# EDGAR Filing Document

**Accession Number:** 0001966434
**File Stem:** 0001539497-23-000377
**Filing Date:** 2023-3
**Character Count:** 182683
**Document Hash:** 350790af8b53e9f956dc3cd2e8359740
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-23-000377.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001539497-23-000377

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 23

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BBCMS Mortgage Trust 2023-C19
- **CENTRAL INDEX KEY:** 0001966434
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-257737-07
- **FILM NUMBER:** 23696693

**BUSINESS ADDRESS:**
- **STREET 1:** 745 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-412-4000

**MAIL ADDRESS:**
- **STREET 1:** 745 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barclays Commercial Mortgage Securities LLC
- **CENTRAL INDEX KEY:** 0001541480
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 270108800

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 745 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-412-4000

**MAIL ADDRESS:**
- **STREET 1:** 745 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

FREE WRITING PROSPECTUS <br> FILED PURSUANT TO RULE 433 <br> REGISTRATION FILE NO.: 333-257737-07

PRELIMINARY COLLATERAL TERM SHEET

**<u>STRICTLY CONFIDENTIAL</u>**

FOR DISTRIBUTION TO QUALIFIED INSTITUTIONAL BUYERS (RULE 144A), INSTITUTIONAL ACCREDITED INVESTORS (IAIs) <br> AND REGULATION S BUYERS ONLY

**WIT Industrial Portfolio Trust Subordinate Companion Loan**

**$225,000,000**

**Bank of Montreal**

**German American Capital Corporation**

**Barclays Capital Real Estate Inc.**

**UBS AG**

*As Loan Sellers*

**March 2, 2023** 

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-257737) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, Barclays Capital Inc., BMO Capital Markets Corp., UBS Securities LLC, Deutsche Bank Securities, Inc. or any other underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-603-5847.

The information in this file (the "File") does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.

The information in this File is preliminary and may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.

This File contains certain tables and other statistical analyses (the "Computational Materials"). Numerous assumptions were used in preparing the Computational Materials, which may or may not be stated in this File. As such, no assurance can be given as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

This File contains forward-looking statements. These forward looking statements are found in this File, including certain of the tables. Forward-looking statements are also found elsewhere in this File and include words like "expects", "intends", "anticipates", "estimates" and other similar words. These statements intend to convey projections or expectations as of the date of this File. These statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth in this File.

The securities related to this File are being offered when, as and if issued. This free writing prospectus is not an offer to sell or a solicitation of an offer to buy such securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted. Such securities do not represent an interest in or obligation of the depositor, the sponsors, the originators, the master servicer, the special servicers, the trustee, the certificate administrator, the operating advisor, the asset representations reviewer, the controlling class representative, the risk retention consultation party, the companion loan holders (or their representatives), the underwriters or any of their respective affiliates. Neither such securities nor the underlying mortgage loans are insured or guaranteed by any governmental agency or instrumentality or private insurer.

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |

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**This Preliminary Collateral Term Sheet (this "Term Sheet") is a confidential document. Any reproduction or distribution of this Term Sheet, in whole or in part, and any disclosure of its contents or use of any information herein for any purpose other than considering an investment in all or a portion of the WIT Industrial Portfolio Trust Subordinate Companion Loan (or any certificates representing an interest therein) described in this Term Sheet is strictly prohibited.**

Nothing in this Term Sheet constitutes an offer of securities for sale in the United States or any other jurisdiction. Neither this Term Sheet nor anything contained in this Term Sheet forms the basis of any contract or commitment whatsoever. This Term Sheet has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any of the assets described in this Term Sheet. The information contained in this Term Sheet is preliminary as of the date of this Term Sheet, supersedes any previous version of such information delivered to you and will be superseded by any such information subsequently delivered. This Term Sheet is subject to change, completion, supplement and amendment from time to time.

This Term Sheet contains certain tables and other statistical analyses (the "Computational Materials"). Numerous assumptions were used in preparing the Computational Materials, which may or may not be stated in this Term Sheet. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountants and other advisors as to the legal, tax, business, financial and related aspects of a purchase of the assets described in this Term Sheet. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the WIT Industrial Portfolio Whole Loan, including the WIT Industrial Portfolio Trust Subordinate Companion Loan, will occur at rates higher or lower than the rates shown in the Computational Materials.

Certain information in this Term Sheet is based on information set forth in third-party reports or other third-party sources or has been provided by the Borrowers and/or their affiliates. Appraisals, market studies, environmental, accounting engineering, financial and other reports, studies or surveys prepared or produced by third party appraisal firms and/or other firms or information provided by the Borrowers or their affiliates to the extent included in this Term Sheet, are for informational purposes only and should not be relied upon as indicators of the value or the future performance of the WIT Industrial Portfolio Whole Loan (including the WIT Industrial Portfolio Trust Subordinate Loan) or any Property or for any other purpose. Neither of the originators nor the loan sellers have participated in the preparation of any of these materials, nor have the originators or the loan sellers independently verified the information contained therein. You may not rely upon the conclusions or other data set forth in any such underwriting, financial, appraisal or other reports, studies or surveys. Neither of the originators nor the loan sellers or any of their respective affiliates makes any representation as to the accuracy or completeness thereof or the reasonableness of any assumptions or other statements set forth therein.

This Term Sheet contains forward-looking statements. These forward looking statements are found in this Term Sheet, including certain of the tables. Forward-looking statements are also found elsewhere in this Term Sheet and include words like "expects", "intends", "anticipates", "estimates" and other similar words. These statements intend to convey our projections or expectations as of the date of this Term Sheet. These statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth in this Term Sheet. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of the dates thereof, none of the loan sellers or originators undertakes any obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect any loan seller's or originator's view only as of the date of this Term Sheet.

**Capitalized terms used herein may be defined below or above in this Term Sheet. Capitalized terms used in this Term Sheet but not separately defined herein have the meanings assigned to them in the Private Placement Memorandum related to any securities backed by the WIT Industrial Portfolio Trust Subordinate Companion Loan or, if not defined therein, in the loan documents for the WIT Industrial Portfolio Whole Loan (the "Loan Documents").**

**Notwithstanding anything to the contrary in this Term Sheet, as of the date of this Term Sheet, the WIT Industrial Portfolio Whole Loan has not been originated. Therefore, the descriptions of the terms of the WIT Industrial Portfolio Whole Loan and the WIT Industrial Portfolio Trust Subordinate Companion Loan in this Term Sheet are based on their expected terms if and when the WIT Industrial Portfolio Whole Loan is originated by the Mortgage Lenders. As a result, the terms of the WIT Industrial Portfolio Whole Loan and the WIT Industrial Portfolio Trust Subordinate Companion Loan and the respective descriptions thereof in this Term Sheet are subject to revision. None of the Mortgage Lenders, any of their affiliates, or any other person is obligated to make the WIT Industrial Portfolio Whole Loan and there can be no assurance that the WIT Industrial Portfolio Whole Loan will be made.**

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>3</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |

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![](n3471fwpls_img001.jpg)

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>4</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Map** |  |

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![](n3471fwpls_img002.jpg)

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>5</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Philadelphia** |  |

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![](n3471fwpls_img003.jpg)

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>6</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Phoenix** |  |

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![](n3471fwpls_img004.jpg)

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>7</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Tampa** |  |

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![](n3471fwpls_img005.jpg)

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>8</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Minneapolis** |  |

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![](n3471fwpls_img006.jpg)

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>9</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Executive Summary** 

**II.** **Overview of Whole Loan Terms** 

**III.** **Portfolio and Market Overview** 

**IV.** **Historical and Underwritten Net Cash Flow** 

**V.** **Borrower Sponsor Overview** 

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>10</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Executive Summary** 

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>11</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Executive Summary** | **Executive Summary** |

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**The loan is a five-year interest-only fixed rate subordinate companion loan with an initial principal balance of $225,000,000 (the "WIT Industrial Portfolio Trust Subordinate Companion Loan"). The WIT Industrial Portfolio Trust Subordinate Companion Loan is part of a whole mortgage loan structure with an aggregate initial principal balance of $625,000,000 (the "WIT Industrial Portfolio Whole Loan" or the "Whole Loan") consisting of (i) the WIT Industrial Portfolio Trust Subordinate Companion Loan, and (ii) one or more WIT Industrial Portfolio Senior Loans (as defined below). Collateral for the WIT Industrial Portfolio Whole Loan will be the Workspace Industrial Trust Portfolio, which is comprised of 69 Industrial** / **R&D / Flex ("IRDF") properties (each, a "Property" and collectively, the "Portfolio" or the "Properties") totaling 4,223,400 square feet ("SF") of net rentable area. The sponsor for the WIT Industrial Portfolio Whole Loan will be Workspace Property Trust L.P., a Delaware Limited Partnership (the "Sponsor" or "WPT"). The Properties will continue to be managed by Workspace Property Management, L.P. ("WPM"). WPT and Workspace Industrial Trust L.P. ("WIT") are the non-recourse guarantors for the Whole Loan.**

● The WIT Industrial Portfolio Whole Loan is expected to be originated on or prior to the closing date of the securitization of the WIT Industrial Portfolio Trust Subordinate Companion Loan (the "Origination Date") as follows: (i) Bank of Montreal, a Canadian chartered bank ("BMO"), Deutsche Bank AG, New York Branch, ("DBNY"), Barclays Capital Real Estate Inc., a Delaware corporation ("Barclays") and UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York ("UBS AG" and collectively with BMO, DBNY and Barclays, together with their respective successors and assigns, individually or collectively, as the context may require, the "Mortgage Lender") are expected to originate the WIT Industrial Portfolio Trust Subordinate Companion Loan evidenced by four (4) separate subordinate *pari passu* promissory notes in the aggregate principal amount of $225,000,000 (collectively, "WIT Industrial Portfolio Trust Subordinate Notes"), and (ii) BMO, DBNY, Barclays and UBS AG are expected to originate the senior loan (the "WIT Industrial Portfolio Senior Loans") evidenced by various separate senior *pari passu* promissory notes in the aggregate principal amount of $400,000,000 (collectively, the "WIT Industrial Portfolio Senior Notes"), made for the benefit of the applicable Mortgage Lender by WIT Horsham LP, WIT Malvern LP, WIT Minneapolis LP, WIT Phoenix LP and WIT Tampa LP (collectively, the "Borrowers"). The Borrowers are indirectly controlled by WIT, a newly capitalized subsidiary of Sponsor. The Borrowers are special purpose entities that own the Properties.

● The Portfolio consists of 69 IRDF Properties and is spread across five markets in four states. As of January 31, 2023, the Portfolio is 87.7% leased with a granular rent roll featuring 187 unique tenants and a weighted average remaining lease term ("WALT") of approximately 3.5 years.

● The Portfolio is comprised of several industrial business parks, centrally located in densely populated areas within high-income MSAs. The Properties are designed to be attractive to user groups across numerous industries, including healthcare and research, life sciences, manufacturing, transportation & utilities, construction and engineering, wholesale and retail trade, professional services and agriculture. The Portfolio is granular, with the top five Properties accounting for 20.6% of the total underwritten net operating income of $50.0 million (the "UW NOI" or "Portfolio UW NOI") with no other Property accounting for more than 3.0% of UW NOI. Furthermore, the largest tenant and top ten tenants account for 9.5% and 36.7% of UW Gross rent, respectively. The Portfolio also benefits from a diverse tenant roster. The Portfolio's tenants utilize their space for lab, warehouse, light manufacturing, and research and development.

● The Portfolio's 69 IRDF Properties (100.0% of UW NOI) are located within the Phoenix, Arizona (29.8% of UW NOI), Tampa, Florida (23.9%) Malvern, Pennsylvania (21.8%), Horsham, Pennsylvania (13.6%) and Minneapolis, Minnesota (10.9%) markets. Vacancy rates within these industrial markets range from 3.0% to 4.5%.

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>12</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Executive Summary (continued)** | **Executive Summary (continued)** |

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● Founded in 2015, WPT is a privately-held, vertically integrated, full-service commercial real estate company specializing in the ownership, management, leasing and development of suburban office and IRDF space across the United States. WPT owns and operates approximately 18 million feet of space across the country, including 13 of the top 20 U.S. metropolitan areas. In 2013, Thomas Rizk (Chairman and Chief Executive Officer) founded Rizk Ventures, which focuses on real estate, healthcare and technology, and today the Rizk Ventures' real estate platforms include WPT and SpareBox Self Storage. Roger Thomas (President and Chief Operating Officer) has over 30 years of experience in real estate and structuring, negotiating, completing and implementing all aspects of complex transactions including real estate acquisitions, disposition and development, corporate securities and compliance matters, risk management, human resources and marketing. Christopher Allen (Executive Vice President and Chief Financial Officer) has more than 17 years of real estate investment trust ("REIT") executive management and real estate investment banking experience.

● Based on the whole loan amount of $625,000,000 and the portfolio appraised value of $860,000,000 (approximately $204 PSF) (the "Portfolio Appraised Value"), prepared by an independent appraiser, the Whole Loan represents a loan-to-value ratio ("LTV") of 72.7%. The Whole Loan features a 5-year term, is interest only for the full Whole Loan term, and accrues interest at a fixed rate of [7.10000]% per *annum*. Based on the UW NOI of approximately $50.0 million and the total underwritten net cash flow ("UW NCF") of approximately $49.4 million, the Whole Loan exhibits an UW NOI debt yield and UW NCF debt service coverage ratio ("UW NCF DSCR") of 8.0% and 1.10x, respectively.

