SPIRE LANDING FINANCIALS

PRO FORMA ANALYSIS BELOW

SUMMARY

Spire Landing will produce annual revenues of approximately $2 million and pay dividends to investors of about 6.8% in the first year. This number will grow to 9.2% by year five. The main reason returns will increase is because the developer agreed to set initial rents at “affordable market” rates that are determined by the City of Vancouver. This means that initial rents are set below open market, so there is room for them to appreciate. The province of British Columbia restricts annual rent increases to 1% plus inflation. This typically translates to annual increases of about 2.7%. The pro forma assumes a 2.7% increase for the first two years, leveling off to 1.7% for years three through five as the rental rates reach open market levels.

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BUILDING DRAWINGS

OFFERING MEMORANDUM

HISTORIC FINANCIAL PERFORMANCE

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