KPH Board Meeting - November 2022

KENNINGTON PROPERTY HOLDINGS NOVEMBER 2022

KPH - NOVEMBER 2022

Board Meeting Minutes

APPROVAL OF OCTOBER 2022 MINUTES

PROPERTY MANAGEMENT & ACCOUNTING REPORTS

Income Statement

Period=Oct2022

Book=Cash;Tree=kci_is

Period to Date Year to Date

REVENUE

RENTALINCOME

RentalIncome808,620.756,921,350.86

RentAbatement-15,114.26-90,058.41 DeferredRent2,652.0330,924.97

Rent-Holdover0.003,281.00 Admin.Fees600.006,000.00

TerminationFee0.0020,157.27

PrepaidRent-66,938.5741,492.07

TOTALRENTALINCOME729,819.956,933,147.76

EXPENSEREIMBURSEMENT

CAMEstimate246,535.722,301,167.59

CAMReconcile0.00-26,785.99

TenantDirectReimb0.00-299.00

ElectricEstimate5,460.6328,037.36

TOTALEXPENSEREIMBURSEMENT251,996.352,302,119.96

OTHERINCOME

LateandNSFFees-3,920.847,783.46

TOTALOTHERINCOME-3,920.847,783.46

TOTAL REVENUE977,895.469,243,051.18

OPERATING EXPENSES

REIMBURSABLEEXPENSES

INSURANCE

Insurance0.00466,417.69

TOTALINSURANCE0.00466,417.69

GROUNDSMAINTENANCE

Lawn/Landscape875.00236,104.16

LandscapingImprovements0.005,646.27

TreeTrimming0.0037,716.09

IrrigationRepairs0.0041,651.74 SnowRemoval0.0019,092.69

ParkingLotRepairs0.001,515.50

ParkingLotCleaning86.6011,000.29

TOTALGROUNDMAINTENANCE961.60352,726.74

PROPERTYTAXES

Taxes0.00-93,697.32

Income Statement

Period=Oct2022

Book=Cash;Tree=kci_is

Period to Date Year to Date

PropertyTaxConsulting0.0060,256.09

TOTALPROPERTYTAXES0.00-33,441.23

UTILITIES

Electricity10,846.0556,421.31 Water34,179.64233,825.39 TrashPickUp15,062.67119,425.72

TOTALUTILITIES60,088.36409,672.42

BUILDINGMAINTENANCE

ExteriorLighting673.9528,407.99

GeneralMaintenance0.0015,363.60 Security518.305,607.47

FireAlarmSystems2,013.4428,011.78

FireAlarmPhoneLines1,301.7010,050.81 PorterServices8,930.9184,699.36

ExteriorPestControl2,537.3936,830.75

JanitorialServices4,792.194,792.19

WindowWashing0.0012,557.01 MaintenanceWages13,536.62129,761.29 ElevatorContract155.83467.49

Misc.Repairs-Bldgs0.002,005.02

RoofRepairs0.002,408.57

HVACRepairs1,931.323,234.66 PlumbingRepairs0.0011,024.34

ElectricalRepairs2,630.4810,668.05 Maint.Supplies2,115.7013,232.32

TOTALBUILDINGMAINTENANCE41,137.83399,122.70

MANAGEMENTFEES

ManagementFees43,134.91350,273.19 AdministrativeFees0.004,681.81 ManagementWages26,781.10276,119.06

AdministrativeWages14,317.09143,659.51

TOTALMANAGEMENTFEES84,233.10774,733.57

TOTAL REIMBURSABLE EXPENSES186,420.892,369,231.89

NON-REIMBURSABLE EXPENSES

NON-CAMADMINEXPENSE

OfficeExpense-Misc.0.00-0.18 MarketingExpense2,747.2359,224.96 BankCharges113.17405.06

Income Statement

Period=Oct2022

Book=Cash;Tree=kci_is

Period to Date Year to Date

AdministrativeWages-NonCAM7,506.9672,853.47 OfficeSupplies1,834.6134,448.78

ComputerSupplies37,569.5567,756.50

DuesandSubscriptions0.0017,485.01 RentExpense7,039.5171,104.88

TOTALNON-CAMADMINEXPENSE56,811.03323,278.48

NON-CAMBUILDINGEXPENSE

MakereadyRepairs0.00-992.71 MakereadyCleaning189.442,302.48

MakereadyExpense0.003,642.36

LocksmithServices0.0019,154.95

VacancyCleaningNon-Cam0.001,277.40

HVACRepairsNon-Cam6,943.1614,942.97

PlumbingRepairNon-Cam0.0021,619.05

TOTALNON-CAMBUILDINGEXPENSE7,132.6061,946.50

NON-CAMUTILITIES

VacancyElectricityNon-Cam5,499.3656,055.12 VacancyGasNon-Cam426.9013,958.75

TOTALNON-CAMUTILITIES5,926.2670,013.87

TOTAL NON-REIMBURSABLE EXPENSES69,869.89455,238.85

TOTAL OPERATING EXPENSES256,290.782,824,470.74

NET OPERATING INCOME721,604.686,418,580.44

OWNEREXPENSES

AssetManagementFee10,783.7287,568.33 LegalFees0.0066,584.58 Accounting15,712.6954,730.27

ConsultingFees21,689.04196,647.80 Meals98.292,371.62 K.F.Overhead21,329.0054,578.38

TOTALOWNEREXPENSES69,612.74462,480.98

DEBTEXPENSE

InterestExpense166,099.821,527,608.13

TOTALDEBTEXPENSE166,099.821,527,608.13

NET INCOME BEFORE AMORT AND DEPR EXPENSE485,892.124,428,491.33 NET INCOME485,892.124,428,491.33

Balance Sheet

Period = Oct 2022

Book = Cash ; Tree = kci_bs

1000-0000

ASSETS

1100-0000 CASH

Current Balance

1110-0000 Cash - Chase Savings 300,914.20 1120-0000 Cash - Chase Operating 934,411.00 1123-0000 Cash - Vantage Bank (51) 100.00 1199-0000 TOTAL CASH 1,235,425.20

1300-0000

ACCOUNTS RECEIVABLE

1310-0000 Accounts Receivable 32,901.89 1340-0000 Due to/from 12,824.04 1399-0000 TOTAL ACCOUNTS RECEIVABLE 45,725.93

1500-0000 PROPERTY

1510-0027 Land - Alpha Plaza 300,000.00 1510-0030 Land - Midway Center 358,387.00 1510-0035 Land - Campbell 500,000.00 1510-0037 Land - Placid 700,000.00 1510-0044 Land - Research Center 896,000.00 1510-0046 Land - Valley View Center 1 2 3 1,243,411.75 1510-0049 Land - ABC 1,176,800.00 1510-0050 Land - Skyway 340,050.24 1510-0051 Land - Jupiter North 292,171.11 1510-0052 Land - Jupiter South 645,777.89 1516-0000 Buildings 66,963.01 1516-0027 Buildings - Alpha Plaza 4,101,760.12 1516-0030 Buildings - Midway Center 4,015,450.17 1516-0035 Buildings - Campbell 8,389,629.39 1516-0037 Buildings - Placid 4,120,022.90 1516-0044 Buildings - Research Center 9,021,161.95 1516-0046 Buildings - Valley View Center 1 2 3 4,202,100.10 1516-0049 Buildings - ABC 3,891,406.26 1516-0050 Buildings - Skyway 3,454,499.77 1516-0051 Buildings - Jupiter North 3,852,812.98 1516-0052 Buildings - Jupiter South 6,713,676.22 1516-0053 Buildings - Waters Ridge Tech II 5,349,309.08 1516-0054 Buildings - Waters Ridge Tech III 11,980,448.37 1516-0055 Buildings - Tollway 7,984,403.74 1517-0000 Tenant Improvements 31,947.05 1517-0027 T I - Alpha Plaza 1,258,385.14 1517-0030 T I - Midway Center 537,370.55 1517-0035 T I - Campbell 2,377,697.12 1517-0037 T I - Placid 227,260.73 1517-0044 T I - Research Center 231,641.66 1517-0046 T I - Valley View Center 1 2 3 2,999.27 1517-0048 T I - Jupiter Center 679,658.86 1517-0049 T I - ABC 2,095,892.11 1517-0050 T I - Skyway 841,846.80 1517-0051 T I - Jupiter North 186,313.46 1517-0052 T I - Jupiter South 216,284.64 1517-0054 T I - Waters Ridge Tech III -98,538.47 1517-0055 T I - Tollway 10,256.81 1518-0000 Landscape Improvements 11,187.82 1518-0027

Landscape Improvements - Alpha Plaza 33,270.19 1518-0030

Landscape Improvements - Midway Center 20,792.36

Balance Sheet

Period = Oct 2022

Book = Cash ; Tree = kci_bs

1518-0035

1518-0037

Current Balance

Landscape Improvements - Campbell 366,351.41

Landscape Improvements - Placid 5,882.16

Landscape Improvements - Valley View 1,213.91 1518-0049 Landscape Improvements - ABC 169,152.88 1518-0050

1518-0046

Landscape Improvements - Skyway 4,290.75 1518-0052

Landscape Improvements - Jupiter South 92,836.53 1518-0054

Landscape Improvements - Waters Ridge Tech III 163,590.50 1518-0055

Landscape Improvements - Tollway 10,361.41 1599-9999 TOTAL PROPERTY 93,074,187.70

1600-0000 INTANGIBLE ASSETS

1610-0000

Mortgage Escrow 10,000.00

1610-0027 Mortgage Escrow - Alpha Plaza 250,000.00 1611-0055 Tax Escrow - Tollway 80,389.65 1615-0055 CapEx Escrow 500,000.00 1625-0050 Utility Deposit - Skyway 1,800.00

1630-0000 Loan Closing Cost 119,525.00 1630-0027 Loan Closing Cost - Alpha Plaza 79,530.50 1630-0035

Loan Closing Cost - Campbell 97,250.00

Loan Closing Cost - Placid 61,805.43 1630-0044 Loan Closing Cost - Research Center 171,610.86 1630-0049 Loan Closing Cost - ABC 4,465.47 1630-0050 Loan Closing Cost - Skyway 34,311.45 1630-0051

1630-0037

Loan Closing Cost - Jupiter North 67,614.98 1630-0052

Loan Closing Cost - Jupiter South 75,792.65 1630-0053

Loan Closing Cost - Waters Ridge Tech II 113,415.71 1630-0054

Loan Closing Cost - Waters Ridge Tech III 255,384.32 1630-0055 Loan Closing Cost - Tollway 73,503.62

1631-0000 Loan Fees 19,457.75 1631-0049 Loan Fees - ABC 143,117.00 1631-0050 Loan Fees - Skyway 5,000.00 1631-0055 Loan Fees - Tollway 69,130.00 1640-0050