● **Notwithstanding anything to the contrary in this Term Sheet, as of the date of this Term Sheet, the WIT Industrial Portfolio Whole Loan has not been originated. Therefore, the descriptions of the terms of the WIT Industrial Portfolio Whole Loan and the WIT Industrial Portfolio Trust Subordinate Companion Loan in this Term Sheet are based on their expected terms if and when the WIT Industrial Portfolio Whole Loan is originated by the Mortgage Lenders. As a result, the terms of the WIT Industrial Portfolio Whole Loan and the WIT Industrial Portfolio Trust Subordinate Companion Loan and the respective descriptions thereof in this Term Sheet are subject to revision. None of the Mortgage Lenders, any of their affiliates, or any other person is obligated to make the WIT Industrial Portfolio Whole Loan and there can be no assurance that the WIT Industrial Portfolio Whole Loan will be made.** 

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>13</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Transaction Sources & Uses** | **Transaction Sources & Uses** |

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● The proceeds of the Whole Loan will be used to (i) retire approximately $495 million of outstanding CMBS and bank loans, (ii) pay approximately $70 million in associated release premiums, (iii) fund upfront reserves, escrows and unrestricted working capital, and (iv) cover closing costs. The sources and uses are outlined below:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Whole Loan | &nbsp;&nbsp;$625000000 | &nbsp;&nbsp;$148 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Retire Existing Debt | &nbsp;&nbsp;$495364173 | &nbsp;&nbsp;$117 | &nbsp;&nbsp;79.3% |
|  |  |  |  | &nbsp;&nbsp;CMBS Release Premium | &nbsp;&nbsp;$69862500 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;11.2% |
|  |  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;$19773327 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;3.2% |
|  |  |  |  | &nbsp;&nbsp;Upfront Rollover Reserves | &nbsp;&nbsp;$10558500 | &nbsp;&nbsp;$3 | &nbsp;&nbsp;1.7% |
|  |  |  |  | &nbsp;&nbsp;Escrows & Outstanding Obligations | &nbsp;&nbsp;$9441500 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;1.5% |
|  |  |  |  | &nbsp;&nbsp;Unrestricted Working Capital<sup>(1)</sup> | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$625000000** | &nbsp;&nbsp;**$148** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$625000000** | &nbsp;&nbsp;**$148** | &nbsp;&nbsp;**100.0%** |

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(1) Based on the amount budgeted by the Sponsor. Such amount will not be held by the Mortgage Lender and will
not be collateral for the Whole Loan.

● Based on a loan amount of $625,000,000 and the Portfolio Appraised Value of $860,000,000, the As-Is LTV is 72.7%, the UW NOI debt yield is 8.0%, and the UW NCF DSCR is 1.10x.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Capital Structure** | | | | |
| &nbsp;&nbsp;Tranche | <br>&nbsp;&nbsp;**Cumulative Basis PSF<sup>(1)</sup>** | <br>&nbsp;&nbsp; **As-Is** <br> **LTV<sup>(2)</sup>** | <br>&nbsp;&nbsp; **UW NOI** <br> **Debt Yield<sup>(3)</sup>** | <br>&nbsp;&nbsp;**UW NCF DSCR<sup>(4)</sup>** |
| &nbsp;&nbsp;**WIT Industrial Portfolio Senior Notes<br> $400,000,000** | &nbsp;&nbsp;**$98** | &nbsp;&nbsp;**46.5%** | &nbsp;&nbsp;**12.5%** | &nbsp;&nbsp;**1.71x** |
| &nbsp;&nbsp;**WIT Industrial Portfolio Trust Subordinate Companion Notes<br> $225,000,000** | &nbsp;&nbsp;**$148** | &nbsp;&nbsp;**72.7%** | &nbsp;&nbsp;**8.0%** | &nbsp;&nbsp;**1.10x** |
| &nbsp;&nbsp;**$235,000,000<br> Equity** | &nbsp;&nbsp;**$204** |  |  |  |

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(1) Based on 4,223,400 SF of NRA.

(2) Based on the Portfolio Appraised Value of $860,000,000. Based on the Aggregate Individual Appraised Value
of $810,050,000, the LTV is 77.2%.

(3) Based on the UW NOI of $50,011,445.

(4) Based on the UW NCF of $49,377,935.

THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.<sub>14</sub>

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Transaction Highlights** | **Transaction Highlights** |

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**Strong Historical Occupancy & Performance**

The Portfolio has maintained strong occupancy averaging 90.5% over the past five years (2017 – 2022). Across the 69 Properties, 25 Properties (43.1% of UW NOI) have averaged 100.0% occupancy over this same period. Of notable strength is the Malvern PA industrial park (21.8% of UW NOI), consisting of 15 Properties largely occupied by life science tenants, which has averaged 97.7% occupancy from 2017 to 2022. The Portfolio has also grown profits, with net operating income increasing from approximately $45.4 million in 2018 to approximately $49.3 million over the trailing 12-month September 2022 period.

**Credit Tenancy**

24 tenants within the Portfolio have investment grade ratings or investment grade parent companies, representing 35.1% of the total net rentable area (approximately 4.2 million SF) ("NRA") and 36.6% of the UW Gross Rent (approximately $69.6 million). Including investment grade tenants, a total of 34 tenants within the Portfolio have credit ratings or credit rated parent companies, representing 41.5% of the NRA and 42.5% of the UW Gross Rent.

**Granular Rent Roll**

The Portfolio is comprised of 187 unique tenants, with no tenant representing more than 6.8% of the NRA or 9.5% of the UW Gross Rent. The top five tenants by UW NOI represent 20.7% of the SF, and 26.3% of the UW Gross Rent across all Properties. Approximately 72.0% of the UW Base Rent rolls through the next five years ending 2027, with no year accounting for more than 27.4%.

**Diverse Portfolio**

The Portfolio consists of 69 Properties in five markets and four states. No market accounts for more than 27.4% of the NRA or 29.8% of the UW NOI, and no state accounts for more than 32.7% of the NRA or 35.4% of the UW NOI. The tenant base is diversified, with Life Sciences representing the largest concentration having a 22.4% share of UW Gross Rents, followed by Healthcare & Research (18.4%), Professional Services (17.5%), Manufacturing (17.0%), Transportation & Utilities (6.7%), Wholesale & Retail Trade (4.7%), Construction & Engineering (2.7%), Agriculture, Forestry and Fishing (0.6%) and other industries (9.6%).

**Strong Sponsorship**

Founded in 2015, WPT is a privately-held, vertically integrated, full-service commercial real estate company that owns and operates approximately 18 million feet of suburban office and IRDF space across more than 200 properties spread over the country, including 13 of the top 20 U.S. metropolitan areas. All functions are performed in-house by approximately 100 employees, with over $10 billion of capital transactions executed by senior management in the suburban office and industrial sectors. Co-founder and Chief Executive Officer, Thomas Rizk and Co-founder and President, Roger Thomas previously led the family-owned real estate partnership, Cali Associates, through its initial public offering ("IPO") as Cali Realty Corporation, a REIT traded on the NYSE. The original portfolio grew from 12 properties at the time of the IPO to more than 200 properties totaling over 28.0 million square feet. Additionally, during Mr. Rizk's tenure, total market capitalization grew from $300 million to over $3.6 billion, completing more than $3.0 billion in acquisitions.

**Equity Investments & Whole Loan Structure**

In July 2021, Oak Hill Advisors led a $325 million equity investment into WPT, demonstrating a substantial new commitment to the Portfolio. WPM is also currently negotiating with new institutional investors to potentially invest approximately $75.0 million of preferred equity into WIT after the Origination Date. While there is no certainty that this investment will be completed, the Sponsor has indicated that it expects that such transaction will occur shortly after the closing of the Whole Loan. The Whole Loan structure includes $20 million in escrows as well as upfront reserves for funding leasing costs over the course of the Whole Loan term.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **15** |

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| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Overview of Whole Loan Terms** 

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **16** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |

---

**Notwithstanding anything to the contrary in this Term Sheet, as of the date of this Term Sheet, the WIT Industrial Portfolio Whole Loan has not been originated. Therefore, the descriptions of the terms of the WIT Industrial Portfolio Whole Loan and the WIT Industrial Portfolio Trust Subordinate Companion Loan in this Term Sheet are based on their expected terms if and when the WIT Industrial Portfolio Whole Loan is originated by the Mortgage Lenders. As a result, the terms of the WIT Industrial Portfolio Whole Loan and the WIT Industrial Portfolio Trust Subordinate Companion Loan and the respective descriptions thereof in this Term Sheet are subject to revision. None of the Mortgage Lenders, any of their affiliates, or any other person is obligated to make the WIT Industrial Portfolio Whole Loan and there can be no assurance that the WIT Industrial Portfolio Whole Loan will be made.**

● **Whole Loan Amount:** $625,000,000

● **Whole Loan Interest Rate:** [7.10000]%

● **Amortization:** None.

● **Upfront Reserves:** **Taxes and Insurance**: On the Origination Date, the Borrowers will be required to make an initial deposit with
 the Mortgage Lender in the amount of $[4,325,977] for the payments of taxes and insurance premiums. **Required Repairs**: On the Origination Date, the Borrowers will be required to make a deposit with the Mortgage Lender in the amount of
 $[61,325] (110% of the amount of such repairs as reasonably determined by the Mortgage Lender) for payment of required repairs at
 the properties. **Rollover Reserve**: On the Origination Date, the Borrowers will be required to make an initial deposit with the Mortgage Lender in the amount
 of $[10,558,500] for payment of tenant improvement and leasing commission obligations incurred following the date of closing. **Free Rent Reserve**: On the Origination Date, the Borrowers will be required to make an initial deposit with the Mortgage Lender in
 the amount of $[907,356] for payment to Borrowers of any free rent credit due to any tenant pursuant to such tenant's lease. **TI/LC Reserve**: On the Origination Date, the Borrowers will be required to make an initial deposit with the Mortgage Lender in the amount
 of $[4,146,843] for the payment of any outstanding tenant improvement and leasing commission obligations. In
 lieu of the upfront reserves, the Borrowers will be permitted to deliver an evergreen letter of credit meeting rating agency criteria
 and otherwise reasonably acceptable to the Mortgage Lender.

● **Ongoing Reserves:** Ongoing reserves for taxes and
 insurance, replacements, tenant improvements and leasing commissions will only be required during the continuance
 of a Trigger Period. During a Trigger Period, insurance reserves may be waived if the Portfolio is covered
 under a blanket policy. **TI/LC Reserves:** During a Trigger Period (as defined below), the Borrowers
are required to make monthly deposits into a TI/LC reserve in an amount equal to $0.30 per square foot per annum.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **17** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |

---

 **Replacement Reserves:** During a Trigger Period, the Borrowers are required to make monthly deposits into a replacement reserve in an amount equal to $0.20 psf per annum (subject to adjustment based on the Mortgage Lender's review of the property condition report).

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **18** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |

---

 and (iv) principal paydowns from releases will be applied pro-rata between the WIT Industrial Portfolio Senior Loans and WIT Industrial Portfolio Trust Subordinate Companion Loan.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **19** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Portfolio and Market Overview** 

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **20** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Portfolio Overview** | **Portfolio Overview** |

