: 730-202

GC: Gulf Coast

TI Cost: $7,000.00

Cost PSF: $9.30/SF

SF: 753

Status: Pre Construction

Rate: $17.00; $0.50 Bumps; 37 Months; 1 Months Free

CONSTRUCTION PROJECTION

CCC

Property: CCC

Project: Igniter Company

Suite: 4130

GC: TBD

TI Cost: $386,085

Cost PSF: $52.50/SF

SF: 7,354

Status: Lease sent 12/12

Rate: $13.50 NNN; 3.5% Bumps; 73 Months

VALLEY VIEW

CONSTRUCTION PROJECTION

VALLEY VIEW

Property: Valley View

Project: Sentric

Suite: 150

GC: TBD

TI Cost: $60,000.00

Cost PSF: $6.08/SF

SF: 9,864

Status: Lease Drafted

Rate: $15.00 NNN; 3% Bumps; 63 Months;

3 Months Free

CONSTRUCTION PROJECTION SPEC PROJECTS

BENT TREE PLACE

CONSTRUCTION PROJECTION

BENT TREE PLACE

Property: Bent Tree Place

Project: Spec Suite

Suite: 214

GC: Preston Pierce

Cost: $334,983.79

Cost PSF: $50.72/SF

SF: 6,604

Status: In Progress

CONSTRUCTION PROJECTION BENT TREE PLACE

Building Permit Received 11/14/24

Rough Wall Inspection Passed 11/18/24

Framing Inspection Passed 11/21/24

Plumbing - hot/cold chiller lines Completed 12/1/24

Drywall Installation Completed 12/4/24

Tape, Bed & Texture Completed 12/6/24

Primer and Paint Completed 12/19/24

Install Doors Completed 1/31/25

Millwork/Countertops Completed 2/7/25

MEP Trim-Out Completed 2/12/25

MEP Final Inspection Completed 2/20/25

City Final Inspection Completed 2/20/25

Certificate of Occupancy ETA 2/28/25

CONSTRUCTION PROJECTION BENT TREE PLACE

CONSTRUCTION PROJECTION BENT TREE PLACE

ALPHA PLAZA

CONSTRUCTION PROJECTION

ALPHA PLAZA

Property: Alpha Plaza

Project: Vanilla Box

Suite: 110

GC: Preston Pierce

Cost: $44,064.08

Cost PSF: $18.19/SF

SF: 2,422

Status: Approved 10/15

Scope: Add HVAC unit, Demo Shower, New

Tile Walls, New Flooring, New vanity and toilet

CONSTRUCTION PROJECTION

ALPHA PLAZA

CONSTRUCTION PROJECTION

ALPHA PLAZA

Property: Alpha Plaza

Project: Clean Out

Suite: 295

GC: TBD

Cost: $TBD

Cost PSF: $TBD/SF

SF: 2,696

Status: Scheduled

Scope: Clean Out, Replace toilet, Replace Lights

VALLEY VIEW

CONSTRUCTION PROJECTION

VALLEY VIEW

Property: Valley View

Project: Spec

Suite: 100

GC: Excel

Cost: $259,849.23

Cost PSF: $13.53/SF

SF: 19,200

Status: Needs Approval

Scope: Demise space, Demo flooring, New carpet (red)/LVT (green)

CONSTRUCTION PROJECTION

VALLEY VIEW

Property: Valley View

Project: Spec

Suite: 100

GC: Excel

Cost: $119,183.90

Cost PSF: $6.21/SF

SF: 19,200

Status: Needs Approval

Scope: Demise space

CONSTRUCTION PROJECTION

VALLEY VIEW

Property: Valley View

Project: Make Ready

Suite: 150

GC: TBD

Cost: $TBD

Cost PSF: $TBD/SF

SF: 9,864

Status: In Pricing

Scope: New Break

Cabinets, Paint Red Wall

WATERS RIDGE II

CONSTRUCTION PROJECTION WATERS

RIDGE II

Property: Waters Ridge II

Project: Spec

Suite: 100

GC: TBD

Cost: $TBD

Cost PSF: $TBD/SF

SF: 22,152

Status: Interprise

Scope: Demise into 3-4 spaces

SKYWAY

CONSTRUCTION PROJECTION SKYWAY

Property: Skyway

Project: Make Ready

Suite: 3109

GC: TBD

Cost: $TBD

Cost PSF: $TBD/SF

SF: 13,776

Status: In Pricing

Scope: Demo WH area, New breakroom

CAPEX PROJECTS

BENT TREE PLACE

CONSTRUCTION PROJECTS

BENT TREE PLACE

CONSTRUCTION PROJECTION

PRE LEASING PROJECTS

ADDITIONAL REPORTS

LITIGATION UPDATES - NONE

Jupiter North – Refinance update

Juniper Square – Brandywine Place Update 1 2 3

Liberty Capital Bank – Deposit requirement update

JUPITER NORTH REFINANCE TERM SHEET

Loan Terms

Loan Amount

$3,450,000 TI/LC

$500,000 escrow (non-interest bearing account at Northmarq)

Note 7 Years

JUPITER NORTH REFINANCE DUE DILIGENCE

Loan Application Executed 2/21/25

Deposit Funded 2/21/25

Title Commitment

Phase I / PCA Ordered

ETA 2/28/25

ETA 3/11/25

Appraisal Ordered ETA 3/11/25

Estoppel/SNDA Template Received 2/25/25

Org Documents Attorney Compiling

Liberty Capital Compliance Date 3/22 Northmarq working on extension

Closing

Early-Mid April if Extension Approved

LIBERTY CAPITAL BANK DEPOSIT REQUIREMENT

REQUIRED 60 DAYS AFTER CLOSING

•Richardson Plaza (due February 17, 2025)

•Operating Cash - $565,000 - COMPLETE

•Guarantor Liquidity - $2,000,000

•Brandywine Place (due March 22, 2025)

•Operating Cash - $1,000,000

• $1,000,000 from Jupiter North Refinance

•Guarantor Liquidity - $2,000,000

JUNIPER SQUARE

BRANDYWINE PLACE UPDATE TASK

Data Transfer COMPLETE

Juniper Square IT Set-Up COMPLETE

Data Migration COMPLETE

Quality Assurance In Process, to be completed early to mid March

Investor Portal Launch & Test/Preview Late March

Portal Launch to Investors

End of March/Early April (prior to 1st Quarterly Distribution)

INVESTOR RELATIONS

BRAINSTORMING

TIMING

MONTHLY

QUARTERLY

Monthly Financial Report (Financial Statements, Variance Analysis, Bank Reconciliation, etc)

Quarterly Financial Report

RICHARDSON PLAZA

($26.76/sf) Preston PierceApproval Needed

CONSTRUCTION PROJECTION RICHARDSON CAPEX PROJECTS

BRANDYWINE PLACE CAPEX PROJECTS

CONSTRUCTION PROJECTION BRANDYWINE CAPEX PROJECTS

CONSTRUCTION PROJECTION BRANDYWINE SIDEWALK

CONSTRUCTION PROJECTION BRANDYWINE SIDEWALK /

PARKING LOT

CONSTRUCTION PROJECTION BRANDYWINE SIDEWALK /

PARKING LOT

Red = Parking Lot Repair

Yellow = Sidewalk Repair

CONSTRUCTION PROJECTION BRANDYWINE - MONUMENT SIGN

NEXT MEETING

THURSDAY, MARCH 27, 2025 9 - 10 AM

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