Legal Closing Cost - Skyway 76,624.03 1640-0051

Legal Closing Cost - Jupiter North 30,894.36 1640-0052

Legal Closing Cost - Jupiter South 23,986.86 1640-0053

Legal Closing Cost - ABC 6,500.00

1641-0000 Legal Fees 35,346.94 1641-0030

Legal Fees - Midway 2,437.00 1641-0037 Legal Fees - Placid 8,725.00 1641-0050 Legal Fees - Skyway Circle 1,165.46

1650-0000 Loan Origination Fee 15,847.67 1650-0046 Loan Origination Fee - Valley View Center 1 2 3 61,041.05

1660-0000

1660-0027

1660-0030

Capitalized Commissions 10,574.55

Lease Commissions - Alpha Plaza 270,328.55

Lease Commissions - Midway Center 131,410.06

1660-0035

1660-0044

1660-0046

1660-0048

1660-0049

1660-0050

1660-0051

1660-0052

1660-0053

Lease Commissions - Placid 298,757.30

Lease Commissions - Campbell 468,484.96 1660-0037

Lease Commissions - Research Center 492,795.24

Lease Commissions - Valley View Center 1 2 3 148,792.95

Lease Commissions - Jupiter Center 467,184.72

Lease Commissions - ABC 299,534.10

Lease Commissions - Skyway 152,003.05

Lease Commissions - Jupiter North 222,704.58

Lease Commissions - Jupiter South 15,135.12

Lease Commissions - Waters Ridge Tech II 20,118.98

Balance Sheet

Period = Oct 2022

Book = Cash ; Tree = kci_bs

1699-9999

Current Balance

TOTAL INTANGIBLE ASSETS 5,493,496.92

1700-0000 ACCUMULATED AMORTIZATION and DEPRECIATION

1710-0027

1710-0035

1710-0037

1710-0044

1710-0046

1710-0048

1710-0049

1710-0050

1710-0051

Accum Amortization - Alpha Plaza -62,981.00

Accum Amortization - Campbell -183,651.00

Accum Amortization - Placid -61,264.00

Accum Amortization - Research -141,290.00

Accum Amortization - Valley View -211,788.00

Accum Amortization - Jupiter Center -52,767.00

Accum Amortization - ABC -79,076.00

Accum Amortization - Skyway -9,808.00

Accum Amortization - Jupiter North -63,729.00

1710-0052 Accum Amortization - Jupiter South -5,544.00

1720-0027

1720-0030

1720-0035

Accum Depreciation - Alpha -2,180,833.00

Accum Depreciation - Midway Center -2,085,805.00

Accum Depreciation - Campbell -5,339,212.00

Accum Depreciation - Placid -2,273,650.00 1720-0044 Accum Depreciation - Research -3,835,765.00 1720-0046

1720-0037

Accum Depreciation - Valley View -1,089,414.00 1720-0048

Accum Depreciation - ABC -2,955,468.00

Accum Depreciation - Jupiter Center -2,807,971.00 1720-0049

1720-0050

Accum Depreciation - Skyway -907,837.00 1720-0051 Accum Depreciation - Jupiter North -269,233.00 1720-0052

Accum Depreciation - Jupiter South -456,923.00 1799-0000 TOTAL ACCUMULATED AMORTIZATION and DEPRECIATION -25,074,009.00

1800-0000 OTHER ASSETS

1840-0000 Marketable Securities XX9008 2,445,483.13 1860-0000 Due Diligence Costs 8,811.55 1870-0000 Deferred 1031 Asset 167,166.98 1899-9999 TOTAL OTHER ASSETS 2,621,461.66

1999-9999 TOTAL ASSETS 77,396,288.41

2000-0000 LIABILITIES AND EQUITY

2030-0000

LIABILITIES

2050-0000 NOTES

2100-0000

2110-0027

2110-0035

2110-0037

2110-0044

2110-0046

2110-0049

2110-0050

2110-0051

2110-0052

2110-0053

2110-0054

2110-0055

2159-9999

MORTGAGE

NOTES PAYABLES

Mortgage Payable - Alpha Plaza 4,001,897.15

Mortgage Payable - Campbell 2,404,610.61

Mortgage Payable - Placid 2,885,578.62

Mortgage Payable - Research Center 8,937,715.91

Mortgage Payable - Valley View Center 1 2 3 2,120,612.42

Mortgage Payable - ABC 4,748,485.64

Mortgage Payable - Skyway 3,390,729.82

Mortgage Payable - Jupiter North 2,058,537.91

Mortgage Payable - Jupiter South 5,513,643.19

Mortgage Payable - Waters Ridge Tech II 3,360,121.15

Mortgage Payable - Waters Ridge Tech III 7,566,167.39

Mortgage Payable - Tollway 3,850,000.00

TOTAL MORTGAGE NOTES PAYABLES 50,838,099.81

Balance Sheet

Period = Oct 2022

Book = Cash ; Tree = kci_bs

2164-0000

LINE OF CREDIT

Current Balance

2165-0005 Line of credit - JP Morgan Chase 300,000.00

2169-9999 TOTAL LINE OF CREDIT 300,000.00

2199-9999 TOTAL NOTES 51,138,099.81

2200-0000

ACCOUNTS PAYABLE

2210-0000 Accounts Payable 335,269.55 2260-0000 Insurance Proceeds 187,844.70 2260-0035 Insurance Proceeds - Campbell 39,914.36 2299-0000 TOTAL ACCOUNTS PAYABLE 563,028.61

2400-0000

OTHER LIABILITIES

2420-0000 Security Deposits 771,944.57 2470-0000 Deferred 1031 Gain 10,964,473.62 2499-0000 TOTAL OTHER LIABILITIES 11,736,418.19

2999-0000 TOTAL LIABILITIES 63,437,546.61

3000-0000 EQUITY

3100-0040 The Dallas Foundation 76,762.03 3200-0001 Craig Kennington CCC Trust 3,065,978.73 3200-0002 Clark Kennington CCC Trust 3,065,980.66 3200-0003 Clayton Kennington CCC Trust 3,065,979.68

3400-0000 OWNER DRAW

3410-0001

Capital Distributions - Craig Kennington CCC Trust -7,474,400.00 3410-0002

Capital Distributions - Clark Kennington CCC Trust -7,474,400.00 3410-0003 Capital Distributions - Clayton Kennington CCC Trust -7,474,400.00 3410-0040 Capital Distributions - The Dallas Foundation -834,676.52 3499-0000 TOTAL OWNER DRAW -23,257,876.52

3810-0000 Retained Earnings 33,260,145.21 3820-0000 Prior Years Retained Earnings -5,318,227.99 3899-0000 TOTAL EQUITY 13,958,741.80

3999-0000 TOTAL LIABILITIES AND EQUITY 77,396,288.41

BUDGET

Budget Comparison (with PTD)

Period=Jan2022-Oct2022 Book=Cash;Tree=kci_is

RENTALINCOME

RentalIncome808,620.75804,119.994,500.766,921,350.867,100,375.56-179,024.70 RentAbatement-15,114.260.00-15,114.26-90,058.410.00-90,058.41 DeferredRent2,652.034,214.59-1,562.5630,924.9742,145.90-11,220.93 Rent-Holdover0.000.000.003,281.000.003,281.00 Admin.Fees600.00600.000.006,000.006,000.000.00 TerminationFee0.000.000.0020,157.270.0020,157.27 PrepaidRent-66,938.570.00-66,938.5741,492.070.0041,492.07

TOTALRENTALINCOME729,819.95808,934.58-79,114.636,933,147.767,148,521.46-215,373.70

EXPENSEREIMBURSEMENT

CAMEstimate246,535.72275,012.89-28,477.172,301,167.592,625,705.87-324,538.28 CAMReconcile0.000.000.00-26,785.990.00-26,785.99 TenantDirectReimb0.000.000.00-299.000.00-299.00 ElectricEstimate5,460.630.005,460.6328,037.360.0028,037.36

TOTALEXPENSEREIMBURSEMENT251,996.35275,012.89-23,016.542,302,119.962,625,705.87-323,585.91

OTHERINCOME

LateandNSFFees-3,920.840.00-3,920.847,783.460.007,783.46

TOTALOTHERINCOME-3,920.840.00-3,920.847,783.460.007,783.46

TOTAL REVENUE977,895.461,083,947.47-106,052.019,243,051.189,774,227.33-531,176.15

OPERATING EXPENSES

REIMBURSABLEEXPENSES

INSURANCE Insurance0.0035,594.5635,594.56466,417.69351,551.11-114,866.58

TOTALINSURANCE0.0035,594.5635,594.56466,417.69351,551.11-114,866.58

GROUNDSMAINTENANCE

Lawn/Landscape875.0021,967.9421,092.94236,104.16214,144.30-21,959.86

LandscapingImprovements0.00350.00350.005,646.2721,650.0016,003.73

TreeTrimming0.006,500.006,500.0037,716.0934,800.00-2,916.09

IrrigationRepairs0.006,315.536,315.5341,651.7436,959.77-4,691.97

SnowRemoval0.000.000.0019,092.696,800.00-12,292.69

StormDamage0.0012,423.3312,423.330.00124,233.30124,233.30

ParkingLotRepairs0.004,990.204,990.201,515.5021,101.8019,586.30

ParkingLotCleaning86.60627.87541.2711,000.296,278.70-4,721.59

TOTALGROUNDMAINTENANCE961.6053,174.8752,213.27352,726.74465,967.87113,241.13

PROPERTYTAXES

Taxes0.0010,417.0010,417.00-93,697.3252,085.00145,782.32

PropertyTaxConsulting0.000.000.0060,256.0939,394.85-20,861.24

TOTALPROPERTYTAXES0.0010,417.0010,417.00-33,441.2391,479.85124,921.08

UTILITIES

Electricity10,846.058,926.08-1,919.9756,421.3159,584.183,162.87 Water34,179.6417,746.77-16,432.87233,825.39167,095.01-66,730.38

TrashPickUp15,062.6712,579.36-2,483.31119,425.72121,793.242,367.52

Gas0.001,200.001,200.000.006,000.006,000.00

TOTALUTILITIES60,088.3640,452.21-19,636.15409,672.42354,472.43-55,199.99

BUILDINGMAINTENANCE

ExteriorLighting673.953,083.672,409.7228,407.9925,233.03-3,174.96 GeneralMaintenance0.002,347.812,347.8115,363.6021,510.296,146.69 Security518.30546.5328.235,607.475,389.30-218.17

FireAlarmSystems2,013.441,376.89-636.5528,011.7816,716.72-11,295.06

MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance REVENUE

Budget Comparison (with PTD)

