Dayton Street FWD - Savannah

a forward commitment opportunity, to-be-completed speculative shell, 548,720 SF, Class-A distribution

center, located within the explosive Savannah, Georgia industrial market. Situated 0.5 miles from Interstate 16 and 13 miles from

Interstate 95, providing connectivity to Atlanta and the broader Southeast, the Property sits along Highway 280 and directly adjacent

to numerous, newly built and stabilized, Class-A assets, proving substantial tenant demand in this location.

Port of Savannah

• Savannah is the single largest and fastest-growing container terminal in America. In 2021,

the port moved a record breaking 5.6 million TEUs, growing cargo volumes by 20% year

over year

• The port’s growth has continued at an astounding rate

» January 2022 saw an increase of 3.7% from January 2021 and represents the sixth most

TEUs throughout a single month with over 476,700 TEUs moved

» This marked the eighteenth consecutive month of positive year-over-year growth

• With an estimated 11 million TEU capacity by 2030, industrial occupancy in Savannah is

estimated to reach 180 MSF in the next ten years

» With current inventory sitting at 82 MSF, this equates to a current under supply

of nearly 100 MSF

• Currently undergoing four major expansion projects: Savannah Harbor Expansion Project

(SHEP), Mason Mega Rail Terminal, growing the port container crane fleet, and trucking

gate lane expansion

» Part of the recently announced $3.2 billion investment over the next 10 years ($1 billion

in last 10 years)

» As a part of this investment, Savannah rail improvements will expand and connect CSX

and Norfolk Southern facilities. This will create the largest on-dock intermodal facility

in North America

• Savannah is one of the most well-connected U.S. ports to a diversity of world markets,

and is not dependent on any singular market (i.e. China)

» As manufacturing moves outside of China, Savannah stands to benefit from this

diversification over west coast ports

» Studies show 60% of the time when manufacturing is moved out of China, the import

of these products is moved to east coast ports such as Savannah

» The Port of Savannah currently has 36 weekly port calls (second only to NY/NJ on the

East coast with 37) and will add more as it continues to expand

INVESTMENT SUMMARY 6

Investment highlights

Unprecedented industrial market fundamentals

• The 98% leased Savannah industrial market has generated 29.3 MSF of positive

absorption over the last 5 years, with 10.5 MSF in 2021 alone

» Over the same time period, Savannah has maintained a sub 5% vacancy rate, all while

delivering 28.3 MSF, increasing supply by nearly 52%

» Savannah absorbed 10.5 MSF in which is 12.7% of total inventory, and nearly 6.5x the

national average of 1.98%

» While current vacancy sits at 2.3%, there is a lease out for signature on a 1.2 MSF

vacancy and if leased and occupied today, the vacancy rate would drop to 0.8%

• JLL recently ranked Savannah as having the 8th most tracked industrial tenant demand

in the country in the 2021 Tenant Demand Study (26.1 MSF of requirements)

• The market has seen an unprecedented 32% rental rate growth over the last 5 years for

buildings 250,000 SF and larger

• Savannah is a discount to competing port markets which drives new tenant demand

• Pre-leasing remains strong and is expected to continue through 2022. Over 40% of

under-construction buildings are already leased

» There are 3.83 MSF of tenants negotiating leases and when signed throughout Q1 will

increase pre-leasing to 70.5%. Tenant demand is still strong in the +/- 25 MSF range