Situational Office Acquisition

Acquired February 2020

89% leased, ~510k SF

Three 6-story office buildings

Established Submarket

Submarket driven by the Charlotte Airport

Closed at ~$102M / ~$199/SF

Majority of existing rents below market value

Weighted average lease term of 5.2 years

submarket seeing significant expansion

Best-in-class asset

In-place rents ~20% below market

diverse tenant base

Brought a 25k SF “tenant in tow”, bringing occupancy to 92%

Conservative balance sheet debt (~64% LTV) provided by Brookfield Asset Management