Period=Jan2022-Oct2022

Book=Cash;Tree=kci_is

FireAlarmPhoneLines1,301.701,074.11-227.5910,050.819,386.10-664.71 PorterServices8,930.918,929.89-1.0284,699.3673,002.09-11,697.27

ExteriorPestControl2,537.394,139.791,602.4036,830.7540,077.953,247.20

JanitorialServices4,792.190.00-4,792.194,792.190.00-4,792.19

WindowWashing0.001,593.331,593.3312,557.0125,875.5513,318.54

MaintenanceWages13,536.6216,402.702,866.08129,761.29154,568.1124,806.82 ElevatorContract155.830.00-155.83467.490.00-467.49

Misc.Repairs-Bldgs0.002,333.022,333.022,005.0217,330.2015,325.18 RoofRepairs0.0089.0089.002,408.57445.00-1,963.57

HVACRepairs1,931.322,565.00633.683,234.6612,825.009,590.34

PlumbingRepairs0.001,639.381,639.3811,024.3410,893.80-130.54

ElectricalRepairs2,630.48492.31-2,138.1710,668.054,423.10-6,244.95 Maint.Supplies2,115.70848.62-1,267.0813,232.328,486.20-4,746.12

TOTALBUILDINGMAINTENANCE41,137.8347,462.056,324.22399,122.70426,162.4427,039.74

MANAGEMENTFEES

ManagementFees43,134.9140,445.20-2,689.71350,273.19371,292.6421,019.45

AdministrativeFees0.00809.90809.904,681.817,405.582,723.77

ManagementWages26,781.1024,146.65-2,634.45276,119.06241,466.73-34,652.33 AdministrativeWages14,317.0913,703.29-613.80143,659.51130,404.95-13,254.56

TOTALMANAGEMENTFEES84,233.1079,105.04-5,128.06774,733.57750,569.90-24,163.67

TOTAL REIMBURSABLE EXPENSES186,420.89266,205.7379,784.842,369,231.892,440,203.6070,971.71

NON-REIMBURSABLE EXPENSES

NON-CAMADMINEXPENSE

OfficeExpense-Misc.0.000.000.00-0.180.000.18 MarketingExpense2,747.232,070.96-676.2759,224.9620,710.10-38,514.86 BankCharges113.170.00-113.17405.063,299.602,894.54

AdministrativeWages-NonCAM7,506.965,795.30-1,711.6672,853.4757,953.41-14,900.06

OfficeSupplies1,834.611,824.98-9.6334,448.7818,239.80-16,208.98

ComputerSupplies37,569.553,690.17-33,879.3867,756.5036,902.94-30,853.56

DuesandSubscriptions0.001.841.8417,485.0118.40-17,466.61 RentExpense7,039.515,004.26-2,035.2571,104.8850,042.60-21,062.28

TOTALNON-CAMADMINEXPENSE56,811.0318,387.51-38,423.52323,278.48187,166.85-136,111.63

NON-CAMBUILDINGEXPENSE

MakereadyRepairs0.0087.1187.11-992.71871.101,863.81

MakereadyCleaning189.44137.06-52.382,302.481,370.60-931.88

MakereadyExpense0.0018.1218.123,642.36181.20-3,461.16

LocksmithServices0.00672.64672.6419,154.956,601.40-12,553.55

MaintenanceVehicle0.00720.09720.090.006,950.906,950.90

VacancyCleaningNon-Cam0.00112.59112.591,277.401,125.90-151.50

HVACRepairsNon-Cam6,943.163,072.99-3,870.1714,942.9730,729.9015,786.93

PlumbingRepairNon-Cam0.000.000.0021,619.050.00-21,619.05

TOTALNON-CAMBUILDINGEXPENSE7,132.604,820.60-2,312.0061,946.5047,831.00-14,115.50

NON-CAMUTILITIES

VacancyElectricityNon-Cam5,499.362,076.56-3,422.8056,055.1220,765.60-35,289.52

VacancyGasNon-Cam426.901,224.26797.3613,958.7512,242.60-1,716.15

TOTALNON-CAMUTILITIES5,926.263,300.82-2,625.4470,013.8733,008.20-37,005.67

TOTAL NON-REIMBURSABLE EXPENSES69,869.8926,508.93-43,360.96455,238.85268,006.05-187,232.80

TOTAL OPERATING EXPENSES256,290.78292,714.6636,423.882,824,470.742,708,209.65-116,261.09

NET OPERATING INCOME721,604.68791,232.81-69,628.136,418,580.447,066,017.68-647,437.24

OWNEREXPENSES

FranchiseTax0.000.000.000.0022,740.3622,740.36

AssetManagementFee10,783.727,973.94-2,809.7887,568.3376,383.52-11,184.81

LegalFees0.005,156.605,156.6066,584.5851,566.00-15,018.58

MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance

Budget Comparison (with PTD)

Period=Jan2022-Oct2022 Book=Cash;Tree=kci_is

Accounting15,712.691,866.65-13,846.0454,730.2718,666.50-36,063.77 ConsultingFees21,689.0412,449.83-9,239.21196,647.80124,498.30-72,149.50 Meals98.29159.6561.362,371.621,596.50-775.12 K.F.Overhead21,329.002,957.44-18,371.5654,578.3829,574.40-25,003.98 K.F.Trip0.004,905.074,905.070.0049,050.7049,050.70

TOTALOWNEREXPENSES69,612.7435,469.18-34,143.56462,480.98374,076.28-88,404.70

DEBTEXPENSE

InterestExpense166,099.82163,545.64-2,554.181,527,608.131,554,702.2827,094.15

TOTALDEBTEXPENSE166,099.82163,545.64-2,554.181,527,608.131,554,702.2827,094.15

NET INCOME BEFORE AMORT AND DEPR EXPENS 485,892.12592,217.99-106,325.874,428,491.335,137,239.12-708,747.79

NET INCOME485,892.12592,217.99-106,325.874,428,491.335,137,239.12-708,747.79

MTD Actual MTD Budget Variance PTD Actual PTD Budget Variance

Aged Receivable

DBCaption:liveProperty:.kphfeesStatus:CurrentAllSelectedAccountsAgeAsOf:10/31/2022PostTo:

PropertyCurrent0-3031-6061-90OverPre-Total OwedOwedOwedOwed90 OwedPaymentsOwed

030-MidwayCenter-321.35-321.350.000.000.000.00-321.35 037-Placid514.30514.300.000.000.000.00514.30 054-WatersRidgeTech3-1.68-1.680.000.000.000.00-1.68 Grand Total191.27191.27 0.000.000.000.00191.27

KPH - Operating 11/1/2022

Bank Reconciliation Report

10/31/2022

742535161

Posted by: sdobbs on 11/1/2022

Balance Per Bank Statement as of 10/31/2022 902,687.07

Outstanding Deposits

Deposit Date Deposit Number Amount

10/31/2022 777 47,048.19

Plus: Outstanding Deposits 47,048.19

Outstanding Checks

Check Date Check Number Payee Amount

10/3/2022 3636 bra01 - Bradford Realty Services of Dallas Inc. 2,457.88 10/20/2022 3667 mar02 - Marjorie J. Stephens Law Office 3,128.78 10/24/2022 3668 pla01 - City of Plano 13,079.45 10/24/2022 3669 ric02 - Richardson Fire Equipment Co. 909.29 10/24/2022 3673 far02 - City of Farmers Branch 1,126.67 10/24/2022 3674 fre01 - Freepoint Energy Solutions LLC 1,875.47 10/26/2022 3676 dal03 - The Dallas Foundation 1,642.19 10/26/2022 3680 dal03 - The Dallas Foundation 4,379.12

Less: Outstanding Checks 28,598.85 Reconciled Bank Balance 921,136.41

Balance per GL as of 10/31/2022 921,136.41 Reconciled Balance Per G/L 921,136.41

Difference (Reconciled Bank Balance And Reconciled Balance Per G/L) 0.00

Cleared Items:

Cleared Checks

Date Tran # Notes Amount Date Cleared 8/5/2022 3529 pre03 - Preston Pierce Construction Co. 32,901.89 10/31/2022

8/25/2022 3569 dal03 - The Dallas Foundation 4,379.12 10/31/2022

9/19/2022 3602 car05 - Carter Pest Control LLC 1,694.11 10/31/2022 9/28/2022 3627 dal03 - The Dallas Foundation 4,379.12 10/31/2022

10/1/2022

22325610012022 nor03 - NorthMarq Capital 17,877.36 10/31/2022

10/1/2022 22338610012022 nor03 - NorthMarq Capital 15,959.31 10/31/2022

10/1/2022 22382010012022 nor03 - NorthMarq Capital 17,608.99 10/31/2022

10/1/2022 22382210012022 nor03 - NorthMarq Capital 24,421.23 10/31/2022

10/1/2022

10/1/2022

22400310012022 lin01 - Lincoln Financial 54,454.16 10/31/2022

22425010012022 nor03 - NorthMarq Capital 30,045.56 10/31/2022

10/1/2022 22427210012022 nor03 - NorthMarq Capital 18,705.23 10/31/2022

10/1/2022 22431410012022 nor03 - NorthMarq Capital 24,763.82 10/31/2022

10/3/2022 3632 ali01 - A Litter Help, LLC 5,856.60 10/31/2022 10/3/2022 3633 ame03 - American Fire Protection Group, Inc. 1,104.15 10/31/2022 10/3/2022 3634 atm01 - Atmos Energy 261.92 10/31/2022

Cleared Checks

Date

KPH - Operating 11/1/2022

Bank Reconciliation Report 10/31/2022

742535161

Posted by: sdobbs on 11/1/2022

Tran # Notes

Amount Date Cleared

10/3/2022 3635 att04 - AT&T 540.99 10/31/2022

10/3/2022 3637 car05 - Carter Pest Control LLC 2,347.95 10/31/2022

10/3/2022 3638 cdc01 - C & D Commercial Services, Inc. 1,385.60 10/31/2022 10/3/2022 3639 cit02 - City of Richardson 3,297.13 10/31/2022

10/3/2022 3640 cit04 - City of Irving 2,348.50 10/31/2022

10/3/2022 3641 far02 - City of Farmers Branch 9,119.67 10/31/2022 10/3/2022 3642 fre01 - Freepoint Energy Solutions LLC 6,389.02 10/31/2022

10/3/2022 3643 fro01 - Frontier 624.30 10/31/2022

10/3/2022 3644 gua01 - Guard Texas 518.30 10/31/2022

10/3/2022 3645 kel01 - K-Electric Co. 357.23 10/31/2022

10/3/2022 3646 lee01 - DFW Lee & Associates, LLC 4,735.70 10/31/2022 10/3/2022 3647 lon01 - Lone Star General Contracting 1,990.00 10/31/2022

