# EDGAR Filing Document

**Accession Number:** 0001815103
**File Stem:** 0001213900-23-006295
**Filing Date:** 2023-1
**Character Count:** 1501845
**Document Hash:** 96c4b0f177b97ab0a04c4723d8059a2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-006295.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001213900-23-006295

**CONFORMED SUBMISSION TYPE**: 1-A/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Landa App LLC
- **CENTRAL INDEX KEY:** 0001815103
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 851099443
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-11953
- **FILM NUMBER:** 23570956

**BUSINESS ADDRESS:**
- **STREET 1:** ONE PENNSYLVANIA PLAZA
- **STREET 2:** 36TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10119
- **BUSINESS PHONE:** 646 905-0931

**MAIL ADDRESS:**
- **STREET 1:** ONE PENNSYLVANIA PLAZA
- **STREET 2:** 36TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10119

## Part

This Offering Circular is following the offering circular format described in Part II (a)(1)(i) of Form 1-A.

**PART II – INFORMATION REQUIRED IN OFFERING CIRCULAR**

 **Preliminary Offering Circular (Subject to Completion) dated January 31, 2023**

**An offering statement pursuant to Regulation A relating to these securities has been filed with the Securities and Exchange Commission. Information contained in this Preliminary Offering Circular is subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted before the offering statement filed with the Securities and Exchange Commission is qualified. This Preliminary Offering Circular shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful before registration or qualification under the laws of any such state. We may elect to satisfy our obligation to deliver a Final Offering Circular by sending you a notice within two business days after the completion of our sale to you that contains the URL where the Final Offering Circular or the offering statement in which such Final Offering Circular was filed may be obtained.**

**OFFERING CIRCULAR**

![](image_001.jpg)

LANDA APP LLC

6 W. 18<sup>th</sup> Street, 12<sup>th</sup> Floor

New York, NY 10011

(646) 905-0931

Landa.app

Best Efforts Offering of Series Membership Interests

Landa App LLC, a Delaware series limited liability company (the "Company," "us," "we," or "our") is offering a maximum of 10,000 membership interests (each a "Share" and collectively, the "Shares") in each of the one hundred and eighty four (184) series of the Company listed in the table below (each a "Series," and collectively, the "Series"), at the respective purchase prices set forth in the table below.

The Company has formed and will continue to form separate series from time to time, each for the purpose of offering a unique investment opportunity for eligible investors to benefit from the performance of curated and fully managed rental real estate properties. Each Series will hold a residential rental property as its primary asset (each a "Property," and collectively, the "Properties"), as specified in the table below and the Master Series Table in Appendix A for such Series being offered pursuant to this Offering Circular.

We are offering Shares of each Series at the price per Share at the respective purchase prices set forth in the table below (the offerings of Shares of each Series each individually referred to herein as an "Offering"). The purchase of Shares in a Series is an investment only in that specific Series and not an investment in any other Series or the Company.

No Series will offer or sell Shares until the offering statement of which this Offering Circular forms a part has been qualified by the Securities and Exchange Commission ("SEC").

We expect to offer Shares in each respective Series until the earliest of (i) the date we raise the "Maximum Offering Amount" listed on the table below for such Series (herein referred to as the "Maximum Offering Amount" of each Series), (ii) the second anniversary of the first qualification date of the offering statement of which this Offering Circular forms a part pursuant to which Shares of such Series were able to be offered, and (iii) a date determined by the Manager (as defined below), in its sole discretion, based on a number of factors, including the level of current or anticipated interest in a Series.

The Manager may from time to time offer, through the Landa Mobile App, incentives to potential and/or existing investors in the form of "free" Shares that would be issued by a Series to such investors and paid for by the Manager such that a Series will continue to receive its full offering proceeds. See "Plan of Distribution" for additional details regarding these potential incentive programs.

**SERIES' SHARE INFORMATION**

---

| | | | |
|:---|:---|:---|:---|
|  | **Series** | **$ Per Share<br> (1)(2)** | **Maximum<br> Offering<br> Amount (3)(4)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | Landa Series 10 Oak Wood Lane | $10.1782 | $101782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | Landa Series 10 Windridge Drive | $10.2569 | $102569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | Landa Series 1000 Fox Valley Trail | $11.9194 | $119194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | Landa Series 1007 Leeward Way | $12.0063 | $120063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | Landa Series 10119 Commons Way | $12.2580 | $122580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | Landa Series 10121 Morris Drive SW | $11.1294 | $111294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | Landa Series 10183 Starr Street SW | $10.7353 | $107353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | Landa Series 103 Starlake Drive | $10.7153 | $107153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | Landa Series 104 Summerfield Drive | $12.0024 | $120024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | Landa Series 10433 Candlelight Road | $12.2303 | $122303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. | Landa Series 105 Anne Street | $10.1246 | $101246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. | Landa Series 107 Oakwood Circle | $7.9512 | $79512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. | Landa Series 109 Amberwood Lane | $8.6513 | $86513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. | Landa Series 110 Shenandoah Drive | $12.4319 | $124319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. | Landa Series 111 Fir Drive | $9.6042 | $96042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. | Landa Series 1110 Parkview Drive | $10.4291 | $104291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. | Landa Series 11187 Shannon Circle | $12.4354 | $124354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. | Landa Series 112 Ridge Street | $12.3884 | $123884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. | Landa Series 11322 Michelle Way | $10.0393 | $100393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. | Landa Series 114 Starlake Drive | $10.1375 | $101375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. | Landa Series 11447 S Grove Drive | $11.3913 | $113913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. | Landa Series 1147 Village Way | $12.0404 | $120404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. | Landa Series 115 Lakeview Drive | $11.4314 | $114314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. | Landa Series 1160 Gable Terrace | $12.0470 | $120470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. | Landa Series 1190 Kirkland Road | $12.9516 | $129516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. | Landa Series 12 Mintz Street | $10.5614 | $105614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. | Landa Series 120 Rosewood Drive | $11.4749 | $114749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. | Landa Series 1201 Kilrush Drive | $21.4368 | $214368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. | Landa Series 124 Libby Lane | $9.6194 | $96194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. | Landa Series 126 E Mimosa Drive | $10.2580 | $102580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. | Landa Series 12641 Alcovy Road | $12.2992 | $122992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. | Landa Series 1320 Winona Avenue | $8.8318 | $88318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. | Landa Series 133 Dove Landing | $9.0823 | $90823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. | Landa Series 137 Southern Shores Road | $9.6107 | $96107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. | Landa Series 138 Sandalwood Circle | $10.1446 | $101446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. | Landa Series 140 High Ridge Road | $11.4313 | $114313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. | Landa Series 141 Longstreet Circle | $13.2561 | $132561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. | Landa Series 1443 Pebble Ridge Lane | $12.7844 | $127844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. | Landa Series 1445 Maple Valley Court | $8.0253 | $80253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. | Landa Series 146 Crystal Brook | $8.4880 | $84880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. | Landa Series 1473 Brownleaf Drive | $11.3035 | $113035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. | Landa Series 1485 Bola Court | $10.3439 | $103439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. | Landa Series 1490 Diplomat Drive | $14.1788 | $141788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. | Landa Series 153 Cliffside Court | $7.4342 | $74342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. | Landa Series 157 Wells Road | $8.8648 | $88648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. | Landa Series 160 Chimney Ridge Trail | $11.4749 | $114749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. | Landa Series 164 Longstreet Circle | $11.5619 | $115619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. | Landa Series 1666 W Poplar Street | $9.2562 | $92562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. | Landa Series 168 Brookview Drive | $5.2897 | $52897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. | Landa Series 1683 Spoonbill Road | $9.7783 | $97783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;51. Landa
 Series 1689 Viceroy Way $11.2251 $112,251

&nbsp;&nbsp;&nbsp;&nbsp;52. Landa
 Series 171 Davidson Drive $12.1253 $121,253

&nbsp;&nbsp;&nbsp;&nbsp;53. Landa
 Series 1768 Glen View Way $10.0248 $100,248

&nbsp;&nbsp;&nbsp;&nbsp;54. Landa
 Series 181 Watercress Court $10.9963 $109,963

&nbsp;&nbsp;&nbsp;&nbsp;55. Landa
 Series 188 Timberline Road $6.4721 $64,721

&nbsp;&nbsp;&nbsp;&nbsp;56. Landa
 Series 189 Shenandoah Drive $10.2568 $102,568

&nbsp;&nbsp;&nbsp;&nbsp;57. Landa
 Series 1903 Old Concord Drive SE $12.3427 $123,427

&nbsp;&nbsp;&nbsp;&nbsp;58. Landa
 Series 195 Branchwood Drive $12.6472 $126,472

&nbsp;&nbsp;&nbsp;&nbsp;59. Landa
 Series 195 Fairclift Drive $11.4314 $114,314

&nbsp;&nbsp;&nbsp;&nbsp;60. Landa
 Series 195 Hunters Trace $12.6782 $126,782

&nbsp;&nbsp;&nbsp;&nbsp;61. Landa
 Series 196 Montego Circle $10.6918 $106,918

&nbsp;&nbsp;&nbsp;&nbsp;62. Landa
 Series 20 Chimney Smoke Drive $11.4749 $114,749

&nbsp;&nbsp;&nbsp;&nbsp;63. Landa
 Series 204 N Main Court $9.0823 $90,823

&nbsp;&nbsp;&nbsp;&nbsp;64. Landa
 Series 2055 Grove Way $9.9524 $99,524

&nbsp;&nbsp;&nbsp;&nbsp;65. Landa
 Series 212 Fleeta Drive $9.3453 $93,453

&nbsp;&nbsp;&nbsp;&nbsp;66. Landa
 Series 215 Central Lake Circle $10.6900 $106,900

&nbsp;&nbsp;&nbsp;&nbsp;67. Landa
 Series 217 Glenloch Court $12.3449 $123,449

&nbsp;&nbsp;&nbsp;&nbsp;68. Landa
 Series 2177 E Chester Circle SE $12.5180 $125,180

&nbsp;&nbsp;&nbsp;&nbsp;69. Landa
 Series 221 Lakeview Drive $11.9100 $119,100

&nbsp;&nbsp;&nbsp;&nbsp;70. Landa
 Series 2264 Chestnut Hill Circle $15.1725 $151,725

&nbsp;&nbsp;&nbsp;&nbsp;71. Landa
 Series 235 Lazy Hollow Lane $11.9704 $119,704

&nbsp;&nbsp;&nbsp;&nbsp;72. Landa
 Series 2425 Cornell Circle $13.2586 $132,586

&nbsp;&nbsp;&nbsp;&nbsp;73. Landa
 Series 2443 Hodges Farm Road $9.8218 $98,218

&nbsp;&nbsp;&nbsp;&nbsp;74. Landa
 Series 25 Pleasant Valley Road $11.3443 $113,443

&nbsp;&nbsp;&nbsp;&nbsp;75. Landa
 Series 253 Marco Drive $9.3104 $93,104

&nbsp;&nbsp;&nbsp;&nbsp;76. Landa
 Series 255 Countryside Lane $11.7795 $117,795

&nbsp;&nbsp;&nbsp;&nbsp;77. Landa
 Series 258 Rocky Point Road $12.6059 $126,059

&nbsp;&nbsp;&nbsp;&nbsp;78. Landa
 Series 263 Rocky Point Road $11.1704 $111,704

&nbsp;&nbsp;&nbsp;&nbsp;79. Landa
 Series 268 Brookview Drive $7.5363 $75,363

&nbsp;&nbsp;&nbsp;&nbsp;80. Landa
 Series 270 Mountain Lane $11.6673 $116,673

&nbsp;&nbsp;&nbsp;&nbsp;81. Landa
 Series 270 Mountain Way $11.5184 $115,184

&nbsp;&nbsp;&nbsp;&nbsp;82. Landa
 Series 270 Pleasant Hill Drive $10.9283 $109,283

&nbsp;&nbsp;&nbsp;&nbsp;83. Landa
 Series 2794 Norfair Loop $9.3433 $93,433

&nbsp;&nbsp;&nbsp;&nbsp;84. Landa
 Series 2813 Vicksburg Court $13.5194 $135,194

&nbsp;&nbsp;&nbsp;&nbsp;85. Landa
 Series 2933 Coffer Drive $11.2686 $112,686

&nbsp;&nbsp;&nbsp;&nbsp;86. Landa
 Series 30 High Ridge Road $13.3138 $133,138

&nbsp;&nbsp;&nbsp;&nbsp;87. Landa
 Series 30 Roosevelt Road $11.3878 $113,878

&nbsp;&nbsp;&nbsp;&nbsp;88. Landa
 Series 3011 Raintree Drive SE $12.4005 $124,005

&nbsp;&nbsp;&nbsp;&nbsp;89. Landa
 Series 304 Cedar Street $12.0445 $120,445

&nbsp;&nbsp;&nbsp;&nbsp;90. Landa
 Series 304 Deerfield Drive $11.6738 $116,738

&nbsp;&nbsp;&nbsp;&nbsp;91. Landa
 Series 3043 Highway 81 S $8.6490 $86,490

&nbsp;&nbsp;&nbsp;&nbsp;92. Landa
 Series 313 Blue Heron Drive $10.8583 $108,583

&nbsp;&nbsp;&nbsp;&nbsp;93. Landa
 Series 3202 Chippewa Drive $11.9534 $119,534

&nbsp;&nbsp;&nbsp;&nbsp;94. Landa
 Series 35 Clay Court $12.1279 $121,279

&nbsp;&nbsp;&nbsp;&nbsp;95. Landa
 Series 350 Cadiz Lane S $11.0833 $110,833

&nbsp;&nbsp;&nbsp;&nbsp;96. Landa
 Series 351 Wesley Park Drive $10.4308 $104,308

&nbsp;&nbsp;&nbsp;&nbsp;97. Landa
 Series 3603 Manhattan Drive $13.0411 $130,411

&nbsp;&nbsp;&nbsp;&nbsp;98. Landa
 Series 3667 Patti Parkway $15.1727 $151,727

&nbsp;&nbsp;&nbsp;&nbsp;99. Landa
 Series 404 Barberry Lane $11.4357 $114,357

&nbsp;&nbsp;&nbsp;&nbsp;100. Landa
 Series 412 Kendall Lane $11.8705 $118,705

&nbsp;&nbsp;&nbsp;&nbsp;101. Landa
 Series 416 Autumn Lake Court $10.6484 $106,484

&nbsp;&nbsp;&nbsp;&nbsp;102. Landa
 Series 43 Darwin Drive $10.0828 $100,828

&nbsp;&nbsp;&nbsp;&nbsp;103. Landa
 Series 432 Manor Estates Drive $12.5668 $125,668

&nbsp;&nbsp;&nbsp;&nbsp;104. Landa
 Series 440 Freestone Drive $13.2598 $132,598

&nbsp;&nbsp;&nbsp;&nbsp;105. Landa
 Series 4447 Lake Breeze Drive $13.6936 $136,936

&nbsp;&nbsp;&nbsp;&nbsp;106. Landa
 Series 445 Independence Drive $11.9512 $119,512

&nbsp;&nbsp;&nbsp;&nbsp;107. Landa
 Series 449 Kara Lane $10.6161 $106,161

&nbsp;&nbsp;&nbsp;&nbsp;108. Landa
 Series 45 Blue Jay Drive $14.1285 $141,285

&nbsp;&nbsp;&nbsp;&nbsp;109. Landa
 Series 45 Laurel Way $13.6040 $136,040

&nbsp;&nbsp;&nbsp;&nbsp;110. Landa
 Series 4702 Saint James Way $10.6981 $106,981

&nbsp;&nbsp;&nbsp;&nbsp;111. Landa
 Series 4732 Pinedale Drive $9.3888 $93,888

&nbsp;&nbsp;&nbsp;&nbsp;112. Landa
 Series 497 Highway 212 $11.1684 $111,684

&nbsp;&nbsp;&nbsp;&nbsp;113. Landa
 Series 5039 East Street $8.2993 $82,993

&nbsp;&nbsp;&nbsp;&nbsp;114. Landa
 Series 5040 Huntshire Lane $17.7994 $177,994

&nbsp;&nbsp;&nbsp;&nbsp;115. Landa
 Series 513 Jarrett Court $11.5645 $115,645

&nbsp;&nbsp;&nbsp;&nbsp;116. Landa
 Series 5143 Pinecrest Drive SW $9.0842 $90,842

&nbsp;&nbsp;&nbsp;&nbsp;117. Landa
 Series 524 Sawmill Road $11.3472 $113,472

&nbsp;&nbsp;&nbsp;&nbsp;118. Landa
 Series 5329 Shirewick Lane $13.5196 $135,196

&nbsp;&nbsp;&nbsp;&nbsp;119. Landa
 Series 540 Cowan Road $11.9823 $119,823

&nbsp;&nbsp;&nbsp;&nbsp;120. Landa
 Series 5411 Rocky Pine Drive $12.3954 $123,954

&nbsp;&nbsp;&nbsp;&nbsp;121. Landa
 Series 55 Myrtle Grove Lane $11.6489 $116,489

&nbsp;&nbsp;&nbsp;&nbsp;122. Landa
 Series 550 Cowan Road $10.0313 $100,313

&nbsp;&nbsp;&nbsp;&nbsp;123. Landa
 Series 5581 Fox Glen Circle $17.3886 $173,886

&nbsp;&nbsp;&nbsp;&nbsp;124. Landa
 Series 565 Mountainview Drive $11.3294 $113,294

&nbsp;&nbsp;&nbsp;&nbsp;125. Landa
 Series 5737 Strathmoor Manor Circle $10.1699 $101,699

&nbsp;&nbsp;&nbsp;&nbsp;126. Landa
 Series 5801 Strathmoor Manor Circle $10.5178 $105,178

&nbsp;&nbsp;&nbsp;&nbsp;127. Landa
 Series 6104-6106 Oakwood Circle SW $9.9141 $99,141

&nbsp;&nbsp;&nbsp;&nbsp;128. Landa
 Series 6107 Shadow Glen Court $8.5185 $85,185

&nbsp;&nbsp;&nbsp;&nbsp;129. Landa
 Series 6111-6113 Pine Glen Circle SW $18.2612 $182,612

&nbsp;&nbsp;&nbsp;&nbsp;130. Landa
 Series 6119 Pineneedle Drive SW $6.6462 $66,462

&nbsp;&nbsp;&nbsp;&nbsp;131. Landa
 Series 615 Barshay Drive $11.6786 $116,786

&nbsp;&nbsp;&nbsp;&nbsp;132. Landa
 Series 6168 Wheat Street NE $7.5159 $75,159

&nbsp;&nbsp;&nbsp;&nbsp;133. Landa
 Series 6178 Green Acres Drive SW $8.9374 $89,374

&nbsp;&nbsp;&nbsp;&nbsp;134. Landa
 Series 6386 Forester Way $11.8733 $118,733

&nbsp;&nbsp;&nbsp;&nbsp;135. Landa
 Series 6404 Walnut Way $11.1704 $111,704

&nbsp;&nbsp;&nbsp;&nbsp;136. Landa
 Series 643 Sycamore Drive $10.8074 $108,074

&nbsp;&nbsp;&nbsp;&nbsp;137. Landa
 Series 65 Freedom Court $11.7554 $117,554

&nbsp;&nbsp;&nbsp;&nbsp;138. Landa
 Series 653 Georgetown Lane $11.4348 $114,348

&nbsp;&nbsp;&nbsp;&nbsp;139. Landa
 Series 6635 Kimberly Mill Road $13.1485 $131,485

&nbsp;&nbsp;&nbsp;&nbsp;140. Landa
 Series 6653 Bedford Road $11.1449 $111,449

&nbsp;&nbsp;&nbsp;&nbsp;141. Landa
 Series 6710 Sunset Hills Boulevard $9.4738 $94,738

&nbsp;&nbsp;&nbsp;&nbsp;142. Landa
 Series 6762 Bent Creek Drive $11.1703 $111,703

&nbsp;&nbsp;&nbsp;&nbsp;143. Landa
 Series 683 Wood Path Court $13.1390 $131,390

&nbsp;&nbsp;&nbsp;&nbsp;144. Landa
 Series 70 Shenandoah Lane $13.4300 $134,300

&nbsp;&nbsp;&nbsp;&nbsp;145. Landa
 Series 709 Georgetown Court $11.0423 $110,423

&nbsp;&nbsp;&nbsp;&nbsp;146. Landa
 Series 7107 Geiger Street NW $6.4286 $64,286

&nbsp;&nbsp;&nbsp;&nbsp;147. Landa
 Series 7205 Lakeview Drive SW $11.6924 $116,924

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. | Landa Series 750 Georgetown Court | $9.0822 | $90822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. | Landa Series 752 Chestnut Drive | $7.9093 | $79093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. | Landa Series 773 Villa Way | $4.7938 | $47938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. | Landa Series 7781 Mountain Creek Way | $12.0432 | $120432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. | Landa Series 7950 Woodlake Drive | $10.0393 | $100393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. | Landa Series 80 High Ridge Road | $12.0839 | $120839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. | Landa Series 800 Mills Drive | $13.4735 | $134735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. | Landa Series 808 Hillandale Lane | $11.4135 | $114135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. | Landa Series 8110 Devonshire Drive | $8.5185 | $85185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. | Landa Series 8121 Spillers Drive SW | $9.7978 | $97978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. | Landa Series 8233 Creekline Court | $11.7461 | $117461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. | Landa Series 8302 Sterling Lakes Drive | $12.2145 | $122145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. | Landa Series 840 Park Villa Way | $6.8389 | $68389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. | Landa Series 843 Tramore Drive | $7.8196 | $78196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. | Landa Series 85 Kirkland Court | $13.2584 | $132584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. | Landa Series 85 Thorn Thicket Way | $11.7821 | $117821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. | Landa Series 8658 Ashley Way | $7.6363 | $76363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. | Landa Series 8667 Ashley Way | $5.4695 | $54695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. | Landa Series 8671 Ashley Way | $8.0311 | $80311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. | Landa Series 8676 Ashley Way | $8.2273 | $82273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. | Landa Series 8691 Ashley Way | $5.9422 | $59422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. | Landa Series 8692 Ashley Way | $5.8344 | $58344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. | Landa Series 8693 Ashley Way | $8.8186 | $88186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. | Landa Series 8694 Ashley Way | $8.0398 | $80398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. | Landa Series 8697 Ashley Way | $8.7383 | $87383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. | Landa Series 8819 Leafwood Court | $11.3043 | $113043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. | Landa Series 8855 Rugby Court | $8.8666 | $88666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. | Landa Series 9020 Sterling Ridge Lane | $9.4664 | $94664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. | Landa Series 9150 Spillers Drive SW | $10.1264 | $101264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. | Landa Series 925 Mote Road | $12.4732 | $124732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. | Landa Series 94 Hampton Oaks Drive | $10.6484 | $106484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. | Landa Series 9409 Forest Knoll Drive | $12.3057 | $123057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. | Landa Series 9434 Cedar Creek Place | $13.2712 | $132712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. | Landa Series 9597 Pintail Trail | $12.0517 | $120517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. | Landa Series 974 Laurel Street | $11.1319 | $111319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. | Landa Series 1701 Summerwoods Lane | $6.8962 | $68962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. | Landa Series 1741 Park Lane | $7.8034 | $78034 |  |
|  | **Total** |  | $**20061093** | **(5)** |

---

(1) The
 prices per Share for each Series listed above were determined by the Manager. See "Determination
 of Purchase Price" for additional information.

(2) There
 are no underwriting discounts or commissions as part of the Offerings. We do not intend to
 use commissioned sales agents or underwriters as part of the Offerings. We expect that the
 officers of the Manager will offer and sell the Shares in reliance upon the exemption from
 registration contained in Rule 3a4-1 of the Securities Exchange Act of 1934, as amended (the
 "Exchange Act"), and will not receive any compensation from the offer or sale
 of the Shares of any Series. Dalmore Group LLC will be acting as the broker dealer of
 record in connection with each Offering (the "Broker Dealer") and will be entitled
 to a brokerage fee (the "Broker Fee") calculated in the manner set forth under
 "Plan of Distribution." The Manager will pay the Broker Fee to the Broker Dealer.
 See "Plan of Distribution."

(3) The
 Maximum Offering Amounts represent the gross proceeds from a subscription of 10,000 Shares
 of the respective Series. For additional information, see "Use of Proceeds" in
 Appendix B for more information.

(4) There
 is no minimum offering amount.

(5) Represents
 the proposed Maximum Offering Amount (rounded) aggregated across all Series to be qualified pursuant to the offering statement of
 which this Offering Circular forms a part, as required for purposes of the Form 5110 submitted to FINRA.

All Shares will be offered and sold initially through the Landa mobile application which is available on iOS and Android devices (the "Landa Mobile App"). The Offerings are being conducted on a "best efforts," no offering minimum basis pursuant to Regulation A ("Regulation A") of Section 3(6) of the Securities Act of 1933, as amended (the "Securities Act"), for Tier 2 offerings. The Offerings are being conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, meaning that while the offering of securities is continuous, active sales of securities may happen sporadically over the term of the Offerings. Each Offering will commence within two (2) calendar days after the first qualification date of the offering statement of which this Offering Circular forms a part and, unless earlier terminated by the Manager, each Series will offer Shares until no later than the second anniversary of such qualification date.

We expect that there will be multiple closings for each Offering at which time Shares will be sold and the subscription price will be transferred to the operating account of the Series (each, a "Closing"). We expect that each Closing will occur promptly following the acceptance of a subscription. A subscription will be accepted or rejected in whole or in part in the Manager's sole discretion within ten (10) business days following receipt of the Subscription Agreement (as defined below). The Manager will accept subscriptions on a first-come, first-served basis subject to the right to reject or reduce subscriptions.

All Shares will be issued in electronic form only and will not be listed or quoted on any securities exchange.

After a Series' Offering has concluded, we expect that the Public Private Execution Network Alternative Trading System, or PPEX ATS (the "Secondary Trading Platform") will be the only venue available for the resale of such Series' Shares. The Secondary Trading Platform will be accessible exclusively though the Landa Mobile App and may not be accessed through any other website, mobile application or platform. The Secondary Trading Platform is registered with the SEC and operated by North Capital Private Securities Corporation ("North Capital") and resales through the Secondary Trading Platform will be made through the Broker Dealer, as a broker dealer member of the Secondary Trading Platform. Any such resale of a Series' Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement (as defined below) and the Series Designation (as defined in the Master Agreement), as applicable. There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. In addition, only prospective investors that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares. For these reasons, investors must be prepared to hold their Shares indefinitely. See "Plan of Distribution – Transferability of the Shares."

Each Share will entitle each holder to the opportunity to receive monthly distributions of a portion of the net rental income of a given Series, which we also refer to as "dividends" in this Offering Circular, in the applicable Series Materials, and Property Page (each as defined below). The total distribution amount by a Series will be calculated by the Manager, acting in its sole discretion, and will be based on a number of factors, including, but not limited to, the total number of Shares sold, the Monthly Management Fee, expenses (including any unanticipated capital expenditures), taxes, amounts allocated to Reserves (as defined below), economic conditions, debt service requirements, actual and accrued cash flows of the applicable Series, and other factors that could differ materially from our current expectations. The total distribution amount, if any, will be allocated to each holder of Shares of the applicable Series on a pro-rata basis based on the number of outstanding Shares of that Series held. We cannot assure you that a Series will have enough net rental income in a given month to make any monthly cash distributions per Share. For any holder that acquires Shares on the Secondary Trading Platform, the initial distribution paid to such holder, if any, may be made on a pro-rated basis, based on the number of days that such holder held the Shares. In addition, liquidating distributions may be made upon the sale of a Series' Property.

Holders of Shares in a Series will have no rights to direct or vote on any matter concerning such Series or direct the Manager on the management of its affairs, including whether or not a Series should liquidate its underlying Property or dissolve. In addition, holders will have no claim or recourse to any of the Properties and will have no rights to share in the success of any other Series or the other Series' Properties, as fully described in the Amended and Restated Limited Liability Company Operating Agreement of Landa App LLC (the "Master Agreement"). See "Description of Shares" for more information.

Each Series will be treated as a separate entity for U.S. federal income tax purposes. In addition, we intend that each Series will elect to be treated as a corporation for U.S. federal income tax purposes. Since each Series is separately protected under Section 18-215 of the Delaware Limited Liability Company Act (the "LLC Act"), the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series are segregated and enforceable only against the assets of such Series, as provided under the LLC Act. Each Series will be governed according to the terms of the Master Agreement and the Series Designation for such Series. Each Series' Offering will be independent of, and not contingent upon, the other Series' Offerings. You may choose to participate in one or more Series' Offerings.

Landa Holdings, Inc. will serve as manager for the Company and each Series (along with its affiliates, the "Manager" or "Landa Holdings"). The Manager is not a registered broker-dealer, an investment adviser, crowdfunding platform or other securities intermediary.

**Investing in the Shares involves a high degree of risk. See "Risk Factors" beginning on page 6 for a discussion of certain risks that you should consider in connection with an investment in the Shares.**

**THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC") DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE SEC; HOWEVER, THE SEC HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

**Generally, no sale may be made to you in the Offerings if the aggregate purchase price you pay is more than ten percent (10%) of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.**

The date of this Offering Circular is [·]

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#a_001a) | ii |
| [Cautionary statement regarding forward-looking statements](#a_001) | ii |
| [Important information about this offering circular](#a_002) | v |
| [Important notices to investors](#a_003) | vi |
| [State law exemption and purchase restrictions](#a_004) | vii |
| [Market and other industry data](#a_005) | vii |
| [Questions and answers about the offerings](#a_006) | viii |
| [Offering summary](#a_007) | 1 |
| [The OfferinG](#a_008) | 3 |
| [Risk Factors](#a_009) | 6 |
| [Use of Proceeds](#a_010) | 21 |
| [Description of our business](#a_011) | 21 |
| [Description of the properties AND THE SERIES](#a_012) | 28 |
| [Management's discussion and analysis of financial condition and results of operationS](#a_013) | 28 |
| [Determination of purchase price](#a_014) | 32 |
| [Plan of Distribution](#a_015) | 32 |
| [Regulations](#a_015a) | 36 |
| [Security ownership of certain beneficial owners and management](#a_015b) | 37 |
| [Directors, executive officers and significant employees](#a_016) | 38 |
| [Compensation of directors and executive officers](#a_017) | 39 |
| [Interest of management and others in certain transactions](#a_018) | 39 |
| [Description of shares](#a_019) | 41 |
| [U.S. Federal income tax considerations](#a_020) | 45 |
| [Legal matters](#a_021) | 47 |
| [Experts](#a_022) | 47 |
| [Additional information](#a_023) | 47 |
| [APPENDIX A – SERIES OFFERINGS-MASTER SERIES TABLE](#app_1) | A-1 |
| [APPENDIX B – USE OF PROCEEDS AND DESCRIPTION OF THE PROPERTIES AND THE SERIES](#app_2) | B-1 |
| [FINANCIAL STATEMENTS](#g_001) | F-1 |

---

i

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

We are incorporating by reference into this Offering Circular the following information to the extent not otherwise modified or replaced by a subsequent filing:

● Offering Statement (File No. 024-11377) of Landa App LLC filed with the Commission dated January 7, 2022 (the " [Prior Offering Statement](http://www.sec.gov/Archives/edgar/data/1815103/000121390022001173/ea153670-253g2_landaapp.htm#a_013) "), with respect to the following:

● Financial Statements and Accompanying Notes for the Fiscal Year ended December 31, 2020 and the six-month period ended June 30, 2021 (unaudited) pursuant to Rule 8-06 under Regulation S-X, for the thirty-seven (37) series included in the Separate Offering Series (defined below) that were previously qualified under the Prior Offering Statement (the Georgia Single-family Home Portfolio – 1, the Georgia Single-family Home Portfolio – 2, and the Georgia Single-family Home Portfolio – 3).

● Property Information for the thirty-seven (37) series included in the Separate Offering series under the heading " [Description of the Properties](http://www.sec.gov/Archives/edgar/data/1815103/000121390022001173/ea153670-253g2_landaapp.htm#a_013) "

● Annual Report on Form 1-K/A of the Company for the twelve-month period ended December 31, 2021, that was filed with the SEC on January 25, 2023, and can be found [here](http://www.sec.gov/Archives/edgar/data/1815103/000121390023005167/ea172212-1ka1_landaappllc.htm) .

● Semi-Annual Report on Form 1-SA of the Company for the six-month period ended June 30, 2022, that was filed with the SEC on September 28, 2022, and can be found [here](http://www.sec.gov/Archives/edgar/data/1815103/000121390022059490/ea165837-1sa_landaappllc.htm) .

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

The information contained in this Offering Circular includes some statements that are not historical and that are considered "forward-looking statements." Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "should," "will" and "would" or the negatives of these terms or other comparable terminology.

The forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance, including the future performance of each of the Series, taking into account all information currently available to us. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider the risks described in the "Risk Factors" section of this Offering Circular before you make an investment decision with respect to the Shares, along with the following factors that could cause actual results to vary from our forward-looking statements:

● Our business plan is largely untested, and our Manager has limited experience and track record executing our business plan, as well as with real estate financings and acquisitions. If we are unable to execute our business plan, we will not be able to generate any revenues, and our results of operations would be adversely affected.

● We have recently commenced operations, and the future performance of each Series is difficult to evaluate.

● Our dependence upon external sources for the financing of our operations, particularly given that there are concerns about our ability to continue as a "going concern."

● Changes in national, regional or local economic, demographic, or real estate market conditions may adversely affect our results of operations and returns to our investors.

● The market in which we participate is competitive and, if we do not compete effectively, our operating results could be harmed.

● We expect to acquire Properties from our affiliate and wholly-owned subsidiary of our Manager, Landa Properties LLC ("Landa Properties"), who previously acquired the Properties from third party sellers, which were not leased to tenants prior to the acquisition by Landa Properties. As a result, we only have limited historical financial performance information for the Properties.

● Each Series will hold a residential rental property, including a single-family home or a duplex as its primary asset. As a result, each Series is subject to risks inherent in investments in such property. Because each Property is in the residential sector, the potential effects on our revenue and profits resulting from a downturn or slowdown in the residential sector could be more pronounced than if a Series held a more diversified investment.

● An increase in interest rates may result in failure to attract potential investors for a given Series because of the attractiveness of alternative investments, which may result in a Series' inability to raise the necessary proceeds to fully repay its debt obligations, including the Acquisition Note (as defined below).

● A Series may hold significantly more debt due to the failure to fully discharge the Acquisition Note in full with the proceeds of the Refinance Note.

● The illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of the Properties and harm the Series' financial conditions.

ii

● The actual rental income a Series receives for its Property may be less than the estimated market rent for such Property, and the Series may experience a decline in realized rental rates from time to time, which could adversely affect the Series' financial condition, results of operations and cash flow.

● Vacant Properties could be difficult to rent or sell, which could diminish the return on these Properties.

● We may enter into long-term lease agreements with tenants in certain Properties, which may not reflect or result in fair market rental rates over time.

● Each Series will depend on its Property's tenant or tenants for its revenue; lease defaults, evictions, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors.

● Any unforeseen expenses incurred by a Series or a Property may negatively affect the results of operations of that Series beyond the Manager's control and could materially affect the return on investment for our investors.

● Costs incurred as a result of governmental laws and regulations may reduce a Series' net income and the cash available for distributions to investors.

● Each Series may be liable for any potential violations under the Americans with Disabilities Act (the "ADA").

● Uninsured losses relating to a Property or costly premiums for insurance coverage could reduce a Series' cash flows and the return on the investors' investment.

● The return on an investor's investment in Shares of a Series (including any monthly distributions) depends on the rental income of the applicable Property and the increase, if any, in the Property's value.

● No public market for the Shares currently exists and the Shares will not be listed or quoted on any national securities exchange.

● If we do not successfully implement or maintain the Secondary Trading Platform (or, once implemented, do not continue to have access to it) or cannot successfully liquidate a Series, or if significant liquidity does not develop in connection with the Secondary Trading Platform, a holder of Shares may have to hold their Shares for an indefinite period.

● There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely.

● No independent party has made any review of us, the Manager or the Shares offered by any Series on the Landa Mobile App. Therefore, investors do not have the benefit of an independent due diligence review conducted by an unaffiliated party to form a basis for their investment decision.

● Any investment is an investment in the Shares of a specific Series, which will invest only in a designated Property, and is not a diversified investment in multiple Properties, Series, the Company or the Manager. An investor will not have any interest in, nor will their investment be secured by, any assets owned by another Series, the Company, or the Manager. Any return on investment will depend solely on the revenue of, and ultimately on the return on, the given Series, and the Property held by it.

iii

● We may require additional capital to operate each Series and may be unable to obtain such capital on favorable terms or at all. Difficulty in obtaining necessary capital could adversely affect results from operations.

● Adverse results from litigation or governmental investigations and/or actions can impact our business practices and operating results.

● New and existing regulations, including with regard to Internet commerce, could cause additional costs of compliance and harm our business.

● The Master Agreement does not require the Manager to seek member approval to liquidate any of the Series' assets (including the Properties) by a specified date, nor does our Master Agreement require the Manager to list Shares for trading by a specified date or at all. No public market for the Shares currently exists and the Shares will not be listed or quoted on any national securities exchange.

● Investors will not have voting rights or control over the management of the Series or the Series' Property.

● The Manager relies on third parties, such as appraisers and inspectors, in evaluating a Property, and if those third parties perform in an unsatisfactory manner, it may harm the performance of a given Series.

● The Manager's assessment and/or management of a Property may not be correct, which may negatively affect the results of operations of that Series.

● The liquidation value of each Series substantially depends on the value of its underlying Property and the valuation of each Property may change significantly from time to time.

● Each Series will be subject to certain fees and expenses, including repayment of debt, unforeseen expenses, payment of a Monthly Management Fee (defined below), and, as a result, there may be no available funds to make any distributions on the Shares.

● Our ability to implement our investment strategy depends, in part, upon our ability to successfully conduct the Offerings through the Landa Mobile App, which makes an investment in a Series more speculative.

● Investors could be harmed if we are unable to maintain and grow the Landa Mobile App.

● If the security of our investors' confidential information stored in our systems is breached or otherwise subjected to unauthorized access, investors' secure information may be stolen.

● Any significant disruption in service on the Landa Mobile App or in our computer systems and/or networks could reduce the attractiveness of the Landa Mobile App and result in a loss of users or user confidence, which may adversely affect holders of Shares of a given Series.

● We rely on third-party financial services providers and on third-party computer hardware and software. If we are unable to continue utilizing these services, our business and ability to service the corresponding equity investments may be adversely affected.

● If we experience design defects, errors, failures, or delays with the Landa Mobile App, each Series could suffer serious harm.

● The series limited liability company structure is relatively new and state law outside Delaware may not treat series within a series limited liability company as separate entities, including for purposes of treating liabilities of each Series as separate from the liabilities of other Series. In addition, changes to bankruptcy, tax or other laws with respect to series limited liability companies may adversely affect our business.

iv

**IMPORTANT INFORMATION ABOUT THIS OFFERING CIRCULAR**

Please carefully read the information in this Offering Circular and any accompanying offering circular supplements, which we refer to collectively herein as the "Offering Circular." You should rely only on the information contained in this Offering Circular. We have not authorized anyone to provide you with different information. This Offering Circular may only be used in any jurisdictions where it is not unlawful to offer and sell these securities. You should not assume that the information contained in this Offering Circular is accurate as of any date later than the date hereof or such other dates as are stated herein or as of the respective dates of any documents or other information incorporated herein by reference.

This Offering Circular is part of an offering statement that we filed with the SEC, using a continuous offering process pursuant to Rule 251(d)(3) of Regulation A. Periodically, as we make material acquisitions or have other material developments, we will provide an offering circular supplement that may add, update or change information contained in this Offering Circular. Any statement that we make in this Offering Circular will be modified or superseded by any inconsistent statement made by us in a subsequent offering circular supplement. The offering statement we filed with the SEC includes exhibits that provide more detailed descriptions of the matters discussed in this Offering Circular. You should read this Offering Circular and the related exhibits filed with the SEC and any offering circular supplement, together with additional information contained in our annual reports, semi-annual and other reports and information statements that we will file periodically with the SEC.

In addition, you should read the Master Agreement and the Series Designation for such Series, the applicable management agreement between any such Series and the Manager (each, a "Management Agreement"), the form of which is an exhibit to the offering statement of which this Offering Circular is a part, the form of subscription agreement to be executed by each investor in connection with each Offering ("Subscription Agreement"), the form of which is an exhibit to the Offering Statement of which this Offering Circular is a part, and the information concerning the particular Property held by any such Series set forth in the sections entitled "Use of Proceeds" and "Description of the Properties and the Series" in Appendix B hereto, including, but not limited to, the Acquisition Fee, the Monthly Management Fee, and, if applicable, the Broker Fee (each as defined below), which information will also be available on the Landa Mobile App (for each Property, information can be found on the Series' "Property Page" in the Landa Mobile App), and any related offering and/or series materials on the Landa Mobile App and approved by us prior to making an investment decision (collectively, the "Series Materials").

The offering statement and all supplements and reports that we have filed or will file in the future can be obtained from the SEC's website, www.sec.gov or at Landa Holding's website at www.landa.app. The contents of the Landa Mobile App (other than the Series Materials) are not incorporated by reference in or otherwise a part of this Offering Circular.

The Manager will be permitted to make determinations as to whether potential purchasers of Shares in the Offerings are "qualified purchasers" (as defined below) in reliance on the information and representations provided by the potential purchasers regarding the potential purchasers' financial situation. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.

v

**IMPORTANT NOTICES TO INVESTORS**

**INVESTMENT IN THE SHARES INVOLVES A HIGH DEGREE OF RISK, AND INVESTORS SHOULD NOT INVEST ANY FUNDS IN THESE OFFERINGS UNLESS THEY CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT. IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUER AND THE TERMS OF THE OFFERINGS, INCLUDING THE MERITS AND RISKS INVOLVED.**

**NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS IN CONNECTION WITH THE OFFERS MADE BY THIS OFFERING CIRCULAR, NOR HAS ANY PERSON BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION OTHER THAN THOSE CONTAINED IN THIS OFFERING CIRCULAR, AND IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON. THIS OFFERING CIRCULAR DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL OR ANY PERSON TO WHO IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION. NEITHER THE DELIVERY OF THIS OFFERING CIRCULAR NOR ANY SALE MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, CREATE AN IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE ISSUER SINCE THE DATE HEREOF.**

**THIS OFFERING CIRCULAR MAY NOT BE REPRODUCED IN WHOLE OR IN PART. THE USE OF THIS OFFERING CIRCULAR FOR ANY PURPOSE OTHER THAN AN INVESTMENT IN SECURITIES DESCRIBED HEREIN IS NOT AUTHORIZED AND IS PROHIBITED.**

**THE PURCHASE PRICES OF THE SECURITIES TO WHICH THIS OFFERING CIRCULAR RELATES HAVE BEEN DETERMINED BY THE ISSUER AND DO NOT NECESSARILY BEAR ANY SPECIFIC RELATION TO THE ASSETS, BOOK VALUE OR POTENTIAL EARNINGS OF ANY SERIES OR ANY OTHER RECOGNIZED CRITERIA OF VALUE.**

**IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE SERIES AND THE TERMS OF THE OFFERINGS, INCLUDING THE MERITS AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS OFFERING CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.**

**THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF CERTAIN STATES AND ARE BEING OFFERED AND SOLD IN RELIANCE ON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.**

vi

**STATE LAW EXEMPTION AND PURCHASE RESTRICTIONS**

The Shares are being offered and sold only to "qualified purchasers" (as defined in Regulation A). As Tier 2 offerings pursuant to Regulation A, the Offerings will be exempt from state law "Blue Sky" review, subject to meeting certain state filing requirements and complying with certain anti-fraud provisions, to the extent that the securities offered hereby are offered and sold only to "qualified purchasers" or at a time when the securities are listed on a national securities exchange. "Qualified purchasers" include: (i) "accredited investors" under Rule 501(a) of Regulation D of the Securities Act ("Regulation D") and (ii) all other investors so long as their investment in the securities does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of their annual revenue or net assets at fiscal year-end (for non-natural persons). Accordingly, the Manager reserves the right to reject any investor's subscription in whole or in part for any reason, including if it determines in its sole and absolute discretion such investor is not a "qualified purchaser" for purposes of Regulation A.

To determine whether a potential investor is an "accredited investor" for purposes of satisfying one of the tests in the "qualified purchaser" definition, the investor must be a natural person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. has
 an individual net worth, or joint net worth with the person's spouse, that exceeds $1,000,000 at the time of the purchase,
 excluding the value of the primary residence of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. has
 earned income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those
 years and has a reasonable expectation of the same income level in the current year;

3. has
 certain professional certifications, designations or credentials or other credentials issued by an accredited educational institution,
 as designated by the SEC; or

4. with
 respect to investments in a private fund, are "knowledgeable employees" of the fund, as defined in the Investment Company
 Act of 1940 (the "Investment Company Act").

The list above is non-exhaustive; prospective investors should review Rule 501 of Regulation D for more details on whether they are an "accredited investor." If the investor is not a natural person, different standards apply. See Rule 501 of Regulation D for more details in this regard.

For purposes of determining whether a potential investor is a "qualified purchaser," annual income and net worth should be calculated as provided in the "accredited investor" definition under Rule 501 of Regulation D. In particular, net worth in all cases should be calculated, excluding the value of an investor's primary residence (including furnishings) and automobiles.

**MARKET AND OTHER INDUSTRY DATA**

This Offering Circular includes market and other industry data and estimates that are based on the Manager's knowledge and experience in the markets in which we operate. The sources of such data generally state that the information they provide has been obtained from sources they believe to be reliable, but we have not investigated or verified the accuracy and completeness of such information. Our own estimates are based on information obtained from our and our affiliates' experience in the markets in which we operate and from other contacts in these markets. We are responsible for all of the disclosure in this Offering Circular, and we believe our estimates to be accurate as of the date of this Offering Circular or such other date stated in this Offering Circular. However, this information may prove to be inaccurate because of the method by which we obtained some of the data for the estimates or because this information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. As a result, you should be aware that market and other industry data included in this Offering Circular, and estimates and beliefs based on that data, may not be reliable.

**SERIES OFFERINGS**

See the Master Series Table in Appendix A for key information related to each Series being offered pursuant to this Offering Circular and its underlying Property. In addition, please see the sections entitled "Description of the Properties and the Series" and "Use of Proceeds" included in Appendix B for more information regarding each of the Series being offered pursuant to this Offering Circular and its underlying Property. The Company is offering a maximum of 10,000 Shares in each of the 184 Series, for an aggregate total of 1,840,000 Shares.

vii

**QUESTIONS AND ANSWERS ABOUT THE OFFERINGS**

 

*The following questions and answers about the Offerings highlight material information regarding us, the Series and the Offerings that is not otherwise addressed in the "Offering Summary" section of this Offering Circular. You should read this entire Offering Circular, including the section entitled "Risk Factors," before deciding to purchase any Shares.* 

**Q: What is Landa App LLC?** 

A: Landa App LLC was organized in 2019 as a Delaware limited liability company to offer a unique investment opportunity for eligible investors to benefit from the performance of curated and fully managed rental real estate properties, each of which is, and will be, owned by a separate Series of the Company. Landa App LLC was originally organized as Landa Properties A LLC and was subsequently renamed Landa App LLC. Landa App LLC first formed certain of the Series in Delaware in May of 2020 and continues to form separate series from time to time.

The Company is managed by the Manager pursuant to the Master Agreement and the Series Designation for such Series. The Company has no employees and will hold no assets other than through its Series.

**Q: What is a Series?**

A: Each Series is a separate series of the Company for purposes of accounting for assets and liabilities. Holders of Shares of a Series will only have a right to receive distributions, if any, from that Series alone and not any other Series or the Company as a whole.

We expect that each Series will engage the Manager as its manager pursuant to a Management Agreement and the Master Agreement, and that such Series will hold a single Property as its primary asset.

None of the Series currently has, or expects to have, any employees.

The holders of the Shares will have the rights and be subject to the obligations described in the Master Agreement and the Series Designation for such Series. See the section titled "Description of Shares—Master Agreement; Series Designation" below. Holders of Shares of a Series will have no rights to direct or vote on any matter concerning such Series or direct the Manager on the management of its affairs, including whether or not a Series should sell its Property or dissolve.

**Q: What types of Properties will each Series hold?** 

Each Series intends to acquire and hold one (1) Property as its primary asset.

**Q: What securities are being offered?**

A: We are offering and selling a maximum of 10,000 Shares of each of the Series of the Company, at the respective purchase prices set forth in the table on the cover page of this Offering Circular.

Each Series will use substantially all of the net proceeds from its Offering to pay down any affiliate indebtedness, including the Acquisition Notes (as defined below).

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Each Series' Offering will be independent of, and not contingent upon, the other Series' Offerings. An investor will have no claim or recourse to the underlying Property of any Series, including the Series for which it holds Shares, and will have no rights to share in the success of any other Series. You may choose to participate in the Offerings of one or more Series.

**Q: What is the purchase price for the Shares?** 

A: The Manager has set the prices per Share, specific to each Series, which are as disclosed in the table on the cover page of this Offering Circular. See "Determination of Purchase Price" for additional information.

**Q: What type of offering is this?** 

A: We are offering the Shares of each Series through the Landa Mobile App on a "best efforts," no offering-minimum basis to the public at the purchase prices listed on the cover page of this Offering Circular. Since Shares are offered to the public on a "best efforts" basis, we are only required to use our best efforts to sell the Shares of each Series. Neither the Manager nor any other party has a firm commitment or obligation to purchase any of the Shares. There is no minimum number of Shares that need to be sold in each Offering before a Closing may occur.

The Offerings will be conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, meaning that while the offering of securities is continuous, active sales of securities may happen sporadically over the term of the Offerings.

The Offering for each Series will be independent of, and not contingent upon, the other Series' Offerings. By purchasing the Shares of a Series, investors will be acquiring equity interests in the Series only and not the underlying Property, and, accordingly, investors will have no recourse to the underlying Property of the Series or any other Series. In addition, investors will have no rights to share in the success of any other Series or other Series' Properties. An investor may choose to participate in the Offerings for one or more of the Series.

Further, the acceptance of subscriptions, whether via the Landa Mobile App or otherwise, may be briefly paused at times to allow us to effectively and accurately process and settle subscriptions that have been received.

The Company is not offering and does not anticipate selling Shares in any state where the Broker Dealer is not registered as a broker-dealer.

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**Q: What happens to my money after I add it to my Landa Mobile App Account ("Landa Account")?**

A: All funds deposited into your Landa Account will be placed into a non-interest-bearing custody account maintained by Synapse Financial Technologies, Inc. (the "Custodian"). All bank services provided by the Custodian will be provided directly by Evolve Bank & Trust, Member FDIC. Your Landa Account can be accessed through the Landa Mobile App. The funds in your Landa Account will not be commingled with the operating account of the applicable Series, until, if and when there is a Closing for the Offering of that specific Series with respect to the Shares that you have subscribed to, which will occur promptly following acceptance of any subscription. A subscription will be accepted or rejected in whole or in part in the Manager's sole discretion within 10 business days following receipt of the subscription agreement. The Manager will accept subscriptions on a first-come, first-served basis subject to the right to reject or reduce subscriptions. In addition, the Manager may limit the amount of Series' Shares that an individual investor may subscribe for.

If your subscription is rejected in whole or in part, you may withdraw the subscription funds related to the rejected portion of your subscription from your Landa Account promptly after notification of such rejection.

The Manager will be responsible for paying any fees paid to the Custodian. See "Plan of Distribution" for additional information.

**Q: Who can buy Shares?** 

A: You may purchase Shares if you are a "qualified purchaser," as defined in Regulation A. "Qualified purchasers" include:

● "accredited investors" under Rule 501(a) of Regulation D; or

● all other investors so long as their investment in the Shares does not represent more than ten percent (10%) of the greater of their annual income or net worth (for natural persons), or ten percent (10%) of the greater of their annual revenue or net assets at fiscal year-end (for non-natural persons).

**Q: How does the subscription process work?**

A: You may subscribe to purchase the Shares of one or more Series in the Offerings by creating a new account, or logging into your existing account, on the Landa Mobile App. You will need to review the Series Materials, execute a Subscription Agreement, and pay for the Shares that you intend to purchase at the time you subscribe via the Landa Mobile App. Although not currently available, in the future you may also be able to subscribe for Shares on our website.

Once you subscribe to Shares of a given Series in the Landa Mobile App, the Broker Dealer will promptly review your information and subscription materials to confirm if you are eligible to invest in the applicable Offering. Once confirmed and within ten (10) business days of receipt of your subscription, the Manager, acting in its sole discretion, will either accept or reject your subscription (in whole or in part) and a Closing will occur with respect to those Shares accepted, if any.

When a Closing occurs, funds will be transferred by the Custodian from your Landa Account to the Series' operating account and you will receive your Shares purchased. For more information, see "Plan of Distribution — How to Subscribe for Shares."

The Manager reserves the right to reject any investor's subscription in whole or in part for any reason, including if the Manager determines in its sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Regulation A. Please refer to the section above entitled "State Law Exemption and Purchase Restrictions" for more information.

Please see "Plan of Distribution— How to Subscribe for Shares" for additional information.

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**Q: What is the Landa Mobile App?** 

A: The Landa Mobile App is a mobile application for acquiring Shares in one or more Series. The Landa Mobile App gives investors the ability to:

● Browse and evaluate each Series' Offering and obtain information about a Series and Property, including location, property type, and projected rental income;

● Connect a bank account to the Landa Mobile App, transfer funds to their Landa Account and monitor their Landa Account balance;

● Review the Series Materials for the applicable Series;

● Transact entirely online, by executing legal documentation, transferring funds and recording ownership;

● Manage and track investments through an online portfolio; and

● Receive distributions and regular financial and tax documentation.

The Landa Mobile App is the intellectual property of Landa Holdings and neither the Company nor any Series has any ownership rights in the Landa Mobile App. Landa Holdings has granted a license to each Series in order to, among other things, use the Landa Mobile App for the Offerings, pursuant to a license agreement (the "Landa App License Agreement"). Any fees associated with the Series' use of the Landa Mobile App will be included as part of the Monthly Management Fee.

**Q: Is there any minimum investment required?** 

A: Yes. You must initially purchase at least one (1) Share in a Series in order to participate in its Offering. There is no minimum investment requirement on additional purchases after you have purchased the minimum amount, however, the Manager may revise the minimum purchase requirements in the future or, in certain instances, elect to waive any minimum purchase requirement.

**Q: What will you do with the proceeds from the Offerings?** 

A: Each Series will use substantially all of the net proceeds from its Offering to pay down all or a portion of the affiliate indebtedness used to purchase the Property for such Series, including affiliate indebtedness with respect to Acquisition Fees, Property Diligence Expenses, Reserves and any applicable costs and fees to repair, improve and/or renovate a Property ("Improvement Costs"). Any repairs, improvements and/or renovations to a Property are referred to herein as "Improvements". In connection with the acquisition of its Property, each Series issued an Acquisition Note. See "—Will the Company use financing?" and the sections entitled "Use of Proceeds" and "Description of the Properties and the Series" in Appendix B hereto.

**Q: How long will each Offering last?** 

A: We expect that each Series Offering will remain open for investors until the earliest of (i) the date we raise the Maximum Offering Amount, (ii) the second anniversary of the first qualification date of the offering statement of which this Offering Circular forms a part pursuant to which Shares of such Series were able to be offered, and (iii) a date determined by the Manager, in its sole discretion, based on a number of factors, including the level of current or anticipated interest in a Series.

**Q: Who will allocate the Properties among the Series?** 

A: The Manager will allocate the Properties among the Series as specified in the table on the cover page of this Offering Circular.

**Q: Where will the title for each Property be held?**

A: We intend for title to each Property to be held by its respective Series; provided, however, that the Company may hold title to a Property for the benefit of the applicable Series pursuant to the terms of the Master Agreement. The Master Series Table in Appendix A will indicate, for each Property, whether title is currently held by the applicable Series or the Company, or any of its subsidiaries or affiliates.

**Q: How long will each Series hold its Property?**

A: We expect each Series to hold its Property indefinitely, provided, however, the Manager may, acting in its sole discretion, sell or otherwise dispose of a Property pursuant to the terms of the Master Agreement. If a Property is sold or otherwise disposed of, a Series will liquidate in accordance with the terms of the Master Agreement.

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**Q: Where can I find general information and any updates about a Series or a Series' Property?**

A: This Offering Circular will contain information with respect to each Series, including the Acquisition Fee, Monthly Management Fee and information about the underlying Property, including, but not limited to, lease terms, rental information, information about the city in which the Property is located and general information about the Property. Such information is available in the section entitled "Description of the Properties and the Series" in Appendix B hereto. This information may also be accessed on the applicable Property Page in the Landa Mobile App. In addition, on the Series' Property Page in the Landa Mobile App, investors will be able to access executed copies of the Series Materials for the applicable Series and view the amount of funds currently held in the dedicated custody account of a Series.

All material information that investors would need to make an investment decision with respect to the Shares will be provided in this Offering Circular or attached as an exhibit to the offering statement of which this Offering Circular forms a part.

We will also supplement this Offering Circular to reflect any material updates that may occur with respect to the Series for which we are offering Shares and their Properties. Investors may also refer to our current, semi-annual, and annual reports on Forms 1-U, 1-SA and 1-K, respectively, as well as the applicable Property Page in the Landa Mobile App, for updates regarding the Series and their Properties.

**Q: How will I know whether there is an unexpected material event with a Property and/or a Series prior to my investing in a Series?**

A: Investors should be aware that unexpected material events, such as a vacancy, eviction, significant repair, destruction, or other significant event may occur at any time involving a Property and/or a Series. In the event that an unexpected material event occurs at a Property, we will disclose such event in a supplement to this Offering Circular, in an Offering Circular supplement filed post-qualification under Rule 253(g)(2) of Regulation A, or in a current report on Form 1-U, as applicable, to inform investors of such event and any other material information. This information will also be available on the Landa Mobile App.

See "Risk Factors — Each Series will depend on its Property's tenant or tenants for its revenue, and lease defaults, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors."

**Q: What competitive advantages do you achieve through your relationship with the Manager?** 

A: The Manager will make use of its personnel and resources, including its proprietary technology, and select Properties to be acquired, evaluate returns, analyze property prices and manage each Series' day-to-day operations. We will also use the Manager's personnel and resources to identify and acquire new Properties for future Offerings by newly formed Series. We will use the Manager's corporate and operating platforms, as well as cash reserves, to realize economies of scale and other benefits.

In addition, the Manager has provided financing to each of the Series through the Acquisition Note and may provide additional financing in the future. For more information, please see "Description of the Properties and the Series — Loans" in Appendix B.

**Q: How is the liquidity of an investment in the Shares different from investing in shares of a listed or quoted company?** 

A: A fundamental difference between the Shares and shares in a company listed or quoted on a national securities exchange, such as Nasdaq, the New York Stock Exchange, or the Pink Sheets, is the daily liquidity of the shares of a listed or quoted company. While there is an established marketplace for the trading of shares of a company that is listed or quoted on a national securities exchange, you will not be able to resell your Shares except through the Secondary Trading Platform, to the extent an active market on the Secondary Trading Platform is established and maintained.

See "—Will I be able to resell my Shares after I acquire them?" below for additional information.

For investors with a short-term investment horizon, a company that is listed or quoted on a national securities exchange may provide a more suitable alternative to investing in the Shares.

Additionally, companies that are listed or quoted on a national securities exchange are subject to more demanding public disclosure and corporate governance requirements than we will be subject to.

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**Q: Will I be able to resell my Shares after I acquire them?**

A: The Shares will be issued in electronic form only and will not be listed or quoted on any securities exchange. You will not be able to resell your Shares except through the Secondary Trading Platform.

After a Series' Offering has concluded, we expect that the Secondary Trading Platform will be the only venue available for the resale of such Series' Shares. The Secondary Trading Platform will be accessible exclusively though the Landa Mobile App and may not be accessed through any other website, mobile application or platform. The Secondary Trading Platform is registered with the SEC and operated by North Capital and resales through the Secondary Trading Platform will be made through the Broker Dealer, as a broker dealer member of the Secondary Trading Platform. Any such resale of a Series' Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement (as defined below) and the Series Designation (as defined in the Master Agreement), as applicable. There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. In addition, only prospective investors that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares. For these reasons, investors must be prepared to hold their Shares indefinitely.

See "Plan of Distribution - Transferability of the Shares."

**Q: Will I be charged any fees in connection with any trades on the Secondary Trading Platform?** 

A: Both the buyer and the seller of Shares over the Secondary Trading Platform will each pay trading fees to the Broker Dealer, currently equal to 2% of the transfer price of the Shares and paid by each of the buyer and seller for each trade (the "Trading Fees").

**Q: Will I have the opportunity to redeem my Shares?** 

A: No. The Shares are not redeemable at your option.

**Q: Who will pay the Series' organization and offering costs?** 

A: The Manager will pay all costs incurred in connection with each Series' organization, including, the Series' registration fee in the states where our Properties are located. In addition, the Manager will pay all costs incurred in connection with each Offering.

**Q: What fees and expenses will each Series pay to the Manager or any of its affiliates?** 

A: In connection with the expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, which included payment to the Manager of an acquisition fee ranging from five percent (5%) to ten percent (10%) of the purchase cost of the Property ("Acquisition Fee"). For more information, please see "— Will the Company use financing?"

The Acquisition Fee for each Series was calculated by the Manager, acting in its sole discretion, based on several factors, including the purchase cost of the Property, as well as sourcing and due diligence costs incurred in connection with the acquisition of the Property. The Manager will pay the Broker Fee to the Broker Dealer, and no Series will be responsible for the Broker Fee. Information about the Acquisition Fee for each Series can be found in the sections of this Offering Circular entitled "Use of Proceeds" and "Description of the Properties and the Series" in Appendix B hereto and on the Property Page for the applicable Series on the Landa Mobile App.

Each Series also expects to pay the Manager a monthly management fee pursuant to the Management Agreement (the "Monthly Management Fee"). We expect that the Monthly Management Fee will range from five percent (5%) to ten percent (10%) of the gross monthly rent amount collected by a Series (the "Gross Monthly Rent"), as set forth in the applicable Series Materials. The Monthly Management Fee will be calculated by the Manager acting in its sole discretion, based on factors such as the cost of a Property, the amount of rental income generated by a Property, the general condition and size of a Property, and rental market in the area in which a Property is located. The Manager may adjust the Monthly Management Fee at its sole discretion, but at no time will the Monthly Management Fee exceed ten percent (10%) of Gross Monthly Rent. Information about the expected Monthly Management Fee for each Series can be found in the sections of this Offering Circular entitled "Use of Proceeds" and "Description of the Properties and the Series" in Appendix B hereto and on the Property Page for the applicable Series on the Landa Mobile App once it commences its Offering.

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Further, each Series will also reimburse the Manager for any out-of-pocket expenses to be applied for, among other things, special servicing of non-performing Properties, liquidation of Properties, and any other fees or expenses associated with the Series or the Property. Finally, each Series will reimburse the Manager for any out-of-pocket expenses paid to third parties in connection with providing fixture and capital repair services for its underlying Property. This does not include the Manager's overhead and administrative costs, employee costs borne by the Manager, or utilities or technology costs. In the case that the Manager provides a loan to a Series (other than the Acquisition Note), the Series will be obligated to pay interest no greater than seven percent (7%) on that loan at a rate to be determined solely by the Manager. See section entitled "Description of Our Business – Our Manager – Manager Compensation" for a more detailed explanation of the fees and expenses payable to the Manager.

**Q: Will there be a lien or any other encumbrance on a Property?**

A: Any third-party mortgage and/or other debt instruments that a Series enters into may be secured by a security interest in the title of such Property and/or any other assets of the applicable Series. See "— Will the Company use financing?"

**Q: Will the Company use financing?** 

A: Yes. Initially, each Series issues a promissory note to the Manager to finance one hundred percent (100%) of the costs associated with the expected acquisition of its Property, including Acquisition Fees, Property Diligence Expenses, Reserves and any applicable Improvement Costs (each an "Acquisition Note" and collectively the "Acquisition Notes").

*Acquisition Note*

Each Acquisition Note represents a related-party loan between each respective Series and the Manager. The Acquisition Notes bear an interest rate of four and half percent (4.5%) per annum; provided, however, that interest will not accrue on the Acquisition Notes issued by the Series, and no payment of amounts outstanding under such Acquisition Notes will be due, prior to the transfer to the applicable Series of title to its Property, and if such title transfer does not occur prior to the maturity of such Acquisition Note, such Acquisition Note will terminate with no obligation for the Series to make any payment thereunder.

*Refinance Note*

 

We expect each Series will pay down, or otherwise discharge, the outstanding balance of its Acquisition Note with (i) the proceeds received in exchange for a commercial promissory note bearing interest at current market rates to be issued to a third party lender (the "Refinance Lender") after the qualification date of the offering statement of which this Offering Circular forms a part (each a "Refinance Note" and collectively the "Refinance Notes"), and (ii) substantially all of the net proceeds from the Series Offering. We expect that each Refinance Note will be secured by the Property underlying the respective Series.

While we expect each Refinance Note issued by a Series to be issued for the principal amount and on the terms disclosed in this Offering Circular, the Refinance Notes are subject to further negotiation with the Refinance Lender. For example, we expect to receive a new appraisal for each Property prior to the commencement of each Series' Offering, and if this appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain outstanding following the Offering.

We expect that each Refinance Note will require payments of interest only for the term of such note, with the principal balance due upon maturity. For more information on the principal amounts and terms of each Acquisition Note and the expected principal amounts and terms of each Refinance Note see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Loans".

*Additional Borrowings*

If a Series does not initially enter into a Refinance Note or other indebtedness, it may seek to finance or further refinance any outstanding indebtedness, including the Acquisition Note and if applicable, the Refinance Note with an additional mortgage or other debt financing, including with either an affiliate or a third party. We expect that any mortgage and/or other debt instruments that a Series, or the Company on behalf of a Series, enters into in connection with a refinancing of a Property will be secured by a security interest in the title of such Property and any other assets of the Series. In addition, we expect that any third-party lender may require the Company to hold title to a Property being secured by such mortgage and/or other debt instruments. Please see "We may incur mortgage indebtedness and other borrowings, including in states and with lenders that do not recognize the series limited liability company structure, which may increase risks to the Properties." in our Risk Factors.

See the sections of this Offering Circular entitled "Use of Proceeds" and "Description of the Properties and the Series" in Appendix B hereto, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" for more information.

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**Q: How often will I receive distributions?** 

A: We intend for each Series to make distributions to the holders of Shares monthly. If any Shares are held by a holder for only a portion of the applicable month, the holder may be entitled to a pro-rata portion of the monthly distribution, if any, based on the number of days during the month that the holder held the Shares.

Any distributions that a Series makes will be at the complete and absolute discretion of the Manager and will be based on a number of factors, including, but not limited to, the total number of Shares sold, the Monthly Management Fee, expenses (including any unanticipated capital expenditures), taxes, amounts allocated to Reserves, and actual and accrued cash flows of the applicable Series. For Properties that are vacant, a Series may not be able to make distributions or may have to reduce the amount available for distributions, until such Property is leased. Please see "Description of the Properties" section in this Offering Circular for more information.

We expect that distributions for each Series will be calculated on a pro-rata basis based on the number of outstanding Shares of the Series on the day prior to the date that the distribution is declared. Accordingly, the number of Shares that have been sold in the applicable Offering at the time of any distribution may affect the per Share amount that will be paid in such distribution. For example, if there is $1,000 to distribute but only 50% of the Series Shares (i.e. 5,000 Shares) have been issued, each Share will be allocated $0.20 in distributions. However, if all the Shares have been issued (i.e. 10,000 Shares), each Share will be allocated $0.10 in distributions. The Manager has the right to amend each Series distribution policy at its sole discretion.

Since the Offerings are being conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, any Closing for Shares you purchase may occur in the middle of a month, in which case you will be eligible to receive distributions, if any, beginning with the month in which you purchase your Shares calculated on a pro-rata basis, based on the number of days in the applicable month that you owned such Shares. For example, if you purchase the Shares in an Offering on the 15<sup>th</sup> day of a month, and assuming such month has 30 days and that the distributions to be paid per Share for that month equal $0.50, you will receive an initial distribution of $0.25 per Share for that month (calculated based on the 15 days you held the Shares, or 50% of the total distribution on those Shares).

For any holder that acquires Shares on the Secondary Trading Platform, the initial distribution paid to such holder, if any, will be made on a pro-rata basis, based on the number of days in the applicable month that such Shares were held by such holder. For example, if a buyer and a seller transact in Shares on the Secondary Trading Platform on the 15<sup>th</sup> day of a month, and assuming such month has 30 days and that the distributions to be paid per Share equal $0.50, the Series will pay to the seller a final distribution of $0.25 (calculated based on the 15 days the seller held the Shares, or 50% of the total distribution on those Shares), and will pay to the buyer the remaining $0.25 (calculated based on the remaining 15 days the buyer held the Shares, or 50% of the total distribution on those Shares).

We can provide no assurances that future cash flow will support payment of distributions or that we can maintain distributions at any particular level or at all.

**Q: What will be the source of distributions on the Shares?** 

A: Distributions will be paid from the excess net operating income of a given Series, after necessary fees, debt service obligations, expenses and taxes are paid, and an allocation to Reserves is completed. We can provide no assurances that future cash flows will support payment of distributions or that we can maintain distributions at any particular level or at all. For Properties that are not leased, a Series may not be able to make distributions or may have to reduce the amount of distributions it can make, until such Series enters into a lease agreement. In addition, liquidating distributions may be made upon the sale of a Series' Property in accordance with the terms of the Master Agreement. See "Description of Shares – Distributions" for a more detailed explanation of the flow of funds.

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**Q: Will the distributions I receive be taxable as ordinary income?** 

A: For U.S. federal income tax purposes, distributions made with respect to Shares of a Series will be treated as "dividends" to the extent of the current and accumulated earnings and profits of the Series. Any distributions in excess of earnings and profits will be treated first as a return of the holder's adjusted tax basis in the Shares and thereafter as gain on a sale of the Shares. Dividends are ordinary income, but dividends received by non-corporate holders may qualify for a reduced rate of federal income tax as "qualified dividend income" if certain holding period requirements are satisfied. Distributions treated as gain will be capital gains if the Shares are held as a capital asset. For more information, please review the section of this Offering Circular entitled "U.S. Federal Income Tax Considerations."

**Q: May I reinvest my cash distributions in additional Shares?** 

A: Yes. You may reinvest distributions you receive into Offerings of Shares by other Series or any Series in which you previously invested, provided that such Offerings remain open and you continue to be a "qualified purchaser," as defined by Regulation A at the time of such purchase.

**Q: Are there any risks involved in buying the Shares?** 

A: Yes, investing in the Shares involves a high degree of risk. If we are unable to effectively manage the impact of these risks, we may not meet our investment objectives, and therefore, you should purchase Shares only if you can afford a complete loss of your investment. See "Risk Factors" beginning on page 6 for a discussion of certain risks that you should consider in connection with an investment in the Shares.

**Q: May I make an investment through my IRA or other tax-deferred retirement account?** 

A: No.

**Q: How will I be notified of how my investment is doing?** 

A: We will provide you with periodic updates on the performance of your investment in a Series and its related Property, including:

● An annual report on Form 1-K;

● A semi-annual report on Form 1-SA;

● Current event reports for specified material events within four business days of their occurrence on Form 1-U;

● Supplements to this Offering Circular, if we have material information to disclose to you; and

● Other reports that we may file or furnish to the SEC from time to time.

We will provide this information to you by filing such information on the SEC's website at www.sec.gov.

**Q: When will I get my detailed tax information?** 

A: Your IRS Form, including Forms 1099-DIV and 1099-B tax information, if required, will be provided by January 31 of the year following each taxable year.

**Q: Who can help answer my questions about the Offerings?** 

A: If you have more questions about any Series or any Offering, or if you would like additional copies of the applicable Series Materials, you should contact us via email at hi@landa.app or by mail at:

Landa App LLC

Attn: Landa Holdings, Inc.

6 W. 18<sup>th</sup> Street, 12<sup>th</sup> Floor

New York, NY 10011

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**OFFERING SUMMARY**

*This Offering Summary highlights material information regarding our business and the Offerings that is not otherwise addressed in the sections entitled "Questions and Answers About the Offerings" in this Offering Circular. Because it is a summary, it may not contain all of the information that is important to you. To understand this offering fully, you should read this entire Offering Circular carefully, including the "Risk Factors" section prior to making a decision to invest in the Shares.* 

**Overview**

 ****

***Landa App LLC***

Landa App LLC was organized in 2019 as a Delaware limited liability company. Landa App LLC was originally organized as Landa Properties A LLC and was subsequently renamed Landa App LLC. The Company has formed each of the Series in Delaware and will continue to form separate series from time to time. Each series will be treated as a corporation for U.S. federal income tax purposes.

We are offering and selling a maximum of 10,000 Shares of each of the Series of the Company, at the respective purchase prices set forth in the table on the cover page of this Offering Circular.

The Company previously filed a separate offering statement for the offer and sale of shares of forty-five (45) separate series of the Company (the "Separate Offering Series"). Of these 45 offerings of Separate Offering Series, five (5) were withdrawn before any shares of such Separate Offering Series were issued, and two were previously liquidated when their underlying property was sold to Landa Properties: Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane (the "Previously Liquidated Series"). Proceeds from the sale of such underlying property of the Previously Liquidated Series were distributed among such series' shareholders and such shareholders' shares were cancelled. The Company is now offering new Shares of the Previously Liquidated Series as part of the offering pursuant to this Offering Circular.

Each Series will use substantially all of the net proceeds from its Offering to pay down any affiliate indebtedness, including the Acquisition Notes (as defined below).

Each Series' Offering will be independent of, and not contingent upon, the other Series' Offerings. An investor will have no claim or recourse to the underlying Property of any Series, including the Series for which it holds Shares, and will have no rights to share in the success of any other Series. You may choose to participate in the Offerings of one or more Series.

The Landa Mobile App maintains an investment minimum of at least one (1) Share in a Series in order to participate in an Offering, however, the Manager may revise the minimum purchase requirements in the future or, in certain instances, elect to waive any minimum purchase requirement. Each Series will use substantially all of the net proceeds from its Offering to pay down affiliate indebtedness (primarily in the form of its Acquisition Note) used to purchase the Property for such Series, including to pay down Acquisition Fees, Property Diligence Expenses, Reserves and any applicable Improvement Costs.

See the Master Series Table in Appendix A and the section of this Offering Circular entitled "Description of the Properties and the Series" in Appendix B for a description of each Series that is being offered pursuant to this Offering Circular and its underlying Property.

***Landa Holdings, Inc. (the "Manager")***

Landa Holdings was formed as a Delaware limited liability company on February 7, 2019 and was subsequently converted to a Delaware corporation under the name Landa Holdings, Inc. on September 12, 2019. Landa Holdings will serve as the Manager to the Company and each Series and will identify a residential rental property for each Series to acquire. Landa Holdings will also manage these Properties on behalf of the Series and will earn compensation for these services.

From time to time, Landa Holdings may organize limited liability companies or series limited liability companies, such as the Company, and will raise funds for these entities through the Landa Mobile App by relying on offerings exempt from registration requirements pursuant to Regulation A. Landa Holdings' aim is to grow the number of users on the Landa Mobile App, and provide investors with steady, monthly cash flows generated by the rental of the underlying Properties.

Landa Holdings, in its capacity as the Manager, will manage day-to-day operations of the Company and each Series. The Manager is not a registered broker-dealer, an investment adviser, crowdfunding platform or other securities intermediary. A team of real estate professionals, acting through the Manager, will leverage their expertise and utilize the Manager's proprietary technology to make all the decisions regarding the selection, negotiation, financing, management, and disposition of the Properties owned by each Series, subject to the limitations in the Master Agreement and the Series Designation for such Series. The Manager will also provide property management, marketing, investor relations and other administrative services on our behalf with the goal of maximizing the operating cash flow of each Series and the value of each Property. The Manager will be able to exercise significant control over our business, as well as the business of each Series. See "Description of Our Business – Our Manager" for additional information.

The Manager serves as manager to our affiliate, Landa Properties and as manager to Landa App 2 LLC and Landa App 3 LLC, each a Delaware series limited liability company formed for the purpose of offering an investment opportunity for eligible investors to benefit from the performance of curated and fully managed rental real estate properties. Each series of Landa App 2 LLC and Landa App 3 LLC is similarly managed by the Manager. The Manager may also manage other affiliate companies in the future. For more information related to the risks associated with the Manager's management of our affiliates who operate competing businesses, see "Risk Factors—Risk Related to the Company and the Manager–The Manager may have a conflict of interest as it manages multiple Series, the Company, and affiliate companies of ours that leases residential properties and has a financial interest in certain agreements of the Series, any of which could result in the Manager not acting in the best interest of a particular Series."

**Property Acquisition Strategy** 

We intend to acquire residential properties on an opportunistic basis. We will focus on acquiring market ready properties or properties requiring renovation, which may include existing income-producing properties, in neighborhoods exhibiting growing rental demand, strong rental growth rates, and in geographic regions which exhibit steady real estate asset appreciation. Our expected target markets are neighborhoods surrounding metropolitan statistical areas of at least one million (1,000,000) residents, which we estimate having historical capitalization rates ranging from approximately four percent (4%) to seven percent (7%) for residential properties. In addition, we expect to target cities with growing populations, or cities that show strong rental demand.

**Property Acquisition Objectives** 

Our primary investment objective is to maximize net operating income so that stable cash flow is available to distribute to holders on a monthly basis. We expect each Series will hold its Property indefinitely, however, as each Property reaches what the Manager believes to be its optimum value, the Manager will consider disposing of such Property. In addition, there is no assurance that our acquisition objectives will be realized with respect to any given Series.

**Market Opportunities** 

We believe that the near and intermediate-term market for acquisitions of cash flow generating residential rental properties, including a single-family homes and duplexes, is strong from a risk-return perspective. We favor a strategy weighted toward maximizing monthly investor distributions, targeting acquisitions with strong monthly cash flows and above average capitalization rates.

**The Landa Mobile App**

The Manager owns and operates the Landa Mobile App, a mobile app-based investment platform. We intend to distribute the Shares in the Offerings and in our other future Series' Offerings exclusively through the Landa Mobile App.

The Landa Mobile App is the intellectual property of Landa Holdings and neither the Company, nor any Series, have any ownership rights in the Landa Mobile App. Landa Holdings has granted a license to each Series in order to, among other things, use the Landa Mobile App for the Offerings, pursuant to the Landa Mobile App License Agreement, which is attached as an exhibit to the offering statement of which this Offering Circular forms a part. Any fees associated with the Series' use of the Landa Mobile App will be included as part of the Monthly Management Fee.

The Landa Mobile App is available for download in application stores on iOS and Android devices and at www.landa.app.

**Manager Compensation** 

The Manager will receive fees and expense reimbursements for services relating to the selection, acquisition, and management of the Properties. See "Description of Our Business – Our Manager - Manager Compensation" for a more detailed explanation of the fees and expenses payable to the Manager. The Manager will not receive any selling commissions or dealer manager fees in connection with the offer and sale of the Shares.

**Corporate Information**

Our office is located at 6 W. 18<sup>th</sup> Street, 12<sup>th</sup> Floor, New York, NY 10011, Attn: Landa Holdings, Inc. Our telephone number is (646) 905-0931. Information regarding our Company is also available on the Landa Mobile App, which is available for download in application stores on iOS and Android devices, and on Landa Holding's website at www.landa.app.

**THE OFFERING**

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| **Issuer** | A limited purpose Delaware limited liability company that will form separate Series. Each Series will hold a residential rental property as its primary asset. |
| **Securities Offered** | We are offering up to a maximum of 10,000 Shares of each of the Series of the Company. By purchasing Shares of a Series, investors will be purchasing a membership interest in that specific Series. Each Series' Offering will be independent of, and not contingent upon, the other Series' Offerings. You may choose to participate in the Offerings of one or more Series. |
| **Prices per Share** | The respective purchase prices per Share of each Series of the Company are set forth in the table on the cover page of this Offering Circular and in the applicable Series Materials. |
| **Minimum and Maximum Offering Amounts** | The Offerings are being conducted on a "best efforts" basis and there is no minimum offering amount. The Maximum Offering Amounts are set forth in the table on the cover page of this Offering Circular. The Manager, acting in its sole discretion, may close a Series' Offering prior to selling the Maximum Offering Amount. |
| **Offering Periods; Closings** | No Series will offer or sell Shares until the offering statement of which this Offering Circular forms a part has been qualified by the SEC.<br>The Offerings are being conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, meaning that while the offering of Shares of a Series is continuous, active sales of Shares may happen sporadically over the term of the Offerings. Each Offering will commence within two (2) calendar days after the first qualification date of the offering statement of which this Offering Circular forms a part and, unless earlier terminated by the Manager, each Series will offer Shares until no later than the second anniversary of such qualification date.<br>We expect that there will be multiple Closings for each Offering at which time Shares will be sold and the subscription price will be transferred to the operating account of the Series. Each Closing will occur promptly following the acceptance of a subscription.<br>An Offering will remain open until the earliest to occur of (i) the date we raise the Maximum Offering Amount, (ii) the second anniversary of the first qualification date of the offering statement of which this Offering Circular forms a part pursuant to which Shares of such Series were able to be offered, and (iii) a date determined by the Manager, in its sole discretion, based on a number of factors, including the level of current or anticipated interest in a Series.<br>Since the Offerings are being conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, any Closing for Shares you purchase may occur in the middle of a month, in which case you will be eligible to receive distributions beginning with the month in which you purchase your Shares calculated on a pro-rata basis, based on the number of days in the applicable month that you owned such Shares. For example, if you purchase the Shares in an Offering on the 15<sup>th</sup> day of a month, and assuming such month has 30 days and that the distributions to be paid per Share for that month equal $0.50, you will receive an initial distribution of $0.25 per Share for that month (calculated based on the 15 days you held the Shares, or 50% of the total distribution on those Shares). |
| **Broker Dealer** | We entered into a broker dealer agreement with Dalmore Group, LLC, as our broker dealer in connection with the Offerings (the "Broker Dealer"). The Broker Dealer is registered with the SEC and is registered in each state where the Offerings will be made and with such other regulators as may be required to execute the sale transactions and provide related services in connection with the Offerings. The Broker Dealer is a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation.<br>The Manager will be responsible for paying the Broker Fee to the Broker Dealer. |

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|:---|:---|
| **Restrictions on Investment** | Each investor must be a "qualified purchaser" as defined by Regulation A. See "Plan of Distribution" for additional information. The Manager may, in its sole discretion, decline to admit any prospective investor, or accept only a portion of such investor's subscription, regardless of whether such person is a "qualified purchaser." Furthermore, the Manager anticipates only accepting subscriptions from prospective investors located in states where the Broker Dealer is registered. |

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|:---|:---|
| **Custody Accounts** | All funds deposited into your Landa Account will be placed into a non-interest-bearing custody account maintained by Synapse Financial Technologies, Inc. (the "Custodian"). See "Plan of Distribution – Landa Account" for additional information. All bank services provided by the Custodian will be provided directly by Evolve Bank & Trust, Member FDIC. Your Landa Account can be accessed through the Landa Mobile App. The funds in your Landa Account will not be commingled with the operating account of the applicable Series, until, if and when there is a Closing for the Offering of that specific Series with respect to the Shares that you have subscribed to, which will occur promptly following acceptance of any subscription.<br>The Manager will be responsible for paying any fees paid to the Custodian. See "Plan of Distribution" for additional information. |
| **Voting Rights** | None. You will have no rights to vote on any matter concerning the Series or direct the Manager on the management of its affairs, including whether or not a Series should liquidate its Property or dissolve. The Manager will exercise all voting and management control over each Series. |
| **Use of Proceeds** | See the section of this Offering Circular entitled "Use of Proceeds" in Appendix B for a discussion of the use of proceeds from the Offerings. |
| **Fees; Expenses** | In connection with the expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, which included payment to the Manager of an Acquisition Fee ranging from five percent (5%) to ten percent (10%) of the purchase cost of the Property. The Acquisition Fee for each Series was calculated by the Manager acting in its sole discretion, based on several factors including the purchase price of the Property, as well as sourcing and due diligence costs incurred in connection with the expected acquisition, of the Property by such Series. Information about the Acquisition Fee for each Series can be found in the section of this Offering Circular entitled "Use of Proceeds" in Appendix B and on the Property Page for the applicable Series on the Landa Mobile App.<br>Each Series will also pay the Manager a Monthly Management Fee ranging from five percent (5%) to ten percent (10%) and currently expected to be eight percent (8%) of the Gross Monthly Rent for each Property, as set forth in the applicable Series Materials. The Manager may adjust the Monthly Management Fee at its sole discretion, but at no time will the Monthly Management Fee exceed ten percent (10%) of Gross Monthly Rent. The Monthly Management Fee will be calculated by the Manager acting in its sole discretion, based on factors such as the purchase cost of a Property, the amount of rental income generated by a Property, the general condition of a Property, and rental market in the area in which a Property is located. Information about the Monthly Management Fee for each Series can be found in the section of this Offering Circular entitled "Description of the Properties and the Series" in Appendix B, as well as on the Property Page for the applicable Series on the Landa Mobile App once it commences its Offering.<br>Further, each Series will also reimburse the Manager for any out-of-pocket expenses to be applied for, among other things, special servicing of non-performing Properties, liquidation of Properties, and any other fees or expenses associated with the Series or the Property.<br>Finally, each Series will reimburse the Manager for any out-of-pocket expenses paid to third parties in connection with providing fixture and capital repair services for its underlying Property. This does not include the Manager's overhead, employee costs borne by the Manager, or utilities or technology costs. In the case that the Manager provides a loan to a Series, the Series will be obligated to pay interest no greater than seven percent (7%) on that loan at a rate to be determined solely by the Manager. Any excess funds held by a Series will be placed in its Reserve. Reserves may be used, for among other things, to pay any expenses associated with operating the Properties. |

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| **Transfer Agent and Registrar** | Securitize LLC will serve as transfer agent and registrar for the Shares of each Series. |
| **Resales; Transfers; Secondary Market** | You will not be able to resell your Shares except through the Secondary Trading Platform. We expect that after a Series' Offering has concluded, the Secondary Trading Platform will be the only venue available for the resale of such Series' Shares and will be accessible exclusively though the Landa Mobile App and may not be accessed through any other website, mobile application or platform. There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. In addition, only prospective investors that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares. For the foregoing reasons, investors must be prepared to hold their Shares indefinitely.<br>See "Plan of Distribution – Transferability of the Shares." |
| **Transfer Limitations** | The Manager may, acting in its sole discretion, limit any transfer, resale, assignment or pledge of Shares that would result in there being more than (a) 2,000 beneficial owners of the Series or 500 beneficial owners of the Series that are not "accredited investors," (b) the assets of the Series being deemed "plan assets" for purposes of ERISA, or (c) the Company, the Series or the Manager being subject to additional regulatory requirements.  |
| **Series Materials** | The Series Materials for the Shares being offered hereby consist of this Offering Circular, as well as the Master Agreement and the Series Designation, Subscription Agreement, and Management Agreement for the applicable Series, and any related offering materials approved by us before making an investment decision.<br>Please carefully review the Series Materials. You may also access the Series Materials by navigating to the applicable Property Page on the Landa Mobile App. |
| **Risk Factors** | Investing in the Shares involves a high degree of risk. See "Risk Factors" beginning on page 6. |

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**RISK FACTORS**

An investment in a Series and the Shares involves a high degree of risk. You should carefully consider the following risk factors, together with the other information contained in the Series Materials, before purchasing Shares through the Landa Mobile App. Any of the following factors could harm our business and future results of operations and could result in a partial or complete loss of your investment.

**RISKS RELATED TO THE PROPERTIES AND THE SERIES**

***The value of the underlying Property to be acquired by a Series is subject to many risks.***

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The value of the underlying Property to be acquired by a Series is affected significantly by its ability to generate cash flow and net income, which, in turn, depends on the amount of rental or other income that can be generated net of expenses required to be incurred with respect to such Property. Many expenditures associated with Properties (such as Operating Expenses (as defined below) and capital expenditures) cannot be reduced when there is a reduction in income from the Properties. The value of a Property may be adversely affected by a number of risks, including, but not limited to:

● adverse changes in national and local economic and real estate conditions, including as a result of the COVID-19 pandemic, general economic conditions and terrorist attacks;

● an oversupply of (or a reduction in demand for) residential rental properties in the areas where a Property is located and the attractiveness of such Property to prospective tenants, which could result in a decline in the rental income, including to zero, if such Series is unable to find a new tenant;

● the risk that the Company, or any Series, would default on its debt service if rental income decreased due to tenant default or failure to renew a lease agreement or a lack of rental income due to failure to obtain a lease agreement;

● the potential for uninsured or underinsured property losses;

● changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related compliance costs associated therewith and the potential for liability under applicable laws;

● natural disasters such as hurricanes, earthquakes and floods; and

● pandemic, epidemic or outbreak of an infectious disease in the United States and globally.

These factors may have a material adverse effect on the rental income that you might receive on account of your Shares as well as on the value that Series can realize from a sale of its underlying Property.

 ***A Series may hold significantly more debt due to the failure to fully discharge the Acquisition Note with the proceeds of the Refinance Note.***

Each New Series intends to refinance approximately 60.00% of the purchase price of its Property by refinancing the applicable Acquisition Note with the proceeds of its Series Offering and a Refinance Note. However, the Manager has not yet entered into a commitment for such loans and, therefore, the exact amount and terms of the Refinance Notes are, as of the date of this Offering Circular, subject to further negotiation with the applicable Refinance Lender. For example, the Company expects to receive a new appraisal for each Property prior to the commencement of each New Series' Offering, and if this appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain outstanding following the Offering. This may result in each New Series holding significantly more debt than expected and having to make higher interest payments, which may increase costs related to owning the Property and reduce funds available for distributions to investors.

***The COVID-19 pandemic may adversely affect our business.***

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The international spread of COVID-19 was declared a global pandemic by the World Health Organization, and in response, many states and localities have imposed, and continue to impose, limitations on commercial activity and public gatherings and events, as well as moratoria on evictions as a result of the spread of the COVID-19 virus. Concern about the spread of COVID-19 has caused and is likely to continue to cause quarantines, business shutdowns, reduction in business activity and financial transactions, labor shortages, supply chain interruptions, unprecedented unemployment levels and commercial property vacancy rates, and overall economic and financial market instability.

In addition, the impact of the COVID-19 pandemic and measures to prevent its spread could materially negatively impact our ability to launch and operate our business and our results of operations, financial condition and liquidity in a number of ways, including:

● an inability to sell the Shares in a Series resulting in a lack of capital sufficient to operate the applicable Property and meet debt obligations;

● a decrease in a Series' revenues as a result of tenants' inability to pay their rent timely, or at all;

● changes in residential preferences may make it less likely that home renters would want to live in the regions where the Properties are located;

● an inability to enforce tenants' contractual rental obligations and/or limits on our ability to raise rents upon lease renewals due to restrictive measures imposed by local, regional or national governmental authorities;

● the risk of a prolonged COVID-19 outbreak causing long-term damage to economic conditions, which in turn could cause material declines in the fair market value of any of the Properties;

● the potential inability to hire and/or maintain adequate staffing for the management and maintenance of any of the Properties; and

● a disruption in the supply chain for building, construction and related goods and materials.

The impacts of the COVID-19 pandemic may increase the risk that the tenants of the Properties will be unable to make their scheduled lease payments on time or seek to terminate their lease agreements prior to the expiration dates of such lease agreements. Furthermore, whenever we are required to locate a new tenant for a property, restrictions on providing access to view properties as a result of the pandemic could make it more difficult to secure a new tenant, which may result in decreases in a Series' net rental income or a Series not having rental income at all.

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***The Properties may have limited rental history, which makes future performance of the Properties difficult to evaluate.***

The Properties underlying each Series were acquired by Landa Properties from third-party sellers. As a result, there may be limited established rental history for these Properties, which makes it more difficult to predict the rental rates that we may be able to achieve for these Properties and may increase the risk that we enter into lease agreements with rental rates that are materially less than amounts realized on similar properties that are currently being rented in the area which these Properties are located, which may result in lower distributions paid to investors. ****

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***Changes in national, regional or local economic, demographic or real estate market conditions may adversely affect our results of operations and returns to our investors.***

Each Series is subject to risks incident to the ownership of residential properties including, but not limited to, changes in national, regional or local economic, demographic or real estate market conditions; changes in supply of, or demand for, similar properties in an area; and changes in government rules, regulations and fiscal policies, including changes in tax, real estate, environmental and zoning laws. Additionally, we are unable to predict future changes in national, regional or local economic, demographic or real estate market conditions. For example, a recession or rise in interest rates could make it more difficult for us to acquire and lease the Properties. These conditions, or others we cannot predict, may adversely affect returns to investors.

***Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of a Property.***

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Because real estate investments are relatively illiquid, our ability to facilitate a sale of a Property promptly in response to changing economic, financial, and investment conditions may be limited. In particular, our ability to facilitate a sale could be negatively impacted by weakness in the market, changes in the financial condition or prospects of prospective purchasers, changes in governmental laws and regulations, changes in regional, national or international economic conditions, changes in the condition of such Property, the occupancy of such Property or the rental income relative to market rates, and changes in laws, regulations or fiscal policies.

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***The actual rent a Series receives for its Property may be less than estimated market rent, and a Series may experience a decline in realized rental rates from time to time, which could adversely affect a Series' financial condition, results of operations and cash flow.***

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As a result of numerous potential factors, including competitive pricing pressure in our markets, a general economic downturn and the desirability of a Property, a Series may be unable to realize its projected market rent for a Property. If a Series is unable to obtain adequate rental rates for its Property, then its ability to generate cash flow growth will be negatively impacted. The rental rate of each Series' Property will be determined at the sole discretion of the Manager and may be less than the market rental rate for similar properties.

***Each Series will depend on its Property's tenant or tenants for its revenue, and lease defaults, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors.***

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The success of each Series materially depends on the financial stability of its tenant. A default, termination, or other event preventing collection of rent from a tenant on their lease agreement, such as eviction procedures, need for repairs, destruction of the Property, and environmental or other events outside of our control, would cause the applicable Series to lose the revenue associated with such lease agreements and require a Series to find an alternative source of revenue to meet its monthly or other recurring expenses, including its mortgage payments and prevent a foreclosure, if the Property is subject to a mortgage.

In the event of a tenant default or bankruptcy, a Series may experience delays in enforcing its rights as landlord and may incur substantial costs in protecting its investment and re-leasing its Property. If a tenant defaults on or terminates their lease agreements, the applicable Series may be unable to lease the underlying Property for the rent previously received. Any vacancy could reduce a Series' net income. These events could cause such Series to reduce the amount distributed to investors or hinder the Series' ability to make distributions at all. If a Series is unable to find an alternative source of revenue to meet the mortgage payments and the underlying Property goes into foreclosure, the bank providing the mortgage will have priority in such Property over any investors in the Series.

***The Manager may fail to successfully acquire the Properties, which could adversely affect us and impede our growth.***

The Manager's ability to identify and acquire Properties on favorable terms and successfully develop, redevelop and/or operate them may be exposed to significant risks. Agreements for the acquisition of properties are subject to customary conditions to closing, including completion of due diligence investigations and other conditions that are not within our control, which may not be satisfied. The Manager may be unable to complete an acquisition after incurring certain acquisition-related costs. In addition, if mortgage debt is unavailable at reasonable rates, the Manager may be unable to finance the acquisition on favorable terms, or at all. The Manager may also spend more than budgeted to make necessary improvements or renovations to acquired properties and may not be able to obtain adequate insurance coverage for any such properties. Any delay or failure to identify, negotiate, finance and consummate such acquisitions in a timely manner and on favorable terms, or operate acquired properties to meet our financial expectations, could impede our growth and have an adverse effect on us, including our financial condition, results of operations, cash flow and the market value of the properties.

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***A Series may be unable to service its indebtedness, which may be secured by its Property, and could result in the Series being forced to sell its Property, which could result in a significant loss to investors in the particular Series.***

In connection with the expected acquisition of its Property from Landa Properties, each Series has issued an Acquisition Note, which constitutes or will constitute a significant debt obligation of such Series. Each Series' ability to make scheduled payments on its indebtedness depends on and is subject to its financial and operating performance, which depends in part on its ability to lease its Property and timely collect rent from each tenant. If a Series' cash flows and capital resources are insufficient to fund its debt service obligations, such Series may be forced to reduce or delay expenditures, seek additional capital, or restructure or refinance the indebtedness. Future borrowings may not be available in an amount sufficient to enable a Series to refinance its indebtedness or meet other liquidity needs. Even if refinancing indebtedness is available, any refinancing of a Series' indebtedness could be at higher interest rates and may require compliance with more onerous covenants that could restrict a Series' business operations.

If a Series is unable to make timely payments on its Refinance Note, it would be in default under its Refinance Note, which would entitle the Refinance Lender to accelerate all amounts due under the note. If the Series is not able to refinance the amounts due under its Refinance Note, the Refinance Lender would be entitled to foreclose on the Series' Property and force its sale to recover unpaid amounts under the Refinance Note, which would likely result in a significant loss to investors of the particular Series.

***We may incur mortgage indebtedness and other borrowings, including in states and with lenders that do not recognize the series limited liability company structure, which may increase risks to the Properties.***

We expect that in most instances, each Series, or the Company on behalf of each Series, will seek to further refinance any outstanding indebtedness, including the Acquisition Note, with an additional mortgage or other debt financing, including with a third party, secured by the underlying Property. Incurring mortgage debt increases the risk of loss since defaults on indebtedness secured by a Property may result in lenders initiating foreclosure actions. In that case, a Series could lose the Property securing the loan that is in default.

Further, while we expect each mortgage to be secured by a specific Property (and the assets of such Property) and be the financial obligation of the applicable Series, the Company may be required enter into a loan as the borrower and hold title to the Property on behalf of such Series in states where our series limited liability structure is not recognized or respected under the laws of the state governing the loan. In that instance, in the event that we default on a loan, we can make no assurance that a lender will not seek to foreclose on the other Series' Properties that we hold title for the benefit of. Please see "***If our series limited liability company structure is not respected, then investors may have to share any liabilities of our Company with all investors and not just those who hold the same Series as them***."

***A Series may not be able to control its operating costs, or its expenses may remain constant or increase, even if its revenues do not increase, causing its results of operations to be adversely affected.***

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Factors that may adversely affect a Series' ability to control operating costs include the need to pay for insurance and other operating costs, including real estate taxes, which could increase over time, the need periodically to repair (including repairs resulting from significant damage by tenants), renovate and re-lease space and cost and availability of building and construction materials (i.e., due to supply chain constraints), increases in the price of oil and gas, the cost of compliance with governmental regulation (including zoning, environmental and tax laws, the potential for liability under applicable laws), the effects of inflation on real estate and on the economy in general, mortgage and interest rates, principal loan amounts and the availability of financing. If a Series' operating costs increase as a result of any of the foregoing factors, its results of operations may be adversely affected.

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The expense of owning and operating a Property is not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from a Property. As a result, if revenues decline, a Series may not be able to reduce its expenses accordingly. Costs associated with real estate investments, such as real estate taxes, insurance, loan payments, and maintenance and repairs, generally will not be reduced even if a Property is not fully occupied or other circumstances cause a Series' revenues to decrease. If a Series is unable to decrease operating costs when demand for its Property decreases and its revenues decline, its financial condition, results of operations and ability to make distributions to holders may be adversely affected.

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***We may not be able to make any monthly cash distributions to holders of Shares.***

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We intend for each Series to make any monthly cash distributions per Share based on the net rental income generated by a Property. For Properties that are vacant, a Series may not be able to make distributions or may have to reduce the amount of distributions it can make, until such Series enters into a lease agreement. Any distributions that a Series makes will be at the complete discretion of the Manager and will depend on a number of factors, including, but not limited to, the total number of Shares sold, the Series' rental income for the month, if any, the Monthly Management Fee, expenses (including any unanticipated capital expenditures), taxes, amounts allocated to Reserves, and actual and accrued cash flows of the applicable Series, many of which could vary substantially from month to month. Accordingly, there can be no assurance that you will receive monthly distributions on your Shares.

***We may be unable to renew lease agreements with existing tenants or enter into lease agreements with new tenants.***

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The Series' lease agreements are short-term in nature, typically one year, and in certain cases month-to-month, which exposes us to the risk that we may have to renew or re-lease a Property in the near term. If tenants do not renew their lease agreements upon expiration or if we are required to make Improvements to a Property or somehow unable to freely enter into a lease agreement for a Property, we may be unable to re-lease such Property. Even if the existing tenants renew their lease agreements or we are able to enter into a lease agreement with a new tenant, the terms and conditions of the new lease may not be as favorable as the terms and conditions of the expired lease agreement. If the rental rates for a Property underlying a Series decrease, or in the event that a Property becomes vacant, such Series' financial condition, results of operations, cash flow, the value of the Shares interests and the Series' ability to satisfy its debt obligations and to make distributions could be adversely affected.

***Our Properties may be subject to impairment charges.***

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We will periodically evaluate each of the Properties for impairment indicators. The judgment regarding the existence of impairment indicators is based on factors including market conditions, a tenant's ability to pay rent, the short-term nature of each lease agreement, and any unforeseen expenses or liabilities incurred by a Series or its Property. For example, the early termination of, or default under, a lease agreement by a tenant may lead to an impairment charge. If we determine that an impairment has occurred, we would be required to make a downward adjustment to the net carrying value of a property. Impairment charges also indicate a potential permanent adverse change in the fundamental operating characteristics of the impaired Property. There is no assurance that these adverse changes will be reversed in the future and the decline in the impaired Property's value could be permanent.

***We may not be able to rebuild our existing Properties to their existing specifications if we experience a substantial or comprehensive loss of such Properties.***

In the event that we experience a substantial or comprehensive loss of one of the Properties, we may not be able to rebuild such Property to its existing specifications. Further, reconstruction or Improvements of such a Property would likely require significant upgrades to meet zoning and building code requirements. Environmental and legal restrictions could also restrict the rebuilding of the Properties.

***Each of the Series will hold its underlying Property as its main asset.***

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Each Series will hold title to a Property, either directly or indirectly through the Company, as its primary asset; provided, however, that the Company may hold title to a Property for the benefit of the applicable Series pursuant to the Master Agreement. The success of an investment in a Series will depend on the revenues generated by the Series' Property and the appreciation of the value of the Property over time. Such revenues are determined by a number of factors such social conditions, financial markets and the economy, competition from existing and future companies operating in our industry, as well as government rule and regulation (such as tax and building code charges). The value of a Property may decline substantially after you purchase your Shares.

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***A concentration of our investments in residential rental properties, including single-family homes and duplexes, may leave our profitability vulnerable to a downturn or slowdown in the sector.***

The Properties held by each Series is comprised solely of residential rental properties, including single-family homes and duplexes. As a result, we are subject to risks inherent in investments in this type of property. Because our investments are solely in the residential sector, the potential effects on our revenue and profits resulting from a downturn or slowdown in the residential sector could be more pronounced than if we had more fully diversified our investments.

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***Tenant relief laws may negatively impact our rental income and profitability.***

As manager of numerous residential properties, the Manager may be involved in evicting residents who are not paying their rent or are otherwise in material violation of the terms of their lease agreements. Eviction activities will impose legal and managerial expenses that will raise costs specific to the applicable Series. The eviction process is typically subject to legal barriers, mandatory "cure" policies and other sources of expense and delay, including restrictions on evictions enacted by many states as a result of the COVID-19 pandemic, each of which may delay our ability to gain possession and stabilize the home. Additionally, state and local landlord-tenant laws may impose legal duties to assist residents in relocating to new housing or restrict the landlord's ability to recover certain costs or charge residents for damage that residents cause to the landlord's premises. The Manager will be required to take all appropriate steps to comply with all applicable landlord-tenant laws, and each Series will need to incur supervisory and legal expenses to ensure such compliance. To the extent that a Series does not comply with state or local laws, the Series may be subjected to civil litigation filed by individuals, in class actions or by state or local law enforcement. A Series may be required to pay adversaries' litigation fees and expenses if a judgment is entered against us in such litigation or if we settle such litigation.

***Rent control or rent stabilization laws could prevent us from raising rents to offset increases in operating costs.***

Various states, cities, or municipalities have a system of rent regulations, also known as rent stabilization and rent control. While these regulations generally apply only to tenants of regulated multifamily rental properties, given expansion of institutional ownership of residential rental properties, including single-family homes and duplexes, municipalities may seek to impose them as well on our properties. Typical rent control or rent stabilization laws entitle tenants to receive required services, to have their lease agreements renewed, and to not be evicted except on grounds allowed by law. If we acquire properties with these or other similar regulations, such regulations could limit the amount of rent we are able to collect, which could have a material adverse effect on our ability to fully take advantage of the investments that we make in our properties. Further, there can be no assurance that changes to rent control or rent stabilization laws will not have a similar or greater negative impact on a Series' ability to collect rents.

***Compliance with governmental laws, regulations and covenants that are applicable to the residential properties held by the Series may adversely affect the Series' business and growth strategies.***

Residential rental properties are subject to various covenants, local laws, and regulatory requirements, including permitting and licensing requirements. Local regulations, including municipal or local ordinances, zoning restrictions, and restrictive covenants imposed by community developers, may restrict a Series' use of its Property and may require the Series to obtain approval from local officials or community standards organizations at any time with respect to its Property, including prior to acquiring the Property or when undertaking renovations. Among other things, these restrictions may relate to fire and safety, seismic, asbestos clean-up or hazardous material abatement requirements.

Environmental laws also may impose liens on property or restrictions on the manner in which a Property may be used, and these restrictions may require substantial expenditures or prevent the Manager from operating such Properties. Some of these laws and regulations have been amended so as to require compliance with new or more stringent standards as of future dates. Compliance with new or more stringent laws or regulations or stricter interpretation of existing laws may require us to incur material expenditures. Future laws, ordinances or regulations may impose material environmental liability. The costs of defending against claims of environmental liability, of complying with environmental regulatory requirements, of remediating any contaminated property, or of paying personal injury, property damage or natural resource damage claims could reduce the amounts available for distribution to our investors.

We cannot assure you that existing laws or regulations will not adversely affect a Series or result in additional expenses relating to any future renovations or otherwise, or that additional laws or regulations will not be adopted that would result in additional expenses. A Series' growth strategies may be materially and adversely affected by its ability to obtain permits, licenses, and zoning approvals. A Series' failure to obtain such permits, licenses and zoning approvals could have a material adverse effect on its results of operations or financial condition and cause the value of your Shares to decline.

***Each Series will face significant competition for tenants, which may hinder the Manager's ability to find suitable tenants for a Series' Property and prevent increases of rental rates for its Property.***

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There is significant competition in the real estate industry, including numerous real estate investment trusts ("REITs") and other institutions with property acquisition objectives similar to ours. The size and financial wherewithal of our competitors may allow them to offer space at rental rates below current market rates or below the rental rates each Series charges their tenants. As a result, a Series may lose existing tenants or fail to obtain future tenants, and the downward pressure caused by our competitors may cause our Series to reduce their rental rates or to offer more substantial rent abatements, tenant improvements, early termination rights or below-market renewal options in order to retain tenants when lease agreements expire. Competition for tenants could adversely impact the net rental income for a given Series.

***Increased competition, including increased affordability of residential rental properties, including single-family homes and duplexes, could limit our ability to attract or retain residents or increase or maintain rents.***

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Any residential properties we may acquire will most likely compete with numerous housing alternatives in attracting residents, including other single-family homes and duplexes, as well as multifamily homes available to rent. Competitive housing in a particular area, including if the affordability of owner occupied single-family homes, duplexes, and multifamily homes available to rent or buy results from, among other causes, low or lower mortgage interest rates and government programs to promote home ownership, could adversely affect our ability to attract or retain our residents or increase or maintain rents.

***We may in the future purchase properties that contain lead-based paint, which may cause health problems, exposing us to third-party liability or may cause us to be in violation of environmental laws or regulations, either of which would adversely affect our operating results.***

Many of the properties in our target markets were built prior to 1978, and housing built prior to such time may contain lead-based paint. The existence of lead-based paint is especially a concern in residential properties and can cause health problems, particularly for children. As a result, Federal, state and local laws and regulations impose certain disclosure requirements and restrict and regulate renovation activities on housing built before 1978. Any violation of these restrictions could result in fines or criminal liability, and we could be subject to liability arising from lawsuits alleging personal injury or related claims. Although we will attempt to comply with all such regulations, we cannot guarantee that we will not incur any material liabilities as a result of the presence of lead-based paint in any Properties that are owned by the Series or that we may acquire in the future.

***Uninsured losses relating to real property or expensive premiums for insurance coverage could reduce the Series' cash flows and the return on your investment.***

Each Property is currently insured up to an amount that the Manager deems to be reasonable. However, we cannot assure you that such insurance will be adequate to cover actual losses or that such insurance will continue to be available at reasonable costs, if at all, which could inhibit a Series' ability to finance or refinance the underlying Property and result in uninsured losses. In such instances, a Series may be required to provide other financial support, either through financial assurances or self-insurance, to cover potential losses. A Series may not have adequate coverage for such losses. If a Property incurs a loss that is not fully insured, the value of the Series' asset will be reduced by any such uninsured loss, which would reduce the value of your investment.

***The liquidation value of the Series substantially depends on the value of its underlying Property and the valuation of each Property may change significantly from time to time. If we elect to dispose of a Series' Property, and the value of such Property has declined, investors may not achieve expected returns from their investment, or may receive less in process than originally invested.***

The value of a Series' underlying Property may significantly change from time to time based on the following factors, among others:

● adverse changes in national and local economic and real estate conditions, including as a result of the COVID-19 pandemic, general economic conditions and terrorist attacks;

● an oversupply of (or a reduction in demand for) residential rental properties in the areas where the Property is located and the Property's ability to attract tenants;

● changes in the Property's condition over time; and

● changes in the appraised value of the Property.

Since each Property represents the primary asset of each Series, if its value declines, the liquidation value of the Series may decline significantly. If we elect to dispose of a Series' Property, and the value of such Property has declined, investors may not achieve expected returns from their investment, or may receive less in proceeds than originally invested.

***A Series cannot guarantee proceeds from the sale of its Property.***

The Manager will have the discretion to determine whether to hold or sell a Property of a Series and may elect to hold and operate a Property for an indefinite period of time. While we do not intend to sell any of the Properties in the near term, if the Manager, acting in its sole discretion, elects to sell a Property, the sales price to be realized upon the sale or other disposition of the Property will depend upon many factors, including the availability and pricing of financing for purchasers from time to time, whether the Property has a tenant, the availability and price of comparable properties, and conditions in the real estate market in general. A Series cannot assure you that the price and terms of any such sale or other disposition will be sufficient to pay any return at all, or that there will not be a loss as a result of such transaction.

**RISKS RELATED TO THE SHARES**

***If a Series in which you have invested does not successfully implement a liquidity transaction, you may have to hold your investment for an indefinite period.***

The Master Agreement does not require the Manager to pursue a sale of the Property or other liquidity transaction. Investors will be unable to prompt the sale of a Property through a voting process. If the Manager does determine to pursue a liquidity transaction, such as the sale of a Property, the Manager would be under no obligation to conclude the process within a set time or any specific terms. The timing of any sale of the Property will depend on a number of factors, including real estate and financial markets, economic conditions in areas in which such Property is located, and anticipated federal income tax effects on investors that may prevail in the future. If the Property is not sold, and an active market has not developed on the Secondary Trading Platform, your Shares may continue to be illiquid and you may, for an indefinite period of time, be unable to convert your investment to cash easily and could suffer losses on your investment.

***You may be unable to resell your Shares at desired times or prices, if at all.***

While the initial sales of the Shares are exempt from state securities registration requirements under Regulation A, that exemption does not cover resales of the Shares to other investors by purchasers of the Shares. Each state has its own securities laws, often called "blue sky" laws. These laws limit resales of securities to a state's residents unless the securities are registered in that state or qualify for an exemption from registration; these laws also govern the reporting requirements for broker-dealers doing business directly or indirectly in the state. The fact that the initial offering and sale of Shares qualifies for an exemption is not relevant to determining whether there is an exemption in a given state to allow a holder to resell the Shares to a resident of a given state. There may be significant state blue sky law restrictions on your ability to sell, and on purchasers to buy, your Shares.

Further, once a Series' Offering has concluded, we expect that the Shares will only be available for resale on the Secondary Trading Platform, which is accessible exclusively though the Landa Mobile App and may not be accessed through any other website, mobile application or platform. The Secondary Trading Platform will be the only venue available for the resale of such Series' Shares through the Broker Dealer. Prospective investors must create a Landa Account, must submit all of the relevant information, as required by the Broker Dealer, and must be approved by the Broker Dealer before being permitted to transact the Secondary Trading Platform. In addition, only prospective buyer that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares

There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely. As a result, you may lose some or all of your investment. Please see "— The Shares will not be listed on any securities exchange, and you will not be able to resell your Shares except through the Secondary Trading Platform, to the extent such platform is established and maintained. You should be prepared to hold the Shares indefinitely*."*

Given the limited liquidity for the Shares, investors and potential investors may consider these investments to be less appealing and demand for these investments may decrease, which may adversely affect prices you may obtain on the Secondary Trading Platform or your ability to resell your Shares on the Secondary Trading Platform at all.

You should consider the resale market for our securities to be limited. You may be unable to resell your Shares, or you may be unable to resell them without the significant expense of state registration or qualification.

***There is currently no public trading market for the Shares.***

There is currently no public trading market for any of the Shares, and an active market may not develop or be sustained. If an active public trading market for the Shares does not develop or is not sustained, it may be difficult or impossible for you to resell your interests at any price, unless the securities are registered in that state or qualify for an exemption from registration. Even if a public market does develop, the market price could decline below the amount you paid for your Shares.

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***The Shares will not be listed on any securities exchange and you will not be able to resell your Shares except through the Secondary Trading Platform, to the extent such platform is established and maintained. You should be prepared to hold the Shares indefinitely.***

The Shares will not be listed on any securities exchange, such as Nasdaq or the New York Stock Exchange. You will not be able to resell your Shares except through the Secondary Trading Platform, to the extent such platform is established and maintained. After a Series' Offering has concluded, we expect that the Secondary Trading Platform will be the only venue available for the resale of such Series' Shares through the Broker Dealer, as a broker dealer member of the Secondary Trading Platform; provided, however, any such resale of a Series' Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement, and there can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely. As a result, you may lose some or all of your investment. See "Plan of Distribution- Transferability of the Shares."

***The trading price of Shares that trade on the Secondary Trading Platform may be extremely volatile.***

Securities that trade on the Secondary Trading Platform, as with other public markets, likely will experience significant price and volume fluctuations. These fluctuations can be more pronounced for securities that have a small public float, such as the Shares. Share prices could fluctuate widely in price in response to various potential factors, many of which will be beyond our control, including the total number of available buyers or sellers at any point in time, property value, appraisals of the applicable Property, occupancy rates, and economic, market, geopolitical and other external factors. As a result, the market prices of the Shares that are listed may be volatile, and holders of such Shares may experience a decrease in the value of their Shares. No assurance can be given that the market price of the Shares will not fluctuate or decline significantly in the future or that you will be able to sell your Shares when desired on favorable terms or at all.

While we expect the Secondary Trading Platform will be available after the conclusion of a Series' Offering, such resale of a Series' Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement, and there can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely. See "Plan of Distribution – Transferability of the Shares."

Because of the illiquid nature of the Series' Shares, you should purchase the Shares only as a long-term investment and be prepared to hold them for an indefinite period of time.

***Each Series' Offering will not have a minimum offering amount, which could result in an Offering ending without reaching the Series' funding target.***

Each Series' Offering will be conducted on a "best efforts" no minimum basis. We expect that there will be multiple Closings for each Offering and each Closing will occur promptly following the acceptance of a subscription. We expect that each Series' Offering will remain open for investors until the earliest of (i) the date subscriptions for the Maximum Offering Amount of such Series have been accepted by the Manager or (ii) any earlier date determined by the Manager, based on a number of factors, including the level of current or anticipated interest in a Series. Therefore, an Offering may end without reaching the Series' funding target such that the total proceeds amount may not be sufficient to pay down the Series' Acquisition Note. As a result, a Series may have significant debt obligations which could adversely affect the Series' financial condition, reduce the total distributions to each holder, and/or delay distributions to Series holder.

***The purchase price for the Shares of each Series was determined by the Manager and may not necessarily reflect the actual value of the Shares.***

The purchase price for the Shares of each Series was determined by the Manager and may not necessarily accurately reflect the actual value of the Shares. See section entitled "Determination of Purchase Price."

***No party has made an independent review of the Company, the Manager, any Series, Properties or the Shares offered on the Landa Mobile App. Therefore, investors do not have the benefit of an independent due diligence review conducted by an unaffiliated party to form a basis for their investment decision.***

No independent party has undertaken any review of us, any Series, Properties or the Shares offered on the Landa Mobile App. Therefore, investors do not have the benefit of an independent due diligence review conducted by an unaffiliated party to form a basis for their investment decision in the Shares of a Series. You should consult your investment, accounting, legal, and tax advisors before investing in any Shares.

**RISKS RELATED TO THE COMPANY AND THE MANAGER**

***Your investment is an investment in the Shares of a specific Series, which will invest only in a single Property, and is not a diversified investment in the Company or the Manager. You will not have any interest in, and your investment in a Series will not be secured by, any assets owned by the Company, the Manager, or any other Series. Any return on your investment will depend solely on the cash flows of, and ultimately on the return on, the Series in which you invest, and underlying Property held by such Series.***

Your investment is an investment in the Shares of a Series and not an investment in the Company or the Manager. An investment in a Series is not a diversified investment in the Company, the Manager, any other Series, the Properties underlying the other Series, or the Landa Mobile App. You will not have any interest in, and your investment will not be secured by, assets owned by the Company or the Manager. If the Property does not operate profitably, you may not receive any distributions or may lose your entire investment without recourse to the Company's or the Manager's assets. For example, a Series with a vacant Property may not be able to make a distribution until such Series enters into a lease agreement. Your return, if any, will depend upon income derived from the Series in which you invest, and the underlying Property and the costs associated with it. You will not share in any increase in the value of the Manager.

***You will not have control over the Series in which you invest.***

The Master Agreement provides that the assets, affairs, and business of the applicable Series will be managed by the Manager. You will not elect or vote on the Manager, and, unlike the holders of common shares of a corporation, you will have no voting rights on matters affecting the business of a Series, including whether to dissolve and liquidate a Series, and therefore you will have no ability to influence decisions regarding the business of a Series. As a result, you will depend on the Manager's skill and judgment for a return.

***We have only recently commenced operations and our future performance is not assured and is difficult to evaluate.***

The Manager has a limited history of operations with this business model. We therefore should be considered a development stage company. Our operations are subject to all of the risks inherent in the establishment of a new business enterprise, including, but not limited to, hurdles or barriers to the implementation of our business plans. Further, we have limited operating history upon which to evaluate the Manager's ability to manage our operations and achieve our goals or our likely performance. No assurances can be given that we can operate profitably or raise sufficient capital to continue our operations. If we are unable to continue to operate, the Landa Mobile App could cease operations, in which case your ability to continue to receive rents from the Property or to otherwise realize the value of your investment could cease.

***A Series may require additional capital and may be unable to obtain such capital on favorable terms or at all.***

If funds generated from investors for a Series through the Landa Mobile App are insufficient, we may seek additional capital in the form of debt financing from other financing sources. Additional debt financing may not be available on reasonable terms, on a timely basis or at all, and if available, would result in additional payment obligations and may involve agreements that include restrictive covenants that limit a Series' ability to take specific actions, such as incurring additional debt, making capital expenditures, creating liens or making distributions on Shares, which could adversely impact the Series' ability to conduct its business or provide distributions on your Shares.

***The Manager depends on key personnel to manage the Series, and if the Manager is unable to retain, attract and integrate qualified personnel, the Series' ability to develop and successfully grow their businesses could be harmed.***

We believe our success will depend on the efforts and talents of the executives and employees of our Manager and its affiliates. Our future success depends on our continuing ability to attract, develop, motivate, and retain highly qualified and skilled employees, including employees with sufficient experience in the real estate industry. Qualified individuals, including individuals with sufficient experience in the real estate industry, are in high demand, and we may incur significant costs to attract and retain them. In addition, the loss of any of the key employees or senior management of the Manager could have a material adverse effect on our ability to execute our business plan and strategy, and we may not be able to find adequate replacements on a timely basis, or at all. Our Manager's executive officers and other employees are at-will employees, which means they may terminate their employment relationship with the Manager at any time, and their knowledge of our business and industry would be extremely difficult to replace. The Manager may not be able to retain the services of any members of its senior management or other key employees. If the Manager fails to attract well-qualified employees or retaining and motivating existing employees, it could have a material adverse effect on our business, financial condition and results of operations.

***Adverse results from litigation or governmental investigations can impact our business practices and operating results.***

From time to time, we may be party to litigation, regulatory and other proceedings with governmental authorities and administrative agencies. Adverse outcomes in lawsuits or investigations could result in significant monetary damages or injunctive relief that could adversely affect our business model, results of operations and financial condition.

The SEC has a broad range of civil sanctions under federal securities law, which it may seek against corporations and individuals, including injunctive relief, monetary penalties and compliance programs. These matters require the involvement of senior management of the Manager that could impinge on the time senior management has available to devote to other matters relating to the Series.

***The Manager has limited experience and track record in real estate operations.***

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The results of operations of each Series will depend on the Manager's ability to operate, lease and maintain such properties profitably. The Manager has limited experience in real estate operations. If the Manager manages the Property or a Series ineffectively, the ability of such Series to generate revenue and its results of operations may be adversely affected.

***The Manager's liability is limited under the Master Agreement, and each Series has agreed to indemnify the Manager against certain liabilities. As a result, a Series may experience poor performance or losses of which the Manager would not be liable.***

Pursuant to the Master Agreement, the Manager will not assume any responsibility other than to render the services called for thereunder. The Manager maintains a contractual, as opposed to a fiduciary, relationship with the members in each Series. Under the terms of the Master Agreement, neither the Manager nor any director, officer, or employee of the Manager will be liable to the Series or any of its members for acts or omissions performed in accordance with and pursuant to the Master Agreement, except by reason of acts or omissions constituting gross negligence, willful misconduct, fraud, material misrepresentation or material violation, as determined by final adjudication. Accordingly, each Series and its members will only have recourse and be able to seek remedies against the Manager, or any director, officer, or employee of the Manager, to the extent it breaches its obligations pursuant to the Master Agreement. Furthermore, each Series has agreed to limit the liability of the Manager and to indemnify the Manager against certain liabilities. In addition, we or a Series may choose not to enforce, or to enforce less vigorously, our or its rights under the Master Agreement in order to maintain our or its ongoing relationship with the Manager.

***Any adverse changes in the Manager's financial health or our relationship with the Manager or its affiliates could hinder our operating performance and the return on your investment.***

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The Manager will utilize its personnel and resources to perform services on its behalf for us and for each Series. Each Series' ability to achieve its investment objectives and to pay distributions to its investors is dependent upon the performance of the Manager and its affiliates, as well as the Manager's real estate professionals in the management of the Series' Property and operation of day-to-day activities of the Company and such Series. Any adverse changes in the Manager's financial condition or a Series' relationship with the Manager could hinder the Manager's ability to successfully manage the Series' operations and the Properties.

***The Manager may fail to successfully operate the Properties, which could adversely affect the applicable Series and impede their growth.***

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The Manager's ability to successfully develop, redevelop and/or operate and maintain the Properties may be exposed to significant risks. Series may be required to spend more than their budgeted amounts to make necessary Improvements to Properties and may not be able to obtain or maintain adequate insurance coverage for Properties. Any failure to operate acquired properties to meet our financial expectations could impede the growth or a Series and have an adverse effect on such Series, including its financial condition, results of operations, cash flow, and the market value of its interests.

***The report of our independent registered public accounting firm contains an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern, which could prevent us from obtaining new financing on reasonable terms or at all.***

The report of our independent registered public accounting firm on our audited financial statements for the period ended December 31, 2021, contains an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern. We have not yet commenced operations and will not commence our operations until the qualification of the offering statement of which this Offering Circular forms a part. Once we commence our planned principal operations, we will incur significant additional expenses, and will be dependent on additional capital resources. These going concern opinions could materially limit our ability to raise additional funds through the issuance of equity or debt securities or otherwise. Further reports on our financial statements may include an explanatory paragraph with respect to our ability to continue as a going concern. We will incur significant additional expenses in the conduct of our business and until we can generate significant recurring revenues, we expect to satisfy our future cash needs through debt or equity financing. We cannot be certain that additional funding will be available to us on acceptable terms, if at all, and these going concern opinions could materially limit our ability to raise additional funds through the issuance of equity or debt securities or otherwise. If funds are not available, we may be required to delay, reduce the scope of, or eliminate future business plans. This may raise substantial doubts about our ability to continue as a going concern.

***The Manager may have a conflict of interest as it manages multiple Series, the Company, and one or more affiliate companies of ours that leases residential properties and has a financial interest in certain agreements of the Series, any of which could result in the Manager not acting in the best interest of a particular Series.***

Since the Manager receives compensation from each Series, and is a creditor to each Series, there are potential conflicts of interest that may affect the decision-making of the Manager as it manages each Series and the Company. For example, it may be in the best interest of the Manager for its personnel to focus more time rendering services to certain Series as opposed to others. In addition, the Manager manages Landa App 2 LLC and Landa App 3 LLC, which also lease properties in the United States, and offers membership interests in series that hold, either directly or indirectly, title to residential rental properties though the Landa Mobile App, pursuant to Regulation A. The Manager may also manage other affiliate companies in the future. Any of these conflicts of interest could result in less net rental income or a decline in the Property value of the Series in which you invest. In addition, each Series expects to enter into similar agreements, none of which are expected to be negotiated at arm's length, and accordingly, such terms may be less favorable than if the Series received a loan or management services from a non-affiliate.

In addition, since many of the Properties to be owned by the Series are located in nearby neighborhoods, if the Manager receives an interested tenant or purchaser of a property in a given neighborhood, the Manager may direct the interested individual to a Property owned by a Series that is not the Series in which you invested.

***One or more Series may have conflicts of interest with the Manager and other affiliates, which could result in investment decisions that are not in your best interest.***

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There are numerous potential conflicts of interest between the interests of the Series and the interests of the Manager and its other affiliates, including conflicts arising out of the allocation of personnel, capital and time to devote to the activities of a specific Series.

Examples of these potential conflicts of interest include:

● Competition for the time and services of Manager personnel that work for one or more Series;

● The Manager has considerable discretion with respect to the terms and timing of maintenance, leasing and liquidity transactions;

● The possibility that the competing demands for the time of the Manager, its affiliates and officers may result in them spending insufficient time on the Property, which may result in the Property missing rental opportunities or maintenance requirements, which could reduce the profitability of the Property and the value of your investment; and

● The Manager and/or its affiliates may lend money to the Company or any Series to cover Operating Expenses (as defined below) and any shortfalls in the event we do not raise enough money.

Any of these and other conflicts of interest between the Series and the Manager could have a material adverse effect on the returns on your investments.

**RISKS RELATED TO COMPLIANCE AND REGULATION**

***New and existing regulations could harm our business.***

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We are subject to the same laws as other companies conducting business on and off the Internet. Today, there are still relatively few laws specifically directed towards online services. However, due to the increasing popularity and use of the Internet and online services, many laws relating to the Internet are being debated at all levels of government. In addition, it is not clear how existing laws apply to online businesses, and regulatory agencies or courts may claim or hold that we or the users of the Landa Mobile App are subject to licensure or that we are prohibited from conducting our business.

Our business could be negatively affected by the application of existing laws and regulations or the enactment of new laws or regulations applicable to our business. The cost to comply with such laws or regulations could be significant and would increase a Series' Operating Expenses (as defined below), which could negatively impact the amount distributable to you. Regulatory and licensure claims could result in costly litigation or could require us to change the way we do business in ways that increase costs and reduce revenues. We could also be subject to fines or other penalties, and any of these outcomes could harm our business. In addition, federal and state governmental or regulatory agencies may decide to impose taxes on services provided over the Internet. These taxes could discourage the use of the Internet as a means of raising capital, which would adversely affect the viability of the Landa Mobile App.

In addition, because the Landa Mobile App is viewable worldwide, although use of the Landa Mobile App by anyone outside of the United States is prohibited by our terms of use, foreign jurisdictions may claim that we are required to comply with their laws. Compliance may be more costly or may require us to change our business practices or restrict our service offerings relative to those in the United States. In addition, we may be subject to overlapping legal or regulatory regimes that impose conflicting requirements on us. Our failure to comply with foreign laws could subject us to penalties ranging from criminal prosecution to bans on our services.

***We are offering the Shares pursuant to recent amendments to Regulation A promulgated pursuant to the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and we cannot be certain if the reduced disclosure requirements applicable to Tier 2 issuers will make the Shares less attractive to investors as compared to a registered offering.***

As a Tier 2 issuer, we will be subject to scaled disclosure and reporting requirements which may make an investment in the Shares less attractive to investors who are accustomed to enhanced disclosure and more frequent financial reporting. In addition, given the relative lack of regulatory precedence regarding the recent amendments to Regulation A, there is a significant amount of regulatory uncertainty in regard to how the SEC or the individual state securities regulators or any other applicable regulatory body will regulate both the offer and sale of our securities, as well as any ongoing compliance to which the Series may be subject. If our scaled disclosure and reporting requirements, or regulatory uncertainty regarding Regulation A, reduce the attractiveness of the Shares, we may be unable to raise the funds necessary for one or more of the Series to commence operations, or to acquire and manage one or more of the Properties.

