KENNINGTON PROPERTY HOLDINGS
MAY 2024
OWNER’S REPORT
1
Review of Minutes
BOARD MEETING AGENDA
May 28, 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
Water’s Ridge “flex” vacancies
Thirty-Four Commercial
4. Construction/Tenant Improvements
Bent Tree Place Capex update
TI, LC & Vacancy Analysis
5. Additional Reports
Litigation – N/A
JPMorgan Investment Summary
6. Old Business
KPH Property Tour 1 of 3 – feedback
KPH Property Tour 2 & 3 – late fall
Line of Credit conversation
7. New Business
Treepoint Plaza underwriting
Corporate Transparency Act
Next Meeting – Thursday, June 27, 2024
Adjournment
KENNINGTON
HOLDINGS LTD.
PROPERTY
2
APPROVAL OF APRIL 2024 MINUTES
OWNER’S REPORT KPH
Board Meeting Minutes
- MAY 2024
3
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
OWNER’S REPORT
4
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
INCOME STATEMENT
OWNER’S REPORT
5
Period to Date Year to Date REVENUE RENTAL INCOME Rental Income809,870.153,256,119.79 Rent Abatement-13,799.46-53,462.68 Deferred Rent1,982.497,929.96 Rent - Holdover3,681.4120,707.32 Admin. Fees865.203,460.80 TOTAL RENTAL INCOME802,599.793,234,755.19 EXPENSE REIMBURSEMENT CAM Estimate347,502.571,232,436.32 CAM Reconcile4,550.954,551.51 Electric Estimate4,673.5818,690.83 TOTAL EXPENSE REIMBURSEMENT356,727.101,255,678.66 OTHER INCOME Late and NSF Fees-2,670.879,525.24 Long-Term Capital Gain/Loss0.00-188.36 Interest Income0.0011,513.78 Misc. Income0.002,000.00 TOTAL OTHER INCOME-2,670.8722,850.66 TOTAL REVENUE1,156,656.02 4,513,284.51 OPERATING EXPENSES REIMBURSABLE EXPENSES INSURANCE Insurance43,614.45174,457.80 TOTAL INSURANCE43,614.45174,457.80 GROUNDS MAINTENANCE Lawn/Landscape11,590.7682,150.26 Irrigation Repairs6,336.256,626.11 Snow Removal0.003,215.03 Parking Lot Cleaning1,163.704,070.24 TOTAL GROUND MAINTENANCE19,090.7196,061.64 PROPERTY TAXES Taxes134,807.57525,642.12 Property Tax Consulting917.63917.63 TOTAL PROPERTY TAXES135,725.20526,559.75 UTILITIES Electricity12,773.3753,498.45 Water18,928.6069,330.80 Trash Pick Up17,590.0966,669.12
Property
Period = Apr 2024 Page 1 of 3 6
Kennington
Holdings Income Statement
Kennington Property Holdings Income Statement
Period to Date Year to Date
Period = Apr 2024 Gas 1,183.75 9,461.48 TOTAL UTILITIES 50,475.81 198,959.85 BUILDING MAINTENANCE Exterior Lighting 1,407.35 12,085.84 Security 2,636.75 10,281.87 Fire Alarm Systems 3,858.05 13,681.99 Fire Alarm Phone Lines 674.43 2,048.29 Porter Services 12,499.50 28,188.91 Exterior Pest Control 4,646.22 19,885.69 Janitorial Services 7,761.07 28,590.20 Window Washing 0.00 690.64 Signage 436.07 436.07 Maintenance Wages 24,170.58 93,049.26 Elevator Contract 315.46 1,099.49 Misc. Repairs - Bldgs 777.02 876.61 Roof Repairs 0.00 525.01 HVAC Repairs 0.00 11,712.37 HVAC Contract 0.00 3,365.10 Plumbing Repairs 194.85 2,771.55 Electrical Repairs 0.00 2,742.27 Maint. Supplies 1,651.33 3,049.36 TOTAL BUILDING MAINTENANCE 61,028.68 235,080.52 MANAGEMENT FEES & WAGES Management Fees 45,886.17 178,628.72 Management Wages 66,214.06 227,660.03 Administrative Wages 7,759.64 46,466.80 TOTAL MANAGEMENT FEES & WAGES 119,859.87 452,755.55 TOTAL REIMBURSABLE EXPENSES 429,794.72 1,683,875.11 NON-REIMBURSABLE EXPENSES NON-CAM ADMIN EXPENSE Marketing Expense 7,409.86 21,099.03 Bank Charges 43.78 214.61 Office Supplies 1,699.02 8,938.06 Computer Software 8,706.24 37,310.02 Dues and Subscriptions 0.00 5,529.25 Rent Expense 10,387.97 35,812.07 TOTAL NON-CAM ADMIN EXPENSE 28,246.87 108,903.04 NON-CAM BUILDING EXPENSE Locksmith Services 994.82 2,129.29 Maintenance Vehicle 0.00 3,430.36 Page 2 of 3 7
Kennington Property Holdings Income Statement
Period to Date Year to Date
Period = Apr 2024 Vacancy Cleaning Non-Cam 108.27 313.98 HVAC Repairs Non-Cam -535.95 8,379.67 Plumbing Repair Non-Cam 0.00 616.33 Tenant Bill Back R&M 2,072.98 3,783.76 Ext. Signage 0.00 216.50 TOTAL NON-CAM BUILDING EXPENSE 2,640.12 18,869.89 NON-CAM UTILITIES Vacancy Electricity Non-Cam 2,174.24 8,975.99 Vacancy Gas Non-Cam 997.40 2,913.85 TOTAL NON-CAM UTILITIES 3,171.64 11,889.84 TOTAL NON-REIMBURSABLE EXPENSES 34,058.63 139,662.77 TOTAL OPERATING EXPENSES 463,853.35 1,823,537.88 NET OPERATING INCOME 692,802.67 2,689,746.63 OWNER EXPENSES Asset Management Fee 11,471.55 44,657.19 Legal Fees 0.00 2,233.47 Accounting 4,191.20 20,698.59 Consulting Fees 13,312.48 59,549.96 Meals 217.85 1,668.86 K.F. Overhead 36,207.62 49,245.62 TOTAL OWNER EXPENSES 65,400.70 178,053.69 DEBT EXPENSE Interest Expense 209,772.84 840,542.21 TOTAL DEBT EXPENSE 209,772.84 840,542.21 NET INCOME 417,629.13 1,671,150.73 Page 3 of 3 8
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
BALANCE SHEET
OWNER’S REPORT
9
Current Balance ASSETS CASH Cash - Chase Savings303,028.53 Cash - Chase Operating587,064.77 Cash - Vantage Bank (51)100,519.63 Cash - Independent Bank1,019,208.14 TOTAL CASH2,009,821.07 ACCOUNTS RECEIVABLE Accounts Receivable53,777.60 Due to/from32,233.37 TOTAL ACCOUNTS RECEIVABLE86,010.97 PROPERTY Land - Alpha Plaza9,687,435.99 Buildings78,024,689.80 Tenant Improvements9,667,549.17 Landscape Improvements1,068,246.36 TOTAL PROPERTY98,447,921.32 INTANGIBLE ASSETS Mortgage Escrow0.00 Mortgage Escrow - Alpha Plaza250,000.00 Tax Escrow160,000.00 Tax Escrow - Tollway46,979.49 Utility Deposit - Skyway1,800.00 Loan Closing Cost1,522,521.99 Loan Fees236,704.75 Legal Closing Cost 138,005.25 Legal Fees136,547.40 Loan Origination Fee76,888.72 Capitalized Commissions4,248,237.78 Prepaid Insurance5,200.34 TOTAL INTANGIBLE ASSETS6,822,885.72 ACCUMULATED AMORTIZATION and DEPRECIATION Accum Amortization-1,417,536.00 Accum Depreciation-27,732,214.00 TOTAL ACCUMULATED AMORTIZATION and DEPR -29,149,750.00 OTHER ASSETS Marketable Securities XX90085,460,447.26 Due Diligence Costs16,280.80 Deferred 1031 Asset167,166.98 TOTAL OTHER ASSETS5,643,895.04 TOTAL ASSETS83,860,784.12 Kennington Property Holdings Balance Sheet Period = Apr 2024 Page 1 of 2 10
Holdings Balance Sheet Period = Apr 2024 LIABILITIES AND EQUITY LIABILITIES
MORTGAGE NOTES PAYABLES
Mortgage Payable - Alpha Plaza3,781,628.63
Mortgage Payable - Midway Center4,255,841.53
Mortgage Payable - Campbell6,341,619.23
Mortgage Payable - Placid2,726,753.47
Mortgage Payable - Research Center8,521,489.75
Mortgage Payable - Valley View Center 1 2 32,186,196.94