10/3/2022 3648 mun01 - Munsch Hardt Kopf & Harr, P.C. 6,173.00 10/31/2022 10/3/2022 3649 rep02 - Republic Services #794 11,481.97 10/31/2022

10/3/2022 3650 v0000085 - Baird, Hampton & Brown, Inc. 5,255.00 10/31/2022 10/3/2022 3651 vic01 - Victory Lighting & Electrical Services, LLC 673.95 10/31/2022 10/4/2022 3652 ken30 - 52 Management, LP 40,684.56 10/31/2022 10/5/2022 3653 jja01 - JJAC Construction, LLC 31,952.86 10/31/2022 10/5/2022 3654 lif01 - Lift-Texas Construction LLC 7,949.88 10/31/2022 10/5/2022 3655 v0000099 - Round Table Construction 43,731.48 10/31/2022 10/6/2022 3656 fis01 - Fisher Roofing LLC. 151,550.00 10/31/2022 10/6/2022 3657 sps01 - SPSD, Inc. 132,156.84 10/31/2022 10/6/2022 3658 v0000027 - Dupons Consulting LLC 10,000.00 10/31/2022 10/10/2022 3659 ken30 - 52 Management, LP 105,731.58 10/31/2022 10/11/2022 3660 lee01 - DFW Lee & Associates, LLC 24,187.62 10/31/2022 10/17/2022 3661 mun01 - Munsch Hardt Kopf & Harr, P.C. 4,693.00 10/31/2022 10/17/2022 3662 v0000009 - Paper Kites Studio 1,337.50 10/31/2022 10/17/2022 3663 voe01 - Mark N. Voeller PH.D. P.C. 17,719.00 10/31/2022 10/17/2022 3664 sti01 - Still Burton LLP 12,750.00 10/31/2022 10/19/2022 3665 yar01 - Yardi Systems, Inc. 30,510.06 10/31/2022 10/19/2022 3666 v0000043 - Kennington Tollway, LLC 170,000.00 10/31/2022 10/24/2022 3670 v0000002 - Hudson Energy Services, LLC 799.45 10/31/2022 10/24/2022 3671 v0000013 - City of Lewisville 3,378.47 10/31/2022 10/24/2022 3672 wco02 - Waste Connections Lone Star Inc. 2,225.71 10/31/2022 10/26/2022 3675 ken30 - 52 Management, LP 32,489.32 10/31/2022 10/26/2022 3677 ken26 - Craig Kennington CCC Trust 15,000.00 10/31/2022 10/26/2022 3678 ken27 - Clark Kennington CCC Trust 15,000.00 10/31/2022 10/26/2022 3679 ken28 - Clayton Kennington CCC Trust 15,000.00 10/31/2022 10/26/2022 3681 ken26 - Craig Kennington CCC Trust 37,007.14 10/31/2022

10/26/2022 3682 ken27 - Clark Kennington CCC Trust 40,000.00 10/31/2022 10/26/2022 3683 ken28 - Clayton Kennington CCC Trust 40,000.00 10/31/2022 10/26/2022 3684 ken30 - 52 Management, LP 2,992.86 10/31/2022

Total Cleared Checks 1,300,498.21 Cleared Deposits

Date Tran #

Notes

Amount Date Cleared 9/30/2022 744 :ACH Deposit 8,838.32 10/31/2022 9/30/2022 745 :ACH Deposit 57,213.24 10/31/2022

10/1/2022 746 :ACH Deposit 15,799.20 10/31/2022

10/1/2022 747 :ACH Deposit 11,193.00 10/31/2022 10/1/2022 748 :ACH Deposit 13,348.52 10/31/2022

Cleared Deposits

Date

KPH - Operating 11/1/2022

Bank Reconciliation Report 10/31/2022

742535161

Posted by: sdobbs on 11/1/2022

Tran # Notes

Amount Date Cleared

10/1/2022 749 :ACH Deposit 5,962.43 10/31/2022 10/1/2022 750 :ACH Deposit 5,473.97 10/31/2022 10/1/2022 751 :ACH Deposit 6,799.80 10/31/2022 10/1/2022 752 :ACH Deposit 11,441.80 10/31/2022 10/3/2022 753 :ACH Deposit 4,007.13 10/31/2022

10/3/2022 754 :ACH Deposit 121,197.63 10/31/2022 10/3/2022 755 :CC Deposit 2,294.76 10/31/2022

10/3/2022 2141 29,217.85 10/31/2022 10/3/2022 2142 1,575.20 10/31/2022

10/3/2022 2143 13,609.00 10/31/2022 10/3/2022 2144 93,737.02 10/31/2022 10/4/2022 756 :ACH Deposit 8,731.98 10/31/2022

10/4/2022 757 :ACH Deposit 3,639.96 10/31/2022 10/4/2022 758 :ACH Deposit 5,913.65 10/31/2022 10/4/2022 759 :ACH Deposit 5,618.86 10/31/2022 10/4/2022 2145 6,808.67 10/31/2022 10/4/2022 2146 11,581.00 10/31/2022

10/5/2022 760 :ACH Deposit 12,350.97 10/31/2022 10/5/2022 761 :ACH Deposit 27,250.00 10/31/2022 10/5/2022 2150 984.87 10/31/2022 10/6/2022 762 :ACH Deposit 13,139.91 10/31/2022 10/6/2022 2147 38,855.99 10/31/2022 10/6/2022 2148 5,896.96 10/31/2022 10/6/2022 2151 48,610.36 10/31/2022

10/7/2022 763 :ACH Deposit 8,403.16 10/31/2022 10/7/2022 2152 3,444.28 10/31/2022 10/7/2022 2153 8,324.21 10/31/2022 10/10/2022 764 :ACH Deposit 3,937.97 10/31/2022 10/10/2022 765 :CC Deposit 2,332.50 10/31/2022 10/11/2022 766 :ACH Deposit 4,221.52 10/31/2022 10/11/2022 2154 9,683.04 10/31/2022 10/12/2022 767 :CC Deposit 1,000.00 10/31/2022 10/12/2022 2155 9,142.58 10/31/2022

10/13/2022 768 :ACH Deposit 9,321.12 10/31/2022

10/13/2022 769 :CC Deposit 6,097.98 10/31/2022

10/13/2022 2156 1,600.00 10/31/2022

10/17/2022 770 :ACH Deposit 36,850.23 10/31/2022

10/18/2022 2157 9,904.00 10/31/2022

10/20/2022 771 :ACH Deposit 175.00 10/31/2022

10/20/2022 2160 19,348.58 10/31/2022

10/23/2022 772 :CC Deposit 3,669.33 10/31/2022

10/24/2022 2161 4,590.03 10/31/2022

10/24/2022 2162 8,445.58 10/31/2022

10/25/2022 773 :ACH Deposit 8,964.16 10/31/2022

10/25/2022 2163 28,250.45 10/31/2022

10/25/2022 2164 9,281.63 10/31/2022

10/26/2022 2165 8,270.00 10/31/2022

10/27/2022 774 :ACH Deposit 15,501.66 10/31/2022

10/27/2022 2166 23,854.16 10/31/2022

10/28/2022 2167 26,059.96 10/31/2022

10/29/2022 775 :ACH Deposit 16,014.82 10/31/2022

Cleared Deposits

Date

KPH - Operating 11/1/2022

Bank Reconciliation Report 10/31/2022

742535161

Posted by: sdobbs on 11/1/2022

Tran # Notes

Amount Date Cleared

10/30/2022 776 :ACH Deposit 8,902.40 10/31/2022 10/31/2022 2168 4,547.00 10/31/2022 10/31/2022 2169 17,249.60 10/31/2022 10/31/2022 2170 9,411.60 10/31/2022

Total Cleared Deposits 917,890.60

Cleared Other Items

Date

Tran # Notes

Amount Date Cleared

JE 7316 10/22 Waters Ridge Loan Pmt -49,311.54 10/31/2022 10/3/2022

10/1/2022

JE 7321 Bank Fee -266.42 10/31/2022 10/4/2022

JE 7318 10/4/22 Trnf CCC re fi Loan -70,000.00 10/31/2022 10/17/2022

JE 7354 10/22 Loan Pmt -21,808.58 10/31/2022

JE 7355 SPSD Reimb damage from rock #230 125.00 10/31/2022 10/19/2022

10/18/2022

JE 7356 Release of Skyway Escrow 249,970.00 10/31/2022 10/26/2022

JE 7363 2nd Ins Check for Tollway Fire 522,467.58 10/31/2022 10/26/2022

JE 7364 10/22 Draw on Line of Credit 300,000.00 10/31/2022

Total Cleared Other Items 931,176.04

Tollway-Operating

Bank Reconciliation Report 10/31/2022

1201445606

Posted by: sdobbs on 11/2/2022

Balance Per Bank Statement as of 10/31/2022 15,425.45

Outstanding Checks

Check Date Check Number Payee Amount

10/3/2022 173 car05 - Carter Pest Control LLC 189.44

10/17/2022 185 mun01 - Munsch Hardt Kopf & Harr, P.C. 465.00

10/17/2022 187 v0000019 - Bagby Elevator Company, Inc. 155.83

10/24/2022 190 atm01 - Atmos Energy 164.98

10/24/2022 191 v0000031 - City of Dallas 1,175.61

Less: Outstanding Checks 2,150.86

Reconciled Bank Balance 13,274.59

Balance per GL as of 10/31/2022 13,274.59

Reconciled Balance Per G/L 13,274.59

Difference (Reconciled Bank Balance And Reconciled Balance Per G/L) 0.00

Tollway-Operating 11/2/2022

Bank Reconciliation Report 10/31/2022

1201445606

Posted by: sdobbs on 11/2/2022

Cleared Items:

Cleared Checks

Date

Tran # Notes

Amount Date Cleared 9/19/2022 162 dmg01 - Dallas Mechanical Group 12,183.54 10/31/2022 10/3/2022 171 acm01 - Acme Commercial Services 7,595.87 10/31/2022 10/3/2022 172 ali01 - A Litter Help, LLC 270.63 10/31/2022 10/3/2022 174 lon01 - Lone Star General Contracting 12,039.00 10/31/2022 10/3/2022 175 v0000020 - Simpson Landscape Maintenance, Inc. 1,000.00 10/31/2022 10/3/2022 176 v0000029 - Expert Services, LLC 6,697.91 10/31/2022 10/3/2022 177 v0000031 - City of Dallas 2,009.13 10/31/2022 10/3/2022 178 v0000041 - Kings III Emergency Communications 136.41 10/31/2022 10/3/2022 179 v0000075 - Gexa Energy 7,281.47 10/31/2022 10/4/2022 180 ken30 - 52 Management, LP 2,238.20 10/31/2022 10/5/2022 181 far03 - Farmer Environmental Group, LLC 6,091.00 10/31/2022 10/5/2022 182 v0000097 - LSGC Electric 17,698.88 10/31/2022 10/10/2022 183 ken30 - 52 Management, LP 10,678.25 10/31/2022 10/17/2022 184 acm01 - Acme Commercial Services 189.44 10/31/2022 10/17/2022 186 sim01 - Kevin P. Simon 1,948.60 10/31/2022 10/17/2022 188 yar01 - Yardi Systems, Inc. 2,530.60 10/31/2022 10/19/2022 189 v0000108 - GTP Consulting, LLC 187,844.70 10/31/2022 10/26/2022 192 ken30 - 52 Management, LP 1,787.39 10/31/2022

