KPH Board Meeting - March 2025 by thirty-four

KENNINGTON PROPERTY HOLDINGS

BOARD MEETING AGENDA

March 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

Investor Relations Brainstorming

7. New Business

Brandywine Place

Rebrand Ideas

Juniper Square Demo

Distribution Policy Budget

2025 Argus Valuations

Closing Dinner

Next Meeting – Thursday, April 24, 2025 – 3 HOUR

Adjournment

KPH - MARCH 2025

APPROVAL OF FEBRUARY 2025 MINUTES

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

INCOME STATEMENT

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

BALANCE SHEET

Period = Feb 2025

Book = Cash ; Tree = kci_bs

TOTAL OTHER ASSETS 996,384.11

TOTAL ASSETS 80,477,500.40

LIABILITIES AND EQUITY

LIABILITIES NOTES

MORTGAGE NOTES PAYABLES

Mortgage Payable - Alpha Plaza 3,653,804.98

Mortgage Payable - Midway Center 4,190,027.29

Mortgage Payable - Campbell 6,236,142.03

Mortgage Payable - Placid 2,634,585.92

Mortgage Payable - Research Center 8,278,407.53

Mortgage Payable - Valley View Center 1 2 3 2,157,328.02

Mortgage Payable - ABC 4,419,398.84

Mortgage Payable - Skyway 3,161,822.90

Mortgage Payable - Jupiter North 1,787,239.55

Mortgage Payable - Jupiter South 5,132,760.34

Mortgage Payable - Waters Ridge Tech II 3,206,331.10

Mortgage Payable - Waters Ridge Tech III 7,219,870.00

Mortgage Payable - Tollway 4,451,747.70

Mortgage Payable - Richardson Plaza 1,600,000.00

TOTAL MORTGAGE NOTES PAYABLES 58,129,466.20

TOTAL NOTES 58,129,466.20

ACCOUNTS PAYABLE

Accounts Payable 240,000.00 Prepaid Rent -54,708.85 Insurance Proceeds 1,297,613.22

TOTAL ACCOUNTS PAYABLE 1,482,904.37 ACCRUED EXPENSES

Period = Feb 2025

Book = Cash ; Tree = kci_bs

TOTAL OTHER LIABILITIES 11,843,626.26

TOTAL LIABILITIES 71,738,330.47

EQUITY

The Dallas Foundation -142,815.97

Craig Kennington CCC Trust 1,210,038.73

Clark Kennington CCC Trust 1,210,040.66

Clayton Kennington CCC Trust 1,210,039.68

OWNER DRAW

Capital Distributions - Craig Kennington CCC Trust -1,429,980.00

Capital Distributions - Clark Kennington CCC Trust -1,429,980.00

Capital Distributions - Clayton Kennington CCC Trust -1,429,980.00

Capital Distributions - The Dallas Foundation -156,551.38

TOTAL OWNER DRAW -4,446,491.38

Retained Earnings 9,698,358.21 TOTAL EQUITY 8,739,169.93

TOTAL LIABILITIES AND EQUITY 80,477,500.40

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

Kennington Property Holdings Budget Comparison

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

GENERAL LEDGER

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

Outstanding Checks

2/28/2025 Posted by: sdobbs on 3/3/2025

3/3/2025

Reconciliation Report 2/28/2025 Posted by: sdobbs on 3/3/2025

742535161

Posted by: sdobbs on 3/3/2025

2/26/2025

Reconciliation Report 2/28/2025 Posted by: sdobbs on 3/3/2025

2/28/2025 JE 10672 2/25 Tax Escrow -135,000.00 2/28/2025 Total Cleared Other Items -263,101.79 742535161

2/21/2025 JE 10653 Jupiter North REFI -79,000.00 2/28/2025

Posted by: sdobbs on 3/3/2025

Reconciliation Report 2/28/2025 Posted by: sdobbs on 3/3/2025

2/5/2025

Tollway-Operating

Posted by: sdobbs on 3/3/2025

Reconciliation Report 2/28/2025 Posted by: sdobbs on 3/3/2025

Cleared Other Items

2/1/2025 JE 10561 :PostRecurring

2/4/2025 JE 10590 Trnsfr Funds for Liberty Bank-56

2/19/2025 JE 10651 Fund Draw#10 Lease Comm.

