municipal employees’ retirement system of louisiana · 23 partners have an average of 27 years of...

CONFIDENTIAL | 0Confidential. Intended for the use of recipient only. Please do not distribute or reproduce.Confidential. Intended for the use of recipient only. Please do not distribute or reproduce.

TA Realty Core Property Fund

Municipal Employees’ Retirement System of LouisianaJanuary 17, 2019

CONFIDENTIAL | 1

Important Disclosures

The information contained in these presentation materials is confidential information regarding TA Realty, the TA Realty Core Property Fund (“CPF”, “Core Property Fund” or the “Fund”) and the closed-end real

estate funds that it has sponsored. These presentation materials have been prepared solely for informational purposes. These presentation materials do not constitute an offer or the solicitation of an offer to invest.

Any offer to invest will be made only pursuant to CPF’s confidential private placement memorandum (“PPM”). The information contained herein is qualified in its entirety by reference to the PPM. These presentation

materials are confidential and may not be reproduced or distributed by the recipient.

These presentation materials may contain forward-looking statements within the meaning of the United States federal securities laws. Forward-looking statements are those that predict or describe future events or

trends and that do not relate solely to historical matters. For example, forward-looking statements may predict future economic performance, describe plans and objectives of management for future operations and

make projections of revenue, investment returns or other financial items. A prospective investor can generally identify forward-looking statements as statements containing the words “will,” “believe,” “expect,”

“anticipate,” “intend,” “contemplate,” “estimate,” “project,” “assume” or other similar expressions. Such forward-looking statements are inherently uncertain, because the matters they describe are subject to known

(and unknown) risks, uncertainties and other unpredictable factors, many of which are beyond CPF’s control. No representations or warranties are made as to the accuracy of such forward-looking statements. To

ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this presentation is not intended or written to be used, and cannot be used, for the purpose of (i)

avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

The information and opinions presented or contained in this document are provided as of the date of this presentation. It should be understood that subsequent developments may affect the information contained in

this presentation materially, which neither TA Realty nor its directors, officers, employees, agents, affiliates, advisors or representatives are under an obligation to update, revise or affirm. An investment in CPF is

speculative, involves a high degree of risk and, by its terms, will have restrictions on liquidity. There is no guarantee that CPF’s investment strategy will be successful. An investor could lose all or a substantial

portion of its investment in CPF. No representation is being made that CPF will or is likely to achieve performance results similar to those shown. Past and projected performance information regarding CPF

described herein is provided for illustrative purposes only and may not be indicative of future investment results. There can be no assurance that CPF will achieve comparable results, meet its targeted or projected

returns, be able to implement their investment strategies, or be able to avoid losses.

The real estate markets are cyclical in nature. Property values are affected by, among other things, the availability of capital, occupancy rates, rental rates and interest and inflation rates. As a result, determining real

estate values involves many assumptions. Amounts ultimately realized from each property may vary significantly from the fair value presented and the difference could be material.

Performance results are calculated on an asset-weighted average basis using beginning of period values adjusted for time-weighted external cash flows.

Gross returns reflect transactions costs in connection with making and disposing of investments, but they do not reflect management fees, which will reduce returns. Net returns are after all management fees,

transaction costs and other fund-level expenses but do not include taxes or withholdings incurred by investors directly.

TA Realty Argus model forecasts are derived from TA Realty’s experience in acquiring and managing properties and associated market research and analysis. Macro assumptions include overall inflation rates for

rents, other revenues as well as expenses, and expected investor returns, including capitalization rates and internal rates of return. Property-level assumptions include market rents, lease terms, renewal

probabilities, vacancy factors and expense recovery provisions. The models also include assumptions for free rent and other concessions, tenant improvement allowances and leasing commissions, and operating

and capital expense assumptions specific to each property. TA Realty also makes assumptions on the lease-up of vacant space and re-leasing scenarios for future vacancies and lease rollovers.

The Altus Group’s valuation model is based on Argus data provided by TA Realty to Altus Group as well as a variety of assumptions, including those described in the Altus Group’s valuation reports, copies of which

are available upon request. There can be no assurance that any such assumption will be realized, in which event actual values may differ materially from the valuations and projections made under the Altus

Group’s valuation model. The forecasted NOI and yield data is included for information purposes only.

The NCREIF Fund Index Open-Ended Diversified Core Equity (ODCE) has been taken from published sources. The ODCE is a before and after fee index of open-ended funds with lower risk investment strategies,

utilizing low leverage and equity ownership of stable U.S. operating properties. The Index is capitalization-weighted, based on each fund's net invested capital.

ODCE data, once aggregated, may not be comparable to the performance of CPF due to the current and historical differences in portfolio composition by asset size, geographic location, property type and degree of

leverage.

“Property Level Yields/Returns,” if presented, are computed on a quarterly time-weighted basis. These returns do not reflect the deduction of management fees, fund expenses and carried interest.

The kinds of investment fees charged by TA Realty are disclosed in Part 2A of the Form ADV for TA Realty LLC, a copy of which is available upon request.

CONFIDENTIAL | 2

Table of Contents

Sections:

▪ Firm Overview

▪ Core Property Fund Overview

Appendix:

▪ U.S. Real Estate Market Update

▪ CPF Fund Structure

▪ CPF Investment Limitations

▪ CPF Investment Overviews

CONFIDENTIAL | 3

Firm Overview

CONFIDENTIAL | 4

$8.9 Billion Gross RE AUM1,2

1Excludes uncalled capital.2As of September 30, 2018.

▪ Founded in 1982

▪ Headquartered in Boston with offices in California, Florida and Texas

▪ Sole business is real estate investment with focus on institutional

quality office, industrial, retail and multifamily assets in major U.S.

markets

▪ Flat organizational structure with 79 employees

▪ 23 Partners have an average of 27 years of real estate experience and

an average tenure at TA Realty of 16 years

▪ $8.9 billion in gross real estate assets under management1,2

▪ Since inception, approximately $29.6 billion of real estate acquired,

invested and/or managed2

▪ Served as a fiduciary to over 450 U.S. and non-U.S. institutional

investors

▪ Registered investment adviser with the U.S. Securities and Exchange

Commission under the Investment Advisers Act of 1940

▪ Firm part owned by Mitsubishi Estate Co., Ltd (“MEC”) through its

subsidiary Rockefeller Group International, Inc. (“RGI”)

TA Realty Overview

Strategy

Property Type

Geography

38%

33%

29%

Value-AddedCommingledFunds

CustomizedSepartelyManaged Accounts

Core PropertyFund

31%

21%

40%

8%Industrial

Multifamily

Office

Retail

28%

5%

34%

33%

East

Midwest

South

West

CONFIDENTIAL | 5

Partial List of TA Realty Investors

Public Pension Funds Corporate Pension Plans Endowments

Asian Sovereign Wealth Fund The Boeing Company Amherst College

Illinois Municipal Retirement Fund Concordia Ascension Health

Indiana Public Retirement System European Corporation Cornell University

Maryland State Retirement and Pension System Eversource Retirement Plan Master Trust Emory University

Massachusetts Bay Transportation Authority Retirement Fund J.C. Penney Company, Inc. Macalester College

Middle Eastern Government Agency Macy's, Inc. New York - Presbyterian Hospital

Minnesota State Board of Investment National Grid Texas Permanent School Fund

Montana Board of Investments The PNC Financial Services Group University of California

Montgomery County Employees' Retirement System Regions Bank University of Missouri

Oklahoma Firefighters Pension and Retirement System Sysco Corporation Retirement Trust University of Pittsburgh

Public Employees' Retirement System of Mississippi The United Methodist Church University of Southern California

Seattle City Employees' Retirement System United Technologies Corporation Washington University

South Carolina Retirement System Wells Fargo & Company Wellesley College

Teachers' Retirement System of the State of Kentucky YMCA Retirement Fund

Texas General Land Office Foundations

Trusts/Family Offices The Andrew W. Mellon Foundation

Taft-Hartley Plans First Spring Investments Barr Foundation

AFTRA Retirement Fund Paravauc LLC The John A. Hartford Foundation, Inc.

American Federation of Musicians and Employers' Pension Fund PH Investments, LLC The Kresge Foundation

Central Pension Fund of the IUOE and Participating Employers Rostam Investments Meadows Foundation, Inc.

Plumbers & Pipefitters National Pension Fund Silver Aggressive Growth Fund, LP The Missouri Foundation for Health

Saint Paul Foundation

Each of the investors listed above has invested in one or more commingled real estate funds sponsored by TA Realty. This list represents the largest investors by aggregate commitment

amount in Funds VII-X in each of the above categories. The inclusion of an investor in the above list does not constitute an endorsement by such investor of TA Realty or any private

investment fund sponsored by TA Realty, nor does it imply that any such investor will be an investor in CPF.

CONFIDENTIAL | 6

Core Property Fund Overview

CONFIDENTIAL | 7

Lamar Union

Austin, TX

442 Units/86K SF

Multifamily/Retail

250 Montgomery

San Francisco, CA

118K SF

Office

Mountain Creek Distribution Center I

Dallas, TX

630K SF

Industrial131 Dartmouth Street

Boston, MA

371K SF

Office

The Riverside Portfolio

Atlanta, GA

952K SF

Industrial

Oaks at Lakeway

Lakeway (Austin), TX

304K SF

Retail

Premier Assets and Locations

Interstate & Pacific Business Park 479K SF

Eastvale/Riverside, CA Industrial

Ballard Public Lofts & Market 99 Units/7K SF

Seattle, WA Multifamily/Retail

Note: Assets shown are a representative selection of CPF’s portfolio assets across geographic regions and property types. There can be no assurance that the Fund will be

able to acquire similar properties in the future or that future acquisitions will be on similar terms.

CONFIDENTIAL | 8

Core Property Fund (“CPF”) Overview

Summary

▪ Purpose-built portfolio acquired

since 2015, adhering to ODCE

parameters

▪ Significant overweight to industrial

and multifamily

▪ Ingrained TA Realty value-add

expertise and mindset applied to

core real estate

▪ Alignment of interests: $1.0 billion

commitment from MEC (same fee

terms as unaffiliated LPs)

▪ Performance: 2.24% total gross

return and 2.08% total net return for

3Q’18 for CPF

▪ Discounted management fee for

early investors (70bps)

Property Type Diversification1

Geographic Diversification1

Multifamily, 28%

Industrial, 38%

Office, 27%

Retail, 7%

Pacific, 22%

Southwest, 20%

Northeast, 16%

Southeast, 23%

Mideast, 14%

East N. Central, 4%

Mountain, 1%

Please see Important Disclosures at the beginning of the presentation. 1Based on property gross asset value (GAV) as of September 30, 2018.2Subject to the limitations described in the PPM, indebtedness may be incurred in connection with the operations of CPF. The use of leverage will increase the exposure of the investments to adverse economic factors, such as rising interest rates,

economic downturns, or deteriorations in the condition of the investments or their respective markets.3Post quarter-end $110.0M in capital was called.

Fund Gross Asset Value $2,638M

Fund Net Asset Value $1,967M

Leverage Ratio2 24.2%

Wtd. Avg. Cost of Debt (%) 3.7%

Portfolio Occupancy 96%

Portfolio Commercial SF 12,021,422

Portfolio Multifamily Units 1,938

# of Investments 32

Average Investment Size $81.6M

Entrance Queue $277M3

Redemption Queue $0M

Number of Investors 26

Advantages

CONFIDENTIAL | 9

Team and Resources

TA Realty

Core Property Fund

CPF Portfolio Management Team

CPF

Advisory Committee

TA Realty

Acquisitions

Committee

TA Realty

Investment Committee

TA Realty Platform

Partners (6)

Non-

Partners (7)

Support (3)

Acquisitions

Partners (9)

Non-

Partners (3)

Support (2)

Asset

Management

Partners (2)

Non-

Partners (2)

Support (2)

Portfolio

Management

Partners (1)

Non-

Partners (3)

Valuations

Partners (1)

Non-

Partners (5)

Support (4)

Investor

Relations &

Operations

Partners (2)

Non-

Partners (24)

Finance, IT,

Compliance &

Operations

Note: Partners include the Firm’s three Managing Partners.

▪ Dedicated CPF team

▪ Supported by extensive

firm resources

▪ Real estate investment

is TA Realty’s sole

business focus

▪ Flat organizational

structure with 79

employees

▪ 23 Partners have an

average of 27 years of

real estate experience

and an average tenure

of 16 years at TA Realty

Sean Ruhmann

Portfolio Manager, Partner

Nicole Dutra Grinnell

Portfolio Manager,

Partner

Jacob Maliel

Portfolio Manager,

Vice President

TA Realty

Investment Allocation

Committee

CONFIDENTIAL | 10

Investment Strategy

Fund

Objective

▪ Build and operate a first-class portfolio of institutional quality core real estate assets

▪ Generate consistent outperformance versus industry benchmarks

▪ Provide outstanding client service to investors

Implementation

Strategy

▪ Focus on markets/submarkets that can deliver outsized long-term cash flow growth

▪ Invest in desirable assets in those markets/submarkets at attractive prices

▪ Proactively manage assets to drive incremental cash flow

▪ Actively evaluate portfolio-level concentration risks

▪ Dispose of assets before they become uncompetitive

Investment

Parameters

▪ Sectors: Industrial, multifamily, office, retail

▪ Geographies: Major U.S. metropolitan areas

▪ Leverage: 25%-30% target depending on market conditions, 40% cap (at the Fund-level)

▪ Core-Plus and Value-Add Investments: 20% cap

▪ Deal Size: $25 million to $300 million

▪ Tax Structure: Designed to be flexible for U.S. and non-U.S. investors

▪ Liquidity: Open-ended, quarterly

CONFIDENTIAL | 11

Investment Strategy: Cash Flow Growth and Total Return

Return Drivers

Population Growth

Economic Growth

Market Economic Diversity

Supply Constraints

Rent / Cash Flow Growth

Going-In Yield

Market Liquidity

Market Volatility

Total Return

Market Industrial Multifamily Office Retail

Atlanta

Austin

Boston

Chicago

Dallas

Denver

Houston

Los Angeles / Inland Empire

Miami

New York

Orlando

San Francisco

Seattle

Washington, D.C.