Total Cleared Checks 280,221.02

Cleared Deposits

Date Tran # Notes

Amount Date Cleared 9/30/2022 10 :ACH Deposit 9,088.34 10/31/2022 10/1/2022 11 :ACH Deposit 7,846.17 10/31/2022 10/3/2022 37 19,510.37 10/31/2022 10/5/2022 38 5,876.40 10/31/2022 10/6/2022 12 :ACH Deposit 16,118.13 10/31/2022 10/7/2022 13 :ACH Deposit 742.51 10/31/2022 10/7/2022 39 1,850.00 10/31/2022 10/12/2022 40 4,815.29 10/31/2022 10/14/2022 41 1,760.15 10/31/2022 10/20/2022 14 :ACH Deposit 9,940.30 10/31/2022 10/27/2022 42 3,605.75 10/31/2022

Total Cleared Deposits 81,153.41

Cleared Other Items

Date Tran # Notes

Amount Date Cleared 10/1/2022

JE 7317 10/22 Loan Pmt -15,239.59 10/31/2022 10/19/2022 JE 7357 To Fund GTP Dwn Pmt 170,000.00 10/31/2022 10/31/2022 JE 7395 10/22 Bank Fee -83.17 10/31/2022

Total Cleared Other Items 154,677.24

RENT ROLL

KENNINGTON PROPERTY HOLDINGS

# Building Total SF Vacant Occupancy 27 Alpha Plaza 75,383 10,889 86% 30 Midway Centre 46,064 1,875 96% 35 Campbell Creative Center 96,991 15,886 84% 37 Placid 66,473 4,800 93% 44 Research 159,958 - 100% 46 Valley View 43,740 - 100% 49 Alpha Business Center 50,109 - 100% 50 Skyway Circle 62,028 - 100% 51 Jupiter Center North 43,680 - 100% 52 Jupiter Center South 82,805 - 100% 53 Waters Ridge Tech 2 33,346 - 100% 54 Waters Ridge Tech 3 75,087 15,457 79% 55 Bent Tree Place 57,602 11,041 81% PORTFOLIO 893,266 59,948 93.3%

Management Fee Register Summary

Property=KPHManagementFees(.kphfees) FeePool=AllFeePools FeeDate=10/01/2022

Mgmt FeeNetBillingManagementTran PropertyCodeAmountRateFeeDate

027-AlphaPlaza04percen94,138.934.0000003,765.5610/01/2022

030-MidwayCenter04percen47,838.304.0000001,913.5310/01/2022

035-Campbell104percen93,230.424.0000003,729.2210/01/2022

037-Placid04percen54,377.014.0000002,175.0810/01/2022

044-ResearchCenter04percen186,350.544.0000007,454.0210/01/2022

046-ValleyViewCommerceC04percen63,696.664.0000002,547.8710/01/2022

049-AlphaBusinessCenter04percen79,438.794.0000003,177.5510/01/2022

050-SkywayCircle04percen53,708.294.0000002,148.3310/01/2022

051-JupiterCenterNorth04percen36,850.234.0000001,474.0110/01/2022

052-JupiterCenterSouth04percen98,118.194.0000003,924.7310/01/2022

053-WatersRidgeTech204percen52,769.634.0000002,110.7910/01/2022

054-WatersRidgeTech304percen101,347.274.0000004,053.8910/01/2022

055-Tollway04percen116,508.174.0000004,660.3310/01/2022

ASSET MANAGEMENT REPORTS

KPH PORTFOLIO - CASH FLOW PROJECTION CASH BASIS 2022 - 2022 DRAFT

Property / Item

27AlphaPlaza50,72140,92428,22334,88647,05446,79276,453

30MidwayCenter13,08739,7802,50219,33840,07532,15615,527

35CampbellI69,22549,15241,95069,40960,31171,79569,844

37Placid17,84222,09443,67234,24837,49534,45350,788

44KenningtonResearch37,111127,80499,03194,326137,001132,919158,309

46ValleyViewandValleyViewLand14,68341,02666,01455,02954,73658,20633,608

49AlphaBusinessCenter44,20447,47739,59263,85941,41963,21442,661

50Skyway(1,429)23,43318,98923,52321,6228,39838,545

51JupiterCenterNorth50,951(8,703)23,98436,78924,87825,30728,988

52JupiterCenterSouth51,52165,29686,213113,51632,27374,49675,392

53WatersRidgeTechII0(356)8,88858,957110,20538,9815,260

54WatersRidgeTechIII029,66068,13680,71924,36197,78869,075

55NorthDallasTollway000055,95643,51643,076

NOIActual/ArgusbeforeD/S(1)(2)347,914477,588527,194684,599687,386728,022707,525

DebtService

InterestExpense135,326134,938164,786137,140169,176137,389173,440

AmortizationofPrincipal88,60988,903106,74289,496121,599115,776122,348

LenderProceeds/FinancingFees69,130

ReturnofLenderDeposit

TotalFinancingTransactions223,935223,841271,528226,636359,905253,165295,788

NOI after Debt Service

CAPITAL - (see detail)

123,979253,747255,666457,963327,481474,858411,737

TenantImprovements&Whitebox177,49411,500327,85668,704146,424197,18230,954

LeasingCommissions53,8223,234111,29435,15868,09083,75247,755

BuildingCapital243,634204,116132,934113,66934,928301,77145,164

TotalCapital474,950218,850572,084217,531249,442582,705123,873

Less:LenderFunded/Facilities0000000

TotalLeasing,BuildingCapital474,950218,850572,084217,531249,442582,705123,873

72,94566,87371,51171,511(38,797)569,092 31,51938,94345,57444,232(13,169)309,564 47,38679,74274,07276,231(52,354)656,764 46,91254,82351,29751,297(93,817)351,104 110,581138,098146,152146,152(189,484)1,138,002 35,82451,18522,71422,769(71,532)384,260 41,40779,32155,35755,357(12,774)561,092 12,69335,96546,52046,520(52,922)221,858 20,68224,90331,63332,779(45,335)246,856 71,913109,65977,04977,866(72,128)763,066 41,18240,66843,72926,475(41,525)332,465 69,39686,26977,80677,806(122,925)558,090 39,56479,58240,00040,000(75,941)265,754

642,004886,030783,414768,994(882,703)6,357,968 0 168,005167,551168,005209,620210,2221,975,598 122,698123,153125,000127,000130,0001,361,324 069,130 0 290,703290,703293,005336,620340,2223,406,052

351,301595,327490,409432,374 (1,222,925)2,951,916 210,634(3,769)8,750187,598171,8861,535,213 36,94652,038000492,089 357,03194,739069,165140,7291,737,880 604,611143,0098,750256,763312,6153,765,182 000000 604,611143,0098,750256,763312,6153,765,182 (253,310) 452,318481,659175,611 (1,535,540) (813,266)

)(

)(3,500)(48,462) (9,910)(9,720)(10,000)(10,000)(10,000)(115,842) 25,93810,00045,00045,00045,000437,964 (103,302) 0 (10,693)(1,766)(3,500)(3,500)(3,500)(101,747) ----(179,818) (37,657)(35,620)(35,500)(35,500)(35,500)(630,486) (290,968) 416,699446,159140,111 (1,571,040) (1,443,752) 000000 000000 00000 (25,938)(10,000)(45,000)(45,000)(45,000)(437,964) (64,924)8,86100083,805 (90,862)(1,139)(45,000)(45,000)(45,000)(354,159) (381,830)415,560401,15995,111(1,616,040)(1,797,911) 643,271137,062428,242704,4022,674,5136,625,820 (381,830)415,560401,15995,111(1,616,040)(1,797,911) 0 (3,096,880) 000 (8,912,988) 004,000,00007,729,500 419,610 3,096,8808,958,230 (8,408,430) 0 00000 0 4,340,836

)(105,000)(216,218)(250,000)

gFees(194,427)(51,000)(245,427)(240,000)

penses(37,962)(10,500)(48,462)(50,000)

ssetMgmtFees(85,842)(30,000)(115,842)(136,664) ReinvestmentofPortfolioIncomeinPortfolio(103,302)0(103,302)0

91,247)(10,500)(101,747)(65,000)

Other-CashAdjustments(179,818)0(179,818)0

NetCashFlowfromOperations$(761,946)$(1,119,770)$(1,881,716)$209,765

IncomefromInvestments(Cash)00$-$LineofCreditProceeds/(Paydown)(8,912,988)-(8,912,988)RefinancingProceedsandLoanFees*3,729,5004,000,0007,729,5002,000,000 EscrowedFunds419,610-419,610ProceedsfromMarketableSecurities(Cash)5,861,3503,096,8808,958,230Acquisitions(8,408,430)-(8,408,430)CashDepositsIn/(Out)381,814-381,814OtherAdjustments83,805-83,805CashInvested(5)4,340,836-4,340,836-

LEASING REPORTS

BRADFORD RETAIL LEASING

LeasingActivityReport

BradfordRetail

Tenant Property Space Area (SF) Date

RENEWALS&EXPANSIONS

ALPHAPLAZA

Last Activity

Urban Spikes Alpha Plaza 110 2,422 6/29/22 Met with to discuss expansion

(Expansion)

Manacare

Alpha Plaza 205/220 10,480 (2/28/2023)

Alexander Otis

(3/31/2023)

Alpha Plaza 295 2,696

10/17/2022

Tenantandconsultanthave beenbackatthesuite severaltimes. Theyhopeto havefinaldesignbythis week.

Tenant has reached out about a second extension.

7/18/22 Space plan created. 9/15/2022 Tenant has engaged Mowax and they are creating final plan. 9/9/2022

Tenantwouldliketoextend for6monthsandareready forthepaperwork. They wouldalsocommitto12 months,ifapprovedby Kennington. 10/17/2022 Noupdatependingrental paymentstatus.

10/17/2022

PROSPECTIVETENANTS ALPHAPLAZA

Allure AlphaPlaza 280 1,618 10/17/22

Singularity Salon

Touredwithtenanton 10/13. Interestlevelisvery high. Ownedaclothing boutiqueinSeattlefor17 years.

