Lease Analysis Summary

planEASe Office Development

Name Suite RSF Total $ PV @ 10% PV/RSF
Pharmacy 100 5,000 1,281,319 786,103 157.22
Lab Tech 101 2,500 640,660 393,051 157.22
Dentist 102 2,500 726,603 449,539 179.82
Medical 200 5,000 1,208,823 731,673 146.33
Medical 201 2,500 606,511 366,874 146.75
Medical 202 2,500 577,642 344,711 137.88


     


Rentable Square Feet Comparison

planEASe Office Development


  Pharmacy Lab Tech Dentist Medical Medical Medical
  5,000.0 2,500.0 2,500.0 5,000.0 2,500.0 2,500.0


     


Lease PV Comparison

planEASe Office Development


  Pharmacy Lab Tech Dentist Medical Medical Medical
  786.1 393.1 449.5 731.7 366.9 344.7


     


PV/Year/RSF Comparison

planEASe Office Development


  Pharmacy Lab Tech Dentist Medical Medical Medical
  15.7 15.7 18.0 14.6 14.7 13.8


     


Lease Analysis

Pharmacy

    Measure Rent Rentable Usable
Report Date 13 Sep 06   Total Effective 1,281,319 256.26  
Suite 100   Avg Annual Effective 128,132 25.63  
Rentable SF 5,000   PV @ 10% 786,103 157.22  
Usable SF     Annual PV @ 10% 78,610 15.72  


  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Base Rent 52,083 125,000 125,000 125,000 72,917 0 0 0 0 0 500,000
To Market 0 0 0 0 57,032 138,017 140,777 143,593 146,464 149,394 775,276
Market TI's 0 0 0 0 0 0 0 0 0 0 0
Market Commissions 0 0 0 0 0 0 0 0 0 0 0
Reimb Taxes 0 64 129 195 0 69 139 211 284 0 1,092
Reimb Insurance 0 21 44 67 0 26 53 81 111 0 403
Reimb Common Area Maintenance 0 9 30 52 9 32 55 79 103 10 381
Reimb Managment Fee 0 94 322 556 102 351 608 872 1,144 119 4,168
Total $ 52,083 125,188 125,524 125,870 130,060 138,495 141,632 144,836 148,107 149,523 1,281,319
Total PV 48,301 108,549 98,946 90,199 84,639 82,003 76,237 70,874 65,886 60,469 786,103
$/RSF 10.42 25.04 25.10 25.17 26.01 27.70 28.33 28.97 29.62 29.90 256.26
PV/RSF 9.66 21.71 19.79 18.04 16.93 16.40 15.25 14.17 13.18 12.09 157.22


     


Lease Analysis

Lab Tech

    Measure Rent Rentable Usable
Report Date 13 Sep 06   Total Effective 640,660 256.26  
Suite 101   Avg Annual Effective 64,066 25.63  
Rentable SF 2,500   PV @ 10% 393,051 157.22  
Usable SF     Annual PV @ 10% 39,305 15.72  


  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Base Rent 26,042 62,500 62,500 62,500 36,458 0 0 0 0 0 250,000
To Market 0 0 0 0 28,516 69,008 70,389 71,796 73,232 74,697 387,638
Market TI's 0 0 0 0 0 0 0 0 0 0 0
Market Commissions 0 0 0 0 0 0 0 0 0 0 0
Reimb Taxes 0 32 64 98 0 35 70 106 142 0 546
Reimb Insurance 0 11 22 33 0 13 26 41 56 0 202
Reimb Common Area Maintenance 0 4 15 26 5 16 28 39 52 5 190
Reimb Managment Fee 0 47 161 278 51 176 304 436 572 59 2,084
Total $ 26,042 62,594 62,762 62,935 65,030 69,248 70,816 72,418 74,054 74,761 640,660
Total PV 24,151 54,274 49,473 45,100 42,320 41,001 38,118 35,437 32,943 30,234 393,051
$/RSF 10.42 25.04 25.10 25.17 26.01 27.70 28.33 28.97 29.62 29.90 256.26
PV/RSF 9.66 21.71 19.79 18.04 16.93 16.40 15.25 14.17 13.18 12.09 157.22


     


Lease Analysis

Dentist

    Measure Rent Rentable Usable
Report Date 13 Sep 06   Total Effective 726,603 290.64  
Suite 102   Avg Annual Effective 72,660 29.06  
Rentable SF 2,500   PV @ 10% 449,539 179.82  
Usable SF     Annual PV @ 10% 44,954 17.98  


  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Base Rent 31,250 75,000 75,000 75,000 75,000 75,000 75,000 43,750 0 0 525,000
To Market 0 0 0 0 0 0 0 29,099 87,878 89,636 206,613
Market TI's 0 0 0 0 0 0 0 (5,820) 0 0 (5,820)
Market Commissions 0 0 0 0 0 0 0 (3,245) 0 0 (3,245)
Reimb Taxes 0 32 64 98 131 166 201 20 37 74 822
Reimb Insurance 0 11 22 33 46 59 72 7 15 31 295
Reimb Common Area Maintenance 0 4 15 26 37 49 60 10 17 29 248
Reimb Managment Fee 0 47 161 278 399 523 652 105 192 332 2,689
Total $ 31,250 75,094 75,262 75,435 75,613 75,797 75,985 63,926 88,139 90,102 726,603
Total PV 28,981 65,113 59,327 54,057 49,259 44,889 40,910 31,353 39,210 36,439 449,539
$/RSF 12.50 30.04 30.10 30.17 30.25 30.32 30.39 25.57 35.26 36.04 290.64
PV/RSF 11.59 26.05 23.73 21.62 19.70 17.96 16.36 12.54 15.68 14.58 179.82