***There may be deficiencies with our internal controls that require improvements, and if we are unable to adequately evaluate internal controls, we may be subject to sanctions.***

As a Tier 2 issuer, we will not need to provide a report on the effectiveness of our internal control over financial reporting, and we will be exempt from the auditor attestation requirements concerning any such report so long as we are a Tier 2 issuer. We are in the process of evaluating whether our internal control procedures are effective and therefore there is a greater likelihood of undiscovered errors in our internal controls or reported financial statements as compared to issuers that have conducted such evaluations.

***Our independent auditors identified a material weakness in our internal control over financial reporting, which, if not remedied, could have a significant adverse effect on our ability to report our financial results accurately and timely in the future.***

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Our independent auditors identified a material weakness in our internal controls in connection with the preparation of our financial statements, which management is taking steps to remediate. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Material Weakness in Internal Controls" for more information. There can be no assurance that any measures taken will remediate the identified material weakness, nor can there be any assurance as to how quickly management will be able to remediate the weakness. Failure to achieve and maintain an effective internal control environment could prevent us from providing reliable and accurate financial information and forecasts or from avoiding or detecting fraud.

***As a non-listed company conducting an exempt offering pursuant to Regulation A, we are not subject to a number of corporate governance requirements, including the requirements for a board of directors or independent board committees.***

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As a non-listed company conducting an exempt offering pursuant to Regulation A, we are not subject to a number of corporate governance requirements that an issuer conducting an offering on Form S-1 or listing on a national stock exchange would be. Accordingly, we do not have a board of directors, nor are we required to have (i) a board of directors of which a majority consists of "independent" directors under the listing standards of a national stock exchange, (ii) an audit committee composed entirely of independent directors and a written audit committee charter meeting a national stock exchange's requirements, (iii) a nominating/corporate governance committee composed entirely of independent directors and a written nominating/corporate governance committee charter meeting a national stock exchange's requirements, (iv) a compensation committee composed entirely of independent directors and a written compensation committee charter meeting the requirements of a national stock exchange, and (v) independent audits of our internal controls. Accordingly, you may not have the same protections afforded to holders of companies that are subject to all of the corporate governance requirements of a national stock exchange.

***If our series limited liability company structure is not respected, then investors may have to share any liabilities of our Company with all investors and not just those who hold the same Series as them.***

The Company is structured as a Delaware series limited liability company that forms separate Series and issues membership interests in such Series. Each Series will merely be a separate series and not a separate legal entity. Under Section 18-215 of the LLC Act, if certain conditions are met, the liability of investors holding interests in one Series is segregated from the liability of investors holding interests in another Series and the assets of one Series are not available to satisfy the liabilities of other Series. Although this limitation of liability is recognized by the courts of Delaware, the series limited liability structure is not recognized in certain states, including states in which some of the Properties are located, and there is no guarantee that if challenged in the courts of another U.S. state or a foreign jurisdiction, such courts will uphold a similar interpretation of Delaware law, and in the past certain jurisdictions have not honored such interpretation. For example, the State of Georgia, where a number of the Properties are located, does not permit the formation of a series limited liability structure and we cannot make any assurances that our series limited liability company structure will be respected in that state, or any other state that does not permit and/or recognize the Delaware series limited liability structure. If our series limited liability company structure is not respected, then investors in a Series may have to share any liabilities of our Company with all investors and not just those who hold the same Shares of such Series as them. Furthermore, while we intend to maintain separate and distinct records for each Series and account for them separately and otherwise meet the requirements of the LLC Act, it is possible a court could conclude that the methods used did not satisfy Section 18-215 of the LLC Act and thus potentially expose the assets of a Series to the liabilities of another Series. The consequence of this is that the Series may have to bear higher than anticipated expenses which would adversely affect the value of the Shares or the likelihood of any distributions being made by a particular Series to its investors. In addition, we are not aware of any court case that has tested the limitations on inter-series liability provided by Section 18-215 in federal bankruptcy courts and it is possible that a bankruptcy court could determine that the assets of one Series should be applied to meet the liabilities of the other series or the liabilities of the Company generally where the assets of such other Series or of the Company generally are insufficient to meet our liability.

Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane, as well as certain other series that are not included in this Offering Circular, were initially formed as registered series under Section 18-218 of the LLC Act. The Company is now offering new Shares of Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane as part of the offering pursuant to this Offering Circular and we expect to convert these Series into a protected series under Section 18-215 of the LLC Act. Although this conversion is allowed under Delaware law and maintains the separate legal entity status of each Series, there can be no guarantee that even if the registered series were or would have been upheld as separate legal entities, the Series' status as separate legal entities will be upheld after their conversion to protected series.

***We may incur significant costs complying with the Americans with Disabilities Act of 1990 ("ADA") and similar laws, which could adversely affect us, including our future results of operations and cash flows.***

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Under the ADA, all public accommodations must meet federal requirements related to access and use by disabled persons. We have not conducted a recent audit or investigation of all of the Properties underlying the Series to determine our compliance with these or other federal, state or local laws. If one or more of our Properties are not in compliance with such laws, then we could be required to incur additional costs to bring the property into compliance. We cannot predict the ultimate amount of the cost of compliance with such laws. Noncompliance with these laws could also result in the imposition of fines or an award of damages to private litigants and could require a Series to make significant unanticipated capital expenditures. Substantial costs incurred to comply with such laws, as well as fines or damages resulting from actual or alleged noncompliance with such laws, could adversely affect us, including our future results of operations and cash flows and a Series' ability to pay any monthly distributions on its Shares.

**RISKS RELATED TO THE LANDA MOBILE APP**

***Our ability to implement our investment strategy depends, in part, upon our ability to successfully conduct Offerings through the Landa Mobile App, which makes an investment in a Series more speculative.***

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We will conduct Offerings solely through the Landa Mobile App. The success of each Offering, and our ability to implement our business strategy, depends upon our ability to sell Shares to investors through the Landa Mobile App. If we are not successful in selling Shares through the Landa Mobile App, the ability of a Series to raise proceeds through an Offering will be limited and it may not have adequate capital to implement its investment strategy.

***Our business and the business of each Series could be harmed if we are unable to maintain and grow the Landa Mobile App.***

Our success and the success of each Series depends on our investors' confidence in our ability to provide reliable, secure, real-time access to the Landa Mobile App. If the functionality of the Landa Mobile App is not reliable, or otherwise fails to perform, we could experience disruptions in service, slow delivery times, and insufficient capacity. These consequences could result in our investors deciding to stop using or to reduce their use of the Landa Mobile App, either of which would have a material adverse effect on our business, financial condition, and results of operations.

We rely on the Manager's ability to continually improve and upgrade the Landa Mobile App to accommodate increases in investment volumes, irregular or heavy use of the Landa Mobile App, especially during peak times, regulatory changes, and the development of new and enhanced features to the Landa Mobile App, functionalities and ancillary solutions. The maintenance and expansion of the Landa Mobile App requires, and will continue to require, substantial financial, operational, and technical resources. As our operations grow in both size and scope, these resources will typically need to be committed well in advance of any potential increase in our revenues. We cannot assure you that we will always be able to maintain the Landa Mobile App without failure or degradation of performance, especially during periods of abnormally high volumes. If the Manager does not successfully adapt our existing Platform to the requirements of our investors or to emerging industry standards, our business, financial condition, and results of operations could be materially adversely affected.

***The occurrence of a cyber incident, or a deficiency in our cyber security, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, or damage to our business relationships, all of which could negatively impact our financial results.***

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The Landa Mobile App processes certain confidential information provided by our investors and tenants in the Properties underlying each Series. While we intend to take commercially reasonable measures to protect our investors' confidential information and maintain appropriate cybersecurity, the security measures of the Landa Mobile App, our company's information technology systems or those of the Manager or our service providers (including the Broker Dealer, the Custodian and North Capital) could be breached. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of information resources. More specifically, a cyber incident is an intentional attack or an unintentional event that can include gaining unauthorized access to systems to disrupt operations, corrupt data, or steal confidential information. Any accidental or willful breach or other unauthorized access could cause such information to be stolen and used for criminal purposes, in which case our investors and/or tenants would be subject to increased risk of fraud or identity theft. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until they are launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. In addition, many states have enacted laws requiring companies to notify individuals of data security breaches involving their personal data. These mandatory disclosures regarding a security breach are costly to implement and often lead to widespread negative publicity, which may cause our investors to lose confidence in the effectiveness of our data security measures. As our reliance on technology has increased, so have the risks that could directly result from the occurrence of a cyber incident, including operational interruption, damage to our relationship with our tenants, and private data exposure, any of which could negatively impact our reputation and financial results.

***Any significant disruption in service on the Landa Mobile App or in its computer systems could reduce the attractiveness of the Landa Mobile App and result in a loss of users.***

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If a catastrophic event resulted in a platform outage and physical data loss, the Landa Mobile App's ability to perform its functions would be adversely affected. Landa Mobile App's hosting services infrastructure is provided by a third-party hosting provider (the "Hosting Provider"). We also maintain a backup system at a separate location that is owned and operated by a third party. Our operations depend on the Hosting Provider's ability to protect its and our affiliate's systems in its facilities against damage or interruption from natural disasters, power or telecommunications failures, air quality, temperature, humidity and other environmental concerns, computer viruses or other attempts to harm our systems, criminal acts and similar events. Any interruptions or delays in our service through the Landa Mobile App could materially affect our ability to perform any services for corresponding real estate investments or maintain accurate accounts, our relationships with users of the Landa Mobile App and our reputation. Additionally, in the event of damage or interruption, our insurance policies may not adequately compensate us for any losses that we may incur. We currently do not have a disaster recovery plan in place. Further, the Landa Mobile App has not been tested under actual disaster conditions, and we may not be able to recover all data and services in the event of an outage at a facility operated by the Hosting Provider. These factors could prevent us from processing or posting payments on the corresponding investments, damage our brand and reputation, divert our Manager's attention and cause users to abandon the Landa Mobile App.

***We rely on third-party banks and on third-party computer hardware and software. If we are unable to continue utilizing these services, our business and ability to service the corresponding equity investments may be adversely affected.***

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We and the Landa Mobile App rely on third-party and FDIC-insured depository institutions to process our transactions, including payments of corresponding equity investments, processing of subscriptions under each offering and distributions to our investors. Under the Automated Clearing House (ACH) rules, if we experience a high rate of reversed transactions (known as "chargebacks"), we may be subject to sanctions and potentially disqualified from using the system to process payments. The Landa Mobile App also relies on computer hardware purchased and software licensed from third parties. This purchased or licensed hardware and software may be physically located off-site, as is often the case with "cloud services." This purchased or licensed hardware and software may not continue to be available on commercially reasonable terms, or at all. If the Manager cannot continue to obtain such services for the Landa Mobile App elsewhere, or if it cannot transition to another processor quickly, our ability to process payments will be materially affected and your ability to receive distributions will be delayed or impaired.

***If there are design defects, errors, failures or delays in the Landa Mobile App, our business could suffer serious harm.***

Despite testing, the Landa Mobile App may contain design defects and errors, including when new updates or enhancements are released. Such errors or defects may cause the Landa Mobile App to operate incorrectly or less effectively. When problems occur, it might be difficult to identify the source of the problem. In addition, we could experience delays while developing and introducing new or enhanced features to the Landa Mobile App, primarily due to difficulties in technology development, obtaining any applicable regulatory approval, licensing data inputs, or adapting to new operating environments.

If design defects, errors or failures are discovered in the Landa Mobile App, we may not be able to correct or work around them in a cost-effective or timely manner or at all. The existence of design defects, errors, failures or delays that are significant, or are perceived to be significant, could also result in rejection or delay in market acceptance of the Landa Mobile App, damage to our reputation, loss of investors and related revenues, diversion of resources, product liability claims, regulatory actions or increases in costs, any of which could materially adversely affect our business, financial condition or results of operations.

**USE OF PROCEEDS**

The Offerings are being conducted on a "best efforts" basis with no minimum offering amount, and neither the Manager nor any other party has a firm commitment or obligation to purchase any of the Series' Shares. See the "Use of Proceeds" in Appendix B for detailed information about the use of proceeds for each Series.

**DESCRIPTION OF OUR BUSINESS**

**Company Overview**

Landa App LLC (the "Company") was formed in 2019 as a Delaware series limited liability company to offer a unique investment opportunity for eligible investors to benefit from the performance of curated and fully managed rental real estate properties. From time to time, the Company will form separate Series, each of which will hold a resident rental property as its primary asset (each a "Property," and collectively, the "Properties").

Landa App LLC was originally formed as a series limited liability company under the LLC Act. Certain series of the Company that are not included in this Offering Circular were initially formed as registered series under Section 18-218 of the LLC Act. Since each Series is separately protected under Section 18-215 of the LLC Act, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series are segregated and enforceable only against the assets of such Series as provided under the LLC Act. We intend to treat each Series as a separate entity for U.S. federal income tax purposes. In addition, we intend that each Series will be treated as a corporation for U.S. federal income tax purposes.

All Shares will initially be offered through the Landa Mobile App.

**Investment Objectives**

Our primary investment objectives are to:

● realize growth in the value of our Property investments;

● maximize net operating income; and

● preserve, protect and return your capital contribution.

We cannot assure you that we will attain these objectives or that the value of our assets will not decrease.

**Property Acquisition Strategy**

We intend to acquire residential properties on an opportunistic basis. We will focus on acquiring market ready properties or properties requiring renovation, which may include existing income-producing properties, in neighborhoods exhibiting growing rental demand, strong rental growth rates, and in geographic regions which exhibit steady real estate asset appreciation. Our expected target markets are neighborhoods surrounding metropolitan statistical areas of at least one million (1,000,000) residents, which we estimate having historical capitalization rates ranging from approximately four percent (4%) to seven percent (7%) for residential properties. In addition, we expect to target cities with growing populations, or cities that show strong rental demand.

In addition to the Acquisition Notes and Refinance Notes described in this Offering Circular, each Series may seek additional capital in the form of debt financing from other financing sources to satisfy any additional cash requirements, including a related-party loan between each Series and the Manager.

**Governmental Regulation**

Each Series' respective business practices and Properties are subject to regulation by numerous federal, state and local authorities. See "Regulations" for a discussion of applicable governmental regulations.

**Industry**

***Residential Housing***

Residential housing is the largest real estate asset class in the United States, with approximately 140 million total housing units and a total value of more than $43.4 trillion according to Zillow.com. The single-family rental market has grown in recent years as homeownership rate has declined following the global financial crisis, and the Covid-19 pandemic. We believe this decline in homeownership is due to a number of factors. First, mortgage financing for the consumer is now harder to obtain due to conservative mortgage underwriting standards which arose after the global financial crisis. Many Americans have limited credit and do not have the liquidity required to put a down payment on a home. Second, we believe that the U.S. is undergoing a demographic shift away from the desire to own a home and that Americans are looking for more flexibility and mobility in their housing. Finally, over the recent years, home prices have increased faster than wage growth which has created an affordability problem for potential homeowners. We believe these factors have shifted the landscape in the U.S. housing market over the recent years and have contributed to the rise in the demand for rental housing.

We believe that the increased demand for rental housing has created the institutionalization of single-family investment ownership. Prior to 2012, the single-family rental sector primarily consisted of smaller, non-institutional owners and managers, however, larger institutional investors have emerged in recent years. Despite this growth, it is estimated that institutional owners only represent approximately 375,000 units or 2.5% of all single-family rental units in the United States, according to Institutional Real Estate, Inc. The expansion of institutional owners into this asset class has led to management efficiency and technology development in the industry which has improved the cost to manage a rental home. Operating metrics for institutionally managed single-family rentals are now comparable to traditional multi-family properties as single-family rental properties exhibit similar occupancy levels to multi-family properties with lower turnover rates. In addition, according to the National Association of Realtors, the single-family housing market is the most liquid real estate asset class in the United States, with an average of 5.2 million sales of existing homes per year from 2005 to 2021.

**Supply: Historically Low and Favorable Conditions Are Expected to Continue**

The housing market in the United States has not kept pace with population growth and household formation resulting in a shortage in supply. We believe that this supply imbalance has led to higher demand for housing across the country which ultimately affects housing prices. Due to this shortage of housing, the median home prices have increased much faster than what the consumer can afford creating an affordability problem for many Americans, exemplified in the home price to income ratio. In 1995, the home price to income ratio was 4.24, meaning the median cost of a single-family home in the U.S. was 4.24x the average median income. As of December 31, 2021, the home price to income ratio was 7.58, according to the Federal Reserve Bank of St. Louis. We believe that the "American Dream" of owning is starting to fade from the psychology of the U.S. consumer due to the hurdles associated with purchasing a home and the limited affordable supply available. This is exemplified by changes in the homeownership over the past 15 years where the homeownership rate across the country decreased in 90% of U.S. metropolitan areas. As of the end of 2021, the homeownership rate was 65% compared to 69% at its all-time high in 2004, according to a report by the U.S. Census Bureau.

We believe that the single-family and duplex rental industry is well-positioned to provide Americans, who prefer the lifestyle associated with being in a single-family home or duplex, an affordable housing solution.

**Demand: Demographic Shifts and Professionally Managed Services**

As the hurdles of homeownership continue to grow for the average American, we believe that the demand for rental housing increases. This shift in demand for rental housing is one of the financial components driven by affordability, however, there is also a demographic shift in the perspective of housing. Delayed household formation, desired mobility, and the illiquidity associated with owning a home are large contributors to the increasing demand for rental housing in the U.S., specifically in the "millennial" population. Millennials, while potentially experiencing higher wage growth compared to previous generations, are also plagued with student debt. According to the Department of Education, as of December 2021, borrowers between ages 24-35 have an average outstanding loan balance of $33,600. This amounts to roughly 8% of the $408,100 median home price in the U.S. Said differently, many millennials have outstanding debt instead of liquidity that could be utilized for a down payment of a home. Millennials are also forming households much later than previous generations, meaning marriage and children are coming later in life. Typically, as these life events happen, the demand for more square footage and transition from apartment living to a single-family household occurs. We believe that the combination of student debt and the delay in household formation amongst the millennial population have contributed to the demand for single-family rental housing.

Recently, the US experienced the fastest increase in prices since 1981, leading to inflation exceeding nine percent (9%) in June 2022 according to the U.S. Bureau of Labor Statistics. In response, the Federal Reserve raised interest rates by the largest amount since 1994, ending a near four-decade trend of falling, near-zero interest rates. This shift in interest rates drove mortgage rates to their highest levels in nearly 14 years. We believe that the net result of these increases in interest rates further deter home purchase activity generally, but particularly among millennials who are more likely to require debt, which ultimately may lead to an increase in demand for rentals.

Rising inflation may adversely affect a Series by increasing costs of goods, materials, labor, and fuel, which may increase such Series' operating expenses. In addition, higher interest rates, may make it difficult or expensive for a Series to refinance any outstanding indebtedness, including the Acquisition Notes, with a new mortgage or other debt financing. As of the date of this Offering Circular, neither the Company nor any of the Series has been materially impacted by inflationary pressures or rising interest rates. The Manager will continue to monitor and assess economic conditions, and intends to take reasonable steps to mitigate any impact on a Series and/or its underlying Property, or the Company in general.

In addition to these structural hurdles that millennials face with respect to homeownership, we believe that there are psychological and geographic factors that play a part in the demand for rental housing. Psychologically, many millennials do not place as high of a value on homeownership as compared to previous generations. The purchase of a house is typically the largest investment that occurs in an individual's lifetime and millennials are the generation that witnessed this class of investment depreciate during the financial recession. In addition, many millennials have more mobility due to remote working and improved technology. As commerce, industry and technology improve, fewer Americans will be required to be in an office which may lead to an increase in moving– especially in light of the recent move by many businesses to institute "work from home" policies as a result of the outbreak of COVID-19. The flexibility of being on an annual lease compared to owning a home allows for this optionality and thus, aids to drive demand for single family rentals.

Lastly, we believe demand for single-family rentals will increase as the sophistication of the companies offering housing solutions improves. As of December 2021, single-family rental homes are not uncommon as there are roughly 17.5 million single-family rental homes across the U.S. and the industry has rapidly evolved since the 2008 recession. Since the recession, there has been an influx of institutional capital into the single-family rental space which has changed the general landscape of rental housing. As of December 2021, these institutions only account for less than 3% of the single-family rental industry, according to MetLife Investment Management. We believe they have played a significant role in changing the product. Institutional ownership of single-family rental homes has provided services, technology and convenience to those looking to rent a single-family home and these institutions have been well-positioned to experience the demographic shift away from homeownership. We believe that the institutionalization of the single-family rental industry provides professional management services that make the renting process even easier for many Americans.

We believe that these drivers have impacted the single-family rental industry positively already. Single-family rental demand has increased by 31% in the past 10 years according to the Census American Community Survey, compared to 14% for multifamily properties. Additionally, single-family properties have outperformed multifamily properties with respect to rent growth, vacancies, and rent payment delinquencies. As consumer preferences related to housing evolve, we expect that the demand for single-family rental housing will increase and outpace other housing sectors.

**Our Manager**

***Services Provided***

Each Series intends to enter into a Management Agreement with Landa Holdings prior to such Series' initial Closing. Pursuant to the Management Agreement, the Manager will, among other things, provide certain property management, consulting, Landa Mobile App hosting and support and legal and accounting services to each Series, as well as provide each Series with a management team and the appropriate support personnel to meet our operational needs. Under the Management Agreement, the Manager's services include, but are not limited to, identifying properties for potential acquisition, conducting any required due diligence with respect to each property, obtaining property appraisals, coordinating inspections and financing (if needed), negotiating the purchase of the properties, arranging for rental of any properties, undertaking, and providing customized advisory services. In addition, under the terms of the Landa Mobile App License Agreement, each Series was granted a license to use the Landa Mobile App by the Manager.

While we expect each Series to hold its Property indefinitely, our Manager may also coordinate the disposition of a Property, pursuant to the Master Agreement.

***Manager Compensation***

The Manager will receive fees and expense reimbursements pursuant to the Management Agreement for certain services to the Series and the Properties underlying each Series, as set forth in the table below. Neither the Manager nor its affiliates will receive any selling commissions or dealer manager fees in connection with the offer and sale of the Shares.

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| | |
|:---|:---|
| **Form of Compensation and Recipient** | **Determination of Amount** |
| **Acquisition Stage** | **Acquisition Stage** |
| Acquisition Fee—Manager | In connection with the acquisition or expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, which included payment to the Manager of an acquisition fee calculated based on a percentage of the purchase cost of the Property. Please see the section entitled "Use of Proceeds" in Appendix B for the actual amount of each Acquisition Fee payable by a Series. |
| Reimbursement of Property Diligence —Manager | In connection with the acquisition or expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, which included reimbursement to the Manager of actual expenses incurred in connection with the evaluation, discovery, and investigation of the Property. |
| **Operational Stage** | **Operational Stage** |
| Monthly Management Fee—Manager | Each Series will pay the Manager a Monthly Management Fee, which may range from five percent (5%) to ten percent (10%) of the Gross Monthly Rent for each Property. See the section entitled "Description of the Properties and the Series" in Appendix B in this Offering Circular and the applicable Management Agreement, for additional information regarding the current or expected Monthly Management Fee payable to the Manager. |
| Special Servicing of Non-Performing Properties & Liquidation—Manager | Each Series will reimburse the Manager for any out-of-pocket expenses in connection with the special servicing of non-performing Properties and the liquidation of Properties. |
| Loans for Operations—Manager or its Affiliates | The Manager or its affiliates may provide loans to the Series following its offering, which will be used, among other things, to refinance any borrowings relating to its Property or, in the event a Series incurs a significant unforeseeable expense or vacancy, to be used by such Series to cover its debt obligations or other liabilities. In the case that the Manager provides a loan to a Series (other than the Acquisition Note), the Series will be obligated to pay interest no greater than seven percent (7%) on that loan at a rate to be determined solely by the Manager. |
| ACH Transfer Fees | Investors can select between same-day ACH or standard ACH transfer timing. If an investor chooses standard ACH transfer timing (3-5 business days), the Manager pays all ACH fees on behalf of investors. If an investor chooses same-day ACH, the Manager may charge a fee of up to $1.99 for such ACH transfers. |

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***Investment Decisions and Asset Management*** 

Within our investment policies and objectives, the Manager will have discretion with respect to the selection of specific investments and the purchase and sale of the Properties. We believe that successful real estate investment requires the implementation of strategies that permit favorable purchases, effective property management and timely disposition of such Properties. As such, the Manager will employ a disciplined investment approach that utilizes its experience with a structure that emphasizes thorough market research, stringent underwriting standards and an extensive down-side analysis of the risks of each investment. The approach also includes active management of each Property acquired.

To execute our disciplined investment approach, the Manager will take responsibility for the business plan of each investment. The following practices summarize our investment approach:

● Local Market Research – The Manager will extensively research the acquisition and underwriting of each transaction, utilizing both real time market data and the transactional knowledge and experience of our network of professionals and in market relationships.

● Underwriting Discipline – The Manager will follow a tightly controlled and managed process to examine all elements of a potential investment, including its location, income-producing capacity, prospects for long-range appreciation, tax considerations and liquidity.

● Risk Management – Risk management will be a fundamental principle in the management of each of the Properties. Operating or performance risks arise at the investment level and often require real estate operating experience to cure. The Manager will review the operating performance of investments against projections and provide the oversight necessary to detect and resolve issues as they arise.

● Property Management – Prior to the purchase of a Property, the Manager will develop an asset business strategy which will be customized based on the acquisition and underwriting data. This is a forecast of the action items to be taken and the capital needed to achieve the anticipated returns. The Manager will review asset business strategies regularly to anticipate changes or opportunities in the market during a given phase of a real estate cycle.

***Investments in Property***

Our investment in real estate generally takes the form of holding fee simple title to the Properties.

Our obligation to purchase any Property generally will be conditioned upon the delivery and verification of certain documents from the seller or developer, including, where appropriate;

● plans and specifications;

● evidence of marketable title subject to such liens and encumbrances as are acceptable to the Manager;

● auditable financial statements covering recent operations of Properties having operating histories;

● title and liability insurance policies; and

● any other documents or materials required in order to evaluate an investment in a property.

In purchasing, leasing and improving or developing Properties, we will be subject to risks generally incident to the ownership of real estate.

***Investment Process***

The Manager has the authority to make all the decisions regarding the Series' investments consistent with the investment objectives and leverage policies approved by the Manager and subject to the limitations in the Master Agreement and the Series Designation for such Series.

The Manager will focus on the sourcing, acquisition and management of residential properties. The Manager will source investments from former and current financing and investment partners, third-party intermediaries, competitors looking to share risk and investment, and securitization or lending departments of major financial institutions.

In selecting investments, the Manager will utilize its investment and underwriting process, which focuses on ensuring that each prospective investment is being evaluated appropriately. The criteria that the Manager will consider when evaluating prospective opportunities include:

● macroeconomic conditions that may influence operating performance;

● real estate market factors that may influence real estate valuations, real estate financing or the economic performance of real estate generally;

● fundamental analysis of the real estate, including tenant rosters, lease terms, zoning, operating costs and the asset's overall competitive position in its market;

● real estate and leasing market conditions affecting the Properties;

● the cash flow in place and projected to be in place over the expected holding period of the Properties;

● the appropriateness of estimated costs and timing associated with capital improvements of the Properties;

● a valuation of the investment, investment basis relative to its value and the ability to liquidate an investment through a sale or refinancing of the Properties;

● review of third-party reports, including appraisals, engineering and environmental reports;

● physical inspections of the real estate and analysis of markets; and

● the overall structure of the investment and rights in the transaction documentation.

The Manager will analyze each potential investment's risk-return profile and review financing sources, if applicable, to ensure that the investment fits within the parameters of financing facilities and to ensure performance of the real estate asset.

***Disposition Policies*** 

We intend to hold and manage the Properties underlying each Series for an indefinite period of time. If the Manager, acting in its sole discretion, decides to sell a particular property, it will seek to achieve a selling price that maximizes the distributions to investors based on then-current market conditions. We cannot assure you that this objective will be realized.

Pursuant to the Master Agreement, the Manager may determine that it is in the best interests of members to dispose of a Property. The determination of when a particular Property should be sold or otherwise disposed of will be made by the Manager, acting in its sole discretion, after consideration of relevant factors, including, but not limited to, prevailing and projected economic conditions, whether the value of the Property is anticipated to appreciate or decline substantially, how any existing lease agreements on a Property may impact the potential sales price, and any other factors that the Manager may deem relevant.

Following the sale of a Property, the Manager will distribute the proceeds of such sale pro-rata to the holders of the Shares of a Series (after payment of any accrued liabilities or debt on the Property or of the Series at that time).

***Operating Expenses***

Each Series will be responsible for certain expenses related to such Series or the Property held by such Series (hereinafter "Operating Expenses"), including, but not limited to:

● interest expense under the applicable Acquisition Note and Refinance Note, and/or any other debt obligations;

● any and all fees, costs and expenses incurred in connection with the management of a Property, including Monthly Management Fees, Home Ownership Association fees, taxes, marketing fees, security and maintenance fees;

● any and all insurance premiums or expenses, including property insurance in connection with the Series' Property;

● any withholding or transfer taxes imposed on the Company or a Series as a result of its or their earnings, investments or withdrawals in connection with the Property;

● any governmental fees imposed on the capital of the Company or a Series or incurred in connection with compliance with applicable regulatory requirements in connection with the Property;

● any legal fees and costs (including settlement costs) arising in connection with any disputes with tenants, litigation or regulatory investigation instituted against the Series or a Manager in connection with the affairs of the Series;

● any fees, costs and expenses of engaging a third-party registrar and transfer agent appointed by the Manager in connection with a Series;

● any indemnification payments to be made pursuant to the obligations of the Master Agreement;

● the fees and expenses of the Company's or a Series' counsel in connection with advice directly relating to the Series' legal affairs;

● the costs of any other outside appraisers, inspectors, valuation firms, accountants, attorneys or other experts or consultants engaged by the Manager in connection with the operations of the Series; and

● any similar expenses that may be determined to be Operating Expenses, as determined by the Manager in its reasonable discretion.

The Manager will bear its own expenses of an ordinary nature, including, all administrative, operating and personnel costs and expenses, taxes, remuneration and expenses paid to employees and utilities expenditures.

If the Operating Expenses exceed the amount of revenues generated from a Series and cannot be covered by any Reserves of such Series, the Manager may (a) pay such Operating Expenses and seek reimbursement and/or (b) loan the amount of the Operating Expenses to the applicable Series and be entitled to reimbursement of such amount from future revenues generated by such Series. In the case that the Manager provides a loan to a Series (other than the Acquisition Note), the Series will be obligated to pay interest no greater than seven percent (7%) on that loan at a rate to be determined solely by the Manager. See "Description of Our Business—Our Manager — Manager Compensation."

Further, if the Operating Expenses exceed the amount of revenues generated from a Series and cannot be covered by any Reserves of such Series, then you may be unable to receive distributions until the Series can generate revenue.

**The Landa Mobile App**

The Manager owns and operates the Landa Mobile App, a mobile app-based investment platform. Through the Landa Mobile App, investors can:

● Browse Series' Offerings and obtain information about a Series and/or Property, including location, property type and projected rental income;

● Analyze Properties by reviewing neighborhood statistics and comparable properties in the relevant market;

● Connect a bank account to the Landa Mobile App, transfer funds to their Landa Account and monitor their Landa Account balance;

● Review the Series Materials for the applicable Series;

● Transact entirely online, including executing digital legal documentation, funds transfer and ownership recordation; and

● Manage and track investments through an online portfolio; and receive distributions and regular financial and tax reports.

The Landa Mobile App is available for download on iOS and Android devices.

We intend to offer and sell the Shares in our Offerings exclusively through the Landa Mobile App.

**Competition**

There is significant competition in the real estate industry, including numerous REITs with property acquisition objectives similar to the Series. In addition, we face competition primarily from other real estate investment platform companies such as Roofstock, Inc., Fundrise LLC, Arrived Homes, LLC and Compound Projects, LLC, as well as a range of emerging new companies providing real estate investment products and services. Although we believe that we are well positioned to compete effectively in each facet of our business, there is enormous competition in our market sector and there can be no assurance that we will compete effectively or that we will not encounter increased competition in the future that could limit our ability to conduct our business effectively.

**Employees**

Neither the Company, nor any Series, has any employees. The Company is, and each Series is currently, or is expected to be, managed by Landa Holdings. Employees of Landa Holdings will provide all operational, administrative, and managerial services to the Company and each Series.

**Legal Proceedings**

There are no legal proceedings material to our business or financial condition pending and, to the best of our knowledge, there are no such legal proceedings contemplated or threatened.

**DESCRIPTION OF THE PROPERTIES AND THE SERIES**

See "Description of the Properties and the Series" in Appendix B for detailed information about the Properties underlying the Series

**MANAGEMENT**'**S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**General**

Landa App LLC was originally formed as a series limited liability company under the LLC Act. Certain series of the Company that are not included in this Offering Circular were initially formed as registered series under Section 18-218 of the LLC Act. All subsequent Series have been, and will be, formed as protected series.

The Company was formed for the purpose of creating the Series and offering Shares in such Series and may form new series from time to time. Each Series will be governed by the Master Agreement and the Series Designation for such Series, which is included as an exhibit to this Offering Circular and will also be available at the applicable Property Page. We expect that the Company's, and each Series', sole source of income will be from rental income and any profits on the appreciation of any Property, if there is a disposition of the Property.

The purpose of each Series is to acquire and hold a single residential rental property, including single-family homes or duplexes, and offer a unique investment opportunity for eligible investors to benefit from the performance of such Properties. We are offering a maximum of 10,000 membership interests (each a "Share" and collectively, the "Shares") of each of the Series of the Company, at the respective purchase prices listed on the cover page of this Offering Circular. Title for each Property underlying the Series is currently held by Landa Properties. We expect that Landa Properties will transfer title to the Property underlying each Series either to the applicable Series or to the Company for the benefit of the applicable Series (pursuant to the Master Agreement) prior to such Series' initial Closing. Upon transfer of title, Landa Properties will assign the lease agreements for the Properties underlying each Series to the applicable Series.

We intend to acquire Properties located in "metropolitan statistical areas" that provide economic growth and strong rental demand. Our objective is to operate and manage each of the Properties in an effort to maximize net operating income so that stable cash flow is available to distribute to the holders of the Shares of the applicable Series. To that end, we will target Properties that we believe are in a stable condition as we determine through due diligence during the acquisition process. We will seek to acquire Properties that we believe will provide monthly net income distributions to investors, without holding periods, and without charging asset management fees. Real estate acquisitions will be on an opportunistic basis. However, there is no assurance that our management or acquisition objectives will be realized.

**Series and Property Information**

The Company may form new series from time to time. Pursuant to this Offering Circular, we are offering a maximum of 10,000 membership interests (each a "Share" and collectively, the "Shares") of each of the Series, at the respective purchase prices listed on the cover page of this Offering Circular.

Prior to the Closing of the first Offering of each Series, each Series will distribute all cash held by such Series to the Manager, except for the initial reserve allocation for such Series, as described under "Use of Proceeds" in Appendix B for more information regarding each of the Series that is being offered pursuant to this Offering Circular and its underlying Property.

The proceeds from each Series' Offering, together with the proceeds of the Refinance Note, are intended to pay down all or a portion of the Acquisition Note.

 **Refinance Notes**

Each New Series intends to refinance approximately 60.00% of the purchase price of its Property by refinancing the applicable Acquisition Note with the proceeds of its Series Offering and a Refinance Note. However, the Manager has not yet entered into a commitment for such loan and, therefore, the exact amount and terms of the Refinance Note are, as of the date of this Offering Circular, subject to further negotiation with the Refinance Lender. For example, the Company expects to receive a new appraisal for each Property prior to the commencement of each New Series' Offering, and if this appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain outstanding following the Offering.

For discussion on trends in property values and leasing, see "Market Outlook – Real Estate Finance Markets" in this section.

**Prior Series Offerings**

***<u>General</u>***

The Company previously filed a separate offering statement for the offer and sale of shares of forty-five (45) Separate Offering Series. Of these forty-five (45) offerings of Separate Offering Series, five (5) were withdrawn before any shares of such Separate Offering Series were issued, and two were previously liquidated when their underlying property was sold to Landa Properties: Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane (the "Previously Liquidated Series"). Proceeds from the sale of such underlying property of the Previously Liquidated Series were distributed among such Series' shareholders and such shareholders' shares were cancelled. The Company is now offering new Shares of the Previously Liquidated Series as part of the offering pursuant to this Offering Circular.

***<u>Recent Developments</u>***

The tables below provide information with respect to recent developments of the Separate Offering Series including dividend payments, lease renewals, vacancies and defaults. These recent developments are incorporated by reference to their respective hyperlinked Form 1-U (File No. 24R-00426) filed by the Company.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Form 1-U | &nbsp;&nbsp; Subject | &nbsp;&nbsp; Subject | &nbsp;&nbsp; Subject |
| &nbsp;&nbsp; Date and hyperlink | &nbsp;&nbsp; Leasing Status | &nbsp;&nbsp; Distributions | &nbsp;&nbsp; Other |
| &nbsp;&nbsp; [07/08/2021](http://www.sec.gov/Archives/edgar/data/1815103/000121390021036100/ea143844-1u_landaapp.htm) |  | &nbsp;&nbsp; X | &nbsp;&nbsp; Notes |
| &nbsp;&nbsp; [07/22/2021](http://www.sec.gov/Archives/edgar/data/1815103/000121390021038075/ea144569-1u_landaapp.htm) |  | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [07/27/2021](http://www.sec.gov/Archives/edgar/data/1815103/000121390021038930/ea144807-1u_landaapp.htm) |  | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [09/09/2021](http://www.sec.gov/Archives/edgar/data/1815103/000121390021047179/ea146943-1u_landaapp.htm) | &nbsp;&nbsp; X |  |  |
| &nbsp;&nbsp; [12/16/2021](http://www.sec.gov/Archives/edgar/data/1815103/000121390021065717/ea152475-1u_landaapp.htm) | &nbsp;&nbsp; X |  |  |
| &nbsp;&nbsp; [01/04/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022000466/ea153356-1u_landaapp.htm) | &nbsp;&nbsp; X |  |  |
| &nbsp;&nbsp; [01/27/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022004001/ea154554-1u_landaapp.htm) |  |  | &nbsp;&nbsp; Notes; Transfer of Title |
| &nbsp;&nbsp; [02/01/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022004814/ea154753-1u_landaapp.htm) | &nbsp;&nbsp; X | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [02/25/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022009510/ea156218-1u_landaapp.htm) | &nbsp;&nbsp; X |  |  |
| &nbsp;&nbsp; [03/01/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022010071/ea156313-1u_landaapp.htm) | &nbsp;&nbsp; X | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [03/11/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022011896/ea156756-1u_landaapp.htm) |  |  | &nbsp;&nbsp; Liquidation/Dissolution |
| &nbsp;&nbsp; [04/05/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022018106/ea157778-1u_landaapp.htm) | &nbsp;&nbsp; X | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [05/03/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022023665/ea159311-1u_landaapp.htm) | &nbsp;&nbsp; X |  |  |
| &nbsp;&nbsp; [05/05/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022024286/ea159469-1u_landaapp.htm) |  | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [06/06/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022031391/ea161208-1u_landaapp.htm) | &nbsp;&nbsp; X | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [07/07/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022038048/ea162570-1u_landaapp.htm) | &nbsp;&nbsp; X | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [07/25/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022041369/ea163309-1u_landaapp.htm) | &nbsp;&nbsp; X |  |  |
| &nbsp;&nbsp; [08/05/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022045100/ea163874-1u_landaapp.htm) | &nbsp;&nbsp; X |  |  |
| &nbsp;&nbsp; [08/09/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022045607/ea163972-1u_landaapp.htm) |  | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [09/07/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022054344/ea165408-1u_landaapp.htm) | &nbsp;&nbsp; X |  |  |
| &nbsp;&nbsp; [09/08/2002](https://www.sec.gov/Archives/edgar/data/1815103/000121390022054872/ea165502-1u_landaapp.htm) |  | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [10/06/2022](https://www.sec.gov/Archives/edgar/data/1815103/000121390022062638/ea166837-1u_landaapp.htm) | &nbsp;&nbsp; X | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [10/24/2022](https://www.sec.gov/Archives/edgar/data/1815103/000121390022065721/ea167374-1u_landaapp.htm) |  |  | &nbsp;&nbsp; Issuance of Note |
| &nbsp;&nbsp; [10/24/2022](https://www.sec.gov/Archives/edgar/data/1815103/000121390022065730/ea167372-1u_landaapp.htm) |  |  | &nbsp;&nbsp; Issuance of Note |
| &nbsp;&nbsp; [10/26/2022](http://www.sec.gov/Archives/edgar/data/1815103/000121390022066238/ea167447-1u_landaapp.htm) |  |  | &nbsp;&nbsp; Trading Fees |
| &nbsp;&nbsp; [11/07/2002](https://www.sec.gov/Archives/edgar/data/1815103/000121390022069562/ea168023-1u_landaapp.htm) |  | &nbsp;&nbsp; X |  |
| &nbsp;&nbsp; [12/07/2022](https://www.sec.gov/Archives/edgar/data/1815103/000121390022078272/ea169799-1u_landaappllc.htm) |  | &nbsp;&nbsp; X |  |
| [01/04/2023](https://www.sec.gov/Archives/edgar/data/1815103/000181510323000002/landaappllc03012023.htm) |  | X |  |
| [01/10/2023](https://www.sec.gov/Archives/edgar/data/1815103/000181510323000005/landaappllleases.htm) | X |  |  |
| [01/12/2023](https://www.sec.gov/Archives/edgar/data/1815103/000121390023002348/ea171579-1u_landaapp.htm) |  |  | Trading Fees |

---

**Impact of the COVID-19 Coronavirus Pandemic**

The international spread of COVID-19 was declared a global pandemic by the World Health Organization on March 11, 2020. The extent to which this pandemic could continue to affect our financial condition, liquidity, and results of operations is difficult to predict and depends on evolving factors, including, but not limited to, duration, scope, government actions, and other social responses. Beginning in March 2020, many states in the U.S., including the states where our Properties are located, implemented stay-at-home and shutdown orders for all "non-essential" business and activity in an aggressive effort to mitigate the spread of COVID-19. These orders have continued to evolve resulting in a full or partial lifting of these restrictions at various points over the past two years. Vaccinations for the COVID-19 virus have been widely distributed among the general U.S. population which has resulted in a loosening of previously mandated restrictions. However, the potential emergence of vaccine-resistant variants of COVID-19 could trigger restrictions to be put back in place. Such restrictions may include mandatory business shut-downs, reduced business operations and social distancing requirements.

The pandemic's duration and severity and the extent of the adverse health impact on the general population and on the local population where our Properties are and will be located are unknown. These, among other items, will likely impact the economy, the unemployment rate and our operations and could materially affect our future consolidated results of operations, financial condition, liquidity, investments and overall performance. In addition, our business may be affected by our ability to hire and/or maintain adequate staffing and disruption in the supply chain for building, construction and related goods and materials. For more information, please see the section entitled "Risk Factors – The COVID-19 pandemic may adversely affect our business.*"*

**Plan of Operations**

We have previously launched a number of Series and we plan to launch an as of yet undetermined number of additional Series and related Offerings in the next twelve (12) months with Properties that we acquire from our affiliates, including Landa Properties, as well as Properties acquired from third parties. The proceeds from any additional Offerings closed during the next twelve (12) months will be used for, among other things, the acquisition of Properties by the Series conducting the Offerings. No investor in any Series will, by virtue of its interest in such Series, including its underlying Property, have any interest in, or rights to acquire an interest in, any other Series.

While each Series intends to hold its Property indefinitely, as each Property reaches what the Manager believes to be its optimum value, the Manager may consider disposing of such Property. Please see "Description of our Business – Our Manager – Disposition Policies" for more information about our disposition policy with respect to the Properties.

We expect that the rental income earned from each Series' Property will satisfy each Series' cash requirements.

Each Series may seek additional capital in the form of debt financing from other financing sources to satisfy any additional cash requirements, including a related-party loan between each Series and the Manager.

**Financial Condition and Results of Operations**

See the linked sections below regarding information with respect to our (i) liquidity and capital resources, (ii) results of operations (iii) operating expenses and (iv) critical accounting policies for the periods covered by our most recent Annual Report on Form 1-K and Semi-Annual Report on Form 1-SA which information is hereby incorporated by reference into this offering circular.

● [Form 1-K/A Financial Statements and Accompanying Notes for the Year Ended December 31, 2021.](http://www.sec.gov/Archives/edgar/data/1815103/000121390023005167/ea172212-1ka1_landaappllc.htm)

● [Form 1-SA Financial Statements and Accompanying Notes for the Six Months Ended June 30, 2022.](http://www.sec.gov/Archives/edgar/data/1815103/000121390022059490/ea165837-1sa_landaappllc.htm)

***Acquisition Notes and Refinance Notes***

See the following for information regarding the Acquisition Notes and Refinance Notes:

● Appendix A for the information on the current outstanding balances of each Acquisition Note and Refinance Note

● Appendix B under the headings "Description of the Properties and the Series—Loans—Acquisition Notes", and "Description of the Properties and the Series—Loans—Refinance Notes" for more information on the original and expected, as applicable, amounts and terms of each Acquisition Note and Refinance Note.

**Market Outlook—Real Estate Finance Markets**

While the recent spread of COVID-19 has created uncertainty about the overall stability of the economic and financial market, we remain encouraged by the fundamentals of the residential housing market and believe there will be an increased demand for residential rental properties, including single-family homes and duplexes. As we look ahead the next three years, we believe improving fundamentals, transactions, and residential real estate lending activities will continue to strengthen in core United States metro markets. We also expect high foreign direct investment in United States markets and real estate assets to continue. Further, the assistance provided by governmental support programs and commitments is expected to support U.S. capital markets over the immediate future.

If markets continue to strengthen, the competition for risk-adjusted yield will become increasingly fierce. We believe that innovative funding options and quicker closing timelines from the Manager allow for greater financing availability in a period of rising competition amongst capital providers.

However, risks related to interest rate hikes and regulatory uncertainty could adversely affect growth and the values of our investments. In the event market fundamentals deteriorate, our real estate portfolio may be impaired as a result of lower occupancy, lower rental rates, and/or declining values. Further, these circumstances may materially impact the cost and availability of credit to borrowers, hampering the ability of the Manager to acquire new investments with attractive risk-reward dynamics. Among other things, this could affect the availability of lending for New Series' Refinance Notes, making it more difficult for each New Series to fully discharge its Acquisition Note; see "Series and Properties Information – Refinance Notes" for more information on New Series' Refinance Notes.

Over the short term, we remain cautiously optimistic about the opportunity to acquire investments offering attractive risk-adjusted returns in our targeted investment markets. However, we recognize disruptions in financial markets can occur at any time. By targeting modest leverage and short target investment durations, we believe we will remain well positioned, as compared to our competitors, in the event current market dynamics deteriorate.

**Material Weakness in Internal Controls**

A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies in internal controls, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis.

See "Risk Factors" — Our independent auditors recently identified a material weakness in our internal control over financial reporting, which, if not remedied, could have a significant adverse effect on our ability to report our financial results accurately and timely in the future.

**DETERMINATION OF PURCHASE PRICE**

The purchase price for the Shares of each Series was determined by the Manager and was calculated by dividing (a) the total amounts outstanding under the Series' Acquisition Note, less the principalamount, as applicable, of the Refinance Note *by* (b) 10,000, which represents the total expected Shares to be issued in such Series.

**PLAN OF DISTRIBUTION**

Landa Holdings, as the Manager, will manage the day-to-day operation of the Company and each of the Series. Landa Holdings also owns and operates the Landa Mobile App, through which investors may indirectly invest, through the purchase of Shares of a Series, in a Property.

We are offering a maximum of 10,000 Shares of each of the Series of the Company, at the respective purchase prices set forth on the cover page of this Offering Circular, pursuant to the terms and conditions set forth in the applicable Series Materials. The Shares are being offered to the public on a "best efforts," no offering minimum basis, and therefore, we are only required to use our best efforts to sell the Shares of each Series. Neither the Manager nor any other party has a firm commitment or obligation to purchase any of the Series' Shares.

The Shares will be offered through the Landa Mobile App. We do not intend to use commissioned sales agents or underwriters as part of the Offerings. We expect that the officers of the Manager will offer and sell the Shares in reliance upon the exemption from registration contained in Rule 3a4-1 of the Exchange Act and will not receive any compensation from the offer or sale of the Shares. For additional information about the Landa Mobile App, please see "Offering Summary—The Landa Mobile App."

The Manager may from time to time offer, through the Landa Mobile App, incentives to potential and/or existing investors in the form of "free" Shares that would be issued by a Series to such investors and paid for by the Manager such that a Series will continue to receive its full offering proceeds. Details regarding any such incentive program will be posted on the Landa Mobile App. Any Shares issued in connection with such incentive programs will be issued pursuant to this offering and will be subject to the maximum offering amount permitted under Regulation A. The Manager may be deemed to be a statutory underwriter with respect to the Shares issued in connection with any such incentive programs.

The incentive programs that the Manager anticipates offering to investors may cover a range of alternatives based on a number of factors including but not limited to: (i) whether one or more Series Offerings has not been fully sold and remains open after a certain amount of time, (ii) an investor making an investment for the first time, (iii) an investor making a first investment after a specified amount of time or (iv) a member of Landa, who may or may not be an investor, referring a friend to sign up (without any obligation to invest in offerings available on) the Landa Mobile App.

Programs offered by the Manager in the past have included a "Referral Reward" program, a "New Investor" program and a "Black Friday" (a/k/a "Cyber Monday") program. For example, under a recent incentive program, the Manager funds the purchase of one Share that is chosen for each new investor and/or referring investor, as applicable, from the current Share inventory of a Series and the Company deposits such Share into the respective investor's account. The investors may not choose their free Share, are provided the opportunity to view the offering circular for such Share, and need to actively opt in to receive the free Share. Upon a new investor completing the onboarding process (including full AML/KYC checks and review and acceptance by the Broker Dealer of the transaction and the recipient) and connecting his/her bank account with the Landa Mobile App, and after such new investor's account has been approved, the new investor and/or the referring investor are entitled to receive their free Share. New investors need not actually invest in any Series to receive their free Share; they only need to successfully open an account and connect their bank account.

Please also be aware that the Manager has offered and plans on offering various other promotions and incentives to investors. Investors who have received or will receive these promotions or incentives may invest in this Offering, even if such promotions or incentives were not available to all investors at the time of their investment. No investor will be automatically entitled to a promotion or incentive based on the foregoing and there can be no guarantee that the Manager will offer any or all of these promotions or incentives at any given time or at all.

The Company has engaged Dalmore Group, LLC, a broker-dealer registered with the SEC and a member of FINRA (the "Broker Dealer") pursuant to a Broker Dealer Agreement dated May 3, 2021 (the "Broker Dealer Agreement"). The Broker Dealer Agreement has a 12-month term and will renew automatically for successive 12-month terms unless either party provides notice of non-renewal at least 60 days prior to the expiration of the then-current term. Under the Broker Dealer Agreement, the Broker Dealer's role in each Offering is limited to serving as the broker dealer of record, including, but not limited to, processing transactions for potential investors and providing investor qualification recommendations (e.g., "Know Your Customer" and anti-money-laundering checks) and coordinating with third-party providers to ensure adequate review and compliance. The Broker Dealer will have access to the subscription information provided by investors for each Offering by processing transactions by investors through the Landa Mobile App. The Broker Dealer will not solicit any investors on our behalf, act as underwriter or provide investment advice or investment recommendations.

Pursuant to the Broker Dealer Agreement, the Company agreed to indemnify the Broker Dealer and each of its affiliates and their respective representatives and agents for any loss, liability, judgment, arbitration award, settlement, damage or cost (which we refer to as losses) incurred in any third-party suit, action, claim or demand (which we refer to, collectively, as a proceeding) arising out of (i) our breach of any provision of the Broker Dealer Agreement, (ii) our wrongful acts or omissions, or (iii) the Offerings under this Offering Circular, to the extent not based upon a breach of the agreement by the Broker Dealer and/or the wrongful acts or omissions of the Broker Dealer or the Broker Dealer's failure to comply with any applicable federal, state or local laws, regulations or codes in the performance of its obligations under the Broker Dealer Agreement. The Broker Dealer agreed to indemnify us and each of our affiliates and their and our representatives and agents from any losses arising out of any proceeding arising out of (y) the Broker's breach of the Broker Dealer Agreement or (z) the wrongful acts or omissions of the Broker Dealer or the Broker Dealer's failure to comply with any applicable federal, state or local laws, regulations or codes in the performance of its obligations under the Broker Dealer Agreement. Neither party is liable for any losses that result from gross negligence, fraud or willful misconduct by the other party.

As compensation for the services listed above, the Company has agreed to pay the Broker Dealer the following fees (collectively, the "Broker Fee"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 $5,000 one-time advance expense allowance to cover reasonable out-of-pocket accountable expenses actually anticipated to be incurred
 by Broker Dealer in connection with the Offerings, such as, among other things, preparing the FINRA filing in connection with the
 Offerings. Broker Dealer will refund any amount related to this expense allowance to the extent it is not used, incurred or provided
 to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 one-time consulting fee of $20,000 to provide ongoing general consulting services relating to the Offerings such as coordination
 with third party vendors and general guidance with respect to the Offerings, which will be due and payable immediately after qualification
 of the offering statement of which this Offering Circular forms a part and the Company receives a No Objection Letter from FINRA;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 commission equal to 1% of the amount raised in each Offering.

Although the Company agreed to pay the Broker Fee pursuant to the Broker Dealer Agreement, the Manager has agreed to pay the Broker Fee, and will immediately reimburse the Company for any Broker Fee payment.

The Shares will not be offered or sold in states where the Broker Dealer is not registered as a broker-dealer pursuant to the applicable state law or in any jurisdictions where it is not lawful to offer and sell the Shares.

Neither the Company nor the Manager is a registered broker-dealer, an investment adviser or a funding portal. The Company and the Manager do not participate in securities offerings made in reliance on Securities Act Section 4(a)(6) and Regulation Crowdfunding. Neither the Company nor the Manager will make any sales prior to the qualification of the offering statement of which this Offering Circular forms a part.

This Offering Circular will be furnished to prospective investors upon their request via electronic PDF format and will be available for viewing and download from the Landa Mobile App, as well as on the SEC's website at www.sec.gov.

We expect that there will be multiple closings for each Offering at which time Shares will be sold and the subscription price will be transferred to the operating account of the Series (each, a "Closing"). Each Closing will occur promptly following the acceptance of a subscription. A subscription will be accepted or rejected in whole or in part at the Manager's sole discretion within 10 business days following receipt of such subscription. The Manager will accept subscriptions on a first-come, first-served basis subject to the right to reject or reduce subscriptions. In addition, the Manager may limit the amount of Series' Shares that an individual investor may subscribe for.

To the extent that the funds are not ultimately received by us, whether due to an ACH chargeback or otherwise, the Subscription Agreement will be considered terminated, and the subscriber will not be entitled to any Shares subscribed for or dividends that may have accrued.

In compliance with RuIe 253(e) of Regulation A, we will revise the offering statement of which this Offering Circular forms a part during the course of the Offerings whenever information herein has become false or misleading in light of existing circumstances, material developments have occurred, or there has been a fundamental change in the information initially presented. Such updates will not only correct such misleading information but will also provide updated financial statements and will be filed as an exhibit to the offering statement of which this Offering Circular forms a part and be requalified under Rule 252 of Regulation A.

**Continuous Offering**

The Offerings will be a continuous offering pursuant to Rule 251(d)(3)(i)(F) of Regulation A. The term of each Offering will commence within two (2) calendar days after the first qualification date of the offering statement of which this Offering Circular forms a part and, unless earlier terminated by the Manager, each Series will offer Shares until no later than the second anniversary of such qualification date. The Shares will not be offered or sold in the Offerings on an "at the market" basis.

**Fees and Expenses**

 

*Offering Expenses*

The Manager or its affiliates will pay on behalf of each Series all costs incurred in connection with the organization and the offering of the Series' Shares (the "Offering Expenses"). Offering Expenses include, but are not limited to, legal, accounting, fees incurred in connection with the custody accounts, transfer agent, underwriting, filing and compliance costs, as applicable, related to a specific offering.

 

*Acquisition Fee*

The Acquisition Notes issued by each Series to the Manager in connection with the expected acquisition of its Property included amounts attributable to an Acquisition Fee due to the Manager ranging from five percent (5%) to ten percent (10%) of the purchase cost of the Property.

 

*Property Diligence Expenses*

The Acquisition Notes issued by each Series to the Manager in connection with the acquisition of its Property included amounts attributable to any and all fees, costs and expenses incurred in connection with the evaluation, discovery, and investigation of such Property incurred prior to such acquisition, including legal fees associated with the title insurance, appraisal costs and inspection costs, and any other expenses associated with the acquisition of a Property (the "Property Diligence Expenses").

*Reserve*

 

Each Series will maintain an unrestricted cash reserve in its account to cover any unanticipated Operating Expenses that may arise or to cover other general corporate or working capital expenses (a "Reserve").

Each Series' Reserve was initially funded in connection with the Acquisition Note issued by each Series to the Manager at the time of the acquisition of its Property. The initial funding amount was determined by the Manager based on, among other things, the purchase cost of the Property, the condition of the Property and any expected expenses associated with the Property or the Series. Each Series will further contribute to the Reserve by allocating approximately seven percent (7%) to fifteen (15%) of Gross Monthly Rent to the Reserve, as determined by the Manager acting in its sole discretion.

In the event that a Series is unable to collect rent for a given month, the Series may make a distribution out of its Reserve.

If the Manager elects to effectuate a dissolution for a given Series, the Reserve for such Series will be distributed to each member of such Series in accordance with the Master Agreement.

 

**State Law Exemption and Offerings to "Qualified Purchasers"**

The Shares are being offered and sold only to "qualified purchasers" (as defined in Regulation A). As a Tier 2 offering pursuant to Regulation A, this Offering will be exempt from state "Blue Sky" law review, subject to certain state filing requirements and anti-fraud provisions, to the extent that the Shares offered hereby are offered and sold only to "qualified purchasers" or at a time when the Shares are listed on a national securities exchange. "Qualified purchasers" include: (i) "accredited investors" under Rule 501(a) of Regulation D and (ii) all other investors so long as their investment in the Shares does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). However, the Shares will be offered and sold only to those investors that are within the latter category (i.e., investors whose investment in the Shares does not represent more than 10% of the applicable amount), regardless of an investor's status as an "accredited investor." Accordingly, the Manager reserves the right to reject any investor's subscription in whole or in part for any reason, including if it determines in its sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Regulation A. If the Offering terminates or if any prospective investor's subscription is rejected, all funds received from such investors will be promptly returned without interest or deduction.

**Certificates Will Not be Issued**

The Shares will be issued in book-entry form without certificates and will be recorded and maintained on the Company's books and records.

**Transferability of the Shares**

All Shares will be issued in electronic form only and will not be listed or quoted on any national securities exchange. We expect that after a Series' Offering has concluded, the Secondary Trading Platform will be the only venue available for the potential resale of such Series' Shares through the Broker Dealer, as a broker dealer member of the Secondary Trading Platform; provided, however, such resale of a Series' Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement, and there can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely.

The Secondary Trading Platform is only available on the Landa Mobile App and prospective investors must create a Landa Account and must be approved to transact on the Landa Mobile App before being permitted to access the Secondary Trading Platform. In addition, only prospective investor that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares.

The Manager may withhold a transfer in its sole discretion, including if the Manager determines that such transfer, assignment or pledge would result in (a) there being more than 2,000 beneficial owners of the Series or more than 500 beneficial owners of the Series that are not "accredited investors," (b) the assets of the Series being deemed "plan assets" for purposes of ERISA, or (c) the Company, the Series or the Manager being subject to additional regulatory requirements.

Please refer to the applicable Series' Subscription Agreement and the Master Agreement for additional information regarding restrictions on transfer that may be applicable to the Shares.

**Escrow** 

The proceeds of the Offerings will not be placed into an escrow account.

**Landa Account**

All funds deposited into a Landa Account will be placed into a non-interest-bearing custody account maintained by the Custodian. These funds will not be commingled with the operating account of the applicable Series, until, if and when there is a Closing for the Offering of that specific Series with respect to the Shares that the applicable investor has subscribed for, which will occur promptly following the submission and acceptance of each subscription. All bank services provided by the Custodian will be provided directly by Evolve Bank & Trust, Member FDIC.

**How to Subscribe for Shares**

Potential investors who are "qualified purchasers" may subscribe to purchase Shares in a Series. If you wish to acquire Shares you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Download
 the Landa Mobile App.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Create
 a Landa Account. Our third-party provider will conduct Know-Your-Customer and Anti Money Laundering checks on each user that creates
 a Landa Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Connect
 your Landa Account to your bank or financial institution and deposit funds into your Landa Account. All funds deposited into your
 Landa Account will be held in a non-interest-bearing custody account maintained by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Navigate
 to the applicable Property Page for the Series you would like to invest in.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Carefully
 review the information in the Property Page, this Offering Circular, and any current supplement, as well as the Series Materials
 for the applicable Series, including, but not limited to, the Series' Subscription Agreement, the Master Agreement and the
 Series Designation for such Series, the Risk Factors set forth in this Offering Circular and the Terms of Service on the Landa Mobile
 App. We urge you to consult with your tax, legal and financial advisors to determine whether an investment in the Shares is suitable
 for you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. When
 you are ready to purchase Shares in a Series, click {BUY} in the applicable Property Page and indicate the number of Shares you would
 like to purchase. By clicking {BUY}, you are agreeing to be bound by the terms of the applicable Series' Subscription Agreement
 and the Master Agreement and the Series Designation for such Series, with your electronic signature marking the signature pages of
 each agreement. The signature page to the Series' Subscription Agreement containing your electronic signature will be
 immediately affixed to such agreement and will remain held in escrow until your subscription is accepted (in whole or in part) and
 there is a Closing with respect to your subscription. When your signature page to the Series' Subscription Agreement is released
 from escrow, you will become a member in the Series, bound by its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. You can select between same-day ACH or standard ACH transfer timing when depositing funds in your Landa Account. If you choose standard ACH transfer timing (3-5 business days), the Manager pays all ACH fees on your behalf. If you choose same-day ACH, the Manager may charge you a fee of up to $1.99 for such ACH transfers.

After you click {BUY}:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Manager and the Broker Dealer will review the subscription documentation submitted and electronically signed by you. You may be asked
 to provide additional information. The Manager or the Broker Dealer may contact you directly if required. The Manager reserves the
 right to reject any subscriptions, in whole or in part, for any or no reason, and to terminate any Offering at any time prior to
 a Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Once
 the review is complete and within 10 business days of receipt of your subscription, the Manager and/or the Broker Dealer will inform
 you whether or not your application to subscribe for Shares is approved or denied, and if approved, the number of Shares you are
 entitled to subscribe for.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If
 your subscription is rejected in whole or in part, you may withdraw the subscription funds related to the rejected portion of your
 subscription from your Landa Account promptly after notification of such rejection. If all or a part of your subscription is
 approved, then the number of Shares for which your subscription has been accepted will be issued to you electronically upon the
 Closing. Simultaneously with the issuance of the Shares, the Manager will cause the Custodian to transfer funds in an amount equal
 to the purchase price for the Shares issued from your Landa Account to the operating account of the Series. In addition, you will
 receive an email confirming the details of your subscription, including the Series name, the date, the number of Shares purchased
 and the total purchase price for your Shares. You will also be informed that you are now a member of the applicable Series pursuant
 to the Master Agreement. You will be able to access information about your total Share ownership at any time using the Landa Mobile
 App. The Manager will accept subscriptions on a first-come, first-served basis subject to the right to reject or reduce
 subscriptions.

The Company, the Manager and the Broker Dealer will rely on the information you provide in the Landa Mobile App and your Subscription Agreement, and the supplemental information you provide in order for the Manager and the Broker Dealer to verify your status as a "qualified purchaser." If any information about your "qualified purchaser" status changes prior to you being issued the Shares, please notify the Manager immediately using the contact details set out in the Subscription Agreement.

For further information on the subscription process, please contact the Manager using the contact details set out in the "Additional Information" section.

**Advertising, Sales and other Promotional Materials**

In addition to this Offering Circular, subject to limitations imposed by applicable securities laws, we expect to use additional advertising, sales and other promotional materials in connection with the Offerings. These materials may include information relating to the Offerings, the past performance of the Manager and its affiliates, information regarding a Property, articles online and offline ads, including images and videos on social media, search engines, Apple Store, Google Play store and other publications concerning real estate, or public advertisements and audio-visual materials, in each case only as authorized by us. In addition, the sales material may contain certain quotes from various publications without obtaining the consent of the author or the publication for use of the quoted material in the sales material. Although these materials may contain information that is not set forth in this Offering Circular, all material information with respect to the Offerings will be set forth in this Offering Circular and these additional materials will not contain information in conflict with the information provided by this Offering Circular and will be prepared with a view to presenting a balanced discussion of risk and reward with respect to the shares. Nevertheless, these materials may not give a complete understanding of the Offerings. The Offerings are being made only by means of this Offering Circular and prospective investors must read and rely on the information provided in this Offering Circular in connection with any decision to invest in the Shares. In the event that we engaged in any communications to determine whether there is any interest in the Offerings in accordance with Rule 255 of Regulation A, we will file any such materials as exhibits to the offering statement of which this Offering Circular forms a part.

**REGULATIONS**

Each Series' respective business practices and Properties are, or will be, subject to regulation by numerous federal, state and local authorities including, but not limited to the following:

***U.S. State and Federal Securities Laws***

The Shares offered hereby are "securities," as defined in the Securities Act and under state securities laws. The Securities Act provides, among other things, that no sale of any securities may be made except pursuant to a registration statement that has been filed with the SEC, and has become effective, unless such sale (or the security sold) is specifically exempted from registration. State securities laws have analogous provisions.

In the Offerings, Shares are being offered and sold only to "qualified purchasers" (as defined in Regulation A under the Securities Act). As Tier 2 offerings pursuant to Regulation A under the Securities Act, the Offerings will be exempt from state law "Blue Sky" review, subject to meeting certain state filing requirements and complying with certain anti-fraud provisions, to the extent that the Shares offered hereby are offered and sold only to "qualified purchasers" or at a time when the Shares are listed on a national securities exchange. "Qualified purchasers" include: (i) "accredited investors" under Rule 501(a) of Regulation D and (ii) all other investors so long as their investment in the Shares does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). Accordingly, the Manager reserves the right to reject any investor's subscription in whole or in part for any reason, including if it determines in its sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Regulation A.

The Shares being offered hereby have not been registered under the Securities Act. Neither the SEC nor any state securities commission or regulatory authority approved, passed upon or endorsed the merits of the Offerings. The offering and proposed sale of the Shares described herein will be made pursuant to an exemption from registration with the SEC pursuant to Regulation A.

***Investment Company Act of 1940***

Our Company is not registered and will not be registered as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Manager is not and will not be registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"), and the Shares do not have the benefit of the protections of the Investment Company Act or the Investment Advisers Act.

***Environmental Regulations***

Federal, state and local laws and regulations impose environmental controls, disclosure rules and zoning restrictions that directly impact the management, development, use, and/or sale of real estate. Such laws and regulations tend to discourage sales and leasing activities with respect to some properties, and may therefore adversely affect us specifically, and the real estate industry in general. Our failure to uncover and adequately protect against environmental issues in connection with the target purchase of real estate may subject us to liability as a buyer of such real estate. Environmental laws and regulations impose liability on current or previous real property owners or operators for the cost of investigating, cleaning up or removing contamination caused by hazardous or toxic substances at the property. We may be held liable for such costs as a subsequent owner of such property. Liability can be imposed even if the original actions were lawful and we had no knowledge of, or were not responsible for, the presence of the hazardous or toxic substances. Further, we may also be held responsible for the entire payment of the liability if we are subject to joint and several liability and the other responsible party or parties are unable to pay. We may also be liable under common law to third parties for damages and injuries resulting from environmental contamination emanating from the real estate, including the presence of asbestos containing materials. Insurance for such matters may not be available. Additionally, new or modified environmental regulations could develop in a manner that could adversely affect us.

Certain laws and regulations govern the removal, encapsulation or disturbance of asbestos containing materials ("ACMs"), when those materials are in poor condition or in the event of building renovation or demolition, impose certain worker protection and notification requirements and govern emissions of and exposure to asbestos fibers in the air. These laws may also impose liability for a release of ACMs and may enable third parties to seek recovery against us for personal injury associated with ACMs.

***Americans with Disabilities Act ("ADA")***

Under the ADA, all places of public accommodation are required to meet certain federal requirements related to access and use by disabled persons. The Properties must comply with the ADA to the extent that they are considered "public accommodations" as defined by the ADA. The ADA may require removal of structural barriers to access by persons with disabilities in public areas of properties where such removal is readily achievable. We believe that the Properties are or will be in substantial compliance with the ADA and that we will not be required to make substantial capital expenditures to address the requirements of the ADA. In addition, we will continue to assess our compliance with the ADA and to make alterations to our projects as required.

***Other Laws and Regulations***

We are required to operate the Properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to the Properties. We are also required to comply with labor laws and laws which prohibit unfair and deceptive business practices with consumers. The Properties will also be subject to a variety of local, state and federal statutes, ordinances, rules and regulations concerning fair housing and real estate transactions in general. These laws might cause us to incur substantial compliance and other costs. We may be required to make substantial capital expenditures to comply with those requirements and these expenditures could have a material adverse effect on its ability to make distributions to holders at historical levels or at all.

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

The Company and each Series are managed by the Manager and do not have directors or executive officers. The Manager is the sole member of the Company and neither the Manager nor any of its directors or executive officers own Shares in any of the Series.

As of June 30, 2022, there were no persons who beneficially own more than ten percent (10%) of the Shares of any Series.

**DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES**

***Directors, Executive Officers and Significant Employees of the Company***

Neither the Company, nor any Series, have any employees, and we do not expect the Company or any Series to hire any employees.

***Executive Officers and Directors of the Manager***

The following individuals constitute the members of the board of directors (the "Board"), executive management and significant employees of the Manager:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Age** | **Term of Office** |
| ***Directors and Executive Officers*:** |  |  |  |
| Yishai Cohen | Chairman, Chief Executive Officer and President | 26 | Since September 2019 |
| Amit Assaraf | Chief Technology Officer, Director | 26 | Since September 2019 |
| ***Non-Employee Directors*:** |  |  |  |
| Arnon Dinur | Director | 50 | Since September 2019 |
| Gigi Levy-Weiss | Director | 50 | Since September 2019 |
| Yaniv Sarig | Director | 43 | Since September 2019 |

---

There are no family relationships between any director, executive officer or significant employee of the Manager.

***Directors and Executive Officers***

**Yishai Cohen, Chairman, Chief Executive Officer and President.** Mr. Cohen is the co-founder of Landa Holdings, Inc. and has served as its President and Chairman of the Board since September 2019, and its Chief Executive Officer since April 2020. Prior to founding Landa Holdings, Inc., Mr. Cohen was the founder of Smart\|Bus, an Israeli-based business-to-business transportation platform, which was acquired in 2016. Mr. Cohen has extensive experience in internet and mobile products, marketplaces and technology.

**Amit Assaraf, Chief Technology Officer and Director**. Mr. Assaraf is the co-founder of Landa Holdings, Inc. and has served as its Chief Technology Officer and member of the Board of Landa Holdings, Inc. since September 2019. Mr. Assaraf has over 10 years of experience in software engineering and system architecture, specializes in consumer products and cyber security. Prior to co-founding Landa Holdings, Inc., Mr. Assaraf served as a technical lead of several high-tech companies, including Landbridge Ltd., Helpi Ltd., Genesis Labs Ltd., and CityPark Ltd. Mr. Assaraf is a graduate of the Elite Intelligence Unit 8200 of the Israeli Defense Forces.

***Non-Employee Directors***

**Arnon Dinur, Director**. Mr. Dinur has served as a member of the Board of Landa Holdings, Inc. since September 2019. Mr. Dinur is a partner at 83North, and serves also as a director at Applicaster Ltd., Beach Bum Ltd., Lendbuzz, Inc., Marqeta, Inc., Mixtiles Ltd., EX.CO Ltd., Podimo ApS, Snappy App, Inc., Stuff That Works Ltd., Superplay Ltd., Terrascope Limited (Fatmap) and VIA Transportation, Inc. He also serves as a board observer at Bluevine Capital Inc. and Wolt Enterprises Oy. Mr. Dinur is also a board member at Lobby99, a non-profit organization. Mr. Dinur holds an LL.B. in Law and a BA in accounting from Tel Aviv University, and an MBA from the University of Texas at Austin.

**Gigi Levy-Weiss, Director.** Mr. Levy-Weiss has served as a member of the Board of Landa Holdings, Inc. since September 2019. Mr. Levy-Weiss is the founding partner of NFX, a $275 million leading seed venture firm. Prior to NFX, Gigi served as the CEO of 888 Holdings, PLC (LSE: 888.L). Mr. Levy-Weiss previously founded, and assumed senior positions at, a number of startups including Playtika and Inception, and has been an investor in companies such as Kenshoo, Moon Active, Plarium, MyHeritage, Optimove, Selina, Houseparty, R2Net, SimilarWeb, NanoRep, Replay Technology, and SpaceApe. Mr. Levy-Weiss currently serves on the Supervisory Board of Bertelsmann SE & Co. KGaA and on the Client Advisory Council of Facebook. In addition, Mr. Levy-Weiss is a member of the board of directors of the Middle East Entrepreneurs of Tomorrow and is a member of the advisory board of the Technology Management, Innovation and Entrepreneurship MBA at Tel Aviv University. Mr. Levy-Weiss served as a pilot in the Israeli Air Force and holds an MBA from the Kellogg School of Management at Northwestern University.

**Yaniv Sarig, Director.** Mr. Sarig has served as a member of the Board of Landa Holdings, Inc. since September 2019. Mr. Sarig is a co-founder, director and President and Chief Executive Officer of Mohawk Group, Inc. Prior to co-founding Mohawk, Mr. Sarig led the Financial Services Engineering department at Coverity, a leading software startup providing code quality and security solutions for top financial institutions and hedge funds in New York including NYSE, Nasdaq, JPMC and Barclays, from April 2012 to April 2014. Before joining Coverity, Mr. Sarig held lead technical roles at Bloomberg from October 2011 to April 2012 and EPIQ Systems, Inc. (Nasdaq: EPIQ), a legal process outsourcing company, from February 2006 to October 2011. Prior to moving to New York City, Mr. Sarig lived in Israel where he held various software engineering roles at startups from various industries including companies involved in digital printing solutions and military navigation systems. Mr. Sarig served in the IDF Special Forces where he obtained the rank of Sergeant First Class and holds a BS in Computer Science from Touro College.

**COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS**

Neither the Company, nor any Series has any executive officers or employees, nor do the Company or any Series currently intend to hire any executive officers or employees who will be compensated directly by us. Each of the executive officers of our Manager manages our day-to-day affairs; oversees the review, selection and recommendation of investment opportunities; services acquired investments; and monitors the performance of these investments to ensure that they are consistent with our investment objectives. Each of these individuals receives compensation for his or her services, including services performed for us on behalf of our Manager, from our manager. Although each Series indirectly bears some of the costs of the compensation paid to these individuals, through the Monthly Management Fee that each Series pays to the Manager, we do not intend to pay any compensation directly to these individuals.

**Manager's Compensation**

The Manager will receive fees and expense reimbursements pursuant to the Management Agreement for certain services relating to the Series and the Series' Properties. Neither the Manager nor its affiliates will receive any selling commissions or dealer manager fees in connection with the offer and sale of the Shares in the Offerings.

For additional information, see "Description of Our Business – Manager Compensation."

**INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS**

 

*We are subject to various conflicts of interest arising out of our relationship with Landa Holdings and its affiliates.* 

**Transactions**

 ****

***Property Acquisitions***

Each of the Series issues an Acquisition Note to the Manager and we expect that Landa Properties will transfer title to the Property underlying each Series either to the applicable Series or to the Company for the benefit of the applicable Series (pursuant to the Master Agreement) prior to such Series' initial Closing.

The acquisition of the properties by the Series were not, or will not be, arm's length transactions. Each Series treated, or will treat, its acquisition as a transaction between entities under common control per Accounting Standards Codification ("ASC") 805-50 and recorded, or will record, the transaction at its carryover basis.

Nevertheless, Landa Properties acquired each Property for either the same purchase cost that each Series will pay for such Property or the most recent appraisal or BPO value for such Property.

***Loans***

Initially, each Series issues an Acquisition Note to the Manager to finance 100% of the costs associated with the expected acquisition of its Property. Each Acquisition Note represents a related-party loan between each respective Series and the Manager. The Acquisition Notes bear an interest rate of 4.5% per annum, provided that interest will not accrue on the Acquisition Notes issued by the Series, and no payment of amounts outstanding under such Acquisition Notes will be due, prior to the transfer to the applicable Series of title to its Property, and if such title transfer does not occur prior to the maturity of such Acquisition Note, such Acquisition Note will terminate with no obligation for the Series to make any payment thereunder.

See "Description of the Properties and the Series – Loans – Acquisition Notes" in Appendix B for information about the terms of each Acquisition Note.

If we do not enter into the Refinance Notes as expected, we expect to issue a related-party promissory note to the Manager on similar terms as the expected Refinance Notes. Each Series may also seek to further refinance any outstanding indebtedness if more favorable terms become available to it.

See "Description of the Properties and the Series—Loans—Refinance Notes" in Appendix B for information about the expected terms of each Refinance Note.

**Our Affiliates' Interests**

 ****

***General***

The executive officers of the Manager will also manage operations for the Company and each Series, as well as the Properties. These persons will have legal obligations with respect to those entities that are similar to their obligations to us. In the future, however, these persons and other affiliates of the Manager may organize other real estate-related programs and acquire for their own account real estate properties that may be suitable for us.

In addition, each of the Manager's executive officers will also serve as officers of other affiliated entities. As a result, they will owe duties to each of these entities, their holders, members and limited partners. These duties may from time-to-time conflict with the duties that they owe to the Company and each Series. These persons will also have conflicts of interest with respect to our agreements and arrangements with the Manager and other affiliates of the Manager, which were not negotiated at arm's length, and their terms may not have been as favorable to us as if they had been negotiated at arm's length with an unaffiliated third party. Except as provided in the Master Agreement and the Series Designation for such Series or the applicable Management Agreement, the Manager is not required to make available any particular individual personnel to us or any Series.

The Manager's executive officers will not be required to devote a specific amount of time to our affairs. As a result, we cannot provide any assurances regarding the amount of time the Manager will dedicate to the management of our business. Accordingly, we may compete with the Manager and any of its current and future programs, funds, vehicles, managed accounts, ventures or other entities owned and/or managed by the Manager or one of its affiliates, which we refer to collectively as the Landa Holdings-sponsored vehicles, for the time and attention of these officers in connection with our business. We may not receive the level of support and assistance that we might otherwise receive if we were internally managed.

 ****

***Payment of Certain Fees and Expenses of the Manager***

In connection with the expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, the principal amount of which note reflected the purchase cost paid by Landa Properties for the Property or the most recent appraisal price, as applicable, payment to the Manager of an Acquisition Fee, reimbursement to the Manager of actual expenses incurred in connection with the evaluation, discovery, and investigation of the Property, and the initial amount of the Reserve

In addition, each Series will pay the Manager a Monthly Management Fee, will reimburse the Manager for certain expenses in connection with any ongoing expense of the Series or the Property that is paid by the Manager, expenses in connection with the special servicing of the non-performing Properties and the liquidation of the Properties, and, if applicable, pay interest on related-party loans for operations, issued by the Manager to a Series. These fees and expenses payable by the Series to the Manager and its affiliates were not determined on an arm's length basis.

These fees could influence our Manager's advice to us as well as the judgment of affiliates of our Manager, some of whom also serve as our Manager's officers and directors. Among other matters, these compensation arrangements could affect their judgment with respect to:

● the continuation, renewal or enforcement of provisions in the Master Agreement involving the Manager and its affiliates; and

● acquisitions of Properties at higher purchase prices, which entitle the Manager to higher acquisition fees and management fees regardless of the quality or performance of the Property and, in the case of acquisitions of Properties from other entities, might entitle affiliates of the Manager to disposition fees in connection with services for the seller.

In addition, the Manager may benefit from the Company retaining ownership of a Property at times when a Series' holders may be better served by the sale or disposition of the Property.

**DESCRIPTION OF SHARES**

 

*The following is a description of the Shares of each Series and summary of the material provisions of the Master Agreement* and the Series Designation for such Series, *as each applies to the Shares offered by this Offering Circular. The following description does not purport to be complete and is subject to and qualified in its entirety by reference to applicable provisions of the laws of the State of Delaware and the Master Agreement and the Series Designation for such Series. All capitalized terms appearing but not defined in this section entitled "Description of Shares" will have the meanings set forth in the Master Agreement and the Series Designation for such Series attached as exhibits of Part III of the offering statement of which this Offering Circular forms a part.*

**Shares**

The Company is offering a maximum of 10,000 Shares of each of the Series of the Company, at the respective purchase prices set forth on the cover page of this Offering Circular. The purchase of Shares in a Series is an investment only in that specific Series and not an investment in any other Series, the Company or its Manager. The Company has not issued, and does not intend to issue, any class of any securities entitled to any preemptive, preferential or other rights that are not otherwise available to the holders purchasing Shares in connection with any offering.

The holders of the Shares will have the rights and be subject to the obligations as holders described in the Master Agreement and the Series Designation or Series' Operating Agreement, as applicable, and any applicable rights under the LLC Act. See the section entitled "Master Agreement terms relating to individual series" and "Master Agreement; Series Designation" below.

Holders of a Series will only have a right to receive distributions and will have no rights to direct or vote on any matter concerning such Series or direct the Manager on the management of its affairs, including the liquidation of its Property or dissolution of such Series.

An investor who invests in Shares of a Series will not have any direct or indirect interest in another Series or any Property of any another Series unless the investor also purchases Shares in a separate offering for another Series.

New series of the Company may be formed to acquire properties in the future and may issue their own interests.

**Master Agreement; Series Designation; Series' Operating Agreement**

The business and operations of each Series will be conducted pursuant to the terms and conditions set forth in the Master Agreement. Currently, no Series has any Shares outstanding, and the only history of operations includes the current lease agreement on the Property of each Series. Information about the total outstanding Shares of the Series may be found on the Master Series Table in Appendix A.

Subject to the provisions of the Master Agreement, the Manager can cause the Company to establish one or more series through the creation of a Series Designation for each new series. A Series Designation relates solely to the series established thereby and will not be construed: (i) to affect the terms and conditions of any other series, or (ii) to designate, fix or determine the rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of interests associated with any other series, or the members associated therewith. The terms and conditions for each series are as set forth in the Master Agreement and in the Series Designation, as applicable. Upon approval of any Series Designation by the Manager, the Series Designation will be attached to the operating agreement as an exhibit. The Series Designation establishing a series may: (i) specify a name or names under which the business and affairs of such series may be conducted; (ii) designate, fix and determine the relative rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of interests of such series and the members associated therewith (to the extent such terms differ from those set forth in the operating agreement); and (iii) designate or authorize the designation of specific officers to be associated with such series.

***Management, Voting and Governance***

Each Series intends to enter into a Management Agreement with Landa Holdings prior to such Series' initial Closing. Each Series is governed by the terms of the Master Agreement and the Series Designation for such Series. Except as otherwise provided in the applicable Management Agreement, Master Agreement or the Series Designation for such Series, the Manager will conduct, direct and exercise full control and sole discretion over all major activities of each Series. The Manager will have the sole power and authority to bind or take any action on behalf of each Series, or to exercise any rights and powers granted to each Series under the Master Agreement or any other agreement, instrument, or other document to which a Series is a party. Except as otherwise required by law, the Series' holders will have no voting rights or governance rights.

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***Distributions***

Each Series will make distributions of available cash, if any, which we expect to be rent collected *less* any fees, expenses and taxes and any amounts allocated to Reserves. Distributions will be made through the Landa Mobile App. Any distributions a Series makes will be at the discretion of the Manager and will be based on a number of factors, including, but not limited to, the total number of Shares sold, the Monthly Management Fee, expenses (including any unanticipated capital expenditures), taxes, amounts allocated to Reserves, and actual and accrued cash flows of the applicable Series.

We expect that distributions for each Series will be calculated on a pro-rata basis based on the number of outstanding Shares of the Series on the day prior to the date that the distribution is declared. Accordingly, the number of Shares that have been sold in the applicable Offering at the time of any distribution may affect the per Share amount that will be paid in such distribution. For example, if there is $1,000 to distribute but only 50% of the Series Shares (i.e. 5,000 Shares) have been issued, each Share will be allocated $0.20 in distributions. However, if all the Shares have been issued (i.e. 10,000 Shares), each Share will be allocated $0.10 in distributions. The Manager has the right to amend each Series distribution policy at its sole discretion.

There can be no assurance that a Series will be able to make any distributions to its holders. For discussion of factors that may result in the Series not being able to make monthly distributions, please see "Risk Factors—Risks Related to the Properties and the Series— Each Series will depend on its Property's tenant or tenants for its revenue, and lease defaults, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors."

***Liquidating Distributions***

The proceeds from the liquidation of a Series will be distributed within 90 days of the date of liquidation in the following order and priority:

● *First*, to creditors of a Series, including the holders who are creditors, to the extent otherwise permitted by law, in satisfaction of all debts, liabilities, obligations and expenses of such Series, including, without limitation, the expenses incurred in connection with the liquidation of such Series; and

● *Second,* to all holders of Shares of a Series pro rata, in proportion to their holdings of such Shares.

***Exculpation and Indemnification of the Manager***

The Master Agreement generally provides that no Manager, operator or holder of Shares of a given Series, or their respective affiliates (collectively, the "Indemnified Persons") will have any personal obligation for any debts, obligations or liabilities of each Series or the Company and that no Indemnified Person will be liable to the Company, the Series or to any other holder for any act or omission taken or suffered by such Indemnified Person in connection with the conduct of the affairs of the Series or otherwise in connection with the Master Agreement or matters contemplated thereby unless such Indemnified Person is determined to be guilty by final adjudication of gross negligence, willful misconduct, fraud, material misrepresentation or material violation of the express terms of the Company's Certificate of Formation (the "Certificate of Formation"), the Master Agreement, or the applicable Series Designation. Each Series will hold harmless and indemnify, solely out of the assets of such Series, each Indemnified Person to the fullest extent permitted by law for any loss, damage or other expense incurred by such Indemnified Person as a result of any act or omission arising out of such person's activities in connection with the establishment, management or operations of such Series, unless such person is determined to be guilty by final adjudication of gross negligence, willful misconduct, fraud, material misrepresentation or a material violation of the express terms of the Certificate of Formation.

In addition, the Master Agreement will require that, to the maximum extent permitted by law, each member of such Series will absolutely and irrevocably waive any and all claims, actions, causes of action, loss, damage and expense including any and all attorneys' fees and other costs of enforcement arising out of or in connection with any breach of any fiduciary duty by any other member or the Manager of such Series or any of their affiliates in the nature of actions taken or omitted by any such other persons, which actions or omissions would otherwise constitute the breach of any fiduciary duty owed to the members (or any of them), except a breach of any specific term of the Master Agreement.

Insofar as the foregoing provisions permit indemnification of directors, officers or persons controlling us for liability arising under the Securities Act, we have been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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***Amendment***

The Master Agreement may not be amended except with the consent of the Manager, acting in its sole discretion. Notice of amendment will be furnished to each Series' member within a reasonable time following such amendment.

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***Dissolution of a Series***

The Manager may effectuate the dissolution of a Series without the consent of the holders of such Series upon any of the following events: (i) the determination by the Manager, acting in its sole discretion; (ii) dissolution of Landa App LLC; (iii) the sale or other disposition of the Property held by such Series; or (iv) the entry of a decree of judicial termination under Section 18-215 of the LLC Act. Upon dissolution of a Series, the Manager will wind up such Series' affairs and make all liquidating distributions in accordance with the Master Agreement.

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***General Operations***

The Company's operations will be conducted through the various Series. Each Series will have (A) separate rights, powers, duties and management from each other Series and (B) exclusive rights with respect to the Property, obligations, profits and losses associated with the Series and all proceeds derived therefrom. No debt, liability, obligation or expense of a Series will be the debt, liability, obligation or expense of the other Series. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a Series will be enforceable against the assets of such Series only and not against any other assets of the Company, generally, or the other Series, and none of the Company's debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing will be enforceable against the assets of any Series.

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***Purpose and Business***

Except as may otherwise be expressly provided in the Master Agreement and the Series Designation for such Series, the Company and each Series will have the authority to engage in any lawful business, purpose or activity permitted by law. The Manager will possess and may exercise all of the powers and privileges granted by law, together with any powers incidental thereto, including such powers or privileges as are necessary or convenient to the conduct, promotion or attainment of the business purposes or activities of the Series.

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***Management, Voting and Governance***

Except as otherwise provided in the Master Agreement and the Series Designation for such Series, all powers of the Company will be exercised by or under the authority of, and the Company's business and affairs, implementation of the Company's policies and executive control of the Company's major decisions will be made by, the Manager. The Manager will have the right and power to run the day-to-day rental operations and other affairs of the Company and to act as agent for and on behalf of the Company, with the power to bind it.

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***Amendment of the Master Agreement by the Manager***

The Master Agreement may not be amended except in writing by the Manager.

***Books, Records and Accounting***

The Manager will keep or cause to keep full and true books and records of the Company, including with respect to transactions of each Series and the conduct of its business. These books and records will be maintained in accordance with U.S. GAAP, consistently applied, and will at all times be maintained at the principal place of business of the Company. The Manager will maintain separate records for each Series; the records for each Series will account for the assets of each Series separately from the other assets of the Company or of the other Series. Upon reasonable written request, each holder associated with a Series will have the right, at a time during ordinary business hours, to inspect and copy the books and records of such Series for any purpose reasonably related to the holder's interest with respect to the Series. The Manager may, to the maximum extent permitted by applicable law, keep confidential from the holders associated with a Series any information the disclosure of which the Manager reasonably believes is not in the best interest of the Company or such Series or is adverse to the interests of the Company or such Series or which the Company or the Manager is required by law or by an agreement with any person to keep confidential.

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***Relationships with Affiliates***

Each Series may enter into agreements or contracts with the holders of such Series, any affiliate of such holders, or any agent of the holders or the Company itself provided that the agreements or contracts contain substantially such terms and conditions as would be contained in a similar agreement or contract entered into as the result of arm's-length negotiations with a comparable unaffiliated and disinterested third party.

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***Conflicts of Interest***

The Manager and its affiliates will try to balance the Company's and each Series' interests with their own. However, to the extent that such parties take actions that are more favorable to other entities than the Company or its Series, these actions could have a negative impact on the Series' financial performance and, consequently, on distributions to investors and the value of the Shares. The Company has not adopted, and does not intend to adopt in the future, either a conflicts of interest policy or a conflicts resolution policy.

None of the compensation set forth under "Description of Our Business – Our Manager – Manager Compensation" was determined by arms' length negotiations. In addition, in the event that a Series issues a debt instrument to the Manager, the terms of such instrument may not be determined by arms' length negotiations. You must rely upon the duties of the Manager of good faith and fair dealing to protect your interests, as qualified by the Master Agreement. While the Manager believes that the consideration is fair for the work being performed, there can be no assurance made that the compensation payable to the Manager will reflect the true market value of its services.

Conflicts of interest may exist or could arise in the future with the Company, including each Series, the Manager, our officers and/or directors who are also officers and/or directors of the Company and/or the Manager. Conflicts may include, without limitation:

● Each of the Manager's executive officers will also serve as an officer of other affiliated entities. As a result, these persons will have a conflict of interest with respect to our agreements and arrangements with the Manager and other affiliates of Landa Holdings, which were not negotiated at arm's length, and their terms may not have been as favorable to us as if they had been negotiated at arm's length with an unaffiliated third party. Except as provided in the Master Agreement, the Series Designation for such Series or the applicable Management Agreement, Landa Holdings is not required to make available any particular individual personnel to us or any Series.

● The Manager executive officers will not be required to devote a specific amount of time to our affairs. As a result, we cannot provide any assurances regarding the amount of time the Manager will dedicate to the management of our business. Accordingly, we may compete with Landa Holdings and any of its current and future programs, funds, vehicles, managed accounts, ventures or other entities owned and/or managed by Landa Holdings or one of its affiliates, including the Manager, which we refer to collectively as the Landa Holdings-sponsored vehicles, for the time and attention of these officers in connection with our business. We may not receive the level of support and assistance that we might otherwise receive if we were internally managed.

● We may in the future form or sponsor additional Landa Holdings-managed vehicles, which could have overlapping investment objectives. To the extent we have sufficient capital to acquire a property that the Manager has determined to be suitable for us, that property will be allocated to us.

● The Manager does not assume any responsibility beyond the duties specified in the Master Agreement and the Series Designation for such Series and will not be responsible for any action of our board of directors in following or declining to follow its advice or recommendations. The Manager's liability is limited under the Master Agreement and we have agreed to reimburse, indemnify and hold harmless the Manager, with respect to all expenses, losses, damages, liabilities, demands, charges and claims in respect of, or arising from acts or omissions of, such indemnified parties not constituting bad faith, willful misconduct, gross negligence or reckless disregard of the Manager's duties under the Master Agreement which has a material adverse effect on us. As a result, we could experience poor performance or losses for which the Manager would not be liable.

Whenever a conflict of interest exists or arises between the Manager and the Company, a Series or a holder, the Manager will resolve the conflict of interest, take the action or provide the terms, considering in each case the relative interest of each party (including its own interest) to the conflict, agreement, transaction or situation and the benefits and burdens relating to the interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Manager, the resolution, action or terms taken or provided by the Manager will not constitute a breach of the Master Agreement, the Series Designation for such Series or of any other duty or obligation of the Manager.

The Company, its Series, the Manager (and its affiliates) may not have separate legal counsel in the future. Certain conflicts of interest may exist and may arise. Legal counsel is not representing any prospective investors of any Series in connection with the Offerings. Prospective investors are advised to consult their own independent counsel with respect to the legal and tax implications of an investment in any Series.

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***Dissolution of the Company***

The Manager may effectuate the dissolution of the Company without the consent of the holders of each Series upon any of the following events: (i) the determination by the Manager, acting in its sole discretion; (ii) the dissolution of the last remaining Series; or (iii) the entry of a decree of judicial dissolution. Upon dissolution of the Company, the Manager will wind up all of our affairs in accordance with the provisions of the Master Agreement.

***Series' Operating Agreement***

 

Pursuant to the Master Agreement, in the event that a Series enters into an operating agreement, the business and operations of such Series will be conducted pursuant to the terms and conditions set forth in such Series' operating agreement.

**Transfer Agent and Registrar**

Securitize LLC will serve as transfer agent and registrar for the Shares of each Series.

**U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following is a summary of certain U.S. federal income tax considerations relating to the acquisition, holding, and disposition of the Shares. This summary is based upon the Internal Revenue Code of 1986, as amended (the "Code"), the current and temporary regulations promulgated by the U.S. Treasury Department (the "Treasury Regulations"), current administrative interpretations and practices of the Internal Revenue Service (the "IRS") (including administrative interpretations and practices expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers who requested and received those rulings) and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change, possibly with retroactive effect. Future legislation, regulations, administrative interpretations and court decisions could change current law or adversely affect existing interpretations of current law, possibly with retroactive effect. No assurance can be given that the IRS would not assert, or that a court would not sustain a position contrary to any of the tax considerations described below. No advance ruling has been or will be sought from the IRS regarding any matter discussed in this summary. The summary is also based upon the assumption that the operation of each Series will be in accordance with its applicable organizational documents and as described in this Offering Circular.

Except as explicitly set forth below, this discussion is limited to U.S. Holders (defined below) who hold the Shares as capital assets within the meaning of Section 1221 of the Code (generally, property held for investment). Because this section is a summary, it does not address all aspects of taxation that may be relevant to particular holders in light of their personal investment or tax circumstances, or to certain types of holders that are subject to special treatment under the U.S. federal income tax laws, such as insurance companies, tax-exempt or governmental organizations, financial institutions or broker-dealers, non-U.S. individuals and corporations, U.S. expatriates, persons who mark-to-market the Shares, subchapter S corporations, partnerships or other entities treated as pass-through entities for U.S. federal income tax purposes, U.S. Holders whose functional currency is not the U.S. dollar, regulated investment companies and REITs, trusts and estates, holders who receive the Shares through the exercise of compensatory options or otherwise as compensation, persons holding the Shares as part of a "straddle," "hedge," "conversion transaction," "synthetic security" or other integrated investment, persons subject to the alternative minimum tax provisions of the Code, persons holding the Shares through a partnership or similar pass-through entity, and persons holding a 10% or more (by vote or value) beneficial interest in the Shares.

Except as explicitly set forth below, this section addresses only certain U.S. federal income tax considerations, and does not address state, local, non-U.S., or non-income tax considerations. The statements in this section are based on the current U.S. federal income tax laws, are for general information purposes only and are not tax advice. New laws, interpretations of law, regulations. or court decisions, any of which may take effect retroactively, could cause one or more statements in this section to be inaccurate.

As used herein, the term "U.S. Holder" means a beneficial owner of Shares that is for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or any other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any state or political subdivision thereof or the District of Columbia;

● an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) control all of the substantial decisions of the trust or if a valid election is in place under the applicable Treasury Regulations to treat the trust as a United States person.

If an entity treated as a partnership for U.S. federal income tax purposes is an owner of the Shares, the U.S. tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partnership. A holder of Shares that is a partnership and partners in such partnership should consult their own tax advisors regarding the U.S. federal income tax consequences of acquiring, holding and disposing of the Shares.

THE TAX CONSEQUENCES TO ANY PARTICULAR HOLDER OF ACQUIRING, HOLDING AND DISPOSING OF THE SHARES WILL DEPEND ON THE HOLDER'S PARTICULAR TAX CIRCUMSTANCES. YOU ARE URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF ACQUIRING, HOLDING, AND DISPOSING OF THE SHARES.

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***General***

Landa App LLC is organized as a Delaware series limited liability company. We intend to treat each Series as a separate entity for U.S. federal income tax purposes. In addition, we intend that each Series will elect to be treated for U.S. federal tax purposes as a corporation, and the discussion below assumes that each Series will be so treated.

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***Distributions***

Distributions made with respect to the Shares of a Series will be treated as dividends to the extent of the current and accumulated earnings and profits of the Series as determined for U.S. federal income tax purposes. Dividends are ordinary income, but dividends received by a non-corporate U.S. Holder may qualify for a reduced rate of federal income tax as "qualified dividend income" if certain holding period requirements are satisfied. Qualified dividend income is taxed at the rates applicable to long-term capital gains, including a maximum U.S. federal income tax rate of 20%. Dividends received by a corporate U.S. Holder may be eligible for the corporate dividends-received deduction if certain holding periods are satisfied.

Any distributions in excess of a Series' current and accumulated earnings and profits will not be taxable to a U.S. Holder to the extent that the distributions do not exceed the U.S. Holder's adjusted tax basis in the Shares, but rather will reduce the adjusted tax basis of such Shares. To the extent that such distributions exceed the U.S. Holder's adjusted tax basis in the Shares, such distributions will be included in income as capital gain.

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***Sale, Exchange, or other Taxable Disposition***

Upon the sale, exchange, or other taxable disposition of a Series' Shares, a U.S. Holder generally will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized upon the sale, exchange, or other taxable disposition and the U.S. Holder's adjusted tax basis in the Shares. The amount realized by the U.S. Holder will include the amount of any cash and the fair market value of any other property received upon the sale, exchange, or other taxable disposition of the Shares. A U.S. Holder's tax basis in a Share generally will be equal to the cost of acquiring the Share to such U.S. Holder, which may be adjusted for certain subsequent events (for example, if the U.S. Holder receives a non-dividend distribution, as described above). Gain or loss realized on the sale, exchange, or other taxable disposition of a Series' Shares generally will be capital gain or loss and will be long-term capital gain or loss if the Shares have been held for more than one year. Net long-term capital gain recognized by an individual U.S. Holder is generally taxed at preferential rates. The ability of U.S. Holders to deduct capital losses is subject to limitations under the Code.

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***Net Investment Income Tax***

Individuals, trusts and estates with income exceeding certain thresholds are also subject to a 3.8% tax on net investment income. Distributions included in income (whether as dividends or capital gains) and any gain on the sale, exchange or otherwise taxable disposition of Shares will be included in net investment income for purposes of the 3.8% tax.

***Tax Withholding***

A Series may be required in certain circumstances to apply backup withholding on dividends, distributions, and redemption proceeds payable to any holder (including a U.S. Holder) that fails to timely provide the Fund with its correct taxpayer identification number or to make required certifications. Backup withholding is not an additional tax and any amount withheld may be refunded or credited against the U.S. Holder's federal income tax liability, provided that a return is timely and properly filed with the IRS. Backup withholding will not be applied to payments subject to the 30% withholding tax described in the prior paragraph.

Under legislation commonly known as "FATCA," a Series will be required to withhold U.S. federal income tax at the rate of 30% on distributions treated as dividends for tax purposes unless the recipient timely provides proper certifications on a valid U.S. Form W-8 or W-9. Withholding under FATCA generally applies to certain "foreign financial institutions" and "non-financial foreign entities." Withholding will not apply to a U.S. Holder that timely provides a valid U.S. Form W-9.

If we determine withholding is required with respect to a distribution or payment, we will withhold tax at the applicable statutory rate, and we will not pay any additional amounts in respect of such withholding.

**LEGAL MATTERS**

The validity of the issuance of the Shares of each Series offered by this Offering Circular will be passed upon for us by Goodwin Procter LLP, New York, New York.

**EXPERTS**

Our financial statements for December 31, 2021 and for the period of June 15, 2021 (Inception) through December 31, 2021 incorporated by reference in this offering circular have been audited by Marcum LLP, an independent registered public accounting firm, as stated in its report. Such financial statements have been so incorporated by reference in reliance upon the report of such firm given upon its authority as an expert in accounting and auditing.

**ADDITIONAL INFORMATION**

The Company has filed with the SEC an offering statement under the Securities Act on Form 1-A regarding the Offerings. This Offering Circular, which is part of the offering statement, does not contain all the information set forth in the offering statement and the exhibits related thereto filed with the SEC, reference to which is hereby made. Upon the qualification of the offering statement, we will be subject to the informational reporting requirements of the Exchange Act that are applicable to Tier 2 companies whose securities are qualified pursuant to Regulation A, and accordingly, we will file annual reports, semi-annual reports and other information with the SEC. You may read and copy the offering statement, the related exhibits and the reports and other information we file with the SEC on the SEC's website at www.sec.gov, which contains reports, information statements and other information regarding issuers that file with the SEC.

You may also request a copy of these filings at no cost, by writing, emailing or telephoning the Company at:

**Landa App LLC** 

**Attn: Landa Holdings, Inc.**

**6 W. 18th Street, 12<sup>th</sup> Floor** 

**New York, NY 10011<br> hi@landa.app**

(646) 905-0931

Within 120 days after the end of each fiscal year the Company will provide holders of record an annual report. The annual report will contain audited financial statements and certain other financial and narrative information that the Company is required to provide to holders of Shares.

**APPENDIX A**

**SERIES OFFERINGS -** **MASTER SERIES TABLE**

The table below (the "Master Series Table") shows key information related to each Series and its underlying Property that either (i) was offered pursuant to the Prior Offering or (ii) is being offered pursuant to this Offering Circular. Please see Appendix B" for more information regarding each of the Series and its underlying Property.

The Company is offering a maximum 10,000 Shares in each of the Series and Series of the Company, for an aggregate total of 1,840,000 Shares.

As of the date of this Offering Circular, all of the Series designated as "New" in the column "Offering Status" have not yet launched their respective Offerings and will launch their Offerings within two (2) calendar days after the first qualification date of the offering statement of which this Offering Circular forms a part.

