KPH Board Meeting - June 2024 by thirty-four

KENNINGTON PROPERTY HOLDINGS

JUNE 2024

Review of Minutes

BOARD MEETING AGENDA

June 27, 2024

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

E-Blast Marketing Email

4. Construction/Tenant Improvements

Bent Tree Place TI/LC/Capex allocation

5. Additional Reports

Litigation – N/A

JPMorgan Investment Summary

6. Old Business

Corporate Transparency Act

7. New Business

Property Tax Reserve Analysis

Availability of Funds Conversation

Treepoint Plaza Lender Feedback

Next Meeting – Thursday, August 1, 2024 (3 HOURS)

Adjournment

APPROVAL OF MAY 2024 MINUTES

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

INCOME STATEMENT

Kennington

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

BALANCE SHEET

MORTGAGE NOTES PAYABLES

Mortgage Payable - Alpha Plaza3,769,024.99

Mortgage Payable - Midway Center4,249,406.59

Mortgage Payable - Campbell6,331,302.39

Mortgage Payable - Placid2,717,665.58

Mortgage Payable - Research Center8,497,570.93

Mortgage Payable - Valley View Center 1 2 32,183,388.04

Mortgage Payable - ABC4,528,032.99

Mortgage Payable - Skyway3,237,650.74

Mortgage Payable - Jupiter North1,819,309.27

Mortgage Payable - Jupiter South5,258,785.42

Mortgage Payable - Waters Ridge Tech II3,259,253.52

Mortgage Payable - Waters Ridge Tech III7,339,038.26

Mortgage Payable - Tollway4,161,147.09 TOTAL MORTGAGE NOTES PAYABLES57,351,575.81

The Dallas Foundation76,762.03

Craig Kennington CCC Trust3,065,978.73 Clark Kennington CCC Trust3,065,980.66

Clayton Kennington CCC Trust3,065,979.68

Balance Sheet Period = May 2024 Book = Cash ; Tree = kci_bs

OWNER DRAW

Capital Distributions - Craig Kennington CCC Trust-9,233,574.76

Capital Distributions - Clark Kennington CCC Trust-9,233,574.76

Capital Distributions - Clayton Kennington CCC Trust -9,233,574.76

Capital Distributions - The Dallas Foundation -1,027,267.52 TOTAL

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

Kennington Property Holdings Budget Comparison

Period = May 2024

Book = Cash ; Tree = kci_is

REVENUE

RENTAL INCOME

Rental Income779,022.75815,535.44-36,512.694,035,142.544,048,623.85-13,481.319,877,538.22

Rent Abatement-11,246.04-4,451.46-6,794.58-64,708.72-69,857.055,148.33-261,318.46

Deferred Rent1,982.491,982.490.009,912.459,912.450.0023,789.88

Rent - Holdover0.000.000.0020,707.320.0020,707.320.00

Admin. Fees865.20865.200.004,326.004,326.000.006,921.60

TOTAL RENTAL INCOME770,624.40813,931.67-43,307.274,005,379.593,993,005.2512,374.349,646,931.24

EXPENSE REIMBURSEMENT

CAM Estimate337,250.16329,038.548,211.621,569,686.481,630,534.84-60,848.363,958,632.54

CAM Reconcile109,761.390.00109,761.39114,312.90102,500.0011,812.90102,500.00

Electric Estimate4,283.045,255.39-972.3522,973.8726,421.47-3,447.6065,867.92

Electric Reconcile3,995.840.003,995.843,995.840.003,995.840.00

TOTAL EXPENSE REIMBURSEMENT455,290.43334,293.93120,996.501,710,969.091,759,456.31-48,487.224,127,000.46

OTHER INCOME

Late and NSF Fees248.280.00248.289,773.520.009,773.520.00

Long-Term Capital Gain/Loss0.000.000.00-188.360.00-188.360.00

Interest Income3,820.750.003,820.7519,018.720.0019,018.720.00 Misc. Income0.000.000.002,000.000.002,000.000.00