     


Lease Analysis

Medical

    Measure Rent Rentable Usable
Report Date 13 Sep 06   Total Effective 1,208,823 241.76  
Suite 200   Avg Annual Effective 120,882 24.18  
Rentable SF 5,000   PV @ 10% 731,673 146.33  
Usable SF     Annual PV @ 10% 73,167 14.63  


  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Base Rent 0 0 0 0 0 0 0 0 0 0 0
Continued 20,833 125,000 125,000 125,000 125,000 104,167 0 0 0 0 625,000
To Market 0 0 0 0 0 0 144,149 147,032 149,972 152,972 594,125
Market TI's 0 0 0 0 0 0 (8,446) 0 0 0 (8,446)
Market Commissions 0 0 0 0 0 0 (8,912) 0 0 0 (8,912)
Reimb Taxes 0 64 129 195 263 138 70 142 215 169 1,386
Reimb Insurance 0 21 44 67 92 49 27 56 85 68 509
Reimb Common Area Maintenance 0 9 30 52 74 42 33 56 81 55 433
Reimb Managment Fee 0 94 322 556 798 456 362 626 898 618 4,729
Total $ 20,833 125,188 125,524 125,870 126,227 104,852 127,283 147,912 151,252 153,883 1,208,823
Total PV 19,091 108,549 98,946 90,199 82,231 62,592 68,115 72,395 67,300 62,255 731,673
$/RSF 4.17 25.04 25.10 25.17 25.25 20.97 25.46 29.58 30.25 30.78 241.76
PV/RSF 3.82 21.71 19.79 18.04 16.45 12.52 13.62 14.48 13.46 12.45 146.33


     


Lease Analysis

Medical

    Measure Rent Rentable Usable
Report Date 13 Sep 06   Total Effective 606,511 242.60  
Suite 201   Avg Annual Effective 60,651 24.26  
Rentable SF 2,500   PV @ 10% 366,874 146.75  
Usable SF     Annual PV @ 10% 36,687 14.67  


  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Base Rent 0 0 0 0 0 0 0 0 0 0 0
Continued 0 61,875 67,500 67,500 67,500 67,500 67,500 5,625 0 0 405,000
To Market 0 0 0 0 0 0 0 55,411 74,989 76,489 206,888
Market TI's 0 0 0 0 0 0 0 (4,329) 0 0 (4,329)
Market Commissions 0 0 0 0 0 0 0 (4,568) 0 0 (4,568)
Reimb Taxes 0 0 33 66 100 134 113 30 73 110 657
Reimb Insurance 0 0 11 23 35 48 41 12 29 45 244
Reimb Common Area Maintenance 0 4 15 26 37 49 38 5 17 29 221
Reimb Managment Fee 0 47 161 278 399 523 409 56 192 332 2,397
Total $ 0 61,926 67,720 67,893 68,071 68,254 68,101 52,242 75,300 77,005 606,511
Total PV 0 53,480 53,381 48,652 44,345 40,422 36,671 25,280 33,499 31,143 366,874
$/RSF 0.00 24.77 27.09 27.16 27.23 27.30 27.24 20.90 30.12 30.80 242.60
PV/RSF 0.00 21.39 21.35 19.46 17.74 16.17 14.67 10.11 13.40 12.46 146.75


     


Lease Analysis

Medical

    Measure Rent Rentable Usable
Report Date 13 Sep 06   Total Effective 577,642 231.06  
Suite 202   Avg Annual Effective 57,764 23.11  
Rentable SF 2,500   PV @ 10% 344,711 137.88  
Usable SF     Annual PV @ 10% 34,471 13.79  


  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Base Rent 0 0 0 0 0 0 0 0 0 0 0
Continued 0 45,000 67,500 67,500 22,500 0 0 0 0 0 202,500
To Market 0 0 0 0 34,982 70,665 72,078 73,519 62,451 76,489 390,185
Market TI's 0 0 0 0 (4,100) 0 0 0 (4,452) 0 (8,552)
Market Commissions 0 0 0 0 (4,326) 0 0 0 (4,698) 0 (9,023)
Reimb Taxes 0 0 33 60 28 68 104 139 15 37 484
Reimb Insurance 0 0 11 21 10 25 39 53 6 16 181
Reimb Common Area Maintenance 0 4 15 23 5 16 28 39 8 17 156
Reimb Managment Fee 0 47 161 249 51 176 304 436 89 198 1,710
Total $ 0 45,051 67,720 67,854 49,152 70,950 72,552 74,187 53,419 76,757 577,642
Total PV 0 38,440 53,381 48,625 31,969 42,009 39,052 36,302 23,889 31,042 344,711
$/RSF 0.00 18.02 27.09 27.14 19.66 28.38 29.02 29.67 21.37 30.70 231.06
PV/RSF 0.00 15.38 21.35 19.45 12.79 16.80 15.62 14.52 9.56 12.42 137.88