FOCH STREET 821 - 1075 FOCH STREET • FORT WORTH, TEXAS 76107 FOCH STREET OFFERING MEMORANDUM EXCLUSIVE LISTING TEAM TABLE OF CONTENTS

CAMERON DEPTULA SECTION 1 EXECUTIVE SUMMARY 04 DB2RE INVESTMENT SALES SECTION 2 PROPERTY & MARKET HISTORY 10 c: 214.497.0276 SECTION 3 PROPERTY INFORMATION 14 o: 214.526.3626 x 116 e: [email protected] SECTION 4 LOCATION OVERVIEW 19 www.DB2RE.com SECTION 5 MARKET OVERVIEW 26

SECTION 6 FINANCIAL ANALYSIS 31

SECTION 7 DISCLAIMER 43

2929 Carlisle Street, Suite 250 Dallas, TX 75204 SECTION 1 EXECUTIVE SUMMARY executive summary DB2RE | 5 the offering DB2RE INVESTMENT SALES is pleased to present Foch Street (“Property”) a 135,727 square foot mix-used shopping center located in the coveted West 7th Entertainment District of Fort Worth, TX. For over 70 years, Foch Street has been considered a landmark property. Built by the Leonard Family at the end of WWII, the two main buildings date back to 1946 with the third building completed in early 1953. Foch Street embodies the country’s post-World War II resurgence that left us with the architectural treasure we have today. Foch Street is a beacon of Fort Worth’s illustrious history, retail environment and diverse economy. Over the years, the property has been home to an elite group of specialty retailers that include companies like Leonard’s Farm and Ranch Store, Williamson Dickie (Dickie’s), Montgomery Ward & Co. and Tandy Mart. The spirit of Foch Street and its esteemed past precedes itself to this day.

Restored in 2002 and 2011, Foch Street is comprised of three buildings and is currently 78.51% occupied by various specialty, destination and entertainment retailers and business including The Reservoir, Chimy’s, Texas Republic, Colonels’ Bicycles as well as businesses like iProspect, among others. The property boasts 6.36 acres of core / infill MU-2 zoned land and is strategically positioned at the eastern edge of the W. 7th Entertainment District, Fort Worth’s premier urban mixed-use development. Stretching nearly a quarter mile along Foch Street (1,000 feet), Foch Street “Property” provides unparalleled access and visibility to this entertainment mecca. Spanning over 16 city blocks and 80 plus acres, the West 7th District is comprised of over 2 million square feet of high-end residential, office, retail / restaurant and hotel assets. Investors have the unique opportunity to acquire a core / legacy asset within this high growth - high barrier market. The offering provides a stabilized revenue stream as well as various value-add opportunities. The combination of over 29,172 SF of lease-up potential, below market rates and future redevelopment opportunities due to the property’s favorable MU-2 zoning ensures new ownership’s initial investment continues to grow well into the future. executive summary DB2RE | 6 investment summary • Average rents across all tenants equates to $21.35, well below comparable averages for space in the trade area. 821 - 1075 Foch Street LOCATION: Fort Worth, Texas 76107 • 56.00% of the property boast rental rates below $25.00 PSF. SALE PRICE: $40,000,000 • 56.40% of the property have rental increases during their primary term. NOI (IN-PLACE): $1,999,681 • Average term remaining for existing tenants equates to 4.40 years. NOI (YE 1): $2,814,378 • Only 58.34% of the property (22 of 30 tenants) have renewal options upon expiration. CAP RATE: 5.00% / 7.04% (YE 1) 90.61% of those tenants boast FMV rates with no caps, allowing ownership to push rates significantly. GLA: 135,727 SF • 37.38% of the property has 4+ years of term remaining, limiting near-term rollover OCCUPANCY: 78.51% expsosure. No more than 6.98% of the property expires in any given year from now until January 1, 2021. Furthermore, 32.20% of the property has between two and four years of YEAR BUILT: 1947 & 1953 / 2002 & 2011 term remaining. LOT SIZE: 6.36 AC • Other than iProspect (18.42% of the property), no tenant / space makes up more than ZONING: MU-2 6.50% of the total GLA. Texas Republic ranks 2nd in percent of GLA at 6.14%. DEBT: Free & Clear • Other than iProspect (20.71% of total revenue), no tenant makes up more than 10.00% of major tenant summary the total revenue. Texas Republic again ranks 2nd at 9.40% of the total income.

TENANT SUITE SIZE % OF GLA RENT PSF % OF REVENUE TERM LEFT TENURE

iProspect 2 - 1021 25,000 18.42% $18.50 20.71% 3.75 YRS 6.51 YRS

Texas Republic 1 - 945 8,339 6.14% $28.56 9.40% 8.50 YRS 1.50 YRS

Enilon 2 - 1045 6,907 5.09% $23.42 6.73% 5.17 YRS 2.84 YRS

Reservoir Bar & Restaurant 2 - 1001 5,343 3.94% $26.00 5.61% 4.00 YRS 6.00 YRS

La Familia Mexican 1 - 841 4,000 2.95% $21.00 3.61% 6.75 YRS 8.34 YRS executive summary DB2RE | 7 investment highlights WEST 7TH ENTERTAINMENT DISTRICT: The West 7th Street District is one of Texas’ premier live, work, play mixed-use developments. The district spans across 80 acres (1 mile X 0.5 Mile) of core infill land and is conveniently located 1 mile north of Interstate 30 and 1 mile west of the Fort Worth CBD. The entertainment district was originally created in response to the neighboring Fort Worth Cultural District (across from University Drive) which brings around 8.5 million visitors annually. Today, the West 7th Entertainment boast over 2 million square feet of high-end residential, hotels (three exclusive hotels are in the works walking distance from the property along University Drive and W. 7th Street), Class-A office space, boutique retail and numerous bars and restaurants. With over 16 pedestrian friendly blocks of entertainment and living, the urban village provides shoppers a truly unique experience.

SURROUNDING TRAFFIC GENERATORS: Foch Street not only benefits from the daytime and night time densities from the various apartment and office complexes that surround the property, but provides a unique shopping destination for the millions of visitors that visit with W. 7th Entertainment and Fort Worth Cultural District throughout the year. Located 1,700 feet away is the Modern Art Museum of Fort Worth and the Kimbell Art Museum, two of the most renowned museums in the world. Additionally, the soon to be completed (August 2019), $540 million dollar, 14,000 seat Dickies Arena and Will Rogers Memorial Center add to the allure of the corridor. Dickies Arena will begin hosting the legendary Fort Worth Stock Show & Rodeo starting in 2020 (currently held at WRMC) as well as the NCAA Men’s Basketball Tournament starting in 2022.

FOCH STREET CENTER / MU-2 ZONING: Situated on 6.36 acres of some of the most valuable land in Texas, Foch Street provides investors with one of the largest unobstructed tracts of infill land in the DFW Metroplex. In an effort to promote high density / mixed-use product, the city of Fort Worth designated the W. 7th Entertainment District with the coveted MU-2 zoning (High Intensity Mixed- Use). The MU-2 zoning allows for vertical development up to 12 stories (see section 4.1302 in the Fort Worth Regulation Handbook). Additionally, the district does not have parking requirements, allowing investors to maximize all usable square footage. Unlike many of the Metroplex’s urban districts (Deep Ellum, Bishop Arts and Uptown), the city of Fort Worth has cut out the red tape and restrictions in order to incentivize developers / owners to create a “high intensity” product. The MU-2 designation is one of many value- add components available to investors.

LEASE-UP POTENTIAL: Currently, Foch Street provides investors with 29,172 SF of second generation retail / restaurant space, available for lease-up day 1 of ownership. The ten (10) available spaces are located in Building 1 (6), Building 2 (2) and Building 3 (2), all of which enjoy excellent visibility and frontage along Foch Street. As the area continues to surge, the availability provides an immediate and drastic boost to ownership’s return. executive summary DB2RE | 8 investment highlights UNBEATABLE DEMOGRAPHICS: Foch Street is located within the rapidly growing West 7th Street corridor of Fort Worth’s Entertainment / Cultural Districts. Within a three mile radius of the Property there are 92,722 residents increasing to more than 271,873 residents within five miles of the property. Furthermore, average household incomes within the one mile and three miles radii are $86,798 and $78,085 respectively. The area within a one-mile radius has seen a staggering growth rate of around 21.00% over the past five years. Actual growth is expected to be much higher as construction of high-end residential continues. Furthermore, daytime densities within a three and five mile radius brings the trade area 128,155 and 199,311 employees daily. According to current estimates, there are 6,953 and 12,372 businesses within the respective three and five mile radii.

FAVORABLE LEASE TERMS / SIGNIFICANT VALUE-ADD: Currently, shop rental rates among existing tenants average a staggering low $21.35, with 56.00% of the property paying between under $25.00 PSF. Additionally, 56.40% of the property has contractual rent increases remaining, 52.86% of the property boasts FMV options at the end of their lease with 32.20% of the property having less than four-years of term remaining. The combination of these value-add opportunities provides investors with incredible short-term and long-term rent growth, as well as, tremendous flexibility when increasing rates or preparing for a redvelopment.

LIMITED ROLL-OVER EXPOSURE: Other than iProspect (18.42% of the property and 21.29% of the total revenue), no tenant / space makes up more than 6.50% of the total GLA or 10.00% of the total revenue. Texas Republic ranks 2nd in both categories representing 6.14% of the GLA and 9.66% of the property’s income. Foch Street has a total of 40 suites / spaces with an average foot print of 3,572 SF. The bifurcated spaces minimizes roll-over exposure, as well as, allows ownership to obtain higher rates upon lease-up.

