Georgetown University Public Real Estate Fund V

Company Name:
Ticker:
Current Price:
Dividend Yield:
Date Updated:
Last Fiscal Year:
al Estate Fund Valuation Model
City Office REIT
CIO
$10.38
7.80%
2/6/2018
2016
Funds From Operations Calculation for City Office REIT
Georgetown University Real Estate Fund (GUREF)
Dollars in Thousands, Except Per Share Data
As of Feb 6, 2018

Funds From Operations Calculation

2014A
Revenue $2,135,539
Revenue Growth Rate
Less: Operating Expenses (Excluding D&A) ($896,782)
Operating Expenses as a % of Revenue 42.0%
EBITDA $1,238,757
Less: Deprecation and Amortization ($560,637)
D&A as a % of Revenue 26.3%
EBIT (Operating Income) $678,120
EBIT Margin 31.8%
Plus: Interest Income $8,310
Interest Income as a % of Revenue 0.4%
Less: Interest Expense ($446,880)
Interest Expense as a % of Revenue 20.9%
Plus: Other Income - Other Expenses $601,890
Other Income - Other Expenses as a % of Revenue 28.2%
Plus: Gains on Sales of Real Estate / Less: Losses on Sales of Real Estate $0
Gains/Losses on Sales of RE as a % of Revenue 0.0%
Income Before Taxes $841,440
Less: Tax Provision $0
Tax Provision as a % of Revenue 0%
Net Income $841,440
Plus: Depreciation and Amortization $560,637
Less: Gains on Sales of Real Estate / Plus: Losses on Sales of Real Estate $0
Funds From Operations $1,402,077
 Last Fiscal Year: 2016

2015A 2016A 2017E 2018E

$2,396,998 $2,490,821 $2,692,047 $2,853,570
12.2% 3.9% 8.1% 6.0%
($966,603) ($1,001,914) ($1,076,819) ($1,141,428)
40.3% 40.2% 40.0% 40.0%
$1,430,395 $1,488,907 $1,615,228 $1,712,142
($628,573) ($639,542) ($699,932) ($741,928)
26.2% 25.7% 26.0% 26.0%
$801,822 $849,365 $915,296 $970,214
33.5% 34.1% 34.0% 34.0%
$8,765 $6,777 $10,768 $11,414
0.4% 0.3% 0.4% 0.4%
($455,743) ($432,196) ($484,568) ($513,643)
19.0% 17.4% 18.0% 18.0%
$3,174 $77 $2,692 $2,854
0.1% 0.0% 0.1% 0.1%
$168,039 $375,895 $323,046 $342,428
7.0% 15.1% 12.0% 12.0%
$526,057 $799,918 $767,233 $813,267
$0 $0 $0 $0
0% 0% 0% 0%
$526,057 $799,918 $767,233 $813,267
$628,573 $639,542 $699,932 $741,928
($168,039) ($375,895) ($323,046) ($342,428)
$986,591 $1,063,565 $1,144,120 $1,212,767
Comparable Companies Analysis for City Office REIT
Georgetown University Public Real Estate Fund
Dollars in Thousands, Except Per Share Data
As of Feb 6, 2018

Stock 52 Wk 52 Wk % of 52 Market
Company Name Ticker
Price Low High Wk High Cap

City Office REIT CIO $11.32 $11.32 $13.80 82% $339m

Piedmont Office Realty PM $19.01 $19.01 $23.05 82% $2.7bn
Tier REIT TIER $18.82 $16.14 $20.58 91% $900m
Kilroy Realty KRC $68.90 $67.47 $77.91 88% $4.6bn
Government Properties GOV $16.65 $16.65 $22.89 73% $1.6bn

Maximum:
Mean:
Median:
Minimum:

Applied Multiple:
Projected FFO and AFFO/Shar
Price Target:
Current Price:
Implied Upside/(Downside)
P/FFO P/AFFO

10.0x 13.4x
10.7x 10.8x
12.5x 12.3x
20.2x 20.3x
7.9x 9.0x

P/FFO P/AFFO
20.2x 20.3x
12.8x 13.1x
11.6x 11.6x
7.9x 9.0x

11.6x 11.6x
$0.92 $0.82
$10.67 $9.47
$10.38 $10.38
2.8% (8.8%)
Market Cap Rate Calculation for City Office REIT
Georgetown University Public Real Estate Fund
Dollars in Thousands, Except Per Share Data
As of Feb 6, 2018