Total 14 Markets 12 Markets 8 Markets 12 Markets

U.S. / NPI ODCE

Excess Growth / Return

Population

Growth1

GDP

Growth1

NPI ODCE

Return2

1.54% 3.12% 11.46%

2.89% 6.14% 9.59%

0.78% 2.23% 9.22%

0.02% 1.43% 11.49%

1.99% 4.83% 10.77%

1.77% 3.35% 13.34%

2.19% 2.82% 10.10%

0.63% 3.00% 12.26%

1.27% 3.02% 10.20%

0.42% 1.47% 10.01%

2.42% 2.48% 13.96%

1.16% 4.81% 13.56%

1.71% 3.66% 10.59%

1.15% 0.75% 7.63%

1.42% 3.08% 11.01%

0.74% 2.09% 9.92%

0.69% 0.99% 1.09%

5YR Growth / ReturnsFocus Property Types by Market

1Population data per U.S. Census Bureau (available through 2017). GDP data per U.S. Department of Commerce – Bureau of Economic Analysis (data available through 2016). 2Returns for each target market calculated using the average of the NCREIF Property Index, Open End Diversified Core Equity (NPI ODCE) returns data for each targeted property type in each market. The NPI ODCE figure uses the entire NPI ODCE returns as reported by

NCREIF (data available through 1Q’18).

Note: The above Geographic Regions / Property Types reflect the current focus of CPF’s acquisition strategy. However, additional Geographic Regions / Property Types may be pursued to complement CPF’s performance and diversification. Market names indicate the

general target Core Based Statistical Area (CBSA); for example, ‘Atlanta’ is the ‘Atlanta-Sandy Springs-Roswell, GA’ CBSA. For ‘Los Angeles / Inland Empire’, this includes the ‘Los Angeles-Long Beach-Anaheim, CA’ and “Riverside-San Bernardino-Ontario, CA” CBSAs.

CONFIDENTIAL | 12

Property Type Diversification1 Regional Diversification1 Market Diversification1

27%35%

28%

25%

38%

17%

7%

19%

4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CPF ODCE

Office Multifamily Industrial

Retail Other

16%23%

14%9%

23%

9%

4%

8%1%

1%5%

22%36%

20%

9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CPF ODCE

Northeast Mideast

Southeast East N. Central

West N. Central Mountain

Pacific Southwest

Portfolio Diversification

98%

68%

2%

32%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CPF ODCE

Target Markets Other Markets

Source: NCREIF Fund Index - Open End Diversified Core Equity (ODCE) report for Q2 2018 and as of Q1 2018 for Market Diversification (based on most recent available). 1For CPF, based on gross asset values as of September 30, 2018.

CONFIDENTIAL | 13

Investment Strategy by Property Type

Multifamily

Target: Overweight

Office

Target: Underweight

Retail

Target: Underweight

Industrial

Target: Overweight

• Multi-tenant warehouse

and logistics facilities

• Modern, functional

construction with generic

improvements for ease of

leasing

• Stable escalating cash flow

• Primary logistics, seaports

and inland ports

• Excellent access to major

transportation routes

• High-quality garden, mid-

rise, and high-rise

communities

• Diverse unit type mix

• Highly accessible locations

proximate to multiple

amenities, including public

transportation

• New or recently renovated

properties

• Stable cash flow returns

• Infill, multi-tenant office

properties

• Stable, escalating cash

flow returns

• Efficient floor plates and

modern systems

• Curb appeal and proximate

to public transportation

• Diversified rent rolls with

staggered lease

expirations

• High-quality, grocery-

anchored and lifestyle

centers (including high

street locations)

• Stable, escalating cash

flows

• Balanced tenant mixes

with strong sales PSF

• Highly-visible locations

along heavily-trafficked

corridors

1333 H Street, Washington, D.C. The Oaks at Lakeway, Lakeway, TXInterstate & Pacific, Inland Empire, CA Lamar Union, Austin, TX

CONFIDENTIAL | 14

Portfolio Composition and Growth Drivers1

Portfolio Composition and Growth Drivers

Co

re

▪ 56.2% of portfolio GAV ($1,469M)

▪ 23 investments (16 industrial, 4 multifamily, 1 office and 2 retail)

▪ 4.69% Year 1 cap rate

▪ 2.8% projected annual NOI growth (Years 1-to-5)

Co

re

(With

Up

sid

e)2

▪ 35.5% of portfolio GAV ($927M)

▪ 8 investments (3 industrial, 3 multifamily and 2 office)



Va

lue

-Ad

d3 ▪ 8.3% of portfolio GAV ($216M)

▪ 1 investment (office)



Portfolio

▪ $2,612M GAV

▪ 32 investments (19 industrial, 7

multifamily, 4 office and 2 retail)


▪ 6.2% projected annual NOI growth

(Years 1-to-5)

Please see Important Disclosures at the beginning of the presentation.1As of September 30, 2018.2Core (With Upside) investments: Industrial – 3900 Hamner, Palmetto Logistics Portfolio, Stoneridge Industrial Portfolio; Multifamily – The Heights at Chino Hills, Amerige Pointe, Ballard Public Lofts & Market; Office – 131 Dartmouth Street, The Berkshire3Value-Add investments: Office – 1333 H Street

Core56.2%

Core With

Upside35.5%

Value-Add8.3%

CONFIDENTIAL | 15

▪ Tactical overweight to

industrial

▪ 38% of CPF portfolio vs 17%

of ODCE2

▪ 19 industrial assets and

$982 million invested1

▪ 10,555,060 square feet and

97% leased1

▪ Emphasis on individual

transactions versus paying a

portfolio premium

▪ Targeting high-quality assets

in gateway distribution

markets

▪ Focus on tenant credit as

well as ability to drive NOI

increases at property level

CPF Industrial Overview

Summary CPF Industrial Portfolio1

1As of September 30, 2018.2Source: NCREIF Fund Index - Open End Diversified Core Equity (ODCE) report for 2Q’18.

Chicago: $111.0M GAV

Territorial Drive (187,485 SF)

Carlow 15 (615,160 SF)

3300 Corporate Drive (442,484 SF)

Dallas: $172.5M GAV

Stoneridge Industrial Portfolio (1,075,475 SF)

Mountain Creek Distribution Center I (630,000 SF)

Mountain Creek Distribution Center II (663,000 SF)

Washington, D.C./Maryland: $48.3M GAV

Perryman Logistics Center (571,762 SF)

Seattle: $26.6M GAV

Lakewood Corporate Center (207,000 SF)

Atlanta: $168.6M GAV

The Riverside Portfolio (952,184 SF)

Shugart Farms Logistics Center (873,800 SF)

Midland Logistics Center (698,068 SF)

Miami: $178.3M GAV

Crossroad Industrial I (389,096 SF)

Port 95 (151,389 SF)

Palmetto Logistics Center (919,626 SF)

Los Angeles / Inland Empire: $167.2M GAV

Interstate & Pacific Business Parks (479,248 SF)

3900 Hamner (168,346 SF)

Corona Industrial Portfolio (267,050 SF)

5491 E. Francis Street (406,714 SF)

Orlando: $109.1M GAV

Orlando Airport Logistics Center (857,173 SF)

CONFIDENTIAL | 16

CPF Industrial Portfolio

Market Property NameAcquisition

DateProperty Location SF1 %

Leased1

GAV

(M)1

Chicago

Territorial Drive Jul. 2016 Bolingbrook, IL 187,485 100% $21.3

Carlow 15 May 2017 Bolingbrook, IL 615,160 100% $60.7

3300 Corporate Drive Dec. 2017 Joliet, IL 442,484 100% $29.0

Los Angeles / Inland Empire

Interstate & Pacific Business Parks Dec. 2015 Eastvale/Riverside, CA 479,248 100% $64.0

3900 Hamner Feb. 2017 Eastvale, CA 168,346 100% $17.2

Corona Industrial Portfolio Jun. 2017 Corona, CA 267,050 100% $37.8

5491 E. Francis Street Aug. 2017 Ontario, CA 406,714 100% $48.2

Miami

Crossroads Industrial I Mar. 2017 Hialeah Gardens/Davie, FL 389,096 100% $59.9

Port 95 Oct. 2017 Hollywood, FL 151,389 100% $22.2

Palmetto Logistics Portfolio Sep. 2018 Medley/Hialeah, FL 919,626 94% $96.2

Atlanta

The Riverside Portfolio Aug. 2015 Austell, GA 952,184 97% $63.0

Shugart Farms Logistics Center Jun. 2017 Fairburn, GA 873,800 100% $63.7

Midland Logistics Center Aug. 2018 McDonough, GA 698,068 100% $41.9

Dallas

Stoneridge Industrial Portfolio Dec. 2015 Dallas, TX 1,075,475 74% $65.0

Mountain Creek Distribution Center I Jun. 2016 Dallas, TX 630,000 100% $46.9

Mountain Creek Distribution Center II Jan. 2018 Dallas, TX 663,000 100% $60.6

Washington, D.C./Maryland Perryman Logistics Center Sep. 2017 Aberdeen, MD 571,762 100% $48.3

Seattle Lakewood Corporate Center Sep. 2017 Lakewood, WA 207,000 100% $26.6

Orlando Orlando Airport Logistics Center Sep. 2018 Orlando, FL 857,173 100% $109.1

Total / Weighted Average 10,555,060 97% $981.6

Note: There can be no assurance that the Fund will be able to acquire similar properties in the future or that future acquisitions will be on similar terms.

1As of September 30, 2018.

CONFIDENTIAL | 17

▪ TA Realty is the 5th largest

buyer and seller of industrial in

the U.S. since 20011

▪ Over $14 billion of industrial

acquisition / sales volume1

▪ 694 investments acquired / sold

▪ $20 million average deal size

TA Realty Industrial Investment Experience

U.S. Industrial Acquisition and Disposition Volume1

Source: Real Capital Analytics, Inc. (“RCA”)1Data from January 1, 2001 to June 30, 2018. Excludes entity level transactions as defined by RCA. Per RCA, entity-level transactions typically involve the sale of shares in a company

owning real estate, such as a public REIT, as opposed to a direct purchase of a property or portfolio of properties.

Ranking Company Name Capital TypeTotal Acquisition and

Disposition Volume ($B)

1 Prologis Public REIT $19.6

2 DWS Group Americas Investment Manager $19.4

3 CalPERS Pension Fund $16.6

4 Blackstone Investment Manager $14.9

5 TA Realty Investment Manager $14.1

6 First Industrial Public REIT $13.1

7 Exeter Investment Manager $12.9

8 Cabot Properties Investment Manager $12.1

9 Clarion Partners Investment Manager $11.0

10 Duke Realty Public REIT $8.8

CONFIDENTIAL | 18

Investment Summary

Orlando Airport Logistics Center, Orlando, FL

New Class-A Construction 40’ clear, 130 dock door capacity, 195’ secured truck court, rear-load (cross-dock capable) facility with low site coverage (18%) allowing

for substantial auto parking (3.1:1,000 SF), trailer parking

(263 stalls) and potential to further develop the site in the future

Key Logistics Location Highly infill location immediately

south of the Orlando International Airport with proximity to the

Central Florida Highway, Florida Turnpike, and I-4. Proximate to the Orlando CBD and growing residential submarkets to the

Southwest and Southeast

100% Occupancy1

Investment ThesisYear 1 NOI yield of 4.77% with 100% of the facility leased on a long term basis to a top tier E-

Commerce company for 15 years through July 2033

$109.1M1

GAV

September 2018 Acquisition Date

OrlandoMarket

Investment

Highlights

Please see Important Disclosures at the beginning of the presentation.