LEGACY INVESTMENT / HIGH BARRIER MARKET: Excellent legacy asset for both long-term and short-term retail investors looking for prime, infill opportunities. Offering provides prospective purchasers with excellent tenancy and a stabilized revenue stream. Even more rare, the offering provides immediate and long- term value add opportunities not often found in urban mixed-use developments. Assets like Foch Street are a once in a lifetime investment. Moreover, the Fort Worth market, in particular the W. 7th corridor, is an extremely hard market to enter. Owners in the City of Fort Worth are well known for keeping ownership confined to the local elite as well as passing assets onto future generations. Due to the fact assets do not trade hands often, when an opportunity arises to enter the market, it is imperative to act quickly. executive summary DB2RE | 9 investment highlights STATE OF THE ART ADAPTIVE REUSE: Originally constructed in the late 40’s and early 50’s, all three buildings were constructed immediately following WWII, between 1947 through 1953. Foch Street has been considered a monument of the changing times. As Fort Worth grew, the need for an centralized urban development followed. In early 2000’s, Fort Worth natives Jim and Mark Harris purchased Foch Street and embarked on a journey to transform the assets into the treasure it is today. Phase I was completed during 2002 and Phase II was later completed in 2011. The undertaking was one of the first and most notable adaptive reuse projects in the state. The developers and designers were able to maintain the property’s architectural integrity as well as provide all the amenities commonly found in competitive assets. The state of the art design and transformation to a mixed-use concept embodies the live, work and play environment of the West 7th Entertainment District.

EXPERIENCE ECONOMY - FOCH STREET: With the rise of the millennials / Generation Y, the nation’s largest demographic group, retailers and business have been forced to adapt to an entirely new set of rules. The need for instant gratification has led to struggles for ordinary bricks and mortar retailers as consumers look online to buy goods. However, there is one exception and Foch Street has recognized the changes in the market and positioned itself to ensure the property’s long-term success. Foch Street is a destinational, service and experience oriented mixed- use asset. Although millennials want instant gratification, what is even more important to this demographic is their desire for social experiences. Foch Street and its owners have answered this call by creating a diverse tenant mix of specialty / boutique retailers that offer a specialized service or high-end product that can’t be produced online. Additionally, the property has developed an unique creative office concept that draws the attention of companies like iProspect that value a centralized location among a young and educated workforce as well as access to amenities and entertainment. Third, the addition of tenants like The Reservoir, Chimy’s and Texas Republic (three of Fort Worth’s most notable restaurants / bars) bring the entire social experience together. These tenants are the focal point of the property and produce the critical experience / entertainment aspect the West 7th Entertainment District is famous for.

FORT WORTH’S THRIVING ECONOMY: As part of the DFW Metroplex, #4 largest metro by population and #6 in terms of GDP, Fort Worth plays a pivotal role in the growth of the DFW economy. Over the years, Fort Worth has been honored with some pretty prestigious accolades that include: #1 City For Jobs - Forbes 2017, Best Places To Live - News & World Report 2017, Top Metro For Talent Attraction - EMSI 2017 and #1 In Job Growth - BLS 2016, among other designations. Fort Worth’s stable economy, vibrant population, business friendly environment, and low cost of living will continuously promote tremendous economic and retail growth. Furthermore, Fort Worth and the DFW Metroplex continues to be the fastest growing city / metro in the nation, providing the continued growth needed to ensure long- term success of any real estate investment. SECTION 2 PROPERTY & MARKET History PROPERTY & MARKET HISTORY the rise of the west 7th entertainment district

Bridging Downtown Fort Worth to the historic Fort Worth Cultural District, the West 7th Entertainment District has quickly become one of the hottest entertainment scenes in the state of Texas. Situated directly across University Drive sits the Fort Worth Cultural District which boast four of the city’s most important landmarks. Established in 1936 and bringing in over 2 million visitors annually, the Will Rogers Memorial Center is also home to the acclaimed Fort Worth Stock Show & Rodeo. In 2014, residents of Fort Worth unanimously approved the building of the $540 million Dickies Arena which is scheduled for completion in late 2019. When completed, Dickies Arena will be a 14,000 seat multipurpose arena that will host a variety of events including the Fort Worth Stock Show and Rodeo starting in 2020, concerts and sporting events such as the 2022 NCAA men’s basketball tournament. Additionally, the Cultural District is also home to two of the world’s most renowned museums: The Modern Art Museum of Fort Worth and The Kimbell Art Museum. Together, the Cultural District brings an astonishing 10 million visitors annually.

Due to the number of visitors each year and the economic impact of Fort Worth Cultural District, Fort Worth looked to solidify the areas dominance by creating the West 7th Entertainment District. Located one mile north of Interstate 30 along University Drive and one mile west of Downtown Fort Worth along W. 7th Street, the 80 acre tract was designated as Fort Worth’s primary urban / core mixed-use project(s). This pedestrian friendly sixteen-block urban village offers everything from high-end residential, hotels and Class-A office space to specialty retailers, entertainment venues and restaurants. As we know it today, the core area of the West 7th Entertainment District extends half a mile from University Drive to the west, all the way to the Trinity Railway Express to the east. The north and south boundaries span a quarter of a mile, starting at W. 7th Street to the north and stopping at W. Lancaster Avenue to the south. Over the last couple of years, the surrounding areas north of W. 7th Street have experienced tremendous growth as well, most notably Montgomery Plaza, Left Bank and The Foundry District. To this day, the W. 7th Entertainment District remains designated as Fort Worth’s premier core / urban mixed-use development with the coveted MU-2 classification. In an effort to support high density mixed-use development, properties with the MU-2 designation have the ability to go vertical up to 12 stories. Furthermore, the district does not have parking requirements, allowing owners great latitude in how they utilize their property and maximize value. The special privileges granted to owners is just one of the many unique attributes that draws investors to this corridor in addition why the area continues to grow.

In 2006, Dallas based Cypress Equities, in partnership with Washington D.C. based The Carlyle Group announced their plans to build the three phase Crockett Street at West 7th development. The Crockett Street development was the initial project that kicked off the West 7TH Entertainment District as well as brought the trade area into the national spotlight. Crockett Street at West 7th spans across the entire northern portion of the Entertainment District and consists of over 279,000 square feet of boutique retail and restaurant, over 550 residential units and 103,000 square feet of Class-A office space. The first two phases were completed in 2010 with phase three (Multi-Family) scheduled for completion in 2018. At nearly the same time Crockett Street was announced, Fort Worth experienced an economic boom with the discovery of the Barnett Shale. Overnight the Barnett Shale created generational wealth for a vast number of Fort Worth families. With the influx of cash and the announcing of the city’s largest mixed-use projects, the area transformed overnight. Since 2010, an additional 1.2 million square feet of new development and adaptive reuse projects have been completed in the core of the West 7th Entertainment District. The tremendous growth seen over the past eight years continues to this day. PROPERTY & MARKET HISTORY THE HISTORY OF FOCH STREET

Built by the Leonard Family at the end of WWII, the two main buildings date back to 1946 with the third building completed in early 1953. Foch Street consist of three buildings totalling 135,727 square feet and spans across 6.36 acres along Foch Street, between W. 7th Street and W. Lancaster Avenue. Foch Street is a product of the unimaginable achievements during the post-World War II era. During this period of time, extraordinary investments were made to improve our nation’s cities and grow our depleted economy. Innovation and expansion efforts created a level of prosperity that drove us to build the architectural jewels we have today (Foch Street). Over the years, the property has been home to an elite group of specialty retailers that include companies like Leonard’s Farm and Ranch Store (at the time, Leonard’s was one of Fort Worth’s largest companies and leading retailers in the Southwest), Williamson Dickie (Dickie’s), Montgomery Ward & Co. and Tandy Mart, among others.

From retail royalty to blue collar manufacturing, starting in the late 70’s, the area now known as the West 7th Entertainment District became more industrialized. However, through the years, one thing as stayed constant, Foch Street has always been a landmark asset that represents the best of Fort Worth and its historic rise to prominence. Today, the property is better than ever, serving as one of the DFW Metroplex’s most unique entertainment destinations and mixed-use developments. Redeveloped by Fort Worth natives Jim and Mark Harris and masterfully designed by Bennett Benner Partners, the first phase of the Foch Street revitalization project was completed in 2002 with the final phase delivered in late 2011. The property is considered one of the first and most significant adaptive reuse projects in the state of Texas and a trend setting concept for the trade area. The conversion from warehouse to the specialty retail and creative office concept was a testament to the forward thinking of its prior owners. Moreover, the central theme of the remodel was to maintain the integrity of the original structure and unique architectural characteristics that make Foch Street the timeless treasure it is today. By incorporating contemporary accents, some minimalistic flair and modern day amenities, the Harris family forged an entirely new kind of shopping and dining experience not found anywhere else in the state of Texas at the time.

For the last 15 years, Foch Street has served as the standard-bearer for mixed-use assets in the area. Today, the property is home to over 30 specialty retailers and creative office users including local favorites The Reservoir, Chimy’s, Texas Republic, Colonels’ Bicycles as well as businesses like iProspect and Steel City Pops. With the completion of Cypress Equities’ Crockett Street at West 7th development in 2010, the West 7TH Entertainment District area began to garner national attention. As the markets first mixed-use development, having been redeveloped eight years before Crockett Street was even built, Foch Street serves a pivotal role in the continued growth and gentrification of the West 7th Entertainment District. Currently, the district finds itself in the spotlight as one of the nation’s youngest and hottest urban mixed-use - live, work, and play environments. Stretching nearly a quarter mile (1,000 + feet) on 6.36 acres along the eastern edge of the West 7th Entertainment District, Foch Street “Property” is one of the largest unobstructed tracts of land, making it a prime candidate for a large scale redevelopment project in the future. Furthermore, the property serves as a pinch point, forcing traffic along its 1,000 plus feet of street frontage. The unparalleled access and visibility to this urban village offers investors incredible flexibility in the event the asset is repositioned. PROPERTY & MARKET HISTORY the future of retail - foch street

According to The United States Council of Economic Advisers, Generation Y (millennials) are the largest generation in the U.S., representing over one-third of the U.S. population. Researchers categorize millennials / Generation Y as having been born between 1980 and the mid 2000’s. The demographic shift caused by the rise of the millennials has quickly changed the business landscape for eternity. Millennials have created an entirely new culture, far different from their Gen-X predecessors. Millennials are steadfast in their convictions, demanding convenience and experience over practicality and affordability, urban over suburban and social as opposed to private. Although this demographic makes around 20.00% less than their parents, their penchant for impulse spending on goods, services and leisure accounts for nearly $1.4 trillion dollars in retail sales, over 35% of all retail spending. Secondly, they have become the influencers of the market and leaders in the workforce, owning over 30.00% of the management positions.