Mortgage Payable - ABC4,539,933.58
Mortgage Payable - Skyway3,245,941.91
Mortgage Payable - Jupiter North1,823,284.07
Mortgage Payable - Jupiter South5,272,573.88
Mortgage Payable - Waters Ridge Tech II3,265,049.82
Mortgage Payable - Waters Ridge Tech III7,352,090.10
Mortgage Payable - Tollway4,161,147.09 TOTAL MORTGAGE NOTES PAYABLES57,473,550.00
NOTES60,456,880.00
ACCOUNTS PAYABLE Accounts Payable332,735.80 Prepaid
Current
Kennington
Balance
Property
Line
TOTAL
TOTAL
LINE OF CREDIT
of credit - JP Morgan Chase2,983,330.00
LINE OF CREDIT2,983,330.00
Rent-66,818.42 Insurance
Insurance
TOTAL
EXPENSES539,230.28 OTHER LIABILITIES Security Deposits817,949.86 Deferred 1031 Gain10,964,473.62 TOTAL OTHER LIABILITIES11,782,423.48 TOTAL LIABILITIES74,021,368.32 EQUITY The
Clark
TOTAL
TOTAL
Page 2 of 2 11
Proceeds937,002.82
Proceeds - Campbell39,914.36
ACCOUNTS PAYABLE1,242,834.56 ACCRUED EXPENSES Accrued Property Taxes539,230.28 TOTAL ACCRUED
Dallas Foundation76,762.03 Craig Kennington CCC Trust3,065,978.73
Kennington CCC Trust3,065,980.66 Clayton Kennington CCC Trust3,065,979.68 OWNER DRAW Capital Distributions - Craig Kennington CCC Trust-9,176,574.76 Capital Distributions - Clark Kennington CCC Trust-9,176,574.76 Capital Distributions - Clayton Kennington CCC Trust-9,176,574.76 Capital Distributions - The Dallas Foundation-1,021,027.27 TOTAL OWNER DRAW-28,550,751.55 Retained Earnings34,433,694.24 Prior Years Retained Earnings-5,318,227.99
EQUITY9,839,415.80
LIABILITIES AND EQUITY83,860,784.12
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
OWNER’S REPORT
BUDGET COMPARISON REPORT
12
Kennington Property Holdings Budget Comparison Period = Apr 2024
REVENUE
RENTAL INCOME
Rental Income809,870.15814,274.52-4,404.373,256,119.793,233,088.4123,031.389,877,538.22
Rent Abatement-13,799.46-15,514.461,715.00-53,462.68-65,405.5911,942.91-261,318.46
Deferred Rent1,982.491,982.490.007,929.967,929.960.0023,789.88
Rent - Holdover3,681.410.003,681.4120,707.320.0020,707.320.00
Admin. Fees865.20865.200.003,460.803,460.800.006,921.60
TOTAL RENTAL INCOME802,599.79801,607.75992.043,234,755.193,179,073.5855,681.619,646,931.24
EXPENSE REIMBURSEMENT
CAM Estimate347,502.57329,021.8918,480.681,232,436.321,301,496.30-69,059.983,958,632.54
CAM Reconcile4,550.95102,500.00-97,949.054,551.51102,500.00-97,948.49102,500.00
Electric Estimate4,673.585,255.39-581.8118,690.8321,166.08-2,475.2565,867.92
TOTAL EXPENSE REIMBURSEMENT356,727.10436,777.28-80,050.181,255,678.661,425,162.38-169,483.724,127,000.46
OTHER INCOME
Late and NSF Fees-2,670.870.00-2,670.879,525.240.009,525.240.00
Long-Term Capital Gain/Loss0.000.000.00-188.360.00-188.360.00
Interest Income0.000.000.0011,513.780.0011,513.780.00
Misc. Income0.000.000.002,000.000.002,000.000.00
TOTAL OTHER INCOME-2,670.870.00-2,670.8722,850.660.0022,850.660.00
TOTAL REVENUE1,156,656.021,238,385.03-81,729.014,513,284.514,604,235.96-90,951.4513,773,931.70
OPERATING EXPENSES
REIMBURSABLE EXPENSES INSURANCE
Insurance43,614.4543,735.17120.72174,457.80174,940.68482.88524,822.04
GROUNDS MAINTENANCE Lawn/Landscape11,590.7627,894.6416,303.8882,150.26112,738.0530,587.79333,450.64
Landscaping Improvements0.001,250.001,250.000.003,600.003,600.0010,000.00
Tree Trimming0.00500.00500.000.001,500.001,500.006,977.61
Irrigation Repairs6,336.252,825.00-3,511.256,626.1110,900.004,273.8932,750.00
Snow Removal0.000.000.003,215.034,000.00784.977,000.00
Parking Lot Repairs0.000.000.000.00500.00500.001,750.00
Parking Lot Cleaning1,163.70980.00-183.704,070.243,910.00-160.2411,750.00
TOTAL GROUND MAINTENANCE19,090.7133,449.6414,358.9396,061.64137,148.0541,086.41403,678.25
PROPERTY TAXES
Taxes134,807.57134,807.570.00525,642.12539,230.2813,588.161,617,690.84
Property Tax Consulting917.630.00-917.63917.6369,000.0068,082.3770,200.00
HOA Dues and Assessments0.00458.33458.330.001,833.321,833.3212,569.55
TOTAL PROPERTY TAXES135,725.20135,265.90-459.30526,559.75610,063.6083,503.851,700,460.39
UTILITIES
Electricity12,773.3712,591.65-181.7253,498.4552,650.37-848.08185,183.49 Water18,928.6023,698.804,770.2069,330.8096,795.2027,464.40290,285.60
Trash Pick Up17,590.0912,989.53-4,600.5666,669.1251,958.12-14,711.00155,874.36
Gas1,183.750.00-1,183.759,461.480.00-9,461.480.00
TOTAL UTILITIES50,475.8149,279.98-1,195.83198,959.85201,403.692,443.84631,343.45
BUILDING MAINTENANCE
Exterior Lighting1,407.352,568.231,160.8812,085.8415,593.213,507.3750,398.52
General Maintenance0.00465.00465.000.001,870.001,870.005,750.00
Security2,636.751,560.55-1,076.2010,281.876,242.20-4,039.6718,726.60
Fire Alarm Systems3,858.052,470.51-1,387.5413,681.9915,667.711,985.7233,397.24
Fire Alarm Phone Lines674.43676.952.522,048.295,695.103,646.8114,858.77
Porter Services12,499.506,360.58-6,138.9228,188.9125,442.32-2,746.5976,326.96
Exterior Pest Control4,646.224,914.55268.3319,885.6919,658.20-227.4958,162.36
Janitorial Services7,761.079,013.871,252.8028,590.2034,921.106,330.90103,132.06
Window Washing0.005,581.625,581.62690.649,106.588,415.9417,822.84
Signage436.070.00-436.07436.070.00-436.070.00
Maintenance Wages24,170.5821,349.21-2,821.3793,049.2685,396.84-7,652.42256,190.52
Elevator Contract315.46204.17-111.291,099.49816.68-282.812,450.04
Misc. Repairs - Bldgs777.02629.77-147.25876.611,609.77733.163,880.00
Roof Repairs0.00291.67291.67525.011,416.68891.674,500.04
HVAC Repairs0.00833.33833.3311,712.373,333.32-8,379.0511,499.96
HVAC Contract0.000.000.003,365.101,733.03-1,632.076,932.12
PTD Actual PTD Budget Variance YTD Actual YTD Budget Variance Annual
INSURANCE43,614.4543,735.17120.72174,457.80174,940.68482.88524,822.04
TOTAL
Page 1 of 2 13