NRA
Geographic Region/Property Type/Income Type
(000s SF)
Properties and Regions:
San Diego $ 670.00
Phoenix $ 606.00
Dallas $ 577.00
Denver $ 962.00
Portland $ 201.00
Orlando $ 567.00
Tampa ###
Total ###

Weighted Average Cap Rate 7.00%

% of NRA

14.5%
13.1%
12.5%
20.8%
4.3%
12.3%
22.5%
Implied Cap Rate Valuation for City Office REIT
Georgetown University Public Real Estate Fund
Dollars in Thousands, Except Per Share Data
As of Feb 6, 2018

Cash NOI
Revenues $2,412
Less: Operating Expenses excluding D&A $843
Less: Straight Line Rents
Plus: Net Accretion Above/(Below) Market Leases ($35,900)

NOI of Unconsolidated JVs $22,770

Pro Rata Share of Unconsolidated JVs 100%
Plus: Pro-Rata Share of JV's NOI $22,770

Total Cash NOI ($9,876)

Diluted Shares Outstanding

Weighted Average Exercise Price of Options in-the-Money $17.51
Options in-the-Money Outstanding 18,162.700
Options Proceeds $318,029

Current Stock Price $10.38

Shares Repurchased 30,638.620
(12,475.92)
Basic Shares Outstanding 153,626

Diluted Shares Outstanding 141,150

Implied Cap Rate Valuation

Implied Cap Rate -0.13%
Current Market Cap Rate 7.00%
Premium/(Discount) to Market Cap Rates (101.79%)
 2016

Value of Operating Real Estate

Plus: Consolidated Debt $10,160,366
Plus: Pro-Rata Share of Unconsolidated Debt $351,394
Less: Partners Share of Consolidated Debt $982,292
Less: Cash and Cash Equivalents $1,677,027
Net Debt $7,852,441

Plus: Noncontrolling Interests $2,180,007

Plus: Current Market Value of Common Equity $1,465,138
Total Enterprise Value $11,497,586

Other Liabilities
Accounts Payable $252,727
Deferred Revenue $0
Interest Payable $221,578
Dividends Payable $113,079
Other Liabilities $498,290
Plus: Total Other Liabilities $1,085,674

Non Operating Real Estate Assets:

Cash and Cash Equivalents $1,677,027
Tenant Receivables $73,759
Land Held for Development $256,952
Construction in Progress $857,758
Other Tangible Assets $1,855,620
Less: Non Operating Real Estate Assets $4,721,116

Current Value of Operating Real Estate $7,862,144

Net Asset Valuation for City Office REIT
Georgetown University Public Real Estate 2016
Dollars in Thousands, Except Per Share Data
As of Feb 6, 2018

Consolidated Real Estate Assets

TTM Property Revenue $91,623
Growth Rate 18.00%
Forward Property Revenue $108,115

TTM Property Expenses ($39,503)

Growth Rate 18.00%
Forward Property Expenses ($46,614)

Consolidated Net Operating Income $61,502

Cap Rate 7.25%
Value of Real Estate Assets $848,298

JV Real Estate Assets

Pro-Rata Share of JV NOI $0
Less: Straight Line Rents $0
Plus: Net Accretion Above/(Below) Market Leases $0
Cash Net Operating Income $0
Growth Rate 0.00%
Net Operating Income (Forward) $0
Cap Rate 3.00%
Pro-Rata Value of JV Real Estate Assets $0

Non Real Estate Assets & Liabilities

Plus:
Cash and Cash Equivalents $90,671
Net Asset Valuation Output for City Office REIT
Georgetown University Public Real Estate Fund
Dollars in Thousands, Except Per Share Data
As of Feb 6, 2018

2017 NAV (dollars in thousands)

Forward Consolidated Real Estate Asset $61,502
TTM Calculation for City Office REIT
Georgetown University Public Real Estate Fund
Dollars in Thousands, Except Per Share Data
As of Feb 06, 2018

TTM Calculation
9 Months Ended (2017)
9 Months Ended (2016)
10K (2016)
Rental Income $65,400.00 $44,919.00 ###
Expense Reimbursement $7,682.00 $5,149.00 $7,140.00
Total RE Cash Revenues $73,082.00 $50,068.00 ###