This radical transformation has given rise to the experience economy, fundamentally altering how businesses evaluate the five critical W’s (who, what, where, when and why). There is no other industry that highlights these advances more than the retail world. The experience economy has forced retailers to re-evaluate who their target consumer is, what services to provide or not to provide and most importantly, altered where, how and why retailers conduct business. As a result of these dynamic market forces, tenants / businesses / retailers are adapting to the needs of millennial consumers. This adaptation has had a trickle-down effect, pushing investors of commercial assets, especially retail investors to modify their properties, investment criteria and philosophy.

Foch Street’s diverse tenant mix, consisting of predominately all destination, experience and speciality retailers and businesses, is already well equipped for the future retail environment, providing incredible long-term stability for new ownership. To put it simply, you can’t buy a good time out with friends online. The “experience” created while shopping, dining and working at Foch Street forces the consumer to be present. In addition to a stabilized revenue stream and a sound foundation Day 1, the offering provides investors with a wide range of unique value-add opportunities in both the short-term and the long-term. The combination of over 28,063 square feet of lease-up potential, below market rates and future redevelopment opportunities ensures new ownership’s is able to adapt to changes in the market and continues to grow their investment well into the future. SECTION 3 PROPERTY INFORMATION PROPERTY INFORMATION DB2RE | 15 PROPERTY DETAILS

821 - 1075 Foch Street ADDRESS: Fort Worth, Texas 76107 Tarrant County Foch North - 22165-1-4 APN: Foch South - 22165-1-3

BUILDING SIZE: 135,727 SF

6.36 AC LOT SIZE: Foch North - 2.826 AC Foch South - 3.533 AC

OCCUPANCY: 78.51%

1947 & 1953 YEAR BUILT: Renovated: 2002 & 2011 Approximately 250 surface spaces / 1.84 PARKING: per 1,000

SIGNAGE: Tenant signage on every tenant’s facade

Four (4) points of entry and exit along INGRESS / EGRESS: Foch Street

ZONING: MU-2

Foch 1: 2018 ROOF: Foch 2: 2012 Foch 3: 1990’s

HVAC: Roof mounted HVAC units

W. 7th Street - 26,496 vpd TRAFFIC: University Avenue - 37,273 vpd PROPERTY INFORMATION DB2RE | 16 SITE PLAN SITE PLAN LEGEND BLUE OCCUPIED RED AVAILABLE GREEN TENANT TO VACATE 1053 & 1055 1057 1063 1065 1067 1071 1075

901 B 833 835 902 845 1015 B 843 1045 B 855 921 1001 841 935 945 821 825 1015 1013 A 1021 901 831 837 1007 A 902 925 931 1003 1005 851 A 1011 1017 1019 1009

BUILDING 1 BUILDING 2 BUILDING 3 SUITE TENANT SIZE SUITE TENANT SIZE SUITE TENANT SIZE SUITE TENANT SIZE 821 Available - 2nd Gen End-Cap 4,400 901 - A Hurts Donuts 3,000 1001 Reservoir 5,343 1045 Enilon Digital Marketing 6,907 825 Asel Art Supply 3,988 901 - B Available 1,125 1003 Percision Sport Nutrition 1,729 1053 & 1055 Chimy’s 3,708 831 Materials Marketing 2,000 902 - A Sushi Zoom 1,500 1005 Chills 360 1,609 1057 Hair by Charlie 2,046 833 Available - 2nd Gen 2,000 902 - B Available 2,313 1007 Ideal Skin Laser & Welness 2,459 1063 Browtique 1,286 835 Avoca Coffee 2,340 921 Available 4,109 1009 Quickset Jewelry 853 1065 LIFT Creations 1,036 837 Onslow’s 1,620 925 Juice Junkies 1,900 1011 They Cyro Spa 1,705 1067 Available 3,000 841 La Familia Mexican 4,000 931 Shot Bar 1,900 1013 Backwoods 3,450 1071 Optimal Force Fitness 830 843 Available - 2nd Gen Restaurant 4,974 935 J. Raes Bakery 3,988 1015 - A Available 3,651 1075 Available 2,600 845 iFort 4,062 945 Texas Republic Bar & Restaurant 8,339 1015 - B Available 1,000 851 Colonel’s Bikes 3,000 1017 Signarama 1,665 855 There’s No Place Like Home 4,125 1019 Steel City Pops - Corporate 1,167 1021 iProspect 25,000 PROPERTY INFORMATION TENANT PROFILE

WEBSITE: www.bar-reservoir.com OWNERSHIP: Private % OF PROPERTY: 3.94% % OF REVENUE: 5.61% LEASE START: November 1, 2012 LEASE END: October 31, 2022 ESCALATIONS: Two (2) $1.00 increases RESERVOIR RENEWAL OPTIONS: One (1) five-year at FMV

Reservoir was founded by famous restaurateur Emil Bragdon, the godfather of the W. 7th District. Reservoir was the first of three concepts Emil has in the area as well as consistently WEBSITE: www.iProspect.com ranked as the highest grossing bar in the area over the past OWNERSHIP: Private five-years. The vision behind Reservoir was to create a % OF PROPERTY: 18.42% modern, industrial and patio driven gastropub. The menu is % OF REVENUE: 20.71% an integration of bar & spirits meshed with southern comfort LEASE START: May 1, 2012 favorites, in addition to fresh from scratch brick oven fired LEASE END: July 31, 2022 pizzas. ESCALATIONS: Three (3) $0.25 increases RENEWAL OPTIONS: One (1) five-year at FMV iPROSPECT

iProspect is the world’s leading digital performance marketing agency, helping brands across the world gain recognition, measure performance and most importantly succeed in this complex digital day and age. Founded in 1996, the company’s current headquarters is in Boston, MA. iProspect is a global institution, currently in all six major continents (11 offices in North America, 5 in Latin America, 47 offices throughout Europe, Middle East and Africa and 18 offices in Asia).iProspect is one of Fort Worth’s most iconic companies as they were one of the first major “digital / tech” related companies to call Fort Worth their home. PROPERTY INFORMATION TENANT PROFILE

WEBSITE: www.chimys.com OWNERSHIP: Private % OF PROPERTY: 2.73% % OF REVENUE: 3.24% LEASE START: April 1, 2011 LEASE END: October 31, 2027 ESCALATIONS: One (1) $3.50 increase CHIMY’S RENEWAL OPTIONS: None

Chimy’s is a Texas casual Tex-Mex chain, founded by a Texas-Tech alum Kyle Wright back in 2000. The inspiration behind the concept was to provide an awesome Tex-Mex WEBSITE: www.texasrepublicfw.com and margaritas with a better atmosphere. Today, Chimy’s OWNERSHIP: Private has four (4) locations in Lubbock, Fort Worth, San Marco’s % OF PROPERTY: 6.14% and College Station. Chimy’s quickly became a staple to % OF REVENUE: 9.40% Fort Worth locals. Over 16 years later, Chimy’s is the longest serving tenant at Foch Street and remains the king LEASE START: May 1, 2017 of lunchtime and dinnertime fun in Fort Worth. LEASE END: April 30, 2027 ESCALATIONS: Three (3) $1.43 increases RENEWAL OPTIONS: Two (2) five-year at FMV TEXAS REPUBLIC

Living up to the hype, Texas Republic has brought a new Texas size restaurant and bar to the W. 7th Entertainment District. Owned and operated by Sam Sameni, the famous Dallas-Fort Worth restauranteur and bar owner has opened up numerous establishments in Uptown Dallas as well as Landmark Bar and Kitchen down the street. Texas Republic is their newest pride and joy. The bar / restaurant is a modern Texas inspired bar with beer on tap and moonshine shots as well as delicious over the top bar food from chef Clint Connaway. The nightlife is stimulating, offering a stage for concerts, outdoor/indoor turf patio as well as a brand new rooftop patio scheduled for completion June 2018. Texas Republic also offers bottle service for private parties. Since opening, Texas Republic has seen an unbelievable amount of traction, adding to the already popular W. 7th Entertainment District. SECTION 4 LOCATION OVERVIEW LOCAL MAP

REGIONAL MAP DOWNTOWN FORT WORTH

NEAR SOUTHSIDE

PANTHER ISLAND

THE FOUNDRY DISTRICT WEST 7TH ENTERTAINMENT DISTRICT WHITE SETTLEMENT LEFT BANK BUSINESS DISTRICT MONTGOMERY PLAZA FOCH STREET

ELAN WEST 7TH TRINITY RIVER PARK FORT WORTH URBAN VILLAGE PARK 7 - LINWOOD DISTRICT FARRINGTON FIELD CROCKETT ROW AT WEST 7TH FORT WORTH MUSEUM PLACE MODERN ART MUSEUM OF FORT WORTH CULTURAL DISTRICT FORT WORTH BOTANIC GARDEN