---

● The Portfolio consists of 69 IRDF Properties totaling approximately 4.2 million SF of NRA located throughout four states. The table below provides a snapshot of key statistics of the Portfolio.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Overview** | **Portfolio Overview** | **Portfolio Overview** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**ID** | &nbsp;&nbsp;&nbsp;**Campus** | &nbsp;&nbsp;&nbsp;**Property** | <br>&nbsp;&nbsp;&nbsp;**City** | <br>&nbsp;&nbsp;&nbsp;**State** | <br>&nbsp;&nbsp;&nbsp;**Year Built / Renovated<sup>(1)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total SF<sup>(2)</sup>** | <br>&nbsp;&nbsp;&nbsp;**Number of Tenants<sup>(2)</sup>** | <br>&nbsp;&nbsp;&nbsp;**In-Place Occupancy<sup>(1)</sup>** | <br>&nbsp;&nbsp;&nbsp;**Dock Doors** | <br>&nbsp;&nbsp;&nbsp;**Clear Heights** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UW NOI<sup>(2)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% UW NOI** |
| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;102 Rock Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1985 / 2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40472 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$673239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;101-111 Rock Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1975 / 2009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37884 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$530573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;113-123 Rock Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1975 / 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$411811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;123-135 Rock Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1975 / 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$543362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;111-159 Gibraltar Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1981 / 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63036 | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;93.8% | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$803037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;103-109 Gibraltar Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1978 / 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$504189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;161-175 Gibraltar Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1976 / 2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49732 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$656990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;181-187 Gibraltar Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1982 / 2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48870 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$614103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;231-253 Gibraltar Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1981 / 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$899667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;261-283 Gibraltar Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1978 / 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$807187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;Horsham Pennsylvania | &nbsp;&nbsp;&nbsp;201-223 Witmer Road | &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1972 / 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;61.3% | &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$372268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;1 Great Valley Parkway | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1982 / 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60880 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$962169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;27-43 Great Valley Parkway | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1977 / 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60623 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$568193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;30 Great Valley Parkway | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1975 / 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$113054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;45-67 Great Valley Parkway | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1974 / 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128011 | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1630559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;75 Great Valley Parkway | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1977 / 2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$138240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;77-123 Great Valley Parkway | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1978 / 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103099 | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;98.3% | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1550622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;155 Great Valley Parkway | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1981 / 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71200 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$784008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;257-275 Great Valley Parkway | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1983 / 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71122 | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1071180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;277-293 Great Valley Parkway | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1984 / 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$413266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;420-500 Lapp Rd | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1989 / 2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91312 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1423691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;508 Lapp Rd | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1984 / 2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50200 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$523168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;510 Lapp Rd | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1983 / 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27167 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$201999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Year Built and In-Place Occupancy are
 weighted by SF.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Figures based on the underwritten rent
 roll dated January 31, 2023.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **21** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Portfolio Overview (continued)** | **Portfolio Overview (continued)** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Overview (continued)** | **Portfolio Overview (continued)** | **Portfolio Overview (continued)** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**ID** | &nbsp;&nbsp;&nbsp;**Campus** | &nbsp;&nbsp;&nbsp;**Property** | <br>&nbsp;&nbsp;&nbsp;**City** | <br>&nbsp;&nbsp;&nbsp;**State** | <br>&nbsp;&nbsp;&nbsp;**Year Built / Renovated<sup>(1)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total SF<sup>(2)</sup>** | <br>&nbsp;&nbsp;&nbsp;**Number of Tenants<sup>(2)</sup>** | <br>&nbsp;&nbsp;&nbsp;**In-Place Occupancy<sup>(1)</sup>** | <br>&nbsp;&nbsp;&nbsp;**Dock Doors** | <br>&nbsp;&nbsp;&nbsp;**Clear Heights** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UW NOI<sup>(2)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% UW NOI** |
| &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;300 Technology Drive | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1985 / 2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$278592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;425 Technology Drive | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1998 / 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22407 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$315457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;Great Valley Parkway | &nbsp;&nbsp;&nbsp;333 Phoenixville Pike | &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;&nbsp;PA | &nbsp;&nbsp;&nbsp;1985 / 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$934737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;9801 South 51st Street | &nbsp;&nbsp;&nbsp;9801 South 51st Street | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2012 / 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71550 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($273477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.5%) |
| &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4207 E Cotton Center Blvd | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2006 / 2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$506258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4217 E Cotton Center Blvd | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2006 / 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88140 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;68.9% | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$883357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4303 E Cotton Center Blvd | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2002 / 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;94.5% | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$689642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4313 E Cotton Center Blvd | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2002 / 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108874 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;72.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1334308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4405 E Cotton Center Blvd | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2001 / 2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54551 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;57.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$374050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4410 E Cotton Center Blvd | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101269 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1268244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4415 E Cotton Center Blvd | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2001 / 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35463 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$557505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4425 E Cotton Center Blvd | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2001 / 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3021419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4435 E Cotton Center Blvd. | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25505 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($169750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3%) |
| &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4500 E. Cotton Center Blvd. | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2007 / 2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139403 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2509771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4750 S 44th Place | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79496 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1570257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4755 S 44th Place | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1504314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4550 S 44th Street | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2007 / 2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54489 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($251521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.5%) |
| &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;Workspace Cotton Center | &nbsp;&nbsp;&nbsp;4610 S 44th Street | &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;&nbsp;AZ | &nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66012 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1363203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;111 Kelsey Lane | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$703881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;131 Kelsey Lane | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89290 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1336878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;150-182 Kelsey Lane | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54400 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($238477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.5%) |
| &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;206-34 Kelsey Lane | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45600 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.0% | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($194077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.4%) |
| &nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;8900-34 Brittany Way | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$574913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Year Built and In-Place Occupancy are
 weighted by SF.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Figures based on the underwritten rent
 roll dated January 31, 2023.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **22** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Portfolio Overview (continued)** | **Portfolio Overview (continued)** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Overview (continued)** | **Portfolio Overview (continued)** | **Portfolio Overview (continued)** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**ID** | &nbsp;&nbsp;&nbsp;**Campus** | &nbsp;&nbsp;&nbsp;**Property** | <br>&nbsp;&nbsp;&nbsp;**City** | <br>&nbsp;&nbsp;&nbsp;**State** | <br>&nbsp;&nbsp;&nbsp;**Year Built / Renovated<sup>(1)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total SF<sup>(2)</sup>** | <br>&nbsp;&nbsp;&nbsp;**Number of Tenants<sup>(2)</sup>** | <br>&nbsp;&nbsp;&nbsp;**In-Place Occupancy<sup>(1)</sup>** | <br>&nbsp;&nbsp;&nbsp;**Dock Doors** | <br>&nbsp;&nbsp;&nbsp;**Clear Heights** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UW NOI<sup>(2)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% UW NOI** |
| &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;9001-9015 Brittany Way | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$402798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;9002-9036 Brittany Way | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59080 | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$655308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;501 US Highway 301 South | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59080 | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$752052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;701-725 US Highway 301 South | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65380 | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$905746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;Brittany Way | &nbsp;&nbsp;&nbsp;901-933 US Highway 301S | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65200 | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$808616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;Crosspoint 3110 | &nbsp;&nbsp;&nbsp;3102, 3104,3110 Cherry Palm | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74397 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;63.2% | &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$405432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;Woodland Corporate Center | &nbsp;&nbsp;&nbsp;7920 Woodland Ctr Blvd | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52627 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$914458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;Woodland Corporate Center | &nbsp;&nbsp;&nbsp;7930, 8010-20 Woodland Ctr Blvd | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89758 | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;97.1% | &nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1186011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;Woodland Corporate Center | &nbsp;&nbsp;&nbsp;8202 Woodland Ctr Blvd | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39155 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$583992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;Woodland Corporate Center | &nbsp;&nbsp;&nbsp;8152-8198 Woodland Ctr Blvd | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45382 | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;87.5% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$535417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;Woodland Corporate Center | &nbsp;&nbsp;&nbsp;8102-42 Woodland Ctr Blvd | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39155 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$559181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;Woodland Corporate Center | &nbsp;&nbsp;&nbsp;7802-50 Woodland Ctr Blvd | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44350 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$735575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;Woodland Corporate Center | &nbsp;&nbsp;&nbsp;7852-98 Woodland Ctr Blvd | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44350 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;32.3% | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;Woodland Corporate Center | &nbsp;&nbsp;&nbsp;7624 Bald Cypress Place | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;2003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15035 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$195791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;Northport Business Park | &nbsp;&nbsp;&nbsp;8401-8406 Benjamin Rd | &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;&nbsp;FL | &nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94766 | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;94.3% | &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1035276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;Golden Triangle | &nbsp;&nbsp;&nbsp;7615 Smetana Lane | &nbsp;&nbsp;&nbsp;Eden Prairie | &nbsp;&nbsp;&nbsp;MN | &nbsp;&nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93444 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1053367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;Fuller Road | &nbsp;&nbsp;&nbsp;7905 Fuller Road | &nbsp;&nbsp;&nbsp;Eden Prairie | &nbsp;&nbsp;&nbsp;MN | &nbsp;&nbsp;&nbsp;1994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74224 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$961297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;Anagram Drive | &nbsp;&nbsp;&nbsp;7695-7699 Anagram Drive | &nbsp;&nbsp;&nbsp;Eden Prairie | &nbsp;&nbsp;&nbsp;MN | &nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39390 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$568054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;West Bloom Technology Park | &nbsp;&nbsp;&nbsp;5705 Old Shakopee Road | &nbsp;&nbsp;&nbsp;Bloomington | &nbsp;&nbsp;&nbsp;MN | &nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74594 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;37.9% | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;West Bloom Technology Park | &nbsp;&nbsp;&nbsp;5715 Old Shakopee Road | &nbsp;&nbsp;&nbsp;Bloomington | &nbsp;&nbsp;&nbsp;MN | &nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63463 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$773902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;West Bloom Technology Park | &nbsp;&nbsp;&nbsp;5735 Old Shakopee Road | &nbsp;&nbsp;&nbsp;Bloomington | &nbsp;&nbsp;&nbsp;MN | &nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63463 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;50.3% | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$115689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;West Bloom Technology Park | &nbsp;&nbsp;&nbsp;5775 W. Old Shakopee Road | &nbsp;&nbsp;&nbsp;Bloomington | &nbsp;&nbsp;&nbsp;MN | &nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103050 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;95.9% | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1166060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;West Bloom Technology Park | &nbsp;&nbsp;&nbsp;10801 Nesbitt Avenue South | &nbsp;&nbsp;&nbsp;Bloomington | &nbsp;&nbsp;&nbsp;MN | &nbsp;&nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$686888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4% |
|  | &nbsp;&nbsp;&nbsp;**Total Portfolio** |  |  |  | &nbsp;&nbsp;&nbsp;**1994 / 2009** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4223400** | &nbsp;&nbsp;&nbsp;**187** | &nbsp;&nbsp;&nbsp;**87.7%** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50011445** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Year Built and In-Place Occupancy are
 weighted by SF.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Figures based on the underwritten rent
 roll dated January 31, 2023.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **23** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Portfolio Overview (continued)** | **Portfolio Overview (continued)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Snapshot** | | | | | | | |  |  |
| | | | | | | | | **% of Total** | **UW NOI DY** |
| <br>**Property Type** | <br>**Number of**<br>**Properties** | <br>**Total SF** | <br>**Number of**<br>**States** | <br>**Number of**<br>**Markets** | <br>**In-Place**<br>**Occupancy<sup>(1) (2)</sup>** | <br>**UW Gross Rent**<br>**PSF<sup>(1) (2)</sup>** | <br>**Remaining**<br>**WALT<sup>(1) (3)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Industrial-R&D/Flex | 69 | 4223400 | 4 | 5 | 87.7% | $18.80 | 3.5 | 100.0% | 8.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated
 January 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on occupied SF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Weighted by UW Gross Rent.

● The Portfolio has shown strong historical occupancy, averaging approximately 90.5% over the last 5 years. The following table presents the historical occupancy of the Portfolio.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Historical Occupancy** | &nbsp;&nbsp;&nbsp;&nbsp;**Historical Occupancy** | | | | | |
|  | &nbsp;&nbsp;**2018** | <br>&nbsp;&nbsp;**2019** | <br>&nbsp;&nbsp;**2020** | <br>&nbsp;&nbsp;**2021** | <br>&nbsp;&nbsp;**2022** | <br>&nbsp;&nbsp;**Avg.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy | &nbsp;&nbsp;91.7% | &nbsp;&nbsp;90.8% | &nbsp;&nbsp;90.3% | &nbsp;&nbsp;89.8% | &nbsp;&nbsp;90.6% | &nbsp;&nbsp;90.5% |

---

● The top ten Properties by UW NOI in the Portfolio comprise approximately 24.9% of NRA, and approximately 34.5% of UW NOI, and exhibit a remaining WALT of 3.4 years. The following chart details the top ten Properties in the Portfolio based on UW NOI.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Properties (by UW NOI)** | &nbsp;&nbsp;**Top 10 Properties (by UW NOI)** | &nbsp;&nbsp;**Top 10 Properties (by UW NOI)** | &nbsp;&nbsp;**Top 10 Properties (by UW NOI)** | &nbsp;&nbsp;**Top 10 Properties (by UW NOI)** | | | | |
| &nbsp;&nbsp;&nbsp;**Property** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Remaining WALT<sup>(1)(2)</sup>** | &nbsp;&nbsp;&nbsp;**Total SF** | &nbsp;&nbsp;&nbsp;**% of NRA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**In-Place Occupancy<sup>(2)(3)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UW NOI** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of UW NOI** | <br>&nbsp;&nbsp;&nbsp;**# of Tenants<sup>(2)</sup>** | <br>**Largest Tenant** |
| &nbsp;&nbsp;&nbsp;4425 East Cotton Center Boulevard | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;3.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;$3021419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0% | &nbsp;&nbsp;&nbsp;1 | United Healthcare Services, Inc. |
| &nbsp;&nbsp;&nbsp;4500 East Cotton Center Boulevard | &nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;139403 | &nbsp;&nbsp;&nbsp;3.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;$2509771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0% | &nbsp;&nbsp;&nbsp;2 | Aetna Life Insurance Company |
| &nbsp;&nbsp;&nbsp;45-67 Great Valley Parkway | &nbsp;&nbsp;&nbsp;6.3 | &nbsp;&nbsp;&nbsp;128011 | &nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;$1630559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3% | &nbsp;&nbsp;&nbsp;4 | Marken, LLP |
| &nbsp;&nbsp;&nbsp;4750 South 44th Place | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;79496 | &nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;$1570257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% | &nbsp;&nbsp;&nbsp;3 | Aetna Life Insurance Company |
| &nbsp;&nbsp;&nbsp;77-123 Great Valley Parkway | &nbsp;&nbsp;&nbsp;4.0 | &nbsp;&nbsp;&nbsp;103099 | &nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.3% | &nbsp;&nbsp;&nbsp;$1550622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% | &nbsp;&nbsp;&nbsp;10 | Puresyn, Inc. |
| &nbsp;&nbsp;&nbsp;4755 South 44th Place | &nbsp;&nbsp;&nbsp;5.9 | &nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;$1504314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0% | &nbsp;&nbsp;&nbsp;1 | Aetna Life Insurance Company |
| &nbsp;&nbsp;&nbsp;420-500 Lapp Road | &nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;91312 | &nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;$1423691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;5 | ifm Prover USA, Inc. |
| &nbsp;&nbsp;&nbsp;4610 South 44th Street | &nbsp;&nbsp;&nbsp;7.8 | &nbsp;&nbsp;&nbsp;66012 | &nbsp;&nbsp;&nbsp;1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;$1363203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;1 | Caris MPI, Inc. |
| &nbsp;&nbsp;&nbsp;131 Kelsey Lane | &nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;89290 | &nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;$1336878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;1 | United Healthcare Services, Inc. |
| &nbsp;&nbsp;&nbsp;4313 East Cotton Center Boulevard | &nbsp;&nbsp;&nbsp;5.6 | &nbsp;&nbsp;&nbsp;108874 | &nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.0% | &nbsp;&nbsp;&nbsp;$1334308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;1 | GE Parallel Design, Inc. |
| &nbsp;&nbsp;&nbsp;**Top 10 Total / Wtd. Avg.** | &nbsp;&nbsp;&nbsp;**3.4** | &nbsp;&nbsp;&nbsp;**1050497** | &nbsp;&nbsp;&nbsp;**24.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96.9%** | &nbsp;&nbsp;&nbsp;**$17245024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.5%** | &nbsp;&nbsp;&nbsp;**29** |  |
| &nbsp;&nbsp;&nbsp;**Other** | &nbsp;&nbsp;&nbsp;**3.5** | &nbsp;&nbsp;&nbsp;**3172903** | &nbsp;&nbsp;&nbsp;**75.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84.7%** | &nbsp;&nbsp;&nbsp;**$32766421** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.5%** | &nbsp;&nbsp;&nbsp;**158** |  |
| &nbsp;&nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;&nbsp;**3.5** | &nbsp;&nbsp;&nbsp;**4223400** | &nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87.7%** | &nbsp;&nbsp;&nbsp;**$50011445** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;**187** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Weighted by UW Gross Rent.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated
 January 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Based on occupied SF.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **24** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Portfolio Overview (continued)** | **Portfolio Overview (continued)** |