Orlando Airport Logistics Center


Orlando Airport

CONFIDENTIAL | 19

▪ Number of Transactions: 4

▪ Number of Buildings: 8

▪ Total SF: 2,710,987

▪ Purchase Price: $169,650,000

▪ Occupancy at Acquisition: 97%

▪ Imputed Acquisition Cap Rate: 4.92%

▪ Acquisitions Dates: 8/15; 6/17; 8/18; Pending 4Q‘18

▪ Sellers: Metzler; Core5; Scannell; Developer

Investment Case Study

Individual Transactions vs. Paying a Portfolio Premium

TAR Build Strategy:

CPF Atlanta Industrial Portfolio

Portfolio Premium Example:

Recently Marketed Atlanta Portfolio

▪ Number of Transactions: 1

▪ Number of Buildings: 5

▪ Total SF: 1,127,658

▪ Approx. Purchase Price: $102,000,000


▪ Imputed Acquisition Cap Rate: 4.27%

▪ Marketing Date: September 2018

▪ Buyer: Core Fund


CONFIDENTIAL | 20

▪ Tactical multifamily

overweight


of ODCE2

▪ Seven multifamily assets and

$772.2 million invested1

▪ 1,938 units and 93% leased1

▪ Focused on infill locations

with strong demographics

and high barriers to entry

▪ High-quality newly

constructed assets or older

properties with “good bones”

suitable for potential

renovation projects

▪ Provides stable cash flow

while enabling the potential

for near-term NOI growth

CPF Multifamily Overview

Summary CPF Multifamily Portfolio1


Austin: $160.0M GAV

Lamar Union (442 Units)

Boston: $77.5M GAV

Arlington 360 (164 Units)

Seattle: $53.3M GAV

Ballard Public Lofts & Market (99 Units)

Washington, D.C.: $108.8M GAV

The Barton at Woodley (211 Units)

Miami: $139.5M GAV

The Manor at City Place (398 Units)

Los Angeles / Inland Empire: $233.1M GAV

The Heights at Chino Hills (332 Units)

Amerige Point (292 Units)

CONFIDENTIAL | 21

CPF Multifamily Portfolio




DateProperty Location

Multifamily

Units1 Retail SF1 Multifamily %

Leased1

Retail %

Leased1

GAV

(M)1

Boston Arlington 360 Aug. 2015 Arlington, MA 164 - 93% $77.5

Los Angeles / Inland

Empire

The Heights at Chino Hills Jan. 2016 Chino Hills, CA 332 - 92% $106.0

Amerige Pointe Sep. 2016 Fullerton, CA 292 10,347 95% 100% $127.1

Miami The Manor at City Place Aug. 2017 Doral, FL 398 - 92% $139.5

Seattle Ballard Public Lofts & Market Dec. 2016 Seattle, WA 99 7,209 93% 100% $53.3

Austin Lamar Union Jun. 2017 Austin, TX 442 86,377 95% 98% $160.0

Washington, D.C. The Barton at Woodley Mar. 2018 Washington, D.C. 211 - 95% $108.8

Total / Weighted Average 1,938 103,933 93% 98% $772.2

CONFIDENTIAL | 22

Investment Summary

Ballard Public Lofts & Market, Seattle, WA

Class A Multifamily99 loft style units in popular Ballard neighborhood with

condo quality finishes

Ground Floor RetailFully leased to organic grocer,

restaurant and café

93% Multifamily /

100% Retail Occupancy1

Should enable property to increase rents upon roll over

Affluent DemographicsAverage household income of

$114K in 1-mile radius

Proximate to Major

Area EmployersAmazon, Google, Adobe,

Brooks, Facebook and research hospitals

$53.3M1

GAV

December 2016Acquisition Date

SeattleMarket

Investment

Highlights

Ballard Public Lofts & Market

Please see Important Disclosures at the beginning of the presentation.1As of September 30, 2018.

CONFIDENTIAL | 23

Investment Summary

Amerige Pointe, Fullerton, CA

Class A Multifamily292 Units with desirable amenities and location

LocationLocated adjacent to Amerige

Town Center, dual anchored by a Target and an Albertson’s

grocery store

95% Multifamily /


A strong growing population in the top-ranked Robert C. Fisler

K-8 school district

Investment Thesis Asset is well-built with desirable

amenities and location, providing the opportunity to

increase rents through strategic amenity and unit updates

$127.1M1

GAV

September 2016Acquisition Date

Investment

Highlights

Amerige Pointe


Los Angeles / Inland EmpireMarket

CONFIDENTIAL | 24

Investment Summary


Post Renovation Photos

CONFIDENTIAL | 25

Investment Summary


▪ NOI increases from $4.90M in 2018 to $6.6M in

Year 5 (TTM ending 9/30/23)

▪ 292 total units: 123 units1 have been renovated

▪ Average Cost to Renovate: $15,000/unit1

▪ Average Unit Premium Per Month:

▪ $250 per month (11.2% increase)1

▪ Average ROI Per Year: 20.2%1

▪ Projected Property NOI Yield on Cost (Year 5):

5.2%2

▪ Projected Market Cap Rate: 4.25-4.50%3

▪ Main driver for Amerige is the excellent public

school system (Amerige was the only multifamily

community within the school system); additionally,

homes/condos within the Amerige Heights master

are ~$800,000.

Note: NOI data is for the year ending September 30 and is based on TA Realty Altus model forecasts (please see assumptions in Important Disclosures).1As of September 30, 2018.2Altus Valuation Report as of September 30, 2018.3CoStar Forecast Data Export - Orange County (CA) Multifamily Cap Rates (Q2 2018).

$0.00

$1.00

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$7.00

Sep-18Actual

Sep-19 Sep-20 Sep-21 Sep-22 Sep-23

NO

I (M

illio

ns/(

$)

NOI (MM)

Amerige Pointe - NOI Growth

NOI (T12) NOI (Y1) NOI (Y2) NOI(Y3) NOI(Y4) NOI(Y5)

NOI (MM) $4.90 $4.92 $5.65 $6.22 $6.44 $6.60

YOY Growth 0.4% 14.8% 10.2% 3.5% 2.6%

CONFIDENTIAL | 26

Investment Summary

The Heights at Chino Hills, Chino Hills, CA

Investment

Highlights

Class A Multifamily332 luxury garden-style apartments with private

entrances; modern common updated amenities

Desirable LocationLocated in the southwest corner

of San Bernardino County; proximate to employment and

retail amenities

92% Occupancy1

Strong demographics, with a growing population, in a top-

ranked school district

Investment ThesisOpportunity to refurbish common areas and unit

upgrades to drive additional rental growth, significant barrier-to-entry for future competition due to city ordinance limiting new

multifamily development

$106.0M1

GAV

January 2016Acquisition Date

The Heights at Chino Hills



CONFIDENTIAL | 27

Investment Summary


Post Renovation Photos

CONFIDENTIAL | 28

▪ 332 total units: 208 units1 have been renovated

▪ Average Cost to Renovate these Units: approx.

$18,000/unit1

▪ Average Unit Premium Per Month:

▪ $164 per month (8.9% increase)1

▪ Average ROI Per Year: 11.8%1

▪ The Heights rents post renovation viewed as $75-

$100 lower per month vs Capriana (Fairfield) and

$100-$200 lower per month vs Avalon Chino Hills

(Avalon Bay)2

▪ NOI projected to increase from $4.3M in 2018 to

$5.57M in Year 5 (TTM ended 9/30/2023)

▪ Projected Property Yield on Cost (Year 4): ~5.0%

▪ Projected Market Cap Rate: 4.25-4.50%3

Note: NOI data is for the year ending September 30 and is based on TA Realty Altus model forecasts (please see assumptions in Important Disclosures).1As of September 30, 2018.2Greystar.3CoStar Forecast Data Export - Orange County (CA) Multifamily Cap Rates (2Q’18).

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$1.00

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$4.00

$5.00

$6.00

Sep-18Actual


NO

I (M

illio

ns/(

$)

NOI (MM)

The Heights at Chino Hills - NOI Growth


NOI (MM) $4.26 $4.41 $4.98 $5.22 $5.39 $5.57

YOY Growth 3.6% 13.0% 4.8% 3.3% 3.3%

Investment Summary


CONFIDENTIAL | 29

▪ Tactical underweight to office


of ODCE2

▪ Four office assets and

$715.3 million invested1

▪ 943,761 square feet and

92% leased1

▪ Infill, multi-tenant office

properties with diversified

rent rolls and staggered

lease expirations

▪ Stable, escalating cash flow

returns

▪ Efficient floor plates and

modern systems

▪ Curb appeal and proximate

to public transportation

CPF Office Overview

Summary CPF Office Portfolio1


Dallas: $80.3M GAV

The Berkshire (188,920 SF)

Washington, D.C.: $216.0M GAV

1333 H Street (265,278 SF)

Boston: $326.0M GAV

131 Dartmouth Street (371,016 SF)

San Francisco: $93.0M GAV

250 Montgomery (118,547 SF)

CONFIDENTIAL | 30

CPF Office Portfolio





Leased1

GAV

(M)1

San Francisco 250 Montgomery Sep. 2015 San Francisco, CA 118,547 97% $93.0

Boston 131 Dartmouth Street Dec. 2015 Boston, MA 371,016 100% $326.0

Washington, D.C. 1333 H Street Dec. 2015 Washington, D.C. 265,278 78% $216.0

Dallas The Berkshire Sep. 2017 Dallas, TX 188,920 92% $80.3

Total / Weighted Average 943,761 92% $715.3

CONFIDENTIAL | 31

Investment Summary

131 Dartmouth Street, Boston, MA

Mixed-Use Urban Office371,016 SF; 6 office tenants and 3 retail tenants; on-site parking

Transit-OrientedDirectly adjacent to multi-modal

public transportation hub

100% Occupancy1

Staggered lease maturities: in-place rents below market

Upside PotentialOpportunity to drive value

through (i) the reconfiguration of non-NOI-producing space to

allow for potential urban grocer as well as (ii) marking leases to

market as leases rollover

$326.0M1

GAV


BostonMarket

Investment

Highlights

131 Dartmouth Street


CONFIDENTIAL | 32

Investment Summary

131 Dartmouth Street, Boston MA

▪ Current occupancy of 100%

▪ Weighted average in place rents of $54.70/SF

▪ Sapient lease expired in 3Q’18 and tenant is in

holdover through early 2019 (weighted average

expiring rent of $50.03/SF; 21.7% of building SF or

80,494 SF)

▪ Bain & Company has already leased 8,817

SF of expiring Sapient space at $60/SF

▪ Proposals out to prospective tenants to lease

remaining Sapient space at >$60/SF

▪ Current Argus model assumes Sapient space is

released at $60.59/SF (below current lease

proposals and well above current in-place rents)

▪ Regarding urban grocer and/or additional restaurant

space, architectural reconfiguration plans continue

to be evaluated in connection with possible tenants

Note: NOI data is for the year ending September 30 and is based on TA Realty Altus model forecasts (please see assumptions in Important Disclosures).

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

$20.00

Sep-18Actual


NO

I (M

illio

ns/(

$)

NOI (MM)

131 Dartmouth Street- NOI Growth


NOI (MM) $14.27 $12.36 $13.43 $14.83 $16.59 $17.91

YOY Growth -13.4% 8.7% 10.4% 11.8% 8.0%

CONFIDENTIAL | 33

Investment Summary

250 Montgomery, San Francisco, CA

Class A Office118,547 SF 15-story, LEED

certified structure; full lobby/common area renovation

completed in 2017

Prime LocationCentrally located within the

business district with immediate access to robust amenity base including restaurants and retail;

transit-oriented with multiple transportation options in close

proximity

97% Occupancy1

Diversified rent roll includes 21 tenants with staggered

expirations

Investment ThesisOpportunity to drive cash-flow and add value by renovating

common area finishes; converting ‘traditional office’ to

‘creative office’; and repositioning retail space with

new restaurant

$93.0M1

GAV


San FranciscoMarket

Investment

Highlights

250 Montgomery


CONFIDENTIAL | 34

Investment Summary


▪ Diversified rent roll includes 20 tenants with

staggered expirations

▪ Renovation of lobby/common area finishes and

conversion of ‘traditional office’ to ‘creative office’

has allowed building to increase occupancy and

benefit from rent growth

▪ Current Occupancy: 97%

▪ Current Weighted Average In Place Rents:

$64.41/SF

▪ Office leasing during 3Q’18:

▪ 2 transactions / 8,390 SF

▪ Rental range: $69-$70/SF

▪ Current Negotiations:

▪ Building is stabilized and now engaging

tenants with 2019 expirations on lease

renewal discussions

Note: NOI data is for the year ending September 30 and is based on TA Realty Altus model forecasts (please see assumptions in Important Disclosures).

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$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Sep-18Actual


NO

I (M

illio

ns/(

$)

NOI (MM)

250 Montgomery - NOI Growth


NOI (MM) $3.32 $4.70 $5.03 $5.16 $5.27 $5.44

YOY Growth 41.7% 7.0% 2.6% 2.1% 3.3%

CONFIDENTIAL | 35

Investment

Highlights

Top-tier, Class A Office188,920 SF; sixteen stories; five

levels of subgrade parking; Energy Star rated and

LEED certified

Attractive LocationLocated in the prestigious

Preston Center submarket, offers short drive times to

Dallas Love Field Airport and neighboring suburbs

92% Occupancy1

Investment ThesisAcquired at discount to

replacement cost. Capital improvements planned to

upgrade base building aesthetics in order to capitalize on strong NOI growth through

future new and renewal leasing

$80.3M1

GAV


DallasMarket

The Berkshire


Investment Summary

The Berkshire, Dallas, TX

CONFIDENTIAL | 36


▪ Known Year 1 vacate of additional 11,647

SF (6%) of NRA

▪ True “Net” Occupancy at Acquisition: 80%

▪ Year 2 (stabilized yield): 5.67%

▪ Current Occupancy: 92%1

▪ Leasing during CPF ownership (44,425 SF / 24%

of NRA):

▪ New Leasing: 33,805 SF

▪ HLC

▪ S2 Capital

▪ TA Realty

▪ Renewal Leasing: 10,620 SF

▪ M. Terry Enterprises

▪ Since Inception IRR: 17.70%1

▪ NOI forecasted to grow from $3.11M to $5.61M

during next 5 years, compounded annual growth

rate of >10%

Note: NOI data is for the year ending September 30 and is based on TA Realty Altus model forecasts (please see assumptions in Important Disclosures).1As of September 30, 2018.