<u>Master Series Table</u>

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 1 | Landa Series 115 Sardis Street | (5) | Withdrawn | 6/29/21 | N/A | N/A | N/A | 851 | 2/28/23 | 79 | 6/30/23 | 32 | 8% | 117304 |  |  |
| 2 | Landa Series 1394 Oakview Circle | (5) | Closed | 6/29/21 | 8/9/21 | 10000 | 36073 | 854 | 12/31/23 | 131 | 6/30/23 | 30 | 8% |  | 44015 | (10) |
| 3 | Landa Series 1701 Summerwoods Lane | (5) (13) | Closed | 6/29/21 | 9/3/21 | 8265 | 35364 | 1047 | 8/31/23 | 148 | 6/30/23 | 25 | 8% |  |  |  |
| 4 | Landa Series 1741 Park Lane | (5) (13) | Closed | 6/29/21 | 9/3/21 | 3518 | 18369 | 799 | 12/31/23 | 151 | 6/30/23 | 29 | 8% |  |  |  |
| 5 | Landa Series 209 Timber Wolf Trail | (5) (8) | Withdrawn | 6/29/21 | N/A | N/A | N/A |  |  | 69 | 6/30/23 | 25 | 8% | 58077 | 61750 | (10) |
| 6 | Landa Series 2505 Oak Circle | (5) | Withdrawn | 6/29/21 | N/A | N/A | N/A | 1313 | 9/30/23 | 90 | 6/30/23 | 24 | 8% | 21770 | 76700 | (10) |
| 7 | Landa Series 271 Timber Wolf Trail | (6) | Withdrawn | 6/29/21 | N/A | N/A | N/A |  |  | 72 | 6/30/23 | 21 | 8% | 61012 | 62400 | (10) |
| 8 | Landa Series 29 Holly Grove Road | (5) | Withdrawn | 6/29/21 | N/A | N/A | N/A | 746 | 4/30/23 | 111 | 6/30/23 | 26 | 8% | 15945 | 84500 | (10) |
| 9 | Landa Series 1703 Summerwoods Lane | (5) | Closed | 1/7/21 | 7/20/22 | 10000 | 35772 | 1047 | 1/31/24 | 148 | 6/30/23 | 26 | 8% |  | 82500 | (10) |
| 10 | Landa Series 1712 Summerwoods Lane | (6) | Closed | 1/7/21 | 8/9/22 | 10000 | 46162 |  |  | 148 | 6/30/23 | 27 | 8% |  | 95250 | (10) |
| 11 | Landa Series 1743 Summerwoods Lane | (5) | Closed | 1/7/21 | 7/31/22 | 10000 | 35772 | 1200 | 5/31/23 | 148 | 6/30/23 | 25 | 8% |  | 77925 | (10) |
| 12 | Landa Series 1750 Summerwoods Lane | (5) | Closed | 1/7/21 | 8/26/22 | 10000 | 35772 | 1170 | 5/31/23 | 148 | 6/30/23 | 37 | 8% |  | 67535 | (10) |
| 13 | Landa Series 4267 High Park Lane | (5) | Closed | 1/7/21 | 8/15/22 | 10000 | 47625 | 1150 | 10/31/23 | 163 | 6/30/23 | 30 | 8% |  | 77925 | (10) |
| 14 | Landa Series 4474 Highwood Park Drive | (5) | Closed | 1/7/21 | 8/9/22 | 10000 | 42898 | 1200 | 3/31/23 | 163 | 6/30/23 | 30 | 8% |  | 77925 | (10) |
| 15 | Landa Series 8569 Creekwood Way | (5)(8) | Closed | 1/7/21 | 4/26/22 | 10000 | 33951 |  |  | 59 | 6/30/23 | 35 | 8% |  | 82500 | (10) |
| 16 | Landa Series 9439 Lakeview Road | (5) | Closed | 1/7/21 | 8/25/22 | 10000 | 56709 | 1400 | 7/31/23 | 182 | 6/30/23 | 28 | 8% |  | 104250 | (10) |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 17.0 | Landa Series 10167 Port Royal Court | (5) | Closed | 1/7/21 | 7/20/22 | 10000 | 28100 | 1103 | 9/30/23 | 133 | 6/30/23 | 31 | 8% | – | 93750 | (10) |
| 18.0 | Landa Series 1246 Elgin Way | (5) | Closed | 1/7/21 | 7/29/22 | 10000 | 38285 | 1208 | 2/28/24 | 164 | 6/30/23 | 33 | 8% | – | 71250 | (10) |
| 19.0 | Landa Series 1910 Grove Way | (5) (8) | Closed | 1/7/21 | 2/15/22 | 10000 | 22062 |  |  | 159 | 6/30/23 | 55 | 8% | – | 45000 | (10) |
| 20.0 | Landa Series 593 Country Lane Drive | (5) | Closed | 1/7/21 | 2/17/22 | 10000 | 24592 | 1020 | 6/30/23 | 156 | 6/30/23 | 28 | 8% | – | 46500 | (10) |
| 21.0 | Landa Series 6436 Stone Terrace | (5) | Closed | 1/7/21 | 2/3/22 | 10000 | 15479 | 1050 | 6/30/23 | 76 | 6/30/23 | 26 | 8% | – | 64500 | (10) |
| 22.0 | Landa Series 6440 Woodstone Terrace | (6) | Closed | 1/7/21 | 2/17/22 | 10000 | 18244 |  |  | 75 | 6/30/23 | 24 | 8% | – | 82500 | (10) |
| 23.0 | Landa Series 6848 Sandy Creek Drive | (5) | Closed | 1/7/21 | 2/13/22 | 10000 | 21667 | 1350 | 3/31/23 | 137 | 6/30/23 | 31 | 8% | – | 82500 | (10) |
| 24.0 | Landa Series 687 Utoy Court | (5) | Closed | 1/7/21 | 4/19/22 | 10000 | 32922 | 975 | 3/1/23 | 103 | 6/30/23 | 29 | 8% | – | 71500 | (10) |
| 25.0 | Landa Series 729 Winter Lane | (5) | Closed | 1/7/21 | 3/4/22 | 10000 | 31221 | 1475 | 1/31/24 | 124 | 6/30/23 | 32 | 8% | – | 49400 | (10) |
| 26.0 | Landa Series 7349 Exeter Court | (5) | Closed | 1/7/21 | 4/20/22 | 10000 | 39138 | 1150 | 4/30/23 | 138 | 6/30/23 | 33 | 8% | – | 96357 | (10) |
| 27.0 | Landa Series 8645 Embrey Drive | (5) | Closed | 1/7/21 | 4/18/22 | 10000 | 34145 | 1300 | 6/30/23 | 123 | 6/30/23 | 34 | 8% | – | 84750 | (10) |
| 28.0 | Landa Series 8780 Churchill Place | (6) | Closed | 1/7/21 | 3/7/22 | 10000 | 38057 |  |  | 139 | 6/30/23 | 35 | 8% | – | 80424 | (10) |
| 29.0 | Landa Series 8796 Parliament Place | (5) | Closed | 1/7/21 | 3/11/22 | 10000 | 31089 | 1350 | 8/31/23 | 130 | 6/30/23 | 32 | 8% | – | 76700 | (10) |
| 30.0 | Landa Series 8641 Ashley Way | (5) | Closed | 1/7/21 | 8/22/22 | 10000 | 49950 | 1100 | 5/31/23 | 100 | 6/30/23 | 27 | 8% | – | 68250 | (10) |
| 31.0 | Landa Series 8651 Ashley Way | (5) | Closed | 1/7/21 | 4/19/22 | 10000 | 41901 | 1103 | 1/31/24 | 84 | 6/30/23 | 23 | 8% | – | 89529 | (10) |
| 32.0 | Landa Series 8652 Ashley Way | (5) | Closed | 1/7/21 | (12) | 10000 | 59329 | 1100 | 8/31/23 | 89 | 6/30/23 | 25 | 8% | – | 71500 | (10) |
| 33.0 | Landa Series 8653 Ashley Way | (5) | Closed | 1/7/21 | 8/8/22 | 10000 | 52933 | 1100 | 5/31/23 | 83 | 6/30/23 | 23 | 8% | – | 81900 | (10) |
| 34.0 | Landa Series 8654 Ashley Way | (5) | Closed | 1/7/21 | (12) | 10000 | 46500 | 1103 | 6/30/23 | 89 | 6/30/23 | 25 | 8% | – | 84500 | (10) |
| 35.0 | Landa Series 8655 Ashley Way | (5) | Closed | 1/7/21 | (12) | 10000 | 61052 | 1100 | 7/31/23 | 83 | 6/30/23 | 24 | 8% | – | 99392 | (10) |
| 36.0 | Landa Series 8659 Ashley Way | (5) | Closed | 1/7/21 | (12) | 10000 | 63265 | 1250 | 7/31/23 | 85 | 6/30/23 | 26 | 8% | – | 94250 | (10) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 37.0 | Landa Series 8662 Ashley Way | (5) | Closed | 1/7/21 | 9/21/22 | 10000 | 56097 | 975 | 7/31/23 | 89 | 6/30/23 | 26 | 8% |  | 87750 | (10) |
| 38.0 | Landa Series 8668 Ashley Way | (5) | Closed | 1/7/21 | (12) | 10000 | 58222 | 1150 | 6/30/23 | 107 | 6/30/23 | 27 | 8% |  | 87253 | (10) |
| 39.0 | Landa Series 8670 Ashley Way | (5) | Closed | 1/7/21 | (12) | 10000 | 64620 | 1050 | 7/31/23 | 97 | 6/30/23 | 28 | 8% |  | 81942 | (10) |
| 40.0 | Landa Series 8674 Ashley Way | (5) | Closed | 1/7/21 | 8/8/22 | 10000 | 47137 | 1300 | 12/31/23 | 90 | 6/30/23 | 25 | 8% |  | 104000 | (10) |
| 41.0 | Landa Series 8675 Ashley Way | (5) | Closed | 1/7/21 | 8/19/22 | 10000 | 45350 | 1100 | 8/31/23 | 82 | 6/30/23 | 25 | 8% |  | 88770 | (10) |
| 42.0 | Landa Series 8677 Ashley Way | (5) | Closed | 1/7/21 | 4/20/22 | 10000 | 42667 | 1100 | 7/31/23 | 78 | 6/30/23 | 24 | 8% |  | 81183 | (10) |
| 43.0 | Landa Series 8678 Ashley Way | (5) | Closed | 1/7/21 | (12) | 10000 | 64012 | 1100 | 7/31/23 | 107 | 6/30/23 | 29 | 8% |  | 94500 | (10) |
| 44.0 | Landa Series 8679 Ashley Way | (6) | Closed | 1/7/21 | 8/3/22 | 10000 | 46117 |  |  | 101 | 6/30/23 | 25 | 8% |  | 78750 | (10) |
| 45.0 | Landa Series 8683 Ashley Way | (5) | Closed | 1/7/21 | (12) | 10000 | 47788 | 1024 | 6/30/23 | 86 | 6/30/23 | 23 | 8% |  | 124425 | (10) |
| 46.0 | Landa Series 10 Oak Wood Lane | (1)(5) | New |  |  |  |  | 1700 | 8/31/23 | 104 | 6/30/23 | 47 | 8% | 254456 | 152673 | (11) |
| 47.0 | Landa Series 10 Windridge Drive | (1)(5) | New |  |  |  |  | 1394 | 3/31/23 | 114 | 6/30/23 | 40 | 8% | 256422 | 153853 | (11) |
| 48.0 | Landa Series 1000 Fox Valley Trail | (1)(5) | New |  |  |  |  | 1850 | 7/31/23 | 238 | 6/30/23 | 50 | 8% | 297984 | 178791 | (11) |
| 49.0 | Landa Series 1007 Leeward Way | (1)(5) | New |  |  |  |  | 1753 | 6/30/23 | 161 | 6/30/23 | 48 | 8% | 300157 | 180094 | (11) |
| 50.0 | Landa Series 10119 Commons Way | (1)(5) | New |  |  |  |  | 1622 | 6/30/23 | 188 | 6/30/23 | 49 | 8% | 306450 | 183870 | (11) |
| 51.0 | Landa Series 10121 Morris Drive SW | (1)(5) | New |  |  |  |  | 1600 | 12/31/23 | 86 | 6/30/23 | 16 | 8% | 278235 | 166941 | (11) |
| 52.0 | Landa Series 10183 Starr Street SW | (1)(5) | New |  |  |  |  | 1322 | 8/31/23 | 87 | 6/30/23 | 41 | 8% | 268383 | 161030 | (11) |
| 53.0 | Landa Series 103 Starlake Drive | (1)(5) | New |  |  |  |  | 1250 | 9/30/23 | 124 | 6/30/23 | 40 | 8% | 267883 | 160730 | (11) |
| 54.0 | Landa Series 104 Summerfield Drive | (1)(6) | New |  |  |  |  |  |  | 190 | 6/30/23 | 48 | 8% | 300059 | 180035 | (11) |
| 55.0 | Landa Series 10433 Candlelight Road | (1)(5)(8) | New |  |  |  |  |  |  | 171 | 6/30/23 | 40 | 8% | 305757 | 183454 | (11) |
| 56.0 | Landa Series 105 Anne Street | (1)(5) | New |  |  |  |  | 1592 | 11/30/23 | 81 | 6/30/23 | 40 | 8% | 253115 | 151869 | (11) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 57.0 | Landa Series 107 Oakwood Circle | (1)(5) | New |  |  | – |  | 1249 | 3/31/23 | 68 | 6/30/23 | 30 | 8% | 198781 | 119269 | (11) |
| 58.0 | Landa Series 109 Amberwood Lane | (1)(5) | New |  |  | – |  | 1100 | 7/31/23 | 81 | 6/30/23 | 33 | 8% | 216284 | 129770 | (11) |
| 59.0 | Landa Series 110 Shenandoah Drive | (1)(5) | New |  |  | – |  | 1300 | 6/30/23 | 133 | 6/30/23 | 43 | 8% | 310797 | 186478 | (11) |
| 60.0 | Landa Series 111 Fir Drive | (1)(5) | New |  |  | – |  | 1250 | 8/31/23 | 124 | 6/30/23 | 34 | 8% | 240106 | 144064 | (11) |
| 61.0 | Landa Series 1110 Parkview Drive | (1)(5) | New |  |  | – |  | 1299 | 8/31/23 | 73 | 6/30/23 | 41 | 8% | 260727 | 156436 | (11) |
| 62.0 | Landa Series 11187 Shannon Circle | (1)(5) | New |  |  | – |  | 1717 | 2/28/23 | 143 | 6/30/23 | 50 | 8% | 310885 | 186531 | (11) |
| 63.0 | Landa Series 112 Ridge Street | (1)(5) | New |  |  | – |  | 1773 | 6/30/23 | 184 | 6/30/23 | 43 | 8% | 309709 | 185825 | (11) |
| 64.0 | Landa Series 11322 Michelle Way | (1)(5) | New |  |  | – |  | 1313 | 4/30/23 | 159 | 6/30/23 | 33 | 8% | 250982 | 150589 | (11) |
| 65.0 | Landa Series 114 Starlake Drive | (1)(5) | New |  |  | – |  | 1172 | 8/31/23 | 123 | 6/30/23 | 40 | 8% | 253436 | 152062 | (11) |
| 66.0 | Landa Series 11447 S Grove Drive | (1)(5) | New |  |  | – |  | 1763 | 3/31/23 | 171 | 6/30/23 | 45 | 8% | 284781 | 170869 | (11) |
| 67.0 | Landa Series 1147 Village Way | (1)(5) | New |  |  | – |  | 1525 | 9/30/23 | 299 | 6/30/23 | 32 | 8% | 301010 | 180606 | (11) |
| 68.0 | Landa Series 115 Lakeview Drive | (1)(5) | New |  |  | – |  | 1682 | 6/30/23 | 182 | 6/30/23 | 45 | 8% | 285786 | 171472 | (11) |
| 69.0 | Landa Series 1160 Gable Terrace | (1)(5) | New |  |  | – |  | 1708 | 6/30/23 | 225 | 6/30/23 | 47 | 8% | 301175 | 180705 | (11) |
| 70.0 | Landa Series 1190 Kirkland Road | (1)(5) (8) | New |  |  | – |  |  |  | 115 | 6/30/23 | 52 | 8% | 323791 | 194275 | (11) |
| 71.0 | Landa Series 12 Mintz Street | (1)(5) | New |  |  | – |  | 1499 | 4/30/23 | 135 | 6/30/23 | 42 | 8% | 264035 | 158421 | (11) |
| 72.0 | Landa Series 120 Rosewood Drive | (1)(5) | New |  |  | – |  | 1844 | 6/30/23 | 179 | 6/30/23 | 46 | 8% | 286873 | 172124 | (11) |
| 73.0 | Landa Series 1201 Kilrush Drive | (1)(5) | New |  |  | – |  | 2418 | 9/30/23 | 266 | 6/30/23 | 83 | 8% | 535920 | 321552 | (11) |
| 74.0 | Landa Series 124 Libby Lane | (1)(5) (8) | New |  |  | – |  |  |  | 95 | 6/30/23 | 33 | 8% | 240485 | 144291 | (11) |
| 75.0 | Landa Series 126 E Mimosa Drive | (1)(5) | New |  |  | – |  | 1400 | 12/31/23 | 104 | 6/30/23 | 40 | 8% | 256451 | 153871 | (11) |
| 76.0 | Landa Series 12641 Alcovy Road | (1)(5) | New |  |  | – |  | 1540 | 2/28/23 | 123 | 6/30/23 | 49 | 8% | 307481 | 184489 | (11) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 77.0 | Landa Series 1320 Winona Avenue | (1)(6) | New |  |  | – |  |  |  | 54 | 6/30/23 | 34 | 8% | 220795 | 132477 | (11) |
| 78.0 | Landa Series 133 Dove Landing | (1)(6) | New |  |  | – |  |  |  | 86 | 6/30/23 | 35 | 8% | 227058 | 136235 | (11) |
| 79.0 | Landa Series 137 Southern Shores Road | (1)(5) | New |  |  | – |  | 1185 | 5/31/23 | 114 | 6/30/23 | 33 | 8% | 240268 | 144161 | (11) |
| 80.0 | Landa Series 138 Sandalwood Circle | (1)(5) | New |  |  | – |  | 1700 | 7/21/23 | 102 | 6/30/23 | 28 | 8% | 253616 | 152170 | (11) |
| 81.0 | Landa Series 140 High Ridge Road | (1)(5) | New |  |  | – |  | 1450 | 12/31/23 | 126 | 6/30/23 | 40 | 8% | 285784 | 171470 | (11) |
| 82.0 | Landa Series 141 Longstreet Circle | (1)(5) | New |  |  | – |  | 1618 | 10/31/23 | 126 | 6/30/23 | 54 | 8% | 331402 | 198841 | (11) |
| 83.0 | Landa Series 1443 Pebble Ridge Lane | (1)(6) | New |  |  | – |  |  |  | 170 | 6/30/23 | 51 | 8% | 319610 | 191766 | (11) |
| 84.0 | Landa Series 1445 Maple Valley Court | (1)(5) | New |  |  | – |  | 1175 | 4/30/23 | 155 | 6/30/23 | 38 | 8% | 200632 | 120379 | (11) |
| 85.0 | Landa Series 146 Crystal Brook | (1)(5) | New |  |  | – |  | 1250 | 3/31/23 | 138 | 6/30/23 | 28 | 8% | 212200 | 127320 | (11) |
| 86.0 | Landa Series 1473 Brownleaf Drive | (1)(5) | New |  |  | – |  | 1592 | 4/30/23 | 154 | 6/30/23 | 45 | 8% | 282588 | 169553 | (11) |
| 87.0 | Landa Series 1485 Bola Court | (1)(5) | New |  |  | – |  | 1605 | 2/28/23 | 112 | 6/30/23 | 41 | 8% | 258597 | 155158 | (11) |
| 88.0 | Landa Series 1490 Diplomat Drive | (1)(5) | New |  |  | – |  | 1675 | 9/30/23 | 235 | 6/30/23 | 58 | 8% | 354470 | 212682 | (11) |
| 89.0 | Landa Series 153 Cliffside Court | (1)(5) | New |  |  | – |  | 1000 | 8/31/23 | 100 | 6/30/23 | 23 | 8% | 185856 | 111514 | (11) |
| 90.0 | Landa Series 157 Wells Road | (1)(5) | New |  |  | – |  | 983 | 9/30/23 | 110 | 6/30/23 | 34 | 8% | 221620 | 132972 | (11) |
| 91.0 | Landa Series 160 Chimney Ridge Trail | (1)(5) | New |  |  | – |  | 1550 | 9/30/23 | 177 | 6/30/23 | 46 | 8% | 286873 | 172124 | (11) |
| 92.0 | Landa Series 164 Longstreet Circle | (1)(5) | New |  |  | – |  | 1643 | 8/31/23 | 151 | 6/30/23 | 46 | 8% | 289049 | 173429 | (11) |
| 93.0 | Landa Series 1666 W Poplar Street | (1)(5) | New |  |  | – |  | 1178 | 8/31/23 | 77 | 6/30/23 | 31 | 8% | 231406 | 138843 | (11) |
| 94.0 | Landa Series 168 Brookview Drive | (1)(5) (8) | New |  |  | – |  |  |  | 136 | 6/30/23 | 34 | 8% | 132243 | 79346 | (11) |
| 95.0 | Landa Series 1683 Spoonbill Road | (1)(5) (8) | New |  |  | – |  |  |  | 116 | 6/30/23 | 38 | 8% | 244459 | 146675 | (11) |
| 96.0 | Landa Series 1689 Viceroy Way | (1)(5) | New |  |  | – |  | 1450 | 5/31/23 | 279 | 6/30/23 | 43 | 8% | 280628 | 168377 | (11) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 97.0 | Landa Series 171 Davidson Drive | (1)(5)(8) | New |  |  | – |  |  |  | 141 | 6/30/23 | 49 | 8% | 303132 | 181879 | (11) |
| 98.0 | Landa Series 1768 Glen View Way | (1)(6) | New |  |  | – |  | 1575 | 9/30/23 | 147 | 6/30/23 | 39 | 8% | 250620 | 150372 | (11) |
| 99.0 | Landa Series 181 Watercress Court | (1)(5) | New |  |  | – |  | 1600 | 10/31/23 | 151 | 6/30/23 | 31 | 8% | 274908 | 164945 | (11) |
| 100.0 | Landa Series 188 Timberline Road | (1)(6) | New |  |  | – |  |  |  | 31 | 6/30/23 | 26 | 8% | 161802 | 97081 | (11) |
| 101.0 | Landa Series 189 Shenandoah Drive | (1)(5) | New |  |  | – |  | 1342 | 4/30/23 | 143 | 6/30/23 | 35 | 8% | 256420 | 153852 | (11) |
| 102.0 | Landa Series 1903 Old Concord Drive SE | (1)(5) | New |  |  | – |  | 1500 | 12/31/23 | 108 | 6/30/23 | 50 | 8% | 308568 | 185141 | (11) |
| 103.0 | Landa Series 195 Branchwood Drive | (1)(5) | New |  |  | – |  | 1675 | 9/30/23 | 132 | 6/30/23 | 51 | 8% | 316179 | 189708 | (11) |
| 104.0 | Landa Series 195 Fairclift Drive | (1)(5) | New |  |  | – |  | 1666 | 11/30/23 | 103 | 6/30/23 | 45 | 8% | 285786 | 171472 | (11) |
| 105.0 | Landa Series 195 Hunters Trace | (1)(5) | New |  |  | – |  | 1607 | 12/31/23 | 136 | 6/30/23 | 41 | 8% | 316955 | 190173 | (11) |
| 106.0 | Landa Series 196 Montego Circle | (1)(5) | New |  |  | – |  | 1392 | 12/31/22 | 133 | 6/30/23 | 38 | 8% | 267295 | 160377 | (11) |
| 107.0 | Landa Series 20 Chimney Smoke Drive | (1)(5) (8) | New |  |  | – |  |  |  | 191 | 6/30/23 | 46 | 8% | 286873 | 172124 | (11) |
| 108.0 | Landa Series 204 N Main Court | (1)(5) | New |  |  | – |  | 1400 | 9/30/23 | 157 | 6/30/23 | 35 | 8% | 227058 | 136235 | (11) |
| 109.0 | Landa Series 2055 Grove Way | (1)(5) | New |  |  | – |  | 1500 | 9/30/23 | 162 | 6/30/23 | 39 | 8% | 248809 | 149285 | (11) |
| 110.0 | Landa Series 212 Fleeta Drive | (1)(5) | New |  |  | – |  | 1592 | 2/28/23 | 115 | 6/30/23 | 36 | 8% | 233632 | 140179 | (11) |
| 111.0 | Landa Series 215 Central Lake Circle | (1)(6) | New |  |  | – |  |  |  | 98 | 6/30/23 | 42 | 8% | 267251 | 160351 | (11) |
| 112.0 | Landa Series 217 Glenloch Court | (1)(5) | New |  |  | – |  | 1685 | 2/28/23 | 206 | 6/30/23 | 55 | 8% | 308621 | 185173 | (11) |
| 113.0 | Landa Series 2177 E Chester Circle SE | (1)(5) | New |  |  | – |  | 1775 | 1/31/24 | 116 | 6/30/23 | 50 | 8% | 312950 | 187770 | (11) |
| 114.0 | Landa Series 221 Lakeview Drive | (1)(5) | New |  |  | – |  | 1595 | 9/30/23 | 196 | 6/30/23 | 48 | 8% | 297749 | 178649 | (11) |
| 115.0 | Landa Series 2264 Chestnut Hill Circle | (1)(5) | New |  |  | – |  | 1875 | 9/30/23 | 318 | 6/30/23 | 63 | 8% | 379313 | 227588 | (11) |
| 116.0 | Landa Series 235 Lazy Hollow Lane | (1)(5) | New |  |  | – |  | 1737 | 6/30/23 | 148 | 6/30/23 | 48 | 8% | 299259 | 179556 | (11) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 117.0 | Landa Series 2425 Cornell Circle | (1)(5) | New |  |  | – |  | 2181 | 6/30/23 | 250 | 6/30/23 | 54 | 8% | 331464 | 198879 | (11) |
| 118.0 | Landa Series 2443 Hodges Farm Road | (1)(5) | New |  |  | – |  | 1280 | 6/30/23 | 119 | 6/30/23 | 38 | 8% | 245546 | 147328 | (11) |
| 119.0 | Landa Series 25 Pleasant Valley Road | (1)(5) | New |  |  | – |  | 1641 | 5/31/23 | 170 | 6/30/23 | 42 | 8% | 283609 | 170165 | (11) |
| 120.0 | Landa Series 253 Marco Drive | (1)(5) | New |  |  | – |  | 1278 | 5/31/23 | 108 | 6/30/23 | 33 | 8% | 232761 | 139657 | (11) |
| 121.0 | Landa Series 255 Countryside Lane | (1)(5) | New |  |  | – |  | 1721 | 2/28/23 | 131 | 6/30/23 | 47 | 8% | 294486 | 176692 | (11) |
| 122.0 | Landa Series 258 Rocky Point Road | (1)(5) | New |  |  | – |  | 1155 | 2/28/23 | 172 | 6/30/23 | 48 | 8% | 315147 | 189088 | (11) |
| 123.0 | Landa Series 263 Rocky Point Road | (1)(5) | New |  |  | – |  | 1495 | 10/31/23 | 118 | 6/30/23 | 44 | 8% | 279261 | 167556 | (11) |
| 124.0 | Landa Series 268 Brookview Drive | (1)(5)(8) | New |  |  | – |  |  |  | 136 | 6/30/23 | 34 | 8% | 188408 | 113045 | (11) |
| 125.0 | Landa Series 270 Mountain Lane | (1)(5) | New |  |  | – |  | 1650 | 9/30/23 | 123 | 6/30/23 | 45 | 8% | 291683 | 175010 | (11) |
| 126.0 | Landa Series 270 Mountain Way | (1)(5)(8) | New |  |  | – |  |  |  | 119 | 6/30/23 | 46 | 8% | 287961 | 172777 | (11) |
| 127.0 | Landa Series 270 Pleasant Hill Drive | (1)(5) | New |  |  | – |  | 1623 | 2/29/24 | 125 | 6/30/23 | 51 | 8% | 273208 | 163925 | (11) |
| 128.0 | Landa Series 2794 Norfair Loop | (1)(5) | New |  |  | – |  | 1385 | 3/31/23 | 214 | 6/30/23 | 36 | 8% | 233583 | 140150 | (11) |
| 129.0 | Landa Series 2813 Vicksburg Court | (1)(5) | New |  |  | – |  | 1525 | 7/31/23 | 127 | 6/30/23 | 53 | 8% | 337986 | 202791 | (11) |
| 130.0 | Landa Series 2933 Coffer Drive | (1)(5) | New |  |  | – |  | 1401 | 1/31/23 | 99 | 6/30/23 | 40 | 8% | 281715 | 169029 | (11) |
| 131.0 | Landa Series 30 High Ridge Road | (1)(5) | New |  |  | – |  | 1666 | 1/31/24 | 115 | 6/30/23 | 40 | 8% | 332846 | 199707 | (11) |
| 132.0 | Landa Series 30 Roosevelt Road | (1)(5) | New |  |  | – |  | 1625 | 10/31/23 | 179 | 6/30/23 | 47 | 8% | 284696 | 170818 | (11) |
| 133.0 | Landa Series 3011 Raintree Drive SE | (1)(5) | New |  |  | – |  | 1650 | 9/30/23 | 176 | 6/30/23 | 37 | 8% | 310013 | 186008 | (11) |
| 134.0 | Landa Series 304 Cedar Street | (1)(6) | New |  |  | – |  |  |  | 157 | 6/30/23 | 48 | 8% | 301113 | 180668 | (11) |
| 135.0 | Landa Series 304 Deerfield Drive | (1)(6) | New |  |  | – |  |  |  | 149 | 6/30/23 | 45 | 8% | 291845 | 175107 | (11) |
| 136.0 | Landa Series 3043 Highway 81 S | (1)(5) | New |  |  | – |  | 1173 | 7/31/23 | 129 | 6/30/23 | 37 | 8% | 216225 | 129735 | (11) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 137.0 | Landa Series 313 Blue Heron Drive | (1)(5) | New |  |  | – |  | 1800 | 6/22/23 | 178 | 6/30/23 | 41 | 8% | 271457 | 162874 | (11) |
| 138.0 | Landa Series 3202 Chippewa Drive | (1)(5) | New |  |  | – |  | 1323 | 2/28/23 | 115 | 6/30/23 | 43 | 8% | 298834 | 179301 | (11) |
| 139.0 | Landa Series 35 Clay Court | (1)(5) | New |  |  | – |  | 1699 | 7/31/23 | 139 | 6/30/23 | 46 | 8% | 303197 | 181918 | (11) |
| 140.0 | Landa Series 350 Cadiz Lane S | (1)(6) | New |  |  | – |  |  |  | 130 | 6/30/23 | 41 | 8% | 277083 | 166250 | (11) |
| 141.0 | Landa Series 351 Wesley Park Drive | (1)(5) | New |  |  | – |  | 1520 | 4/30/23 | 143 | 6/30/23 | 34 | 8% | 260770 | 156462 | (11) |
| 142.0 | Landa Series 3603 Manhattan Drive | (1)(6) | New |  |  | – |  |  |  | 215 | 6/30/23 | 53 | 8% | 326027 | 195616 | (11) |
| 143.0 | Landa Series 3667 Patti Parkway | (1)(5) | New |  |  | – |  | 2000 | 10/31/23 | 276 | 6/30/23 | 62 | 8% | 379317 | 227590 | (11) |
| 144.0 | Landa Series 404 Barberry Lane | (1)(5) | New |  |  | – |  | 1255 | 2/28/23 | 158 | 6/30/23 | 45 | 8% | 285892 | 171535 | (11) |
| 145.0 | Landa Series 412 Kendall Lane | (1)(5) | New |  |  | – |  | 1775 | 12/31/23 | 156 | 6/30/23 | 47 | 8% | 296763 | 178058 | (11) |
| 146.0 | Landa Series 416 Autumn Lake Court | (1)(5) | New |  |  | – |  | 1659 | 4/30/23 | 162 | 6/30/23 | 42 | 8% | 266210 | 159726 | (11) |
| 147.0 | Landa Series 43 Darwin Drive | (1)(5) (8) | New |  |  | – |  |  |  | 117 | 6/30/23 | 37 | 8% | 252069 | 151242 | (11) |
| 148.0 | Landa Series 432 Manor Estates Drive | (1)(5) | New |  |  | – |  | 1499 | 2/28/23 | 166 | 6/30/23 | 50 | 8% | 314170 | 188502 | (11) |
| 149.0 | Landa Series 440 Freestone Drive | (1)(5) | New |  |  | – |  | 1550 | 10/31/23 | 110 | 6/30/23 | 52 | 8% | 331496 | 198898 | (11) |
| 150.0 | Landa Series 4447 Lake Breeze Drive | (1)(5) | New |  |  | – |  | 1635 | 10/31/23 | 272 | 6/30/23 | 55 | 8% | 342340 | 205404 | (11) |
| 151.0 | Landa Series 445 Independence Drive | (1)(5) | New |  |  | – |  | 1650 | 8/31/23 | 160 | 6/30/23 | 49 | 8% | 298780 | 179268 | (11) |
| 152.0 | Landa Series 449 Kara Lane | (1)(5) | New |  |  | – |  | 1774 | 5/24/23 | 166 | 6/30/23 | 48 | 8% | 265401 | 159241 | (11) |
| 153.0 | Landa Series 45 Blue Jay Drive | (1)(5) | New |  |  | – |  | 1666 | 1/31/23 | 190 | 6/30/23 | 56 | 8% | 353211 | 211927 | (11) |
| 154.0 | Landa Series 45 Laurel Way | (1)(5) | New |  |  | – |  | 1675 | 2/28/23 | 142 | 6/30/23 | 55 | 8% | 340100 | 204060 | (11) |
| 155.0 | Landa Series 4702 Saint James Way | (1)(5) | New |  |  | – |  | 1536 | 2/14/23 | 203 | 6/30/23 | 38 | 8% | 267453 | 160472 | (11) |
| 156.0 | Landa Series 4732 Pinedale Drive | (1)(5) | New |  |  | – |  | 1114 | 2/28/23 | 97 | 6/30/23 | 32 | 8% | 234719 | 140831 | (11) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 157.0 | Landa Series 497 Highway 212 | (1)(5) | New |  |  | – |  | 1200 | 10/31/23 | 96 | 6/30/23 | 44 | 8% | 279211 | 167527 | (11) |
| 158.0 | Landa Series 5039 East Street | (1)(6) | New |  |  | – |  |  |  | 136 | 6/30/23 | 32 | 8% | 207482 | 124489 | (11) |
| 159.0 | Landa Series 5040 Huntshire Lane | (1)(5) | New |  |  | – |  | 2499 | 6/18/23 | 388 | 6/30/23 | 83 | 8% | 444985 | 266991 | (11) |
| 160.0 | Landa Series 513 Jarrett Court | (1)(5) | New |  |  | – |  | 1599 | 10/31/23 | 172 | 6/30/23 | 40 | 8% | 289113 | 173468 | (11) |
| 161.0 | Landa Series 5143 Pinecrest Drive SW | (1)(5) | New |  |  | – |  | 1225 | 6/22/23 | 78 | 6/30/23 | 32 | 8% | 227104 | 136262 | (11) |
| 162.0 | Landa Series 524 Sawmill Road | (1)(5) | New |  |  | – |  | 1550 | 11/30/23 | 98 | 6/30/23 | 48 | 8% | 283679 | 170208 | (11) |
| 163.0 | Landa Series 5329 Shirewick Lane | (1)(5) | New |  |  | – |  | 2045 | 6/30/23 | 242 | 6/30/23 | 55 | 8% | 337990 | 202794 | (11) |
| 164.0 | Landa Series 540 Cowan Road | (1)(5) | New |  |  | – |  | 1594 | 2/28/23 | 105 | 6/30/23 | 47 | 8% | 299557 | 179734 | (11) |
| 165.0 | Landa Series 5411 Rocky Pine Drive | (1)(6) | New |  |  | – |  |  |  | 231 | 6/30/23 | 50 | 8% | 309885 | 185931 | (11) |
| 166.0 | Landa Series 55 Myrtle Grove Lane | (1)(5) | New |  |  | – |  | 1675 | 8/31/23 | 124 | 6/30/23 | 46 | 8% | 291224 | 174734 | (11) |
| 167.0 | Landa Series 550 Cowan Road | (1)(5) | New |  |  | – |  | 1475 | 11/30/23 | 88 | 6/30/23 | 41 | 8% | 250783 | 150470 | (11) |
| 168.0 | Landa Series 5581 Fox Glen Circle | (1)(5) | New |  |  | – |  | 2275 | 7/22/23 | 346 | 6/30/23 | 40 | 8% | 434715 | 260829 | (11) |
| 169.0 | Landa Series 565 Mountainview Drive | (1)(5) | New |  |  | – |  | 1675 | 7/31/23 | 151 | 6/30/23 | 78 | 8% | 283236 | 169941 | (11) |
| 170.0 | Landa Series 5737 Strathmoor Manor Circle | (1)(6) | New |  |  | – |  |  |  | 158 | 6/30/23 | 47 | 8% | 254247 | 152548 | (11) |
| 171.0 | Landa Series 5801 Strathmoor Manor Circle | (1)(5) | New |  |  | – |  | 1575 | 6/24/23 | 155 | 6/30/23 | 34 | 8% | 262945 | 157767 | (11) |
| 172.0 | Landa Series 6104-6106 Oakwood Circle SW | (1)(5)(7) | New |  |  | – |  | 1617 | (7) | 78 | 6/30/23 | 89 | 8% | 247853 | 148712 | (11) |
| 173.0 | Landa Series 6107 Shadow Glen Court | (1)(5) | New |  |  | – |  | 1175 | 9/30/23 | 80 | 6/30/23 | 29 | 8% | 212961 | 127777 | (11) |
| 174.0 | Landa Series 6111-6113 Pine Glen Circle SW | (1)(5)(6)(7) | New |  |  | – |  | 1200 | (7) | 151 | 6/30/23 | 71 | 8% | 456530 | 273918 | (11) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 175.0 | Landa Series 6119 Pineneedle Drive SW | (1)(6) | New |  |  | – |  |  |  | 79 | 6/30/23 | 24 | 8% | 166154 | 99693 | (11) |
| 176.0 | Landa Series 615 Barshay Drive | (1)(5) | New |  |  | – |  | 1524 | 3/31/23 | 113 | 6/30/23 | 40 | 8% | 291964 | 175178 | (11) |
| 177.0 | Landa Series 6168 Wheat Street NE | (1)(6) | New |  |  | – |  |  |  | 56 | 6/30/23 | 30 | 8% | 187898 | 112739 | (11) |
| 178.0 | Landa Series 6178 Green Acres Drive SW | (1)(5) | New |  |  | – |  | 1400 | 1/31/24 | 113 | 6/30/23 | 36 | 8% | 223434 | 134061 | (11) |
| 179.0 | Landa Series 6386 Forester Way | (1)(5) | New |  |  | – |  | 1800 | 11/30/23 | 227 | 6/30/23 | 47 | 8% | 296833 | 178100 | (11) |
| 180.0 | Landa Series 6404 Walnut Way | (1)(5) (8) | New |  |  | – |  |  |  | 194 | 6/30/23 | 44 | 8% | 279261 | 167556 | (11) |
| 181.0 | Landa Series 643 Sycamore Drive | (1)(5) | New |  |  | – |  | 1535 | 8/31/23 | 185 | 6/30/23 | 37 | 8% | 270184 | 162111 | (11) |
| 182.0 | Landa Series 65 Freedom Court | (1)(5) | New |  |  | – |  | 1612 | 11/30/23 | 133 | 6/30/23 | 41 | 8% | 293884 | 176331 | (11) |
| 183.0 | Landa Series 653 Georgetown Lane | (1)(5) | New |  |  | – |  | 1587 | 4/30/23 | 136 | 6/30/23 | 45 | 8% | 285870 | 171522 | (11) |
| 184.0 | Landa Series 6635 Kimberly Mill Road | (1)(6) | New |  |  | – |  |  |  | 146 | 6/30/23 | 40 | 8% | 328712 | 197227 | (11) |
| 185.0 | Landa Series 6653 Bedford Road | (1)(5) | New |  |  | – |  | 1475 | 10/31/23 | 159 | 6/30/23 | 37 | 8% | 278623 | 167174 | (11) |
| 186.0 | Landa Series 6710 Sunset Hills Boulevard | (1)(5) | New |  |  | – |  | 1150 | 9/30/23 | 140 | 6/30/23 | 37 | 8% | 236846 | 142107 | (11) |
| 187.0 | Landa Series 6762 Bent Creek Drive | (1)(5) | New |  |  | – |  | 1595 | 9/30/23 | 167 | 6/30/23 | 34 | 8% | 279258 | 167555 | (11) |
| 188.0 | Landa Series 683 Wood Path Court | (1)(5)(8) | New |  |  | – |  |  |  | 190 | 6/30/23 | 56 | 8% | 328476 | 197085 | (11) |
| 189.0 | Landa Series 70 Shenandoah Lane | (1)(5) | New |  |  | – |  | 1768 | 3/31/23 | 160 | 6/30/23 | 54 | 8% | 335751 | 201451 | (11) |
| 190.0 | Landa Series 709 Georgetown Court | (1)(5) | New |  |  | – |  | 1700 | 7/19/23 | 142 | 6/30/23 | 38 | 8% | 276058 | 165635 | (11) |
| 191.0 | Landa Series 7107 Geiger Street NW | (1)(5) | New |  |  | – |  | 1150 | 9/30/23 | 27 | 6/30/23 | 26 | 8% | 160714 | 96429 | (11) |
| 192.0 | Landa Series 7205 Lakeview Drive SW | (1)(5) | New |  |  | – |  | 1600 | 12/31/23 | 111 | 6/30/23 | 47 | 8% | 292311 | 175387 | (11) |
| 193.0 | Landa Series 750 Georgetown Court | (1)(5) | New |  |  | – |  | 1113 | 1/31/23 | 144 | 6/30/23 | 37 | 8% | 227055 | 136233 | (11) |
| 194.0 | Landa Series 752 Chestnut Drive | (1)(5) | New |  |  | – |  | 965 | 12/31/22 | 55 | 6/30/23 | 30 | 8% | 197731 | 118639 | (11) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 195.0 | Landa Series 773 Villa Way | (1)(6) | New |  |  | – |  |  |  | 117 | 6/30/23 | 36 | 8% | 119844 | 71906 | (11) |
| 196.0 | Landa Series 7781 Mountain Creek Way | (1)(6) | New |  |  | – |  |  |  | 180 | 6/30/23 | 51 | 8% | 301080 | 180648 | (11) |
| 197.0 | Landa Series 7950 Woodlake Drive | (1)(5) | New |  |  | – |  | 1310 | 4/30/23 | 152 | 6/30/23 | 42 | 8% | 250982 | 150589 | (11) |
| 198.0 | Landa Series 80 High Ridge Road | (1)(5) | New |  |  | – |  | 1645 | 9/30/23 | 152 | 6/30/23 | 45 | 8% | 302097 | 181258 | (11) |
| 199.0 | Landa Series 800 Mills Drive | (1)(6) | New |  |  | – |  |  |  | 117 | 6/30/23 | 55 | 8% | 336839 | 202103 | (11) |
| 200.0 | Landa Series 808 Hillandale Lane | (1)(5) | New |  |  | – |  | 1614 | 11/30/23 | 190 | 6/30/23 | 42 | 8% | 285336 | 171202 | (11) |
| 201.0 | Landa Series 8110 Devonshire Drive | (1)(5) | New |  |  | – |  | 1478 | 4/30/23 | 76 | 6/30/23 | 29 | 8% | 212961 | 127777 | (11) |
| 202.0 | Landa Series 8121 Spillers Drive SW | (1)(5) | New |  |  | – |  | 1280 | 12/31/23 | 63 | 6/30/23 | 28 | 8% | 244946 | 146967 | (11) |
| 203.0 | Landa Series 8233 Creekline Court | (1)(6) | New |  |  | – |  |  |  | 167 | 6/30/23 | 42 | 8% | 293652 | 176191 | (11) |
| 204.0 | Landa Series 8302 Sterling Lakes Drive | (1)(6) | New |  |  | – |  |  |  | 151 | 6/30/23 | 49 | 8% | 305362 | 183217 | (11) |
| 205.0 | Landa Series 840 Park Villa Way | (1)(6) | New |  |  | – |  |  |  | 112 | 6/30/23 | 32 | 8% | 170973 | 102584 | (11) |
| 206.0 | Landa Series 843 Tramore Drive | (1)(5) | New |  |  | – |  | 1680 | 9/30/23 | 178 | 6/30/23 | 23 | 8% | 195489 | 117293 | (11) |
| 207.0 | Landa Series 85 Kirkland Court | (1)(5) | New |  |  | – |  | 1795 | 9/30/23 | 154 | 6/30/23 | 55 | 8% | 331460 | 198876 | (11) |
| 208.0 | Landa Series 85 Thorn Thicket Way | (1)(5) | New |  |  | – |  | 1239 | 1/31/23 | 170 | 6/30/23 | 46 | 8% | 294552 | 176731 | (11) |
| 209.0 | Landa Series 8658 Ashley Way | (1)(5) | New |  |  | – |  | 1200 | 5/14/23 | 89 | 6/30/23 | 27 | 8% | 190908 | 114545 | (11) |
| 210.0 | Landa Series 8667 Ashley Way | (1)(5) | New |  |  | – |  | 1155 | 9/30/23 | 82 | 6/30/23 | 18 | 8% | 136737 | 82042 | (11) |
| 211.0 | Landa Series 8671 Ashley Way | (1)(5) | New |  |  | – |  | 1103 | 8/23/23 | 82 | 6/30/23 | 21 | 8% | 200777 | 120466 | (11) |
| 212.0 | Landa Series 8676 Ashley Way | (1)(6) | New |  |  | – |  |  |  | 97 | 6/30/23 | 41 | 8% | 205683 | 123410 | (11) |
| 213.0 | Landa Series 8691 Ashley Way | (1)(5) | New |  |  | – |  | 1250 | 10/31/23 | 113 | 6/30/23 | 48 | 8% | 148555 | 89133 | (11) |
| 214.0 | Landa Series 8692 Ashley Way | (1)(6) | New |  |  | – |  |  |  | 124 | 6/30/23 | 46 | 8% | 145859 | 87515 | (11) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series\*** |  | **Offering<br> Status** | **Qual.<br> Date** | **Closing<br> Date** | **Total<br> # of<br> Shares<br> Sold(2)** | **Total<br> Amount<br> Raised(2)** | **Mos<br> Rental<br> Income(3)** | **Lease<br> Exp.<br> Date(4)** | **Mon.<br> Property<br> Tax** | **Insurance<br> Exp.<br> Date** | **Mon.<br> Ins.<br> Expense** | **Mon.<br> Mgmt.<br> Fee\*\*** | **Acq.<br> Note<br> Balance (9)** | **Refinance<br> Note<br> Balance (10)(11)** |  |
| 215.0 | Landa Series 8693 Ashley Way | (1)(6) | New |  |  | – |  |  |  | 112 | 6/30/23 | 48 | 8% | 220464 | 132279 | (11) |
| 216.0 | Landa Series 8694 Ashley Way | (1)(6) | New |  |  | – |  |  |  | 110 | 6/30/23 | 24 | 8% | 200996 | 120598 | (11) |
| 217.0 | Landa Series 8697 Ashley Way | (1)(5) | New |  |  | – |  | 1150 | 6/30/23 | 106 | 6/30/23 | 24 | 8% | 218458 | 131075 | (11) |
| 218.0 | Landa Series 8819 Leafwood Court | (1)(5) | New |  |  | – |  | 1500 | 11/30/23 | 134 | 6/30/23 | 45 | 8% | 282606 | 169564 | (11) |
| 219.0 | Landa Series 8855 Rugby Court | (1)(5) | New |  |  | – |  | 1129 | 2/28/23 | 116 | 6/30/23 | 34 | 8% | 221665 | 132999 | (11) |
| 220.0 | Landa Series 9020 Sterling Ridge Lane | (1)(5) | New |  |  | – |  | 1650 | 6/23/23 | 131 | 6/30/23 | 42 | 8% | 236659 | 141996 | (11) |
| 221.0 | Landa Series 9150 Spillers Drive SW | (1)(5) | New |  |  | – |  | 1349 | 9/30/23 | 135 | 6/30/23 | 40 | 8% | 253159 | 151895 | (11) |
| 222.0 | Landa Series 925 Mote Road | (1)(5) | New |  |  | – |  | 1499 | 11/30/23 | 106 | 6/30/23 | 50 | 8% | 311830 | 187098 | (11) |
| 223.0 | Landa Series 94 Hampton Oaks Drive | (1)(6) | New |  |  | – |  |  |  | 70 | 6/30/23 | 42 | 8% | 266210 | 159726 | (11) |
| 224.0 | Landa Series 9409 Forest Knoll Drive | (1)(5) | New |  |  | – |  | 1784 | 2/28/23 | 161 | 6/30/23 | 49 | 8% | 307642 | 184585 | (11) |
| 225.0 | Landa Series 9434 Cedar Creek Place | (1)(5) | New |  |  | – |  | 1500 | 7/31/23 | 189 | 6/30/23 | 48 | 8% | 331780 | 199068 | (11) |
| 226.0 | Landa Series 9597 Pintail Trail | (1)(5) | New |  |  | – |  | 1775 | 10/31/23 | 192 | 6/30/23 | 42 | 8% | 301292 | 180775 | (11) |
| 227.0 | Landa Series 974 Laurel Street | (1)(5) | New |  |  | – |  | 1411 | 2/28/23 | 166 | 6/30/23 | 44 | 8% | 278298 | 166979 | (11) |
| 228.0 | Landa Series 1701 Summerwoods Lane | (1)(5)(13) | New |  |  | – |  | 1047 | 8/31/23 | 148 | 6/30/23 | 27 | 8% | 172405 | 103443 | (11) |
| 229.0 | Landa Series 1741 Park Lane | (1)(5)(13) | New |  |  | – |  | 799 | 12/31/23 | 151 | 6/30/23 | 31 | 8% | 195085 | 117051 | (11) |

---

\* The Acquisition Fee (as defined below) equals is expected to equal six percent (6%) of the purchase cost of the Property. See the section entitled "Use of Proceeds" in Appendix B for more information about the Acquisition Fee.

\*\* The Monthly Management Fee payable by each Series is expected to equal eight percent (8%) of the Gross Monthly Rent. See the section entitled "Description of the Properties and the Series" in Appendix B for more information about the Monthly Management Fee.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Title
 for the Property underlying this Series is currently held by Landa Properties. We expect that Landa Properties will transfer title
 to the Property to the applicable Series, or to the Company for the benefit of the Series, prior to the initial Closing of sales
 of Shares of the Series.

(2) Reflected
 as of up to two (2) business days prior to the date of this Offering Circular. Each Series
 is offering up to a maximum of 10,000 Shares pursuant to this Offering Circular.

(3) The
 Monthly Rental Income amount reflects the monthly rental payment due under the applicable
 lease agreement for the Property.

(4) After
 the Lease Expiration Date, the applicable lease agreement will become a month-to-month lease,
 unless the tenant provides written notice within thirty (30) days of an intention to terminate
 the lease agreement.

(5) This
 Series' Property is currently subject to a lease agreement by and between Landa Properties
 and the tenant. We expect that Landa Properties will assign the rights under the lease agreement
 to the Series upon the transfer of title to the Property to the applicable Series. For more
 information about the lease terms for each lease agreement, please "Description of
 the Properties and the Series" In Appendix B.

(6) This
 Property is currently vacant or the tenant is in the process of vacating this Property. This
 Series will not earn any income and the Manager will not earn its Management Fee on Property
 until the Manager enters into a new lease agreement with a tenant for the Property. In the
 event that we enter into a new lease agreement, we will disclose the new lease terms in a
 supplement to this Offering Circular, in an Offering Circular supplement filed post-qualification
 under Rule 253(g) of Regulation A, or in a current report on Form 1-U, as applicable. If
 the Property remains vacant after qualification of the offering statement, all fees and expenses
 will be paid using the Series' Reserves or will be paid by the Manager. See "Description
 of the Properties and the Series" in Appendix B for more information.

(7) The
 Property underlying the following Series are duplexes and are divided into two rental units
 with each unit having its own lease agreement. The monthly rental income reflected above
 for this Property represents the aggregate amount of rental income earned by the two rental
 units. By purchasing the Shares of this Series, investors will have the right to receive
 distributions from monthly rental income earned by the entire Property (that is, both rental
 units).

**Landa Series 6104-6106 Oakwood Circle SW**: The lease agreement for the Property located at 6104 Oakwood Circle SW, Covington, GA 30014 provides for a monthly rental income of $761.00 and has a Lease Expiration Date of June 30, 2023, and the lease agreement for the Property located at 6106 Oakwood Circle SW, Covington, GA 30014 provides for a monthly rental income of $856.00 and has a Lease Expiration Date of June 30, 2023.

**Landa Series 6111-6113 Pine Glen Circle SW**: The lease agreement for the Property located at 6111 Pine Glen Circle SW, Covington, GA 30014 provides for a monthly rental income of $1,200.00 and has a Lease Expiration Date of October 31, 2023, and as of the date of this Offering Circular, the Property located at 6113 Pine Glen Circle SW, Covington, GA 30014 is vacant and not subject to a lease agreement with a tenant (see footnote 6).

(8) The
 Manager commenced an eviction proceeding against the tenant of this Property. This Series
 will not earn any income and the Manager will not earn its Management Fee on Property until
 the Manager enters into a new lease agreement with a tenant for the Property. In the event
 that we enter into a new lease agreement, we will disclose the new lease terms in a supplement
 to this Offering Circular, in an Offering Circular supplement filed post-qualification under
 Rule 253(g) of Regulation A, or in a current report on Form 1-U, as applicable. If the Property
 remains vacant after qualification of the offering statement, all fees and expenses will
 be paid using the Series' Reserves or will be paid by the Manager. See "Description
 of the Properties and the Series" in Appendix B for more information.

(9) Represents
 the outstanding remaining balance owed on the Acquisition Notes payable to the manager as of June 30, 2022.

(10) Represents
 the outstanding principal balance owed on the Refinance Note payable to the Refinance Lender.

(11) Represents
 the expected future principal balance owed on a Refinance Note payable to a Refinance Lender.

(12) All
 10,000 Shares of this Series have been subscribed for and the Company is in the process of closing on the Series' offering
 with the investors. The Company has removed Landa
Series 5051 Maple Drive and Landa Series 5544-5548 Windwood Road in this Offering Statement. None of these series will offer its Shares
pursuant to the Offering Circular. The title to each of the Properties underlying these Series was not transferred to the applicable
Series and none of these Series will offer its Shares pursuant to this Offering Circular. In addition, all fees and expenses incurred
by these removed Series, including all fees and expenses incurred with respect to such Series' Acquisition Notes, will be borne
by the Manager.

(13) Landa Series 1701 Summerwoods
Lane and Landa Series 1741 Park Lane are both Series that were previously qualified and subsequently closed their offering
on September 3, 2021. Both Series are being offered as "New" Series in this Offering Circular. The Series are presented
on the Master Series Table as part of the previously qualified (45) series as well as part of the "New" Series being
offered in this Offering Circular

**APPENDIX B**

This Appendix B sets forth the Use of Proceeds and Description of the Properties and the Series being offered pursuant to this Offering Circular.

For information with respect to the Properties owned by the Series that the Company previously offered, see "Description of the Properties" in the Prior Offering Statement that may be found [here](#a_012)

**<u>USE OF PROCEEDS</u>**

The tables included below set forth each Series' estimated use of proceeds for its respective Offering, assuming the Series raises the Maximum Offering Amount for its Offering.

The Offerings are being conducted on a "best efforts" basis with no minimum offering amount, and neither the Manager nor any other party has a firm commitment or obligation to purchase any of the Series' Shares. The amount disclosed in each of the tables below are the Maximum Offering Amounts for the applicable Series. The amounts set forth in the table below are rounded to the nearest dollar.

The actual proceeds raised in the respective Offerings may be lower, in which case the proceeds available to pay down the applicable Acquisition Note would also be lower and may result in lower distributions paid to holders.  ****

 ****

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10<br> Oak Wood<br> Lane** | **Landa<br> Series 10<br> Windridge<br> Drive** | **Landa<br> Series 1000<br> Fox Valley<br> Trail** | **Landa<br> Series 1007<br> Leeward<br> Way** | **Landa<br> Series 10119<br> Commons<br> Way** | **Landa<br> Series 10121<br> Morris<br> Drive SW** |
| Purchase Price of the Property (1) | $213436 | $179247 | $230771 | $219527 | $225569 | $199444 |
| Improvement Costs (2) | 21613 | 42750 | 44664 | 42966 | 42750 | 42750 |
| Acquisition Fee (3) | 14041 | 14055 | 16398 | 16484 | 16834 | 15267 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 4681 | 19685 | 5466 | 20495 | 20612 | 20089 |
| Total Amount of Acquisition Note | 254456 | 256422 | 297984 | 300157 | 306450 | 278235 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 152674 | 153853 | 178790 | 180094 | 183870 | 166941 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $101782 | $102569 | $119194 | $120063 | $122580 | $111294 |

---

 ****

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10183<br> Starr<br> Street SW** | **Landa<br> Series 103<br> Starlake<br> Drive** | **Landa<br> Series 104<br> Summerfield<br> Drive** | **Landa<br> Series 10433<br> Candlelight<br> Road** | **Landa<br> Series 105<br> Anne<br> Street** | **Landa<br> Series 107<br> Oakwood<br> Circle** |
| Purchase Price of the Property (1) | $190322 | $188308 | $219652 | $224928 | $176185 | $125876 |
| Improvement Costs (2) | 42750 | 44307 | 57750 | 42750 | 42750 | 42750 |
| Acquisition Fee (3) | 14719 | 14687 | 16479 | 16796 | 13871 | 10853 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 19907 | 19896 | 5493 | 20598 | 19624 | 18617 |
| Total Amount of Acquisition Note | 268383 | 267883 | 300059 | 305757 | 253115 | 198781 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 161030 | 160730 | 180035 | 183454 | 151869 | 119269 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $107353 | $107153 | $120024 | $122303 | $101246 | $79512 |

---

 ****

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 109<br> Amberwood<br> Lane** | **Landa<br> Series 110<br> Shenandoah<br> Drive** | **Landa<br> Series 111<br> Fir Drive** | **Landa<br> Series 1110<br> Parkview<br> Drive** | **Landa<br> Series 11187<br> Shannon<br> Circle** | **Landa<br> Series 112<br> Ridge<br> Street** |
| Purchase Price of the Property (1) | $141988 | $229594 | $164140 | $183233 | $229676 | $228587 |
| Improvement Costs (2) | 42844 | 42750 | 57750 | 57750 | 42750 | 42750 |
| Acquisition Fee (3) | 11825 | 17076 | 13148 | 14294 | 17081 | 17015 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 18942 | 20692 | 4383 | 4765 | 20693 | 20672 |
| Total Amount of Acquisition Note | 216284 | 310797 | 240106 | 260727 | 310885 | 309709 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 129770 | 186478 | 144064 | 156436 | 186531 | 185825 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $86514 | $124319 | $96042 | $104291 | $124354 | $123884 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 11322<br> Michelle<br> Way** | **Landa<br> Series 114<br> Starlake<br> Drive** | **Landa<br> Series 11447<br> S Grove<br> Drive** | **Landa<br> Series 1147<br> Village<br> Way** | **Landa<br> Series 115<br> Lakeview<br> Drive** | **Landa<br> Series 1160<br> Gable<br> Terrace** |
| Purchase Price of the Property (1) | $174210 | $176299 | $205506 | $220532 | $206436 | $220532 |
| Improvement Costs (2) | 42750 | 42934 | 42750 | 57750 | 42750 | 42904 |
| Acquisition Fee (3) | 13753 | 13888 | 15630 | 16532 | 15686 | 16541 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 19584 | 19630 | 20210 | 5511 | 20229 | 20513 |
| Total Amount of Acquisition Note | 250982 | 253436 | 284781 | 301010 | 285786 | 301175 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 150589 | 152062 | 170869 | 180606 | 171472 | 180705 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $100393 | $101374 | $113912 | $120404 | $114314 | $120470 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1190<br> Kirkland<br> Road** | **Landa<br> Series 12<br> Mintz<br> Street** | **Landa<br> Series 120<br> Rosewood<br> Drive** | **Landa<br> Series 1201<br> Kilrush<br> Drive** | **Landa<br> Series 124<br> Libby<br> Lane** | **Landa<br> Series 126<br> E Mimosa<br> Drive** |
| Purchase Price of the Property (1) | $241626 | $186296 | $207443 | $438042 | $164491 | $179274 |
| Improvement Costs (2) | 42750 | 42750 | 42750 | 42750 | 57750 | 57750 |
| Acquisition Fee (3) | 17798 | 14478 | 15747 | 29583 | 13169 | 14056 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 20932 | 19826 | 20248 | 24860 | 4390 | 4686 |
| Total Amount of Acquisition Note | 323791 | 264035 | 286873 | 535920 | 240485 | 256451 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 194275 | 158421 | 172124 | 321552 | 144291 | 153871 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $129516 | $105614 | $114749 | $214368 | $96194 | $102580 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 12641<br> Alcovy<br> Road** | **Landa<br> Series 1320<br> Winona<br> Avenue** | **Landa<br> Series 133<br> Dove<br> Landing** | **Landa<br> Series 137<br> Southern<br> Shores<br> Road** | **Landa<br> Series 138<br> Sandalwood<br> Circle** | **Landa<br> Series 140<br> High Ridge<br> Road** |
| Purchase Price of the Property (1) | $226524 | $146259 | $152058 | $164290 | $211834 | $206434 |
| Improvement Costs (2) | 42750 | 42750 | 42750 | 42750 | 22440 | 42750 |
| Acquisition Fee (3) | 16891 | 12076 | 12423 | 13157 | 13992 | 15686 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 20631 | 19025 | 19142 | 19386 | 4665 | 20229 |
| Total Amount of Acquisition Note | 307481 | 220795 | 227058 | 240268 | 253616 | 285784 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 184489 | 132477 | 136235 | 144161 | 152170 | 171470 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $122992 | $88318 | $90823 | $96107 | $101446 | $114314 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 141<br> Longstreet<br> Circle** | **Landa<br> Series 1443<br> Pebble Ridge<br> Lane** | **Landa<br> Series 1445<br> Maple Valley<br> Court** | **Landa<br> Series 146<br> Crystal Brook** | **Landa<br> Series 1473<br> Brownleaf<br> Drive** | **Landa<br> Series 1485<br> Bola Court** |
| Purchase Price of the Property (1) | $248673 | $237755 | $127590 | $138301 | $203475 | $181261 |
| Improvement Costs (2) | 42750 | 57750 | 42750 | 42750 | 42750 | 42750 |
| Acquisition Fee (3) | 18220 | 17565 | 10955 | 11598 | 15509 | 14176 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 21074 | 5855 | 18652 | 18866 | 20169 | 19725 |
| Total Amount of Acquisition Note | 331402 | 319610 | 200632 | 212200 | 282588 | 258597 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 198841 | 191766 | 120379 | 127320 | 169553 | 155158 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $132561 | $127844 | $80253 | $84880 | $113035 | $103439 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1490<br> Diplomat<br> Drive** | **Landa<br> Series 153<br> Cliffside<br> Court** | **Landa<br> Series 157<br> Wells<br> Road** | **Landa<br> Series 160<br> Chimney<br> Ridge Trail** | **Landa<br> Series 164<br> Longstreet<br> Circle** | **Landa<br> Series 1666<br> W Poplar<br> Street** |
| Purchase Price of the Property (1) | $270032 | $113790 | $147023 | $207443 | $209457 | $156084 |
| Improvement Costs (2) | 57750 | 42869 | 42750 | 42750 | 42750 | 42750 |
| Acquisition Fee (3) | 19502 | 10134 | 12121 | 15747 | 15867 | 12665 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 6501 | 18378 | 19041 | 20248 | 20290 | 19222 |
| Total Amount of Acquisition Note | 354470 | 185856 | 221620 | 286873 | 289049 | 231406 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 212682 | 111514 | 132972 | 172124 | 173429 | 138844 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $141788 | $74342 | $88648 | $114749 | $115620 | $92562 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 168<br> Brookview<br> Drive** | **Landa<br> Series 1683<br> Spoonbill<br> Road** | **Landa<br> Series 1689<br> Viceroy<br> Way** | **Landa<br> Series 171<br> Davidson<br> Drive** | **Landa<br> Series<br> 1768 Glen<br> View Way** | **Landa<br> Series 181<br> Watercress<br> Court** |
| Purchase Price of the Property (1) | $96703 | $168170 | $201660 | $222497 | $172264 | $196364 |
| Improvement Costs (2) | 25199 | 57750 | 42750 | 42750 | 59367 | 57750 |
| Acquisition Fee (3) | 7242 | 13390 | 15400 | 16650 | 13728 | 15082 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 2414 | 4464 | 20133 | 20550 | 4576 | 5027 |
| Total Amount of Acquisition Note | 132243 | 244459 | 280628 | 303132 | 250620 | 274908 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 79346 | 146675 | 168377 | 181879 | 150372 | 164945 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $52897 | $97784 | $112251 | $121253 | $100248 | $109963 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 188<br> Timberline<br> Road** | **Landa<br> Series 189<br> Shenandoah<br> Drive** | **Landa<br> Series 1903<br> Old Concord<br> Drive SE** | **Landa<br> Series 195<br> Branchwood<br> Drive** | **Landa<br> Series 195<br> Fairclift<br> Drive** | **Landa<br> Series 195<br> Hunters<br> Trace** |
| Purchase Price of the Property (1) | $91636 | $179245 | $227531 | $234578 | $206436 | $215497 |
| Improvement Costs (2) | 57750 | 42750 | 42750 | 57750 | 42750 | 77619 |
| Acquisition Fee (3) | 8798 | 14055 | 16952 | 17375 | 15686 | 17365 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 2933 | 19685 | 20650 | 5791 | 20229 | 5789 |
| Total Amount of Acquisition Note | 161802 | 256420 | 308568 | 316179 | 285786 | 316955 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 97081 | 153852 | 185141 | 189707 | 171472 | 190173 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $64721 | $102568 | $123427 | $126472 | $114314 | $126782 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 196<br> Montego<br> Circle** | **Landa<br> Series 20<br> Chimney<br> Smoke Drive** | **Landa<br> Series 204<br> N Main<br> Court** | **Landa<br> Series 2055 <br> Grove Way** | **Landa<br> Series 212<br> Fleeta<br> Drive** | **Landa<br> Series 215<br> Central Lake<br> Circle** |
| Purchase Price of the Property (1) | $189315 | $207443 | $152058 | $172198 | $158145 | $189274 |
| Improvement Costs (2) | 42750 | 42750 | 42750 | 57750 | 42750 | 57750 |
| Acquisition Fee (3) | 14659 | 15747 | 12423 | 13632 | 12789 | 14656 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 19886 | 20248 | 19142 | 4544 | 19263 | 4886 |
| Total Amount of Acquisition Note | 267295 | 286873 | 227058 | 248809 | 233632 | 267251 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 160377 | 172124 | 136235 | 149285 | 140179 | 160351 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $106918 | $114749 | $90823 | $99524 | $93453 | $106900 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 217<br> Glenloch<br> Court** | **Landa<br> Series 2177 <br> E Chester<br> Circle SE** | **Landa<br> Series 221<br> Lakeview<br> Drive** | **Landa<br> Series 2264<br> Chestnut<br> Hill Circle** | **Landa<br> Series 235<br> Lazy Hollow<br> Lane** | **Landa<br> Series 2425<br> Cornell<br> Circle** |
| Purchase Price of the Property (1) | $227580 | $231588 | $217513 | $293035 | $218520 | $248731 |
| Improvement Costs (2) | 42750 | 57750 | 57750 | 42750 | 43143 | 42750 |
| Acquisition Fee (3) | 16955 | 17195 | 16351 | 20882 | 16434 | 18224 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 20651 | 5732 | 5450 | 21961 | 20477 | 21074 |
| Total Amount of Acquisition Note | 308621 | 312950 | 297749 | 379313 | 299259 | 331464 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 185173 | 187770 | 178649 | 227588 | 179555 | 198878 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $123448 | $125180 | $119100 | $151725 | $119704 | $132586 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2443<br> Hodges<br> Farm Road** | **Landa<br> Series 25<br> Pleasant<br> Valley<br> Road** | **Landa<br> Series 253<br> Marco<br> Drive** | **Landa<br> Series 255<br> Countryside<br> Lane** | **Landa<br> Series 258<br> Rocky<br> Point Road** | **Landa<br> Series 263<br> Rocky<br> Point Road** |
| Purchase Price of the Property (1) | $169177 | $204420 | $157339 | $214492 | $233622 | $200394 |
| Improvement Costs (2) | 42750 | 42750 | 42750 | 42750 | 42750 | 57750 |
| Acquisition Fee (3) | 13451 | 15565 | 12740 | 16170 | 17317 | 15324 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 19483 | 20189 | 19247 | 20389 | 20773 | 5108 |
| Total Amount of Acquisition Note | 245546 | 283609 | 232761 | 294486 | 315147 | 279261 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 147328 | 170165 | 139657 | 176692 | 189088 | 167557 |
| Expected Payments on Acquisition Note from Offering Proceeds: | 98218 | $113444 | $93104 | $117794 | $126059 | $111704 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 268<br> Brookview<br> Drive** | **Landa<br> Series 270<br> Mountain<br> Lane** | **Landa<br> Series 270<br> Mountain<br> Way** | **Landa<br> Series 270<br> Pleasant<br> Hill Drive** | **Landa<br> Series 2794<br> Norfair<br> Loop** | **Landa<br> Series 2813<br> Vicksburg<br> Court** |
| Purchase Price of the Property (1) | $116271 | $241750 | $208450 | $237650 | $158100 | $254769 |
| Improvement Costs (2) | 42750 | 27790 | 42750 | 14738 | 42750 | 42750 |
| Acquisition Fee (3) | 10276 | 16093 | 15807 | 15101 | 12786 | 18586 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 18426 | 5365 | 20269 | 5034 | 19262 | 21196 |
| Total Amount of Acquisition Note | 188408 | 291683 | 287961 | 273208 | 233583 | 337986 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 113045 | 175010 | 172777 | 163925 | 140150 | 202792 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $75363 | $116673 | $115184 | $109283 | $93433 | $135194 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2933 <br> Coffer Drive** | **Landa<br> Series 30<br> High Ridge<br> Road** | **Landa<br> Series 30<br> Roosevelt<br> Road** | **Landa<br> Series 3011<br> Raintree<br> Drive SE** | **Landa<br> Series 304<br> Cedar<br> Street** | **Landa<br> Series 304<br> Deerfield<br> Drive** |
| Purchase Price of the Property (1) | $202667 | $250010 | $205427 | $222546 | $220628 | $206525 |
| Improvement Costs (2) | 42750 | 42750 | 57750 | 64095 | 42750 | 63291 |
| Acquisition Fee (3) | 15460 | 18301 | 15626 | 17015 | 16538 | 16008 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 20153 | 21100 | 5208 | 5672 | 20512 | 5336 |
| Total Amount of Acquisition Note | 281715 | 332846 | 284696 | 310013 | 301113 | 291845 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 169029 | 199708 | 170818 | 186008 | 180668 | 175107 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $112686 | $133138 | $113878 | $124005 | $120445 | $116738 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 3043<br> Highway<br> 81 S** | **Landa<br> Series 313<br> Blue Heron<br> Drive** | **Landa<br> Series 3202<br> Chippewa<br> Drive** | **Landa<br> Series 35<br> Clay Court** | **Landa<br> Series 350<br> Cadiz<br> Lane S** | **Landa<br> Series 351<br> Wesley<br> Park Drive** |
| Purchase Price of the Property (1) | $142028 | $192336 | $218518 | $249003 | $198378 | $183273 |
| Improvement Costs (2) | 42750 | 58585 | 42750 | 31210 | 42750 | 42750 |
| Acquisition Fee (3) | 11822 | 14888 | 16411 | 16724 | 15203 | 14296 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 18940 | 4963 | 20470 | 5575 | 20067 | 19766 |
| Total Amount of Acquisition Note | 216225 | 271457 | 298834 | 303197 | 277083 | 260770 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 129735 | 162874 | 179300 | 181918 | 166250 | 156462 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $86490 | $108583 | $119534 | $121279 | $110833 | $104308 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 3603<br> Manhattan<br> Drive** | **Landa<br> Series 3667<br> Patti<br> Parkway** | **Landa<br> Series 404<br> Barberry<br> Lane** | **Landa<br> Series 412<br> Kendall<br> Lane** | **Landa<br> Series 416<br> Autumn<br> Lake Court** | **Landa<br> Series 43<br> Darwin<br> Drive** |
| Purchase Price of the Property (1) | $243696 | $293039 | $206534 | $216600 | $188310 | $175217 |
| Improvement Costs (2) | 57750 | 42750 | 42750 | 42750 | 42750 | 42750 |
| Acquisition Fee (3) | 17922 | 20882 | 15692 | 16296 | 14599 | 13813 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 5974 | 21961 | 20231 | 20432 | 19866 | 19604 |
| Total Amount of Acquisition Note | 326027 | 379317 | 285892 | 296763 | 266210 | 252069 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 195616 | 227590 | 171535 | 178058 | 159726 | 151241 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $130411 | $151727 | $114357 | $118705 | $106484 | $100828 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 432<br> Manor<br> Estates<br> Drive** | **Landa<br> Series 440<br> Freestone<br> Drive** | **Landa<br> Series 4447<br> Lake Breeze<br> Drive** | **Landa<br> Series 445<br> Independence<br> Drive** | **Landa<br> Series 449<br> Kara Lane** | **Landa<br> Series 45<br> Blue Jay<br> Drive** |
| Purchase Price of the Property (1) | $232718 | $241682 | $258801 | $225665 | $220636 | $268867 |
| Improvement Costs (2) | 42750 | 64853 | 42750 | 50527 | 24559 | 42750 |
| Acquisition Fee (3) | 17263 | 18207 | 18828 | 16427 | 14642 | 19432 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 20754 | 6069 | 21276 | 5475 | 4880 | 21477 |
| Total Amount of Acquisition Note | 314170 | 331496 | 342340 | 298779 | 265402 | 353211 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 188502 | 198898 | 205404 | 179267 | 159241 | 211927 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $125668 | $132598 | $136936 | $119512 | $106161 | $141284 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 45<br> Laurel<br> Way** | **Landa<br> Series 4702<br> Saint James<br> Way** | **Landa<br> Series 4732<br> Pinedale<br> Drive** | **Landa<br> Series 497<br> Highway<br> 212** | **Landa<br> Series 5039<br> East Street** | **Landa<br> Series 5040<br> Huntshire<br> Lane** |
| Purchase Price of the Property (1) | $256727 | $189315 | $159152 | $200348 | $133932 | $381650 |
| Improvement Costs (2) | 42750 | 57896 | 42750 | 42750 | 42750 | 29844 |
| Acquisition Fee (3) | 18704 | 14667 | 12849 | 15321 | 11336 | 24604 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 21234 | 4890 | 19283 | 20107 | 18779 | 8202 |
| Total Amount of Acquisition Note | 340100 | 267453 | 234719 | 279211 | 207482 | 444985 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 204060 | 160472 | 140831 | 167527 | 124489 | 266991 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $136040 | $106981 | $93888 | $111684 | $82993 | $177994 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 513<br> Jarrett<br> Court** | **Landa<br> Series 5143<br> Pinecrest<br> Drive SW** | **Landa<br> Series 524<br> Sawmill<br> Road** | **Landa<br> Series 5329<br> Shirewick<br> Lane** | **Landa<br> Series 540<br> Cowan<br> Road** |
| Purchase Price of the Property (1) | $209517 | $152101 | $221580 | $254773 | $219187 |
| Improvement Costs (2) | 57750 | 57750 | 40595 | 42750 | 42750 |
| Acquisition Fee (3) | 15871 | 12426 | 15615 | 18586 | 16451 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 5290 | 4142 | 5204 | 21196 | 20484 |
| Total Amount of Acquisition Note | 289113 | 227104 | 283679 | 337990 | 299557 |
| Less: |  |  |  |  |  |
| Expected Refinance Note (6) | 173468 | 136262 | 170207 | 202794 | 179734 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $115645 | $90842 | $113472 | $135196 | $119823 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5411<br> Rocky<br> Pine Drive** | **Landa<br> Series 55<br> Myrtle Grove<br> Lane** | **Landa<br> Series 550<br> Cowan<br> Road** | **Landa<br> Series 5581<br> Fox Glen<br> Circle** | **Landa<br> Series 565<br> Mountainview<br> Drive** |
| Purchase Price of the Property (1) | $228750 | $211471 | $183233 | $375613 | $233188 |
| Improvement Costs (2) | 57750 | 57750 | 48510 | 26359 | 28534 |
| Acquisition Fee (3) | 17025 | 15988 | 13766 | 24043 | 15622 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 5675 | 5330 | 4589 | 8015 | 5207 |
| Total Amount of Acquisition Note | 309885 | 291224 | 250783 | 434715 | 283236 |
| Less: |  |  |  |  |  |
| Expected Refinance Note (6) | 185931 | 174734 | 150470 | 260829 | 169942 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $123954 | $116490 | $100313 | $173886 | $113294 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5737<br> Strathmoor<br> Manor<br> Circle** | **Landa<br> Series 5801<br> Strathmoor<br> Manor<br> Circle** | **Landa<br> Series<br> 6104-6106<br> Oakwood<br> Circle SW** | **Landa<br> Series 6107<br> Shadow<br> Glen Court** | **Landa<br> Series<br> 6111-6113<br> Pine Glen<br> Circle SW** | **Landa<br> Series 6119<br> Pineneedle<br> Drive SW** |
| Purchase Price of the Property (1) | $177233 | $185287 | $171191 | $139006 | $364532 | $95666 |
| Improvement Costs (2) | 42750 | 57750 | 42872 | 57750 | 57750 | 42750 |
| Acquisition Fee (3) | 13934 | 14417 | 13578 | 11640 | 25172 | 9040 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 19645 | 4806 | 19527 | 3880 | 8391 | 18013 |
| Total Amount of Acquisition Note | 254247 | 262945 | 247853 | 212961 | 456530 | 166154 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 152548 | 157767 | 148712 | 127777 | 273918 | 99692 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $101699 | $105178 | $99141 | $85184 | $182612 | $66462 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 615<br> Barshay<br> Drive** | **Landa<br> Series 6168<br> Wheat<br> Street NE** | **Landa<br> Series 6178<br> Green Acres<br> Drive SW** | **Landa<br> Series 6386<br> Forester<br> Way** | **Landa<br> Series 6404<br> Walnut<br> Way** | **Landa<br> Series 643<br> Sycamore<br> Drive** |
| Purchase Price of the Property (1) | $211469 | $115033 | $148475 | $216665 | $200394 | $191990 |
| Improvement Costs (2) | 43440 | 58518 | 57978 | 57750 | 42750 | 42750 |
| Acquisition Fee (3) | 16028 | 10246 | 12222 | 16300 | 15324 | 14819 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 20342 | 3416 | 4074 | 5433 | 20108 | 19940 |
| Total Amount of Acquisition Note | 291964 | 187898 | 223434 | 296833 | 279261 | 270184 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 175178 | 112739 | 134060 | 178100 | 167557 | 162110 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $116786 | $75159 | $89374 | $118733 | $111704 | $108074 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 65<br> Freedom<br> Court** | **Landa<br> Series 653<br> Georgetown<br> Lane** | **Landa<br> Series 6635<br> Kimberly<br> Mill Road** | **Landa<br> Series 6653<br> Bedford<br> Road** | **Landa <br> Series 6710<br> Sunset Hills<br> Boulevard** | **Landa<br> Series 6762<br> Bent Creek<br> Drive** |
| Purchase Price of the Property (1) | $212476 | $206514 | $246182 | $199385 | $161121 | $200392 |
| Improvement Costs (2) | 44213 | 42750 | 57750 | 58170 | 42750 | 57750 |
| Acquisition Fee (3) | 16132 | 15691 | 18071 | 15287 | 12967 | 15324 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 20378 | 20230 | 6024 | 5096 | 19323 | 5107 |
| Total Amount of Acquisition Note | 293884 | 285870 | 328712 | 278623 | 236846 | 279258 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 176330 | 171522 | 197227 | 167174 | 142108 | 167555 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $117554 | $114348 | $131485 | $111449 | $94738 | $111703 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 683<br> Wood Path<br> Court** | **Landa<br> Series 70<br> Shenandoah<br> Lane** | **Landa<br> Series 709<br> Georgetown<br> Court** | **Landa<br> Series 7107<br> Geiger<br> Street NW** | **Landa<br> Series 7205<br> Lakeview<br> Drive SW** | **Landa<br> Series 750<br> Georgetown<br> Court** |
| Purchase Price of the Property (1) | $261936 | $252700 | $197429 | $90629 | $212478 | $152056 |
| Improvement Costs (2) | 41721 | 42750 | 57750 | 57750 | 57750 | 42750 |
| Acquisition Fee (3) | 18100 | 18462 | 15146 | 8738 | 16049 | 12423 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 6034 | 21154 | 5048 | 2912 | 5349 | 19141 |
| Total Amount of Acquisition Note | 328476 | 335751 | 276058 | 160714 | 292311 | 227055 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 197086 | 201451 | 165635 | 96428 | 175387 | 136233 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $131390 | $134300 | $110423 | $64286 | $116924 | $90822 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 752<br> Chestnut<br> Drive** | **Landa<br> Series 773<br> Villa Way** | **Landa <br> Series 7781<br> Mountain<br> Creek Way** | **Landa <br> Series 7950<br> Woodlake<br> Drive** | **Landa <br> Series 80<br> High Ridge<br> Road** | **Landa<br> Series 800<br> Mills Drive** |
| Purchase Price of the Property (1) | $124904 | $81157 | $220597 | $174210 | $221539 | $253707 |
| Improvement Costs (2) | 42750 | 29279 | 42750 | 42750 | 42750 | 57750 |
| Acquisition Fee (3) | 10794 | 6542 | 16536 | 13753 | 16592 | 18522 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 18598 | 2181 | 20512 | 19584 | 20531 | 6175 |
| Total Amount of Acquisition Note | 197731 | 119844 | 301080 | 250982 | 302097 | 336839 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 118639 | 71906 | 180648 | 150589 | 181258 | 202103 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $79092 | $47938 | $120432 | $100393 | $120839 | $134736 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 808<br> Hillandale<br> Lane** | **Landa<br> Series 8110<br> Devonshire<br> Drive** | **Landa<br> Series 8121<br> Spillers<br> Drive SW** | **Landa<br> Series 8233<br> Creekline<br> Court** | **Landa<br> Series 8302<br> Sterling Lakes<br> Drive** | **Landa<br> Series 840<br> Park Villa<br> Way** |
| Purchase Price of the Property (1) | $205427 | $139006 | $168621 | $209819 | $224562 | $100128 |
| Improvement Costs (2) | 43345 | 42750 | 42750 | 46664 | 57750 | 57750 |
| Acquisition Fee (3) | 15660 | 11640 | 13417 | 16113 | 16774 | 9308 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 20219 | 18880 | 19473 | 20371 | 5591 | 3102 |
| Total Amount of Acquisition Note | 285336 | 212961 | 244946 | 293652 | 305362 | 170973 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 171202 | 127777 | 146968 | 176191 | 183217 | 102584 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $114134 | $85184 | $97978 | $117461 | $122145 | $68389 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 843<br> Tramore<br> Drive** | **Landa<br> Series 85<br> Kirkland<br> Court** | **Landa<br> Series 85<br> Thorn Thicket<br> Way** | **Landa<br> Series 8658<br> Ashley<br> Way** | **Landa<br> Series 8667<br> Ashley<br> Way** | **Landa<br> Series 8671<br> Ashley<br> Way** |
| Purchase Price of the Property (1) | $132845 | $248727 | $214553 | $117854 | $96701 | $121884 |
| Improvement Costs (2) | 47697 | 57750 | 42750 | 43485 | 29377 | 48611 |
| Acquisition Fee (3) | 10696 | 18224 | 16173 | 10413 | 7481 | 10948 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 3566 | 6074 | 20391 | 18471 | 2493 | 18649 |
| Total Amount of Acquisition Note | 195489 | 331460 | 294552 | 190908 | 136737 | 200777 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 117293 | 198876 | 176731 | 114545 | 82042 | 120466 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $78196 | $132584 | $117821 | $76363 | $54695 | $80311 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8676<br> Ashley<br> Way** | **Landa<br> Series 8691<br> Ashley<br> Way** | **Landa<br> Series 8692<br> Ashley<br> Way** | **Landa<br> Series 8693<br> Ashley<br> Way** | **Landa<br> Series 8694<br> Ashley<br> Way** | **Landa<br> Series 8697<br> Ashley<br> Way** |
| Purchase Price of the Property (1) | $116847 | $78570 | $94686 | $114832 | $127927 | $135986 |
| Improvement Costs (2) | 73225 | 43553 | 39875 | 88981 | 42750 | 65888 |
| Acquisition Fee (3) | 11195 | 8060 | 7960 | 11975 | 10976 | 11924 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 3731 | 17687 | 2653 | 3991 | 18658 | 3975 |
| Total Amount of Acquisition Note | 205683 | 148555 | 145859 | 220464 | 200996 | 218458 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 123410 | 89133 | 87515 | 132278 | 120598 | 131075 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $82273 | $59422 | $58344 | $88186 | $80398 | $87383 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8819<br> Leafwood<br> Court** | **Landa<br> Series 8855<br> Rugby<br> Court** | **Landa<br> Series 9020<br> Sterling Ridge<br> Lane** | **Landa<br> Series 9150<br> Spillers<br> Drive SW** | **Landa<br> Series 925<br> Mote Road** | **Landa<br> Series 94<br> Hampton<br> Oaks Drive** |
| Purchase Price of the Property (1) | $203492 | $147065 | $188310 | $176226 | $230551 | $188310 |
| Improvement Costs (2) | 57750 | 42750 | 30291 | 42750 | 57750 | 42750 |
| Acquisition Fee (3) | 15510 | 12124 | 13030 | 13874 | 17133 | 14599 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 5169 | 19041 | 4343 | 19624 | 5711 | 19866 |
| Total Amount of Acquisition Note | 282606 | 221665 | 236659 | 253159 | 311830 | 266210 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 169564 | 132999 | 141995 | 151895 | 187098 | 159726 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $113042 | $88666 | $94664 | $101264 | $124732 | $106484 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 9409<br> Forest<br> Knoll Drive** | **Landa<br> Series 9434<br> Cedar Creek<br> Place** | **Landa<br> Series 9597<br> Pintail<br> Trail** | **Landa<br> Series 974<br> Laurel<br> Street** | **Landa <br> Series 1701<br> Summerwoods<br> Lane** | **Landa<br> Series 1741<br> Park Lane** |
| Purchase Price of the Property (1) | $226673 | $248727 | $220597 | $198450 | $159000 | $180000 |
| Improvement Costs (2) | 42750 | 58048 | 57948 | 58807 |  |  |
| Acquisition Fee (3) | 16900 | 18241 | 16547 | 15267 | 9540 | 10800 |
| Property Diligence Expenses (4) | 685 | 685 | 685 | 685 | 685 | 685 |
| Reserves (5) | 20634 | 6079 | 5515 | 5089 | 3180 | 3600 |
| Total Amount of Acquisition Note | 307642 | 331780 | 301292 | 278298 | 172405 | 195085 |
| Less: |  |  |  |  |  |  |
| Expected Refinance Note (6) | 184585 | 199068 | 180775 | 166979 | 103443 | 117051 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $123057 | $132712 | $120517 | $111319 | $68962 | $78034 |

---

---

| | |
|:---|:---|
|  | **Total Use of Proceeds\*** |
| Purchase Price of the Property (1) | 36230238 |
| Improvement Costs (2) | 8506492 |
| Acquisition Fee (3) | 2752474 |
| Property Diligence Expenses (4) | 126040 |
| Reserves (5) | 2537490 |
| Total Amount of Acquisition Note | 50152734 |
| Less: |  |
| Expected Refinance Note (6) | 30091641 |
| Expected Payments on Acquisition Note from Offering Proceeds: | $20061093 |

---

\* Reflects the total use of proceeds (rounded) to be raised by the Series, assuming all 10,000 Shares of each Series are sold.

(1) This
 purchase cost reflects the same price that Landa Properties paid to acquire the Property.

(2) Reflects
 the Improvement Costs Landa Holdings previously incurred, or expects to incur, in connection
 with Improvements to this Property, including interest expenses paid in connection with financing
 such Improvements. For any Improvement Costs not previously incurred in connection
 with Improvements to a Property, the Manager has allocated some of the proceeds towards expected
 Improvement Costs ("Allocated Improvement Costs"), a portion of which will be
 paid to the Manager and reminder of which will be allocated to Reserves.

(3) Acquisition
 Fee equal to approximately six percent (6%) of the purchase cost (rounded to the nearest
 dollar).

(4) Amount
 for Property Diligence Expense. See "Plan of Distribution – Fees and Expenses
 – Property Diligence Expenses."

(5) Each
 Series will allocate a certain percentage (not to exceed three percent (3%)) of the purchase
 cost of the Property and other cash adjustments for Reserves. See footnote (2) above.

See "Plan of Distribution – Fees and Expenses – Reserves." As of the date of this Offering Circular, this reserve amount has yet to be transferred from the Manager to the Series, but such transfer will occur before the initial Closing of sales of Shares of this Series.

(6) This Series intends to refinance approximately 60.00% of the purchase price of the Property pursuant to a Refinance Note; however,
 the amount and terms of the Refinance Note are subject to further negotiation with the Refinance Lender. For example,
 we expect to receive a new appraisal for each Property prior to the commencement of each Series' Offering, and if this
 appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender
 is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged
 in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain
 outstanding following the Offering. For more information see "Management's Discussion and Analysis of Financial Condition
 and Results of Operation – Loans."

**<u>DESCRIPTION OF THE PROPERTIES AND THE SERIES</u>**

Each of the Properties will be managed by Landa Holdings, as Manager, pursuant to a Management Agreement.

In connection with the acquisition of the Properties by Landa Properties, Landa Properties entered into new lease agreements, or assumed existing lease agreements, with tenants of the Properties.

Each Series does not yet hold title to its underlying Property and such title is currently held by Landa Properties. We expect that Landa Properties will transfer title to the Property underlying each Series either to the applicable Series or to the Company for the benefit of the applicable Series (pursuant to the Master Agreement) prior to such Series' initial Closing. Upon transfer of title, Landa Properties will assign the lease agreements for the Properties underlying each Series to the applicable Series. All income, taxes, and expenses will be pro-rated between Landa Properties and the applicable Series upon the closing of the transfer of title to the Property to such Series.

The information regarding the lease terms (including the information regarding the lease expiration and monthly rent) set forth below are derived from the lease agreements related to the applicable Property. The form of lease agreement is attached as exhibits in Part III of the offering statement of which this Offering Circular forms a part. There can be no assurance that the Series will receive a rental payment in any given month from its tenant in such amount on a timely basis or at all. For discussion of factors that may result in the Series not receiving payments of monthly rental income, please see "Risk Factors—Risks Related to the Properties and the Series—Each Series will depend on its Property's tenant or tenants for its revenue, and lease defaults, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors."

In addition, from time to time, a Property may become vacant or a tenant occupying such Property may not renew their lease agreement or vacate the Property and terminate their lease agreement prior to the Lease Expiration Date. If a Property remains vacant following the qualification date of the offering statement of which this Offering Circular forms a part, then the underlying Series may not have sufficient funds to pay distributions. In addition, the Manager will not earn its Monthly Management Fee until the Manager enters into a new lease agreement for the Property.

In the event that we enter into a new lease agreement, we will disclose the new lease terms in a supplement to this Offering Circular, an Offering Circular supplement filed post-qualification under Rule 253(g)(2) of Regulation A, or a current report on Form 1-U, as applicable. If a Property becomes and/or remains vacant after qualification of the offering statement, all fees and expenses will be paid using the Series' Reserves or will be paid by the Manager. Please see the section entitled "Risk Factors – We may be unable to renew lease agreements with existing tenants or enter into lease agreements with new tenants."

The following is a description of the Series and the Property underlying such Series. The Properties will be managed by the Manager, pursuant to a Management Agreement. The information disclosed in this section is presented as of the date of this Offering Circular.

**Descriptions of the Properties and the Series**

The tables below set forth information about each of the Series and the Properties underlying such Series.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective <br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 1. | Landa App LLC – 10 Oak Wood Lane Covington GA LLC | Landa Series 10 Oak Wood Lane | 07/31/2022 | 10 Oak Wood Lane Covington, GA 30016 | 1990 | 4 | 2 | 1454 |
| 2. | Landa App LLC – 10 Windridge Drive Covington GA LLC | Landa Series 10 Windridge Drive | 07/31/2022 | 10 Windridge Drive Covington, GA 30014 | 1992 | 4 | 1 | 1097 |
| 3. | Landa App LLC – 1000 Fox Valley Trail Stone Mountain GA LLC | Landa Series 1000 Fox Valley Trail | 07/31/2022 | 1000 Fox Valley Trail Stone Mountain, GA 30088 | 1990 | 4 | 2.5 | 1760 |
| 4. | Landa App LLC – 1007 Leeward Way Jonesboro GA LLC | Landa Series 1007 Leeward Way | 07/31/2022 | 1007 Leeward Way Jonesboro, GA 30238 | 1981 | 4 | 2 | 1196 |
| 5. | Landa App LLC – 10119 Commons Way Jonesboro GA LLC | Landa Series 10119 Commons Way | 07/31/2022 | 10119 Commons Way Jonesboro, GA 30238 | 1999 | 4 | 2 | 1468 |
| 6. | Landa App LLC – 10121 Morris Drive SW Covington GA LLC | Landa Series 10121 Morris Drive SW | 07/31/2022 | 10121 Morris Drive SW Covington, GA 30014 | 1972 | 4 | 2 | 1468 |
| 7. | Landa App LLC – 10183 Starr Street SW Covington GA LLC | Landa Series 10183 Starr Street SW | 07/31/2022 | 10183 Starr Street SW Covington, GA 30014 | 1973 | 4 | 1 | 1450 |
| 8. | Landa App LLC – 103 Starlake Drive Jackson GA LLC | Landa Series 103 Starlake Drive | 07/31/2022 | 103 Starlake Drive Jackson, GA 30260 | 1995 | 4 | 2 | 1231 |
| 9. | Landa App LLC – 104 Summerfield Drive McDonough GA LLC | Landa Series 104 Summerfield Drive | 07/31/2022 | 104 Summerfield Drive McDonough, GA 30253 | 1986 | 4 | 2 | 1231 |
| 10. | Landa App LLC – 10433 Candlelight Road Jonesboro GA LLC | Landa Series 10433 Candlelight Rd | 07/31/2022 | 10433 Candlelight Road Jonesboro, GA 30238 | 1988 | 4 | 2 | 1081 |
| 11. | Landa App LLC – 105 Anne Street Hampton GA LLC | Landa Series 105 Anne Street | 07/31/2022 | 105 Anne Street Hampton, GA 30228 | 1990 | 4 | 2 | 1312 |
| 12. | Landa App LLC – 107 Oakwood Circle Griffin GA LLC | Landa Series 107 Oakwood Circle | 07/31/2022 | 107 Oakwood Circle Griffin, GA 30223 | 1986 | 3 | 2 | 1213 |
| 13. | Landa App LLC – 109 Amberwood Lane Griffin GA LLC | Landa Series 109 Amberwood Lane | 07/31/2022 | 109 Amberwood Lane Griffin, GA 30223 | 1977 | 4 | 1.5 | 975 |
| 14. | Landa App LLC – 110 Shenandoah Drive Covington GA LLC | Landa Series 110 Shenandoah Drive | 07/31/2022 | 110 Shenandoah Drive Covington, GA 30016 | 1970 | 4 | 2 | 1120 |
| 15. | Landa App LLC – 111 Fir Drive McDonough GA LLC | Landa Series 111 Fir Drive | 07/31/2022 | 111 Fir Drive McDonough, GA 30253 | 1991 | 4 | 1 | 1188 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective <br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 16. | Landa App LLC – 1110 Parkview Drive Griffin GA LLC | Landa Series 1110 Parkview Drive | 07/31/2022 | 1110 Parkview Drive Griffin, GA 30224 | 1965 | 4 | 2 | 1275 |
| 17. | Landa App LLC – 11187 Shannon Circle Hampton GA LLC | Landa Series 11187 Shannon Circle | 07/31/2022 | 11187 Shannon Circle Hampton, GA 30228 | 1977 | 4 | 2 | 1560 |
| 18. | Landa App LLC – 112 Ridge Street Locust Grove GA LLC | Landa Series 112 Ridge Street | 07/31/2022 | 112 Ridge Street Locust Grove, GA 30248 | 1993 | 4 | 2 | 1324 |
| 19. | Landa App LLC – 11322 Michelle Way Hampton GA LLC | Landa Series 11322 Michelle Way | 07/31/2022 | 11322 Michelle Way Hampton, GA 30228 | 2004 | 4 | 2.5 | 1440 |
| 20. | Landa App LLC – 114 Starlake Drive Jackson GA LLC | Landa Series 114 Starlake Drive | 07/31/2022 | 114 Starlake Drive Jackson, GA 30233 | 1966 | 4 | 2 | 1050 |
| 21. | Landa App LLC – 11447 S Grove Drive Hampton GA LLC | Landa Series 11447 S Grove Drive | 07/31/2022 | 11447 S Grove Drive Hampton, GA 30228 | 2005 | 4 | 3 | 1520 |
| 22. | Landa App LLC – 1147 Village Way Stone Mountain GA LLC | Landa Series 1147 Village Way | 07/31/2022 | 1147 Village Way Stone Mountain, GA 30088 | 1974 | 4 | 2.5 | 1557 |
| 23. | Landa App LLC – 115 Lakeview Drive Stockbridge GA LLC | Landa Series 115 Lakeview Drive | 07/31/2022 | 115 Lakeview Drive Stockbridge, GA 30281 | 1993 | 4 | 2 | 1299 |
| 24. | Landa App LLC – 1160 Gable Terrace Jonesboro GA LLC | Landa Series 1160 Gable Terrace | 07/31/2022 | 1160 Gable Terrace Jonesboro, GA 30236 | 2008 | 4 | 2.5 | 962 |
| 25. | Landa App LLC – 1190 Kirkland Road Covington GA LLC | Landa Series 1190 Kirkland Road | 07/31/2022 | 1190 Kirkland Road Covington, GA 30016 | 1981 | 4 | 2 | 1311 |
| 26. | Landa App LLC – 12 Mintz Street Griffin GA LLC | Landa Series 12 Mintz Street | 07/31/2022 | 12 Mintz Street Griffin, GA 30223 | 1973 | 4 | 2 | 1409 |
| 27. | Landa App LLC – 120 Rosewood Drive McDonough GA LLC | Landa Series 120 Rosewood Drive | 07/31/2022 | 120 Rosewood Drive McDonough, GA 30253 | 1988 | 4 | 2 | 1346 |
| 28. | Landa App LLC – 1201 Kilrush Drive Mableton GA LLC | Landa Series 1201 Kilrush Drive | 07/31/2022 | 1201 Kilrush Drive Mableton, GA 30126 | 1998 | 4 | 3 | 3096 |
| 29. | Landa App LLC – 124 Libby Lane Jonesboro GA LLC | Landa Series 124 Libby Lane | 07/31/2022 | 124 Libby Lane Jonesboro, GA 30238 | 1984 | 4 | 2 | 1320 |
| 30. | Landa App LLC – 126 E Mimosa Drive Jonesboro GA LLC | Landa Series 126 E Mimosa Drive | 07/31/2022 | 126 E Mimosa Drive Jonesboro, GA 30236 | 1959 | 4 | 1 | 1100 |
| 31. | Landa App LLC – 12641 Alcovy Road Covington GA LLC | Landa Series 12641 Alcovy Road | 07/31/2022 | 12641 Alcovy Road Covington, GA 30014 | 1988 | 4 | 2 | 1036 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective <br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 32. | Landa App LLC – 1320 Winona Avenue Griffin GA LLC | Landa Series 1320 Winona Avenue | 07/31/2022 | 1320 Winona Avenue Griffin, GA 30223 | 1946 | 4 | 2 | 1562 |
| 33. | Landa App LLC – 133 Dove Landing Social Circle GA LLC | Landa Series 133 Dove Landing | 07/31/2022 | 133 Dove Landing Social Circle, GA 30025 | 1999 | 4 | 2 | 1240 |
| 34. | Landa App LLC – 137 Southern Shores Road Jackson GA LLC | Landa Series 137 Southern Shores Road | 07/31/2022 | 137 Southern Shores Road Jackson, GA 30233 | 2003 | 4 | 2 | 1352 |
| 35. | Landa App LLC – 138 Sandalwood Circle Lawrenceville GA LLC | Landa Series 138 Sandalwood Circle | 07/31/2022 | 138 Sandalwood Circle Lawrenceville, GA 30046 | 1981 | 3 | 2 | 1871 |
| 36. | Landa App LLC – 140 High Ridge Road Covington GA LLC | Landa Series 140 High Ridge Road | 07/31/2022 | 140 High Ridge Road Covington, GA 30014 | 1998 | 4 | 2 | 1117 |
| 37. | Landa App LLC – 141 Longstreet Circle Oxford GA LLC | Landa Series 141 Longstreet Circle | 07/31/2022 | 141 Longstreet Circle Oxford, GA 30054 | 2006 | 4 | 2 | 1210 |
| 38. | Landa App LLC – 1443 Pebble Ridge Lane Hampton GA LLC | Landa Series 1443 Pebble Ridge Lane | 07/31/2022 | 1443 Pebble Ridge Lane Hampton, GA 30228 | 1999 | 4 | 2 | 1277 |
| 39. | Landa App LLC – 1445 Maple Valley Court Union City GA LLC | Landa Series 1445 Maple Valley Court | 07/31/2022 | 1445 Maple Valley Court Union City, GA 30291 | 2005 | 4 | 3 | 1540 |
| 40. | Landa App LLC – 146 Crystal Brook Griffin GA LLC | Landa Series 146 Crystal Brook | 07/31/2022 | 146 Crystal Brook Griffin, GA 30223 | 1995 | 4 | 2 | 1464 |
| 41. | Landa App LLC – 1473 Brownleaf Drive Jonesboro GA LLC | Landa Series 1473 Brownleaf Drive | 07/31/2022 | 1473 Brownleaf Drive Jonesboro, GA 30236 | 1971 | 4 | 2 | 1200 |
| 42. | Landa App LLC – 1485 Bola Court Jonesboro GA LLC | Landa Series 1485 Bola Court | 07/31/2022 | 1485 Bola Court Jonesboro, GA 30238 | 1972 | 4 | 2 | 1300 |
| 43. | Landa App LLC – 1490 Diplomat Drive Riverdale GA LLC | Landa Series 1490 Diplomat Drive | 07/31/2022 | 1490 Diplomat Drive Riverdale, GA 30296 | 1975 | 4 | 2 | 1204 |
| 44. | Landa App LLC – 153 Cliffside Court Riverdale GA LLC | Landa Series 153 Cliffside Court | 07/31/2022 | 153 Cliffside Court Riverdale, GA 30274 | 1984 | 3 | 1 | 968 |
| 45. | Landa App LLC – 157 Wells Road Jenkinsburg GA LLC | Landa Series 157 Wells Road | 07/31/2022 | 157 Wells Road Jenkinsburg, GA 30234 | 1995 | 3 | 1 | 1068 |
| 46. | Landa App LLC – 160 Chimney Ridge Trail Stockbridge GA LLC | Landa Series 160 Chimney Ridge Trail | 07/31/2022 | 160 Chimney Ridge Trail Stockbridge, GA 30281 | 1976 | 4 | 2 | 1610 |
| 47. | Landa App LLC – 164 Longstreet Circle Oxford GA LLC | Landa Series 164 Longstreet Circle | 07/31/2022 | 164 Longstreet Circle Oxford, GA 30054 | 2005 | 4 | 1 | 1269 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective <br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 48. | Landa App LLC – 1666 W Poplar Street Griffin GA LLC | Landa Series 1666 W Poplar Street | 07/31/2022 | 1666 W Poplar Street Griffin, GA 30224 | 1977 | 4 | 2 | 1644 |
| 49. | Landa App LLC – 168 Brookview Drive Riverdale GA LLC | Landa Series 168 Brookview Drive | 07/31/2022 | 168 Brookview Drive Riverdale, GA 30274 | 2005 | 4 | 3 | 1528 |
| 50. | Landa App LLC – 1683 Spoonbill Road Hampton GA LLC | Landa Series 1683 Spoonbill Road | 07/31/2022 | 1683 Spoonbill Road Hampton, GA 30238 | 1972 | 4 | 1.5 | 1104 |
| 51. | Landa App LLC – 1689 Viceroy Way Riverdale GA LLC | Landa Series 1689 Viceroy Way | 07/31/2022 | 1689 Viceroy Way Riverdale, GA 30296 | 1966 | 4 | 2 | 1354 |
| 52. | Landa App LLC – 171 Davidson Drive Griffin GA LLC | Landa Series 171 Davidson Drive | 07/31/2022 | 171 Davidson Drive Griffin, GA 30223 | 1989 | 4 | 2 | 2177 |
| 53. | Landa App LLC – 1768 Glen View Way Hampton GA LLC | Landa Series 1768 Glen View Way | 07/31/2022 | 1768 Glen View Way Hampton, GA 30228 | 2003 | 3 | 2 | 1190 |
| 54. | Landa App LLC – 181 Watercress Court Stockbridge GA LLC | Landa Series 181 Watercress Court | 07/31/2022 | 181 Watercress Court Stockbridge, GA 30281 | 2000 | 4 | 2.5 | 1318 |
| 55. | Landa App LLC – 188 Timberline Road Jackson GA LLC | Landa Series 188 Timberline Road | 07/31/2022 | 188 Timberline Road Jackson, GA 30233 | 1983 | 4 | 2 | 1344 |
| 56. | Landa App LLC – 189 Shenandoah Drive Riverdale GA LLC | Landa Series 189 Shenandoah Drive | 07/31/2022 | 189 Shenandoah Drive Riverdale, GA 30274 | 2007 | 4 | 2.5 | 1740 |
| 57. | Landa App LLC – 1903 Old Concord Drive SE Covington GA LLC | Landa Series 1903 Old Concord Drive SE | 07/31/2022 | 1903 Old Concord Drive SE Covington, GA 30016 | 1983 | 4 | 2 | 1389 |
| 58. | Landa App LLC – 195 Branchwood Drive Covington GA LLC | Landa Series 195 Branchwood Drive | 07/31/2022 | 195 Branchwood Drive Covington, GA 30016 | 1996 | 4 | 2 | 1247 |
| 59. | Landa App LLC – 195 Fairclift Drive Covington GA LLC | Landa Series 195 Fairclift Drive | 07/31/2022 | 195 Fairclift Drive Covington, GA 30016 | 2002 | 4 | 2 | 1300 |
| 60. | Landa App LLC – 195 Hunters Trace Covington GA LLC | Landa Series 195 Hunters Trace | 07/31/2022 | 195 Hunters Trace Covington, GA 30014 | 2011 | 4 | 2 | 1430 |
| 61. | Landa App LLC – 196 Montego Circle Riverdale GA LLC | Landa Series 196 Montego Circle | 07/31/2022 | 196 Montego Circle Riverdale, GA 30274 | 1974 | 4 | 2.5 | 1276 |
| 62. | Landa App LLC – 20 Chimney Smoke Drive Stockbridge GA LLC | Landa Series 20 Chimney Smoke Drive | 07/31/2022 | 20 Chimney Smoke Drive Stockbridge, GA 30281 | 1979 | 4 | 2 | 1714 |
| 63. | Landa App LLC – 204 N Main Court Stockbridge GA LLC | Landa Series 204 N Main Court | 07/31/2022 | 204 N Main Court Stockbridge, GA 30281 | 1994 | 3 | 1 | 1092 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective <br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 64. | Landa App LLC – 2055 Grove Way Hampton GA LLC | Landa Series 2055 Grove Way | 07/31/2022 | 2055 Grove Way Hampton, GA 30228 | 2005 | 4 | 2.5 | 1416 |
| 65. | Landa App LLC – 212 Fleeta Drive Covington GA LLC | Landa Series 212 Fleeta Drive | 07/31/2022 | 212 Fleeta Drive Covington, GA 30016 | 1998 | 4 | 2 | 1254 |
| 66. | Landa App LLC – 215 Central Lake Circle Griffin GA LLC | Landa Series 215 Central Lake Circle | 07/31/2022 | 215 Central Lake Circle Griffin, GA 30223 | 1983 | 4 | 2 | 1233 |
| 67. | Landa App LLC – 217 Glenloch Court Stockbridge GA LLC | Landa Series 217 Glenloch Court | 07/31/2022 | 217 Glenloch Court Stockbridge, GA 30281 | 1990 | 4 | 2.5 | 1936 |
| 68. | Landa App LLC – 2177 E Chester Circle SE Conyers GA LLC | Landa Series 2177 E Chester Circle SE | 07/31/2022 | 2177 E Chester Circle SE Conyers, GA 30013 | 1974 | 4 | 2 | 2064 |
| 69. | Landa App LLC – 221 Lakeview Drive Stockbridge GA LLC | Landa Series 221 Lakeview Drive | 07/31/2022 | 221 Lakeview Drive Stockbridge, GA 30281 | 1998 | 4 | 2 | 1375 |
| 70. | Landa App LLC – 2264 Chestnut Hill Circle Decatur GA LLC | Landa Series 2264 Chestnut Hill Circle | 07/31/2022 | 2264 Chestnut Hill Circle Decatur, GA 30032 | 1969 | 4 | 2.5 | 2100 |
| 71. | Landa App LLC – 235 Lazy Hollow Lane Covington GA LLC | Landa Series 235 Lazy Hollow Lane | 07/31/2022 | 235 Lazy Hollow Lane Covington, GA 30016 | 1980 | 4 | 2 | 1525 |
| 72. | Landa App LLC – 2425 Cornell Circle McDonough GA LLC | Landa Series 2425 Cornell Circle | 07/31/2022 | 2425 Cornell Circle McDonough, GA 30253 | 2007 | 4 | 2.5 | 1997 |
| 73. | Landa App LLC – 2443 Hodges Farm Road Mansfield GA LLC | Landa Series 2443 Hodges Farm Road | 07/31/2022 | 2443 Hodges Farm Road Mansfield, GA 30055 | 2000 | 4 | 2 | 1300 |
| 74. | Landa App LLC – 25 Pleasant Valley Road McDonough GA LLC | Landa Series 25 Pleasant Valley Road | 07/01/2022 | 25 Pleasant Valley Road McDonough, GA 30253 | 1981 | 4 | 1 | 1345 |
| 75. | Landa App LLC – 253 Marco Drive Social Circle GA LLC | Landa Series 253 Marco Drive | 07/31/2022 | 253 Marco Drive Social Circle, GA 30025 | 1991 | 4 | 1 | 1000 |
| 76. | Landa App LLC – 255 Countryside Lane Covington GA LLC | Landa Series 255 Countryside Lane | 07/31/2022 | 255 Countryside Lane Covington, GA 30016 | 1993 | 4 | 2 | 1296 |
| 77. | Landa App LLC – 258 Rocky Point Road Covington GA LLC | Landa Series 258 Rocky Point Road | 07/31/2022 | 258 Rocky Point Road Covington, GA 30016 | 1999 | 4 | 2 | 1680 |
| 78. | Landa App LLC – 263 Rocky Point Road Covington GA LLC | Landa Series 263 Rocky Point Road | 07/31/2022 | 263 Rocky Point Road Covington, GA 30016 | 2004 | 4 | 2 | 1453 |
| 79. | Landa App LLC – 268 Brookview Drive Riverdale GA LLC | Landa Series 268 Brookview Drive | 07/31/2022 | 268 Brookview Drive Riverdale, GA 30274 | 2005 | 4 | 3 | 1528 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective <br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 80. | Landa App LLC – 270 Mountain Lane Covington GA LLC | Landa Series 270 Mountain Lane | 07/31/2022 | 270 Mountain Lane Covington, GA 30016 | 2000 | 3 | 2 | 1428 |
| 81. | Landa App LLC – 270 Mountain Way Covington GA LLC | Landa Series 270 Mountain Way | 07/31/2022 | 270 Mountain Way Covington, GA 30016 | 2000 | 4 | 2 | 1689 |
| 82. | Landa App LLC – 270 Pleasant Hill Drive Covington GA LLC | Landa Series 270 Pleasant Hill Drive | 07/31/2022 | 270 Pleasant Hill Drive Covington, GA 30016 | 2001 | 4 | 2 | 1338 |
| 83. | Landa App LLC – 2794 Norfair Loop Lithonia GA LLC | Landa Series 2794 Norfair Loop | 07/31/2022 | 2794 Norfair Loop Lithonia, GA 30038 | 2003 | 3 | 2.5 | 1468 |
| 84. | Landa App LLC – 2813 Vicksburg Court Decatur GA LLC | Landa Series 2813 Vicksburg Court | 07/31/2022 | 2813 Vicksburg Court Decatur, GA 30034 | 1962 | 4 | 2 | 2589 |
| 85. | Landa App LLC – 2933 Coffer Drive Ellenwood GA LLC | Landa Series 2933 Coffer Drive | 07/31/2022 | 2933 Coffer Drive Ellenwood, GA 30294 | 1963 | 4 | 1 | 1220 |
| 86. | Landa App LLC – 30 High Ridge Road Covington GA LLC | Landa Series 30 High Ridge Road | 07/31/2022 | 30 High Ridge Road Covington, GA 30014 | 1990 | 4 | 2 | 1748 |
| 87. | Landa App LLC – 30 Roosevelt Road Covington GA LLC | Landa Series 30 Roosevelt Road | 07/31/2022 | 30 Roosevelt Road Covington, GA 30016 | 2005 | 4 | 2.5 | 1572 |
| 88. | Landa App LLC – 3011 Raintree Drive SE Conyers GA LLC | Landa Series 3011 Raintree Drive SE | 07/31/2022 | 3011 Raintree Drive SE Conyers, GA 30013 | 1975 | 4 | 2 | 1700 |
| 89. | Landa App LLC – 304 Cedar Street Stockbridge GA LLC | Landa Series 304 Cedar Street | 07/31/2022 | 304 Cedar Street Stockbridge, GA 30281 | 1989 | 4 | 2 | 1350 |
| 90. | Landa App LLC – 304 Deerfield Drive Jonesboro GA LLC | Landa Series 304 Deerfield Drive | 07/31/2022 | 304 Deerfield Drive Jonesboro, GA 30238 | 1980 | 4 | 1.5 | 1415 |
| 91. | Landa App LLC – 3043 Highway 81 S Covington GA LLC | Landa Series 3043 Highway 81 S | 07/31/2022 | 3043 Highway 81 S Covington, GA 30016 | 1978 | 3 | 2 | 1068 |
| 92. | Landa App LLC – 313 Blue Heron Drive Jonesboro GA LLC | Landa Series 313 Blue Heron Drive | 07/31/2022 | 313 Blue Heron Drive Jonesboro, GA 30236 | 1986 | 4 | 2 | 1656 |
| 93. | Landa App LLC – 3202 Chippewa Drive Rex GA LLC | Landa Series 3202 Chippewa Drive | 07/31/2022 | 3202 Chippewa Drive Rex, GA 30273 | 1987 | 4 | 3 | 1324 |
| 94. | Landa App LLC – 35 Clay Court Covington GA LLC | Landa Series 35 Clay Court | 07/31/2022 | 35 Clay Court Covington, GA 30016 | 1991 | 4 | 2 | 1599 |
| 95. | Landa App LLC – 350 Cadiz Lane S College Park GA LLC | Landa Series 350 Cadiz Lane S | 07/31/2022 | 350 Cadiz Lane S College Park, GA 30349 | 1972 | 4 | 2 | 1268 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective<br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 96. | Landa App LLC – 351 Wesley Park Drive Jonesboro GA LLC | Landa Series 351 Wesley Park Drive | 07/31/2022 | 351 Wesley Park Drive Jonesboro, GA 30238 | 1982 | 4 | 2 | 1188 |
| 97. | Landa App LLC – 3603 Manhattan Drive Decatur GA LLC | Landa Series 3603 Manhattan Drive | 07/31/2022 | 3603 Manhattan Drive Decatur, GA 30034 | 1967 | 4 | 2 | 1477 |
| 98. | Landa App LLC – 3667 Patti Parkway Decatur GA LLC | Landa Series 3667 Patti Parkway | 07/31/2022 | 3667 Patti Parkway Decatur, GA 30034 | 1999 | 5 | 3 | 2650 |
| 99. | Landa App LLC – 404 Barberry Lane Stockbridge GA LLC | Landa Series 404 Barberry Lane | 07/31/2022 | 404 Barberry Lane Stockbridge, GA 30281 | 1975 | 4 | 2 | 1008 |
| 100. | Landa App LLC – 412 Kendall Lane McDonough GA LLC | Landa Series 412 Kendall Lane | 07/31/2022 | 412 Kendall Lane McDonough, GA 30253 | 2003 | 4 | 2.5 | 1440 |
| 101. | Landa App LLC – 416 Autumn Lake Court McDonough GA LLC | Landa Series 416 Autumn Lake Court | 07/31/2022 | 416 Autumn Lake Court McDonough, GA 30253 | 1996 | 4 | 2 | 1182 |
| 102. | Landa App LLC – 43 Darwin Drive Jonesboro GA LLC | Landa Series 43 Darwin Drive | 07/31/2022 | 43 Darwin Drive, Jonesboro, GA 30238 | 1970 | 4 | 1 | 1352 |
| 103. | Landa App LLC – 432 Manor Estates Drive Stockbridge GA LLC | Landa Series 432 Manor Estates Drive | 07/31/2022 | 432 Manor Estates Drive Stockbridge, GA 30281 | 1991 | 4 | 2 | 1424 |
| 104. | Landa App LLC – 440 Freestone Drive Newman GA LLC | Landa Series 440 Freestone Drive | 07/31/2022 | 440 Freestone Drive Newman, GA 30265 | 1990 | 5 | 2 | 1216 |
| 105. | Landa App LLC – 4447 Lake Breeze Drive Stone Mountain GA LLC | Landa Series 4447 Lake Breeze Drive | 07/31/2022 | 4447 Lake Breeze Drive Stone Mountain, GA 30083 | 1970 | 4 | 2.5 | 2159 |
| 106. | Landa App LLC – 445 Independence Drive Jonesboro GA LLC | Landa Series 445 Independence Drive | 07/31/2022 | 445 Independence Drive Jonesboro, GA 30238 | 1978 | 4 | 2 | 1852 |
| 107. | Landa App LLC – 449 Kara Lane McDonough GA LLC | Landa Series 449 Kara Lane | 07/31/2022 | 449 Kara Lane McDonough, GA 30253 | 2002 | 4 | 3 | 1299 |
| 108. | Landa App LLC – 45 Blue Jay Drive Covington GA LLC | Landa Series 45 Blue Jay Drive | 07/31/2022 | 45 Blue Jay Drive Covington, GA 30016 | 2005 | 4 | 3.5 | 2383 |
| 109. | Landa App LLC – 45 Laurel Way Covington GA LLC | Landa Series 45 Laurel Way | 07/31/2022 | 45 Laurel Way Covington, GA 30016 | 1992 | 5 | 2 | 1356 |
| 110. | Landa App LLC – 4702 Saint James Way Decatur GA LLC | Landa Series 4702 Saint James Way | 07/31/2022 | 4702 Saint James Way Decatur, GA 30035 | 2003 | 3 | 2.5 | 1295 |
| 111. | Landa App LLC – 4732 Pinedale Drive Forest Park GA LLC | Landa Series 4732 Pinedale Drive | 07/31/2022 | 4732 Pinedale Drive Forest Park, GA 30297 | 1960 | 4 | 1 | 912 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective<br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 112. | Landa App LLC – 497 Georgia Highway 212 Covington GA LLC | Landa Series 497 Highway 212 | 07/31/2022 | 497 Georgia Highway 212 Covington, GA 30016 | 1986 | 4 | 1 | 1188 |
| 113. | Landa App LLC – 5039 East Street Forest Park GA LLC | Landa Series 5039 East Street | 07/31/2022 | 5039 East Street Forest Park, GA 30297 | 1947 | 4 | 1 | 950 |
| 114. | Landa App LLC – 5040 Huntshire Lane Lilburn GA LLC | Landa Series 5040 Huntshire Lane | 07/31/2022 | 5040 Huntshire Lane Lilburn, GA 30047 | 1988 | 5 | 3 | 2400 |
| 115. | Landa App LLC – 513 Jarrett Court McDonough GA LLC | Landa Series 513 Jarrett Court | 07/31/2022 | 513 Jarrett Court McDonough, GA 30253 | 1992 | 4 | 2 | 1235 |
| 116. | Landa App LLC – 5143 Pinecrest Drive SW Covington GA LLC | Landa Series 5143 Pinecrest Drive SW | 07/31/2022 | 5143 Pinecrest Drive SW Covington, GA 30014 | 1959 | 3 | 1 | 1015 |
| 117. | Landa App LLC – 524 Sawmill Road Hampton GA LLC | Landa Series 524 Sawmill Road | 07/31/2022 | 524 Sawmill Road Hampton, GA 30228 | 1968 | 3 | 2 | 1453 |
| 118. | Landa App LLC – 5329 Shirewick Lane Lithonia GA LLC | Landa Series 5329 Shirewick Lane | 07/31/2022 | 5329 Shirewick Lane Lithonia, GA 30058 | 1997 | 4 | 2.5 | 2038 |
| 119. | Landa App LLC – 540 Cowan Road Covington GA LLC | Landa Series 540 Cowan Road | 07/31/2022 | 540 Cowan Road Covington, GA 30016 | 1993 | 4 | 2 | 1180 |
| 120. | Landa App LLC – 5411 Rocky Pine Drive Lithonia GA LLC | Landa Series 5411 Rocky Pine Drive | 07/31/2022 | 5411 Rocky Pine Drive Lithonia, GA 30038 | 1985 | 4 | 2 | 1630 |
| 121. | Landa App LLC – 55 Myrtle Grove Lane Covington GA LLC | Landa Series 55 Myrtle Grove Lane | 07/31/2022 | 55 Myrtle Grove Lane Covington, GA 30014 | 1996 | 4 | 2 | 1296 |
| 122. | Landa App LLC – 550 Cowan Road Covington GA LLC | Landa Series 550 Cowan Road | 07/31/2022 | 550 Cowan Road Covington, GA 30016 | 1992 | 4 | 2 | 1092 |
| 123. | Landa App LLC – 5581 Fox Glen Circle Lithonia GA LLC | Landa Series 5581 Fox Glen Circle | 07/31/2022 | 5581 Fox Glen Circle Lithonia, GA 30038 | 1987 | 4 | 2.5 | 3104 |
| 124. | Landa App LLC – 565 Mountainview Drive Covington GA LLC | Landa Series 565 Mountainview Drive | 07/31/2022 | 565 Mountainview Drive Covington, GA 30016 | 1999 | 4 | 2 | 1594 |
| 125. | Landa App LLC – 5737 Strathmoor Manor Circle Lithonia GA LLC | Landa Series 5737 Strathmoor Manor Circle | 07/31/2022 | 5737 Strathmoor Manor Circle Lithonia, GA 30058 | 2002 | 3 | 2.5 | 1428 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective<br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 126. | Landa App LLC – 5801 Strathmoor Manor Circle Lithonia GA LLC | Landa Series 5801 Strathmoor Manor Circle | 07/31/2022 | 5801 Strathmoor Manor Circle Lithonia, GA 30058 | 2002 | 4 | 2.5 | 1490 |
| 127. | Landa App LLC – 6104-6106 Oakwood Circle SW Covington GA LLC | Landa Series 6104-6106 Oakwood Circle SW | 07/31/2022 | 6104 Oakwood Circle SW Covington, GA 30014/ 6106 Oakwood Circle SW Covington, GA 30014 | 1986 | 4 | 2 | 925 |
| 128. | Landa App LLC - 6107 Shadow Glen Court Covington GA LLC | Landa Series 6107 Shadow Glen Court | 07/31/2022 | 6107 Shadow Glen Court Covington, GA 30014 | 1972 | 3 | 1 | 1056 |
| 129. | Landa App LLC – 6111-6113 Pine Glen Circle SW Covington GA LLC | Landa Series 6111-6113 Pine Glen Circle SW | 07/31/2022 | 6111 Pine Glen Circle SW Covington, GA 30014 / 6113 Pine Glen Circle SW Covington, GA 30014 | 2002 | 4 | 2.5 | 1974 |
| 130. | Landa App LLC - 6119 Pineneedle Drive SW Covington GA LLC | Landa Series 6119 Pineneedle Drive SW | 07/31/2022 | 6119 Pineneedle Drive SW Covington, GA 30014 | 1982 | 4 | 1 | 1096 |
| 131. | Landa App LLC - 615 Barshay Drive Covington GA LLC | Landa Series 615 Barshay Drive | 07/31/2022 | 615 Barshay Drive Covington, GA 30016 | 2007 | 4 | 2 | 1400 |
| 132. | Landa App LLC - 6168 Wheat Street NE Covington GA LLC | Landa Series 6168 Wheat Street NE | 07/31/2022 | 6168 Wheat Street NE Covington, GA 30014 | 1942 | 3 | 1 | 916 |
| 133. | Landa App LLC - 6178 Green Acres Drive SW Covington GA LLC | Landa Series 6178 Green Acres Drive SW | 07/31/2022 | 6178 Green Acres Drive SW Covington, GA 30014 | 2001 | 4 | 1 | 1040 |
| 134. | Landa App LLC - 6386 Forester Way Lithonia GA LLC | Landa Series 6386 Forester Way | 07/31/2022 | 6386 Forester Way Lithonia, GA 30038 | 1975 | 4 | 2.5 | 1956 |
| 135. | Landa App LLC - 6404 Walnut Way Union City GA LLC | Landa Series 6404 Walnut Way | 07/31/2022 | 6404 Walnut Way Union City, GA 30291 | 2006 | 5 | 3 | 1816 |
| 136. | Landa App LLC - 643 Sycamore Drive Jonesboro GA LLC | Landa Series 643 Sycamore Drive | 07/31/2022 | 643 Sycamore Drive Jonesboro, GA 30238 | 2004 | 4 | 2.5 | 1321 |
| 137. | Landa App LLC - 65 Freedom Court Covington GA LLC | Landa Series 65 Freedom Court | 07/31/2022 | 65 Freedom Court Covington, GA 30016 | 1989 | 4 | 2 | 1439 |
| 138. | Landa App LLC - 653 Georgetown Lane Jonesboro GA LLC | Landa Series 653 Georgetown Lane | 07/31/2022 | 653 Georgetown Lane Jonesboro, GA 30236 | 2004 | 4 | 2 | 1476 |
| 139. | Landa App LLC - 6635 Kimberly Mill Road College Park GA LLC | Landa Series 6635 Kimberly Mill Road | 07/31/2022 | 6635 Kimberly Mill Road College Park, GA 30349 | 1969 | 4 | 2 | 1696 |
| 140. | Landa App LLC - 6653 Bedford Road Rex GA LLC | Landa Series 6653 Bedford Road | 07/31/2022 | 6653 Bedford Road Rex, GA 30273 | 1973 | 4 | 1.5 | 1249 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective<br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 141. | Landa App LLC - 6710 Sunset Hills Boulevard Rex GA LLC | Landa Series 6710 Sunset Hills Boulevard | 07/31/2022 | 6710 Sunset Hills Boulevard Rex, GA 30273 | 2000 | 4 | 2.5 | 1414 |
| 142. | Landa App LLC - 6762 Bent Creek Drive Rex GA LLC | Landa Series 6762 Bent Creek Drive | 07/31/2022 | 6762 Bent Creek Drive Rex, GA 30273 | 1990 | 4 | 2 | 843 |
| 143. | Landa App LLC - 683 Wood Path Court Stone Mountain GA LLC | Landa Series 683 Wood Path Court | 07/31/2022 | 683 Wood Path Court Stone Mountain, GA 30083 | 1983 | 4 | 2 | 1440 |
| 144. | Landa App LLC - 70 Shenandoah Lane Covington GA LLC | Landa Series 70 Shenandoah Lane | 07/31/2022 | 70 Shenandoah Lane Covington, GA 30016 | 2004 | 4 | 2 | 1464 |
| 145. | Landa App LLC - 709 Georgetown Court Jonesboro GA LLC | Landa Series 709 Georgetown Court | 07/31/2022 | 709 Georgetown Court Jonesboro, GA 30236 | 2005 | 4 | 2.5 | 1568 |
| 146. | Landa App LLC - 7107 Geiger Street NW Covington GA LLC | Landa Series 7107 Geiger Street NW | 07/31/2022 | 7107 Geiger Street NW Covington GA 30016 | 1945 | 3 | 1 | 702 |
| 147. | Landa App LLC - 7205 Lakeview Drive SW Covington GA LLC | Landa Series 7205 Lakeview Drive SW | 07/31/2022 | 7205 Lakeview Drive SW Covington, GA 30014 | 1960 | 4 | 2 | 1712 |
| 148. | Landa App LLC - 750 Georgetown Court Jonesboro GA LLC | Landa Series 750 Georgetown Court | 07/31/2022 | 750 Georgetown Court Jonesboro ,GA 30236 | 2005 | 4 | 3 | 1568 |
| 149. | Landa App LLC - 752 Chestnut Drive Jackson GA LLC | Landa Series 752 Chestnut Drive | 07/31/2022 | 752 Chestnut Drive Jackson, GA 30233 | 1984 | 4 | 2 | 1025 |
| 150. | Landa App LLC - 773 Villa Way Jonesboro GA LLC | Landa Series 773 Villa Way | 07/31/2022 | 773 Villa Way Jonesboro, GA 30238 | 1983 | 4 | 2 | 1386 |
| 151. | Landa App LLC - 7781 Mountain Creek Way Douglasville GA LLC | Landa Series 7781 Mountain Creek Way | 07/31/2022 | 7781 Mountain Creek Way Douglasville, GA 30134 | 1986 | 3 | 3 | 1794 |
| 152. | Landa App LLC - 7950 Woodlake Drive Riverdale GA LLC | Landa Series 7950 Woodlake Drive | 07/31/2022 | 7950 Woodlake Drive Riverdale, GA 30274 | 1995 | 4 | 2 | 1371 |
| 153. | Landa App LLC - 80 High Ridge Road Covington GA LLC | Landa Series 80 High Ridge Road | 07/31/2022 | 80 High Ridge Road Covington, GA 30014 | 1995 | 4 | 2 | 1338 |
| 154. | Landa App LLC - 800 Mills Drive Covington GA LLC | Landa Series 800 Mills Drive | 07/31/2022 | 800 Mills Drive Covington, GA 30016 | 1992 | 4 | 2.5 | 1319 |
| 155. | Landa App LLC - 808 Hillandale Lane Lithonia GA LLC | Landa Series 808 Hillandale Lane | 07/31/2022 | 808 Hillandale Lane Lithonia, GA 30058 | 2000 | 3 | 2.5 | 1260 |
| 156. | Landa App LLC - 8110 Devonshire Drive Jonesboro GA LLC | Landa Series 8110 Devonshire Drive | 07/31/2022 | 8110 Devonshire Drive Jonesboro, GA 30238 | 1981 | 4 | 2 | 1022 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective<br> Date of Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 157. | Landa App LLC - 8121 Spillers Drive SW Covington GA LLC | Landa Series 8121 Spillers Drive SW | 07/31/2022 | 8121 Spillers Drive SW Covington, GA 30014 | 1965 | 4 | 1 | 1064 |
| 158. | Landa App LLC - 8233 Creekline Court Riverdale GA LLC | Landa Series 8233 Creekline Court | 07/31/2022 | 8233 Creekline Court Riverdale, GA 30274 | 1982 | 4 | 2 | 1575 |
| 159. | Landa App LLC - 8302 Sterling Lakes Drive Covington GA LLC | Landa Series 8302 Sterling Lakes Drive | 07/31/2022 | 8302 Sterling Lakes Drive Covington, GA 30014 | 2004 | 4 | 2.5 | 1160 |
| 160. | Landa App LLC - 840 Park Villa Way Jonesboro GA LLC | Landa Series 840 Park Villa Way | 07/31/2022 | 840 Park Villa Way Jonesboro, GA 30238 | 1976 | 4 | 2 | 1860 |
| 161. | Landa App LLC - 843 Tramore Drive Stockbridge GA LLC | Landa Series 843 Tramore Drive | 07/31/2022 | 843 Tramore Drive Stockbridge, GA 30281 | 1998 | 4 | 2 | 1218 |
| 162. | Landa App LLC - 85 Kirkland Court Covington GA LLC | Landa Series 85 Kirkland Court | 07/31/2022 | 85 Kirkland Court Covington, GA 30016 | 2003 | 4 | 2.5 | 1685 |
| 163. | Landa App LLC - 85 Thorn Thicket Way Rockmart GA LLC | Landa Series 85 Thorn Thicket Way | 07/31/2022 | 85 Thorn Thicket Way Rockmart, GA 30153 | 2006 | 4 | 3 | 1512 |
| 164. | Landa App LLC - 8658 Ashley Way Douglasville GA LLC | Landa Series 8658 Ashley Way | 07/31/2022 | 8658 Ashley Way Douglasville, GA 30134 | 1982 | 3 | 1 | 942 |
| 165. | Landa App LLC - 8667 Ashley Way Douglasville GA LLC | Landa Series 8667 Ashley Way | 07/31/2022 | 8667 Ashley Way Douglasville, GA 30134 | 1982 | 3 | 1 | 786 |
| 166. | Landa App LLC - 8671 Ashley Way Douglasville GA LLC | Landa Series 8671 Ashley Way | 07/31/2022 | 8671 Ashley Way Douglasville, GA 30134 | 1982 | 2 | 1 | 786 |
| 167. | Landa App LLC - 8676 Ashley Way Douglasville GA LLC | Landa Series 8676 Ashley Way | 07/31/2022 | 8676 Ashley Way Douglasville, GA 30134 | 1982 | 3 | 2 | 1110 |
| 168. | Landa App LLC - 8691 Ashley Way Douglasville GA LLC | Landa Series 8691 Ashley Way | 07/31/2022 | 8691 Ashley Way Douglasville, GA 30134 | 1982 | 4 | 3 | 1300 |
| 169. | Landa App LLC - 8692 Ashley Way Douglasville GA LLC | Landa Series 8692 Ashley Way | 07/31/2022 | 8692 Ashley Way Douglasville, GA 30134 | 1982 | 3 | 2 | 1300 |
| 170. | Landa App LLC - 8693 Ashley Way Douglasville GA LLC | Landa Series 8693 Ashley Way | 07/31/2022 | 8693 Ashley Way Douglasville, GA 30134 | 1982 | 3 | 2 | 1500 |
| 171. | Landa App LLC - 8694 Ashley Way Douglasville GA LLC | Landa Series 8694 Ashley Way | 07/31/2022 | 8694 Ashley Way Douglasville, GA 30134 | 1982 | 3 | 2.5 | 1364 |
| 172. | Landa App LLC - 8697 Ashley Way Douglasville GA LLC | Landa Series 8697 Ashley Way | 07/31/2022 | 8697 Ashley Way Douglasville, GA 30134 | 1982 | 3 | 2.5 | 1302 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Entity\*** | **Series Name\*** | **Effective<br> Date of<br> Establishment\*** | **Property Address** | **Year Built** | **Bedrooms** | **Baths** | **Sq Ft.** |
| 173. | Landa App LLC - 8819 Leafwood Court Riverdale GA LLC | Landa Series 8819 Leafwood Court | 07/31/2022 | 8819 Leafwood Court Riverdale, GA 30274 | 1972 | 4 | 1.5 | 1201 |
| 174. | Landa App LLC - 8855 Rugby Court Jonesboro GA LLC | Landa Series 8855 Rugby Court | 07/31/2022 | 8855 Rugby Court Jonesboro, GA 30238 | 1970 | 4 | 1.5 | 1125 |
| 175. | Landa App LLC - 9020 Sterling Ridge Lane Jonesboro GA LLC | Landa Series 9020 Sterling Ridge Lane | 07/31/2022 | 9020 Sterling Ridge Lane Jonesboro, GA 30238 | 1974 | 4 | 2 | 1344 |
| 176. | Landa App LLC - 9150 Spillers Drive SW Covington GA LLC | Landa Series 9150 Spillers Drive SW | 07/31/2022 | 9150 Spillers Drive SW Covington, GA 30014 | 2001 | 4 | 2 | 1172 |
| 177. | Landa App LLC - 925 Mote Road Covington GA LLC | Landa Series 925 Mote Road | 07/31/2022 | 925 Mote Road Covington, GA 30016 | 2000 | 4 | 2 | 1492 |
| 178. | Landa App LLC - 94 Hampton Oaks Drive Hampton GA LLC | Landa Series 94 Hampton Oaks Drive | 07/31/2022 | 94 Hampton Oaks Drive Hampton, GA 30228 | 1994 | 4 | 2 | 1200 |
| 179. | Landa App LLC - 9409 Forest Knoll Drive Jonesboro GA LLC | Landa Series 9409 Forest Knoll Drive | 07/31/2022 | 9409 Forest Knoll Drive Jonesboro, GA 30238 | 1979 | 4 | 2 | 1376 |
| 180. | Landa App LLC - 9434 Cedar Creek Place Douglasville GA LLC | Landa Series 9434 Cedar Creek Place | 07/31/2022 | 9434 Cedar Creek Place Douglasville, GA 30135 | 1976 | 4 | 2.5 | 1362 |
| 181. | Landa App LLC - 9597 Pintail Trail Jonesboro GA LLC | Landa Series 9597 Pintail Trail | 07/31/2022 | 9597 Pintail Trail Jonesboro, GA 30238 | 1988 | 4 | 2 | 1653 |
| 182. | Landa App LLC - 974 Laurel Street Lake City GA LLC | Landa Series 974 Laurel Street | 07/31/2022 | 974 Laurel Street Lake City, GA 30260 | 1962 | 4 | 1 | 1140 |
| 183. | Landa App LLC - 1701 Summerwoods Lane Griffin GA LLC(1) | Landa Series 1701 Summerwoods Lane | (2) | 1701 Summerwoods Lane Griffin, GA 30224 | 2004 | 3 | 2 | 1201 |
| 184. | Landa App LLC - 1741 Park Lane Griffin GA LLC(1) | Landa Series 1741 Park Lane | (2) | 1741 Park Lane Griffin, GA 30224 | 2002 | 4 | 2 | 1125 |

---

\* See the Form of Series Designation, which is attached as an exhibit to the offering statement of which this Offering Circular forms a part.

(1) This
 Series previously offered and sold Shares in an offering qualified under Regulation A. Following
 the closing of such previous offering, the Manager determined that it was in the
 best interest of this Series to sell its underlying Property to Landa Properties.
 In connection with the sale of the Property to Landa Properties following the closing
 of such previous offering, the Manager distributed the sales proceeds to each of the prior
 holders of this Series' Shares. This Series expects to conduct a new offering
 of its Shares pursuant to this Offering Circular.

(2) This
 Series was initially formed as registered series under Section 18-218 of the LLC Act on May
 19, 2020 and we expect to convert this Series into a protected series under Section 18-215
 of the LLC Act prior to the qualification of the offering statement of which this Offering
 Circular forms a part.

***Lease Information.***

 

Please see the Master Series Table in Appendix A for information regarding the lease expiration and monthly rent for the Properties underlying each Series that is being offered pursuant to this Offering Circular. The foregoing is a summary of the terms of the applicable lease agreement and does not purport to be a complete description of such terms.

***Taxes and Insurance***

Please see the Master Series Table in Appendix A for information regarding taxes and insurance for the Properties underlying the Series that are being offered pursuant to this Offering Circular.

***Monthly Management Fee***

The Monthly Management Fee payable by each Series is expected to be eight percent (8%) of the Gross Monthly Rent. The Monthly Management Fee may be changed at any time, in the sole discretion of the Manager, but at no time, will it exceed ten percent (10%) of the Gross Monthly Rent.

***Allocation to Reserve***

 ****

We expect each Series will contribute monthly to its Reserve by allocating up to fifteen (15%) of its Gross Monthly Rent to the Reserve, such allocation beginning after the commencement of such Series' Offering.

***Improvements***

 ****

The Manager has allocated Improvement Costs towards Improvements to the Property, which may occur prior to, or following, the transfer of this Property to this Series. See "Use of Proceeds". In addition, the Manager will undertake ordinary repairs required to turn over the Property for a new tenant; however, there may be material Improvements, repairs or maintenance costs in the future. Any future material Improvements, repairs or maintenance costs to the Property will be paid for using funds from the Series' Reserves. In the event that there are not enough funds in the Reserves to cover such Improvements, repairs or maintenance, the Series may seek further debt financing from a related-party loan from the Manager. For discussion of factors that may result in increased costs to the Series, please see "Risk Factors—Risks Related to the Properties and the Series—A Series may not be able to control its operating costs, or its expenses may remain constant or increase, even if its revenues do not increase, causing its results of operations to be adversely affected."

**Loans**

Initially, each Series financed 100% of the costs associated with the acquisition of the Property, including Acquisition Fees, Property Diligence Expenses and Reserves, with a promissory note issued by such Series to the Manager (each an "Acquisition Note" and collectively the "Acquisition Notes"). Each Acquisition Note represents a related-party loan between each respective Series and the Manager. The Acquisition Notes issued by each Series bears an interest rate of 4.5% per annum, provided, however that interest will not accrue on the Acquisition Note issued by such Series, and no payments of amounts outstanding under such Acquisition Notes will be due, prior to the transfer to the applicable Series of title to its Property, and if such title transfer does not occur prior to the maturity of such Acquisition Note, such Acquisition Note will terminate with no obligation for the Series to make any payment thereunder.

 

We expect each Series will pay down, or otherwise discharge the outstanding balance of the Acquisition Note with (i) the proceeds received in exchange for a commercial promissory note bearing interest at current market rates to be issued to a third party lender (the "Refinance Lender") after the qualification date of the offering statement of which this Offering Circular forms a part (each a "Refinance Note" and collectively the "Refinance Notes") and (ii) substantially all of the net proceeds from the Series Offering. We expect that each Refinance Note will be secured by the Property underlying the respective Series.

 

While we expect each Refinance Note issued by a Series to be issued for the principal amount and on the terms disclosed in this Offering Circular, the Refinance Notes are subject to further negotiation with the Refinance Lender. For example, we expect to receive a new appraisal for each Property prior to commencement of each Series' Offering, and if this appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain outstanding following the Offering.

 

We expect that each Refinance Note will require payments of interest only for the term of such note, with the principal balance due upon maturity. For more information on the principal amounts and terms of each Acquisition Note and the expected principal amounts and terms of each Refinance Note, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Loans"

*Acquisition Notes*

Initially, each Series issues an Acquisition Note to the Manager to finance 100% of the costs associated with the expected acquisition of its Property. Each Acquisition Note represents a related-party loan between each respective Series and the Manager. The Acquisition Notes issued by the Series bear an interest rate of four and a half percent (4.5%) per annum, provided that interest will not accrue on the Acquisition Notes issued by the Series, and no payment of amounts outstanding under such Acquisition Notes will be due, prior to the transfer to the applicable Series of title to its Property, and if such title transfer does not occur prior to the maturity of such Acquisition Note, such Acquisition Note will terminate with no obligation for the Series to make any payment thereunder. Title to the Property underlying the applicable Series will only be transferred following qualification of the offering statement and prior to the initial Closing of sales of Shares of the Series.

All rental income earned by a Property underlying a Series that has accumulated prior to the commencement of such Series' Offering will be distributed to the Manager prior to such commencement. Each Series will use substantially all of the net proceeds from its Offering to pay down all or a portion of the outstanding balance under its Acquisition Note.

