LIGHT INDUSTRIAL OVERVIEW

• All units have grade and/or dock roll-up doors

• Average unit is 80% warehouse/20% office

• Clear heights generally 16’-20+’

• Flexible configuration appeals to broad base of U.S. small and mid-size businesses

• Infill urban locations – Close to city centers, housing and transportation corridors

MARKET OPPORTUNITY

• Large Market Size: 6 billion Sq.Ft

• Smaller deal size leads to less institutional competition

• Steady current income with potential appreciation through active management

• Negligible tenant improvement capital required

• Multi-faceted diversification reduces risk

• Serves small and mid-sized businesses

• Higher average occupancy and rental rates compared to warehouse and logistic spaces (source - CoStar Portfolio Strategy)

• High replacement cost leads to limited new competitive supply