Investment Summary


$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Sep-18Actual


NO

I (M

illio

ns/(

$)

NOI (MM)

The Berkshire - NOI Growth


NOI (MM) $3.11 $4.12 $4.57 $4.90 $5.33 $5.61

YOY Growth 32.7% 10.9% 7.3% 8.7% 5.2%

CONFIDENTIAL | 37

CPF Retail Overview

Strategic Retail Underweight CPF Retail Portfolio1


Austin: $121.0M GAV

Oaks at Lakeway (303,798 SF)

Denver: $21.9M GAV

Broomfield Marketplace (114,870 SF)

▪ Large tactical underweight to

retail


of ODCE2

▪ Two retail assets and $142.9

million invested1

▪ 418,668 square feet and

98% leased1

▪ High-quality, grocery-

anchored and lifestyle

centers (including high street

locations)

▪ Stable, escalating cash flows

▪ Balanced tenant mixes with

strong sales PSF

▪ Highly-visible locations along

heavily-trafficked corridors

CONFIDENTIAL | 38

CPF Retail Portfolio





Leased1

GAV

(M)1

Austin Oaks at Lakeway Feb. 2017 Lakeway, TX 303,798 100% $121.0

Denver Broomfield Marketplace Apr. 2018 Broomfield, CO 114,870 94% $21.9

Total / Weighted Average 418,668 98% $142.9

CONFIDENTIAL | 39

Investment Summary

Oaks at Lakeway, Lakeway, TX

New Class A RetailBest-in-class retail center. 303,798 SF; built in 2016

Dominant Grocer AnchorHEB is one of the largest

independent food retailers in the nation

“Town Center” DesignStrong grocer, in-line retail

space and out-parcel pads in favored “town center” style

100% Occupancy1

High-growth area with 3-mile population growth of 31% since

2010; complex entitlement process limits new competition

Investment Thesis2.56 –acre parcel with build-to-

suit potential; option to sell outparcels to NNN buyers

$121.0M1

GAV

February 2017Acquisition Date

AustinMarket

Investment

Highlights

Oaks at Lakeway


CONFIDENTIAL | 40

Investment Summary

Broomfield Marketplace, Broomfield, CO

Top Tier Grocery-

Anchored Retail Center114,870 SF retail center

anchored by King Soopers (Kroger Company / S&P BBB) the region’s dominant grocer;

additional notable tenants include Starbucks, Noodles & Company

and Edward Jones

Prime LocationPositioned along the Highway-36

Corridor equidistant between Boulder and Denver, area has

seen significant residential growth

94% Occupancy1

Investment ThesisStrong going-in yield of 5.24% with stable, long term lease to King Soopers through 2032,

strength of grocer will allow for continued rental growth on remaining 40% of center

April 2018 Acquisition Date

DenverMarket

Investment

Highlights

Broomfield Marketplace


$21.9M1

GAV

CONFIDENTIAL | 41

Recent Acquisitions and Pipeline1

Gillem Logistics

Center 300Mid Point Portfolio Pines City Center Tacoma Gateway 10 Falcon Court Atlanta (MSA), GA

Property Type Industrial Industrial Retail Industrial Industrial Industrial

Target Market Forest Park, GA Jessup & Hannover, MD Pembroke Pines, FL Lakewood, WA Streamwood, IL Forest Park, GA

SF / Units

(Approx.)

188,500 423,565 146,081 467,526 423,726 848,421

Year Built /

Renovated

2018 1981-1995 2018 2018 2016 2017

Percent Leased 100% 90% 100% 100% 100% 100%

Cost (Approx.) $16.0M $45.4M $80.2M $65.7M $32.1M $57.0M

Attributes • Class-A, front-load

distribution center with

best-in-class building

specifications

• Building features 32’

clear-height, 33 dock

doors, 190’ truck

courts, 60’ concrete

aprons and ample

parking

• 100% leased to two

tenants providing

consistent cash flow

• Four warehouse

buildings, strategically

located in the heart of

the Baltimore-

Washington Corridor

• “Last-mile” core

locations servicing the

populations of both

Washington D.C. and

Baltimore

• 15 tenants diversified

tenants with a

weighted average

lease term in excess

of 3.5 years provides

stable cash flow.

Existing vacancy

allows for potential to

immediately increase

NOI

• Newly-developed,

grocery-anchored

lifestyle retail center

• Adjacent to new high-

end residential and

affluent

neighborhoods

• Southeast’s leading

grocer anchor in place

through 2038

• State-of-the-art new

construction; Class-A

warehouse featuring

36’ clear-height, 50’ X

50’ column spacing,

130’ truck courts

• Situated in an

established

distribution location,

with high profile

corporate neighbors

including IKEA and

Electrolux; less than

one mile from

Interstate 5, and 10

miles from the Port of

Tacoma


tenants providing


• Class-A logistics

facility offering 32’

clear-height, T5

lighting, 48 dock

positions and ample

parking

• Infill location; easy

access to Elgin

O’Hare I-390

expressway providing

for convenient access

to I-290, I-355, O’Hare

International Airport

and the surrounding

Chicago metropolitan

area

• 100% leased to a

credit tenant providing


• Class-A, cross-dock

configuration with full

building circulation

• Building features 36’

clear-height, 142 dock

high doors with 4

oversized drive-in

doors, 190’ truck

courts, 250 trailer

storage positions and

ample parking


strong in-place tenants

providing consistent

cash flow

Acquisition

Status

• Closed on 11/16/2018

• 4.81% initial yield

• Closed on 11/30/2018


• Closed on 12/4/2018


• Closed on 12/19/2018


• Closed on 12/28/2018


• Q1 2019 anticipated

close, pending

confirmatory due

diligence

1Deals closed/pending acquisition post September 30, 2018.


Note: There can be no assurance that the Fund will acquire these or similar properties in the future or that future acquisitions will be on similar terms.

CONFIDENTIAL | 42

Investment and Operating Process

Portfolio

ManagementSourcing Underwriting Approval Asset Management

Directly responsible

for Fund strategy and

operations

Guide Fund with

respect to portfolio

composition, property

characteristics, and

managing inherent

risk

Determine financing

strategy, capital

investment plans and

hold/sell decisions

Present to

Management

Committee to

oversee and evaluate

portfolio structure

and risk

13 acquisitions

professionals

focused by

geography and

property type

Well-established

local networks and

TA Realty experience

provide access to off-

market deal flow

Approximately $29.6

billion1 of real estate

acquired, invested

and/or managed

since 1982

Deals thoroughly

underwritten by

acquisition team,

portfolio managers,

finance group and

asset managers

Every acquisition

undergoes thorough

financial, physical,

environmental and

market due diligence

Tenant interviews

conducted by

acquisitions and

asset management

An independent

acquisitions partner

tasked to review all

deal analysis and

documents

Acquisitions officer

must submit and

have approved, by a

super majority of the

Acquisitions

Committee (“AC”), a

written investment

summary before due

diligence commences

Investment

Committee (“IC”) has

final investment and

allocation authority

after approval by the

AC and

recommendation by

the Investment

Allocation Committee

Unanimous approval

required by the IC for

acquisitions

Help develop asset

business plans

Develop/execute

annual operating and

capital plans and

evaluate value-added

opportunities and

associated ROI

Hire and oversee

local

management/leasing

professionals

Develop strong

relationships with

tenants and brokers

Help develop asset

exit strategies with

portfolio

management team


CONFIDENTIAL | 43

Acquisitions and Investment Committees

Acquisitions Committee

▪ Reviews all new

potential investments

▪ Detailed discussion of

underwriting and

relevant market

conditions / trends

▪ Super majority approval

required

▪ 29 years average real

estate experience

Scott Amling

Partner

28 years experience

17 years at TA Realty

James Buckingham

M. Partner

36 years experience


Nicole Dutra Grinnell

Partner

22 years experience


Douglas Engelman

Partner

30 years experience


Michael Haggerty

Partner

29 years experience


Thomas Landry

M. Partner

20 years experience


Blair Lyne

Partner

34 years experience


James Raisides

Partner

26 years experience


James Whalen

Partner

33 years experience


Michael Ruane

M. Partner

38 years experience


James Buckingham

M. Partner

36 years experience


Michael Haggerty

Partner

29 years experience


Blair Lyne

Partner

34 years experience


James Raisides

Partner

26 years experience


James Whalen

Partner

33 years experience


Investment Committee

▪ Final investment and

allocation authority after

approval by the AC and

recommendation by the

Investment Allocation

Committee

▪ Unanimous approval

required by the IC for

acquisitions

▪ 33 years average real

estate experience

CONFIDENTIAL | 44

Debt Profile

Debt Summary as of September 30, 2018▪ CPF’s debt strategy is to

maintain a mix of secured

and unsecured debt to

maximize portfolio

flexibility and minimize

the overall long-term cost

of debt

▪ CPF’s target leverage

ratio is 25-30% (40% cap)

▪ CPF’s initial revolving

credit facility has a total

capacity of $500 million

Debt Maturity Schedule by Year

Gross Assets (Altus Valuation) $2.61B

Total Debt Outstanding $0.64B

Leverage Ratio1 24.2%

Weighted Average Cost of Debt (%) 3.7%

Weighted Average Debt Remaining Term (Years) 5

Unsecured Debt (%)2 34.6%

Fixed Rate Debt (%)2 59.9%

$35.0

$189.3

$60.7

$135.9$223.0

$0

$50

$100

$150

$200

$250

$300

Secured Unsecured

$258.0

1Subject to the limitations described in the PPM, indebtedness may be incurred in connection with the operations of CPF. The use of leverage will increase the exposure of the

investments to adverse economic factors, such as rising interest rates, economic downturns, or deteriorations in the condition of the investments or their respective markets.2Based on outstanding principal balance.

($ M)

CONFIDENTIAL | 45

Industry and Tenant Concentrations

Top Tenant Concentrations1

22%

10%

5%

7%

11%

5%

3% 3% 3% 3%2% 2% 2%

22%

BusinessServices, NEC

Transportation &Warehousing

MiscellaneousServices, NEC

Food & KindredProducts

Wholesale Trade -Durable Goods

Management &ConsultingServices

Eating & DrinkingPlaces

Wholesale Trade -Nondurable

Goods

Electrical &ElectronicEquipment

MembershipOrganizations

Communications Food Stores Amusement &Recreational

Facilities

Other Categories

CPF Industry Concentrations by Annualized Rent1

2

1 As of September 30, 2018 for assets owned at that time.2 Excludes parking revenue.

Tenant Property Expiration Date SF Annualized Rent % of Portfolio

Duracell Distributing, Inc. Shugart Farms Logistics Center 5/31/2027 873,800 $3.6M 7.3%

CHEWY, INC. Mountain Creek Distribution Center II 9/30/2027 663,000 $3.7M 5.5%

Niagara Bottling, LLC Mountain Creek Distribution Center I 8/31/2021 630,000 $3.0M 5.2%

Best Buy Warehousing Logistics, Inc. Carlow 15 7/31/2027 615,160 $3.1M 5.1%

XPO Logistics Supply Chain, Inc. Perryman Logistics Center 3/31/2022 571,762 $3.2M 4.8%

S&S Activewear, LLC Midland Logistics Center 9/30/2028 505,807 $2.0M 4.2%

Neovia Logistics Services LLC 5491 E. Francis Street 8/31/2027 406,714 $2.2M 3.4%

Taylor Communications, Inc. Stoneridge Industrial Portfolio 10/31/2026 220,110 $1.1M 1.8%

Johnstone Supply, Inc. 3300 Corporate Drive 3/31/2023 236,273 $1.2M 2.0%

G&D Integrated Contract Logistics, Inc. 3300 Corporate Drive 5/31/2022 206,211 $1.1M 1.7%

CONFIDENTIAL | 46

Commercial Lease Expirations

▪ Portfolio totals 12.0 million SF

with current occupancy of 96%

by SF and occupancy of 95%

by NOI

▪ During the next 5 years,

expirations consist of 44% of

the Portfolio by SF and 47% of

the Portfolio by NOI

Lease Expirations by NOI1

Lease Expirations by SF1

5%1%

8%11%

15% 13%

48%

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

45,000,000

50,000,000

Vacant 2018 2019 2020 2021 2022 Thereafter

4%1%

9% 7%12%

15%

52%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

Vacant 2018 2019 2020 2021 2022 Thereafter

1As of September 30, 2018 for assets owned at that time.

CONFIDENTIAL | 47

Since Inception Quarterly Returns

` Return Comparison

Quarterly ReturnsCPF

2Q’18

ODCE

2Q’18

Over / (Under)

Performance

CPF

3Q’181

ODCE

3Q’18

Over / (Under)

Performance

CPF

4Q’182

ODCE

4Q’183

Income 1.01% 1.05% -4 bps 0.96% 1.04% -8 bps 1.10% N/A

Appreciation 1.33% 1.00% +33 bps 1.28% 1.05% +23 bps 1.33% N/A

Total Return, Gross 2.34% 2.05% +29 bps 2.24% 2.09% +15 bps 2.43% N/A

Total Return, Net 2.18% 1.81% +37 bps 2.08% 1.87% +21 bps 2.27% N/A

• Performance results are calculated on an asset-weighted average basis using beginning of period values adjusted for time-weighted external cash flows.

• Gross returns reflect transactions costs in connection with making and disposing of investments, but they do not reflect management fees, which will reduce returns. Net returns are after all management fees,

transaction costs and other fund-level expenses but do not include taxes or withholdings incurred by investors directly.

• Assets are valued quarterly by Altus Group. The Altus Group’s valuation model is based on Argus data provided by TA Realty to Altus Group as well as a variety of assumptions, including those described in the Altus

Group’s valuation reports, copies of which are available upon request. There can be no assurance that any such assumption will be realized, in which event actual values may differ materially from the valuations and

projections made under the Altus Group’s valuation model.

• Additional information, including CPF’s valuation policy, capitalization policy regarding capital expenditures, tenant improvements and leasing commissions and information relating to investment management fees

are available upon request.