KIMBELL ART MUSEUM WILL ROGERS MEMORIAL CENTER NORTH HI MOUNT & MONTICELLO UNT HEALTH SCIENCE CENTER DICKIES ARENA NEIGHBORHOODS AMON CARTER MUSEUM FORT WORTH MUSEUM OF OF AMERICAN ART SCIENCE & HISTORY

ARLINGTON HEIGHTS NEIGHBORHOOD LEFT BANK

MONTGOMERY PLAZA DOWNTOWN FORT WORTH MONTGOMERY PLAZA

TRINITY RIVER PARK

THE STAYTON AT PARKSIDE SO7 MUSEUM WAY ARTHOUSE CROCKETT ROW AT W. 7TH AT S07 W. 7TH STREET OLYMPUS 7TH W. LANCASTER AVENUE STREET STATION SO 7 TOWNHOMES

FOCH STREET

CROCKETT STREET

MORTON STREET BLEDSOE STREET BLEDSOE DOWNTOWN FORT WORTH

THE STAYTON AT MUSEUM WAY TRINITY RIVER PARK MONTGOMERY PLAZA MARRIOTT LEFT BANK PARKSIDE SO7 ARTHOUSE W. LANCASTER AVENUE AT S07 SO7 FARRINGTON FIELD

W. 7TH STREET OLYMPUS 7TH TOWNHOMES STREET STATION

FOCH STREET TAILWIND 2800 BLEDSOE BLEDSOE STREET

BG&S MORTON STREET MORTON

CROCKETT STREET RODEO GOAT

CROCKETT ROW AT W. 7TH AMERICA GARDENS DOWNTOWN FORT WORTH

WHITE SETTLEMENT ROAD LEFT BANK THE FOUNDRY DISTRICT MONTGOMERY PLAZA CARROLL AVENUE PARKSIDE SO7 THE STAYTON AT MUSEUM WAY W. 5TH STREET OLYMPUS 7TH ARTHOUSE STREET STATION W. 6TH STREET AT S07 MARRIOTT CROCKETT ROW AT W. 7TH

W. 7TH STREET SO7 FOCH STREET TOWNHOMES CROCKETT STREET

MORTON STREET

BLEDSOE STREET

W. LANCASTER AVENUE CURRIE STREET

BELL LANCASTER APARTMENTS FARRINGTON FIELD PROPERTY INFORMATION DB2RE | 25 DEMOGRAPHICS

1 MILE 3 MILE 5 MILE

TOTAL POPULATION: 8,855 92,722 271,873

POPULATION GROWTH RATE: 5.31% 2.31% 1.49%

TOTAL HOUSEHOLDS: 4,714 36,187 93,292

HOUSEHOLD GROWTH RATE: 5.21% 2.60% 1.64%

AVERAGE HOUSEHOLD INCOME: $87,876 $86,798 $78,085

MEDIAN AGE: 34.5 34.5 33.1

BUSINESSES: 1,485 6,953 12,372

EMPLOYEES: 22,736 128,155 199,311

% WHITE: 74.50% 69.60% 62.30%

% HISPANIC: 35.70% 42.70% 54.30% SECTION 5 MARKET OVERVIEW market overview dfw national recognition

#1 - Top Metro For Talent Attraction, EMSI - 2017 #1 - Best Cities for Jobs 2017, Forbes - 2017 #1 - Best Places To Live (Top 20), U.S. News & World Report - 2017 #1 - Percent Job Growth, 2016 #1 - Real Estate Market For 2016, Urban Land Institute – 2016 #1 - CEO’s Name Texas Best State For Business, CEO Magazine - 2016 #1 - Top Emerging Real Estate Market In 2016, PWC / ULI - 2015 #1 - America’s #1 Most Business Friendly City, MarketWatch - 2015 #1 - Most Efficient Metro Region, The U.S. COCF - 2015 #1 - Best City for Jobs This Fall (Dallas), Forbes - 2014 #1 - Texas has the Best Business Climate, DCI - 2014 #1 - Downtown Fort Worth is No. 1, Livability.com - 2014 #1 - Top city in the country to find tech professionals (Dallas), Kforce - 2013 #1 - Most affordable Major Metropolitan Area in the U.S., ZipRealty – 2013 #2 - Country’s Healthiest Housing Markets, CNBC - 2017 #2 - Top Metros of 2016, Site Selection - 2017 #2 - Absolute Job Growth, 2016 #2 - Best City for Job Seekers in 2015 (Fort Worth), NerdWallet – 2015 #3 - Best Sports Cities In The United States, Sports Illustrated - 2017 #3 - Hottest Housing Market, Zillow – 2016 #3 - Corporate Expansions, 2016 market overview fort worth national recognition

#1 – Top Metro For Talent Attraction, EMSI - 2017 #1 - Best Cities for Jobs 2017, Forbes - 2017 #1 - Best Places To Live (Top 20), U.S. News & World Report - 2017 #1 - Percent Job Growth, 2016 #1 - Real Estate Market For 2016, Urban Land Institute – 2016 #1 - (Fort Worth) Growth Rate In The Nation (2000 – 2013), U.S. BLS – 2013 #1 - (Fort Worth) Top 20 Cities To Start A Small Business, WalletHub – 2017 #1 - (Fort Worth) Most Recession-Recovered Large City, WalletHub - 2017 #1 – (Fort Worth) Top Places For Entrepreneurs, Entrepreneur Magazine – 2015 #1 – (Fort Worth) America’s Most Livable Communities #1 – (Fort Worth) Greatest Art Destinations In The World, Vanity Fair – 2015 #1 – (Fort Worth) Top Medical Districts In The Nation #2 - (Fort Worth) Best Cities for Job Seekers, Forbes – 2015 #3 – (Fort Worth) Fastest Growing Economies, WalletHub - 2015 #4 – (Fort Worth) Biggest Metros in the Nation #5 - (Fort Worth) Best Large City for First-Time Home Buyers, WalletHub - 2017 #6 - (Fort Worth) Best Large Real-Estate Market, WalletHub - 2016 #16 – (Fort Worth) Largest Cities In The Nation - U.S. BLS - 2016 market overview dfw market overview

The Dallas/Fort Worth Metroplex (DFW) is a dynamic 12-county region made up of Dallas, Fort Worth, and another 150 municipalities. The DFW Metroplex is the largest urban agglomeration in Texas and the fourth largest in the United States spanning an area of 9,286 square miles with a population of approximately 7.1 million people. As the fourth fastest growing region in the United Sates, the DFW population in 2016 was 33.6% higher than in 2000 according to data from Neilson Claritas; by the year 2030, it is projected that over 10.5 million people will be living in the Metroplex according to the Dallas Regional Chamber.

The DFW region is the most economically diverse region in the state of Texas. The GDP of North Texas is estimated to be $486 Billion, and if DFW were its own state it would be the 9th largest in the Nation and 23rd largest country in the World, behind Taiwan. Twenty Fortune 500 companies have their headquarters in DFW. DFW is connected to the world by the nation’s fourth busiest airport and is served by 55 international flights. DFW has the largest workforce in the state of Texas totaling over 3.51 million people, and 34.20% of the population 25 and older have a bachelor’s degree or higher. In DFW, there are 33 colleges and universities, 157 public school districts and 96 public charter schools, according to the North Texas Commission.

Dallas/Fort Worth consistently ranks as a top market for job growth over the short and long term due to its central location, pro-business environment and strong economy. Historically a leader with respect to job growth, DFW added 717,000 jobs since 2010 and 120,500 jobs in 2016 alone, equating to a 3.50% increase to the employment base. Dallas/Fort Worth as well as Texas, continuously boast an unemployment rate lower than the National Average (4.30%). As of Today, DFW enjoys an average unemployment rate of 3.80%. market overview west 7th overview

The West 7th Entertainment District culminates several of Fort Worth’s diverse districts that come together at this section of West 7th Street. Stemming from downtown Fort Worth’s Central Business District, West 7th Street crosses the Trinity River and stretches for just over a mile until it intersects with Camp Bowie Boulevard and University Drive. Within this mile stretch lies nearly 16 blocks of established and recently developed restaurants, bars, shopping destinations and residences. Next to the West 7th Entertainment District is Fort Worth’s Cultural District. Here you will find the Fort Worth Museum of Modern Art and the Kimball Art Museum, two of the most renowned museums in the world. Furthermore, the area is home of the legendary Will Rodgers Memorial Center, host of the Fort Worth Stock Show and Rodeo as well as the new $540 million, 14,000 seat multipurpose Dickie’s Arena - scheduled for completion at the end of 2019. The convergence of the West 7th Entertainment District and Cultural District have come together to created one of the most pivotal economic drivers in the DFW Metroplex and unique tourist attractions in the State with over 8.5 million visitors annually.

The most notable and on-going development in the area is Crockett Row at W. 7th, a three phase mixed-use development stretching from Foch Street, along 7th Street, to University Drive. With the first phase completed in 20010 and phase II completed in 2011, phase III is underway and will modernize the existing property to include another 15,000 SF of retail shop space, 16,000 SF food hall and 300 additional luxury residences along University Drive and Morton Street.