Straight-Line Rent -$2,417.00 -$3,901.00 -$3,751.00

Amortization of Below Market -$126.00 $139.00 $299.00
Total RE Revenues $70,539.00 $46,306.00 ###
Percentage Change in Revenue

Property Expenses -$30,977.00 -$19,779.00 ###

Total Expenses -$30,977.00 -$19,779.00 ###
Percentage Change in Expense

NOI
Percentage Change
Calculation
TTM 10K (2014)10K (2015)10K (2016) TTM
### ### $48,009.00 $63,702.00 $84,183.00
$9,673.00 $2,869.00 $5,808.00 $7,140.00 $9,673.00
### ### $53,817.00 $70,842.00 $93,856.00

-$2,267.00 -$1,315.00 -$1,895.00 -$3,751.00 -$2,267.00

$34.00 $541.00 $349.00 $299.00 $34.00
### ### $52,271.00 $67,390.00 $91,623.00
47.95% 28.92% 35.96%

### ### ### ### ###

### ### ### ### ###
42.48% 38.61% 39.56%

### $31,851.00 $39,085.00 $52,120.00

51.68% 22.71% 33.35%
IRR Analysis for City Office REIT
Georgetown University Public Real Estate Fund
Dollars in Thousands, Except Per Share Data
As of Feb 06, 18

FFO per Share

Property-Related NOI
Growth Rate
G&A
Interest Expense
Total Debt
Interest Rate
Preferred Dividend Distribution
FFO Attributable to NCI Holders
FFO Attributable to Common Stockholders and Unitholders

Diluted Shares Outstanding

FFO per Share
Dividends per Share
FFO Payout Ratio

Change in Cash Flow

FFO
Common Dividends
Cash Expenditures
Cash Received from Sale of Asset
Ending Cash

Change in Debt
Beginning Debt
Cash Flow
Total Debt

Net Asset Value Calculation

NOI
Cap Rate
Value of Real Estate Assets
Other Assets
Other Liabilities
Total Debt
Net Asset Value
Shares Outstanding
NAV/Share
IRR Calculation
Cash Flows per Share
2018
2019
 Evan Steinman:
8.3% lease
expirations

2017 2018 2019 2020 2021 2022

$54,353 $60,117 $61,720 $62,337 $62,961 $63,590
10.6% 2.7% 1.0% 1.0% 1.0%
($7,126) ($7,881.65) ($8,091.87) ($8,172.79) ($8,254.52) ($8,337.06)
($17,852) ($17,852.00) ($16,997.23) ($17,119.93) ($17,229.06) ($17,299.84)
$532,114 $532,114 $506,636 $510,293 $513,546 $515,656
3.35% 3.35% 3.35% 3.35% 3.35% 3.35%
($7,420) ($7,420) ($7,420) ($7,420) ($7,420) ($7,420)
($800) ($884.83) ($908.43) ($917.52) ($926.69) ($935.96)
$21,155 $26,078 $28,303 $28,707 $29,130 $29,597

36,000 36,000 36,000 36,000 36,000 36,000

$0.59 $0.72 $0.79 $0.80 $0.81 $0.82
$0.94 $0.90 $0.86 $0.86 $0.84 $0.84
159.96% 124.24% 109.39% 107.85% 103.81% 102.17%

2018 2019 2020 2021 2022

$26,078.20 $28,302.57 $28,707.06 $29,130.40 $29,597.42
($32,400.00) ($30,960.00) ($30,960.00) ($30,240.00) ($30,240.00)
($13,200.00) ($1,000.00) ($1,000.00) ($1,000.00) ($1,000.00)
$45,000.00 $0.00 $0.00 $0.00 $0.00
$25,478.20 ($3,657.43) ($3,252.94) ($2,109.60) ($1,642.58)

2018 2019 2020 2021 2022

### ### ### ### ###
$25,478.20 ($3,657.43) ($3,252.94) ($2,109.60) ($1,642.58)
### ### ### ### ###

2017 2018 2019 2020 2021 2022

$54,353 $60,117 $61,720 $62,337 $62,961 $63,590
7.00% 7.25% 7.25% 7.25% 7.25% 7.25%
$776,471 $829,196 $851,312 $859,825 $868,423 $877,107
$250,467 $250,467 $250,467 $250,467 $250,467 $250,467
($156,529) ($156,529) ($156,529) ($156,529) ($156,529) ($156,529)
($532,114) ($532,114) ($506,636) ($510,293) ($513,546) ($515,656)
$338,295 $391,020 $438,614 $443,470 $448,815 $455,390
36,000 36,000 36,000 36,000 36,000 36,000
$9.40 $10.86 $12.18 $12.32 $12.47 $12.65
 2017 2018 2019 2020 2021 2022
($10.38) $0.90 $0.86 $0.86 $0.84 $13.49
($10.38) $11.76
($10.38) $0.90 $13.04
5-year IRR Analysis for City Office REIT
Georgetown University Public Real Estate Fund
Dollars in Thousands, Except Per Share Data
As of Feb 6, 2018

