Investment Assumptions
Price of Property see Development Cost Summary
Closing Costs	None
Date of Acquisition	1 January 2010
Holding Period	10 Years
Inflation Rate	2% per Year
Sale Price Method	Capitalize Next Year's NOI
Sale Price Parameter	7.5% Net Cap Rate
Selling Costs	4% of Sale Price
Investor's Assumptions
General Vacancy & Credit Loss	Zero
Tax Rate - First Year	35%
Tax Rate - Following Years	35%
Capital Gain Rate	15%
Cost Recovery Recapture Rate	25% - Losses Carried Forward
Present Value Discount Rate Before Debt	8% per Year
Present Value Discount Rate Before Tax	10% per Year
Present Value Discount Rate After Tax	8% per Year
Land Purchase Development Spending Assumptions
Development Cost	None
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	None
Depreciation Start Date	None
Expenditure Months	0 Months
Land Purchase Development Spending Assumptions
Development Cost	$2,000,000.00
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	1 March 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Construction Development Spending Assumptions
Development Cost	None
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	None
Depreciation Start Date	None
Expenditure Months	0 Months
Construction Spending Development Spending Assumptions
Development Cost	$1,200,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 April 2010
Depreciation Start Date	1 August 2010
Expenditure Months	4 Months
Contigency Development Spending Assumptions
Development Cost	None
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	None
Depreciation Start Date	None
Expenditure Months	0 Months
Hard Cost Contigency Development Spending Assumptions
Development Cost	$35,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 April 2010
Depreciation Start Date	1 August 2010
Expenditure Months	4 Months
Site Work Development Spending Assumptions
Development Cost	None
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	None
Depreciation Start Date	None
Expenditure Months	0 Months
General Conditions Development Spending Assumptions
Development Cost	$40,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	6 Months
Trash Enclosures Development Spending Assumptions
Development Cost	$9,500.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 May 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Clearing & Grading Development Spending Assumptions
Development Cost	$23,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	3 Months
Storm Drainage Development Spending Assumptions
Development Cost	$35,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	3 Months
Site Concrete Development Spending Assumptions
Development Cost	$23,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 April 2010
Depreciation Start Date	1 August 2010
Expenditure Months	3 Months
Sub Base paving Development Spending Assumptions
Development Cost	$30,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 April 2010
Depreciation Start Date	1 August 2010
Expenditure Months	3 Months
Building Pad stabalization Development Spending Assumptions
Development Cost	$10,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 May 2010
Depreciation Start Date	1 August 2010
Expenditure Months	2 Months
Site Utilities Development Spending Assumptions
Development Cost	$25,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 May 2010
Depreciation Start Date	1 August 2010
Expenditure Months	2 Months
Site Electric-Lighting Development Spending Assumptions
Development Cost	$40,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 May 2010
Depreciation Start Date	1 August 2010
Expenditure Months	2 Months
Signage Development Spending Assumptions
Development Cost	$25,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 May 2010
Depreciation Start Date	1 August 2010
Expenditure Months	2 Months
Landscape & Irrigation Development Spending Assumptions
Development Cost	$20,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 May 2010
Depreciation Start Date	1 August 2010
Expenditure Months	2 Months
Contg. Development Spending Assumptions
Development Cost	$30,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	6 Months
Building Other Development Spending Assumptions
Development Cost	None
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	None
Depreciation Start Date	None