The original and current amounts and terms of each Acquisition Note are listed in the table below. Each Acquisition Note is an unsecured obligation of the applicable Series. Please see the "Form of Promissory Note, by and between Landa Holdings, Inc. and a Landa App LLC Series (Acquisition Note)" which is included as an exhibit to the Offering Statement of which this Offering Circular is a part for more information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series** | **Original<br> Principal<br> Amount(1)** | **Annual<br> Interest<br> Rate** | **Loan<br> Date** | **Maturity <br> Date** | **Current<br> Outstanding Amount** |
| 1. | Landa Series 10 Oak Wood Lane | $254456 | 4.50% | 07/31/2022 | 07/31/2027 | $254456 |
| 2. | Landa Series 10 Windridge Drive | $256422 | 4.50% | 07/31/2022 | 07/31/2027 | $256422 |
| 3. | Landa Series 1000 Fox Valley Trail | $297984 | 4.50% | 07/31/2022 | 07/31/2027 | $297984 |
| 4. | Landa Series 1007 Leeward Way | $300157 | 4.50% | 07/31/2022 | 07/31/2027 | $300157 |
| 5. | Landa Series 10119 Commons Way | $306450 | 4.50% | 07/31/2022 | 07/31/2027 | $306450 |
| 6. | Landa Series 10121 Morris Drive SW | $278235 | 4.50% | 07/31/2022 | 07/31/2027 | $278235 |
| 7. | Landa Series 10183 Starr Street SW | $268383 | 4.50% | 07/31/2022 | 07/31/2027 | $268383 |
| 8. | Landa Series 103 Starlake Drive | $267883 | 4.50% | 07/31/2022 | 07/31/2027 | $267883 |
| 9. | Landa Series 104 Summerfield Drive | $300059 | 4.50% | 07/31/2022 | 07/31/2027 | $300059 |
| 10. | Landa Series 10433 Candlelight Rd | $305757 | 4.50% | 07/31/2022 | 07/31/2027 | $305757 |
| 11. | Landa Series 105 Anne Street | $253115 | 4.50% | 07/31/2022 | 07/31/2027 | $253115 |
| 12. | Landa Series 107 Oakwood Circle | $198781 | 4.50% | 07/31/2022 | 07/31/2027 | $198781 |
| 13. | Landa Series 109 Amberwood Lane | $216284 | 4.50% | 07/31/2022 | 07/31/2027 | $216284 |
| 14. | Landa Series 110 Shenandoah Drive | $310797 | 4.50% | 07/31/2022 | 07/31/2027 | $310797 |
| 15. | Landa Series 111 Fir Drive | $240106 | 4.50% | 07/31/2022 | 07/31/2027 | $240106 |
| 16. | Landa Series 1110 Parkview Drive | $260727 | 4.50% | 07/31/2022 | 07/31/2027 | $260727 |
| 17. | Landa Series 11187 Shannon Circle | $310885 | 4.50% | 07/31/2022 | 07/31/2027 | $310885 |
| 18. | Landa Series 112 Ridge Street | $309709 | 4.50% | 07/31/2022 | 07/31/2027 | $309709 |
| 19. | Landa Series 11322 Michelle Way | $250982 | 4.50% | 07/31/2022 | 07/31/2027 | $250982 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series** | **Original<br> Principal<br> Amount(1)** | **Annual<br> Interest<br> Rate** | **Loan<br> Date** | **Maturity <br> Date** | **Current<br> Outstanding Amount** |
| 20. | Landa Series 114 Starlake Drive | $253436 | 4.50% | 07/31/2022 | 07/31/2027 | $253436 |
| 21. | Landa Series 11447 S Grove Drive | $284781 | 4.50% | 07/31/2022 | 07/31/2027 | $284781 |
| 22. | Landa Series 1147 Village Way | $301010 | 4.50% | 07/31/2022 | 07/31/2027 | $301010 |
| 23. | Landa Series 115 Lakeview Drive | $285786 | 4.50% | 07/31/2022 | 07/31/2027 | $285786 |
| 24. | Landa Series 1160 Gable Terrace | $301175 | 4.50% | 07/31/2022 | 07/31/2027 | $301175 |
| 25. | Landa Series 1190 Kirkland Road | $323791 | 4.50% | 07/31/2022 | 07/31/2027 | $323791 |
| 26. | Landa Series 12 Mintz Street | $264035 | 4.50% | 07/31/2022 | 07/31/2027 | $264035 |
| 27. | Landa Series 120 Rosewood Drive | $286873 | 4.50% | 07/31/2022 | 07/31/2027 | $286873 |
| 28. | Landa Series 1201 Kilrush Drive | $535920 | 4.50% | 07/31/2022 | 07/31/2027 | $535920 |
| 29. | Landa Series 124 Libby Lane | $240485 | 4.50% | 07/31/2022 | 07/31/2027 | $240485 |
| 30. | Landa Series 126 E Mimosa Drive | $256451 | 4.50% | 07/31/2022 | 07/31/2027 | $256451 |
| 31. | Landa Series 12641 Alcovy Road | $307481 | 4.50% | 07/31/2022 | 07/31/2027 | $307481 |
| 32. | Landa Series 1320 Winona Avenue | $220795 | 4.50% | 07/31/2022 | 07/31/2027 | $220795 |
| 33. | Landa Series 133 Dove Landing | $227058 | 4.50% | 07/31/2022 | 07/31/2027 | $227058 |
| 34. | Landa Series 137 Southern Shores Road | $240268 | 4.50% | 07/31/2022 | 07/31/2027 | $240268 |
| 35. | Landa Series 138 Sandalwood Circle | $253616 | 4.50% | 07/31/2022 | 07/31/2027 | $253616 |
| 36. | Landa Series 140 High Ridge Road | $285784 | 4.50% | 07/31/2022 | 07/31/2027 | $285784 |
| 37. | Landa Series 141 Longstreet Circle | $331402 | 4.50% | 07/31/2022 | 07/31/2027 | $331402 |
| 38. | Landa Series 1443 Pebble Ridge Lane | $319610 | 4.50% | 07/31/2022 | 07/31/2027 | $319610 |
| 39. | Landa Series 1445 Maple Valley Court | $200632 | 4.50% | 07/31/2022 | 07/31/2027 | $200632 |
| 40. | Landa Series 146 Crystal Brook | $212200 | 4.50% | 07/31/2022 | 07/31/2027 | $212200 |
| 41. | Landa Series 1473 Brownleaf Drive | $282588 | 4.50% | 07/31/2022 | 07/31/2027 | $282588 |
| 42. | Landa Series 1485 Bola Court | $258597 | 4.50% | 07/31/2022 | 07/31/2027 | $258597 |
| 43. | Landa Series 1490 Diplomat Drive | $354470 | 4.50% | 07/31/2022 | 07/31/2027 | $354470 |
| 44. | Landa Series 153 Cliffside Court | $185856 | 4.50% | 07/31/2022 | 07/31/2027 | $185856 |
| 45. | Landa Series 157 Wells Road | $221620 | 4.50% | 07/31/2022 | 07/31/2027 | $221620 |
| 46. | Landa Series 160 Chimney Ridge Trail | $286873 | 4.50% | 07/31/2022 | 07/31/2027 | $286873 |
| 47. | Landa Series 164 Longstreet Circle | $289049 | 4.50% | 07/31/2022 | 07/31/2027 | $289049 |
| 48. | Landa Series 1666 W Poplar Street | $231406 | 4.50% | 07/31/2022 | 07/31/2027 | $231406 |
| 49. | Landa Series 168 Brookview Drive | $132243 | 4.50% | 07/31/2022 | 07/31/2027 | $132243 |
| 50. | Landa Series 1683 Spoonbill Road | $244459 | 4.50% | 07/31/2022 | 07/31/2027 | $244459 |
| 51. | Landa Series 1689 Viceroy Way | $280628 | 4.50% | 07/31/2022 | 07/31/2027 | $280628 |
| 52. | Landa Series 171 Davidson Drive | $303132 | 4.50% | 07/31/2022 | 07/31/2027 | $303132 |
| 53. | Landa Series 1768 Glen View Way | $250620 | 4.50% | 07/31/2022 | 07/31/2027 | $250620 |
| 54. | Landa Series 181 Watercress Court | $274908 | 4.50% | 07/31/2022 | 07/31/2027 | $274908 |
| 55. | Landa Series 188 Timberline Road | $161802 | 4.50% | 07/31/2022 | 07/31/2027 | $161802 |
| 56. | Landa Series 189 Shenandoah Drive | $256420 | 4.50% | 07/31/2022 | 07/31/2027 | $256420 |
| 57. | Landa Series 1903 Old Concord Drive SE | $308568 | 4.50% | 07/31/2022 | 07/31/2027 | $308568 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series** | **Original<br> Principal<br> Amount(1)** | **Annual<br> Interest<br> Rate** | **Loan<br> Date** | **Maturity <br> Date** | **Current<br> Outstanding Amount** |
| 58. | Landa Series 195 Branchwood Drive | $316179 | 4.50% | 07/31/2022 | 07/31/2027 | $316179 |
| 59. | Landa Series 195 Fairclift Drive | $285786 | 4.50% | 07/31/2022 | 07/31/2027 | $285786 |
| 60. | Landa Series 195 Hunters Trace | $316955 | 4.50% | 07/31/2022 | 07/31/2027 | $316955 |
| 61. | Landa Series 196 Montego Circle | $267295 | 4.50% | 07/31/2022 | 07/31/2027 | $267295 |
| 62. | Landa Series 20 Chimney Smoke Drive | $286873 | 4.50% | 07/31/2022 | 07/31/2027 | $286873 |
| 63. | Landa Series 204 N Main Court | $227058 | 4.50% | 07/31/2022 | 07/31/2027 | $227058 |
| 64. | Landa Series 2055 Grove Way | $248809 | 4.50% | 07/31/2022 | 07/31/2027 | $248809 |
| 65. | Landa Series 212 Fleeta Drive | $233632 | 4.50% | 07/31/2022 | 07/31/2027 | $233632 |
| 66. | Landa Series 215 Central Lake Circle | $267251 | 4.50% | 07/31/2022 | 07/31/2027 | $267251 |
| 67. | Landa Series 217 Glenloch Court | $308621 | 4.50% | 07/31/2022 | 07/31/2027 | $308621 |
| 68. | Landa Series 2177 E Chester Circle SE | $312950 | 4.50% | 07/31/2022 | 07/31/2027 | $312950 |
| 69. | Landa Series 221 Lakeview Drive | $297749 | 4.50% | 07/31/2022 | 07/31/2027 | $297749 |
| 70. | Landa Series 2264 Chestnut Hill Circle | $379313 | 4.50% | 07/31/2022 | 07/31/2027 | $379313 |
| 71. | Landa Series 235 Lazy Hollow Lane | $299259 | 4.50% | 07/31/2022 | 07/31/2027 | $299259 |
| 72. | Landa Series 2425 Cornell Circle | $331464 | 4.50% | 07/31/2022 | 07/31/2027 | $331464 |
| 73. | Landa Series 2443 Hodges Farm Road | $245546 | 4.50% | 07/31/2022 | 07/31/2027 | $245546 |
| 74. | Landa Series 25 Pleasant Valley Road | $283609 | 4.50% | 07/31/2022 | 07/31/2027 | $283609 |
| 75. | Landa Series 253 Marco Drive | $232761 | 4.50% | 07/31/2022 | 07/31/2027 | $232761 |
| 76. | Landa Series 255 Countryside Lane | $294486 | 4.50% | 07/31/2022 | 07/31/2027 | $294486 |
| 77. | Landa Series 258 Rocky Point Road | $315147 | 4.50% | 07/31/2022 | 07/31/2027 | $315147 |
| 78. | Landa Series 263 Rocky Point Road | $279261 | 4.50% | 07/31/2022 | 07/31/2027 | $279261 |
| 79. | Landa Series 268 Brookview Drive | $188408 | 4.50% | 07/31/2022 | 07/31/2027 | $188408 |
| 80. | Landa Series 270 Mountain Lane | $291683 | 4.50% | 07/31/2022 | 07/31/2027 | $291683 |
| 81. | Landa Series 270 Mountain Way | $287961 | 4.50% | 07/31/2022 | 07/31/2027 | $287961 |
| 82. | Landa Series 270 Pleasant Hill Drive | $273208 | 4.50% | 07/31/2022 | 07/31/2027 | $273208 |
| 83. | Landa Series 2794 Norfair Loop | $233583 | 4.50% | 07/31/2022 | 07/31/2027 | $233583 |
| 84. | Landa Series 2813 Vicksburg Court | $337986 | 4.50% | 07/31/2022 | 07/31/2027 | $337986 |
| 85. | Landa Series 2933 Coffer Drive | $281715 | 4.50% | 07/31/2022 | 07/31/2027 | $281715 |
| 86. | Landa Series 30 High Ridge Road | $332846 | 4.50% | 07/31/2022 | 07/31/2027 | $332846 |
| 87. | Landa Series 30 Roosevelt Road | $284696 | 4.50% | 07/31/2022 | 07/31/2027 | $284696 |
| 88. | Landa Series 3011 Raintree Drive SE | $310013 | 4.50% | 07/31/2022 | 07/31/2027 | $310013 |
| 89. | Landa Series 304 Cedar Street | $301113 | 4.50% | 07/31/2022 | 07/31/2027 | $301113 |
| 90. | Landa Series 304 Deerfield Drive | $291845 | 4.50% | 07/31/2022 | 07/31/2027 | $291845 |
| 91. | Landa Series 3043 Highway 81 S | $216225 | 4.50% | 07/31/2022 | 07/31/2027 | $216225 |
| 92. | Landa Series 313 Blue Heron Drive | $271457 | 4.50% | 07/31/2022 | 07/31/2027 | $271457 |
| 93. | Landa Series 3202 Chippewa Drive | $298834 | 4.50% | 07/31/2022 | 07/31/2027 | $298834 |
| 94. | Landa Series 35 Clay Court | $303197 | 4.50% | 07/31/2022 | 07/31/2027 | $303197 |
| 95. | Landa Series 350 Cadiz Lane S | $277083 | 4.50% | 07/31/2022 | 07/31/2027 | $277083 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series** | **Original<br> Principal<br> Amount(1)** | **Annual<br> Interest<br> Rate** | **Loan<br> Date** | **Maturity <br> Date** | **Current<br> Outstanding Amount** |
| 96. | Landa Series 351 Wesley Park Drive | $260770 | 4.50% | 07/31/2022 | 07/31/2027 | $260770 |
| 97. | Landa Series 3603 Manhattan Drive | $326027 | 4.50% | 07/31/2022 | 07/31/2027 | $326027 |
| 98. | Landa Series 3667 Patti Parkway | $379317 | 4.50% | 07/31/2022 | 07/31/2027 | $379317 |
| 99. | Landa Series 404 Barberry Lane | $285892 | 4.50% | 07/31/2022 | 07/31/2027 | $285892 |
| 100. | Landa Series 412 Kendall Lane | $296763 | 4.50% | 07/31/2022 | 07/31/2027 | $296763 |
| 101. | Landa Series 416 Autumn Lake Court | $266210 | 4.50% | 07/31/2022 | 07/31/2027 | $266210 |
| 102. | Landa Series 43 Darwin Drive | $252069 | 4.50% | 07/31/2022 | 07/31/2027 | $252069 |
| 103. | Landa Series 432 Manor Estates Drive | $314170 | 4.50% | 07/31/2022 | 07/31/2027 | $314170 |
| 104. | Landa Series 440 Freestone Drive | $331496 | 4.50% | 07/31/2022 | 07/31/2027 | $331496 |
| 105. | Landa Series 4447 Lake Breeze Drive | $342340 | 4.50% | 07/31/2022 | 07/31/2027 | $342340 |
| 106. | Landa Series 445 Independence Drive | $298779 | 4.50% | 07/31/2022 | 07/31/2027 | $298779 |
| 107. | Landa Series 449 Kara Lane | $265402 | 4.50% | 07/31/2022 | 07/31/2027 | $265402 |
| 108. | Landa Series 45 Blue Jay Drive | $353211 | 4.50% | 07/31/2022 | 07/31/2027 | $353211 |
| 109. | Landa Series 45 Laurel Way | $340100 | 4.50% | 07/31/2022 | 07/31/2027 | $340100 |
| 110. | Landa Series 4702 Saint James Way | $267453 | 4.50% | 07/31/2022 | 07/31/2027 | $267453 |
| 111. | Landa Series 4732 Pinedale Drive | $234719 | 4.50% | 07/31/2022 | 07/31/2027 | $234719 |
| 112. | Landa Series 497 Highway 212 | $279211 | 4.50% | 07/31/2022 | 07/31/2027 | $279211 |
| 113. | Landa Series 5039 East Street | $207482 | 4.50% | 07/31/2022 | 07/31/2027 | $207482 |
| 114. | Landa Series 5040 Huntshire Lane | $444985 | 4.50% | 07/31/2022 | 07/31/2027 | $444985 |
| 115. | Landa Series 513 Jarrett Court | $289113 | 4.50% | 07/31/2022 | 07/31/2027 | $289113 |
| 116. | Landa Series 5143 Pinecrest Drive SW | $227104 | 4.50% | 07/31/2022 | 07/31/2027 | $227104 |
| 117. | Landa Series 524 Sawmill Road | $283679 | 4.50% | 07/31/2022 | 07/31/2027 | $283679 |
| 118. | Landa Series 5329 Shirewick Lane | $337990 | 4.50% | 07/31/2022 | 07/31/2027 | $337990 |
| 119. | Landa Series 540 Cowan Road | $299557 | 4.50% | 07/31/2022 | 07/31/2027 | $299557 |
| 120. | Landa Series 5411 Rocky Pine Drive | $309885 | 4.50% | 07/31/2022 | 07/31/2027 | $309885 |
| 121. | Landa Series 55 Myrtle Grove Lane | $291224 | 4.50% | 07/31/2022 | 07/31/2027 | $291224 |
| 122. | Landa Series 550 Cowan Road | $250783 | 4.50% | 07/31/2022 | 07/31/2027 | $250783 |
| 123. | Landa Series 5581 Fox Glen Circle | $434715 | 4.50% | 07/31/2022 | 07/31/2027 | $434715 |
| 124. | Landa Series 565 Mountainview Drive | $283236 | 4.50% | 07/31/2022 | 07/31/2027 | $283236 |
| 125. | Landa Series 5737 Strathmoor Manor Circle | $254247 | 4.50% | 07/31/2022 | 07/31/2027 | $254247 |
| 126. | Landa Series 5801 Strathmoor Manor Circle | $262945 | 4.50% | 07/31/2022 | 07/31/2027 | $262945 |
| 127. | Landa Series 6104-6106 Oakwood Circle SW | $247853 | 4.50% | 07/31/2022 | 07/31/2027 | $247853 |
| 128. | Landa Series 6107 Shadow Glen Court | $212961 | 4.50% | 07/31/2022 | 07/31/2027 | $212961 |
| 129. | Landa Series 6111-6113 Pine Glen Circle SW | $456530 | 4.50% | 07/31/2022 | 07/31/2027 | $456530 |
| 130. | Landa Series 6119 Pineneedle Drive SW | $166154 | 4.50% | 07/31/2022 | 07/31/2027 | $166154 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series** | **Original<br> Principal<br> Amount(1)** | **Annual<br> Interest<br> Rate** | **Loan<br> Date** | **Maturity <br> Date** | **Current<br> Outstanding Amount** |
| 131. | Landa Series 615 Barshay Drive | $291964 | 4.50% | 07/31/2022 | 07/31/2027 | $291964 |
| 132. | Landa Series 6168 Wheat Street NE | $187898 | 4.50% | 07/31/2022 | 07/31/2027 | $187898 |
| 133. | Landa Series 6178 Green Acres Drive SW | $223434 | 4.50% | 07/31/2022 | 07/31/2027 | $223434 |
| 134. | Landa Series 6386 Forester Way | $296833 | 4.50% | 07/31/2022 | 07/31/2027 | $296833 |
| 135. | Landa Series 6404 Walnut Way | $279261 | 4.50% | 07/31/2022 | 07/31/2027 | $279261 |
| 136. | Landa Series 643 Sycamore Drive | $270184 | 4.50% | 07/31/2022 | 07/31/2027 | $270184 |
| 137. | Landa Series 65 Freedom Court | $293884 | 4.50% | 07/31/2022 | 07/31/2027 | $293884 |
| 138. | Landa Series 653 Georgetown Lane | $285870 | 4.50% | 07/31/2022 | 07/31/2027 | $285870 |
| 139. | Landa Series 6635 Kimberly Mill Road | $328712 | 4.50% | 07/31/2022 | 07/31/2027 | $328712 |
| 140. | Landa Series 6653 Bedford Road | $278623 | 4.50% | 07/31/2022 | 07/31/2027 | $278623 |
| 141. | Landa Series 6710 Sunset Hills Boulevard | $236846 | 4.50% | 07/31/2022 | 07/31/2027 | $236846 |
| 142. | Landa Series 6762 Bent Creek Drive | $279258 | 4.50% | 07/31/2022 | 07/31/2027 | $279258 |
| 143. | Landa Series 683 Wood Path Court | $328476 | 4.50% | 07/31/2022 | 07/31/2027 | $328476 |
| 144. | Landa Series 70 Shenandoah Lane | $335751 | 4.50% | 07/31/2022 | 07/31/2027 | $335751 |
| 145. | Landa Series 709 Georgetown Court | $276058 | 4.50% | 07/31/2022 | 07/31/2027 | $276058 |
| 146. | Landa Series 7107 Geiger Street NW | $160714 | 4.50% | 07/31/2022 | 07/31/2027 | $160714 |
| 147. | Landa Series 7205 Lakeview Drive SW | $292311 | 4.50% | 07/31/2022 | 07/31/2027 | $292311 |
| 148. | Landa Series 750 Georgetown Court | $227055 | 4.50% | 07/31/2022 | 07/31/2027 | $227055 |
| 149. | Landa Series 752 Chestnut Drive | $197731 | 4.50% | 07/31/2022 | 07/31/2027 | $197731 |
| 150. | Landa Series 773 Villa Way | $119844 | 4.50% | 07/31/2022 | 07/31/2027 | $119844 |
| 151. | Landa Series 7781 Mountain Creek Way | $301080 | 4.50% | 07/31/2022 | 07/31/2027 | $301080 |
| 152. | Landa Series 7950 Woodlake Drive | $250982 | 4.50% | 07/31/2022 | 07/31/2027 | $250982 |
| 153. | Landa Series 80 High Ridge Road | $302097 | 4.50% | 07/31/2022 | 07/31/2027 | $302097 |
| 154. | Landa Series 800 Mills Drive | $336839 | 4.50% | 07/31/2022 | 07/31/2027 | $336839 |
| 155. | Landa Series 808 Hillandale Lane | $285336 | 4.50% | 07/31/2022 | 07/31/2027 | $285336 |
| 156. | Landa Series 8110 Devonshire Drive | $212961 | 4.50% | 07/31/2022 | 07/31/2027 | $212961 |
| 157. | Landa Series 8121 Spillers Drive SW | $244946 | 4.50% | 07/31/2022 | 07/31/2027 | $244946 |
| 158. | Landa Series 8233 Creekline Court | $293652 | 4.50% | 07/31/2022 | 07/31/2027 | $293652 |
| 159. | Landa Series 8302 Sterling Lakes Drive | $305362 | 4.50% | 07/31/2022 | 07/31/2027 | $305362 |
| 160. | Landa Series 840 Park Villa Way | $170973 | 4.50% | 07/31/2022 | 07/31/2027 | $170973 |
| 161. | Landa Series 843 Tramore Drive | $195489 | 4.50% | 07/31/2022 | 07/31/2027 | $195489 |
| 162. | Landa Series 85 Kirkland Court | $331460 | 4.50% | 07/31/2022 | 07/31/2027 | $331460 |
| 163. | Landa Series 85 Thorn Thicket Way | $294552 | 4.50% | 07/31/2022 | 07/31/2027 | $294552 |
| 164. | Landa Series 8658 Ashley Way | $190908 | 4.50% | 07/31/2022 | 07/31/2027 | $190908 |
| 165. | Landa Series 8667 Ashley Way | $136737 | 4.50% | 07/31/2022 | 07/31/2027 | $136737 |
| 166. | Landa Series 8671 Ashley Way | $200777 | 4.50% | 07/31/2022 | 07/31/2027 | $200777 |
| 167. | Landa Series 8676 Ashley Way | $205683 | 4.50% | 07/31/2022 | 07/31/2027 | $205683 |
| 168. | Landa Series 8691 Ashley Way | $148555 | 4.50% | 07/31/2022 | 07/31/2027 | $148555 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series** | **Original<br> Principal<br> Amount(1)** | **Annual<br> Interest<br> Rate** | **Loan<br> Date** | **Maturity <br> Date** | **Current<br> Outstanding Amount** |
| 169. | Landa Series 8692 Ashley Way | $145859 | 4.50% | 07/31/2022 | 07/31/2027 | $145859 |
| 170. | Landa Series 8693 Ashley Way | $220464 | 4.50% | 07/31/2022 | 07/31/2027 | $220464 |
| 171. | Landa Series 8694 Ashley Way | $200996 | 4.50% | 07/31/2022 | 07/31/2027 | $200996 |
| 172. | Landa Series 8697 Ashley Way | $218458 | 4.50% | 07/31/2022 | 07/31/2027 | $218458 |
| 173. | Landa Series 8819 Leafwood Court | $282606 | 4.50% | 07/31/2022 | 07/31/2027 | $282606 |
| 174. | Landa Series 8855 Rugby Court | $221665 | 4.50% | 07/31/2022 | 07/31/2027 | $221665 |
| 175. | Landa Series 9020 Sterling Ridge Lane | $236659 | 4.50% | 07/31/2022 | 07/31/2027 | $236659 |
| 176. | Landa Series 9150 Spillers Drive SW | $253159 | 4.50% | 07/31/2022 | 07/31/2027 | $253159 |
| 177. | Landa Series 925 Mote Road | $311830 | 4.50% | 07/31/2022 | 07/31/2027 | $311830 |
| 178. | Landa Series 94 Hampton Oaks Drive | $266210 | 4.50% | 07/31/2022 | 07/31/2027 | $266210 |
| 179. | Landa Series 9409 Forest Knoll Drive | $307642 | 4.50% | 07/31/2022 | 07/31/2027 | $307642 |
| 180. | Landa Series 9434 Cedar Creek Place | $331780 | 4.50% | 07/31/2022 | 07/31/2027 | $331780 |
| 181. | Landa Series 9597 Pintail Trail | $301292 | 4.50% | 07/31/2022 | 07/31/2027 | $301292 |
| 182. | Landa Series 974 Laurel Street | $278298 | 4.50% | 07/31/2022 | 07/31/2027 | $278298 |
| 183. | Landa Series 1701 Summerwoods Lane | $172405 | 4.50% | 07/31/2022 | 07/31/2027 | $172405 |
| 184. | Landa Series 1741 Park Lane | $195085 | 4.50% | 07/31/2022 | 07/31/2027 | $195085 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 principal amount shall be due and payable by the Series within 30 days after demand by Landa Holdings, as lender, at any time prior
 to the liquidation, dissolution or winding up of the Series.

*Refinance Notes*

 

The expected principal amount, interest rate, maturity date and monthly interest payment with respect to each expected Refinance Note is listed in the table below. We expect that each Refinance Note, if issued, will be secured by the Property underlying the respective Series. Each Refinance Note will require payments of interest only for the term of such note, with the principal balance due upon maturity. Failure to make interest payments under a Refinance Note when due would constitute an event of default under the Refinance Note, permitting the Refinance Lender to require the immediate payment of all amounts outstanding under the Refinance Note, and if the Series is unable to pay all such amounts, the Refinance Lender would be entitled to foreclose on the applicable Property and force its sale to recover all such unpaid amounts. We also expect that the Refinance Notes will permit the Series to prepay and discharge the amounts outstanding under such notes subject to specified prepayment premiums.

If we do not enter into the Refinance Notes as expected, we will issue a related-party promissory note to the Manager on the similar terms as the expected Refinance Notes. Each Series may also seek to further refinance any outstanding indebtedness if more favorable terms become available to it.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loan** | **Series** | **Expected<br> Refinance<br> Note (1)** | **Expected<br> Interest<br> Rate (2)** | **Current<br> Outstanding<br> Principal (4)**  |
| 1 | Landa Series 10 Oak Wood Lane | 152673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | 152673 |
| 2 | Landa Series 10 Windridge Drive | 153853 | \* | 153853 |
| 3 | Landa Series 1000 Fox Valley Trail | 178791 | \* | 178791 |
| 4 | Landa Series 1007 Leeward Way | 180094 | \* | 180094 |
| 5 | Landa Series 10119 Commons Way | 183870 | \* | 183870 |
| 6 | Landa Series 10121 Morris Drive SW | 166941 | \* | 166941 |
| 7 | Landa Series 10183 Starr Street SW | 161030 | \* | 161030 |
| 8 | Landa Series 103 Starlake Drive | 160730 | \* | 160730 |
| 9 | Landa Series 104 Summerfield Drive | 180035 | \* | 180035 |
| 10 | Landa Series 10433 Candlelight Road | 183454 | \* | 183454 |
| 11 | Landa Series 105 Anne Street | 151869 | \* | 151869 |
| 12 | Landa Series 107 Oakwood Circle | 119269 | \* | 119269 |
| 13 | Landa Series 109 Amberwood Lane | 129770 | \* | 129770 |
| 14 | Landa Series 110 Shenandoah Drive | 186478 | \* | 186478 |
| 15 | Landa Series 111 Fir Drive | 144064 | \* | 144064 |
| 16 | Landa Series 1110 Parkview Drive | 156436 | \* | 156436 |
| 17 | Landa Series 11187 Shannon Circle | 186531 | \* | 186531 |
| 18 | Landa Series 112 Ridge Street | 185825 | \* | 185825 |
| 19 | Landa Series 11322 Michelle Way | 150589 | \* | 150589 |
| 20 | Landa Series 114 Starlake Drive | 152062 | \* | 152062 |
| 21 | Landa Series 11447 S Grove Drive | 170869 | \* | 170869 |
| 22 | Landa Series 1147 Village Way | 180606 | \* | 180606 |
| 23 | Landa Series 115 Lakeview Drive | 171472 | \* | 171472 |
| 24 | Landa Series 1160 Gable Terrace | 180705 | \* | 180705 |
| 25 | Landa Series 1190 Kirkland Road | 194275 | \* | 194275 |
| 26 | Landa Series 12 Mintz Street | 158421 | \* | 158421 |
| 27 | Landa Series 120 Rosewood Drive | 172124 | \* | 172124 |
| 28 | Landa Series 1201 Kilrush Drive | 321552 | \* | 321552 |
| 29 | Landa Series 124 Libby Lane | 144291 | \* | 144291 |
| 30 | Landa Series 126 E Mimosa Drive | 153871 | \* | 153871 |
| 31 | Landa Series 12641 Alcovy Road | 184489 | \* | 184489 |
| 32 | Landa Series 1320 Winona Avenue | 132477 | \* | 132477 |
| 33 | Landa Series 133 Dove Landing | 136235 | \* | 136235 |
| 34 | Landa Series 137 Southern Shores Road | 144161 | \* | 144161 |
| 35 | Landa Series 138 Sandalwood Circle | 152170 | \* | 152170 |
| 36 | Landa Series 140 High Ridge Road | 171470 | \* | 171470 |
| 37 | Landa Series 141 Longstreet Circle | 198841 | \* | 198841 |
| 38 | Landa Series 1443 Pebble Ridge Lane | 191766 | \* | 191766 |
| 39 | Landa Series 1445 Maple Valley Court | 120379 | \* | 120379 |
| 40 | Landa Series 146 Crystal Brook | 127320 | \* | 127320 |
| 41 | Landa Series 1473 Brownleaf Drive | 169553 | \* | 169553 |
| 42 | Landa Series 1485 Bola Court | 155158 | \* | 155158 |
| 43 | Landa Series 1490 Diplomat Drive | 212682 | \* | 212682 |
| 44 | Landa Series 153 Cliffside Court | 111514 | \* | 111514 |
| 45 | Landa Series 157 Wells Road | 132972 | \* | 132972 |
| 46 | Landa Series 160 Chimney Ridge Trail | 172124 | \* | 172124 |
| 47 | Landa Series 164 Longstreet Circle | 173429 | \* | 173429 |
| 48 | Landa Series 1666 W Poplar Street | 138843 | \* | 138843 |
| 49 | Landa Series 168 Brookview Drive | 79346 | \* | 79346 |
| 50 | Landa Series 1683 Spoonbill Road | 146675 | \* | 146675 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loan** | **Series** | **Expected<br> Refinance<br> Note (1)** | **Expected<br> Interest<br> Rate (2)** | **Current<br> Outstanding<br> Principal (4)** |
| 51 | Landa Series 1689 Viceroy Way | 168377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | 168377 |
| 52 | Landa Series 171 Davidson Drive | 181879 | \* | 181879 |
| 53 | Landa Series 1768 Glen View Way | 150372 | \* | 150372 |
| 54 | Landa Series 181 Watercress Court | 164945 | \* | 164945 |
| 55 | Landa Series 188 Timberline Road | 97081 | \* | 97081 |
| 56 | Landa Series 189 Shenandoah Drive | 153852 | \* | 153852 |
| 57 | Landa Series 1903 Old Concord Drive SE | 185141 | \* | 185141 |
| 58 | Landa Series 195 Branchwood Drive | 189708 | \* | 189708 |
| 59 | Landa Series 195 Fairclift Drive | 171472 | \* | 171472 |
| 60 | Landa Series 195 Hunters Trace | 190173 | \* | 190173 |
| 61 | Landa Series 196 Montego Circle | 160377 | \* | 160377 |
| 62 | Landa Series 20 Chimney Smoke Drive | 172124 | \* | 172124 |
| 63 | Landa Series 204 N Main Court | 136235 | \* | 136235 |
| 64 | Landa Series 2055 Grove Way | 149285 | \* | 149285 |
| 65 | Landa Series 212 Fleeta Drive | 140179 | \* | 140179 |
| 66 | Landa Series 215 Central Lake Circle | 160351 | \* | 160351 |
| 67 | Landa Series 217 Glenloch Court | 185173 | \* | 185173 |
| 68 | Landa Series 2177 E Chester Circle SE | 187770 | \* | 187770 |
| 69 | Landa Series 221 Lakeview Drive | 178649 | \* | 178649 |
| 70 | Landa Series 2264 Chestnut Hill Circle | 227588 | \* | 227588 |
| 71 | Landa Series 235 Lazy Hollow Lane | 179556 | \* | 179556 |
| 72 | Landa Series 2425 Cornell Circle | 198879 | \* | 198879 |
| 73 | Landa Series 2443 Hodges Farm Road | 147328 | \* | 147328 |
| 74 | Landa Series 25 Pleasant Valley Road | 170165 | \* | 170165 |
| 75 | Landa Series 253 Marco Drive | 139657 | \* | 139657 |
| 76 | Landa Series 255 Countryside Lane | 176692 | \* | 176692 |
| 77 | Landa Series 258 Rocky Point Road | 189088 | \* | 189088 |
| 78 | Landa Series 263 Rocky Point Road | 167556 | \* | 167556 |
| 79 | Landa Series 268 Brookview Drive | 113045 | \* | 113045 |
| 80 | Landa Series 270 Mountain Lane | 175010 | \* | 175010 |
| 81 | Landa Series 270 Mountain Way | 172777 | \* | 172777 |
| 82 | Landa Series 270 Pleasant Hill Drive | 163925 | \* | 163925 |
| 83 | Landa Series 2794 Norfair Loop | 140150 | \* | 140150 |
| 84 | Landa Series 2813 Vicksburg Court | 202791 | \* | 202791 |
| 85 | Landa Series 2933 Coffer Drive | 169029 | \* | 169029 |
| 86 | Landa Series 30 High Ridge Road | 199707 | \* | 199707 |
| 87 | Landa Series 30 Roosevelt Road | 170818 | \* | 170818 |
| 88 | Landa Series 3011 Raintree Drive SE | 186008 | \* | 186008 |
| 89 | Landa Series 304 Cedar Street | 180668 | \* | 180668 |
| 90 | Landa Series 304 Deerfield Drive | 175107 | \* | 175107 |
| 91 | Landa Series 3043 Highway 81 S | 129735 | \* | 129735 |
| 92 | Landa Series 313 Blue Heron Drive | 162874 | \* | 162874 |
| 93 | Landa Series 3202 Chippewa Drive | 179301 | \* | 179301 |
| 94 | Landa Series 35 Clay Court | 181918 | \* | 181918 |
| 95 | Landa Series 350 Cadiz Lane S | 166250 | \* | 166250 |
| 96 | Landa Series 351 Wesley Park Drive | 156462 | \* | 156462 |
| 97 | Landa Series 3603 Manhattan Drive | 195616 | \* | 195616 |
| 98 | Landa Series 3667 Patti Parkway | 227590 | \* | 227590 |
| 99 | Landa Series 404 Barberry Lane | 171535 | \* | 171535 |
| 100 | Landa Series 412 Kendall Lane | 178058 | \* | 178058 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loan** | **Series** | **Expected<br> Refinance<br> Note (1)** | **Expected<br> Interest<br> Rate (2)** | **Current<br> Outstanding<br> Principal (4)** |
| 101 | Landa Series 416 Autumn Lake Court | 159726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | 159726 |
| 102 | Landa Series 43 Darwin Drive | 151242 | \* | 151242 |
| 103 | Landa Series 432 Manor Estates Drive | 188502 | \* | 188502 |
| 104 | Landa Series 440 Freestone Drive | 198898 | \* | 198898 |
| 105 | Landa Series 4447 Lake Breeze Drive | 205404 | \* | 205404 |
| 106 | Landa Series 445 Independence Drive | 179268 | \* | 179268 |
| 107 | Landa Series 449 Kara Lane | 159241 | \* | 159241 |
| 108 | Landa Series 45 Blue Jay Drive | 211927 | \* | 211927 |
| 109 | Landa Series 45 Laurel Way | 204060 | \* | 204060 |
| 110 | Landa Series 4702 Saint James Way | 160472 | \* | 160472 |
| 111 | Landa Series 4732 Pinedale Drive | 140831 | \* | 140831 |
| 112 | Landa Series 497 Highway 212 | 167527 | \* | 167527 |
| 113 | Landa Series 5039 East Street | 124489 | \* | 124489 |
| 114 | Landa Series 5040 Huntshire Lane | 266991 | \* | 266991 |
| 115 | Landa Series 513 Jarrett Court | 173468 | \* | 173468 |
| 116 | Landa Series 5143 Pinecrest Drive SW | 136262 | \* | 136262 |
| 117 | Landa Series 524 Sawmill Road | 170208 | \* | 170208 |
| 118 | Landa Series 5329 Shirewick Lane | 202794 | \* | 202794 |
| 119 | Landa Series 540 Cowan Road | 179734 | \* | 179734 |
| 120 | Landa Series 5411 Rocky Pine Drive | 185931 | \* | 185931 |
| 121 | Landa Series 55 Myrtle Grove Lane | 174734 | \* | 174734 |
| 122 | Landa Series 550 Cowan Road | 150470 | \* | 150470 |
| 123 | Landa Series 5581 Fox Glen Circle | 260829 | \* | 260829 |
| 124 | Landa Series 565 Mountainview Drive | 169941 | \* | 169941 |
| 125 | Landa Series 5737 Strathmoor Manor Circle | 152548 | \* | 152548 |
| 126 | Landa Series 5801 Strathmoor Manor Circle | 157767 | \* | 157767 |
| 127 | Landa Series 6104-6106 Oakwood Circle SW | 148712 | \* | 148712 |
| 128 | Landa Series 6107 Shadow Glen Court | 127777 | \* | 127777 |
| 129 | Landa Series 6111-6113 Pine Glen Circle SW | 273918 | \* | 273918 |
| 130 | Landa Series 6119 Pineneedle Drive SW | 99693 | \* | 99693 |
| 131 | Landa Series 615 Barshay Drive | 175178 | \* | 175178 |
| 132 | Landa Series 6168 Wheat Street NE | 112739 | \* | 112739 |
| 133 | Landa Series 6178 Green Acres Drive SW | 134061 | \* | 134061 |
| 134 | Landa Series 6386 Forester Way | 178100 | \* | 178100 |
| 135 | Landa Series 6404 Walnut Way | 167556 | \* | 167556 |
| 136 | Landa Series 643 Sycamore Drive | 162111 | \* | 162111 |
| 137 | Landa Series 65 Freedom Court | 176331 | \* | 176331 |
| 138 | Landa Series 653 Georgetown Lane | 171522 | \* | 171522 |
| 139 | Landa Series 6635 Kimberly Mill Road | 197227 | \* | 197227 |
| 140 | Landa Series 6653 Bedford Road | 167174 | \* | 167174 |
| 141 | Landa Series 6710 Sunset Hills Boulevard | 142107 | \* | 142107 |
| 142 | Landa Series 6762 Bent Creek Drive | 167555 | \* | 167555 |
| 143 | Landa Series 683 Wood Path Court | 197085 | \* | 197085 |
| 144 | Landa Series 70 Shenandoah Lane | 201451 | \* | 201451 |
| 145 | Landa Series 709 Georgetown Court | 165635 | \* | 165635 |
| 146 | Landa Series 7107 Geiger Street NW | 96429 | \* | 96429 |
| 147 | Landa Series 7205 Lakeview Drive SW | 175387 | \* | 175387 |
| 148 | Landa Series 750 Georgetown Court | 136233 | \* | 136233 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loan** | **Series** | **Expected<br> Refinance<br> Note (1)** | **Expected<br> Interest<br> Rate (2)** | **Current<br> Outstanding<br> Principal (4)** |
| 149 | Landa Series 752 Chestnut Drive | 118639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | 118639 |
| 150 | Landa Series 773 Villa Way | 71906 | \* | 71906 |
| 151 | Landa Series 7781 Mountain Creek Way | 180648 | \* | 180648 |
| 152 | Landa Series 7950 Woodlake Drive | 150589 | \* | 150589 |
| 153 | Landa Series 80 High Ridge Road | 181258 | \* | 181258 |
| 154 | Landa Series 800 Mills Drive | 202103 | \* | 202103 |
| 155 | Landa Series 808 Hillandale Lane | 171202 | \* | 171202 |
| 156 | Landa Series 8110 Devonshire Drive | 127777 | \* | 127777 |
| 157 | Landa Series 8121 Spillers Drive SW | 146967 | \* | 146967 |
| 158 | Landa Series 8233 Creekline Court | 176191 | \* | 176191 |
| 159 | Landa Series 8302 Sterling Lakes Drive | 183217 | \* | 183217 |
| 160 | Landa Series 840 Park Villa Way | 102584 | \* | 102584 |
| 161 | Landa Series 843 Tramore Drive | 117293 | \* | 117293 |
| 162 | Landa Series 85 Kirkland Court | 198876 | \* | 198876 |
| 163 | Landa Series 85 Thorn Thicket Way | 176731 | \* | 176731 |
| 164 | Landa Series 8658 Ashley Way | 114545 | \* | 114545 |
| 165 | Landa Series 8667 Ashley Way | 82042 | \* | 82042 |
| 166 | Landa Series 8671 Ashley Way | 120466 | \* | 120466 |
| 167 | Landa Series 8676 Ashley Way | 123410 | \* | 123410 |
| 168 | Landa Series 8691 Ashley Way | 89133 | \* | 89133 |
| 169 | Landa Series 8692 Ashley Way | 87515 | \* | 87515 |
| 170 | Landa Series 8693 Ashley Way | 132279 | \* | 132279 |
| 171 | Landa Series 8694 Ashley Way | 120598 | \* | 120598 |
| 172 | Landa Series 8697 Ashley Way | 131075 | \* | 131075 |
| 173 | Landa Series 8819 Leafwood Court | 169564 | \* | 169564 |
| 174 | Landa Series 8855 Rugby Court | 132999 | \* | 132999 |
| 175 | Landa Series 9020 Sterling Ridge Lane | 141996 | \* | 141996 |
| 176 | Landa Series 9150 Spillers Drive SW | 151895 | \* | 151895 |
| 177 | Landa Series 925 Mote Road | 187098 | \* | 187098 |
| 178 | Landa Series 94 Hampton Oaks Drive | 159726 | \* | 159726 |
| 179 | Landa Series 9409 Forest Knoll Drive | 184585 | \* | 184585 |
| 180 | Landa Series 9434 Cedar Creek Place | 199068 | \* | 199068 |
| 181 | Landa Series 9597 Pintail Trail | 180775 | \* | 180775 |
| 182 | Landa Series 974 Laurel Street | 166979 | \* | 166979 |
| 183 | Landa Series 1701 Summerwoods Lane | 103443 | \* | 103443 |
| 184 | Landa Series 1741 Park Lane | 117051 | \* | 117051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Expected Principal Amount represents an expectation only and may be altered at the sole discretion of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Expected Annual Interest Rate represents an expectation only and may be altered by the Manager or Refinance Lender.

(3) The
 expected term of the Refinance Notes is five (5) years.

 

&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents
 the expected future principal balance owed on a Refinance Note payable to a Refinance Lender

 

*Additional Borrowings*

If a Series does not initially enter into a Refinance Note or other indebtedness, it may seek to finance or further refinance any outstanding indebtedness, including the Acquisition Note and if applicable, the Refinance Note with an additional mortgage or other debt financing, including with either an affiliate or a third party. We expect that any mortgage and/or other debt instruments that a Series, or the Company on behalf of a Series, enters into with a third-party in connection with a refinancing of a Property will be secured by a security interest in the title of such Property and any other assets of the Series. In addition, we expect that any third-party lender may require the Company to hold title to a Property being secured by such mortgage and/or other debt instruments. Please see "We may incur mortgage indebtedness and other borrowings, including in states and with lenders that do not recognize the series limited liability company structure, which may increase risks to the Properties." in our Risk Factors.

 **FINANCIAL STATEMENTS**

 **Index to Financial Statements of Landa App LLC**

The Financial Statements of the Company included in the Company's Annual Report on Form 1-K/A for the twelve month period ended December 31, 2021, that was filed with the SEC on January 25, 2023, can be found [here](https://www.sec.gov/Archives/edgar/data/1815103/000121390023005167/ea172212-1ka1_landaappllc.htm) and is incorporated herein by reference.

The Financial Statements of the Company included in the Company's Semi-Annual Report on Form 1-SA for the six month period ended June 30, 2022, that was filed with the SEC on September 27, 2022, and can be found [here](https://www.sec.gov/Archives/edgar/data/1815103/000121390022059490/ea165837-1sa_landaappllc.htm) and is incorporated herein by reference.

---

| | |
|:---|:---|
| [Pro Forma Condensed Balance Sheet For Each Series As Of June 30, 2022 (Unaudited)](#fin_001) | F-3 |
| [Pro Forma Condensed Combined Balance Sheet For Each Series As Of June 30, 2022 (Unaudited)](#fin_002) | F-188 |
| [Pro Forma Condensed Statement Of Operations For Each Series For The Six Months Ended June 30, 2022 (Unaudited)](#fin_003) | F-228 |
| [Pro Forma Condensed Statement Of Operations For Each Series For The Year Ended December 31, 2021 (Unaudited)](#fin_004) | F-412 |
| [Pro Forma Condensed Combined Statement Of Operations and Combining Statement of Operations per Form 1-SA For Each Series For The Six Months Ended June 30, 2022 (Unaudited)](#fin_005) | F-596 |
| [Pro Forma Condensed Combined Statement Of Operations and Combining Statement of Operations per Form 1-K/A For Each Series For The Year Ended December 31, 2021 (Unaudited)](#fin_006) | F-637 |
| [Notes To The Unaudited Pro Forma Financial Statements](#fin_007) | F-683 |
| [Combined Statement Of Revenues And Certain Expenses For The Six Months Ended June 30, 2022 (Unaudited)](#fin_008) | F-697 |
| [Notes To Combined Statement Of Revenues And Certain Expenses For The Six Months Ended June 30, 2022 (Unaudited)](#fin_009) | F-721 |
| [Independent Auditors' Report](#fin_010) | F-723 |
| [Combined Statement Of Revenues And Certain Expenses For The Year Ended December 31, 2021 (Audited)](#fin_011) | F-724 |
| [Notes To Combined Statement Of Revenues And Certain Expenses For The Year Ended December 31, 2021 (Audited)](#fin_012) | F-750 |

---

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**OVERVIEW TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS**

**AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND**

**FOR THE YEAR ENDED TO DECEMBER 31, 2021**

The accompanying unaudited pro forma condensed combined financial statements have been derived from the historical condensed combined financial statements of Landa App LLC (the "Company" or "Landa App") in total and for each listed Series (the "Series"), grouped together (the "Landa App Series Group"). The Company and Landa App Series Group grouped together herein referred to as (the "Combined Group").

The unaudited pro forma condensed combined balance sheets as of June 30, 2022 are presented to reflect adjustments to the Company's and each Series' historical balance sheet. The Company has based the unaudited pro forma adjustments on available information and assumptions that it believes are reasonable. The following unaudited pro forma condensed combined financial statements are presented for informational purposes only and are not necessarily indicative of what the Company's and Series' actual financial position would have been as of June 30, 2022.

The following transactions are represented in the below condensed combined pro forma statements:

● The Company's acquisitions in the State of Georgia from its related party, Landa Properties, LLC for the six months ended June 30, 2022 and for the year ended December 31, 2021

The following pro forma condensed combined statements are not indicative of future results of operations or financial condition and should not be viewed as indicative of future results of operations or financial condition.

**LANDA SERIES 10 OAK WOOD LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 10<br> Oak Wood Lane** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10<br> Oak Wood Lane<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $28031 A | $28031 |
| Investments in single-family residential properties, net | - | 228162 | 228162 |
| **Total Assets** | $- | $256193 | $256193 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $254456 C | $254456 |
| Tenant security deposit | - | 1737 A | 1737 |
| **Total Liabilities** | - | 256193 | 256193 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $256193 | $256193 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10 WINDRIDGE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 10<br> Windridge Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10<br> Windridge Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63829 A | $63829 |
| Investments in single-family residential properties, net | - | 193987 | 193987 |
| **Total Assets** | $- | $257816 | $257816 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $256422 C | $256422 |
| Tenant security deposit | - | 1394 A | 1394 |
| **Total Liabilities** | - | 257816 | 257816 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $257816 | $257816 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1000 FOX VALLEY TRAIL**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1000<br> Fox Valley Trail** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1000<br> Fox Valley<br> Trail<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $52005 A | $52005 |
| Investments in single-family residential properties, net | - | 247854 | 247854 |
| **Total Assets** | $- | $299859 | $299859 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $297984 C | $297984 |
| Tenant security deposit | - | 1875 A | 1875 |
| **Total Liabilities** | - | 299859 | 299859 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $299859 | $299859 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1007 LEEWARD WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1007<br> Leeward Way** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1007<br> Leeward Way<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64528 A | $64528 |
| Investments in single-family residential properties, net | - | 236696 | 236696 |
| **Total Assets** | $- | $301224 | $301224 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $300157 C | $300157 |
| Tenant security deposit | - | 1067 A | 1067 |
| **Total Liabilities** | - | 301224 | 301224 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $301224 | $301224 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10119 COMMONS WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 10119<br> Commons Way** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10119<br> Commons Way<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64581 A | $64581 |
| Investments in single-family residential properties, net | - | 243088 | 243088 |
| **Total Assets** | $- | $307669 | $307669 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $306450 C | $306450 |
| Tenant security deposit | - | 1219 A | 1219 |
| **Total Liabilities** | - | 307669 | 307669 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $307669 | $307669 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10121 MORRIS DRIVE SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 10121<br> Morris<br> Drive SW** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10121<br> Morris<br> Drive SW<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64501 A | $64501 |
| Investments in single-family residential properties, net | - | 215396 | 215396 |
| **Total Assets** | $- | $279897 | $279897 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $278235 C | $278235 |
| Tenant security deposit | - | 1662 A | 1662 |
| **Total Liabilities** | - | 279897 | 279897 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $279897 | $279897 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10183 STARR STREET SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 10183<br> Starr<br> Street SW** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10183<br> Starr<br> Street SW<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63672 A | $63672 |
| Investments in single-family residential properties, net | - | 205726 | 205726 |
| **Total Assets** | $- | $269398 | $269398 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $268383 C | $268383 |
| Tenant security deposit | - | 1015 A | 1015 |
| **Total Liabilities** | - | 269398 | 269398 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $269398 | $269398 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 103 STARLAKE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 103<br> Starlake Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 103<br> Starlake Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65281 A | $65281 |
| Investments in single-family residential properties, net | - | 203680 | 203680 |
| **Total Assets** | $- | $268961 | $268961 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $267882 C | $267882 |
| Tenant security deposit | - | 1079 A | 1079 |
| **Total Liabilities** | - | 268961 | 268961 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $268961 | $268961 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 104 SUMMERFIELD DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 104<br> Summerfield Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 104<br> Summerfield Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&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;- | $65048 A | $65048 |
| Investments in single-family residential properties, net | - | 236816 | 236816 |
| **Total Assets** | $- | $301864 | $301864 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $300059 C | $300059 |
| Tenant security deposit | - | 1805 A | 1805 |
| **Total Liabilities** | - | 301864 | 301864 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $301864 | $301864 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10433 CANDLELIGHT ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 10433<br> Candlelight Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10433<br> Candlelight Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64982 A | $64982 |
| Investments in single-family residential properties, net | - | 242409 | 242409 |
| **Total Assets** | $- | $307391 | $307391 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $305757 C | $305757 |
| Tenant security deposit | - | 1634 A | 1634 |
| **Total Liabilities** | - | 307391 | 307391 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $307391 | $307391 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 105 ANNE STREET**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 105<br> Anne Street** | **Pro Forma<br> Adjustments** | **Landa<br> Series 105<br> Anne Street<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63514 A | $63514 |
| Investments in single-family residential properties, net | - | 190741 | 190741 |
| **Total Assets** | $- | $254255 | $254255 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $253115 C | $253115 |
| Tenant security deposit | - | 1140 A | 1140 |
| **Total Liabilities** | - | 254255 | 254255 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $254255 | $254255 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 107 OAKWOOD CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 107<br> Oakwood Circle** | **Pro Forma<br> Adjustments** | **Landa<br> Series 107<br> Oakwood Circle<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62616 A | $62616 |
| Investments in single-family residential properties, net | - | 137414 | 137414 |
| **Total Assets** | $- | $200030 | $200030 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $198781 C | $198781 |
| Tenant security deposit | - | 1249 A | 1249 |
| **Total Liabilities** | - | 200030 | 200030 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $200030 | $200030 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 109 AMBERWOOD LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 109<br> Amberwood Lane** | **Pro Forma Adjustments** | **Landa<br> Series 109<br> Amberwood Lane<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62714 A | $62714 |
| Investments in single-family residential properties, net | - | 154498 | 154498 |
| **Total Assets** | $- | $217212 | $217212 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $216284 C | $216284 |
| Tenant security deposit | - | 928 A | 928 |
| **Total Liabilities** | - | 217212 | 217212 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $217212 | $217212 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 110 SHENANDOAH DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 110<br> Shenandoah Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 110<br> Shenandoah Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64622 A | $64622 |
| Investments in single-family residential properties, net | - | 247355 | 247355 |
| **Total Assets** | $- | $311977 | $311977 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $310797 C | $310797 |
| Tenant security deposit | - | 1180 A | 1180 |
| **Total Liabilities** | - | 311977 | 311977 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $311977 | $311977 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 111 FIR DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 111<br> Fir Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 111<br> Fir Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63633 A | $63633 |
| Investments in single-family residential properties, net | - | 177973 | 177973 |
| **Total Assets** | $- | $241606 | $241606 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $240106 C | $240106 |
| Tenant security deposit | - | 1500 A | 1500 |
| **Total Liabilities** | - | 241606 | 241606 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $241606 | $241606 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1110 PARKVIEW DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1110<br> Parkview Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1110<br> Parkview Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63852 A | $63852 |
| Investments in single-family residential properties, net | - | 198212 | 198212 |
| **Total Assets** | $- | $262064 | $262064 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $260727 C | $260727 |
| Tenant security deposit | - | 1337 A | 1337 |
| **Total Liabilities** | - | 262064 | 262064 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $262064 | $262064 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 11187 SHANNON CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 11187<br> Shannon Circle** | **Pro Forma<br> Adjustments** | **Landa<br> Series 11187<br> Shannon Circle<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65160 A | $65160 |
| Investments in single-family residential properties, net | - | 247442 | 247442 |
| **Total Assets** | $- | $312602 | $312602 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $310885 C | $310885 |
| Tenant security deposit | - | 1717 A | 1717 |
| **Total Liabilities** | - | 312602 | 312602 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $312602 | $312602 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 112 RIDGE STREET**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 112<br> Ridge Street** | **Pro Forma<br> Adjustments** | **Landa<br> Series 112<br> Ridge Street<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64615 A | $64615 |
| Investments in single-family residential properties, net | - | 246287 | 246287 |
| **Total Assets** | $- | $310902 | $310902 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $309709 C | $309709 |
| Tenant security deposit | - | 1193 A | 1193 |
| **Total Liabilities** | - | 310902 | 310902 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $310902 | $310902 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 11322 MICHELLE WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 11322<br> Michelle Way** | **Pro Forma<br> Adjustments** | **Landa<br> Series 11322<br> Michelle Way<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63647 A | $63647 |
| Investments in single-family residential properties, net | - | 188648 | 188648 |
| **Total Assets** | $- | $252295 | $252295 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $250982 C | $250982 |
| Tenant security deposit | - | 1313 A | 1313 |
| **Total Liabilities** | - | 252295 | 252295 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $252295 | $252295 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 114 STARLAKE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 114<br> Starlake Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 114<br> Starlake Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63680 A | $63680 |
| Investments in single-family residential properties, net | - | 190873 | 190873 |
| **Total Assets** | $- | $254553 | $254553 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $253437 C | $253437 |
| Tenant security deposit | - | 1116 A | 1116 |
| **Total Liabilities** | - | 254553 | 254553 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $254553 | $254553 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 11447 S GROVE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 11447<br> S Grove Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 11447<br> S Grove Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64723 A | $64723 |
| Investments in single-family residential properties, net | - | 221821 | 221821 |
| **Total Assets** | $- | $286544 | $286544 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $284781 C | $284781 |
| Tenant security deposit | - | 1763 A | 1763 |
| **Total Liabilities** | - | 286544 | 286544 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $286544 | $286544 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1147 VILLAGE WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1147<br> Village Way** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1147<br> Village Way<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64909 A | $64909 |
| Investments in single-family residential properties, net | - | 237749 | 237749 |
| **Total Assets** | $- | $302658 | $302658 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $301010 C | $301010 |
| Tenant security deposit | - | 1648 A | 1648 |
| **Total Liabilities** | - | 302658 | 302658 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $302658 | $302658 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 115 LAKEVIEW DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 115<br> Lakeview Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 115<br> Lakeview Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64201 A | $64201 |
| Investments in single-family residential properties, net | - | 222807 | 222807 |
| **Total Assets** | $- | $287008 | $287008 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $285786 C | $285786 |
| Tenant security deposit | - | 1222 A | 1222 |
| **Total Liabilities** | - | 287008 | 287008 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $287008 | $287008 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1160 GABLE TERRACE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1160<br> Gable Terrace** | **Pro Forma Adjustments** | **Landa<br> Series 1160<br> Gable Terrace<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64652 A | $64652 |
| Investments in single-family residential properties, net | - | 237758 | 237758 |
| **Total Assets** | $- | $302410 | $302410 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $301175 C | $301175 |
| Tenant security deposit | - | 1235 A | 1235 |
| **Total Liabilities** | - | 302410 | 302410 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $302410 | $302410 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1190 KIRKLAND ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1190<br> Kirkland Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1190<br> Kirkland Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65345 A | $65345 |
| Investments in single-family residential properties, net | - | 260109 | 260109 |
| **Total Assets** | $- | $325454 | $325454 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $323791 C | $323791 |
| Tenant security deposit | - | 1663 A | 1663 |
| **Total Liabilities** | - | 325454 | 325454 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $325454 | $325454 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 12 MINTZ STREET**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 12<br> Mintz Street** | **Pro Forma<br> Adjustments** | **Landa Series 12 Mintz Street Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64075 A | $64075 |
| Investments in single-family residential properties, net | - | 201459 | 201459 |
| **Total Assets** | $- | $265534 | $265534 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $264035 C | $264035 |
| Tenant security deposit | - | 1499 A | 1499 |
| **Total Liabilities** | - | 265534 | 265534 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $265534 | $265534 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 120 ROSEWOOD DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 120<br> Rosewood Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 120<br> Rosewood Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64206 A | $64206 |
| Investments in single-family residential properties, net | - | 223875 | 223875 |
| **Total Assets** | $- | $288081 | $288081 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $286873 C | $286873 |
| Tenant security deposit | - | 1208 A | 1208 |
| **Total Liabilities** | - | 288081 | 288081 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $288081 | $288081 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1201 KILRUSH DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1201<br> Kilrush Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1201<br> Kilrush Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $69913 A | $69913 |
| Investments in single-family residential properties, net | - | 468310 | 468310 |
| **Total Assets** | $- | $538223 | $538223 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $535920 C | $535920 |
| Tenant security deposit | - | 2303 A | 2303 |
| **Total Liabilities** | - | 538223 | 538223 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $538223 | $538223 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 124 LIBBY LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 124<br> Libby Lane** | **Pro Forma<br> Adjustments** | **Landa<br> Series 124<br> Libby Lane<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&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;- | $63755 A | $63755 |
| Investments in single-family residential properties, net | - | 178345 | 178345 |
| **Total Assets** | $- | $242100 | $242100 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $240485 C | $240485 |
| Tenant security deposit | - | 1615 A | 1615 |
| **Total Liabilities** | - | 242100 | 242100 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $242100 | $242100 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 126 E MIMOSA DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 126<br> E Mimosa Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 126<br> E Mimosa Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63854 A | $63854 |
| Investments in single-family residential properties, net | - | 194015 | 194015 |
| **Total Assets** | $- | $257869 | $257869 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $256451 C | $256451 |
| Tenant security deposit | - | 1418 A | 1418 |
| **Total Liabilities** | - | 257869 | 257869 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $257869 | $257869 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 12641 ALCOVY ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 12641<br> Alcovy Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 12641<br> Alcovy Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64921 A | $64921 |
| Investments in single-family residential properties, net | - | 244100 | 244100 |
| **Total Assets** | $- | $309021 | $309021 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $307481 C | $307481 |
| Tenant security deposit | - | 1540 A | 1540 |
| **Total Liabilities** | - | 309021 | 309021 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $309021 | $309021 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1320 WINONA AVENUE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1320<br> Winona Avenue** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1320<br> Winona Avenue<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62725 A | $62725 |
| Investments in single-family residential properties, net | - | 159020 | 159020 |
| **Total Assets** | $- | $221745 | $221745 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $220795 C | $220795 |
| Tenant security deposit | - | 950 A | 950 |
| **Total Liabilities** | - | 221745 | 221745 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $221745 | $221745 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 133 DOVE LANDING**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 133<br> Dove Landing** | **Pro Forma<br> Adjustments** | **Landa<br> Series 133<br> Dove Landing<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62903 A | $62903 |
| Investments in single-family residential properties, net | - | 165166 | 165166 |
| **Total Assets** | $- | $228069 | $228069 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $227058 C | $227058 |
| Tenant security deposit | - | 1011 A | 1011 |
| **Total Liabilities** | - | 228069 | 228069 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $228069 | $228069 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 137 SOUTHERN SHORES ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 137<br> Southern Shores Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 137<br> Southern Shores Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63321 A | $63321 |
| Investments in single-family residential properties, net | - | 178132 | 178132 |
| **Total Assets** | $- | $241453 | $241453 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $240268 C | $240268 |
| Tenant security deposit | - | 1185 A | 1185 |
| **Total Liabilities** | - | 241453 | 241453 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $241453 | $241453 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 138 SANDALWOOD CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 138<br> Sandalwood Circle** | **Pro Forma<br> Adjustments** | **Landa<br> Series 138<br> Sandalwood Circle<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $28839 A | $28839 |
| Investments in single-family residential properties, net | - | 226511 | 226511 |
| **Total Assets** | $- | $255350 | $255350 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $253616 C | $253616 |
| Tenant security deposit | - | 1734 A | 1734 |
| **Total Liabilities** | - | 255350 | 255350 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $255350 | $255350 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 140 HIGH RIDGE ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 140<br> High Ridge Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 140<br> High Ridge Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64046 A | $64046 |
| Investments in single-family residential properties, net | - | 222805 | 222805 |
| **Total Assets** | $- | $286851 | $286851 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $285784 C | $285784 |
| Tenant security deposit | - | 1067 A | 1067 |
| **Total Liabilities** | - | 286851 | 286851 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $286851 | $286851 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 141 LONGSTREET CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 141<br> Longstreet Circle** | **Pro Forma<br> Adjustments** | **Landa<br> Series 141<br> Longstreet Circle<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65004 A | $65004 |
| Investments in single-family residential properties, net | - | 267578 | 267578 |
| **Total Assets** | $- | $332582 | $332582 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $331402 C | $331402 |
| Tenant security deposit | - | 1180 A | 1180 |
| **Total Liabilities** | - | 332582 | 332582 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $332582 | $332582 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1443 PEBBLE RIDGE LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1443<br> Pebble Ridge Lane** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1443<br> Pebble Ridge Lane<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65513 A | $65513 |
| Investments in single-family residential properties, net | - | 256005 | 256005 |
| **Total Assets** | $- | $321518 | $321518 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $319610 C | $319610 |
| Tenant security deposit | - | 1908 A | 1908 |
| **Total Liabilities** | - | 321518 | 321518 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $321518 | $321518 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1445 MAPLE VALLEY COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1445<br> Maple Valley Court** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1445<br> Maple Valley Court<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62610 A | $62610 |
| Investments in single-family residential properties, net | - | 139230 | 139230 |
| **Total Assets** | $- | $201840 | $201840 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $200632 C | $200632 |
| Tenant security deposit | - | 1208 A | 1208 |
| **Total Liabilities** | - | 201840 | 201840 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $201840 | $201840 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 146 CRYSTAL BROOK**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 146<br> Crystal Brook** | **Pro Forma<br> Adjustments** | **Landa<br> Series 146<br> Crystal Brook<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62866 A | $62866 |
| Investments in single-family residential properties, net | - | 150584 | 150584 |
| **Total Assets** | $- | $213450 | $213450 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $212200 C | $212200 |
| Tenant security deposit | - | 1250 A | 1250 |
| **Total Liabilities** | - | 213450 | 213450 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $213450 | $213450 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1473 BROWNLEAF DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1473<br> Brownleaf Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1473<br> Brownleaf Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64511 A | $64511 |
| Investments in single-family residential properties, net | - | 219669 | 219669 |
| **Total Assets** | $- | $284180 | $284180 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $282588 C | $282588 |
| Tenant security deposit | - | 1592 A | 1592 |
| **Total Liabilities** | - | 284180 | 284180 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $284180 | $284180 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1485 BOLA COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1485<br> Bola Court** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1485<br> Bola Court<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64080 A | $64080 |
| Investments in single-family residential properties, net | - | 196122 | 196122 |
| **Total Assets** | $- | $260202 | $260202 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $258597 C | $258597 |
| Tenant security deposit | - | 1605 A | 1605 |
| **Total Liabilities** | - | 260202 | 260202 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $260202 | $260202 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1490 DIPLOMAT DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1490<br> Diplomat Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1490<br> Diplomat Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $66048 A | $66048 |
| Investments in single-family residential properties, net | - | 290219 | 290219 |
| **Total Assets** | $- | $356267 | $356267 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $354470 C | $354470 |
| Tenant security deposit | - | 1797 A | 1797 |
| **Total Liabilities** | - | 356267 | 356267 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $356267 | $356267 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 153 CLIFFSIDE COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 153<br> Cliffside Court** | **Pro Forma<br> Adjustments** | **Landa<br> Series 153<br> Cliffside Court<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62112 A | $62112 |
| Investments in single-family residential properties, net | - | 124609 | 124609 |
| **Total Assets** | $- | $186721 | $186721 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $185856 C | $185856 |
| Tenant security deposit | - | 865 A | 865 |
| **Total Liabilities** | - | 186721 | 186721 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $186721 | $186721 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 157 WELLS ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 157<br> Wells Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 157<br> Wells Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62692 A | $62692 |
| Investments in single-family residential properties, net | - | 159829 | 159829 |
| **Total Assets** | $- | $222521 | $222521 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $221620 C | $221620 |
| Tenant security deposit | - | 901 A | 901 |
| **Total Liabilities** | - | 222521 | 222521 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $222521 | $222521 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 160 CHIMNEY RIDGE TRAIL**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 160<br> Chimney Ridge Trail** | **Pro Forma<br> Adjustments** | **Landa<br> Series 160<br> Chimney Ridge Trail<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64493 A | $64493 |
| Investments in single-family residential properties, net | - | 223875 | 223875 |
| **Total Assets** | $- | $288368 | $288368 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $286873 C | $286873 |
| Tenant security deposit | - | 1495 A | 1495 |
| **Total Liabilities** | - | 288368 | 288368 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $288368 | $288368 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 164 LONGSTREET CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 164<br> Longstreet Circle** | **Pro Forma<br> Adjustments** | **Landa<br> Series 164<br> Longstreet Circle<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64201 A | $64201 |
| Investments in single-family residential properties, net | - | 226009 | 226009 |
| **Total Assets** | $- | $290210 | $290210 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $289049 C | $289049 |
| Tenant security deposit | - | 1161 A | 1161 |
| **Total Liabilities** | - | 290210 | 290210 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $290210 | $290210 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1666 W POPLAR STREET**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1666<br> W Poplar Street** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1666<br> W Poplar Street<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63094 A | $63094 |
| Investments in single-family residential properties, net | - | 169434 | 169434 |
| **Total Assets** | $- | $232528 | $232528 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $231406 C | $231406 |
| Tenant security deposit | - | 1122 A | 1122 |
| **Total Liabilities** | - | 232528 | 232528 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $232528 | $232528 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 168 BROOKVIEW DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 168<br> Brookview Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 168<br> Brookview Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $28726 A | $28726 |
| Investments in single-family residential properties, net | - | 104630 | 104630 |
| **Total Assets** | $- | $133356 | $133356 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $132243 C | $132243 |
| Tenant security deposit | - | 1113 A | 1113 |
| **Total Liabilities** | - | 133356 | 133356 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $133356 | $133356 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1683 SPOONBILL ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1683<br> Spoonbill Road** | **Pro Forma Adjustments** | **Landa<br> Series 1683<br> Spoonbill Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63665 A | $63665 |
| Investments in single-family residential properties, net | - | 182245 | 182245 |
| **Total Assets** | $- | $245910 | $245910 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $244459 C | $244459 |
| Tenant security deposit | - | 1451 A | 1451 |
| **Total Liabilities** | - | 245910 | 245910 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $245910 | $245910 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1689 VICEROY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1689<br> Viceroy Way** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1689<br> Viceroy Way<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64333 A | $64333 |
| Investments in single-family residential properties, net | - | 217745 | 217745 |
| **Total Assets** | $- | $282078 | $282078 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $280628 C | $280628 |
| Tenant security deposit | - | 1450 A | 1450 |
| **Total Liabilities** | - | 282078 | 282078 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $282078 | $282078 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 171 DAVIDSON DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 171<br> Davidson Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 171<br> Davidson Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65310 A | $65310 |
| Investments in single-family residential properties, net | - | 239832 | 239832 |
| **Total Assets** | $- | $305142 | $305142 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $303132 C | $303132 |
| Tenant security deposit | - | 2010 A | 2010 |
| **Total Liabilities** | - | 305142 | 305142 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $305142 | $305142 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1768 GLEN VIEW WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1768<br> Glen View Way** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1768<br> Glen View Way<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65578 A | $65578 |
| Investments in single-family residential properties, net | - | 186677 | 186677 |
| **Total Assets** | $- | $252255 | $252255 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $250620 C | $250620 |
| Tenant security deposit | - | 1635 A | 1635 |
| **Total Liabilities** | - | 252255 | 252255 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $252255 | $252255 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 181 WATERCRESS COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 181<br> Watercress Court** | **Pro Forma<br> Adjustments** | **Landa<br> Series 181<br> Watercress Court<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64527 A | $64527 |
| Investments in single-family residential properties, net | - | 212131 | 212131 |
| **Total Assets** | $- | $276658 | $276658 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $274908 C | $274908 |
| Tenant security deposit | - | 1750 A | 1750 |
| **Total Liabilities** | - | 276658 | 276658 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $276658 | $276658 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 188 TIMBERLINE ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 188<br> Timberline Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 188<br> Timberline Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $61515 A | $61515 |
| Investments in single-family residential properties, net | - | 101119 | 101119 |
| **Total Assets** | $- | $162634 | $162634 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $161802 C | $161802 |
| Tenant security deposit | - | 832 A | 832 |
| **Total Liabilities** | - | 162634 | 162634 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $162634 | $162634 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 189 SHENANDOAH DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 189<br> Shenandoah Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 189<br> Shenandoah Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&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;- | $63777 A | $63777 |
| Investments in single-family residential properties, net | - | 193985 | 193985 |
| **Total Assets** | $- | $257762 | $257762 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $256420 C | $256420 |
| Tenant security deposit | - | 1342 A | 1342 |
| **Total Liabilities** | - | 257762 | 257762 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $257762 | $257762 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1903 OLD CONCORD DRIVE SE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 1903<br> Old Concord Drive SE** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1903<br> Old Concord<br> Drive SE<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64496 A | $64496 |
| Investments in single-family residential properties, net | - | 245168 | 245168 |
| **Total Assets** | $- | $309664 | $309664 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $308568 C | $308568 |
| Tenant security deposit | - | 1096 A | 1096 |
| **Total Liabilities** | - | 309664 | 309664 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $309664 | $309664 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 195 BRANCHWOOD DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Branchwood Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 195<br> Branchwood Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&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;- | $65265 A | $65265 |
| Investments in single-family residential properties, net | - | 252638 | 252638 |
| **Total Assets** | $- | $317903 | $317903 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $316179 C | $316179 |
| Tenant security deposit | - | 1724 A | 1724 |
| **Total Liabilities** | - | 317903 | 317903 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $317903 | $317903 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 195 FAIRCLIFT DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Fairclift Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 195<br> Fairclift Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64251 A | $64251 |
| Investments in single-family residential properties, net | - | 222807 | 222807 |
| **Total Assets** | $- | $287058 | $287058 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $285786 C | $285786 |
| Tenant security deposit | - | 1272 A | 1272 |
| **Total Liabilities** | - | 287058 | 287058 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $287058 | $287058 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 195 HUNTERS TRACE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Hunters Trace** | **Pro Forma<br> Adjustments** | **Landa<br> Series 195<br> Hunters Trace<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $85015 A | $85015 |
| Investments in single-family residential properties, net | - | 233547 | 233547 |
| **Total Assets** | $- | $318562 | $318562 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $316955 C | $316955 |
| Tenant security deposit | - | 1607 A | 1607 |
| **Total Liabilities** | - | 318562 | 318562 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $318562 | $318562 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 196 MONTEGO CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 196<br> Montego Circle** | **Pro Forma<br> Adjustments** | **Landa<br> Series 196<br> Montego Circle<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63962 A | $63962 |
| Investments in single-family residential properties, net | - | 204659 | 204659 |
| **Total Assets** | $- | $268621 | $268621 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $267295 C | $267295 |
| Tenant security deposit | - | 1326 A | 1326 |
| **Total Liabilities** | - | 268621 | 268621 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $268621 | $268621 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 20 CHIMNEY SMOKE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 20<br> Chimney<br> Smoke Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 20<br> Chimney Smoke Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64691 A | $64691 |
| Investments in single-family residential properties, net | - | 223875 | 223875 |
| **Total Assets** | $- | $288566 | $288566 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $286873 C | $286873 |
| Tenant security deposit | - | 1693 A | 1693 |
| **Total Liabilities** | - | 288566 | 288566 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $288566 | $288566 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 204 N MAIN COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 204<br> N Main Court** | **Pro Forma<br> Adjustments** | **Landa<br> Series 204<br> N Main Court<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63044 A | $63044 |
| Investments in single-family residential properties, net | - | 165166 | 165166 |
| **Total Assets** | $- | $228210 | $228210 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $227058 C | $227058 |
| Tenant security deposit | - | 1152 A | 1152 |
| **Total Liabilities** | - | 228210 | 228210 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $228210 | $228210 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2055 GROVE WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 2055<br> Grove Way** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2055<br> Grove Way<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63981 A | $63981 |
| Investments in single-family residential properties, net | - | 186515 | 186515 |
| **Total Assets** | $- | $250496 | $250496 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $248809 C | $248809 |
| Tenant security deposit | - | 1687 A | 1687 |
| **Total Liabilities** | - | 250496 | 250496 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $250496 | $250496 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 212 FLEETA DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 212<br> Fleeta Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 212<br> Fleeta Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63605 A | $63605 |
| Investments in single-family residential properties, net | - | 171619 | 171619 |
| **Total Assets** | $- | $235224 | $235224 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $233632 C | $233632 |
| Tenant security deposit | - | 1592 A | 1592 |
| **Total Liabilities** | - | 235224 | 235224 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $235224 | $235224 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 215 CENTRAL LAKE CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 215<br> Central Lake Circle** | **Pro Forma<br> Adjustments** | **Landa<br> Series 215<br> Central Lake Circle<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63983 A | $63983 |
| Investments in single-family residential properties, net | - | 204615 | 204615 |
| **Total Assets** | $- | $268598 | $268598 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $267251 C | $267251 |
| Tenant security deposit | - | 1347 A | 1347 |
| **Total Liabilities** | - | 268598 | 268598 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $268598 | $268598 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 217 GLENLOCH COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 217<br> Glenloch Court** | **Pro Forma<br> Adjustments** | **Landa<br> Series 217<br> Glenloch Court<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65086 A | $65086 |
| Investments in single-family residential properties, net | - | 245220 | 245220 |
| **Total Assets** | $- | $310306 | $310306 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $308621 C | $308621 |
| Tenant security deposit | - | 1685 A | 1685 |
| **Total Liabilities** | - | 310306 | 310306 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $310306 | $310306 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2177 E CHESTER CIRCLE SE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 2177<br> E Chester<br> Circle SE** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2177<br> E Chester<br> Circle SE<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65432 A | $65432 |
| Investments in single-family residential properties, net | - | 249468 | 249468 |
| **Total Assets** | $- | $314900 | $314900 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $312950 C | $312950 |
| Tenant security deposit | - | 1950 A | 1950 |
| **Total Liabilities** | - | 314900 | 314900 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $314900 | $314900 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 221 LAKEVIEW DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 221<br> Lakeview Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 221<br> Lakeview Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64352 A | $64352 |
| Investments in single-family residential properties, net | - | 234549 | 234549 |
| **Total Assets** | $- | $298901 | $298901 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $297749 C | $297749 |
| Tenant security deposit | - | 1152 A | 1152 |
| **Total Liabilities** | - | 298901 | 298901 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $298901 | $298901 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2264 CHESTNUT HILL CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 2264<br> Chestnut Hill Circle** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2264<br> Chestnut Hill Circle<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $66127 A | $66127 |
| Investments in single-family residential properties, net | - | 314602 | 314602 |
| **Total Assets** | $- | $380729 | $380729 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $379313 C | $379313 |
| Tenant security deposit | - | 1416 A | 1416 |
| **Total Liabilities** | - | 380729 | 380729 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $380729 | $380729 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 235 LAZY HOLLOW LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 235<br> Lazy Hollow Lane** | **Pro Forma<br> Adjustments** | **Landa<br> Series 235<br> Lazy Hollow Lane<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64782 A | $64782 |
| Investments in single-family residential properties, net | - | 235639 | 235639 |
| **Total Assets** | $- | $300421 | $300421 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $299259 C | $299259 |
| Tenant security deposit | - | 1162 A | 1162 |
| **Total Liabilities** | - | 300421 | 300421 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $300421 | $300421 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2425 CORNELL CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 2425<br> Cornell Circle** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2425<br> Cornell Circle<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65284 A | $65284 |
| Investments in single-family residential properties, net | - | 267640 | 267640 |
| **Total Assets** | $- | $332924 | $332924 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $331464 C | $331464 |
| Tenant security deposit | - | 1460 A | 1460 |
| **Total Liabilities** | - | 332924 | 332924 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $332924 | $332924 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2443 HODGES FARM ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 2443<br> Hodges Farm Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2443<br> Hodges Farm Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63452 A | $63452 |
| Investments in single-family residential properties, net | - | 183313 | 183313 |
| **Total Assets** | $- | $246765 | $246765 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $245546 C | $245546 |
| Tenant security deposit | - | 1219 A | 1219 |
| **Total Liabilities** | - | 246765 | 246765 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $246765 | $246765 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 25 PLEASANT VALLEY ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 25<br> Pleasant Valley Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 25<br> Pleasant Valley Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64580 A | $64580 |
| Investments in single-family residential properties, net | - | 220670 | 220670 |
| **Total Assets** | $- | $285250 | $285250 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $283609 C | $283609 |
| Tenant security deposit | - | 1641 A | 1641 |
| **Total Liabilities** | - | 285250 | 285250 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $285250 | $285250 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 253 MARCO DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 253<br> Marco Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 253<br> Marco Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63275 A | $63275 |
| Investments in single-family residential properties, net | - | 170764 | 170764 |
| **Total Assets** | $- | $234039 | $234039 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $232761 C | $232761 |
| Tenant security deposit | - | 1278 A | 1278 |
| **Total Liabilities** | - | 234039 | 234039 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $234039 | $234039 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 255 COUNTRYSIDE LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 255<br> Countryside Lane** | **Pro Forma<br> Adjustments** | **Landa<br> Series 255<br> Countryside Lane<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64860 A | $64860 |
| Investments in single-family residential properties, net | - | 231347 | 231347 |
| **Total Assets** | $- | $296207 | $296207 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $294486 C | $294486 |
| Tenant security deposit | - | 1721 A | 1721 |
| **Total Liabilities** | - | 296207 | 296207 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $296207 | $296207 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 258 ROCKY POINT ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 258<br> Rocky Point Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 258<br> Rocky Point Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64678 A | $64678 |
| Investments in single-family residential properties, net | - | 251624 | 251624 |
| **Total Assets** | $- | $316302 | $316302 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $315147 C | $315147 |
| Tenant security deposit | - | 1155 A | 1155 |
| **Total Liabilities** | - | 316302 | 316302 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $316302 | $316302 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 263 ROCKY POINT ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 263<br> Rocky Point Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 263<br> Rocky Point Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64130 A | $64130 |
| Investments in single-family residential properties, net | - | 216403 | 216403 |
| **Total Assets** | $- | $280533 | $280533 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $279261 C | $279261 |
| Tenant security deposit | - | 1272 A | 1272 |
| **Total Liabilities** | - | 280533 | 280533 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $280533 | $280533 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 268 BROOKVIEW DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 268<br> Brookview Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 268<br> Brookview Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62436 A | $62436 |
| Investments in single-family residential properties, net | - | 127232 | 127232 |
| **Total Assets** | $- | $189668 | $189668 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $188408 C | $188408 |
| Tenant security deposit | - | 1260 A | 1260 |
| **Total Liabilities** | - | 189668 | 189668 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $189668 | $189668 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 270 MOUNTAIN LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 270<br> Mountain Lane** | **Pro Forma<br> Adjustments** | **Landa<br> Series 270<br> Mountain Lane<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $34868 A | $34868 |
| Investments in single-family residential properties, net | - | 258528 | 258528 |
| **Total Assets** | $- | $293396 | $293396 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $291683 C | $291683 |
| Tenant security deposit | - | 1713 A | 1713 |
| **Total Liabilities** | - | 293396 | 293396 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $293396 | $293396 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 270 MOUNTAIN WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 270<br> Mountain Way** | **Pro Forma<br> Adjustments** | **Landa<br> Series 270<br> Mountain Way<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64832 A | $64832 |
| Investments in single-family residential properties, net | - | 224942 | 224942 |
| **Total Assets** | $- | $289774 | $289774 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $287961 C | $287961 |
| Tenant security deposit | - | 1813 A | 1813 |
| **Total Liabilities** | - | 289774 | 289774 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $289774 | $289774 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 270 PLEASANT HILL DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 270<br> Pleasant Hill Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 270<br> Pleasant Hill Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $21395 A | $21395 |
| Investments in single-family residential properties, net | - | 253436 | 253436 |
| **Total Assets** | $- | $274831 | $274831 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $273208 C | $273208 |
| Tenant security deposit | - | 1623 A | 1623 |
| **Total Liabilities** | - | 274831 | 274831 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $274831 | $274831 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2794 NORFAIR LOOP**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 2794<br> Norfair Loop** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2794<br> Norfair Loop<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63397 A | $63397 |
| Investments in single-family residential properties, net | - | 171571 | 171571 |
| **Total Assets** | $- | $234968 | $234968 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $233583 C | $233583 |
| Tenant security deposit | - | 1385 A | 1385 |
| **Total Liabilities** | - | 234968 | 234968 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $234968 | $234968 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2813 VICKSBURG COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 2813<br> Vicksburg Court** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2813<br> Vicksburg Court<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65379 A | $65379 |
| Investments in single-family residential properties, net | - | 274040 | 274040 |
| **Total Assets** | $- | $339419 | $339419 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $337986 C | $337986 |
| Tenant security deposit | - | 1433 A | 1433 |
| **Total Liabilities** | - | 339419 | 339419 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $339419 | $339419 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2933 COFFER DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 2933<br> Coffer Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2933<br> Coffer Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64304 A | $64304 |
| Investments in single-family residential properties, net | - | 218812 | 218812 |
| **Total Assets** | $- | $283116 | $283116 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $281715 C | $281715 |
| Tenant security deposit | - | 1401 A | 1401 |
| **Total Liabilities** | - | 283116 | 283116 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $283116 | $283116 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 30 HIGH RIDGE ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 30<br> High Ridge Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 30<br> High Ridge Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65516 A | $65516 |
| Investments in single-family residential properties, net | - | 268996 | 268996 |
| **Total Assets** | $- | $334512 | $334512 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $332846 C | $332846 |
| Tenant security deposit | - | 1666 A | 1666 |
| **Total Liabilities** | - | 334512 | 334512 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $334512 | $334512 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 30 ROOSEVELT ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 30<br> Roosevelt Road** | **Pro Forma<br> Adjustments** | **Landa<br> Series 30<br> Roosevelt Road<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64583 A | $64583 |
| Investments in single-family residential properties, net | - | 221738 | 221738 |
| **Total Assets** | $- | $286321 | $286321 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $284696 C | $284696 |
| Tenant security deposit | - | 1625 A | 1625 |
| **Total Liabilities** | - | 286321 | 286321 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $286321 | $286321 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3011 RAINTREE DRIVE SE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 3011<br> Raintree<br> Drive SE** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3011<br> Raintree<br> Drive SE<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $71359 A | $71359 |
| Investments in single-family residential properties, net | - | 240246 | 240246 |
| **Total Assets** | $- | $311605 | $311605 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $310013 C | $310013 |
| Tenant security deposit | - | 1592 A | 1592 |
| **Total Liabilities** | - | 311605 | 311605 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $311605 | $311605 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 304 CEDAR STREET**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 304<br> Cedar Street** | **Pro Forma<br> Adjustments** | **Landa<br> Series 304<br> Cedar Street<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65012 A | $65012 |
| Investments in single-family residential properties, net | - | 237851 | 237851 |
| **Total Assets** | $- | $302863 | $302863 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $301113 C | $301113 |
| Tenant security deposit | - | 1750 A | 1750 |
| **Total Liabilities** | - | 302863 | 302863 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $302863 | $302863 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 304 DEERFIELD DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 304<br> Deerfield Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 304<br> Deerfield Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $70391 A | $70391 |
| Investments in single-family residential properties, net | - | 223218 | 223218 |
| **Total Assets** | $- | $293609 | $293609 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $291845 C | $291845 |
| Tenant security deposit | - | 1764 A | 1764 |
| **Total Liabilities** | - | 293609 | 293609 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $293609 | $293609 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3043 HIGHWAY 81 S**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 3043<br> Highway 81 S** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3043<br> Highway 81 S<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62712 A | $62712 |
| Investments in single-family residential properties, net | - | 154535 | 154535 |
| **Total Assets** | $- | $217247 | $217247 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $216225 C | $216225 |
| Tenant security deposit | - | 1022 A | 1022 |
| **Total Liabilities** | - | 217247 | 217247 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $217247 | $217247 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 313 BLUE HERON DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 313<br> Blue Heron Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 313<br> Blue Heron Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65100 A | $65100 |
| Investments in single-family residential properties, net | - | 207909 | 207909 |
| **Total Assets** | $- | $273009 | $273009 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $271456 C | $271456 |
| Tenant security deposit | - | 1553 A | 1553 |
| **Total Liabilities** | - | 273009 | 273009 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $273009 | $273009 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3202 CHIPPEWA DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 3202<br> Chippewa Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3202<br> Chippewa Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64543 A | $64543 |
| Investments in single-family residential properties, net | - | 235614 | 235614 |
| **Total Assets** | $- | $300157 | $300157 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $298834 C | $298834 |
| Tenant security deposit | - | 1323 A | 1323 |
| **Total Liabilities** | - | 300157 | 300157 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $300157 | $300157 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 35 CLAY COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 35<br> Clay Court** | **Pro Forma<br> Adjustments** | **Landa<br> Series 35<br> Clay Court<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $38483 A | $38483 |
| Investments in single-family residential properties, net | - | 266412 | 266412 |
| **Total Assets** | $- | $304895 | $304895 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $303196 C | $303196 |
| Tenant security deposit | - | 1699 A | 1699 |
| **Total Liabilities** | - | 304895 | 304895 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $304895 | $304895 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 350 CADIZ LANE S**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 350<br> Cadiz Lane S** | **Pro Forma Adjustments** | **Landa<br> Series 350<br> Cadiz Lane S<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64025 A | $64025 |
| Investments in single-family residential properties, net | - | 214266 | 214266 |
| **Total Assets** | $- | $278291 | $278291 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $277083 C | $277083 |
| Tenant security deposit | - | 1208 A | 1208 |
| **Total Liabilities** | - | 278291 | 278291 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $278291 | $278291 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 351 WESLEY PARK DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 351<br> Wesley<br> Park Drive** | **Pro Forma<br> Adjustments** | **Landa<br> Series 351<br> Wesley<br> Park Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64036 A | $64036 |
| Investments in single-family residential properties, net | - | 198254 | 198254 |
| **Total Assets** | $- | $262290 | $262290 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $260770 C | $260770 |
| Tenant security deposit | - | 1520 A | 1520 |
| **Total Liabilities** | - | 262290 | 262290 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $262290 | $262290 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3603 MANHATTAN DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 3603<br> Manhattan Drive** | **Pro Forma Adjustments** | **Landa<br> Series 3603<br> Manhattan Drive<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65575 A | $65575 |
| Investments in single-family residential properties, net | - | 262303 | 262303 |
| **Total Assets** | $- | $327878 | $327878 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $326027 C | $326027 |
| Tenant security deposit | - | 1851 A | 1851 |
| **Total Liabilities** | - | 327878 | 327878 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $327878 | $327878 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3667 PATTI PARKWAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 3667<br> Patti Parkway** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3667<br> Patti Parkway<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $66338 A | $66338 |
| Investments in single-family residential properties, net | - | 314606 | 314606 |
| **Total Assets** | $- | $380944 | $380944 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $379317 C | $379317 |
| Tenant security deposit | - | 1627 A | 1627 |
| **Total Liabilities** | - | 380944 | 380944 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $380944 | $380944 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 404 BARBERRY LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 404<br> Barberry Lane** | **Pro Forma<br> Adjustments** | **Landa<br> Series 404<br> Barberry Lane<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64236 A | $64236 |
| Investments in single-family residential properties, net | - | 222911 | 222911 |
| **Total Assets** | $- | $287147 | $287147 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $285892 C | $285892 |
| Tenant security deposit | - | 1255 A | 1255 |
| **Total Liabilities** | - | 287147 | 287147 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $287147 | $287147 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 412 KENDALL LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 412 <br> Kendall Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 412 <br> Kendall Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64418 A | $64418 |
| Investments in single-family residential properties, net | - | 233581 | 233581 |
| **Total Assets** | $- | $297999 | $297999 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $296763 C | $296763 |
| Tenant security deposit | - | 1236 A | 1236 |
| **Total Liabilities** | - | 297999 | 297999 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $297999 | $297999 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 416 AUTUMN LAKE COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 416 <br> Autumn Lake Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 416 <br> Autumn Lake Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64275 A | $64275 |
| Investments in single-family residential properties, net | - | 203594 | 203594 |
| **Total Assets** | $- | $267869 | $267869 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $266210 C | $266210 |
| Tenant security deposit | - | 1659 A | 1659 |
| **Total Liabilities** | - | 267869 | 267869 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $267869 | $267869 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 43 DARWIN DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 43 <br> Darwin Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 43 <br> Darwin Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63623 A | $63623 |
| Investments in single-family residential properties, net | - | 189715 | 189715 |
| **Total Assets** | $- | $253338 | $253338 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $252069 C | $252069 |
| Tenant security deposit | - | 1269 A | 1269 |
| **Total Liabilities** | - | 253338 | 253338 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $253338 | $253338 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 432 MANOR ESTATES DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 432 <br> Manor Estates Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 432 <br> Manor Estates Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65003 A | $65003 |
| Investments in single-family residential properties, net | - | 250666 | 250666 |
| **Total Assets** | $- | $315669 | $315669 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $314170 C | $314170 |
| Tenant security deposit | - | 1499 A | 1499 |
| **Total Liabilities** | - | 315669 | 315669 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $315669 | $315669 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 440 FREESTONE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 440 <br> Freestone Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 440 <br> Freestone Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $72308 A | $72308 |
| Investments in single-family residential properties, net | - | 260574 | 260574 |
| **Total Assets** | $- | $332882 | $332882 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $331496 C | $331496 |
| Tenant security deposit | - | 1386 A | 1386 |
| **Total Liabilities** | - | 332882 | 332882 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $332882 | $332882 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 4447 LAKE BREEZE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 4447 <br> Lake Breeze Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 4447 <br> Lake Breeze Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65333 A | $65333 |
| Investments in single-family residential properties, net | - | 278314 | 278314 |
| **Total Assets** | $- | $343647 | $343647 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $342340 C | $342340 |
| Tenant security deposit | - | 1307 A | 1307 |
| **Total Liabilities** | - | 343647 | 343647 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $343647 | $343647 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 445 INDEPENDENCE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 445 <br> Independence Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 445 <br> Independence Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $57732 A | $57732 |
| Investments in single-family residential properties, net | - | 242777 | 242777 |
| **Total Assets** | $- | $300509 | $300509 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $298780 C | $298780 |
| Tenant security deposit | - | 1729 A | 1729 |
| **Total Liabilities** | - | 300509 | 300509 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $300509 | $300509 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 449 KARA LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 449 <br> Kara Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 449 <br> Kara Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $31212 A | $31212 |
| Investments in single-family residential properties, net | - | 235963 | 235963 |
| **Total Assets** | $- | $267175 | $267175 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $265401 C | $265401 |
| Tenant security deposit | - | 1774 A | 1774 |
| **Total Liabilities** | - | 267175 | 267175 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $267175 | $267175 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 45 BLUE JAY DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 45 <br> Blue Jay Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 45 <br> Blue Jay Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65893 A | $65893 |
| Investments in single-family residential properties, net | - | 288984 | 288984 |
| **Total Assets** | $- | $354877 | $354877 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $353211 C | $353211 |
| Tenant security deposit | - | 1666 A | 1666 |
| **Total Liabilities** | - | 354877 | 354877 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $354877 | $354877 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 45 LAUREL WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 45 <br> Laurel Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 45 <br> Laurel Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65659 A | $65659 |
| Investments in single-family residential properties, net | - | 276116 | 276116 |
| **Total Assets** | $- | $341775 | $341775 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $340100 C | $340100 |
| Tenant security deposit | - | 1675 A | 1675 |
| **Total Liabilities** | - | 341775 | 341775 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $341775 | $341775 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 4702 SAINT JAMES WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 4702 <br> Saint James Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 4702 <br> Saint James Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64321 A | $64321 |
| Investments in single-family residential properties, net | - | 204667 | 204667 |
| **Total Assets** | $- | $268988 | $268988 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $267452 C | $267452 |
| Tenant security deposit | - | 1536 A | 1536 |
| **Total Liabilities** | - | 268988 | 268988 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $268988 | $268988 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 4732 PINEDALE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 4732 <br> Pinedale Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 4732 <br> Pinedale Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63147 A | $63147 |
| Investments in single-family residential properties, net | - | 172686 | 172686 |
| **Total Assets** | $- | $235833 | $235833 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $234719 C | $234719 |
| Tenant security deposit | - | 1114 A | 1114 |
| **Total Liabilities** | - | 235833 | 235833 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $235833 | $235833 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 497 HIGHWAY 212**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 497 <br> Highway 212** | **Pro Forma <br> Adjustments** | **Landa <br> Series 497 <br> Highway 212 <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63787 A | $63787 |
| Investments in single-family residential properties, net | - | 216354 | 216354 |
| **Total Assets** | $- | $280141 | $280141 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $279211 C | $279211 |
| Tenant security deposit | - | 930 A | 930 |
| **Total Liabilities** | - | 280141 | 280141 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $280141 | $280141 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5039 EAST STREET**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 5039 <br> East Street** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5039 <br> East Street <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62740 A | $62740 |
| Investments in single-family residential properties, net | - | 145953 | 145953 |
| **Total Assets** | $- | $208693 | $208693 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $207482 C | $207482 |
| Tenant security deposit | - | 1211 A | 1211 |
| **Total Liabilities** | - | 208693 | 208693 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $208693 | $208693 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5040 HUNTSHIRE LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 5040 <br> Huntshire Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5040 <br> Huntshire Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $40545 A | $40545 |
| Investments in single-family residential properties, net | - | 406939 | 406939 |
| **Total Assets** | $- | $447484 | $447484 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $444985 C | $444985 |
| Tenant security deposit | - | 2499 A | 2499 |
| **Total Liabilities** | - | 447484 | 447484 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $447484 | $447484 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 513 JARRETT COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa** <br> **Series 513<br> Jarrett Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 513 <br> Jarrett Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64716 A | $64716 |
| Investments in single-family residential properties, net | - | 226073 | 226073 |
| **Total Assets** | $- | $290789 | $290789 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $289113 C | $289113 |
| Tenant security deposit | - | 1676 A | 1676 |
| **Total Liabilities** | - | 290789 | 290789 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $290789 | $290789 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5143 PINECREST DRIVE SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 5143 <br> Pinecrest Drive SW** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5143 <br> Pinecrest Drive SW <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63065 A | $63065 |
| Investments in single-family residential properties, net | - | 165212 | 165212 |
| **Total Assets** | $- | $228277 | $228277 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $227104 C | $227104 |
| Tenant security deposit | - | 1173 A | 1173 |
| **Total Liabilities** | - | 228277 | 228277 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $228277 | $228277 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 524 SAWMILL ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 524 <br> Sawmill Road** | **Pro Forma <br> Adjustments** | **Landa <br> Series 524 <br> Sawmill Road <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $47382 A | $47382 |
| Investments in single-family residential properties, net | - | 237880 | 237880 |
| **Total Assets** | $- | $285262 | $285262 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $283679 C | $283679 |
| Tenant security deposit | - | 1583 A | 1583 |
| **Total Liabilities** | - | 285262 | 285262 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $285262 | $285262 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5329 SHIREWICK LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 5329 <br> Shirewick Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5329 <br> Shirewick Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65281 A | $65281 |
| Investments in single-family residential properties, net | - | 274044 | 274044 |
| **Total Assets** | $- | $339325 | $339325 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $337990 C | $337990 |
| Tenant security deposit | - | 1335 A | 1335 |
| **Total Liabilities** | - | 339325 | 339325 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $339325 | $339325 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 540 COWAN ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 540 <br> Cowan Road** | **Pro Forma <br> Adjustments** | **Landa <br> Series 540 <br> Cowan Road <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64828 A | $64828 |
| Investments in single-family residential properties, net | - | 236323 | 236323 |
| **Total Assets** | $- | $301151 | $301151 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $299557 C | $299557 |
| Tenant security deposit | - | 1594 A | 1594 |
| **Total Liabilities** | - | 301151 | 301151 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $301151 | $301151 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5411 ROCKY PINE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 5411 <br> Rocky Pine Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5411 <br> Rocky Pine Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64644 A | $64644 |
| Investments in single-family residential properties, net | - | 246460 | 246460 |
| **Total Assets** | $- | $311104 | $311104 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $309885 C | $309885 |
| Tenant security deposit | - | 1219 A | 1219 |
| **Total Liabilities** | - | 311104 | 311104 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $311104 | $311104 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 55 MYRTLE GROVE LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 55 <br> Myrtle Grove Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 55 <br> Myrtle Grove Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64768 A | $64768 |
| Investments in single-family residential properties, net | - | 228144 | 228144 |
| **Total Assets** | $- | $292912 | $292912 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $291224 C | $291224 |
| Tenant security deposit | - | 1688 A | 1688 |
| **Total Liabilities** | - | 292912 | 292912 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $292912 | $292912 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 550 COWAN ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 550 <br> Cowan Road** | **Pro Forma <br> Adjustments** | **Landa <br> Series 550 <br> Cowan Road <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $54680 A | $54680 |
| Investments in single-family residential properties, net | - | 197684 | 197684 |
| **Total Assets** | $- | $252364 | $252364 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $250783 C | $250783 |
| Tenant security deposit | - | 1581 A | 1581 |
| **Total Liabilities** | - | 252364 | 252364 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $252364 | $252364 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5581 FOX GLEN CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 5581 <br> Fox Glen Circle** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5581 <br> Fox Glen Circle <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $36633 A | $36633 |
| Investments in single-family residential properties, net | - | 400341 | 400341 |
| **Total Assets** | $- | $436974 | $436974 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $434715 C | $434715 |
| Tenant security deposit | - | 2259 A | 2259 |
| **Total Liabilities** | - | 436974 | 436974 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $436974 | $436974 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 565 MOUNTAINVIEW DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 565 <br> Mountainview Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 565 <br> Mountainview Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $35461 A | $35461 |
| Investments in single-family residential properties, net | - | 249495 | 249495 |
| **Total Assets** | $- | $284956 | $284956 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $283236 C | $283236 |
| Tenant security deposit | - | 1720 A | 1720 |
| **Total Liabilities** | - | 284956 | 284956 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $284956 | $284956 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5737 STRATHMOOR MANOR CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 5737 <br> Strathmoor Manor Circle** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5737 <br> Strathmoor Manor Circle <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63434 A | $63434 |
| Investments in single-family residential properties, net | - | 191852 | 191852 |
| **Total Assets** | $- | $255286 | $255286 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $254247 C | $254247 |
| Tenant security deposit | - | 1039 A | 1039 |
| **Total Liabilities** | - | 255286 | 255286 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $255286 | $255286 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5801 STRATHMOOR MANOR CIRCLE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 5801 <br> Strathmoor Manor Circle** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5801 <br> Strathmoor Manor Circle <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64199 A | $64199 |
| Investments in single-family residential properties, net | - | 200389 | 200389 |
| **Total Assets** | $- | $264588 | $264588 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $262945 C | $262945 |
| Tenant security deposit | - | 1643 A | 1643 |
| **Total Liabilities** | - | 264588 | 264588 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $264588 | $264588 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6104-6106 OAKWOOD CIRCLE SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6104-6106 <br> Oakwood Circle SW** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6104-6106 <br> Oakwood Circle SW <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63938 A | $63938 |
| Investments in single-family residential properties, net | - | 185454 | 185454 |
| **Total Assets** | $- | $249392 | $249392 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $247852 C | $247852 |
| Tenant security deposit | - | 1540 A | 1540 |
| **Total Liabilities** | - | 249392 | 249392 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $249392 | $249392 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6107 SHADOW GLEN COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 6107<br> Shadow Glen Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6107 <br> Shadow Glen Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63170 A | $63170 |
| Investments in single-family residential properties, net | - | 151331 | 151331 |
| **Total Assets** | $- | $214501 | $214501 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $212961 C | $212961 |
| Tenant security deposit | - | 1540 A | 1540 |
| **Total Liabilities** | - | 214501 | 214501 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $214501 | $214501 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6111-6113 PINE GLEN CIRCLE SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6111-6113 <br> Pine Glen Circle SW** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6111-6113 <br> Pine Glen Circle SW <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $68400 A | $68400 |
| Investments in single-family residential properties, net | - | 390389 | 390389 |
| **Total Assets** | $- | $458789 | $458789 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $456530 C | $456530 |
| Tenant security deposit | - | 2259 A | 2259 |
| **Total Liabilities** | - | 458789 | 458789 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $458789 | $458789 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6119 PINENEEDLE DRIVE SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6119 <br> Pineneedle Drive SW** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6119 <br> Pineneedle Drive SW <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62507 A | $62507 |
| Investments in single-family residential properties, net | - | 105391 | 105391 |
| **Total Assets** | $- | $167898 | $167898 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $166154 C | $166154 |
| Tenant security deposit | - | 1744 A | 1744 |
| **Total Liabilities** | - | 167898 | 167898 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $167898 | $167898 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 615 BARSHAY DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa Series 615 Barshay Drive** | **Pro Forma Adjustments** | **Landa Series 615 Barshay Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65306 A | $65306 |
| Investments in single-family residential properties, net | - | 228182 | 228182 |
| **Total Assets** | $- | $293488 | $293488 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $291964 C | $291964 |
| Tenant security deposit | - | 1524 A | 1524 |
| **Total Liabilities** | - | 293488 | 293488 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $293488 | $293488 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6168 WHEAT STREET NE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 6168** <br> **Wheat Street NE** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6168 <br> Wheat Street NE <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62777 A | $62777 |
| Investments in single-family residential properties, net | - | 125964 | 125964 |
| **Total Assets** | $- | $188741 | $188741 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $187898 C | $187898 |
| Tenant security deposit | - | 843 A | 843 |
| **Total Liabilities** | - | 188741 | 188741 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $188741 | $188741 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6178 GREEN ACRES DRIVE SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6178 <br> Green Acres Drive SW** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6178 <br> Green Acres Drive SW <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63526 A | $63526 |
| Investments in single-family residential properties, net | - | 161382 | 161382 |
| **Total Assets** | $- | $224908 | $224908 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $223434 C | $223434 |
| Tenant security deposit | - | 1474 A | 1474 |
| **Total Liabilities** | - | 224908 | 224908 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $224908 | $224908 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6386 FORESTER WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6386 <br> Forester Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6386 <br> Forester Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65041 A | $65041 |
| Investments in single-family residential properties, net | - | 233650 | 233650 |
| **Total Assets** | $- | $298691 | $298691 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $296833 C | $296833 |
| Tenant security deposit | - | 1858 A | 1858 |
| **Total Liabilities** | - | 298691 | 298691 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $298691 | $298691 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6404 WALNUT WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6404 <br> Walnut Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6404 <br> Walnut Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64126 A | $64126 |
| Investments in single-family residential properties, net | - | 216403 | 216403 |
| **Total Assets** | $- | $280529 | $280529 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $279261 C | $279261 |
| Tenant security deposit | - | 1268 A | 1268 |
| **Total Liabilities** | - | 280529 | 280529 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $280529 | $280529 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 643 SYCAMORE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 643 <br> Sycamore Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 643 <br> Sycamore Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63935 A | $63935 |
| Investments in single-family residential properties, net | - | 207494 | 207494 |
| **Total Assets** | $- | $271429 | $271429 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $270184 C | $270184 |
| Tenant security deposit | - | 1245 A | 1245 |
| **Total Liabilities** | - | 271429 | 271429 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $271429 | $271429 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 65 FREEDOM COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 65 <br> Freedom Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 65 <br> Freedom Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $66126 A | $66126 |
| Investments in single-family residential properties, net | - | 229293 | 229293 |
| **Total Assets** | $- | $295419 | $295419 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $293884 C | $293884 |
| Tenant security deposit | - | 1535 A | 1535 |
| **Total Liabilities** | - | 295419 | 295419 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $295419 | $295419 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 653 GEORGETOWN LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 653 <br> Georgetown Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 653 <br> Georgetown Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64567 A | $64567 |
| Investments in single-family residential properties, net | - | 222890 | 222890 |
| **Total Assets** | $- | $287457 | $287457 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $285870 C | $285870 |
| Tenant security deposit | - | 1587 A | 1587 |
| **Total Liabilities** | - | 287457 | 287457 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $287457 | $287457 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6635 KIMBERLY MILL ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6635 <br> Kimberly Mill Road** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6635 <br> Kimberly Mill Road <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65520 A | $65520 |
| Investments in single-family residential properties, net | - | 264938 | 264938 |
| **Total Assets** | $- | $330458 | $330458 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $328712 C | $328712 |
| Tenant security deposit | - | 1746 A | 1746 |
| **Total Liabilities** | - | 330458 | 330458 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $330458 | $330458 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6653 BEDFORD ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6653 <br> Bedford Road** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6653 <br> Bedford Road <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64811 A | $64811 |
| Investments in single-family residential properties, net | - | 215357 | 215357 |
| **Total Assets** | $- | $280168 | $280168 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $278623 C | $278623 |
| Tenant security deposit | - | 1545 A | 1545 |
| **Total Liabilities** | - | 280168 | 280168 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $280168 | $280168 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6710 SUNSET HILLS BOULEVARD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6710 <br> Sunset Hills Boulevard** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6710 <br> Sunset Hills Boulevard <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63123 A | $63123 |
| Investments in single-family residential properties, net | - | 174773 | 174773 |
| **Total Assets** | $- | $237896 | $237896 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $236846 C | $236846 |
| Tenant security deposit | - | 1050 A | 1050 |
| **Total Liabilities** | - | 237896 | 237896 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $237896 | $237896 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6762 BENT CREEK DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 6762 <br> Bent Creek Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6762 <br> Bent Creek Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64273 A | $64273 |
| Investments in single-family residential properties, net | - | 216401 | 216401 |
| **Total Assets** | $- | $280674 | $280674 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $279258 C | $279258 |
| Tenant security deposit | - | 1416 A | 1416 |
| **Total Liabilities** | - | 280674 | 280674 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $280674 | $280674 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 683 WOOD PATH COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 683 <br> Wood Path Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 683 <br> Wood Path Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $49554 A | $49554 |
| Investments in single-family residential properties, net | - | 280721 | 280721 |
| **Total Assets** | $- | $330275 | $330275 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $328475 C | $328475 |
| Tenant security deposit | - | 1800 A | 1800 |
| **Total Liabilities** | - | 330275 | 330275 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $330275 | $330275 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 70 SHENANDOAH LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 70 <br> Shenandoah Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 70 <br> Shenandoah Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&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;- | $65672 A | $65672 |
| Investments in single-family residential properties, net | - | 271847 | 271847 |
| **Total Assets** | $- | $337519 | $337519 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $335751 C | $335751 |
| Tenant security deposit | - | 1768 A | 1768 |
| **Total Liabilities** | - | 337519 | 337519 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $337519 | $337519 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 709 GEORGETOWN COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 709 <br> Georgetown Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 709 Georgetown Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64476 A | $64476 |
| Investments in single-family residential properties, net | - | 213260 | 213260 |
| **Total Assets** | $- | $277736 | $277736 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $276058 C | $276058 |
| Tenant security deposit | - | 1678 A | 1678 |
| **Total Liabilities** | - | 277736 | 277736 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $277736 | $277736 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 7107 GEIGER STREET NW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 7107 <br> Geiger Street NW** | **Pro Forma <br> Adjustments** | **Landa <br> Series 7107 <br> Geiger Street NW <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $61729 A | $61729 |
| Investments in single-family residential properties, net | - | 100052 | 100052 |
| **Total Assets** | $- | $161781 | $161781 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $160714 C | $160714 |
| Tenant security deposit | - | 1067 A | 1067 |
| **Total Liabilities** | - | 161781 | 161781 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $161781 | $161781 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 7205 LAKEVIEW DRIVE SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 7205 <br> Lakeview Drive SW** | **Pro Forma <br> Adjustments** | **Landa<br> Series 7205** <br> **Lakeview Drive SW<br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64923 A | $64923 |
| Investments in single-family residential properties, net | - | 229212 | 229212 |
| **Total Assets** | $- | $294135 | $294135 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $292311 C | $292311 |
| Tenant security deposit | - | 1824 A | 1824 |
| **Total Liabilities** | - | 294135 | 294135 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $294135 | $294135 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 750 GEORGETOWN COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 750 <br> Georgetown Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 750 <br> Georgetown Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63004 A | $63004 |
| Investments in single-family residential properties, net | - | 165164 | 165164 |
| **Total Assets** | $- | $228168 | $228168 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $227055 C | $227055 |
| Tenant security deposit | - | 1113 A | 1113 |
| **Total Liabilities** | - | 228168 | 228168 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $228168 | $228168 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 752 CHESTNUT DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 752 <br> Chestnut Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 752 <br> Chestnut Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62250 A | $62250 |
| Investments in single-family residential properties, net | - | 136383 | 136383 |
| **Total Assets** | $- | $198633 | $198633 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $197731 C | $197731 |
| Tenant security deposit | - | 902 A | 902 |
| **Total Liabilities** | - | 198633 | 198633 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $198633 | $198633 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 773 VILLA WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 773 <br> Villa Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 773 <br> Villa Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $32437 A | $32437 |
| Investments in single-family residential properties, net | - | 88385 | 88385 |
| **Total Assets** | $- | $120822 | $120822 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $119845 C | $119845 |
| Tenant security deposit | - | 977 A | 977 |
| **Total Liabilities** | - | 120822 | 120822 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $120822 | $120822 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 7781 MOUNTAIN CREEK WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 7781 <br> Mountain Creek Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 7781 <br> Mountain Creek Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64492 A | $64492 |
| Investments in single-family residential properties, net | - | 237818 | 237818 |
| **Total Assets** | $- | $302310 | $302310 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $301080 C | $301080 |
| Tenant security deposit | - | 1230 A | 1230 |
| **Total Liabilities** | - | 302310 | 302310 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $302310 | $302310 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 7950 WOODLAKE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 7950 <br> Woodlake Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 7950 <br> Woodlake Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63644 A | $63644 |
| Investments in single-family residential properties, net | - | 188648 | 188648 |
| **Total Assets** | $- | $252292 | $252292 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $250982 C | $250982 |
| Tenant security deposit | - | 1310 A | 1310 |
| **Total Liabilities** | - | 252292 | 252292 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $252292 | $252292 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 80 HIGH RIDGE ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 80 <br> High Ridge Road** | **Pro Forma <br> Adjustments** | **Landa <br> Series 80 <br> High Ridge Road <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64631 A | $64631 |
| Investments in single-family residential properties, net | - | 238816 | 238816 |
| **Total Assets** | $- | $303447 | $303447 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $302097 C | $302097 |
| Tenant security deposit | - | 1350 A | 1350 |
| **Total Liabilities** | - | 303447 | 303447 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $303447 | $303447 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 800 MILLS DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 800 <br> Mills Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 800 <br> Mills Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65588 A | $65588 |
| Investments in single-family residential properties, net | - | 272914 | 272914 |
| **Total Assets** | $- | $338502 | $338502 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $336839 C | $336839 |
| Tenant security deposit | - | 1663 A | 1663 |
| **Total Liabilities** | - | 338502 | 338502 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $338502 | $338502 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 808 HILLANDALE LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 808 <br> Hillandale Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 808 <br> Hillandale Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64908 A | $64908 |
| Investments in single-family residential properties, net | - | 221772 | 221772 |
| **Total Assets** | $- | $286680 | $286680 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $285337 C | $285337 |
| Tenant security deposit | - | 1343 A | 1343 |
| **Total Liabilities** | - | 286680 | 286680 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $286680 | $286680 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8110 DEVONSHIRE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8110 <br> Devonshire Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8110 <br> Devonshire Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63108 A | $63108 |
| Investments in single-family residential properties, net | - | 151331 | 151331 |
| **Total Assets** | $- | $214439 | $214439 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $212961 C | $212961 |
| Tenant security deposit | - | 1478 A | 1478 |
| **Total Liabilities** | - | 214439 | 214439 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $214439 | $214439 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8121 SPILLERS DRIVE SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8121 <br> Spillers Drive SW** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8121 <br> Spillers Drive SW <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63442 A | $63442 |
| Investments in single-family residential properties, net | - | 182723 | 182723 |
| **Total Assets** | $- | $246165 | $246165 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $244946 C | $244946 |
| Tenant security deposit | - | 1219 A | 1219 |
| **Total Liabilities** | - | 246165 | 246165 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $246165 | $246165 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8233 CREEKLINE COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8233 <br> Creekline Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8233 <br> Creekline Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $68035 A | $68035 |
| Investments in single-family residential properties, net | - | 226617 | 226617 |
| **Total Assets** | $- | $294652 | $294652 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $293652 C | $293652 |
| Tenant security deposit | - | 1000 A | 1000 |
| **Total Liabilities** | - | 294652 | 294652 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $294652 | $294652 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8302 STERLING LAKES DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8302 <br> Sterling Lakes Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8302 <br> Sterling Lakes Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64917 A | $64917 |
| Investments in single-family residential properties, net | - | 242021 | 242021 |
| **Total Assets** | $- | $306938 | $306938 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $305362 C | $305362 |
| Tenant security deposit | - | 1576 A | 1576 |
| **Total Liabilities** | - | 306938 | 306938 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $306938 | $306938 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 840 PARK VILLA WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 840 <br> Park Villa Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 840 <br> Park Villa Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $61928 A | $61928 |
| Investments in single-family residential properties, net | - | 110121 | 110121 |
| **Total Assets** | $- | $172049 | $172049 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $170973 C | $170973 |
| Tenant security deposit | - | 1076 A | 1076 |
| **Total Liabilities** | - | 172049 | 172049 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $172049 | $172049 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 843 TRAMORE DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 843 <br> Tramore Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 843 <br> Tramore Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $52863 A | $52863 |
| Investments in single-family residential properties, net | - | 144226 | 144226 |
| **Total Assets** | $- | $197089 | $197089 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $195489 C | $195489 |
| Tenant security deposit | - | 1600 A | 1600 |
| **Total Liabilities** | - | 197089 | 197089 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $197089 | $197089 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 85 KIRKLAND COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 85 <br> Kirkland Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 85 <br> Kirkland Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65596 A | $65596 |
| Investments in single-family residential properties, net | - | 267636 | 267636 |
| **Total Assets** | $- | $333232 | $333232 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $331460 C | $331460 |
| Tenant security deposit | - | 1772 A | 1772 |
| **Total Liabilities** | - | 333232 | 333232 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $333232 | $333232 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 85 THORN THICKET WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 85 <br> Thorn Thicket Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 85 <br> Thorn Thicket Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64380 A | $64380 |
| Investments in single-family residential properties, net | - | 231411 | 231411 |
| **Total Assets** | $- | $295791 | $295791 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $294552 C | $294552 |
| Tenant security deposit | - | 1239 A | 1239 |
| **Total Liabilities** | - | 295791 | 295791 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $295791 | $295791 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8658 ASHLEY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8658 <br> Ashley Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8658 <br> Ashley Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63156 A | $63156 |
| Investments in single-family residential properties, net | - | 128952 | 128952 |
| **Total Assets** | $- | $192108 | $192108 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $190908 C | $190908 |
| Tenant security deposit | - | 1200 A | 1200 |
| **Total Liabilities** | - | 192108 | 192108 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $192108 | $192108 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8667 ASHLEY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8667 <br> Ashley Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8667 <br> Ashley Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $32970 A | $32970 |
| Investments in single-family residential properties, net | - | 104867 | 104867 |
| **Total Assets** | $- | $137837 | $137837 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $136737 C | $136737 |
| Tenant security deposit | - | 1100 A | 1100 |
| **Total Liabilities** | - | 137837 | 137837 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $137837 | $137837 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8671 ASHLEY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8671 <br> Ashley Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8671 <br> Ashley Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $68310 A | $68310 |
| Investments in single-family residential properties, net | - | 133517 | 133517 |
| **Total Assets** | $- | $201827 | $201827 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $200777 C | $200777 |
| Tenant security deposit | - | 1050 A | 1050 |
| **Total Liabilities** | - | 201827 | 201827 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $201827 | $201827 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8676 ASHLEY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8676 <br> Ashley Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8676 <br> Ashley Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $78007 A | $78007 |
| Investments in single-family residential properties, net | - | 128727 | 128727 |
| **Total Assets** | $- | $206734 | $206734 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $205684 C | $205684 |
| Tenant security deposit | - | 1050 A | 1050 |
| **Total Liabilities** | - | 206734 | 206734 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $206734 | $206734 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8691 ASHLEY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8691 <br> Ashley Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8691 <br> Ashley Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62390 A | $62390 |
| Investments in single-family residential properties, net | - | 87315 | 87315 |
| **Total Assets** | $- | $149705 | $149705 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $148555 C | $148555 |
| Tenant security deposit | - | 1150 A | 1150 |
| **Total Liabilities** | - | 149705 | 149705 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $149705 | $149705 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8692 ASHLEY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8692 <br> Ashley Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8692 <br> Ashley Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $43678 A | $43678 |
| Investments in single-family residential properties, net | - | 103331 | 103331 |
| **Total Assets** | $- | $147009 | $147009 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $145859 C | $145859 |
| Tenant security deposit | - | 1150 A | 1150 |
| **Total Liabilities** | - | 147009 | 147009 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $147009 | $147009 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8693 ASHLEY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8693 <br> Ashley Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8693 <br> Ashley Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $94172 A | $94172 |
| Investments in single-family residential properties, net | - | 127492 | 127492 |
| **Total Assets** | $- | $221664 | $221664 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $220464 C | $220464 |
| Tenant security deposit | - | 1200 A | 1200 |
| **Total Liabilities** | - | 221664 | 221664 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $221664 | $221664 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8694 ASHLEY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8694 <br> Ashley Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8694 <br> Ashley Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62558 A | $62558 |
| Investments in single-family residential properties, net | - | 139588 | 139588 |
| **Total Assets** | $- | $202146 | $202146 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $200996 C | $200996 |
| Tenant security deposit | - | 1150 A | 1150 |
| **Total Liabilities** | - | 202146 | 202146 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $202146 | $202146 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8697 ASHLEY WAY**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8697 <br> Ashley Way** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8697 <br> Ashley Way <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $70814 A | $70814 |
| Investments in single-family residential properties, net | - | 148595 | 148595 |
| **Total Assets** | $- | $219409 | $219409 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $218459 C | $218459 |
| Tenant security deposit | - | 950 A | 950 |
| **Total Liabilities** | - | 219409 | 219409 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $219409 | $219409 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8819 LEAFWOOD COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8819 <br> Leafwood Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8819 Leafwood Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64497 A | $64497 |
| Investments in single-family residential properties, net | - | 219687 | 219687 |
| **Total Assets** | $- | $284184 | $284184 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $282606 C | $282606 |
| Tenant security deposit | - | 1578 A | 1578 |
| **Total Liabilities** | - | 284184 | 284184 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $284184 | $284184 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8855 RUGBY COURT**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 8855 <br> Rugby Court** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8855 <br> Rugby Court <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $62920 A | $62920 |
| Investments in single-family residential properties, net | - | 159874 | 159874 |
| **Total Assets** | $- | $222794 | $222794 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $221665 C | $221665 |
| Tenant security deposit | - | 1129 A | 1129 |
| **Total Liabilities** | - | 222794 | 222794 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $222794 | $222794 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9020 STERLING RIDGE LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 9020 <br> Sterling Ridge Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9020 <br> Sterling Ridge Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $36280 A | $36280 |
| Investments in single-family residential properties, net | - | 202025 | 202025 |
| **Total Assets** | $- | $238305 | $238305 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $236659 C | $236659 |
| Tenant security deposit | - | 1646 A | 1646 |
| **Total Liabilities** | - | 238305 | 238305 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $238305 | $238305 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9150 SPILLERS DRIVE SW**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 9150 <br> Spillers Drive SW** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9150 <br> Spillers Drive SW <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63364 A | $63364 |
| Investments in single-family residential properties, net | - | 190785 | 190785 |
| **Total Assets** | $- | $254149 | $254149 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $253159 C | $253159 |
| Tenant security deposit | - | 990 A | 990 |
| **Total Liabilities** | - | 254149 | 254149 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $254149 | $254149 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 925 MOTE ROAD**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 925 <br> Mote Road** | **Pro Forma <br> Adjustments** | **Landa <br> Series 925 <br> Mote Road <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65214 A | $65214 |
| Investments in single-family residential properties, net | - | 248369 | 248369 |
| **Total Assets** | $- | $313583 | $313583 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $311830 C | $311830 |
| Tenant security deposit | - | 1753 A | 1753 |
| **Total Liabilities** | - | 313583 | 313583 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $313583 | $313583 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 94 HAMPTON OAKS DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 94 <br> Hampton Oaks Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 94 <br> Hampton Oaks Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $63756 A | $63756 |
| Investments in single-family residential properties, net | - | 203594 | 203594 |
| **Total Assets** | $- | $267350 | $267350 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $266210 C | $266210 |
| Tenant security deposit | - | 1140 A | 1140 |
| **Total Liabilities** | - | 267350 | 267350 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $267350 | $267350 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9409 FOREST KNOLL DRIVE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 9409 <br> Forest Knoll Drive** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9409 <br> Forest Knoll Drive <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65168 A | $65168 |
| Investments in single-family residential properties, net | - | 244258 | 244258 |
| **Total Assets** | $- | $309426 | $309426 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $307642 C | $307642 |
| Tenant security deposit | - | 1784 A | 1784 |
| **Total Liabilities** | - | 309426 | 309426 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $309426 | $309426 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9434 CEDAR CREEK PLACE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 9434 <br> Cedar Creek Place** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9434 <br> Cedar Creek Place <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65431 A | $65431 |
| Investments in single-family residential properties, net | - | 267653 | 267653 |
| **Total Assets** | $- | $333084 | $333084 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $331780 C | $331780 |
| Tenant security deposit | - | 1304 A | 1304 |
| **Total Liabilities** | - | 333084 | 333084 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $333084 | $333084 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9597 PINTAIL TRAIL**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 9597 <br> Pintail Trail** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9597 <br> Pintail Trail <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $64581 A | $64581 |
| Investments in single-family residential properties, net | - | 237829 | 237829 |
| **Total Assets** | $- | $302410 | $302410 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $301292 C | $301292 |
| Tenant security deposit | - | 1118 A | 1118 |
| **Total Liabilities** | - | 302410 | 302410 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $302410 | $302410 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 974 LAUREL STREET**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 974 <br> Laurel Street** | **Pro Forma <br> Adjustments** | **Landa <br> Series 974 <br> Laurel Street <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $65308 A | $65308 |
| Investments in single-family residential properties, net | - | 214402 | 214402 |
| **Total Assets** | $- | $279710 | $279710 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $278299 C | $278299 |
| Tenant security deposit | - | 1411 A | 1411 |
| **Total Liabilities** | - | 279710 | 279710 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $279710 | $279710 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1701 SUMMERWOODS LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 1701 <br> Summerwoods Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 1701 <br> Summerwoods Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&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;- | $4178 A | $4178 |
| Investments in single-family residential properties, net | - | 169225 | 169225 |
| **Total Assets** | $- | $173403 | $173403 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $172405 C | $172405 |
| Tenant security deposit | - | 998 A | 998 |
| **Total Liabilities** | - | 173403 | 173403 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $173403 | $173403 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1741 PARK LANE**

**PRO FORMA CONDENSED BALANCE SHEET**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 1741 <br> Park Lane** | **Pro Forma <br> Adjustments** | **Landa <br> Series 1741 <br> Park Lane <br> Pro Forma** |
| **Assets:** | | | |
| Cash & restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4361 A | $4361 |
| Investments in single-family residential properties, net | - | 191485 | 191485 |
| **Total Assets** | $- | $195846 | $195846 |
| **Liabilities:** |  |  |  |
| Acquisition note payable | $- | $195085 C | $195085 |
| Tenant security deposit | - | 761 A | 761 |
| **Total Liabilities** | - | 195846 | 195846 |
| Members' equity | - | - | - |
| **Total Liabilities and Equity** | $- | $195846 | $195846 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**Notes**

**A.** Reflects
 adjustments to cash and cash reserves and assumed tenant security deposits liability at closing
 of each property acquisition and acquisition note payable.

**B.** Reflects
 adjustments related to the closing of property acquisitions, including the closing costs
 primarily consisting of the acquisition fees and property due diligence fee and the related
 building depreciation for the period presented.