• TA Realty’s past performance does not necessarily indicate how CPF or investments managed by TA Realty will perform in the future. Investing in real estate involves various risks and the performance of CPF can be

adversely affected by a variety of factors that are outside the control of TA Realty.

• Forward-looking statements are inherently uncertain, because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control.

No representations or warranties are made as to the accuracy of any forward-looking statements.

1Includes one-time debt issuance costs incurred as a result of the placement of portfolio and fund level debt which were fully expensed in 3Q’18, resulting in an 8 bps decrease in the gross

income return. Excluding these one-time financing costs results in a quarterly gross income return of 1.04%.2Preliminary and subject to change until release of 4Q’18 financial statements.34Q’18 ODCE Returns not yet released.

CONFIDENTIAL | 48

Why CPF?

Portfolio▪ Purpose-built portfolio acquired since 2015, no legacy or unwanted assets

▪ Significant overweight to industrial and multifamily

Markets ▪ 98% of assets in fourteen target markets/property types versus 68% for ODCE

Firm Expertise

▪ Ingrained TA Realty value-add expertise and mindset applied to core real estateo 35-year Firm history; sole business is real estate investmento 23 Partners have an average of 27 years real estate experience / 16 years at TA Realtyo 79 total Firm employees in flat organizational structure

Performance ▪ 2.24% total gross return and 2.08% total net return for Q3’18 for CPF

Discounted

Management Fee▪ Discounted management fee for early investors (70bps in perpetuity)

Alignment of

Interests▪ $1.0 billion capital commitment from MEC (same fee terms as unaffiliated LPs)


Note: For the discounted management fee, if a single investor commits more than $400M, the management fee on the amount above $400M decreases to 50bps.

CONFIDENTIAL | 49

Summary of Key Terms

Fund Structure Delaware Limited Partnership

Fund StrategyBuild and operate a first-class portfolio of institutional quality core real estate assets; Generate consistent

outperformance versus industry benchmarks; Provide outstanding client service to investors

Fund Term Open-ended, perpetual life

Minimum

CommitmentMinimum of $5 million, although the General Partner reserves the right to accept lesser amounts

Target Deal Size $25 million to $300 million of gross asset value

Leverage 25%-30% target depending on market conditions, 40% cap (at the Fund-level)

Valuations Assets valued quarterly using a third-party independent appraisal management firm

Management Fee 70 bps management fee in perpetuity on first $750M of capital committed

Incentive Fee None

Subscriptions Quarterly

Redemptions Quarterly redemptions at the General Partner’s discretion and subject to available cash


Note: For the discounted management fee, if a single investor commits more than $400M, the management fee on the amount above $400M decreases to 50bps.

CONFIDENTIAL | 50

Appendix

CONFIDENTIAL | 51

U.S. Real Estate Market Update

CONFIDENTIAL | 52

The U.S. Core Real Estate Market Continues To Be Attractive

▪ The U.S. economy is strong with low unemployment, high GDP growth and modest inflation

▪ Real estate operating fundamentals are solid and new construction levels are reasonable

▪ Demographics, urbanization and technology trends continue to drive real estate demand in major metropolitan areas

▪ Real estate transaction volumes are healthy

▪ Investors remain under-allocated to real estate and favor core investment strategies

▪ Return expectations for core real estate remain attractive relative to other asset classes

▪ Equity capital flows to U.S. open-end real estate funds increased in 2018

▪ Debt capital markets remain healthy with low borrowing costs and high debt service coverage ratios

▪ U.S. real estate cap rates and spreads remain healthy versus the 10-year U.S. Treasury (“UST”)

▪ U.S. prime office yields remain generally above that of other major global city prime office yields

▪ U.S. core real estate returns continue to be solid

CONFIDENTIAL | 53

Unemployment Is At 15-Year Low

U.S. Unemployment RateUnemployment Rate (Seasonably Adjusted, 16 Years and Over)

Source: Bureau of Labor Statistics. Data from 3Q’03 to 2Q’18 and CoStar.

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

2Q

18

4Q

17

2Q

17

4Q

16

2Q

16

4Q

15

2Q

15

4Q

14

2Q

14

4Q

13

2Q

13

4Q

12

2Q

12

4Q

11

2Q

11

4Q

10

2Q

10

4Q

09

2Q

09

4Q

08

2Q

08

4Q

07

2Q

07

4Q

06

2Q

06

4Q

05

2Q

05

4Q

04

2Q

04

4Q

03

Unemployment Rate (SeasonallyAdjusted, 16 Years and Over) 15yr. Avg.

15-Year Average of 6.3%

3.9%

▪ Total employment is 108% of the

prerecession peak

▪ Office-using employment is 110%

of the prerecession peak

▪ Sectors above peak (% of peak):

▪ Education/Health (122%)

▪ Leisure/Hospitality (121%)

▪ Prof/Tech Services (118%)

▪ Prof/Bus Services (116%)

▪ Admin/Sup Services (111%)

▪ Trade/Trans/Utilities (104%)

▪ Financial Activities (102%)

▪ Sectors below peak (% of peak):

▪ Nat. Resources (94%)

▪ Construction (94%)

▪ Manufacturing (90%)

CONFIDENTIAL | 54

GDP Growth Continues To Be Strong

U.S. Real GDP GrowthQuarterly Annualized Real GDP Growth

▪ Real gross domestic product

(GDP) increased to an

annualized rate of 4.2% in

2Q’18

▪ 15-year average annualized

quarterly Real GDP growth is

2.0%

Source: Bureau of Economic Analysis. Data from 3Q’03 to 2Q’18.

(10.0%)

(8.0%)

(6.0%)

(4.0%)

(2.0%)

0.0%

2.0%

4.0%

6.0%

8.0%

2Q

18

4Q

17

2Q

17

4Q

16

2Q

16

4Q

15

2Q

15

4Q

14

2Q

14

4Q

13

2Q

13

4Q

12

2Q

12

4Q

11

2Q

11

4Q

10

2Q

10

4Q

09

2Q

09

4Q

08

2Q

08

4Q

07

2Q

07

4Q

06

2Q

06

4Q

05

2Q

05

4Q

04

2Q

04

4Q

03

Real GDP Growth (Annualized) 15 Year Average

4.2%

CONFIDENTIAL | 55

U.S. GDP Growth Has Outpaced Other Developed Markets

Source: The World Bank: World Development Indicators. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and

minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural

resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. Data from 2007 to 2017.

Annual GDP2007 to 2017 GDP (Current U.S.$, Trillions)

Compounded GDP Growth2007 to 2017 Compounded GDP Growth (Current U.S.$)

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

US Japan U.K., France, and Germany

134%

106%

97%

80%

90%

100%

110%

120%

130%

140%

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

US Japan U.K., France, and Germany

CONFIDENTIAL | 56

Inflation Is “At Or Near” The U.S. Federal Reserve Target Rate

U.S. InflationCPI-All Urban Consumers (Current Series)

▪ U.S. inflation has

increased and is “at or

near” the target Fed rate

(September 2018 Fed

Minutes)

▪ Fed Directors have a

favorable view on

economic conditions and

expressed optimism about

the economic outlook

▪ The recent rise in inflation

driven by strong consumer

spending, manufacturing

sector growth, continued

tightening in labor markets

and increased labor costs

▪ Concerns exist about the

impact of trade policy on

economic growth

Source: Bureau of Labor Statistics. CPI-All Urban Consumers (Current Series). All items less food and energy in U.S. city average, all urban consumers, not seasonally adjusted.

Data from 3Q’03 to 2Q’18.

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2Q

18

4Q

17

2Q

17

4Q

16

2Q

16

4Q

15

2Q

15

4Q

14

2Q

14

4Q

13

2Q

13

4Q

12

2Q

12

4Q

11

2Q

11

4Q

10

2Q

10

4Q

09

2Q

09

4Q

08

2Q

08

4Q

07

2Q

07

4Q

06

2Q

06

4Q

05

2Q

05

4Q

04

2Q

04

4Q

03

CPI

CONFIDENTIAL | 57

U.S. Population Growth Has Outpaced Other Developed Markets

Source: The World Bank: World Development Indicators. Total population is based on the de facto definition of population, which counts all residents regardless of legal status or

citizenship. The values shown are midyear estimates. Data from 2007 to 2017.

Annual Population Change2007 to 2017 (Millions of Residents)

Compounded Population Growth2007 to 2017 Compounded Growth

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

20

17

20

16

20

15

20

14

20

13

20

12

20

11

20

10

20

09

20

08

20

07

U.S. Japan U.K., France, and Germany

108%

99%

104%

96%

98%

100%

102%

104%

106%

108%

110%

20

17

20

16

20

15

20

14

20

13

20

12

20

11

20

10

20

09

20

08

20

07

U.S. Japan U.K., France, and Germany

▪ U.S. population of 325.7 million residents

▪ 2017 population growth of 0.72% (2.3 million residents)

CONFIDENTIAL | 58

High Birth-Rate Decades Are Shaping U.S. Real Estate Demand

Source: The World Bank: World Development Indicators. Data from 1960 to 2009.

U.S. Birth Rates By Decade1960 to 2009 (Millions of Births)

39 Million Total Births (Average Age Today of 54)





2.5

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

4.3

4.5

19

60

19

62

19

64

19

66

19

68

19

70

19

72

19

74

19

76

19

78

19

80

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

1960 to 1969 1970 to 1979 1980 to 1989 1990 to 1999 2000 to 2009

CONFIDENTIAL | 59

Births Per Decade Have Decreased In Other Developed Markets

Source: The World Bank: World Development Indicators. Data from 1960 to 2009.

U.K., France and Germany Annual Births1960 to 2009 (Millions of Births)

Japan Annual Births1960 to 2009 (Millions of Births)

17 Million Total Births (Average Age Today of

54)


44)


34)12 Million Total Births (Average Age Today of

24)


14)

0.0

0.5

1.0

1.5

2.0

2.5

19

60

19

62

19

64

19

66

19

68

19

70

19

72

19

74

19

76

19

78

19

80

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

1960 to 1969 1970 to 1979 1980 to 1989 1990 to 1999 2000 to 2009


54)


44)


34) 23 Million Total Births (Average Age Today of

24)22 Million

Total Births (Average Age Today of 14)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

19

60

19

62

19

64

19

66

19

68

19

70

19

72

19

74

19

76

19

78

19

80

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

1960 to 1969 1970 to 1979 1980 to 1989 1990 to 1999 2000 to 2009

CONFIDENTIAL | 60

Major U.S. City Population and GDP Growth2012 to 2017 Annualized Growth for the 20 Largest GDP Producing MSAs

▪ The 20 largest GDP

producing metropolitan

areas accounted for 37%

of the U.S. population in

2012 but captured 48% of

5-year population growth

(5.6 million residents)

▪ These MSAs also

accounted for 53% of the

U.S. GDP in 2012 but

captured 62% of the 5-year

GDP growth

Source: U.S. Census and the U.S. Bureau of Economic Analysis. Data from 2012 to 2017. A metropolitan statistical areas usually consist of a core city with a large population and its

surrounding region, which may include several adjacent counties. The area comprised by the MSA is typically marked by significant social and economic interaction.

Major Cities Are Experiencing Outsized Population

And GDP Growth

Atlanta

Baltimore

Boston

Detroit

Charlotte

Chicago

Dallas

Denver

Houston

Los AngelesMiami

Minneapolis

New York

PhoenixPortland

San Diego

San Francisco

San Jose

Seattle

D.C.

United States

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5%

An

nu

alize

d G

DP

Gro

wth

Annualized Population Growth

CONFIDENTIAL | 61

Vacancy Rates Are Well Below Long-Term Averages

U.S. Real Estate Vacancy RatesQuarterly Vacancy Rate by Property Type

▪ Industrial vacancy rate of

4.7% as of 2Q’18

▪ Multifamily vacancy rate of

5.7% as of 2Q’18

▪ Office vacancy rate of

9.6% as of 2Q’18

▪ Retail vacancy rate of

4.6% as of 2Q’18

Source: CoStar Realty Information, Inc. (“CoStar”). Data from 3Q’03 to 2Q’18.

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

2Q

18

4Q

17

2Q

17

4Q

16

2Q

16

4Q

15

2Q

15

4Q

14

2Q

14

4Q

13

2Q

13

4Q

12

2Q

12

4Q

11

2Q

11

4Q

10

2Q

10

4Q

09

2Q

09

4Q

08

2Q

08

4Q

07

2Q

07

4Q

06

2Q

06

4Q

05

2Q

05

4Q

04

2Q

04

4Q

03

Multifamily Industrial Office Retail

Office

Multifamily

Retail Industrial

CONFIDENTIAL | 62

Rental Growth Rates Remain Strong

U.S. Asking Rent GrowthYear-Over-Year (“YOY”) Asking Rent Growth by Property Type

▪ Industrial YOY rent growth of

5.7% as of 2Q’18

▪ Multifamily YOY rent growth of

2.9% as of 2Q’18

▪ Office YOY rent growth of 2.1%

as of 2Q’18

▪ Retail YOY rent growth of 1.6%

as of 2Q’18


(10.0%)

(8.0%)

(6.0%)

(4.0%)

(2.0%)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2Q

18

4Q

17

2Q

17

4Q

16

2Q

16

4Q

15

2Q

15

4Q

14

2Q

14

4Q

13

2Q

13

4Q

12

2Q

12

4Q

11

2Q

11

4Q

10

2Q

10

4Q

09

2Q

09

4Q

08

2Q

08

4Q

07

2Q

07

4Q

06

2Q

06

4Q

05

2Q

05

4Q

04

2Q

04

4Q

03


Multifamily Office Retail

Industrial

CONFIDENTIAL | 63

Rental Growth Rates Vary Across Major Cities

Source: CoStar Realty Information, Inc. (“CoStar”). Five year period ending 3Q’18.