TOTAL OTHER INCOME4,069.030.004,069.0330,603.880.0030,603.880.00

TOTAL REVENUE1,229,983.861,148,225.6081,758.265,746,952.565,752,461.56-5,509.0013,773,931.70

OPERATING EXPENSES

REIMBURSABLE EXPENSES

INSURANCE

Insurance43,614.4543,735.17120.72218,072.25218,675.85603.60524,822.04

TOTAL INSURANCE43,614.4543,735.17120.72218,072.25218,675.85603.60524,822.04

GROUNDS MAINTENANCE

Lawn/Landscape54,247.0527,504.44-26,742.61136,397.31140,242.493,845.18333,450.64

Landscaping Improvements0.00500.00500.000.004,100.004,100.0010,000.00

Tree Trimming0.001,000.001,000.000.002,500.002,500.006,977.61

Irrigation Repairs1,513.721,825.00311.288,139.8312,725.004,585.1732,750.00

Snow Removal0.000.000.003,215.034,000.00784.977,000.00

Parking Lot Repairs0.00100.00100.000.00600.00600.001,750.00

Parking Lot Cleaning909.31980.0070.694,979.554,890.00-89.5511,750.00

TOTAL GROUND MAINTENANCE56,670.0831,909.44-24,760.64152,731.72169,057.4916,325.77403,678.25 PROPERTY TAXES

Taxes134,807.57134,807.570.00660,449.69674,037.8513,588.161,617,690.84

Property Tax Consulting0.000.000.00917.6369,000.0068,082.3770,200.00

HOA Dues and Assessments1,969.10458.33-1,510.771,969.102,291.65322.5512,569.55

TOTAL PROPERTY TAXES136,776.67135,265.90-1,510.77663,336.42745,329.5081,993.081,700,460.39

UTILITIES

Electricity13,043.8912,218.47-825.4266,542.3464,868.84-1,673.50185,183.49 Water16,342.0223,698.807,356.7885,672.82120,494.0034,821.18290,285.60

Trash Pick Up17,044.0512,989.53-4,054.5283,713.1764,947.65-18,765.52155,874.36 Gas533.210.00-533.219,994.690.00-9,994.690.00

TOTAL UTILITIES46,963.1748,906.801,943.63245,923.02250,310.494,387.47631,343.45

BUILDING MAINTENANCE

Exterior Lighting2,201.442,546.58345.1414,287.2818,139.793,852.5150,398.52

General Maintenance0.00465.00465.000.002,335.002,335.005,750.00 Security560.541,560.551,000.019,743.677,802.75-1,940.9218,726.60

Fire Alarm Systems970.361,278.44308.0814,652.3516,946.152,293.8033,397.24

Fire Alarm Phone Lines674.831,315.78640.952,723.127,010.884,287.7614,858.77

Porter Services6,249.756,360.58110.8334,438.6631,802.90-2,635.7676,326.96

Exterior Pest Control4,784.665,664.55879.8924,670.3525,322.75652.4058,162.36

Janitorial Services7,595.878,363.87768.0036,186.0743,284.977,098.90103,132.06

Window Washing9,350.670.00-9,350.6710,041.319,106.58-934.7317,822.84 Signage419.920.00-419.92855.990.00-855.990.00

Maintenance Wages25,056.3621,349.21-3,707.15118,105.62106,746.05-11,359.57256,190.52

Elevator Contract688.63204.17-484.461,788.121,020.85-767.272,450.04

-70.9513,099.92

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

Aged Receivable

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

GENERAL LEDGER

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

4/25/2024

5/2/2024

5/8/2024

Cleared Checks

5/23/2024

6/3/2024 Bank Reconciliation Report 5/31/2024

742535161 KPH - Operating

Posted by: sdobbs on 6/3/2024

5/13/2024

5/24/2024

5/28/2024

- Operating

Bank Reconciliation Report 5/31/2024 Posted by: sdobbs on 6/3/2024

742535161

5/31/2024 Posted by: sdobbs on 6/3/2024

Posted by: sdobbs on 6/3/2024

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

RENT ROLL

MAY 2024

KENNINGTON PROPERTY HOLDINGS

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

MANAGEMENT FEE CALCULATION

Management Fee Register Summary

Property = KPH Management Fees (.kphfees)

Fee Pool = All Fee Pools

Fee Date = 05/01/2024

027 -Alpha Plaza 04pe 76,480.014.0000003,059.2005-2024

030 -Midway Center04pe 65,290.264.0000002,611.6105-2024

035 -Campbell 104pe 113,190.434.0000004,527.6205-2024

037 -Placid04pe 83,139.304.0000003,325.5705-2024

044 -Research Center04pe 185,162.064.0000007,406.4805-2024

046 -Valley View Commerce C 04pe 80,606.084.0000003,224.2405-2024

049 -Alpha Business Center04pe 76,294.554.0000003,051.7805-2024

050 -Skyway Circle04pe 68,502.024.0000002,740.0805-2024

051 -Jupiter Center North04pe 45,615.474.0000001,824.6205-2024

052 -Jupiter Center South04pe 103,351.684.0000004,134.0705-2024

053 -Waters Ridge Tech 204pe 59,470.874.0000002,378.8405-2024

054 -Waters Ridge Tech 304pe 116,726.304.0000004,669.0505-2024

055 -Tollway04pe 82,826.994.0000003,313.0805-2024

Total1,156,656.0246,266.24

ASSET MANAGEMENT REPORTS

KPH CASH FLOW SUMMARY

KPH Cash Flow Projections Summary

ASSET MANAGEMENT REPORTS

CASH FLOW PROJECTIONS

50Skyway

52Jupiter Center South 60,10269,01469,43164,21190,83278,14378,14378,14378,14378,14388,008