The West 7th Entertainment District is Fort Worth’s main mixed-use urban developments. The entire area is uniquely zoned (MU-2) to allow for high density, mixed-use product types. The MU-2 zoning incentivizes developers to ensure the area continues to expand. Today there is over 675,000 square feet of retail space, 650,000 square feet of Class A office space and over 5,000 residents in a multitude of multifamily projects. Over the last couple of years, the growth has continued to spread in all directions, most notably, The Left Bank development at W. 7th Street and Carroll Street. Due to the walkability and population growth in the immediate corridor, the West 7th Entertainment District is now DFW’s hottest live, work and play destinations. The word is out, setting off a huge migration of different businesses, retailers and restaurants all moving to the W. 7th District. SECTION 6 FINANCIAL ANALYSIS FINANCIAL ANALYSIS - rent roll DB2RE | 32

LEASE TERM BASE RENTAL TERMS RECOVERIES TOTALS

TENANT SUITE GLA % Of GLA LEASE TYPE START END ANNUAL PSF % OF REV ANNUAL PSF % OF REV TOTAL % REV

Available 1 - 821 4,400 3.24% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

Azel Art Supply 1 - 825 3,988 2.94% NNN 03/08 02/20 $63,804 $16.00 1.94% $37,702 $9.45 1.15% 3.09%

Materials Marketing 1 - 831 2,000 1.47% NNN 06/06 09/20 $39,996 $20.00 1.22% $18,908 $9.45 0.58% 1.79%

Available 1 - 833 2,000 1.47% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

Avoca Coffee 1 - 835 2,340 1.72% NNN 05/16 05/26 $44,460 $19.00 1.35% $22,122 $9.45 0.67% 2.03%

Onslow's 1 - 837 1,620 1.19% NNN 11/14 10/19 $38,880 $24.00 1.18% $15,315 $9.45 0.47% 1.65%

La Familia Mexican 1 - 841 4,000 2.95% NNN 07/10 07/25 $84,000 $21.00 2.56% $37,816 $9.45 1.15% 3.71%

Available 1 - 843 4,974 3.66% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

iFort LLC 1 - 845 4,062 2.99% NNN 11/16 10/21 $48,744 $12.00 1.48% $38,402 $9.45 1.17% 2.65%

Colonel's Bicycles 1 - 851 3,000 2.21% NNN 04/12 06/22 $54,000 $18.00 1.64% $28,362 $9.45 0.86% 2.51%

There's No Place Like Home 1 - 855 4,125 3.04% NNN 10/11 09/21 $74,250 $18.00 2.26% $38,997 $9.45 1.19% 3.45%

Hurts Donuts 1-901 A 3,000 2.21% NNN 10/18 09/28 $75,000 $25.00 2.28% $28,362 $9.45 0.86% 3.15%

Available 1 - 901 B 1,125 0.83% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

Sushi Zoom 1 - 902 A 1,500 1.11% NNN 06/18 08/25 $37,500 $25.00 1.14% $14,181 $9.45 0.43% 1.57%

Available 1 - 902 B 2,313 1.70% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

Available 1 - 921 4,109 3.03% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

Juice Junkies 1 - 925 1,900 1.40% NNN 09/13 08/23 $36,100 $19.00 1.10% $17,962 $9.45 0.55% 1.65%

Shots Bar 1 - 931 1,900 1.40% NNN 10/18 09/23 $60,800 $32.00 1.85% $17,962 $9.45 0.55% 2.40%

J. Rae's Cheesecakes 1 - 935 3,988 2.94% NNN 12/08 08/23 $63,696 $15.97 1.94% $37,702 $9.45 1.15% 3.09%

Texas Republic 1 - 945 8,339 6.14% NNN 05/17 04/27 $238,162 $28.56 7.25% $78,836 $9.45 2.40% 9.66%

Reservoir Bar & Restaurant 2 - 1001 5,343 3.94% NNN 11/12 10/22 $144,261 $27.00 4.39% $50,512 $9.45 1.54% 5.93%

Percision Sports Nutrition 2 - 1003 1,729 1.27% NNN 04/17 03/22 $38,903 $22.50 1.19% $16,346 $9.45 0.50% 1.68%

Chills 360 2 - 1005 1,609 1.19% NNN 10/17 10/22 $40,225 $25.00 1.23% $15,211 $9.45 0.46% 1.69%

Ideal Skin Medspa 2 - 1007 2,459 1.81% NNN 02/18 01/23 $54,098 $22.00 1.65% $23,247 $9.45 0.71% 2.36%

Quickset Jewelry Repair 2 - 1009 853 0.63% NNN 11/15 11/20 $20,472 $24.00 0.62% $8,064 $9.45 0.25% 0.87%

The Cryo Spa 2 - 1011 1,705 1.26% NNN 09/13 03/23 $43,026 $25.23 1.31% $16,119 $9.45 0.49% 1.80%

Backwoods 2 - 1013 3,450 2.54% NNN 07/14 06/19 $87,949 $25.49 2.68% $32,616 $9.45 0.99% 3.67%

Available 2 - 1015 A 3,651 2.69% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

Available 2 - 1015 B 1,000 0.74% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

Signarama 2 - 1017 1,665 1.23% NNN 09/17 08/22 $41,625 $25.00 1.27% $15,741 $9.45 0.48% 1.75%

Steel City Pops - Corporate Office 2 - 1019 1,167 0.86% NNN 02/17 02/22 $23,340 $20.00 0.71% $11,033 $9.45 0.34% 1.05% FINANCIAL ANALYSIS - rent roll DB2RE | 33

LEASE TERM BASE RENTAL TERMS RECOVERIES TOTALS

TENANT SUITE GLA % Of GLA LEASE TYPE START END ANNUAL PSF % OF REV ANNUAL PSF % OF REV TOTAL % REV

iProspect 2 - 1021 25,000 18.42% NNN 05/12 07/22 $462,500 $18.50 14.09% $236,347 $9.45 7.20% 21.29%

Enilon 2 - 1045 6,907 5.09% NNN 01/16 12/23 $163,991 $23.74 5.00% $65,298 $9.45 1.99% 6.98%

Chimy's 3 - 1053 & 1055 3,708 2.73% NNN 04/01 10/27 $74,160 $20.00 2.26% $35,055 $9.45 1.07% 3.33%

Hair By Charlie 3 - 1057 2,046 1.51% NNN 10/16 01/27 $51,477 $25.16 1.57% $19,343 $9.45 0.59% 2.16%

Browtique 3 - 1063 1,286 0.95% NNN 10/16 10/21 $30,864 $24.00 0.94% $12,158 $9.45 0.37% 1.31%

LIFT Creations 3 - 1065 1,036 0.76% NNN 12/16 02/20 $21,756 $21.00 0.66% $9,794 $9.45 0.30% 0.96%

Available 3 - 1067 3,000 2.21% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

Optimal Force Fitness 3 - 1071 830 0.61% NNN 12/16 04/22 $17,430 $21.00 0.53% $7,847 $9.45 0.24% 0.77%

Available 3 - 1075 2,600 1.92% - - - $0 $0.00 0.00% $0 $0.00 0.00% 0.00%

TOTALS: 135,727 100% $2,275,469 68% $1,007,358 30% 100%

TOTAL NUMBER OF TENANTS / GLA 40 135,727 100.00% [1] Rent Roll per Ownership November 2018 Rent Roll. [2] Expenses per Ownership 2018 Budget & Projections. TOTAL OCCUPIED 30 106,555 78.51% [3] Backwoods to leave at expiration. Hurts Donuts in 1 - 901 A and Shot Bar in 1 - 931 are estimated commencement dates. Actual start dates may differ according to completion of build-out. [4] All rent escalations on or before January 1, 2018 are taken into consideration. Analysis start date is 1/1/2019. TOTAL AVAILABLE 10 29,172 21.49% [5] All tenants are assumed to be reimbursing for all NNN Expenses + Management Expenses, including all new tenants. Per notes, tenants with high water usage are separately metered. AVERAGE SHOP RENT / GLA $22.23 81,555 76.54% [6] CAM Expenses estimated to be $3.04 PSF per 2018 Budget & Adjustments. [7] Management Fee estimated at 3.0% of EGI. AVERAGE ANCHOR RENT / GLA $18.50 25,000 23.46% [8] Insurance Expense estimated to be $0.10 PSF according to current 2018 budget. [9] Taxes per current 2018 Budget. AVERAGE OVERALL RENT / GLA $21.35 106,555 100.00% FINANCIAL ANALYSIS - NNN reimbursements DB2RE | 34

CAM MANAGEMENT FEE INSURANCE TAXES TOTAL RECOVERY

TENANT SUITE GLA % ANNUAL PSF ANNUAL PSF ANNUAL PSF ANNUAL PSF ANNUAL PSF

Available 1 - 821 4,400 3.24% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Azel Art Supply 1 - 825 3,988 2.94% $12,123 $3.04 $2,894 $0.73 $416 $0.10 $22,269 $5.58 $37,702 $9.45

Materials Marketing 1 - 831 2,000 1.47% $6,080 $3.04 $1,451 $0.73 $209 $0.10 $11,168 $5.58 $18,908 $9.45

Available 1 - 833 2,000 1.47% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Avoca Coffee 1 - 835 2,340 1.72% $7,113 $3.04 $1,698 $0.73 $244 $0.10 $13,067 $5.58 $22,122 $9.45

Onslow's 1 - 837 1,620 1.19% $4,925 $3.04 $1,175 $0.73 $169 $0.10 $9,046 $5.58 $15,315 $9.45

La Familia Mexican 1 - 841 4,000 2.95% $12,159 $3.04 $2,902 $0.73 $418 $0.10 $22,336 $5.58 $37,816 $9.45

Available 1 - 843 4,974 3.66% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

iFort LLC 1 - 845 4,062 2.99% $12,348 $3.04 $2,947 $0.73 $424 $0.10 $22,682 $5.58 $38,402 $9.45

Colonel's Bicycles 1 - 851 3,000 2.21% $9,120 $3.04 $2,177 $0.73 $313 $0.10 $16,752 $5.58 $28,362 $9.45

There's No Place Like Home 1 - 855 4,125 3.04% $12,539 $3.04 $2,993 $0.73 $431 $0.10 $23,034 $5.58 $38,997 $9.45

Hurts Donuts 1-901 A 3,000 2.21% $9,120 $3.04 $2,177 $0.73 $313 $0.10 $16,752 $5.58 $28,362 $0.00