IRR Analysis
Err:509 Err:509 Err:509
Comparable Property NOI Growth Rate 10.6% 2.7% 1.0%
 2016

Err:509 Err:509
1.0% 1.0%
Property Overview
Metropolitan Ar Property Date Acqui NRA (000s sq ft) % of Total NRA
Tampa, FL Park Tower 16-Nov 473 10.82%
City Center 14-Apr 241 5.51%
Intellicenter 15-Sep 204 4.66%
Carillon Point 16-Jun 124 2.84%
Denver, CO Cherry Creek 14-Apr 356 8.14%
Plaza 25 14-Jun 196 4.48%
DTC Crossroads 15-Jun 191 4.37%
Superior Pointe 15-Jun 149 3.41%
Logan Tower 15-Feb 70 1.60%
Dallas, TX 190 Office Center 15-Sep 303 6.93%
Lake Vista Pointe 14-Jul 163 3.73%
2525 McKinnon 17-Jan 111 2.54%
Orlando, FL FRP Collection 16-Jul 272 6.22%
Central Fairwinds 14-Apr 170 3.89%
FRP Ingenuity Driv 14-Nov 125 2.86%
Portland, OR AmberGlen 14-Apr 201 4.60%
Phoenix, AZ SanTan 16-Dec 267 6.11%
5090 N 40th St 16-Nov 176 4.02%
Boise, ID Washington Group P 14-Apr 581 13.29%
Total/Weighted Average 4373

Total Rent 2017 (TTM) Reve2017 (TTM) Expenses

### $91,623.00 -$39,503.00
Percentage of Total Rent 107.03% -46.15%
 In Place Occup Annualized Base RentHighlights
79.80% $ 23.66 Class A, CBD, Plans to renovate approximately 11 million in maj
99.00% $ 24.44 St. Petersburg Financial District, Recently renovated lobby and
100.00% $ 22.82 Class A located in Tampa Telecom Park
100.00% $ 26.77 Class A, Tampa Gateway submarket,
100.00% $ 18.10 Cherry Creek submarket
53.30% $ 21.63 Located in exlusive Greenwood Village (one of Denver's top sub
77.20% $ 25.12 Class A in Denver Tech Center, Lost a full floor, will receive app
86.30% $ 16.42 Class A, Boulder County rapidly growing market,
91.00% $ 19.90 Denver CBD
88.60% $ 23.50 Class A, Richardson/Plano submarket
100.00% $ 15.00 100% leased to Ally Financial, Lewisville Submarket,
100.00% $ 26.29 Boutique Class A office building in Uptown submarket, highest r
82.60% $ 22.65 Class A, University Research submarket, mentioned few good b
89.00% $ 23.92 Orlando CBD,
100.00% $ 20.50 Class A, Central Florida Research Park submarket
96.00% $ 21.68 Oregon hi tech corridor, sold 2 of its 5 holdings in May 2017 - 9
100.00% $ 26.58 Class A, Chandler Submarket (tech driven)
89.00% $ 28.21 Class A, Camelback Corridor
83.00% $ 17.64 Downtown Boise, under contract for $86.5m, greater than $45 m
88.88% $22.03