2/19/2025 JE 10652 Trnsfr Prop Tax Escrow

2/28/2025

2/28/2025 JE 10671 2/25 Bank Fee -52.06 2/28/2025

Total Cleared Other Items 603,182.36

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

RENT ROLL

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 = 02/01/2025 As Of Month= 01/2025 to 01/2025

027 -Alpha Plaza 83,711.954.0000003,348.4801-202502-2025

030 -Midway Center 62,571.804.0000002,502.8701-202502-2025

035 -Campbell 1 118,271.584.0000004,730.8601-202502-2025

037 -Placid 84,741.494.0000003,389.6601-202502-2025

044 -Research Center 164,518.084.0000006,580.7201-202502-2025

046 -Valley View Commerce C 26,475.434.0000001,059.0201-202502-2025

049 -Alpha Business Center73,166.334.0000002,926.6501-202502-2025

050 -Skyway Circle67,215.324.0000002,688.6101-202502-2025

051 -Jupiter Center North53,499.974.0000002,140.0001-202502-2025

052 -Jupiter Center South75,875.434.0000003,035.0201-202502-2025

053 -Waters Ridge Tech 219,830.304.000000793.2101-202502-2025

054 -Waters Ridge Tech 3104,091.384.0000004,163.6601-202502-2025

055 -Tollway74,351.184.0000002,974.0501-202502-2025

056 -Richardson Plaza38,866.324.0000001,554.6501-202502-2025

Total1,047,186.5641,887.46

ASSET MANAGEMENT REPORTS

KPH CASH FLOW SUMMARY

KPH Cash Flow Projections Summary

ASSET MANAGEMENT REPORTS

CASH FLOW PROJECTIONS

SUMMARY

52Jupiter Center South 32,45876,05680,04680,04680,04680,32980,32980,32980,32980,32981,152

56Richardson

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

LEASED

Lorem ipsum Lorem ipsum Lorem ipsum

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

LEASED

Lorem ipsum Lorem ipsum

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

Lorem ipsum

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

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

THIRTY-FOUR

BENT TREE PLACE

17110 N DALLAS PARKWAY, DALLAS, TX 75248

BRANDYWINE PLACE

ASSET MANAGEMENT REPORTS

CONSTRUCTION/ TENANT IMPROVEMENTS

CAPEX PROJECTS

CONSTRUCTION PROJECTS

BENT TREE PLACE LANDSCAPING CONCEPTS - BEDROCK

CONSTRUCTION PROJECTS

BENT TREE PLACE

CONSTRUCTION PROJECTS

BENT TREE PLACE

CONSTRUCTION PROJECTS BENT TREE PLACE

CONSTRUCTION PROJECTION

RICHARDSON CAPEX PROJECTS

Suite 100 Spec

Suite 210 Spec

Suite 220 Spec

Exterior cleaning, masonry painting, sealing

Concrete paving, Restripe

Monument Sign

Trim Trees

Update Common RR

Roof Replacement

$179,946 ($26.76/sf)

Option 5 approvedInterprise planning Rest Rooms

$51,379 Needs Approval

$63,621 Needs Approval

$33,001.50 Needs Approval - Ricardo

$5,512.00*

$TBD

Obtaining Additional Pricing

Have engaged ID Group/ GPX

$8,710 Needs Approval - Gilberto

$TBD In Pricing - Revisions sent to Interprise

$94,500.00* On Hold

Capital Funds Held by Lender = $400,000

*Per pricing in PCA

CONSTRUCTION PROJECTION

RICHARDSON CAPEX PROJECTS

Property: Richardson Plaza

Project: Spec

Suite: 100

GC: Preston Pierce

Cost: $TBD

Cost PSF: $TBD/SF

SF: 6,723

Status: Interprise will make revision drawing for 2 new single use restrooms in Suite 100 and to make the existing ones ADA compliant