**C.** Reflects
 adjustments related to the acquisition note payable obtained to fund the property acquisitions.

**LANDA APP LLC (LANDA APP)** 

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS** 

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa App<br> LLC** | **Landa<br> Series 10<br> Oak Wood<br> Lane Pro<br> Forma** | **Landa<br> Series 10<br> Windridge<br> Drive Pro<br> Forma** | **Landa<br> Series 1000<br> Fox<br> Valley Trail<br> Pro Forma** | **Landa<br> Series 1007<br> Leeward<br> Way<br> Pro Forma** | **Landa<br> Series 10119<br> Commons<br> Way<br> Pro Forma** |
| **Assets:** |  |  |  |  |  |  |
| Cash & restricted cash A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $28031 | $63829 | $52005 | $64528 | $64581 |
| Investments in single-family residential properties, net B | - | 228162 | 193987 | 247854 | 236696 | 243088 |
| **Total Assets** | - | 256193 | 257816 | 299859 | 301224 | 307669 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C |  | 254456 | 256422 | 297984 | 300157 | 306450 |
| Tenant security deposit A | - | 1737 | 1394 | 1875 | 1067 | 1219 |
| **Total Liabilities** |  | 256193 | 257816 | 299859 | 301224 | 307669 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $- | $256193 | $257816 | $299859 | $301224 | $307669 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10121<br> Morris<br> Drive SW<br> Pro Forma** | **Landa<br> Series 10183<br> Starr<br> Street SW<br> Pro Forma** | **Landa<br> Series 103<br> Starlake<br> Drive<br> Pro Forma** | **Landa<br> Series 104<br> Summerfield<br> Drive<br> Pro Forma** | **Landa<br> Series 10433<br> Candlelight<br> Road<br> Pro Forma** | **Landa<br> Series 105<br> Anne<br> Street<br> Pro Forma** |
| **Assets:** |  |  |  |  |  |  |
| Cash & restricted cash A | $64501 | $63672 | $65281 | $65048 | $64982 | $63514 |
| Investments in single-family residential properties, net B | 215396 | 205726 | 203680 | 236816 | 242409 | 190741 |
| **Total Assets** | 279897 | 269398 | 268961 | 301864 | 307391 | 254255 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 278235 | 268383 | 267882 | 300059 | 305757 | 253115 |
| Tenant security deposit A | 1662 | 1015 | 1079 | 1805 | 1634 | 1140 |
| **Total Liabilities** | 279897 | 269398 | 268961 | 301864 | 307391 | 254255 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $279897 | $269398 | $268961 | $301864 | $307391 | $254255 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 107<br> Oakwood<br> Circle<br> Pro Forma** | **Landa<br> Series 109<br> Amberwood<br> Lane<br> Pro Forma** | **Landa<br> Series 110<br> Shenandoah<br> Drive<br> Pro Forma** | **Landa<br> Series 111<br> Fir Drive<br> Pro Forma** | **Landa<br> Series 1110<br> Parkview<br> Drive<br> Pro Forma** | **Landa<br> Series 11187<br> Shannon<br> Circle<br> Pro Forma** |
| **Assets:** |  |  |  |  |  |  |
| Cash & restricted cash A | $62616 | $62714 | $64622 | $63633 | $63852 | $65160 |
| Investments in single-family residential properties, net B | 137414 | 154498 | 247355 | 177973 | 198212 | 247442 |
| **Total Assets** | 200030 | 217212 | 311977 | 241606 | 262064 | 312602 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 198781 | 216284 | 310797 | 240106 | 260727 | 310885 |
| Tenant security deposit A | 1249 | 928 | 1180 | 1500 | 1337 | 1717 |
| **Total Liabilities** | 200030 | 217212 | 311977 | 241606 | 262064 | 312602 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $200030 | $217212 | $311977 | $241606 | $262064 | $312602 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 112<br> Ridge<br> Street<br> Pro Forma** | **Landa<br> Series 11322<br> Michelle Way<br> Pro Forma** | **Landa<br> Series 114<br> Starlake<br> Drive<br> Pro Forma** | **Landa<br> Series 11447<br> S Grove<br> Drive<br> Pro Forma** | **Landa<br> Series 1147<br> Village<br> Way<br> Pro Forma** | **Landa<br> Series 115<br> Lakeview<br> Drive<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $64615 | $63647 | $63680 | $64723 | $64909 | $64201 |
| Investments in single-family residential properties, net B | 246287 | 188648 | 190873 | 221821 | 237749 | 222807 |
| **Total Assets** | 310902 | 252295 | 254553 | 286544 | 302658 | 287008 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 309709 | 250982 | 253437 | 284781 | 301010 | 285786 |
| Tenant security deposit A | 1193 | 1313 | 1116 | 1763 | 1648 | 1222 |
| **Total Liabilities** | 310902 | 252295 | 254553 | 286544 | 302658 | 287008 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $310902 | $252295 | $254553 | $286544 | $302658 | $287008 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1160<br> Gable<br> Terrace<br> Pro Forma** | **Landa<br> Series 1190<br> Kirkland<br> Road<br> Pro Forma** | **Landa<br> Series 12<br> Mintz Street<br> Pro Forma** | **Landa<br> Series 120<br> Rosewood<br> Drive<br> Pro Forma** | **Landa<br> Series 1201<br> Kilrush<br> Drive<br> Pro Forma** | **Landa<br> Series 124<br> Libby Lane<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $64652 | $65345 | $64075 | $64206 | $69913 | $63755 |
| Investments in single-family residential properties, net B | 237758 | 260109 | 201459 | 223875 | 468310 | 178345 |
| **Total Assets** | 302410 | 325454 | 265534 | 288081 | 538223 | 242100 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 301175 | 323791 | 264035 | 286873 | 535920 | 240485 |
| Tenant security deposit A | 1235 | 1663 | 1499 | 1208 | 2303 | 1615 |
| **Total Liabilities** | 302410 | 325454 | 265534 | 288081 | 538223 | 242100 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $302410 | $325454 | $265534 | $288081 | $538223 | $242100 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 126<br> E Mimosa<br> Drive<br> Pro Forma** | **Landa<br> Series 12641<br> Alcovy<br> Road<br> Pro Forma** | **Landa<br> Series 1320<br> Winona Avenue<br> Pro Forma** | **Landa<br> Series 133<br> Dove Landing<br> Pro Forma** | **Landa<br> Series 137<br> Southern<br> Shores Road<br> Pro Forma** | **Landa<br> Series 138<br> Sandalwood<br> Circle<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $63854 | $64921 | $62725 | $62903 | $63321 | $28839 |
| Investments in single-family residential properties, net B | 194015 | 244100 | 159020 | 165166 | 178132 | 226511 |
| **Total Assets** | 257869 | 309021 | 221745 | 228069 | 241453 | 255350 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 256451 | 307481 | 220795 | 227058 | 240268 | 253616 |
| Tenant security deposit A | 1418 | 1540 | 950 | 1011 | 1185 | 1734 |
| **Total Liabilities** | 257869 | 309021 | 221745 | 228069 | 241453 | 255350 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $257869 | $309021 | $221745 | $228069 | $241453 | $255350 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 140<br> High<br> Ridge Road<br> Pro Forma** | **Landa<br> Series 141<br> Longstreet<br> Circle<br> Pro Forma** | **Landa<br> Series 1443<br> Pebble<br> Ridge Lane<br> Pro Forma** | **Landa<br> Series 1445<br> Maple<br> Valley Court<br> Pro Forma** | **Landa<br> Series 146<br> Crystal<br> Brook<br> Pro Forma** | **Landa<br> Series 1473<br> Brownleaf<br> Drive<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $64046 | $65004 | $65513 | $62610 | $62866 | $64511 |
| Investments in single-family residential properties, net B | 222805 | 267578 | 256005 | 139230 | 150584 | 219669 |
| **Total Assets** | 286851 | 332582 | 321518 | 201840 | 213450 | 284180 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 285784 | 331402 | 319610 | 200632 | 212200 | 282588 |
| Tenant security deposit A | 1067 | 1180 | 1908 | 1208 | 1250 | 1592 |
| **Total Liabilities** | 286851 | 332582 | 321518 | 201840 | 213450 | 284180 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $286851 | $332582 | $321518 | $201840 | $213450 | $284180 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1485<br> Bola Court<br> Pro Forma** | **Landa<br> Series 1490<br> Diplomat<br> Drive<br> Pro Forma** | **Landa<br> Series 153<br> Cliffside<br> Court<br> Pro Forma** | **Landa<br> Series 157<br> Wells Road<br> Pro Forma** | **Landa<br> Series 160<br> Chimney<br> Ridge Trail<br> Pro Forma** | **Landa<br> Series 164<br> Longstreet<br> Circle<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $64080 | $66048 | $62112 | $62692 | $64493 | $64201 |
| Investments in single-family residential properties, net B | 196122 | 290219 | 124609 | 159829 | 223875 | 226009 |
| **Total Assets** | 260202 | 356267 | 186721 | 222521 | 288368 | 290210 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 258597 | 354470 | 185856 | 221620 | 286873 | 289049 |
| Tenant security deposit A | 1605 | 1797 | 865 | 901 | 1495 | 1161 |
| **Total Liabilities** | 260202 | 356267 | 186721 | 222521 | 288368 | 290210 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $260202 | $356267 | $186721 | $222521 | $288368 | $290210 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1666<br> W Poplar<br> Street<br> Pro Forma** | **Landa<br> Series 168<br> Brookview<br> Drive<br> Pro Forma** | **Landa<br> Series 1683<br> Spoonbill<br> Road<br> Pro Forma** | **Landa<br> Series 1689<br> Viceroy Way<br> Pro Forma** | **Landa<br> Series 171<br> Davidson<br> Drive<br> Pro Forma** | **Landa<br> Series 1768<br> Glen View<br> Way<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $63094 | $28726 | $63665 | $64333 | $65310 | $65578 |
| Investments in single-family residential properties, net B | 169434 | 104630 | 182245 | 217745 | 239832 | 186677 |
| **Total Assets** | 232528 | 133356 | 245910 | 282078 | 305142 | 252255 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 231406 | 132243 | 244459 | 280628 | 303132 | 250620 |
| Tenant security deposit A | 1122 | 1113 | 1451 | 1450 | 2010 | 1635 |
| **Total Liabilities** | 232528 | 133356 | 245910 | 282078 | 305142 | 252255 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $232528 | $133356 | $245910 | $282078 | $305142 | $252255 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 181<br> Watercress<br> Court<br> Pro Forma** | **Landa<br> Series 188<br> Timberline<br> Road<br> Pro Forma** | **Landa<br> Series 189<br> Shenandoah<br> Drive<br> Pro Forma** | **Landa<br> Series 1903<br> Old Concord<br> Drive SE<br> Pro Forma** | **Landa<br> Series 195<br> Branchwood<br> Drive<br> Pro Forma** | **Landa<br> Series 195<br> Fairclift<br> Drive<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $64527 | $61515 | $63777 | $64496 | $65265 | $64251 |
| Investments in single-family residential properties, net B | 212131 | 101119 | 193985 | 245168 | 252638 | 222807 |
| **Total Assets** | 276658 | 162634 | 257762 | 309664 | 317903 | 287058 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 274908 | 161802 | 256420 | 308568 | 316179 | 285786 |
| Tenant security deposit A | 1750 | 832 | 1342 | 1096 | 1724 | 1272 |
| **Total Liabilities** | 276658 | 162634 | 257762 | 309664 | 317903 | 287058 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $276658 | $162634 | $257762 | $309664 | $317903 | $287058 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Hunters Trace<br> Pro Forma** | **Landa<br> Series 196<br> Montego<br> Circle<br> Pro Forma** | **Landa<br> Series 20<br> Chimney<br> Smoke Drive<br> Pro Forma** | **Landa<br> Series 204<br> N Main Court<br> Pro Forma** | **Landa<br> Series 2055<br> Grove Way<br> Pro Forma** | **Landa<br> Series 212<br> Fleeta Drive<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $85015 | $63962 | $64691 | $63044 | $63981 | $63605 |
| Investments in single-family residential properties, net B | 233547 | 204659 | 223875 | 165166 | 186515 | 171619 |
| **Total Assets** | 318562 | 268621 | 288566 | 228210 | 250496 | 235224 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 316955 | 267295 | 286873 | 227058 | 248809 | 233632 |
| Tenant security deposit A | 1607 | 1326 | 1693 | 1152 | 1687 | 1592 |
| **Total Liabilities** | 318562 | 268621 | 288566 | 228210 | 250496 | 235224 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $318562 | $268621 | $288566 | $228210 | $250496 | $235224 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 215<br> Central Lake<br> Circle<br> Pro Forma** | **Landa<br> Series 217<br> Glenloch<br> Court<br> Pro Forma** | **Landa<br> Series 2177<br> E Chester<br> Circle SE<br> Pro Forma** | **Landa<br> Series 221<br> Lakeview<br> Drive<br> Pro Forma** | **Landa<br> Series 2264<br> Chestnut Hill<br> Circle<br> Pro Forma** | **Landa<br> Series 235<br> Lazy Hollow<br> Lane<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $63983 | $65086 | $65432 | $64352 | $66127 | $64782 |
| Investments in single-family residential properties, net B | 204615 | 245220 | 249468 | 234549 | 314602 | 235639 |
| **Total Assets** | 268598 | 310306 | 314900 | 298901 | 380729 | 300421 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 267251 | 308621 | 312950 | 297749 | 379313 | 299259 |
| Tenant security deposit A | 1347 | 1685 | 1950 | 1152 | 1416 | 1162 |
| **Total Liabilities** | 268598 | 310306 | 314900 | 298901 | 380729 | 300421 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $268598 | $310306 | $314900 | $298901 | $380729 | $300421 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2425<br> Cornell<br> Circle<br> Pro Forma** | **Landa<br> Series 2443<br> Hodges<br> Farm Road<br> Pro Forma** | **Landa<br> Series 25<br> Pleasant<br> Valley Road<br> Pro Forma** | **Landa<br> Series 253<br> Marco Drive<br> Pro Forma** | **Landa<br> Series 255<br> Countryside<br> Lane<br> Pro Forma** | **Landa<br> Series 258<br> Rocky Point<br> Road<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $65284 | $63452 | $64580 | $63275 | $64860 | $64678 |
| Investments in single-family residential properties, net B | 267640 | 183313 | 220670 | 170764 | 231347 | 251624 |
| **Total Assets** | 332924 | 246765 | 285250 | 234039 | 296207 | 316302 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 331464 | 245546 | 283609 | 232761 | 294486 | 315147 |
| Tenant security deposit A | 1460 | 1219 | 1641 | 1278 | 1721 | 1155 |
| **Total Liabilities** | 332924 | 246765 | 285250 | 234039 | 296207 | 316302 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $332924 | $246765 | $285250 | $234039 | $296207 | $316302 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 263<br> Rocky Point<br> Road<br> Pro Forma** | **Landa<br> Series 268<br> Brookview<br> Drive<br> Pro Forma** | **Landa<br> Series 270<br> Mountain<br> Lane<br> Pro Forma** | **Landa<br> Series 270<br> Mountain<br> Way<br> Pro Forma** | **Landa<br> Series 270<br> Pleasant Hill<br> Drive<br> Pro Forma** | **Landa<br> Series 2794<br> Norfair Loop<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $64130 | $62436 | $34868 | $64832 | $21395 | $63397 |
| Investments in single-family residential properties, net B | 216403 | 127232 | 258528 | 224942 | 253436 | 171571 |
| **Total Assets** | 280533 | 189668 | 293396 | 289774 | 274831 | 234968 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 279261 | 188408 | 291683 | 287961 | 273208 | 233583 |
| Tenant security deposit A | 1272 | 1260 | 1713 | 1813 | 1623 | 1385 |
| **Total Liabilities** | 280533 | 189668 | 293396 | 289774 | 274831 | 234968 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $280533 | $189668 | $293396 | $289774 | $274831 | $234968 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2813<br> Vicksburg<br> Court<br> Pro Forma** | **Landa<br> Series 2933<br> Coffer Drive<br> Pro Forma** | **Landa<br> Series 30<br> High Ridge<br> Road<br> Pro Forma** | **Landa<br> Series 30<br> Roosevelt<br> Road<br> Pro Forma** | **Landa<br> Series 3011<br> Raintree<br> Drive SE<br> Pro Forma** | **Landa<br> Series 304<br> Cedar Street<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $65379 | $64304 | $65516 | $64583 | $71359 | $65012 |
| Investments in single-family residential properties, net B | 274040 | 218812 | 268996 | 221738 | 240246 | 237851 |
| **Total Assets** | 339419 | 283116 | 334512 | 286321 | 311605 | 302863 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 337986 | 281715 | 332846 | 284696 | 310013 | 301113 |
| Tenant security deposit A | 1433 | 1401 | 1666 | 1625 | 1592 | 1750 |
| **Total Liabilities** | 339419 | 283116 | 334512 | 286321 | 311605 | 302863 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $339419 | $283116 | $334512 | $286321 | $311605 | $302863 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 304<br> Deerfield<br> Drive<br> Pro Forma** | **Landa<br> Series 3043<br> Highway 81 S<br> Pro Forma** | **Landa<br> Series 313<br> Blue Heron<br> Drive<br> Pro Forma** | **Landa<br> Series 3202<br> Chippewa<br> Drive<br> Pro Forma** | **Landa<br> Series 35<br> Clay Court<br> Pro Forma** | **Landa<br> Series 350<br> Cadiz Lane S<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $70391 | $62712 | $65100 | $64543 | $38483 | $64025 |
| Investments in single-family residential properties, net B | 223218 | 154535 | 207909 | 235614 | 266412 | 214266 |
| **Total Assets** | 293609 | 217247 | 273009 | 300157 | 304895 | 278291 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 291845 | 216225 | 271456 | 298834 | 303196 | 277083 |
| Tenant security deposit A | 1764 | 1022 | 1553 | 1323 | 1699 | 1208 |
| **Total Liabilities** | 293609 | 217247 | 273009 | 300157 | 304895 | 278291 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $293609 | $217247 | $273009 | $300157 | $304895 | $278291 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 351<br> Wesley<br> Park Drive<br> Pro Forma** | **Landa<br> Series 3603<br> Manhattan<br> Drive<br> Pro Forma** | **Landa<br> Series 3667<br> Patti Parkway<br> Pro Forma** | **Landa<br> Series 404<br> Barberry<br> Lane<br> Pro Forma** | **Landa<br> Series 412<br> Kendall<br> Lane<br> Pro Forma** | **Landa<br> Series 416<br> Autumn<br> Lake Court<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $64036 | $65575 | $66338 | $64236 | $64418 | $64275 |
| Investments in single-family residential properties, net B | 198254 | 262303 | 314606 | 222911 | 233581 | 203594 |
| **Total Assets** | 262290 | 327878 | 380944 | 287147 | 297999 | 267869 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 260770 | 326027 | 379317 | 285892 | 296763 | 266210 |
| Tenant security deposit A | 1520 | 1851 | 1627 | 1255 | 1236 | 1659 |
| **Total Liabilities** | 262290 | 327878 | 380944 | 287147 | 297999 | 267869 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $262290 | $327878 | $380944 | $287147 | $297999 | $267869 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 43<br> Darwin Drive<br> Pro Forma** | **Landa<br> Series 432<br> Manor<br> Estates Drive<br> Pro Forma** | **Landa<br> Series 440<br> Freestone<br> Drive<br> Pro Forma** | **Landa<br> Series 4447<br> Lake<br> Breeze<br> Drive<br> Pro Forma** | **Landa<br> Series 445<br> Independence<br> Drive<br> Pro Forma** | **Landa<br> Series 449<br> Kara<br> Lane<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $63623 | $65003 | $72308 | $65333 | $57732 | $31212 |
| Investments in single-family residential properties, net B | 189715 | 250666 | 260574 | 278314 | 242777 | 235963 |
| **Total Assets** | 253338 | 315669 | 332882 | 343647 | 300509 | 267175 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 252069 | 314170 | 331496 | 342340 | 298780 | 265401 |
| Tenant security deposit A | 1269 | 1499 | 1386 | 1307 | 1729 | 1774 |
| **Total Liabilities** | 253338 | 315669 | 332882 | 343647 | 300509 | 267175 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $253338 | $315669 | $332882 | $343647 | $300509 | $267175 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 45<br> Blue Jay<br> Drive<br> Pro Forma** | **Landa<br> Series 45<br> Laurel<br> Way<br> Pro Forma** | **Landa<br> Series 4702<br> Saint James<br> Way Pro Forma** | **Landa<br> Series 4732<br> Pinedale<br> Drive<br> Pro Forma** | **Landa<br> Series 497<br> Highway 212<br> Pro Forma** | **Landa<br> Series 5039<br> East Street<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $65893 | $65659 | $64321 | $63147 | $63787 | $62740 |
| Investments in single-family residential properties, net B | 288984 | 276116 | 204667 | 172686 | 216354 | 145953 |
| **Total Assets** | 354877 | 341775 | 268988 | 235833 | 280141 | 208693 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 353211 | 340100 | 267452 | 234719 | 279211 | 207482 |
| Tenant security deposit A | 1666 | 1675 | 1536 | 1114 | 930 | 1211 |
| **Total Liabilities** | 354877 | 341775 | 268988 | 235833 | 280141 | 208693 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $354877 | $341775 | $268988 | $235833 | $280141 | $208693 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5040<br> Huntshire<br> Lane<br> Pro Forma** | **Landa<br> Series 513<br> Jarrett<br> Court<br> Pro Forma** | **Landa<br> Series 5143<br> Pinecrest<br> Drive SW<br> Pro Forma** | **Landa<br> Series 524<br> Sawmill<br> Road<br> Pro Forma** | **Landa<br> Series 5329<br> Shirewick<br> Lane<br> Pro Forma** |
| **Assets:** | | | | | |
| Cash & restricted cash A | $40545 | $64716 | $63065 | $47382 | $65281 |
| Investments in single-family residential properties, net B | 406939 | 226073 | 165212 | 237880 | 274044 |
| **Total Assets** | 447484 | 290789 | 228277 | 285262 | 339325 |
| **Liabilities:** |  |  |  |  |  |
| Acquisition note payable C | 444985 | 289113 | 227104 | 283679 | 337990 |
| Tenant security deposit A | 2499 | 1676 | 1173 | 1583 | 1335 |
| **Total Liabilities** | 447484 | 290789 | 228277 | 285262 | 339325 |
| Members' equity | - | - | - | - | - |
| **Total Liabilities and Equity** | $447484 | $290789 | $228277 | $285262 | $339325 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 540<br> Cowan<br> Road<br> Pro Forma** | **Landa<br> Series 5411<br> Rocky Pine<br> Drive<br> Pro Forma** | **Landa<br> Series 55<br> Myrtle Grove<br> Lane<br> Pro Forma** | **Landa<br> Series 550<br> Cowan Road<br> Pro Forma** | **Landa<br> Series 5581<br> Fox Glen<br> Circle<br> Pro Forma** |
| **Assets:** | | | | | |
| Cash & restricted cash A | $64828 | $64644 | $64768 | $54680 | $36633 |
| Investments in single-family residential properties, net B | 236323 | 246460 | 228144 | 197684 | 400341 |
| **Total Assets** | 301151 | 311104 | 292912 | 252364 | 436974 |
| **Liabilities:** |  |  |  |  |  |
| Acquisition note payable C | 299557 | 309885 | 291224 | 250783 | 434715 |
| Tenant security deposit A | 1594 | 1219 | 1688 | 1581 | 2259 |
| **Total Liabilities** | 301151 | 311104 | 292912 | 252364 | 436974 |
| Members' equity | - | - | - | - | - |
| **Total Liabilities and Equity** | $301151 | $311104 | $292912 | $252364 | $436974 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 565<br> Mountainview<br> Drive<br> Pro Forma** | **Landa<br> Series 5737<br> Strathmoor<br> Manor<br> Circle<br> Pro Forma** | **Landa<br> Series 5801<br> Strathmoor<br> Manor Circle<br> Pro Forma** | **Landa<br> Series 6104-6106<br> Oakwood<br> Circle SW<br> Pro Forma** | **Landa<br> Series 6107<br> Shadow<br> Glen Court<br> Pro Forma** | **Landa<br> Series 6111-6113<br> Pine Glen<br> Circle SW<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $35461 | $63434 | $64199 | $63938 | $63170 | $68400 |
| Investments in single-family residential properties, net B | 249495 | 191852 | 200389 | 185454 | 151331 | 390389 |
| **Total Assets** | 284956 | 255286 | 264588 | 249392 | 214501 | 458789 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 283236 | 254247 | 262945 | 247852 | 212961 | 456530 |
| Tenant security deposit A | 1720 | 1039 | 1643 | 1540 | 1540 | 2259 |
| **Total Liabilities** | 284956 | 255286 | 264588 | 249392 | 214501 | 458789 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $284956 | $255286 | $264588 | $249392 | $214501 | $458789 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 6119<br> Pineneedle<br> Drive SW<br> Pro Forma** | **Landa<br> Series 615<br> Barshay<br> Drive<br> Pro Forma** | **Landa<br> Series 6168<br> Wheat<br> Street NE<br> Pro Forma** | **Landa<br> Series 6178<br> Green Acres<br> Drive SW<br> Pro Forma** | **Landa<br> Series 6386<br> Forester<br> Way<br> Pro Forma** | **Landa<br> Series 6404<br> Walnut<br> Way<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $62507 | $65306 | $62777 | $63526 | $65041 | $64126 |
| Investments in single-family residential properties, net B | 105391 | 228182 | 125964 | 161382 | 233650 | 216403 |
| **Total Assets** | 167898 | 293488 | 188741 | 224908 | 298691 | 280529 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 166154 | 291964 | 187898 | 223434 | 296833 | 279261 |
| Tenant security deposit A | 1744 | 1524 | 843 | 1474 | 1858 | 1268 |
| **Total Liabilities** | 167898 | 293488 | 188741 | 224908 | 298691 | 280529 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $167898 | $293488 | $188741 | $224908 | $298691 | $280529 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 643<br> Sycamore<br> Drive<br> Pro Forma** | **Landa<br> Series 65<br> Freedom<br> Court<br> Pro Forma** | **Landa<br> Series 653<br> Georgetown<br> Lane<br> Pro Forma** | **Landa<br> Series 6635<br> Kimberly<br> Mill Road<br> Pro Forma** | **Landa<br> Series 6653<br> Bedford<br> Road<br> Pro Forma** | **Landa<br> Series 6710<br> Sunset Hills<br> Boulevard<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $63935 | $66126 | $64567 | $65520 | $64811 | $63123 |
| Investments in single-family residential properties, net B | 207494 | 229293 | 222890 | 264938 | 215357 | 174773 |
| **Total Assets** | 271429 | 295419 | 287457 | 330458 | 280168 | 237896 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 270184 | 293884 | 285870 | 328712 | 278623 | 236846 |
| Tenant security deposit A | 1245 | 1535 | 1587 | 1746 | 1545 | 1050 |
| **Total Liabilities** | 271429 | 295419 | 287457 | 330458 | 280168 | 237896 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $271429 | $295419 | $287457 | $330458 | $280168 | $237896 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 6762<br> Bent Creek<br> Drive<br> Pro Forma** | **Landa<br> Series 683<br> Wood Path<br> Court<br> Pro Forma** | **Landa<br> Series 70<br> Shenandoah<br> Lane<br> Pro Forma** | **Landa<br> Series 709<br> Georgetown<br> Court<br> Pro Forma** | **Landa<br> Series 7107<br> Geiger<br> Street NW<br> Pro Forma** | **Landa<br> Series 7205<br> Lakeview<br> Drive SW<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $64273 | $49554 | $65672 | $64476 | $61729 | $64923 |
| Investments in single-family residential properties, net B | 216401 | 280721 | 271847 | 213260 | 100052 | 229212 |
| **Total Assets** | 280674 | 330275 | 337519 | 277736 | 161781 | 294135 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 279258 | 328475 | 335751 | 276058 | 160714 | 292311 |
| Tenant security deposit A | 1416 | 1800 | 1768 | 1678 | 1067 | 1824 |
| **Total Liabilities** | 280674 | 330275 | 337519 | 277736 | 161781 | 294135 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $280674 | $330275 | $337519 | $277736 | $161781 | $294135 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 750<br> Georgetown<br> Court<br> Pro Forma** | **Landa<br> Series 752<br> Chestnut<br> Drive<br> Pro Forma** | **Landa<br> Series 773<br> Villa Way<br> Pro Forma** | **Landa<br> Series 7781<br> Mountain<br> Creek Way<br> Pro Forma** | **Landa<br> Series 7950<br> Woodlake<br> Drive<br> Pro Forma** | **Landa<br> Series 80<br> High Ridge<br> Road<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $63004 | $62250 | $32437 | $64492 | $63644 | $64631 |
| Investments in single-family residential properties, net B | 165164 | 136383 | 88385 | 237818 | 188648 | 238816 |
| **Total Assets** | 228168 | 198633 | 120822 | 302310 | 252292 | 303447 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 227055 | 197731 | 119845 | 301080 | 250982 | 302097 |
| Tenant security deposit A | 1113 | 902 | 977 | 1230 | 1310 | 1350 |
| **Total Liabilities** | 228168 | 198633 | 120822 | 302310 | 252292 | 303447 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $228168 | $198633 | $120822 | $302310 | $252292 | $303447 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 800<br> Mills Drive<br> Pro Forma** | **Landa<br> Series 808<br> Hillandale<br> Lane<br> Pro Forma** | **Landa<br> Series 8110<br> Devonshire<br> Drive<br> Pro Forma** | **Landa<br> Series 8121<br> Spillers<br> Drive SW<br> Pro Forma** | **Landa<br> Series 8233<br> Creekline<br> Court<br> Pro Forma** | **Landa<br> Series 8302<br> Sterling<br> Lakes Drive<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $65588 | $64908 | $63108 | $63442 | $68035 | $64917 |
| Investments in single-family residential properties, net B | 272914 | 221772 | 151331 | 182723 | 226617 | 242021 |
| **Total Assets** | 338502 | 286680 | 214439 | 246165 | 294652 | 306938 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 336839 | 285337 | 212961 | 244946 | 293652 | 305362 |
| Tenant security deposit A | 1663 | 1343 | 1478 | 1219 | 1000 | 1576 |
| **Total Liabilities** | 338502 | 286680 | 214439 | 246165 | 294652 | 306938 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $338502 | $286680 | $214439 | $246165 | $294652 | $306938 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 840<br> Park Villa<br> Way<br> Pro Forma** | **Landa<br> Series 843<br> Tramore<br> Drive<br> Pro Forma** | **Landa<br> Series 85<br> Kirkland<br> Court<br> Pro Forma** | **Landa<br> Series 85<br> Thorn Thicket<br> Way<br> Pro Forma** | **Landa<br> Series 8658<br> Ashley Way<br> Pro Forma** | **Landa<br> Series 8667<br> Ashley Way<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $61928 | $52863 | $65596 | $64380 | $63156 | $32970 |
| Investments in single-family residential properties, net B | 110121 | 144226 | 267636 | 231411 | 128952 | 104867 |
| **Total Assets** | 172049 | 197089 | 333232 | 295791 | 192108 | 137837 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 170973 | 195489 | 331460 | 294552 | 190908 | 136737 |
| Tenant security deposit A | 1076 | 1600 | 1772 | 1239 | 1200 | 1100 |
| **Total Liabilities** | 172049 | 197089 | 333232 | 295791 | 192108 | 137837 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $172049 | $197089 | $333232 | $295791 | $192108 | $137837 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8671<br> Ashley Way<br> Pro Forma** | **Landa<br> Series 8676<br> Ashley Way<br> Pro Forma** | **Landa<br> Series 8691<br> Ashley Way<br> Pro Forma** | **Landa<br> Series 8692<br> Ashley Way<br> Pro Forma** | **Landa<br> Series 8693<br> Ashley Way<br> Pro Forma** | **Landa<br> Series 8694<br> Ashley Way<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $68310 | $78007 | $62390 | $43678 | $94172 | $62558 |
| Investments in single-family residential properties, net B | 133517 | 128727 | 87315 | 103331 | 127492 | 139588 |
| **Total Assets** | 201827 | 206734 | 149705 | 147009 | 221664 | 202146 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 200777 | 205684 | 148555 | 145859 | 220464 | 200996 |
| Tenant security deposit A | 1050 | 1050 | 1150 | 1150 | 1200 | 1150 |
| **Total Liabilities** | 201827 | 206734 | 149705 | 147009 | 221664 | 202146 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $201827 | $206734 | $149705 | $147009 | $221664 | $202146 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8697<br> Ashley Way<br> Pro Forma** | **Landa<br> Series 8819<br> Leafwood<br> Court<br> Pro Forma** | **Landa<br> Series 8855<br> Rugby Court<br> Pro Forma** | **Landa<br> Series 9020<br> Sterling Ridge<br> Lane<br> Pro Forma** | **Landa<br> Series 9150<br> Spillers<br> Drive SW<br> Pro Forma** | **Landa<br> Series 925<br> Mote Road<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $70814 | $64497 | $62920 | $36280 | $63364 | $65214 |
| Investments in single-family residential properties, net B | 148595 | 219687 | 159874 | 202025 | 190785 | 248369 |
| **Total Assets** | 219409 | 284184 | 222794 | 238305 | 254149 | 313583 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 218459 | 282606 | 221665 | 236659 | 253159 | 311830 |
| Tenant security deposit A | 950 | 1578 | 1129 | 1646 | 990 | 1753 |
| **Total Liabilities** | 219409 | 284184 | 222794 | 238305 | 254149 | 313583 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $219409 | $284184 | $222794 | $238305 | $254149 | $313583 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 94<br> Hampton<br> Oaks Drive<br> Pro Forma** | **Landa<br> Series 9409<br> Forest<br> Knoll Drive<br> Pro Forma** | **Landa<br> Series 9434<br> Cedar Creek<br> Place<br> Pro Forma** | **Landa<br> Series 9597<br> Pintail Trail<br> Pro Forma** | **Landa<br> Series 974<br> Laurel Street<br> Pro Forma** | **Landa<br> Series 1701<br> Summerwoods<br> Lane<br> Pro Forma** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $63756 | $65168 | $65431 | $64581 | $65308 | $4178 |
| Investments in single-family residential properties, net B | 203594 | 244258 | 267653 | 237829 | 214402 | 169225 |
| **Total Assets** | 267350 | 309426 | 333084 | 302410 | 279710 | 173403 |
| **Liabilities:** |  |  |  |  |  |  |
| Acquisition note payable C | 266210 | 307642 | 331780 | 301292 | 278299 | 172405 |
| Tenant security deposit A | 1140 | 1784 | 1304 | 1118 | 1411 | 998 |
| **Total Liabilities** | 267350 | 309426 | 333084 | 302410 | 279710 | 173403 |
| Members' equity | - | - | - | - | - | - |
| **Total Liabilities and Equity** | $267350 | $309426 | $333084 | $302410 | $279710 | $173403 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **Landa<br> Series 1741<br> Park Lane<br> Pro Forma** | **Total Pro Forma Condensed Combined Balance Sheets** |
| **Assets:** | | |
| Cash & restricted cash A | $4361 | $11305328 |
| Investments in single-family residential properties, net B | 191485 | 39108754 |
| **Total Assets** | 195846 | 50414082 |
| **Liabilities:** |  |  |
| Acquisition note payable C | 195085 | 50152733 |
| Tenant security deposit A | 761 | 261349 |
| **Total Liabilities** | 195846 | 50414082 |
| Members' equity | - | - |
| **Total Liabilities and Equity** | $195846 | $50414082 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total<br> Pro Forma<br> Condensed<br> Combined<br> Balance<br> Sheets** | **Landa<br> Series 115<br> Sardis<br> Street** | **Landa<br> Series 1394<br> Oakview<br> Circle** | **Landa<br> Series 1701<br> Summerwoods<br> Lane** | **Landa<br> Series 1741<br> Park Lane** | **Landa<br> Series 209<br> Timber Wolf<br> Trail** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | 11305328 | $5750 | $3500 | $39580 | $23008 | $6316 |
| Escrow |  |  | 852 |  |  | 461 |
| Due from related party |  |  | 6022 |  |  | 5876 |
| Investments in single-family residential properties, net B | 39108754 | 107314 | 74043 | - | - | 111319 |
| **Total Assets** | 50414082 | 113064 | 84417 | 39580 | 23008 | 123972 |
| **Liabilities:** |  |  |  |  |  |  |
| Due to related party |  | 564 |  | 25356 | 8512 |  |
| Other liabilities |  | 764 | 2550 | 14224 | 14496 | 1369 |
| Acquisition note payable C | 50152733 | 117304 |  |  |  | 58077 |
| Mortgage payable |  |  | 44015 |  |  | 61750 |
| Tenant security deposit A | 261349 | - | 500 | - | - | 775 |
| **Total Liabilities** | 50414082 | 118632 | 47065 | 39580 | 23008 | 121971 |
| Members' equity | - | (5568) | 37352 | - | - | 2001 |
| **Total Liabilities and Equity** | 50414082 | $113064 | $84417 | $39580 | $23008 | $123972 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2505<br> Oak Circle** | **Landa<br> Series 271<br> Timber Wolf<br> Trail** | **Landa<br> Series 29<br> Holly Grove<br> Road** | **Landa<br> Series 1703<br> Summerwoods<br> Lane** | **Landa<br> Series 1712<br> Summerwoods<br> Lane** | **Landa<br> Series 1743<br> Summerwoods<br> Lane** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $8536 | $7100 | $4881 | $3462 | $48596 | $3705 |
| Escrow | 595 | 579 | 726 | 1186 | 1193 | 1183 |
| Due from related party |  | 3181 | 1562 | 1597 |  |  |
| Investments in single-family residential properties, net B | 98611 | 119909 | 93031 | 109896 | 109896 | 109896 |
| **Total Assets** | 107742 | 130769 | 100200 | 116141 | 159685 | 114784 |
| **Liabilities:** |  |  |  |  |  |  |
| Due to related party | 10433 |  |  |  | 46392 | 776 |
| Other liabilities | 1002 | 7675 | 1261 | 998 |  |  |
| Acquisition note payable C | 21770 | 61012 | 15945 |  |  |  |
| Mortgage payable | 76700 | 62400 | 84500 | 77925 | 67535 | 77925 |
| Tenant security deposit A | 1250 | 950 | 600 | 950 | 875 | 975 |
| **Total Liabilities** | 111155 | 132037 | 102306 | 79873 | 114802 | 79676 |
| Members' equity | (3413) | (1268) | (2106) | 36268 | 44883 | 35108 |
| **Total Liabilities and Equity** | $107742 | $130769 | $100200 | $116141 | $159685 | $114784 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1750<br> Summerwoods<br> Lane** | **Landa<br> Series 4267<br> High Park<br> Lane** | **Landa<br> Series 4474<br> Highwood<br> Park Drive** | **Landa<br> Series 8569<br> Creekwood<br> Way** | **Landa<br> Series 9439<br> Lakeview<br> Road** | **Landa<br> Series 10167<br> Port Royal<br> Court** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $2717 | $49972 | $7126 | $5321 | $57953 | $1847 |
| Escrow | 1259 | 794 | 1061 | 623 | 1196 | 1121 |
| Due from related party |  |  |  |  |  | 872 |
| Investments in single-family residential properties, net B | 109896 | 146793 | 132077 | 80568 | 175070 | 106902 |
| **Total Assets** | 113872 | 197559 | 140264 | 86512 | 234219 | 110742 |
| **Liabilities:** |  |  |  |  |  |  |
| Due to related party | 164 | 47108 | 4664 | 3099 | 57719 |  |
| Other liabilities |  |  |  |  | 100 |  |
| Acquisition note payable C |  |  |  |  |  |  |
| Mortgage payable | 77925 | 104250 | 93750 | 49400 | 124425 | 82500 |
| Tenant security deposit A | 875 | 1207 | 1125 | 835 | 1207 | 1050 |
| **Total Liabilities** | 78964 | 152565 | 99539 | 53334 | 183451 | 83550 |
| Members' equity | 34908 | 44994 | 40725 | 33178 | 50768 | 27192 |
| **Total Liabilities and Equity** | $113872 | $197559 | $140264 | $86512 | $234219 | $110742 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1246<br> Elgin<br> Way** | **Landa<br> Series 1910<br> Grove Way** | **Landa<br> Series 593<br> Country Lane<br> Drive** | **Landa<br> Series 6436<br> Stone<br> Terrace** | **Landa<br> Series 6440<br> Woodstone<br> Terrace** | **Landa<br> Series 6848<br> Sandy Creek<br> Drive** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $2663 | $12753 | $1653 | $1093 | $2420 | $1660 |
| Escrow | 1354 | 1159 | 1262 | 756 | 546 | 273 |
| Due from related party | 751 |  | 534 | 1063 |  | 195 |
| Investments in single-family residential properties, net B | 129068 | 101067 | 92639 | 58467 | 62590 | 83490 |
| **Total Assets** | 133836 | 114979 | 96088 | 61379 | 65556 | 85618 |
| **Liabilities:** |  |  |  |  |  |  |
| Due to related party |  | 19658 |  |  | 4913 |  |
| Other liabilities |  | 15 |  |  | 220 |  |
| Acquisition note payable C |  |  |  |  |  |  |
| Mortgage payable | 95250 | 82500 | 71250 | 45000 | 46500 | 64500 |
| Tenant security deposit A | 1150 | 1250 | 971 | 1000 | 1100 | 1025 |
| **Total Liabilities** | 96400 | 103423 | 72221 | 46000 | 52733 | 65525 |
| Members' equity | 37436 | 11556 | 23867 | 15379 | 12823 | 20093 |
| **Total Liabilities and Equity** | $133836 | $114979 | $96088 | $61379 | $65556 | $85618 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 687<br> Utoy Court** | **Landa<br> Series 729<br> Winter Lane** | **Landa<br> Series 7349<br> Exeter<br> Court** | **Landa<br> Series 8645<br> Embrey<br> Drive** | **Landa<br> Series 8780<br> Churchill<br> Place** | **Landa<br> Series 8796<br> Parliament<br> Place** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $2671 | $317 | $1961 | $1945 | $3573 | $32905 |
| Escrow | 904 | 1075 | 1171 | 1073 | 1197 | 1099 |
| Due from related party |  |  | 819 | 930 |  |  |
| Investments in single-family residential properties, net B | 111573 | 109928 | 106948 | 114929 | 128134 | 106176 |
| **Total Assets** | 115148 | 111320 | 110899 | 118877 | 132904 | 140180 |
| **Liabilities:** |  |  |  |  |  |  |
| Due to related party | 3533 | 578 |  |  | 42 | 30198 |
| Other liabilities |  |  |  |  |  |  |
| Acquisition note payable C |  |  |  |  |  |  |
| Mortgage payable | 82500 | 82500 | 71500 | 84750 | 94500 | 78750 |
| Tenant security deposit A | 975 | 1060 | 1060 | 1103 | 1260 | 1050 |
| **Total Liabilities** | 87008 | 84138 | 72560 | 85853 | 95802 | 109998 |
| Members' equity | 28140 | 27182 | 38339 | 33024 | 37102 | 30182 |
| **Total Liabilities and Equity** | $115148 | $111320 | $110899 | $118877 | $132904 | $140180 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8641<br> Ashley<br> Way** | **Landa<br> Series 8651<br> Ashley<br> Way** | **Landa<br> Series 8652<br> Ashley<br> Way** | **Landa<br> Series 8653<br> Ashley<br> Way** | **Landa<br> Series 8654<br> Ashley<br> Way** | **Landa<br> Series 8655<br> Ashley<br> Way** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $42100 | $5370 | $30860 | $5451 | $5925 | $44779 |
| Escrow | 1006 | 854 | 907 | 847 | 913 | 859 |
| Due from related party |  | 782 |  | 5209 | 999 |  |
| Investments in single-family residential properties, net B | 137647 | 115093 | 127982 | 114020 | 127981 | 119399 |
| **Total Assets** | 180753 | 122099 | 159749 | 125527 | 135818 | 165037 |
| **Liabilities:** |  |  |  |  |  |  |
| Due to related party | 49033 |  | 59438 |  |  | 60212 |
| Other liabilities |  |  |  |  |  |  |
| Acquisition note payable C |  |  |  |  |  |  |
| Mortgage payable | 96357 | 80424 | 76700 | 68250 | 89529 | 71500 |
| Tenant security deposit A | 975 | 800 | 925 | 925 | 1050 | 950 |
| **Total Liabilities** | 146365 | 81224 | 137063 | 69175 | 90579 | 132662 |
| Members' equity | 34388 | 40875 | 22686 | 56352 | 45239 | 32375 |
| **Total Liabilities and Equity** | $180753 | $122099 | $159749 | $125527 | $135818 | $165037 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8659<br> Ashley<br> Way** | **Landa<br> Series 8662<br> Ashley<br> Way** | **Landa<br> Series 8668<br> Ashley<br> Way** | **Landa<br> Series 8670<br> Ashley<br> Way** | **Landa<br> Series 8674<br> Ashley<br> Way** | **Landa<br> Series 8675<br> Ashley<br> Way** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $27098 | $41028 | $22530 | $16528 | $6192 | $48907 |
| Escrow | 890 | 914 | 1072 | 1003 | 927 | 856 |
| Due from related party |  |  |  |  | 722 |  |
| Investments in single-family residential properties, net B | 136584 | 132288 | 141956 | 149474 | 126919 | 124770 |
| **Total Assets** | 164572 | 174230 | 165558 | 167005 | 134760 | 174533 |
| **Liabilities:** |  |  |  |  |  |  |
| Due to related party | 65240 | 55101 | 59307 | 63859 |  | 44496 |
| Other liabilities |  |  |  |  |  |  |
| Acquisition note payable C |  |  |  |  |  |  |
| Mortgage payable | 81900 | 84500 | 99392 | 94250 | 87750 | 87253 |
| Tenant security deposit A | 900 | 975 | 1025 | 1000 | 1110 | 950 |
| **Total Liabilities** | 148040 | 140576 | 159724 | 159109 | 88860 | 132699 |
| Members' equity | 16532 | 33654 | 5834 | 7896 | 45900 | 41834 |
| **Total Liabilities and Equity** | $164572 | $174230 | $165558 | $167005 | $134760 | $174533 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED BALANCE SHEETS**

**AS OF JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8677<br> Ashley<br> Way** | **Landa<br> Series 8678<br> Ashley<br> Way** | **Landa<br> Series 8679<br> Ashley<br> Way** | **Landa<br> Series 8683<br> Ashley<br> Way** | **Total<br> Combining<br> Balance Sheets<br> per 1-SA** | **Total<br> Pro Forma<br> Condensed<br> Combined<br> Balance Sheets<br> and<br> Total Combining<br> Balance Sheets<br> per 1-SA** |
| **Assets:** | | | | | | |
| Cash & restricted cash A | $48032 | $18749 | $6819 | $11992 | $727344 | $12032672 |
| Escrow | 823 | 1090 | 1008 | 879 | 39546 | 39546 |
| Due from related party |  |  | 5 |  | 31119 | 31119 |
| Investments in single-family residential properties, net B | 117251 | 158067 | 126919 | 116177 | 4962757 | 44071511 |
| **Total Assets** | 166106 | 177906 | 134751 | 129048 | 5760766 | 56174848 |
| **Liabilities:** |  |  |  |  |  |  |
| Due to related party | 41447 | 64713 |  | 278 | 826833 | 826833 |
| Other liabilities |  |  |  |  | 44674 | 44674 |
| Acquisition note payable C |  |  |  |  | 274108 | 50426841 |
| Mortgage payable | 81942 | 104000 | 88770 | 81183 | 3358200 | 3358200 |
| Tenant security deposit A | 1050 | 925 | 1000 | 975 | 41713 | 303062 |
| **Total Liabilities** | 124439 | 169638 | 89770 | 82436 | 4545528 | 54959610 |
| Members' equity | 41667 | 8268 | 44981 | 46612 | 1215238 | 1215238 |
| **Total Liabilities and Equity** | $166106 | $177906 | $134751 | $129048 | $5760766 | $56174848 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

**Notes**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** Reflects adjustments to cash and cash reserves and assumed tenant security deposits liability at closing of each property acquisition and acquisition note payable.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** Reflects adjustments related to the closing of property acquisitions, including the closing costs primarily consisting of the acquisition fees and property due diligence fee and the related building depreciation for the period presented.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** Reflects
 adjustments related to the acquisition note payable obtained to fund the property acquisitions.

**LANDA SERIES 10 OAK WOOD LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10<br> Oak Wood Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10<br> Oak Wood Lane<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1219 | $- | $1219 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 624 |  | 624 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 281 |  | 281 |
| Repairs & maintenance |  | 144 |  | 144 |
| Other expenses |  | 245 |  | 245 |
| Management fee |  |  | 834 E | 834 |
| Depreciation expense |  |  | 3734 B | 3734 |
| Interest expense | - | - | 5725 C | 5725 |
| **Total Expenses** | - | 1294 | 10293 | 11587 |
| **Net income (loss) before provision for income tax** | - | (75) | (10293) | (10368) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(75) | $(10293) | $(10368) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10 WINDRIDGE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10<br> Windridge Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10<br> Windridge Drive<br> Pro Forma** |
| **Rental income** | $&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7707 | $- | $7707 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 684 |  | 684 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 242 |  | 242 |
| Repairs & maintenance |  | 198 |  | 198 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 669 E | 669 |
| Depreciation expense |  |  | 3174 B | 3174 |
| Interest expense | - | - | 5769 C | 5769 |
| **Total Expenses** | - | 1124 | 9612 | 10736 |
| **Net income (loss) before provision for income tax** | - | 6583 | (9612) | (3029) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6583 | $(9612) | $(3029) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1000 FOX VALLEY TRAIL**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1000<br> Fox Valley Trail** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1000 <br> Fox Valley Trail<br> Pro Forma** |
| **Rental income** | $&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;- | $1500 | $- | $1500 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1430 |  | 1430 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 301 |  | 301 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  | 287 |  | 287 |
| Management fee |  |  | 900 E | 900 |
| Depreciation expense |  |  | 4056 B | 4056 |
| Interest expense | - | - | 6705 C | 6705 |
| **Total Expenses** | - | 2018 | 11661 | 13679 |
| **Net income (loss) before provision for income tax** | - | (518) | (11661) | (12179) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(518) | $(11661) | $(12179) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1007 LEEWARD WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1007<br> Leeward Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1007<br> Leeward Way <br> Pro Forma** |
| **Rental income** | $&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;&nbsp;&nbsp;- | $6402 | $- | $6402 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 964 |  | 964 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 288 |  | 288 |
| Repairs & maintenance |  | 1600 |  | 1600 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 512 E | 512 |
| Depreciation expense |  |  | 3873 B | 3873 |
| Interest expense | - | - | 6754 C | 6754 |
| **Total Expenses** | - | 2852 | 11139 | 13991 |
| **Net income (loss) before provision for income tax** | - | 3550 | (11139) | (7589) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $3550 | $(11139) | $(7589) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10119 COMMONS WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10119<br> Commons Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10119<br> Commons Way<br> Pro Forma** |
| **Rental income** | $&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;- | $7314 | $- | $7314 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1128 |  | 1128 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 295 |  | 295 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 585 E | 585 |
| Depreciation expense |  |  | 3978 B | 3978 |
| Interest expense | - | - | 6895 C | 6895 |
| **Total Expenses** | - | 1423 | 11458 | 12881 |
| **Net income (loss) before provision for income tax** | - | 5891 | (11458) | (5567) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5891 | $(11458) | $(5567) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10121 MORRIS DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10121<br> Morris Drive SW** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10121<br> Morris Drive SW<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 513 |  | 513 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 96 |  | 96 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 798 E | 798 |
| Depreciation expense |  |  | 3525 B | 3525 |
| Interest expense | - | - | 6260 C | 6260 |
| **Total Expenses** | - | 609 | 10583 | 11192 |
| **Net income (loss) before provision for income tax** | - | (609) | (10583) | (11192) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(609) | $(10583) | $(11192) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10183 STARR STREET SW** 

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022** 

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10183<br> Starr Street SW** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10183<br> Starr Street SW<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6090 | $- | $6090 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 522 |  | 522 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 245 |  | 245 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 487 E | 487 |
| Depreciation expense |  |  | 3366 B | 3366 |
| Interest expense | - | - | 6039 C | 6039 |
| **Total Expenses** | - | 767 | 9892 | 10659 |
| **Net income (loss) before provision for income tax** | - | 5323 | (9892) | (4569) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5323 | $(9892) | $(4569) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 103 STARLAKE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 103<br> Starlake Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 103<br> Starlake Drive<br> Pro Forma** |
| **Rental income** | $&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;&nbsp;&nbsp;- | $6474 | $- | $6474 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 746 |  | 746 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 239 |  | 239 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 518 E | 518 |
| Depreciation expense |  |  | 3333 B | 3333 |
| Interest expense | - | - | 6027 C | 6027 |
| **Total Expenses** | - | 985 | 9878 | 10863 |
| **Net income (loss) before provision for income tax** | - | 5489 | (9878) | (4389) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5489 | $(9878) | $(4389) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 104 SUMMERFIELD DRIVE** 

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022** 

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 104<br> Summerfield Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 104<br> Summerfield Drive <br> Pro Forma** |
| **Rental income** | $&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2332 | $- | $2332 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1141 |  | 1141 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 288 |  | 288 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  | 231 |  | 231 |
| Management fee |  |  | 866 E | 866 |
| Depreciation expense |  |  | 3875 B | 3875 |
| Interest expense | - | - | 6751 C | 6751 |
| **Total Expenses** | - | 1660 | 11492 | 13152 |
| **Net income (loss) before provision for income tax** | - | 672 | (11492) | (10820) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $672 | $(11492) | $(10820) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10433 CANDLELIGHT ROAD** 

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022** 

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10433<br> Candlelight Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 10433<br> Candlelight Road <br> Pro Forma** |
| **Rental income** | $&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;- | $10294 | $- | $10294 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1024 |  | 1024 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 243 |  | 243 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 784 E | 784 |
| Depreciation expense |  |  | 3967 B | 3967 |
| Interest expense | - | - | 6880 C | 6880 |
| **Total Expenses** | - | 1267 | 11631 | 12898 |
| **Net income (loss) before provision for income tax** | - | 9027 | (11631) | (2604) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $9027 | $(11631) | $(2604) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 105 ANNE STREET** 

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022** 

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 105<br> Anne Street** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 105<br> Anne Street <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6840 | $- | $6840 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 484 |  | 484 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 238 |  | 238 |
| Repairs & maintenance |  | 5569 |  | 5569 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 547 E | 547 |
| Depreciation expense |  |  | 3121 B | 3121 |
| Interest expense | - | - | 5695 C | 5695 |
| **Total Expenses** | - | 6291 | 9363 | 15654 |
| **Net income (loss) before provision for income tax** | - | 549 | (9363) | (8814) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $549 | $(9363) | $(8814) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 107 OAKWOOD CIRCLE** 

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022** 

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 107<br> Oakwood Circle** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 107<br> Oakwood Circle <br> Pro Forma** |
| **Rental income** | $&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;- | $6372 | $- | $6372 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 405 |  | 405 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 180 |  | 180 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 600 E | 600 |
| Depreciation expense |  |  | 2249 B | 2249 |
| Interest expense | - | - | 4473 C | 4473 |
| **Total Expenses** | - | 585 | 7322 | 7907 |
| **Net income (loss) before provision for income tax** | - | 5787 | (7322) | (1535) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5787 | $(7322) | $(1535) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 109 AMBERWOOD LANE** 

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022** 

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 109<br> Amberwood Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 109<br> Amberwood Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5568 | $- | $5568 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 488 |  | 488 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 199 |  | 199 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 445 E | 445 |
| Depreciation expense |  |  | 2528 B | 2528 |
| Interest expense | - | - | 4866 C | 4866 |
| **Total Expenses** | - | 687 | 7839 | 8526 |
| **Net income (loss) before provision for income tax** | - | 4881 | (7839) | (2958) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4881 | $(7839) | $(2958) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 110 SHENANDOAH DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 110<br> Shenandoah Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 110<br> Shenandoah Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7198 | $- | $7198 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 799 |  | 799 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 260 |  | 260 |
| Repairs & maintenance |  | 1284 |  | 1284 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 566 E | 566 |
| Depreciation expense |  |  | 4048 B | 4048 |
| Interest expense | - | - | 6993 C | 6993 |
| **Total Expenses** | - | 2343 | 11607 | 13950 |
| **Net income (loss) before provision for income tax** | - | 4855 | (11607) | (6752) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4855 | $(11607) | $(6752) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 111 FIR DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 111<br> Fir Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 111<br> Fir Drive<br> Pro Forma** |
| **Rental income** | $&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;- | $3924 | $- | $3924 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 743 |  | 743 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 204 |  | 204 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  | 200 |  | 200 |
| Management fee |  |  | 720 E | 720 |
| Depreciation expense |  |  | 2912 B | 2912 |
| Interest expense | - | - | 5402 C | 5402 |
| **Total Expenses** | - | 1147 | 9034 | 10181 |
| **Net income (loss) before provision for income tax** | - | 2777 | (9034) | (6257) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $2777 | $(9034) | $(6257) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1110 PARKVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1110<br> Parkview Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1110<br> Parkview Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1856 | $- | $1856 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 435 |  | 435 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 246 |  | 246 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 642 E | 642 |
| Depreciation expense |  |  | 3243 B | 3243 |
| Interest expense | - | - | 5866 C | 5866 |
| **Total Expenses** | - | 681 | 9751 | 10432 |
| **Net income (loss) before provision for income tax** | - | 1175 | (9751) | (8576) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1175 | $(9751) | $(8576) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 11187 SHANNON CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 11187<br> Shannon Circle** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 11187<br> Shannon Circle <br> Pro Forma** |
| **Rental income** | $&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;&nbsp;&nbsp;- | $8908 | $- | $8908 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 859 |  | 859 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 300 |  | 300 |
| Repairs & maintenance |  | 75 |  | 75 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 824 E | 824 |
| Depreciation expense |  |  | 4049 B | 4049 |
| Interest expense | - | - | 6995 C | 6995 |
| **Total Expenses** | - | 1234 | 11868 | 13102 |
| **Net income (loss) before provision for income tax** | - | 7674 | (11868) | (4194) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7674 | $(11868) | $(4194) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 112 RIDGE STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 112<br> Ridge Street** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 112<br> Ridge Street <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7277 | $- | $7277 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1105 |  | 1105 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 259 |  | 259 |
| Repairs & maintenance |  | 1360 |  | 1360 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 573 E | 573 |
| Depreciation expense |  |  | 4030 B | 4030 |
| Interest expense | - | - | 6968 C | 6968 |
| **Total Expenses** | - | 2724 | 11571 | 14295 |
| **Net income (loss) before provision for income tax** | - | 4553 | (11571) | (7018) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4553 | $(11571) | $(7018) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 11322 MICHELLE WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 11322<br> Michelle Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 11322<br> Michelle Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7125 | $- | $7125 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 952 |  | 952 |
| Homeowners association fees |  | 240 |  | 240 |
| Insurance expense |  | 197 |  | 197 |
| Repairs & maintenance |  | 188 |  | 188 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 630 E | 630 |
| Depreciation expense |  |  | 3087 B | 3087 |
| Interest expense | - | - | 5647 C | 5647 |
| **Total Expenses** | - | 1577 | 9364 | 10941 |
| **Net income (loss) before provision for income tax** | - | 5548 | (9364) | (3816) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5548 | $(9364) | $(3816) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 114 STARLAKE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 114<br> Starlake Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa Series 114 Starlake Drive <br> Pro Forma** |
| **Rental income** | $&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;- | $6919 | $- | $6919 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 738 |  | 738 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 238 |  | 238 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 536 E | 536 |
| Depreciation expense |  |  | 3123 B | 3123 |
| Interest expense | - | - | 5702 C | 5702 |
| **Total Expenses** | - | 976 | 9361 | 10337 |
| **Net income (loss) before provision for income tax** | - | 5943 | (9361) | (3418) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5943 | $(9361) | $(3418) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 11447 S GROVE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 11447<br> S Grove Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 11447 <br> S Grove Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9268 | $- | $9268 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1023 |  | 1023 |
| Homeowners association fees |  | 225 |  | 225 |
| Insurance expense |  | 272 |  | 272 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 846 E | 846 |
| Depreciation expense |  |  | 3630 B | 3630 |
| Interest expense | - | - | 6408 C | 6408 |
| **Total Expenses** | - | 1520 | 10884 | 12404 |
| **Net income (loss) before provision for income tax** | - | 7748 | (10884) | (3136) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7748 | $(10884) | $(3136) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1147 VILLAGE WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1147<br> Village Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1147<br> Village Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4995 | $- | $4995 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1792 |  | 1792 |
| Homeowners association fees |  | 1266 |  | 1266 |
| Insurance expense |  | 194 |  | 194 |
| Repairs & maintenance |  | 81 |  | 81 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 791 E | 791 |
| Depreciation expense |  |  | 3890 B | 3890 |
| Interest expense | - | - | 6773 C | 6773 |
| **Total Expenses** | - | 3333 | 11454 | 14787 |
| **Net income (loss) before provision for income tax** | - | 1662 | (11454) | (9792) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1662 | $(11454) | $(9792) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 115 LAKEVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 115<br> Lakeview Drive** | **Historical<br> Property<br> Operations** | **Pro Forma Adjustments** | **Landa<br> Series 115<br> Lakeview Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7332 | $- | $7332 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1091 |  | 1091 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 273 |  | 273 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 587 E | 587 |
| Depreciation expense |  |  | 3646 B | 3646 |
| Interest expense | - | - | 6430 C | 6430 |
| **Total Expenses** | - | 1364 | 10663 | 12027 |
| **Net income (loss) before provision for income tax** | - | 5968 | (10663) | (4695) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5968 | $(10663) | $(4695) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1160 GABLE TERRACE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1160<br> Gable Terrace** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1160<br> Gable Terrace<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7410 | $- | $7410 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1349 |  | 1349 |
| Homeowners association fees |  | 75 |  | 75 |
| Insurance expense |  | 285 |  | 285 |
| Repairs & maintenance |  | 955 |  | 955 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 593 E | 593 |
| Depreciation expense |  |  | 3891 B | 3891 |
| Interest expense | - | - | 6776 C | 6776 |
| **Total Expenses** | - | 2664 | 11260 | 13924 |
| **Net income (loss) before provision for income tax** | - | 4746 | (11260) | (6514) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4746 | $(11260) | $(6514) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1190 KIRKLAND ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1190<br> Kirkland Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1190<br> Kirkland Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8970 | $- | $8970 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 691 |  | 691 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 314 |  | 314 |
| Repairs & maintenance |  | 287 |  | 287 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 798 E | 798 |
| Depreciation expense |  |  | 4256 B | 4256 |
| Interest expense | - | - | 7285 C | 7285 |
| **Total Expenses** | - | 1292 | 12339 | 13631 |
| **Net income (loss) before provision for income tax** | - | 7678 | (12339) | (4661) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7678 | $(12339) | $(4661) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 12 MINTZ STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 12<br> Mintz Street** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 12<br> Mintz Street <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7266 | $- | $7266 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 807 |  | 807 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 250 |  | 250 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 720 E | 720 |
| Depreciation expense |  |  | 3297 B | 3297 |
| Interest expense | - | - | 5941 C | 5941 |
| **Total Expenses** | - | 1057 | 9958 | 11015 |
| **Net income (loss) before provision for income tax** | - | 6209 | (9958) | (3749) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6209 | $(9958) | $(3749) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 120 ROSEWOOD DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 120<br> Rosewood Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 120<br> Rosewood Drive <br> Pro Forma** |
| **Rental income** | $&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;- | $7248 | $- | $7248 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1076 |  | 1076 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 274 |  | 274 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 580 E | 580 |
| Depreciation expense |  |  | 3663 B | 3663 |
| Interest expense | - | - | 6455 C | 6455 |
| **Total Expenses** | - | 1350 | 10698 | 12048 |
| **Net income (loss) before provision for income tax** | - | 5898 | (10698) | (4800) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5898 | $(10698) | $(4800) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1201 KILRUSH DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1201<br> Kilrush<br> Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1201<br> Kilrush Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13818 | $- | $13818 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1598 |  | 1598 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 499 |  | 499 |
| Repairs & maintenance |  | 725 |  | 725 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 1105 E | 1105 |
| Depreciation expense |  |  | 7663 B | 7663 |
| Interest expense | - | - | 12058 C | 12058 |
| **Total Expenses** | - | 2822 | 20826 | 23648 |
| **Net income (loss) before provision for income tax** | - | 10996 | (20826) | (9830) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $10996 | $(20826) | $(9830) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 124 LIBBY LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 124<br> Libby<br> Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 124<br> Libby Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3255 | $- | $3255 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 572 |  | 572 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 197 |  | 197 |
| Repairs & maintenance |  | 565 |  | 565 |
| Other expenses |  | 137 |  | 137 |
| Management fee |  |  | 775 E | 775 |
| Depreciation expense |  |  | 2918 B | 2918 |
| Interest expense | - | - | 5411 C | 5411 |
| **Total Expenses** | - | 1471 | 9104 | 10575 |
| **Net income (loss) before provision for income tax** | - | 1784 | (9104) | (7320) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1784 | $(9104) | $(7320) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 126 E MIMOSA DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 126<br> E Mimosa Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 126<br> E Mimosa Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1990 | $- | $1990 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 621 |  | 621 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 242 |  | 242 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 681 E | 681 |
| Depreciation expense |  |  | 3175 B | 3175 |
| Interest expense | - | - | 5770 C | 5770 |
| **Total Expenses** | - | 863 | 9626 | 10489 |
| **Net income (loss) before provision for income tax** | - | 1127 | (9626) | (8499) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1127 | $(9626) | $(8499) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 12641 ALCOVY ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 12641<br> Alcovy Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 12641<br> Alcovy Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8360 | $- | $8360 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 736 |  | 736 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 296 |  | 296 |
| Repairs & maintenance |  | 46 |  | 46 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 739 E | 739 |
| Depreciation expense |  |  | 3994 B | 3994 |
| Interest expense | - | - | 6918 C | 6918 |
| **Total Expenses** | - | 1078 | 11651 | 12729 |
| **Net income (loss) before provision for income tax** | - | 7282 | (11651) | (4369) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7282 | $(11651) | $(4369) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1320 WINONA AVENUE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1320<br> Winona Avenue** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1320<br> Winona Avenue<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5700 | $- | $5700 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 326 |  | 326 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 204 |  | 204 |
| Repairs & maintenance |  | 240 |  | 240 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 456 E | 456 |
| Depreciation expense |  |  | 2602 B | 2602 |
| Interest expense | - | - | 4968 C | 4968 |
| **Total Expenses** | - | 770 | 8026 | 8796 |
| **Net income (loss) before provision for income tax** | - | 4930 | (8026) | (3096) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4930 | $(8026) | $(3096) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 133 DOVE LANDING**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 133<br> Dove Landing** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 133<br> Dove Landing<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3631 | $- | $3631 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 513 |  | 513 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 210 |  | 210 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 485 E | 485 |
| Depreciation expense |  |  | 2703 B | 2703 |
| Interest expense | - | - | 5109 C | 5109 |
| **Total Expenses** | - | 723 | 8297 | 9020 |
| **Net income (loss) before provision for income tax** | - | 2908 | (8297) | (5389) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $2908 | $(8297) | $(5389) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 137 SOUTHERN SHORES ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 137<br> Southern Shores Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 137<br> Southern Shores Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6500 | $- | $6500 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 683 |  | 683 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 197 |  | 197 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 569 E | 569 |
| Depreciation expense |  |  | 2915 B | 2915 |
| Interest expense | - | - | 5406 C | 5406 |
| **Total Expenses** | - | 880 | 8890 | 9770 |
| **Net income (loss) before provision for income tax** | - | 5620 | (8890) | (3270) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5620 | $(8890) | $(3270) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 138 SANDALWOOD CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 138<br> Sandalwood Circle** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 138<br> Sandalwood Circle <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 612 |  | 612 |
| Homeowners association fees |  | 630 |  | 630 |
| Insurance expense |  | 169 |  | 169 |
| Repairs & maintenance |  | 19429 |  | 19429 |
| Other expenses |  | 299 |  | 299 |
| Management fee |  |  | 832 E | 832 |
| Depreciation expense |  |  | 3707 B | 3707 |
| Interest expense | - | - | 5706 C | 5706 |
| **Total Expenses** | - | 21139 | 10245 | 31384 |
| **Net income (loss) before provision for income tax** | - | (21139) | (10245) | (31384) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(21139) | $(10245) | $(31384) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 140 HIGH RIDGE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 140<br> High Ridge Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 140<br> High Ridge Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6402 | $- | $6402 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 758 |  | 758 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 242 |  | 242 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 512 E | 512 |
| Depreciation expense |  |  | 3646 B | 3646 |
| Interest expense | - | - | 6430 C | 6430 |
| **Total Expenses** | - | 1000 | 10588 | 11588 |
| **Net income (loss) before provision for income tax** | - | 5402 | (10588) | (5186) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5402 | $(10588) | $(5186) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 141 LONGSTREET CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 141<br> Longstreet Circle** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 141<br> Longstreet Circle <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7552 | $- | $7552 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 755 |  | 755 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 321 |  | 321 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 566 E | 566 |
| Depreciation expense |  |  | 4379 B | 4379 |
| Interest expense | - | - | 7457 C | 7457 |
| **Total Expenses** | - | 1076 | 12402 | 13478 |
| **Net income (loss) before provision for income tax** | - | 6476 | (12402) | (5926) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6476 | $(12402) | $(5926) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1443 PEBBLE RIDGE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1443<br> Pebble Ridge Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1443<br> Pebble Ridge Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4672 | $- | $4672 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1020 |  | 1020 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 309 |  | 309 |
| Repairs & maintenance |  | 82 |  | 82 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 916 E | 916 |
| Depreciation expense |  |  | 4189 B | 4189 |
| Interest expense | - | - | 7191 C | 7191 |
| **Total Expenses** | - | 1411 | 12296 | 13707 |
| **Net income (loss) before provision for income tax** | - | 3261 | (12296) | (9035) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $3261 | $(12296) | $(9035) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1445 MAPLE VALLEY COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1445<br> Maple Valley Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1445<br> Maple Valley Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7050 | $- | $7050 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 932 |  | 932 |
| Homeowners association fees |  | 180 |  | 180 |
| Insurance expense |  | 226 |  | 226 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 580 E | 580 |
| Depreciation expense |  |  | 2278 B | 2278 |
| Interest expense | - | - | 4514 C | 4514 |
| **Total Expenses** | - | 1338 | 7372 | 8710 |
| **Net income (loss) before provision for income tax** | - | 5712 | (7372) | (1660) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5712 | $(7372) | $(1660) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 146 CRYSTAL BROOK** 

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022** 

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 146<br> Crystal Brook** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 146<br> Crystal Brook <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6792 | $- | $6792 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 829 |  | 829 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 171 |  | 171 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 600 E | 600 |
| Depreciation expense |  |  | 2464 B | 2464 |
| Interest expense | - | - | 4775 C | 4775 |
| **Total Expenses** | - | 1000 | 7839 | 8839 |
| **Net income (loss) before provision for income tax** | - | 5792 | (7839) | (2047) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5792 | $(7839) | $(2047) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1473 BROWNLEAF DRIVE** 

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022** 

**(UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1473<br> Brownleaf Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1473<br> Brownleaf Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7164 | $- | $7164 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 921 |  | 921 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 269 |  | 269 |
| Repairs & maintenance |  | 55 |  | 55 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 764 E | 764 |
| Depreciation expense |  |  | 3595 B | 3595 |
| Interest expense | - | - | 6358 C | 6358 |
| **Total Expenses** | - | 1245 | 10717 | 11962 |
| **Net income (loss) before provision for income tax** | - | 5919 | (10717) | (4798) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5919 | $(10717) | $(4798) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1485 BOLA COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1485<br> Bola Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1485 <br> Bola Court<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8480 | $- | $8480 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 674 |  | 674 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 244 |  | 244 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 770 E | 770 |
| Depreciation expense |  |  | 3209 B | 3209 |
| Interest expense | - | - | 5818 C | 5818 |
| **Total Expenses** | - | 918 | 9797 | 10715 |
| **Net income (loss) before provision for income tax** | - | 7562 | (9797) | (2235) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7562 | $(9797) | $(2235) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1490 DIPLOMAT DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1490<br> Diplomat Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1490<br> Diplomat Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3585 | $- | $3585 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1409 |  | 1409 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 346 |  | 346 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  | 82 |  | 82 |
| Management fee |  |  | 863 E | 863 |
| Depreciation expense |  |  | 4749 B | 4749 |
| Interest expense | - | - | 7976 C | 7976 |
| **Total Expenses** | - | 1837 | 13588 | 15425 |
| **Net income (loss) before provision for income tax** | - | 1748 | (13588) | (11840) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1748 | $(13588) | $(11840) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 153 CLIFFSIDE COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 153<br> Cliffside Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 153<br> Cliffside Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5190 | $- | $5190 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 602 |  | 602 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 135 |  | 135 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 415 E | 415 |
| Depreciation expense |  |  | 2039 B | 2039 |
| Interest expense | - | - | 4182 C | 4182 |
| **Total Expenses** | - | 737 | 6636 | 7373 |
| **Net income (loss) before provision for income tax** | - | 4453 | (6636) | (2183) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4453 | $(6636) | $(2183) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 157 WELLS ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 157<br> Wells Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 157<br> Wells Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5406 | $- | $5406 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 657 |  | 657 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 205 |  | 205 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 432 E | 432 |
| Depreciation expense |  |  | 2615 B | 2615 |
| Interest expense | - | - | 4986 C | 4986 |
| **Total Expenses** | - | 862 | 8033 | 8895 |
| **Net income (loss) before provision for income tax** | - | 4544 | (8033) | (3489) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4544 | $(8033) | $(3489) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 160 CHIMNEY RIDGE TRAIL**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 160<br> Chimney Ridge Trail** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 160<br> Chimney Ridge Trail <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8970 | $- | $8970 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1061 |  | 1061 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 274 |  | 274 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 718 E | 718 |
| Depreciation expense |  |  | 3663 B | 3663 |
| Interest expense | - | - | 6455 C | 6455 |
| **Total Expenses** | - | 1335 | 10836 | 12171 |
| **Net income (loss) before provision for income tax** | - | 7635 | (10836) | (3201) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7635 | $(10836) | $(3201) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 164 LONGSTREET CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 164<br> Longstreet Circle** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 164<br> Longstreet Circle <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6966 | $- | $6966 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 907 |  | 907 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 276 |  | 276 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 557 E | 557 |
| Depreciation expense |  |  | 3698 B | 3698 |
| Interest expense | - | - | 6504 C | 6504 |
| **Total Expenses** | - | 1183 | 10759 | 11942 |
| **Net income (loss) before provision for income tax** | - | 5783 | (10759) | (4976) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5783 | $(10759) | $(4976) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1666 W POPLAR STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1666 <br> W Poplar Street** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1666 <br> W Poplar Street<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6732 | $- | $6732 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 460 |  | 460 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 188 |  | 188 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 539 E | 539 |
| Depreciation expense |  |  | 2773 B | 2773 |
| Interest expense | - | - | 5207 C | 5207 |
| **Total Expenses** | - | 648 | 8519 | 9167 |
| **Net income (loss) before provision for income tax** | - | 6084 | (8519) | (2435) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6084 | $(8519) | $(2435) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 168 BROOKVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 168<br> Brookview Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 168<br> Brookview Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3878 | $- | $3878 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 814 |  | 814 |
| Homeowners association fees |  | 300 |  | 300 |
| Insurance expense |  | 206 |  | 206 |
| Repairs & maintenance |  | 21817 |  | 21817 |
| Other expenses |  | 287 |  | 287 |
| Management fee |  |  | 534 E | 534 |
| Depreciation expense |  |  | 1712 B | 1712 |
| Interest expense | - | - | 2975 C | 2975 |
| **Total Expenses** | - | 23424 | 5221 | 28645 |
| **Net income (loss) before provision for income tax** | - | (19546) | (5221) | (24767) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(19546) | $(5221) | $(24767) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1683 SPOONBILL ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1683<br> Spoonbill<br> Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1683<br> Spoonbill Road<br> Pro Forma** |
| **Rental income** | $&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;- | $1800 | $- | $1800 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 694 |  | 694 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 229 |  | 229 |
| Repairs & maintenance |  | 535 |  | 535 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 696 E | 696 |
| Depreciation expense |  |  | 2982 B | 2982 |
| Interest expense | - | - | 5500 C | 5500 |
| **Total Expenses** | - | 1458 | 9178 | 10636 |
| **Net income (loss) before provision for income tax** | - | 342 | (9178) | (8836) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $342 | $(9178) | $(8836) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1689 VICEROY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1689<br> Viceroy<br> Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1689<br> Viceroy Way <br> Pro Forma** |
| **Rental income** | $&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;- | $8222 | $- | $8222 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1672 |  | 1672 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 260 |  | 260 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 696 E | 696 |
| Depreciation expense |  |  | 3563 B | 3563 |
| Interest expense | - | - | 6314 C | 6314 |
| **Total Expenses** | - | 1932 | 10573 | 12505 |
| **Net income (loss) before provision for income tax** | - | 6290 | (10573) | (4283) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6290 | $(10573) | $(4283) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 171 DAVIDSON DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 171<br> Davidson Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 171<br> Davidson Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2308 | $- | $2308 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 845 |  | 845 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 291 |  | 291 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 965 E | 965 |
| Depreciation expense |  |  | 3925 B | 3925 |
| Interest expense | - | - | 6820 C | 6820 |
| **Total Expenses** | - | 1136 | 11710 | 12846 |
| **Net income (loss) before provision for income tax** | - | 1172 | (11710) | (10538) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1172 | $(11710) | $(10538) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1768 GLEN VIEW WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1768 <br> Glen View Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1768 <br> Glen View Way<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5610 | $- | $5610 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 879 |  | 879 |
| Homeowners association fees |  | 210 |  | 210 |
| Insurance expense |  | 234 |  | 234 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 785 E | 785 |
| Depreciation expense |  |  | 3055 B | 3055 |
| Interest expense | - | - | 5639 C | 5639 |
| **Total Expenses** | - | 1323 | 9479 | 10802 |
| **Net income (loss) before provision for income tax** | - | 4287 | (9479) | (5192) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4287 | $(9479) | $(5192) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 181 WATERCRESS COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 181<br> Watercress Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 181<br> Watercress Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5375 | $- | $5375 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 903 |  | 903 |
| Homeowners association fees |  | 130 |  | 130 |
| Insurance expense |  | 186 |  | 186 |
| Repairs & maintenance |  | 135 |  | 135 |
| Other expenses |  | 299 |  | 299 |
| Management fee |  |  | 840 E | 840 |
| Depreciation expense |  |  | 3471 B | 3471 |
| Interest expense | - | - | 6185 C | 6185 |
| **Total Expenses** | - | 1653 | 10496 | 12149 |
| **Net income (loss) before provision for income tax** | - | 3722 | (10496) | (6774) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $3722 | $(10496) | $(6774) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 188 TIMBERLINE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 188<br> Timberline Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 188<br> Timberline Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5158 | $- | $5158 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 183 |  | 183 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 154 |  | 154 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 399 E | 399 |
| Depreciation expense |  |  | 1655 B | 1655 |
| Interest expense | - | - | 3641 C | 3641 |
| **Total Expenses** | - | 337 | 5695 | 6032 |
| **Net income (loss) before provision for income tax** | - | 4821 | (5695) | (874) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4821 | $(5695) | $(874) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 189 SHENANDOAH DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 189<br> Shenandoah Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 189<br> Shenandoah Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7384 | $- | $7384 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 860 |  | 860 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 209 |  | 209 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 644 E | 644 |
| Depreciation expense |  |  | 3174 B | 3174 |
| Interest expense | - | - | 5769 C | 5769 |
| **Total Expenses** | - | 1069 | 9587 | 10656 |
| **Net income (loss) before provision for income tax** | - | 6315 | (9587) | (3272) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6315 | $(9587) | $(3272) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1903 OLD CONCORD DRIVE SE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1903<br> Old Concord Drive SE** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1903 <br> Old Concord Drive SE<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6576 | $- | $6576 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 647 |  | 647 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 297 |  | 297 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 526 E | 526 |
| Depreciation expense |  |  | 4012 B | 4012 |
| Interest expense | - | - | 6943 C | 6943 |
| **Total Expenses** | - | 944 | 11481 | 12425 |
| **Net income (loss) before provision for income tax** | - | 5632 | (11481) | (5849) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5632 | $(11481) | $(5849) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 195 BRANCHWOOD DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Branchwood Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 195<br> Branchwood Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 789 |  | 789 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 305 |  | 305 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 828 E | 828 |
| Depreciation expense |  |  | 4134 B | 4134 |
| Interest expense | - | - | 7114 C | 7114 |
| **Total Expenses** | - | 1094 | 12076 | 13170 |
| **Net income (loss) before provision for income tax** | - | (1094) | (12076) | (13170) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1094) | $(12076) | $(13170) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 195 FAIRCLIFT DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Fairclift Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 195<br> Fairclift Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7632 | $- | $7632 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 615 |  | 615 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 273 |  | 273 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 611 E | 611 |
| Depreciation expense |  |  | 3646 B | 3646 |
| Interest expense | - | - | 6430 C | 6430 |
| **Total Expenses** | - | 888 | 10687 | 11575 |
| **Net income (loss) before provision for income tax** | - | 6744 | (10687) | (3943) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6744 | $(10687) | $(3943) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 195 HUNTERS TRACE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Hunters Trace** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 195<br> Hunters Trace<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3316 | $- | $3316 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 814 |  | 814 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 246 |  | 246 |
| Repairs & maintenance |  | 18315 |  | 18315 |
| Other expenses |  | 314 |  | 314 |
| Management fee |  |  | 771 E | 771 |
| Depreciation expense |  |  | 3822 B | 3822 |
| Interest expense | - | - | 7131 C | 7131 |
| **Total Expenses** | - | 19689 | 11724 | 31413 |
| **Net income (loss) before provision for income tax** | - | (16373) | (11724) | (28097) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(16373) | $(11724) | $(28097) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 196 MONTEGO CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 196<br> Montego Circle** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 196<br> Montego Circle<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7956 | $- | $7956 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 795 |  | 795 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 225 |  | 225 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 636 E | 636 |
| Depreciation expense |  |  | 3349 B | 3349 |
| Interest expense | - | - | 6014 C | 6014 |
| **Total Expenses** | - | 1020 | 9999 | 11019 |
| **Net income (loss) before provision for income tax** | - | 6936 | (9999) | (3063) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6936 | $(9999) | $(3063) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 20 CHIMNEY SMOKE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 20<br> Chimney Smoke Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 20<br> Chimney Smoke Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8658 | $- | $8658 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1145 |  | 1145 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 274 |  | 274 |
| Repairs & maintenance |  | 2396 |  | 2396 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 813 E | 813 |
| Depreciation expense |  |  | 3663 B | 3663 |
| Interest expense | - | - | 6455 C | 6455 |
| **Total Expenses** | - | 3815 | 10931 | 14746 |
| **Net income (loss) before provision for income tax** | - | 4843 | (10931) | (6088) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4843 | $(10931) | $(6088) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 204 N MAIN COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 204<br> N Main Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 204<br> N Main Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6912 | $- | $6912 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 939 |  | 939 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 210 |  | 210 |
| Repairs & maintenance |  | 687 |  | 687 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 553 E | 553 |
| Depreciation expense |  |  | 2703 B | 2703 |
| Interest expense | - | - | 5109 C | 5109 |
| **Total Expenses** | - | 1836 | 8365 | 10201 |
| **Net income (loss) before provision for income tax** | - | 5076 | (8365) | (3289) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5076 | $(8365) | $(3289) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2055 GROVE WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2055<br> Grove Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2055<br> Grove Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 972 |  | 972 |
| Homeowners association fees |  | 225 |  | 225 |
| Insurance expense |  | 234 |  | 234 |
| Repairs & maintenance |  | 106 |  | 106 |
| Other expenses |  | 299 |  | 299 |
| Management fee |  |  | 810 E | 810 |
| Depreciation expense |  |  | 3052 B | 3052 |
| Interest expense | - | - | 5598 C | 5598 |
| **Total Expenses** | - | 1836 | 9460 | 11296 |
| **Net income (loss) before provision for income tax** | - | (1836) | (9460) | (11296) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1836) | $(9460) | $(11296) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 212 FLEETA DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 212<br> Fleeta Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 212<br> Fleeta Drive<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8718 | $- | $8718 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 690 |  | 690 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 215 |  | 215 |
| Repairs & maintenance |  | 2150 |  | 2150 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 764 E | 764 |
| Depreciation expense |  |  | 2808 B | 2808 |
| Interest expense | - | - | 5257 C | 5257 |
| **Total Expenses** | - | 3055 | 8829 | 11884 |
| **Net income (loss) before provision for income tax** | - | 5663 | (8829) | (3166) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5663 | $(8829) | $(3166) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 215 CENTRAL LAKE CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 215<br> Central Lake Circle** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 215<br> Central Lake Circle <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3178 | $- | $3178 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 585 |  | 585 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 253 |  | 253 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 647 E | 647 |
| Depreciation expense |  |  | 3348 B | 3348 |
| Interest expense | - | - | 6013 C | 6013 |
| **Total Expenses** | - | 838 | 10008 | 10846 |
| **Net income (loss) before provision for income tax** | - | 2340 | (10008) | (7668) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $2340 | $(10008) | $(7668) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 217 GLENLOCH COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 217<br> Glenloch Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 217<br> Glenloch Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9540 | $- | $9540 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1237 |  | 1237 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 330 |  | 330 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 809 E | 809 |
| Depreciation expense |  |  | 4013 B | 4013 |
| Interest expense | - | - | 6944 C | 6944 |
| **Total Expenses** | - | 1567 | 11766 | 13333 |
| **Net income (loss) before provision for income tax** | - | 7973 | (11766) | (3793) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7973 | $(11766) | $(3793) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2177 E CHESTER CIRCLE SE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2177 <br> E Chester Circle SE** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2177 <br> E Chester Circle SE<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5745 | $- | $5745 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 697 |  | 697 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 302 |  | 302 |
| Repairs & maintenance |  | 80 |  | 80 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 936 E | 936 |
| Depreciation expense |  |  | 4082 B | 4082 |
| Interest expense | - | - | 7041 C | 7041 |
| **Total Expenses** | - | 1079 | 12059 | 13138 |
| **Net income (loss) before provision for income tax** | - | 4666 | (12059) | (7393) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4666 | $(12059) | $(7393) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 221 LAKEVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 221<br> Lakeview Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 221<br> Lakeview Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7258 | $- | $7258 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1178 |  | 1178 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 286 |  | 286 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 553 E | 553 |
| Depreciation expense |  |  | 3838 B | 3838 |
| Interest expense | - | - | 6699 C | 6699 |
| **Total Expenses** | - | 1464 | 11090 | 12554 |
| **Net income (loss) before provision for income tax** | - | 5794 | (11090) | (5296) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5794 | $(11090) | $(5296) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2264 CHESTNUT HILL CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2264<br> Chestnut Hill Circle** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2264<br> Chestnut Hill Circle<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8638 | $- | $8638 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1908 |  | 1908 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 377 |  | 377 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 680 E | 680 |
| Depreciation expense |  |  | 5148 B | 5148 |
| Interest expense | - | - | 8535 C | 8535 |
| **Total Expenses** | - | 2285 | 14363 | 16648 |
| **Net income (loss) before provision for income tax** | - | 6353 | (14363) | (8010) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6353 | $(14363) | $(8010) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 235 LAZY HOLLOW LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 235<br> Lazy Hollow Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 235<br> Lazy Hollow Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6972 | $- | $6972 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 886 |  | 886 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 287 |  | 287 |
| Repairs & maintenance |  | 397 |  | 397 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 558 E | 558 |
| Depreciation expense |  |  | 3856 B | 3856 |
| Interest expense | - | - | 6733 C | 6733 |
| **Total Expenses** | - | 1570 | 11147 | 12717 |
| **Net income (loss) before provision for income tax** | - | 5402 | (11147) | (5745) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5402 | $(11147) | $(5745) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2425 CORNELL CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2425<br> Cornell Circle** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2425<br> Cornell Circle <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8760 | $- | $8760 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1498 |  | 1498 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 321 |  | 321 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 701 E | 701 |
| Depreciation expense |  |  | 4380 B | 4380 |
| Interest expense | - | - | 7458 C | 7458 |
| **Total Expenses** | - | 1819 | 12539 | 14358 |
| **Net income (loss) before provision for income tax** | - | 6941 | (12539) | (5598) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6941 | $(12539) | $(5598) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2443 HODGES FARM ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2443<br> Hodges Farm Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2443<br> Hodges Farm Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7314 | $- | $7314 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 712 |  | 712 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 230 |  | 230 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 585 E | 585 |
| Depreciation expense |  |  | 3000 B | 3000 |
| Interest expense | - | - | 5525 C | 5525 |
| **Total Expenses** | - | 942 | 9110 | 10052 |
| **Net income (loss) before provision for income tax** | - | 6372 | (9110) | (2738) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6372 | $(9110) | $(2738) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 25 PLEASANT VALLEY ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 25<br> Pleasant Valley Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 25<br> Pleasant Valley Road<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7153 | $- | $7153 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1020 |  | 1020 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 254 |  | 254 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 788 E | 788 |
| Depreciation expense |  |  | 3611 B | 3611 |
| Interest expense | - | - | 6381 C | 6381 |
| **Total Expenses** | - | 1274 | 10780 | 12054 |
| **Net income (loss) before provision for income tax** | - | 5879 | (10780) | (4901) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5879 | $(10780) | $(4901) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 253 MARCO DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 253<br> Marco Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 253<br> Marco Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6003 | $- | $6003 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 650 |  | 650 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 197 |  | 197 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 613 E | 613 |
| Depreciation expense |  |  | 2794 B | 2794 |
| Interest expense | - | - | 5237 C | 5237 |
| **Total Expenses** | - | 847 | 8644 | 9491 |
| **Net income (loss) before provision for income tax** | - | 5156 | (8644) | (3488) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5156 | $(8644) | $(3488) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 255 COUNTRYSIDE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 255<br> Countryside Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 255<br> Countryside Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9120 | $- | $9120 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 787 |  | 787 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 282 |  | 282 |
| Repairs & maintenance |  | 45 |  | 45 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 826 E | 826 |
| Depreciation expense |  |  | 3786 B | 3786 |
| Interest expense | - | - | 6626 C | 6626 |
| **Total Expenses** | - | 1114 | 11238 | 12352 |
| **Net income (loss) before provision for income tax** | - | 8006 | (11238) | (3232) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $8006 | $(11238) | $(3232) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 258 ROCKY POINT ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 258<br> Rocky Point Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 258<br> Rocky Point Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6820 | $- | $6820 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1030 |  | 1030 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 285 |  | 285 |
| Repairs & maintenance |  | 491 |  | 491 |
| Other expenses |  | 27 |  | 27 |
| Management fee |  |  | 554 E | 554 |
| Depreciation expense |  |  | 4117 B | 4117 |
| Interest expense | - | - | 7091 C | 7091 |
| **Total Expenses** | - | 1833 | 11762 | 13595 |
| **Net income (loss) before provision for income tax** | - | 4987 | (11762) | (6775) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4987 | $(11762) | $(6775) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 263 ROCKY POINT ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 263<br> Rocky Point Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 263<br> Rocky Point Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 708 |  | 708 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 266 |  | 266 |
| Repairs & maintenance |  | 743 |  | 743 |
| Other expenses |  | 350 |  | 350 |
| Management fee |  |  | 611 E | 611 |
| Depreciation expense |  |  | 3541 B | 3541 |
| Interest expense | - | - | 6283 C | 6283 |
| **Total Expenses** | - | 2067 | 10435 | 12502 |
| **Net income (loss) before provision for income tax** | - | (2067) | (10435) | (12502) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(2067) | $(10435) | $(12502) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 268 BROOKVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 268<br> Brookview Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 268<br> Brookview Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7938 | $- | $7938 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 816 |  | 816 |
| Homeowners association fees |  | 300 |  | 300 |
| Insurance expense |  | 206 |  | 206 |
| Repairs & maintenance |  | 127 |  | 127 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 605 E | 605 |
| Depreciation expense |  |  | 2082 B | 2082 |
| Interest expense | - | - | 4239 C | 4239 |
| **Total Expenses** | - | 1449 | 6926 | 8375 |
| **Net income (loss) before provision for income tax** | - | 6489 | (6926) | (437) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6489 | $(6926) | $(437) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 270 MOUNTAIN LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 270<br> Mountain Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 270<br> Mountain Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 738 |  | 738 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 270 |  | 270 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  | 461 |  | 461 |
| Management fee |  |  | 822 E | 822 |
| Depreciation expense |  |  | 4230 B | 4230 |
| Interest expense | - | - | 6563 C | 6563 |
| **Total Expenses** | - | 1469 | 11615 | 13084 |
| **Net income (loss) before provision for income tax** | - | (1469) | (11615) | (13084) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1469) | $(11615) | $(13084) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 270 MOUNTAIN WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 270<br> Mountain Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 270<br> Mountain Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4550 | $- | $4550 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 715 |  | 715 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 275 |  | 275 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 870 E | 870 |
| Depreciation expense |  |  | 3681 B | 3681 |
| Interest expense | - | - | 6479 C | 6479 |
| **Total Expenses** | - | 990 | 11030 | 12020 |
| **Net income (loss) before provision for income tax** | - | 3560 | (11030) | (7470) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $3560 | $(11030) | $(7470) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 270 PLEASANT HILL DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 270<br> Pleasant Hill Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 270<br> Pleasant Hill Drive<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6666 | $- | $6666 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 752 |  | 752 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 309 |  | 309 |
| Repairs & maintenance |  | 14050 |  | 14050 |
| Other expenses |  | 260 |  | 260 |
| Management fee |  |  | 779 E | 779 |
| Depreciation expense |  |  | 4147 B | 4147 |
| Interest expense | - | - | 6147 C | 6147 |
| **Total Expenses** | - | 15371 | 11073 | 26444 |
| **Net income (loss) before provision for income tax** | - | (8705) | (11073) | (19778) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(8705) | $(11073) | $(19778) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2794 NORFAIR LOOP**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2794<br> Norfair Loop** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2794<br> Norfair Loop <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7396 | $- | $7396 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1281 |  | 1281 |
| Homeowners association fees |  | 198 |  | 198 |
| Insurance expense |  | 218 |  | 218 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 665 E | 665 |
| Depreciation expense |  |  | 2808 B | 2808 |
| Interest expense | - | - | 5256 C | 5256 |
| **Total Expenses** | - | 1697 | 8729 | 10426 |
| **Net income (loss) before provision for income tax** | - | 5699 | (8729) | (3030) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5699 | $(8729) | $(3030) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2813 VICKSBURG COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2813<br> Vicksburg Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2813<br> Vicksburg Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8885 | $- | $8885 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 762 |  | 762 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 319 |  | 319 |
| Repairs & maintenance |  | 245 |  | 245 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 688 E | 688 |
| Depreciation expense |  |  | 4484 B | 4484 |
| Interest expense | - | - | 7605 C | 7605 |
| **Total Expenses** | - | 1326 | 12777 | 14103 |
| **Net income (loss) before provision for income tax** | - | 7559 | (12777) | (5218) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7559 | $(12777) | $(5218) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2933 COFFER DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2933<br> Coffer Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2933<br> Coffer Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8083 | $- | $8083 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 596 |  | 596 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 242 |  | 242 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 672 E | 672 |
| Depreciation expense |  |  | 3581 B | 3581 |
| Interest expense | - | - | 6339 C | 6339 |
| **Total Expenses** | - | 838 | 10592 | 11430 |
| **Net income (loss) before provision for income tax** | - | 7245 | (10592) | (3347) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7245 | $(10592) | $(3347) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 30 HIGH RIDGE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 30<br> High Ridge Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 30<br> High Ridge Road<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8880 | $- | $8880 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 689 |  | 689 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 240 |  | 240 |
| Repairs & maintenance |  | 430 |  | 430 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 800 E | 800 |
| Depreciation expense |  |  | 4402 B | 4402 |
| Interest expense | - | - | 7489 C | 7489 |
| **Total Expenses** | - | 1359 | 12691 | 14050 |
| **Net income (loss) before provision for income tax** | - | 7521 | (12691) | (5170) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7521 | $(12691) | $(5170) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 30 ROOSEVELT ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 30<br> Roosevelt Road** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 30<br> Roosevelt Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1214 | $- | $1214 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1072 |  | 1072 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 281 |  | 281 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 780 E | 780 |
| Depreciation expense |  |  | 3628 B | 3628 |
| Interest expense | - | - | 6406 C | 6406 |
| **Total Expenses** | - | 1353 | 10814 | 12167 |
| **Net income (loss) before provision for income tax** | - | (139) | (10814) | (10953) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(139) | $(10814) | $(10953) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3011 RAINTREE DRIVE SE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 3011<br> Raintree Drive SE** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3011<br> Raintree Drive SE<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1054 |  | 1054 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 224 |  | 224 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  | 183 |  | 183 |
| Management fee |  |  | 764 E | 764 |
| Depreciation expense |  |  | 3931 B | 3931 |
| Interest expense | - | - | 6975 C | 6975 |
| **Total Expenses** | - | 1461 | 11670 | 13131 |
| **Net income (loss) before provision for income tax** | - | (1461) | (11670) | (13131) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1461) | $(11670) | $(13131) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 304 CEDAR STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 304<br> Cedar Street** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 304<br> Cedar Street <br> Pro Forma** |
| **Rental income** | $&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;&nbsp;&nbsp;- | $981 | $- | $981 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 941 |  | 941 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 289 |  | 289 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 840 E | 840 |
| Depreciation expense |  |  | 3892 B | 3892 |
| Interest expense | - | - | 6775 C | 6775 |
| **Total Expenses** | - | 1230 | 11507 | 12737 |
| **Net income (loss) before provision for income tax** | - | (249) | (11507) | (11756) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(249) | $(11507) | $(11756) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 304 DEERFIELD DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 304<br> Deerfield Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 304<br> Deerfield Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 891 |  | 891 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 273 |  | 273 |
| Repairs & maintenance |  | 20360 |  | 20360 |
| Other expenses |  | 299 |  | 299 |
| Management fee |  |  | 847 E | 847 |
| Depreciation expense |  |  | 3653 B | 3653 |
| Interest expense | - | - | 6567 C | 6567 |
| **Total Expenses** | - | 21823 | 11067 | 32890 |
| **Net income (loss) before provision for income tax** | - | (21823) | (11067) | (32890) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(21823) | $(11067) | $(32890) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3043 HIGHWAY 81 S**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 3043<br> Highway 81 S** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3043<br> Highway 81 S <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6132 | $- | $6132 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 771 |  | 771 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 220 |  | 220 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 491 E | 491 |
| Depreciation expense |  |  | 2529 B | 2529 |
| Interest expense | - | - | 4865 C | 4865 |
| **Total Expenses** | - | 991 | 7885 | 8876 |
| **Net income (loss) before provision for income tax** | - | 5141 | (7885) | (2744) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5141 | $(7885) | $(2744) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 313 BLUE HERON DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 313<br> Blue Heron Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 313<br> Blue Heron Drive<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2134 | $- | $2134 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1066 |  | 1066 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 244 |  | 244 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  | 314 |  | 314 |
| Management fee |  |  | 745 E | 745 |
| Depreciation expense |  |  | 3402 B | 3402 |
| Interest expense | - | - | 6108 C | 6108 |
| **Total Expenses** | - | 1624 | 10255 | 11879 |
| **Net income (loss) before provision for income tax** | - | 510 | (10255) | (9745) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $510 | $(10255) | $(9745) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3202 CHIPPEWA DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 3202<br> Chippewa Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3202<br> Chippewa Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7938 | $- | $7938 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 689 |  | 689 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 255 |  | 255 |
| Repairs & maintenance |  | 4130 |  | 4130 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 635 E | 635 |
| Depreciation expense |  |  | 3856 B | 3856 |
| Interest expense | - | - | 6724 C | 6724 |
| **Total Expenses** | - | 5074 | 11215 | 16289 |
| **Net income (loss) before provision for income tax** | - | 2864 | (11215) | (8351) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $2864 | $(11215) | $(8351) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 35 CLAY COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 35<br> Clay Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 35<br> Clay Court<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1185 | $- | $1185 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 833 |  | 833 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 278 |  | 278 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 816 E | 816 |
| Depreciation expense |  |  | 4359 B | 4359 |
| Interest expense | - | - | 6822 C | 6822 |
| **Total Expenses** | - | 1111 | 11997 | 13108 |
| **Net income (loss) before provision for income tax** | - | 74 | (11997) | (11923) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $74 | $(11997) | $(11923) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 350 CADIZ LANE S**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 350<br> Cadiz Lane S** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 350<br> Cadiz Lane S<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7248 | $- | $7248 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 782 |  | 782 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 244 |  | 244 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 580 E | 580 |
| Depreciation expense |  |  | 3506 B | 3506 |
| Interest expense | - | - | 6234 C | 6234 |
| **Total Expenses** | - | 1026 | 10320 | 11346 |
| **Net income (loss) before provision for income tax** | - | 6222 | (10320) | (4098) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6222 | $(10320) | $(4098) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 351 WESLEY PARK DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 351<br> Wesley Park Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 351<br> Wesley Park Drive<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7196 | $- | $7196 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 855 |  | 855 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 204 |  | 204 |
| Repairs & maintenance |  | 1952 |  | 1952 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 730 E | 730 |
| Depreciation expense |  |  | 3244 B | 3244 |
| Interest expense | - | - | 5867 C | 5867 |
| **Total Expenses** | - | 3011 | 9841 | 12852 |
| **Net income (loss) before provision for income tax** | - | 4185 | (9841) | (5656) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4185 | $(9841) | $(5656) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3603 MANHATTAN DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 3603<br> Manhattan Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3603<br> Manhattan Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1075 | $- | $1075 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1289 |  | 1289 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 316 |  | 316 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 888 E | 888 |
| Depreciation expense |  |  | 4292 B | 4292 |
| Interest expense | - | - | 7336 C | 7336 |
| **Total Expenses** | - | 1605 | 12516 | 14121 |
| **Net income (loss) before provision for income tax** | - | (530) | (12516) | (13046) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(530) | $(12516) | $(13046) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3667 PATTI PARKWAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 3667<br> Patti <br> Parkway** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3667<br> Patti Parkway<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9762 | $- | $9762 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1655 |  | 1655 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 372 |  | 372 |
| Repairs & maintenance |  | 5961 |  | 5961 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 781 E | 781 |
| Depreciation expense |  |  | 5148 B | 5148 |
| Interest expense | - | - | 8535 C | 8535 |
| **Total Expenses** | - | 7988 | 14464 | 22452 |
| **Net income (loss) before provision for income tax** | - | 1774 | (14464) | (12690) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1774 | $(14464) | $(12690) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 404 BARBERRY LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 404<br> Barberry Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 404<br> Barberry Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7264 | $- | $7264 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 947 |  | 947 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 273 |  | 273 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 602 E | 602 |
| Depreciation expense |  |  | 3648 B | 3648 |
| Interest expense | - | - | 6433 C | 6433 |
| **Total Expenses** | - | 1220 | 10683 | 11903 |
| **Net income (loss) before provision for income tax** | - | 6044 | (10683) | (4639) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6044 | $(10683) | $(4639) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 412 KENDALL LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 412<br> Kendall Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 412<br> Kendall Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7416 | $- | $7416 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 938 |  | 938 |
| Homeowners association fees |  | 163 |  | 163 |
| Insurance expense |  | 284 |  | 284 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 593 E | 593 |
| Depreciation expense |  |  | 3822 B | 3822 |
| Interest expense | - | - | 6677 C | 6677 |
| **Total Expenses** | - | 1385 | 11092 | 12477 |
| **Net income (loss) before provision for income tax** | - | 6031 | (11092) | (5061) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6031 | $(11092) | $(5061) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 416 AUTUMN LAKE COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 416<br> Autumn Lake Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 416<br> Autumn Lake Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8010 | $- | $8010 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 972 |  | 972 |
| Homeowners association fees |  | 125 |  | 125 |
| Insurance expense |  | 252 |  | 252 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 796 E | 796 |
| Depreciation expense |  |  | 3332 B | 3332 |
| Interest expense | - | - | 5990 C | 5990 |
| **Total Expenses** | - | 1349 | 10118 | 11467 |
| **Net income (loss) before provision for income tax** | - | 6661 | (10118) | (3457) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6661 | $(10118) | $(3457) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 43 DARWIN DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 43<br> Darwin Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 43<br> Darwin Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6878 | $- | $6878 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 703 |  | 703 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 224 |  | 224 |
| Repairs & maintenance |  | 360 |  | 360 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 609 E | 609 |
| Depreciation expense |  |  | 3104 B | 3104 |
| Interest expense | - | - | 5672 C | 5672 |
| **Total Expenses** | - | 1287 | 9385 | 10672 |
| **Net income (loss) before provision for income tax** | - | 5591 | (9385) | (3794) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5591 | $(9385) | $(3794) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 432 MANOR ESTATES DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 432<br> Manor Estates Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 432<br> Manor Estates Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8326 | $- | $8326 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 996 |  | 996 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 303 |  | 303 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 720 E | 720 |
| Depreciation expense |  |  | 4102 B | 4102 |
| Interest expense | - | - | 7069 C | 7069 |
| **Total Expenses** | - | 1299 | 11891 | 13190 |
| **Net income (loss) before provision for income tax** | - | 7027 | (11891) | (4864) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7027 | $(11891) | $(4864) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 440 FREESTONE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 440<br> Freestone Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 440<br> Freestone Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8316 | $- | $8316 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 662 |  | 662 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 314 |  | 314 |
| Repairs & maintenance |  | 6398 |  | 6398 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 665 E | 665 |
| Depreciation expense |  |  | 4264 B | 4264 |
| Interest expense | - | - | 7459 C | 7459 |
| **Total Expenses** | - | 7374 | 12388 | 19762 |
| **Net income (loss) before provision for income tax** | - | 942 | (12388) | (11446) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $942 | $(12388) | $(11446) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 4447 LAKE BREEZE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 4447<br> Lake Breeze Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 4447<br> Lake Breeze Drive<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8234 | $- | $8234 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1633 |  | 1633 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 333 |  | 333 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 627 E | 627 |
| Depreciation expense |  |  | 4554 B | 4554 |
| Interest expense | - | - | 7703 C | 7703 |
| **Total Expenses** | - | 1966 | 12884 | 14850 |
| **Net income (loss) before provision for income tax** | - | 6268 | (12884) | (6616) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6268 | $(12884) | $(6616) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 445 INDEPENDENCE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 445<br> Independence Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa <br> Series 445<br> Independence Drive <br> Pro Forma** |
| **Rental income** | $&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2372 | $- | $2372 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 960 |  | 960 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 295 |  | 295 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 830 E | 830 |
| Depreciation expense |  |  | 3973 B | 3973 |
| Interest expense | - | - | 6723 C | 6723 |
| **Total Expenses** | - | 1255 | 11526 | 12781 |
| **Net income (loss) before provision for income tax** | - | 1117 | (11526) | (10409) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1117 | $(11526) | $(10409) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 449 KARA LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 449<br> Kara Lane** | **Historical<br> Property<br> Operations** | **Pro Forma Adjustments** | **Landa<br> Series 449<br> Kara Lane<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2175 | $- | $2175 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 993 |  | 993 |
| Homeowners association fees |  | 100 |  | 100 |
| Insurance expense |  | 289 |  | 289 |
| Repairs & maintenance |  | 120 |  | 120 |
| Other expenses |  | 260 |  | 260 |
| Management fee |  |  | 852 E | 852 |
| Depreciation expense |  |  | 3861 B | 3861 |
| Interest expense | - | - | 5972 C | 5972 |
| **Total Expenses** | - | 1762 | 10685 | 12447 |
| **Net income (loss) before provision for income tax** | - | 413 | (10685) | (10272) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $413 | $(10685) | $(10272) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 45 BLUE JAY DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 45<br> Blue Jay Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 45<br> Blue Jay Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9919 | $- | $9919 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1142 |  | 1142 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 339 |  | 339 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 800 E | 800 |
| Depreciation expense |  |  | 4729 B | 4729 |
| Interest expense | - | - | 7947 C | 7947 |
| **Total Expenses** | - | 1481 | 13476 | 14957 |
| **Net income (loss) before provision for income tax** | - | 8438 | (13476) | (5038) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $8438 | $(13476) | $(5038) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 45 LAUREL WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 45<br> Laurel Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 45<br> Laurel Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9459 | $- | $9459 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 853 |  | 853 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 331 |  | 331 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 804 E | 804 |
| Depreciation expense |  |  | 4518 B | 4518 |
| Interest expense | - | - | 7652 C | 7652 |
| **Total Expenses** | - | 1184 | 12974 | 14158 |
| **Net income (loss) before provision for income tax** | - | 8275 | (12974) | (4699) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $8275 | $(12974) | $(4699) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 4702 SAINT JAMES WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 4702<br> Saint James Way** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 4702<br> Saint James Way<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5847 | $- | $5847 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1215 |  | 1215 |
| Homeowners association fees |  | 300 |  | 300 |
| Insurance expense |  | 227 |  | 227 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  | 260 |  | 260 |
| Management fee |  |  | 737 E | 737 |
| Depreciation expense |  |  | 3349 B | 3349 |
| Interest expense | - | - | 6018 C | 6018 |
| **Total Expenses** | - | 2002 | 10104 | 12106 |
| **Net income (loss) before provision for income tax** | - | 3845 | (10104) | (6259) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $3845 | $(10104) | $(6259) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 4732 PINEDALE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 4732<br> Pinedale Drive** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 4732<br> Pinedale Drive<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6459 | $- | $6459 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 584 |  | 584 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 192 |  | 192 |
| Repairs & maintenance |  | 13200 |  | 13200 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 535 E | 535 |
| Depreciation expense |  |  | 2826 B | 2826 |
| Interest expense | - | - | 5281 C | 5281 |
| **Total Expenses** | - | 13976 | 8642 | 22618 |
| **Net income (loss) before provision for income tax** | - | (7517) | (8642) | (16159) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(7517) | $(8642) | $(16159) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 497 HIGHWAY 212**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 497<br> Highway 212** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 497<br> Highway 212 <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5580 | $- | $5580 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 573 |  | 573 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 266 |  | 266 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 446 E | 446 |
| Depreciation expense |  |  | 3540 B | 3540 |
| Interest expense | - | - | 6282 C | 6282 |
| **Total Expenses** | - | 839 | 10268 | 11107 |
| **Net income (loss) before provision for income tax** | - | 4741 | (10268) | (5527) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4741 | $(10268) | $(5527) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5039 EAST STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5039<br> East Street** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 5039<br> East Street <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3875 | $- | $3875 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 818 |  | 818 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 190 |  | 190 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 581 E | 581 |
| Depreciation expense |  |  | 2388 B | 2388 |
| Interest expense | - | - | 4668 C | 4668 |
| **Total Expenses** | - | 1008 | 7637 | 8645 |
| **Net income (loss) before provision for income tax** | - | 2867 | (7637) | (4770) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $2867 | $(7637) | $(4770) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5040 HUNTSHIRE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5040<br> Huntshire Lane** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 5040<br> Huntshire Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1166 | $- | $1166 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 2326 |  | 2326 |
| Homeowners association fees |  | 263 |  | 263 |
| Insurance expense |  | 499 |  | 499 |
| Repairs & maintenance |  | 1281 |  | 1281 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 1200 E | 1200 |
| Depreciation expense |  |  | 6659 B | 6659 |
| Interest expense | - | - | 10012 C | 10012 |
| **Total Expenses** | - | 4369 | 17871 | 22240 |
| **Net income (loss) before provision for income tax** | - | (3203) | (17871) | (21074) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(3203) | $(17871) | $(21074) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 513 JARRETT COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 513<br> Jarrett Court** | **Historical<br> Property<br> Operations** | **Pro Forma<br> Adjustments** | **Landa<br> Series 513<br> Jarrett Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1034 |  | 1034 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 240 |  | 240 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 804 E | 804 |
| Depreciation expense |  |  | 3699 B | 3699 |
| Interest expense | - | - | 6505 C | 6505 |
| **Total Expenses** | - | 1274 | 11008 | 12282 |
| **Net income (loss) before provision for income tax** | - | (1274) | (11008) | (12282) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1274) | $(11008) | $(12282) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5143 PINECREST DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5143 <br> Pinecrest Drive SW** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5143 <br> Pinecrest Drive SW <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1245 | $- | $1245 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 466 |  | 466 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 191 |  | 191 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 563 E | 563 |
| Depreciation expense |  |  | 2703 B | 2703 |
| Interest expense | - | - | 5110 C | 5110 |
| **Total Expenses** | - | 657 | 8376 | 9033 |
| **Net income (loss) before provision for income tax** | - | 588 | (8376) | (7788) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $588 | $(8376) | $(7788) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 524 SAWMILL ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 524 <br> Sawmill Road** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 524 <br> Sawmill Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 585 |  | 585 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 290 |  | 290 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 760 E | 760 |
| Depreciation expense |  |  | 3893 B | 3893 |
| Interest expense | - | - | 6383 C | 6383 |
| **Total Expenses** | - | 875 | 11036 | 11911 |
| **Net income (loss) before provision for income tax** | - | (875) | (11036) | (11911) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(875) | $(11036) | $(11911) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5329 SHIREWICK LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 5329 <br> Shirewick Lane** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5329 <br> Shirewick Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8144 | $- | $8144 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1454 |  | 1454 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 329 |  | 329 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 641 E | 641 |
| Depreciation expense |  |  | 4484 B | 4484 |
| Interest expense | - | - | 7605 C | 7605 |
| **Total Expenses** | - | 1783 | 12730 | 14513 |
| **Net income (loss) before provision for income tax** | - | 6361 | (12730) | (6369) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6361 | $(12730) | $(6369) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 540 COWAN ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 540 <br> Cowan Road** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 540 <br> Cowan Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8486 | $- | $8486 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 630 |  | 630 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 284 |  | 284 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 765 E | 765 |
| Depreciation expense |  |  | 3867 B | 3867 |
| Interest expense | - | - | 6740 C | 6740 |
| **Total Expenses** | - | 914 | 11372 | 12286 |
| **Net income (loss) before provision for income tax** | - | 7572 | (11372) | (3800) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7572 | $(11372) | $(3800) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5411 ROCKY PINE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 5411 <br> Rocky Pine Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5411 <br> Rocky Pine Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7314 | $- | $7314 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1384 |  | 1384 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 298 |  | 298 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 585 E | 585 |
| Depreciation expense |  |  | 4033 B | 4033 |
| Interest expense | - | - | 6972 C | 6972 |
| **Total Expenses** | - | 1682 | 11590 | 13272 |
| **Net income (loss) before provision for income tax** | - | 5632 | (11590) | (5958) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5632 | $(11590) | $(5958) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 55 MYRTLE GROVE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 55 <br> Myrtle Grove Lane** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 55 <br> Myrtle Grove Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6110 | $- | $6110 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 745 |  | 745 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 279 |  | 279 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 810 E | 810 |
| Depreciation expense |  |  | 3733 B | 3733 |
| Interest expense | - | - | 6553 C | 6553 |
| **Total Expenses** | - | 1024 | 11096 | 12120 |
| **Net income (loss) before provision for income tax** | - | 5086 | (11096) | (6010) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5086 | $(11096) | $(6010) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 550 COWAN ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 550 <br> Cowan Road** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 550 <br> Cowan Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 530 |  | 530 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 246 |  | 246 |
| Repairs & maintenance |  | 311 |  | 311 |
| Other expenses |  | 303 |  | 303 |
| Management fee |  |  | 759 E | 759 |
| Depreciation expense |  |  | 3235 B | 3235 |
| Interest expense | - | - | 5643 C | 5643 |
| **Total Expenses** | - | 1390 | 9637 | 11027 |
| **Net income (loss) before provision for income tax** | - | (1390) | (9637) | (11027) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1390) | $(9637) | $(11027) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5581 FOX GLEN CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 5581 <br> Fox Glen Circle** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5581 <br> Fox Glen Circle <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 2073 |  | 2073 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 239 |  | 239 |
| Repairs & maintenance |  | 21735 |  | 21735 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 1084 E | 1084 |
| Depreciation expense |  |  | 6551 B | 6551 |
| Interest expense | - | - | 9781 C | 9781 |
| **Total Expenses** | - | 24047 | 17416 | 41463 |
| **Net income (loss) before provision for income tax** | - | (24047) | (17416) | (41463) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(24047) | $(17416) | $(41463) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 565 MOUNTAINVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 565 <br> Mountainview Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 565 <br> Mountainview Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 904 |  | 904 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 467 |  | 467 |
| Repairs & maintenance |  | 162 |  | 162 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 826 E | 826 |
| Depreciation expense |  |  | 4083 B | 4083 |
| Interest expense | - | - | 6373 C | 6373 |
| **Total Expenses** | - | 1533 | 11282 | 12815 |
| **Net income (loss) before provision for income tax** | - | (1533) | (11282) | (12815) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1533) | $(11282) | $(12815) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5737 STRATHMOOR MANOR CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 5737 <br> Strathmoor Manor Circle** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5737 <br> Strathmoor Manor Circle <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3132 | $- | $3132 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 950 |  | 950 |
| Homeowners association fees |  | 396 |  | 396 |
| Insurance expense |  | 280 |  | 280 |
| Repairs & maintenance |  | 345 |  | 345 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 499 E | 499 |
| Depreciation expense |  |  | 3139 B | 3139 |
| Interest expense | - | - | 5721 C | 5721 |
| **Total Expenses** | - | 1971 | 9359 | 11330 |
| **Net income (loss) before provision for income tax** | - | 1161 | (9359) | (8198) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1161 | $(9359) | $(8198) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 5801 STRATHMOOR MANOR CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 5801 <br> Strathmoor Manor Circle** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 5801 <br> Strathmoor Manor Circle <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1340 | $- | $1340 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 930 |  | 930 |
| Homeowners association fees |  | 261 |  | 261 |
| Insurance expense |  | 204 |  | 204 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 789 E | 789 |
| Depreciation expense |  |  | 3279 B | 3279 |
| Interest expense | - | - | 5916 C | 5916 |
| **Total Expenses** | - | 1395 | 9984 | 11379 |
| **Net income (loss) before provision for income tax** | - | (55) | (9984) | (10039) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(55) | $(9984) | $(10039) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6104-6106 OAKWOOD CIRCLE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 6104-6106 <br> Oakwood Circle SW** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6104-6106 <br> Oakwood Circle SW <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9240 | $- | $9240 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 467 |  | 467 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 532 |  | 532 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 739 E | 739 |
| Depreciation expense |  |  | 3035 B | 3035 |
| Interest expense | - | - | 5577 C | 5577 |
| **Total Expenses** | - | 999 | 9351 | 10350 |
| **Net income (loss) before provision for income tax** | - | 8241 | (9351) | (1110) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $8241 | $(9351) | $(1110) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6107 SHADOW GLEN COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6107 <br> Shadow Glen Court** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6107 <br> Shadow Glen Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2613 | $- | $2613 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 482 |  | 482 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 172 |  | 172 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 739 E | 739 |
| Depreciation expense |  |  | 2476 B | 2476 |
| Interest expense | - | - | 4792 C | 4792 |
| **Total Expenses** | - | 654 | 8007 | 8661 |
| **Net income (loss) before provision for income tax** | - | 1959 | (8007) | (6048) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1959 | $(8007) | $(6048) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6111-6113 PINE GLEN CIRCLE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6111-6113 <br> Pine Glen Circle SW** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6111-6113 <br> Pine Glen Circle SW <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7683 | $- | $7683 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 904 |  | 904 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 428 |  | 428 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 1084 E | 1084 |
| Depreciation expense |  |  | 6388 B | 6388 |
| Interest expense | - | - | 10272 C | 10272 |
| **Total Expenses** | - | 1332 | 17744 | 19076 |
| **Net income (loss) before provision for income tax** | - | 6351 | (17744) | (11393) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6351 | $(17744) | $(11393) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6119 PINENEEDLE DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6119 <br> Pineneedle Drive SW** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6119 <br> Pineneedle Drive SW <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3932 | $- | $3932 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 475 |  | 475 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 146 |  | 146 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 837 E | 837 |
| Depreciation expense |  |  | 1725 B | 1725 |
| Interest expense | - | - | 3738 C | 3738 |
| **Total Expenses** | - | 621 | 6300 | 6921 |
| **Net income (loss) before provision for income tax** | - | 3311 | (6300) | (2989) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $3311 | $(6300) | $(2989) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 615 BARSHAY DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 615 <br> Barshay Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 615 <br> Barshay Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8339 | $- | $8339 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 677 |  | 677 |
| Homeowners association fees |  | 138 |  | 138 |
| Insurance expense |  | 242 |  | 242 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 732 E | 732 |
| Depreciation expense |  |  | 3734 B | 3734 |
| Interest expense | - | - | 6569 C | 6569 |
| **Total Expenses** | - | 1057 | 11035 | 12092 |
| **Net income (loss) before provision for income tax** | - | 7282 | (11035) | (3753) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7282 | $(11035) | $(3753) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6168 WHEAT STREET NE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6168 <br> Wheat Street NE** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6168 <br> Wheat Street NE <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5311 | $- | $5311 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 335 |  | 335 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 179 |  | 179 |
| Repairs & maintenance |  | 1716 |  | 1716 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 405 E | 405 |
| Depreciation expense |  |  | 2061 B | 2061 |
| Interest expense | - | - | 4228 C | 4228 |
| **Total Expenses** | - | 2230 | 6694 | 8924 |
| **Net income (loss) before provision for income tax** | - | 3081 | (6694) | (3613) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $3081 | $(6694) | $(3613) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6178 GREEN ACRES DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6178 <br> Green Acres Drive SW** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6178 <br> Green Acres Drive SW <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2803 | $- | $2803 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 680 |  | 680 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 214 |  | 214 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 708 E | 708 |
| Depreciation expense |  |  | 2641 B | 2641 |
| Interest expense | - | - | 5027 C | 5027 |
| **Total Expenses** | - | 894 | 8376 | 9270 |
| **Net income (loss) before provision for income tax** | - | 1909 | (8376) | (6467) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1909 | $(8376) | $(6467) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6386 FORESTER WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6386 <br> Forester Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6386 <br> Forester Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4560 | $- | $4560 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1360 |  | 1360 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 284 |  | 284 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 892 E | 892 |
| Depreciation expense |  |  | 3823 B | 3823 |
| Interest expense | - | - | 6679 C | 6679 |
| **Total Expenses** | - | 1644 | 11394 | 13038 |
| **Net income (loss) before provision for income tax** | - | 2916 | (11394) | (8478) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $2916 | $(11394) | $(8478) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6404 WALNUT WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6404 <br> Walnut Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6404 <br> Walnut Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7862 | $- | $7862 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1162 |  | 1162 |
| Homeowners association fees |  | 240 |  | 240 |
| Insurance expense |  | 266 |  | 266 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 609 E | 609 |
| Depreciation expense |  |  | 3541 B | 3541 |
| Interest expense | - | - | 6283 C | 6283 |
| **Total Expenses** | - | 1668 | 10433 | 12101 |
| **Net income (loss) before provision for income tax** | - | 6194 | (10433) | (4239) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6194 | $(10433) | $(4239) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 643 SYCAMORE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 643 <br> Sycamore Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 643 <br> Sycamore Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7470 | $- | $7470 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1112 |  | 1112 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 224 |  | 224 |
| Repairs & maintenance |  | 937 |  | 937 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 598 E | 598 |
| Depreciation expense |  |  | 3395 B | 3395 |
| Interest expense | - | - | 6079 C | 6079 |
| **Total Expenses** | - | 2273 | 10072 | 12345 |
| **Net income (loss) before provision for income tax** | - | 5197 | (10072) | (4875) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5197 | $(10072) | $(4875) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 65 FREEDOM COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 65 <br> Freedom Court** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 65 <br> Freedom Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9210 | $- | $9210 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 800 |  | 800 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 244 |  | 244 |
| Repairs & maintenance |  | 365 |  | 365 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 737 E | 737 |
| Depreciation expense |  |  | 3752 B | 3752 |
| Interest expense | - | - | 6612 C | 6612 |
| **Total Expenses** | - | 1409 | 11101 | 12510 |
| **Net income (loss) before provision for income tax** | - | 7801 | (11101) | (3300) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $7801 | $(11101) | $(3300) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 653 GEORGETOWN LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 653 <br> Georgetown Lane** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 653 <br> Georgetown Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7306 | $- | $7306 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 815 |  | 815 |
| Homeowners association fees |  | 250 |  | 250 |
| Insurance expense |  | 273 |  | 273 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 762 E | 762 |
| Depreciation expense |  |  | 3647 B | 3647 |
| Interest expense | - | - | 6432 C | 6432 |
| **Total Expenses** | - | 1338 | 10841 | 12179 |
| **Net income (loss) before provision for income tax** | - | 5968 | (10841) | (4873) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5968 | $(10841) | $(4873) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6635 KIMBERLY MILL ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6635 <br> Kimberly Mill Road** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6635 <br> Kimberly Mill Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2438 | $- | $2438 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 878 |  | 878 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 243 |  | 243 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 838 E | 838 |
| Depreciation expense |  |  | 4335 B | 4335 |
| Interest expense | - | - | 7396 C | 7396 |
| **Total Expenses** | - | 1121 | 12569 | 13690 |
| **Net income (loss) before provision for income tax** | - | 1317 | (12569) | (11252) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1317 | $(12569) | $(11252) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6653 BEDFORD ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6653 <br> Bedford <br> Road** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6653 <br> Bedford Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 954 |  | 954 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 222 |  | 222 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 742 E | 742 |
| Depreciation expense |  |  | 3524 B | 3524 |
| Interest expense | - | - | 6269 C | 6269 |
| **Total Expenses** | - | 1176 | 10535 | 11711 |
| **Net income (loss) before provision for income tax** | - | (1176) | (10535) | (11711) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1176) | $(10535) | $(11711) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6710 SUNSET HILLS BOULEVARD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6710 <br> Sunset Hills Boulevard** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6710 <br> Sunset Hills Boulevard <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6300 | $- | $6300 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 837 |  | 837 |
| Homeowners association fees |  | 150 |  | 150 |
| Insurance expense |  | 221 |  | 221 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 504 E | 504 |
| Depreciation expense |  |  | 2860 B | 2860 |
| Interest expense | - | - | 5329 C | 5329 |
| **Total Expenses** | - | 1208 | 8693 | 9901 |
| **Net income (loss) before provision for income tax** | - | 5092 | (8693) | (3601) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5092 | $(8693) | $(3601) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 6762 BENT CREEK DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6762 <br> Bent Creek Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 6762 <br> Bent Creek Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1001 |  | 1001 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 203 |  | 203 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 680 E | 680 |
| Depreciation expense |  |  | 3541 B | 3541 |
| Interest expense | - | - | 6283 C | 6283 |
| **Total Expenses** | - | 1204 | 10504 | 11708 |
| **Net income (loss) before provision for income tax** | - | (1204) | (10504) | (11708) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1204) | $(10504) | $(11708) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 683 WOOD PATH COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 683 <br> Wood Path Court** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 683 <br> Wood Path Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $540 | $- | $540 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1141 |  | 1141 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 336 |  | 336 |
| Repairs & maintenance |  | 660 |  | 660 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 864 E | 864 |
| Depreciation expense |  |  | 4594 B | 4594 |
| Interest expense | - | - | 7391 C | 7391 |
| **Total Expenses** | - | 2137 | 12849 | 14986 |
| **Net income (loss) before provision for income tax** | - | (1597) | (12849) | (14446) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1597) | $(12849) | $(14446) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 70 SHENANDOAH LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 70 <br> Shenandoah Lane** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 70 <br> Shenandoah Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8885 | $- | $8885 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 960 |  | 960 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 326 |  | 326 |
| Repairs & maintenance |  | 3384 |  | 3384 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 849 E | 849 |
| Depreciation expense |  |  | 4448 B | 4448 |
| Interest expense | - | - | 7554 C | 7554 |
| **Total Expenses** | - | 4670 | 12851 | 17521 |
| **Net income (loss) before provision for income tax** | - | 4215 | (12851) | (8636) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4215 | $(12851) | $(8636) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 709 GEORGETOWN COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 709 <br> Georgetown Court** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 709 <br> Georgetown Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1204 | $- | $1204 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 851 |  | 851 |
| Homeowners association fees |  | 250 |  | 250 |
| Insurance expense |  | 229 |  | 229 |
| Repairs & maintenance |  | 72 |  | 72 |
| Other expenses |  | 314 |  | 314 |
| Management fee |  |  | 805 E | 805 |
| Depreciation expense |  |  | 3490 B | 3490 |
| Interest expense | - | - | 6211 C | 6211 |
| **Total Expenses** | - | 1716 | 10506 | 12222 |
| **Net income (loss) before provision for income tax** | - | (512) | (10506) | (11018) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(512) | $(10506) | $(11018) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 7107 GEIGER STREET NW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 7107 <br> Geiger Street NW** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 7107 <br> Geiger Street NW <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;- | $2465 | $- | $2465 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 159 |  | 159 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 153 |  | 153 |
| Repairs & maintenance |  | 82 |  | 82 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 512 E | 512 |
| Depreciation expense |  |  | 1637 B | 1637 |
| Interest expense | - | - | 3616 C | 3616 |
| **Total Expenses** | - | 394 | 5765 | 6159 |
| **Net income (loss) before provision for income tax** | - | 2071 | (5765) | (3694) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $2071 | $(5765) | $(3694) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 7205 LAKEVIEW DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 7205 <br> Lakeview Drive SW** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 7205 <br> Lakeview Drive SW <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3498 | $- | $3498 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 664 |  | 664 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 280 |  | 280 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 876 E | 876 |
| Depreciation expense |  |  | 3751 B | 3751 |
| Interest expense | - | - | 6577 C | 6577 |
| **Total Expenses** | - | 944 | 11204 | 12148 |
| **Net income (loss) before provision for income tax** | - | 2554 | (11204) | (8650) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $2554 | $(11204) | $(8650) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 750 GEORGETOWN COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 750 <br> Georgetown Court** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 750 <br> Georgetown Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6625 | $- | $6625 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 865 |  | 865 |
| Homeowners association fees |  | 250 |  | 250 |
| Insurance expense |  | 221 |  | 221 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 534 E | 534 |
| Depreciation expense |  |  | 2703 B | 2703 |
| Interest expense | - | - | 5109 C | 5109 |
| **Total Expenses** | - | 1336 | 8346 | 9682 |
| **Net income (loss) before provision for income tax** | - | 5289 | (8346) | (3057) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5289 | $(8346) | $(3057) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 752 CHESTNUT DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 752 <br> Chestnut Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 752 <br> Chestnut Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5412 | $- | $5412 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 332 |  | 332 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 180 |  | 180 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 433 E | 433 |
| Depreciation expense |  |  | 2232 B | 2232 |
| Interest expense | - | - | 4449 C | 4449 |
| **Total Expenses** | - | 512 | 7114 | 7626 |
| **Net income (loss) before provision for income tax** | - | 4900 | (7114) | (2214) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4900 | $(7114) | $(2214) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 773 VILLA WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 773 <br> Villa Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 773 <br> Villa Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;- | $5862 | $- | $5862 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 702 |  | 702 |
| Homeowners association fees |  | 330 |  | 330 |
| Insurance expense |  | 214 |  | 214 |
| Repairs & maintenance |  | 401 |  | 401 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 469 E | 469 |
| Depreciation expense |  |  | 1446 B | 1446 |
| Interest expense | - | - | 2697 C | 2697 |
| **Total Expenses** | - | 1647 | 4612 | 6259 |
| **Net income (loss) before provision for income tax** | - | 4215 | (4612) | (397) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4215 | $(4612) | $(397) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 7781 MOUNTAIN CREEK WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 7781 <br> Mountain Creek Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 7781 <br> Mountain Creek Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7872 | $- | $7872 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1081 |  | 1081 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 307 |  | 307 |
| Repairs & maintenance |  | 776 |  | 776 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 590 E | 590 |
| Depreciation expense |  |  | 3892 B | 3892 |
| Interest expense | - | - | 6774 C | 6774 |
| **Total Expenses** | - | 2164 | 11256 | 13420 |
| **Net income (loss) before provision for income tax** | - | 5708 | (11256) | (5548) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5708 | $(11256) | $(5548) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 7950 WOODLAKE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 7950 <br> Woodlake Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 7950 <br> Woodlake Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7420 | $- | $7420 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 912 |  | 912 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 250 |  | 250 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 629 E | 629 |
| Depreciation expense |  |  | 3087 B | 3087 |
| Interest expense | - | - | 5647 C | 5647 |
| **Total Expenses** | - | 1162 | 9363 | 10525 |
| **Net income (loss) before provision for income tax** | - | 6258 | (9363) | (3105) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6258 | $(9363) | $(3105) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 80 HIGH RIDGE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 80 <br> High Ridge Road** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 80 <br> High Ridge Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8100 | $- | $8100 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 913 |  | 913 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 273 |  | 273 |
| Repairs & maintenance |  | 2450 |  | 2450 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 648 E | 648 |
| Depreciation expense |  |  | 3908 B | 3908 |
| Interest expense | - | - | 6797 C | 6797 |
| **Total Expenses** | - | 3636 | 11353 | 14989 |
| **Net income (loss) before provision for income tax** | - | 4464 | (11353) | (6889) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4464 | $(11353) | $(6889) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 800 MILLS DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 800 <br> Mills Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 800 <br> Mills Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2346 | $- | $2346 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 702 |  | 702 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 327 |  | 327 |
| Repairs & maintenance |  | 304 |  | 304 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 798 E | 798 |
| Depreciation expense |  |  | 4466 B | 4466 |
| Interest expense | - | - | 7579 C | 7579 |
| **Total Expenses** | - | 1333 | 12843 | 14176 |
| **Net income (loss) before provision for income tax** | - | 1013 | (12843) | (11830) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1013 | $(12843) | $(11830) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 808 HILLANDALE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 808 <br> Hillandale Lane** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 808 <br> Hillandale Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8730 | $- | $8730 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1138 |  | 1138 |
| Homeowners association fees |  | 600 |  | 600 |
| Insurance expense |  | 254 |  | 254 |
| Repairs & maintenance |  | 515 |  | 515 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 645 E | 645 |
| Depreciation expense |  |  | 3629 B | 3629 |
| Interest expense | - | - | 6420 C | 6420 |
| **Total Expenses** | - | 2507 | 10694 | 13201 |
| **Net income (loss) before provision for income tax** | - | 6223 | (10694) | (4471) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6223 | $(10694) | $(4471) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8110 DEVONSHIRE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8110 <br> Devonshire Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8110 <br> Devonshire Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7256 | $- | $7256 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 453 |  | 453 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 172 |  | 172 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 709 E | 709 |
| Depreciation expense |  |  | 2476 B | 2476 |
| Interest expense | - | - | 4792 C | 4792 |
| **Total Expenses** | - | 625 | 7977 | 8602 |
| **Net income (loss) before provision for income tax** | - | 6631 | (7977) | (1346) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6631 | $(7977) | $(1346) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8121 SPILLERS DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8121 <br> Spillers Drive SW** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8121 <br> Spillers Drive SW <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7314 | $- | $7314 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 376 |  | 376 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 169 |  | 169 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 585 E | 585 |
| Depreciation expense |  |  | 2990 B | 2990 |
| Interest expense | - | - | 5511 C | 5511 |
| **Total Expenses** | - | 545 | 9086 | 9631 |
| **Net income (loss) before provision for income tax** | - | 6769 | (9086) | (2317) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6769 | $(9086) | $(2317) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8233 CREEKLINE COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8233 <br> Creekline Court** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8233 <br> Creekline Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6100 | $- | $6100 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 999 |  | 999 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 250 |  | 250 |
| Repairs & maintenance |  | 2110 |  | 2110 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 480 E | 480 |
| Depreciation expense |  |  | 3708 B | 3708 |
| Interest expense | - | - | 6607 C | 6607 |
| **Total Expenses** | - | 3359 | 10795 | 14154 |
| **Net income (loss) before provision for income tax** | - | 2741 | (10795) | (8054) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $2741 | $(10795) | $(8054) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8302 STERLING LAKES DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8302 <br> Sterling <br> Lakes Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8302 <br> Sterling Lakes Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4848 | $- | $4848 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 903 |  | 903 |
| Homeowners association fees |  | 100 |  | 100 |
| Insurance expense |  | 294 |  | 294 |
| Repairs & maintenance |  | 535 |  | 535 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 756 E | 756 |
| Depreciation expense |  |  | 3960 B | 3960 |
| Interest expense | - | - | 6871 C | 6871 |
| **Total Expenses** | - | 1832 | 11587 | 13419 |
| **Net income (loss) before provision for income tax** | - | 3016 | (11587) | (8571) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $3016 | $(11587) | $(8571) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 840 PARK VILLA WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 840 <br> Park Villa Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 840 <br> Park Villa Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 674 |  | 674 |
| Homeowners association fees |  | 330 |  | 330 |
| Insurance expense |  | 192 |  | 192 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 516 E | 516 |
| Depreciation expense |  |  | 1802 B | 1802 |
| Interest expense | - | - | 3847 C | 3847 |
| **Total Expenses** | - | 1196 | 6165 | 7361 |
| **Net income (loss) before provision for income tax** | - | (1196) | (6165) | (7361) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1196) | $(6165) | $(7361) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 843 TRAMORE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 843 <br> Tramore Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 843 <br> Tramore Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9920 | $- | $9920 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1065 |  | 1065 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 139 |  | 139 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 768 E | 768 |
| Depreciation expense |  |  | 2360 B | 2360 |
| Interest expense | - | - | 4399 C | 4399 |
| **Total Expenses** | - | 1204 | 7527 | 8731 |
| **Net income (loss) before provision for income tax** | - | 8716 | (7527) | 1189 |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $8716 | $(7527) | $1189 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 85 KIRKLAND COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 85 <br> Kirkland Court** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 85 <br> Kirkland Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6875 | $- | $6875 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 924 |  | 924 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 329 |  | 329 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 851 E | 851 |
| Depreciation expense |  |  | 4379 B | 4379 |
| Interest expense | - | - | 7458 C | 7458 |
| **Total Expenses** | - | 1253 | 12688 | 13941 |
| **Net income (loss) before provision for income tax** | - | 5622 | (12688) | (7066) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5622 | $(12688) | $(7066) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 85 THORN THICKET WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 85 <br> Thorn Thicket Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 85 <br> Thorn Thicket Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;- | $7375 | $- | $7375 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1018 |  | 1018 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 279 |  | 279 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 595 E | 595 |
| Depreciation expense |  |  | 3787 B | 3787 |
| Interest expense | - | - | 6627 C | 6627 |
| **Total Expenses** | - | 1297 | 11009 | 12306 |
| **Net income (loss) before provision for income tax** | - | 6078 | (11009) | (4931) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6078 | $(11009) | $(4931) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8658 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8658 <br> Ashley Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8658 <br> Ashley Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1858 | $- | $1858 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 533 |  | 533 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 163 |  | 163 |
| Repairs & maintenance |  | 1298 |  | 1298 |
| Other expenses |  | 299 |  | 299 |
| Management fee |  |  | 576 E | 576 |
| Depreciation expense |  |  | 2110 B | 2110 |
| Interest expense | - | - | 4295 C | 4295 |
| **Total Expenses** | - | 2293 | 6981 | 9274 |
| **Net income (loss) before provision for income tax** | - | (435) | (6981) | (7416) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(435) | $(6981) | $(7416) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8667 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8667 <br> Ashley Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8667 <br> Ashley Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7040 | $- | $7040 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 490 |  | 490 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 110 |  | 110 |
| Repairs & maintenance |  | 128 |  | 128 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 528 E | 528 |
| Depreciation expense |  |  | 1716 B | 1716 |
| Interest expense | - | - | 3077 C | 3077 |
| **Total Expenses** | - | 728 | 5321 | 6049 |
| **Net income (loss) before provision for income tax** | - | 6312 | (5321) | 991 |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6312 | $(5321) | $991 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8671 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8671 <br> Ashley Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8671 <br> Ashley Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6300 | $- | $6300 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 490 |  | 490 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 128 |  | 128 |
| Repairs & maintenance |  | 128 |  | 128 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 504 E | 504 |
| Depreciation expense |  |  | 2185 B | 2185 |
| Interest expense | - | - | 4517 C | 4517 |
| **Total Expenses** | - | 746 | 7206 | 7952 |
| **Net income (loss) before provision for income tax** | - | 5554 | (7206) | (1652) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5554 | $(7206) | $(1652) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8676 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8676 <br> Ashley Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8676 <br> Ashley Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 583 |  | 583 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 243 |  | 243 |
| Repairs & maintenance |  | 88 |  | 88 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 504 E | 504 |
| Depreciation expense |  |  | 2106 B | 2106 |
| Interest expense | - | - | 4628 C | 4628 |
| **Total Expenses** | - | 914 | 7238 | 8152 |
| **Net income (loss) before provision for income tax** | - | (914) | (7238) | (8152) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(914) | $(7238) | $(8152) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8691 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8691 <br> Ashley Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8691 <br> Ashley Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 677 |  | 677 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 291 |  | 291 |
| Repairs & maintenance |  | 48 |  | 48 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 552 E | 552 |
| Depreciation expense |  |  | 1429 B | 1429 |
| Interest expense | - | - | 3342 C | 3342 |
| **Total Expenses** | - | 1016 | 5323 | 6339 |
| **Net income (loss) before provision for income tax** | - | (1016) | (5323) | (6339) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1016) | $(5323) | $(6339) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8692 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8692 <br> Ashley Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8692 <br> Ashley Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 744 |  | 744 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 276 |  | 276 |
| Repairs & maintenance |  | 48 |  | 48 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 552 E | 552 |
| Depreciation expense |  |  | 1691 B | 1691 |
| Interest expense | - | - | 3282 C | 3282 |
| **Total Expenses** | - | 1068 | 5525 | 6593 |
| **Net income (loss) before provision for income tax** | - | (1068) | (5525) | (6593) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1068) | $(5525) | $(6593) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8693 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8693 <br> Ashley Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8693 <br> Ashley Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 674 |  | 674 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 287 |  | 287 |
| Repairs & maintenance |  | 48 |  | 48 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 576 E | 576 |
| Depreciation expense |  |  | 2086 B | 2086 |
| Interest expense | - | - | 4960 C | 4960 |
| **Total Expenses** | - | 1009 | 7622 | 8631 |
| **Net income (loss) before provision for income tax** | - | (1009) | (7622) | (8631) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1009) | $(7622) | $(8631) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8694 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8694 <br> Ashley Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8694 <br> Ashley Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 658 |  | 658 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 145 |  | 145 |
| Repairs & maintenance |  | 48 |  | 48 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 552 E | 552 |
| Depreciation expense |  |  | 2284 B | 2284 |
| Interest expense | - | - | 4522 C | 4522 |
| **Total Expenses** | - | 851 | 7358 | 8209 |
| **Net income (loss) before provision for income tax** | - | (851) | (7358) | (8209) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(851) | $(7358) | $(8209) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8697 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8697 <br> Ashley Way** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8697 <br> Ashley Way <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5700 | $- | $5700 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 638 |  | 638 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 145 |  | 145 |
| Repairs & maintenance |  | 48 |  | 48 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 456 E | 456 |
| Depreciation expense |  |  | 2432 B | 2432 |
| Interest expense | - | - | 4915 C | 4915 |
| **Total Expenses** | - | 831 | 7803 | 8634 |
| **Net income (loss) before provision for income tax** | - | 4869 | (7803) | (2934) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4869 | $(7803) | $(2934) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8819 LEAFWOOD COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8819 <br> Leafwood Court** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8819 <br> Leafwood Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 803 |  | 803 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 269 |  | 269 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 757 E | 757 |
| Depreciation expense |  |  | 3595 B | 3595 |
| Interest expense | - | - | 6359 C | 6359 |
| **Total Expenses** | - | 1072 | 10711 | 11783 |
| **Net income (loss) before provision for income tax** | - | (1072) | (10711) | (11783) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $(1072) | $(10711) | $(11783) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 8855 RUGBY COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8855 <br> Rugby Court** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 8855 <br> Rugby Court <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6778 | $- | $6778 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 694 |  | 694 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 205 |  | 205 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 542 E | 542 |
| Depreciation expense |  |  | 2616 B | 2616 |
| Interest expense | - | - | 4987 C | 4987 |
| **Total Expenses** | - | 899 | 8145 | 9044 |
| **Net income (loss) before provision for income tax** | - | 5879 | (8145) | (2266) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5879 | $(8145) | $(2266) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9020 STERLING RIDGE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 9020 <br> Sterling Ridge Lane** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9020 <br> Sterling Ridge Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2505 | $- | $2505 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 784 |  | 784 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 252 |  | 252 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 790 E | 790 |
| Depreciation expense |  |  | 3306 B | 3306 |
| Interest expense | - | - | 5325 C | 5325 |
| **Total Expenses** | - | 1036 | 9421 | 10457 |
| **Net income (loss) before provision for income tax** | - | 1469 | (9421) | (7952) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1469 | $(9421) | $(7952) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9150 SPILLERS DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 9150 <br> Spillers Drive SW** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9150 <br> Spillers Drive SW <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5940 | $- | $5940 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 808 |  | 808 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 238 |  | 238 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 475 E | 475 |
| Depreciation expense |  |  | 3122 B | 3122 |
| Interest expense | - | - | 5696 C | 5696 |
| **Total Expenses** | - | 1046 | 9293 | 10339 |
| **Net income (loss) before provision for income tax** | - | 4894 | (9293) | (4399) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4894 | $(9293) | $(4399) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 925 MOTE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 925 <br> Mote Road** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 925 <br> Mote Road <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5170 | $- | $5170 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 633 |  | 633 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 301 |  | 301 |
| Repairs & maintenance |  | 82 |  | 82 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 841 E | 841 |
| Depreciation expense |  |  | 4064 B | 4064 |
| Interest expense | - | - | 7016 C | 7016 |
| **Total Expenses** | - | 1016 | 11921 | 12937 |
| **Net income (loss) before provision for income tax** | - | 4154 | (11921) | (7767) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4154 | $(11921) | $(7767) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 94 HAMPTON OAKS DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 94 <br> Hampton Oaks Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 94 <br> Hampton Oaks Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6840 | $- | $6840 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 420 |  | 420 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 252 |  | 252 |
| Repairs & maintenance |  | 321 |  | 321 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 547 E | 547 |
| Depreciation expense |  |  | 3332 B | 3332 |
| Interest expense | - | - | 5990 C | 5990 |
| **Total Expenses** | - | 993 | 9869 | 10862 |
| **Net income (loss) before provision for income tax** | - | 5847 | (9869) | (4022) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5847 | $(9869) | $(4022) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9409 FOREST KNOLL DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 9409 <br> Forest Knoll Drive** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9409 <br> Forest Knoll Drive <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9729 | $- | $9729 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 968 |  | 968 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 296 |  | 296 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 856 E | 856 |
| Depreciation expense |  |  | 3997 B | 3997 |
| Interest expense | - | - | 6922 C | 6922 |
| **Total Expenses** | - | 1264 | 11775 | 13039 |
| **Net income (loss) before provision for income tax** | - | 8465 | (11775) | (3310) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $8465 | $(11775) | $(3310) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9434 CEDAR CREEK PLACE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 9434 <br> Cedar Creek Place** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9434 <br> Cedar Creek Place <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7824 | $- | $7824 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1135 |  | 1135 |
| Homeowners association fees |  | 360 |  | 360 |
| Insurance expense |  | 290 |  | 290 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 626 E | 626 |
| Depreciation expense |  |  | 4380 B | 4380 |
| Interest expense | - | - | 7465 C | 7465 |
| **Total Expenses** | - | 1785 | 12471 | 14256 |
| **Net income (loss) before provision for income tax** | - | 6039 | (12471) | (6432) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $6039 | $(12471) | $(6432) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 9597 PINTAIL TRAIL**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 9597 <br> Pintail Trail** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 9597 <br> Pintail Trail <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3354 | $- | $3354 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 1150 |  | 1150 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 251 |  | 251 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  |  |  |  |
| Management fee |  |  | 537 E | 537 |
| Depreciation expense |  |  | 3892 B | 3892 |
| Interest expense | - | - | 6779 C | 6779 |
| **Total Expenses** | - | 1401 | 11208 | 12609 |
| **Net income (loss) before provision for income tax** | - | 1953 | (11208) | (9255) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $1953 | $(11208) | $(9255) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 974 LAUREL STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 974 <br> Laurel Street** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 974 <br> Laurel Street <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7677 | $- | $7677 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 998 |  | 998 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 264 |  | 264 |
| Repairs & maintenance |  | 915 |  | 915 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 677 E | 677 |
| Depreciation expense |  |  | 3508 B | 3508 |
| Interest expense | - | - | 6262 C | 6262 |
| **Total Expenses** | - | 2177 | 10447 | 12624 |
| **Net income (loss) before provision for income tax** | - | 5500 | (10447) | (4947) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $5500 | $(10447) | $(4947) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1701 SUMMERWOODS LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1701 <br> Summerwoods Lane** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 1701 <br> Summerwoods Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5985 | $- | $5985 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 887 |  | 887 |
| Homeowners association fees |  | 300 |  | 300 |
| Insurance expense |  | 162 |  | 162 |
| Repairs & maintenance |  | 149 |  | 149 |
| Other expenses |  |  |  |  |
| Management fee |  |  | 479 E | 479 |
| Depreciation expense |  |  | 2769 B | 2769 |
| Interest expense | - | - | 3879 C | 3879 |
| **Total Expenses** | - | 1498 | 7127 | 8625 |
| **Net income (loss) before provision for income tax** | - | 4487 | (7127) | (2640) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $4487 | $(7127) | $(2640) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1741 PARK LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1741 <br> Park Lane** | **Historical Property Operations** | **Pro Forma <br> Adjustments** | **Landa <br> Series 1741 <br> Park Lane <br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4948 | $- | $4948 |
| **Expenses** |  |  |  |  |
| Real estate taxes |  | 907 |  | 907 |
| Homeowners association fees |  |  |  |  |
| Insurance expense |  | 187 |  | 187 |
| Repairs & maintenance |  |  |  |  |
| Other expenses |  | 153 |  | 153 |
| Management fee |  |  | 365 E | 365 |
| Depreciation expense |  |  | 3133 B | 3133 |
| Interest expense | - | - | 4389 C | 4389 |
| **Total Expenses** | - | 1247 | 7887 | 9134 |
| **Net income (loss) before provision for income tax** | - | 3701 | (7887) | (4186) |
| Provision for income taxes |  |  | - D |  |
| **Net income (loss)** | $- | $3701 | $(7887) | $(4186) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**Notes:**

B Reflects adjustments related to the closing of property acquisitions, including the closing costs primarily consisting of the acquisition fees and property due diligence fees and the related building depreciation for the periods presented.