---

● The Portfolio is located in four states, the largest concentration of which is located in Pennsylvania, which represents approximately 32.7% of NRA and approximately 35.4% of the UW NOI. The following chart outlines the Portfolio by state concentration.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Stratification by State** | &nbsp;&nbsp;**Stratification by State** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State** | &nbsp;&nbsp;**# of Properties** | <br>&nbsp;&nbsp;**Wtd. Avg. Year Built<sup>(1)</sup>** | <br>&nbsp;&nbsp;**Remaining WALT<sup>(2)</sup>** | <br>&nbsp;&nbsp;**Total SF** | <br>&nbsp;&nbsp;**% of NRA** | <br>&nbsp;&nbsp;**In-Place Occupancy<sup>(3)</sup>** | <br>&nbsp;&nbsp;**UW Gross Rent<sup>(4)</sup>** | <br>&nbsp;&nbsp;**UW Gross Rent PSF<sup>(3)(4)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UW NOI** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of UW NOI** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;26 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 years | &nbsp;&nbsp;1381915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23903669 | &nbsp;&nbsp;$17.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17725363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona | &nbsp;&nbsp;15 | &nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 years | &nbsp;&nbsp;1158652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20028136 | &nbsp;&nbsp;$21.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14887581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida | &nbsp;&nbsp;20 | &nbsp;&nbsp;1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 years | &nbsp;&nbsp;1115205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16886715 | &nbsp;&nbsp;$17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11954644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota | &nbsp;&nbsp;8 | &nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 years | &nbsp;&nbsp;567628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8822292 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5443856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**69** | &nbsp;&nbsp;**1994** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 years** | &nbsp;&nbsp;**4223400** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$69640813** | &nbsp;&nbsp;**$18.80** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50011445** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Weighted by SF.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Weighted by UW Gross Rent.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Based on occupied SF.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Based on the underwritten rent roll dated January 31, 2023.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **25** |

---

---

| | |
|:---|:---|
| Strictly private and confidential | **Workspace Industrial Trust Portfolio** |
| **Portfolio Overview (continued)** | **Portfolio Overview (continued)** |

---

**Portfolio Tenancy**

● The Portfolio is 87.7% leased to a rent roll of 187 unique tenants as of January 31, 2023. The top 10 tenants account for approximately 30.8% of NRA and approximately 36.7% of UW Gross Rent. No individual tenant accounts for more than 6.8% of NRA or 9.5% of UW Gross Rent.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Tenants (by UW Gross Rent)** | &nbsp;&nbsp;**Top 10 Tenants (by UW Gross Rent)** | &nbsp;&nbsp;**Top 10 Tenants (by UW Gross Rent)** | &nbsp;&nbsp;**Top 10 Tenants (by UW Gross Rent)** | &nbsp;&nbsp;**Top 10 Tenants (by UW Gross Rent)** | &nbsp;&nbsp;**Top 10 Tenants (by UW Gross Rent)** | &nbsp;&nbsp;**Top 10 Tenants (by UW Gross Rent)** | | | | |
| &nbsp;&nbsp;&nbsp;**#** | &nbsp;&nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total SF<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of NRA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lease Start<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lease Expiration<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UW Gross Rent<sup>(1)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% UW Gross** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UW Gross PSF<sup>(1)</sup>** | <br>&nbsp;&nbsp;&nbsp;**Rem. WALT<sup>(1) (2)</sup>** | <br>&nbsp;&nbsp;&nbsp;**S&P / M / Fitch<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;Aetna Life Insurance Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6637377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.01 | &nbsp;&nbsp;&nbsp;2.3 years | &nbsp;&nbsp;&nbsp;BBB / Baa2 / NR |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;United Healthcare Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5404903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.25 | &nbsp;&nbsp;&nbsp;1.2 years | &nbsp;&nbsp;&nbsp;A+ / A3 / AA- |
| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;Caris MPI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2761050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.68 | &nbsp;&nbsp;&nbsp;6.2 years | &nbsp;&nbsp;&nbsp;NR / NR / NR |
| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;Cruise, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1769169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.47 | &nbsp;&nbsp;&nbsp;1.6 years | &nbsp;&nbsp;&nbsp;BBB / Baa3 / BBB- |
| &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;Janssen Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1756800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.94 | &nbsp;&nbsp;&nbsp;6.3 years | &nbsp;&nbsp;&nbsp;AAA / Aaa / NR |
| &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;GE Parallel Design, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1753059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.38 | &nbsp;&nbsp;&nbsp;5.6 years | &nbsp;&nbsp;&nbsp;BBB+ / Baa1 / BBB |
| &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;Dell Marketing L. P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1462405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.13 | &nbsp;&nbsp;&nbsp;1.5 years | &nbsp;&nbsp;&nbsp;NR / Baa3 / BBB |
| &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;Acist Medical Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1415749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.07 | &nbsp;&nbsp;&nbsp;6.7 years | &nbsp;&nbsp;&nbsp;NR / NR / NR |
| &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;Havpak, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1371391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.25 | &nbsp;&nbsp;&nbsp;3.3 years | &nbsp;&nbsp;&nbsp;NR / NR / NR |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;Colorcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1231440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.66 | &nbsp;&nbsp;&nbsp;1.5 years | &nbsp;&nbsp;&nbsp;NR / NR / NR |
|  | &nbsp;&nbsp;&nbsp;**Top 10 Tenants** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1298959** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$25563342** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19.68** | &nbsp;&nbsp;&nbsp;**3.2 years** |  |
|  | &nbsp;&nbsp;&nbsp;**Remaining Tenants** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2406009** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$44077471** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$18.32** | &nbsp;&nbsp;&nbsp;**3.7 years** |  |
|  | &nbsp;&nbsp;&nbsp;**Total Occupied** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3704968** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87.7%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$69640813** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$18.80** | &nbsp;&nbsp;&nbsp;**3.5 years** |  |
|  | &nbsp;&nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**518432** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3%** |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;**Total Collateral** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4223400** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll as
 of January 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Weighted by UW Gross Rent.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Ratings are those of the parent company
 whether or not the parent company guarantees the lease.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **26** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Portfolio Overview (continued)**

**Portfolio Rollover**

&nbsp;&nbsp;&nbsp;&nbsp;· The Portfolio has 224 suites rolling through 2028, aggregating approximately
83.2% of UW Base Rent.

&nbsp;&nbsp;&nbsp;&nbsp;· The remaining WALT of the Portfolio is 3.5 years.

&nbsp;&nbsp;&nbsp;&nbsp;· The following chart table presents certain information regarding the expiration
of leases across the Portfolio.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** | &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** | &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** | &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** | &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** | &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** | &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** | &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** | &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** | &nbsp;&nbsp;**Rollover Profile<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year of Expiration** | &nbsp;&nbsp;**Expiring SF** | &nbsp;&nbsp;**% NRA** | &nbsp;&nbsp;**Cumulative SF** | &nbsp;&nbsp;**Cumulative % of Total SF** | &nbsp;&nbsp;**Annual Total Rent PSF** | &nbsp;&nbsp;**UW Base Rent ($)** | &nbsp;&nbsp;**% of UW Base Rent Rolling** | &nbsp;&nbsp;**Cumulative Total UW Base Rent ($)** | &nbsp;&nbsp;**Cumulative % of UW Base Rent Rolling** |
| &nbsp;&nbsp;MTM | &nbsp;&nbsp;20032 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;20032 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;$8.04 | &nbsp;&nbsp;$161072 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;$161072 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;2023 | &nbsp;&nbsp;385394 | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;405426 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$5867866 | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;$6028938 | &nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;1035367 | &nbsp;&nbsp;24.5% | &nbsp;&nbsp;1440793 | &nbsp;&nbsp;34.1% | &nbsp;&nbsp;$9.53 | &nbsp;&nbsp;$13728695 | &nbsp;&nbsp;27.4% | &nbsp;&nbsp;$19757633 | &nbsp;&nbsp;39.5% |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;317670 | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;1758463 | &nbsp;&nbsp;41.6% | &nbsp;&nbsp;$2.21 | &nbsp;&nbsp;$3889626 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;$23647259 | &nbsp;&nbsp;47.3% |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;427648 | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;2186111 | &nbsp;&nbsp;51.8% | &nbsp;&nbsp;$2.33 | &nbsp;&nbsp;$5101061 | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;$28748320 | &nbsp;&nbsp;57.5% |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;566056 | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;2752167 | &nbsp;&nbsp;65.2% | &nbsp;&nbsp;$2.63 | &nbsp;&nbsp;$7243731 | &nbsp;&nbsp;14.5% | &nbsp;&nbsp;$35992051 | &nbsp;&nbsp;72.0% |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;372710 | &nbsp;&nbsp;8.8% | &nbsp;&nbsp;3124877 | &nbsp;&nbsp;74.0% | &nbsp;&nbsp;$1.81 | &nbsp;&nbsp;$5642522 | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;$41634573 | &nbsp;&nbsp;83.2% |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;237284 | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;3362161 | &nbsp;&nbsp;79.6% | &nbsp;&nbsp;$1.05 | &nbsp;&nbsp;$3533189 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;$45167762 | &nbsp;&nbsp;90.3% |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;175570 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;3537731 | &nbsp;&nbsp;83.8% | &nbsp;&nbsp;$0.76 | &nbsp;&nbsp;$2689441 | &nbsp;&nbsp;5.4% | &nbsp;&nbsp;$47857203 | &nbsp;&nbsp;95.7% |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;44197 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;3581928 | &nbsp;&nbsp;84.8% | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$446434 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;$48303637 | &nbsp;&nbsp;96.6% |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;123498 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;3705426 | &nbsp;&nbsp;87.7% | &nbsp;&nbsp;$0.46 | &nbsp;&nbsp;$1717169 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;$50020806 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;Beyond | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;3705426 | &nbsp;&nbsp;87.7% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$50020806 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;517974 | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;4223400 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$50020806 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4223400** | &nbsp;&nbsp;**100.0%** |  |  |  | &nbsp;&nbsp;**$50020806** |  | &nbsp;&nbsp;**$50020806** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated January 31, 2023.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **27** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (by UW NOI)**

**#1 - 4425 East Cotton Center Boulevard**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;4425 East Cotton Center Boulevard |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;4425 East Cotton Center Boulevard |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Phoenix, AZ |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2001 / 2022 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;165000 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;03/31/2024 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$28,410,841 (4.5%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;6.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;United Healthcare Services, Inc. | &nbsp;&nbsp;165000 | &nbsp;&nbsp;$3669105 | &nbsp;&nbsp;$22.24 | &nbsp;&nbsp;03/31/2024 |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**165000** | &nbsp;&nbsp;**$3669105** | &nbsp;&nbsp;**$22.24** | &nbsp;&nbsp;**03/31/2024** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$3092819 | &nbsp;&nbsp;$2905182 | &nbsp;&nbsp;$17.61 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;$72573 | &nbsp;&nbsp;$0.44 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$720039 | &nbsp;&nbsp;$691350 | &nbsp;&nbsp;$4.19 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$3812858** | &nbsp;&nbsp;**$3669105** | &nbsp;&nbsp;**$22.24** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$3812858** | &nbsp;&nbsp;**$3669105** | &nbsp;&nbsp;**$22.24** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$605654 | &nbsp;&nbsp;$647686 | &nbsp;&nbsp;$3.93 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$3207204** | &nbsp;&nbsp;**$3021419** | &nbsp;&nbsp;**$18.31** |

---

![](n3471fwplsimg_007.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **28** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (continued)**

**#2 - 4500 East Cotton Center Boulevard**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;4500 East Cotton Center Boulevard |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;4500 East Cotton Center Boulevard |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Phoenix, AZ |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2007 / 2012 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;139403 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;12/31/2023 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$24,484,139 (3.9%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;5.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross Rent** | &nbsp;&nbsp;**UW Gross Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;Aetna Life Insurance Company | &nbsp;&nbsp;139403 | &nbsp;&nbsp;$3062684 | &nbsp;&nbsp;$21.97 | &nbsp;&nbsp;12/31/2023 |
| &nbsp;&nbsp;Electric Lightwave, LLC | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;05/31/2025 |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**139403** | &nbsp;&nbsp;**$3062684** | &nbsp;&nbsp;**$21.97** | &nbsp;&nbsp;**12/31/2023** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$3092819 | &nbsp;&nbsp;$2326636 | &nbsp;&nbsp;$16.69 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;$58549 | &nbsp;&nbsp;$0.42 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$720039 | &nbsp;&nbsp;$691350 | &nbsp;&nbsp;$4.86 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$3812858** | &nbsp;&nbsp;**$3669105** | &nbsp;&nbsp;**$21.97** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$0.43 |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$3812858** | &nbsp;&nbsp;**$3669105** | &nbsp;&nbsp;**$22.40** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$605654 | &nbsp;&nbsp;$647686 | &nbsp;&nbsp;$4.40 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$3207204** | &nbsp;&nbsp;**$2509771** | &nbsp;&nbsp;**$18.00** |

---

![](n3471fwplsimg_008.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **29** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (continued)**