Multifamily5 YR Annualized Rent Growth

Industrial 5 YR Annualized Rent Growth

3.6%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

20 City Average

Baltimore

D.C.

Houston

New York

Chicago

Miami

Boston

Minneapolis

Detroit

Charlotte

San Francisco

Dallas

Los Angeles

San Jose

Denver

Portland

San Diego

Seattle

Atlanta

Phoenix

5.5%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

20 City Average

Minneapolis

Baltimore

Houston

D.C.

Chicago

Phoenix

Boston

Dallas

Portland

Charlotte

Atlanta

Miami

Detroit

San Francisco

Seattle

San Diego

New York

Los Angeles

Denver

San Jose

CONFIDENTIAL | 64

Rental Growth Rates Vary Across Major Cities (Cont.)

Source: CoStar Realty Information, Inc. (“CoStar”). Five year period ending 3Q’18.

Retail5 YR Annualized Rent Growth

Office5 YR Annualized Rent Growth

4.5%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

20 City Average

Houston

D.C.

Baltimore

Detroit

New York

Dallas

Denver

Chicago

Boston

Minneapolis

San Diego

Miami

Phoenix

Portland

Atlanta

Los Angeles

Seattle

Charlotte

San Francisco

San Jose

2.9%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

20 City Average

Chicago

Minneapolis

New York

Baltimore

Atlanta

D.C.

Phoenix

San Diego

Charlotte

Boston

Houston

Detroit

Dallas

San Francisco

Los Angeles

Portland

Seattle

San Jose

Miami

Denver

CONFIDENTIAL | 65

Multifamily And Industrial Construction Above 15-Year Averages

Net Completions as Percent of Existing StockTTM Net Completions as Percent of Existing Stock by Property Type

▪ Multifamily TTM net

completions as % of stock of

1.9% as of 2Q’18

▪ Industrial TTM net completions

of 1.3%

▪ Retail TTM net completions of

0.5%

▪ Office TTM net completions of

0.8%


Multifamily

Industrial

Office

Retail

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

2Q

18

4Q

17

2Q

17

4Q

16

2Q

16

4Q

15

2Q

15

4Q

14

2Q

14

4Q

13

2Q

13

4Q

12

2Q

12

4Q

11

2Q

11

4Q

10

2Q

10

4Q

09

2Q

09

4Q

08

2Q

08

4Q

07

2Q

07

4Q

06

2Q

06

4Q

05

2Q

05

4Q

04

2Q

04

4Q

03


CONFIDENTIAL | 66

Total Housing Construction Remains Below The 30-Year Average

TTM U.S. Housing Stock CompletionsTTM New Privately Owned Housing Completed in Permit Areas (Thousands of Units)

▪ For the last 30-years, U.S.

housing stock completions

(multifamily and single-family)

averaged 1.28 million/year

▪ For the year ending 2Q’18,

housing stock completions totaled

1.19 million

Source: United States Census Bureau. Data Not Seasonally Adjusted. Universe included approximately 19,000 permit-issuing places from 2002 to December 2003, 19,300 permit-

issuing places from 2004 to 2013, and 20,100 permit-issuing places from 2014 forward. Data from 2Q’89 to 2Q’18.

Multifamily

Single Family Housing

0

500

1,000

1,500

2,000

2,500

2Q

18

2Q

17

2Q

16

2Q

15

2Q

14

2Q

13

2Q

12

2Q

11

2Q

10

2Q

09

2Q

08

2Q

07

2Q

06

2Q

05

2Q

04

2Q

03

2Q

02

2Q

01

2Q

00

2Q

99

2Q

98

2Q

97

2Q

96

2Q

95

2Q

94

2Q

93

2Q

92

2Q

91

2Q

90

2Q

89

1 Unit 2 Units or More 30 Year Ave.

Multifamily

Single Family Housing

CONFIDENTIAL | 67

Industrial

Industrial + Retail

Retail

Industrial + Retail (15 year average)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

2Q

18

4Q

17

2Q

17

4Q

16

2Q

16

4Q

15

2Q

15

4Q

14

2Q

14

4Q

13

2Q

13

4Q

12

2Q

12

4Q

11

2Q

11

4Q

10

2Q

10

4Q

09

2Q

09

4Q

08

2Q

08

4Q

07

2Q

07

4Q

06

2Q

06

4Q

05

2Q

05

4Q

04

2Q

04

4Q

03

Industrial & Retail Industrial Retail

E-Commerce Continues To Drive Industrial Demand And

Cannibalize Retail Demand

Net Completions as Percent of Existing StockTTM Net Completions as Percent of Existing Stock by Property Type

▪ Driven by e-commerce,

industrial demand and new

supply is cannibalizing

retail demand and new

supply


CONFIDENTIAL | 68

Real Estate Transaction Volumes Remain Strong

▪ U.S. real estate transaction volume has averaged $68.1 billion per quarter since 2001

▪ For the last five years transaction volume averaged $105.1 billion per quarter

Source: Real Capital Analytics. Data from 1Q’01 to 2Q’18. Includes multifamily, industrial, office and retail properties.

U.S. Real Estate Quarterly Transaction VolumeIncludes Multifamily, Industrial, Office and Retail Properties ($ in Billions)

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

2Q

18

4Q

17

2Q

17

4Q

16

2Q

16

4Q

15

2Q

15

4Q

14

2Q

14

4Q

13

2Q

13

4Q

12

2Q

12

4Q

11

2Q

11

4Q

10

2Q

10

4Q

09

2Q

09

4Q

08

2Q

08

4Q

07

2Q

07

4Q

06

2Q

06

4Q

05

2Q

05

4Q

04

2Q

04

4Q

03

2Q

03

4Q

02

2Q

02

4Q

01

2Q

01

Ave. since 2001

CONFIDENTIAL | 69

Investors Remain Under-allocated To Real Estate

and Favor Core Investment Strategies

Sources: The preqin August 2018 Real Estate Spotlight. The Hodes Weill & Associates / Cornell Baker Program in Real Estate 2018 Institutional Real Estate Allocations Monitor.

11.1%

8.0%

12.1%

9.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Investors withAUM Above $1B

Investors withAUM Below $1B

Current Allocation Target Allocation

Investor Current and Target Real Estate AllocationsPercent of Total Assets

▪ Investors have steadily increased their

target allocations to real estate over the

past five years from an average of

8.9% in 2013 to 10.4% in 2018 (source:

Hodes Weill)

▪ However, investors remain under-

allocated to real estate as a percent of

total assets

▪ 65% of investors with above $1 billion

in AUM intend to target core real estate

investment strategies in the next twelve

months (source: preqin)

▪ 57% of investors with below $1 billion

in AUM intend to target core real estate

investment strategies in the next twelve


CONFIDENTIAL | 70

Private Equity

Core Real Estate

Core Bonds

International Equities

High-Yield Bonds

Large Cap Equities

Small/Mid Cap Equities

TIPs

Hedge Funds

Cash

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

1.5

0%

2.5

0%

3.5

0%

4.5

0%

5.5

0%

6.5

0%

7.5

0%

8.5

0%

30

-Ye

ar

Re

turn

Fo

reca

sts

5-to-7 Year Return Forecasts

U.S. Core Real Estate Offers Attractive Relative Returns

Source: NEPC, LLC 2017 5-to-7 Year and 30-Year Return Forecasts (Geometric Expected Return).

Asset Class Future Return Expectations5-to-7 Year and 30-Year Return Forecasts (Geometric Expected Return)

CONFIDENTIAL | 71

Core/Core-Plus Investment Strategies Have Typically

Outperformed Real Estate Debt Investment Strategies

Net Fund IRRs by Strategy and Vintage YearMedian Closed-End Fund Net IRRs by Strategy and Vintage Year

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Vin

tag

e Y

ea

r M

ed

ian

Ne

t IR

R S

ince

In

ce

ptio

n

Fund Vintage Year

Debt Core/Core-Plus

▪ Given the income and

appreciation components

of core/core-plus

investment strategies,

they have typically

outperformed real estate

debt strategies

Sources: The preqin quarterly update: real estate. 3Q’18.

CONFIDENTIAL | 72

Equity Capital Flows To U.S. Open-End Funds Increased in 2018

Source: The NCREIF Fund Index-Open-End Equity (“NFI-OE“) is U.S. only and is an aggregate of open-end, commingled equity real estate funds with diverse investment strategies.

Funds comprising NFI-OE have varied concentrations of sector and region, core and non-core, leverage and life cycle. Data from 2003 to 2Q’18.

U.S. Open-End Fund Capital Flows2003 to 1H’2018 NFI-OE Capital Flows ($ in Billions)

▪ Capital contributions to U.S.

open-end real estate funds are

on track for $22.9 billion in

2018 (based on first-half 2018

annualized data)

▪ Distributions and redemptions

continue to decrease from a

high of $20.4 billion in 2016

-$6.0

-$4.0

-$2.0

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

-$15.0

-$10.0

-$5.0

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

1H

18

(An

n.)

Contributions (Left) Distributions and Redemptions (Left) Net (Right)

CONFIDENTIAL | 73

The Current Dollar To Yen And Dollar to Euro Exchange Rates

Are Above The 15-Year Averages

Sources:. The preqin August 2018 Real Estate Spotlight. Investing.com. Data from 10/29/2003 to 10/29/2018.

Dollar Yen Historical Exchange Rate▪ Currency hedging

considerations for APAC and

EMEA institutions have

increased as the U.S. Dollar

has strengthened

▪ However, 36% of global

investors with above $1 billion

in AUM intend to target North

America real estate in the next

twelve months (source: preqin)

▪ 31% of global investors with

below $1 billion in AUM intend

to target North America real

estate in the next twelve


Dollar Euro Historical Exchange Rate

70.000

80.000

90.000

100.000

110.000

120.000

130.000

10

/29

/03

04

/29

/04

10

/29

/04

04

/29

/05

10

/29

/05

04

/29

/06

10

/29

/06

04

/29

/07

10

/29

/07

04

/29

/08

10

/29

/08

04

/29

/09

10

/29

/09

04

/29

/10

10

/29

/10

04

/29

/11

10

/29

/11

04

/29

/12

10

/29

/12

04

/29

/13

10

/29

/13

04

/29

/14

10

/29

/14

04

/29

/15

10

/29

/15

04

/29

/16

10

/29

/16

04

/29

/17

10

/29

/17

04

/29

/18

10

/29

/18

Dollar Yen Exchange Rate Average

0.6000.6500.7000.7500.8000.8500.9000.9501.000

10

/29

/03

04

/29

/04

10

/29

/04

04

/29

/05

10

/29

/05

04

/29

/06

10

/29

/06

04

/29

/07

10

/29

/07

04

/29

/08

10

/29

/08

04

/29

/09

10

/29

/09

04

/29

/10

10

/29

/10

04

/29

/11

10

/29

/11

04

/29

/12

10

/29

/12

04

/29

/13

10

/29

/13

04

/29

/14

10

/29

/14

04

/29

/15

10

/29

/15

04

/29

/16

10

/29

/16

04

/29

/17

10

/29

/17

04

/29

/18

10

/29

/18

Dollar Euro Exchange Rate Average

CONFIDENTIAL | 74

Real Estate Lending Environment Is Robust

Source: Federal Reserve. Data from 2003 to 2Q’18.

($200)

($100)

$0

$100

$200

$300

$400

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

1H

18

(A

nn

.)

Banks CMBS Agency Insurance Companies Other

Net Real Estate Debt IssuanceIncludes Multifamily/Residential and Commercial Mortgages ($ in Billions)

▪ Debt capital for real estate

remains readily available in the

U.S.

▪ Over $200 billion of positive net

debt issuances annually since

2015

▪ CMBS issuance remains low

▪ Given available debt capital,

competition for lenders is

expected to increase in 2019

which should apply negative

pressure to yield spreads (per

PWC’s, 2019 Emerging Trends

in Real Estate Report)

CONFIDENTIAL | 75

Borrowing Rates Remain Low And Coverage Ratios Are Healthy

Source: Real Capital Analytics. Chart data from 1Q’04 to 2Q’18. Commercial Includes industrial, office and retail properties. All debt measures are based on first mortgages with a 7-10

year loan term and a fixed interest rate, and require a minimum of 3 observations. Mortgage Rates are based on first mortgages with interest rates between 3 - 10%. DSCR provided

through CMBS Tapes and only includes ratios between 1.0 and 2.5.