Available 1 - 901 B 1,125 0.83% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Sushi Zoom 1 - 902 A 1,500 1.11% $4,560 $3.04 $1,088 $0.73 $157 $0.10 $8,376 $5.58 $14,181 $9.45

Available 1 - 902 B 2,313 1.70% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Available 1 - 921 4,109 3.03% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Juice Junkies 1 - 925 1,900 1.40% $5,776 $3.04 $1,379 $0.73 $198 $0.10 $10,610 $5.58 $17,962 $9.45

Shots Bar 1 - 931 1,900 1.40% $5,776 $3.04 $1,379 $0.73 $198 $0.10 $10,610 $5.58 $17,962 $9.45

J. Rae's Cheesecakes 1 - 935 3,988 2.94% $12,123 $3.04 $2,894 $0.73 $416 $0.10 $22,269 $5.58 $37,702 $9.45

Texas Republic 1 - 945 8,339 6.14% $25,349 $3.04 $6,051 $0.73 $871 $0.10 $46,565 $5.58 $78,836 $9.45

Reservoir Bar & Restaurant 2 - 1001 5,343 3.94% $16,242 $3.04 $3,877 $0.73 $558 $0.10 $29,835 $5.58 $50,512 $9.45

Percision Sports Nutrition 2 - 1003 1,729 1.27% $5,256 $3.04 $1,255 $0.73 $181 $0.10 $9,655 $5.58 $16,346 $9.45

Chills 360 2 - 1005 1,609 1.19% $4,891 $3.04 $1,168 $0.73 $168 $0.10 $8,985 $5.58 $15,211 $9.45

Ideal Skin Medspa 2 - 1007 2,459 1.81% $7,475 $3.04 $1,784 $0.73 $257 $0.10 $13,731 $5.58 $23,247 $9.45

Quickset Jewelry Repair 2 - 1009 853 0.63% $2,593 $3.04 $619 $0.73 $89 $0.10 $4,763 $5.58 $8,064 $9.45

The Cryo Spa 2 - 1011 1,705 1.26% $5,183 $3.04 $1,237 $0.73 $178 $0.10 $9,521 $5.58 $16,119 $9.45 FINANCIAL ANALYSIS - nnn reimbursements DB2RE | 35

CAM MANAGEMENT FEE INSURANCE TAXES TOTAL RECOVERY

TENANT SUITE GLA % ANNUAL PSF ANNUAL PSF ANNUAL PSF ANNUAL PSF ANNUAL PSF

Backwoods 2 - 1013 3,450 2.54% $10,488 $3.04 $2,503 $0.73 $360 $0.10 $19,265 $5.58 $32,616 $9.45

Available 2 - 1015 A 3,651 2.69% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Available 2 - 1015 B 1,000 0.74% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Signarama 2 - 1017 1,665 1.23% $5,061 $3.04 $1,208 $0.73 $174 $0.10 $9,297 $5.58 $15,741 $9.45

Steel City Pops - Corporate Office 2 - 1019 1,167 0.86% $3,548 $3.04 $847 $0.73 $122 $0.10 $6,517 $5.58 $11,033 $9.45

iProspect 2 - 1021 25,000 18.42% $75,996 $3.04 $18,140 $0.73 $2,610 $0.10 $139,600 $5.58 $236,347 $9.45

Enilon 2 - 1045 6,907 5.09% $20,996 $3.04 $5,012 $0.73 $721 $0.10 $38,569 $5.58 $65,298 $9.45

Chimy's 3 - 1053 & 1055 3,708 2.73% $11,272 $3.04 $2,691 $0.73 $387 $0.10 $20,705 $5.58 $35,055 $9.45

Hair By Charlie 3 - 1057 2,046 1.51% $6,220 $3.04 $1,485 $0.73 $214 $0.10 $11,425 $5.58 $19,343 $9.45

Browtique 3 - 1063 1,286 0.95% $3,909 $3.04 $933 $0.73 $134 $0.10 $7,181 $5.58 $12,158 $9.45

LIFT Creations 3 - 1065 1,036 0.76% $3,149 $3.04 $752 $0.73 $108 $0.10 $5,785 $5.58 $9,794 $9.45

Available 3 - 1067 3,000 2.21% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Optimal Force Fitness 3 - 1071 830 0.61% $2,523 $3.04 $602 $0.73 $87 $0.10 $4,635 $5.58 $7,847 $9.45

Available 3 - 1075 2,600 1.92% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

TOTALS: 135,727 100% $323,912 $77,317 $11,125 $595,003 $1,007,358 FINANCIAL ANALYSIS - tenant notes DB2RE | 36

BASE RENTAL INCREASE OPTION NOTES

TENANT SUITE GLA RENTAL INCREASE(S) DATE MONTHLY ANNUAL PSF RENEWAL NOTES

Available 1 - 821 4,400 ------(1) End Cap - Grandeur Designs expired 3/31/2018.

Azel Art Supply 1 - 825 3,988 - - - - - One (1) five-year (5) option @ FMV -

Materials Marketing 1 - 831 2,000 - - - - - One (1) five-year (5) option @ FMV -

(1) Premisis originally occupied by Ideal Skin. Tenant Available 1 - 833 2,000 ------relocated to Suite 1007.

Avoca Coffee 1 - 835 2,340 Three (3) 06/20 $3,900 $46,800 $20.00 - (1) Tenant water separately metered.

06/22 $4,095 $49,140 $21.00

06/24 $4,290 $51,480 $22.00

(1) One (1) termination option with 60 days notice if Stacy Onslow's 1 - 837 1,620 - - - - - One (1) five-year (5) option @ FMV Yancey is unable to operate the business.

La Familia Mexican 1 - 841 4,000 ------

Available 1 - 843 4,974 Two (2) 08/21 $7,667 $92,000 $18.50 - (1) 2nd Generation Restaurant.

08/23 $8,000 $96,000 $19.30

iFort LLC 1 - 845 4,062 Two (2) 11/19 $4,231 $50,775 $10.21 - -

11/20 $4,401 $52,806 $13.00

Colonel's Bicycles 1 - 851 3,000 - - - - - One (1) five-year (5) option @ FMV -

There's No Place Like Home 1 - 855 4,125 ------

Hurts Donuts 1-901 A 3,000 One (1) 09/23 $6,875 $82,500 $27.50 One (1) five-year (5) option @ FMV -

Available 1 - 901 B 1,125 ------

Sushi Zoom 1 - 902 A 1,500 One (1) 09/21 $3,250 $39,000 $34.67 Two (2) seven-year (7) options at 10.00% increases -

09/23 $3,375 $40,500 $36.00

Available 1 - 902 B 2,313 ------(1) Premises in shell condition.

Available 1 - 921 4,109 ------

Juice Junkies 1 - 925 1,900 Four (4) 09/19 $3,099 $37,183 $19.57 One (1) five-year (5) option @ FMV (1) Tenant water separately metered.

09/20 $3,192 $38,298 $20.16

09/21 $3,287 $39,447 $20.76

09/22 $3,386 $40,631 $21.38

Shots Bar 1 - 931 1,900 Two (2) 10/20 $5,225 $62,700 $33.00 One (1) five-year (5) option @ FMV -

10/22 $5,383 $64,600 $34.00

J. Rae's Cheesecakes 1 - 935 3,988 ------(1) Tenant water separately metered.

(1) Percent Rent: 5.00% of gross sales over $3.75MM. Sales in excess of $5.00MM, subject to a 2.00% CAP. Tenant is Texas Republic 1 - 945 8,339 Three (3) 05/19 $20,841 $250,087 $29.99 Two (2) five-year (5) year options @ FMV averaging approximantley $403,860.75 per month. (2) Tenant water separately metered.

05/22 $21,834 $262,011 $31.42

05/25 $22,828 $273,936 $32.85

Reservoir Bar & Restaurant 2 - 1001 5,343 One (1) 11/20 $12,467 $149,604 $28.00 One (1) five-year (5) option @ FMV (1) Tenant water separately metered.

Percision Sports Nutrition 2 - 1003 1,729 Three (3) 04/19 $3,386 $40,632 $23.50 One (1) five-year (5) option @ FMV -

04/20 $3,458 $41,496 $24.00

04/21 $3,530 $42,361 $24.50

Two (2) five-year (5) options @ FMV, subject to Chills 360 2 - 1005 1,609 Two (2) 11/19 $3,620 $43,443 $27.00 - 12.00% CAP. FINANCIAL ANALYSIS - tenant notes DB2RE | 37

BASE RENTAL INCREASE OPTION NOTES

TENANT SUITE GLA RENTAL INCREASE(S) DATE MONTHLY ANNUAL PSF RENEWAL NOTES

11/21 $3,888 $46,661 $29.00

One (1) five-year (5) option @ FMV, subject to Ideal Skin Medspa 2 - 1007 2,459 Two (2) 02/20 $4,713 $56,557 $23.00 - 10.00% CAP.

02/22 $4,918 $59,016 $24.00

Quickset Jewelry Repair 2 - 1009 853 - - - - - One (1) five-year (5) option @ FMV -

The Cryo Spa 2 - 1011 1,705 Four (4) 04/19 $3,586 $43,034 $25.24 - -

04/20 $3,693 $44,313 $25.99

04/21 $3,804 $45,643 $26.77

04/22 $3,917 $47,007 $27.57

Backwoods 2 - 1013 3,450 ------(1) Tenant to vacate premisis upon expiration.