**#3 - 45-67 Great Valley Parkway**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;45-67 Great Valley Parkway |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;45-67 Great Valley Parkway |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Malvern, PA |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1974 / 2022 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;128011 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;06/07/2029 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$19,941,484 (3.2%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;3.3% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross Rent** | &nbsp;&nbsp;**UW Gross Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;Janssen Biotech | &nbsp;&nbsp;32691 | &nbsp;&nbsp;$636494 | &nbsp;&nbsp;$19.47 | &nbsp;&nbsp;05/31/2032 |
| &nbsp;&nbsp;Marken, LLP | &nbsp;&nbsp;39645 | &nbsp;&nbsp;$634127 | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;02/28/2026 |
| &nbsp;&nbsp;Clinigen Clinical Supplies Management, Inc. | &nbsp;&nbsp;24800 | &nbsp;&nbsp;$420236 | &nbsp;&nbsp;$16.95 | &nbsp;&nbsp;09/30/2032 |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**30875** | &nbsp;&nbsp;**$413663** | &nbsp;&nbsp;**$13.40** | &nbsp;&nbsp;**06/30/2026** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**128011** | &nbsp;&nbsp;**$2104520** | &nbsp;&nbsp;**$16.44** | &nbsp;&nbsp;**06/07/2029** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$1527606 | &nbsp;&nbsp;$1513187 | &nbsp;&nbsp;$11.82 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;$40912 | &nbsp;&nbsp;$0.32 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$569084 | &nbsp;&nbsp;$550421 | &nbsp;&nbsp;$4.30 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$2096690** | &nbsp;&nbsp;**$2104520** | &nbsp;&nbsp;**$16.44** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;- | &nbsp;&nbsp;$6274 | &nbsp;&nbsp;$0.05 |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$2096690** | &nbsp;&nbsp;**$2110794** | &nbsp;&nbsp;**$16.49** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$464250 | &nbsp;&nbsp;$480235 | &nbsp;&nbsp;$3.75 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1632440** | &nbsp;&nbsp;**$1630559** | &nbsp;&nbsp;**$12.74** |

---

![](n3471fwplsimg_009.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **30** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (continued)**

**#4 - 4750 South 44th Place**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;4750 South 44th Place |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;4750 South 44th Place |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Phoenix, AZ |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2015 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;86.9% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;79496 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;04/09/2024 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$10,933,169 (1.7%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;3.3% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross Rent** | &nbsp;&nbsp;**UW Gross Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;Aetna Life Insurance Company | &nbsp;&nbsp;69094 | &nbsp;&nbsp;$1670693 | &nbsp;&nbsp;$24.18 | &nbsp;&nbsp;12/31/2023 |
| &nbsp;&nbsp;Caris MPI, Inc. | &nbsp;&nbsp;10402 | &nbsp;&nbsp;$265979 | &nbsp;&nbsp;$25.57 | &nbsp;&nbsp;12/31/2025 |
| &nbsp;&nbsp;Electric Lightwave, LLC | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;05/31/2025 |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**79496** | &nbsp;&nbsp;**$1936672** | &nbsp;&nbsp;**$24.36** | &nbsp;&nbsp;**04/09/2024** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$1453357 | &nbsp;&nbsp;$1449652 | &nbsp;&nbsp;$18.24 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;$39748 | &nbsp;&nbsp;$0.50 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$445903 | &nbsp;&nbsp;$447272 | &nbsp;&nbsp;$5.63 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$3812858** | &nbsp;&nbsp;**1936672** | &nbsp;&nbsp;**$24.36** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;$47640 | &nbsp;&nbsp;- | &nbsp;&nbsp;$0.60 |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$1946900** | &nbsp;&nbsp;**$1984312** | &nbsp;&nbsp;**$24.96** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$387497 | &nbsp;&nbsp;$414055 | &nbsp;&nbsp;$5.21 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1559404** | &nbsp;&nbsp;**$1570257** | &nbsp;&nbsp;**$19.75** |

---

![](n3471fwplsimg_010.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **31** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (continued)**

**#5 - 77-123 Great Valley Parkway**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;77-123 Great Valley Parkway |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;77-123 Great Valley Parkway |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Malvern, PA |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1978 / 2021 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;103099 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;98.3% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;03/02/2027 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$17,400,678 (2.8%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;3.1% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross Rent** | &nbsp;&nbsp;**UW Gross Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;United Healthcare Services, Inc. | &nbsp;&nbsp;34348 | &nbsp;&nbsp;$669443 | &nbsp;&nbsp;$19.49 | &nbsp;&nbsp;03/31/2027 |
| &nbsp;&nbsp;- | &nbsp;&nbsp;13712 | &nbsp;&nbsp;$287266 | &nbsp;&nbsp;$20.95 | &nbsp;&nbsp;03/31/2028 |
| &nbsp;&nbsp;- | &nbsp;&nbsp;9530 | &nbsp;&nbsp;$208974 | &nbsp;&nbsp;$21.93 | &nbsp;&nbsp;08/31/2027 |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**43798** | &nbsp;&nbsp;**$815687** | &nbsp;&nbsp;**$18.62** | &nbsp;&nbsp;**08/06/2026** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**1711** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**103099** | &nbsp;&nbsp;**$1981370** | &nbsp;&nbsp;**$19.22** | &nbsp;&nbsp;**03/02/2027** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$1363078 | &nbsp;&nbsp;$1420749 | &nbsp;&nbsp;$13.78 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;$27128 | &nbsp;&nbsp;$0.26 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;$33365 | &nbsp;&nbsp;$0.32 |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$517971 | &nbsp;&nbsp;$533493 | &nbsp;&nbsp;$5.17 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$1881049** | &nbsp;&nbsp;**$2014734** | &nbsp;&nbsp;**$19.54** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;- | &nbsp;&nbsp;$6740 | &nbsp;&nbsp;$0.07 |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;($33365) | &nbsp;&nbsp;($0.32) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$1881049** | &nbsp;&nbsp;**$1988110** | &nbsp;&nbsp;**$19.28** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$442787 | &nbsp;&nbsp;$437488 | &nbsp;&nbsp;$4.24 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1438262** | &nbsp;&nbsp;**$1550622** | &nbsp;&nbsp;**$15.04** |

---

![](n3471fwplsimg_011.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **32** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (continued)**

**#6 - 4755 South 44th Place**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;4755 South 44th Place |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;4755 South 44th Place |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Phoenix, AZ |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2018 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;80000 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;01/31/2029 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$17,554,666 (2.8%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;2.8% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross Rent** | &nbsp;&nbsp;**UW Gross Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;Aetna Life Insurance Company | &nbsp;&nbsp;80000 | &nbsp;&nbsp;$1904000 | &nbsp;&nbsp;$23.80 | &nbsp;&nbsp;01/31/2029 |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**80000** | &nbsp;&nbsp;**$1904000** | &nbsp;&nbsp;**$23.80** | &nbsp;&nbsp;**01/31/2029** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$1502871 | &nbsp;&nbsp;$1420800 | &nbsp;&nbsp;$17.76 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;$42, 400 | &nbsp;&nbsp;$0.53 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$455125 | &nbsp;&nbsp;$440800 | &nbsp;&nbsp;$5.51 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$1957996** | &nbsp;&nbsp;**$1904000** | &nbsp;&nbsp;**$23.80** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$1957996** | &nbsp;&nbsp;**$1904000** | &nbsp;&nbsp;**$23.80** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$376806 | &nbsp;&nbsp;$399686 | &nbsp;&nbsp;$5.00 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1581191** | &nbsp;&nbsp;**$1504314** | &nbsp;&nbsp;**$18.80** |

---

![](n3471fwplsimg_012.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **33** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (continued)**

**#7 - 420-500 Lapp Road**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;420-500 Lapp Road |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;420-500 Lapp Road |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Malvern, PA |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1989 / 2016 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;91312 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;02/18/2026 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$16,399,754 (2.6%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;2.8% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross Rent** | &nbsp;&nbsp;**UW Gross Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;ifm Prover USA, Inc. | &nbsp;&nbsp;36837 | &nbsp;&nbsp;$725689 | &nbsp;&nbsp;$19.70 | &nbsp;&nbsp;03/31/2024 |
| &nbsp;&nbsp;Baudax Bio | &nbsp;&nbsp;17369 | &nbsp;&nbsp;$382118 | &nbsp;&nbsp;$22.00 | &nbsp;&nbsp;12/31/2027 |
| &nbsp;&nbsp;Akzo Nobel Coatings, Inc. | &nbsp;&nbsp;17295 | &nbsp;&nbsp;$334139 | &nbsp;&nbsp;$19.32 | &nbsp;&nbsp;08/31/2024 |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**19811** | &nbsp;&nbsp;**$433469** | &nbsp;&nbsp;**$21.88** | &nbsp;&nbsp;**10/12/2028** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**91312** | &nbsp;&nbsp;**$1875416** | &nbsp;&nbsp;**$20.54** | &nbsp;&nbsp;**02/18/2026** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$1025690 | &nbsp;&nbsp;$1324689 | &nbsp;&nbsp;$14.51 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;($819) | &nbsp;&nbsp; ($0.01) |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$496650 | &nbsp;&nbsp;$551545 | &nbsp;&nbsp;$6.04 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$1522340** | &nbsp;&nbsp;**$1875416** | &nbsp;&nbsp;**$20.54** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;- | &nbsp;&nbsp;$5264 | &nbsp;&nbsp;$0.06 |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$1522340** | &nbsp;&nbsp;**$1880679** | &nbsp;&nbsp;**$20.60** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$455730 | &nbsp;&nbsp;$456989 | &nbsp;&nbsp;$5.00 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1066610** | &nbsp;&nbsp;**$1423691** | &nbsp;&nbsp;**$15.59** |

---

![](n3471fwplsimg_013.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **34** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (continued)**

**#8 - 4610 South 44th Street**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;4610 South 44th Street |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;4610 South 44th Street |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Phoenix, AZ |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2007 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;66012 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;12/31/2030 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$14,089,929 (2.3%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;2.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross Rent** | &nbsp;&nbsp;**UW Gross Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;Caris MPI, Inc. | &nbsp;&nbsp;66012 | &nbsp;&nbsp;$1778363 | &nbsp;&nbsp;$26.94 | &nbsp;&nbsp;12/31/2030 |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**66012** | &nbsp;&nbsp;**$1778363** | &nbsp;&nbsp;**$26.94** | &nbsp;&nbsp;**12/31/2030** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$1309290 | &nbsp;&nbsp;$1307038 | &nbsp;&nbsp;$19.80 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;$33006 | &nbsp;&nbsp;$0.50 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$431826 | &nbsp;&nbsp;$438320 | &nbsp;&nbsp;$6.64 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$1741117** | &nbsp;&nbsp;**$1778363** | &nbsp;&nbsp;**$26.94** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$1741117** | &nbsp;&nbsp;**$1778363** | &nbsp;&nbsp;**$26.94** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$379593 | &nbsp;&nbsp;$415160 | &nbsp;&nbsp;$6.29 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1361524** | &nbsp;&nbsp;**$1363203** | &nbsp;&nbsp;**$20.65** |

---

![](n3471fwplsimg_014.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **35** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (continued)**

**#9 - 131 Kelsey Lane**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;131 Kelsey Lane |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;131 Kelsey Lane |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Tampa, FL |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1985 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;89290 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;09/30/2024 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$11,587,619 (1.9%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;2.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross Rent** | &nbsp;&nbsp;**UW Gross Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;United Healthcare Services, Inc. | &nbsp;&nbsp;89290 | &nbsp;&nbsp;$1735798 | &nbsp;&nbsp;$19.44 | &nbsp;&nbsp;09/30/2024 |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**89290** | &nbsp;&nbsp;**$1735798** | &nbsp;&nbsp;**$19.44** | &nbsp;&nbsp;**09/30/2024** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$1249179 | &nbsp;&nbsp;$1250022 | &nbsp;&nbsp;$14.00 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;$31289 | &nbsp;&nbsp;$0.35 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$473282 | &nbsp;&nbsp;$454486 | &nbsp;&nbsp;$5.09 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$1722462** | &nbsp;&nbsp;**$1735798** | &nbsp;&nbsp;**$19.44** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$1722462** | &nbsp;&nbsp;**$1735798** | &nbsp;&nbsp;**$19.44** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$404384 | &nbsp;&nbsp;$398919 | &nbsp;&nbsp;$4.47 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1318078** | &nbsp;&nbsp;**$1336878** | &nbsp;&nbsp;**$14.97** |

---

![](n3471fwplsimg_015.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **36** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Property Overview – Top 10 Properties (continued)**