PTD Actual PTD Budget Variance YTD Actual YTD Budget Variance Annual Kennington Property Holdings Budget Comparison Period = Apr 2024 Plumbing Repairs 194.85 1,329.16 1,134.31 2,771.55 5,621.68 2,850.1316,254.96 Electrical Repairs 0.00 437.51 437.51 2,742.27 1,750.04 -992.23 5,250.12 Maint. Supplies 1,651.33 1,118.74 -532.59 3,049.36 4,500.04 1,450.6813,449.96 TOTAL BUILDING MAINTENANCE 61,028.6859,805.42 -1,223.26235,080.52240,374.50 5,293.98698,983.07 MANAGEMENT FEES & WAGES Management Fees 45,886.1749,535.40 3,649.23178,628.72184,169.44 5,540.72550,957.35 Management Wages 66,214.0649,707.17-16,506.89227,660.03198,828.68-28,831.35596,486.04 Administrative Wages 7,759.64 9,572.93 1,813.2946,466.8038,291.72 -8,175.08114,875.16 TOTAL MANAGEMENT FEES & WAGES 119,859.87108,815.50-11,044.37452,755.55421,289.84-31,465.711,262,318.55 TOTAL REIMBURSABLE EXPENSES 429,794.72430,351.61 556.891,683,875.111,785,220.36101,345.255,221,605.75 NON-REIMBURSABLE EXPENSES NON-CAM ADMIN EXPENSE Marketing Expense 7,409.86 2,022.86 -5,387.0021,099.03 8,091.44-13,007.5924,274.32 Bank Charges 43.78 83.33 39.55 214.61 333.32 118.71 999.96 Office Supplies 1,699.02 1,950.00 250.98 8,938.06 7,800.00 -1,138.0623,400.00 Computer Software 8,706.24 6,083.33 -2,622.9137,310.0224,333.32-12,976.70100,916.63 Dues and Subscriptions 0.00 1,091.66 1,091.66 5,529.25 4,366.64 -1,162.6113,099.92 Rent Expense 10,387.97 8,510.00 -1,877.9735,812.0734,040.00 -1,772.07102,120.00 TOTAL NON-CAM ADMIN EXPENSE 28,246.8719,741.18 -8,505.69108,903.0478,964.72-29,938.32264,810.83 NON-CAM BUILDING EXPENSE Makeready Repairs 0.00 150.00 150.00 0.00 600.00 600.00 1,800.00 Makeready Cleaning 0.00 30.00 30.00 0.00 120.00 120.00 370.83 Makeready Expense 0.00 108.34 108.34 0.00 433.36 433.36 1,300.08 Locksmith Services 994.82 137.36 -857.46 2,129.29 1,625.96 -503.33 4,016.36 Maintenance Vehicle 0.00 1,031.26 1,031.26 3,430.36 4,125.04 694.6812,375.12 Vacancy Cleaning Non-Cam 108.27 91.66 -16.61 313.98 466.64 152.66 1,499.92 HVAC Repairs Non-Cam -535.95 1,061.66 1,597.61 8,379.67 4,122.15 -4,257.5214,589.70 Plumbing Repair Non-Cam 0.00 875.00 875.00 616.33 3,000.00 2,383.67 8,000.00 Tenant Bill Back R&M 2,072.98 0.00 -2,072.98 3,783.76 0.00 -3,783.76 0.00 Ext. Signage 0.00 41.67 41.67 216.50 166.68 -49.82 500.04 TOTAL NON-CAM BUILDING EXPENSE 2,640.12 3,526.95 886.8318,869.8914,659.83 -4,210.0644,452.05 NON-CAM UTILITIES Vacancy Electricity Non-Cam 2,174.24 2,182.02 7.78 8,975.99 8,728.08 -247.9126,184.24 Vacancy Gas Non-Cam 997.40 1,201.00 203.60 2,913.85 7,705.00 4,791.1511,401.00 Utility Bill Back 0.00 1,332.65 1,332.65 0.00 1,332.65 1,332.65 2,345.49 TOTAL NON-CAM UTILITIES 3,171.64 4,715.67 1,544.0311,889.8417,765.73 5,875.8939,930.73 TOTAL NON-REIMBURSABLE EXPENSES 34,058.6327,983.80-6,074.83139,662.77111,390.28-28,272.49349,193.61 TOTAL OPERATING EXPENSES 463,853.35458,335.41-5,517.941,823,537.881,896,610.6473,072.765,570,799.36 NET OPERATING INCOME 692,802.67780,049.62-87,246.952,689,746.632,707,625.32-17,878.698,203,132.34 OWNER EXPENSES Franchise Tax 0.00 0.00 0.00 0.00 0.00 0.0040,000.00 Asset Management Fee 11,471.5512,383.84 912.2944,657.1946,042.36 1,385.17137,739.31 Legal Fees 0.00 0.00 0.00 2,233.47 0.00 -2,233.47 0.00 Accounting 4,191.20 5,599.99 1,408.7920,698.5922,399.96 1,701.3767,199.88 Consulting Fees 13,312.4816,484.24 3,171.7659,549.9665,936.96 6,387.00197,810.88 Meals 217.85 510.44 292.59 1,668.86 2,041.76 372.90 6,125.28 K.F. Overhead 36,207.62 5,819.31-30,388.3149,245.6223,277.24-25,968.3869,831.72 TOTAL OWNER EXPENSES 65,400.7040,797.82-24,602.88178,053.69159,698.28-18,355.41518,707.07 DEBT EXPENSE Interest Expense 209,772.84208,840.62 -932.22840,542.21838,122.04 -2,420.172,518,402.31 TOTAL DEBT EXPENSE 209,772.84208,840.62 -932.22840,542.21838,122.04 -2,420.172,518,402.31 NET INCOME 417,629.13530,411.18-112,782.051,671,150.731,709,805.00-38,654.275,166,022.96 Page 2 of 2 14
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
OWNER’S REPORT
ACCOUNTS RECEIVABLE AGING REPORT
15
Property Current0-3031-6061-90Over Pre-Total OwedOwedOwedOwed90 OwedPaymentsOwed 027 - Alpha Plaza 14,058.2214,058.220.000.000.00-12,823.951,234.27 030 - Midway Center -1,773.83-2,611.45-1,667.520.002,505.14-25,754.80-27,528.63 035 - Campbell 1 23,789.8523,789.850.000.000.00-46,132.39-22,342.54 037 - Placid 11,796.1211,796.120.000.000.00-8,343.913,452.21 044 - Research Center 22,502.2322,091.57410.660.000.00-39,226.81-16,724.58 046 - Valley View Commerce Center15,231.8315,231.830.000.000.00-25,454.80-10,222.97 049 - Alpha Business Center 19,316.2219,316.220.000.000.00-9,638.329,677.90 050 - Skyway Circle 43,808.1243,808.120.000.000.00-2,764.6341,043.49 052 - Jupiter Center South 29,474.7229,474.720.000.000.00-9,444.6220,030.10 053 - Waters Ridge Tech 2 8,267.028,267.020.000.000.00-19,777.54-11,510.52 054 - Waters Ridge Tech 3 28,162.2328,162.230.000.000.00-48,997.94-20,835.71 055 - Tollway 23,360.9222,765.92595.000.000.00-20,805.602,555.32 Grand Total 237,993.65236,150.37-661.860.002,505.14-269,165.31-31,171.66 Aged Receivable
To:
Property Page 1 of 1 16
DB Caption: live Property: .kphfees Status: Current Age As Of: 04/30/2024 Post
04/2024 Summary By:
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
GENERAL LEDGER
OWNER’S REPORT
17
OWNERS PORTAL KENNINGTONCOMMERCIAL.COM STEP 1: Username: name@kenningtoncommercial.com Password: KPHportal!234 STEP 2: STEP 3: 18
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
OWNER’S REPORT
BANK RECONCILIATION
19
Cleared Items: Cleared Checks Date Tran # Notes Amount Date Cleared 3/20/2024 4946 dal03 - The Dallas Foundation 4,379.12 4/30/2024 3/21/2024 4951 atm01 - Atmos Energy 206.66 4/30/2024 3/21/2024 4965 v0000048 - Mitec 76.00 4/30/2024 3/21/2024 4968 v0000195 - B Rude Mechanical, LLC 584.55 4/30/2024 4/1/2024 4971 ken30 - 52 Management, LP 152,201.02 4/30/2024 4/1/2024 4972 ken30 - 52 Management, LP 44,784.41 4/30/2024 4/4/2024 4973 rep02 - Republic Services #794 452.78 4/30/2024 4/4/2024 4974 ken30 - 52 Management, LP 53,815.81 4/30/2024 4/4/2024 4976 ali01 - A Litter Help, LLC 5,973.71 4/30/2024 Balance Per Bank Statement as of 4/30/2024 486,296.15 Outstanding Deposits Deposit Date Deposit Number Amount 4/30/2024 1390 17,532.05 4/30/2024 1391 4,138.43 Plus: Outstanding Deposits 21,670.48 Outstanding Checks Check Date Check Number Payee Amount 2/8/2024 4863 ame03 - American Fire Protection Group, Inc. 5,626.94 4/4/2024 4975 att04 - AT&T 170.29 4/8/2024 5000 dal03 - The Dallas Foundation 10,947.80 4/18/2024 5015 car05 - Carter Pest Control LLC 2,955.23 4/24/2024 5021 dal03 - The Dallas Foundation 4,379.12 4/25/2024 5029 atm01 - Atmos Energy 505.28 4/25/2024 5030 cit02 - City of Richardson 2,134.06 4/25/2024 5032 far02 - City of Farmers Branch 3,416.26 4/25/2024 5036 ric02 - Richardson Fire Equipment Co. 681.97 4/25/2024 5037 v0000048 - Mitec 76.00 4/25/2024 5038 v0000163 - Securitas Security Services USA Inc. 1,727.67 4/25/2024 5039 v0000237 - SGM Holdings, Inc. dba In the Wind 337.60