Available 2 - 1015 A 3,651 ------

Available 2 - 1015 B 1,000 ------

Signarama 2 - 1017 1,665 One (1) 09/19 $3,608 $43,290 $26.00 One (1) five-year (5) option @ FMV -

Steel City Pops - Corporate Office 2 - 1019 1,167 Two (2) 03/19 $2,091 $25,091 $21.50 Two (2) five-year (5) options @ FMV -

iProspect 2 - 1021 25,000 Four (4) 08/19 $39,063 $468,750 $18.75 One (1) five-year (5) option @ FMV (1) 5.00%cumlative-compounding cap on controllable CAM.

Enilon 2 - 1045 6,907 - - - - - One (1) three-year (3) option @ FMV -

Chimy's 3 - 1053 & 1055 3,708 One (1) 11/22 $7,262 $87,138 $23.50 - (1) Tenant water separately metered.

Hair By Charlie 3 - 1057 2,046 Eight (8) 02/19 $4,375 $52,500 $25.66 One (1) five-year (5) option @ FMV (1) Tenant water separately metered.

02/20 $4,462 $53,544 $26.17

02/21 $4,559 $54,710 $26.74

02/22 $4,634 $55,610 $27.18

02/23 $4,709 $56,511 $27.62

02/24 $4,786 $57,431 $28.07

02/25 $4,864 $58,372 $28.53

02/26 $4,945 $59,334 $29.00

Browtique 3 - 1063 1,286 Two (2) 11/19 $2,599 $31,186 $24.25 One (1) three-year (3) option @ FMV (1) Tenant water separately metered.

11/20 $2,626 $31,507 $24.50

One (1) three-year (3) option @ $23.00, $23.50 & LIFT Creations 3 - 1065 1,036 ------$24.00

Available 3 - 1067 3,000 ------

One (1) five-year (5) option @ FMV, subject to Optimal Force Fitness 3 - 1071 830 Three (3) 05/19 $1,522 $18,260 $22.00 - 10.00% CAP.

05/20 $1,591 $19,090 $23.00

05/21 $1,660 $19,920 $24.00

(1) End Cap - Red Productions originally set to expire Available 3 - 1075 2,600 ------10/30/2018. Tenant has renewed for two (2) months until 12/31/2018. Tenant has been excluded from analysis.

TOTALS: 135,727 FINANCIAL ANALYSIS - income & expense DB2RE | 38

Jan-19 Jan-20

CURRENT PSF % Of EGR PROFORMA PSF % Of EGR

REVENUE:

Rental Revenue $2,275,469 $16.77 69.31% $2,911,064 $21.45 88.68%

Other Revenue $0 $0.00 0.00% $0 $0.00 0.00%

CAM Recovery $323,912 $2.39 9.87% $407,942 $3.01 12.43%

Management Recovery $77,317 $0.57 2.36% $120,231 $0.89 3.66%

Insurance Recovery $11,125 $0.08 0.34% $14,011 $0.10 0.43%

Real Estate Tax Recovery $595,003 $4.38 18.12% $763,911 $5.63 23.27%

General Vacancy Loss $0 $0.00 0.00% ($42,172) ($0.31) -1.01%

TOTAL REVENUE $3,282,827 $24.19 100.00% $4,174,987 $30.76 100.00%

OPERATING EXPENSES:

CAM Expenses ($412,590) ($3.04) -12.57% ($424,968) ($3.13) -12.95%

Management Fee Expenses ($98,485) ($0.73) -3.00% ($125,250) ($0.92) -3.82%

Insurance Expenses ($14,171) ($0.10) -0.43% ($14,596) ($0.11) -0.44%

Real Estate Taxes ($757,900) ($5.58) -23.09% ($795,795) ($5.86) -24.24%

TOTAL EXPENSES ($1,283,146) ($9.45) -39.09% ($1,360,609) ($10.02) -41.45%

NOI: $1,999,681 $14.73 60.91% $2,814,378 $20.74 67.41% FINANCIAL ANALYSIS - expiration schedule DB2RE | 39

TENANT SUITE AREA % END TERM REMAINING RENEWAL OPTIONS AVAILABLE MTM 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

Available 1 - 821 4,400 3.24% - - - 4,400

Available 1 - 833 2,000 1.47% - - - 2,000

Available 1 - 843 4,974 3.66% - - - 4,974

Available 1 - 901 B 1,125 0.83% - - - 1,125

Available 1 - 902 B 2,313 1.70% - - - 2,313

Available 1 - 921 4,109 3.03% - - - 4,109

Available 2 - 1015 A 3,651 2.69% - - - 3,651

Available 2 - 1015 B 1,000 0.74% - - - 1,000

Available 3 - 1067 3,000 2.21% - - - 3,000

Available 3 - 1075 2,600 1.92% - - - 2,600

Backwoods 2 - 1013 3,450 2.54% 06/19 0.66 Years - 3,450

Onslow's 1 - 837 1,620 1.19% 10/19 1.00 Years One (1) five-year (5) option @ FMV 1,620

Azel Art Supply 1 - 825 3,988 2.94% 02/20 1.33 Years One (1) five-year (5) option @ FMV 3,988

LIFT Creations 3 - 1065 1,036 0.76% 02/20 1.33 Years One (1) three-year (3) option @ $23.00, $23.50 & $24.00 1,036

Materials Marketing 1 - 831 2,000 1.47% 09/20 1.92 Years One (1) five-year (5) option @ FMV 2,000

Quickset Jewelry Repair 2 - 1009 853 0.63% 11/20 2.08 Years One (1) five-year (5) option @ FMV 853

There's No Place Like Home 1 - 855 4,125 3.04% 09/21 2.92 Years - 4,125

iFort LLC 1 - 845 4,062 2.99% 10/21 3.00 Years - 4,062

Browtique 3 - 1063 1,286 0.95% 10/21 3.00 Years One (1) three-year (3) option @ FMV 1,286

Steel City Pops - Corporate Office 2 - 1019 1,167 0.86% 02/22 3.33 Years Two (2) five-year (5) options @ FMV 1,167

Percision Sports Nutrition 2 - 1003 1,729 1.27% 03/22 3.41 Years One (1) five-year (5) option @ FMV 1,729

Optimal Force Fitness 3 - 1071 830 0.61% 04/22 3.50 Years One (1) five-year (5) option @ FMV, subject to 10.00% CAP. 830

Colonel's Bicycles 1 - 851 3,000 2.21% 06/22 3.66 Years One (1) five-year (5) option @ FMV 3,000

iProspect 2 - 1021 25,000 18.42% 07/22 3.75 Years One (1) five-year (5) option @ FMV 25,000

Signarama 2 - 1017 1,665 1.23% 08/22 3.83 Years One (1) five-year (5) option @ FMV 1,665

Reservoir Bar & Restaurant 2 - 1001 5,343 3.94% 10/22 4.00 Years One (1) five-year (5) option @ FMV 5,343

Chills 360 2 - 1005 1,609 1.19% 10/22 4.00 Years Two (2) five-year (5) options @ FMV, subject to 12.00% CAP. 1,609

Ideal Skin Medspa 2 - 1007 2,459 1.81% 01/23 4.25 Years One (1) five-year (5) option @ FMV, subject to 10.00% CAP. 2,459

The Cryo Spa 2 - 1011 1,705 1.26% 03/23 4.41 Years - 1,705

Juice Junkies 1 - 925 1,900 1.40% 08/23 4.83 Years One (1) five-year (5) option @ FMV 1,900

J. Rae's Cheesecakes 1 - 935 3,988 2.94% 08/23 4.83 Years - 3,988

Shots Bar 1 - 931 1,900 1.40% 09/23 4.92 Years One (1) five-year (5) option @ FMV 1,900

Enilon 2 - 1045 6,907 5.09% 12/23 5.17 Years One (1) three-year (3) option @ FMV 6,907

La Familia Mexican 1 - 841 4,000 2.95% 07/25 6.75 Years - 4,000

Sushi Zoom 1 - 902 A 1,500 1.11% 08/25 6.84 Years Two (2) seven-year (7) options at 10.00% increases 1,500

Avoca Coffee 1 - 835 2,340 1.72% 05/26 7.58 Years - 2,340

Hair By Charlie 3 - 1057 2,046 1.51% 01/27 8.25 Years One (1) five-year (5) option @ FMV 2,046

Texas Republic 1 - 945 8,339 6.14% 04/27 8.50 Years Two (2) five-year (5) year options @ FMV 8,339

Chimy's 3 - 1053 & 1055 3,708 2.73% 10/27 9.00 Years - 3,708

Hurts Donuts 1-901 A 3,000 2.21% 09/28 9.92 Years One (1) five-year (5) option @ FMV 3,000

TOTAL EXPIRATION AREA 29,172 0 5,070 7,877 9,473 40,343 18,859 0 5,500 2,340 14,093 3,000 0 0 0 0 0

PERCENT OF TOTAL CENTER 0.00% 0.00% 3.74% 5.80% 6.98% 29.72% 13.89% 0.00% 4.05% 1.72% 10.38% 2.21% 0.00% 0.00% 0.00% 0.00% 0.00% FINANCIAL ANALYSIS - market rents DB2RE | 40

