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Self Storage Bonus Square Footage Valuation Estimates (Modeling Tool) Project Characteristics Per Square Foot (GBA)Bonus FAR Notes Project Description Gross Bldg. Area (GBA)1.0 167,824 Gross building area over 35% FAR Rentable Building Area (RBA)75%Efficiency Ratio 0.8 125,868 Based on Total GBA Project Valuation Gross Rent Potential $25 Per RBA $18.75 $3,146,700 City market survey, adjusted for location and product type Vacancy Allowance 5%($0.94)-$157,335 8% reported by Colliers for Pacific West Region, less 3 percentage points location and product type Effective Revenue $17.81 $2,989,365 Operating Expenses 30%of Effective Rev.($5.34)-$896,810 29.6% reported by NKF and CBRE Report for Pacific West Net Operating Income (NOI)$12.47 $2,092,556 Building Value Estimate 4.5%Capitalization Rate $277 $46,501,233 4.5-5.75% reported by Colliers for Class A West Region, local transactions suggest low end of the range Project Costs Hard Cost Basic Site Work / Demo $10 per GBA $10.00 $1,678,240 Construction Cost $175 per GBA $175.00 $29,369,200 Saylor Current Construction Costs 2020 for Warehouse Self Storage (1 story) Total Hard Cost $185.00 $31,047,440 Soft Costs Professional Services (incl. A&E)5.0%of Const. Cost $8.75 $1,468,460 Permits and Fees $9.00 per GBA $9.00 $1,510,416 Estimate of City and other permits and fees, per GBA square foot Tax, Insurance & Financing 6.0%of Const. Cost $10.50 $1,762,152 General & Admin. (incl. Marketing)5.0%of Const. Cost $8.75 $1,468,460 Total Soft Cost $37.00 $6,209,488 Other Project Costs Contingency 5.0%of Soft + Hard Cost $11.10 $1,862,846 Return on Investment 0.75%Cap. Rate Premium1 $39.58 $6,643,033 Capitalization rate premium of 75 basis points, ROI for risk associated with market conditions and project lease up Total Other Costs $50.68 $8,505,880 Total Development Cost $262.68 $44,084,568 Residual Land Value $14.40 $2,416,666 Pro Forma Assumptions DocuSign Envelope ID: E4D0AD6B-3F79-48DA-8B5E-017EB2A6132F