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

6.50%

7.00%

7.50%

8.00%

1Q

04

4Q

04

3Q

05

2Q

06

1Q

07

4Q

07

3Q

08

2Q

09

1Q

10

4Q

10

3Q

11

2Q

12

1Q

13

4Q

13

3Q

14

2Q

15

1Q

16

4Q

16

3Q

17

2Q

18

Commercial Multifamily

1.10

1.20

1.30

1.40

1.50

1.60

1.70

1.80

1.90

1Q

04

4Q

04

3Q

05

2Q

06

1Q

07

4Q

07

3Q

08

2Q

09

1Q

10

4Q

10

3Q

11

2Q

12

1Q

13

4Q

13

3Q

14

2Q

15

1Q

16

4Q

16

3Q

17

2Q

18

Commercial Multifamily

Real Estate Mortgage Rates Real Estate Debt Service Coverage Ratios

CONFIDENTIAL | 76

Cap Rates Spreads Are Healthy Versus the 10-Year UST

▪ Real estate cap rates and spreads remain healthy versus the 10-year UST (331bps spread)

Source: Real Capital Analytics. Data from 3Q’03 to 2Q’18. Includes multifamily, industrial, office and retail properties. Weighted average cap rate by market value.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2Q

18

3Q

17

4Q

16

1Q

16

2Q

15

3Q

14

4Q

13

1Q

13

2Q

12

3Q

11

4Q

10

1Q

10

2Q

09

3Q

08

4Q

07

1Q

07

2Q

06

3Q

05

4Q

04

Cap Rate 10-Year U.S. Treasury Yields

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2Q

18

3Q

17

4Q

16

1Q

16

2Q

15

3Q

14

4Q

13

1Q

13

2Q

12

3Q

11

4Q

10

1Q

10

2Q

09

3Q

08

4Q

07

1Q

07

2Q

06

3Q

05

4Q

04

1Q

04

Spread to 10YR UST Average Spread to 10YR UST

Cap Rates and 10YR UST Cap Rate Spread to 10YR UST

CONFIDENTIAL | 77

U.S. Prime Office Yields Above Other Global City Prime Office Yields

Source: JLL Global Market Perspective, 2Q’18.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Ch

ica

go

Wa

sh

ing

ton

DC

Lo

s A

ng

ele

s

Bo

sto

n

Sa

n F

ran

cis

co

Ne

w Y

ork

Lo

nd

on

Fra

nkfu

rt

Pa

ris

To

kyo

Ho

ng

Ko

ng

Global Prime Office Yield ComparisonPrime Yield is the Indicative Yield on Prime/Grade-A Offices

CONFIDENTIAL | 78

The U.S. Core Real Estate Returns Continue To Be Strong

▪ 8.4% Trailing Twelve Month (“TTM”)

gross total return

▪ 9.1% 15-year average

▪ 12.7% standard deviation

▪ 4.3% TTM gross income return



▪ 4.0% TTM gross appreciation return



Source: National Council of Real Estate Investment Fiduciaries (“NCREIF”). TTM NCREIF Fund Index Open-End Diversified Core (“ODCE”) Returns. Data from 2Q’03 to 2Q’18.

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

2Q

03

2Q

04

2Q

05

2Q

06

2Q

07

2Q

08

2Q

09

2Q

10

2Q

11

2Q

12

2Q

13

2Q

14

2Q

15

2Q

16

2Q

17

2Q

18

Gross Income Return Gross Appreciation Return Gross Total Return

Levered U.S. Core Real Estate Gross ReturnsTTM NCREIF Fund Index Open-End Diversified Core Returns

CONFIDENTIAL | 79

Summary

▪ The U.S. core real estate

investment market continues

to be attractive

▪ Asset cash flow growth and

cap rate movement are the

two factors that determine

unlevered core real estate

returns: the underlying

factors that drive each

continue to be strong

Impact on Future Core Real Estate Returns

Negative Positive

U.S. Economy

U.S. Demographics

Real Estate Operating Fundamentals

Current New Supply

Cash Flow Growth Expectations

Functioning Transaction Markets

Equity Capital Flows/Availability

Asset Class Relative Return Expectations

Debt Capital Flows/Availability

Borrowing Costs

Cap Rate Movement Expectations

Future Core Real Estate Returns


CONFIDENTIAL | 80

CPF Fund Structure

CONFIDENTIAL | 81

Fund Structure

CONFIDENTIAL | 82

CPF Investment Limitations

CONFIDENTIAL | 83

Fund Investment Limitations

Investment Size:

▪ The target investment size range for any individual asset will be $25-$300 million in Gross Asset Value (“GAV”)

Geography:

▪ The Fund will target mainly metropolitan areas of the U.S. that the General Partner believes are poised to capture outsized

long-term U.S. demographic and economic growth or create attractive long-term investment returns

Core-Plus and Value-Added Properties:

▪ The Fund will not enter into a commitment to acquire a core-plus/value-added property if such acquisition would cause the

Fund GAV invested in core-plus/value-added properties to exceed 20% of the Fund GAV plus the unfunded capital

commitments

▪ Core-Plus and Value-Added investments include:

▪ New investments for which less than 75% of the net leasable area is leased at the time of investment will be a core-

plus/value-added investment until at least 75% of the net leasable area is leased

▪ Property redevelopments for which the acquisition pro forma assumes that an amount greater than 50% of the gross

purchase price will be invested in capital improvements during the first three years of ownership

CONFIDENTIAL | 84

CPF Investment Overviews

CONFIDENTIAL | 85

CPF Industrial Portfolio

CONFIDENTIAL | 86

Investment Summary

Territorial Drive, Bolingbrook, IL

Investment

Highlights

Class A Industrial Product187,485 SF, comprised of three functional, distribution buildings featuring modern amenities and

ample loading

Location Within the I-55 corridor,

Chicago’s leading distribution market with great access to

Interstate 55 and 355

100% Occupancy1

Leased to three tenants with no rollover until July 2020

Investment ThesisLong-term stability and cash

flow in a leading submarket of major metropolitan city

$21.3M1

GAV

July 2016Acquisition Date

ChicagoMarket

Territorial Drive


CONFIDENTIAL | 87

Investment Summary

Carlow 15, Bolingbrook, IL

Investment

Highlights

Class A Industrial Product615,160 SF; new, modern

cross-dock, build-to-suit, bulk distribution property with

excellent access along the I-55 corridor

Premier LocationPart of larger master-planned industrial park development

located within the I-55 corridor, Chicago’s leading distributing market with great access to

Interstate 55 and 355

100% Occupancy1

Fully leased to Best Buy (NYSE: BBY)

Investment ThesisStrong credit tenant, leased through July 2027, provides predictable and durable cash

flow

$60.7M1

GAV

May 2017Acquisition Date

ChicagoMarket

Carlow 15


CONFIDENTIAL | 88

Investment Summary

3300 Corporate Drive, Joliet, IL

Investment

Highlights

Industrial Product442,484 SF; 30’ clear height, T-5 lighting; above standard

dock ratio

“Main and Main” LocationOffers immediate access to I-80

through a full interchange at Houbolt Road; within two miles of the I-80 and I-55 interchange

100% Occupancy1

Leased to two tenants with no lease rollover until 2022

Investment ThesisThe building benefits from

highway access and visibility for image conscious tenants and provides immediate access to numerous amenities including hotels, restaurants, and gas stations. Strong potential to grow NOI at lease renewal

$29.0M1

GAV


ChicagoMarket


3300 Corporate Drive

CONFIDENTIAL | 89

Investment Summary

Interstate & Pacific Business Parks, Eastvale/Riverside, CA

Investment

Highlights

Class A Industrial Product479,248 SF; 7 buildings

Top-Tier Industrial Market485 MSF of industrial product;

5.1% vacancy rate

100% Occupancy1

Staggered lease maturities: 15.4% avg./year for next

5 years

Diversified Multi-Tenant17 tenants; largest tenant has

13% of SF

Investment ThesisStable cash flow generating

multi-tenant asset with staggered lease maturities in

market with steady rent growth;

Opportunity to roll existing below-market rents to market

upon lease expiration

Interstate

Business Park

Pacific

Business

Park

Inland Empire

$64.0M1

GAV




CONFIDENTIAL | 90

Investment Summary

3900 Hamner, Eastvale, CA

Investment

Highlights

Class A Industrial ProductInstitutional quality168,346 SF

industrial property

Prime LocationExcellent access to Southern California’s freeway system,

including I-15, I-215, SR-60 and SR-91

100% Occupancy1

Fully leased to Snapware Corporation through April of

2019; renewal discussions with tenant are underway

Investment ThesisCurrently leased significantly below market rate, providing near-term ability to increase NOI; underwriting provides

significant restoration capital in the event tenant does not renew

$17.2M1

GAV


3900 Hamner



CONFIDENTIAL | 91

Investment Summary

Corona Industrial Portfolio, Corona, CA

Investment

Highlights

Class A Industrial Product267,050 SF comprised of three institutional quality buildings; ample parking and “cool roof”

overlays

Strategically LocatedIn Corona, which is adjacent to Orange County and Western Inland Empire city; excellent

freeway access

100% Occupancy1

Stable cash flow generating multi-tenant asset

Investment ThesisStaggered lease maturities;

100% leased to quality tenants in a supply constrained market

$37.8M1

GAV

June 2017Acquisition Date

Corona Industrial Portfolio



CONFIDENTIAL | 92

Investment Summary

5491 E. Francis Street, Ontario, CA

Investment

Highlights

Class A Industrial Product406,714 SF; 30’ clear height;

institutional quality, rail-served facility located on 17.08 acres

Prime LocationLocated within the Inland

Empire West submarket, with excellent access to the I-15 and

SR-60 Freeways to service Southern California and the

western U.S.

100% Occupancy1

Leased to Neovia Logistics Services on a new 10 year

lease

Investment ThesisExtremely tight market with low vacancy rate of 2.8% 1; stable NOI expected since the lease was recently renewed through 2027 at market rents with fixed annual 3% rental rate increases

$48.2M1

GAV

August 2017Acquisition Date

5491 E. Francis Street



CONFIDENTIAL | 93

Investment Summary

Crossroads Industrial I, Hialeah Gardens/Davie, FL

Investment

Highlights

Class A Industrial ProductTwo newly built institutional quality industrial buildings;

389,096 SF; 32’ clear height; 120’ truck courts; ample parking

Prime LocationExcellent infill location and access to South Florida’s

distribution network, including the Florida Turnpike, I-95, Port Miami and Port Everglades as well as Miami International and

Fort Lauderdale airports

100% Occupancy1

Leased to four distribution tenants, providing diversified

cash flow

Investment ThesisOnly one tenant scheduled to expire prior to 2022, providing

predictability of cash flow. All in-place leases have 3.0%-4.0%

fixed annual rental rate increases providing contractual

NOI growth

$59.9M1

GAV

March 2017Acquisition Date

MiamiMarket

Crossroads Industrial I


Crossroads Industrial I

CONFIDENTIAL | 94

Investment Summary

Port 95, Hollywood, FL

Investment

Highlights

Class A Industrial Product151,389 SF; 1:1 parking ratio;

located on 8.77 acres

Prime LocationStrategically located in Broward County; positioned within two

miles of Fort Lauderdale Airport and Interstate 95, with efficient

access to the region’s major logistical infrastructure

100% Occupancy1

Investment ThesisMulti-tenant building with

staggered lease maturities and below market rents; strong

projected NOI growth

$22.2M1

GAV

October 2017Acquisition Date

MiamiMarket


Port 95

CONFIDENTIAL | 95

Investment Summary

Palmetto Logistics Portfolio, Medley/Hialeah, FL

Light Industrial Product18 building light industrial portfolio

comprising 919,626 SF and providing significant tenant diversification with 68

tenants ranging from 1,500 SF to 93,000 SF

Attractive Market FundamentalsSupply constrained market that has seen

compounded annual rent growth of 5% over trailing 7 years2

Off Market Acquisition Acquired off-market from local operator. The

portfolio was put under contract at 73% occupancy. During due diligence 21% of the

portfolio was leased to various tenants at rental rates averaging 11% above proforma

taking occupancy to 94% at closing

94% Occupancy1

Key Logistics Location Highly infill, functional product located in the

supply constrained submarkets of Medley and Hialeah. Portfolio is located at the

intersection of Palmetto Expressway and Okeechobee Road; proximate to Miami

International Airport and the Port of Miami

Investment ThesisYear 1 NOI yield of 4.20% (or 4.52% when adjusted for free rent on new leases), with opportunity for significant rental growth as

>75% of the net rentable area of the portfolio expires within five years of acquisition

$96.2M1

GAV


MiamiMarket

Investment

Highlights

Please see Important Disclosures at the beginning of the presentation.1As of September 30, 2018.2CBRE Econometric Advisors – Miami Industrial Market Data (as of 2Q’18).

Palmetto Logistics Center

CONFIDENTIAL | 96

Investment Summary

The Riverside Portfolio, Austell, GA

Investment

Highlights

Class A Industrial Product952,184 SF comprised of five

institutional quality, bulk distribution properties with rear-

load building design

Prime LocationLocated in two parks in the

institutional I-20 West submarket with excellent

access to Atlanta’s highway system, Norfolk Southern Intermodal Terminal and

Hartsfield-Jackson Atlanta International Airport

97% Occupancy1

Stable cash-flow generating, multi-tenant asset with

staggered lease maturities in market with steady rent growth

Investment ThesisOpportunity for minor capital

improvements to enhance asset positioning

$63.0M1

GAV


AtlantaMarket


The Riverside Portfolio

CONFIDENTIAL | 97

Investment Summary

Shugart Farms Logistics Center, Fairburn, GA

Investment

Highlights

Class A Industrial ProductNew construction; 873,800 SF;

36’ clear height with “best-in-class” features

Premier LocationLocated within the Airport/South Clayton submarket, with great

access to I-85 and close proximity to Atlanta’s Hartsfield-

Jackson airport and the CSX intermodal facility

100% Occupancy1

Fully leased to Duracell, a strong credit tenant, through

May 2027

Investment ThesisA stable single tenant provides predictable and durable cash flow; Duracell consolidated

three facilities across the U.S. to make this asset its strategic packaging and shipping hub for

all of North America

$63.7M1

GAV


AtlantaMarket

Shugart Farms Logistics Center


CONFIDENTIAL | 98

Investment Summary

Midland Logistics Center, McDonough, GA

New Class-A Construction Cross-dock facility with all

modern features including 36’ clear height, LED lighting, 115

dock doors, 190’ truck court, 154 trailer parking spaces and ample employee parking well suited for

e-commerce users

Key Logistics Location Positioned along the I-75 South

corridor offering efficient distribution access to Metro

Atlanta, the Port of Savannah, and the broader Southeast

market

100% Occupancy1

Investment ThesisGoing-in yield of 4.80% with 73% of facility leased on a long term

basis to S&S Activewear through September 30, 2028. XPO

Logistics leases the remaining 27% of facility through April 30, 2021 which allows for additional rent increases over hold period

$41.9M1

GAV

August 2018 Acquisition Date

AtlantaMarket

Investment

Highlights


Midland Logistics Center


CONFIDENTIAL | 99

Investment Summary

Stoneridge Industrial Portfolio, Dallas, TX

Investment

Highlights

Class A Industrial Product1,075,475 SF comprised of seven institutional quality

properties

Prime LocationLocated in the Dallas I-20

submarket which is desirable to large distribution and e-

commerce fulfillment tenants, offers proximity to major

interstate highways, the Union Pacific Intermodal Terminal and the third busiest FedEx hub in

the U.S.