(5) Cash drawn from 1031 account for North Dallas Tollway acquisition in 2022.

(6) Estimate / Adjustment and intercompany items.

(7) Ties to Balance Sheet and excludes investment cash and savings account, escrow balances and 1031 Exchange.

(8) Based on Balance Sheet

(9) Reserve for Property Taxes (below the line) based on budgeted property taxes - assumes this balance accrues through end of

ASSET MANAGEMENT REPORTS

LEASING REPORTS

BRADFORD RETAIL

AL PH A PL AZA

MID WA Y CEN

LEASED

SUITE 14476- 2,938 RSF A-ONE ENGRAVING 3/31/2028

SUITE 14462 - 1,875 RSF WALLPAPER PLACE 11/30/2027

LEASED

SUITE 14472/74- 5,042 RSF BALEY’S BRIDAL 1/31/2027

LEASED SUITE 14446 - 1,875 RSF EDIBLE ARRANGEMENTS 10/31/2027

SUITE 14468 - 1,450RSF AAT FINANCIAL 2/28/2025 as of 5/31/24

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

BRADFORD FLEX

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 2-200- 9,800 RSF ACCESS HEALTHCARE 9/30/2025

LEASED

SUITE 3-100- 3,581 RSF ALPHA LOCK SECURITY 6/30/2024

LEASED

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

LEASED

SUITE 1-115- 5,981 RSF AIRWAY TECHNOLOGIES 8/31/2031

LEASED

SUITE 2-230- 4,486 RSF PROTECTION NETWORKS 4/30/2027

LEASED

SUITE 3-120- 1/31/2024 RSF COMPRO COMPUTER 3/31/2029

LEASED

SUITE 3-130- 2,996 RSF ALLIED BIOSCIENCE 1/31/2025

SUITE 1-130- 4,313 RSF TWO RIVERS VENTURES 1/31/2026 as of 5/31/24

SKYWAY CIRCLE

3101-3117 SKYWAY CIRLCE, IRVING, TX 75038 Lorem ipsum

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

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

SUITE 3109- 13,776 RSF EBERL CLAIM SERVICE, LLC 1/31/2025

SUITE 3101- 18,450 RSF AP AMERICAS 8/31/2028 as of 5/31/24

VALLEY VIE W

1861 VALLEY VIEW LANE, IRVING, TX 75061 LEASED SUITE 100 - 19,200 RSF TEXAS PROGRAMS FOR ALERNATIVE EDUCATION 8/31/2024

SUITE 150 - 9,864 RSF DISH NETWORK 7/31/2024

BRADFORD OFFICE

CCC - CAM PB ELL

1200/1210 CAMPBELL ROAD, RICHARDSON, TX 75081

LEASED

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

AVAILABLE

SUITE 120 - 4,660 RSF

LEASED

SUITE 130 - 6,168 RSF SEEBOOST/EVEGLAZE LLC 1/31/2027

20262027 2028 2029 2030 2031 VACANT

SUITE 110 - 10,370 RSF BRAZEN ANIMATION 10/31/2030 as of 5/31/24

CCC - D IG I TA L

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

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

LEASED SUITE 100 - 10,008 RSF RACKMOUNT 8/31/2027

LEASED SUITE 800- 12,632 RSF BRINKS 12/31/2026 LEASED SUITE 6007,136 RSF M4 SPECIALTY 12/31/2026 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 2004,800 RSF PLANO DATA 7/31/2025 LEASED SUITE 7007,193 RSF MIDLAND TOWER 2/29/2028