TM) Expenses
 ely 11 million in major exterior renovation and various Class A amenitites (3 mil in 2017 and 8 mil in 2018), bu
renovated lobby and common areas

of Denver's top submarkets), 3 mil renovation, costs will be incurred in 2018, believe will be well positioned a
oor, will receive approx 12,000 sq ft in 4Q (6%), intend to fill in 2018,

ubmarket,
submarket, highest rents in Dallas, approx 35% below market
entioned few good blocks of space

ngs in May 2017 - 9.2 mil gain on sale

m, greater than $45 mil potential gain on sale

017 and 8 mil in 2018), bulk of work should be done by 4Q 2018, during 3Q signed three leases approximating

e will be well positioned and are currently working on numerous transactions,

hree leases approximating 14,000 Sq Ft
Property Overview
Metropolitan Ar Property Date Acqui NRA (000s sq
% of Total N In Place Occup
Tampa, FL Park Tower 16-Nov 473 10.23% 79.80%
City Center 14-Apr 241 5.21% 99.00%
Intellicenter 15-Sep 204 4.41% 100.00%
Carillon Point 16-Jun 124 2.68% 100.00%
Denver, CO Cherry Creek 14-Apr 356 7.70% 100.00%
Plaza 25 14-Jun 196 4.24% 53.30%
DTC Crossroads 15-Jun 191 4.13% 77.20%
Superior Pointe 15-Jun 149 3.22% 86.30%
Logan Tower 15-Feb 70 1.51% 91.00%
San Diego, CA Sorento Mesa 17-Sep 385 8.32% 87.50%
Mission City 17-Sep 285 6.16% 86.70%
Dallas, TX 190 Office Center 15-Sep 303 6.55% 88.60%
Lake Vista Pointe 14-Jul 163 3.52% 100.00%
2525 McKinnon 17-Jan 111 2.40% 100.00%
Orlando, FL FRP Collection 16-Jul 272 5.88% 82.60%
Central Fairwinds 14-Apr 170 3.68% 89.00%
FRP Ingenuity Driv 14-Nov 125 2.70% 100.00%
Portland, OR AmberGlen 14-Apr 201 4.35% 96.00%
Phoenix, AZ SanTan 16-Dec 267 5.77% 100.00%
5090 N 40th St 16-Nov 176 3.81% 89.00%
Papago 17-Oct 163 3.52% 98.00%
Total/Weighted Average 4625 89.69%

Boise, ID Washington Group P 14-Apr 581 11.16% 83.00%

Total Rent 2018 Revenu2018 Expens2018 NOI

### ### -$45,563.88 $60,116.69
Percentage of Total Rent 107.03% -46.15%
Annualized Base RentHighlights
$ 23.66 Class A, CBD, Plans to renovate approximately 11 million in major exterior reno
$ 24.44 St. Petersburg Financial District, Recently renovated lobby and common areas
$ 22.82 Class A located in Tampa Telecom Park
$ 26.77 Class A, Tampa Gateway submarket,
$ 18.10 Cherry Creek submarket
$ 21.63 Located in exlusive Greenwood Village (one of Denver's top submarkets), 3 mil
$ 25.12 Class A in Denver Tech Center, Lost a full floor, will receive approx 12,000 sq ft
$ 16.42 Class A, Boulder County rapidly growing market,
$ 19.90 Denver CBD
$ 27.88 Class B, Sorento Mesa submarket, in place rents are 15% below market, plan to
$ 33.94 Mission Valley submarket, Class A, Plan to put some capital, plan to see leasing
$ 23.50 Class A, Richardson/Plano submarket
$ 15.00 100% leased to Ally Financial, Lewisville Submarket,
$ 26.29 Boutique Class A office building in Uptown submarket, highest rents in Dallas,
$ 22.65 Class A, University Research submarket, mentioned few good blocks of space
$ 23.92 Orlando CBD,
$ 20.50 Class A, Central Florida Research Park submarket
$ 21.68 Oregon hi tech corridor, sold 2 of its 5 holdings in May 2017 - 9.2 mil gain on sa
$ 26.58 Class A, Chandler Submarket (tech driven)
$ 28.21 Class A, Camelback Corridor
$ 22.18 Tempe submarket, undergone extensive recent renovations (8 mil), less tha 20%
$23.80

$ 17.64 Downtown Boise, under contract for $86.5m, greater than $45 mil potential ga
ion in major exterior renovation and various Class A amenitites (3 mil in 2017 and 8 mil in 2018), bulk of work
obby and common areas

's top submarkets), 3 mil renovation, costs will be incurred in 2018, believe will be well positioned and are cur
ceive approx 12,000 sq ft in 4Q (6%), intend to fill in 2018,