Expenditure Months	0 Months
Sewer Capacity Development Spending Assumptions
Development Cost	$5,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 March 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Water Fee's Development Spending Assumptions
Development Cost	$2,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 March 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Electricial Fee's Development Spending Assumptions
Development Cost	$5,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 March 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Permits-Zoning-Review Fee's Development Spending Assumptions
Development Cost	$3,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 March 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Plan Copies Development Spending Assumptions
Development Cost	$500.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 March 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Developers Liability Insurance Development Spending Assumptions
Development Cost	$12,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 March 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Architectual & Engineering Development Spending Assumptions
Development Cost	None
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	None
Depreciation Start Date	None
Expenditure Months	0 Months
Architects Development Spending Assumptions
Development Cost	$65,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	5 Months
Civil Engineering Development Spending Assumptions
Development Cost	$22,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	5 Months
Landscape Design Development Spending Assumptions
Development Cost	$2,500.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 March 2010
Depreciation Start Date	1 August 2010
Expenditure Months	5 Months
Reimbursable Architects Development Spending Assumptions
Development Cost	$4,500.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	5 Months
Soft Costs Development Spending Assumptions
Development Cost	None
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	None
Depreciation Start Date	None
Expenditure Months	0 Months
Legal Development Spending Assumptions
Development Cost	$45,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	5 Months
Travel to site Development Spending Assumptions
Development Cost	$800.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	5 Months
Construction Management Fee Development Spending Assumptions
Development Cost	$7,500.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	6 Months
Appraisal Development Spending Assumptions
Development Cost	$4,500.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Survey Development Spending Assumptions
Development Cost	$3,500.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Title Insurance Development Spending Assumptions
Development Cost	$3,500.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Contigency Development Spending Assumptions
Development Cost	None
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	None
Depreciation Start Date	None
Expenditure Months	0 Months
General Contigency Development Spending Assumptions
Development Cost	$30,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 February 2010
Depreciation Start Date	1 August 2010
Expenditure Months	6 Months
Tenant & Leasing Costs Development Spending Assumptions
Development Cost	None
Depreciable Life	Non-Depreciable Asset
Depreciation Method	Straight Line
Include in Draws	Zero
Expenditure Start	None
Depreciation Start Date	None
Expenditure Months	0 Months
TI for First Floor Development Spending Assumptions
Development Cost	$500,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 May 2010
Depreciation Start Date	1 August 2010
Expenditure Months	3 Months
Commisions for First Floor Development Spending Assumptions
Development Cost	$120,000.00
Depreciable Life	39 Years
Depreciation Method	Straight Line
Include in Draws	100%
Expenditure Start	1 July 2010
Depreciation Start Date	1 August 2010
Expenditure Months	1 Month
Depreciation Assumptions
Depreciable Amount	None
Depreciable Life	39 Years
Depreciation Method	Straight Line
Depreciation Start Date	at Acquisition
Construction Draw Construction Draw Assumptions
Draw Percent	100%
Draw Rate	7% Annually
