FULLY FUNDED REDWOOD BROADBENT

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(RBS) Redwood Broadbent SLC, LLC includes two incubator multi-tenant industrial projects with 11 buildings in Salt Lake City, Utah. We are purchasing Redwood and Broadbent on a 7.5% cap rate with in-place rents 20% below current market. The Salt Lake City vacancy rate for small incubator industrial units is less than 4% in a supply constrained market. Purchase price is $59.57 per square foot which is 50% of replacement cost. Profit potential will be realized through minor capital improvements and converting existing leases to current market rents.