Alpha Plaza 120 2,376 4/15/22 Deal has resurfaced. Expecting LOI from tenant this week Broker is Jason Finch w/ Bradford

5/11/22 Sent proposal. 64 mos.; $15/sf w/ 3% ann. inc.; $30/sf in TI. 5/18/22 Received counter Reviewing 7/1/22 Sent tenant counter proposal 7/19/22 Broker expects to have a response to us by Wednesday. 9/19/2022 Tenant submitted GC application and sent updated financials to Kennington 2 outstanding deal points

10/6/22 Thedealhasbecomestalled outbecauseRobertishaving somepushbackfromhis colleaguesaboutmaking anothermove.Discusson call.

Novak Brewing Alpha Plaza 110/120 2,500 8/29/22 Toured and following up.

10/17/2022 SentfinalLOItobrokeron 10/17/2022 Noupdate.

ESP Fitness Alpha Plaza 205 6,600 9/15/2022

10/17/2022

Toured and Tenant has requested second tour They brought their GC to first tour.

Tenantdecidingwith partnerswhattheirtiming wouldbeandifthiswouldbe enoughspaceforthem.

Alpha Plaza 110 2,422 Deal working with Urban Spikes. Alpha Plaza 120 2,376 Deal working with Singularity Salon.

VACANCIES RECENTLYLEASED

Vacant

Alpha Plaza 260 4,183 Alpha Plaza 280 1,618 Vacant

Alpha Plaza 275 4,800 4/11/22 Ultimate Escape Game

Alpha Plaza 220 3,880 5/25/22 ManaCare Health LLC

Alpha Plaza 285 2,177 6/21/22 Aussie Grind

AlphaPlaza 288 1,928 8/15/2022 nSocial Kitche

9/14/22 Made proposal for 5 year renewal.

Wemadeaproposaland havehad2conversations regardingacounter. Weare waitingonthetenant.

4/15/22 Broker is Jake Dryer w/ KW Commercial. Reached out saying they need more space. Taproom will stay in place but need an additional 2,500 3,000 SF of brewing space Needs to be contiguous. Would like to expand in the next 60 90 days

5/13/22 Sent renewal proposal. 5 years; $16/sf w/ 3% ann. inc.; as is. Tenant has mentioned square footage discrepency from original lease.

7/18/22 They are exploring other options for production space, but still hoping to keep tap room at Midway Center. Broker should know more next week. 8/8/2022 Reached out to broker for update 9/15/22 Continuing to follow up on renewal proposal.

Art Academy Studio Midway 14464 1,875 8/2/22 Toured and following up with broker.

9/16/22 Following up with broker. Tenant pursuing filing with state and franchise

10/17/22 Followingupwithbroker.

Novak Brewing Midway 14438 1,950 8/29/22 Toured Alpha Plaza but would be very interested in Breaking Brew space if they do not renew.

10/17/2022 Noupdate.

Midway 14464 Vacant

Midway Center 14454 1,875 1/13/22 CHIOMA Total Body Midway Center 14466 1,450 2/8/22 AAT Financial Services Midway Center 14456 3,750 2/23/22 Rock A Snap Photography Midway Center 14448 3,750 3/31/22 Heritage House Clocks Midway Center 14468 2,300 5/25/22 MMB Strategy Midway Center 14422 1,950 7/26/2022 Overton Family Jewels Midway Center 14460 1,875 8/31/2022 Valencia Theater Seating Midway Center 14462 1,875 10/31/2022 Wallpaper Place

BRADFORD FLEX LEASING

RENEWALS&EXPANSIONS

VALLEYVIEW

(10/31/2023) (11/30/2023)

Strippit Valley View 140 6,936 Essential Formulas Valley View 180

PROSPECTIVETENANTS VALLEYVIEW VACANCIES

RECENTLYLEASED

7,740 Valley View 100 19,200 2/17/22 Bridgeway Prep Renewal

BRADFORD RICHARDSON/PLANO

Leasing Activity Report

Bradford

Tenant Property Space Area (SF) Date

RENEWALS & EXPANSIONS

Brazen Animation (10/31/30) 1210 Campbell 110 10,370

PROSPECTIVE TENANTS

Last Activity

SpokewithJeffEitingto makehimawareof prospectivetenantgoinginto suite120

Tech Co/ Blake Troiani 1210 Campbell 120 4,660 10/10/22 Toured GEA of Texas 1210 Campbell 120 4,660 10/12/22 Sent him spec plan to review

Undisclosed/ Jackson Nathaniel 1217 Digital 130 11,226 10/3/22

Solar Panel company/ Stream 1217 Digital 130 11,226 10/7/22

JLL has a client looking for approximately 10,000 15,000 RSF of office/flex space

Stream is working with a Solar Panel company needing flex Office Restoration Angelical Church / Direct 1217 Digital 130 11,226 1217 Digital 130 11,226 1210 Campbell 120 4,660 1219 Digital 140 2,993 7/18/22 Leased to Versar 1219 Digital 110 2,992 10/1/22 Leased to Direct Line

11/10/22 11/10/22 Gettingpricingforrequested layoutforsuite120 11/9/22

Senttheminformation,need todetermineifintheir budget

Leasing Activity Report

Bradford

Tenant Property Space Area (SF) Date

RENEWALS & EXPANSIONS JUPITER

Last Activity

Financial Services Co/ Avison Young

2201 10th St 150/Enseo Giveback 19,386

Undisclosed Data Center / CBRE 2201 10th St 150/Enseo Giveback 19,386

Undisclosed / CBRE 2201 10th St 150/Enseo Giveback 19,386

Undisclosed / Rich Young 2201 10th St 150/Enseo Giveback 19,386

10/23

FinancialServicesCompany, needing20Kofofficespaceinthe Planoarea. Preferredlayoutis approximately60%open,40% privates/conference,kitchen/break, storage,etc. Minimumparkingof 4/1,000SF.

10/24 Theyneedapproximately15,000SF foraNetworkoperationcenter. 10/28 Q12023commencement. Sentfloorplan. 11/1 Sentflyerandfloorplan

Undisclosed/ Brandon Kilinger 2201 10th St 150/Enseo Giveback 19,386 10/10

Inquired about rate and clear height

Undisclosed / Jacki Ku 2201 10th St 150/Enseo Giveback 19,386 10/11 Sent flyer and floor plan

Undisclosed/ Jack Brewer 2201 10th St 150/Enseo Giveback 19,386 10/6

PROSPECTIVE TENANTS JUPITER VACANCIES

2201 10th St 150/Enseo Giveback 19,386

RECENTLY LEASED

Newmark has a 19K requirement. Sent flyer and floor plan.

Leasing Activity Report

Bradford

Tenant Property Space Area (SF) Date

DanCar (11/30/22) Placid 700 7,193

RENEWALS & EXPANSIONS PLACID PROSPECTIVE TENANTS PLACID

11/1/22

Last Activity

DanCar ismovingoutatthe endofNovember

Extravaganza Event Group/ Holt Lunsford

Placid 400 4,800 Aither Systems/ Direct Placid 700 7,193

NXT Level Homes/ Direct Placid 700 7,193

Undisclosed/ ACRE Property Placid 700 7,193

Undisclosed/ Citadel Placid 700 7,193

11/10/22

Termsagreedto.Waitingon leasedraft.

11/7/22 Toured.Suite700couldbe anoption. 11/3/22 Toured.2600Techwasa betterfit.

10/31/22 Generalcontractorneeding 7,000SF.Sentplans. 11/8/22 7,000SFrequirement.They needminimum5,000SFwhs. Sentflyerandfloorplan.

Tech Co/ Blake Troiani Placid 400 4,800 10/9/22 Toured They need a bit more office and some production space

VACANCIES

Placid 400 4,800 Placid 700 7,193 DanCar is moving out at the end of November

RECENTLY LEASED

Placid 100 10,008 5/9/22 Leased to Rackmount Placid 400 4,800 5/19/22 Leased to Relax & Retreat

Placid 300 7,200 7/21/22 HiscoRenewal

Placid 500 7,860 8/16/22 RelaxandRetreat relocation/expansion

Leasing Activity Report

Bradford

Tenant Property Space Area (SF) Date

RENEWALS & EXPANSIONS RESEARCH

DTN, Inc (12/31/22) Research 3 100 7,855

PROSPECTIVE TENANTS RESEARCH

Undisclosed/ Taylor Stell 600 Development 3 100 7,855

DocksNex/ Direct 600 Development 3 100 7,855

Nelson Hoe/ Direct 600 Development 3 100 7,855

11/10/22

Last Activity

Movingout12/31/2022

SentTaylorflyerandfloor plan forsuite3 100.

11/10/22 Sentplansforsuite100. Theyareabathtowel distributor

11/1/22 LoopNetlead.Sent marketingmaterials

Undisclosed/ Jackie Ku 600 Development 3 100 7,855 10/17/22

Dog Daycare/ Ryan Moseley 600 Development 3 100 7,855 10/10/22

Sent Jackie flyer and floor plan for suite 3 100 She has client needing 8,000 SF

National Dog Day Care/Boarding concept reached out for information Passed due to use 600 Development 3-100 7,855

VACANCIES

current tenant vacates 12/31/22

RECENTLY LEASED

LEE & ASSOCIATES FLEX LEASING

SUNWEST FLEX LEASING

F.E.C.

F.E.C. F.E.C. F.E.C.

ELEC.

F.E.C.

RENEWALS&EXPANSIONS WATERSRIDGEII

PROSPECTIVETENANTS

RECENTLYLEASED

LeasingActivityReport

Sunwest

RENEWALS&EXPANSIONS

WATERSRIDGEIII

K12 Waters Ridge III 400 15,814

Last Activity

9/28/22 Broker reached out letting us know K12 has expressed interest in downsizing and relocation within the building. Their business model has changed due to Covid-19 and they are doing more online teaching rather than classroom style, so they now only need about 5,000 SF of office space

9/30/22 Toured K12 tenant and broker through suite 800 as a potential relocation and rightsizing of their space. They saw the potential in the space and believe it could work for them with a few minor modifications. They will discuss their needs with their broker and get back to us soon

10/14/22 Relocation to Suite 800 proposal delivered, contingent on the proposal to ProtoType IT to take K12's existing suite 400

10/27/22 NotifiedK12ofprospect's continuedinterestanddesire tohaveallFF&Efree. Requestingtheirresponse. 11/7/22

K12justnotifiedustheyare willingtoleaveallFF&Efor thenewprospectivetenant totakefreetomakeadealto terminateleaseonthis15K sfspaceandrelocatetothe 5Ksfspace.