---

| | |
|:---|:---|
| C | Reflects adjustments related to the Acquisition Note payable obtained to fund the property acquisitions and the related interest expense for the period presented. The Acquisition Notes are expected to be refinanced at the closing of the offering with a Refinance Note at a market rate of interest that is expected to be in the range of 7% to 10% per annum, that will be secured by the property and mature between one (1) and five (5) years after the refinancing.  |
| D | The Company elected not to pro forma the provision for income taxes as there were losses and a full deferred tax asset valuation allowance was assumed. |
| E | Reflects adjustments for property management fee expense based on contractual terms to be entered into under management agreements with the Manager at closing of this offering for the periods presented. |

---

**LANDA SERIES 10 OAK WOOD LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 10 Oak<br> Wood Lane** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 10 Oak<br> Wood Lane<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;- | $13591 | $1140 | $- | $14731 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1151 | 97 |  | 1248 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 820 | 44 |  | 864 |
| Repairs and Maintenance |  | 515 |  |  | 515 |
| Other Expenses |  | 94 |  |  | 94 |
| Management fee |  |  |  | 1668 E | 1668 |
| Depreciation and amortization |  |  |  | 7467 B | 7467 |
| Interest Expense | - | - | - | 11451 C | 11451 |
| **Total Expenses** | - | 2580 | 141 | 20586 | 23307 |
| **Net Income (loss) before provision for income tax** | - | 11011 | 999 | (20586) | (8576) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $11011 | $999 | $(20586) | $(8576) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10 WINDRIDGE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 10 <br> Windridge <br> Drive** | **Historical <br> Property <br> Operations <br> (H)** | **Historical <br> Property <br> Operations <br> (I)** | **Pro Forma <br> Adjustments** | **Landa <br> Series 10 <br> Windridge<br> Drive Pro-Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10956 | $1099 | $- | $12055 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1262 | 107 |  | 1369 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 633 | 38 |  | 671 |
| Repairs and Maintenance |  | 2515 |  |  | 2515 |
| Other Expenses |  | 361 |  |  | 361 |
| Management fee |  |  |  | 1338 E | 1338 |
| Depreciation and amortization |  |  |  | 6349 B | 6349 |
| Interest Expense | - | - | - | 11539 C | 11539 |
| **Total Expenses** | - | 4771 | 145 | 19226 | 24142 |
| **Net Income (loss) before provision for income tax** | - | 6185 | 954 | (19226) | (12087) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6185 | $954 | $(19226) | $(12087) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1000 FOX VALLEY TRAIL**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1000<br> Fox Valley<br> Trail** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1000<br> Fox Valley<br> Trail Pro-<br> Forma** |
| **Rental Income** | $- | $13963 | $1193 | $- | $15156 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2637 | 223 |  | 2860 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 826 | 48 |  | 874 |
| Repairs and Maintenance |  | 805 |  |  | 805 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1800 E | 1800 |
| Depreciation and amortization |  |  |  | 8112 B | 8112 |
| Interest Expense | - | - | - | 13409 C | 13409 |
| **Total Expenses** | - | 4268 | 271 | 23321 | 27860 |
| **Net Income (loss) before provision for income tax** | - | 9695 | 922 | (23321) | (12704) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9695 | $922 | $(23321) | $(12704) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1007 LEEWARD WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1007<br> Leeward Way** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1007<br> Leeward Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11656 | $1016 | $- | $12672 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1777 | 150 |  | 1927 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 863 | 45 |  | 908 |
| Repairs and Maintenance |  | 185 |  |  | 185 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1024 E | 1024 |
| Depreciation and amortization |  |  |  | 7746 B | 7746 |
| Interest Expense | - | - | - | 13507 C | 13507 |
| **Total Expenses** | - | 2825 | 195 | 22277 | 25297 |
| **Net Income (loss) before provision for income tax** | - | 8831 | 821 | (22277) | (12625) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8831 | $821 | $(22277) | $(12625) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10119 COMMONS WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 10119<br> Commons Way** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 10119<br> Commons Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13074 | $1140 | $- | $14214 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2080 | 176 |  | 2256 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1151 | 47 |  | 1198 |
| Repairs and Maintenance |  | 461 |  |  | 461 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1170 E | 1170 |
| Depreciation and amortization |  |  |  | 7956 B | 7956 |
| Interest Expense | - | - | - | 13790 C | 13790 |
| **Total Expenses** | - | 3692 | 223 | 22916 | 26831 |
| **Net Income (loss) before provision for income tax** | - | 9382 | 917 | (22916) | (12617) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9382 | $917 | $(22916) | $(12617) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10121 MORRIS DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 10121<br> Morris Drive <br> SW** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 10121<br> Morris Drive <br> SW Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10080 | $1440 | $- | $11520 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 895 | 131 |  | 1026 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 357 | 25 |  | 382 |
| Repairs and Maintenance |  | 1275 |  |  | 1275 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1596 E | 1596 |
| Depreciation and amortization |  |  |  | 7049 B | 7049 |
| Interest Expense | - | - | - | 12521 C | 12521 |
| **Total Expenses** | - | 2527 | 156 | 21166 | 23849 |
| **Net Income (loss) before provision for income tax** | - | 7553 | 1284 | (21166) | (12329) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7553 | $1284 | $(21166) | $(12329) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10183 STARR STREET SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10183<br> Starr Street SW** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations <br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 10183<br> Starr Street<br> SW<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10202 | $1523 | $- | $11725 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 910 | 133 |  | 1043 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1011 | 63 |  | 1074 |
| Repairs and Maintenance |  | 812 |  |  | 812 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 974 E | 974 |
| Depreciation and amortization |  |  |  | 6733 B | 6733 |
| Interest Expense | - | - | - | 12077 C | 12077 |
| **Total Expenses** | - | 2733 | 196 | 19784 | 22713 |
| **Net Income (loss) before provision for income tax** | - | 7469 | 1327 | (19784) | (10988) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7469 | $1327 | $(19784) | $(10988) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 103 STARLAKE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 103<br> Starlake Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 103<br> Starlake Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11230 | $1619 | $- | $12849 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1302 | 191 |  | 1493 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 948 | 61 |  | 1009 |
| Repairs and Maintenance |  | 299 |  |  | 299 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1036 E | 1036 |
| Depreciation and amortization |  |  |  | 6666 B | 6666 |
| Interest Expense | - | - | - | 12055 C | 12055 |
| **Total Expenses** | - | 2549 | 252 | 19757 | 22558 |
| **Net Income (loss) before provision for income tax** | - | 8681 | 1367 | (19757) | (9709) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8681 | $1367 | $(19757) | $(9709) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 104 SUMMERFIELD DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 104<br> Summerfield<br> Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 104<br> Summerfield<br> Drive<br> Pro-Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12901 | $1091 | $- | $13992 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2104 | 178 |  | 2282 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 803 | 45 |  | 848 |
| Repairs and Maintenance |  | 1545 |  |  | 1545 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1733 E | 1733 |
| Depreciation and amortization |  |  |  | 7750 B | 7750 |
| Interest Expense | - | - | - | 13503 C | 13503 |
| **Total Expenses** | - | 4452 | 223 | 22986 | 27661 |
| **Net Income (loss) before provision for income tax** | - | 8449 | 868 | (22986) | (13669) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8449 | $868 | $(22986) | $(13669) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 10433 CANDLELIGHT RD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10433<br> Candlelight Rd** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 10433<br> Candlelight Rd<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12117 | $1731 | $- | $13848 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1787 | 262 |  | 2049 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 630 | 63 |  | 693 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1569 E | 1569 |
| Depreciation and amortization |  |  |  | 7933 B | 7933 |
| Interest Expense | - | - | - | 13759 C | 13759 |
| **Total Expenses** | - | 2417 | 325 | 23261 | 26003 |
| **Net Income (loss) before provision for income tax** | - | 9700 | 1406 | (23261) | (12155) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9700 | $1406 | $(23261) | $(12155) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 105 ANNE STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa App<br> Series 105<br> Anne Street** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 105<br> Anne Street<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11899 | $1066 | $- | $12965 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 897 | 76 |  | 973 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 629 | 38 |  | 667 |
| Repairs and Maintenance |  | 2055 |  |  | 2055 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1094 E | 1094 |
| Depreciation and amortization |  |  |  | 6242 B | 6242 |
| Interest Expense | - | - | - | 11390 C | 11390 |
| **Total Expenses** | - | 3581 | 114 | 18726 | 22421 |
| **Net Income (loss) before provision for income tax** | - | 8318 | 952 | (18726) | (9456) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8318 | $952 | $(18726) | $(9456) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 107 OAKWOOD CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 107<br> Oakwood<br> Circle** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 107<br> Oakwood<br> Circle Pro <br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9531 | $819 | $- | $10350 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 748 | 63 |  | 811 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 686 | 29 |  | 715 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1199 E | 1199 |
| Depreciation and amortization |  |  |  | 4497 B | 4497 |
| Interest Expense | - | - | - | 8945 C | 8945 |
| **Total Expenses** | - | 1434 | 92 | 14641 | 16167 |
| **Net Income (loss) before provision for income tax** | - | 8097 | 727 | (14641) | (5817) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8097 | $727 | $(14641) | $(5817) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 109 AMBERWOOD LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 109<br> Amberwood<br> Lane** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 109<br> Amberwood<br> Lane Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9897 | $868 | $- | $10765 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 901 | 76 |  | 977 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 832 | 31 |  | 863 |
| Repairs and Maintenance |  | 640 |  |  | 640 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 891 E | 891 |
| Depreciation and amortization |  |  |  | 5056 B | 5056 |
| Interest Expense | - | - | - | 9733 C | 9733 |
| **Total Expenses** | - | 2373 | 107 | 15680 | 18160 |
| **Net Income (loss) before provision for income tax** | - | 7524 | 761 | (15680) | (7395) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7524 | $761 | $(15680) | $(7395) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 110 SHENANDOAH DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 110<br> Shenandoah<br> Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 110<br> Shenandoah<br> Drive Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11988 | $1770 | $- | $13758 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1394 | 204 |  | 1598 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1100 | 66 |  | 1166 |
| Repairs and Maintenance |  | 2035 |  |  | 2035 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1133 E | 1133 |
| Depreciation and amortization |  |  |  | 8095 B | 8095 |
| Interest Expense | - | - | - | 13986 C | 13986 |
| **Total Expenses** | - | 4529 | 270 | 23214 | 28013 |
| **Net Income (loss) before provision for income tax** | - | 7459 | 1500 | (23214) | (14255) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7459 | $1500 | $(23214) | $(14255) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 111 FIR DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 111 Fir<br> Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 111 Fir<br> Drive Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10174 | $1472 | $- | $11646 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1206 | 177 |  | 1383 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 741 | 52 |  | 793 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  | 188 |  |  | 188 |
| Management fee |  |  |  | 1440 E | 1440 |
| Depreciation and amortization |  |  |  | 5825 B | 5825 |
| Interest Expense | - | - | - | 10805 C | 10805 |
| **Total Expenses** | - | 2135 | 229 | 18070 | 20434 |
| **Net Income (loss) before provision for income tax** | - | 8039 | 1243 | (18070) | (8788) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8039 | $1243 | $(18070) | $(8788) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1110 PARKVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1110<br> Parkview Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1110<br> Parkview Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10232 | $868 | $- | $11100 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 803 | 68 |  | 871 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 644 | 39 |  | 683 |
| Repairs and Maintenance |  | 2538 |  |  | 2538 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1284 E | 1284 |
| Depreciation and amortization |  |  |  | 6487 B | 6487 |
| Interest Expense | - | - | - | 11733 C | 11733 |
| **Total Expenses** | - | 3985 | 107 | 19504 | 23596 |
| **Net Income (loss) before provision for income tax** | - | 6247 | 761 | (19504) | (12496) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6247 | $761 | $(19504) | $(12496) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 11187 SHANNON CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 11187<br> Shannon<br> Circle** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 11187<br> Shannon<br> Circle Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11496 | $972 | $- | $12468 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1585 | 134 |  | 1719 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 742 | 47 |  | 789 |
| Repairs and Maintenance |  | 1548 |  |  | 1548 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1648 E | 1648 |
| Depreciation and amortization |  |  |  | 8098 B | 8098 |
| Interest Expense | - | - | - | 13990 C | 13990 |
| **Total Expenses** | - | 3875 | 181 | 23736 | 27792 |
| **Net Income (loss) before provision for income tax** | - | 7621 | 791 | (23736) | (15324) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7621 | $791 | $(23736) | $(15324) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 112 RIDGE STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 112<br> Ridge Street** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 112<br> Ridge Street<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12119 | $1790 | $- | $13909 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1928 | 282 |  | 2210 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1050 | 67 |  | 1117 |
| Repairs and Maintenance |  | 485 |  |  | 485 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1145 E | 1145 |
| Depreciation and amortization |  |  |  | 8060 B | 8060 |
| Interest Expense | - | - | - | 13937 C | 13937 |
| **Total Expenses** | - | 3463 | 349 | 23142 | 26954 |
| **Net Income (loss) before provision for income tax** | - | 8656 | 1441 | (23142) | (13045) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8656 | $1441 | $(23142) | $(13045) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 11322 MICHELLE WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 11322<br> Michelle<br> Way** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 11322<br> Michelle<br> Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11286 | $1638 | $- | $12924 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1306 | 191 |  | 1497 |
| Homeowner Association Fees |  | 360 | 120 |  | 480 |
| Property Insurance |  | 672 | 51 |  | 723 |
| Repairs and Maintenance |  | 945 |  |  | 945 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1260 E | 1260 |
| Depreciation and amortization |  |  |  | 6174 B | 6174 |
| Interest Expense | - | - | - | 11294 C | 11294 |
| **Total Expenses** | - | 3283 | 362 | 18728 | 22373 |
| **Net Income (loss) before provision for income tax** | - | 8003 | 1276 | (18728) | (9449) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8003 | $1276 | $(18728) | $(9449) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 114 STARLAKE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 114<br> Starlake Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 114<br> Starlake Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12092 | $1044 | $- | $13136 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1362 | 115 |  | 1477 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 675 | 38 |  | 713 |
| Repairs and Maintenance |  | 131 | 545 |  | 676 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1071 E | 1071 |
| Depreciation and amortization |  |  |  | 6247 B | 6247 |
| Interest Expense | - | - | - | 11405 C | 11405 |
| **Total Expenses** | - | 2168 | 698 | 18723 | 21589 |
| **Net Income (loss) before provision for income tax** | - | 9924 | 346 | (18723) | (8453) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9924 | $346 | $(18723) | $(8453) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 11447 S GROVE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 11447 S<br> Grove Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 11447 S<br> Grove Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11683 | $987 | $- | $12670 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1495 | 126 |  | 1621 |
| Homeowner Association Fees |  | 415 | 35 |  | 450 |
| Property Insurance |  | 625 | 43 |  | 668 |
| Repairs and Maintenance |  | 130 |  |  | 130 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1692 E | 1692 |
| Depreciation and amortization |  |  |  | 7260 B | 7260 |
| Interest Expense | - | - | - | 12815 C | 12815 |
| **Total Expenses** | - | 2665 | 204 | 21767 | 24636 |
| **Net Income (loss) before provision for income tax** | - | 9018 | 783 | (21767) | (11966) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9018 | $783 | $(21767) | $(11966) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1147 VILLAGE WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1147<br> Village Way** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1147<br> Village Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9160 | $1838 | $- | $10998 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2085 | 305 |  | 2390 |
| Homeowner Association Fees |  | 2216 | 317 |  | 2533 |
| Property Insurance |  | 820 | 50 |  | 870 |
| Repairs and Maintenance |  | 7438 |  |  | 7438 |
| Other Expenses |  | 183 |  |  | 183 |
| Management fee |  |  |  | 1582 E | 1582 |
| Depreciation and amortization |  |  |  | 7781 B | 7781 |
| Interest Expense | - | - | - | 13545 C | 13545 |
| **Total Expenses** | - | 12742 | 672 | 22908 | 36322 |
| **Net Income (loss) before provision for income tax** | - | (3582) | 1166 | (22908) | (25324) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $(3582) | $1166 | $(22908) | $(25324) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 115 LAKEVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 115<br> Lakeview Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 115<br> Lakeview Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13107 | $1143 | $- | $14250 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2012 | 170 |  | 2182 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1020 | 43 |  | 1063 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1173 E | 1173 |
| Depreciation and amortization |  |  |  | 7292 B | 7292 |
| Interest Expense | - | - | - | 12860 C | 12860 |
| **Total Expenses** | - | 3032 | 213 | 21325 | 24570 |
| **Net Income (loss) before provision for income tax** | - | 10075 | 930 | (21325) | (10320) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10075 | $930 | $(21325) | $(10320) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1160 GABLE TERRACE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1160<br> Gable Terrace** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1160<br> Gable Terrace<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12554 | $1853 | $- | $14407 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2354 | 345 |  | 2699 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1156 | 73 |  | 1229 |
| Repairs and Maintenance |  | 1835 |  |  | 1835 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1186 E | 1186 |
| Depreciation and amortization |  |  |  | 7781 B | 7781 |
| Interest Expense | - | - | - | 13553 C | 13553 |
| **Total Expenses** | - | 5345 | 418 | 22520 | 28283 |
| **Net Income (loss) before provision for income tax** | - | 7209 | 1435 | (22520) | (13876) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7209 | $1435 | $(22520) | $(13876) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1190 KIRKLAND ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1190<br> Kirkland Road** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1190<br> Kirkland Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12038 | $1739 | $- | $13777 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1275 | 108 |  | 1383 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 644 | 50 |  | 694 |
| Repairs and Maintenance |  | 8920 |  |  | 8920 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1596 E | 1596 |
| Depreciation and amortization |  |  |  | 8513 B | 8513 |
| Interest Expense | - | - | - | 14571 C | 14571 |
| **Total Expenses** | - | 10839 | 158 | 24680 | 35677 |
| **Net Income (loss) before provision for income tax** | - | 1199 | 1581 | (24680) | (21900) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $1199 | $1581 | $(24680) | $(21900) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 12 MINTZ STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 12<br> Mintz Street** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 12<br> Mintz Street<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11282 | $974 | $- | $12256 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1489 | 126 |  | 1615 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 999 | 39 |  | 1038 |
| Repairs and Maintenance |  | 909 |  |  | 909 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1439 E | 1439 |
| Depreciation and amortization |  |  |  | 6593 B | 6593 |
| Interest Expense | - | - | - | 11882 C | 11882 |
| **Total Expenses** | - | 3397 | 165 | 19914 | 23476 |
| **Net Income (loss) before provision for income tax** | - | 7885 | 809 | (19914) | (11220) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7885 | $809 | $(19914) | $(11220) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 120 ROSEWOOD DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 120<br> Rosewood<br> Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 120<br> Rosewood<br> Drive Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12958 | $1130 | $- | $14088 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1984 | 168 |  | 2152 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1030 | 43 |  | 1073 |
| Repairs and Maintenance |  | 610 |  |  | 610 |
| Other Expenses |  | 95 |  |  | 95 |
| Management fee |  |  |  | 1160 E | 1160 |
| Depreciation and amortization |  |  |  | 7327 B | 7327 |
| Interest Expense | - | - | - | 12909 C | 12909 |
| **Total Expenses** | - | 3719 | 211 | 21396 | 25326 |
| **Net Income (loss) before provision for income tax** | - | 9239 | 919 | (21396) | (11238) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $9239 | $919 | $(21396) | $(11238) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1201 KILRUSH DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1201<br> Kilrush Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Notes** | **Landa <br> Series 1201<br> Kilrush Drive<br> Pro Forma** |
| **Rental Income** | $- | $22882 | $3455 | $- |  | $26337 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 2788 | 408 |  |  | 3196 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 1913 | 128 |  |  | 2041 |
| Repairs and Maintenance |  | 1585 |  |  |  | 1585 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 2211 | E | 2211 |
| Depreciation and amortization |  |  |  | 15326 | B | 15326 |
| Interest Expense | - | - | - | 24116 | C | 24116 |
| **Total Expenses** | - | 6286 | 536 | 41653 |  | 48475 |
| **Net Income (loss) before provision for income tax** | - | 16596 | 2919 | (41653) |  | (22138) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $16596 | $2919 | $(41653) |  | $(22138) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 124 LIBBY LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 124<br> Libby Lane** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations <br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 124<br> Libby Lane<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11240 | $1628 | $- | $12868 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 997 | 146 |  | 1143 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 538 | 51 |  | 589 |
| Repairs and Maintenance |  | 1594 |  |  | 1594 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1550 E | 1550 |
| Depreciation and amortization |  |  |  | 5837 B | 5837 |
| Interest Expense | - | - | - | 10822 C | 10822 |
| **Total Expenses** | - | 3129 | 197 | 18209 | 21535 |
| **Net Income (loss) before provision for income tax** | - | 8111 | 1431 | (18209) | (8667) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $8111 | $1431 | $(18209) | $(8667) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 126 E MIMOSA DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 126 E<br> Mimosa Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 126 E <br> Mimosa Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9375 | $931 | $- | $10306 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 816 | 69 |  | 885 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 475 | 38 |  | 513 |
| Repairs and Maintenance |  | 95 |  |  | 95 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1361 E | 1361 |
| Depreciation and amortization |  |  |  | 6350 B | 6350 |
| Interest Expense | - | - | - | 11540 C | 11540 |
| **Total Expenses** | - | 1386 | 107 | 19251 | 20744 |
| **Net Income (loss) before provision for income tax** | - | 7989 | 824 | (19251) | (10438) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7989 | $824 | $(19251) | $(10438) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 12641 ALCOVY ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 12641<br> Alcovy Road** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 12641<br> Alcovy Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10089 | $1029 | $- | $11118 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1357 | 115 |  | 1472 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 530 | 47 |  | 577 |
| Repairs and Maintenance |  | 1790 |  |  | 1790 |
| Other Expenses |  | 52 |  |  | 52 |
| Management fee |  |  |  | 1478 E | 1478 |
| Depreciation and amortization |  |  |  | 7989 B | 7989 |
| Interest Expense | - | - | - | 13837 C | 13837 |
| **Total Expenses** | - | 3729 | 162 | 23304 | 27195 |
| **Net Income (loss) before provision for income tax** | - | 6360 | 867 | (23304) | (16077) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6360 | $867 | $(23304) | $(16077) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1320 WINONA AVENUE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1320<br> Winona<br> Avenue** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations <br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1320<br> Winona<br> Avenue Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2375 | $1425 | $- | $3800 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 569 | 83 |  | 652 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 440 | 53 |  | 493 |
| Repairs and Maintenance |  | 8060 |  |  | 8060 |
| Other Expenses |  | 269 |  |  | 269 |
| Management fee |  |  |  | 912 E | 912 |
| Depreciation and amortization |  |  |  | 5204 B | 5204 |
| Interest Expense | - | - | - | 9936 C | 9936 |
| **Total Expenses** | - | 9338 | 136 | 16052 | 25526 |
| **Net Income (loss) before provision for income tax** | - | (6963) | 1289 | (16052) | (21726) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $(6963) | $1289 | $(16052) | $(21726) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 133 DOVE LANDING**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 133<br> Dove Landing** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 133<br> Dove Landing<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10844 | $946 | $- | $11790 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 262 | 22 |  | 284 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 947 | 33 |  | 980 |
| Repairs and Maintenance |  | 1206 |  |  | 1206 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 971 E | 971 |
| Depreciation and amortization |  |  |  | 5405 B | 5405 |
| Interest Expense | - | - | - | 10218 C | 10218 |
| **Total Expenses** | - | 2415 | 55 | 16594 | 19064 |
| **Net Income (loss) before provision for income tax** | - | 8429 | 891 | (16594) | (7274) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8429 | $891 | $(16594) | $(7274) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 137 SOUTHERN SHORES ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 137<br> Southern<br> Shores Road** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations <br> (G)** | **Pro Forma<br> Adjustments** | **Notes** | **Landa <br> Series 137<br> Southern<br> Shores Road<br> Pro Forma** |
| **Rental Income** | $- | $10862 | $1595 | $- |  | $12457 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1192 | 175 |  |  | 1367 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 738 | 51 |  |  | 789 |
| Repairs and Maintenance |  | 237 |  |  |  | 237 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 1138 | E | 1138 |
| Depreciation and amortization |  |  |  | 5830 | B | 5830 |
| Interest Expense | - | - | - | 10812 | C | 10812 |
| **Total Expenses** | - | 2167 | 226 | 17780 |  | 20173 |
| **Net Income (loss) before provision for income tax** | - | 8695 | 1369 | (17780) |  | (7716) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $8695 | $1369 | $(17780) |  | $(7716) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 138 SANDALWOOD CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 138<br> Sandalwood<br> Circle** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Notes** | **Landa <br> Series 138<br> Sandalwood<br> Circle Pro-<br> Forma** |
| **Rental Income** | $- | $10540 | $29 | $- |  | $10569 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 994 | 146 |  |  | 1140 |
| Homeowner Association Fees |  | 1103 | 158 |  |  | 1261 |
| Property Insurance |  | 569 | 44 |  |  | 613 |
| Repairs and Maintenance |  | 2106 | 396 |  |  | 2502 |
| Other Expenses |  | 200 |  |  |  | 200 |
| Management fee |  |  |  | 1665 | E | 1665 |
| Depreciation and amortization |  |  |  | 7413 | B | 7413 |
| Interest Expense | - | - | - | 11413 | C | 11413 |
| **Total Expenses** | - | 4972 | 744 | 20491 |  | 26207 |
| **Net Income (loss) before provision for income tax** | - | 5568 | (715) | (20491) |  | (15638) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $5568 | $(715) | $(20491) |  | $(15638) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 140 HIGH RIDGE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 140<br> High Ridge<br> Road** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations <br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 140<br> High Ridge<br> Road Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10784 | $1601 | $- | $12385 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1322 | 194 |  | 1516 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 961 | 62 |  | 1023 |
| Repairs and Maintenance |  | 1375 |  |  | 1375 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1024 E | 1024 |
| Depreciation and amortization |  |  |  | 7292 B | 7292 |
| Interest Expense | - | - | - | 12860 C | 12860 |
| **Total Expenses** | - | 3658 | 256 | 21176 | 25090 |
| **Net Income (loss) before provision for income tax** | - | 7126 | 1345 | (21176) | (12705) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7126 | $1345 | $(21176) | $(12705) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 141 LONGSTREET CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 141 <br> Longstreet <br> Circle** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 141 <br> Longstreet <br> Circle Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12386 | $1104 | $- | $13490 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1393 | 118 |  | 1511 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 804 | 51 |  | 855 |
| Repairs and Maintenance |  | 1237 |  |  | 1237 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1133 E | 1133 |
| Depreciation and amortization |  |  |  | 8757 B | 8757 |
| Interest Expense | - | - | - | 14913 C | 14913 |
| **Total Expenses** | - | 3434 | 169 | 24803 | 28406 |
| **Net Income (loss) before provision for income tax** | - | 8952 | 935 | (24803) | (14916) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8952 | $935 | $(24803) | $(14916) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1443 PEBBLE RIDGE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1443<br> Pebble Ridge<br> Lane** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1443<br> Pebble Ridge<br> Lane Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12659 | $1093 | $- | $13752 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1881 | 159 |  | 2040 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 726 | 49 |  | 775 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1832 E | 1832 |
| Depreciation and amortization |  |  |  | 8378 B | 8378 |
| Interest Expense | - | - | - | 14382 C | 14382 |
| **Total Expenses** | - | 2607 | 208 | 24592 | 27407 |
| **Net Income (loss) before provision for income tax** | - | 10052 | 885 | (24592) | (13655) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10052 | $885 | $(24592) | $(13655) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1445 MAPLE VALLEY COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1445<br> Maple Valley<br> Court** | **Historical<br> Property<br> Operations<br> (J)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1445<br> Maple Valley<br> Court Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13620 | $876 | $14496 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 1253 |  | 1253 |
| Homeowner Association Fees |  | 360 |  | 360 |
| Property Insurance |  | 543 |  | 543 |
| Repairs and Maintenance |  |  |  |  |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1160 E | 1160 |
| Depreciation and amortization |  |  | 4557 B | 4557 |
| Interest Expense | - | - | 9028 C | 9028 |
| **Total Expenses** | - | 2156 | 14745 | 16901 |
| **Net Income (loss) before provision for income tax** | - | 11464 | (13869) | (2405) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $11464 | $(13869) | $(2405) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 146 CRYSTAL BROOK**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 146<br> Crystal Brook** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 146<br> Crystal Brook<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10530 | $1521 | $- | $12051 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1447 | 212 |  | 1659 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 496 | 44 |  | 540 |
| Repairs and Maintenance |  | 356 |  |  | 356 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1200 E | 1200 |
| Depreciation and amortization |  |  |  | 4928 B | 4928 |
| Interest Expense | - | - | - | 9549 C | 9549 |
| **Total Expenses** | - | 2299 | 256 | 15677 | 18232 |
| **Net Income (loss) before provision for income tax** | - | 8231 | 1265 | (15677) | (6181) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8231 | $1265 | $(15677) | $(6181) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1473 BROWNLEAF DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1473<br> Brownleaf<br> Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1473<br> Brownleaf<br> Drive Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10893 | $931 | $- | $11824 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1286 | 109 |  | 1395 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 707 | 43 |  | 750 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1528 E | 1528 |
| Depreciation and amortization |  |  |  | 7189 B | 7189 |
| Interest Expense | - | - | - | 12716 C | 12716 |
| **Total Expenses** | - | 1993 | 152 | 21433 | 23578 |
| **Net Income (loss) before provision for income tax** | - | 8900 | 779 | (21433) | (11754) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8900 | $779 | $(21433) | $(11754) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1485 BOLA COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1485<br> Bola Court** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1485<br> Bola Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11586 | $964 | $- | $12550 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1243 | 105 |  | 1348 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 832 | 39 |  | 871 |
| Repairs and Maintenance |  | 135 |  |  | 135 |
| Other Expenses |  | 95 |  |  | 95 |
| Management fee |  |  |  | 1541 E | 1541 |
| Depreciation and amortization |  |  |  | 6419 B | 6419 |
| Interest Expense | - | - | - | 11637 C | 11637 |
| **Total Expenses** | - | 2305 | 144 | 19597 | 22046 |
| **Net Income (loss) before provision for income tax** | - | 9281 | 820 | (19597) | (9496) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9281 | $820 | $(19597) | $(9496) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1490 DIPLOMAT DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1490<br> Diplomat Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 1490<br> Diplomat Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9907 | $1118 | $- | $11025 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2598 | 220 |  | 2818 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 684 | 55 |  | 739 |
| Repairs and Maintenance |  | 6736 |  |  | 6736 |
| Other Expenses |  | 46 |  |  | 46 |
| Management fee |  |  |  | 1725 E | 1725 |
| Depreciation and amortization |  |  |  | 9498 B | 9498 |
| Interest Expense | - | - | - | 15951 C | 15951 |
| **Total Expenses** | - | 10064 | 275 | 27174 | 37513 |
| **Net Income (loss) before provision for income tax** | - | (157) | 843 | (27174) | (26488) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $(157) | $843 | $(27174) | $(26488) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 153 CLIFFSIDE COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 153<br> Cliffside Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 153<br> Cliffside Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8923 | $1298 | $- | $10221 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 685 | 100 |  | 785 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 635 | 35 |  | 670 |
| Repairs and Maintenance |  | 120 |  |  | 120 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 830 E | 830 |
| Depreciation and amortization |  |  |  | 4078 B | 4078 |
| Interest Expense | - | - | - | 8364 C | 8364 |
| **Total Expenses** | - | 1440 | 135 | 13272 | 14847 |
| **Net Income (loss) before provision for income tax** | - | 7483 | 1163 | (13272) | (4626) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7483 | $1163 | $(13272) | $(4626) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 157 WELLS ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 157<br> Wells Road** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 157<br> Wells Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9510 | $843 | $- | $10353 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1182 | 100 |  | 1282 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 839 | 32 |  | 871 |
| Repairs and Maintenance |  | 2750 |  |  | 2750 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 865 E | 865 |
| Depreciation and amortization |  |  |  | 5231 B | 5231 |
| Interest Expense | - | - | - | 9973 C | 9973 |
| **Total Expenses** | - | 4771 | 132 | 16069 | 20972 |
| **Net Income (loss) before provision for income tax** | - | 4739 | 711 | (16069) | (10619) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $4739 | $711 | $(16069) | $(10619) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 160 CHIMNEY RIDGE TRAIL**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 160<br> Chimney Ridge<br> Trail** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 160<br> Chimney Ridge<br> Trail Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12613 | $1399 | $- | $14012 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1920 | 162 |  | 2082 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1020 | 43 |  | 1063 |
| Repairs and Maintenance |  | 4085 |  |  | 4085 |
| Other Expenses |  | 416 |  |  | 416 |
| Management fee |  |  |  | 1435 E | 1435 |
| Depreciation and amortization |  |  |  | 7327 B | 7327 |
| Interest Expense | - | - | - | 12909 C | 12909 |
| **Total Expenses** | - | 7441 | 205 | 21671 | 29317 |
| **Net Income (loss) before provision for income tax** | - | 5172 | 1194 | (21671) | (15305) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $5172 | $1194 | $(21671) | $(15305) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 164 LONGSTREET CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 164<br> Longstreet<br> Circle** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 164<br> Longstreet<br> Circle Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12318 | $1086 | $- | $13404 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1672 | 141 |  | 1813 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 919 | 44 |  | 963 |
| Repairs and Maintenance |  | 185 |  |  | 185 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1115 E | 1115 |
| Depreciation and amortization |  |  |  | 7397 B | 7397 |
| Interest Expense | - | - | - | 13007 C | 13007 |
| **Total Expenses** | - | 2776 | 185 | 21519 | 24480 |
| **Net Income (loss) before provision for income tax** | - | 9542 | 901 | (21519) | (11076) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9542 | $901 | $(21519) | $(11076) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1666 W POPLAR STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1666 W<br> Poplar Street** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1666 W<br> Poplar Street<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11269 | $1683 | $- | $12952 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 802 | 118 |  | 920 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 800 | 48 |  | 848 |
| Repairs and Maintenance |  | 130 |  |  | 130 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1077 E | 1077 |
| Depreciation and amortization |  |  |  | 5545 B | 5545 |
| Interest Expense | - | - | - | 10413 C | 10413 |
| **Total Expenses** | - | 1732 | 166 | 17035 | 18933 |
| **Net Income (loss) before provision for income tax** | - | 9537 | 1517 | (17035) | (5981) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9537 | $1517 | $(17035) | $(5981) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 168 BROOKVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 168<br> Brookview<br> Drive** | **Historical<br> Property<br> Operations<br> (K)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 168<br> Brookview<br> Drive Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6923 | $6433 | $13356 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 1261 | 368 | 1629 |
| Homeowner Association Fees |  | 622 | 181 | 803 |
| Property Insurance |  | 635 | 185 | 820 |
| Repairs and Maintenance |  | 968 |  | 968 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1068 E | 1068 |
| Depreciation and amortization |  |  | 3424 B | 3424 |
| Interest Expense | - | - | 5951 C | 5951 |
| **Total Expenses** | - | 3486 | 11177 | 14663 |
| **Net Income (loss) before provision for income tax** | - | 3437 | (4744) | (1307) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $3437 | $(4744) | $(1307) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1683 SPOONBILL ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1683<br> Spoonbill Road** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1683<br> Spoonbill Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10478 | $842 | $- | $11320 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1280 | 108 |  | 1388 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 895 | 36 |  | 931 |
| Repairs and Maintenance |  | 2110 |  |  | 2110 |
| Other Expenses |  | 620 |  |  | 620 |
| Management fee |  |  |  | 1393 E | 1393 |
| Depreciation and amortization |  |  |  | 5964 B | 5964 |
| Interest Expense | - | - | - | 11001 C | 11001 |
| **Total Expenses** | - | 4905 | 144 | 18358 | 23407 |
| **Net Income (loss) before provision for income tax** | - | 5573 | 698 | (18358) | (12087) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $5573 | $698 | $(18358) | $(12087) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1689 VICEROY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1689<br> Viceroy Way** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1689<br> Viceroy Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13698 | $2022 | $- | $15720 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2917 | 427 |  | 3344 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 818 | 67 |  | 885 |
| Repairs and Maintenance |  | 1460 |  |  | 1460 |
| Other Expenses |  |  | 200 |  | 200 |
| Management fee |  |  |  | 1392 E | 1392 |
| Depreciation and amortization |  |  |  | 7126 B | 7126 |
| Interest Expense | - | - | - | 12628 C | 12628 |
| **Total Expenses** | - | 5195 | 694 | 21146 | 27035 |
| **Net Income (loss) before provision for income tax** | - | 8503 | 1328 | (21146) | (11315) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8503 | $1328 | $(21146) | $(11315) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 171 DAVIDSON DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 171<br> Davidson Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 171<br> Davidson Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12396 | $1028 | $- | $13424 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1559 | 132 |  | 1691 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 735 | 46 |  | 781 |
| Repairs and Maintenance |  | 4690 |  |  | 4690 |
| Other Expenses |  | 236 |  |  | 236 |
| Management fee |  |  |  | 1930 E | 1930 |
| Depreciation and amortization |  |  |  | 7849 B | 7849 |
| Interest Expense | - | - | - | 13641 C | 13641 |
| **Total Expenses** | - | 7220 | 178 | 23420 | 30818 |
| **Net Income (loss) before provision for income tax** | - | 5176 | 850 | (23420) | (17394) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $5176 | $850 | $(23420) | $(17394) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1768 GLEN VIEW WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1768<br> Glen View Way** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 1768<br> Glen View Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $6777 | $1029 | $- | $7806 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1264 | 107 |  | 1371 |
| Homeowner Association Fees |  | 215 | 33 |  | 248 |
| Property Insurance |  | 570 | 37 |  | 607 |
| Repairs and Maintenance |  | 7030 |  |  | 7030 |
| Other Expenses |  | 139 |  |  | 139 |
| Management fee |  |  |  | 1570 E | 1570 |
| Depreciation and amortization |  |  |  | 6109 B | 6109 |
| Interest Expense | - | - | - | 11278 C | 11278 |
| **Total Expenses** | - | 9218 | 177 | 18957 | 28352 |
| **Net Income (loss) before provision for income tax** | - | (2441) | 852 | (18957) | (20546) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $(2441) | $852 | $(18957) | $(20546) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 181 WATERCRESS COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 181<br> Watercress<br> Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 181<br> Watercress<br> Court Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10013 | $1613 | $- | $11626 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1575 | 231 |  | 1806 |
| Homeowner Association Fees |  | 228 | 33 |  | 261 |
| Property Insurance |  | 787 | 48 |  | 835 |
| Repairs and Maintenance |  | 3499 |  |  | 3499 |
| Other Expenses |  | 432 |  |  | 432 |
| Management fee |  |  |  | 1680 E | 1680 |
| Depreciation and amortization |  |  |  | 6942 B | 6942 |
| Interest Expense | - | - | - | 12371 C | 12371 |
| **Total Expenses** | - | 6521 | 312 | 20993 | 27826 |
| **Net Income (loss) before provision for income tax** | - | 3492 | 1301 | (20993) | (16200) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $3492 | $1301 | $(20993) | $(16200) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 188 TIMBERLINE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 188<br> Timberline<br> Road** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 188<br> Timberline<br> Road Pro-<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8454 | $1248 | $- | $9702 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 319 | 47 |  | 366 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 425 | 40 |  | 465 |
| Repairs and Maintenance |  | 280 |  |  | 280 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 799 E | 799 |
| Depreciation and amortization |  |  |  | 3309 B | 3309 |
| Interest Expense | - | - | - | 7281 C | 7281 |
| **Total Expenses** | - | 1024 | 87 | 11389 | 12500 |
| **Net Income (loss) before provision for income tax** | - | 7430 | 1161 | (11389) | (2798) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7430 | $1161 | $(11389) | $(2798) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 189 SHENANDOAH DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 189<br> Shenandoah<br> Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 189<br> Shenandoah<br> Drive Pro-<br> Forma** |
| **Rental Income** | $- | $10920 | $1763 | $- | $12683 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1501 | 220 |  | 1721 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 609 | 54 |  | 663 |
| Repairs and Maintenance |  | 4065 |  |  | 4065 |
| Other Expenses |  | 470 |  |  | 470 |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  | 1288 E | 1288 |
| Depreciation and amortization |  |  |  | 6349 B | 6349 |
| Interest Expense | - | - | - | 11539 C | 11539 |
| **Total Expenses** | - | 6645 | 274 | 19176 | 26095 |
| **Net Income (loss) before provision for income tax** | - | 4275 | 1489 | (19176) | (13412) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $4275 | $1489 | $(19176) | $(13412) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 1903 OLD CONCORD DRIVE SE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1903<br> Old<br> Concord<br> Drive SE** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 1903 <br> Old<br> Concord<br> Drive SE<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11693 | $1025 | $- | $12718 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1193 | 101 |  | 1294 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 762 | 47 |  | 809 |
| Repairs and Maintenance |  | 990 |  |  | 990 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1052 E | 1052 |
| Depreciation and amortization |  |  |  | 8024 B | 8024 |
| Interest Expense | - | - | - | 13886 C | 13886 |
| **Total Expenses** | - | 2945 | 148 | 22962 | 26055 |
| **Net Income (loss) before provision for income tax** | - | 8748 | 877 | (22962) | (13337) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8748 | $877 | $(22962) | $(13337) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 195 BRANCHWOOD DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Branchwood<br> Drive** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 195<br> Branchwood<br> Drive <br> Pro Forma** |
| **Rental Income** | $- | $12315 | $1041 | $- | $13356 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1455 | 123 |  | 1578 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 753 | 48 |  | 801 |
| Repairs and Maintenance |  | 1190 |  |  | 1190 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1655 E | 1655 |
| Depreciation and amortization |  |  |  | 8268 B | 8268 |
| Interest Expense | - | - | - | 14228 C | 14228 |
| **Total Expenses** | - | 3398 | 171 | 24151 | 27720 |
| **Net Income (loss) before provision for income tax** | - | 8917 | 870 | (24151) | (14364) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8917 | $870 | $(24151) | $(14364) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 195 FAIRCLIFT DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 195 Fairclift Drive** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa Series 195 Fairclift Drive Pro Forma** |
| **Rental Income** | $- | $13488 | $1140 | $- | $14628 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1135 | 96 |  | 1231 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 877 | 43 |  | 920 |
| Repairs and Maintenance |  | 999 |  |  | 999 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1221 E | 1221 |
| Depreciation and amortization |  |  |  | 7292 B | 7292 |
| Interest Expense | - | - | - | 12860 C | 12860 |
| **Total Expenses** | - | 3011 | 139 | 21373 | 24523 |
| **Net Income (loss) before provision for income tax** | - | 10477 | 1001 | (21373) | (9895) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10477 | $1001 | $(21373) | $(9895) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 195 HUNTERS TRACE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Hunters<br> Trace** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa Series 195 Hunters Trace <br> Pro Forma** |
| **Rental Income** | $- | $11414 | $1631 | $- | $13045 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1420 | 208 |  | 1628 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1008 | 63 |  | 1071 |
| Repairs and Maintenance |  | 276 |  |  | 276 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1543 E | 1543 |
| Depreciation and amortization |  |  |  | 7643 B | 7643 |
| Interest Expense | - | - | - | 14263 C | 14263 |
| **Total Expenses** | - | 2704 | 271 | 23449 | 26424 |
| **Net Income (loss) before provision for income tax** | - | 8710 | 1360 | (23449) | (13379) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8710 | $1360 | $(23449) | $(13379) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 196 MONTEGO CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 196<br> Montego<br> Circle** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma** **<br> Adjustments** | **Landa<br> Series 196<br> Montego<br> Circle <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;- | $11246 | $1607 | $- | $12853 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1388 | 203 |  | 1591 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 810 | 58 |  | 868 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1273 E | 1273 |
| Depreciation and amortization |  |  |  | 6698 B | 6698 |
| Interest Expense | - | - | - | 12028 C | 12028 |
| **Total Expenses** | - | 2198 | 261 | 19999 | 22458 |
| **Net Income (loss) before provision for income tax** | - | 9048 | 1346 | (19999) | (9605) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9048 | $1346 | $(19999) | $(9605) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 20 CHIMNEY SMOKE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 20<br> Chimney<br> Smoke<br> Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma**<br> **Adjustments** | **Landa<br> Series 20<br> Chimney<br> Smoke<br> Drive <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12171 | $1029 | $- | $13200 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2111 | 178 |  | 2289 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1079 | 43 |  | 1122 |
| Repairs and Maintenance |  | 2110 |  |  | 2110 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1625 E | 1625 |
| Depreciation and amortization |  |  |  | 7327 B | 7327 |
| Interest Expense | - | - | - | 12909 C | 12909 |
| **Total Expenses** | - | 5300 | 221 | 21861 | 27382 |
| **Net Income (loss) before provision for income tax** | - | 6871 | 808 | (21861) | (14182) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6871 | $808 | $(21861) | $(14182) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 204 N MAIN COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 204<br> N Main<br> Court** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma Adjustments** | **Landa<br> Series 204<br> N Main<br> Court <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12161 | $1078 | $- | $13239 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1674 | 142 |  | 1816 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 856 | 33 |  | 889 |
| Repairs and Maintenance |  | 275 |  |  | 275 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1106 E | 1106 |
| Depreciation and amortization |  |  |  | 5405 B | 5405 |
| Interest Expense | - | - | - | 10218 C | 10218 |
| **Total Expenses** | - | 2805 | 175 | 16729 | 19709 |
| **Net Income (loss) before provision for income tax** | - | 9356 | 903 | (16729) | (6470) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9356 | $903 | $(16729) | $(6470) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2055 GROVE WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2055 <br> Grove Way** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma** **<br> Adjustments** | **Landa<br> Series 2055<br> Grove Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8795 | $- | $- | $8795 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1413 | 119 |  | 1532 |
| Homeowner Association Fees |  | 415 | 35 |  | 450 |
| Property Insurance |  | 801 | 37 |  | 838 |
| Repairs and Maintenance |  | 1631 |  |  | 1631 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1620 E | 1620 |
| Depreciation and amortization |  |  |  | 6104 B | 6104 |
| Interest Expense | - | - | - | 11196 C | 11196 |
| **Total Expenses** | - | 4260 | 191 | 18920 | 23371 |
| **Net Income (loss) before provision for income tax** | - | 4535 | (191) | (18920) | (14576) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $4535 | $(191) | $(18920) | $(14576) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 212 FLEETA DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 212 Fleeta<br> Drive** | **Historical<br> Property<br> Operations (F)** | **Historical<br> Property<br> Operations (G)** | **Pro Forma**<br> Adjustments** | **Landa Series 212 Fleeta Drive <br> Pro Forma** |
| **Rental Income** | $&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;- | $10802 | $1763 | $- | $12565 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1203 | 176 |  | 1379 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 678 | 55 |  | 733 |
| Repairs and Maintenance |  | 3510 |  |  | 3510 |
| Other Expenses |  | 128 |  |  | 128 |
| Management fee |  |  |  | 1528 E | 1528 |
| Depreciation and amortization |  |  |  | 5617 B | 5617 |
| Interest Expense | - | - | - | 10513 C | 10513 |
| **Total Expenses** | - | 5519 | 231 | 17658 | 23408 |
| **Net Income (loss) before provision for income tax** | - | 5283 | 1532 | (17658) | (10843) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $5283 | $1532 | $(17658) | $(10843) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 215 CENTRAL LAKE CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 215 Central Lake Circle** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma**<br> Adjustments** | **Landa Series 215 Central Lake Circle<br> Pro Forma** |
| **Rental Income** | $- | $9159 | $959 | $- | $10118 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1080 | 91 |  | 1171 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 534 | 40 |  | 574 |
| Repairs and Maintenance |  | 485 |  |  | 485 |
| Other Expenses |  | 94 |  |  | 94 |
| Management fee |  |  |  | 1293 E | 1293 |
| Depreciation and amortization |  |  |  | 6697 B | 6697 |
| Interest Expense | - | - | - | 12026 C | 12026 |
| **Total Expenses** | - | 2193 | 131 | 20016 | 22340 |
| **Net Income (loss) before provision for income tax** | - | 6966 | 828 | (20016) | (12222) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6966 | $828 | $(20016) | $(12222) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 217 GLENLOCH COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 217 Glenloch Court** | **Historical<br> Property<br> Operations (F)** | **Historical<br> Property<br> Operations (G)** | **Pro Forma**<br> Adjustments** | **Landa<br> Series 217 Glenloch Court <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13616 | $2100 | $- | $15716 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2124 | 311 |  | 2435 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1241 | 85 |  | 1326 |
| Repairs and Maintenance |  | 2450 |  |  | 2450 |
| Other Expenses |  | 318 |  |  | 318 |
| Management fee |  |  |  | 1618 E | 1618 |
| Depreciation and amortization |  |  |  | 8025 B | 8025 |
| Interest Expense | - | - | - | 13888 C | 13888 |
| **Total Expenses** | - | 6133 | 396 | 23531 | 30060 |
| **Net Income (loss) before provision for income tax** | - | 7483 | 1704 | (23531) | (14344) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $7483 | $1704 | $(23531) | $(14344) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2177 E CHESTER CIRCLE SE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 2177 E Chester Circle SE** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma**<br> Adjustments** | **Landa Series 2177 E Chester Circle SE Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14478 | $1250 | $- | $15728 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1286 | 109 |  | 1395 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 980 | 48 |  | 1028 |
| Repairs and Maintenance |  | 495 |  |  | 495 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1872 E | 1872 |
| Depreciation and amortization |  |  |  | 8164 B | 8164 |
| Interest Expense | - | - | - | 14083 C | 14083 |
| **Total Expenses** | - | 2761 | 157 | 24119 | 27037 |
| **Net Income (loss) before provision for income tax** | - | 11717 | 1093 | (24119) | (11309) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $11717 | $1093 | $(24119) | $(11309) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 221 LAKEVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 221 Lakeview Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma**<br> Adjustments** | **Landa<br> Series 221 Lakeview Drive <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12356 | $1078 | $- | $13434 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2173 | 184 |  | 2357 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1048 | 45 |  | 1093 |
| Repairs and Maintenance |  | 329 |  |  | 329 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1106 E | 1106 |
| Depreciation and amortization |  |  |  | 7676 B | 7676 |
| Interest Expense | - | - | - | 13399 C | 13399 |
| **Total Expenses** | - | 3550 | 229 | 22181 | 25960 |
| **Net Income (loss) before provision for income tax** | - | 8806 | 849 | (22181) | (12526) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $8806 | $849 | $(22181) | $(12526) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2264 CHESTNUT HILL CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2264 Chestnut Hill Circle** | **Historical<br> Property<br> Operations (F)** | **Historical<br> Property<br> Operations (G)** | **Pro Forma**<br> Adjustments** | **Landa Series 2264 Chestnut Hill Circle Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14448 | $2124 | $- | $16572 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 3329 | 488 |  | 3817 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1103 | 97 |  | 1200 |
| Repairs and Maintenance |  | 2842 |  |  | 2842 |
| Other Expenses |  | 140 |  |  | 140 |
| Management fee |  |  |  | 1359 E | 1359 |
| Depreciation and amortization |  |  |  | 10296 B | 10296 |
| Interest Expense | - | - | - | 17069 C | 17069 |
| **Total Expenses** | - | 7414 | 585 | 28724 | 36723 |
| **Net Income (loss) before provision for income tax** | - | 7034 | 1539 | (28724) | (20151) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $7034 | $1539 | $(28724) | $(20151) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 235 LAZY HOLLOW LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 235 Lazy Hollow Lane** | **Historical<br> Property<br> Operations<br> (H)** | **Historical Property Operations (I)** | **Pro Forma**<br> Adjustments** | **Landa<br> Series 235 Lazy Hollow Lane<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12467 | $1087 | $- | $13554 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1634 | 138 |  | 1772 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1131 | 45 |  | 1176 |
| Repairs and Maintenance |  | 505 |  |  | 505 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1116 E | 1116 |
| Depreciation and amortization |  |  |  | 7712 B | 7712 |
| Interest Expense | - | - | - | 13467 C | 13467 |
| **Total Expenses** | - | 3270 | 183 | 22295 | 25748 |
| **Net Income (loss) before provision for income tax** | - | 9197 | 904 | (22295) | (12194) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $9197 | $904 | $(22295) | $(12194) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2425 CORNELL CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2425 Cornell Circle** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma**<br> Adjustments** | **Landa Series 2425 Cornell Circle <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $15668 | $1366 | $- | $17034 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2687 | 227 |  | 2914 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1187 | 51 |  | 1238 |
| Repairs and Maintenance |  | 490 |  |  | 490 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1402 E | 1402 |
| Depreciation and amortization |  |  |  | 8759 B | 8759 |
| Interest Expense | - | - | - | 14916 C | 14916 |
| **Total Expenses** | - | 4364 | 278 | 25077 | 29719 |
| **Net Income (loss) before provision for income tax** | - | 11304 | 1088 | (25077) | (12685) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $11304 | $1088 | $(25077) | $(12685) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2443 HODGES FARM ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2443 Hodges Farm Road** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma**<br> Adjustments** | **Landa<br> Series 2443 Hodges Farm Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13284 | $1158 | $- | $14442 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1312 | 111 |  | 1423 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1044 | 36 |  | 1080 |
| Repairs and Maintenance |  | 420 |  |  | 420 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1170 E | 1170 |
| Depreciation and amortization |  |  |  | 5999 B | 5999 |
| Interest Expense | - | - | - | 11050 C | 11050 |
| **Total Expenses** | - | 2776 | 147 | 18219 | 21142 |
| **Net Income (loss) before provision for income tax** | - | 10508 | 1011 | (18219) | (6700) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $10508 | $1011 | $(18219) | $(6700) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 25 PLEASANT VALLEY ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 25 Pleasant Valley Road** | **Historical<br> Property<br> Operations (F)** | **Historical<br> Property<br> Operations (G)** | **Pro Forma**<br> Adjustments** | **Landa<br> Series 25 Pleasant Valley Road <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10825 | $1590 | $- | $12415 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1779 | 261 |  | 2040 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 836 | 65 |  | 901 |
| Repairs and Maintenance |  | 3538 | 134 |  | 3672 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1575 E | 1575 |
| Depreciation and amortization |  |  |  | 7222 B | 7222 |
| Interest Expense | - | - | - | 12762 C | 12762 |
| **Total Expenses** | - | 6153 | 460 | 21559 | 28172 |
| **Net Income (loss) before provision for income tax** | - | 4672 | 1130 | (21559) | (15757) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $4672 | $1130 | $(21559) | $(15757) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 253 MARCO DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 253 Marco Drive** | **Historical<br> Property<br> Operations (F)** | **Historical<br> Property<br> Operations (G)** | **Pro Forma**<br> Adjustments** | **Landa<br> Series 253 Marco Drive <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9653 | $1418 | $- | $11071 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 314 | 46 |  | 360 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 533 | 51 |  | 584 |
| Repairs and Maintenance |  | 450 |  |  | 450 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1227 E | 1227 |
| Depreciation and amortization |  |  |  | 5589 B | 5589 |
| Interest Expense | - | - | - | 10474 C | 10474 |
| **Total Expenses** | - | 1297 | 97 | 17290 | 18684 |
| **Net Income (loss) before provision for income tax** | - | 8356 | 1321 | (17290) | (7613) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $8356 | $1321 | $(17290) | $(7613) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 255 COUNTRYSIDE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 255 Countryside Lane** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma**<br> Adjustments** | **Landa Series 255 Countryside Lane <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12244 | $1046 | $- | $13290 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1452 | 123 |  | 1575 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1110 | 44 |  | 1154 |
| Repairs and Maintenance |  | 686 |  |  | 686 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1652 E | 1652 |
| Depreciation and amortization |  |  |  | 7571 B | 7571 |
| Interest Expense | - | - | - | 13252 C | 13252 |
| **Total Expenses** | - | 3248 | 167 | 22475 | 25890 |
| **Net Income (loss) before provision for income tax** | - | 8996 | 879 | (22475) | (12600) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $8996 | $879 | $(22475) | $(12600) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 258 ROCKY POINT ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 258 Rocky Point Road** | **Historical<br> Property<br> Operations (F)** | **Historical<br> Property<br> Operations (G)** | **Pro Forma**<br> Adjustments** | **Landa<br> Series 258 Rocky Point Road Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9782 | $2750 | $- | $12532 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1796 | 263 |  | 2059 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 905 | 74 |  | 979 |
| Repairs and Maintenance |  | 4910 |  |  | 4910 |
| Other Expenses |  | 215 |  |  | 215 |
| Management fee |  |  |  | 1109 E | 1109 |
| Depreciation and amortization |  |  |  | 8235 B | 8235 |
| Interest Expense | - | - | - | 14182 C | 14182 |
| **Total Expenses** | - | 7826 | 337 | 23526 | 31689 |
| **Net Income (loss) before provision for income tax** | - | 1956 | 2413 | (23526) | (19157) |
| Provision for income taxes |  |  |  | - D | - |
| **Net Income (loss)** | $- | $1956 | $2413 | $(23526) | $(19157) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 263 ROCKY POINT ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 263<br> Rocky<br> Point Road** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 263 Rocky Point<br> Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13354 | $1190 | $- | $14544 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1305 | 110 |  | 1415 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1082 | 42 |  | 1124 |
| Repairs and Maintenance |  | 727 |  |  | 727 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1221 E | 1221 |
| Depreciation and amortization |  |  |  | 7082 B | 7082 |
| Interest Expense | - | - | - | 12567 C | 12567 |
| **Total Expenses** | - | 3114 | 152 | 20870 | 24136 |
| **Net Income (loss) before provision for income tax** | - | 10240 | 1038 | (20870) | (9592) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10240 | $1038 | $(20870) | $(9592) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 268 BROOKVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 268<br> Brookview<br> Drive** | **Historical<br> Property<br> Operations<br> (K)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 268<br> Brookview<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 11448 | 3672 | 15120 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1264 | 368 | 1632 |
| Homeowner Association Fees |  | 622 | 181 | 803 |
| Property Insurance |  | 635 | 185 | 820 |
| Repairs and Maintenance |  |  |  |  |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1210 E | 1210 |
| Depreciation and amortization |  |  | 4164 B | 4164 |
| Interest Expense | - | - | 8478 C | 8478 |
| **Total Expenses** | - | 2521 | 14586 | 17107 |
| **Net Income (loss) before provision for income tax** | - | 8927 | (10914) | (1987) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | 8927 | (10914) | (1987) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 270 MOUNTAIN LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 270<br> Mountain<br> Lane** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 270<br> Mountain<br> Lane<br> Pro Forma** |
| **Rental Income** | $- | $12243 | $1749 | $- | $13992 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1288 | 189 |  | 1477 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 802 | 69 |  | 871 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1644 E | 1644 |
| Depreciation and amortization |  |  |  | 8461 B | 8461 |
| Interest Expense | - | - | - | 13126 C | 13126 |
| **Total Expenses** | - | 2090 | 258 | 23231 | 25579 |
| **Net Income (loss) before provision for income tax** | - | 10153 | 1491 | (23231) | (11587) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10153 | $1491 | $(23231) | $(11587) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 270 MOUNTAIN WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 270<br> Mountain Way** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 270<br> Mountain Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12580 | $- | $- | $12580 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1319 | 112 |  | 1431 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1065 | 43 |  | 1108 |
| Repairs and Maintenance |  | 4102 |  |  | 4102 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1740 E | 1740 |
| Depreciation and amortization |  |  |  | 7362 B | 7362 |
| Interest Expense | - | - | - | 12958 C | 12958 |
| **Total Expenses** | - | 6486 | 155 | 22060 | 28701 |
| **Net Income (loss) before provision for income tax** | - | 6094 | (155) | (22060) | (16121) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6094 | $(155) | $(22060) | $(16121) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 270 PLEASANT HILL DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 270<br> Pleasant<br> Hill Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 270<br> Pleasant<br> Hill Drive<br> Pro Forma** |
| **Rental Income** | $- | $12527 | $1790 | $- | $14317 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1311 | 192 |  | 1503 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1096 | 80 |  | 1176 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1558 E | 1558 |
| Depreciation and amortization |  |  |  | 8294 B | 8294 |
| Interest Expense | - | - | - | 12294 C | 12294 |
| **Total Expenses** | - | 2407 | 272 | 22146 | 24825 |
| **Net Income (loss) before provision for income tax** | - | 10120 | 1518 | (22146) | (10508) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10120 | $1518 | $(22146) | $(10508) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2794 NORFAIR LOOP**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2794<br> Norfair<br> Loop** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2794<br> Norfair Loop <br> Pro Forma** |
| **Rental Income** | $- | $11264 | $967 | $- | $12231 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2362 | 200 |  | 2562 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 783 | 34 |  | 817 |
| Repairs and Maintenance |  | 911 |  |  | 911 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1330 E | 1330 |
| Depreciation and amortization |  |  |  | 5615 B | 5615 |
| Interest Expense | - | - | - | 10511 C | 10511 |
| **Total Expenses** | - | 4056 | 234 | 17456 | 21746 |
| **Net Income (loss) before provision for income tax** | - | 7208 | 733 | (17456) | (9515) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7208 | $733 | $(17456) | $(9515) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2813 VICKSBURG COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 2813<br> Vicksburg<br> Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2813<br> Vicksburg Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14480 | $2150 | $- | $16630 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1329 | 195 |  | 1524 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1011 | 82 |  | 1093 |
| Repairs and Maintenance |  | 725 |  |  | 725 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1376 E | 1376 |
| Depreciation and amortization |  |  |  | 8969 B | 8969 |
| Interest Expense | - | - | - | 15209 C | 15209 |
| **Total Expenses** | - | 3065 | 277 | 25554 | 28896 |
| **Net Income (loss) before provision for income tax** | - | 11415 | 1873 | (25554) | (12266) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $11415 | $1873 | $(25554) | $(12266) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 2933 COFFER DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2933<br> Coffer Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 2933<br> Coffer Drive <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;- | $10235 | $1470 | $- | $11705 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1039 | 152 |  | 1191 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 524 | 62 |  | 586 |
| Repairs and Maintenance |  | 670 |  |  | 670 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1345 E | 1345 |
| Depreciation and amortization |  |  |  | 7161 B | 7161 |
| Interest Expense | - | - | - | 12677 C | 12677 |
| **Total Expenses** | - | 2233 | 214 | 21183 | 23630 |
| **Net Income (loss) before provision for income tax** | - | 8002 | 1256 | (21183) | (11925) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8002 | $1256 | $(21183) | $(11925) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 30 HIGH RIDGE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 30<br> High Ridge<br> Road** | **Historical<br> Property**<br> **Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 30<br> High Ridge<br> Road <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11605 | $1055 | $- | $12660 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1202 | 176 |  | 1378 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 600 | 62 |  | 662 |
| Repairs and Maintenance |  | 1558 | 450 |  | 2008 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1599 E | 1599 |
| Depreciation and amortization |  |  |  | 8803 B | 8803 |
| Interest Expense | - | - | - | 14978 C | 14978 |
| **Total Expenses** | - | 3360 | 688 | 25380 | 29428 |
| **Net Income (loss) before provision for income tax** | - | 8245 | 367 | (25380) | (16768) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8245 | $367 | $(25380) | $(16768) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 30 ROOSEVELT ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 30<br> Roosevelt<br> Road** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 30<br> Roosevelt<br> Road <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12678 | $1821 | $- | $14499 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1869 | 274 |  | 2143 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1083 | 72 |  | 1155 |
| Repairs and Maintenance |  | 390 |  |  | 390 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1560 E | 1560 |
| Depreciation and amortization |  |  |  | 7257 B | 7257 |
| Interest Expense | - | - | - | 12811 C | 12811 |
| **Total Expenses** | - | 3342 | 346 | 21628 | 25316 |
| **Net Income (loss) before provision for income tax** | - | 9336 | 1475 | (21628) | (10817) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9336 | $1475 | $(21628) | $(10817) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 3011 RAINTREE DRIVE SE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 3011<br> Raintree<br> Drive SE** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3011<br> Raintree Drive SE<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12377 | $1768 | $- | $14145 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1838 | 269 |  | 2107 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 994 | 57 |  | 1051 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1528 E | 1528 |
| Depreciation and amortization |  |  |  | 7863 B | 7863 |
| Interest Expense | - | - | - | 13951 C | 13951 |
| **Total Expenses** | - | 2832 | 326 | 23342 | 26500 |
| **Net Income (loss) before provision for income tax** | - | 9545 | 1442 | (23342) | (12355) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9545 | $1442 | $(23342) | $(12355) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

**LANDA SERIES 304 CEDAR STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 304<br> Cedar<br> Street** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 304<br> Cedar<br> Street <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10854 | $918 | $- | $11772 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1736 | 147 |  | 1883 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 721 | 46 |  | 767 |
| Repairs and Maintenance |  | 950 |  |  | 950 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1680 E | 1680 |
| Depreciation and amortization |  |  |  | 7784 B | 7784 |
| Interest Expense | - | - | - | 13550 C | 13550 |
| **Total Expenses** | - | 3407 | 193 | 23014 | 26614 |
| **Net Income (loss) before provision for income tax** | - | 7447 | 725 | (23014) | (14842) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7447 | $725 | $(23014) | $(14842) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-500

**LANDA SERIES 304 DEERFIELD DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 304<br> Deerfield<br> Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 304<br> Deerfield Drive <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8715 | $- | $- | $8715 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1643 | 139 |  | 1782 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 798 | 43 |  | 841 |
| Repairs and Maintenance |  | 5057 |  |  | 5057 |
| Other Expenses |  | 440 |  |  | 440 |
| Management fee |  |  |  | 1693 E | 1693 |
| Depreciation and amortization |  |  |  | 7305 B | 7305 |
| Interest Expense | - | - | - | 13133 C | 13133 |
| **Total Expenses** | - | 7938 | 182 | 22131 | 30251 |
| **Net Income (loss) before provision for income tax** | - | 777 | (182) | (22131) | (21536) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $777 | $(182) | $(22131) | $(21536) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-501

**LANDA SERIES 3043 HIGHWAY 81 S**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 3043<br> Highway 81 S** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 3043<br> Highway 81 S<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $7619 | $1533 | $- | $9152 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 673 | 99 |  | 772 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 607 | 56 |  | 663 |
| Repairs and Maintenance |  | 3730 |  |  | 3730 |
| Other Expenses |  | 240 |  |  | 240 |
| Management fee |  |  |  | 981 E | 981 |
| Depreciation and amortization |  |  |  | 5057 B | 5057 |
| Interest Expense | - | - | - | 9730 C | 9730 |
| **Total Expenses** | - | 5250 | 155 | 15768 | 21173 |
| **Net Income (loss) before provision for income tax** | - | 2369 | 1378 | (15768) | (12021) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $2369 | $1378 | $(15768) | $(12021) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-502

**LANDA SERIES 313 BLUE HERON DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 313<br> Blue Heron<br> Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations <br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 313<br> Blue Heron<br> Drive<br> Pro Forma** |
| **Rental Income** | $&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11840 | $1710 | $- | $13550 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1859 | 272 |  | 2131 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1001 | 63 |  | 1064 |
| Repairs and Maintenance |  | 1670 |  |  | 1670 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1491 E | 1491 |
| Depreciation and amortization |  |  |  | 6804 B | 6804 |
| Interest Expense | - | - | - | 12216 C | 12216 |
| **Total Expenses** | - | 4530 | 335 | 20511 | 25376 |
| **Net Income (loss) before provision for income tax** | - | 7310 | 1375 | (20511) | (11826) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7310 | $1375 | $(20511) | $(11826) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-503

**LANDA SERIES 3202 CHIPPEWA DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 3202<br> Chippewa Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 3202<br> Chippewa<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10800 | $1890 | $- | $12690 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1202 | 176 |  | 1378 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1166 | 66 |  | 1232 |
| Repairs and Maintenance |  | 4027 |  |  | 4027 |
| Other Expenses |  | 376 |  |  | 376 |
| Management fee |  |  |  | 1270 E | 1270 |
| Depreciation and amortization |  |  |  | 7711 B | 7711 |
| Interest Expense | - | - | - | 13448 C | 13448 |
| **Total Expenses** | - | 6771 | 242 | 22429 | 29442 |
| **Net Income (loss) before provision for income tax** | - | 4029 | 1648 | (22429) | (16752) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $4029 | $1648 | $(22429) | $(16752) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-504

**LANDA SERIES 35 CLAY COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 35 <br> Clay Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 35<br> Clay Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12376 | $1778 | $- | $14154 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1454 | 213 |  | 1667 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 906 | 71 |  | 977 |
| Repairs and Maintenance |  | 3135 |  |  | 3135 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1631 E | 1631 |
| Depreciation and amortization |  |  |  | 8719 B | 8719 |
| Interest Expense | - | - | - | 13644 C | 13644 |
| **Total Expenses** | - | 5495 | 284 | 23994 | 29773 |
| **Net Income (loss) before provision for income tax** | - | 6881 | 1494 | (23994) | (15619) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6881 | $1494 | $(23994) | $(15619) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-505

**LANDA SERIES 350 CADIZ LANE S**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 350<br> Cadiz<br> Lane S** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 350<br> Cadiz<br> Lane S<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12004 | $1812 | $- | $13816 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1364 | 200 |  | 1564 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 873 | 63 |  | 936 |
| Repairs and Maintenance |  | 1960 |  |  | 1960 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1160 E | 1160 |
| Depreciation and amortization |  |  |  | 7012 B | 7012 |
| Interest Expense | - | - | - | 12469 C | 12469 |
| **Total Expenses** | - | 4197 | 263 | 20641 | 25101 |
| **Net Income (loss) before provision for income tax** | - | 7807 | 1549 | (20641) | (11285) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7807 | $1549 | $(20641) | $(11285) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-506

**LANDA SERIES 351 WESLEY PARK DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 351<br> Wesley Park <br> Drive** | **Historical<br> Property<br> Operations (F)** | **Historical<br> Property<br> Operations (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 351<br> Wesley Park<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10674 | $1559 | $- | $12233 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1491 | 218 |  | 1709 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 922 | 52 |  | 974 |
| Repairs and Maintenance |  | 1533 |  |  | 1533 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1459 E | 1459 |
| Depreciation and amortization |  |  |  | 6488 B | 6488 |
| Interest Expense | - | - | - | 11735 C | 11735 |
| **Total Expenses** | - | 3946 | 270 | 19682 | 23898 |
| **Net Income (loss) before provision for income tax** | - | 6728 | 1289 | (19682) | (11665) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6728 | $1289 | $(19682) | $(11665) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-507

**LANDA SERIES 3603 MANHATTAN DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 3603<br> Manhattan Drive** | **Historical<br> Property<br> Operations (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 3603<br> Manhattan Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12171 | $1029 | $- | $13200 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2377 | 201 |  | 2578 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1093 | 50 |  | 1143 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1777 E | 1777 |
| Depreciation and amortization |  |  |  | 8584 B | 8584 |
| Interest Expense | - | - | - | 14671 C | 14671 |
| **Total Expenses** | - | 3470 | 251 | 25032 | 28753 |
| **Net Income (loss) before provision for income tax** | - | 8701 | 778 | (25032) | (15553) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8701 | $778 | $(25032) | $(15553) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-508

**LANDA SERIES 3667 PATTI PARKWAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 3667<br> Patti<br> Parkway** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa Series 3667<br> Patti Parkway<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;- | $17082 | $1522 | $- | $18604 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 3051 | 258 |  | 3309 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1333 | 59 |  | 1392 |
| Repairs and Maintenance |  | 2641 |  |  | 2641 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1562 E | 1562 |
| Depreciation and amortization |  |  |  | 10296 B | 10296 |
| Interest Expense | - | - | - | 17069 C | 17069 |
| **Total Expenses** | - | 7025 | 317 | 28927 | 36269 |
| **Net Income (loss) before provision for income tax** | - | 10057 | 1205 | (28927) | (17665) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10057 | $1205 | $(28927) | $(17665) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-509

**LANDA SERIES 404 BARBERRY LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 404<br> Barberry<br> Lane** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 404<br> Barberry<br> Lane Pro<br> Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12286 | $1050 | $- | $13336 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1746 | 148 |  | 1894 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 701 | 43 |  | 744 |
| Repairs and Maintenance |  | 967 |  |  | 967 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1205 E | 1205 |
| Depreciation and amortization |  |  |  | 7295 B | 7295 |
| Interest Expense | - | - | - | 12865 C | 12865 |
| **Total Expenses** | - | 3414 | 191 | 21365 | 24970 |
| **Net Income (loss) before provision for income tax** | - | 8872 | 859 | (21365) | (11634) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8872 | $859 | $(21365) | $(11634) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-510

**LANDA SERIES 412 KENDALL LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 412<br> Kendall<br> Lane** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 412<br> Kendall<br> Lane<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13046 | $1156 | $- | $14202 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1730 | 146 |  | 1876 |
| Homeowner Association Fees |  | 300 | 25 |  | 325 |
| Property Insurance |  | 690 | 45 |  | 735 |
| Repairs and Maintenance |  | 362 |  |  | 362 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1187 E | 1187 |
| Depreciation and amortization |  |  |  | 7644 B | 7644 |
| Interest Expense | - | - | - | 13354 C | 13354 |
| **Total Expenses** | - | 3082 | 216 | 22185 | 25483 |
| **Net Income (loss) before provision for income tax** | - | 9964 | 940 | (22185) | (11281) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9964 | $940 | $(22185) | $(11281) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-511

**LANDA SERIES 416 AUTUMN LAKE COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 416<br> Autumn<br> Lake Court** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa Series 416 Autumn Lake Court Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12715 | $1097 | $- | $13812 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1730 | 146 |  | 1876 |
| Homeowner Association Fees |  | 231 | 19 |  | 250 |
| Property Insurance |  | 919 | 40 |  | 959 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1593 E | 1593 |
| Depreciation and amortization |  |  |  | 6663 B | 6663 |
| Interest Expense | - | - | - | 11979 C | 11979 |
| **Total Expenses** | - | 2880 | 205 | 20235 | 23320 |
| **Net Income (loss) before provision for income tax** | - | 9835 | 892 | (20235) | (9508) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9835 | $892 | $(20235) | $(9508) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-512

**LANDA SERIES 43 DARWIN DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 43<br> Darwin<br> Drive** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 43<br> Darwin<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9461 | $1352 | $- | $10813 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1227 | 180 |  | 1407 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 922 | 57 |  | 979 |
| Repairs and Maintenance |  | 1791 |  |  | 1791 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1218 E | 1218 |
| Depreciation and amortization |  |  |  | 6209 B | 6209 |
| Interest Expense | - | - | - | 11343 C | 11343 |
| **Total Expenses** | - | 3940 | 237 | 18770 | 22947 |
| **Net Income (loss) before provision for income tax** | - | 5521 | 1115 | (18770) | (12134) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $5521 | $1115 | $(18770) | $(12134) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-513

**LANDA SERIES 432 MANOR ESTATES DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 432<br> Manor<br> Estates<br> Drive** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 432<br> Manor<br> Estates<br> Drive <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12890 | $1090 | $- | $13980 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1836 | 155 |  | 1991 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 767 | 48 |  | 815 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1439 E | 1439 |
| Depreciation and amortization |  |  |  | 8204 B | 8204 |
| Interest Expense | - | - | - | 14138 C | 14138 |
| **Total Expenses** | - | 2603 | 203 | 23781 | 26587 |
| **Net Income (loss) before provision for income tax** | - | 10287 | 887 | (23781) | (12607) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10287 | $887 | $(23781) | $(12607) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-514

**LANDA SERIES 440 FREESTONE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 440<br> Freestone<br> Drive** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 440<br> Freestone<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14555 | $1297 | $- | $15852 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1221 | 103 |  | 1324 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1246 | 50 |  | 1296 |
| Repairs and Maintenance |  | 1915 |  |  | 1915 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1331 E | 1331 |
| Depreciation and amortization |  |  |  | 8528 B | 8528 |
| Interest Expense | - | - | - | 14917 C | 14917 |
| **Total Expenses** | - | 4382 | 153 | 24776 | 29311 |
| **Net Income (loss) before provision for income tax** | - | 10173 | 1144 | (24776) | (13459) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10173 | $1144 | $(24776) | $(13459) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-515

**LANDA SERIES 4447 LAKE BREEZE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 4447 <br> Lake<br> Breeze<br> Drive** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 4447<br> Lake<br> Breeze<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14684 | $1296 | $- | $15980 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 3011 | 255 |  | 3266 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1584 | 53 |  | 1637 |
| Repairs and Maintenance |  | 255 |  |  | 255 |
| Other Expenses |  | 140 |  |  | 140 |
| Management fee |  |  |  | 1255 E | 1255 |
| Depreciation and amortization |  |  |  | 9108 B | 9108 |
| Interest Expense | - | - | - | 15405 C | 15405 |
| **Total Expenses** | - | 4990 | 308 | 25768 | 31066 |
| **Net Income (loss) before provision for income tax** | - | 9694 | 988 | (25768) | (15086) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9694 | $988 | $(25768) | $(15086) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-516

**LANDA SERIES 445 INDEPENDENCE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 445<br> Independence Drive** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa <br> Series 445<br> Independence<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13056 | $1109 | $- | $14165 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1770 | 150 |  | 1920 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 688 | 47 |  | 735 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1660 E | 1660 |
| Depreciation and amortization |  |  |  | 7945 B | 7945 |
| Interest Expense | - | - | - | 13445 C | 13445 |
| **Total Expenses** | - | 2458 | 197 | 23050 | 25705 |
| **Net Income (loss) before provision for income tax** | - | 10598 | 912 | (23050) | (11540) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10598 | $912 | $(23050) | $(11540) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-517

**LANDA SERIES 449 KARA LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 449<br> Kara Lane** | **Historical Property Operations (H)** | **Historical Property Operations<br> (I)** | **Pro Forma Adjustments** | **Landa<br> Series 449<br> Kara Lane Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13095 | $- | $- | $13095 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1831 | 155 |  | 1986 |
| Homeowner Association Fees |  | 184 | 16 |  | 200 |
| Property Insurance |  | 695 | 46 |  | 741 |
| Repairs and Maintenance |  | 589 |  |  | 589 |
| Other Expenses |  | 111 |  |  | 111 |
| Management fee |  |  |  | 1703 E | 1703 |
| Depreciation and amortization |  |  |  | 7722 B | 7722 |
| Interest Expense | - | - | - | 11943 C | 11943 |
| **Total Expenses** | - | 3410 | 217 | 21368 | 24995 |
| **Net Income (loss) before provision for income tax** | - | 9685 | (217) | (21368) | (11900) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9685 | $(217) | $(21368) | $(11900) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-518

**LANDA SERIES 45 BLUE JAY DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 45<br> Blue Jay<br> Drive** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 45<br> Blue Jay<br> Drive <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $16574 | $2381 | $- | $18955 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1992 | 292 |  | 2284 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1350 | 87 |  | 1437 |
| Repairs and Maintenance |  | 360 |  |  | 360 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1599 E | 1599 |
| Depreciation and amortization |  |  |  | 9458 B | 9458 |
| Interest Expense | - | - | - | 15895 C | 15895 |
| **Total Expenses** | - | 3702 | 379 | 26952 | 31033 |
| **Net Income (loss) before provision for income tax** | - | 12872 | 2002 | (26952) | (12078) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $12872 | $2002 | $(26952) | $(12078) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-519

**LANDA SERIES 45 LAUREL WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 45<br> Laurel<br> Way** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 45<br> Laurel<br> Way <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13410 | $1134 | $- | $14544 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1573 | 133 |  | 1706 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 675 | 52 |  | 727 |
| Repairs and Maintenance |  | 588 |  |  | 588 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1608 E | 1608 |
| Depreciation and amortization |  |  |  | 9037 B | 9037 |
| Interest Expense | - | - | - | 15305 C | 15305 |
| **Total Expenses** | - | 2836 | 185 | 25950 | 28971 |
| **Net Income (loss) before provision for income tax** | - | 10574 | 949 | (25950) | (14427) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10574 | $949 | $(25950) | $(14427) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-520

**LANDA SERIES 4702 SAINT JAMES WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 4702<br> Saint<br> James<br> Way** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 4702<br> Saint<br> James<br> Way <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11550 | $1650 | $- | $13200 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2120 | 311 |  | 2431 |
| Homeowner Association Fees |  | 481 | 69 |  | 550 |
| Property Insurance |  | 820 | 58 |  | 878 |
| Repairs and Maintenance |  | 130 |  |  | 130 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1475 E | 1475 |
| Depreciation and amortization |  |  |  | 6698 B | 6698 |
| Interest Expense | - | - | - | 12035 C | 12035 |
| **Total Expenses** | - | 3551 | 438 | 20208 | 24197 |
| **Net Income (loss) before provision for income tax** | - | 7999 | 1212 | (20208) | (10997) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7999 | $1212 | $(20208) | $(10997) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-521

**LANDA SERIES 4732 PINEDALE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 4732<br> Pinedale<br> Drive** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 4732<br> Pinedale<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9909 | $1431 | $- | $11340 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1019 | 149 |  | 1168 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 602 | 49 |  | 651 |
| Repairs and Maintenance |  | 1375 |  |  | 1375 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1069 E | 1069 |
| Depreciation and amortization |  |  |  | 5652 B | 5652 |
| Interest Expense | - | - | - | 10562 C | 10562 |
| **Total Expenses** | - | 2996 | 198 | 17283 | 20477 |
| **Net Income (loss) before provision for income tax** | - | 6913 | 1233 | (17283) | (9137) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6913 | $1233 | $(17283) | $(9137) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-522

**LANDA SERIES 497 HIGHWAY 212**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 497<br> Highway<br> 212** | **Historical Property Operations (H)** | **Historical Property Operations<br> (I)** | **Pro Forma Adjustments** | **Landa<br> Series 497<br> Highway<br> 212 <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10010 | $870 | $- | $10880 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1056 | 89 |  | 1145 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 714 | 42 |  | 756 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 893 E | 893 |
| Depreciation and amortization |  |  |  | 7081 B | 7081 |
| Interest Expense | - | - | - | 12564 C | 12564 |
| **Total Expenses** | - | 1770 | 131 | 20538 | 22439 |
| **Net Income (loss) before provision for income tax** | - | 8240 | 739 | (20538) | (11559) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8240 | $739 | $(20538) | $(11559) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-523

**LANDA SERIES 5039 EAST STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5039 <br> East Street** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 5039 <br> East Street <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8575 | $725 | $- | $9300 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 851 | 72 |  | 923 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 665 | 30 |  | 695 |
| Repairs and Maintenance |  | 485 |  |  | 485 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1163 E | 1163 |
| Depreciation and amortization |  |  |  | 4777 B | 4777 |
| Interest Expense | - | - | - | 9337 C | 9337 |
| **Total Expenses** | - | 2001 | 102 | 15277 | 17380 |
| **Net Income (loss) before provision for income tax** | - | 6574 | 623 | (15277) | (8080) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6574 | $623 | $(15277) | $(8080) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-524

**LANDA SERIES 5040 HUNTSHIRE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5040<br> Huntshire<br> Lane** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 5040<br> Huntshire<br> Lane <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14917 | $- | $- | $14917 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 3408 | 499 |  | 3907 |
| Homeowner Association Fees |  | 459 | 66 |  | 525 |
| Property Insurance |  | 617 | 128 |  | 745 |
| Repairs and Maintenance |  | 5738 |  |  | 5738 |
| Other Expenses |  | 760 |  |  | 760 |
| Management fee |  |  |  | 2399 E | 2399 |
| Depreciation and amortization |  |  |  | 13318 B | 13318 |
| Interest Expense | - | - | - | 20024 C | 20024 |
| **Total Expenses** | - | 10982 | 693 | 35741 | 47416 |
| **Net Income (loss) before provision for income tax** | - | 3935 | (693) | (35741) | (32499) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $3935 | $(693) | $(35741) | $(32499) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-525

**LANDA SERIES 513 JARRETT COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 513<br> Jarrett<br> Court** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 513<br> Jarrett<br> Court <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12411 | $1773 | $- | $14184 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1804 | 264 |  | 2068 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 803 | 62 |  | 865 |
| Repairs and Maintenance |  | 450 |  |  | 450 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1609 E | 1609 |
| Depreciation and amortization |  |  |  | 7399 B | 7399 |
| Interest Expense | - | - | - | 13010 C | 13010 |
| **Total Expenses** | - | 3057 | 326 | 22018 | 25401 |
| **Net Income (loss) before provision for income tax** | - | 9354 | 1447 | (22018) | (11217) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9354 | $1447 | $(22018) | $(11217) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-526

**LANDA SERIES 5143 PINECREST DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5143<br> Pinecrest<br> Drive SW** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 5143<br> Pinecrest<br> Drive SW<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9639 | $1377 | $- | $11016 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 813 | 119 |  | 932 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 369 | 49 |  | 418 |
| Repairs and Maintenance |  | 1429 |  |  | 1429 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1126 E | 1126 |
| Depreciation and amortization |  |  |  | 5407 B | 5407 |
| Interest Expense | - | - | - | 10220 C | 10220 |
| **Total Expenses** | - | 2611 | 168 | 16753 | 19532 |
| **Net Income (loss) before provision for income tax** | - | 7028 | 1209 | (16753) | (8516) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7028 | $1209 | $(16753) | $(8516) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-527

**LANDA SERIES 524 SAWMILL ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 524<br> Sawmill<br> Road** | **Historical Property Operations (H)** | **Historical Property Operations<br> (I)** | **Pro Forma Adjustments** | **Landa<br> Series 524<br> Sawmill<br> Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11551 | $977 | $- | $12528 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1078 | 91 |  | 1169 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 818 | 46 |  | 864 |
| Repairs and Maintenance |  | 4802 |  |  | 4802 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1520 E | 1520 |
| Depreciation and amortization |  |  |  | 7785 B | 7785 |
| Interest Expense | - | - | - | 12766 C | 12766 |
| **Total Expenses** | - | 6698 | 137 | 22071 | 28906 |
| **Net Income (loss) before provision for income tax** | - | 4853 | 840 | (22071) | (16378) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $4853 | $840 | $(22071) | $(16378) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-528

**LANDA SERIES 5329 SHIREWICK LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5329<br> Shirewick<br> Lane** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 5329<br> Shirewick<br> Lane <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14476 | $1249 | $- | $15725 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2681 | 227 |  | 2908 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1201 | 52 |  | 1253 |
| Repairs and Maintenance |  | 1260 |  |  | 1260 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1282 E | 1282 |
| Depreciation and amortization |  |  |  | 8969 B | 8969 |
| Interest Expense | - | - | - | 15210 C | 15210 |
| **Total Expenses** | - | 5142 | 279 | 25461 | 30882 |
| **Net Income (loss) before provision for income tax** | - | 9334 | 970 | (25461) | (15157) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9334 | $970 | $(25461) | $(15157) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-529

**LANDA SERIES 540 COWAN ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 540<br> Cowan<br> Road** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 540<br> Cowan<br> Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11018 | $1583 | $- | $12601 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1098 | 161 |  | 1259 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 707 | 73 |  | 780 |
| Repairs and Maintenance |  | 754 |  |  | 754 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1530 E | 1530 |
| Depreciation and amortization |  |  |  | 7734 B | 7734 |
| Interest Expense | - | - | - | 13480 C | 13480 |
| **Total Expenses** | - | 2559 | 234 | 22744 | 25537 |
| **Net Income (loss) before provision for income tax** | - | 8459 | 1349 | (22744) | (12936) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8459 | $1349 | $(22744) | $(12936) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-530

**LANDA SERIES 5411 ROCKY PINE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5411<br> Rocky<br> Pine<br> Drive** | **Historical Property Operations (H)** | **Historical Property Operations<br> (I)** | **Pro Forma Adjustments** | **Landa<br> Series 5411<br> Rocky<br> Pine<br> Drive <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13143 | $1140 | $- | $14283 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2553 | 216 |  | 2769 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 709 | 47 |  | 756 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1170 E | 1170 |
| Depreciation and amortization |  |  |  | 8066 B | 8066 |
| Interest Expense | - | - | - | 13945 C | 13945 |
| **Total Expenses** | - | 3262 | 263 | 23181 | 26706 |
| **Net Income (loss) before provision for income tax** | - | 9881 | 877 | (23181) | (12423) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9881 | $877 | $(23181) | $(12423) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-531

**LANDA SERIES 55 MYRTLE GROVE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 55<br> Myrtle<br> Grove<br> Lane** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 55<br> Myrtle<br> Grove<br> Lane <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11326 | $1099 | $- | $12425 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1374 | 116 |  | 1490 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1072 | 44 |  | 1116 |
| Repairs and Maintenance |  | 4050 |  |  | 4050 |
| Other Expenses |  | 232 |  |  | 232 |
| Management fee |  |  |  | 1620 E | 1620 |
| Depreciation and amortization |  |  |  | 7467 B | 7467 |
| Interest Expense | - | - | - | 13105 C | 13105 |
| **Total Expenses** | - | 6728 | 160 | 22192 | 29080 |
| **Net Income (loss) before provision for income tax** | - | 4598 | 939 | (22192) | (16655) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $4598 | $939 | $(22192) | $(16655) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-532

**LANDA SERIES 550 COWAN ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 550<br> Cowan<br> Road** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 550<br> Cowan<br> Road <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11009 | $931 | $- | $11940 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 977 | 83 |  | 1060 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 691 | 39 |  | 730 |
| Repairs and Maintenance |  | 2130 | 1338 |  | 3468 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1518 E | 1518 |
| Depreciation and amortization |  |  |  | 6470 B | 6470 |
| Interest Expense | - | - | - | 11285 C | 11285 |
| **Total Expenses** | - | 3798 | 1460 | 19273 | 24531 |
| **Net Income (loss) before provision for income tax** | - | 7211 | (529) | (19273) | (12591) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7211 | $(529) | $(19273) | $(12591) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-533

**LANDA SERIES 5581 FOX GLEN CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5581<br> Fox Glen<br> Circle** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 5581<br> Fox Glen<br> Circle<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $16112 | $1413 | $- | $17525 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 3823 | 323 |  | 4146 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1695 | 74 |  | 1769 |
| Repairs and Maintenance |  | 2625 |  |  | 2625 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 2169 E | 2169 |
| Depreciation and amortization |  |  |  | 13102 B | 13102 |
| Interest Expense | - | - | - | 19562 C | 19562 |
| **Total Expenses** | - | 8143 | 397 | 34833 | 43373 |
| **Net Income (loss) before provision for income tax** | - | 7969 | 1016 | (34833) | (25848) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7969 | $1016 | $(34833) | $(25848) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-534

**LANDA SERIES 565 MOUNTAINVIEW DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 565<br> Mountainview<br> Drive** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa <br> Series 565<br> Mountainview<br> Drive <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11351 | $1622 | $- | $12973 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1578 | 231 |  | 1809 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 843 | 72 |  | 915 |
| Repairs and Maintenance |  | 1620 | 2300 |  | 3920 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1651 E | 1651 |
| Depreciation and amortization |  |  |  | 8165 B | 8165 |
| Interest Expense | - | - | - | 12746 C | 12746 |
| **Total Expenses** | - | 4041 | 2603 | 22562 | 29206 |
| **Net Income (loss) before provision for income tax** | - | 7310 | (981) | (22562) | (16233) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7310 | $(981) | $(22562) | $(16233) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-535

**LANDA SERIES 5737 STRATHMOOR MANOR CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5737<br> Strathmoor<br> Manor<br> Circle** | **Historical Property Operations (H)** | **Historical Property Operations<br> (I)** | **Pro Forma Adjustments** | **Landa<br> Series 5737<br> Strathmoor<br> Manor<br> Circle <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12930 | $972 | $- | $13902 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1752 | 148 |  | 1900 |
| Homeowner Association Fees |  | 790 | 62 |  | 852 |
| Property Insurance |  | 863 | 38 |  | 901 |
| Repairs and Maintenance |  | 120 |  |  | 120 |
| Other Expenses |  | 250 |  |  | 250 |
| Management fee |  |  |  | 997 E | 997 |
| Depreciation and amortization |  |  |  | 6279 B | 6279 |
| Interest Expense | - | - | - | 11441 C | 11441 |
| **Total Expenses** | - | 3775 | 248 | 18717 | 22740 |
| **Net Income (loss) before provision for income tax** | - | 9155 | 724 | (18717) | (8838) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9155 | $724 | $(18717) | $(8838) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-536

**LANDA SERIES 5801 STRATHMOOR MANOR CIRCLE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5801<br> Strathmoor<br> Manor<br> Circle** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 5801<br> Strathmoor<br> Manor<br> Circle <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10763 | $1538 | $- | $12301 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1622 | 238 |  | 1860 |
| Homeowner Association Fees |  | 456 | 65 |  | 521 |
| Property Insurance |  | 817 | 52 |  | 869 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1577 E | 1577 |
| Depreciation and amortization |  |  |  | 6558 B | 6558 |
| Interest Expense | - | - | - | 11833 C | 11833 |
| **Total Expenses** | - | 2895 | 355 | 19968 | 23218 |
| **Net Income (loss) before provision for income tax** | - | 7868 | 1183 | (19968) | (10917) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7868 | $1183 | $(19968) | $(10917) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-537

**LANDA SERIES 6104-6106 OAKWOOD CIRCLE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 6104-6106<br> Oakwood<br> Circle SW** | **Historical Property Operations (H)** | **Historical Property Operations<br> (I)** | **Pro Forma Adjustments** | **Landa<br> Series 6104-6106<br> Oakwood<br> Circle SW<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8648 | $754 | $- | $9402 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 861 | 73 |  | 934 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 668 | 37 |  | 705 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1478 E | 1478 |
| Depreciation and amortization |  |  |  | 6069 B | 6069 |
| Interest Expense | - | - | - | 11153 C | 11153 |
| **Total Expenses** | - | 1529 | 110 | 18700 | 20339 |
| **Net Income (loss) before provision for income tax** | - | 7119 | 644 | (18700) | (10937) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7119 | $644 | $(18700) | $(10937) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-538

**LANDA SERIES 6107 SHADOW GLEN COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 6107<br> Shadow<br> Glen Court** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa<br> Series 6107<br> Shadow<br> Glen Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8950 | $1307 | $- | $10257 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 841 | 123 |  | 964 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 417 | 44 |  | 461 |
| Repairs and Maintenance |  | 700 |  |  | 700 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1478 E | 1478 |
| Depreciation and amortization |  |  |  | 4953 B | 4953 |
| Interest Expense | - | - | - | 9583 C | 9583 |
| **Total Expenses** | - | 1958 | 167 | 16014 | 18139 |
| **Net Income (loss) before provision for income tax** | - | 6992 | 1140 | (16014) | (7882) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6992 | $1140 | $(16014) | $(7882) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-539

**LANDA SERIES 6111-6113 PINE GLEN CIRCLE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 6111-6113 Pine Glen Circle SW** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Landa Series 6111-6113 Pine Glen Circle SW Pro Forma** |
| Rental Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $17455 | $2578 | $- | $20033 |
| Expenses |  |  |  |  |  |
| Real Estate Taxes |  | 788 | 116 |  | 904 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 642 | 110 |  | 752 |
| Repairs and Maintenance |  | 1585 |  |  | 1585 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 2169 E | 2169 |
| Depreciation and amortization |  |  |  | 12776 B | 12776 |
| Interest Expense | - | - | - | 20544 C | 20544 |
| Total Expenses | - | 3015 | 226 | 35489 | 38730 |
| Net Income (loss) before provision for income tax | - | 14440 | 2352 | (35489) | (18697) |
| Provision for income taxes |  |  |  | - D |  |
| Net Income (loss) | $- | $14440 | $2352 | $(35489) | $(18697) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-540

**LANDA SERIES 6119 PINENEEDLE DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 6119<br> Pineneedle<br> Drive SW** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Landa<br> Series 6119<br> Pineneedle<br> Drive SW<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10652 | $920 | $- | $11572 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 876 | 74 |  | 950 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 623 | 23 |  | 646 |
| Repairs and Maintenance |  | 1941 |  |  | 1941 |
| Other Expenses |  | 119 |  |  | 119 |
| Management fee |  |  |  | 1674 E | 1674 |
| Depreciation and amortization |  |  |  | 3449 B | 3449 |
| Interest Expense | - | - | - | 7477 C | 7477 |
| **Total Expenses** | - | 3559 | 97 | 12600 | 16256 |
| **Net Income (loss) before provision for income tax** | - | 7093 | 823 | (12600) | (4684) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7093 | $823 | $(12600) | $(4684) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-541

**LANDA SERIES 615 BARSHAY DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 615<br> Barshay Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 615<br> Barshay Drive<br> Pro Forma** |
| **Rental Income** | $- | $12510 | $1749 | $- | $14259 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1181 | 173 |  | 1354 |
| Homeowner Association Fees |  | 2504 | 34 |  | 2538 |
| Property Insurance |  | 1037 | 62 |  | 1099 |
| Repairs and Maintenance |  | 857 | 1078 |  | 1935 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1463 E | 1463 |
| Depreciation and amortization |  |  |  | 7468 B | 7468 |
| Interest Expense | - | - | - | 13138 C | 13138 |
| **Total Expenses** | - | 5579 | 1347 | 22069 | 28995 |
| **Net Income (loss) before provision for income tax** | - | 6931 | 402 | (22069) | (14736) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6931 | $402 | $(22069) | $(14736) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-542

**LANDA SERIES 6168 WHEAT STREET NE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6168<br> Wheat Street NE** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 6168<br> Wheat Street NE<br> Pro Forma** |
| **Rental Income** | $- | $8564 | $1265 | $- | $9829 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 584 | 86 |  | 670 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 416 | 46 |  | 462 |
| Repairs and Maintenance |  | 1910 | 261 |  | 2171 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 809 E | 809 |
| Depreciation and amortization |  |  |  | 4122 B | 4122 |
| Interest Expense | - | - | - | 8455 C | 8455 |
| **Total Expenses** | - | 2910 | 393 | 13386 | 16689 |
| **Net Income (loss) before provision for income tax** | - | 5654 | 872 | (13386) | (6860) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $5654 | $872 | $(13386) | $(6860) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-543

**LANDA SERIES 6178 GREEN ACRES DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6178<br> Green Acres<br> Drive SW** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 6178<br> Green Acres<br> Drive SW**<br> **Pro Forma** |
| **Rental Income** | $- | $10038 | $1446 | $- | $11484 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1186 | 174 |  | 1360 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 577 | 55 |  | 632 |
| Repairs and Maintenance |  | 2608 | 198 |  | 2806 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1415 E | 1415 |
| Depreciation and amortization |  |  |  | 5282 B | 5282 |
| Interest Expense | - | - | - | 10055 C | 10055 |
| **Total Expenses** | - | 4371 | 427 | 16752 | 21550 |
| **Net Income (loss) before provision for income tax** | - | 5667 | 1019 | (16752) | (10066) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $5667 | $1019 | $(16752) | $(10066) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-544

**LANDA SERIES 6386 FORESTER WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6386<br> Forester Way** | **Historical<br> Property<br> Operations**<br> **(H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 6386<br> Forester Way<br> Pro Forma** |
| **Rental Income** | $- | $12354 | $1066 | $- | $13420 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2508 | 212 |  | 2720 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 690 | 45 |  | 735 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1784 E | 1784 |
| Depreciation and amortization |  |  |  | 7647 B | 7647 |
| Interest Expense | - | - | - | 13357 C | 13357 |
| **Total Expenses** | - | 3198 | 257 | 22788 | 26243 |
| **Net Income (loss) before provision for income tax** | - | 9156 | 809 | (22788) | (12823) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9156 | $809 | $(22788) | $(12823) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-545

**LANDA SERIES 6404 WALNUT WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6404<br> Walnut Way** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 6404<br> Walnut Way<br> Pro Forma** |
| **Rental Income** | $- | $14163 | $1186 | $- | $15349 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1442 | 122 |  | 1564 |
| Homeowner Association Fees |  | 443 | 37 |  | 480 |
| Property Insurance |  | 1176 | 42 |  | 1218 |
| Repairs and Maintenance |  | 200 |  |  | 200 |
| Other Expenses |  | 243 |  |  | 243 |
| Management fee |  |  |  | 1217 E | 1217 |
| Depreciation and amortization |  |  |  | 7082 B | 7082 |
| Interest Expense | - | - | - | 12567 C | 12567 |
| **Total Expenses** | - | 3504 | 201 | 20866 | 24571 |
| **Net Income (loss) before provision for income tax** | - | 10659 | 985 | (20866) | (9222) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10659 | $985 | $(20866) | $(9222) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-546

**LANDA SERIES 643 SYCAMORE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 643<br> Sycamore Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 643<br> Sycamore Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12513 | $1868 | $- | $14381 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1949 | 286 |  | 2235 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 689 | 57 |  | 746 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1195 E | 1195 |
| Depreciation and amortization |  |  |  | 6791 B | 6791 |
| Interest Expense | - | - | - | 12158 C | 12158 |
| **Total Expenses** | - | 2638 | 343 | 20144 | 23125 |
| **Net Income (loss) before provision for income tax** | - | 9875 | 1525 | (20144) | (8744) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9875 | $1525 | $(20144) | $(8744) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-547

**LANDA SERIES 65 FREEDOM COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 65<br> Freedom Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 65<br> Freedom Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11687 | $2092 | $- | $13779 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1396 | 204 |  | 1600 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1064 | 63 |  | 1127 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1474 E | 1474 |
| Depreciation and amortization |  |  |  | 7504 B | 7504 |
| Interest Expense | - | - | - | 13225 C | 13225 |
| **Total Expenses** | - | 2460 | 267 | 22203 | 24930 |
| **Net Income (loss) before provision for income tax** | - | 9227 | 1825 | (22203) | (11151) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9227 | $1825 | $(22203) | $(11151) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-548

**LANDA SERIES 653 GEORGETOWN LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 653<br> Georgetown<br> Lane** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 653<br> Georgetown<br> Lane<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11198 | $966 | $- | $12164 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1503 | 127 |  | 1630 |
| Homeowner Association Fees |  | 461 | 39 |  | 500 |
| Property Insurance |  | 622 | 43 |  | 665 |
| Repairs and Maintenance |  | 983 |  |  | 983 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1524 E | 1524 |
| Depreciation and amortization |  |  |  | 7295 B | 7295 |
| Interest Expense | - | - | - | 12864 C | 12864 |
| **Total Expenses** | - | 3569 | 209 | 21683 | 25461 |
| **Net Income (loss) before provision for income tax** | - | 7629 | 757 | (21683) | (13297) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7629 | $757 | $(21683) | $(13297) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-549

**LANDA SERIES 6635 KIMBERLY MILL ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6635<br> Kimberly Mill Road** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 6635<br> Kimberly Mill Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12800 | $1829 | $- | $14629 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1532 | 224 |  | 1756 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 618 | 63 |  | 681 |
| Repairs and Maintenance |  | 516 |  |  | 516 |
| Other Expenses |  |  | 200 |  | 200 |
| Management fee |  |  |  | 1676 E | 1676 |
| Depreciation and amortization |  |  |  | 8671 B | 8671 |
| Interest Expense | - | - | - | 14792 C | 14792 |
| **Total Expenses** | - | 2666 | 487 | 25139 | 28292 |
| **Net Income (loss) before provision for income tax** | - | 10134 | 1342 | (25139) | (13663) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10134 | $1342 | $(25139) | $(13663) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-550

**LANDA SERIES 6653 BEDFORD ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6653<br> Bedford Road** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 6653<br> Bedford Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10238 | $1463 | $- | $11701 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1665 | 244 |  | 1909 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 873 | 57 |  | 930 |
| Repairs and Maintenance |  | 2320 |  |  | 2320 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1483 E | 1483 |
| Depreciation and amortization |  |  |  | 7048 B | 7048 |
| Interest Expense | - | - | - | 12538 C | 12538 |
| **Total Expenses** | - | 4858 | 301 | 21069 | 26228 |
| **Net Income (loss) before provision for income tax** | - | 5380 | 1162 | (21069) | (14527) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $5380 | $1162 | $(21069) | $(14527) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-551

**LANDA SERIES 6710 SUNSET HILLS BOULEVARD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6710<br> Sunset Hills<br> Boulevard** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 6710<br> Sunset Hills<br> Boulevard<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11123 | $982 | $- | $12105 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1543 | 130 |  | 1673 |
| Homeowner Association Fees |  | 277 | 23 |  | 300 |
| Property Insurance |  | 832 | 35 |  | 867 |
| Repairs and Maintenance |  | 1260 |  |  | 1260 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1008 E | 1008 |
| Depreciation and amortization |  |  |  | 5720 B | 5720 |
| Interest Expense | - | - | - | 10658 C | 10658 |
| **Total Expenses** | - | 3912 | 188 | 17386 | 21486 |
| **Net Income (loss) before provision for income tax** | - | 7211 | 794 | (17386) | (9381) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7211 | $794 | $(17386) | $(9381) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-552

**LANDA SERIES 6762 BENT CREEK DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 6762<br> Bent Creek<br> Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 6762<br> Bent Creek<br> Drive<br> Pro Forma** |
| **Rental Income** | $&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;- | $12012 | $572 | $- | $12584 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1746 | 256 |  | 2002 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 994 | 52 |  | 1046 |
| Repairs and Maintenance |  | 70 |  |  | 70 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1359 E | 1359 |
| Depreciation and amortization |  |  |  | 7082 B | 7082 |
| Interest Expense | - | - | - | 12567 C | 12567 |
| **Total Expenses** | - | 2810 | 308 | 21008 | 24126 |
| **Net Income (loss) before provision for income tax** | - | 9202 | 264 | (21008) | (11542) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9202 | $264 | $(21008) | $(11542) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-553

**LANDA SERIES 683 WOOD PATH COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 683<br> Wood Path<br> Court** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 683<br> Wood Path<br> Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13786 | $1166 | $- | $14952 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 2103 | 178 |  | 2281 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 659 | 53 |  | 712 |
| Repairs and Maintenance |  | 320 |  |  | 320 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1728 E | 1728 |
| Depreciation and amortization |  |  |  | 9187 B | 9187 |
| Interest Expense | - | - | - | 14781 C | 14781 |
| **Total Expenses** | - | 3082 | 231 | 25696 | 29009 |
| **Net Income (loss) before provision for income tax** | - | 10704 | 935 | (25696) | (14057) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10704 | $935 | $(25696) | $(14057) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-554

**LANDA SERIES 70 SHENANDOAH LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 70<br> Shenandoah<br> Lane** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 70<br> Shenandoah<br> Lane<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12585 | $1080 | $- | $13665 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1770 | 150 |  | 1920 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 822 | 52 |  | 874 |
| Repairs and Maintenance |  | 2300 |  |  | 2300 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1697 E | 1697 |
| Depreciation and amortization |  |  |  | 8897 B | 8897 |
| Interest Expense | - | - | - | 15109 C | 15109 |
| **Total Expenses** | - | 4892 | 202 | 25703 | 30797 |
| **Net Income (loss) before provision for income tax** | - | 7693 | 878 | (25703) | (17132) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7693 | $878 | $(25703) | $(17132) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-555

**LANDA SERIES 709 GEORGETOWN COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 709<br> Georgetown<br> Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 709<br> Georgetown<br> Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12044 | $1778 | $- | $13822 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1492 | 219 |  | 1711 |
| Homeowner Association Fees |  | 768 | 63 |  | 831 |
| Property Insurance |  | 590 | 59 |  | 649 |
| Repairs and Maintenance |  | 1312 |  |  | 1312 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1611 E | 1611 |
| Depreciation and amortization |  |  |  | 6979 B | 6979 |
| Interest Expense | - | - | - | 12423 C | 12423 |
| **Total Expenses** | - | 4162 | 341 | 21013 | 25516 |
| **Net Income (loss) before provision for income tax** | - | 7882 | 1437 | (21013) | (11694) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7882 | $1437 | $(21013) | $(11694) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-556

**LANDA SERIES 7107 GEIGER STREET NW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 7107<br> Geiger Street NW** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 7107<br> Geiger Street NW<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8831 | $1221 | $- | $10052 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 277 | 41 |  | 318 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 451 | 39 |  | 490 |
| Repairs and Maintenance |  | 559 |  |  | 559 |
| Other Expenses |  | 119 |  |  | 119 |
| Management fee |  |  |  | 1024 E | 1024 |
| Depreciation and amortization |  |  |  | 3274 B | 3274 |
| Interest Expense | - | - | - | 7232 C | 7232 |
| **Total Expenses** | - | 1406 | 80 | 11530 | 13016 |
| **Net Income (loss) before provision for income tax** | - | 7425 | 1141 | (11530) | (2964) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7425 | $1141 | $(11530) | $(2964) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-557

**LANDA SERIES 7205 LAKEVIEW DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 7205<br> Lakeview Drive SW** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 7205<br> Lakeview Drive SW<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12703 | $1091 | $- | $13794 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1224 | 104 |  | 1328 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 787 | 44 |  | 831 |
| Repairs and Maintenance |  | 185 |  |  | 185 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1751 E | 1751 |
| Depreciation and amortization |  |  |  | 7501 B | 7501 |
| Interest Expense | - | - | - | 13154 C | 13154 |
| **Total Expenses** | - | 2196 | 148 | 22406 | 24750 |
| **Net Income (loss) before provision for income tax** | - | 10507 | 943 | (22406) | (10956) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10507 | $943 | $(22406) | $(10956) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-558

**LANDA SERIES 750 GEORGETOWN COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 750<br> Georgetown<br> Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 750<br> Georgetown<br> Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11114 | $1590 | $- | $12704 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1509 | 221 |  | 1730 |
| Homeowner Association Fees |  | 738 | 63 |  | 801 |
| Property Insurance |  | 803 | 57 |  | 860 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1068 E | 1068 |
| Depreciation and amortization |  |  |  | 5405 B | 5405 |
| Interest Expense | - | - | - | 10217 C | 10217 |
| **Total Expenses** | - | 3050 | 341 | 16690 | 20081 |
| **Net Income (loss) before provision for income tax** | - | 8064 | 1249 | (16690) | (7377) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8064 | $1249 | $(16690) | $(7377) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-559

**LANDA SERIES 752 CHESTNUT DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 752<br> Chestnut Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 752<br> Chestnut Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9020 | $1289 | $- | $10309 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 580 | 85 |  | 665 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 445 | 46 |  | 491 |
| Repairs and Maintenance |  | 470 |  |  | 470 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 866 E | 866 |
| Depreciation and amortization |  |  |  | 4463 B | 4463 |
| Interest Expense | - | - | - | 8898 C | 8898 |
| **Total Expenses** | - | 1495 | 131 | 14227 | 15853 |
| **Net Income (loss) before provision for income tax** | - | 7525 | 1158 | (14227) | (5544) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7525 | $1158 | $(14227) | $(5544) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-560

**LANDA SERIES 773 VILLA WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 773<br> Villa Way** | **Historical<br> Property<br> Operations<br> (K)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 773<br> Villa Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8640 | $3084 | $11724 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 1087 | 317 | 1404 |
| Homeowner Association Fees |  | 681 | 199 | 880 |
| Property Insurance |  | 332 | 97 | 429 |
| Repairs and Maintenance |  | 12916 |  | 12916 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 938 E | 938 |
| Depreciation and amortization |  |  | 2893 B | 2893 |
| Interest Expense | - | - | 5393 C | 5393 |
| **Total Expenses** | - | 15016 | 9837 | 24853 |
| **Net Income (loss) before provision for income tax** | - | (6376) | (6753) | (13129) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $(6376) | $(6753) | $(13129) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-561

**LANDA SERIES 7781 MOUNTAIN CREEK WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 7781<br> Mountain<br> Creek Way** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 7781<br> Mountain<br> Creek Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12600 | $1845 | $- | $14445 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1885 | 276 |  | 2161 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1049 | 79 |  | 1128 |
| Repairs and Maintenance |  | 2890 |  |  | 2890 |
| Other Expenses |  |  | 200 |  | 200 |
| Management fee |  |  |  | 1181 E | 1181 |
| Depreciation and amortization |  |  |  | 7783 B | 7783 |
| Interest Expense | - | - | - | 13549 C | 13549 |
| **Total Expenses** | - | 5824 | 555 | 22513 | 28892 |
| **Net Income (loss) before provision for income tax** | - | 6776 | 1290 | (22513) | (14447) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $6776 | $1290 | $(22513) | $(14447) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-562

**LANDA SERIES 7950 WOODLAKE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 7950<br> Woodlake<br> Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 7950<br> Woodlake<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10878 | $1800 | $- | $12678 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1592 | 233 |  | 1825 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 794 | 64 |  | 858 |
| Repairs and Maintenance |  | 2790 | 42 |  | 2832 |
| Other Expenses |  | 38 |  |  | 38 |
| Management fee |  |  |  | 1258 E | 1258 |
| Depreciation and amortization |  |  |  | 6174 B | 6174 |
| Interest Expense | - | - | - | 11294 C | 11294 |
| **Total Expenses** | - | 5214 | 339 | 18726 | 24279 |
| **Net Income (loss) before provision for income tax** | - | 5664 | 1461 | (18726) | (11601) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $5664 | $1461 | $(18726) | $(11601) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-563

**LANDA SERIES 80 HIGH RIDGE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 80<br> High Ridge<br> Road** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 80<br> High Ridge<br> Road<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10409 | $2066 | $- | $12475 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1593 | 233 |  | 1826 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 968 | 70 |  | 1038 |
| Repairs and Maintenance |  | 4795 | 899 |  | 5694 |
| Other Expenses |  | 127 |  |  | 127 |
| Management fee |  |  |  | 1296 E | 1296 |
| Depreciation and amortization |  |  |  | 7816 B | 7816 |
| Interest Expense | - | - | - | 13594 C | 13594 |
| **Total Expenses** | - | 7483 | 1202 | 22706 | 31391 |
| **Net Income (loss) before provision for income tax** | - | 2926 | 864 | (22706) | (18916) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $2926 | $864 | $(22706) | $(18916) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-564

**LANDA SERIES 800 MILLS DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 800<br> Mills Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 800<br> Mills Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12845 | $1097 | $- | $13942 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1295 | 109 |  | 1404 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 726 | 52 |  | 778 |
| Repairs and Maintenance |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1596 E | 1596 |
| Depreciation and amortization |  |  |  | 8932 B | 8932 |
| Interest Expense | - | - | - | 15158 C | 15158 |
| **Total Expenses** | - | 2021 | 161 | 25686 | 27868 |
| **Net Income (loss) before provision for income tax** | - | 10824 | 936 | (25686) | (13926) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $10824 | $936 | $(25686) | $(13926) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-565

**LANDA SERIES 808 HILLANDALE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 808<br> Hillandale Lane** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 808<br> Hillandale<br> Lane<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13251 | $1974 | $- | $15225 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1986 | 291 |  | 2277 |
| Homeowner Association Fees |  | 1205 | 150 |  | 1355 |
| Property Insurance |  | 846 | 65 |  | 911 |
| Repairs and Maintenance |  | 1335 |  |  | 1335 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1289 E | 1289 |
| Depreciation and amortization |  |  |  | 7258 B | 7258 |
| Interest Expense | - | - | - | 12840 C | 12840 |
| **Total Expenses** | - | 5372 | 506 | 21387 | 27265 |
| **Net Income (loss) before provision for income tax** | - | 7879 | 1468 | (21387) | (12040) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $7879 | $1468 | $(21387) | $(12040) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-566

**LANDA SERIES 8110 DEVONSHIRE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8110<br> Devonshire<br> Drive** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 8110<br> Devonshire<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9742 | $1613 | $- | $11355 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 790 | 116 |  | 906 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 456 | 44 |  | 500 |
| Repairs and Maintenance |  | 3470 |  |  | 3470 |
| Other Expenses |  | 296 |  |  | 296 |
| Management fee |  |  |  | 1419 E | 1419 |
| Depreciation and amortization |  |  |  | 4953 B | 4953 |
| Interest Expense | - | - | - | 9583 C | 9583 |
| **Total Expenses** | - | 5012 | 160 | 15955 | 21127 |
| **Net Income (loss) before provision for income tax** | - | 4730 | 1453 | (15955) | (9772) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $4730 | $1453 | $(15955) | $(9772) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-567

**LANDA SERIES 8121 SPILLERS DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8121<br> Spillers Drive <br> SW** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 8121<br> Spillers Drive <br> SW<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9744 | $1392 | $- | $11136 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 656 | 96 |  | 752 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 370 | 44 |  | 414 |
| Repairs and Maintenance |  | 360 |  |  | 360 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1170 E | 1170 |
| Depreciation and amortization |  |  |  | 5980 B | 5980 |
| Interest Expense | - | - | - | 11023 C | 11023 |
| **Total Expenses** | - | 1386 | 140 | 18173 | 19699 |
| **Net Income (loss) before provision for income tax** | - | 8358 | 1252 | (18173) | (8563) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8358 | $1252 | $(18173) | $(8563) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-568

**LANDA SERIES 8233 CREEKLINE COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8233<br> Creekline<br> Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 8233<br> Creekline<br> Court<br> Pro Forma** |
| **Rental Income** | $&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;- | $10332 | $1500 | $- | $11832 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1752 | 257 |  | 2009 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 664 | 64 |  | 728 |
| Repairs and Maintenance |  | 5908 |  |  | 5908 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 960 E | 960 |
| Depreciation and amortization |  |  |  | 7417 B | 7417 |
| Interest Expense | - | - | - | 13214 C | 13214 |
| **Total Expenses** | - | 8324 | 321 | 21591 | 30236 |
| **Net Income (loss) before provision for income tax** | - | 2008 | 1179 | (21591) | (18404) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $2008 | $1179 | $(21591) | $(18404) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-569

**LANDA SERIES 8302 STERLING LAKES DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8302<br> Sterling Lakes<br> Drive** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 8302<br> Sterling Lakes<br> Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12737 | $1134 | $- | $13871 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1665 | 141 |  | 1806 |
| Homeowner Association Fees |  | 184 | 16 |  | 200 |
| Property Insurance |  | 1305 | 46 |  | 1351 |
| Repairs and Maintenance |  | 1553 |  |  | 1553 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1513 E | 1513 |
| Depreciation and amortization |  |  |  | 7921 B | 7921 |
| Interest Expense | - | - | - | 13741 C | 13741 |
| **Total Expenses** | - | 4707 | 203 | 23175 | 28085 |
| **Net Income (loss) before provision for income tax** | - | 8030 | 931 | (23175) | (14214) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8030 | $931 | $(23175) | $(14214) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-570

**LANDA SERIES 840 PARK VILLA WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 840<br> Park Villa Way** | **Historical<br> Property<br> Operations<br> (K)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 840<br> Park Villa Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9695 | $3217 | $12912 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 1043 | 304 | 1347 |
| Homeowner Association Fees |  | 661 | 193 | 854 |
| Property Insurance |  | 318 | 93 | 411 |
| Repairs and Maintenance |  | 3600 |  | 3600 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1033 E | 1033 |
| Depreciation and amortization |  |  | 3604 B | 3604 |
| Interest Expense | - | - | 7694 C | 7694 |
| **Total Expenses** | - | 5622 | 12921 | 18543 |
| **Net Income (loss) before provision for income tax** | - | 4073 | (9704) | (5631) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $4073 | $(9704) | $(5631) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-571

**LANDA SERIES 843 TRAMORE DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 843<br> Tramore Drive** | **Historical<br> Property<br> Operations<br> (M)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 843<br> Tramore Drive<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5160 | $14040 | $19200 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 939 | 1191 | 2130 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 208 | 264 | 472 |
| Repairs and Maintenance |  | 388 |  | 388 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1536 E | 1536 |
| Depreciation and amortization |  |  | 4720 B | 4720 |
| Interest Expense | - | - | 8797 C | 8797 |
| **Total Expenses** | - | 1535 | 16508 | 18043 |
| **Net Income (loss) before provision for income tax** | - | 3625 | (2468) | 1157 |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $3625 | $(2468) | $1157 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-572

**LANDA SERIES 85 KIRKLAND COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 85<br> Kirkland Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 85<br> Kirkland Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12065 | $2063 | $- | $14128 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1612 | 236 |  | 1848 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 1083 | 85 |  | 1168 |
| Repairs and Maintenance |  | 4548 |  |  | 4548 |
| Other Expenses |  | 384 |  |  | 384 |
| Management fee |  |  |  | 1701 E | 1701 |
| Depreciation and amortization |  |  |  | 8759 B | 8759 |
| Interest Expense | - | - | - | 14916 C | 14916 |
| **Total Expenses** | - | 7627 | 321 | 25376 | 33324 |
| **Net Income (loss) before provision for income tax** | - | 4438 | 1742 | (25376) | (19196) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $4438 | $1742 | $(25376) | $(19196) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-573

**LANDA SERIES 85 THORN THICKET WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 85<br> Thorn Thicket<br> Way** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 85<br> Thorn Thicket<br> Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12323 | $1770 | $- | $14093 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1776 | 260 |  | 2036 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 815 | 72 |  | 887 |
| Repairs and Maintenance |  | 285 |  |  | 285 |
| Other Expenses |  |  | 200 |  | 200 |
| Management fee |  |  |  | 1189 E | 1189 |
| Depreciation and amortization |  |  |  | 7573 B | 7573 |
| Interest Expense | - | - | - | 13255 C | 13255 |
| **Total Expenses** | - | 2876 | 532 | 22017 | 25425 |
| **Net Income (loss) before provision for income tax** | - | 9447 | 1238 | (22017) | (11332) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $9447 | $1238 | $(22017) | $(11332) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-574

**LANDA SERIES 8658 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8658<br> Ashley Way** | **Historical<br> Property<br> Operations<br> (L)** | **Pro Forma<br> Adjustments** | **Landa Series 8658<br> Ashley Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4983 | $9417 | $14400 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 478 | 587 | 1065 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 164 | 201 | 365 |
| Repairs and Maintenance |  | 587 |  | 587 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1152 E | 1152 |
| Depreciation and amortization |  |  | 4220 B | 4220 |
| Interest Expense | - | - | 8591 C | 8591 |
| **Total Expenses** | - | 1229 | 14751 | 15980 |
| **Net Income (loss) before provision for income tax** | - | 3754 | (5334) | (1580) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $3754 | $(5334) | $(1580) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-575

**LANDA SERIES 8667 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8667<br> Ashley Way** | **Historical<br> Property<br> Operations<br> (L)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 8667<br> Ashley Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2803 | $10397 | $13200 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 440 | 539 | 979 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 167 | 205 | 372 |
| Repairs and Maintenance |  | 8287 |  | 8287 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1056 E | 1056 |
| Depreciation and amortization |  |  | 3432 B | 3432 |
| Interest Expense | - | - | 6153 C | 6153 |
| **Total Expenses** | - | 8894 | 11385 | 20279 |
| **Net Income (loss) before provision for income tax** | - | (6091) | (988) | (7079) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $(6091) | $(988) | $(7079) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-576

**LANDA SERIES 8671 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8671<br> Ashley Way** | **Historical<br> Property<br> Operations<br> (L)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 8671<br> Ashley Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4505 | $8095 | $12600 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 440 | 539 | 979 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 168 | 206 | 374 |
| Repairs and Maintenance |  | 798 |  | 798 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1008 E | 1008 |
| Depreciation and amortization |  |  | 4370 B | 4370 |
| Interest Expense | - | - | 9035 C | 9035 |
| **Total Expenses** | - | 1406 | 15158 | 16564 |
| **Net Income (loss) before provision for income tax** | - | 3099 | (7063) | (3964) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $3099 | $(7063) | $(3964) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-577

**LANDA SERIES 8676 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8676<br> Ashley Way** | **Historical<br> Property<br> Operations<br> (L)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 8676<br> Ashley Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $12600 | $12600 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 524 | 642 | 1166 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 178 | 219 | 397 |
| Repairs and Maintenance |  | 17214 |  | 17214 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1008 E | 1008 |
| Depreciation and amortization |  |  | 4213 B | 4213 |
| Interest Expense | - | - | 9256 C | 9256 |
| **Total Expenses** | - | 17916 | 15338 | 33254 |
| **Net Income (loss) before provision for income tax** | - | (17916) | (2738) | (20654) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $(17916) | $(2738) | $(20654) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-578

**LANDA SERIES 8691 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8691<br> Ashley Way** | **Historical<br> Property<br> Operations<br> (L)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 8691<br> Ashley Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $13800 | $13800 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 608 | 746 | 1354 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 205 | 252 | 457 |
| Repairs and Maintenance |  | 641 |  | 641 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1104 E | 1104 |
| Depreciation and amortization |  |  | 2858 B | 2858 |
| Interest Expense | - | - | 6685 C | 6685 |
| **Total Expenses** | - | 1454 | 11645 | 13099 |
| **Net Income (loss) before provision for income tax** | - | (1454) | 2155 | 701 |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $(1454) | $2155 | $701 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-579

**LANDA SERIES 8692 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8692<br> Ashley Way** | **Historical<br> Property<br> Operations<br> (L)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 8692<br> Ashley Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $13800 | $13800 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 668 | 819 | 1487 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 192 | 236 | 428 |
| Repairs and Maintenance |  | 420 |  | 420 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1104 E | 1104 |
| Depreciation and amortization |  |  | 3382 B | 3382 |
| Interest Expense | - | - | 6564 C | 6564 |
| **Total Expenses** | - | 1280 | 12105 | 13385 |
| **Net Income (loss) before provision for income tax** | - | (1280) | 1695 | 415 |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $(1280) | $1695 | $415 |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-580

**LANDA SERIES 8693 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8693<br> Ashley Way** | **Historical<br> Property<br> Operations<br> (L)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 8693<br> Ashley Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $14400 | $14400 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 606 | 743 | 1349 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 197 | 242 | 439 |
| Repairs and Maintenance |  |  |  |  |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1152 E | 1152 |
| Depreciation and amortization |  |  | 4172 B | 4172 |
| Interest Expense | - | - | 9921 C | 9921 |
| **Total Expenses** | - | 803 | 16230 | 17033 |
| **Net Income (loss) before provision for income tax** | - | (803) | (1830) | (2633) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $(803) | $(1830) | $(2633) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-581

**LANDA SERIES 8694 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8694<br> Ashley Way** | **Historical<br> Property<br> Operations<br> (L)** | **Pro Forma<br> Adjustments** | **Landa <br> Series 8694<br> Ashley Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $13800 | $13800 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 591 | 725 | 1316 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 185 | 227 | 412 |
| Repairs and Maintenance |  | 1205 |  | 1205 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 1104 E | 1104 |
| Depreciation and amortization |  |  | 4568 B | 4568 |
| Interest Expense | - | - | 9045 C | 9045 |
| **Total Expenses** | - | 1981 | 15669 | 17650 |
| **Net Income (loss) before provision for income tax** | - | (1981) | (1869) | (3850) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $(1981) | $(1869) | $(3850) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-582

**LANDA SERIES 8697 ASHLEY WAY**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8697<br> Ashley Way** | **Historical<br> Property<br> Operations<br> (L)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 8697<br> Ashley Way<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5118 | $6282 | $11400 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 573 | 702 | 1275 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance |  | 189 | 232 | 421 |
| Repairs and Maintenance |  | 9040 |  | 9040 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 912 E | 912 |
| Depreciation and amortization |  |  | 4863 B | 4863 |
| Interest Expense | - | - | 9831 C | 9831 |
| **Total Expenses** | - | 9802 | 16540 | 26342 |
| **Net Income (loss) before provision for income tax** | - | (4684) | (10258) | (14942) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $(4684) | $(10258) | $(14942) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-583

**LANDA SERIES 8819 LEAFWOOD COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8819<br> Leafwood Court** | **Historical<br> Property<br> Operations<br> (H)** | **Historical<br> Property<br> Operations<br> (I)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 8819<br> Leafwood<br> Court<br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10622 | $898 | $- | $11520 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1481 | 125 |  | 1606 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 740 | 43 |  | 783 |
| Repairs and Maintenance |  | 145 |  |  | 145 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  |  | 1515 E | 1515 |
| Depreciation and amortization |  |  |  | 7190 B | 7190 |
| Interest Expense | - | - | - | 12717 C | 12717 |
| **Total Expenses** | - | 2366 | 168 | 21422 | 23956 |
| **Net Income (loss) before provision for income tax** | - | 8256 | 730 | (21422) | (12436) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $8256 | $730 | $(21422) | $(12436) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-584

**LANDA SERIES 8855 RUGBY COURT**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8855<br> Rugby Court** | **Historical<br> Property<br> Operations<br> (F)** | **Historical<br> Property<br> Operations<br> (G)** | **Pro Forma<br> Adjustments** | **Landa<br> Series 8855<br> Rugby Court<br> Pro Forma** |
| **Rental Income** | $- | $9068 | $1613 | $- | $10681 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1211 | 177 |  | 1388 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 470 | 53 |  | 523 |
| Repairs and Maintenance |  | 5403 |  |  | 5403 |
| Other Expenses |  | 302 |  |  | 302 |
| Management fee |  |  |  | 1084 E | 1084 |
| Depreciation and amortization |  |  |  | 5232 B | 5232 |
| Interest Expense | - | - | - | 9975 C | 9975 |
| **Total Expenses** | - | 7386 | 230 | 16291 | 23907 |
| **Net Income (loss) before provision for income tax** | - | 1682 | 1383 | (16291) | (13226) |
| Provision for income taxes |  |  |  | - D |  |
| **Net Income (loss)** | $- | $1682 | $1383 | $(16291) | $(13226) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-585

**LANDA SERIES 9020 STERLING RIDGE LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 9020 Sterling Ridge Lane** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Notes** | **Landa Series 9020 Sterling Ridge Lane Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11658 | $992 | $- |  | $12650 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1445 | 122 |  |  | 1567 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 797 | 40 |  |  | 837 |
| Repairs and Maintenance |  | 328 |  |  |  | 328 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 1580 | E | 1580 |
| Depreciation and amortization |  |  |  | 6612 | B | 6612 |
| Interest Expense | - | - | - | 10650 | C | 10650 |
| **Total Expenses** | - | 2570 | 162 | 18842 |  | 21574 |
| **Net Income (loss) before provision for income tax** | - | 9088 | 830 | (18842) |  | (8924) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $9088 | $830 | $(18842) |  | $(8924) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-586

**LANDA SERIES 9150 SPILLERS DRIVE SW**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 9150 Spillers Drive SW** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Notes** | **Landa Series 9150 Spillers Drive SW Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10864 | $926 | $- |  | $11790 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1489 | 126 |  |  | 1615 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 922 | 38 |  |  | 960 |
| Repairs and Maintenance |  | 555 |  |  |  | 555 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 950 | E | 950 |
| Depreciation and amortization |  |  |  | 6244 | B | 6244 |
| Interest Expense | - | - | - | 11392 | C | 11392 |
| **Total Expenses** | - | 2966 | 164 | 18586 |  | 21716 |
| **Net Income (loss) before provision for income tax** | - | 7898 | 762 | (18586) |  | (9926) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $7898 | $762 | $(18586) |  | $(9926) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-587

**LANDA SERIES 925 MOTE ROAD**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 925 Mote Road** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Notes** | **Landa Series 925 Mote Road Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11146 | $967 | $- |  | $12113 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1168 | 99 |  |  | 1267 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 548 | 48 |  |  | 596 |
| Repairs and Maintenance |  | 170 |  |  |  | 170 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 1683 | E | 1683 |
| Depreciation and amortization |  |  |  | 8128 | B | 8128 |
| Interest Expense | - | - | - | 14032 | C | 14032 |
| **Total Expenses** | - | 1886 | 147 | 23843 |  | 25876 |
| **Net Income (loss) before provision for income tax** | - | 9260 | 820 | (23843) |  | (13763) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $9260 | $820 | $(23843) |  | $(13763) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-588

**LANDA SERIES 94 HAMPTON OAKS DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 94 Hampton Oaks Drive** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Notes** | **Landa Series 94 Hampton Oaks Drive Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12094 | $1066 | $- |  | $13160 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1402 | 119 |  |  | 1521 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 856 | 40 |  |  | 896 |
| Repairs and Maintenance |  | 205 |  |  |  | 205 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 1094 | E | 1094 |
| Depreciation and amortization |  |  |  | 6663 | B | 6663 |
| Interest Expense | - | - | - | 11979 | C | 11979 |
| **Total Expenses** | - | 2463 | 159 | 19736 |  | 22358 |
| **Net Income (loss) before provision for income tax** | - | 9631 | 907 | (19736) |  | (9198) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $9631 | $907 | $(19736) |  | $(9198) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-589

**LANDA SERIES 9409 FOREST KNOLL DRIVE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 9409 Forest Knoll Drive** | **Historical Property Operations (H)** | **Historical Property Operations (I)** | **Pro Forma Adjustments** | **Notes** | **Landa Series 9409 Forest Knoll Drive Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;- | $12744 | $1076 | $- |  | $13820 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1786 | 151 |  |  | 1937 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 747 | 47 |  |  | 794 |
| Repairs and Maintenance |  | 70 |  |  |  | 70 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 1713 | E | 1713 |
| Depreciation and amortization |  |  |  | 7994 | B | 7994 |
| Interest Expense | - | - | - | 13844 | C | 13844 |
| **Total Expenses** | - | 2603 | 198 | 23551 |  | 26352 |
| **Net Income (loss) before provision for income tax** | - | 10141 | 878 | (23551) |  | (12532) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $10141 | $878 | $(23551) |  | $(12532) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-590

**LANDA SERIES 9434 CEDAR CREEK PLACE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 9434 Cedar Creek Place** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Notes** | **Landa Series 9434 Cedar Creek Place Pro Forma** |
| **Rental Income** | $- | $13174 | $1956 | $- |  | $15130 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1979 | 290 |  |  | 2269 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 1034 | 75 |  |  | 1109 |
| Repairs and Maintenance |  |  | 1375 |  |  | 1375 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 1252 | E | 1252 |
| Depreciation and amortization |  |  |  | 8760 | B | 8760 |
| Interest Expense | - | - | - | 14930 | C | 14930 |
| **Total Expenses** | - | 3013 | 1740 | 24942 |  | 29695 |
| **Net Income (loss) before provision for income tax** | - | 10161 | 216 | (24942) |  | (14565) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $10161 | $216 | $(24942) |  | $(14565) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-591

**LANDA SERIES 9597 PINTAIL TRAIL**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 9597 Pintail Trail** | **Historical Property Operations (F)** | **Historical Property Operations (G)** | **Pro Forma Adjustments** | **Notes** | **Landa Series 9597 Pintail Trail Pro Forma** |
| **Rental Income** | $- | $11395 | $1677 | $- |  | $13072 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 2006 | 294 |  |  | 2300 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 673 | 65 |  |  | 738 |
| Repairs and Maintenance |  | 1010 | 171 |  |  | 1181 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 1073 | E | 1073 |
| Depreciation and amortization |  |  |  | 7783 | B | 7783 |
| Interest Expense | - | - | - | 13558 | C | 13558 |
| **Total Expenses** | - | 3689 | 530 | 22414 |  | 26633 |
| **Net Income (loss) before provision for income tax** | - | 7706 | 1147 | (22414) |  | (13561) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $7706 | $1147 | $(22414) |  | $(13561) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-592

**LANDA SERIES 974 LAUREL STREET**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 974 Laurel Street** | **Historical Property Operations (H)** | **Historical Property Operations<br> (I)** | **Pro Forma Adjustments** | **Notes** | **Landa Series 974 Laurel Street Pro Forma** |
| **Rental Income** | $- | $9969 | $843 | $- |  | $10812 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1388 | 117 |  |  | 1505 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 658 | 42 |  |  | 700 |
| Repairs and Maintenance |  | 210 |  |  |  | 210 |
| Other Expenses |  |  |  |  |  |  |
| Management fee |  |  |  | 1355 | E | 1355 |
| Depreciation and amortization |  |  |  | 7017 | B | 7017 |
| Interest Expense | - | - | - | 12523 | C | 12523 |
| **Total Expenses** | - | 2256 | 159 | 20895 |  | 23310 |
| **Net Income (loss) before provision for income tax** | - | 7713 | 684 | (20895) |  | (12498) |
| Provision for income taxes |  |  |  |  | D |  |
| **Net Income (loss)** | $- | $7713 | $684 | $(20895) |  | $(12498) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-593

**LANDA SERIES 1701 SUMMERWOODS LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1701 Summerwoods Lane** | **Historical Property Operations (J)** | **Pro Forma Adjustments** | **Landa<br> Series 1701 Summerwoods Lane Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $11638 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes |  | 1774 |  | 1774 |
| Homeowner Association Fees |  | 600 |  | 600 |
| Property Insurance |  | 360 |  | 360 |
| Repairs and Maintenance |  | 898 |  | 898 |
| Other Expenses |  |  |  |  |
| Management fee |  |  | 958 E | 958 |
| Depreciation and amortization |  |  | 5538 B | 5538 |
| Interest Expense | - | - | 7758 C | 7758 |
| **Total Expenses** | - | 3632 | 14254 | 17886 |
| **Net Income (loss) before provision for income tax** | - | 8006 | (14254) | (6248) |
| Provision for income taxes |  |  | - D |  |
| **Net Income (loss)** | $- | $8006 | $(14254) | $(6248) |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-594

**LANDA SERIES 1741 PARK LANE**

**PRO FORMA CONDENSED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1741 Park Lane** | **Historical Property Operations (J)** | **Pro Forma Adjustments** | **Notes** | **Landa Series 1741 Park Lane Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8700 | $- |  | $8700 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes |  | 1814 |  |  | 1814 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance |  | 420 |  |  | 420 |
| Repairs and Maintenance |  | 881 |  |  | 881 |
| Other Expenses |  |  |  |  |  |
| Management fee |  |  | 731 | E | 731 |
| Depreciation and amortization |  |  | 6267 | B | 6267 |
| Interest Expense | - | - | 8779 | C | 8779 |
| **Total Expenses** | - | 3115 | 15777 |  | 18892 |
| **Net Income (loss) before provision for income tax** | - | 5585 | (15777) |  | (10192) |
| Provision for income taxes |  |  |  | D |  |
| **Net Income (loss)** | $- | $5585 | $(15777) |  | $(10192) |

---

**Notes:**

---

| | |
|:---|:---|
| B | Reflects adjustments related to the closing of property acquisitions, including the closing costs primarily consisting of the acquisition fees and property due diligence fees and the related building depreciation for the periods presented. |

---

C Reflects adjustments related to the Acquisition Note payable obtained to fund the property acquisitions and the related interest expense for the period presented. The Acquisition Notes are expected to be refinanced at the closing of the offering with a Refinance Note at a market rate of interest that is expected to be in the range of 7% to 10% per annum, that will be secured by the property and mature between one (1) and five (5) years after the refinancing. 

