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7.A. - Page 24 of 36 <br />Table A-1: Estimated Cost of Site Acquisition and Preparation <br />Capitalized Property Value <br />Existing Retail Space to be Acquired <br />CoStar + Google Earth <br />175,000 <br />Sequoia Station Vacancy Rate <br />EPS Estimate <br />5.0% <br />Annual Retail Lease Rate per Sq. Ft. (NNN) <br />CoStar (Blended) <br />$50 <br />Sequoia Station NOI1 <br />EPS Estimate <br />$8,063,000 <br />Sequoia Station Cap Rate <br />Broker Conversations <br />4.5% <br />Capitalized Property Value <br />EPS Estimate <br />$179,178,000 <br />Total Site Acquisition Cost <br />Based on 12.08 acres <br />$620 <br />Off -market premium (20%) <br />$35,836,000 <br />Total land Acquisition Cost <br />$215,014,000 <br />Other Acquisition and Improvement Costs <br />Tenant Relocation and Land Carry <br />EPS Estimate <br />$57,100,000 <br />Entitlement / Due Diligence / Closing Costs3 <br />EPS Estimate <br />$9,000,000 <br />Replacement Parking <br />EPS Estimate <br />$35,000,000 <br />Site Cleanup and Preparation <br />EPS Estimate <br />$10,000,000 <br />Other Acquisition Costs <br />$111,100,000 <br />Total Site Acquisition <br />$326,114,000 <br />Amount per land square foot <br />Based on 12.08 acres <br />$620 <br />[1] Assumed operating expenses equal to 3% of gross revenue. <br />[2] Based on EPS estimates, includes lease buy-out and tenant relocation costs, taxes, and land carrying costs to account for time <br />value of money (development process will take several years). <br />[3] Assumed to equal 5% of site acquisition. <br />[4] Estimate, includes hazardous soil cleanup, demolition, and culvert relocation <br />200 <br />