Central US Infill Portfolio

Jones Lang LaSalle (“JLL”), as exclusive advisor to ownership, has been retained to market for sale the fee-simple interest in the Central U.S. Infill Portfolio, a nine-building, 818,649 square foot industrial package located in Indianapolis, St. Louis, and Dallas (the “Offering”, the “Properties”, or the “Portfolio”). The Portfolio’s infill positioning offers immediate access to major interstates and/or arterials that connect users to downtown metros and provides direct entry to large labor pools and rooftops. This high-performing, light industrial and distribution Portfolio is 96% leased to 40 tenants with a weighted average tenure of nearly 11 years, demonstrating the value of the Properties’ location and functionality through its committed tenancy. The rent roll features 3.4 years of WALT and 21.9% below-market in-place rents, providing investors with a stabilized cash flow and a near-term mark-to-market yield enhancement opportunity. Additionally, future ownership has the potential to convert 64% of legacy modified gross lease structures to triple net leases driving additional long-term value creation.

The Portfolio presents a favorable mix of shallow bay and light industrial properties, facing minimal new competition as only 0.1 - 0.3% of existing stock was delivered in the latest cycle. This has led to a significant tightening in the market, with a decrease of 640 basis points in the vacancy rate since 2012, culminating in a historically low vacancy rate of 4.4% for the U.S. shallow bay inventory. With suite sizes and bay depths suitable for both single and multi-tenant occupancy, the Properties draw the attention of users in a wide range of industries, such as third-party logistics, building supply companies, and service providers, among others. Further, the diverse range of tenant businesses helps to alleviate any concerns regarding

over-exposure to a downturn in a single industry. Under the stewardship of a best-in-class owner, the Portfolio remains competitively positioned providing downside protection to economic disruptions or functional obsolescence by appealing to the widest potential user audience.