---

| | |
|:---|:---|
| D | The Company elected not to pro forma the provision for income taxes as there were losses and a full deferred tax asset valuation allowance was assumed. |
| E | Reflects adjustments for property management fee expense based on contractual terms to be entered into under management agreements with the Manager at closing of this offering for the periods presented. |
| F | Reflects the revenue and certain expenses under the previous ownership from January 1, 2021 to November 14, 2021.<br>|
| G | Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from November 15, 2021 to December 31, 2021.  |
| H | Reflects the revenue and certain expenses under the previous ownership from January 1, 2021 to December 1, 2021.  |
| I | Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from December 2, 2021 to December 31, 2021.  |
| J | Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from January 1, 2021 to December 31, 2021.  |
| K | Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from March 23, 2021 to December 31, 2021.  |
| L | Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from July 20, 2021 to December 31, 2021.  |
| M | Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from July 23, 2021 to December 31, 2021.  |

---

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

F-595

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa App<br> LLC** | **Landa<br> Series 10<br> Oak Wood Lane <br> Pro Forma** | **Landa<br> Series 10<br> Windridge Drive <br> Pro Forma** | **Landa<br> Series 1000<br> Fox Valley Trail<br> Pro Forma** | **Landa<br> Series 1007<br> Leeward Way<br> Pro Forma** | **Landa<br> Series 10119 Commons Way<br> Pro Forma** |
| **Rental income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1219 | $7707 | $1500 | $6402 | $7314 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes |  | 624 | 684 | 1430 | 964 | 1128 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense |  | 281 | 242 | 301 | 288 | 295 |
| Repairs & maintenance |  | 144 | 198 |  | 1600 |  |
| Other expenses |  | 245 |  | 287 |  |  |
| Management fee E |  | 834 | 669 | 900 | 512 | 585 |
| Depreciation expense B |  | 3734 | 3174 | 4056 | 3873 | 3978 |
| Interest expense C | - | 5725 | 5769 | 6705 | 6754 | 6895 |
| **Total expenses** | - | 11587 | 10736 | 13679 | 13991 | 12881 |
| **Net income (loss) before provision for income tax** | - | (10368) | (3029) | (12179) | (7589) | (5567) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $- | $(10368) | $(3029) | $(12179) | $(7589) | $(5567) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-596

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 10121 <br> Morris Drive SW<br> Pro Forma** | **Landa<br> Series 10183 <br> Starr Street SW <br> Pro Forma** | **Landa<br> Series 103<br> Starlake Drive <br> Pro Forma** | **Landa<br> Series 104<br> Summerfield Drive <br> Pro Forma** | **Landa<br> Series 10433<br> Candlelight Road <br> Pro Forma** | **Landa<br> Series 105<br> Anne Street <br> Pro Forma** |
| **Rental income** | $- | $6090 | $6474 | $2332 | $10294 | $6840 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 513 | 522 | 746 | 1141 | 1024 | 484 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 96 | 245 | 239 | 288 | 243 | 238 |
| Repairs & maintenance |  |  |  |  |  | 5569 |
| Other expenses |  |  |  | 231 |  |  |
| Management fee E | 798 | 487 | 518 | 866 | 784 | 547 |
| Depreciation expense B | 3525 | 3366 | 3333 | 3875 | 3967 | 3121 |
| Interest expense C | 6260 | 6039 | 6027 | 6751 | 6880 | 5695 |
| **Total expenses** | 11192 | 10659 | 10863 | 13152 | 12898 | 15654 |
| **Net income (loss) before provision for income tax** | (11192) | (4569) | (4389) | (10820) | (2604) | (8814) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(11192) | $(4569) | $(4389) | $(10820) | $(2604) | $(8814) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-597

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 107<br> Oakwood Circle <br> Pro Forma** | **Landa<br> Series 109 Amberwood Lane <br> Pro Forma** | **Landa<br> Series 110<br> Shenandoah Drive <br> Pro Forma** | **Landa<br> Series 111<br> Fir Drive<br> Pro Forma** | **Landa<br> Series 1110<br> Parkview Drive <br> Pro Forma** | **Landa<br> Series 11187<br> Shannon Circle <br> Pro Forma** |
| **Rental income** | $6372 | $5568 | $7198 | $3924 | $1856 | $8908 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 405 | 488 | 799 | 743 | 435 | 859 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 180 | 199 | 260 | 204 | 246 | 300 |
| Repairs & maintenance |  |  | 1284 |  |  | 75 |
| Other expenses |  |  |  | 200 |  |  |
| Management fee E | 600 | 445 | 566 | 720 | 642 | 824 |
| Depreciation expense B | 2249 | 2528 | 4048 | 2912 | 3243 | 4049 |
| Interest expense C | 4473 | 4866 | 6993 | 5402 | 5866 | 6995 |
| **Total expenses** | 7907 | 8526 | 13950 | 10181 | 10432 | 13102 |
| **Net income (loss) before provision for income tax** | (1535) | (2958) | (6752) | (6257) | (8576) | (4194) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(1535) | $(2958) | $(6752) | $(6257) | $(8576) | $(4194) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-598

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 112<br> Ridge Street <br> Pro Forma** | **Landa<br> Series 11322<br> Michelle Way <br> Pro Forma** | **Landa<br> Series 114<br> Starlake Drive <br> Pro Forma** | **Landa<br> Series 11447 <br> S Grove Drive <br> Pro Forma** | **Landa<br> Series 1147<br> Village Way <br> Pro Forma** | **Landa<br> Series 115<br> Lakeview Drive <br> Pro Forma** |
| **Rental income** | $7277 | $7125 | $6919 | $9268 | $4995 | $7332 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 1105 | 952 | 738 | 1023 | 1792 | 1091 |
| Homeowners association fees |  | 240 |  | 225 | 1266 |  |
| Insurance expense | 259 | 197 | 238 | 272 | 194 | 273 |
| Repairs & maintenance | 1360 | 188 |  |  | 81 |  |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 573 | 630 | 536 | 846 | 791 | 587 |
| Depreciation expense B | 4030 | 3087 | 3123 | 3630 | 3890 | 3646 |
| Interest expense C | 6968 | 5647 | 5702 | 6408 | 6773 | 6430 |
| **Total expenses** | 14295 | 10941 | 10337 | 12404 | 14787 | 12027 |
| **Net income (loss) before provision for income tax** | (7018) | (3816) | (3418) | (3136) | (9792) | (4695) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(7018) | $(3816) | $(3418) | $(3136) | $(9792) | $(4695) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-599

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1160<br> Gable Terrace<br> Pro Forma** | **Landa<br> Series 1190<br> Kirkland Road <br> Pro Forma** | **Landa<br> Series 12<br> Mintz Street <br> Pro Forma** | **Landa<br> Series 120<br> Rosewood Drive <br> Pro Forma** | **Landa<br> Series 1201<br> Kilrush Drive <br> Pro Forma** | **Landa<br> Series 124<br> Libby Lane <br> Pro Forma** |
| **Rental income** | $7410 | $8970 | $7266 | $7248 | $13818 | $3255 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 1349 | 691 | 807 | 1076 | 1598 | 572 |
| Homeowners association fees | 75 |  |  |  |  |  |
| Insurance expense | 285 | 314 | 250 | 274 | 499 | 197 |
| Repairs & maintenance | 955 | 287 |  |  | 725 | 565 |
| Other expenses |  |  |  |  |  | 137 |
| Management fee E | 593 | 798 | 720 | 580 | 1105 | 775 |
| Depreciation expense B | 3891 | 4256 | 3297 | 3663 | 7663 | 2918 |
| Interest expense C | 6776 | 7285 | 5941 | 6455 | 12058 | 5411 |
| **Total expenses** | 13924 | 13631 | 11015 | 12048 | 23648 | 10575 |
| **Net income (loss) before provision for income tax** | (6514) | (4661) | (3749) | (4800) | (9830) | (7320) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(6514) | $(4661) | $(3749) | $(4800) | $(9830) | $(7320) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-600

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 126<br> E Mimosa Drive <br> Pro Forma** | **Landa<br> Series 12641<br> Alcovy Road <br> Pro Forma** | **Landa<br> Series 1320<br> Winona Avenue<br> Pro Forma** | **Landa<br> Series 133<br> Dove Landing<br> Pro Forma** | **Landa<br> Series 137<br> Southern Shores Road <br> Pro Forma** | **Landa<br> Series 138<br> Sandalwood Circle <br> Pro Forma** |
| **Rental income** | $1990 | $8360 | $5700 | $3631 | $6500 | $- |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 621 | 736 | 326 | 513 | 683 | 612 |
| Homeowners association fees |  |  |  |  |  | 630 |
| Insurance expense | 242 | 296 | 204 | 210 | 197 | 169 |
| Repairs & maintenance |  | 46 | 240 |  |  | 19429 |
| Other expenses |  |  |  |  |  | 299 |
| Management fee E | 681 | 739 | 456 | 485 | 569 | 832 |
| Depreciation expense B | 3175 | 3994 | 2602 | 2703 | 2915 | 3707 |
| Interest expense C | 5770 | 6918 | 4968 | 5109 | 5406 | 5706 |
| **Total expenses** | 10489 | 12729 | 8796 | 9020 | 9770 | 31384 |
| **Net income (loss) before provision for income tax** | (8499) | (4369) | (3096) | (5389) | (3270) | (31384) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(8499) | $(4369) | $(3096) | $(5389) | $(3270) | $(31384) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-601

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 140<br> High Ridge Road <br> Pro Forma** | **Landa<br> Series 141<br> Longstreet Circle <br> Pro Forma** | **Landa<br> Series 1443<br> Pebble Ridge Lane <br> Pro Forma** | **Landa<br> Series 1445<br> Maple Valley Court <br> Pro Forma** | **Landa<br> Series 146<br> Crystal Brook <br> Pro Forma** | **Landa<br> Series 1473<br> Brownleaf Drive <br> Pro Forma** |
| **Rental income** | $6402 | $7552 | $4672 | $7050 | $6792 | $7164 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 758 | 755 | 1020 | 932 | 829 | 921 |
| Homeowners association fees |  |  |  | 180 |  |  |
| Insurance expense | 242 | 321 | 309 | 226 | 171 | 269 |
| Repairs & maintenance |  |  | 82 |  |  | 55 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 512 | 566 | 916 | 580 | 600 | 764 |
| Depreciation expense B | 3646 | 4379 | 4189 | 2278 | 2464 | 3595 |
| Interest expense C | 6430 | 7457 | 7191 | 4514 | 4775 | 6358 |
| **Total expenses** | 11588 | 13478 | 13707 | 8710 | 8839 | 11962 |
| **Net income (loss) before provision for income tax** | (5186) | (5926) | (9035) | (1660) | (2047) | (4798) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(5186) | $(5926) | $(9035) | $(1660) | $(2047) | $(4798) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-602

**LANDA APP LLC (LANDA APP)** 

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1485 <br> Bola Court<br> Pro Forma** | **Landa<br> Series 1490<br> Diplomat Drive <br> Pro Forma** | **Landa<br> Series 153<br> Cliffside Court <br> Pro Forma** | **Landa<br> Series 157<br> Wells Road <br> Pro Forma** | **Landa<br> Series 160<br> Chimney Ridge Trail <br> Pro Forma** | **Landa<br> Series 164<br> Longstreet Circle <br> Pro Forma** |
| **Rental income** | $8480 | $3585 | $5190 | $5406 | $8970 | $6966 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 674 | 1409 | 602 | 657 | 1061 | 907 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 244 | 346 | 135 | 205 | 274 | 276 |
| Repairs & maintenance |  |  |  |  |  |  |
| Other expenses |  | 82 |  |  |  |  |
| Management fee E | 770 | 863 | 415 | 432 | 718 | 557 |
| Depreciation expense B | 3209 | 4749 | 2039 | 2615 | 3663 | 3698 |
| Interest expense C | 5818 | 7976 | 4182 | 4986 | 6455 | 6504 |
| **Total expenses** | 10715 | 15425 | 7373 | 8895 | 12171 | 11942 |
| **Net income (loss) before provision for income tax** | (2235) | (11840) | (2183) | (3489) | (3201) | (4976) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(2235) | $(11840) | $(2183) | $(3489) | $(3201) | $(4976) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-603

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1666 <br> W Poplar Street <br> Pro Forma** | **Landa<br> Series 168<br> Brookview Drive <br> Pro Forma** | **Landa<br> Series 1683<br> Spoonbill Road <br> Pro Forma** | **Landa<br> Series 1689<br> Viceroy Way <br> Pro Forma** | **Landa<br> Series 171<br> Davidson Drive <br> Pro Forma** | **Landa<br> Series 1768 <br> Glen View Way <br> Pro Forma** |
| **Rental income** | $6732 | $3878 | $1800 | $8222 | $2308 | $5610 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 460 | 814 | 694 | 1672 | 845 | 879 |
| Homeowners association fees |  | 300 |  |  |  | 210 |
| Insurance expense | 188 | 206 | 229 | 260 | 291 | 234 |
| Repairs & maintenance |  | 21817 | 535 |  |  |  |
| Other expenses |  | 287 |  |  |  |  |
| Management fee E | 539 | 534 | 696 | 696 | 965 | 785 |
| Depreciation expense B | 2773 | 1712 | 2982 | 3563 | 3925 | 3055 |
| Interest expense C | 5207 | 2975 | 5500 | 6314 | 6820 | 5639 |
| **Total expenses** | 9167 | 28645 | 10636 | 12505 | 12846 | 10802 |
| **Net income (loss) before provision for income tax** | (2435) | (24767) | (8836) | (4283) | (10538) | (5192) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(2435) | $(24767) | $(8836) | $(4283) | $(10538) | $(5192) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-604

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 181<br> Watercress Court <br> Pro Forma** | **Landa<br> Series 188<br> Timberline Road <br> Pro Forma** | **Landa<br> Series 189<br> Shenandoah Drive <br> Pro Forma** | **Landa<br> Series 1903 <br> Old Concord Drive SE<br> Pro Forma** | **Landa<br> Series 195<br> Branchwood Drive <br> Pro Forma** | **Landa<br> Series 195<br> Fairclift Drive <br> Pro Forma** |
| **Rental income** | $5375 | $5158 | $7384 | $6576 | $- | $7632 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 903 | 183 | 860 | 647 | 789 | 615 |
| Homeowners association fees | 130 |  |  |  |  |  |
| Insurance expense | 186 | 154 | 209 | 297 | 305 | 273 |
| Repairs & maintenance | 135 |  |  |  |  |  |
| Other expenses | 299 |  |  |  |  |  |
| Management fee E | 840 | 399 | 644 | 526 | 828 | 611 |
| Depreciation expense B | 3471 | 1655 | 3174 | 4012 | 4134 | 3646 |
| Interest expense C | 6185 | 3641 | 5769 | 6943 | 7114 | 6430 |
| **Total expenses** | 12149 | 6032 | 10656 | 12425 | 13170 | 11575 |
| **Net income (loss) before provision for income tax** | (6774) | (874) | (3272) | (5849) | (13170) | (3943) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(6774) | $(874) | $(3272) | $(5849) | $(13170) | $(3943) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-605

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 195<br> Hunters Trace <br> Pro Forma** | **Landa<br> Series 196<br> Montego Circle <br> Pro Forma** | **Landa<br> Series 20<br> Chimney Smoke Drive <br> Pro Forma** | **Landa<br> Series 204<br> N Main Court <br> Pro Forma** | **Landa<br> Series 2055<br> Grove Way <br> Pro Forma** | **Landa<br> Series 212<br> Fleeta Drive <br> Pro Forma** |
| **Rental income** | $3316 | $7956 | $8658 | $6912 | $- | $8718 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 814 | 795 | 1145 | 939 | 972 | 690 |
| Homeowners association fees |  |  |  |  | 225 |  |
| Insurance expense | 246 | 225 | 274 | 210 | 234 | 215 |
| Repairs & maintenance | 18315 |  | 2396 | 687 | 106 | 2150 |
| Other expenses | 314 |  |  |  | 299 |  |
| Management fee E | 771 | 636 | 813 | 553 | 810 | 764 |
| Depreciation expense B | 3822 | 3349 | 3663 | 2703 | 3052 | 2808 |
| Interest expense C | 7131 | 6014 | 6455 | 5109 | 5598 | 5257 |
| **Total expenses** | 31413 | 11019 | 14746 | 10201 | 11296 | 11884 |
| **Net income (loss) before provision for income tax** | (28097) | (3063) | (6088) | (3289) | (11296) | (3166) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(28097) | $(3063) | $(6088) | $(3289) | $(11296) | $(3166) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-606

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 215<br> Central Lake Circle <br> Pro Forma** | **Landa<br> Series 217<br> Glenloch Court <br> Pro Forma** | **Landa<br> Series 2177 <br> E Chester Circle SE<br> Pro Forma** | **Landa<br> Series 221<br> Lakeview Drive <br> Pro Forma** | **Landa<br> Series 2264<br> Chestnut Hill Circle<br> Pro Forma** | **Landa<br> Series 235<br> Lazy Hollow Lane <br> Pro Forma** |
| **Rental income** | $3178 | $9540 | $5745 | $7258 | $8638 | $6972 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 585 | 1237 | 697 | 1178 | 1908 | 886 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 253 | 330 | 302 | 286 | 377 | 287 |
| Repairs & maintenance |  |  | 80 |  |  | 397 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 647 | 809 | 936 | 553 | 680 | 558 |
| Depreciation expense B | 3348 | 4013 | 4082 | 3838 | 5148 | 3856 |
| Interest expense C | 6013 | 6944 | 7041 | 6699 | 8535 | 6733 |
| **Total expenses** | 10846 | 13333 | 13138 | 12554 | 16648 | 12717 |
| **Net income (loss) before provision for income tax** | (7668) | (3793) | (7393) | (5296) | (8010) | (5745) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(7668) | $(3793) | $(7393) | $(5296) | $(8010) | $(5745) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-607

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2425<br> Cornell Circle <br> Pro Forma** | **Landa<br> Series 2443<br> Hodges Farm Road <br> Pro Forma** | **Landa<br> Series 25<br> Pleasant Valley Road <br> Pro Forma** | **Landa<br> Series 253<br> Marco Drive <br> Pro Forma** | **Landa<br> Series 255<br> Countryside Lane <br> Pro Forma** | **Landa<br> Series 258<br> Rocky Point Road <br> Pro Forma** |
| **Rental income** | $8760 | $7314 | $7153 | $6003 | $9120 | $6820 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 1498 | 712 | 1020 | 650 | 787 | 1030 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 321 | 230 | 254 | 197 | 282 | 285 |
| Repairs & maintenance |  |  |  |  | 45 | 491 |
| Other expenses |  |  |  |  |  | 27 |
| Management fee E | 701 | 585 | 788 | 613 | 826 | 554 |
| Depreciation expense B | 4380 | 3000 | 3611 | 2794 | 3786 | 4117 |
| Interest expense C | 7458 | 5525 | 6381 | 5237 | 6626 | 7091 |
| **Total expenses** | 14358 | 10052 | 12054 | 9491 | 12352 | 13595 |
| **Net income (loss) before provision for income tax** | (5598) | (2738) | (4901) | (3488) | (3232) | (6775) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(5598) | $(2738) | $(4901) | $(3488) | $(3232) | $(6775) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-608

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 263<br> Rocky Point Road <br> Pro Forma** | **Landa<br> Series 268<br> Brookview Drive <br> Pro Forma** | **Landa<br> Series 270<br> Mountain Lane <br> Pro Forma** | **Landa<br> Series 270<br> Mountain Way <br> Pro Forma** | **Landa<br> Series 270<br> Pleasant Hill Drive<br> Pro Forma** | **Landa<br> Series 2794<br> Norfair Loop <br> Pro Forma** |
| **Rental income** | $- | $7938 | $- | $4550 | $6666 | $7396 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 708 | 816 | 738 | 715 | 752 | 1281 |
| Homeowners association fees |  | 300 |  |  |  | 198 |
| Insurance expense | 266 | 206 | 270 | 275 | 309 | 218 |
| Repairs & maintenance | 743 | 127 |  |  | 14050 |  |
| Other expenses | 350 |  | 461 |  | 260 |  |
| Management fee E | 611 | 605 | 822 | 870 | 779 | 665 |
| Depreciation expense B | 3541 | 2082 | 4230 | 3681 | 4147 | 2808 |
| Interest expense C | 6283 | 4239 | 6563 | 6479 | 6147 | 5256 |
| **Total expenses** | 12502 | 8375 | 13084 | 12020 | 26444 | 10426 |
| **Net income (loss) before provision for income tax** | (12502) | (437) | (13084) | (7470) | (19778) | (3030) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(12502) | $(437) | $(13084) | $(7470) | $(19778) | $(3030) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-609

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2813<br> Vicksburg Court <br> Pro Forma** | **Landa<br> Series 2933<br> Coffer Drive <br> Pro Forma** | **Landa<br> Series 30<br> High Ridge Road <br> Pro Forma** | **Landa<br> Series 30<br> Roosevelt Road <br> Pro Forma** | **Landa<br> Series 3011<br> Raintree Drive SE<br> Pro Forma** | **Landa<br> Series 304<br> Cedar Street <br> Pro Forma** |
| **Rental income** | $8885 | $8083 | $8880 | $1214 | $- | $981 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 762 | 596 | 689 | 1072 | 1054 | 941 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 319 | 242 | 240 | 281 | 224 | 289 |
| Repairs & maintenance | 245 |  | 430 |  |  |  |
| Other expenses |  |  |  |  | 183 |  |
| Management fee E | 688 | 672 | 800 | 780 | 764 | 840 |
| Depreciation expense B | 4484 | 3581 | 4402 | 3628 | 3931 | 3892 |
| Interest expense C | 7605 | 6339 | 7489 | 6406 | 6975 | 6775 |
| **Total expenses** | 14103 | 11430 | 14050 | 12167 | 13131 | 12737 |
| **Net income (loss) before provision for income tax** | (5218) | (3347) | (5170) | (10953) | (13131) | (11756) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(5218) | $(3347) | $(5170) | $(10953) | $(13131) | $(11756) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-610

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 304<br> Deerfield Drive <br> Pro Forma** | **Landa<br> Series 3043<br> Highway 81 S <br> Pro Forma** | **Landa<br> Series 313<br> Blue Heron Drive <br> Pro Forma** | **Landa<br> Series 3202<br> Chippewa Drive <br> Pro Forma** | **Landa<br> Series 35<br> Clay Court<br> Pro Forma** | **Landa<br> Series 350<br> Cadiz Lane S<br> Pro Forma** |
| **Rental income** | $- | $6132 | $2134 | $7938 | $1185 | $7248 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 891 | 771 | 1066 | 689 | 833 | 782 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 273 | 220 | 244 | 255 | 278 | 244 |
| Repairs & maintenance | 20360 |  |  | 4130 |  |  |
| Other expenses | 299 |  | 314 |  |  |  |
| Management fee E | 847 | 491 | 745 | 635 | 816 | 580 |
| Depreciation expense B | 3653 | 2529 | 3402 | 3856 | 4359 | 3506 |
| Interest expense C | 6567 | 4865 | 6108 | 6724 | 6822 | 6234 |
| **Total expenses** | 32890 | 8876 | 11879 | 16289 | 13108 | 11346 |
| **Net income (loss) before provision for income tax** | (32890) | (2744) | (9745) | (8351) | (11923) | (4098) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(32890) | $(2744) | $(9745) | $(8351) | $(11923) | $(4098) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-611

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 351<br> Wesley Park Drive<br> Pro Forma** | **Landa<br> Series 3603<br> Manhattan Drive <br> Pro Forma** | **Landa<br> Series 3667 <br> Patti Parkway<br> Pro Forma** | **Landa<br> Series 404<br> Barberry Lane <br> Pro Forma** | **Landa<br> Series 412<br> Kendall Lane <br> Pro Forma** | **Landa<br> Series 416<br> Autumn Lake Court <br> Pro Forma** |
| **Rental income** | $7196 | $1075 | $9762 | $7264 | $7416 | $8010 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 855 | 1289 | 1655 | 947 | 938 | 972 |
| Homeowners association fees |  |  |  |  | 163 | 125 |
| Insurance expense | 204 | 316 | 372 | 273 | 284 | 252 |
| Repairs & maintenance | 1952 |  | 5961 |  |  |  |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 730 | 888 | 781 | 602 | 593 | 796 |
| Depreciation expense B | 3244 | 4292 | 5148 | 3648 | 3822 | 3332 |
| Interest expense C | 5867 | 7336 | 8535 | 6433 | 6677 | 5990 |
| **Total expenses** | 12852 | 14121 | 22452 | 11903 | 12477 | 11467 |
| **Net income (loss) before provision for income tax** | (5656) | (13046) | (12690) | (4639) | (5061) | (3457) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(5656) | $(13046) | $(12690) | $(4639) | $(5061) | $(3457) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-612

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 43<br> Darwin Drive <br> Pro Forma** | **Landa<br> Series 432<br> Manor Estates Drive <br> Pro Forma** | **Landa<br> Series 440<br> Freestone Drive <br> Pro Forma** | **Landa<br> Series 4447 <br> Lake Breeze Drive <br> Pro Forma** | **Landa <br> Series 445<br> Independence Drive <br> Pro Forma** | **Landa<br> Series 449<br> Kara Lane<br> Pro Forma** |
| **Rental income** | $6878 | $8326 | $8316 | $8234 | $2372 | $2175 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 703 | 996 | 662 | 1633 | 960 | 993 |
| Homeowners association fees |  |  |  |  |  | 100 |
| Insurance expense | 224 | 303 | 314 | 333 | 295 | 289 |
| Repairs & maintenance | 360 |  | 6398 |  |  | 120 |
| Other expenses |  |  |  |  |  | 260 |
| Management fee E | 609 | 720 | 665 | 627 | 830 | 852 |
| Depreciation expense B | 3104 | 4102 | 4264 | 4554 | 3973 | 3861 |
| Interest expense C | 5672 | 7069 | 7459 | 7703 | 6723 | 5972 |
| **Total expenses** | 10672 | 13190 | 19762 | 14850 | 12781 | 12447 |
| **Net income (loss) before provision for income tax** | (3794) | (4864) | (11446) | (6616) | (10409) | (10272) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(3794) | $(4864) | $(11446) | $(6616) | $(10409) | $(10272) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-613

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 45<br> Blue Jay Drive <br> Pro Forma** | **Landa<br> Series 45<br> Laurel Way <br> Pro Forma** | **Landa<br> Series 4702 <br> Saint James Way <br> Pro Forma** | **Landa<br> Series 4732<br> Pinedale Drive <br> Pro Forma** | **Landa<br> Series 497<br> Highway 212 <br> Pro Forma** | **Landa<br> Series 5039 <br> East Street <br> Pro Forma** |
| **Rental income** | $9919 | $9459 | $5847 | $6459 | $5580 | $3875 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 1142 | 853 | 1215 | 584 | 573 | 818 |
| Homeowners association fees |  |  | 300 |  |  |  |
| Insurance expense | 339 | 331 | 227 | 192 | 266 | 190 |
| Repairs & maintenance |  |  |  | 13200 |  |  |
| Other expenses |  |  | 260 |  |  |  |
| Management fee E | 800 | 804 | 737 | 535 | 446 | 581 |
| Depreciation expense B | 4729 | 4518 | 3349 | 2826 | 3540 | 2388 |
| Interest expense C | 7947 | 7652 | 6018 | 5281 | 6282 | 4668 |
| **Total expenses** | 14957 | 14158 | 12106 | 22618 | 11107 | 8645 |
| **Net income (loss) before provision for income tax** | (5038) | (4699) | (6259) | (16159) | (5527) | (4770) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(5038) | $(4699) | $(6259) | $(16159) | $(5527) | $(4770) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-614

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 5040<br> Huntshire Lane <br> Pro Forma** | **Landa<br> Series 513<br> Jarrett Court <br> Pro Forma** | **Landa<br> Series 5143<br> Pinecrest Drive SW<br> Pro Forma** | **Landa<br> Series 524<br> Sawmill Road <br> Pro Forma** | **Landa<br> Series 5329<br> Shirewick Lane <br> Pro Forma** |
| **Rental income** | $1166 | $- | $1245 | $- | $8144 |
| **Expenses** |  |  |  |  |  |
| Real estate taxes | 2326 | 1034 | 466 | 585 | 1454 |
| Homeowners association fees | 263 |  |  |  |  |
| Insurance expense | 499 | 240 | 191 | 290 | 329 |
| Repairs & maintenance | 1281 |  |  |  |  |
| Other expenses |  |  |  |  |  |
| Management fee E | 1200 | 804 | 563 | 760 | 641 |
| Depreciation expense B | 6659 | 3699 | 2703 | 3893 | 4484 |
| Interest expense C | 10012 | 6505 | 5110 | 6383 | 7605 |
| **Total expenses** | 22240 | 12282 | 9033 | 11911 | 14513 |
| **Net income (loss) before provision for income tax** | (21074) | (12282) | (7788) | (11911) | (6369) |
| Provision for income taxes D | - | - | - | - | - |
| **Net income (loss)** | $(21074) | $(12282) | $(7788) | $(11911) | $(6369) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-615

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 540<br> Cowan Road <br> Pro Forma** | **Landa<br> Series 5411<br> Rocky Pine Drive<br> Pro Forma** | **Landa<br> Series 55<br> Myrtle Grove Lane <br> Pro Forma** | **Landa<br> Series 550<br> Cowan Road <br> Pro Forma** | **Landa<br> Series 5581 <br> Fox Glen Circle <br> Pro Forma** |
| **Rental income** | $8486 | $7314 | $6110 | $- | $- |
| **Expenses** |  |  |  |  |  |
| Real estate taxes | 630 | 1384 | 745 | 530 | 2073 |
| Homeowners association fees |  |  |  |  |  |
| Insurance expense | 284 | 298 | 279 | 246 | 239 |
| Repairs & maintenance |  |  |  | 311 | 21735 |
| Other expenses |  |  |  | 303 |  |
| Management fee E | 765 | 585 | 810 | 759 | 1084 |
| Depreciation expense B | 3867 | 4033 | 3733 | 3235 | 6551 |
| Interest expense C | 6740 | 6972 | 6553 | 5643 | 9781 |
| **Total expenses** | 12286 | 13272 | 12120 | 11027 | 41463 |
| **Net income (loss) before provision for income tax** | (3800) | (5958) | (6010) | (11027) | (41463) |
| Provision for income taxes D | - | - | - | - | - |
| **Net income (loss)** | $(3800) | $(5958) | $(6010) | $(11027) | $(41463) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-616

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 565<br> Mountainview Drive <br> Pro Forma** | **Landa<br> Series 5737<br> Strathmoor Manor Circle <br> Pro Forma** | **Landa<br> Series 5801<br> Strathmoor Manor Circle <br> Pro Forma** | **Landa<br> Series 6104-6106<br> Oakwood Circle SW<br> Pro Forma** | **Landa<br> Series 6107<br> Shadow Glen Court<br> Pro Forma** | **Landa<br> Series 6111-6113<br> Pine Glen Circle SW<br> Pro Forma** |
| **Rental income** | $- | $3132 | $1340 | $9240 | $2613 | $7683 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 904 | 950 | 930 | 467 | 482 | 904 |
| Homeowners association fees |  | 396 | 261 |  |  |  |
| Insurance expense | 467 | 280 | 204 | 532 | 172 | 428 |
| Repairs & maintenance | 162 | 345 |  |  |  |  |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 826 | 499 | 789 | 739 | 739 | 1084 |
| Depreciation expense B | 4083 | 3139 | 3279 | 3035 | 2476 | 6388 |
| Interest expense C | 6373 | 5721 | 5916 | 5577 | 4792 | 10272 |
| **Total expenses** | 12815 | 11330 | 11379 | 10350 | 8661 | 19076 |
| **Net income (loss) before provision for income tax** | (12815) | (8198) | (10039) | (1110) | (6048) | (11393) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(12815) | $(8198) | $(10039) | $(1110) | $(6048) | $(11393) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-617

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 6119<br> Pineneedle Drive SW<br> Pro Forma** | **Landa<br> Series 615<br> Barshay Drive <br> Pro Forma** | **Landa<br> Series 6168<br> Wheat<br> Street NE<br> Pro Forma** | **Landa<br> Series 6178<br> Green Acres Drive SW<br> Pro Forma** | **Landa<br> Series 6386<br> Forester Way <br> Pro Forma** | **Landa<br> Series 6404<br> Walnut Way <br> Pro Forma** |
| **Rental income** | $3932 | $8339 | $5311 | $2803 | $4560 | $7862 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 475 | 677 | 335 | 680 | 1360 | 1162 |
| Homeowners association fees |  | 138 |  |  |  | 240 |
| Insurance expense | 146 | 242 | 179 | 214 | 284 | 266 |
| Repairs & maintenance |  |  | 1716 |  |  |  |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 837 | 732 | 405 | 708 | 892 | 609 |
| Depreciation expense B | 1725 | 3734 | 2061 | 2641 | 3823 | 3541 |
| Interest expense C | 3738 | 6569 | 4228 | 5027 | 6679 | 6283 |
| **Total expenses** | 6921 | 12092 | 8924 | 9270 | 13038 | 12101 |
| **Net income (loss) before provision for income tax** | (2989) | (3753) | (3613) | (6467) | (8478) | (4239) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(2989) | $(3753) | $(3613) | $(6467) | $(8478) | $(4239) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-618

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 643<br> Sycamore Drive <br> Pro Forma** | **Landa<br> Series 65<br> Freedom Court <br> Pro Forma** | **Landa<br> Series 653<br> Georgetown Lane <br> Pro Forma** | **Landa<br> Series 6635<br> Kimberly Mill Road<br> Pro Forma** | **Landa<br> Series 6653<br> Bedford Road <br> Pro Forma** | **Landa<br> Series 6710<br> Sunset Hills Boulevard<br> Pro Forma** |
| **Rental income** | $7470 | $9210 | $7306 | $2438 | $- | $6300 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 1112 | 800 | 815 | 878 | 954 | 837 |
| Homeowners association fees |  |  | 250 |  |  | 150 |
| Insurance expense | 224 | 244 | 273 | 243 | 222 | 221 |
| Repairs & maintenance | 937 | 365 |  |  |  |  |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 598 | 737 | 762 | 838 | 742 | 504 |
| Depreciation expense B | 3395 | 3752 | 3647 | 4335 | 3524 | 2860 |
| Interest expense C | 6079 | 6612 | 6432 | 7396 | 6269 | 5329 |
| **Total expenses** | 12345 | 12510 | 12179 | 13690 | 11711 | 9901 |
| **Net income (loss) before provision for income tax** | (4875) | (3300) | (4873) | (11252) | (11711) | (3601) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(4875) | $(3300) | $(4873) | $(11252) | $(11711) | $(3601) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-619

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 6762 <br> Bent Creek Drive <br> Pro Forma** | **Landa<br> Series 683<br> Wood Path Court<br> Pro Forma** | **Landa<br> Series 70<br> Shenandoah Lane <br> Pro Forma** | **Landa<br> Series 709<br> Georgetown Court <br> Pro Forma** | **Landa<br> Series 7107<br> Geiger Street NW<br> Pro Forma** | **Landa<br> Series 7205<br> Lakeview Drive SW<br> Pro Forma** |
| **Rental income** | $- | $540 | $8885 | $1204 | $2465 | $3498 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 1001 | 1141 | 960 | 851 | 159 | 664 |
| Homeowners association fees |  |  |  | 250 |  |  |
| Insurance expense | 203 | 336 | 326 | 229 | 153 | 280 |
| Repairs & maintenance |  | 660 | 3384 | 72 | 82 |  |
| Other expenses |  |  |  | 314 |  |  |
| Management fee E | 680 | 864 | 849 | 805 | 512 | 876 |
| Depreciation expense B | 3541 | 4594 | 4448 | 3490 | 1637 | 3751 |
| Interest expense C | 6283 | 7391 | 7554 | 6211 | 3616 | 6577 |
| **Total expenses** | 11708 | 14986 | 17521 | 12222 | 6159 | 12148 |
| **Net income (loss) before provision for income tax** | (11708) | (14446) | (8636) | (11018) | (3694) | (8650) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(11708) | $(14446) | $(8636) | $(11018) | $(3694) | $(8650) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-620

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 750<br> Georgetown Court <br> Pro Forma** | **Landa<br> Series 752<br> Chestnut Drive <br> Pro Forma** | **Landa<br> Series 773<br> Villa Way<br> Pro Forma** | **Landa<br> Series 7781<br> Mountain Creek Way<br> Pro Forma** | **Landa<br> Series 7950<br> Woodlake Drive <br> Pro Forma** | **Landa<br> Series 80<br> High Ridge Road <br> Pro Forma** |
| **Rental income** | $6625 | $5412 | $5862 | $7872 | $7420 | $8100 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 865 | 332 | 702 | 1081 | 912 | 913 |
| Homeowners association fees | 250 |  | 330 |  |  |  |
| Insurance expense | 221 | 180 | 214 | 307 | 250 | 273 |
| Repairs & maintenance |  |  | 401 | 776 |  | 2450 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 534 | 433 | 469 | 590 | 629 | 648 |
| Depreciation expense B | 2703 | 2232 | 1446 | 3892 | 3087 | 3908 |
| Interest expense C | 5109 | 4449 | 2697 | 6774 | 5647 | 6797 |
| **Total expenses** | 9682 | 7626 | 6259 | 13420 | 10525 | 14989 |
| **Net income (loss) before provision for income tax** | (3057) | (2214) | (397) | (5548) | (3105) | (6889) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(3057) | $(2214) | $(397) | $(5548) | $(3105) | $(6889) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-621

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 800<br> Mills Drive<br> Pro Forma** | **Landa<br> Series 808<br> Hillandale Lane <br> Pro Forma** | **Landa<br> Series 8110<br> Devonshire Drive <br> Pro Forma** | **Landa<br> Series 8121<br> Spillers Drive SW<br> Pro Forma** | **Landa<br> Series 8233<br> Creekline Court <br> Pro Forma** | **Landa<br> Series 8302<br> Sterling Lakes Drive <br> Pro Forma** |
| **Rental income** | $2346 | $8730 | $7256 | $7314 | $6100 | $4848 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 702 | 1138 | 453 | 376 | 999 | 903 |
| Homeowners association fees |  | 600 |  |  |  | 100 |
| Insurance expense | 327 | 254 | 172 | 169 | 250 | 294 |
| Repairs & maintenance | 304 | 515 |  |  | 2110 | 535 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 798 | 645 | 709 | 585 | 480 | 756 |
| Depreciation expense B | 4466 | 3629 | 2476 | 2990 | 3708 | 3960 |
| Interest expense C | 7579 | 6420 | 4792 | 5511 | 6607 | 6871 |
| **Total expenses** | 14176 | 13201 | 8602 | 9631 | 14154 | 13419 |
| **Net income (loss) before provision for income tax** | (11830) | (4471) | (1346) | (2317) | (8054) | (8571) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(11830) | $(4471) | $(1346) | $(2317) | $(8054) | $(8571) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-622

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 840<br> Park Villa Way <br> Pro Forma** | **Landa<br> Series 843<br> Tramore Drive <br> Pro Forma** | **Landa<br> Series 85<br> Kirkland Court <br> Pro Forma** | **Landa<br> Series 85<br> Thorn Thicket Way <br> Pro Forma** | **Landa<br> Series 8658<br> Ashley Way <br> Pro Forma** | **Landa<br> Series 8667<br> Ashley Way <br> Pro Forma** |
| **Rental income** | $- | $9920 | $6875 | $7375 | $1858 | $7040 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 674 | 1065 | 924 | 1018 | 533 | 490 |
| Homeowners association fees | 330 |  |  |  |  |  |
| Insurance expense | 192 | 139 | 329 | 279 | 163 | 110 |
| Repairs & maintenance |  |  |  |  | 1298 | 128 |
| Other expenses |  |  |  |  | 299 |  |
| Management fee E | 516 | 768 | 851 | 595 | 576 | 528 |
| Depreciation expense B | 1802 | 2360 | 4379 | 3787 | 2110 | 1716 |
| Interest expense C | 3847 | 4399 | 7458 | 6627 | 4295 | 3077 |
| **Total expenses** | 7361 | 8731 | 13941 | 12306 | 9274 | 6049 |
| **Net income (loss) before provision for income tax** | (7361) | 1189 | (7066) | (4931) | (7416) | 991 |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(7361) | $1189 | $(7066) | $(4931) | $(7416) | $991 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-623

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8671<br> Ashley Way <br> Pro Forma** | **Landa<br> Series 8676<br> Ashley Way <br> Pro Forma** | **Landa<br> Series 8691<br> Ashley Way <br> Pro Forma** | **Landa<br> Series 8692<br> Ashley Way <br> Pro Forma** | **Landa<br> Series 8693<br> Ashley Way <br> Pro Forma** | **Landa<br> Series 8694<br> Ashley Way <br> Pro Forma** |
| **Rental income** | $6300 | $- | $- | $- | $- | $- |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 490 | 583 | 677 | 744 | 674 | 658 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 128 | 243 | 291 | 276 | 287 | 145 |
| Repairs & maintenance | 128 | 88 | 48 | 48 | 48 | 48 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 504 | 504 | 552 | 552 | 576 | 552 |
| Depreciation expense B | 2185 | 2106 | 1429 | 1691 | 2086 | 2284 |
| Interest expense C | 4517 | 4628 | 3342 | 3282 | 4960 | 4522 |
| **Total expenses** | 7952 | 8152 | 6339 | 6593 | 8631 | 8209 |
| **Net income (loss) before provision for income tax** | (1652) | (8152) | (6339) | (6593) | (8631) | (8209) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(1652) | $(8152) | $(6339) | $(6593) | $(8631) | $(8209) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-624

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8697<br> Ashley Way <br> Pro Forma** | **Landa <br> Series 8819<br> Leafwood Court <br> Pro Forma** | **Landa<br> Series 8855<br> Rugby Court <br> Pro Forma** | **Landa<br> Series 9020<br> Sterling Ridge Lane <br> Pro Forma** | **Landa<br> Series 9150<br> Spillers Drive SW<br> Pro Forma** | **Landa<br> Series 925<br> Mote Road <br> Pro Forma** |
| **Rental income** | $5700 | $- | $6778 | $2505 | $5940 | $5170 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 638 | 803 | 694 | 784 | 808 | 633 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 145 | 269 | 205 | 252 | 238 | 301 |
| Repairs & maintenance | 48 |  |  |  |  | 82 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 456 | 757 | 542 | 790 | 475 | 841 |
| Depreciation expense B | 2432 | 3595 | 2616 | 3306 | 3122 | 4064 |
| Interest expense C | 4915 | 6359 | 4987 | 5325 | 5696 | 7016 |
| **Total expenses** | 8634 | 11783 | 9044 | 10457 | 10339 | 12937 |
| **Net income (loss) before provision for income tax** | (2934) | (11783) | (2266) | (7952) | (4399) | (7767) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(2934) | $(11783) | $(2266) | $(7952) | $(4399) | $(7767) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-625

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 94<br> Hampton Oaks Drive<br> Pro Forma** | **Landa<br> Series 9409<br> Forest Knoll Drive <br> Pro Forma** | **Landa<br> Series 9434<br> Cedar Creek Place <br> Pro Forma** | **Landa<br> Series 9597<br> Pintail Trail <br> Pro Forma** | **Landa<br> Series 974<br> Laurel Street <br> Pro Forma** | **Landa <br> Series 1701<br> Summerwoods Lane <br> Pro Forma** |
| **Rental income** | $6840 | $9729 | $7824 | $3354 | $7677 | $5985 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 420 | 968 | 1135 | 1150 | 998 | 887 |
| Homeowners association fees |  |  | 360 |  |  | 300 |
| Insurance expense | 252 | 296 | 290 | 251 | 264 | 162 |
| Repairs & maintenance | 321 |  |  |  | 915 | 149 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 547 | 856 | 626 | 537 | 677 | 479 |
| Depreciation expense B | 3332 | 3997 | 4380 | 3892 | 3508 | 2769 |
| Interest expense C | 5990 | 6922 | 7465 | 6779 | 6262 | 3879 |
| **Total expenses** | 10862 | 13039 | 14256 | 12609 | 12624 | 8625 |
| **Net income (loss) before provision for income tax** | (4022) | (3310) | (6432) | (9255) | (4947) | (2640) |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(4022) | $(3310) | $(6432) | $(9255) | $(4947) | $(2640) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-626

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS** 

**FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**(UNAUDITED)**

**(CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **Landa<br> Series 1741 <br> Park Lane<br> Pro Forma** | **Total <br> Pro Forma<br> Condensed<br> Combined<br> Statements of<br> Operations** |
| **Rental income** | $4948 | $993719 |
| **Expenses** |  |  |
| Real estate taxes | 907 | 159103 |
| Homeowners association fees |  | 8885 |
| Insurance expense | 187 | 46898 |
| Repairs & maintenance |  | 189603 |
| Other expenses | 153 | 6163 |
| Management fee E | 365 | 125447 |
| Depreciation expense B | 3133 | 639957 |
| Interest expense C | 4389 | 1128434 |
| **Total expenses** | 9134 | 2304490 |
| **Net income (loss) before provision for income tax** | (4186) | (1310771) |
| Provision for income taxes D | - | - |
| **Net income (loss)** | $(4186) | $(1310771) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-627

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

 **AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA**

 **FOR THE SIX MONTHS ENDED JUNE 30, 2022**

 **(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total <br> Pro Forma<br> Condensed<br> Combined<br> Statements of<br> Operations** | **Landa<br> Series 115<br> Sardis Street** | **Landa<br> Series 1394<br> Oakview<br> Circle** | **Landa <br> Series 1701<br> Summerwoods <br> Lane** | **Landa<br> Series 1741 <br> Park Lane** | **Landa<br> Series 209<br> Timber<br> Wolf Trail** |
| **Rental income** | $993719 | $5822 | $4883 | $3990 | $3273 | $4650 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 159103 | 471 | 784 | 591 | 605 | 415 |
| Homeowners association fees | 8885 |  |  | 200 |  | 180 |
| Insurance expense | 46898 | 206 | 193 | 108 | 124 | 161 |
| Repairs & maintenance | 189603 |  |  | 149 |  |  |
| Other expenses | 6163 |  |  |  |  |  |
| Management fee E | 125447 | 402 | 390 | 319 | 243 | 372 |
| Depreciation expense B | 639957 | 1984 | 1112 | 930 | 1264 | 1719 |
| Interest expense C | 1128434 | 1565 | 1068 | 842 | 1058 | 1510 |
| **Total expenses** | 2304490 | 4628 | 3547 | 3139 | 3294 | 4357 |
| **Net income (loss) before provision for income tax** | (1310771) | 1194 | 1336 | 851 | (21) | 293 |
| Gain on sale of real estate |  |  |  | 70269 | 72481 |  |
| Provision for income taxes D | - | - | - | (14224) | (14496) | - |
| **Net income (loss)** | $(1310771) | $1194 | $1336 | $56896 | $57964 | $293 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-628

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

 **AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA**

 **FOR THE SIX MONTHS ENDED JUNE 30, 2022**

 **(UNAUDITED)**

 **(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 2505<br> Oak Circle** | **Landa<br> Series 271<br> Timber<br> Wolf Trail** | **Landa<br> Series 29 <br> Holly Grove<br> Road** | **Landa <br> Series 1703<br> Summerwoods Lane** | **Landa <br> Series 1712<br> Summerwoods Lane** | **Landa<br> Series 1743<br> Summerwoods Lane** |
| **Rental income** | $7500 | $6284 | $4331 | $5723 | $5305 | $5953 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 538 | 431 | 666 | 887 | 887 | 887 |
| Homeowners association fees |  | 180 |  | 300 | 300 | 300 |
| Insurance expense | 155 | 135 | 164 | 168 | 175 | 164 |
| Repairs & maintenance | 134 |  |  |  |  |  |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 600 | 479 | 346 | 458 | 424 | 468 |
| Depreciation expense B | 1525 | 1891 | 1537 | 1708 | 1708 | 1708 |
| Interest expense C | 1808 | 1528 | 1981 | 1766 | 1531 | 1766 |
| **Total expenses** | 4760 | 4644 | 4694 | 5287 | 5025 | 5293 |
| **Net income (loss) before provision for income tax** | 2740 | 1640 | (363) | 436 | 280 | 660 |
| Gain on sale of real estate |  |  |  |  |  |  |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $2740 | $1640 | $(363) | $436 | $280 | $660 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-629

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

 **AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA**

 **FOR THE SIX MONTHS ENDED JUNE 30, 2022**

 **(UNAUDITED)**

 **(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1750<br> Summerwoods Lane** | **Landa<br> Series 4267<br> High Park<br> Lane** | **Landa<br> Series 4474<br> Highwood<br> Park Drive** | **Landa<br> Series 8569<br> Creekwood<br> Way** | **Landa<br> Series 9439<br> Lakeview<br> Road** | **Landa<br> Series 10167<br> Port<br> Royal Court** |
| **Rental income** | $5347 | $6972 | $6721 | $4820 | $6972 | $6063 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 887 | 976 | 980 | 355 | 1090 | 798 |
| Homeowners association fees | 300 | 900 | 900 | 834 | 478 |  |
| Insurance expense | 233 | 192 | 192 | 226 | 184 | 200 |
| Repairs & maintenance |  | 862 | 1647 |  | 1855 |  |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 428 | 558 | 538 | 386 | 558 | 485 |
| Depreciation expense B | 1708 | 2282 | 2053 | 1252 | 2722 | 1662 |
| Interest expense C | 1766 | 2363 | 2125 | 1120 | 2820 | 1870 |
| **Total expenses** | 5322 | 8133 | 8435 | 4173 | 9707 | 5015 |
| **Net income (loss) before provision for income tax** | 25 | (1161) | (1714) | 647 | (2735) | 1048 |
| Gain on sale of real estate |  |  |  |  |  |  |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $25 | $(1161) | $(1714) | $647 | $(2735) | $1048 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-630

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

 **AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA**

 **FOR THE SIX MONTHS ENDED JUNE 30, 2022**

 **(UNAUDITED)**

 **(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 1246<br> Elgin Way** | **Landa<br> Series 1910<br> Grove Way** | **Landa<br> Series 593<br> Country Lane Drive** | **Landa<br> Series 6436 <br> Stone Terrace** | **Landa<br> Series 6440<br> Woodstone Terrace** | **Landa<br> Series 6848<br> Sandy Creek<br> Drive** |
| **Rental income** | $7232 | $2203 | $5705 | $5974 | $6462 | $6894 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 985 | 955 | 933 | 455 | 450 | 823 |
| Homeowners association fees |  | 225 |  | 1320 | 1320 |  |
| Insurance expense | 215 | 389 | 184 | 166 | 158 | 200 |
| Repairs & maintenance |  | 6541 |  |  | 5748 | 1555 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 550 | 167 | 484 | 462 | 508 | 551 |
| Depreciation expense B | 2006 | 1571 | 1440 | 904 | 967 | 1290 |
| Interest expense C | 2159 | 1870 | 1615 | 1014 | 1048 | 1453 |
| **Total expenses** | 5915 | 11718 | 4656 | 4321 | 10199 | 5872 |
| **Net income (loss) before provision for income tax** | 1317 | (9515) | 1049 | 1653 | (3737) | 1022 |
| Gain on sale of real estate |  |  |  |  |  |  |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $1317 | $(9515) | $1049 | $1653 | $(3737) | $1022 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-631

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

 **AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA**

 **FOR THE SIX MONTHS ENDED JUNE 30, 2022**

 **(UNAUDITED)**

 **(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 687<br> Utoy Court** | **Landa<br> Series 729<br> Winter Lane** | **Landa<br> Series 7349<br> Exeter Court** | **Landa<br> Series 8645<br> Embrey Drive** | **Landa <br> Series 8780<br> Churchill Place** | **Landa<br> Series 8796<br> Parliament Place** |
| **Rental income** | $5532 | $4001 | $6301 | $6366 | $7275 | $6063 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 616 | 746 | 826 | 737 | 833 | 778 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 188 | 209 | 211 | 217 | 228 | 206 |
| Repairs & maintenance | 3618 | 1560 |  | 161 | 458 |  |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 450 | 320 | 504 | 509 | 582 | 485 |
| Depreciation expense B | 1724 | 1699 | 1653 | 1776 | 1980 | 1641 |
| Interest expense C | 1859 | 1859 | 1611 | 1910 | 2117 | 1775 |
| **Total expenses** | 8455 | 6393 | 4805 | 5310 | 6198 | 4885 |
| **Net income (loss) before provision for income tax** | (2923) | (2392) | 1496 | 1056 | 1077 | 1178 |
| Gain on sale of real estate |  |  |  |  |  |  |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(2923) | $(2392) | $1496 | $1056 | $1077 | $1178 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-632

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

 **AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA**

 **FOR THE SIX MONTHS ENDED JUNE 30, 2022**

 **(UNAUDITED)**

 **(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8641<br> Ashley Way** | **Landa<br> Series 8651<br> Ashley Way** | **Landa<br> Series 8652<br> Ashley Way** | **Landa<br> Series 8653<br> Ashley Way** | **Landa<br> Series 8654 Ashley Way** | **Landa Series 8655 Ashley Way** |
| **Rental income** | $5755 | $5869 | $4416 | $5516 | $6063 | $5485 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 598 | 503 | 531 | 496 | 533 | 500 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 172 | 150 | 163 | 151 | 165 | 156 |
| Repairs & maintenance | 171 |  | 171 | 264 | 171 | 171 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 460 | 470 | 353 | 441 | 485 | 439 |
| Depreciation expense B | 2127 | 1779 | 1978 | 1762 | 1978 | 1835 |
| Interest expense C | 2171 | 1812 | 1728 | 1538 | 2017 | 1602 |
| **Total expenses** | 5699 | 4714 | 4924 | 4652 | 5349 | 4703 |
| **Net income (loss) before provision for income tax** | 56 | 1155 | (508) | 864 | 714 | 782 |
| Gain on sale of real estate |  |  |  |  |  |  |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $56 | $1155 | $(508) | $864 | $714 | $782 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-633

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

 **AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA**

 **FOR THE SIX MONTHS ENDED JUNE 30, 2022**

 **(UNAUDITED)**

 **(CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8659<br> Ashley Way** | **Landa<br> Series 8662<br> Ashley Way** | **Landa<br> Series 8668<br> Ashley Way** | **Landa<br> Series 8670<br> Ashley Way** | **Landa<br> Series 8674<br> Ashley Way** | **Landa<br> Series 8675<br> Ashley Way** |
| **Rental income** | $4297 | $5630 | $5919 | $5774 | $6352 | $4535 |
| **Expenses** |  |  |  |  |  |  |
| Real estate taxes | 511 | 531 | 641 | 584 | 542 | 492 |
| Homeowners association fees |  |  |  |  |  |  |
| Insurance expense | 170 | 167 | 177 | 183 | 165 | 161 |
| Repairs & maintenance | 80 | 160 | 80 | 80 | 234 | 717 |
| Other expenses |  |  |  |  |  |  |
| Management fee E | 344 | 450 | 473 | 462 | 508 | 363 |
| Depreciation expense B | 2099 | 2033 | 2181 | 2297 | 1950 | 1917 |
| Interest expense C | 1835 | 1893 | 2226 | 2111 | 1966 | 1954 |
| **Total expenses** | 5039 | 5234 | 5778 | 5717 | 5365 | 5604 |
| **Net income (loss) before provision for income tax** | (742) | 396 | 141 | 57 | 987 | (1069) |
| Gain on sale of real estate |  |  |  |  |  |  |
| Provision for income taxes D | - | - | - | - | - | - |
| **Net income (loss)** | $(742) | $396 | $141 | $57 | $987 | $(1069) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-634

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

 **AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA**

 **FOR THE SIX MONTHS ENDED JUNE 30, 2022**

 **(UNAUDITED)**

 **(CONTINUED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 8677<br> Ashley Way** | **Landa<br> Series 8678<br> Ashley Way** | **Landa<br> Series 8679<br> Ashley Way** | **Landa<br> Series 8683<br> Ashley Way** | **Total<br> Combining<br> Statements of<br> Operations per<br> Form 1-SA** |
| **Rental income** | $6063 | $5341 | $5774 | $5728 | $253134 |
| **Expenses** |  |  |  |  |  |
| Real estate taxes | 471 | 643 | 604 | 514 | 30079 |
| Homeowners association fees |  |  |  |  | 7737 |
| Insurance expense | 155 | 189 | 162 | 154 | 8191 |
| Repairs & maintenance | 80 | 80 | 80 | 120 | 26947 |
| Other expenses |  |  |  |  |  |
| Management fee E | 485 | 427 | 462 | 450 | 20098 |
| Depreciation expense B | 1802 | 2429 | 1950 | 1785 | 79318 |
| Interest expense C | 1836 | 2330 | 1988 | 1818 | 79602 |
| **Total expenses** | 4829 | 6098 | 5246 | 4841 | 251972 |
| **Net income (loss) before provision for income tax** | 1234 | (757) | 528 | 887 | 1162 |
| Gain on sale of real estate |  |  |  |  | 142750 |
| Provision for income taxes D | - | - | - | - | (28720) |
| **Net income (loss)** | $1234 | $(757) | $528 | $887 | $115192 |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-635

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS**

 **AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA**

 **FOR THE SIX MONTHS ENDED JUNE 30, 2022**

 **(UNAUDITED)**

 **(CONTINUED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total <br> Pro Forma<br> Condensed<br> Combined<br> Statements of<br> Operations** | **Total<br> Combining<br> Statements of<br> Operations<br> per 1-SA** | **Less: Landa <br> Series 1701<br> Summerwoods<br> Lane (1)** | **Less: Landa<br> Series 1741<br> Park Lane (1)** | **Total <br> Pro Forma <br> Condensed <br> Combined <br> Statements of<br> Operations and Total <br> Combining<br> Statements of<br> Operations per<br> Form 1-SA** |
| **Rental income** | $993719 | $253134 | $(3990) | $(3273) | $1239590 |
| **Expenses** |  |  |  |  |  |
| Real estate taxes | 159103 | 30079 | (591) | (605) | 187986 |
| Homeowners association fees | 8885 | 7737 | (200) |  | 16422 |
| Insurance expense | 46898 | 8191 | (108) | (124) | 54857 |
| Repairs & maintenance | 189603 | 26947 | (149) |  | 216401 |
| Other expenses | 6163 |  |  |  | 6163 |
| Management fee E | 125447 | 20098 | (319) | (243) | 144983 |
| Depreciation expense B | 639957 | 79318 | (930) | (1264) | 717081 |
| Interest expense C | 1128434 | 79602 | (842) | (1058) | 1206136 |
| **Total expenses** | 2304490 | 251972 | (3139) | (3294) | 2550029 |
| **Net income (loss) before provision for income tax** | (1310771) | 1162 | (851) | 21 | (1310439) |
| Gain on sale of real estate |  | 142750 |  |  | 142750 |
| Provision for income taxes D | - | (28720) | - | - | (28720) |
| **Net income (loss)** | $(1310771) | $115192 | $(851) | $21 | $(1196409) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

(1) Operations
 shown through April 15, 2022, in connection with the planned sale of the Property underlying Landa Series 1701 Summerwoods Lane,
 located at 1701 Summerwoods Lane, Griffin, GA 30224, and the Property underlying Landa Series 1741 Park Lane, located at 1741 Park
 Lane, Griffin, GA 30224. Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane are both Series that were previously
 qualified and subsequently closed their offering on September 3, 2021. Both Series are being offered as "New" Series
 in this Offering Circular. The Company previously filed a separate offering statement for the offer and sale of shares of forty-five
 (45) separate Series of the Company (the "Separate Offering Series"). Of these forty-five (45) offerings of Separate
 Offering Series, five (5) were withdrawn before any shares of such Separate Offering Series were issued, and two were previously
 liquidated when their underlying property was sold to Landa Properties: Landa Series 1701 Summerwoods Lane and Landa Series 1741
 Park Lane (the "Previously Liquidated Series"). The Company is now offering new Shares of the Previously Liquidated Series
 as part of the offering pursuant to this Offering Circular.

F-636

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series <br> 1703 Summerwoods Lane Pro Forma** | **Landa <br> Series <br> 1712 Summerwoods Lane Pro Forma** | **Landa <br> Series<br> 1743 Summerwoods Lane Pro Forma** | **Landa <br> Series <br> 1750 Summerwoods Lane Pro Forma** | **Landa Series 4267 High Park Lane Pro Forma** | **Landa Series 4474 Highwood Park Drive <br> Pro Forma** |
| **Rental Income** | $11400 | $10500 | $11700 | $10500 | $14484 | $13500 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 1332 | 1332 | 1332 | 1332 | 1380 | 1860 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance | 408 | 408 | 408 | 408 | 528 | 480 |
| Repairs and Maintenance |  |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |  |
| Management fee E | 912 | 840 | 936 | 840 | 1159 | 1080 |
| Depreciation and amortization B | 3628 | 3628 | 3628 | 3628 | 4846 | 4361 |
| Interest Expense C | 5083 | 5083 | 5083 | 5083 | 6790 | 6109 |
| **Total Expenses** | 11363 | 11291 | 11387 | 11291 | 14703 | 13890 |
| **Net Income (loss) before provision for income tax** | 37 | (791) | 313 | (791) | (219) | (390) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $37 | $(791) | $313 | $(791) | $(219) | $(390) |

---

The accompanying notes are integral part of these unaudited pro forma financial statements.

F-637

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Landa Series 8569 Creekwood Way Pro Forma** | **Landa Series 9439 Lakeview Road Pro Forma** | **Landa Series<br> 10167 Port Royal Court Pro Forma** | **Landa Series 1246 Elgin Way Pro Forma** | **Landa Series 1910 Grove Way Pro Forma** | **Landa Series 593 Country Lane Pro Forma** |
| **Rental Income** |  | $10020 | $14484 | $12600 | $13800 | $14100 | $11652 |
| **Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes |  | 732 | 2136 | 1248 | 1716 | 1488 | 1632 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance |  | 324 | 612 | 408 | 468 | 384 | 360 |
| Repairs and Maintenance |  |  |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |  |  |
| Management fee | E | 802 | 1159 | 1008 | 1104 | 1128 | 932 |
| Depreciation and amortization | B | 2678 | 5819 | 3553 | 4290 | 3359 | 3079 |
| Interest Expense | C | 3751 | 8151 | 4977 | 6009 | 4705 | 4313 |
| **Total Expenses** |  | 8287 | 17877 | 11194 | 13587 | 11064 | 10316 |
| **Net Income (loss) before provision for income tax** |  | 1733 | (3393) | 1406 | 213 | 3036 | 1336 |
| Provision for income taxes | D |  |  |  |  |  |  |
| **Net Income (loss)** |  | $1733 | $(3393) | $1406 | $213 | $3036 | $1336 |

---

The accompanying notes are integral part of these unaudited pro forma financial statements.

F-638

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Landa Series 6436 Stone Terrace Pro Forma** | **Landa Series 6440 Woodstone Terrace Pro Forma** | **Landa Series 6848 Sandy Creek Drive Pro Forma** | **Landa Series 687 Utoy Court Pro Forma** | **Landa Series 729 Winter Lane Pro Forma** | **Landa Series 7349 Exeter Court Pro Forma** |
| **Rental Income** |  | $12000 | $13200 | $12300 | $11700 | $12720 | $12720 |
| **Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes |  | 720 | 720 | 1032 | 948 | 1164 | 1668 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance |  | 252 | 264 | 324 | 420 | 408 | 408 |
| Repairs and Maintenance |  |  |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |  |  |
| Management fee | E | 960 | 1056 | 984 | 936 | 1018 | 1018 |
| Depreciation and amortization | B | 1943 | 2080 | 2775 | 3708 | 3653 | 3554 |
| Interest Expense | C | 2722 | 2913 | 3887 | 5194 | 5117 | 4979 |
| **Total Expenses** |  | 6597 | 7033 | 9002 | 11206 | 11360 | 11627 |
| **Net Income (loss) before provision for income tax** |  | 5403 | 6167 | 3298 | 494 | 1360 | 1093 |
| Provision for income taxes | D |  |  |  |  |  |  |
| **Net Income (loss)** |  | $5403 | $6167 | $3298 | $494 | $1360 | $1093 |

---

The accompanying notes are integral part of these unaudited pro forma financial statements.

F-639

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Landa Series 8645 Embrey Drive Pro Forma** | **Landa Series 8780 Churchill Place Pro Forma** | **Landa Series 8796 Parliament Place Pro Forma** | **Landa Series 8641 Ashley Way Pro Forma** | **Landa Series 8651 Ashley Way Pro Forma** | **Landa Series 8652 Ashley Way Pro Forma** |
| **Rental Income** |  | $13236 | $15120 | $12600 | $11700 | $9600 | $11100 |
| **Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes |  | 1296 | 1560 | 1296 | 996 | 804 | 888 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance |  | 420 | 468 | 396 | 408 | 372 | 384 |
| Repairs and Maintenance |  |  |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |  |  |
| Management fee | E | 1059 | 1210 | 1008 | 936 | 768 | 888 |
| Depreciation and amortization | B | 3819 | 3970 | 3529 | 4574 | 3825 | 4253 |
| Interest Expense | C | 5350 | 5965 | 4943 | 6584 | 5505 | 6121 |
| **Total Expenses** |  | 11944 | 13173 | 11172 | 13498 | 11274 | 12534 |
| **Net Income (loss) before provision for income tax** |  | 1292 | 1947 | 1428 | (1798) | (1674) | (1434) |
| Provision for income taxes | D |  |  |  |  |  |  |
| **Net Income (loss)** |  | $1292 | $1947 | $1428 | $(1798) | $(1674) | $(1434) |

---

The accompanying notes are integral part of these unaudited pro forma financial statements.

F-640

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Landa Series 8653 Ashley Way Pro Forma** | **Landa Series 8654 Ashley Way Pro Forma** | **Landa Series 8655 Ashley Way Pro Forma** | **Landa Series 8659 Ashley Way Pro Forma** | **Landa Series 8662 Ashley Way Pro Forma** | **Landa Series 8668 Ashley Way Pro Forma** |
| **Rental Income** |  | $11100 | $12600 | $11400 | $10800 | $11700 | $12300 |
| **Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes |  | 828 | 888 | 1020 | 1044 | 888 | 1248 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance |  | 372 | 384 | 384 | 372 | 384 | 432 |
| Repairs and Maintenance |  |  |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |  |  |
| Management fee | E | 888 | 1008 | 912 | 864 | 936 | 984 |
| Depreciation and amortization | B | 3789 | 4253 | 3968 | 4539 | 4396 | 4717 |
| Interest Expense | C | 5453 | 6121 | 5965 | 6532 | 6327 | 7093 |
| **Total Expenses** |  | 11330 | 12654 | 12249 | 13351 | 12931 | 14474 |
| **Net Income (loss) before provision for income tax** |  | (230) | (54) | (849) | (2551) | (1231) | (2174) |
| Provision for income taxes | D |  |  |  |  |  |  |
| **Net Income (loss)** |  | $(230) | $(54) | $(849) | $(2551) | $(1231) | $(2174) |

---

The accompanying notes are integral part of these unaudited pro forma financial statements.

F-641

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Landa Series 8670 Ashley Way Pro Forma** | **Landa Series 8674 Ashley Way Pro Forma** | **Landa Series 8675 Ashley Way Pro Forma** | **Landa Series 8677 Ashley Way Pro Forma** | **Landa Series 8678 Ashley Way Pro Forma** | **Landa Series 8679 Ashley Way Pro Forma** |
| **Rental Income** |  | $12000 | $13320 | $11400 | $12600 | $11100 | $12000 |
| **Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes |  | 1164 | 1092 | 1008 | 756 | 1260 | 1188 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance |  | 408 | 384 | 384 | 372 | 420 | 432 |
| Repairs and Maintenance |  |  |  |  |  |  |  |
| Other Expenses |  |  |  |  |  |  |  |
| Management fee | E | 960 | 1066 | 912 | 1008 | 888 | 960 |
| Depreciation and amortization | B | 4967 | 4217 | 4146 | 3896 | 5253 | 4217 |
| Interest Expense | C | 7149 | 6070 | 5967 | 5607 | 7560 | 6070 |
| **Total Expenses** |  | 14648 | 12829 | 12417 | 11639 | 15381 | 12867 |
| **Net Income (loss) before provision for income tax** |  | (2648) | 491 | (1017) | 961 | (4281) | (867) |
| Provision for income taxes | D |  |  |  |  |  |  |
| **Net Income (loss)** |  | $(2648) | $491 | $(1017) | $961 | $(4281) | $(867) |

---

The accompanying notes are integral part of these unaudited pro forma financial statements.

F-642

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **Landa Series 8663 Ashley Way Pro Forma** | **Landa**<br> **Series Pro Forma Totals(1)** |
| **Rental Income** |  | $11700 | $450756 |
| **Expenses** |  |  |  |
| Real Estate Taxes |  | 1044 | 44040 |
| Homeowner Association Fees |  |  |  |
| Property Insurance |  | 396 | 14844 |
| Repairs and Maintenance |  |  |  |
| Other Expenses |  |  |  |
| Management fee | E | 936 | 36063 |
| Depreciation and amortization | B | 3861 | 144399 |
| Interest Expense | C | 5804 | 206135 |
| **Total Expenses** |  | 12041 | 445481 |
| **Net Income (loss) before provision for income tax** |  | (341) | 5275 |
| Provision for income taxes | D |  |  |
| **Net Income (loss)** |  | $(341) | $5275 |

---

The accompanying notes are integral part of these unaudited pro forma financial statements.

(1) The above referenced Pro Forma Condensed Combined Statement
of Operations are being presented to represent the Series that were qualified in January 2022 but were not included in the December 31,
2021 Audited Financial Statements issued as of December 31, 2021 as they were not owned by Landa App LLC until 2022. They are referenced
in Footnote ten (10) Subsequent events of the December 31, 2021 Audited Financial Statements.

F-643

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa App LLC** | **Landa Series 10 Oak Wood Lane <br> Pro Forma** | **Landa Series 10 Windridge Drive <br> Pro Forma** | **Landa Series 1000 Fox Valley Trail<br> Pro Forma** | **Landa Series 1007 Leeward Way <br> Pro Forma** | **Landa Series 10119 Commons Way <br> Pro Forma** |
| **Rental Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14731 | $12055 | $15156 | $12672 | $14214 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1248 | 1369 | 2860 | 1927 | 2256 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance |  | 864 | 671 | 874 | 908 | 1198 |
| Repairs and Maintenance |  | 515 | 2515 | 805 | 185 | 461 |
| Other Expenses |  | 94 | 361 |  |  |  |
| Management fee E |  | 1668 | 1338 | 1800 | 1024 | 1170 |
| Depreciation and amortization B |  | 7467 | 6349 | 8112 | 7746 | 7956 |
| Interest Expense C | - | 11451 | 11539 | 13409 | 13507 | 13790 |
| **Total Expenses** | - | 23307 | 24142 | 27860 | 25297 | 26831 |
| **Net Income (loss) before provision for income tax** | - | (8576) | (12087) | (12704) | (12625) | (12617) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $- | $(8576) | $(12087) | $(12704) | $(12625) | $(12617) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-644

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 10121 Morris Drive SW<br> Pro Forma** | **Landa Series 10183 Starr Street SW<br> Pro Forma** | **Landa Series 103 Starlake Drive<br> Pro Forma** | **Landa Series 104 Summerfield Drive<br> Pro Forma** | **Landa Series 10433 Candlelight Rd<br> Pro Forma** | **Landa Series 105 Anne Street<br> Pro Forma** |
| **Rental Income** | $11520 | $11725 | $12849 | $13992 | $13848 | $12965 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 1026 | 1043 | 1493 | 2282 | 2049 | 973 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance | 382 | 1074 | 1009 | 848 | 693 | 667 |
| Repairs and Maintenance | 1275 | 812 | 299 | 1545 |  | 2055 |
| Other Expenses |  |  |  |  |  |  |
| Management fee E | 1596 | 974 | 1036 | 1733 | 1569 | 1094 |
| Depreciation and amortization B | 7049 | 6733 | 6666 | 7750 | 7933 | 6242 |
| Interest Expense C | 12521 | 12077 | 12055 | 13503 | 13759 | 11390 |
| **Total Expenses** | 23849 | 22713 | 22558 | 27661 | 26003 | 22421 |
| **Net Income (loss) before provision for income tax** | (12329) | (10988) | (9709) | (13669) | (12155) | (9456) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(12329) | $(10988) | $(9709) | $(13669) | $(12155) | $(9456) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-645

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 107 Oakwood Circle<br> Pro Forma** | **Landa Series 109 Amberwood Lane<br> Pro Forma** | **Landa Series 110 Shenandoah Drive <br> Pro Forma** | **Landa Series 111 Fir Drive <br> Pro Forma** | **Landa Series 1110 Parkview Drive <br> Pro Forma** | **Landa Series 11187 Shannon Circle<br> Pro Forma** |
| **Rental Income** | $10350 | $10765 | $13758 | $11646 | $11100 | $12468 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 811 | 977 | 1598 | 1383 | 871 | 1719 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance | 715 | 863 | 1166 | 793 | 683 | 789 |
| Repairs and Maintenance |  | 640 | 2035 |  | 2538 | 1548 |
| Other Expenses |  |  |  | 188 |  |  |
| Management fee E | 1199 | 891 | 1133 | 1440 | 1284 | 1648 |
| Depreciation and amortization B | 4497 | 5056 | 8095 | 5825 | 6487 | 8098 |
| Interest Expense C | 8945 | 9733 | 13986 | 10805 | 11733 | 13990 |
| **Total Expenses** | 16167 | 18160 | 28013 | 20434 | 23596 | 27792 |
| **Net Income (loss) before provision for income tax** | (5817) | (7395) | (14255) | (8788) | (12496) | (15324) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(5817) | $(7395) | $(14255) | $(8788) | $(12496) | $(15324) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-646

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 112 Ridge Street<br> Pro Forma** | **Landa Series 11322 Michelle Way<br> Pro Forma** | **Landa Series 114 Starlake Drive <br> Pro Forma** | **Landa Series 11447 S Grove Drive <br> Pro Forma** | **Landa Series 1147 Village Way <br> Pro Forma** | **Landa Series 115 Lakeview Drive<br> Pro Forma** |
| **Rental Income** | $13909 | $12924 | $13136 | $12670 | $10998 | $14250 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 2210 | 1497 | 1477 | 1621 | 2390 | 2182 |
| Homeowner Association Fees |  | 480 |  | 450 | 2533 |  |
| Property Insurance | 1117 | 723 | 713 | 668 | 870 | 1063 |
| Repairs and Maintenance | 485 | 945 | 676 | 130 | 7438 |  |
| Other Expenses |  |  |  |  | 183 |  |
| Management fee E | 1145 | 1260 | 1071 | 1692 | 1582 | 1173 |
| Depreciation and amortization B | 8060 | 6174 | 6247 | 7260 | 7781 | 7292 |
| Interest Expense C | 13937 | 11294 | 11405 | 12815 | 13545 | 12860 |
| **Total Expenses** | 26954 | 22373 | 21589 | 24636 | 36322 | 24570 |
| **Net Income (loss) before provision for income tax** | (13045) | (9449) | (8453) | (11966) | (25324) | (10320) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(13045) | $(9449) | $(8453) | $(11966) | $(25324) | $(10320) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-647

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 1160 Gable Terrace<br> Pro Forma** | **Landa Series 1190 Kirkland Road<br> Pro Forma** | **Landa Series 12 Mintz Street<br> Pro Forma** | **Landa Series 120 Rosewood Drive <br> Pro Forma** | **Landa Series 1201 Kilrush Drive <br> Pro Forma** |
| **Rental Income** | $14407 | $13777 | $12256 | $14088 | $26337 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 2699 | 1383 | 1615 | 2152 | 3196 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance | 1229 | 694 | 1038 | 1073 | 2041 |
| Repairs and Maintenance | 1835 | 8920 | 909 | 610 | 1585 |
| Other Expenses |  |  |  | 95 |  |
| Management fee E | 1186 | 1596 | 1439 | 1160 | 2211 |
| Depreciation and amortization B | 7781 | 8513 | 6593 | 7327 | 15326 |
| Interest Expense C | 13553 | 14571 | 11882 | 12909 | 24116 |
| **Total Expenses** | 28283 | 35677 | 23476 | 25326 | 48475 |
| **Net Income (loss) before provision for income tax** | (13876) | (21900) | (11220) | (11238) | (22138) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(13876) | $(21900) | $(11220) | $(11238) | $(22138) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-648

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 124 Libby Lane <br> Pro Forma** | **Landa Series 126 E Mimosa Drive <br> Pro Forma** | **Landa Series 12641 Alcovy Road <br> Pro Forma** | **Landa Series 1320 Winona Avenue<br> Pro Forma** | **Landa Series 133 Dove Landing<br> Pro Forma** | **Landa Series 137 Southern Shores<br> Road <br> Pro Forma** |
| **Rental Income** | $12868 | $10306 | $11118 | $3800 | $11790 | $12457 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 1143 | 885 | 1472 | 652 | 284 | 1367 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance | 589 | 513 | 577 | 493 | 980 | 789 |
| Repairs and Maintenance | 1594 | 95 | 1790 | 8060 | 1206 | 237 |
| Other Expenses |  |  | 52 | 269 |  |  |
| Management fee E | 1550 | 1361 | 1478 | 912 | 971 | 1138 |
| Depreciation and amortization B | 5837 | 6350 | 7989 | 5204 | 5405 | 5830 |
| Interest Expense C | 10822 | 11540 | 13837 | 9936 | 10218 | 10812 |
| **Total Expenses** | 21535 | 20744 | 27195 | 25526 | 19064 | 20173 |
| **Net Income (loss) before provision for income tax** | (8667) | (10438) | (16077) | (21726) | (7274) | (7716) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(8667) | $(10438) | $(16077) | $(21726) | $(7274) | $(7716) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-649

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 138 Sandalwood Circle <br> Pro Forma** | **Landa Series 140 High Ridge Road <br> Pro Forma** | **Landa Series 141 Longstreet Circle <br> Pro Forma** | **Landa Series 1443 Pebble Ridge Lane<br> Pro Forma** | **Landa Series 1445 Maple Valley Court<br> Pro Forma** |
| **Rental Income** | $10569 | $12385 | $13490 | $13752 | $14496 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1140 | 1516 | 1511 | 2040 | 1253 |
| Homeowner Association Fees | 1261 |  |  |  | 360 |
| Property Insurance | 613 | 1023 | 855 | 775 | 543 |
| Repairs and Maintenance | 2502 | 1375 | 1237 |  |  |
| Other Expenses | 200 |  |  |  |  |
| Management fee E | 1665 | 1024 | 1133 | 1832 | 1160 |
| Depreciation and amortization B | 7413 | 7292 | 8757 | 8378 | 4557 |
| Interest Expense C | 11413 | 12860 | 14913 | 14382 | 9028 |
| **Total Expenses** | 26207 | 25090 | 28406 | 27407 | 16901 |
| **Net Income (loss) before provision for income tax** | (15638) | (12705) | (14916) | (13655) | (2405) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(15638) | $(12705) | $(14916) | $(13655) | $(2405) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-650

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 146 Crystal Brook**<br> **Pro Forma** | **Landa Series 1473 Brownleaf Drive Pro Forma** | **Landa Series 1485 Bola Court<br> Pro Forma** | **Landa Series 1490 Diplomat Drive Pro Forma** | **Landa Series 153 Cliffside Court Pro Forma** |
| **Rental Income** | $12051 | $11824 | $12550 | $11025 | $10221 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1659 | 1395 | 1348 | 2818 | 785 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance | 540 | 750 | 871 | 739 | 670 |
| Repairs and Maintenance | 356 |  | 135 | 6736 | 120 |
| Other Expenses |  |  | 95 | 46 |  |
| Management fee E | 1200 | 1528 | 1541 | 1725 | 830 |
| Depreciation and amortization B | 4928 | 7189 | 6419 | 9498 | 4078 |
| Interest Expense C | 9549 | 12716 | 11637 | 15951 | 8364 |
| **Total Expenses** | 18232 | 23578 | 22046 | 37513 | 14847 |
| **Net Income (loss) before provision for income tax** | (6181) | (11754) | (9496) | (26488) | (4626) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(6181) | $(11754) | $(9496) | $(26488) | $(4626) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-651

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Landa Series 157 Wells Road Pro Forma** | **Landa Series 160 Chimney Ridge Trail Pro Forma** | **Landa<br> Series 164 Longstreet Circle Pro Forma** | **Landa Series 1666 W Poplar Street Pro Forma** |
| **Rental Income** | $10353 | $14012 | $13404 | $12952 |
| **Expenses** |  |  |  |  |
| Real Estate Taxes | 1282 | 2082 | 1813 | 920 |
| Homeowner Association Fees |  |  |  |  |
| Property Insurance | 871 | 1063 | 963 | 848 |
| Repairs and Maintenance | 2750 | 4085 | 185 | 130 |
| Other Expenses |  | 416 |  |  |
| Management fee E | 865 | 1435 | 1115 | 1077 |
| Depreciation and amortization B | 5231 | 7327 | 7397 | 5545 |
| Interest Expense C | 9973 | 12909 | 13007 | 10413 |
| **Total Expenses** | 20972 | 29317 | 24480 | 18933 |
| **Net Income (loss) before provision for income tax** | (10619) | (15305) | (11076) | (5981) |
| Provision for income taxes D |  |  |  |  |
| **Net Income (loss)** | $(10619) | $(15305) | $(11076) | $(5981) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-652

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 168 Brookview Drive Pro Forma** | **Landa Series 1683 Spoonbill Road Pro Forma** | **Landa Series 1689 Viceroy Way Pro Forma** | **Landa Series 171 Davidson Drive Pro Forma** | **Landa Series 1768 Glen View Way Pro Forma** | **Landa<br> Series 181 Watercress Court Pro Forma** |
| **Rental Income** | $13356 | $11320 | $15720 | $13424 | $7806 | $11626 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 1629 | 1388 | 3344 | 1691 | 1371 | 1806 |
| Homeowner Association Fees | 803 |  |  |  | 248 | 261 |
| Property Insurance | 820 | 931 | 885 | 781 | 607 | 835 |
| Repairs and Maintenance | 968 | 2110 | 1460 | 4690 | 7030 | 3499 |
| Other Expenses |  | 620 | 200 | 236 | 139 | 432 |
| Management fee E | 1068 | 1393 | 1392 | 1930 | 1570 | 1680 |
| Depreciation and amortization B | 3424 | 5964 | 7126 | 7849 | 6109 | 6942 |
| Interest Expense C | 5951 | 11001 | 12628 | 13641 | 11278 | 12371 |
| **Total Expenses** | 14663 | 23407 | 27035 | 30818 | 28352 | 27826 |
| **Net Income (loss) before provision for income tax** | (1307) | (12087) | (11315) | (17394) | (20546) | (16200) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(1307) | $(12087) | $(11315) | $(17394) | $(20546) | $(16200) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-653

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 188 Timberline Road Pro Forma** | **Landa<br> Series 189 Shenandoah Drive Pro Forma** | **Landa Series 1903 Old Concord Drive SE Pro Forma** | **Landa<br> Series 195 Branchwood Drive Pro Forma** | **Landa Series 195 Fairclift Drive Pro Forma** | **Landa Series 195 Hunters Trace Pro Forma** |
| **Rental Income** | $9702 | $12683 | $12718 | $13356 | $14628 | $13045 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 366 | 1721 | 1294 | 1578 | 1231 | 1628 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance | 465 | 663 | 809 | 801 | 920 | 1071 |
| Repairs and Maintenance | 280 | 4065 | 990 | 1190 | 999 | 276 |
| Other Expenses |  | 470 |  |  |  |  |
| Management fee E | 799 | 1288 | 1052 | 1655 | 1221 | 1543 |
| Depreciation and amortization B | 3309 | 6349 | 8024 | 8268 | 7292 | 7643 |
| Interest Expense C | 7281 | 11539 | 13886 | 14228 | 12860 | 14263 |
| **Total Expenses** | 12500 | 26095 | 26055 | 27720 | 24523 | 26424 |
| **Net Income (loss) before provision for income tax** | (2798) | (13412) | (13337) | (14364) | (9895) | (13379) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(2798) | $(13412) | $(13337) | $(14364) | $(9895) | $(13379) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-654

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 196 Montego Circle Pro Forma** | **Landa Series 20 Chimney Smoke Drive Pro Forma** | **Landa Series 204 N Main Court Pro Forma** | **Landa Series 2055 Grove Way Pro Forma** | **Landa Series 212 Fleeta Drive Pro Forma** |
| **Rental Income** | $12853 | $13200 | $13239 | $8795 | $12565 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1591 | 2289 | 1816 | 1532 | 1379 |
| Homeowner Association Fees |  |  |  | 450 |  |
| Property Insurance | 868 | 1122 | 889 | 838 | 733 |
| Repairs and Maintenance |  | 2110 | 275 | 1631 | 3510 |
| Other Expenses |  |  |  |  | 128 |
| Management fee E | 1273 | 1625 | 1106 | 1620 | 1528 |
| Depreciation and amortization B | 6698 | 7327 | 5405 | 6104 | 5617 |
| Interest Expense C | 12028 | 12909 | 10218 | 11196 | 10513 |
| **Total Expenses** | 22458 | 27382 | 19709 | 23371 | 23408 |
| **Net Income (loss) before provision for income tax** | (9605) | (14182) | (6470) | (14576) | (10843) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(9605) | $(14182) | $(6470) | $(14576) | $(10843) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-655

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 215 Central Lake Circle Pro Forma** | **Landa Series 217 Glenloch Court Pro Forma** | **Landa Series 2177 E Chester Circle SE Pro Forma** | **Landa Series 221 Lakeview Drive Pro Forma** | **Landa Series 2264 Chestnut Hill Circle Pro Forma** |
| **Rental Income** | $10118 | $15716 | $15728 | $13434 | $16572 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1171 | 2435 | 1395 | 2357 | 3817 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance | 574 | 1326 | 1028 | 1093 | 1200 |
| Repairs and Maintenance | 485 | 2450 | 495 | 329 | 2842 |
| Other Expenses | 94 | 318 |  |  | 140 |
| Management fee E | 1293 | 1618 | 1872 | 1106 | 1359 |
| Depreciation and amortization B | 6697 | 8025 | 8164 | 7676 | 10296 |
| Interest Expense C | 12026 | 13888 | 14083 | 13399 | 17069 |
| **Total Expenses** | 22340 | 30060 | 27037 | 25960 | 36723 |
| **Net Income (loss) before provision for income tax** | (12222) | (14344) | (11309) | (12526) | (20151) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(12222) | $(14344) | $(11309) | $(12526) | $(20151) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-656

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 235 Lazy Hollow Lane Pro Forma** | **Landa Series 2425 Cornell Circle Pro Forma** | **Landa Series 2443 Hodges Farm Road Pro Forma** | **Landa Series 25 Pleasant Valley Road Pro Forma** | **Landa Series 253 Marco Drive Pro Forma** | **Landa Series 255 Countryside Lane Pro Forma** |
| **Rental Income** | $13554 | $17034 | $14442 | $12415 | $11071 | $13290 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 1772 | 2914 | 1423 | 2040 | 360 | 1575 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance | 1176 | 1238 | 1080 | 901 | 584 | 1154 |
| Repairs and Maintenance | 505 | 490 | 420 | 3672 | 450 | 686 |
| Other Expenses |  |  |  |  |  |  |
| Management fee E | 1116 | 1402 | 1170 | 1575 | 1227 | 1652 |
| Depreciation and amortization B | 7712 | 8759 | 5999 | 7222 | 5589 | 7571 |
| Interest Expense C | 13467 | 14916 | 11050 | 12762 | 10474 | 13252 |
| **Total Expenses** | 25748 | 29719 | 21142 | 28172 | 18684 | 25890 |
| **Net Income (loss) before provision for income tax** | (12194) | (12685) | (6700) | (15757) | (7613) | (12600) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(12194) | $(12685) | $(6700) | $(15757) | $(7613) | $(12600) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-657

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 258 Rocky Point Road Pro Forma** | **Landa Series 263 Rocky Point Road Pro Forma** | **Landa<br> Series 268 Brookview Drive Pro Forma** | **Landa Series 270 Mountain Lane Pro Forma** | **Landa Series 270 Mountain Way Pro Forma** | **Landa Series 270 Pleasant Hill Drive Pro Forma** |
| **Rental Income** | $12532 | $14544 | $15120 | $13992 | $12580 | $14317 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 2059 | 1415 | 1632 | 1477 | 1431 | 1503 |
| Homeowner Association Fees |  |  | 803 |  |  |  |
| Property Insurance | 979 | 1124 | 820 | 871 | 1108 | 1176 |
| Repairs and Maintenance | 4910 | 727 |  |  | 4102 |  |
| Other Expenses | 215 |  |  |  |  |  |
| Management fee E | 1109 | 1221 | 1210 | 1644 | 1740 | 1558 |
| Depreciation and amortization B | 8235 | 7082 | 4164 | 8461 | 7362 | 8294 |
| Interest Expense C | 14182 | 12567 | 8478 | 13126 | 12958 | 12294 |
| **Total Expenses** | 31689 | 24136 | 17107 | 25579 | 28701 | 24825 |
| **Net Income (loss) before provision for income tax** | (19157) | (9592) | (1987) | (11587) | (16121) | (10508) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(19157) | $(9592) | $(1987) | $(11587) | $(16121) | $(10508) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-658

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 2794 Norfair Loop Pro Forma** | **Landa Series 2813 Vicksburg Court Pro Forma** | **Landa Series 2933 Coffer Drive Pro Forma** | **Landa Series 30 High Ridge Road Pro Forma** | **Landa Series 30 Roosevelt Road Pro Forma** |
| **Rental Income** | $12231 | $16630 | $11705 | $12660 | $14499 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 2562 | 1524 | 1191 | 1378 | 2143 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance | 817 | 1093 | 586 | 662 | 1155 |
| Repairs and Maintenance | 911 | 725 | 670 | 2008 | 390 |
| Other Expenses |  |  |  |  |  |
| Management fee E | 1330 | 1376 | 1345 | 1599 | 1560 |
| Depreciation and amortization B | 5615 | 8969 | 7161 | 8803 | 7257 |
| Interest Expense C | 10511 | 15209 | 12677 | 14978 | 12811 |
| **Total Expenses** | 21746 | 28896 | 23630 | 29428 | 25316 |
| **Net Income (loss) before provision for income tax** | (9515) | (12266) | (11925) | (16768) | (10817) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(9515) | $(12266) | $(11925) | $(16768) | $(10817) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-659

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 3011 Raintree Drive SE Pro Forma** | **Landa Series 304 Cedar Street Pro Forma** | **Landa Series 304 Deerfield Drive Pro Forma** | **Landa Series 3043 Highway 81 S Pro Forma** | **Landa Series 313 Blue Heron Drive Pro Forma** | **Landa Series 3202 Chippewa Drive Pro Forma** |
| **Rental Income** | $14145 | $11772 | $8715 | $9152 | $13550 | $12690 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 2107 | 1883 | 1782 | 772 | 2131 | 1378 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance | 1051 | 767 | 841 | 663 | 1064 | 1232 |
| Repairs and Maintenance |  | 950 | 5057 | 3730 | 1670 | 4027 |
| Other Expenses |  |  | 440 | 240 |  | 376 |
| Management fee E | 1528 | 1680 | 1693 | 981 | 1491 | 1270 |
| Depreciation and amortization B | 7863 | 7784 | 7305 | 5057 | 6804 | 7711 |
| Interest Expense C | 13951 | 13550 | 13133 | 9730 | 12216 | 13448 |
| **Total Expenses** | 26500 | 26614 | 30251 | 21173 | 25376 | 29442 |
| **Net Income (loss) before provision for income tax** | (12355) | (14842) | (21536) | (12021) | (11826) | (16752) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(12355) | $(14842) | $(21536) | $(12021) | $(11826) | $(16752) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-660

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 35 Clay Court Pro Forma** | **Landa Series 350 Cadiz Lane S Pro Forma** | **Landa Series 351 Wesley Park Drive Pro Forma** | **Landa Series 3603 Manhattan Drive Pro Forma** | **Landa Series 3667 Patti Parkway Pro Forma** |
| **Rental Income** | $14154 | $13816 | $12233 | $13200 | $18604 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1667 | 1564 | 1709 | 2578 | 3309 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance | 977 | 936 | 974 | 1143 | 1392 |
| Repairs and Maintenance | 3135 | 1960 | 1533 |  | 2641 |
| Other Expenses |  |  |  |  |  |
| Management fee E | 1631 | 1160 | 1459 | 1777 | 1562 |
| Depreciation and amortization B | 8719 | 7012 | 6488 | 8584 | 10296 |
| Interest Expense C | 13644 | 12469 | 11735 | 14671 | 17069 |
| **Total Expenses** | 29773 | 25101 | 23898 | 28753 | 36269 |
| **Net Income (loss) before provision for income tax** | (15619) | (11285) | (11665) | (15553) | (17665) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(15619) | $(11285) | $(11665) | $(15553) | $(17665) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-661

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Unaudited)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 404 Barberry Lane Pro Forma** | **Landa Series 412 Kendall Lane Pro Forma** | **Landa Series 416 Autumn Lake Court Pro Forma** | **Landa Series 43 Darwin Drive Pro Forma** | **Landa Series 432 Manor Estates Drive Pro Forma** |
| **Rental Income** | $13336 | $14202 | $13812 | $10813 | $13980 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1894 | 1876 | 1876 | 1407 | 1991 |
| Homeowner Association Fees |  | 325 | 250 |  |  |
| Property Insurance | 744 | 735 | 959 | 979 | 815 |
| Repairs and Maintenance | 967 | 362 |  | 1791 |  |
| Other Expenses |  |  |  |  |  |
| Management fee E | 1205 | 1187 | 1593 | 1218 | 1439 |
| Depreciation and amortization B | 7295 | 7644 | 6663 | 6209 | 8204 |
| Interest Expense C | 12865 | 13354 | 11979 | 11343 | 14138 |
| **Total Expenses** | 24970 | 25483 | 23320 | 22947 | 26587 |
| **Net Income (loss) before provision for income tax** | (11634) | (11281) | (9508) | (12134) | (12607) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(11634) | $(11281) | $(9508) | $(12134) | $(12607) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-662

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Unaudited)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 440 Freestone Drive Pro Forma** | **Landa Series 4447 Lake Breeze Drive Pro Forma** | **Landa Series 445 Independence Drive Pro Forma** | **Landa Series 449 Kara Lane Pro Forma** | **Landa Series 45 Blue Jay Drive Pro Forma** |
| **Rental Income** | $15852 | $15980 | $14165 | $13095 | $18955 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1324 | 3266 | 1920 | 1986 | 2284 |
| Homeowner Association Fees |  |  |  | 200 |  |
| Property Insurance | 1296 | 1637 | 735 | 741 | 1437 |
| Repairs and Maintenance | 1915 | 255 |  | 589 | 360 |
| Other Expenses |  | 140 |  | 111 |  |
| Management fee E | 1331 | 1255 | 1660 | 1703 | 1599 |
| Depreciation and amortization B | 8528 | 9108 | 7945 | 7722 | 9458 |
| Interest Expense C | 14917 | 15405 | 13445 | 11943 | 15895 |
| **Total Expenses** | 29311 | 31066 | 25705 | 24995 | 31033 |
| **Net Income (loss) before provision for income tax** | (13459) | (15086) | (11540) | (11900) | (12078) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(13459) | $(15086) | $(11540) | $(11900) | $(12078) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-663

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Unaudited)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 45 Laurel Way Pro Forma** | **Landa Series 4702 Saint James Way Pro Forma** | **Landa Series 4732 Pinedale Drive Pro Forma** | **Landa Series 497 Highway 212 Pro Forma** | **Landa Series 5039 East Street Pro Forma** |
| **Rental Income** | $14544 | $13200 | $11340 | $10880 | $9300 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1706 | 2431 | 1168 | 1145 | 923 |
| Homeowner Association Fees |  | 550 |  |  |  |
| Property Insurance | 727 | 878 | 651 | 756 | 695 |
| Repairs and Maintenance | 588 | 130 | 1375 |  | 485 |
| Other Expenses |  |  |  |  |  |
| Management fee E | 1608 | 1475 | 1069 | 893 | 1163 |
| Depreciation and amortization B | 9037 | 6698 | 5652 | 7081 | 4777 |
| Interest Expense C | 15305 | 12035 | 10562 | 12564 | 9337 |
| **Total Expenses** | 28971 | 24197 | 20477 | 22439 | 17380 |
| **Net Income (loss) before provision for income tax** | (14427) | (10997) | (9137) | (11559) | (8080) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(14427) | $(10997) | $(9137) | $(11559) | $(8080) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-664

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Unaudited)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 5040 Huntshire Lane Pro Forma** | **Landa Series 513 Jarrett Court Pro Forma** | **Landa Series 5143 Pinecrest Drive SW Pro Forma** | **Landa Series 524 Sawmill Road Pro Forma** | **Landa Series 5329 Shirewick Lane Pro Forma** |
| **Rental Income** | $14917 | $14184 | $11016 | $12528 | $15725 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 3907 | 2068 | 932 | 1169 | 2908 |
| Homeowner Association Fees | 525 |  |  |  |  |
| Property Insurance | 745 | 865 | 418 | 864 | 1253 |
| Repairs and Maintenance | 5738 | 450 | 1429 | 4802 | 1260 |
| Other Expenses | 760 |  |  |  |  |
| Management fee E | 2399 | 1609 | 1126 | 1520 | 1282 |
| Depreciation and amortization B | 13318 | 7399 | 5407 | 7785 | 8969 |
| Interest Expense C | 20024 | 13010 | 10220 | 12766 | 15210 |
| **Total Expenses** | 47416 | 25401 | 19532 | 28906 | 30882 |
| **Net Income (loss) before provision for income tax** | (32499) | (11217) | (8516) | (16378) | (15157) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(32499) | $(11217) | $(8516) | $(16378) | $(15157) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-665

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Unaudited)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 540 Cowan Road Pro Forma** | **Landa Series 5411 Rocky Pine Drive Pro Forma** | **Landa Series 55 Myrtle Grove Lane Pro Forma** | **Landa Series 550 Cowan Road Pro Forma** | **Landa Series 5581 Fox Glen Circle Pro Forma** |
| **Rental Income** | $12601 | $14283 | $12425 | $11940 | $17525 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1259 | 2769 | 1490 | 1060 | 4146 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance | 780 | 756 | 1116 | 730 | 1769 |
| Repairs and Maintenance | 754 |  | 4050 | 3468 | 2625 |
| Other Expenses |  |  | 232 |  |  |
| Management fee E | 1530 | 1170 | 1620 | 1518 | 2169 |
| Depreciation and amortization B | 7734 | 8066 | 7467 | 6470 | 13102 |
| Interest Expense C | 13480 | 13945 | 13105 | 11285 | 19562 |
| **Total Expenses** | 25537 | 26706 | 29080 | 24531 | 43373 |
| **Net Income (loss) before provision for income tax** | (12936) | (12423) | (16655) | (12591) | (25848) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(12936) | $(12423) | $(16655) | $(12591) | $(25848) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-666

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Unaudited)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Landa Series <br> 565 Mountainview <br> Drive Pro Forma** | **Landa Series <br> 5737 Strathmoor <br> Manor Circle Pro Forma** | **Landa Series <br> 5801 Strathmoor <br> Manor Circle Pro Forma** | **Landa Series 6104-6106<br> Oakwood <br> Circle SW Pro Forma** | **Landa Series <br> 6107 Shadow Glen <br> Court Pro Forma** |
| **Rental Income** |  | $12973 | $13902 | $12301 | $9402 | $10257 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes |  | 1809 | 1900 | 1860 | 934 | 964 |
| Homeowner Association Fees |  |  | 852 | 521 |  |  |
| Property Insurance |  | 915 | 901 | 869 | 705 | 461 |
| Repairs and Maintenance |  | 3920 | 120 |  |  | 700 |
| Other Expenses |  |  | 250 |  |  |  |
| Management fee | E | 1651 | 997 | 1577 | 1478 | 1478 |
| Depreciation and amortization | B | 8165 | 6279 | 6558 | 6069 | 4953 |
| Interest Expense | C | 12746 | 11441 | 11833 | 11153 | 9583 |
| **Total Expenses** |  | 29206 | 22740 | 23218 | 20339 | 18139 |
| **Net Income (loss) before provision for income tax** |  | (16233) | (8838) | (10917) | (10937) | (7882) |
| Provision for income taxes | D |  |  |  |  |  |
| **Net Income (loss)** |  | $(16233) | $(8838) | $(10917) | $(10937) | $(7882) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-667

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Unaudited)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series <br> 6111-6113 Pine Glen <br> Circle SW Pro Forma** | **Landa Series <br> 6119 Pineneedle <br> Drive SW Pro Forma** | **Landa Series <br> 615 Barshay Drive <br> Pro Forma** | **Landa Series <br> 6168 Wheat Street NE <br> Pro Forma** | **Landa Series <br> 6178 Green Acres <br> Drive SW Pro Forma** |
| **Rental Income** | $20033 | $11572 | $14259 | $9829 | $11484 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 904 | 950 | 1354 | 670 | 1360 |
| Homeowner Association Fees |  |  | 2538 |  |  |
| Property Insurance | 752 | 646 | 1099 | 462 | 632 |
| Repairs and Maintenance | 1585 | 1941 | 1935 | 2171 | 2806 |
| Other Expenses |  | 119 |  |  |  |
| Management fee E | 2169 | 1674 | 1463 | 809 | 1415 |
| Depreciation and amortization B | 12776 | 3449 | 7468 | 4122 | 5282 |
| Interest Expense C | 20544 | 7477 | 13138 | 8455 | 10055 |
| **Total Expenses** | 38730 | 16256 | 28995 | 16689 | 21550 |
| **Net Income (loss) before provision for income tax** | (18697) | (4684) | (14736) | (6860) | (10066) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(18697) | $(4684) | $(14736) | $(6860) | $(10066) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-668

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Unaudited)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series <br> 6386 Forester Way <br> Pro Forma** | **Landa Series <br> 6404 Walnut Way Pro-<br> Forma** | **Landa Series <br> 643 Sycamore <br> Drive Pro Forma** | **Landa Series <br> 65 Freedom Court <br> Pro Forma** | **Landa Series<br> 653 Georgetown <br> Lane Pro Forma** |
| **Rental Income** | $13420 | $15349 | $14381 | $13779 | $12164 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 2720 | 1564 | 2235 | 1600 | 1630 |
| Homeowner Association Fees |  | 480 |  |  | 500 |
| Property Insurance | 735 | 1218 | 746 | 1127 | 665 |
| Repairs and Maintenance |  | 200 |  |  | 983 |
| Other Expenses |  | 243 |  |  |  |
| Management fee E | 1784 | 1217 | 1195 | 1474 | 1524 |
| Depreciation and amortization B | 7647 | 7082 | 6791 | 7504 | 7295 |
| Interest Expense C | 13357 | 12567 | 12158 | 13225 | 12864 |
| **Total Expenses** | 26243 | 24571 | 23125 | 24930 | 25461 |
| **Net Income (loss) before provision for income tax** | (12823) | (9222) | (8744) | (11151) | (13297) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(12823) | $(9222) | $(8744) | $(11151) | $(13297) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-669

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Unaudited)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series <br> 6635 Kimberly Mill <br> Road Pro Forma** | **Landa Series <br> 6653 Bedford Road <br> Pro Forma** | **Landa Series <br> 6710 Sunset Hills <br> Boulevard Pro-<br> Forma** | **Landa Series <br> 6762 Bent Creek <br> Drive Pro Forma** | **Landa Series <br> 683 Wood Path <br> Court Pro Forma** |
| **Rental Income** | $14629 | $11701 | $12105 | $12584 | $14952 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1756 | 1909 | 1673 | 2002 | 2281 |
| Homeowner Association Fees |  |  | 300 |  |  |
| Property Insurance | 681 | 930 | 867 | 1046 | 712 |
| Repairs and Maintenance | 516 | 2320 | 1260 | 70 | 320 |
| Other Expenses | 200 |  |  |  |  |
| Management fee E | 1676 | 1483 | 1008 | 1359 | 1728 |
| Depreciation and amortization B | 8671 | 7048 | 5720 | 7082 | 9187 |
| Interest Expense C | 14792 | 12538 | 10658 | 12567 | 14781 |
| **Total Expenses** | 28292 | 26228 | 21486 | 24126 | 29009 |
| **Net Income (loss) before provision for income tax** | (13663) | (14527) | (9381) | (11542) | (14057) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(13663) | $(14527) | $(9381) | $(11542) | $(14057) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-670

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 70 Shenandoah <br> Lane Pro Forma** | **Landa Series 709 Georgetown <br> Court Pro Forma** | **Landa Series 7107 Geiger Street NW <br> Pro Forma** | **Landa Series 7205 Lakeview <br> Drive SW<br> Pro Forma** | **Landa Series 750 Georgetown <br> Court Pro Forma** | **Landa Series 752 Chestnut <br> Drive Pro Forma** |
| **Rental Income** | $13665 | $13822 | $10052 | $13794 | $12704 | $10309 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 1920 | 1711 | 318 | 1328 | 1730 | 665 |
| Homeowner Association Fees |  | 831 |  |  | 801 |  |
| Property Insurance | 874 | 649 | 490 | 831 | 860 | 491 |
| Repairs and Maintenance | 2300 | 1312 | 559 | 185 |  | 470 |
| Other Expenses |  |  | 119 |  |  |  |
| Management fee E | 1697 | 1611 | 1024 | 1751 | 1068 | 866 |
| Depreciation and amortization B | 8897 | 6979 | 3274 | 7501 | 5405 | 4463 |
| Interest Expense C | 15109 | 12423 | 7232 | 13154 | 10217 | 8898 |
| **Total Expenses** | 30797 | 25516 | 13016 | 24750 | 20081 | 15853 |
| **Net Income (loss) before provision for income tax** | (17132) | (11694) | (2964) | (10956) | (7377) | (5544) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(17132) | $(11694) | $(2964) | $(10956) | $(7377) | $(5544) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-671

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 773 Villa Way <br> Pro Forma** | **Landa Series 7781 Mountain Creek<br> Way Pro Forma** | **Landa Series 7950 Woodlake <br> Drive Pro Forma** | **Landa Series 80 High Ridge <br> Road Pro Forma** | **Landa Series 800 Mills Drive <br> Pro Forma** |
| **Rental Income** | $11724 | $14445 | $12678 | $12475 | $13942 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1404 | 2161 | 1825 | 1826 | 1404 |
| Homeowner Association Fees | 880 |  |  |  |  |
| Property Insurance | 429 | 1128 | 858 | 1038 | 778 |
| Repairs and Maintenance | 12916 | 2890 | 2832 | 5694 |  |
| Other Expenses |  | 200 | 38 | 127 |  |
| Management fee E | 938 | 1181 | 1258 | 1296 | 1596 |
| Depreciation and amortization B | 2893 | 7783 | 6174 | 7816 | 8932 |
| Interest Expense C | 5393 | 13549 | 11294 | 13594 | 15158 |
| **Total Expenses** | 24853 | 28892 | 24279 | 31391 | 27868 |
| **Net Income (loss) before provision for income tax** | (13129) | (14447) | (11601) | (18916) | (13926) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(13129) | $(14447) | $(11601) | $(18916) | $(13926) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-672

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series <br> 808 Hillandale Lane <br> Pro Forma** | **Landa Series <br> 8110 Devonshire <br> Drive Pro Forma** | **Landa Series <br> 8121 Spillers Drive SW<br> Pro Forma** | **Landa Series <br> 8233 Creekline <br> Court Pro Forma** | **Landa Series <br> 8302 Sterling Lakes <br> Drive Pro Forma** | **Landa Series <br> 840 Park Villa <br> Way Pro Forma** |
| **Rental Income** | $15225 | $11355 | $11136 | $11832 | $13871 | $12912 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 2277 | 906 | 752 | 2009 | 1806 | 1347 |
| Homeowner Association Fees | 1355 |  |  |  | 200 | 854 |
| Property Insurance | 911 | 500 | 414 | 728 | 1351 | 411 |
| Repairs and Maintenance | 1335 | 3470 | 360 | 5908 | 1553 | 3600 |
| Other Expenses |  | 296 |  |  |  |  |
| Management fee E | 1289 | 1419 | 1170 | 960 | 1513 | 1033 |
| Depreciation and amortization B | 7258 | 4953 | 5980 | 7417 | 7921 | 3604 |
| Interest Expense C | 12840 | 9583 | 11023 | 13214 | 13741 | 7694 |
| **Total Expenses** | 27265 | 21127 | 19699 | 30236 | 28085 | 18543 |
| **Net Income (loss) before provision for income tax** | (12040) | (9772) | (8563) | (18404) | (14214) | (5631) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(12040) | $(9772) | $(8563) | $(18404) | $(14214) | $(5631) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-673

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series <br> 843 Tramore Drive <br> Pro Forma** | **Landa Series 85 <br> Kirkland Court Pro-<br> Forma** | **Landa Series<br> 85 Thorn Thicket <br> Way Pro Forma** | **Landa Series 8658<br> Ashley Way <br> Pro Forma** | **Landa Series <br> 8667 Ashley Way <br> Pro Forma** | **Landa Series <br> 8671 Ashley Way <br> Pro Forma** |
| **Rental Income** | $19200 | $14128 | $14093 | $14400 | $13200 | $12600 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 2130 | 1848 | 2036 | 1065 | 979 | 979 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance | 472 | 1168 | 887 | 365 | 372 | 374 |
| Repairs and Maintenance | 388 | 4548 | 285 | 587 | 8287 | 798 |
| Other Expenses |  | 384 | 200 |  |  |  |
| Management fee E | 1536 | 1701 | 1189 | 1152 | 1056 | 1008 |
| Depreciation and amortization B | 4720 | 8759 | 7573 | 4220 | 3432 | 4370 |
| Interest Expense C | 8797 | 14916 | 13255 | 8591 | 6153 | 9035 |
| **Total Expenses** | 18043 | 33324 | 25425 | 15980 | 20279 | 16564 |
| **Net Income (loss) before provision for income tax** | 1157 | (19196) | (11332) | (1580) | (7079) | (3964) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $1157 | $(19196) | $(11332) | $(1580) | $(7079) | $(3964) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-674

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series <br> 8676 Ashley Way <br> Pro Forma** | **Landa Series <br> 8691 Ashley Way Pro-<br> Forma** | **Landa Series <br> 8692 Ashley Way Pro-<br> Forma** | **Landa Series <br> 8693 Ashley Way Pro-<br> Forma** | **Landa Series<br> 8694 Ashley Way Pro-<br> Forma** | **Landa Series <br> 8697 Ashley Way <br> Pro Forma** |
| **Rental Income** | $12600 | $13800 | $13800 | $14400 | $13800 | $11400 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 1166 | 1354 | 1487 | 1349 | 1316 | 1275 |
| Homeowner Association Fees |  |  |  |  |  |  |
| Property Insurance | 397 | 457 | 428 | 439 | 412 | 421 |
| Repairs and Maintenance | 17214 | 641 | 420 |  | 1205 | 9040 |
| Other Expenses |  |  |  |  |  |  |
| Management fee E | 1008 | 1104 | 1104 | 1152 | 1104 | 912 |
| Depreciation and amortization B | 4213 | 2858 | 3382 | 4172 | 4568 | 4863 |
| Interest Expense C | 9256 | 6685 | 6564 | 9921 | 9045 | 9831 |
| **Total Expenses** | 33254 | 13099 | 13385 | 17033 | 17650 | 26342 |
| **Net Income (loss) before provision for income tax** | (20654) | 701 | 415 | (2633) | (3850) | (14942) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(20654) | $701 | $415 | $(2633) | $(3850) | $(14942) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-675

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 8819 Leafwood <br> Court Pro Forma** | **Landa Series 8855 Rugby Court Pro-<br> Forma** | **Landa Series 9020 Sterling Ridge <br> Lane Pro Forma** | **Landa Series 9150 Spillers Drive SW <br> Pro Forma** | **Landa Series 925 Mote Road <br> Pro Forma** |
| **Rental Income** | $11520 | $10681 | $12650 | $11790 | $12113 |
| **Expenses** |  |  |  |  |  |
| Real Estate Taxes | 1606 | 1388 | 1567 | 1615 | 1267 |
| Homeowner Association Fees |  |  |  |  |  |
| Property Insurance | 783 | 523 | 837 | 960 | 596 |
| Repairs and Maintenance | 145 | 5403 | 328 | 555 | 170 |
| Other Expenses |  | 302 |  |  |  |
| Management fee E | 1515 | 1084 | 1580 | 950 | 1683 |
| Depreciation and amortization B | 7190 | 5232 | 6612 | 6244 | 8128 |
| Interest Expense C | 12717 | 9975 | 10650 | 11392 | 14032 |
| **Total Expenses** | 23956 | 23907 | 21574 | 21716 | 25876 |
| **Net Income (loss) before provision for income tax** | (12436) | (13226) | (8924) | (9926) | (13763) |
| Provision for income taxes D |  |  |  |  |  |
| **Net Income (loss)** | $(12436) | $(13226) | $(8924) | $(9926) | $(13763) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-676

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 94 Hampton Oaks<br> Drive Pro Forma** | **Landa Series 9409 Forest Knoll <br> Drive Pro Forma** | **Landa Series 9434 Cedar Creek <br> Place Pro Forma** | **Landa Series 9597 Pintail Trail <br> Pro Forma** | **Landa Series 974 Laurel Street <br> Pro Forma** | **Landa <br> Series 1701 Summerwoods <br> Lane Pro Forma** |
| **Rental Income** | $13160 | $13820 | $15130 | $13072 | $10812 | $11638 |
| **Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 1521 | 1937 | 2269 | 2300 | 1505 | 1774 |
| Homeowner Association Fees |  |  |  |  |  | 600 |
| Property Insurance | 896 | 794 | 1109 | 738 | 700 | 360 |
| Repairs and Maintenance | 205 | 70 | 1375 | 1181 | 210 | 898 |
| Other Expenses |  |  |  |  |  |  |
| Management fee E | 1094 | 1713 | 1252 | 1073 | 1355 | 958 |
| Depreciation and amortization B | 6663 | 7994 | 8760 | 7783 | 7017 | 5538 |
| Interest Expense C | 11979 | 13844 | 14930 | 13558 | 12523 | 7758 |
| **Total Expenses** | 22358 | 26352 | 29695 | 26633 | 23310 | 17886 |
| **Net Income (loss) before provision for income tax** | (9198) | (12532) | (14565) | (13561) | (12498) | (6248) |
| Provision for income taxes D |  |  |  |  |  |  |
| **Net Income (loss)** | $(9198) | $(12532) | $(14565) | $(13561) | $(12498) | $(6248) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-677

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(UNAUDITED)**

**(Continued)**

---

| | | |
|:---|:---|:---|
|  | **Landa Series 1741 Park Lane <br> Pro Forma** | **Total Pro Forma Condensed Combined Statement of Operations** |
| **Rental Income** | $8700 | $2396362 |
| **Expenses** |  |  |
| Real Estate Taxes | 1814 | 307696 |
| Homeowner Association Fees |  | 20211 |
| Property Insurance | 420 | 154213 |
| Repairs and Maintenance | 881 | 314865 |
| Other Expenses |  | 9768 |
| Management fee E | 731 | 250893 |
| Depreciation and amortization B | 6267 | 1279919 |
| Interest Expense C | 8779 | 2256872 |
| **Total Expenses** | 18892 | 4594437 |
| **Net Income (loss) before provision for income tax** | (10192) | (2198075) |
| Provision for income taxes D |  |  |
| **Net Income (loss)** | $(10192) | $(2198075) |

---

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

F-678

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **COMBINED STATEMENT OF OPERATIONS PER FORM 1-K/A**

 **FOR THE YEAR ENDED DECEMBER 31, 2021**

 **(AUDITED)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Landa<br> Series<br> 115<br> Sardis<br> Street** | **Landa<br> Series 1394<br> Oakview<br> Circle** | **Landa Series<br> 1701<br> Summerwoods<br> Lane** | **Landa Series<br> 1741<br> Summerwoods<br> Lane** | **Landa<br> Series<br> 209<br> Timber<br> Wolf<br> Trail** | **Landa<br> Series<br> 2505 Oak<br> Circle** |
| **Rental Income** |  | $9700 | $9300 | $11590 | $8700 | $9300 | $9552 |
| **Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes |  | 943 | 1567 | 1774 | 1813 | 830 | 1077 |
| Homeowner Association Fees |  |  |  | 660 |  | 335 |  |
| Property Insurance |  | 445 | 363 | 388 | 476 | 439 | 417 |
| Repairs and Maintenance |  | 3889 |  | 948 | 881 |  | 4543 |
| Other Expenses |  |  | 4 |  |  |  |  |
| Management fee | E | 776 | 744 | 927 | 696 | 744 | 764 |
| Advertising |  |  |  |  |  |  | 260 |
| Bad debt expense |  |  |  |  |  |  | 1997 |
| Depreciation and amortization | B | 3967 | 2223 | 2790 | 3793 | 3437 | 3050 |
| Interest Expense | C | 2880 | 1466 | 1596 | 2468 | 2154 | 1511 |
| **Total Expenses** |  | 12900 | 6367 | 9083 | 10127 | 7939 | 13619 |
| **Net Income (loss) before provision for income tax** |  | (3200) | 2933 | 2507 | (1427) | 1361 | (4067) |
| Provision for income taxes | D |  | 733 | 627 |  | 340 |  |
| **Net Income (loss)** |  | $(3200) | $2200 | $1880 | $(1427) | $1021 | $(4067) |

---

The accompanying notes are an integral part of these financial statements.