20252026 2027 2028 2029 2030 VACANT

1200 PLACID AVENUE, PLANO, TX 75074 as of 5/31/24

RESEARCH CENTER

J

LEASED

SUITE 4100 - 43,680 RSF ENSEO 10/31/2027

LEASED

SUITE 2300

7,920 RSF VECTOR CONTROLS 5/31/2029

LEASED

SUITE 2100 7,345 RSF FORTRESS SOLU. 10/31/2029

LEASED

SUITE 1100 33,460 RSF GLOBAL IP 10/31/2030

LEASED

SUITE 3100 - 34,080 RSF FORTRESS SOLUTIONS 10/31/2029 as of 5/31/24

WATERS RIDGE II

1965 LAKEPOINTE DRIVE, LEWISEVILLE, TX 75057

LEASED

SUITE 200- 11,194 RSF

HOYA OPTICAL LABS 10/31/2025 as of 5/31/24

LEASED

SUITE 100- 22,152 RSF HORIZON HEALTH CORPORATION 7/31/2024

WATER S R IDG E II I

1825 LAKEWAY DRIVE, LEWISVILLE, TX 75057

LEASED

SUITE 200 OCCUSYSTEMS

10,386 RSF

LEASED

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

VACANT

SUITE 300 - 5,783 RSF

LEASED

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

LEASED

SUITE 100

6,300 RSF CARDINAL TRACKING

8/31/2024

2/28/2029 as of 5/31/24

LEASED

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

VACANT

SUITE 800

5,071 RSF

WATERS RIDGE II – SUITE 100

WATERS RIDGE III – SUITE 800

THIRTY-FOUR

17 110 DALLAS PKWY

17110 D A LL AS PKWY

ASSET MANAGEMENT REPORTS

CONSTRUCTION/ TENANT IMPROVEMENTS

BENT TREE PLACE

as of June 24, 2024

CONSTRUCTION PROJECTS OVERALL SUMMARY

CONSTRUCTION PROJECTS ALPHA PLAZA

• Property: Alpha Plaza

• Project: Soundproofing

• Suite: 260

• GC: Preston Pierce

• Cost: $31,739.94

• SF: 4,183

• Cost/SF: $7.59

CONSTRUCTION PROJECTS ALPHA PLAZA

• Property: Alpha Plaza

• Project: Vanilla Box

• Suite: 110

• GC: TBD

• Cost: $32,312.63

• Cost PSF: $13.34

• SF: 2,422

• Status: Need approval

CONSTRUCTION PROJECTS ALPHA PLAZA

• Property: Alpha Plaza

• Project: Vanilla Box

• Suite: 120

• GC: TBD

• Cost: $55,965.25

• Cost PSF: $23.55

• SF: 2,376

• Status: In Progress

CONSTRUCTION PROJECTS RESEARCH

• Property: 44 Research

• Project: Horizon Oxygen Ceiling Demo

• Suite: Building 6 #100

• GC: PuraVida

• Cost: $77,712.47

• SF: 7,855

• Cost/SF: $9.89/SF

BENT TREE PLACE EXTERIOR UPDATES

BENT TREE PLACE LOBBY DESIGN

BENT TREE PLACE NEW LOBBY FURNITURE

BENT TREE PLACE NEW PLANTS

BENT TREE PLACE LOBBY UPGRADES

CONSTRUCTION PROJECTS BENT TREE PLACE

• Property: Bent Tree Place

• Project: Spec Suite

• Suite: 160

• Cost: $84,770.52

• SF: 1,984

• Cost/SF: $42.73/SF

• Status: Active Construction

CONSTRUCTION PROJECTS BENT TREE PLACE

• Property: Bent Tree Place

• Project: Spec Suite

• Suite: 205

• Cost: $73,225.00

• SF: 1,372

• Cost/SF: $53.37/SF

• Status: Active Construction

CONSTRUCTION PROJECTS BENT TREE PLACE

• Property: Bent Tree Place

• Project: Spec Suite

• Suite: 212/215

• Target Cost: $330,200.00

• SF: 6,604

• Cost/SF: $50.00/SF

• Status: In Pricing

BENT TREE PLACE WAYFINDER PACKAGE

BENT TREE PLACE DIRECTORY

BENT TREE PLACE NEW GLASS FROSTING AND LED LIGHTS

BENT TREE PLACE STAIRWELL/ELEVATOR WALLPAPER

BENT TREE PLACE RESTROOM DOOR UPGRADES

BENT TREE PLACE DOOR SCHEDULE

FCU REPLACEMENT BENT TREE PLACE

ASSET MANAGEMENT REPORTS

1 LITIGATION – N/A 2 JPMORGAN INVESTMENT SUMMARY

ASSET MANAGEMENT REPORTS

OLD BUSINESS

KENNINGTON PROPERTY HOLDINGS

ASSET MANAGEMENT REPORTS

NEW BUSINESS

NEXT MEETING

THURSDAY, AUGUST 1, 2024

9:00 AM - 12:00 PM