15% below market, plan to see leasing in '18

apital, plan to see leasing in '18

, highest rents in Dallas, approx 35% below market

ew good blocks of space

y 2017 - 9.2 mil gain on sale

tions (8 mil), less tha 20% lease roll through 2021

than $45 mil potential gain on sale

mil in 2018), bulk of work should be done by 4Q 2018, during 3Q signed three leases approximating 14,000 Sq

ell positioned and are currently working on numerous transactions,

approximating 14,000 Sq Ft
Property Overview
Metropolitan Ar Property Date Acqui NRA (000s sq
% of Total N In Place Occup
Tampa, FL Park Tower 16-Nov 473 10.23% 88.00%
City Center 14-Apr 241 5.21% 99.00%
Intellicenter 15-Sep 204 4.41% 100.00%
Carillon Point 16-Jun 124 2.68% 100.00%
Denver, CO Cherry Creek 14-Apr 356 7.70% 100.00%
Plaza 25 14-Jun 196 4.24% 80.00%
DTC Crossroads 15-Jun 191 4.13% 84.00%
Superior Pointe 15-Jun 149 3.22% 86.30%
Logan Tower 15-Feb 70 1.51% 91.00%
San Diego, CA Sorento Mesa 17-Sep 385 8.32% 87.50%
Mission City 17-Sep 285 6.16% 86.70%
Dallas, TX 190 Office Center 15-Sep 303 6.55% 88.60%
Lake Vista Pointe 14-Jul 163 3.52% 100.00%
2525 McKinnon 17-Jan 111 2.40% 100.00%
Orlando, FL FRP Collection 16-Jul 272 5.88% 85.00%
Central Fairwinds 14-Apr 170 3.68% 89.00%
FRP Ingenuity Driv 14-Nov 125 2.70% 100.00%
Portland, OR AmberGlen 14-Apr 201 4.35% 96.00%
Phoenix, AZ SanTan 16-Dec 267 5.77% 100.00%
5090 N 40th St 16-Nov 176 3.81% 89.00%
Papago 17-Oct 163 3.52% 98.00%
Total/Weighted Average 4625 92.08%

Total Rent 2018 Revenu2018 Expens2018 NOI

### ### -$46,779.15 $61,720.10
Percentage of Total Rent 107.03% -46.15%
Annualized Base RentHighlights
$ 23.66 Class A, CBD, Plans to renovate approximately 11 million in major exterior reno
$ 24.44 St. Petersburg Financial District, Recently renovated lobby and common areas
$ 22.82 Class A located in Tampa Telecom Park
$ 26.77 Class A, Tampa Gateway submarket,
$ 18.10 Cherry Creek submarket
$ 21.63 Located in exlusive Greenwood Village (one of Denver's top submarkets), 3 mil
$ 25.12 Class A in Denver Tech Center, Lost a full floor, will receive approx 12,000 sq ft
$ 16.42 Class A, Boulder County rapidly growing market,
$ 19.90 Denver CBD
$ 27.88 Class B, Sorento Mesa submarket, in place rents are 15% below market, plan to
$ 33.94 Mission Valley submarket, Class A, Plan to put some capital, plan to see leasing
$ 23.50 Class A, Richardson/Plano submarket
$ 15.00 100% leased to Ally Financial, Lewisville Submarket,
$ 26.29 Boutique Class A office building in Uptown submarket, highest rents in Dallas,
$ 22.65 Class A, University Research submarket, mentioned few good blocks of space
$ 23.92 Orlando CBD,
$ 20.50 Class A, Central Florida Research Park submarket
$ 21.68 Oregon hi tech corridor, sold 2 of its 5 holdings in May 2017 - 9.2 mil gain on sa
$ 26.58 Class A, Chandler Submarket (tech driven)
$ 28.21 Class A, Camelback Corridor
$ 22.18 Tempe submarket, undergone extensive recent renovations (8 mil), less tha 20%
$23.80
ion in major exterior renovation and various Class A amenitites (3 mil in 2017 and 8 mil in 2018), bulk of work
obby and common areas

's top submarkets), 3 mil renovation, costs will be incurred in 2018, believe will be well positioned and are cur
ceive approx 12,000 sq ft in 4Q (6%), intend to fill in 2018,

15% below market, plan to see leasing in '18

apital, plan to see leasing in '18

, highest rents in Dallas, approx 35% below market

ew good blocks of space

y 2017 - 9.2 mil gain on sale

tions (8 mil), less tha 20% lease roll through 2021

mil in 2018), bulk of work should be done by 4Q 2018, during 3Q signed three leases approximating 14,000 Sq

ell positioned and are currently working on numerous transactions,

approximating 14,000 Sq Ft