5040 vic01 - Victory Lighting & Electrical Services, LLC 897.50 Less: Outstanding Checks 33,855.72 Reconciled Bank Balance 474,110.91 Balance per GL as of 4/30/2024 474,110.91 Reconciled Balance Per G/L 474,110.91 Difference (Reconciled Bank Balance And Reconciled Balance Per G/L) 0.00
KPH - Operating 5/1/2024 Bank
20
4/25/2024
742535161
Reconciliation Report 4/30/2024 Posted by: sdobbs on 5/1/2024
4/4/2024
5/1/2024
Reconciliation Report 4/30/2024 Posted by: sdobbs on 5/1/2024
Cleared
Date Tran # Notes Amount Date Cleared 4/4/2024 4977 atm01 - Atmos Energy 1,552.65 4/30/2024 4/4/2024 4978 car05 - Carter Pest Control LLC 194.85 4/30/2024
4979 cdc01 - C & D Commercial Services, Inc. 1,077.10 4/30/2024
4980 cit04 - City of Irving 529.68 4/30/2024 4/4/2024 4981 far02 - City of Farmers Branch 1,591.52 4/30/2024 4/4/2024 4982 fre01 - Freepoint Energy Solutions LLC 5,649.03 4/30/2024 4/4/2024 4983 fro01 - Frontier 504.14 4/30/2024
Checks
4/4/2024
4/4/2024
4984 pla01 - City of Plano 9,913.51 4/30/2024
4985 rep02 - Republic Services #794 10,080.88 4/30/2024 4/4/2024 4986 v0000013 - City of Lewisville 1,254.57 4/30/2024 4/4/2024 4987 wco02 - Waste Connections Lone Star Inc. 969.20 4/30/2024
4988 alp02 - Alpha Glass and Mirror Co. Inc. 777.02 4/30/2024
4989 gua01 - Guard Texas 560.54 4/30/2024
4990 lif01 - Lift-Texas Construction LLC 14,072.50 4/30/2024
4991 mun01 - Munsch Hardt Kopf & Harr, P.C. 8,170.00 4/30/2024
4992 v0000097 - LSGC Electric 2,330.24 4/30/2024 4/4/2024 4993 v0000208 - Service Logic and Controls LLC 4,768.41 4/30/2024
4994 vic01 - Victory Lighting & Electrical Services, LLC 488.20 4/30/2024 4/4/2024 4995 voe01 - Mark N. Voeller PH.D. P.C. 16,312.50 4/30/2024
4996 v0000159 - LandCare USA LLC 9,001.15 4/30/2024 4/8/2024 4997 ken26 - Craig Kennington CCC Trust 100,000.00 4/30/2024 4/8/2024 4998 ken27 - Clark Kennington CCC Trust 100,000.00 4/30/2024 4/8/2024 4999 ken28 - Clayton Kennington CCC Trust 100,000.00 4/30/2024 4/11/2024 5001 car05 - Carter Pest Control LLC 871.41 4/30/2024 4/11/2024 5002 cdc01 - C & D Commercial Services, Inc. 86.60 4/30/2024 4/11/2024 5003 far02 - City of Farmers Branch 513.97 4/30/2024 4/11/2024 5004 fre01 - Freepoint Energy Solutions LLC 562.28 4/30/2024 4/11/2024 5005 rep02 - Republic Services #794 3,359.79 4/30/2024 4/11/2024 5006 tid01 - Tidy Aire, Inc. 32.49 4/30/2024 4/11/2024 5007 v0000002 - Hudson Energy Services, LLC 1,201.39 4/30/2024 4/11/2024 5008 v0000113 - AFPG, Inc. 165.00 4/30/2024 4/18/2024 5009 dig01 - Digi Security Solutions 994.82 4/30/2024 4/18/2024 5010 mun01 - Munsch Hardt Kopf & Harr, P.C. 1,395.00 4/30/2024 4/18/2024 5011 ove02 - Overtaxed, Ltd. 917.63 4/30/2024
5012 sim01 - Kevin P. Simon 1,208.30 4/30/2024 4/18/2024 5013 v0000233 - RenPro General Contracting, LLC 3,220.44 4/30/2024 4/18/2024 5014 ame03 - American Fire Protection Group, Inc. 2,128.66 4/30/2024 4/18/2024 5016 dcs01 - Data Center Systems 239.10 4/30/2024
5017 tid01 - Tidy Aire, Inc. 75.78 4/30/2024 4/18/2024 5018 v0000002 - Hudson Energy Services, LLC 217.01 4/30/2024 4/18/2024 5019 v0000159 - LandCare USA LLC 11,279.15 4/30/2024 4/24/2024 5020 ken30 - 52 Management, LP 53,940.96 4/30/2024 4/24/2024 5022 ken26 - Craig Kennington CCC Trust 36,686.08 4/30/2024 4/24/2024 5023 ken27 - Clark Kennington CCC Trust 40,000.00 4/30/2024 4/24/2024 5024 ken28 - Clayton Kennington CCC Trust 40,000.00 4/30/2024 4/24/2024 5025 ken30 - 52 Management, LP 3,313.92 4/30/2024 4/25/2024 5026 t0000051 - KCW Enterprises 36,100.00 4/30/2024
5027 v0000029 - Expert Services, LLC 2,975.41 4/30/2024
5028 ali01 - A Litter Help, LLC 5,973.71 4/30/2024 4/25/2024 5031 cit04 - City of Irving 543.45 4/30/2024 4/25/2024 5033 fre01 - Freepoint Energy Solutions LLC 1,731.47 4/30/2024
4/4/2024
4/4/2024
4/4/2024
4/4/2024
4/4/2024
4/4/2024
4/4/2024
4/4/2024
4/18/2024
4/18/2024
4/25/2024
4/25/2024
742535161 KPH - Operating
21
Bank
Cleared Checks
Cleared Checks
Cleared Deposits
Date Tran # Notes Amount Date Cleared 4/25/2024 5034 int03 - Integrity Lighting LLC 100.28 4/30/2024 4/25/2024 5035 mas02 - Massey Services, Inc. 75.78 4/30/2024 Total
902,181.63
Date Tran # Notes Amount Date Cleared 3/29/2024 1357 :ACH Deposit 4,256.28 4/30/2024 3/29/2024 1358 :ACH Deposit 7,695.77 4/30/2024 3/31/2024 1359 :ACH Deposit 9,541.32 4/30/2024 4/1/2024 1360 :ACH Deposit 5,828.88 4/30/2024 4/1/2024 1361 :ACH Deposit 17,714.85 4/30/2024 4/1/2024 1362 :ACH Deposit 19,760.19 4/30/2024 4/1/2024 1363 :ACH Deposit 10,113.97 4/30/2024 4/1/2024 1364 :ACH Deposit 9,189.34 4/30/2024 4/1/2024 1365 :ACH Deposit 18,028.64 4/30/2024 4/1/2024 1366 :ACH Deposit 13,588.79 4/30/2024 4/1/2024 1367 :ACH Deposit 79,524.25 4/30/2024 4/1/2024 2701 37,998.46 4/30/2024 4/1/2024 2702 20,291.67 4/30/2024 4/1/2024 2703 14,302.84 4/30/2024 4/1/2024 2704 61,100.04 4/30/2024 4/2/2024 1368 :ACH Deposit 22,435.37 4/30/2024 4/2/2024 1369 :ACH Deposit 45,615.47 4/30/2024 4/2/2024 1370 :ACH Deposit 8,906.54 4/30/2024 4/2/2024 2705 19,886.48 4/30/2024 4/2/2024 2706 14,325.05 4/30/2024 4/3/2024 1371 :ACH Deposit 10,125.80 4/30/2024 4/3/2024 1372 :ACH Deposit 8,669.89 4/30/2024 4/3/2024 1373 :ACH Deposit 98,846.91 4/30/2024 4/4/2024 1374 :ACH Deposit 6,194.96 4/30/2024 4/4/2024 1375 :ACH Deposit 6,359.03 4/30/2024 4/4/2024 1376 :ACH Deposit 3,800.00 4/30/2024 4/4/2024 2707 13,589.40 4/30/2024 4/4/2024 2708 12,382.11 4/30/2024 4/4/2024 2709 4,782.34 4/30/2024 4/4/2024 2710 59,647.31 4/30/2024 4/4/2024 2711 4,691.91 4/30/2024 4/7/2024 1377 :ACH Deposit 9,426.12 4/30/2024 4/7/2024 1378 :CC Deposit 9,237.72 4/30/2024 4/8/2024 1379 :ACH Deposit 13,982.18 4/30/2024 4/8/2024 1380 :CC Deposit 450.00 4/30/2024 4/8/2024 2712 40,444.96 4/30/2024 4/8/2024 2713 4,586.51 4/30/2024 4/8/2024 2714 4,446.80 4/30/2024
1381 :ACH Deposit 1,561.00 4/30/2024 4/9/2024 2715 9,598.88 4/30/2024 4/10/2024 1382 :ACH Deposit 54,914.64 4/30/2024 4/10/2024 1383 :ACH Deposit 4,946.79 4/30/2024 4/10/2024 2716 1,673.75 4/30/2024
2717 15,104.18 4/30/2024
1384 :CC Deposit 10,675.04 4/30/2024
4/9/2024
4/10/2024
4/11/2024
22
742535161 KPH - Operating 5/1/2024 Bank Reconciliation Report 4/30/2024 Posted by: sdobbs on 5/1/2024
4/26/2024
- Operating
Reconciliation Report 4/30/2024 Posted by: sdobbs on 5/1/2024
742535161
Cleared Deposits 1,087,576.62 Cleared Other Items
4/4/2024 JE 9396 4/4/24 Advce on Line of Cr.