Draw Period	1 Month
Draw Treatment	Accrued and Capitalized
Draw Limit	None
Draw Points	None
Permanent Permanent Loan Assumptions
Loan Amount	80% of Cost at Completion
Loan Interest Rate	7% Annually
Original Loan Period	20 Years
Loan Origination Date	1 September 2010
Loan Type	Monthly Payments, Amortizing
Prepayment Penalty	None
Amortize Points for Tax	Amortized over Loan Life
Loan Points Charged	None
Pharm-Lab Local Profile Assumptions
General Renew New Avg Renewal Probability 100% Market Rent $25.00 $/sf/yr None 2.5 $/sf/yr Grow Rent Yes TI's None None 0 $/sf Growth Method %>Inflation Commissions None None 0 % of Base Rent Growth Rate at the Inflation Rate Abatements None None 0 Lease Duration 5.00 Years End Charges None None 0 Life - TI's 15.00 Years Start Charges None None 0 Life - Commissions 5.00 Years Months Vacant None 0.00 Months Year 1 TI's Zero Reimbursements Cont w/BY adj
Dentist Local Profile Assumptions
General Renew New Avg Renewal Probability 90% Market Rent $30.00 $/sf/yr $30.00 $/sf/yr 30 $/sf/yr Grow Rent Yes TI's None $20.00 $/sf 2 $/sf Growth Method %>Inflation Commissions None 5.00 % of Base Rent 0.5 % of Base Rent Growth Rate at the Inflation Rate Abatements None None 0 Lease Duration 7.00 Years End Charges None None 0 Life - TI's 15.00 Years Start Charges None None 0 Life - Commissions 5.00 Years Months Vacant 6.00 Months 1.00 Months Year 1 TI's Zero Reimbursements Cont w/BY adj
2nd-Fl-Ren Local Profile Assumptions
General Renew New Avg Renewal Probability 70% Market Rent $25.00 $/sf/yr $27.00 $/sf/yr 25.6 $/sf/yr Grow Rent Yes TI's None $5.00 $/sf 1.5 $/sf Growth Method %>Inflation Commissions None 5.00 % of Base Rent 1.5 % of Base Rent Growth Rate at the Inflation Rate Abatements None None 0 Lease Duration 4.00 Years End Charges None None 0 Life - TI's 15.00 Years Start Charges None None 0 Life - Commissions 4.00 Years Months Vacant 6.00 Months 2.00 Months Year 1 TI's Zero Reimbursements Continue
LU201 Local Profile Assumptions
General Renew New Avg Renewal Probability Zero Market Rent None $25.00 $/sf/yr 25 $/sf/yr Grow Rent Yes TI's None $25.00 $/sf 25 $/sf Growth Method %>Inflation Commissions None 5.00 % of Base Rent 5 % of Base Rent Growth Rate at the Inflation Rate Abatements None None 0 Lease Duration 7.00 Years End Charges None None 0 Life - TI's 15.00 Years Start Charges None None 0 Life - Commissions 7.00 Years Months Vacant 3.00 Months 3.00 Months Year 1 TI's Zero Reimbursements Continue
LU202 Local Profile Assumptions
General Renew New Avg Renewal Probability Zero Market Rent None $27.00 $/sf/yr 27 $/sf/yr Grow Rent Yes TI's None $30.00 $/sf 30 $/sf Growth Method %>Inflation Commissions None 5.00 % of Base Rent 5 % of Base Rent Growth Rate at the Inflation Rate Abatements None None 0 Lease Duration 5.00 Years End Charges None None 0 Life - TI's 15.00 Years Start Charges None None 0 Life - Commissions 5.00 Years Months Vacant 6.00 Months 6.00 Months Year 1 TI's Zero Reimbursements Continue
LU203 Local Profile Assumptions
General Renew New Avg Renewal Probability Zero Market Rent None $27.00 $/sf/yr 27 $/sf/yr Grow Rent Yes TI's None $30.00 $/sf 30 $/sf Growth Method %>Inflation Commissions None 5.00 % of Base Rent 5 % of Base Rent Growth Rate at the Inflation Rate Abatements None None 0 Lease Duration 8.00 Years End Charges None None 0 Life - TI's 15.00 Years Start Charges None None 0 Life - Commissions 8.00 Years Months Vacant 9.00 Months 9.00 Months Year 1 TI's Zero Reimbursements Continue
100 Pharmacy Revenue Assumptions
Annual Revenue	$125,000.00
Revenue Start Date	1 August 2010
Revenue Period	4 Years
Revenue Growth Method	No Growth
100 Pharmacy To Market Re-Leasing Assumptions
Market Profile	Pharm-Lab Local
Repetitions	Until Projected Sale
100 Pharmacy Reimbursement Assumptions (The natural prorata for this tenant is 25.00% (5,000 / 20,000))
Expense Method Amount Prorata Min Max GU% Taxes BY Stop None Natural None None None Insurance BY Stop None Natural None None None Common Area Maintenance BY Stop None Natural None None None Managment Fee BY Stop None Natural None None None Reserve None None Natural None None None
101 Lab Tech Revenue Assumptions
Annual Revenue	$62,500.00
Revenue Start Date	1 August 2010
Revenue Period	4 Years