10/19/22 TrentBlakeyreachedoutto managementlookingto reconnectwithleasingto discussrelocatingtosuite 300

11/1/22 Sentproposalwemadethem backinMarchaskingthey respondtotermsproposed sowecanmakeprogresson anagreementtoseethem relocatetothelargerspace.

Tenant Property Space Area (SF) Date

Infinity

LLC

PROSPECTIVETENANTS

Waters Ridge III 300

10,394

6/2/22 Undisclosed sanitation lab user needing 100% HVAC space/ no dock or grade level doors needed. Pending to tour 6/7

6/7/22 Toured suite 300 and appeared interested. They are national corporation with presence in Colorado, Utah, California, and looking to expand into TX markets. Expect feedback in coming weeks.

6/22/22 Confirmed we are shortlisted to receive RFP this week. They submitted questions related to HVAC and power we sent to property management for assistance

7/7/22 RFP received We are the 1st building to receive a RFP 1 other will receive one today. We are 1 of 2.

7/11/22 LOI delivered

7/19/22 Called broker for update we are 1 of 3. Client traveled all last week and catching up this week. Broker expects update early next week. Other options are 1 bldg. nearby and client owned bldg. they have excess space they could lease from.

8/3/22 Left follow up message asking for response ETA

8/10/22 Brokers have client focused and has construction walk with Infinity set for 8/11 to walk the space.

8/14/22 Construction walk was postponed to 8/15-8/16.

8/22/22 Left follow up messages on construction walks and when they will have pricing and response to LOI

8/26/22 They are expected to respond by early next week

Laboratories,

10,394

9/16/22 Called broker again for update and he is frustrated by his client moving so slow. Cannot get them to push forward They are not negotiating elsewhere, but are entertaining co habiting space with a client of theirs that has excess space.

10/1/22 Followed up again with Broker for an update. They don't have any new news to share. Still at a stand still

11/2/22 Brokersnotifiedusthatthey haveofficiallydecidedto co-habitspacewiththeir businesspartnersforcost savingsvs.leasingspace elsewhere.Wewere#1 choiceifthatdidn'thappen.

5/19/22 Initial inquiry; Initial need for 5-6,000 SF with an additional need for 2 4,000 SF for possible future expansion space; Industrial manufacturing group who would use this as a general office use

6/13/22 Left follow up message. Broker traveling.

7/11/22 Tour scheduled 7/13

7/13/22 Confirmed this is SitePro Rentals national equipment rental co with several locations. Requirement grew from 5-10K sf. Toured suite 300 and appeared interested with some TI performed Loved the new courtyard. Expect feedback next week.

7/19/22 Confirmed we are on the short list. Expect RFP by end of week or Monday.

8/3/22 RFP Received for 3 and 5 year terms

8/10/22 LOI delivered; Confirmed 4 RFP's were sent out

8/15/22 Awaiting initial test fit from Entos to send this week.

8/16/22 Sent initial test fit. Broker requested prelim bid. Sent to McKenzie and need to confirm finishes

SitePro Rentals Waters Ridge III 300

ProtoType IT Waters Ridge III 300, 800 15,465

8/23/22 Followed up with Broker for finish selections

8/29/22 Broker finally replied stating they are running numbers in all proposals now and should respond shortly

9/14/22 Broker stated they are still awaiting direction from client 10/12/22 Broker finally provided update that they have been working on a company acquisition that derailed their space search. That did not go through and they are back on track to negotiate. Requirement has grown up to 15K Presented K12 space

8/23/22 Initial inquiry

9/20/22 Tour scheduled for 9/30 of both Suites 300 and 800

9/30/22 Tour of Suites 300 and 400 (currently occupied by K12) took place today The company is Prototype IT currently located in Lewisville off Main Street looking to relocate Q1 2023. They seemed very interested in both suites and we expect further feedback from them soon

10/6/22 Sent plan on suite 400 that K12 occupies They really liked the idea of being under 1 roof vs 2 separate suites.

10/6/22 RFP recieved for Suite 400 10/14/22 LL Proposal delivered 10/18/22 Broker expects to deliver their response by EOD today or tomorrow morning

10/21/22 2ndtourhadofallspaces 300,400,and800.Theyare stillevaluatingtheirsize needswithalargeportionof staffstillremote.

10/26/22 Tenantcounterproposal received 10/28/22 DeliveredLLresponse 11/4/22 Reconsideringleasingthe 10Ksfspacevs.K12's15Ksf spaceduetothebudget needsandK12notleaving FF&Einplaceforfree.

Undisclosed (political consultant and investment company)

Waters Ridge III 300 10,386

11/7/22 NotifiedthemK12iswilling toleavetheirfurniturein placeforthemfreeinorder tocometotermsondealon #400(15Ksfspace)

11/9/22 Followedupforresponseand theyarewaitingforother buildingtorespond.They mentionedotherbuilding offeredTIAtobeapplied towardsabatedNNN.We remindedthemthatK12 spaceisbasicallynew+plug &playsolutionwithALL furtherforfreeandouroffer isstillnotonetopasson.

11/8/22 Initialinquiryfor8 12Ksf user.gatheringmoredetails.

11/9/22 Politicalconsultantand investmentcompanylooking torelocateafter25years

VACANCIES

Waters Ridge III 300 10,386

Waters Ridge III 800 5,071

RECENTLYLEASED

THIRTY-FOUR COMMERCIAL OFFICE LEASING

LeasingActivityReport

Thirty-FourCommercial

Tenant Property Space Area (SF) Date

RENEWALS&EXPANSIONS

Tollway

Nathan Research

N Dallas Pky 201 1,278 9/19/2022

Last Activity

Sent LL best and final renewal proposal

10/14/2022 Amendment sent to Tenant Broker

WorkShop N Dallas Pky 220 4,500 9/19/2022 Sent LL best and final renewal proposal on 9/19.

(8/31/22) (12/31/22) (10/31/22)

10/12/2022 Amendment sent to Tenant Broker 10/17/2022 Need remaining vacancy measured to market

Bent Tree Physicians N Dallas Pky 100 6,110 9/21/2022

10/17/2022

Received TI requests from Tenant. To discuss.

Pricing came in at $16.15/sf. Thirty Four drafting 3 year extension proposal.

11/2/2022 UpdatedAmendmentsentto John 11/7/2022 UpdatedLeasedraftsentto Workshopforexecution 11/10/2022

Receivedupdatedpricingfor millworkafterVE'ingTI's. Cameinatappx$2/SF. Revisedproposalwithlower TItodiscuss.

Jefferson Physician Group N Dallas Pky 200 1,031 9/21/2022 Received TI requests from Tenant To discuss 10/17/2022

(10/31/22)

Thirty Four drafting 3 year extension proposal Tenant wants as-is/low rate because they could easily WFH.

11/10/2022 Willrevisetermstomatch BTPonceapproved.

PROSPECTIVETENANTS

Undisclosed N Dallas Pky 125 495

Undisclosed Law Firm N Dallas Pky 125/120/160 2,000

11/4/22

Followedupwithbroker afterinitialinquiry. InitialinquiryfromDavid Byrd(DominusCommercial) 11/10/22

SentinfotoJakeYounger withCitadelforlawfirmthat wantstooccupyby1Q23. Wouldneedtoadd conferenceroomif combining120/125.

Undisclosed

N Dallas Pky 125/120/160 2,000

11/10/22

VACANCIES

N Dallas Pky 120 1,298

N Dallas Pky 120 495

N Dallas Pky 160 1,984

N Dallas Pky 205 1,372

N Dallas Pky 220 6,387

RECENTLYLEASED

SentinfotoRichYoungJR for2000-3000SF requirement.Requested detailsontimingand industry.

FC Lending Moved Out 10/31

Green Star to Move Out

CONSTRUCTION UPDATE

BENT TREE PLACE

BENT TREE PLACE

CONSTRUCTION ACTIVITIES & PROPOSED PROJECTS ACTIVE

PROJECTS

INTERIOR FIRE REMEDIATION

NEW BUILDING DUCT AND FAN COIL UNITS

- NEW CEILING TILE FOR FIRST FLOOR CORRIDOR & TENANT SPACES

NEW COORDIOR PAINT FOR FIRST & SECOND FLOOR INCLUDING LOBBY

- INTERIOR LOBBY MODERNIZATION

SCOPE: ARTWORK

- FURNITURE WAYFINDER SIGNAGE

- FAUX GREENERY MOSS WALL CONSISTENT FROSTING AT LOBBY GLASS LIGHTING PACKAGE

- EXTERIOR BUILDING

SCOPE: REFACE BUILDING FOR MODERNIZATION

- MONUMENT SIGNAGE FEATURE WALL AT TOLLWAY WITH ILLUMINATED LETTERS LANDSCAPING PACAKGE

PROPOSED EXTERIOR CONCEPT

LOBBY RENOVATION/UPGRADE

ADDITIONAL REPORTS

KENNINGTON LITIGATION MATTERS

November 15, 2022

MATTER STATUS

OF CASE

Legendary Black Belt

Kennington Alpha Plaza filed suit in Dallas District Court against the Tenant, Legendary Black Belt, and the guarantor, Wes Melton, for defaulted rent and accelerated rent in the amount of $140K. Counsel for Defendants has agreed to a settlement of $30,000 to be paid over 12 months ending Dec. 1, 2022. Settlement documents have been signed and monthly settlement payments are being made. The settlement has been secured by an Agreed Final Judgment executed by Wes Melton, individually, and his company.

JPMORGAN INVESTMENT SUMMARY

Current Portfolio

• The look through of the existing KPH Brokerage Account is attached. Right now, we have ~$180K of Cash in a Money Market Fund (yield of ~2.5%), with the remaining $2.2MM+ in individual corporate bonds. There is also additional cash in the checking / savings accounts as well.

Next Steps

• The second attachment is an indicative term sheet on a potential new line of credit (pending new liquidity received in to the collateral pool)

• Below are two hypothetical implementation strategies for $4MM of new liquidity, with a focus on capital preservation while maximizing yield:

Option 1: Utilize a stable value Money Market Fund along with three individual Treasury issues spread out over the next 24 Months

• $1MM in the Government Money Market Fund (OGSXX)

o Same day liquidity, stable value fund. Current 7 Day SEC Yield of 2.51%. Yield will fluctuate based on market environment.

• $3MM in Treasuries with maturities at 6 Months, 12, Months, and 24 Months respectively

o $1MM in 6 Month Yield = ~4.45%

o $1MM in 12 Month Yield = ~4.55%

o $1MM 24 Month Yield = ~4.45%

Blended Yield = ~3.99%

Option 2: Utilize four individual Treasuries spread out over a shorter, 12 Month period, with more frequent maturities

$4MM I Treasuries with maturities at 3 Months, 6 Months, 9 Months, and 12 Months respectively

o $1MM in 3 Month Yield = ~3.99%

o $1MM in 6 Month Yield = ~4.45%

o $1MM in 9 Month Yield = ~4.40%

o $1MM in 12 Month Yield = ~4.55%

Blended Yield = ~4.35%

Source: Bloomberg as of 10.24.2022

OLD

CCC REFINANCE & PROCEEDS

RepublicTitleofTexas,Inc.