4/25/2024 JE 9546 4/24 Interest on Line of Cr -15,567.08 4/30/2024 Total Cleared Other Items -79,949.99
Date Tran # Notes Amount Date Cleared 4/12/2024 2718 3,823.74 4/30/2024 4/12/2024 2719 11,081.30 4/30/2024 4/16/2024 2720 27,029.78 4/30/2024
1385 :CC Deposit 6,977.20 4/30/2024 4/24/2024 1386 :ACH Deposit 3,490.80 4/30/2024 4/24/2024 2721 29,598.07 4/30/2024 4/25/2024 2722 8,481.56 4/30/2024 4/26/2024 1387 :ACH Deposit 7,695.77 4/30/2024 4/26/2024 1388 :ACH Deposit 12,850.47 4/30/2024
Cleared Deposits
4/17/2024
2723 17,539.47 4/30/2024
2724 10,290.40 4/30/2024 4/29/2024 1389 :ACH Deposit 5,756.02 4/30/2024 4/29/2024 2725 29,984.62 4/30/2024 4/30/2024 2726 8,838.55 4/30/2024 4/30/2024 2727 19,130.68 4/30/2024 4/30/2024 2728 25,321.14 4/30/2024 4/30/2024 2729 9,444.62 4/30/2024
Date Tran # Notes Amount Date Cleared
Loan Payment -314,382.91
4/26/2024
Total
4/1/2024 JE 9403 :PostRecurring
4/30/2024
250,000.00
4/30/2024
KPH
23
5/1/2024 Bank
Tollway-Operating
Cleared Items: Cleared Checks Date Tran # Notes Amount Date Cleared 3/21/2024 686 atm01 - Atmos Energy 247.18 4/30/2024 3/21/2024 702 t0004824 - First Financial Center, Inc. 16,592.98 4/30/2024 4/1/2024 703 ken30 - 52 Management, LP 7,608.81 4/30/2024 4/1/2024 704 ken30 - 52 Management, LP 3,074.61 4/30/2024 4/4/2024 705 ken30 - 52 Management, LP 4,026.30 4/30/2024 4/4/2024 706 ali01 - A Litter Help, LLC 276.04 4/30/2024 4/4/2024 707 car05 - Carter Pest Control LLC 189.44 4/30/2024
708 v0000041 - Kings III Emergency Communications 159.13 4/30/2024 4/4/2024 709 v0000022 - Integrated Access Systems 708.05 4/30/2024 4/4/2024 710 v0000163 - Securitas Security Services USA Inc. 1,098.74 4/30/2024 4/4/2024 711 v0000208 - Service Logic and Controls LLC 23,998.30 4/30/2024 4/11/2024 712 tid01 - Tidy Aire, Inc. 165.20 4/30/2024 4/11/2024 713 v0000080 - LoopNet 1,600.00 4/30/2024 4/11/2024 714 atm01 - Atmos Energy 123.22 4/30/2024 4/11/2024 715 v0000019 - Bagby Elevator Company, Inc. 156.33 4/30/2024 4/18/2024 716 lon01 - Lonestar General Contracting 9,153.45 4/30/2024 4/18/2024 717 v0000097 - LSGC Electric 1,028.38 4/30/2024 4/18/2024 718 v0000138 - The IdGroup LLC 383.75 4/30/2024 4/18/2024 719 v0000160 - Integrity Facility Solutions, Inc. 7,595.87 4/30/2024 Balance Per Bank Statement as of 4/30/2024 125,669.55 Outstanding Checks Check Date Check Number Payee Amount 4/18/2024 723 v0000219 - SW Development Services, LLC 4,162.50 4/18/2024 724 att04 - AT&T 156.14 4/25/2024 727 ame03 - American Fire Protection Group, Inc. 514.19 4/25/2024 728 v0000022 - Integrated Access Systems 3,309.35 4/25/2024 729 v0000097 - LSGC Electric 1,581.08 4/25/2024 732 ame02 - American Backflow & Plumbing LLC 194.85 4/25/2024 733 ame03 - American Fire Protection Group, Inc. 550.00 4/25/2024 735 v0000020 - Simpson Landscape Maintenance, Inc. 1,070.00 4/25/2024 736 v0000163 - Securitas Security Services USA Inc. 719.86 4/25/2024 737 v0000175 - A-Sign Company 436.07
738 vic01 - Victory Lighting & Electrical Services, LLC 21.65 Less: Outstanding Checks 12,715.69 Reconciled Bank Balance 112,953.86 Balance per GL as of 4/30/2024 112,953.86 Reconciled Balance Per G/L 112,953.86 Difference (Reconciled Bank Balance And Reconciled Balance Per G/L) 0.00 1201445606
4/4/2024
4/25/2024
5/1/2024 Bank
24
Reconciliation Report 4/30/2024 Posted by: sdobbs on 5/1/2024
Reconciliation Report 4/30/2024 Posted by: sdobbs on 5/1/2024
Cleared
Date Tran # Notes Amount Date Cleared 4/18/2024 720 v0000163 - Securitas Security Services USA Inc. 3,731.92 4/30/2024 4/18/2024 721 v0000208 - Service Logic and Controls LLC 47,833.05 4/30/2024 4/18/2024 722 v0000210 - Alice Cottrell Interior Design 525.00 4/30/2024 4/18/2024 725 wco02 - Waste Connections Lone Star Inc. 1,630.53 4/30/2024 4/24/2024 726 ken30 - 52 Management, LP 4,035.66 4/30/2024 4/25/2024 730 v0000138 - The IdGroup LLC 7,790.26 4/30/2024 4/25/2024 731 ali01 - A Litter Help, LLC 276.04 4/30/2024
734 fre01 - Freepoint Energy Solutions LLC 6,520.42 4/30/2024 Total Cleared Checks 150,528.66 Cleared Deposits Date Tran # Notes Amount Date Cleared 4/1/2024 105 :ACH Deposit 18,258.72 4/30/2024 4/1/2024 153 8,904.61 4/30/2024 4/2/2024 106 :CC Deposit 2,728.77 4/30/2024 4/2/2024 154 1,760.15 4/30/2024 4/3/2024 107 :ACH Deposit 243.74 4/30/2024 4/3/2024 155 2,243.75 4/30/2024 4/4/2024 108 :ACH Deposit 14,630.90 4/30/2024 4/4/2024 156 3,343.74 4/30/2024 4/6/2024 109 :ACH Deposit 7,555.74 4/30/2024 4/8/2024 157 5,227.71 4/30/2024 4/23/2024 158 8,502.22 4/30/2024 4/24/2024 110 :ACH Deposit 4,620.14 4/30/2024 4/29/2024 159 16,412.99 4/30/2024 Total
Date Tran # Notes Amount Date Cleared
Loan Payment -16,941.98 4/30/2024
LC-T/I Escrow 19,133.82
1201445606
5/1/2024 Bank
25
Checks
4/25/2024
Cleared Deposits 94,433.18 Cleared Other Items
4/1/2024 JE 9403 :PostRecurring
4/23/2024 JE 9545 Draw #5
4/30/2024 4/30/2024 JE 9554 4/24 Bank Fee -43.78 4/30/2024 Total Cleared Other Items 2,148.06
Tollway-Operating
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
RENT ROLL
OWNER’S REPORT
26
RENT ROLL
APRIL 2024
KENNINGTON PROPERTY HOLDINGS
# Building Total SF Vacant Occupancy 27 Alpha Plaza 75,383 24,729 67% 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% TOTAL 893,266 63,175 93%
27
PROPERTY MANAGEMENT & ACCOUNTING REPORTS
MANAGEMENT FEE CALCULATION
OWNER’S REPORT
28
Management Fee Register Summary
Property = KPH Management Fees (.kphfees) Fee Pool = All Fee Pools Fee Date = 04/01/2024
027 -Alpha Plaza 82,240.924.0000003,289.6404/01/2024
030 -Midway Center 69,227.304.0000002,769.0904/01/2024
035 -Campbell 1 105,561.664.0000004,222.4704/01/2024
037 -Placid 82,283.504.0000003,291.3404/01/2024
044 -Research Center 204,306.464.0000008,172.2604/01/2024
046 -Valley View Commerce C 74,424.304.0000002,976.9704/01/2024
049 -Alpha Business Center63,325.004.0000002,533.0004/01/2024
050 -Skyway Circle64,686.744.0000002,587.4704/01/2024
051 -Jupiter Center North45,615.474.0000001,824.6204/01/2024
052 -Jupiter Center South107,573.224.0000004,302.9304/01/2024
053 -Waters Ridge Tech 257,959.274.0000002,318.3704/01/2024
054 -Waters Ridge Tech 3108,221.244.0000004,328.8504/01/2024
055 -Tollway81,728.904.0000003,269.1604/01/2024
Total1,147,153.9845,886.17
Net BillingManagementTran Property Amount Rate Fee Date
Page 1 of 1 29
ASSET MANAGEMENT REPORTS