Revenue Growth Method	No Growth
101 Lab Tech To Market Re-Leasing Assumptions
Market Profile	Pharm-Lab Local
Repetitions	Until Projected Sale
101 Lab Tech Reimbursement Assumptions (The natural prorata for this tenant is 12.50% (2,500 / 20,000))
Expense Method Amount Prorata Min Max GU% Taxes BY Stop None Natural None None None Insurance BY Stop None Natural None None None Common Area Maintenance BY Stop None Natural None None None Managment Fee BY Stop None Natural None None 100.00% Reserve None None Natural None None None
102 Dentist Revenue Assumptions
Annual Revenue	$75,000.00
Revenue Start Date	1 August 2010
Revenue Period	7 Years
Revenue Growth Method	No Growth
102 Dentist To Market Re-Leasing Assumptions
Market Profile	Dentist Local
Repetitions	Until Projected Sale
102 Dentist Reimbursement Assumptions (The natural prorata for this tenant is 12.50% (2,500 / 20,000))
Expense Method Amount Prorata Min Max GU% Taxes BY Stop None Natural None None None Insurance BY Stop None Natural None None None Common Area Maintenance BY Stop None Natural None None None Managment Fee BY Stop None Natural None None 100.00% Reserve None None Natural None None None
201 Medical Revenue Assumptions
Annual Revenue	$125,000.00
Revenue Start Date	1 August 2010
Revenue Period	.25 Years
Revenue Growth Method	No Growth
Vacancy Factor	100%
201 Medical To Market Re-Leasing Assumptions
Market Profile	LU201 Local
Repetitions	One Time
201 Medical To Market Re-Leasing Assumptions
Market Profile	2nd-Fl-Ren Local
Repetitions	Until Projected Sale
201 Medical Reimbursement Assumptions (The natural prorata for this tenant is 25.00% (5,000 / 20,000))
Expense Method Amount Prorata Min Max GU% Taxes Net None Natural None None None Insurance Net None Natural None None None Common Area Maintenance Net None Natural None None None Managment Fee Net None Natural None None 100.00% Reserve None None Natural None None None
202 Medical Revenue Assumptions
Annual Revenue	$67,500.00
Revenue Start Date	1 August 2010
Revenue Period	.5 Years
Revenue Growth Method	No Growth
Vacancy Factor	100%
202 Medical To Market Re-Leasing Assumptions
Market Profile	LU202 Local
Repetitions	One Time
202 Medical To Market Re-Leasing Assumptions
Market Profile	2nd-Fl-Ren Local
Repetitions	Until Projected Sale
202 Medical Reimbursement Assumptions (The natural prorata for this tenant is 12.50% (2,500 / 20,000))
Expense Method Amount Prorata Min Max GU% Taxes Net None Natural None None None Insurance Net None Natural None None None Common Area Maintenance Net None Natural None None None Managment Fee Net None Natural None None 100.00% Reserve None None Natural None None None
203 Medical Revenue Assumptions
Annual Revenue	$67,500.00
Revenue Start Date	1 August 2010
Revenue Period	.75 Years
Revenue Growth Method	No Growth
Vacancy Factor	100%
203 Medical To Market Re-Leasing Assumptions
Market Profile	LU203 Local
Repetitions	One Time
203 Medical To Market Re-Leasing Assumptions
Market Profile	2nd-Fl-Ren Local
Repetitions	Until Projected Sale
203 Medical Reimbursement Assumptions (The natural prorata for this tenant is 12.50% (2,500 / 20,000))
Expense Method Amount Prorata Min Max GU% Taxes Net None Natural None None None Insurance Net None Natural None None None Common Area Maintenance Net None Natural None None None Managment Fee Net None Natural None None 100.00% Reserve None None Natural None None None
Taxes Expense Assumptions
Annual Expense	$12,750.00
Expense Start Date	1 January 2010
Expense Period	Until Projected Sale
Expense Growth Method	Annual at 2% Annually
Insurance Expense Assumptions
Annual Expense	$1,700.00
Expense Start Date	1 January 2010
Expense Period	Until Projected Sale
Expense Growth Method	Annual at 5% Annually
Common Area Maintenance Expense Assumptions
Annual Expense	$4,250.00
Expense Start Date	1 August 2010
Expense Period	Until Projected Sale
Expense Growth Method	Annual at the Inflation Rate
Managment Fee Expense Assumptions
Annual Expense	$30,000.00
Expense Start Date	1 August 2010
Expense Period	Until Projected Sale
Expense Growth Method	Annual at 3% Annually
Reserve Expense Assumptions
Annual Expense	$2,000.00
Expense Start Date	at Acquisition
Expense Period	Until Projected Sale
Expense Growth Method	Annual at 2% Annually