2626 Howell Street, 10th Floor • Dallas, TX 75204

Office Phone:(214)855 8888 Office Fax:(214)855 8848

Borrower’sFinalSettlementStatement

File No: 1002 373587 RTT

Escrow Officer: Liz Higdem/LH Settlement Date: 11/22/2022 Disbursement Date: 11/22/2022

Property: 1200 E Campbell Road & 1217 Digital Drive Richardson, TX 75081

Borrower: Kennington Campbell LLC 4514 Travis Street, Suite 312, Dallas, TX 75205

Lender: Woodmen of the World Life Insurance Society 1700 Farnam St, Omaha, NE 68102

Borrower Charge Borrower Credit Attorney Attorney: Denton & Associates Attorney Fee 1.00

New Loan(s)

Description

Lender: Woodmen of the World Life Insurance Society Loan Amount 6,500,000.00 Lender Fees 1.00

Mortgage Broker Fee to NorthMarq Capital LLC 25,000.00 Appraisal Fee to Joseph J. Blake and Associates, Inc. 4,500.00 Lender's Counsel Fee 1.00

Payoff Loan(s)

Lender: Woodmen of the World Life Insurance Society Principal Balance 1.00

Title/Escrow Charges

Escrow Fee to Republic Title of Texas, Inc 500.00

Texas Guaranty Fee Lender Title Policy to TX Title Insurance Guaranty Association 2.00

Secretary of State Filing Fees / Service Fee to Republic Title of Texas, Inc 1.00 e Recording Fee & TX Sales Tax (Simplifile) to Simplifile 5.07

Tax Certificate (Commercial) to Data Trace Information Services 85.58 Overnight Fee to Republic Title of Texas, Inc 30.00 3000 T 2/T 2R Single LTP (R 1) to Republic Title of Texas, Inc. 28,250.00

Settlement Statement Page 1 of 2 Print Date: 11/15/2022, 12:27 PM

Borrower’sFinalSettlementStatement

Settlement Date: 11/22/2022

Officer: Liz Higdem/LH

Description

File No: 1002 373587 RTT

Borrower Charge Borrower Credit

T 30 Tax Amendment End (Rollback) (R 19) to Republic Title of Texas, Inc. 20.00

T 3 Tax Amend End NYD&P (R24) to Republic Title of Texas, Inc. 5.00

T 19 REM End Non Resi (R 29B) to Republic Title of Texas, Inc. 2,825.00

T 23 Access End LTP (R 30) to Republic Title of Texas, Inc. 100.00

T 25 Contiguity End LTP (R 32) to Republic Title of Texas, Inc. 100.00

Recording Fee ESTIMATED to Republic Title of Texas, Inc. 350.00

Disbursements Paid

Miscellaneous Disbursement

2022 Tax Payment Acct 42222570010060000 to Dallas County Tax Assessor 27,594.53

2022 Tax Payment Acct 00190219 to Richardson ISD Tax Office 32,350.33

2022 Tax Payment Acct 00190222 to Richardson ISD Tax Office 31,804.25

Cash ( From) (X To) Borrower 6,346,473.24

Totals 6,500,000.00 6,500,000.00

See Attached Signatures

Settlement Statement Page 2 of 2 Print Date: 11/15/2022, 12:27 PM

Borrower’sFinalSettlementStatement

File No: 1002 373587 RTT Officer: Liz Higdem/LH

Settlement Date: 11/22/2022

Borrower understands the Closing or Escrow Agent has assembled this information representing the transaction from the best information available from other sources and cannot guarantee the accuracy thereof. The Lender involved may be furnished a copy of this Statement. The undersigned hereby authorizes Republic Title of Texas, Inc. to make expenditures and disbursements as shown and approves same for payment. The undersigned also acknowledges receipt of loan funds in the amount shown above and receipt of a copy of this Statement.

Note: Interest of existing liens is figured to the date indicated. If not paid by then, additional interest will have to be collected and your statement will be adjusted to have sufficient funds to secure release from the lienholder.

BORROWER(S):

Kennington Campbell LLC, a Texas limited liability company

By: KENNINGTON PROPERTY HOLDINGS LTD., a Texas limited partnership

Its: Sole Member

By: DAVE KENNINGTON, LLC, a Texas limited liability company

Its: General Partner

By:___________________________

Name: Clayton A. Kennington

Title: President

Republic Title of Texas, Inc.

By__________________________________ Liz Higdem

2022 BUDGET CALENDAR

2022 BUDGET CALENDAR

Wednesday 11/16 – FINAL Budgets Due

With the plan being to review and sign off on all by Wednesday 11/23 at 12:00pm and be d-o-n-e.

ARGUS 2022 VALUATIONS

KENNINGTON PROPERTY HOLDINGS, LTD

PORTFOLIO SUMMARY

ESTIMATED VALUES AS OF 7/2022

27AlphaPlaza75,384 83.7%5,777,000 $ 719,595 $ 12,365,000 $ $164 4,049,188 $ (1)12/1/2026293,055 $ 3.75%8,315,812 $ 1,727,812 $ 33%4.78%7.00%7.50%18.5%154.6%

30MidwayCenter 46,064 82.8%4,905,000 $ 408,679 $ 6,954,000 $ $151 - $ (1)n/a 6,954,000 $ 4,905,000 $ 0%5.88%7.50%8.50%13.4%23.3%

35CampbellCreativeCtr96,991 94.9%12,030,000 $ 917,226 $ 15,065,000 $ $155 2,437,067 $ (1)1/1/2023214,529 $ 4.25%12,627,933 $ 9,592,933 $ 16%6.09%6.50%8.50%10.4%14.6%

37Placid 66,473 88.4%5,142,000 $ 515,639 $ 8,627,000 $ $130 2,961,707 $ 12/1/2026211,308 $ 3.75%5,665,293 $ 2,180,293 $ 34%5.98%6.50%7.50%14.9%22.5%

44 KenningtonResearch 159,958 100.0%10,675,000 $ 1,399,830 $ 24,000,000 $ $150 9,114,276 $ 6/1/2028653,450 $ 4.30%14,885,724 $ 1,560,724 $ 38%5.83%6.00%7.00%19.1%48.9%

46 ValleyView 43,740 56.1%5,542,721 $ 335,954 $ 5,215,000 $ $119 2,183,408 $ 12/1/2023191,512 $ 5.00%3,031,592 $ 3,359,313 $ 42%6.44%7.00%7.50%6.7%9.5% Includedabove1,500,000 $

ValleyViewExcessLand 5.811Acres

48 AlphaBusinessCenter 50,109 100.0%7,517,000 $ 592,252 $ 7,658,000 $ $153 4,793,000 $ 11/1/2030212,320 $ 3.40%2,865,000 $ 2,724,000 $ 63%7.73%6.75%7.50%7.8%13.1%

50 Skyway 62,028 100.0%6,120,000 $ 449,518 $ 6,663,000 $ $107 3,438,000 $ 6/1/2030217,478 $ 3.75%3,225,000 $ 2,682,000 $ 52%6.75%6.75%7.50%8.2%11.6%

51 JupiterCenterNorth 43,680 100.0%4,355,000 $ 337,903 $ 3,807,000 $ 87 $ 1,954,960 $ 4/17/2025128,245 $ 4.25%1,852,040 $ 2,400,040 $ 51%8.88%6.50%7.50%6.2%9.3%

52 JupiterCenterSouth 82,805 100.0%8,863,000 $ 793,232 $ 12,556,000 $ $152 5,766,000 $ 5/1/2032360,456 $ 3.70%6,790,000 $ 3,097,000 $ 46%6.32%6.50%7.50%12.5%21.2%

53 WatersRidgeTechII 33,346 100.0%5,313,000 $ 366,894 $ 6,500,000 $ $195 3,400,000 $ 2/29/2032203,162 $ 3.45%3,100,000 $ 1,913,000 $ 52%5.64%6.50%7.00%9.1%14.3%

54 WatersRidgeTechIII 75,087 79.4%11,963,000 $ 722,936 $ 12,664,000 $ $169 7,601,000 $ 2/29/2032454,187 $ 3.45%5,063,000 $ 4,362,000 $ 60%5.71%7.00%7.00%7.5%11.5%

55 NorthDallasTollway 57,602 79.7%7,900,000 $ 491,585 $ 8,167,000 $ $142 3,852,000 $ 5/25/2027190,800 $ 4.75%4,315,000 $ 4,048,000 $ 47%6.02%6.00%8.00%8.7%12.2% 13

115,659,000

41,919,407

2,911,535

72,239,593

5,247,755

32,027,627

95,370,000 $ 98 $ 37,180,787 $ 2,499,377 $ 58,190,213 $ 24,467,954 $ 39% 5.50% 14.50% 22.00%

36% 4.70% 15.13% 28.15% 2019Valuation 973,064 77.5% 61,648,741

2018Valuation 1,154,296 85.9% 61,605,758 $ 5,561,729 $ 99,293,045 $ 86 $ 28,925,649 $ 2,229,971 $ 70,367,396 $ 32,676,343 $ 29% 5.60% 14.68% 22.31%

2017Valuation 1,154,296 85.3% 59,709,924 $ 5,331,565 $ 93,607,000 $ 81 $ 29,814,763 $ 2,248,151 $ 63,792,237 $ 29,894,792 $ 32% 5.70% 14.40% 22.50%

2016Valuation 966,969 95.0% 43,536,212 $ 5,438,282 $ 71,006,969 $ 73 $ 11,263,776 $ 1,052,059 $ 59,743,193 $ 32,272,436 $ 16% 7.66% 15.18% 17.89%

2015Valuation 966,969 95.9% 42,165,583 $ 5,306,888 $ 71,611,000 $ 74 $ 11,694,783 $ 1,052,059 $ 59,916,217 $ 30,470,800 $ 16% 7.41% 15.78% 18.69%

2014Valuation: 966,969 95.8% 41,669,382 $ 5,279,351 $ 69,797,000 $ 72 $ 11,947,819 $ 1,052,059 $ 57,849,181 $ 29,721,563 $ 17% 7.56% 15.76% 18.72%

(1)Thesepropertiesareexpectedtoberefinancedin2022or2023;however,thistableassumesexistingdebt.

(2)ThereisnoleveragedIRRonpropertieswithanegativebasis(costislessthanloan);however,theleveragedbenefitisincludedintheportfolioIRRcalculation.

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