OWNER’S REPORT
30
ASSET MANAGEMENT REPORTS
KPH CASH FLOW SUMMARY
31
KPH Cash Flow Projections Summary
As of:5/22/2024 ACTUAL 2021 ACTUAL 2022 2023 TOTAL 2024 ACTUAL YTD 2024 PROJECTION Net Operating Income from Properties $ 6,181,836 $ 7,393,705 $ 2,701,399 $ 7,697,666 Debt Service / Lender Fees 3,290,394 3,983,036 1,335,556 4,047,843 Net Cash Flow after Debt Service 2,891,442 3,410,669 1,365,843 3,649,824 Capital (Actual / Projected - 2024 is Subject to Revisions) Leasing-Related Capital (1) 1,989,716 1,472,728 592,715 2,620,056 Building Capital (2) 2,746,043 2,902,804 493,007 980,186 Total Capital 4,735,759 4,375,531 1,085,722 3,600,243 Less: Lender Proceeds, 1031 Escrow (Independent Bank Future Funding) & Ins Proceeds 0 (998,562) (150,000) (901,721) Net Cash Required for Capital 4,735,759 3,376,969 935,722 2,698,522 Net Cash Flow after Capital (1,844,317) 33,700 430,121 951,302 Non-Reimbursable R & M (15,911) 0 0 0 Construction & Leasing Admin (7,224) 0 0 0 Accounting, Marketing & General Admin (134,422) (67,649) (20,698) (64,089) Consulting Fees (281,223) (201,051) (59,550) (188,252) KFOC Expenses (66,511) (73,451) (50,915) (97,469) Asset Mgmt Fees (117,269) (120,992) (44,658) (136,477) Franchise Taxes 0 (26,896) 0 (23,333) Reinvestment of Portfolio Income in Portfolio (103,302) 0 0 0 Legal & Professional (139,829) (81,461) (40,151) (49,716) Other - Cash Adjustments (193,658) (1,525) 0 0 Total Deductions for Ownership Costs (1,059,349) (573,026) (215,971) (559,336) Reverse Accrual for Taxes / (PaymentP 539,232 539,232 Reverse Accrual for Insurance / (Payment) 43,621 43,621 Net Cash Flow from Operations $ (2,903,666) $ (539,326) $ 797,003 $ 974,818 Income from Investments (Cash) $ - $ - $ - $Line of Credit Proceeds / (Paydown) (14,253,410) 2,733,330 250,000 900,000 Refinancing Proceeds and Loan Fees* 7,824,889 4,361,894 -Escrowed Funds 419,610 - -Reserve for Property Taxes - - - 1,700,000 Proceeds from Marketable Securities (Cash) 14,598,672 - -Acquisitions (8,408,430) - -Cash Deposits In/(Out) 381,814 - -Other Adjustments 387,199 143,419 (259,483) (259,483) Investment Acct Cash / (Invested) (5) 4,340,836 (4,252,212) (100,519) (100,519) Distributions & Other (8,435,745) (2,293,957) (830,672) (1,825,705) Net Cash Flow KPH (6,048,231) $ 153,148 $ (143,671) $ 1,389,111 Ending Cash Balance 6,625,820 $ $ 577,589 $ 730,736 $ 587,065 $ 2,119,848 Property Tax Reserve (206,979) $ (1,700,000) $ Working Capital: (500,000) $ (500,000) $ (500,000) $ (500,000) $ Cash Available for Distributions / Future Investments / Capital** 6,625,820 $ 77,589 $ 230,736 $ (119,914) $ (80,152) $ (1) 2024 Leasing Capital based on Argus projections including new and rollover costs (conservative) (2) Includes Building capital for roof replacement at Placid.
32
ASSET MANAGEMENT REPORTS
CASH FLOW PROJECTIONS
SEE HANDOUT
SUMMARY
33
Actual Actual Actual ActualProjectedProjectedProjectedProjectedProjectedProjectedProjected Report As of: 5/22/2024 Property / Item Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24 Total 2024
A pha Plaza 48,61351,21953,25340,18867,18262,83564,84171,92571,03968,81074,779 (19,221) 655,464 30Midway Center 42,13041,40049,28743,79850,64252,56552,56552,64253,01253,01253,488 (56) 544,484 35Campbell I 56,50769,50267,94573,70497,77898,178100,553100,553104,952104,952105,360 (29,436) 950,547 37Placid 44,13848,57153,85754,29759,72959,72959,72959,99760,47360,70560,705 (63,069) 558,863 44Kennington Research 106,38295,616125,015105,454147,834148,222148,222134,731135,035135,035135,035 (163,351) 1,253,229
Land
(105,890) 333,226
27
46 Valley View and Valley View
43,80850,79248,83550,93348,89848,89848,89831,80215,46715,46735,315
(1,940) 558,476
49 A pha Business Center 47,36644,62840,02452,39040,09653,15153,15153,15158,75958,85158,851
(65,282) 368,651
(42,944) 259,662
50Skyway 31,24024,62842,30339,13748,59848,59837,36037,36037,71937,71949,272
51Jupiter Center North 25,54923,27228,53328,51727,33127,33127,33127,33127,33127,33132,750
(55,716) 773,526
Ridge Tech II 34,71934,83039,54539,05943,66043,66043,660 5,729 5,729 5,729 6,400 (36,091) 266,628
Ridge Tech III 45,54746,83564,14866,60286,78886,78890,73690,73680,26885,91785,917 (151,449) 678,835 55North Dallas Tollway 30,07055,18035,62953,64659,98759,98753,99455,63055,97655,27557,099 (76,394) 496,077 0000000000000 NOI Actual / Argus before D/S (1) (2) 616,171655,487717,805711,936866,281868,086859,183799,729783,902786,946842,979 (810,839) 7,697,666 Debt Service 0 Interest Expense 211,053211,480208,236209,773209,773209,677209,623209,184208,745209,781211,742211,2802,520,347 Amortization of Principal 131,621119,845121,996121,552124,000127,800128,586129,043129,496130,726131,185131,6461,527,496 Lender Proceeds / Financing Fees 0000 Return of Lender Deposit 0 Total Financing Transactions 342,674331,325330,232331,325333,773337,477338,209338,227338,241340,507342,927342,9264,047,843 273,497324,162387,573380,611532,508530,609520,974461,502445,661446,439500,052(1,153,765)3,649,824 CAPITAL - (see detail) Tenant Improvements & Whitebox 27,93815,32216,86353,087262,614253,744335,760 0209,959142,155392,238 01,709,680 Leasing Commissions 48,07651,749279,68399,996 054,48190,703 0119,40546,141120,141 0910,376 Building Capital 83,147115,545175,018119,29731,740 0 455,439 00000 980,186 Total Capital 159,161182,616471,564272,381294,354308,225881,902 0329,364188,296512,379 03,600,243 Less: Lender Funded / Facilities/Ins Proceed 0 (150,000) 00 (264,856) (99,200) (150,547) (48,822) 00 (188,296) 0 (901,721) Total Leasing, Building Capital 159,16132,616471,564272,38129,498209,025731,355 (48,822) 329,364188,296324,083 02,698,522 Net Cash Flow after Capital and D/S 114,336291,546 (83,991) 108,231503,009321,584 (210,381) 510,324116,298258,143175,970 (1,153,765) 951,302 NOI after Debt Service Page 1
52Jupiter Center South 60,10269,01469,43164,21187,75878,14378,14378,14378,14378,14388,008
53Waters
54Waters
(1) NOI based on Argus for Projections / Actual based on Yardi cash flow statements.
(2) Properpty taxes are on cash basis to be paid in December.
(3) Beg. Cash includes Operating Account but excludes Savings Account of $301,770 and excludes the investment accounts.
(4) Includes fees for closings and proceeds from projected refinancing of CCC and Alpha Plaza in 2022.