Scope: Option 5

CONSTRUCTION PROJECTION

RICHARDSON CAPEX PROJECTS

Property: Richardson Plaza

Project: Spec

Suite: 210

GC: Preston Pierce

Cost: $51,379

Cost PSF: ($32.66)/SF

SF: 1,573

Status: Need Approval

Scope: New paint and Flooring. Update Restrooms

CONSTRUCTION PROJECTION

RICHARDSON CAPEX

Property: Richardson Plaza

Project: Spec

Suite: 220

GC: Preston Pierce

Cost: $63,621

Cost PSF: $20.92/SF

SF: 3,041

Status: Need Approval

Scope: Demo fishbowl

office, new paint, flooring, update RR

PROJECTS

CONSTRUCTION PROJECTION RICHARDSON CAPEX PROJECTS

RICHARDSON CAPEX PROJECTS

CONSTRUCTION PROJECTION

BRANDYWINE CAPEX PROJECTS

Property: Brandywine

Project: Spec

Suite: 700-100

GC: TBD

Cost: $TBD

Cost PSF: $TBD/SF

SF: 1,490

Status: In Pricing

Scope: New Carpet/paint throughout; Alt 1 – New LVT in green areas, Carpet in offices (Red), Paint throughout; Alt 2 – Remove wood paneling in large office (17-6 x 17-2)

CONSTRUCTION PROJECTION

BRANDYWINE CAPEX PROJECTS

Property: Brandywine

Project: Spec

Suite: 720-206

GC: TBD

Cost: $TBD

Cost PSF: $TBD/SF

SF: 785

Status: In Pricing

Scope: New Carpet/paint

throughout; Alt 1 – New LVT in hallways, Carpet in offices

CONSTRUCTION PROJECTION BRANDYWINE - MONUMENT SIGN

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

TI PROJECTS

CONSTRUCTION PROJECTION

TI PROJECTS

$14.00; 5% Bumps; 37 Months; 1 Months Free

$13.00; 4% Bumps; 63 Months; 3 Free

CONSTRUCTION PROJECTION

LEASING PROJECTS

CONSTRUCTION PROJECTION WATERS

RIDGE III

Property: Waters Ridge III

Project: Zintex, LLC

Suite: 300

GC: TBD

TI Cost: $25,000.00

Cost PSF: $4.32/SF

SF: 5,783

Status: Pre-Construction

Rate: $14.00 NNN;

3.5% Bumps; 37 Months; 1 Month Free

CONSTRUCTION PROJECTION WATERS

RIDGE III

Property: Waters Ridge III

Project: Compass Biomedical

Suite: 100

GC: Tenant Led Project

TI Cost: $25,000.00

Cost PSF: $4.00/SF

SF: 6,300

Status: Demo

Rate: $13.00 NNN; 5% Bumps; 63 Months; 3 Months Free

CONSTRUCTION PROJECTION

WATERS RIDGE III - PROGRESS PHOTOS

CONSTRUCTION PROJECTION

WATERS RIDGE III - PROGRESS PHOTOS

CONSTRUCTION PROJECTION

WATERS RIDGE III - PROGRESS PHOTOS

SPEC PROJECTS

CONSTRUCTION PROJECTION SPEC PROJECTS

CONSTRUCTION PROJECTION

ALPHA PLAZA

Property: Alpha Plaza

Project: Vanilla Box

Suite: 195

GC: TBD

Cost: $TBD

Cost PSF: $TBD/SF

SF: 2,422

Status: In Pricing

Scope: Relocate and Update Restroom. New Flooring, New vanity and Toilet.

CONSTRUCTION PROJECTION

ALPHA PLAZA

Property: Alpha Plaza

Project: Clean Out

Suite: 295

GC: TBD

Cost: $16,120

Cost PSF: $5.85/SF

SF: 2,696

Status: Scheduled

Scope: Clean Out, General

Ceiling Repair, Replace toilet, Vanity, and Sink.