**#10 - 4313 East Cotton Center Boulevard**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROPERTY OVERVIEW** | &nbsp;&nbsp;**PROPERTY OVERVIEW** |
| &nbsp;&nbsp;**Property Name:** | &nbsp;&nbsp;4313 East Cotton Center Boulevard |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;4313 East Cotton Center Boulevard |
| &nbsp;&nbsp;**City, State:** | &nbsp;&nbsp;Phoenix, AZ |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;Industrial-R&D/Flex |
| &nbsp;&nbsp;**Ownership Interest:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2002 / 2018 |
| &nbsp;&nbsp;**Clear Heights (Feet):** | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;**Dock Doors:** | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;**% Currently used as Office:** | &nbsp;&nbsp;28.0% |
| &nbsp;&nbsp;**NRA:** | &nbsp;&nbsp;108874 |
| &nbsp;&nbsp;**UW Leased %:** | &nbsp;&nbsp;72.0% |
| &nbsp;&nbsp;**Wtd. Average Lease Expiration:** | &nbsp;&nbsp;09/30/2028 |
| &nbsp;&nbsp;**Mortgage ALA ($ Amount / %):** | &nbsp;&nbsp;$15,629,812 (2.5%) |
| &nbsp;&nbsp;**% of Portfolio UW NOI:** | &nbsp;&nbsp;2.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** | &nbsp;&nbsp;**RENT ROLL** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**UW Gross Rent** | &nbsp;&nbsp;**UW Gross Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;GE Parallel Design, Inc. | &nbsp;&nbsp;78335 | &nbsp;&nbsp;$1753059 | &nbsp;&nbsp;$22.38 | &nbsp;&nbsp;09/30/2028 |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Other Tenants** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total Vacant** | &nbsp;&nbsp;**30539** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Total / Wtd. Average** | &nbsp;&nbsp;**108874** | &nbsp;&nbsp;**$1753059** | &nbsp;&nbsp;**$16.10** | &nbsp;&nbsp;**09/30/2028** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** | &nbsp;&nbsp;**UNDERWRITING** |
|  | &nbsp;&nbsp;**Budget 2023** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$1590721 | &nbsp;&nbsp;$1344543 | &nbsp;&nbsp;$12.35 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;$40342 | &nbsp;&nbsp;$0.37 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;$687128 | &nbsp;&nbsp;$6.31 |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;SL Rent | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;$467072 | &nbsp;&nbsp;$368175 | &nbsp;&nbsp;$3.38 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$2057794** | &nbsp;&nbsp;**$2440186** | &nbsp;&nbsp;**$22.41** |
| &nbsp;&nbsp;Total Other Income | &nbsp;&nbsp;- | &nbsp;&nbsp;$1023 | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Total Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;($687128) | &nbsp;&nbsp;($6.31) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$2057794** | &nbsp;&nbsp;**$1754082** | &nbsp;&nbsp;**$16.11** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$403444 | &nbsp;&nbsp;$419774 | &nbsp;&nbsp;$3.86 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1654349** | &nbsp;&nbsp;**$1334308** | &nbsp;&nbsp;**$12.26** |

---

![](n3471fwplsimg_016.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **37** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Select Top Tenant Overview**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Name** |  | &nbsp;&nbsp;**Portfolio Presence** | &nbsp;&nbsp;**Credit Rating**<br> **(Moody's / S&P / Fitch)<sup>(1)</sup>** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;**Aetna Life Insurance Company** | ![](n3471fwplsimg_017.jpg) | &nbsp;&nbsp;**3 Properties**<br> **288,497 SF**<br> **9.5% of Portfolio** <br> **UW Gross Rent** | &nbsp;&nbsp;**BBB / Baa2 / NR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • Aetna Life Insurance Company (Aetna Inc) is a US-managed health care company that sells traditional and consumer directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans. Aetna Life Insurance was founded in 1853.<br> • Since 2018, Aetna has been a subsidiary of CVS Health (NYSE: CVS). CVS Health Corporation is a publicly traded US healthcare company that also owns CVS Pharmacy, a retail pharmacy chain. CVS Health is a component of both the S&P 500 and S&P 100. The company has a market capitalization of $115 billion.<br>|
| &nbsp;&nbsp;**United Healthcare Services, Inc** |  | &nbsp;&nbsp;**2 Properties**<br> **254,290 SF**<br> **7.8% of Portfolio** <br> **UW Gross Rent** | &nbsp;&nbsp;**A+ / A3 / AA-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • UnitedHealth Group (NYSE: UNH) operates as a diversified health care company in the US and is the nation's largest health insurer by revenue. The health care and insurance firm employs more than 125,000 people and partners with 1.3 million physicians and health care professionals, as well as 6,500 hospitals nationwide.<br> • For the year ended December 2022, United Healthcare had revenue in excess of $322 million. The company has a market capitalization of $461 billion and is one of the largest components of the 30 companies that make up the Dow Jones Industrial Index.<br>|
| &nbsp;&nbsp;**Caris MPI, Inc** |  | &nbsp;&nbsp;**3 Properties**<br> **111,877 SF** <br> **4.0% of Portfolio** <br> **UW Gross Rent** | &nbsp;&nbsp;**NR / NR / NR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • Caris Life Sciences is a leading molecular science and technology company actively developing and delivering solutions to revolutionize cancer treatment. Caris' suite of molecular profiling offerings assesses DNA, RNA and proteins to reveal a molecular blueprint that helps physicians and researchers better detect, diagnose and treat patients<br> • The privately held company is headquartered in Irving, TX and has lab and R&D space in Phoenix, AZ. Caris has raised approximately $1.7 billion in capital since 2018, including a senior secured term loan providing up to $400 million in capital which closed in January 2023.<br>|
| &nbsp;&nbsp;**Cruise, LLC** |  | &nbsp;&nbsp;**1 Property**<br> **101,269 SF**<br> **2.5% of Portfolio** <br> **UW Gross Rent** | &nbsp;&nbsp;**BBB / Baa3 / BBB-** | &nbsp;&nbsp; <br> • Cruise LLC is a self-driving car company headquartered in San Francisco, California. Founded in 2013, Cruise tests and develops autonomous car technology. The company is a largely autonomous subsidiary of General Motors.<br> • In addition to the GM funding, Cruise has received billions of investment dollars from Honda, Microsoft, T. Rowe Price, and Walmart, increasing its valuation to over $30 billion as of 2021.<br> • As of September 2022, Cruise operated 100 robotaxis in San Francisco, and announced intentions to increase to 5,000 and expand to Phoenix and Austin.<br>|
| &nbsp;&nbsp;**Janssen Biotech** |  | &nbsp;&nbsp;**3 Properties**<br> **117,603 SF** <br> **2.5% of Portfolio** <br> **UW Gross Rent** | &nbsp;&nbsp;**AAA / Aaa / NR** | &nbsp;&nbsp; <br> • Janssen Pharmaceuticals is a pharmaceutical company headquartered in Beerse, Belgium. The Company conducts research and development activities related to a wide range of human medical disorders, including mental illness, neurological disorders, anesthesia and analgesia, gastrointestinal disorders, fungal infection, HIV/AIDS, allergies and cancer.<br> • In 1961, Janssen Pharmaceuticals was purchased by New Jersey-based US corporation Johnson & Johnson (NYSE:J&J), and became part of Johnson & Johnson Pharmaceutical Research and Development. J&J, with a market capitalization of $424 billion, is a component of the Dow Jones and S&P 100 & 500.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Ratings are those of the parent company
 whether or not the parent company guarantees the lease.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **38** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Market Overview**

&nbsp;&nbsp;&nbsp;&nbsp;· The Portfolio is diversified across five markets and eight submarkets, with
the largest market concentration, Phoenix, accounting for 29.8% of UW NOI. The following chart outlines the markets in the Portfolio by
UW NOI.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Stratification by Market** | &nbsp;&nbsp;**Stratification by Market** | &nbsp;&nbsp;**Stratification by Market** | &nbsp;&nbsp;**Stratification by Market** | &nbsp;&nbsp;**Stratification by Market** | &nbsp;&nbsp;**Stratification by Market** | &nbsp;&nbsp;**Stratification by Market** | &nbsp;&nbsp;**Stratification by Market** | &nbsp;&nbsp;**Stratification by Market** | | | |
| &nbsp;&nbsp;&nbsp;**State** | &nbsp;&nbsp;**State** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Wtd. Avg. Year Built<sup>(1)</sup>** | &nbsp;&nbsp;**Remaining WALT<sup>(2)</sup>** | &nbsp;&nbsp;**Total SF** | &nbsp;&nbsp;**% of NRA** | &nbsp;&nbsp;**In-Place Occupancy<sup>(3)</sup>** | &nbsp;&nbsp;**UW Gross Rent<sup>(2)</sup>** | <br>&nbsp;&nbsp;**UW Gross Rent PSF<sup>(3)(4)</sup>** | <br>&nbsp;&nbsp;**UW NOI** | <br>&nbsp;&nbsp;**% of UW NOI** |
| &nbsp;&nbsp;&nbsp;Phoenix | &nbsp;&nbsp;AZ | &nbsp;&nbsp;15 | &nbsp;&nbsp;2006 | &nbsp;&nbsp;3.6 years | &nbsp;&nbsp;1158652 | &nbsp;&nbsp;27.4% | &nbsp;&nbsp;79.6% | &nbsp;&nbsp;$20028136 | &nbsp;&nbsp;$21.72 | &nbsp;&nbsp;$14887581 | &nbsp;&nbsp;29.8% |
| &nbsp;&nbsp;&nbsp;Tampa | &nbsp;&nbsp;FL | &nbsp;&nbsp;20 | &nbsp;&nbsp;1996 | &nbsp;&nbsp;2.8 years | &nbsp;&nbsp;1115205 | &nbsp;&nbsp;26.4% | &nbsp;&nbsp;84.7% | &nbsp;&nbsp;$16886715 | &nbsp;&nbsp;$17.89 | &nbsp;&nbsp;$11954644 | &nbsp;&nbsp;23.9% |
| &nbsp;&nbsp;&nbsp;Malvern | &nbsp;&nbsp;PA | &nbsp;&nbsp;15 | &nbsp;&nbsp;1982 | &nbsp;&nbsp;4.1 years | &nbsp;&nbsp;844921 | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;99.8% | &nbsp;&nbsp;$14064132 | &nbsp;&nbsp;$16.68 | &nbsp;&nbsp;$10908937 | &nbsp;&nbsp;21.8% |
| &nbsp;&nbsp;&nbsp;Horsham | &nbsp;&nbsp;PA | &nbsp;&nbsp;11 | &nbsp;&nbsp;1978 | &nbsp;&nbsp;3.3 years | &nbsp;&nbsp;536994 | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;94.9% | &nbsp;&nbsp;$9839537 | &nbsp;&nbsp;$19.30 | &nbsp;&nbsp;$6816427 | &nbsp;&nbsp;13.6% |
| &nbsp;&nbsp;&nbsp;Minneapolis | &nbsp;&nbsp;MN | &nbsp;&nbsp;8 | &nbsp;&nbsp;2001 | &nbsp;&nbsp;3.7 years | &nbsp;&nbsp;567628 | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;85.5% | &nbsp;&nbsp;$8822292 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$5443856 | &nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;&nbsp;**Total / Wtd. Avg.** |  | &nbsp;&nbsp;**69** | &nbsp;&nbsp;**1994** | &nbsp;&nbsp;**3.5 years** | &nbsp;&nbsp;**4223400** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**87.7%** | &nbsp;&nbsp;**$69640813** | &nbsp;&nbsp;**$18.80** | &nbsp;&nbsp;**$50011445** | &nbsp;&nbsp;**100.0%** |

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(1) Weighted by SF.

(2) Weighted by UW Gross Rent.

(3) Based on occupied SF as of underwritten rent roll dated January 31, 2023.

(4) Based on the underwritten rent roll dated January 31, 2023.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **39** |

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---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Market Overview – Top Five Markets**

**Phoenix Market**

· Phoenix is the state capital and most populous city in Arizona. Located
in south-central Arizona, Phoenix is served by Interstate 10, which extends from Los Angeles, CA to Jacksonville, FL through (downtown)
Phoenix, Tucson, El Paso, San Antonio and Houston. The region benefits from proximity to Phoenix Sky Harbor International Airport, which
is currently ranked as the 13<sup>th</sup> busiest airport in the nation and the 43<sup>rd</sup> busiest in the world and is served by
20 major and regional commuter airlines.

· The Portfolio has a total of 15 Phoenix Properties, located within the Workspace
Cotton Center Business Park. The Phoenix Properties comprise 1,158,652 SF of NRA (27.4% of the Portfolio) and account for approximately
$14.9 million of UW NOI (29.8% of Portfolio).

· Within a 5-mile radius of the Workspace Cotton Center Business Park, the
2022 population was 253,177. Population growth from 2022 to 2027 is forecast to be 2.5% annually. The median household income for the
5-mile radius is $71,095.

· The Phoenix Properties are part of the Phoenix, AZ Industrial market. The
market consists of approximately 419 million SF of inventory. As of the fourth quarter of 2022, the market had a vacancy rate of 4.3%
with 12-month net absorption of 26.1 million SF. The market reflects an indicated average flex market rent of $16.84 PSF.

· The Phoenix Properties are part of the S Airport N of Roeser industrial
submarket. The submarket consists approximately 16.1 million SF of inventory. As of the fourth quarter of 2022, the submarket had a vacancy
rate of 5.5% with 12-month net absorption of 389,000 SF. The market reflects an indicated average flex market rent of $16.46 PSF.

**Tampa Market**

· Tampa, the third largest city in Florida, is located along the Gulf Coast.
It is situated on the northern shore of Tampa Bay at the mouth of the Hillsborough River and is connected to St. Petersburg and Clearwater
(southwest and west) across the bay's western arm by the Gandy and Howard Frankland bridges and the Courtney Campbell Causeway.
Primary access is provided by Interstate 275, which is a 60-mile-long auxiliary Interstate Highway.

· The Portfolio has a total of 20 Tampa Properties, located within two business
parks (Silo Bend Industrial Park & Woodland Corporate Center). The Tampa Properties comprise 1,115,205 SF of NRA (26.4% of the Portfolio)
and account for approximately $12.0 million of UW NOI (23.9% of Portfolio).

· Within a 5-mile radius of the Silo Bend Industrial Park, the 2022 population
was 191,630. Population growth from 2022 to 2027 is forecast to be 2.1% annually. The median household income for the 5-mile radius is
$53,659.

· Within a 5-mile radius of the Woodland Corporate Center, the 2022 population
was 307,205. Population growth from 2022 to 2027 is forecast to be 1.9% annually. The median household income for the 5-mile radius is
$54,916.

· The Tampa Properties are part of the Tampa, FL Industrial market. The market
consists of approximately 210 million SF of inventory. As of the fourth quarter of 2022, the market had a vacancy rate of 3.9% with 12-month
net absorption of 4.6 million SF. The market reflects an indicated average flex market rent of $13.95 PSF.