(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 year then is drawn to pay taxes. (Includes
Actual Actual Actual ActualProjectedProjectedProjectedProjectedProjectedProjectedProjected Report As of: 5/22/2024 Property / Item Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24 Total 2024 Overhead and Administrative Accounting, Marketing & General Admin (7,605) (3,338) (5,564) (4,191) (4,191) (5,600) (5,600) (5,600) (5,600) (5,600) (5,600) (5,600) (64,089) Consulting Fees (13,313) (19,613) (13,312) (13,312) (13,312) (16,484) (16,484) (16,484) (16,484) (16,484) (16,484) (16,484) (188,252) KFOC Expenses (4,346) (4,383) (5,760) (36,425) (5,819) (5,819) (5,819) (5,819) (5,819) (5,819) (5,819) (5,819) (97,469) Asset Mgmt Fees (11,204) (10,833) (11,149) (11,472) (11,472) (11,478) (11,478) (11,478) (11,478) (11,478) (11,478) (11,478) (136,477) Franchise Tax - - - - - (3,333) (3,333) (3,333) (3,333) (3,333) (3,333) (3,333) (23,333) Legal & Professional (3,505) (15,706) (11,375) (9,565) (9,565) - - - - - - - (49,716) - - 0 Net Cash Flow from Administrative (39,973) (53,873) (47,160) (74,966) (44,359) (42,715) (42,715) (42,715) (42,715) (42,715) (42,715) (42,715) (559,336) Net Cash Flow after Overhead 74,363237,673 (131,151) 33,265458,650278,868 (253,096) 467,60973,582215,428133,254 (1,196,480) 391,966 Cash Flow Adjustments Add: RE Taxes accrual / (Payment) (2) 134,808134,808134,808134,80800000000 539,232 Add: Insurance accrual / (Payment) (2) (87,223) 43,61443,61543,6140000000043,621 00000000000 0 Less: Non cash ncome 0000000000000 Other Adjustments (25,346) (113,735) (96,206) (24,196) 00000000 (259,483) Total Cash Flow Adjustments 22,24064,68782,217154,22600000000 323,369 Actual Cash Flow 96,603302,360(48,934)187,491458,650278,868(253,096)467,60973,582215,428133,254(1,196,480)715,335 Operating Account - Beginning Balance (3) 730,736702,960828,080554,248587,065921,3361,075,8251,098,3501,441,5801,640,7831,731,8321,740,707730,736 Actual Cash Flow for the Month 96,603302,360 (48,934) 187,491458,650278,868 (253,096) 467,60973,582215,428133,254 (1,196,480) 715,335 Line of Credit Proceeds / Paydown000 250,000 0 0400,000 0 250,000 0 00 900,000 Loan Proceeds / Paydown (4) 0000000000000 Escrowed Funds0000000000000 Reserve for Property Taxes 000000001,700,000 1,700,000 Proceeds from Marketable Securities (Cash) 0000000000000 Acqu stions 0000000000000 Sales Proceeds 0000000000000 Capital Contributions 0000000000000 Investment Acct Cash / (Invested) (5) 00 (100,519) 000000000 (100,519) Other Adjustments / Gain on Sale (6) 0000000000000 Distributions (124,379) (177,240) (124,379) (404,673) (124,379) (124,379) (124,379) (124,379) (124,379) (124,379) (124,379) (124,379) (1,825,705) Operating - Ending Balance 702,960828,080554,248587,065921,3361,075,8251,098,3501,441,5801,640,7831,731,8321,740,7072,119,8482,119,848 Add Cumulative Inv. Account Cash (7) 0000000000000 Total Cash fromr Operations 702,960828,080554,248587,065921,336 1,075,8251,098,3501,441,5801,640,7831,731,8321,740,7072,119,8482,119,848 Reserve for Property Taxes ( 9) (206,979) (393,607) (580,234) (766,862) (953,490) (1,140,117) (1,326,745) (1,513,372) (1,700,000) (1,700,000) Total Cash Available 702,960828,080554,248380,086527,729495,591331,488488,090500,666405,087227,335419,848419,848 Investment Accounts 5,460,447 5,460,447 5,460,447 5,460,447 5,460,477 5,460,477 5,460,477 5,460,477 5,460,477 5,460,477 5,460,477 5,460,477 5,460,447 Other Accounts 1,008,214 1,108,214 1,119,728 1,119,728 1,119,728 1,119,728 1,119,728 1,119,728 1,119,728 1,119,728 1,119,728 1,119,728 1,119,728 Ending Balance (8) Inv & Other 6,468,6615,460,4476,580,1756,580,1756,580,2056,580,2056,580,2056,580,2056,580,2056,580,2056,580,2056,580,2056,580,175 Line of Credit - Monthly Balance 2,733,3302,733,3302,733,3302,983,3302,983,3302,983,3303,383,3303,383,3303,633,3303,633,3303,633,3303,633,330 3,633,330
Page 2
tax reserves held by lenders.)
ASSET MANAGEMENT REPORTS
LEASING REPORTS
OWNER’S REPORT
36
BRADFORD RETAIL
OWNER’S REPORT
37
AL PH A PL AZA
4885-120 2,376 SF 20242025 2026 2027 2028 2029 2030 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 VACANT SUITE 220- 3,880 RSF 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
4885 & 4887 ALPHA
VACANT as of 4/30/24
ROAD, FARMERS BRANCH, TX 75244
MID WA Y CEN
LEASED
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 4/30/24
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
20242025 2026 2027 2028 2029 VACANT
TER 14430 MIDWAY ROAD, FARMERS BRANCH, TX 75244
LEASED SUITE 144483,750 RSF HERITAGE HOUSE CLOCKS 3/31/2027 LEASED SUITE
RSF ROCK A SNAP
LEASED SUITE 144682,300 RSF MMB STRATEGY 5/31/2026
LEASED
LEASED
AVAILABLE SUITE 14464
RSF
14456 - 3,750
2/28/2028
LEASED SUITE 14454 - 1,875 RSF CHIOMA 9/30/2027
SUITE 14452 - 1,859 RSF AMY’S STUDIO 10/31/2025
SUITE 14460 - 1,875 RSF VALENCIA THEATER SEATING 2/28/2026
1,875
LEASED
BRADFORD FLEX
OWNER’S REPORT
40
AL PHA BU SINESS CEN TER
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
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 4/30/24
20242025
2027 2029 2031 VACANT
4300 & 4350 ALPHA ROAD, FARMERS BRANCH, TX 75244
2026
41
SKYWAY CIRCLE
SUITE 3117- 18,287 RSF AP AMERICAS 8/31/2028 LEASED
SUITE 3113 - 11,425 RSF WELLER TRUCK PARTS, LLC 8/31/2029
ipsum Lorem ipsum
3101-3117 SKYWAY CIRLCE, IRVING, TX 75038 Lorem ipsum Lorem ipsum
SUITE 3109- 13,776 RSF EBERL CLAIM SERVICE, LLC 1/31/2025
SUITE 3101- 18,450 RSF AP AMERICAS 8/31/2028 as of 4/30/24
20252026 2027 2028 2029 2030 VACANT
Lorem ipsum Lorem ipsum Lorem ipsum Lorem
LEASED
LEASED
LEASED
42
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
2026 2027 2028 2029 VACANT
20242025
LEASED SUITE 1807,740 RSF ESSENTIAL FORMULAS
LEASED SUITE 1406,936 RSF ASURION 10/31/2026
LEASED
11/30/2028
as of 4/30/24
BRADFORD OFFICE
OWNER’S REPORT
44
CCC - CAM PB ELL
1200/1210 CAMPBELL ROAD, RICHARDSON, TX 75081
LEASED
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 4/30/24
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
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
2026 2028 2029 2030 2031 VACANT
2027 as of 4/30/24
1217/1219 DIGITAL DRIVE, RICHARDSON, TX 75081
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 4/30/24
P LAC ID
RESEARCH CENTER
20242025 2026 2027 2028 2029 2030 2031 LEASED SUITE 5100 - 38,180 RSF KCW ENTERPRISES 9/30/2030 VACANT SUITE 2100 6,957 RSF 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 ACCENT NETWORKS 8/31/2026 LEASED SUITE 3100 7,855 RSF HORIZON OXYGEN 6/30/2029 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 NETWORKS 4/30/2029 LEASED SUITE 4125 4,409 RSF CALGAR ENT. 5/31/2026
600, 601, 608 DEVELOPMENT DRIVE & 2600/2700 REASEARCH DRIVE, PLANO, TX 75074 VACANT as of 4/30/24
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 4/30/24
10TH STREET AND 1009 JUPITER ROARD, PLANO, TX 75074
2029 2030 2031 2032 VACANT