74% Occupancy1

Diversified multi-tenant rent roll: 15 tenants with no tenant

occupying more than 17% of the total SF, providing

predictability of cash flow

Investment ThesisStaggered lease maturities: average rollover of 10% per

year for next five years

$65.0M1

GAV


DallasMarket

Stoneridge Industrial Portfolio


CONFIDENTIAL | 100

Investment Summary

Mountain Creek Distribution Center I, Dallas, TX

Investment

Highlights

Modern Industrial Product630,000 SF of new Class A

construction completed in 2016


submarket which is desirable to large distribution and

e-commerce fulfillment tenants, offers proximity to major

interstate highways, the Union Pacific Intermodal Terminal and the third busiest FedEx hub in

the U.S.

100% Occupancy1

Fully leased to Niagara Bottling, a strong credit tenant, providing

predictable and durable cash flow

Investment ThesisStable cash flow generating asset with 2.5% fixed annual rental rate increases through

August 2021

$46.9M1

GAV


DallasMarket

Mountain Creek Distribution Center I


CONFIDENTIAL | 101

Investment Summary

Mountain Creek Distribution Center II, Dallas, TX

Investment

Highlights

Modern Industrial Product663,000 SF of new Class A

construction completed in 2017


submarket which is desirable to large distribution and e-

commerce fulfillment tenants; location serves as an important

logistics hub giving broad access to major interstate highways, the

Union Pacific Intermodal Terminal and the third busiest

FedEx hub in the U.S.

100% Occupancy1

Fully leased to Chewy.com, a dominant e-commerce pet

supply and product distributor for PetSmart

Investment ThesisStable cash-flow generating asset with fixed annual rental

rate increases through September 2026

$60.6M1

GAV


DallasMarket


Mountain Creek Distribution Center II

CONFIDENTIAL | 102

Investment Summary

Perryman Logistics Center, Aberdeen, MD

Investment

Highlights

New Class A ConstructionCompleted in 2016;

571,762 SF; 36’ clear height; T-5 lighting, ample dock door

capacity and generous truck courts; located

on 48.43 acres

Strategic LocationLocated close to the Port of

Baltimore, Baltimore International Airport and

other major modes of transportation; offering distinct

regional accessibility

100% Occupancy1

To single credit tenant focused on “last mile”

e-commerce delivery

Investment ThesisProvides consistent and durable cash flow with minimal capital

needs for the foreseeable future

$48.3M1

GAV


Washington, D.C.Market

Perryman Logistics Center


CONFIDENTIAL | 103

Investment Summary

Lakewood Corporate Center, Lakewood, WA

Investment

Highlights

Class A Industrial Product207,000 SF; 30’ clear height,

ESFR sprinklers and double loading

Strategic LocationLocated in the heart of Pierce

County industrial market; entrance to property via two

access points off South Tacoma Way and 34th Avenue S;

excellent access along I-5 to distribute to Seattle and

Portland

100% Occupancy1

Multi-tenant building with staggered lease maturities

Investment ThesisCurrent leases are bringing in

below market rents; strong projected future NOI growth

$26.6M1

GAV


SeattleMarket

Lakewood Corporate Center


CONFIDENTIAL | 104

Investment Summary

Orlando Airport Logistics Center, Orlando, FL

New Class-A Construction 40’ clear, 130 dock door capacity, 195’ secured truck court, rear-load (cross-dock capable) facility with low site coverage (18%) allowing

for substantial auto parking (3.1:1,000 SF), trailer parking

(263 stalls) and potential to further develop the site in the future

Key Logistics Location Highly infill location immediately

south of the Orlando International Airport with proximity to the

Central Florida Highway, Florida Turnpike, and I-4. Proximate to the Orlando CBD and growing residential submarkets to the

Southwest and Southeast

100% Occupancy1

Investment ThesisYear 1 NOI yield of 4.77% with 100% of the facility leased on a long term basis to a top tier E-

Commerce company for 15 years through July 2033

$109.1M1

GAV


OrlandoMarket

Investment

Highlights


Orlando Airport Logistics Center


Orlando Airport

CONFIDENTIAL | 105

CPF Multifamily Portfolio

CONFIDENTIAL | 106

Investment Summary

Arlington 360, Arlington, MA

Class A Multifamily164 Units; Constructed in 2013 and features modern amenities such as

structured garage parking with elevator access, full gym, heated

pool, public park, dog walking area and a resident’s lounge; Each unit

features granite countertops, stainless steel GE appliances and

tiled bathrooms

Prime LocationLocated in Arlington, Massachusetts,

20 minutes from Boston. Within a two-minute drive there is a Whole

Foods, CVS and a Starbucks. It has a direct connection to public

transportation via the MBTA bus line, which provides access to the Red

Line Subway that runs through Cambridge and into downtown

Boston

93% Occupancy1

Investment ThesisStrong cash-flowing asset in a high

barrier to entry market. Ongoing ability to grow NOI through rent growth and effective property

management

$77.5M1

GAV


BostonMarket

Investment

Highlights

Arlington 360


CONFIDENTIAL | 107

Investment Summary


Investment

Highlights

Class A Multifamily332 luxury garden-style apartments with private

entrances; modern common updated amenities

Desirable LocationLocated in the southwest corner

of San Bernardino County; proximate to employment and

retail amenities

92% Occupancy1

Strong demographics, with a growing population, in a top-

ranked school district

Investment ThesisOpportunity to refurbish common areas and unit

upgrades to drive additional rental growth, significant barrier-to-entry for future competition due to city ordinance limiting new

multifamily development

$106.0M1

GAV


The Heights at Chino Hills



CONFIDENTIAL | 108

Investment Summary


Class A Multifamily292 Units with desirable amenities and location

LocationLocated adjacent to Amerige

Town Center, dual anchored by a Target and an Albertson’s

grocery store

95% Multifamily /


A strong growing population in the top-ranked Robert C. Fisler

K-8 school district

Investment Thesis Asset is well-built with desirable

amenities and location, providing the opportunity to

increase rents through strategic amenity and unit updates

$127.1M1

GAV


Investment

Highlights

Amerige Pointe



CONFIDENTIAL | 109

Investment Summary

The Manor at City Place, Doral, FL

Investment

Highlights

Class A Multifamily398 Unit midrise construction;

luxury resort style inspired design

Prime LocationLocated in highly infill and

rapidly-growing Doral, immediate proximity to

employment and retail provides for a true “live, work, play”

environment

92% Current Occupancy1

Enables property to increase rents upon roll over

Investment ThesisStrong cash flowing asset with

ongoing ability to grow NOI through rent growth and more efficient property management

$139.5M1

GAV


MiamiMarket

The Manor at City Place


CONFIDENTIAL | 110

Investment Summary

Ballard Public Lofts & Market, Seattle, WA

Class A Multifamily99 loft style units in popular Ballard neighborhood with

condo quality finishes

Ground Floor RetailFully leased to organic grocer,

restaurant and café

93% Multifamily /


Should enable property to increase rents upon roll over

Affluent DemographicsAverage household income of

$114K in 1-mile radius

Proximate to Major

Area EmployersAmazon, Google, Adobe,

Brooks, Facebook and research hospitals

$53.3M1

GAV


SeattleMarket

Investment

Highlights

Ballard Public Lofts & Market


CONFIDENTIAL | 111

Investment Summary

Lamar Union, Austin, TX

$160.0M1

GAV


AustinMarket

Investment

Highlights

Lamar Union


Class A Multifamily442 newly-developed, Class A

units in infill, mixed-use development location one mile south of Austin’s CBD; Located

in high barrier to entry urban infill location

Ground Floor Retail86,377 SF attached retail space

95% Multifamily /


Investment ThesisStable cash flow generating

asset in a market with steady rent growth (5-year annualized multifamily rent growth of 3.9%;

retail 4.8%)


CONFIDENTIAL | 112

Investment Summary

The Barton at Woodley, Washington, D.C.

Washington, D.C.

Multifamily211 Units; Mid-rise constructionUnderground Garage Parking

Prime LocationAffluent Woodley Park

Neighborhood, less than 5 minute walk to the Metro (Red Line)

95% Occupancy1

Rents are well below market;Average of 14 units rolling per

month in 2018

Repositioning OpportunityIn place rents are approximately

39% below the direct comparables (average of

approximately $1,033 below/month/unit). Budgeted $5.5 M of capital investment to

modernize units, common areas and amenities (average of

approximately $26,000/unit which includes common area

improvements)

$108.8M1

GAV

March 2018 Acquisition Date


Investment

Highlights


The Barton at Woodley


CONFIDENTIAL | 113

CPF Office Portfolio

CONFIDENTIAL | 114

Investment Summary


Class A Office118,547 SF 15-story, LEED

certified structure; full lobby/common area renovation

completed in 2017

Prime LocationCentrally located within the

business district with immediate access to robust amenity base including restaurants and retail;

transit-oriented with multiple transportation options in close

proximity

97% Occupancy1

Diversified rent roll includes 21 tenants with staggered

expirations

Investment ThesisOpportunity to drive cash-flow and add value by renovating

common area finishes; converting ‘traditional office’ to

‘creative office’ ; and repositioning retail space with

new restaurant

$93.0M1

GAV


San FranciscoMarket

Investment

Highlights

250 Montgomery


CONFIDENTIAL | 115

Investment Summary

131 Dartmouth Street, Boston, MA

Mixed-Use Urban Office371,016 SF; 6 office tenants and 3 retail tenants; on-site parking

Transit-OrientedDirectly adjacent to multi-modal

public transportation hub

100% Occupancy1

Staggered lease maturities: in-place rents below market

Upside PotentialOpportunity to drive value

through (i) the reconfiguration of non-NOI-producing space to

allow for potential urban grocer as well as (ii) marking leases to

market as leases rollover

$326.0M1

GAV


BostonMarket

Investment

Highlights

131 Dartmouth Street


CONFIDENTIAL | 116

Investment Summary

1333 H Street, Washington, D.C.

Class A Urban Office12 story, 2 –tower structure

totaling 265,278 SF

Prime LocationCorner lot 3 blocks from the White House; 4 metro stops

within 5 blocks; many retail and restaurant amenities

78% Occupancy1

Investment ThesisOpportunity to drive cash-flow

growth and add value by transforming building to Class-A/ Trophy quality, leasing-up existing vacant space, and

rolling in-place B-quality rents to A-quality rents at lease maturities through 2020

$216.0M1

GAV



Investment

Highlights


1333 H Street

CONFIDENTIAL | 117

Investment Summary


Investment

Highlights

Top-tier, Class A Office188,920 SF; sixteen stories; five

levels of subgrade parking; Energy Star rated and

LEED certified

Attractive LocationLocated in the prestigious

Preston Center submarket, offers short drive times to

Dallas Love Field Airport and neighboring suburbs

92% Occupancy1

Investment ThesisAcquired at discount to

replacement cost. Capital improvements planned to

upgrade base building aesthetics in order to capitalize on strong NOI growth through

future new and renewal leasing

$80.3M1

GAV


DallasMarket

The Berkshire


CONFIDENTIAL | 118

CPF Retail Portfolio

CONFIDENTIAL | 119

Investment Summary

Oaks at Lakeway, Lakeway, TX

New Class A RetailBest-in-class retail center. 303,798 SF; built in 2016

Dominant Grocer AnchorHEB is one of the largest

independent food retailers in the nation

“Town Center” DesignStrong grocer, in-line retail

space and out-parcel pads in favored “town center” style

100% Occupancy1

High-growth area with 3-mile population growth of 31% since

2010; complex entitlement process limits new competition

Investment Thesis2.56 –acre parcel with build-to-

suit potential; option to sell outparcels to NNN buyers

$121.0M1

GAV


AustinMarket

Investment

Highlights

Oaks at Lakeway


CONFIDENTIAL | 120

Investment Summary

Broomfield Marketplace, Broomfield, CO

Top Tier Grocery-

Anchored Retail Center114,870 SF retail center

anchored by King Soopers (Kroger Company / S&P BBB) the region’s dominant grocer;

additional notable tenants include Starbucks, Noodles & Company

and Edward Jones

Prime LocationPositioned along the Highway-36

Corridor equidistant between Boulder and Denver, area has

seen significant residential growth

94% Occupancy1

Investment ThesisStrong going-in yield of 5.24% with stable, long term lease to King Soopers through 2032,

strength of grocer will allow for continued rental growth on remaining 40% of center

April 2018 Acquisition Date

DenverMarket

Investment

Highlights

Broomfield Marketplace


$21.9M1

GAV

CONFIDENTIAL | 121

28 State Street

10th Floor

Boston, MA 02109

(617) 476-2700

[email protected]

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