· The Silo Bend Industrial Park Properties are located in the East Side industrial
submarket. The submarket consists of approximately 56.6 million SF of inventory. As of the fourth quarter of 2022, the submarket had a
vacancy rate of 3.3% with 12-month net absorption of 1.2 million SF. The average flex market rent was $14.50 PSF.

· The Woodland Corporate Center Properties are located in the Westshore/Airport
industrial submarket. The submarket consists of approximately 19.4 million SF of inventory. As of Q4 2022, the submarket had a vacancy
rate of 1.5% with 12-month net absorption of 425,000 SF. The average flex market rent was $13.57 PSF.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **40** |

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---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Market Overview – Top Five Markets (continued)**

**Malvern Market**

· Malvern is a borough in Chester County, approximately 25 miles west of Philadelphia,
PA. Primary access to Malvern is provided by US Highway 202 (east-west) and Route 29 (north-south). Route 29 links the market to Interstate
76 to the northeast. Several notable companies are based in Malvern including, Siemens Healthcare, Rich Americas Corporation (formerly
IKON Office Solutions) and The Vanguard Group.

· The Portfolio has a total of 15 Malvern Properties, located within the Great
Valley Corporate Center. The Malvern Properties comprise 844,921 SF of net rentable area (20.0% of the Portfolio) and accounts for approximately
$10.9 million of UW NOI (21.8% of Portfolio).

· Within a 5-mile radius of the Great Valley Corporate Center, the 2022 population
was 89,882. Population growth from 2022 to 2027 is forecast to be 0.7% annually. The median household income for the 5-mile radius is
$114,688.

· The Malvern Properties are part of the Philadelphia, PA Industrial market.
The market consists of approximately 595 million SF of inventory. As of the fourth quarter of 2022, the market had a vacancy rate of 4.5%
with 12-month net absorption of 11.0 million SF. The market reflects an indicated average flex market rent of $14.66 PSF.

· The Great Valley Corporate Center Properties are located in the Chester
County industrial submarket. The submarket consists of approximately 40.4 million SF of inventory. As of the fourth quarter of 2022, the
submarket had a vacancy rate of 4.1% with 12-month net absorption of 71,900 SF. The average flex market rent was $16.11 PSF.

**Minneapolis Market**

· Minneapolis is the largest city in Minnesota and the county seat of Hennepin
County. US Highway 169 is the primary access to the southwest Minneapolis market area. It is a major north-south highway in Minnesota,
connecting the Minnesota River valley with the Twin Cities and the Iron Range. Interstate 494, a secondary access to the area, is a bypass
route making up part of a beltway of Interstate 94, circling through the southern and western portions of the Minneapolis – St.
Paul metropolitan area in Minnesota and providing direct access to Minneapolis-St. Paul International Airport. The 43-mile road is coupled
with Interstate 694 (which circles the northern edge of the Twin Cities metro area) at each end and composes more than half of the major
beltway of the region.

· The Portfolio has a total of eight (8) Minneapolis Properties, located within
two business parks/areas (West Bloomington Technology Park and Eden Prairie). The Minneapolis Properties comprise 567,628 SF of net rentable
area (13.4% of the Portfolio) and accounts for approximately $5.4 million of UW NOI (10.9% of Portfolio).

· Within a 5-mile radius of the West Bloomington Technology Park, the 2022
population was 164,069. Population growth from 2022 to 2027 is forecast to be 0.7% annually. The median household income for the 5-mile
radius is $89,861.

· Within a 5-mile radius of Eden Prairie, the 2022 population was 148,264.
Population growth from 2022 to 2027 is forecast to be 0.7% annually. The median household income for the 5-mile radius is $106,357.

· The Minneapolis Properties are part of the Minneapolis, MN Industrial market.
The market consists of approximately 412 million SF of inventory. As of the fourth quarter of 2022, the market had a vacancy rate of 3.0%
with 12-month net absorption of 7.7 million SF. The market reflects an indicated average flex market rent of $9.97 PSF.

· All of the Minneapolis Properties are located in the Southwest industrial
submarket. The submarket consists of approximately 80.4 million SF of inventory. As of the fourth quarter of 2022, the submarket had a
vacancy rate of 3.6% with 12-month net absorption of 925,000 SF. The average flex market rent was $9.66 PSF.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **41** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Market Overview – Top Five Markets (continued)**

**Horsham Market**

· Horsham is located 34 miles southeast of Allentown and 16 miles north of
Philadelphia. Convenient access to Horsham is provided by State Road 611 and Interstate 276 (PA Turnpike). Interstate 276 links Fort Washington,
Valley Forge and King of Prussia to the west with Interstate 95 and New Jersey to the east. The commute to the Philadelphia Central Business
District is approximately 45 minutes and the drive to Philadelphia International Airport is about 40 minutes.

· The Portfolio has a total of 11 Horsham Properties, located within the Pennsylvania
Business Campus. The Properties comprise 536,994 SF of net rentable area (12.7% of the Portfolio) and accounts for approximately $6.8
million of UW NOI (13.6% of Portfolio).

· Within a 5-mile radius of Pennsylvania Business Campus, the 2022 population
was 208,308. Population growth from 2022 to 2027 is forecast to be 0.5% annually. The median household income for the 5-mile radius is
$90,968.

· The Horsham Properties are part of the Philadelphia, PA Industrial market.
The market consists of approximately 595 million SF of inventory. As of the fourth quarter of 2022, the market had a vacancy rate of 4.5%
with 12-month net absorption of 11.0 million SF. The market reflects an indicated average flex market rent of $14.66 PSF.

· The Horsham Properties are located in the East Montgomery County industrial
submarket. The submarket consists of approximately 62.7 million SF of inventory. As of the fourth quarter of 2022, the submarket had a
vacancy rate of 5.5% with 12-month net absorption of 848,000 SF. The average flex market rent was $17.92 PSF.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **42** |

---

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| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Historical and Underwritten Net Cash Flow** 

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **43** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Financial Analysis**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Cash Flow** | &nbsp;&nbsp;&nbsp;**2018** | &nbsp;&nbsp;&nbsp;**2018** | &nbsp;&nbsp;&nbsp;**2018** | &nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2020** |
|  | &nbsp;&nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;&nbsp;**<u>% GPR</u>** | &nbsp;&nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;&nbsp;**<u>% GPR</u>** | &nbsp;&nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;&nbsp;**<u>% GPR</u>** | &nbsp;&nbsp;&nbsp;**<u>PSF</u>** |
| &nbsp;&nbsp;&nbsp;Base Rents | &nbsp;&nbsp;&nbsp;$45604340 | &nbsp;&nbsp;&nbsp;73.1% | &nbsp;&nbsp;&nbsp;$10.80 | &nbsp;&nbsp;&nbsp;$46851876 | &nbsp;&nbsp;&nbsp;73.9% | &nbsp;&nbsp;&nbsp;$11.09 | &nbsp;&nbsp;&nbsp;$47124148 | &nbsp;&nbsp;&nbsp;73.7% | &nbsp;&nbsp;&nbsp;$11.16 |
| &nbsp;&nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Free Rent | &nbsp;&nbsp;&nbsp;($1033967) | &nbsp;&nbsp;&nbsp;(1.7%) | &nbsp;&nbsp;&nbsp;($0.24) | &nbsp;&nbsp;&nbsp;($1932307) | &nbsp;&nbsp;&nbsp;(3.0%) | &nbsp;&nbsp;&nbsp;($0.46) | &nbsp;&nbsp;&nbsp;($1408022) | &nbsp;&nbsp;&nbsp;(2.2%) | &nbsp;&nbsp;&nbsp;($0.33) |
| &nbsp;&nbsp;&nbsp;**Total Base Rent** | &nbsp;&nbsp;&nbsp;**$44570373** | &nbsp;&nbsp;&nbsp;**71.5%** | &nbsp;&nbsp;&nbsp;**$10.55** | &nbsp;&nbsp;&nbsp;**$44919569** | &nbsp;&nbsp;&nbsp;**70.9%** | &nbsp;&nbsp;&nbsp;**$10.64** | &nbsp;&nbsp;&nbsp;**$45716126** | &nbsp;&nbsp;&nbsp;**71.5%** | &nbsp;&nbsp;&nbsp;**$10.82** |
| &nbsp;&nbsp;&nbsp;Tenant Reimbursements | &nbsp;&nbsp;&nbsp;$17776174 | &nbsp;&nbsp;&nbsp;28.5% | &nbsp;&nbsp;&nbsp;$4.21 | &nbsp;&nbsp;&nbsp;$18445095 | &nbsp;&nbsp;&nbsp;29.1% | &nbsp;&nbsp;&nbsp;$4.37 | &nbsp;&nbsp;&nbsp;$18189182 | &nbsp;&nbsp;&nbsp;28.5% | &nbsp;&nbsp;&nbsp;$4.31 |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements** | &nbsp;&nbsp;&nbsp;**$17776174** | &nbsp;&nbsp;&nbsp;**28.5%** | &nbsp;&nbsp;&nbsp;**$4.21** | &nbsp;&nbsp;&nbsp;**$18445095** | &nbsp;&nbsp;&nbsp;**29.1%** | &nbsp;&nbsp;&nbsp;**$4.37** | &nbsp;&nbsp;&nbsp;**$18189182** | &nbsp;&nbsp;&nbsp;**28.5%** | &nbsp;&nbsp;&nbsp;**$4.31** |
| &nbsp;&nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;&nbsp;**$62346547** | &nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;**$14.76** | &nbsp;&nbsp;&nbsp;**$63364664** | &nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;**$15.00** | &nbsp;&nbsp;&nbsp;**$63905308** | &nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;**$15.13** |
| &nbsp;&nbsp;&nbsp;Parking Income | &nbsp;&nbsp;&nbsp;$281100 | &nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;$367255 | &nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;$361050 | &nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;$0.09 |
| &nbsp;&nbsp;&nbsp;Direct Billing | &nbsp;&nbsp;&nbsp;$365510 | &nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;$420447 | &nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;$423388 | &nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;Other Income | &nbsp;&nbsp;&nbsp;$139989 | &nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;$199451 | &nbsp;&nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;$144678 | &nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;$0.03 |
| &nbsp;&nbsp;&nbsp;Termination Fees | &nbsp;&nbsp;&nbsp;$44000 | &nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;$342573 | &nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;$540469 | &nbsp;&nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;$0.13 |
| &nbsp;&nbsp;&nbsp;**Total Other Income** | &nbsp;&nbsp;&nbsp;**$830598** | &nbsp;&nbsp;&nbsp;**1.3%** | &nbsp;&nbsp;&nbsp;**$0.20** | &nbsp;&nbsp;&nbsp;**$1329726** | &nbsp;&nbsp;&nbsp;**2.1%** | &nbsp;&nbsp;&nbsp;**$0.31** | &nbsp;&nbsp;&nbsp;**$1469585** | &nbsp;&nbsp;&nbsp;**2.3%** | &nbsp;&nbsp;&nbsp;**$0.35** |
| &nbsp;&nbsp;&nbsp;In-Place Vacancy | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;**Total Vacancy** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** |
| &nbsp;&nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;&nbsp;**$63177145** | &nbsp;&nbsp;&nbsp;**101.3%** | &nbsp;&nbsp;&nbsp;**$14.96** | &nbsp;&nbsp;&nbsp;**$64694390** | &nbsp;&nbsp;&nbsp;**102.1%** | &nbsp;&nbsp;&nbsp;**$15.32** | &nbsp;&nbsp;&nbsp;**$65374893** | &nbsp;&nbsp;&nbsp;**102.3%** | &nbsp;&nbsp;&nbsp;**$15.48** |
|  | &nbsp;&nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;&nbsp;**<u>% EGI</u>** | &nbsp;&nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;&nbsp;**<u>% EGI</u>** | &nbsp;&nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;&nbsp;**<u>% EGI</u>** | &nbsp;&nbsp;&nbsp;**<u>PSF</u>** |
| &nbsp;&nbsp;&nbsp;Management Fees | &nbsp;&nbsp;&nbsp;$1208057 | &nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;$1257433 | &nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;$1248167 | &nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;$0.30 |
| &nbsp;&nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;&nbsp;$7012814 | &nbsp;&nbsp;&nbsp;11.1% | &nbsp;&nbsp;&nbsp;$1.66 | &nbsp;&nbsp;&nbsp;$7504405 | &nbsp;&nbsp;&nbsp;11.6% | &nbsp;&nbsp;&nbsp;$1.78 | &nbsp;&nbsp;&nbsp;$7809953 | &nbsp;&nbsp;&nbsp;11.9% | &nbsp;&nbsp;&nbsp;$1.85 |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;$1073363 | &nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;$1115270 | &nbsp;&nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;$1239155 | &nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;$0.29 |
| &nbsp;&nbsp;&nbsp;Common Area Maintenance | &nbsp;&nbsp;&nbsp;$2065741 | &nbsp;&nbsp;&nbsp;3.3% | &nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;$2090198 | &nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;$1805282 | &nbsp;&nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;$0.43 |
| &nbsp;&nbsp;&nbsp;Repairs & Maintenance | &nbsp;&nbsp;&nbsp;$3727454 | &nbsp;&nbsp;&nbsp;5.9% | &nbsp;&nbsp;&nbsp;$0.88 | &nbsp;&nbsp;&nbsp;$3726386 | &nbsp;&nbsp;&nbsp;5.8% | &nbsp;&nbsp;&nbsp;$0.88 | &nbsp;&nbsp;&nbsp;$3774034 | &nbsp;&nbsp;&nbsp;5.8% | &nbsp;&nbsp;&nbsp;$0.89 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;$1379901 | &nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;$1440459 | &nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;$1355766 | &nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;$0.32 |
| &nbsp;&nbsp;&nbsp;Direct Billable Expenses | &nbsp;&nbsp;&nbsp;$365510 | &nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;$420447 | &nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;$423388 | &nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;Non-Recoverable | &nbsp;&nbsp;&nbsp;$976503 | &nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;$374841 | &nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;$344553 | &nbsp;&nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;$0.08 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;&nbsp;**$17809344** | &nbsp;&nbsp;&nbsp;**28.2%** | &nbsp;&nbsp;&nbsp;**$4.22** | &nbsp;&nbsp;&nbsp;**$17929439** | &nbsp;&nbsp;&nbsp;**27.7%** | &nbsp;&nbsp;&nbsp;**$4.25** | &nbsp;&nbsp;&nbsp;**$18000297** | &nbsp;&nbsp;&nbsp;**27.5%** | &nbsp;&nbsp;&nbsp;**$4.26** |
| &nbsp;&nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;&nbsp;**$45367801** | &nbsp;&nbsp;&nbsp;**71.8%** | &nbsp;&nbsp;&nbsp;**$10.74** | &nbsp;&nbsp;&nbsp;**$46764951** | &nbsp;&nbsp;&nbsp;**72.3%** | &nbsp;&nbsp;&nbsp;**$11.07** | &nbsp;&nbsp;&nbsp;**$47374596** | &nbsp;&nbsp;&nbsp;**72.5%** | &nbsp;&nbsp;&nbsp;**$11.22** |
|  | &nbsp;&nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;&nbsp;**<u> </u>** |
| &nbsp;&nbsp;&nbsp;Tenant Improvements | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Leasing Commissions | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;**Total Capital Items** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;**-** |
| &nbsp;&nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;&nbsp;**$45367801** | &nbsp;&nbsp;&nbsp;**71.8%** | &nbsp;&nbsp;&nbsp;**$10.74** | &nbsp;&nbsp;&nbsp;**$46764951** | &nbsp;&nbsp;&nbsp;**72.3%** | &nbsp;&nbsp;&nbsp;**$11.07** | &nbsp;&nbsp;&nbsp;**$47374596** | &nbsp;&nbsp;&nbsp;**72.5%** | &nbsp;&nbsp;&nbsp;**$11.22** |