% ABOVE / BELOW TENANTS (1/1/2019) SUITE SF START END CURRENT RENT MARKET RENT MARKET RENT

Available 1 - 821 4,400 - - $0.00 $25.00 -

Azel Art Supply 1 - 825 3,988 Mar-08 Feb-20 $16.00 $26.00 -38.47%

Materials Marketing 1 - 831 2,000 Jun-06 Sep-20 $20.00 $27.00 -25.93%

Available 1 - 833 2,000 - - $0.00 $25.00 -

Avoca Coffee 1 - 835 2,340 May-16 May-26 $19.00 $25.00 -24.00%

Onslow's 1 - 837 1,620 Nov-14 Oct-19 $24.00 $27.00 -11.11%

La Familia Mexican 1 - 841 4,000 Jul-10 Jul-25 $21.00 $26.00 -19.23%

Available 1 - 843 4,974 - - $0.00 $25.00 -

iFort LLC 1 - 845 4,062 Nov-16 Oct-21 $12.00 $25.00 -52.00%

Colonel's Bicycles 1 - 851 3,000 Apr-12 Jun-22 $18.00 $26.00 -30.77%

There's No Place Like Home 1 - 855 4,125 Oct-11 Sep-21 $18.00 $26.00 -30.77%

Hurts Donuts 1-901 A 3,000 Oct-18 Sep-28 $25.00 $25.00 0.00%

Available 1 - 901 B 1,125 - - $0.00 $18.00 -

Sushi Zoom 1 - 902 A 1,500 Jun-18 Aug-25 $25.00 $26.00 -3.85%

Available 1 - 902 B 2,313 - - $0.00 $18.00 -

Available 1 - 921 4,109 - - $0.00 $27.00 -

Juice Junkies 1 - 925 1,900 Sep-13 Aug-23 $19.00 $27.00 -29.63%

Shots Bar 1 - 931 1,900 Oct-18 Sep-23 $32.00 $32.00 0.00%

J. Rae's Cheesecakes 1 - 935 3,988 Dec-08 Aug-23 $15.97 $28.00 -42.96%

Texas Republic 1 - 945 8,339 May-17 Apr-27 $28.56 $30.00 -4.80%

Reservoir Bar & Restaurant 2 - 1001 5,343 Nov-12 Oct-22 $27.00 $30.00 -10.00%

Percision Sports Nutrition 2 - 1003 1,729 Apr-17 Mar-22 $22.50 $28.00 -19.64%

Chills 360 2 - 1005 1,609 Oct-17 Oct-22 $25.00 $27.00 -7.41%

Ideal Skin Medspa 2 - 1007 2,459 Feb-18 Jan-23 $22.00 $26.00 -15.38% FINANCIAL ANALYSIS - market rents DB2RE | 41

% ABOVE / BELOW TENANTS (1/1/2019) SUITE SF START END CURRENT RENT MARKET RENT MARKET RENT

Quickset Jewelry Repair 2 - 1009 853 Nov-15 Nov-20 $24.00 $27.00 -11.11%

The Cryo Spa 2 - 1011 1,705 Sep-13 Mar-23 $25.23 $26.00 -2.94%

Backwoods 2 - 1013 3,450 Jul-14 Jun-19 $25.49 $27.00 -5.58%

Available 2 - 1015 A 3,651 - - $0.00 $25.00 -

Available 2 - 1015 B 1,000 - - $0.00 $18.00 -

Signarama 2 - 1017 1,665 Sep-17 Aug-22 $25.00 $27.00 -7.41%

Steel City Pops - Corporate Office 2 - 1019 1,167 Feb-17 Feb-22 $20.00 $24.00 -16.67%

iProspect 2 - 1021 25,000 May-12 Jul-22 $18.50 $25.00 -26.00%

Enilon 2 - 1045 6,907 Jan-16 Dec-23 $23.74 $25.00 -5.03%

Chimy's 3 - 1053 & 1055 3,708 Apr-01 Oct-27 $20.00 $25.00 -20.00%

Hair By Charlie 3 - 1057 2,046 Oct-16 Jan-27 $25.16 $25.00 0.64%

Browtique 3 - 1063 1,286 Oct-16 Oct-21 $24.00 $25.00 -4.00%

LIFT Creations 3 - 1065 1,036 Dec-16 Feb-20 $21.00 $25.00 -16.00%

Available 3 - 1067 3,000 - - $0.00 $25.00 -

Optimal Force Fitness 3 - 1071 830 Dec-16 Apr-22 $21.00 $25.00 -16.00%

Available 3 - 1075 2,600 - - $0.00 $25.00 -

AVERAGES 135,727 $21.35 $25.90 -17.54% FINANCIAL ANALYSIS - lease-up schedule DB2RE | 42

TENANT SUITE SF EXP DATE START END RENT PSF TI / LC PSF

Available 1 - 821 4,400 - 7/1/2019 6/30/2024 $25.00 $15.00

Available 1 - 833 2,000 - 4/1/2020 3/30/2025 $25.00 $15.00

Available 1 - 843 4,974 - 8/1/2019 7/31/2024 $25.00 $15.00

Available 1 - 901 B 1,125 - 2/1/2020 1/31/2025 $18.00 $15.00

Available 1 - 902 B 2,313 - 2/1/2020 1/31/2025 $18.00 $20.00

Available 1 - 921 4,109 - 2/1/2019 1/31/2024 $27.00 $15.00

Available 2 - 1015 A 3,651 - 10/1/2019 9/30/2024 $25.00 $15.00

Available 2 - 1015 B 1,000 - 10/1/2019 9/30/2024 $18.00 $15.00

Available 3 - 1067 3,000 - 5/1/2019 4/30/2024 $25.00 $15.00

TB Available (Backwoods) 2 - 1013 3,450 6/30/2019 11/1/2019 10/30/2024 $27.00 $10.00

TB Available (Red Productions) 3 - 1075 2,600 1/1/2019 4/1/2019 3/31/2024 $25.00 $15.00

TOTALS 32,622 $24.51 $14.83 SECTION 7 DISCLAIMER DISCLAIMER DB2RE | 44 DISCLOSURE

Davidson & Bogel Real Estate, LLC and DB2RE Investment Sales (DB2RE): The information contained in this document pertaining to Foch Street (821 - 1075 Foch Street) “Property” has been obtained from sources believed reliable. While DB2RE does not doubt its accuracy, DB2RE has not verified the information and makes no guaran- tee, warranty or representation about the information contained in this package. It is your (Purchaser) responsibili- ty to independently confirm the accuracy and completeness of the information. Any projections, opinions, assump- tions or estimates used herein are for example only and does not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. DB2RE and the DB2RE logo are service marks of Davidson & Bogel Real Estate, LLC and/or its affiliat- ed or related companies in the United States and other countries. All other marks displayed as well as any ele-

ments of this document are the property of their respective owners and DB2RE. No transmission of this document is permitted without written consent from DB2RE. As a condition of DB2RE’s consent to communicate the informa- tion contained herein–as well as any information that may be communicated to you subsequently either verbally or in writing by DB2RE, owner or agents of either of these parties regarding the Property – it is required that you agree to treat all such information confidentially. DISCLAIMER DB2RE | 45 BROKERAGE SERVICES

Approved by the Texas Real Estate Commission for Voluntary Use. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

INFORMATION ABOUT BROKERAGE SERVICES: IF THE BROKER REPRESENTS THE BUYER: (4) may not disclose any confidential information or Before working with a real estate broker, you should The broker becomes the buyer’s agent by entering into any information that a party specifically instructs the know that the duties of a broker depend on whom an agreement to represent the buyer, usually through broker in writing not to disclose unless authorized in the broker represents. If you are a prospective seller a written buyer representation agreement. A buyer’s writing to disclose the information or required to do so or landlord (owner) or a prospective buyer or tenant agent can assist the owner but does not represent the by The Texas Real Estate License Act or a court order or (buyer), you should know that the broker who lists owner and must place the interests of the buyer first. if the information materially relates to the condition of the property for sale or lease is the owner’s agent. A The owner should not tell a buyer’s agent anything the the property. With the parties’ consent, a broker acting broker who acts as a subagent represents the owner owner would not want the buyer to know because a as an intermediary between the parties may appoint in cooperation with the listing broker. A broker who buyer’s agent must disclose to the buyer any material a person who is licensed under The Texas Real Estate acts as a buyer’s agent represents the buyer. A broker information known to the agent. License Act and associated with the broker to commu- may act as an intermediary between the parties if the nicate with and carry out instructions of one party and parties consent in writing. A broker can assist you in another person who is licensed under that Act and as- locating a property, preparing a contract or lease, or IF THE BROKER ACTS AS AN INTERMEDIARY: sociated with the broker to communicate with and car- obtaining financing without representing you. A bro- A broker may act as an intermediary between the ry out instructions of the other party. ker is obligated by law to treat you honestly. parties if the broker complies with The Texas Real Es- tate License Act. The broker must obtain the written consent of each party to the transaction to act as an IF THE BROKER REPRESENTS THE OWNER: intermediary. The written consent must state who will IF YOU CHOOSE TO HAVE A BROKER REPRESENT The broker becomes the owner’s agent by entering pay the broker and, in conspicuous bold or under- YOU: into an agreement with the owner, usually through a lined print, set forth the broker’s obligations as an in- You should enter into a written agreement with the bro- written - listing agreement, or by agreeing to act as termediary. The broker is required to treat each party ker that clearly establishes the broker’s obligations and a subagent by accepting an offer of subagency from honestly and fairly and to comply with The Texas Real your obligations. The agreement should state how and the listing broker. A subagent may work in a differ- Estate License Act. A broker who acts as an intermedi- by whom the broker will be paid. You have the right ent real estate office. A listing broker or subagent can ary in a transaction: to choose the type of representation, if any, you wish assist the buyer but does not represent the buyer and (1)shall treat all parties honestly; to receive. Your payment of a fee to a broker does not must place the interests of the owner first. The buyer (2) may not disclose that the owner will accept a price necessarily establish that the broker represents you. If should not tell the owner’s agent anything the buyer less than the asking price unless authorized in writing you have any questions regarding the duties and re- would not want the owner to know because an own- to do so by the owner; buyer: and sponsibilities of the broker, you should resolve those er’s agent must disclose to the owner any material in- (3) may not disclose that the buyer will pay a price questions before proceeding. formation known to the agent. greater than the price submitted in a written offer un- less authorized in writing to do so by the buyer; and

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

Buyer, Seller, Landlord or Tenant Date

Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960. 01A TREC No. OP-K DISCLAIMER DB2RE | 46 BROKERAGE SERVICES

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