CONSTRUCTION PROJECTION

ALPHA PLAZA

CONSTRUCTION PROJECTION

ALPHA PLAZA

CONSTRUCTION PROJECTION

ALPHA PLAZA

CONSTRUCTION PROJECTION

ALPHA PLAZA

CONSTRUCTION PROJECTION

VALLEY VIEW

Property: Valley View

Project: Spec

Suite: 100

GC: Excel

Cost: $TBD

Cost PSF: $TBD/SF

SF: 19,200

Status: Need scope

approval

Scope: Demise space, Demo flooring, New carpet / LVT

CONSTRUCTION PROJECTION

VALLEY VIEW

Property: Valley View

Project: Make Ready

Suite: 150

GC: Lonestar

Cost: $5,704

Cost PSF: $0.58/SF

SF: 9,864

Status: Need Approval

Scope: New Breakroom

Cabinets, Paint Red Wall

CONSTRUCTION PROJECTION SKYWAY

Property: Skyway

Project: Make Ready

Suite: 3109

GC: TBD

Cost: $TBD

Cost PSF: $TBD/SF

SF: 13,776

Status: Interprise is drafting the plan.

Scope: Demo WH area, New breakroom

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 will make revisions to the demising wall locations.

Scope: Demise into 3 spaces

ASSET MANAGEMENT REPORTS

ADDITIONAL REPORTS

MATTER

Alpha Plaza

Cantera Doors & More, Inc.

STATUS OF CASE

Mauricio Trevino & Lily Guaran

4887 Alpha Rd., Suite 290

Farmers Branch, Texas 75244

Date of Letter: September 17, 2024

Amount: $5,507.13

Date of Letter: November 18, 2024

Amount: $5,507.13

Date of Letter: March 19, 2025

Amount: $5,507.13

Bent Tree Place

Minimally Invasive Vascular Centers, LLC

Dr. Greg Messner, PLLC Joachim Fiihr 17110 Dallas Parkway, Suite 105

Dallas, Texas 75248

Date of Letter: March 3, 2025 Amount: $30,360.30

Kenington Property Holdings

Property Tax Reserve Analysis

As of 03/21/2025 BUDGETED 2025 PROPERTY TAXES 1,694,001 $

ESTIMATED MARCH ACCRUAL/RESERVE (147,000) $ and adjust accordingly.

*** Shortage related est reduction at Waters Ridge, we will evalutate after values come out in May

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 Complete

Phase I / PCA Ordered

Approved by Lender

Appraisal Ordered Approved by Lender

Estoppel/SNDA Sent to Tenant 3/18

Org Documents Approved by Lender

Liberty Capital Compliance Date 3/22 Northmarq extension approved

Closing April 4, 2025

INVESTOR REPORTING

WEEKLY -

MONTHLY

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

QUARTERLY Quarterly Financial Report

ANNUALLY -

BRANDYWINE PLACE REBRAND

Pendulum Park Pendulum Park

Briarwood Place

Peppertree Place Vector Park

Pendulum Park Pendulum Park

JUNIPER SQUARE DEMO

BRANDYWINE PLACE

DISTRIBUTION POLICY

ESTIMATED DISTRIBUTION DATE

4/18/2025 $74,000

7/18/2025 $59,000

10/17/2025 $55,000

1/22/2026 $51,000 TOTAL** $239,000

*Estimated distributions are based upon 2025 Brandywine Budget and represent a 9.72% Cash on Cash Return

** Agrees to Brandywine Place OM underwriting total for Year 1

BRANDYWINE PLACE BUDGET

Brandywine Place (501) Budget

Period = Jan 2025-Dec 2025

INCOME

Brandywine Place (501) Budget

2025 ARGUS VALUATIONS

KENNINGTON PROPERTY HOLDINGS, LTD PORTFOLIO SUMMARY

CLOSING DINNER

PLACEHOLDER FOR DISCUSSION

NEXT MEETING

THURSDAY, APRIL 24, 2025

9 AM - 12 PM