---

---

| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **44** |

---

---

| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

---

**Financial Analysis**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**TTM Sep 2022** | &nbsp;&nbsp;**TTM Sep 2022** | &nbsp;&nbsp;**TTM Sep 2022** | &nbsp;&nbsp;**Borrowers' Budget 2023** | &nbsp;&nbsp;**Borrowers' Budget 2023** | &nbsp;&nbsp;**Borrowers' Budget 2023** | &nbsp;&nbsp;**Lender UW** | &nbsp;&nbsp;**Lender UW** | &nbsp;&nbsp;**Lender UW** |
|  | &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>% GPR</u>** | &nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>% GPR</u>** | &nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>% GPR</u>** | &nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>% GPR</u>** | &nbsp;&nbsp;**<u>PSF</u>** |
| &nbsp;&nbsp;Base Rents | &nbsp;&nbsp;$47901080 | &nbsp;&nbsp;71.7% | &nbsp;&nbsp;$11.34 | &nbsp;&nbsp;$49090224 | &nbsp;&nbsp;72.5% | &nbsp;&nbsp;$11.62 | &nbsp;&nbsp;$49574454 | &nbsp;&nbsp;70.5% | &nbsp;&nbsp;$11.74 | &nbsp;&nbsp;$48587946 | &nbsp;&nbsp;61.4% | &nbsp;&nbsp;$11.50 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$1432861 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$0.34 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$9488497 | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;$2.25 |
| &nbsp;&nbsp;Free Rent | &nbsp;&nbsp;($775455) | &nbsp;&nbsp;(1.2%) | &nbsp;&nbsp;($0.18) | &nbsp;&nbsp;($1371046) | &nbsp;&nbsp;(2.0%) | &nbsp;&nbsp;($0.32) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Base Rent** | &nbsp;&nbsp;**$47125625** | &nbsp;&nbsp;**70.6%** | &nbsp;&nbsp;**$11.16** | &nbsp;&nbsp;**$47719178** | &nbsp;&nbsp;**70.5%** | &nbsp;&nbsp;**$11.30** | &nbsp;&nbsp;**$49574454** | &nbsp;&nbsp;**70.5%** | &nbsp;&nbsp;**$11.74** | &nbsp;&nbsp;**$59509303** | &nbsp;&nbsp;**75.2%** | &nbsp;&nbsp;**$14.09** |
| &nbsp;&nbsp;Tenant Reimbursements | &nbsp;&nbsp;$19667722 | &nbsp;&nbsp;29.4% | &nbsp;&nbsp;$4.66 | &nbsp;&nbsp;$19972934 | &nbsp;&nbsp;29.5% | &nbsp;&nbsp;$4.73 | &nbsp;&nbsp;$20783850 | &nbsp;&nbsp;29.5% | &nbsp;&nbsp;$4.92 | &nbsp;&nbsp;$19620007 | &nbsp;&nbsp;24.8% | &nbsp;&nbsp;$4.65 |
| &nbsp;&nbsp;**Total Reimbursements** | &nbsp;&nbsp;**$19667722** | &nbsp;&nbsp;**29.4%** | &nbsp;&nbsp;**$4.66** | &nbsp;&nbsp;**$19972934** | &nbsp;&nbsp;**29.5%** | &nbsp;&nbsp;**$4.73** | &nbsp;&nbsp;**$20783850** | &nbsp;&nbsp;**29.5%** | &nbsp;&nbsp;**$4.92** | &nbsp;&nbsp;**$19620007** | &nbsp;&nbsp;**24.8%** | &nbsp;&nbsp;**$4.65** |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$66793347** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$15.82** | &nbsp;&nbsp;**$67692112** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$16.03** | &nbsp;&nbsp;**$70358304** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$16.66** | &nbsp;&nbsp;**$79129309** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$18.74** |
| &nbsp;&nbsp;Parking Income | &nbsp;&nbsp;$333750 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$333750 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$107580 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$107580 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;$0.03 |
| &nbsp;&nbsp;Direct Billing | &nbsp;&nbsp;$470909 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$591723 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$286931 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$286931 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;$0.07 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$111187 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$130910 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$130910 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;$0.03 |
| &nbsp;&nbsp;Termination Fees | &nbsp;&nbsp;$189013 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$221546 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Other Income** | &nbsp;&nbsp;**$1104858** | &nbsp;&nbsp;**1.7%** | &nbsp;&nbsp;**$0.26** | &nbsp;&nbsp;**$1277929** | &nbsp;&nbsp;**1.9%** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$394511** | &nbsp;&nbsp;**0.6%** | &nbsp;&nbsp;**$0.09** | &nbsp;&nbsp;**$525422** | &nbsp;&nbsp;**0.7%** | &nbsp;&nbsp;**$0.12** |
| &nbsp;&nbsp;In-Place Vacancy | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;($9488497) | &nbsp;&nbsp;(12.0%) | &nbsp;&nbsp;($2.25) |
| &nbsp;&nbsp;**Total Vacancy** | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;($9488497) | &nbsp;&nbsp;(12.0%) | &nbsp;&nbsp;($2.25) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$67898206** | &nbsp;&nbsp;**101.7%** | &nbsp;&nbsp;**$16.08** | &nbsp;&nbsp;**$68970041** | &nbsp;&nbsp;**101.9%** | &nbsp;&nbsp;**$16.33** | &nbsp;&nbsp;**$70752815** | &nbsp;&nbsp;**100.6%** | &nbsp;&nbsp;**$16.75** | &nbsp;&nbsp;**$70166235** | &nbsp;&nbsp;**88.7%** | &nbsp;&nbsp;**$16.61** |
|  | &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>% EGI</u>** | &nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>% EGI</u>** | &nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>% EGI</u>** | &nbsp;&nbsp;**<u>PSF</u>** | &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>% EGI</u>** | &nbsp;&nbsp;**<u>PSF</u>** |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$1289605 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$1403325 | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;$0.33 |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$8146790 | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;$1.93 | &nbsp;&nbsp;$8221089 | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;$1.95 | &nbsp;&nbsp;$8877461 | &nbsp;&nbsp;12.5% | &nbsp;&nbsp;$2.10 | &nbsp;&nbsp;$8877461 | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;$2.10 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$1411631 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$1456673 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$171454 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;$0.41 | &nbsp;&nbsp;$1714654 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;$0.41 |
| &nbsp;&nbsp;Common Area Maintenance | &nbsp;&nbsp;$2383664 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$2272418 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$2057708 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$0.49 | &nbsp;&nbsp;$2057708 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$0.49 |
| &nbsp;&nbsp;Repairs & Maintenance | &nbsp;&nbsp;$4139634 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;$0.98 | &nbsp;&nbsp;$4190304 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;$0.99 | &nbsp;&nbsp;$4413358 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;$1.04 | &nbsp;&nbsp;$4413358 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;$1.04 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;$1331565 | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$1426302 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$1390326 | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$1390326 | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;$0.33 |
| &nbsp;&nbsp;Direct Billable Expenses | &nbsp;&nbsp;$1509127 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$1660876 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;$0.39 | &nbsp;&nbsp;$286931 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$286931 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;$0.07 |
| &nbsp;&nbsp;Non-Recoverable | &nbsp;&nbsp;$480010 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$449393 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$11027 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$11027 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$19402419** | &nbsp;&nbsp;**28.6%** | &nbsp;&nbsp;**$4.59** | &nbsp;&nbsp;**$19677054** | &nbsp;&nbsp;**28.5%** | &nbsp;&nbsp;**$4.66** | &nbsp;&nbsp;**$20041070** | &nbsp;&nbsp;**28.3%** | &nbsp;&nbsp;**$4.75** | &nbsp;&nbsp;**$20154790** | &nbsp;&nbsp;**28.7%** | &nbsp;&nbsp;**$4.77** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$48495786** | &nbsp;&nbsp;**71.4%** | &nbsp;&nbsp;**$11.48** | &nbsp;&nbsp;**$49292987** | &nbsp;&nbsp;**71.5%** | &nbsp;&nbsp;**$11.67** | &nbsp;&nbsp;**$50711745** | &nbsp;&nbsp;**71.7%** | &nbsp;&nbsp;**$12.01** | &nbsp;&nbsp;**$50011445** | &nbsp;&nbsp;**71.3%** | &nbsp;&nbsp;**$11.84** |
|  | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** | &nbsp;&nbsp;**<u> </u>** |
| &nbsp;&nbsp;Tenant Improvements | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Leasing Commissions | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;$633510 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;$0.15 |
| &nbsp;&nbsp;**Total Capital Items** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**$633510** | &nbsp;&nbsp;**0.9%** | &nbsp;&nbsp;**$0.15** |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$48495786** | &nbsp;&nbsp;**71.4%** | &nbsp;&nbsp;**$11.48** | &nbsp;&nbsp;**$49292987** | &nbsp;&nbsp;**71.5%** | &nbsp;&nbsp;**$11.67** | &nbsp;&nbsp;**$50711745** | &nbsp;&nbsp;**71.7%** | &nbsp;&nbsp;**$12.01** | &nbsp;&nbsp;**$49377935** | &nbsp;&nbsp;**70.4%** | &nbsp;&nbsp;**$11.69** |

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| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **45** |

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| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

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**Financial Analysis**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Square Feet:** Based on the 4,223,400 total from the in-place rent rolls as of January 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Base Rent:** Based on the in-place rent rolls as of January 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Rent Steps:** Based on contractual rent steps through February 29, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Tenant Reimbursements:** Based on the in-place rent rolls as of January 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Parking Income:** Based on the Borrowers' Budget 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Direct Billing Income:** Based on the Borrowers' Budget 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Other Income:** Based on trailing 12-months ended September 2022.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Management Fee:** Based on 2.00% of EGI.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Operating Expenses:** Based on the Borrowers' Budget 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Tenant Improvement & Leasing Commissions:** None due to upfront reserves.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Capital Expenditures:** Based on $0.15 PSF per the property condition reports.

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| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **46** |

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| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Borrower Sponsor Overview** 

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| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **47** |

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| | |
|:---|:---|
| **Strictly private and confidential** | &nbsp;&nbsp;**Workspace Industrial Trust Portfolio** |

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**Borrower Sponsor Overview**

**Workspace Property Trust**

● Founded in 2015, WPT is a privately-held, vertically integrated, full-service commercial real estate company specializing in the ownership, management, leasing and development of suburban office and IRDF space across the U.S. Workspace owns and operates approximately 18 million feet of space across the country, including 13 of the top 20 U.S. metropolitan areas.

● Thomas Rizk (Chief Executive Officer): In 1994, Thomas Rizk led the family-owned real estate partnership, Cali Associates, through its IPO as Cali Realty Corporation, a REIT traded on the NYSE. The original portfolio grew from 12 properties at the time of the IPO to more than 250 properties totaling over 28.0 million square feet. Additionally, during his tenure, total market capitalization grew from $300.0 million to over $3.6 billion, completing more than $3.0 billion in acquisitions. As President and Chief Executive Officer, he also led the merger of Cali Realty Corporation into the Mack Company and Patriot American Office Group in 1997.

● Roger Thomas (President and Chief Operating Officer): Mr. Thomas has more than 30 years of experience in real estate and structuring, negotiating, completing and implementing all aspects of complex transactions including, real estate acquisitions, disposition and development, corporate securities and compliance matters, risk management, human resources and marketing. Mr. Thomas assisted Mr. Rizk in taking Cali Associates public and from 1994 until 2014 served as Executive Vice President, General Counsel and Secretary at Mack-Cali Realty Corporation, serving as a key member of the executive team.

![](n3471fwplsimg_022.jpg)

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| | |
|:---|:---|
| THE INFORMATION IN THIS TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | **48** |

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