UP ITER 2100, 2200, & 2201
20272028
WATERS RIDGE II
1965 LAKEPOINTE DRIVE, LEWISEVILLE, TX 75057
LEASED
SUITE 200- 11,194 RSF
HOYA OPTICAL LABS 10/31/2025 as of 4/30/24
LEASED
SUITE 100- 22,152 RSF HORIZON HEALTH CORPORATION 7/31/2024
2026 2027 2028 2029 VACANT
20242025
50
WATERS RIDGE II – SUITE 100
51
CURRENT
WATERS RIDGE II – SUITE
52
100 MARKETING
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 4/30/24
LEASED
SUITE 700 - 19,389 RSF ALLEGIANCE TRUCKING 5/31/2025
VACANT
SUITE 800
5,071 RSF
20242025 2026 20272028 2029 VACANT
WATERS RIDGE II – SUITE 100
54
– CURRENT
WATERS RIDGE III – SUITE 800 – MARKETING
55
THIRTY-FOUR
OWNER’S REPORT
56
COMMERCIAL OFFICE LEASING
17 110 DALLAS PKWY
LEASED SUITE 105 - 4,772 RSF MINIMALLY INVASIVE 8/31/2027 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 110 - 2,432 RSF DR. WALLACE 4/30/2025 AVAILABLE SUITE 120 - 1,298 RSF PRESTIGIE INSURANCE 12/31/2026 LEASED SUITE 125 - 495 RSF EVANTELL 6/30/2027 LEASED SUITE 130 - 1,213 RSF AURORA INSURANCE 9/30/2024 LEASED SUITE 140 - 3,590 RSF EVANTELL 6/30/2027 LEASED SUITE 180 - 2,660 RSF ALL CARE 9/1/2030 LEASED SUITE 100 - 1,240 RSF DR. WALLACE 4/30/2025 AVAILABLE SUITE 150 1,984 RSF
17110 N DALLAS PARKWAY, DALLAS, TX 75248 FIRST FLOOR EXPIRATIONS Lorem ipsum 20242025 2026 2027 2028 2031 VACANT 2030 2031 as of 4/30/24 57
17110 D A LL AS PKWY
LEASED SUITE 206 - 1,978 RSF JAMESON & POWERS 9/30/2025 LEASED SUITE 208 - 1,325 RSF JAMESON & POWERS 9/30/2025 LEASED SUITE 210 - 1,715 RSF FLAGG LAW 9/30/2025 LEASED SUITE 212 & 214 - 4,305 RSF BOHACH LAW 6/30/2024 LEASED SUITE 220 - 4,118 RSF WORKSHOP STUDIOS 11/30/2030 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 LEASED SUITE 286 - 1,178 RSF LIBERTY TEXAS MED-LEGAL 9/30/2026 LEASED SUITE 200 1,031 RSF JEFFERSON PHYSICIANS 4/30/2026 LEASED SUITE 280 - 1,942 RSF FIRST FINANCIAL 10/31/2024 LEASED SUITE 284 - 746 RSF ROARING LAMBS 8/31/2031 LEASED SUITE 201 - 1,278 RSF NATHAN RESEARCH INC. 9/30/2025 AVAILABLE SUITE 205 1,372 RSF
17110 N DALLAS
DALLAS, TX
SECOND FLOOR EXPIRATIONS MECH MECH MECH AVAILABLE SUITE 218 2,269 RSF Lorem ipsum 20242025 2026 2027 2028 2031 VACANT 2030 2031 as of 4/30/24 58
PARKWAY,
75248
ASSET MANAGEMENT REPORTS
CONSTRUCTION/ TENANT IMPROVEMENTS
OWNER’S REPORT
59
Bent Tree Place Capex Update
TENANT CORRIDOR DOORS
SPEC SUITE 160
SPEC SUITE 205
LOCATION
2ND FLOOR
2ND FLOOR
SPEC SUITE 212-215 2ND FLOOR
SPEC SUITE 130 (AURORA)
SUITE 100 MILLWORK
2ND FLOOR FROSTING
HVAC CONTROLLER SYSTEM
INTERIOR DECORATIVE PLANTS
LOBBY WIFI
RR MIRROR BACK LIGHTING
1ST FLOOR
1ST FLOOR
2ND FLOOR
1ST & 2ND FLOORS
1ST & 2ND FLOORS
1ST FLOOD
1ST & 2ND FLOORS
WAYFINDER SIGNAGE/DIRECTORY/ELEVATOR EXIT MAP 1ST & 2ND FLOORS
TENANT CORRIDOR DOORS
BLDG DOORS (7 SINGLE, 3 DOUBLE)
BUILDING ENTRY DOORS
BUILDING EXIT DOORS (2 SINGLE, 1 DOUBLE)
LIGHTING DESIGNER
EXTERIOR LIGHTING PACKAGE
LANDSCAPING
EXTERIOR CAMERAS
PARKING LOT STRIPPING
PARKING LOT RECOAT
PARKING LOT SPEEDBUMPS
Parking Lot Sidewalk Repairs/Slope
MONUMENT SIGN
PAINT BUILDING EXTERIOR
BACK PATIO DECK
HALLWAY ART
1ST & 2ND FLOORS
1ST & 2ND FLOORS
FRONT ENTRANCE
REAR ENTRANCE
ENTRY EXTERIOR
ENTRY EXTERIOR
ENTRY EXTERIOR
EXTERIOR
PARKING LOT
PARKING LOT
PARKING LOT
PARKING LOT
EXTERIOR
EXTERIOR
EXTERIOR REAR
60
CONSTRUCTION PROJECTS OVERALL SUMMARY
61
CONSTRUCTION PROJECTS OVERALL SUMMARY
62
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
63
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
64
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: Need approval
65
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
66
CONSTRUCTION PROJECTS JUPITER
67
BENT TREE PLACE EXTERIOR UPDATES
68
BENT TREE PLACE EXTERIOR UPDATES
69
BENT TREE PLACE LOBBY DESIGN
70
BENT TREE PLACE LOBBY DESIGN
71
BENT TREE PLACE NEW LOBBY FURNITURE
72
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
73
CONSTRUCTION PROJECTS BENT TREE PLACE
74
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
75
CONSTRUCTION PROJECTS BENT TREE PLACE
76
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
77
BENT TREE PLACE WAYFINDER PACKAGE
78
BENT TREE PLACE DIRECTORY
79
BENT TREE PLACE NEW GLASS FROSTING AND LED LIGHTS
80
BENT TREE PLACE STAIRWELL/ELEVATOR WALLPAPER
81
BENT TREE PLACE RESTROOM DOOR UPGRADES
82
BENT TREE PLACE DOOR SCHEDULE
83
BENT TREE PLACE DOOR SCHEDULE
84
BENT TREE PLACE LOBBY UPGRADES
85
FCU REPLACEMENT BENT TREE PLACE
86
ASSET MANAGEMENT REPORTS
1 LITIGATION – N/A 2
JPMORGAN INVESTMENT SUMMARY
OWNER’S REPORT
ADDITIONAL REPORTS
87
ASSET MANAGEMENT REPORTS
OLD BUSINESS
OWNER’S REPORT
88
OWNER’S REPORT OLD BUSINESS ITEMS FOR DISCUSSION
89
1 KPH PROPERTY TOUR 1 Feedback 2 KPH PROPERTY TOUR 2 & 3 Late Fall 3 LINE OF CREDIT CONVERSATION
ASSET MANAGEMENT REPORTS
NEW BUSINESS
OWNER’S REPORT
90
1
TREEPOINTPLAZA
UNDERWRITING
2
CORPORATE TRANSPARENCY ACT
OWNER’S REPORT NEW
BUSINESS ITEMS FOR DISCUSSION
91
*Actuals thru April 2024 annualized unless detailed in Note
2023
2024
Comparison 2023 Actual 2024 Est* Difference REVENUE RENTAL INCOME Rental Income 493,101 556,403 63,302 Rent Abatement - -TOTAL RENTAL INCOME 493,101 556,403 63,302 EXPENSE REIMBURSEMENT CAM Estimate 18,000 18,540 540 CAM Reconcile - -Electric Estimate - -TOTAL EXPENSE REIMBURSEMENT 18,000 18,540 540 TOTAL REVENUE 511,101 574,943 63,842 OPERATING EXPENSES INSURANCEInsurance 38,357 39,508 1,151 TOTAL INSURANCE 38,357 39,508 1,151 GROUNDS MAINTENANCE Lawn/Landscape 13,756 14,168 413 Parking Lot Repairs - -TOTAL GROUND MAINTENANCE 13,756 14,168 413 PROPERTY TAXES Taxes 54,837 56,482 1,645 Property Tax Consulting - -TOTAL PROPERTY TAXES 54,837 56,482 1,645 UTILITIES Electricity 54,304 55,934 1,629 Water 13,524 13,930 406 Trash Pick Up 13,577 13,984 407 TOTAL UTILITIES 81,405 83,847 2,442 BUILDING MAINTENANCE General Maintenance - -Office Supplies/Telephone 4,673 4,813 140 Fire Alarm Systems - -Janitorial Services 18,362 28,671 10,310 MaintenanceLabor 14,255 14,682 428 ElevatorContract 2,017 2,078 61 HVACRepairs 18,160 13,507 (4,653) Maint.Supplies 22,983 16,940 (6,043) TOTAL BUILDING MAINTENANCE 80,450 80,692 241 MANAGEMENT FEES & WAGES Management Fees 20,444 22,998 2,554 Management Wages 12,164 12,529 365 Administrative Wages - -TOTAL MANAGEMENT FEES & WAGES 32,608 35,527 2,919 TOTAL REIMBURSABLE EXPENSES 301,414 310,224 8,811 NET OPERATING INCOME 209,687 264,719 55,032
Treepoint Plaza
(Actual) &
(Estimated) NOI
Acquisition Cap Rate Price $ / SF 5.00% 5,294,372.58 108.12 $ 5.50% 4,813,065.98 98.29 $ 6.00% 4,411,977.15 90.10 $ 6.50% 4,072,594.29 83.17 $ 7.00% 3,781,694.70 77.23 $ 7.50% 3,529,581.72 72.08 $ 8.00% 3,308,982.86 67.57 $ 8.50% 3,114,336.81 63.60 $ 9.00% 2,941,318.10 60.07 $ 9.50% 2,786,511.88 56.90 $ 10.00% 2,647,186.29 54.06 $ Price Comparison - Going In Cap Rate based on 2024 Estimated NOI 92
93
94
95
TREEPOINT PLAZA (ADDISON)
96
NEXT MEETING
THURSDAY, JUNE 27, 2024
OWNER’S REPORT
97