F-679

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **COMBINED STATEMENT OF OPERATIONS PER FORM 1-K/A**

 **FOR THE YEAR ENDED DECEMBER 31, 2021**

 **(AUDITED)**

 **(Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa<br> Series 271<br> Timber<br> Wolf Trail** | **Landa<br> Series 29<br> Holly<br> Grove** | **Total<br> Combined<br> Statement of<br> Operations<br> per Form<br> 1-K/A** |
| **Rental Income** | $11832 | $8480 | $78454 |
| **Expenses** |  |  |  |
| Real Estate Taxes | 862 | 1331 | 10197 |
| Homeowner Association Fees | 335 |  | 1330 |
| Property Insurance | 444 | 388 | 3360 |
| Repairs and Maintenance |  | 1907 | 12168 |
| Other Expenses |  |  | 4 |
| Management fee E | 924 | 679 | 6254 |
| Advertising |  |  | 260 |
| Bad debt expense |  |  | 1997 |
| Depreciation and amortization B | 3782 | 3073 | 26115 |
| Interest Expense C | 2474 | 1683 | 16232 |
| **Total Expenses** | 8821 | 9061 | 77917 |
| **Net Income (loss) before provision for income tax** | 3011 | (581) | 537 |
| Provision for income taxes D | 753 |  | 2453 |
| **Net Income (loss)** | $2258 | $(581) | $(1916) |

---

The accompanying notes are an integral part of these financial statements.

F-680

 **LANDA APP LLC (LANDA APP)**

 **LANDA APP SERIES GROUP (SERIES)**

 **PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

 **AND COMBINED STATEMENT OF OPERATIONS PER FORM 1-K/A**

 **FOR THE YEAR ENDED DECEMBER 31, 2021**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Pro Forma<br> Condensed<br> Statement of<br> Operations<br> (1)** | **Pro Forma<br> Condensed<br> Statement of<br> Operations** | **Combined<br> Statement<br> of<br> Operations<br> per 1-K/A** | **Less: Landa<br> Series 1701<br> Summerwoods<br> Lane (2)** | **Less:<br> Landa<br> Series<br> 1741<br> Park<br> Lane (2)** | **Total Pro<br> Forma<br> Condensed<br> Statement<br> of<br> Operations<br> and Total<br> Combined<br> Statement<br> of<br> Operations<br> per 1-K/A** |
| **Rental Income** |  | $450756 | $2396362 | $78454 | $(11590) | $(8700) | $2905282 |
| **Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes |  | 44040 | 307696 | 10197 | (1774) | (1813) | 358346 |
| Homeowner Association Fees |  |  | 20211 | 1330 | (660) |  | 20881 |
| Property Insurance |  | 14844 | 154213 | 3360 | (388) | (476) | 171553 |
| Repairs and Maintenance |  |  | 314865 | 12168 | (948) | (881) | 325204 |
| Other Expenses |  |  | 9768 | 4 |  |  | 9772 |
| Management fee | E | 36063 | 250893 | 6254 | (927) | (696) | 291587 |
| Advertising |  |  |  | 260 |  |  | 260 |
| Bad debt expense |  |  |  | 1997 |  |  | 1997 |
| Depreciation and amortization | B | 144399 | 1279919 | 26115 | (2790) | (3793) | 1443850 |
| Interest Expense | C | 206135 | 2256872 | 16232 | (1596) | (2468) | 2475175 |
| **Total Expenses** |  | 445481 | 4594437 | 77917 | (9083) | (10127) | 5098625 |
| **Net Income (loss) before provision for income tax** |  | 5275 | (2198075) | 537 | (2507) | 1427 | (2193343) |
| Provision for income taxes | D |  |  | 2453 | (627) |  | 1826 |
| **Net Income (loss)** |  | $5275 | $(2198075) | $(1916) | $(1880) | $1427 | $(2195169) |

---

(1) The
 above referenced Pro Forma Condensed Combined Statement of Operations are being presented
 to represent the Series that were qualified in January 2022 but were not included in the
 December 31, 2021 Audited Financial Statements issued as of December 31, 2021 as they were
 not owned by Landa App LLC until 2022. They are referenced in Footnote ten (10) Subsequent
 events of the December 31, 2021 Audited Financial Statements.

(2) Landa
 Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane are both Series that were previously
 qualified and subsequently closed their offering on September 3, 2021. Both Series are being
 offered as "New" Series in this Offering Circular. The Company previously filed
 a separate offering statement for the offer and sale of shares of forty-five (45) separate
 Series of the Company (the "Separate Offering Series"). Of these forty-five (45)
 offerings of Separate Offering Series, five (5) were withdrawn before any shares of such
 Separate Offering Series were issued, and two were previously liquidated when their underlying
 property was sold to Landa Properties: Landa Series 1701 Summerwoods Lane and Landa Series
 1741 Park Lane (the "Previously Liquidated Series"). The Company is now offering
 new Shares of the Previously Liquidated Series as part of the offering pursuant to this Offering
 Circular.

F-681

**Notes:**

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| | |
|:---|:---|
| B | Reflects adjustments related to the closing of property acquisitions, including the closing costs primarily consisting of the acquisition fees and property due diligence fees and the related building depreciation for the periods presented. |

---

C Reflects adjustments related to the Acquisition Note payable obtained to fund the property acquisitions and the related interest expense for the period presented. The Acquisition Notes are expected to be refinanced at the closing of the offering with a Refinance Note at a market rate of interest that is expected to be in the range of 7% to 10% per annum, that will be secured by the property and mature between one (1) and five (5) years after the refinancing.

D The Company elected not to pro forma the provision for income taxes as there were losses and a full deferred tax asset valuation allowance was assumed.

---

| | |
|:---|:---|
| E | Reflects adjustments for property management fee expense based on contractual terms to be entered into under management agreements with the Manager at closing of this offering for the periods presented. |

---

F-682

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

<u>Basis of Presentation</u>

The accompanying unaudited pro forma combined financial statements for the period of January 1, 2022 to June 30, 2022 and January 1, 2021 to December 31, 2021 should be read in conjunction with (i) the Company's historical combined balance sheet as of June 30, 2022 and historical combined statements of operations for the periods then ended; and (ii) the "Risk Factors," "Cautionary Note Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in this Offering.

The Company has based the unaudited pro forma adjustments on available information and assumptions that it believes are reasonable. The unaudited pro forma combined financial statements are presented for informational purposes only and are not necessarily indicative of what the Company's actual financial position would have been as of June 30, 2022, what actual results of operations would have been for the period ended June 30, 2022 and December 31, 2021, and are not indicative of future results of operations or financial condition and should not be viewed as indicative of future results of operations or financial condition.

The unaudited pro forma condensed combined financial statements of Landa App LLC and each of the Series grouped together as the Landa App Group Series are being presented on a combined basis, in accordance with US GAAP (ASC 810, Consolidation) due to common control by Landa Holdings, Inc., in its capacity as Manager to the Company and each Series.

The unaudited pro forma condensed combined financial statements include the single- family homes that underlie Series previously formed by the Company and the one hundred and eighty-four (184) single-family homes, (each a "Property," and collectively, the "Properties") included in this Offering Circular, located in the metropolitan areas of Georgia. Each Property was acquired or will be acquired after qualification by each respective Series in the Master Series table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series** | **Property** | **Property Acquisition Date(2)** | **Rental Operation Commencement Date(3)** | **Series Acquisition Date** |
| Landa Series 115 Sardis Street | 115 Sardis Street, Barnesville, GA 30204 | 7/10/2020 | 7/10/2020 | 7/10/2021 |
| Landa Series 1394 Oakview Circle | 1394 Oakview Circle, Forest Park, GA 30297 | 7/10/2020 | 7/10/2020 | 7/10/2021 |
| Landa Series 1701 Summerwoods Lane (5) | 1701 Summerwoods Lane, Griffin, GA 30224 | 7/10/2020 | 7/10/2020 | 7/10/2021 |
| Landa Series 1741 Park Lane (5) | 1741 Park Lane, Griffin, GA 30224 | 7/10/2020 | 7/10/2020 | 7/10/2021 |
| Landa Series 209 Timber Wolf Trail | 209 Timber Wolf Trail, Griffin, GA 30224 | 7/10/2020 | 7/10/2020 | 7/10/2021 |

---

F-683

---

| | | | |
|:---|:---|:---|:---|
| Landa Series 2505 Oak Circle | 2505 Oak Circle, Ellenwood, GA 30294 | 7/10/2020 | 7/10/2021 |
| Landa Series 271 Timber Wolf Trail | 271 Timber Wolf Trail, Griffin, GA, 30224 | 7/10/2020 | 7/10/2021 |
| Landa Series 29 Holly Grove Road | 29 Holly Grove Road, Griffin, GA 30224 | 7/10/2020 | 7/10/2021 |
| Landa Series 10167 Port Royal Court | 10167 Port Royal Court, Jonesboro, GA, 30238 | 3/23/2021 | 1/10/2022 |
| Landa Series 1246 Elgin Way | 1246 Elgin Way, Riverdale, GA, 30296 | 3/23/2021 | 1/10/2022 |
| Landa Series 1703 Summerwoods Lane | 1703 Summerwoods Lane, Griffin, GA, 30224 | 8/29/2019 | 1/10/2022 |
| Landa Series 1712 Summerwoods Lane | 1712 Summerwoods Lane, Griffin, GA, 30224 | 7/31/2019 | 1/10/2022 |
| Landa Series 1743 Summerwoods Lane | 1743 Summerwoods Lane, Griffin, GA, 30224 | 8/29/2019 | 1/10/2022 |
| Landa Series 1750 Summerwoods Lane | 1750 Summerwoods Lane, Griffin, GA, 30224 | 10/24/2019 | 1/10/2022 |
| Landa Series 1910 Grove Way | 1910 Grove Way, Hampton, GA, 30228 | 3/23/2021 | 1/10/2022 |
| Landa Series 4267 High Park Lane | 4267 High Park Lane, East Point, GA, 30344 | 10/24/2019 | 1/10/2022 |
| Landa Series 4474 Highwood Park Drive | 4474 Highwood Park Drive, Atlanta, GA, 30344 | 7/31/2019 | 1/10/2022 |
| Landa Series 593 Country Lane | 593 Country Lane, Jonesboro, GA, 30238 | 3/23/2021 | 1/10/2022 |
| Landa Series 6436 Stone Terrace | 6436 Stone Terrace, Morrow, GA, 30260 | 3/23/2021 | 1/10/2022 |
| Landa Series 6440 Woodstone Terrace | 6440 Woodstone Terrace, Morrow, GA, 30260 | 3/23/2021 | 1/10/2022 |
| Landa Series 6848 Sandy Creek Drive | 6848 Sandy Creek Drive, Riverdale, GA, 30274 | 3/23/2021 | 1/10/2022 |
| Landa Series 687 Utoy Court | 687 Utoy Court, Jonesboro, GA, 30238 | 3/23/2021 | 1/10/2022 |

---

F-684

---

| | | | |
|:---|:---|:---|:---|
| Landa Series 729 Winter Lane | 729 Winter Lane, Jonesboro, GA, 30238 | 3/23/2021 | 1/10/2022 |
| Landa Series 7349 Exeter Court | 7349 Exeter Court, Riverdale, GA, 30296 | 3/23/2021 | 1/10/2022 |
| Landa Series 8569 Creekwood Way | 8569 Creekwood Way, Jonesboro, GA, 30238 | 8/29/2019 | 1/10/2022 |
| Landa Series 8641 Ashley Way | 8641 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8645 Embrey Drive | 8645 Embrey Drive, Jonesboro, GA, 30236 | 3/23/2021 | 1/10/2022 |
| Landa Series 8651 Ashley Way | 8651 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8652 Ashley Way | 8652 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8653 Ashley Way | 8653 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8654 Ashley Way | 8654 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8655 Ashley Way | 8655 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8659 Ashley Way | 8659 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8662 Ashley Way | 8662 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8668 Ashley Way | 8668 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8670 Ashley Way | 8670 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8674 Ashley Way | 8674 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8675 Ashley Way | 8675 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8677 Ashley Way | 8677 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8678 Ashley Way | 8678 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |

---

F-685

---

| | | | | |
|:---|:---|:---|:---|:---|
| Landa Series 8679 Ashley Way |  | 8679 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8683 Ashley Way |  | 8683 Ashley Way, Douglasville, Georgia 30134 | 7/19/2021 | 1/10/2022 |
| Landa Series 8780 Churchill Place |  | 8780 Churchill Place, Jonesboro, GA, 30238 | 3/23/2021 | 1/10/2022 |
| Landa Series 8796 Parliament Place |  | 8796 Parliament Place, Jonesboro, GA, 30238 | 3/23/2021 | 1/10/2022 |
| Landa Series 9439 Lakeview Road |  | 9439 Lakeview Road, Union City, GA, 30291 | 8/29/2019 | 1/10/2022 |
| Landa Series 10 Oak Wood Lane | (1) | 10 Oak Wood Lane, Covington, GA 30016 | 12/2/2021 |  |
| Landa Series 10 Windridge Drive | (1) | 10 Windridge Drive, Covington, GA 30014 | 12/2/2021 |  |
| Landa Series 1000 Fox Valley Trail | (1) | 1000 Fox Valley Trail, Stone Mountain, GA 30088 | 12/2/2021 |  |
| Landa Series 1007 Leeward Way | (1) | 1007 Leeward Way, Jonesboro, GA 30238 | 12/2/2021 |  |
| Landa Series 10119 Commons Way | (1) | 10119 Commons Way, Jonesboro, GA 30238 | 12/2/2021 |  |
| Landa Series 10121 Morris Drive SW | (1) | 10121 Morris Drive SW, Covington, GA 30014 | 11/15/2021 |  |
| Landa Series 10183 Starr Street SW | (1) | 10183 Starr Street SW, Covington, GA 30014 | 11/15/2021 |  |
| Landa Series 103 Starlake Drive | (1) | 103 Starlake Drive, Jackson, GA 30260 | 11/15/2021 |  |
| Landa Series 104 Summerfield Drive | (1) | 104 Summerfield Drive, McDonough, GA 30253 | 12/2/2021 |  |
| Landa Series 10433 Candlelight Road | (1) | 10433 Candlelight Road, Jonesboro, GA 30238 | 11/15/2021 |  |
| Landa Series 105 Anne Street | (1) | 105 Anne Street, Hampton, GA 30228 | 12/2/2021 |  |
| Landa Series 107 Oakwood Circle | (1) | 107 Oakwood Circle, Griffin, GA 30223 | 12/2/2021 |  |
| Landa Series 109 Amberwood Lane | (1) | 109 Amberwood Lane, Griffin, GA 30223 | 12/2/2021 |  |

---

F-686

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| | | | |
|:---|:---|:---|:---|
| Landa Series 110 Shenandoah Drive | (1) | 110 Shenandoah Drive, Covington, GA 30016 | 11/15/2021 |
| Landa Series 111 Fir Drive | (1) | 111 Fir Drive, McDonough, GA 30253 | 11/15/2021 |
| Landa Series 1110 Parkview Drive | (1) | 1110 Parkview Drive, Griffin, GA 30224 | 12/2/2021 |
| Landa Series 11187 Shannon Circle | (1) | 11187 Shannon Circle, Hampton, GA 30228 | 12/2/2021 |
| Landa Series 112 Ridge Street | (1) | 112 Ridge Street, Locust Grove, GA 30248 | 11/15/2021 |
| Landa Series 11322 Michelle Way | (1) | 11322 Michelle Way, Hampton, GA 30228 | 11/15/2021 |
| Landa Series 114 Starlake Drive | (1) | 114 Starlake Drive, Jackson, GA 30233 | 12/2/2021 |
| Landa Series 11447 S Grove Drive | (1) | 11447 S Grove Drive, Hampton, GA 30228 | 12/2/2021 |
| Landa Series 1147 Village Way | (1) | 1147 Village Way, Stone Mountain, GA 30088 | 11/15/2021 |
| Landa Series 115 Lakeview Drive | (1) | 115 Lakeview Drive, Stockbridge, GA 30281 | 12/2/2021 |
| Landa Series 1160 Gable Terrace | (1) | 1160 Gable Terrace, Jonesboro, GA 30236 | 11/15/2021 |
| Landa Series 1190 Kirkland Road | (1) | 1190 Kirkland Road, Covington, GA 30016 | 12/2/2021 |
| Landa Series 12 Mintz Street | (1) | 12 Mintz Street, Griffin, GA 30223 | 12/2/2021 |
| Landa Series 120 Rosewood Drive | (1) | 120 Rosewood Drive, McDonough, GA 30253 | 12/2/2021 |
| Landa Series 1201 Kilrush Drive | (1) | 1201 Kilrush Drive, Mableton, GA 30126 | 11/15/2021 |
| Landa Series 124 Libby Lane | (1) | 124 Libby Lane, Jonesboro, GA 30238 | 11/15/2021 |
| Landa Series 126 E Mimosa Drive | (1) | 126 E Mimosa Drive, Jonesboro, GA 30236 | 12/2/2021 |
| Landa Series 12641 Alcovy Road | (1) | 12641 Alcovy Road, Covington, GA 30014 | 12/2/2021 |

---

F-687

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| | | | | |
|:---|:---|:---|:---|:---|
| Landa Series 1320 Winona Avenue | (1) | 1320 Winona Avenue, Griffin, GA 30223 | 11/15/2021 | 11/15/2021 |
| Landa Series 133 Dove Landing | (1) | 133 Dove Landing, Social Circle, GA 30025 | 12/2/2021 | 12/2/2021 |
| Landa Series 137 Southern Shores Road | (1) | 137 Southern Shores Road, Jackson, GA 30233 | 11/15/2021 | 11/15/2021 |
| Landa Series 138 Sandalwood Circle | (1) | 138 Sandalwood Circle, Lawrenceville, GA 30046 | 11/15/2021 | 7/22/2022 |
| Landa Series 140 High Ridge Road | (1) | 140 High Ridge Road, Covington, GA 30014 | 11/15/2021 | 11/15/2021 |
| Landa Series 141 Longstreet Circle | (1) | 141 Longstreet Circle, Oxford, GA 30054 | 12/2/2021 | 12/2/2021 |
| Landa Series 1443 Pebble Ridge Lane | (1) | 1443 Pebble Ridge Lane, Hampton, GA 30228 | 12/2/2021 | 12/2/2021 |
| Landa Series 1445 Maple Valley Court | (1) | 1445 Maple Valley Court, Union City, GA 30291 | 11/2/2020 | 11/2/2020 |
| Landa Series 146 Crystal Brook | (1) | 146 Crystal Brook, Griffin, GA 30223 | 11/15/2021 | 11/15/2021 |
| Landa Series 1473 Brownleaf Drive | (1) | 1473 Brownleaf Drive, Jonesboro, GA 30236 | 12/2/2021 | 12/2/2021 |
| Landa Series 1485 Bola Court | (1) | 1485 Bola Court, Jonesboro, GA 30238 | 12/2/2021 | 12/2/2021 |
| Landa Series 1490 Diplomat Drive | (1) | 1490 Diplomat Drive, Riverdale, GA 30296 | 12/2/2021 | 12/2/2021 |
| Landa Series 153 Cliffside Court | (1) | 153 Cliffside Court, Riverdale, GA 30274 | 11/15/2021 | 11/15/2021 |
| Landa Series 157 Wells Road | (1) | 157 Wells Road, Jenkinsburg, GA 30234 | 12/2/2021 | 12/2/2021 |
| Landa Series 160 Chimney Ridge Trail | (1) | 160 Chimney Ridge Trail, Stockbridge, GA 30281 | 12/2/2021 | 12/2/2021 |
| Landa Series 164 Longstreet Circle | (1) | 164 Longstreet Circle, Oxford, GA 30054 | 12/2/2021 | 12/2/2021 |
| Landa Series 1666 W Poplar Street | (1) | 1666 W Poplar Street, Griffin, GA 30224 | 11/15/2021 | 11/15/2021 |
| Landa Series 168 Brookview Drive | (1) | 168 Brookview Drive, Riverdale, GA 30274 | 3/23/2021 | 3/17/2022 |

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F-688

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| | | | |
|:---|:---|:---|:---|
| Landa Series 1683 Spoonbill Road | (1) | 1683 Spoonbill Road, Hampton, GA 30238 | 12/2/2021 |
| Landa Series 1689 Viceroy Way | (1) | 1689 Viceroy Way, Riverdale, GA 30296 | 11/15/2021 |
| Landa Series 171 Davidson Drive | (1) | 171 Davidson Drive, Griffin, GA 30223 | 12/2/2021 |
| Landa Series 1768 Glen View Way | (1) | 1768 Glen View Way, Hampton, GA 30228 | 12/2/2021 |
| Landa Series 181 Watercress Court | (1) | 181 Watercress Court, Stockbridge, GA 30281 | 11/15/2021 |
| Landa Series 188 Timberline Road | (1) | 188 Timberline Road, Jackson, GA 30233 | 11/15/2021 |
| Landa Series 189 Shenandoah Drive | (1) | 189 Shenandoah Drive, Riverdale, GA 30274 | 11/15/2021 |
| Landa Series 1903 Old Concord Drive SE | (1) | 1903 Old Concord Drive SE, Covington, GA 30016 | 12/2/2021 |
| Landa Series 195 Branchwood Drive | (1) | 195 Branchwood Drive, Covington, GA 30016 | 12/2/2021 |
| Landa Series 195 Fairclift Drive | (1) | 195 Fairclift Drive, Covington, GA 30016 | 12/2/2021 |
| Landa Series 195 Hunters Trace | (1) | 195 Hunters Trace, Covington, GA 30014 | 11/15/2021 |
| Landa Series 196 Montego Circle | (1) | 196 Montego Circle, Riverdale, GA 30274 | 11/15/2021 |
| Landa Series 20 Chimney Smoke Drive | (1) | 20 Chimney Smoke Drive, Stockbridge, GA 30281 | 12/2/2021 |
| Landa Series 204 N Main Court | (1) | 204 N Main Court, Stockbridge, GA 30281 | 12/2/2021 |
| Landa Series 2055 Grove Way | (1) | 2055 Grove Way, Hampton, GA 30228 | 9/24/2022 |
| Landa Series 212 Fleeta Drive | (1) | 212 Fleeta Drive, Covington, GA 30016 | 11/15/2021 |
| Landa Series 215 Central Lake Circle | (1) | 215 Central Lake Circle, Griffin, GA 30223 | 12/2/2021 |
| Landa Series 217 Glenloch Court | (1) | 217 Glenloch Court, Stockbridge, GA 30281 | 11/15/2021 |

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F-689

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| | | | |
|:---|:---|:---|:---|
| Landa Series 2177 E Chester Circle SE | (1) | 2177 E Chester Circle SE, Conyers, GA 30013 | 12/2/2021 |
| Landa Series 221 Lakeview Drive | (1) | 221 Lakeview Drive, Stockbridge, GA 30281 | 12/2/2021 |
| Landa Series 2264 Chestnut Hill Circle | (1) | 2264 Chestnut Hill Circle, Decatur, GA 30032 | 11/15/2021 |
| Landa Series 235 Lazy Hollow Lane | (1) | 235 Lazy Hollow Lane, Covington, GA 30016 | 12/2/2021 |
| Landa Series 2425 Cornell Circle | (1) | 2425 Cornell Circle, McDonough, GA 30253 | 12/2/2021 |
| Landa Series 2443 Hodges Farm Road | (1) | 2443 Hodges Farm Road, Mansfield, GA 30055 | 12/2/2021 |
| Landa Series 25 Pleasant Valley Road | (1) | 25 Pleasant Valley Road, McDonough, GA 30253 | 11/15/2021 |
| Landa Series 253 Marco Drive | (1) | 253 Marco Drive, Social Circle, GA 30025 | 11/15/2021 |
| Landa Series 255 Countryside Lane | (1) | 255 Countryside Lane, Covington, GA 30016 | 12/2/2021 |
| Landa Series 258 Rocky Point Road | (1) | 258 Rocky Point Road, Covington, GA 30016 | 11/15/2021 |
| Landa Series 263 Rocky Point Road | (1) | 263 Rocky Point Road, Covington, GA 30016 | 12/2/2021 |
| Landa Series 268 Brookview Drive | (1) | 268 Brookview Drive, Riverdale, GA 30274 | 3/23/2021 |
| Landa Series 270 Mountain Lane | (1) | 270 Mountain Lane, Covington, GA 30016 | 11/15/2021 |
| Landa Series 270 Mountain Way | (1) | 270 Mountain Way, Covington, GA 30016 | 1/1/2022 |
| Landa Series 270 Pleasant Hill Drive | (1) | 270 Pleasant Hill Drive, Covington, GA 30016 | 11/15/2021 |
| Landa Series 2794 Norfair Loop | (1) | 2794 Norfair Loop, Lithonia, GA 30038 | 12/2/2021 |
| Landa Series 2813 Vicksburg Court | (1) | 2813 Vicksburg Court, Decatur, GA 30034 | 11/15/2021 |
| Landa Series 2933 Coffer Drive | (1) | 2933 Coffer Drive, Ellenwood, GA 30294 | 11/15/2021 |

---

F-690

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| | | | |
|:---|:---|:---|:---|
| Landa Series 30 High Ridge Road | (1) | 30 High Ridge Road, Covington, GA 30014 | 11/15/2021 |
| Landa Series 30 Roosevelt Road | (1) | 30 Roosevelt Road, Covington, GA 30016 | 11/15/2021 |
| Landa Series 3011 Raintree Drive SE | (1) | 3011 Raintree Drive SE, Conyers, GA 30013 | 11/15/2021 |
| Landa Series 304 Cedar Street | (1) | 304 Cedar Street, Stockbridge, GA 30281 | 12/2/2021 |
| Landa Series 304 Deerfield Drive | (1) | 304 Deerfield Drive, Jonesboro, GA 30238 | 12/2/2021 |
| Landa Series 3043 Highway 81 S | (1) | 3043 Highway 81 S, Covington, GA 30016 | 11/15/2021 |
| Landa Series 313 Blue Heron Drive | (1) | 313 Blue Heron Drive, Jonesboro, GA 30236 | 11/15/2021 |
| Landa Series 3202 Chippewa Drive | (1) | 3202 Chippewa Drive, Rex, GA 30273 | 11/15/2021 |
| Landa Series 35 Clay Court | (1) | 35 Clay Court, Covington, GA 30016 | 11/15/2021 |
| Landa Series 350 Cadiz Lane S | (1) | 350 Cadiz Lane S, College Park, GA 30349 | 11/15/2021 |
| Landa Series 351 Wesley Park Drive | (1) | 351 Wesley Park Drive, Jonesboro, GA 30238 | 12/2/2021 |
| Landa Series 3603 Manhattan Drive | (1) | 3603 Manhattan Drive, Decatur, GA 30034 | 12/2/2021 |
| Landa Series 3667 Patti Parkway | (1) | 3667 Patti Parkway, Decatur, GA 30034 | 12/2/2021 |
| Landa Series 404 Barberry Lane | (1) | 404 Barberry Lane, Stockbridge, GA 30281 | 12/2/2021 |
| Landa Series 412 Kendall Lane | (1) | 412 Kendall Lane, McDonough, GA 30253 | 12/2/2021 |
| Landa Series 416 Autumn Lake Court | (1) | 416 Autumn Lake Court, McDonough, GA 30253 | 12/2/2021 |
| Landa Series 43 Darwin Drive | (1) | 43 Darwin Drive, Jonesboro, GA 30238 | 11/15/2021 |
| Landa Series 432 Manor Estates Drive | (1) | 432 Manor Estates Drive, Stockbridge, GA 30281 | 12/2/2021 |

---

F-691

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| | | | |
|:---|:---|:---|:---|
| Landa Series 440 Freestone Drive | (1) | 440 Freestone Drive, Newman, GA 30265 | 12/2/2021 |
| Landa Series 4447 Lake Breeze Drive | (1) | 4447 Lake Breeze Drive, Stone Mountain, GA 30083 | 12/2/2021 |
| Landa Series 445 Independence Drive | (1) | 445 Independence Drive, Jonesboro, GA 30238 | 12/2/2021 |
| Landa Series 449 Kara Lane | (1) | 449 Kara Lane, McDonough, GA 30253 | 5/25/2022 |
| Landa Series 45 Blue Jay Drive | (1) | 45 Blue Jay Drive, Covington, GA 30016 | 11/15/2021 |
| Landa Series 45 Laurel Way | (1) | 45 Laurel Way, Covington, GA 30016 | 11/15/2021 |
| Landa Series 4702 Saint James Way | (1) | 4702 Saint James Way, Decatur, GA 30035 | 11/15/2021 |
| Landa Series 4732 Pinedale Drive | (1) | 4732 Pinedale Drive, Forest Park, GA 30297 | 11/15/2021 |
| Landa Series 497 Highway 212 | (1) | 497 Georgia Highway 212, Covington, GA 30016 | 12/2/2021 |
| Landa Series 5039 East Street | (1) | 5039 East Street, Forest Park, GA 30297 | 12/2/2021 |
| Landa Series 5040 Huntshire Lane | (1) | 5040 Huntshire Lane, Lilburn, GA 30047 | 6/17/2022 |
| Landa Series 513 Jarrett Court | (1) | 513 Jarrett Court, McDonough, GA 30253 | 11/15/2021 |
| Landa Series 5143 Pinecrest Drive SW | (1) | 5143 Pinecrest Drive SW, Covington, GA 30014 | 11/15/2021 |
| Landa Series 524 Sawmill Road | (1) | 524 Sawmill Road, Hampton, GA 30228 | 12/2/2021 |
| Landa Series 5329 Shirewick Lane | (1) | 5329 Shirewick Lane, Lithonia, GA 30058 | 12/2/2021 |
| Landa Series 540 Cowan Road | (1) | 540 Cowan Road, Covington, GA 30016 | 11/15/2021 |

---

F-692

---

| | | | |
|:---|:---|:---|:---|
| Landa Series 5411 Rocky Pine Drive | (1) | 5411 Rocky Pine Drive, Lithonia, GA 30038 | 12/2/2021 |
| Landa Series 55 Myrtle Grove Lane | (1) | 55 Myrtle Grove Lane, Covington, GA 30014 | 12/2/2021 |
| Landa Series 550 Cowan Road | (1) | 550 Cowan Road, Covington, GA 30016 | 12/2/2021 |
| Landa Series 5581 Fox Glen Circle | (1) | 5581 Fox Glen Circle, Lithonia, GA 30038 | 12/2/2021 |
| Landa Series 565 Mountainview Drive | (1) | 565 Mountainview Drive, Covington, GA 30016 | 11/15/2021 |
| Landa Series 5737 Strathmoor Manor Circle | (1) | 5737 Strathmoor Manor Circle, Lithonia, GA 30058 | 12/2/2021 |
| Landa Series 5801 Strathmoor Manor Circle | (1) | 5801 Strathmoor Manor Circle, Lithonia, GA 30058 | 11/15/2021 |
| Landa Series 6104-6106 Oakwood Circle SW | (1) | 6104-6106 Oakwood Circle SW, Covington, GA 30014 | 12/2/2021 |
| Landa Series 6107 Shadow Glen Court | (1) | 6107 Shadow Glen Court, Covington, GA 30014 | 11/15/2021 |
| Landa Series 6111-6113 Pine Glen Circle SW | (1) | 6111-6113 Pine Glen Circle SW, Covington, GA 30014 | 11/15/2021 |
| Landa Series 6119 Pineneedle Drive SW | (1) | 6119 Pineneedle Drive SW, Covington, GA 30014 | 12/2/2021 |
| Landa Series 615 Barshay Drive | (1) | 615 Barshay Drive, Covington, GA 30016 | 11/15/2021 |
| Landa Series 6168 Wheat Street NE | (1) | 6168 Wheat Street NE, Covington, GA 30014 | 11/15/2021 |
| Landa Series 6178 Green Acres Drive SW | (1) | 6178 Green Acres Drive SW, Covington, GA 30014 | 11/15/2021 |
| Landa Series 6386 Forester Way | (1) | 6386 Forester Way, Lithonia, GA 30038 | 12/2/2021 |

---

F-693

---

| | | | |
|:---|:---|:---|:---|
| Landa Series 6404 Walnut Way | (1) | 6404 Walnut Way, Union City, GA 30291 | 12/2/2021 |
| Landa Series 643 Sycamore Drive | (1) | 643 Sycamore Drive, Jonesboro, GA 30238 | 11/15/2021 |
| Landa Series 65 Freedom Court | (1) | 65 Freedom Court, Covington, GA 30016 | 12/2/2021 |
| Landa Series 653 Georgetown Lane | (1) | 653 Georgetown Lane, Jonesboro, GA 30236 | 11/15/2021 |
| Landa Series 6635 Kimberly Mill Road | (1) | 6635 Kimberly Mill Road, College Park, GA 30349 | 11/15/2021 |
| Landa Series 6653 Bedford Road | (1) | 6653 Bedford Road, Rex, GA 30273 | 12/2/2021 |
| Landa Series 6710 Sunset Hills Boulevard | (1) | 6710 Sunset Hills Boulevard, Rex, GA 30273 | 11/15/2021 |
| Landa Series 6762 Bent Creek Drive | (1) | 6762 Bent Creek Drive, Rex, GA 30273 | 11/15/2021 |
| Landa Series 683 Wood Path Court | (1) | 683 Wood Path Court, Stone Mountain, GA 30083 | 12/2/2021 |
| Landa Series 70 Shenandoah Lane | (1) | 70 Shenandoah Lane, Covington, GA 30016 | 12/2/2021 |
| Landa Series 709 Georgetown Court | (1) | 709 Georgetown Court, Jonesboro, GA 30236 | 11/15/2021 |
| Landa Series 7107 Geiger Street NW | (1) | 7107 Geiger Street NW Covington GA 30016 | 11/15/2021 |
| Landa Series 7205 Lakeview Drive SW | (1) | 7205 Lakeview Drive SW, Covington, GA 30014 | 12/2/2021 |
| Landa Series 750 Georgetown Court | (1) | 750 Georgetown Court, Jonesboro, GA 30236 | 11/15/2021 |
| Landa Series 752 Chestnut Drive | (1) | 752 Chestnut Drive, Jackson, GA 30233 | 11/15/2021 |
| Landa Series 773 Villa Way | (1) | 773 Villa Way, Jonesboro, GA 30238 | 3/23/2021 |
| Landa Series 7781 Mountain Creek Way | (1) | 7781 Mountain Creek Way, Douglasville, GA 30134 | 11/15/2021 |

---

F-694

---

| | | | |
|:---|:---|:---|:---|
| Landa Series 7950 Woodlake Drive | (1) | 7950 Woodlake Drive, Riverdale, GA 30274 | 11/15/2021 |
| Landa Series 80 High Ridge Road | (1) | 80 High Ridge Road, Covington, GA 30014 | 11/15/2021 |
| Landa Series 800 Mills Drive | (1) | 800 Mills Drive, Covington, GA 30016 | 12/2/2021 |
| Landa Series 808 Hillandale Lane | (1) | 808 Hillandale Lane, Lithonia, GA 30058 | 11/15/2021 |
| Landa Series 8110 Devonshire Drive | (1) | 8110 Devonshire Drive, Jonesboro, GA 30238 | 11/15/2021 |
| Landa Series 8121 Spillers Drive SW | (1) | 8121 Spillers Drive SW, Covington, GA 30014 | 11/15/2021 |
| Landa Series 8233 Creekline Court | (1) | 8233 Creekline Court, Riverdale, GA 30274 | 11/15/2021 |
| Landa Series 8302 Sterling Lakes Drive | (1) | 8302 Sterling Lakes Drive, Covington, GA 30014 | 12/2/2021 |
| Landa Series 840 Park Villa Way | (1) | 840 Park Villa Way, Jonesboro, GA 30238 | 3/23/2021 |
| Landa Series 843 Tramore Drive | (1) | 843 Tramore Drive, Stockbridge, GA 30281 | 7/23/2021 |
| Landa Series 85 Kirkland Court | (1) | 85 Kirkland Court, Covington, GA 30016 | 11/15/2021 |
| Landa Series 85 Thorn Thicket Way | (1) | 85 Thorn Thicket Way, Rockmart, GA 30153 | 11/15/2021 |
| Landa Series 8658 Ashley Way | (1) | 8658 Ashley Way, Douglasville, GA 30134 | 7/20/2021 |
| Landa Series 8667 Ashley Way | (1) | 8667 Ashley Way, Douglasville, GA 30134 | 7/20/2021 |
| Landa Series 8671 Ashley Way | (1) | 8671 Ashley Way, Douglasville, GA 30134 | 7/20/2021 |
| Landa Series 8676 Ashley Way | (1) | 8676 Ashley Way, Douglasville, GA 30134 | (4) |
| Landa Series 8691 Ashley Way | (1) | 8691 Ashley Way, Douglasville, GA 30134 | 10/27/2022 |
| Landa Series 8692 Ashley Way | (1) | 8692 Ashley, Way Douglasville, GA 30134 | (4) |

---

F-695

---

| | | | | |
|:---|:---|:---|:---|:---|
| Landa Series 8693 Ashley Way | (1) | 8693 Ashley Way, Douglasville, GA 30134 | 7/20/2021 | (4) |
| Landa Series 8694 Ashley Way | (1) | 8694 Ashley Way, Douglasville, GA 30134 | 7/20/2021 | (4) |
| Landa Series 8697 Ashley Way | (1) | 8697 Ashley Way, Douglasville, GA 30134 | 7/20/2021 | 7/20/2021 |
| Landa Series 8819 Leafwood Court | (1) | 8819 Leafwood Court, Riverdale, GA 30274 | 12/2/2021 | 12/2/2021 |
| Landa Series 8855 Rugby Court | (1) | 8855 Rugby Court, Jonesboro, GA 30238 | 11/15/2021 | 11/15/2021 |
| Landa Series 9020 Sterling Ridge Lane | (1) | 9020 Sterling Ridge Lane, Jonesboro, GA 30238 | 12/2/2021 | 12/2/2021 |
| Landa Series 9150 Spillers Drive SW | (1) | 9150 Spillers Drive SW, Covington, GA 30014 | 12/2/2021 | 12/2/2021 |
| Landa Series 925 Mote Road | (1) | 925 Mote Road, Covington, GA 30016 | 12/2/2021 | 12/2/2021 |
| Landa Series 94 Hampton Oaks Drive | (1) | 94 Hampton Oaks Drive, Hampton, GA 30228 | 12/2/2021 | 12/2/2021 |
| Landa Series 9409 Forest Knoll Drive | (1) | 9409 Forest Knoll Drive, Jonesboro, GA 30238 | 12/2/2021 | 11/15/2021 |
| Landa Series 9434 Cedar Creek Place | (1) | 9434 Cedar Creek Place, Douglasville, GA 30135 | 11/15/2021 | 11/15/2021 |
| Landa Series 9597 Pintail Trail | (1) | 9597 Pintail Trail, Jonesboro, GA 30238 | 11/15/2021 | 12/2/2021 |
| Landa Series 974 Laurel Street | (1) | 974 Laurel Street, Lake City, GA 30260 | 12/2/2021 | 12/2/2021 |
| Landa Series 1701 Summerwoods Lane | (1)(5) | 1701 Summerwoods Lane, Griffin, GA 30224 | 7/10/2020 | 8/19/2020 |
| Landa Series 1741 Park Lane | (1)(5) | 1741 Park Lane, Griffin, GA 30224 | 7/10/2020 | 7/10/2020 |

---

(1) As
 of the date of this Offering Circular, title to this Property is currently held by Landa
 Properties and not by the underlying Series. We expect that Landa Properties will transfer
 title to the Property either to the applicable Series or to the Company for the benefit of
 the applicable Series (pursuant to the Master Agreement) prior to the initial Closing of
 sales of Shares of the Series.

(2) The
 date in which Landa Properties, LLC ("Landa Properties"), our affiliate and wholly-owned
 subsidiary of Landa Holdings, Inc., or Manager, acquired this Property from a third-party
 seller.

(3) The
 date Landa Properties commenced rental operations for this Property.

(4) This
 Property is currently vacant and has not commenced rental operations since it was acquired
 by Landa Properties.

(5) The
 Company previously filed a separate offering statement for the offer and sale of shares of
 forty-five (45) separate Series of the Company (the "Separate Offering Series").
 Of these forty-five (45) offerings of Separate Offering Series, five (5) were withdrawn before
 any shares of such Separate Offering Series were issued, and two were previously liquidated
 when their underlying property was sold to Landa Properties: Landa Series 1701 Summerwoods
 Lane and Landa Series 1741 Park Lane (the "Previously Liquidated Series"). Proceeds
 from the sale of such underlying property of the Previously Liquidated Series were distributed
 among such Series' shareholders and such shareholders' shares were cancelled.
 The Company is now offering new Shares of the Previously Liquidated Series as part of the
 offering pursuant to this Offering Circular.

F-696

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 10 <br> Oak Wood Lane** | **Landa <br> Series 10 <br> Windridge Drive** | **Landa <br> Series 1000 <br> Fox Valley Trail** | **Landa <br> Series 1007 <br> Leeward Way** | **Landa <br> Series 10119 <br> Commons Way** | **Landa <br> Series 10121 <br> Morris Drive SW** | **Landa <br> Series 10183 <br> Starr Street SW** | **Landa <br> Series 103 <br> Starlake Drive** |
| **Rental income** | $1219 | $7707 | $1500 | $6402 | $7314 | $- | $6090 | $6474 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 624 | 684 | 1430 | 964 | 1128 | 513 | 522 | 746 |
| Homeowners association fees |  |  |  |  |  |  |  |  |
| Insurance expense | 281 | 242 | 301 | 288 | 295 | 96 | 245 | 239 |
| Repairs & maintenance | 144 | 198 |  | 1600 |  |  |  |  |
| Other expenses | 245 | - | 287 | - | - | - | - | - |
| Certain Operating Expenses | 1294 | 1124 | 2018 | 2852 | 1423 | 609 | 767 | 985 |
| **Rental income in excess/(deficit) of certain expenses** | $(75) | $6583 | $(518) | $3550 | $5891 | $(609) | $5323 | $5489 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-697

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 104 <br> Summerfield Drive** | **Landa <br> Series 10433 <br> Candlelight Road** | **Landa <br> Series 105 <br> Anne Street** | **Landa <br> Series 107 <br> Oakwood Circle** | **Landa <br> Series 109 <br> Amberwood Lane** | **Landa <br> Series 110 <br> Shenandoah Drive** | **Landa <br> Series 111 <br> Fir Drive** | **Landa <br> Series 1110 <br> Parkview Drive** |
| **Rental income** | $2332 | $10294 | $6840 | $6372 | $5568 | $7198 | $3924 | $1856 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 1141 | 1024 | 484 | 405 | 488 | 799 | 743 | 435 |
| Homeowners association fees |  |  |  |  |  |  |  |  |
| Insurance expense | 288 | 243 | 238 | 180 | 199 | 260 | 204 | 246 |
| Repairs & maintenance |  |  | 5569 |  |  | 1284 |  |  |
| Other expenses | 231 | - | - | - | - | - | 200 | - |
| Certain Operating Expenses | 1660 | 1267 | 6291 | 585 | 687 | 2343 | 1147 | 681 |
| **Rental income in excess/(deficit) of certain expenses** | $672 | $9027 | $549 | $5787 | $4881 | $4855 | $2777 | $1175 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-698

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 11187 <br> Shannon Circle** | **Landa <br> Series 112 <br> Ridge Street** | **Landa <br> Series 11322 <br> Michelle Way** | **Landa <br> Series 114 <br> Starlake Drive** | **Landa <br> Series 11447 <br> S Grove Drive** | **Landa <br> Series 1147 <br> Village Way** | **Landa <br> Series 115 <br> Lakeview Drive** | **Landa <br> Series 1160 <br> Gable Terrace** |
| **Rental income** | $8908 | $7277 | $7125 | $6919 | $9268 | $4995 | $7332 | $7410 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 859 | 1105 | 952 | 738 | 1023 | 1792 | 1091 | 1349 |
| Homeowners association fees |  |  | 240 |  | 225 | 1266 |  | 75 |
| Insurance expense | 300 | 259 | 197 | 238 | 272 | 194 | 273 | 285 |
| Repairs & maintenance | 75 | 1360 | 188 |  |  | 81 |  | 955 |
| Other expenses | - | - | - | - | - | - | - | - |
| Certain Operating Expenses | 1234 | 2724 | 1577 | 976 | 1520 | 3333 | 1364 | 2664 |
| **Rental income in excess/(deficit) of certain expenses** | $7674 | $4553 | $5548 | $5943 | $7748 | $1662 | $5968 | $4746 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-699

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1190 <br> Kirkland Road** | **Landa <br> Series 12 <br> Mintz Street** | **Landa <br> Series 120 <br> Rosewood Drive** | **Landa <br> Series 1201 <br> Kilrush Drive** | **Landa <br> Series 124 <br> Libby Lane** | **Landa <br> Series 126 <br> E Mimosa Drive** | **Landa <br> Series 12641 <br> Alcovy Road** | **Landa <br> Series 1320 <br> Winona Avenue** |
| **Rental income** | $8970 | $7266 | $7248 | $13818 | $3255 | $1990 | $8360 | $5700 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 691 | 807 | 1076 | 1598 | 572 | 621 | 736 | 326 |
| Homeowners association fees |  |  |  |  |  |  |  |  |
| Insurance expense | 314 | 250 | 274 | 499 | 197 | 242 | 296 | 204 |
| Repairs & maintenance | 287 |  |  | 725 | 565 |  | 46 | 240 |
| Other expenses | - | - | - | - | 137 | - | - | - |
| Certain Operating Expenses | 1292 | 1057 | 1350 | 2822 | 1471 | 863 | 1078 | 770 |
| **Rental income in excess/(deficit) of certain expenses** | $7678 | $6209 | $5898 | $10996 | $1784 | $1127 | $7282 | $4930 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-700

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 133 <br> Dove Landing** | **Landa <br> Series 137 <br> Southern Shores Road** | **Landa <br> Series 138 <br> Sandalwood Circle** | **Landa <br> Series 140 <br> High Ridge Road** | **Landa <br> Series 141 <br> Longstreet Circle** | **Landa <br> Series 1443 <br> Pebble Ridge Lane** | **Landa <br> Series 1445 <br> Maple Valley Court** | **Landa <br> Series 146 <br> Crystal Brook** |
| **Rental income** | $3631 | $6500 | $- | $6402 | $7552 | $4672 | $7050 | $6792 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 513 | 683 | 612 | 758 | 755 | 1020 | 932 | 829 |
| Homeowners association fees |  |  | 630 |  |  |  | 180 |  |
| Insurance expense | 210 | 197 | 169 | 242 | 321 | 309 | 226 | 171 |
| Repairs & maintenance |  |  | 19429 |  |  | 82 |  |  |
| Other expenses | - | - | 299 | - | - | - | - | - |
| Certain Operating Expenses | 723 | 880 | 21139 | 1000 | 1076 | 1411 | 1338 | 1000 |
| **Rental income in excess/(deficit) of certain expenses** | $2908 | $5620 | $(21139) | $5402 | $6476 | $3261 | $5712 | $5792 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-701

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1473 <br> Brownleaf Drive** | **Landa <br> Series 1485 <br> Bola Court** | **Landa <br> Series 1490 <br> Diplomat Drive** | **Landa <br> Series 153 <br> Cliffside Court** | **Landa <br> Series 157 <br> Wells Road** | **Landa <br> Series 160 <br> Chimney Ridge Trail** | **Landa <br> Series 164 <br> Longstreet Circle** | **Landa <br> Series 1666 <br> W Poplar Street** |
| **Rental income** | $7164 | $8480 | $3585 | $5190 | $5406 | $8970 | $6966 | $6732 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 921 | 674 | 1409 | 602 | 657 | 1061 | 907 | 460 |
| Homeowners association fees |  |  |  |  |  |  |  |  |
| Insurance expense | 269 | 244 | 346 | 135 | 205 | 274 | 276 | 188 |
| Repairs & maintenance | 55 |  |  |  |  |  |  |  |
| Other expenses | - | - | 82 | - | - | - | - | - |
| Certain Operating Expenses | 1245 | 918 | 1837 | 737 | 862 | 1335 | 1183 | 648 |
| **Rental income in excess/(deficit) of certain expenses** | $5919 | $7562 | $1748 | $4453 | $4544 | $7635 | $5783 | $6084 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-702

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 168 <br> Brookview Drive** | **Landa <br> Series 1683 <br> Spoonbill Road** | **Landa <br> Series 1689 <br> Viceroy Way** | **Landa <br> Series 171 <br> Davidson Drive** | **Landa <br> Series 1768 <br> Glen View Way** | **Landa <br> Series 181 <br> Watercress Court** | **Landa <br> Series 188 <br> Timberline Road** | **Landa <br> Series 189 <br> Shenandoah Drive** |
| **Rental income** | $3878 | $1800 | $8222 | $2308 | $5610 | $5375 | $5158 | $7384 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 814 | 694 | 1672 | 845 | 879 | 903 | 183 | 860 |
| Homeowners association fees | 300 |  |  |  | 210 | 130 |  |  |
| Insurance expense | 206 | 229 | 260 | 291 | 234 | 186 | 154 | 209 |
| Repairs & maintenance | 21817 | 535 |  |  |  | 135 |  |  |
| Other expenses | 287 | - | - | - | - | 299 | - | - |
| Certain Operating Expenses | 23424 | 1458 | 1932 | 1136 | 1323 | 1653 | 337 | 1069 |
| **Rental income in excess/(deficit) of certain expenses** | $(19546) | $342 | $6290 | $1172 | $4287 | $3722 | $4821 | $6315 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-703

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 1903 <br> Old Concord Drive SE** | **Landa <br> Series 195 <br> Branchwood Drive** | **Landa <br> Series 195 <br> Fairclift Drive** | **Landa <br> Series 195 <br> Hunters Trace** | **Landa <br> Series 196 <br> Montego Circle** | **Landa <br> Series 20 <br> Chimney Smoke Drive** | **Landa <br> Series 204 <br> N Main Court** | **Landa <br> Series 2055 <br> Grove Way** |
| **Rental income** | $6576 | $- | $7632 | $3316 | $7956 | $8658 | $6912 | $- |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 647 | 789 | 615 | 814 | 795 | 1145 | 939 | 972 |
| Homeowners association fees |  |  |  |  |  |  |  | 225 |
| Insurance expense | 297 | 305 | 273 | 246 | 225 | 274 | 210 | 234 |
| Repairs & maintenance |  |  |  | 18315 |  | 2396 | 687 | 106 |
| Other expenses | - | - | - | 314 | - | - | - | 299 |
| Certain Operating Expenses | 944 | 1094 | 888 | 19689 | 1020 | 3815 | 1836 | 1836 |
| **Rental income in excess/(deficit) of certain expenses** | $5632 | $(1094) | $6744 | $(16373) | $6936 | $4843 | $5076 | $(1836) |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-704

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 212 <br> Fleeta Drive** | **Landa <br> Series 215 <br> Central Lake Circle** | **Landa <br> Series 217 <br> Glenloch Court** | **Landa <br> Series 2177 <br> E Chester Circle SE** | **Landa <br> Series 221 <br> Lakeview Drive** | **Landa <br> Series 2264 <br> Chestnut Hill Circle** | **Landa <br> Series 235 <br> Lazy Hollow Lane** | **Landa <br> Series 2425 <br> Cornell Circle** |
| **Rental income** | $8718 | $3178 | $9540 | $5745 | $7258 | $8638 | $6972 | $8760 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 690 | 585 | 1237 | 697 | 1178 | 1908 | 886 | 1498 |
| Homeowners association fees |  |  |  |  |  |  |  |  |
| Insurance expense | 215 | 253 | 330 | 302 | 286 | 377 | 287 | 321 |
| Repairs & maintenance | 2150 |  |  | 80 |  |  | 397 |  |
| Other expenses | - | - | - | - | - | - | - | - |
| Certain Operating Expenses | 3055 | 838 | 1567 | 1079 | 1464 | 2285 | 1570 | 1819 |
| **Rental income in excess/(deficit) of certain expenses** | $5663 | $2340 | $7973 | $4666 | $5794 | $6353 | $5402 | $6941 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-705

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 2443 <br> Hodges Farm Road** | **Landa <br> Series 25 <br> Pleasant Valley Road** | **Landa <br> Series 253 <br> Marco Drive** | **Landa <br> Series 255 <br> Countryside Lane** | **Landa <br> Series 258 <br> Rocky Point Road** | **Landa <br> Series 263 <br> Rocky Point Road** | **Landa <br> Series 268 <br> Brookview Drive** | **Landa <br> Series 270 <br> Mountain Lane** |
| **Rental income** | $7314 | $7153 | $6003 | $9120 | $6820 | $- | $7938 | $- |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 712 | 1020 | 650 | 787 | 1030 | 708 | 816 | 738 |
| Homeowners association fees |  |  |  |  |  |  | 300 |  |
| Insurance expense | 230 | 254 | 197 | 282 | 285 | 266 | 206 | 270 |
| Repairs & maintenance |  |  |  | 45 | 491 | 743 | 127 |  |
| Other expenses | - | - | - | - | 27 | 350 | - | 461 |
| Certain Operating Expenses | 942 | 1274 | 847 | 1114 | 1833 | 2067 | 1449 | 1469 |
| **Rental income in excess/(deficit) of certain expenses** | $6372 | $5879 | $5156 | $8006 | $4987 | $(2067) | $6489 | $(1469) |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-706

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 270 <br> Mountain Way** | **Landa <br> Series 270 <br> Pleasant Hill Drive** | **Landa <br> Series 2794 <br> Norfair Loop** | **Landa <br> Series 2813 <br> Vicksburg Court** | **Landa <br> Series 2933 <br> Coffer Drive** | **Landa <br> Series 30 <br> High Ridge Road** | **Landa <br> Series 30 <br> Roosevelt Road** | **Landa <br> Series 3011 <br> Raintree Drive SE** |
| **Rental income** | $4550 | $6666 | $7396 | $8885 | $8083 | $8880 | $1214 | $- |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 715 | 752 | 1281 | 762 | 596 | 689 | 1072 | 1054 |
| Homeowners association fees |  |  | 198 |  |  |  |  |  |
| Insurance expense | 275 | 309 | 218 | 319 | 242 | 240 | 281 | 224 |
| Repairs & maintenance |  | 14050 |  | 245 |  | 430 |  |  |
| Other expenses | - | 260 | - | - | - | - | - | 183 |
| Certain Operating Expenses | 990 | 15371 | 1697 | 1326 | 838 | 1359 | 1353 | 1461 |
| **Rental income in excess/(deficit) of certain expenses** | $3560 | $(8705) | $5699 | $7559 | $7245 | $7521 | $(139) | $(1461) |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-707

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 304 <br> Cedar Street** | **Landa <br> Series 304 <br> Deerfield Drive** | **Landa <br> Series 3043 <br> Highway 81 S** | **Landa <br> Series 313 <br> Blue Heron Drive** | **Landa <br> Series 3202 <br> Chippewa Drive** | **Landa <br> Series 35 <br> Clay Court** | **Landa <br> Series 350 <br> Cadiz Lane S** | **Landa <br> Series 351 <br> Wesley Park Drive** |
| **Rental income** | $981 | $- | $6132 | $2134 | $7938 | $1185 | $7248 | $7196 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 941 | 891 | 771 | 1066 | 689 | 833 | 782 | 855 |
| Homeowners association fees |  |  |  |  |  |  |  |  |
| Insurance expense | 289 | 273 | 220 | 244 | 255 | 278 | 244 | 204 |
| Repairs & maintenance |  | 20360 |  |  | 4130 |  |  | 1952 |
| Other expenses | - | 299 | - | 314 | - | - | - | - |
| Certain Operating Expenses | 1230 | 21823 | 991 | 1624 | 5074 | 1111 | 1026 | 3011 |
| **Rental income in excess/(deficit) of certain expenses** | $(249) | $(21823) | $5141 | $510 | $2864 | $74 | $6222 | $4185 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-708

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 3603 <br> Manhattan Drive** | **Landa <br> Series 3667 <br> Patti Parkway** | **Landa <br> Series 404 <br> Barberry Lane** | **Landa <br> Series 412 <br> Kendall Lane** | **Landa <br> Series 416 <br> Autumn Lake Court** | **Landa <br> Series 43 <br> Darwin Drive** | **Landa <br> Series 432 <br> Manor Estates Drive** | **Landa <br> Series 440 <br> Freestone Drive** |
| **Rental income** | $1075 | $9762 | $7264 | $7416 | $8010 | $6878 | $8326 | $8316 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 1289 | 1655 | 947 | 938 | 972 | 703 | 996 | 662 |
| Homeowners association fees |  |  |  | 163 | 125 |  |  |  |
| Insurance expense | 316 | 372 | 273 | 284 | 252 | 224 | 303 | 314 |
| Repairs & maintenance |  | 5961 |  |  |  | 360 |  | 6398 |
| Other expenses | - | - | - | - | - | - | - | - |
| Certain Operating Expenses | 1605 | 7988 | 1220 | 1385 | 1349 | 1287 | 1299 | 7374 |
| **Rental income in excess/(deficit) of certain expenses** | $(530) | $1774 | $6044 | $6031 | $6661 | $5591 | $7027 | $942 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-709

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 4447 <br> Lake Breeze Drive** | **Landa <br> Series 445 <br> Independence Drive** | **Landa <br> Series 449 <br> Kara Lane** | **Landa <br> Series 45 <br> Blue Jay Drive** | **Landa <br> Series 45 <br> Laurel Way** | **Landa <br> Series 4702 <br> Saint James Way** | **Landa <br> Series 4732 <br> Pinedale Drive** | **Landa <br> Series 497 <br> Highway 212** |
| **Rental income** | $8234 | $2372 | $2175 | $9919 | $9459 | $5847 | $6459 | $5580 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 1633 | 960 | 993 | 1142 | 853 | 1215 | 584 | 573 |
| Homeowners association fees |  |  | 100 |  |  | 300 |  |  |
| Insurance expense | 333 | 295 | 289 | 339 | 331 | 227 | 192 | 266 |
| Repairs & maintenance |  |  | 120 |  |  |  | 13200 |  |
| Other expenses | - | - | 260 | - | - | 260 | - | - |
| Certain Operating Expenses | 1966 | 1255 | 1762 | 1481 | 1184 | 2002 | 13976 | 839 |
| **Rental income in excess/(deficit) of certain expenses** | $6268 | $1117 | $413 | $8438 | $8275 | $3845 | $(7517) | $4741 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-710

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 5039 <br> East Street** | **Landa <br> Series 5040 <br> Huntshire Lane** | **Landa <br> Series 513 <br> Jarrett Court** | **Landa <br> Series 5143 <br> Pinecrest Drive SW** | **Landa <br> Series 524 <br> Sawmill Road** | **Landa <br> Series 5329 <br> Shirewick Lane** | **Landa <br> Series 540 <br> Cowan Road** |
| **Rental income** | $3875 | $1166 | $- | $1245 | $- | $8144 | $8486 |
| **Rental expenses** |  |  |  |  |  |  |  |
| Real estate taxes | 818 | 2326 | 1034 | 466 | 585 | 1454 | 630 |
| Homeowners association fees |  | 263 |  |  |  |  |  |
| Insurance expense | 190 | 499 | 240 | 191 | 290 | 329 | 284 |
| Repairs & maintenance |  | 1281 |  |  |  |  |  |
| Other expenses | - | - | - | - | - | - | - |
| Certain Operating Expenses | 1008 | 4369 | 1274 | 657 | 875 | 1783 | 914 |
| **Rental income in excess/(deficit) of certain expenses** | $2867 | $(3203) | $(1274) | $588 | $(875) | $6361 | $7572 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-711

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 5411 <br> Rocky Pine Drive** | **Landa <br> Series 55 <br> Myrtle Grove Lane** | **Landa <br> Series 550 <br> Cowan Road** | **Landa <br> Series 5581 <br> Fox Glen Circle** | **Landa <br> Series 565 <br> Mountainview Drive** | **Landa <br> Series 5737 <br> Strathmoor Manor Circle** | **Landa <br> Series 5801 <br> Strathmoor Manor Circle** |
| **Rental income** | $7314 | $6110 | $- | $- | $- | $3132 | $1340 |
| **Rental expenses** |  |  |  |  |  |  |  |
| Real estate taxes | 1384 | 745 | 530 | 2073 | 904 | 950 | 930 |
| Homeowners association fees |  |  |  |  |  | 396 | 261 |
| Insurance expense | 298 | 279 | 246 | 239 | 467 | 280 | 204 |
| Repairs & maintenance |  |  | 311 | 21735 | 162 | 345 |  |
| Other expenses | - | - | 303 | - | - | - | - |
| Certain Operating Expenses | 1682 | 1024 | 1390 | 24047 | 1533 | 1971 | 1395 |
| **Rental income in excess/(deficit) of certain expenses** | $5632 | $5086 | $(1390) | $(24047) | $(1533) | $1161 | $(55) |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-712

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6104-6106 <br> Oakwood Circle SW** | **Landa <br> Series 6107 <br> Shadow Glen Court** | **Landa <br> Series 6111-6113 <br> Pine Glen Circle SW** | **Landa <br> Series 6119 <br> Pineneedle Drive SW** | **Landa <br> Series 615 <br> Barshay Drive** | **Landa <br> Series 6168 <br> Wheat Street NE** | **Landa <br> Series 6178 <br> Green Acres Drive SW** | **Landa <br> Series 6386 <br> Forester Way** |
| **Rental income** | $9240 | $2613 | $7683 | $3932 | $8339 | $5311 | $2803 | $4560 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 467 | 482 | 904 | 475 | 677 | 335 | 680 | 1360 |
| Homeowners association fees |  |  |  |  | 138 |  |  |  |
| Insurance expense | 532 | 172 | 428 | 146 | 242 | 179 | 214 | 284 |
| Repairs & maintenance |  |  |  |  |  | 1716 |  |  |
| Other expenses | - | - | - | - | - | - | - | - |
| Certain Operating Expenses | 999 | 654 | 1332 | 621 | 1057 | 2230 | 894 | 1644 |
| **Rental income in excess/(deficit) of certain expenses** | $8241 | $1959 | $6351 | $3311 | $7282 | $3081 | $1909 | $2916 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-713

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 6404 <br> Walnut Way** | **Landa <br> Series 643 <br> Sycamore Drive** | **Landa <br> Series 65 <br> Freedom Court** | **Landa <br> Series 653 <br> Georgetown Lane** | **Landa <br> Series 6635 <br> Kimberly Mill Road** | **Landa <br> Series 6653 <br> Bedford Road** | **Landa <br> Series 6710 <br> Sunset Hills Boulevard** | **Landa <br> Series 6762 <br> Bent Creek Drive** |
| **Rental income** | $7862 | $7470 | $9210 | $7306 | $2438 | $- | $6300 | $- |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 1162 | 1112 | 800 | 815 | 878 | 954 | 837 | 1001 |
| Homeowners association fees | 240 |  |  | 250 |  |  | 150 |  |
| Insurance expense | 266 | 224 | 244 | 273 | 243 | 222 | 221 | 203 |
| Repairs & maintenance |  | 937 | 365 |  |  |  |  |  |
| Other expenses | - | - | - | - | - | - | - | - |
| Certain Operating Expenses | 1668 | 2273 | 1409 | 1338 | 1121 | 1176 | 1208 | 1204 |
| **Rental income in excess/(deficit) of certain expenses** | $6194 | $5197 | $7801 | $5968 | $1317 | $(1176) | $5092 | $(1204) |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-714

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 683 <br> Wood Path Court** | **Landa <br> Series 70 <br> Shenandoah Lane** | **Landa <br> Series 709 <br> Georgetown Court** | **Landa <br> Series 7107 <br> Geiger Street NW** | **Landa <br> Series 7205 <br> Lakeview Drive SW** | **Landa <br> Series 750 <br> Georgetown Court** | **Landa <br> Series 752 <br> Chestnut Drive** | **Landa <br> Series 773 <br> Villa Way** |
| **Rental income** | $540 | $8885 | $1204 | $2465 | $3498 | $6625 | $5412 | $5862 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 1141 | 960 | 851 | 159 | 664 | 865 | 332 | 702 |
| Homeowners association fees |  |  | 250 |  |  | 250 |  | 330 |
| Insurance expense | 336 | 326 | 229 | 153 | 280 | 221 | 180 | 214 |
| Repairs & maintenance | 660 | 3384 | 72 | 82 |  |  |  | 401 |
| Other expenses | - | - | 314 | - | - | - | - | - |
| Certain Operating Expenses | 2137 | 4670 | 1716 | 394 | 944 | 1336 | 512 | 1647 |
| **Rental income in excess/(deficit) of certain expenses** | $(1597) | $4215 | $(512) | $2071 | $2554 | $5289 | $4900 | $4215 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-715

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 7781 <br> Mountain Creek Way** | **Landa <br> Series 7950 <br> Woodlake Drive** | **Landa <br> Series 80 <br> High Ridge Road** | **Landa <br> Series 800 <br> Mills Drive** | **Landa <br> Series 808 <br> Hillandale Lane** | **Landa <br> Series 8110 <br> Devonshire Drive** | **Landa <br> Series 8121 <br> Spillers Drive SW** | **Landa <br> Series 8233 <br> Creekline Court** |
| **Rental income** | $7872 | $7420 | $8100 | $2346 | $8730 | $7256 | $7314 | $6100 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 1081 | 912 | 913 | 702 | 1138 | 453 | 376 | 999 |
| Homeowners association fees |  |  |  |  | 600 |  |  |  |
| Insurance expense | 307 | 250 | 273 | 327 | 254 | 172 | 169 | 250 |
| Repairs & maintenance | 776 |  | 2450 | 304 | 515 |  |  | 2110 |
| Other expenses | - | - | - | - | - | - | - | - |
| Certain Operating Expenses | 2164 | 1162 | 3636 | 1333 | 2507 | 625 | 545 | 3359 |
| **Rental income in excess/(deficit) of certain expenses** | $5708 | $6258 | $4464 | $1013 | $6223 | $6631 | $6769 | $2741 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-716

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8302 <br> Sterling Lakes Drive** | **Landa <br> Series 840 <br> Park Villa Way** | **Landa <br> Series 843 <br> Tramore Drive** | **Landa <br> Series 85 <br> Kirkland Court** | **Landa <br> Series 85 <br> Thorn Thicket Way** | **Landa <br> Series 8658 <br> Ashley Way** | **Landa <br> Series 8667 <br> Ashley Way** | **Landa <br> Series 8671 <br> Ashley Way** |
| **Rental income** | $4848 | $- | $9920 | $6875 | $7375 | $1858 | $7040 | $6300 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 903 | 674 | 1065 | 924 | 1018 | 533 | 490 | 490 |
| Homeowners association fees | 100 | 330 |  |  |  |  |  |  |
| Insurance expense | 294 | 192 | 139 | 329 | 279 | 163 | 110 | 128 |
| Repairs & maintenance | 535 |  |  |  |  | 1298 | 128 | 128 |
| Other expenses | - | - | - | - | - | 299 | - | - |
| Certain Operating Expenses | 1832 | 1196 | 1204 | 1253 | 1297 | 2293 | 728 | 746 |
| **Rental income in excess/(deficit) of certain expenses** | $3016 | $(1196) | $8716 | $5622 | $6078 | $(435) | $6312 | $5554 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-717

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 8676 <br> Ashley Way** | **Landa <br> Series 8691 <br> Ashley Way** | **Landa <br> Series 8692 <br> Ashley Way** | **Landa <br> Series 8693 <br> Ashley Way** | **Landa <br> Series 8694 <br> Ashley Way** | **Landa <br> Series 8697 <br> Ashley Way** | **Landa <br> Series 8819 <br> Leafwood Court** | **Landa <br> Series 8855 <br> Rugby Court** |
| **Rental income** | $- | $- | $- | $- | $- | $5700 | $- | $6778 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 583 | 677 | 744 | 674 | 658 | 638 | 803 | 694 |
| Homeowners association fees |  |  |  |  |  |  |  |  |
| Insurance expense | 243 | 291 | 276 | 287 | 145 | 145 | 269 | 205 |
| Repairs & maintenance | 88 | 48 | 48 | 48 | 48 | 48 |  |  |
| Other expenses | - | - | - | - | - | - | - | - |
| Certain Operating Expenses | 914 | 1016 | 1068 | 1009 | 851 | 831 | 1072 | 899 |
| **Rental income in excess/(deficit) of certain expenses** | $(914) | $(1016) | $(1068) | $(1009) | $(851) | $4869 | $(1072) | $5879 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-718

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa <br> Series 9020 <br> Sterling Ridge Lane** | **Landa <br> Series 9150 <br> Spillers Drive SW** | **Landa <br> Series 925 <br> Mote Road** | **Landa <br> Series 94 <br> Hampton Oaks Drive** | **Landa <br> Series 9409 <br> Forest Knoll Drive** | **Landa <br> Series 9434 <br> Cedar Creek Place** | **Landa <br> Series 9597 <br> Pintail Trail** | **Landa <br> Series 974 <br> Laurel Street** |
| **Rental income** | $2505 | $5940 | $5170 | $6840 | $9729 | $7824 | $3354 | $7677 |
| **Rental expenses** |  |  |  |  |  |  |  |  |
| Real estate taxes | 784 | 808 | 633 | 420 | 968 | 1135 | 1150 | 998 |
| Homeowners association fees |  |  |  |  |  | 360 |  |  |
| Insurance expense | 252 | 238 | 301 | 252 | 296 | 290 | 251 | 264 |
| Repairs & maintenance |  |  | 82 | 321 |  |  |  | 915 |
| Other expenses | - | - | - | - | - | - | - | - |
| Certain Operating Expenses | 1036 | 1046 | 1016 | 993 | 1264 | 1785 | 1401 | 2177 |
| **Rental income in excess/(deficit) of certain expenses** | $1469 | $4894 | $4154 | $5847 | $8465 | $6039 | $1953 | $5500 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-719

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)**

**(CONTINUED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Landa <br> Series 1701 <br> Summerwoods Lane** | **Landa <br> Series 1741 <br> Park Lane** | **Total <br> Combined** |
| **Rental income** | $5985 | $4948 | $993719 |
| **Rental expenses** |  |  |  |
| Real estate taxes | 887 | 907 | 159103 |
| Homeowners association fees | 300 |  | 8885 |
| Insurance expense | 162 | 187 | 46898 |
| Repairs & maintenance | 149 |  | 189603 |
| Other expenses | - | 153 | 6163 |
| Certain Operating Expenses | 1498 | 1247 | 410652 |
| **Rental income in excess/(deficit) of certain expenses** | $4487 | $3701 | $583067 |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-720

**NOTES TO STATEMENT OF REVENUES AND CERTAIN EXPENSES<br> FOR THE SIX MONTHS ENDED JUNE 30, 2022**

**1.** **ORGANIZATION AND NATURE OF ACTIVITIES** 

The following table references the Single-Family Home Portfolio, which consists of one-hundred-eighty-six (186) single-family homes (each a "Property", and collectively, the "Properties"), located in the metropolitan area in the state of Georgia:

---

| | | |
|:---|:---|:---|
| **Series Name** | **Series Name** | **Series Name** |
| Landa Series 10 Oak Wood Lane | Landa Series 10 Windridge Drive | Landa Series 1000 Fox Valley Trail |
| Landa Series 1007 Leeward Way | Landa Series 10119 Commons Way | Landa Series 10121 Morris Drive SW |
| Landa Series 10183 Starr Street SW | Landa Series 103 Starlake Drive | Landa Series 104 Summerfield Drive |
| Landa Series 10433 Candlelight Rd | Landa Series 105 Anne Street | Landa Series 107 Oakwood Circle |
| Landa Series 109 Amberwood Lane | Landa Series 110 Shenandoah Drive | Landa Series 111 Fir Drive |
| Landa Series 1110 Parkview Drive | Landa Series 11187 Shannon Circle | Landa Series 112 Ridge Street |
| Landa Series 11322 Michelle Way | Landa Series 114 Starlake Drive | Landa Series 11447 S Grove Drive |
| Landa Series 1147 Village Way | Landa Series 115 Lakeview Drive | Landa Series 1160 Gable Terrace |
| Landa Series 1190 Kirkland Road | Landa Series 12 Mintz Street | Landa Series 120 Rosewood Drive |
| Landa Series 1201 Kilrush Drive | Landa Series 124 Libby Lane | Landa Series 126 E Mimosa Drive |
| Landa Series 12641 Alcovy Road | Landa Series 1320 Winona Avenue | Landa Series 133 Dove Landing |
| Landa Series 137 Southern Shores Road | Landa Series 138 Sandalwood Circle | Landa Series 140 High Ridge Road |
| Landa Series 141 Longstreet Circle | Landa Series 1443 Pebble Ridge Lane | Landa Series 1445 Maple Valley Court |
| Landa Series 146 Crystal Brook | Landa Series 1473 Brownleaf Drive | Landa Series 1485 Bola Court |
| Landa Series 1490 Diplomat Drive | Landa Series 153 Cliffside Court | Landa Series 157 Wells Road |
| Landa Series 160 Chimney Ridge Trail | Landa Series 164 Longstreet Circle | Landa Series 1666 W Poplar Street |
| Landa Series 168 Brookview Drive | Landa Series 1683 Spoonbill Road | Landa Series 1689 Viceroy Way |
| Landa Series 171 Davidson Drive | Landa Series 1768 Glen View Way | Landa Series 181 Watercress Court |
| Landa Series 188 Timberline Road | Landa Series 189 Shenandoah Drive | Landa Series 1903 Old Concord Drive SE |
| Landa Series 195 Branchwood Drive | Landa Series 195 Fairclift Drive | Landa Series 195 Hunters Trace |
| Landa Series 196 Montego Circle | Landa Series 20 Chimney Smoke Drive | Landa Series 204 N Main Court |
| Landa Series 2055 Grove Way | Landa Series 212 Fleeta Drive | Landa Series 215 Central Lake Circle |
| Landa Series 217 Glenloch Court | Landa Series 2177 E Chester Circle SE | Landa Series 221 Lakeview Drive |
| Landa Series 2264 Chestnut Hill Circle | Landa Series 235 Lazy Hollow Lane | Landa Series 2425 Cornell Circle |
| Landa Series 2443 Hodges Farm Road | Landa Series 25 Pleasant Valley Road | Landa Series 253 Marco Drive |
| Landa Series 255 Countryside Lane | Landa Series 258 Rocky Point Road | Landa Series 263 Rocky Point Road |
| Landa Series 268 Brookview Drive | Landa Series 270 Mountain Lane | Landa Series 270 Mountain Way |
| Landa Series 270 Pleasant Hill Drive | Landa Series 2794 Norfair Loop | Landa Series 2813 Vicksburg Court |
| Landa Series 2933 Coffer Drive | Landa Series 30 High Ridge Road | Landa Series 30 Roosevelt Road |
| Landa Series 3011 Raintree Drive SE | Landa Series 304 Cedar Street | Landa Series 304 Deerfield Drive |
| Landa Series 3043 Highway 81 S | Landa Series 313 Blue Heron Drive | Landa Series 3202 Chippewa Drive |
| Landa Series 35 Clay Court | Landa Series 350 Cadiz Lane S | Landa Series 351 Wesley Park Drive |
| Landa Series 3603 Manhattan Drive | Landa Series 3667 Patti Parkway | Landa Series 404 Barberry Lane |
| Landa Series 412 Kendall Lane | Landa Series 416 Autumn Lake Court | Landa Series 43 Darwin Drive |
| Landa Series 432 Manor Estates Drive | Landa Series 440 Freestone Drive | Landa Series 4447 Lake Breeze Drive |
| Landa Series 445 Independence Drive | Landa Series 449 Kara Lane | Landa Series 45 Blue Jay Drive |
| Landa Series 45 Laurel Way | Landa Series 4702 Saint James Way | Landa Series 4732 Pinedale Drive |
| Landa Series 497 Highway 212 | Landa Series 5039 East Street | Landa Series 5040 Huntshire Lane |
|  | Landa Series 513 Jarrett Court | Landa Series 5143 Pinecrest Drive SW |
| Landa Series 524 Sawmill Road | Landa Series 5329 Shirewick Lane | Landa Series 540 Cowan Road |
| Landa Series 5411 Rocky Pine Drive | Landa Series 55 Myrtle Grove Lane | Landa Series 550 Cowan Road |
|  | Landa Series 5581 Fox Glen Circle | Landa Series 565 Mountainview Drive |

---

F-721

---

| | | |
|:---|:---|:---|
| **Series Name** | **Series Name** | **Series Name** |
| Landa Series 5737 Strathmoor Manor Circle | Landa Series 5801 Strathmoor Manor Circle | Landa Series 6104-6106 Oakwood Circle SW |
| Landa Series 6107 Shadow Glen Court | Landa Series 6111-6113 Pine Glen Circle SW | Landa Series 6119 Pineneedle Drive SW |
| Landa Series 615 Barshay Drive | Landa Series 6168 Wheat Street NE | Landa Series 6178 Green Acres Drive SW |
| Landa Series 6386 Forester Way | Landa Series 6404 Walnut Way | Landa Series 643 Sycamore Drive |
| Landa Series 65 Freedom Court | Landa Series 653 Georgetown Lane | Landa Series 6635 Kimberly Mill Road |
| Landa Series 6653 Bedford Road | Landa Series 6710 Sunset Hills Boulevard | Landa Series 6762 Bent Creek Drive |
| Landa Series 683 Wood Path Court | Landa Series 70 Shenandoah Lane | Landa Series 709 Georgetown Court |
| Landa Series 7107 Geiger Street NW | Landa Series 7205 Lakeview Drive SW | Landa Series 750 Georgetown Court |
| Landa Series 752 Chestnut Drive | Landa Series 773 Villa Way | Landa Series 7781 Mountain Creek Way |
| Landa Series 7950 Woodlake Drive | Landa Series 80 High Ridge Road | Landa Series 800 Mills Drive |
| Landa Series 808 Hillandale Lane | Landa Series 8110 Devonshire Drive | Landa Series 8121 Spillers Drive SW |
| Landa Series 8233 Creekline Court | Landa Series 8302 Sterling Lakes Drive | Landa Series 840 Park Villa Way |
| Landa Series 843 Tramore Drive | Landa Series 85 Kirkland Court | Landa Series 85 Thorn Thicket Way |
| Landa Series 8658 Ashley Way | Landa Series 8667 Ashley Way | Landa Series 8671 Ashley Way |
| Landa Series 8676 Ashley Way | Landa Series 8691 Ashley Way | Landa Series 8692 Ashley Way |
| Landa Series 8693 Ashley Way | Landa Series 8694 Ashley Way | Landa Series 8697 Ashley Way |
| Landa Series 8819 Leafwood Court | Landa Series 8855 Rugby Court | Landa Series 9020 Sterling Ridge Lane |
| Landa Series 9150 Spillers Drive SW | Landa Series 925 Mote Road | Landa Series 94 Hampton Oaks Drive |
| Landa Series 9409 Forest Knoll Drive | Landa Series 9434 Cedar Creek Place | Landa Series 9597 Pintail Trail |
| Landa Series 974 Laurel Street | Landa Series 1701 Summerwoods Lane | Landa Series 1741 Park Lane |

---

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

<u>Basis of Presentation</u>

The accompanying statement of revenues and certain operating expenses is presented in conformity with accounting principles generally accepted in the United States of America and in accordance with the provisions of Article 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission (the "SEC"), which requires certain information with respect to real estate operations be included with certain filings with the SEC.

Accordingly, the statement excludes certain historical income and expenses that are not comparable to the proposed future operations of the Property such as certain ancillary income, amortization, depreciation, interest, management fees, utilities and corporate expenses. Therefore, the statement will not be comparable to the statements of operations of the Property after its acquisition by the respective Series listed above and are not intended to be a complete representation of the Property's revenues and expenses.

<u>Revenue</u>

Revenues from rental properties are recognized on a straight-line basis over the terms of the respective leases when collectability is reasonably assured and when the tenant has taken possession or controls the physical use of the leased asset. Leases are generally for one year or less.

<u>Use of Estimates</u>

The preparation of the statement of revenues and certain operating expenses in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of revenues and certain operating expenses during the reporting period. Actual results could differ from those estimates.

<u>Subsequent Events</u>

Subsequent events have been evaluated through January 31, 2023 the date the accompanying statement of revenues and certain operating expenses was available to be issued.

F-722

**INDEPENDENT AUDITORS' REPORT**

To the Manager of

Landa App LLC

***Opinion***

 ****

We have audited the accompanying combined statements of revenues and certain operating expenses in total and for each listed property of the Landa App LLC (Landa App) Landa App Series Group (Series) as disclosed in Note 1, for the year ended December 31, 2021, and the related notes to the combined statements of revenues and certain expenses (collectively referred to as the "financial statements").

In our opinion, the financial statements referred to above present fairly, in all material respects, the combined statements of revenues and certain operating expenses, described in Note 2, of the Landa App LLC (Landa App) Landa App Series Group (Series) for the year ended December 31, 2021 in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Landa App LLC (Landa App) Landa App Series Group (Series) and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

***Emphasis of Matter***

We draw attention to Note 2 to the financial statement, which describes that the accompanying financial statements were prepared for the purpose of complying with the rules and regulations of Article 3-14 of Regulation S-X of the U.S. Securities and Exchange Commission and it is not intended to be a complete presentation of the Landa App LLC (Landa App) Landa App Series Group (Series) combined statements of revenues and certain expenses.

***Responsibilities of Management for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

***Auditor's Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

· Exercise
 professional judgment and maintain professional skepticism throughout the audit.

· Identify
 and assess the risks of material misstatement of the financial statements, whether due to
 fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
 include examining, on a test basis, evidence regarding the amounts and disclosures in the
 financial statements.

· Evaluate
 the appropriateness of accounting policies used and the reasonableness of significant accounting
 estimates made by management, as well as evaluate the overall presentation of the financial
 statements.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ Marcum LLP

New York, NY

August 2, 2022

F-723

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 10 Oak Wood Lane** | **Landa Series 10 Windridge Drive** | **Landa Series 1000 Fox Valley Trail** | **Landa Series 1007 Leeward Way** | **Landa Series 10119 Commons Way** | **Landa Series 10121 Morris Drive SW** | **Landa Series 10183 Starr Street SW** | **Landa Series 103 Starlake Drive** |
| **Rental Income** | $**14731** | $**12055** | $**15156** | $**12672** | $**14214** | $**11520** | $**11725** | $**12849** |
| **Rental Expenses** |  |  |  |  |  |  |  |  |
| Real Estate Taxes | 1248 | 1369 | 2860 | 1927 | 2256 | 1026 | 1043 | 1493 |
| Homeowner Association Fees |  |  |  |  |  |  |  |  |
| Property Insurance | 864 | 671 | 874 | 908 | 1198 | 382 | 1074 | 1009 |
| Repairs and Maintenance | 515 | 2515 | 805 | 185 | 461 | 1275 | 812 | 299 |
| Other Expenses | 94 | 361 | - | - | - | - | - | - |
| Certain Operating Expenses | 2721 | 4916 | 4539 | 3020 | 3915 | 2683 | 2929 | 2801 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**12010** | $**7139** | $**10617** | $**9652** | $**10299** | $**8837** | $**8796** | $**10048** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-724

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa<br> Series 104 Summerfield Drive** | **Landa<br> Series 10433 Candlelight Rd** | **Landa Series 105 Anne Street** | **Landa Series 107 Oakwood Circle** | **Landa<br> Series 109 Amberwood Lane** | **Landa<br> Series 110 Shenandoah Drive** | **Landa Series 111 Fir Drive** | **Landa Series 1110 Parkview Drive** |
| **Rental Income** | $**13992** | $**13848** | $**12965** | $**10350** | $**10765** | $**13758** | $**11646** | $**11100** |
| **Rental Expenses** |  |  |  |  |  |  |  |  |
| Real Estate Taxes | 2282 | 2049 | 973 | 811 | 977 | 1598 | 1383 | 871 |
| Homeowner Association Fees |  |  |  |  |  |  |  |  |
| Property Insurance | 848 | 693 | 667 | 715 | 863 | 1166 | 793 | 683 |
| Repairs and Maintenance | 1545 |  | 2055 |  | 640 | 2035 |  | 2538 |
| Other Expenses | - | - | - | - | - | - | 188 | - |
| Certain Operating Expenses | 4675 | 2742 | 3695 | 1526 | 2480 | 4799 | 2364 | 4092 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**9317** | $**11106** | $**9270** | $**8824** | $**8285** | $**8959** | $**9282** | $**7008** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-725

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 11187 Shannon Circle** | **Landa Series 112 Ridge Street** | **Landa Series 11322 Michelle Way** | **Landa Series 114 Starlake Drive** | **Landa Series 11447 S Grove Drive** | **Landa Series 1147 Village Way** | **Landa Series 115 Lakeview Drive** | **Landa Series 1160 Gable Terrace** |
| **Rental Income** | $**12468** | $**13909** | $**12924** | $**13136** | $**12670** | $**10998** | $**14250** | $**14407** |
| **Rental Expenses** |  |  |  |  |  |  |  |  |
| Real Estate Taxes | 1719 | 2210 | 1497 | 1477 | 1621 | 2390 | 2182 | 2699 |
| Homeowner Association Fees |  |  | 480 |  | 450 | 2533 |  |  |
| Property Insurance | 789 | 1117 | 723 | 713 | 668 | 870 | 1063 | 1229 |
| Repairs and Maintenance | 1548 | 485 | 945 | 676 | 130 | 7438 |  | 1835 |
| Other Expenses | - | - | - | - | - | 183 | - | - |
| Certain Operating Expenses | 4056 | 3812 | 3645 | 2866 | 2869 | 13414 | 3245 | 5763 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**8412** | $**10097** | $**9279** | $**10270** | $**9801** | $**(2416)** | $**11005** | $**8644** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-726

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 1190 Kirkland Road** | **Landa Series 12 Mintz Street** | **Landa<br> Series 120 Rosewood Drive** | **Landa Series 1201 Kilrush Drive** | **Landa Series 124 Libby Lane** | **Landa Series 126 E Mimosa Drive** | **Landa Series 12641 Alcovy Road** |
| **Rental Income** | **13777** | **12256** | **14088** | **26337** | **12868** | **10306** | **11118** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 1383 | 1615 | 2152 | 3196 | 1143 | 885 | 1472 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance | 694 | 1038 | 1073 | 2041 | 589 | 513 | 577 |
| Repairs and Maintenance | 8920 | 909 | 610 | 1585 | 1594 | 95 | 1790 |
| Other Expenses | - | - | 95 | - | - | - | 52 |
| Certain Operating Expenses | 10997 | 3562 | 3930 | 6822 | 3326 | 1493 | 3891 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**2780** | $**8694** | $**10158** | $**19515** | $**9542** | $**8813** | $**7227** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-727

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 1320 Winona Avenue** | **Landa Series 133 Dove Landing** | **Landa Series 137 Southern Shores Road** | **Landa<br> Series 138 Sandalwood Circle** | **Landa Series 140 High Ridge Road** | **Landa<br> Series 141 Longstreet Circle** | **Landa Series 1443 Pebble Ridge Lane** |
| **Rental Income** | $**3800** | $**11790** | $**12457** | $**10569** | $**12385** | $**13490** | $**13752** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 652 | 284 | 1367 | 1140 | 1516 | 1511 | 2040 |
| Homeowner Association Fees |  |  |  | 1261 |  |  |  |
| Property Insurance | 493 | 980 | 789 | 613 | 1023 | 855 | 775 |
| Repairs and Maintenance | 8060 | 1206 | 237 | 2502 | 1375 | 1237 |  |
| Other Expenses | 269 | - | - | 200 | - | - | - |
| Certain Operating Expenses | 9474 | 2470 | 2393 | 5716 | 3914 | 3603 | 2815 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**(5674)** | $**9320** | $**10064** | $**4853** | $**8471** | $**9887** | $**10937** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-728

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 1445 Maple Valley Court** | **Landa Series 146 Crystal Brook** | **Landa<br> Series 1473 Brownleaf Drive** | **Landa Series 1485 Bola Court** | **Landa Series 1490 Diplomat Drive** | **Landa Series 153 Cliffside Court** |
| **Rental Income** | $**13620** | $**12051** | $**11824** | $**12550** | $**11025** | $**10221** |
| **Rental Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 1253 | 1659 | 1395 | 1348 | 2818 | 785 |
| Homeowner Association Fees | 360 |  |  |  |  |  |
| Property Insurance | 543 | 540 | 750 | 871 | 739 | 670 |
| Repairs and Maintenance |  | 356 |  | 135 | 6736 | 120 |
| Other Expenses | - | - | - | 95 | 46 | - |
| Certain Operating Expenses | 2156 | 2555 | 2145 | 2449 | 10339 | 1575 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**11464** | $**9496** | $**9679** | $**10101** | $**686** | $**8646** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-729

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 157 Wells Road** | **Landa Series 160 Chimney Ridge Trail** | **Landa<br> Series 164 Longstreet Circle** | **Landa Series 1666 W Poplar Street** | **Landa<br> Series 168 Brookview Drive** | **Landa<br> Series 1683 Spoonbill Road** | **Landa Series 1689 Viceroy Way** |
| **Rental Income** | $**10353** | $**14012** | $**13404** | $**12952** | $**6923** | $**11320** | $**15720** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 1282 | 2082 | 1813 | 920 | 1261 | 1388 | 3344 |
| Homeowner Association Fees |  |  |  |  | 622 |  |  |
| Property Insurance | 871 | 1063 | 963 | 848 | 635 | 931 | 885 |
| Repairs and Maintenance | 2750 | 4085 | 185 | 130 | 968 | 2110 | 1460 |
| Other Expenses | - | 416 | - | - | - | 620 | 200 |
| Certain Operating Expenses | 4903 | 7646 | 2961 | 1898 | 3486 | 5049 | 5889 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**5450** | $**6366** | $**10443** | $**11054** | $**3437** | $**6271** | $**9831** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-730

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 171 Davidson Drive** | **Landa Series 1768 Glen View Way** | **Landa Series 181 Watercress Court** | **Landa Series 188 Timberline Road** | **Landa Series 189 Shenandoah Drive** | **Landa Series 1903 Old Concord Drive SE** | **Landa Series 195 Branchwood Drive** | **Landa Series 195 Fairclift Drive** |
| **Rental Income** | $**13424** | $**7806** | $**11626** | $**9702** | $**12683** | $**12718** | $**13356** | $**14628** |
| **Rental Expenses** |  |  |  |  |  |  |  |  |
| Real Estate Taxes | 1691 | 1371 | 1806 | 366 | 1721 | 1294 | 1578 | 1231 |
| Homeowner Association Fees |  | 248 | 261 |  |  |  |  |  |
| Property Insurance | 781 | 607 | 835 | 465 | 663 | 809 | 801 | 920 |
| Repairs and Maintenance | 4690 | 7030 | 3499 | 280 | 4065 | 990 | 1190 | 999 |
| Other Expenses | 236 | 139 | 432 | - | 470 | - | - | - |
| Certain Operating Expenses | 7398 | 9395 | 6833 | 1111 | 6919 | 3093 | 3569 | 3150 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**6026** | $**(1589)** | $**4793** | $**8591** | $**5764** | $**9625** | $**9787** | $**11478** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-731

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 195 Hunters Trace** | **Landa Series 196 Montego Circle** | **Landa Series 20 Chimney Smoke Drive** | **Landa Series 204<br> N Main Court** | **Landa Series 2055 Grove Way** | **Landa Series 212 Fleeta Drive** | **Landa Series 215 Central Lake Circle** |
| **Rental Income** | $**13045** | $**12853** | $**13200** | $**13239** | $**8795** | $**12565** | $**10118** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 1628 | 1591 | 2289 | 1816 | 1532 | 1379 | 1171 |
| Homeowner Association Fees |  |  |  |  | 450 |  |  |
| Property Insurance | 1071 | 868 | 1122 | 889 | 838 | 733 | 574 |
| Repairs and Maintenance | 276 |  | 2110 | 275 | 1631 | 3510 | 485 |
| Other Expenses | - | - | - | - | - | 128 | 94 |
| Certain Operating Expenses | 2975 | 2459 | 5521 | 2980 | 4451 | 5750 | 2324 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**10070** | $**10394** | $**7679** | $**10259** | $**4344** | $**6815** | $**7794** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-732

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 217 Glenloch Court** | **Landa Series 2177 E Chester Circle SE** | **Landa Series 221 Lakeview Drive** | **Landa Series 2264 Chestnut Hill Circle** | **Landa Series 235 Lazy Hollow Lane** | **Landa Series 2425 Cornell Circle** | **Landa Series 2443 Hodges Farm Road** |
| **Rental Income** | $**15716** | $**15728** | $**13434** | $**16572** | $**13554** | $**17034** | $**14442** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 2435 | 1395 | 2357 | 3817 | 1772 | 2914 | 1423 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance | 1326 | 1028 | 1093 | 1200 | 1176 | 1238 | 1080 |
| Repairs and Maintenance | 2450 | 495 | 329 | 2842 | 505 | 490 | 420 |
| Other Expenses | 318 | - | - | 140 | - | - | - |
| Certain Operating Expenses | 6529 | 2918 | 3779 | 7999 | 3453 | 4642 | 2923 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**9187** | $**12810** | $**9655** | $**8573** | $**10101** | $**12392** | $**11519** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-733

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 25 Pleasant Valley Road** | **Landa Series 253 Marco Drive** | **Landa Series 255 Countryside Lane** | **Landa Series 258 Rocky Point Road** | **Landa Series 263 Rocky Point Road** | **Landa Series 268 Brookview Drive** | **Landa Series 270 Mountain Lane** | **Landa Series 270 Mountain Way** |
| **Rental Income** | $**12415** | $**11071** | $**13290** | **12532** | $**14544** | $**11100** | $**13992** | $**12580** |
| **Rental Expenses** |  |  |  |  |  |  |  |  |
| Real Estate Taxes | 2040 | 360 | 1575 | 2059 | 1415 | 1264 | 1477 | 1431 |
| Homeowner Association Fees |  |  |  |  |  | 622 |  |  |
| Property Insurance | 901 | 584 | 1154 | 979 | 1124 | 635 | 871 | 1108 |
| Repairs and Maintenance | 3672 | 450 | 686 | 4910 | 727 |  |  | 4102 |
| Other Expenses | - | - | - | 215 | - | - | - | - |
| Certain Operating Expenses | 6613 | 1394 | 3415 | 8163 | 3266 | 2521 | 2348 | 6641 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**5802** | $**9677** | $**9875** | $**4369** | $**11278** | $**8927** | $**11644** | $**5939** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-734

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 270 Pleasant Hill Drive** | **Landa Series 2794 Norfair Loop** | **Landa Series 2813 Vicksburg Court** | **Landa Series 2933 Coffer Drive** | **Landa Series 30 High Ridge Road** | **Landa Series 30 Roosevelt Road** | **Landa Series 3011 Raintree Drive SE** |
| **Rental Income** | $**14317** | $**12231** | $**16630** | $**11705** | $**12660** | $**14499** | $**14145** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 1503 | 2562 | 1524 | 1191 | 1378 | 2143 | 2107 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance | 1176 | 817 | 1093 | 586 | 662 | 1155 | 1051 |
| Repairs and Maintenance |  | 911 | 725 | 670 | 2008 | 390 |  |
| Other Expenses | - | - | - | - | - | - | - |
| Certain Operating Expenses | 2679 | 4290 | 3342 | 2447 | 4048 | 3688 | 3158 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**11638** | $**7941** | $**13288** | $**9258** | $**8612** | $**10811** | $**10987** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-735

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 304 Cedar Street** | **Landa Series 304 Deerfield Drive** | **Landa<br> Series 3043 Highway 81 S** | **Landa<br> Series 313 Blue Heron Drive** | **Landa<br> Series 3202 Chippewa Drive** | **Landa Series 35 Clay Court** | **Landa Series 350 Cadiz Lane S** |
| **Rental Income** | $**11772** | $**8715** | $**9152** | $**13550** | $**12690** | $**14154** | $**13816** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 1883 | 1782 | 772 | 2131 | 1378 | 1667 | 1564 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance | 767 | 841 | 663 | 1064 | 1232 | 977 | 936 |
| Repairs and Maintenance | 950 | 5057 | 3730 | 1670 | 4027 | 3135 | 1960 |
| Other Expenses | - | 440 | 240 | - | 376 | - | - |
| Certain Operating Expenses | 3600 | 8120 | 5405 | 4865 | 7013 | 5779 | 4460 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**8172** | $**595** | $**3747** | $**8685** | $**5677** | $**8375** | $**9356** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-736

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 351 Wesley Park Drive** | **Landa Series 3603 Manhattan Drive** | **Landa Series 3667 Patti Parkway** | **Landa Series 404 Barberry Lane** | **Landa Series 412 Kendall Lane** | **Landa Series 416 Autumn Lake Court** | **Landa Series 43 Darwin Drive** |
| **Rental Income** | $**12233** | $**13200** | $**18604** | $**13336** | $**14202** | $**13812** | $**10813** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 1709 | 2578 | 3309 | 1894 | 1876 | 1876 | 1407 |
| Homeowner Association Fees |  |  |  |  | 325 | 250 |  |
| Property Insurance | 974 | 1143 | 1392 | 744 | 735 | 959 | 979 |
| Repairs and Maintenance | 1533 |  | 2641 | 967 | 362 |  | 1791 |
| Other Expenses | - | - | - | - | - | - | - |
| Certain Operating Expenses | 4216 | 3721 | 7342 | 3605 | 3298 | 3085 | 4177 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**8017** | $**9479** | $**11262** | $**9731** | $**10904** | $**10727** | $**6636** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-737

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 432 Manor Estates Drive** | **Landa<br> Series 440 Freestone Drive** | **Landa Series 4447 Lake Breeze Drive** | **Landa <br> Series 445 Independence Drive** | **Landa Series 449 Kara Lane** | **Landa Series 45 Blue Jay Drive** | **Landa Series 45 Laurel Way** |
| **Rental Income** | $**13980** | $**15852** | $**15980** | $**14165** | $**13095** | $**18955** | $**14544** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 1991 | 1324 | 3266 | 1920 | 1986 | 2284 | 1706 |
| Homeowner Association Fees |  |  |  |  | 200 |  |  |
| Property Insurance | 815 | 1296 | 1637 | 735 | 741 | 1437 | 727 |
| Repairs and Maintenance |  | 1915 | 255 |  | 589 | 360 | 588 |
| Other Expenses | - | - | 140 | - | 111 | - | - |
| Certain Operating Expenses | 2806 | 4535 | 5298 | 2655 | 3627 | 4081 | 3021 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**11174** | $**11317** | $**10682** | $**11510** | $**9468** | $**14874** | $**11523** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-738

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 4702 Saint James Way** | **Landa Series 4732 Pinedale Drive** | **Landa Series 497 Highway 212** | **Landa Series 5039 East Street** | **Landa<br> Series 5040 Huntshire Lane** | **Landa Series 513 Jarrett Court** |
| **Rental Income** | $**13200** | $**11340** | $**10880** | $**9300** | $**14917** | $**14184** |
| **Rental Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 2431 | 1168 | 1145 | 923 | 3907 | 2068 |
| Homeowner Association Fees | 550 |  |  |  | 525 |  |
| Property Insurance | 878 | 651 | 756 | 695 | 745 | 865 |
| Repairs and Maintenance | 130 | 1375 |  | 485 | 5738 | 450 |
| Other Expenses | - | - | - | - | 760 | - |
| Certain Operating Expenses | 3989 | 3194 | 1901 | 2103 | 11675 | 3383 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**9211** | $**8146** | $**8979** | $**7197** | $**3242** | $**10801** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-739

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 5143 Pinecrest Drive SW** | **Landa Series 524 Sawmill Road** | **Landa Series 5329 Shirewick Lane** | **Landa Series 540 Cowan Road** | **Landa Series 5411 Rocky Pine Drive** | **Landa Series 55 Myrtle Grove Lane** | **Landa Series 550 Cowan Road** |
| **Rental Income** | $**11016** | $**12528** | $**15725** | $**12601** | $**14283** | $**12425** | $**11940** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 932 | 1169 | 2908 | 1259 | 2769 | 1490 | 1060 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance | 418 | 864 | 1253 | 780 | 756 | 1116 | 730 |
| Repairs and Maintenance | 1429 | 4802 | 1260 | 754 |  | 4050 | 3468 |
| Other Expenses | - | - | - | - | - | 232 | - |
| Certain Operating Expenses | 2779 | 6835 | 5421 | 2793 | 3525 | 6888 | 5258 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**8237** | $**5693** | $**10304** | $**9808** | $**10758** | $**5537** | $**6682** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-740

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 5581 Fox Glen Circle** | **Landa<br> Series 565 Mountainview Drive** | **Landa<br> Series 5737 Strathmoor Manor Circle** | **Landa<br> Series 5801 Strathmoor Manor Circle** | **Landa Series 6104-6106 Oakwood Circle SW** | **Landa Series 6107 Shadow Glen Court** | **Landa<br> Series<br> 6111-6113 <br> Pine Glen<br> Circle SW** |
| **Rental Income** | $**17525** | $**12973** | $**13902** | $**12301** | $**9402** | $**10257** | $**20033** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 4146 | 1809 | 1900 | 1860 | 934 | 964 | 904 |
| Homeowner Association Fees |  |  | 852 | 275 |  |  |  |
| Property Insurance | 1769 | 915 | 901 | 869 | 705 | 461 | 752 |
| Repairs and Maintenance | 2625 | 3920 | 120 |  |  | 700 | 1585 |
| Other Expenses | - | - | 250 | - | - | - | - |
| Certain Operating Expenses | 8540 | 6644 | 4023 | 3250 | 1639 | 2125 | 3241 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**8985** | $**6329** | $**9879** | $**9051** | $**7763** | $**8132** | $**16792** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-741

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 6119 Pineneedle Drive SW** | **Landa Series 615 Barshay Drive** | **Landa Series 6168 Wheat Street NE** | **Landa Series 6178 Green Acres Drive SW** | **Landa Series 6386 Forester Way** | **Landa Series 6404 Walnut Way** |
| **Rental Income** | $**11572** | $**14259** | $**9829** | $**11484** | $**13420** | $**15349** |
| **Rental Expenses** |  |  |  |  |  |  |
| Real Estate Taxes | 950 | 1354 | 670 | 1360 | 2720 | 1564 |
| Homeowner Association Fees |  | 2538 |  |  |  | 480 |
| Property Insurance | 646 | 1099 | 462 | 632 | 735 | 1218 |
| Repairs and Maintenance | 1941 | 1935 | 2171 | 2806 |  | 200 |
| Other Expenses | 119 | - | - | - | - | 243 |
| Certain Operating Expenses | 3656 | 6926 | 3303 | 4798 | 3455 | 3705 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**7916** | $**7333** | $**6526** | $**6686** | $**9965** | $**11644** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-742

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 643 Sycamore Drive** | **Landa Series 65 Freedom Court** | **Landa Series 653 Georgetown Lane** | **Landa Series 6635 Kimberly Mill Road** | **Landa Series 6653 Bedford Road** | **Landa Series 6710 Sunset Hills Boulevard** | **Landa Series 6762 Bent Creek Drive** |
| **Rental Income** | $**14381** | $**13779** | $**12164** | $**14629** | $**11701** | $**12105** | $**12584** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 2235 | 1600 | 1630 | 1756 | 1909 | 1673 | 2002 |
| Homeowner Association Fees |  |  | 500 |  |  | 300 |  |
| Property Insurance | 746 | 1127 | 665 | 681 | 930 | 867 | 1046 |
| Repairs and Maintenance |  |  | 983 | 516 | 2320 | 1260 | 70 |
| Other Expenses | - | - | - | 200 | - | - | - |
| Certain Operating Expenses | 2981 | 2727 | 3778 | 3153 | 5159 | 4100 | 3118 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**11400** | $**11052** | $**8386** | $**11476** | $**6542** | $**8005** | $**9466** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-743

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 683 Wood Path Court** | **Landa Series 70 Shenandoah Lane** | **Landa Series 709 Georgetown Court** | **Landa Series 7107 Geiger Street NW** | **Landa Series 7205 Lakeview Drive SW** | **Landa Series 750 Georgetown Court** | **Landa Series 752 Chestnut Drive** | **Landa Series 773 Villa Way** |
| **Rental Income** | $**14952** | $**13665** | $**13822** | $**10052** | $**13794** | $**12704** | $**10309** | $**8640** |
| **Rental Expenses** |  |  |  |  |  |  |  |  |
| Real Estate Taxes | 2281 | 1920 | 1711 | 318 | 1328 | 1730 | 665 | 1087 |
| Homeowner Association Fees |  |  | 831 |  |  | 801 |  | 681 |
| Property Insurance | 712 | 874 | 649 | 490 | 831 | 860 | 491 | 332 |
| Repairs and Maintenance | 320 | 2300 | 1312 | 559 | 185 |  | 470 | 12916 |
| Other Expenses | - | - | - | 119 | - | - | - | - |
| Certain Operating Expenses | 3313 | 5094 | 4503 | 1486 | 2344 | 3391 | 1626 | 15016 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**11639** | $**8571** | $**9319** | $**8566** | $**11450** | $**9313** | $**8683** | $**(6376)** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-744

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 7781 Mountain Creek Way** | **Landa Series 7950 Woodlake Drive** | **Landa Series 80 High Ridge Road** | **Landa Series 800 Mills Drive** | **Landa Series 808 Hillandale Lane** | **Landa Series 8110 Devonshire Drive** | **Landa Series 8121 Spillers Drive SW** |
| **Rental Income** | $**14445** | $**12678** | $**12475** | $**13942** | $**15225** | $**11355** | $**11136** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 2161 | 1825 | 1826 | 1404 | 2277 | 906 | 752 |
| Homeowner Association Fees |  |  |  |  | 1355 |  |  |
| Property Insurance | 1128 | 858 | 1038 | 778 | 911 | 500 | 414 |
| Repairs and Maintenance | 2890 | 2832 | 5694 |  | 1335 | 3470 | 360 |
| Other Expenses | 200 | 38 | 127 | - | - | 296 | - |
| Certain Operating Expenses | 6379 | 5553 | 8685 | 2182 | 5878 | 5172 | 1526 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**8066** | $**7125** | $**3790** | $**11760** | $**9347** | $**6183** | $**9610** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-745

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 8233 Creekline Court** | **Landa Series 8302 Sterling Lakes Drive** | **Landa Series 840 Park Villa Way** | **Landa Series 843 Tramore Drive** | **Landa Series 85 Kirkland Court** | **Landa Series 85 Thorn Thicket Way** | **Landa Series 8658 Ashley Way** | **Landa Series 8667 Ashley Way** |
| **Rental Income** | $**11832** | $**13871** | $**9695** | $**5160** | $**14128** | $**14093** | $**4983** | $**2803** |
| **Rental Expenses** |  |  |  |  |  |  |  |  |
| Real Estate Taxes | 2009 | 1806 | 1043 | 939 | 1848 | 2036 | 478 | 440 |
| Homeowner Association Fees |  | 200 | 661 |  |  |  |  |  |
| Property Insurance | 728 | 1351 | 318 | 208 | 1168 | 887 | 164 | 167 |
| Repairs and Maintenance | 5908 | 1553 | 3600 | 388 | 4548 | 285 | 587 | 8287 |
| Other Expenses | - | - | - | - | 384 | 200 | - | - |
| Certain Operating Expenses | 8645 | 4910 | 5622 | 1535 | 7948 | 3408 | 1229 | 8894 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**3187** | $**8961** | $**4073** | $**3625** | $**6180** | $**10685** | $**3754** | $**(6091)** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-746

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 8671 Ashley Way** | **Landa Series 8676 Ashley Way** | **Landa Series 8691 Ashley Way** | **Landa Series 8692 Ashley Way** | **Landa Series 8693 Ashley Way** | **Landa Series 8694 Ashley Way** | **Landa Series 8697 Ashley Way** | **Landa Series 8819 Leafwood Court** |
| **Rental Income** | $**4505** | $**-** | $**-** | $**-** | $**-** | $**-** | **5118** | **11520** |
| **Rental Expenses** |  |  |  |  |  |  |  |  |
| Real Estate Taxes | 440 | 524 | 608 | 668 | 606 | 591 | 573 | 1606 |
| Homeowner Association Fees |  |  |  |  |  |  |  |  |
| Property Insurance | 168 | 178 | 205 | 192 | 197 | 185 | 189 | 783 |
| Repairs and Maintenance | 798 | 17214 | 641 | 420 |  | 1205 | 9040 | 145 |
| Other Expenses | - | - | - | - | - | - | - | - |
| Certain Operating Expenses | 1406 | 17916 | 1454 | 1280 | 803 | 1981 | 9802 | 2534 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**3099** | $**(17916)** | $**(1454)** | $**(1280)** | $**(803)** | $**(1981)** | $**(4684)** | $**8986** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-747

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 8855 Rugby Court** | **Landa Series 9020 Sterling Ridge Lane** | **Landa Series 9150 Spillers Drive SW** | **Landa Series 925 Mote Road** | **Landa Series 94 Hampton Oaks Drive** | **Landa Series 9409 Forest Knoll Drive** | **Landa Series 9434 Cedar Creek Place** |
| **Rental Income** | $**10681** | $**12650** | $**11790** | $**12113** | $**13160** | $**13820** | $**15130** |
| **Rental Expenses** |  |  |  |  |  |  |  |
| Real Estate Taxes | 1388 | 1567 | 1615 | 1267 | 1521 | 1937 | 2269 |
| Homeowner Association Fees |  |  |  |  |  |  |  |
| Property Insurance | 523 | 837 | 960 | 596 | 896 | 794 | 1109 |
| Repairs and Maintenance | 5403 | 328 | 555 | 170 | 205 | 70 | 1375 |
| Other Expenses | 302 | - | - | - | - | - | - |
| Certain Operating Expenses | 7616 | 2732 | 3130 | 2033 | 2622 | 2801 | 4753 |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**3065** | $**9918** | $**8660** | $**10080** | $**10538** | $**11019** | $**10377** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-748

**LANDA APP LLC (LANDA APP)**

**LANDA APP SERIES GROUP (SERIES)**

**COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES**

**FOR THE YEAR ENDED DECEMBER 31, 2021**

**(Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Landa Series 9597 Pintail Trail** | **Landa Series 974 Laurel Street** | **Landa Series 1701 Summerwoods Lane** | **Landa Series 1741 Park Lane** | **Total Combined** |
| **Rental Income** | $**13072** | $**10812** | $**11638** | $**8700** | $**2262449** |
| **Rental Expenses** |  |  |  |  |  |
| Real Estate Taxes | 2300 | 1505 | 1774 | 1814 | **299106** |
| Homeowner Association Fees |  |  | 600 |  | **19457** |
| Property Insurance | 738 | 700 | 360 | 420 | **151369** |
| Repairs and Maintenance | 1181 | 210 | 898 | 881 | **314865** |
| Other Expenses | - | - | - | - | **9768** |
| Certain Operating Expenses | 4219 | 2415 | 3632 | 3115 | **794565** |
| **Rental Income in Excess/(Deficit) of Certain Expenses** | $**8853** | $**8397** | $**8006** | $**5585** | $**1467884** |

---

The accompanying notes are an integral part of the statement of revenues and certain expenses.

F-749

**NOTES TO COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES<br> FOR THE YEAR ENDED DECEMBER 31, 2021**

**1.** **ORGANIZATION AND NATURE OF ACTIVITIES** 

The following table references the Single-Family Home Portfolio, which consists of one-hundred-eighty-four (184) single-family homes (each a "Property", and collectively, the "Properties"), located in the metropolitan area in the state of Georgia:

---

| | | |
|:---|:---|:---|
| **Series Name** | **Series Name** | **Series Name** |
| Landa Series 10 Oak Wood Lane | Landa Series 10 Windridge Drive | Landa Series 1000 Fox Valley Trail |
| Landa Series 1007 Leeward Way | Landa Series 10119 Commons Way | Landa Series 10121 Morris Drive SW |
| Landa Series 10183 Starr Street SW | Landa Series 103 Starlake Drive | Landa Series 104 Summerfield Drive |
| Landa Series 10433 Candlelight Rd | Landa Series 105 Anne Street | Landa Series 107 Oakwood Circle |
| Landa Series 109 Amberwood Lane | Landa Series 110 Shenandoah Drive | Landa Series 111 Fir Drive |
| Landa Series 1110 Parkview Drive | Landa Series 11187 Shannon Circle | Landa Series 112 Ridge Street |
| Landa Series 11322 Michelle Way | Landa Series 114 Starlake Drive | Landa Series 11447 S Grove Drive |
| Landa Series 1147 Village Way | Landa Series 115 Lakeview Drive | Landa Series 1160 Gable Terrace |
| Landa Series 1190 Kirkland Road | Landa Series 12 Mintz Street | Landa Series 120 Rosewood Drive |
| Landa Series 1201 Kilrush Drive | Landa Series 124 Libby Lane | Landa Series 126 E Mimosa Drive |
| Landa Series 12641 Alcovy Road | Landa Series 1320 Winona Avenue | Landa Series 133 Dove Landing |
| Landa Series 137 Southern Shores Road | Landa Series 138 Sandalwood Circle | Landa Series 140 High Ridge Road |
| Landa Series 141 Longstreet Circle | Landa Series 1443 Pebble Ridge Lane | Landa Series 1445 Maple Valley Court |
| Landa Series 146 Crystal Brook | Landa Series 1473 Brownleaf Drive | Landa Series 1485 Bola Court |
| Landa Series 1490 Diplomat Drive | Landa Series 153 Cliffside Court | Landa Series 157 Wells Road |
| Landa Series 160 Chimney Ridge Trail | Landa Series 164 Longstreet Circle | Landa Series 1666 W Poplar Street |
| Landa Series 168 Brookview Drive | Landa Series 1683 Spoonbill Road | Landa Series 1689 Viceroy Way |
| Landa Series 171 Davidson Drive | Landa Series 1768 Glen View Way | Landa Series 181 Watercress Court |
| Landa Series 188 Timberline Road | Landa Series 189 Shenandoah Drive | Landa Series 1903 Old Concord Drive SE |
| Landa Series 195 Branchwood Drive | Landa Series 195 Fairclift Drive | Landa Series 195 Hunters Trace |
| Landa Series 196 Montego Circle | Landa Series 20 Chimney Smoke Drive | Landa Series 204 N Main Court |
| Landa Series 2055 Grove Way | Landa Series 212 Fleeta Drive | Landa Series 215 Central Lake Circle |
| Landa Series 217 Glenloch Court | Landa Series 2177 E Chester Circle SE | Landa Series 221 Lakeview Drive |
| Landa Series 2264 Chestnut Hill Circle | Landa Series 235 Lazy Hollow Lane | Landa Series 2425 Cornell Circle |
| Landa Series 2443 Hodges Farm Road | Landa Series 25 Pleasant Valley Road | Landa Series 253 Marco Drive |
| Landa Series 255 Countryside Lane | Landa Series 258 Rocky Point Road | Landa Series 263 Rocky Point Road |
| Landa Series 268 Brookview Drive | Landa Series 270 Mountain Lane | Landa Series 270 Mountain Way |
| Landa Series 270 Pleasant Hill Drive | Landa Series 2794 Norfair Loop | Landa Series 2813 Vicksburg Court |
| Landa Series 2933 Coffer Drive | Landa Series 30 High Ridge Road | Landa Series 30 Roosevelt Road |
| Landa Series 3011 Raintree Drive SE | Landa Series 304 Cedar Street | Landa Series 304 Deerfield Drive |
| Landa Series 3043 Highway 81 S | Landa Series 313 Blue Heron Drive | Landa Series 3202 Chippewa Drive |
| Landa Series 35 Clay Court | Landa Series 350 Cadiz Lane S | Landa Series 351 Wesley Park Drive |
| Landa Series 3603 Manhattan Drive | Landa Series 3667 Patti Parkway | Landa Series 404 Barberry Lane |
| Landa Series 412 Kendall Lane | Landa Series 416 Autumn Lake Court | Landa Series 43 Darwin Drive |
| Landa Series 432 Manor Estates Drive | Landa Series 440 Freestone Drive | Landa Series 4447 Lake Breeze Drive |
| Landa Series 445 Independence Drive | Landa Series 449 Kara Lane | Landa Series 45 Blue Jay Drive |
| Landa Series 45 Laurel Way | Landa Series 4702 Saint James Way | Landa Series 4732 Pinedale Drive |
| Landa Series 497 Highway 212 | Landa Series 5039 East Street | Landa Series 5040 Huntshire Lane |
|  | Landa Series 513 Jarrett Court | Landa Series 5143 Pinecrest Drive SW |
| Landa Series 524 Sawmill Road | Landa Series 5329 Shirewick Lane | Landa Series 540 Cowan Road |
| Landa Series 5411 Rocky Pine Drive | Landa Series 55 Myrtle Grove Lane | Landa Series 550 Cowan Road |
|  | Landa Series 5581 Fox Glen Circle | Landa Series 565 Mountainview Drive |

---

F-750

---

| | | |
|:---|:---|:---|
| **Series Name** | **Series Name** | **Series Name** |
| Landa Series 5737 Strathmoor Manor Circle | Landa Series 5801 Strathmoor Manor Circle | Landa Series 6104-6106 Oakwood Circle SW |
| Landa Series 6107 Shadow Glen Court | Landa Series 6111-6113 Pine Glen Circle SW | Landa Series 6119 Pineneedle Drive SW |
| Landa Series 615 Barshay Drive | Landa Series 6168 Wheat Street NE | Landa Series 6178 Green Acres Drive SW |
| Landa Series 6386 Forester Way | Landa Series 6404 Walnut Way | Landa Series 643 Sycamore Drive |
| Landa Series 65 Freedom Court | Landa Series 653 Georgetown Lane | Landa Series 6635 Kimberly Mill Road |
| Landa Series 6653 Bedford Road | Landa Series 6710 Sunset Hills Boulevard | Landa Series 6762 Bent Creek Drive |
| Landa Series 683 Wood Path Court | Landa Series 70 Shenandoah Lane | Landa Series 709 Georgetown Court |
| Landa Series 7107 Geiger Street NW | Landa Series 7205 Lakeview Drive SW | Landa Series 750 Georgetown Court |
| Landa Series 752 Chestnut Drive | Landa Series 773 Villa Way | Landa Series 7781 Mountain Creek Way |
| Landa Series 7950 Woodlake Drive | Landa Series 80 High Ridge Road | Landa Series 800 Mills Drive |
| Landa Series 808 Hillandale Lane | Landa Series 8110 Devonshire Drive | Landa Series 8121 Spillers Drive SW |
| Landa Series 8233 Creekline Court | Landa Series 8302 Sterling Lakes Drive | Landa Series 840 Park Villa Way |
| Landa Series 843 Tramore Drive | Landa Series 85 Kirkland Court | Landa Series 85 Thorn Thicket Way |
| Landa Series 8658 Ashley Way | Landa Series 8667 Ashley Way | Landa Series 8671 Ashley Way |
| Landa Series 8676 Ashley Way | Landa Series 8691 Ashley Way | Landa Series 8692 Ashley Way |
| Landa Series 8693 Ashley Way | Landa Series 8694 Ashley Way | Landa Series 8697 Ashley Way |
| Landa Series 8819 Leafwood Court | Landa Series 8855 Rugby Court | Landa Series 9020 Sterling Ridge Lane |
| Landa Series 9150 Spillers Drive SW | Landa Series 925 Mote Road | Landa Series 94 Hampton Oaks Drive |
| Landa Series 9409 Forest Knoll Drive | Landa Series 9434 Cedar Creek Place | Landa Series 9597 Pintail Trail |
| Landa Series 974 Laurel Street | Landa Series 1701 Summerwoods Lane | Landa Series 1741 Park Lane |

---

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

<u>Basis of Presentation</u>

The accompanying statement of revenues and certain operating expenses is presented in conformity with accounting principles generally accepted in the United States of America and in accordance with the provisions of Article 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission (the "SEC"), which requires certain information with respect to real estate operations be included with certain filings with the SEC.

Accordingly, the statement excludes certain historical income and expenses that are not comparable to the proposed future operations of the Property such as certain ancillary income, amortization, depreciation, interest, management fees, utilities and corporate expenses. Therefore, the statement will not be comparable to the statements of operations of the Property after its acquisition by the respective Series listed above and are not intended to be a complete representation of the Property's revenues and expenses.

<u>Revenue</u>

Revenues from rental properties are recognized on a straight-line basis over the terms of the respective leases when collectability is reasonably assured and when the tenant has taken possession or controls the physical use of the leased asset. Leases are generally for one year or less.

<u>Use of Estimates</u>

The preparation of the statement of revenues and certain operating expenses in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of revenues and certain operating expenses during the reporting period. Actual results could differ from those estimates.

<u>Subsequent Events</u>

Subsequent events have been evaluated through May 23, 2022 the date the accompanying statement of revenues and certain operating expenses was available to be issued.

F-751

**PART III—EXHIBITS**

**Index to Exhibits**

2.1 [Certificate of Formation of Landa Properties A LLC (incorporated by reference to the copy thereof filed as Exhibit 2.1 to the Company's Form 1-A dated December 1, 2020)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390020040323/ea130789ex2-1_landaapp.htm)

2.2 [Certificate of Amendment to the Certificate of Formation of Landa Properties A LLC (incorporated by reference to the copy thereof filed as Exhibit 2.2 to the Company's Form 1-A dated December 1, 2020)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390020040323/ea130789ex2-2_landaapp.htm)

2.3 [Certificate of Amendment to the Certificate of Formation of Landa Properties A LLC (incorporated by reference to the copy thereof filed as Exhibit 2.3 to the Company's Form 1-A dated December 1, 2020)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390020040323/ea130789ex2-3_landaapp.htm)

2.4 [Amended and Restated Limited Liability Company Operating Agreement of Landa App LLC (incorporated by reference to the copy thereof filed as Exhibit 2.4 to the Company's Form 1-A dated August 2, 2022)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390022044150/ea162029ex2-4_landaapp.htm)

3.1 [Form of Series Designation (incorporated by reference to the copy thereof filed as Exhibit 3.1 to the Company's Form 1-A dated August 2, 2022)\*](https://www.sec.gov/Archives/edgar/data/1815103/000121390022044150/ea162029ex3-1_landaapp.htm) [(see "Description of the Properties and the Series" in Appendix B of this Form 1-A/A)](#gok_002)

4.1 [Form of Subscription Agreement (incorporated by reference to the copy thereof filed as Exhibit 4.1 to the Company's Post-Effective Amendment to Form 1-A dated October 7, 2021)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390021051743/ea148237ex4-1_landaapp.htm)

6.1 [Form of Management Agreement (incorporated by reference to the copy thereof filed as Exhibit 6.30 to the Company's Post-Effective Amendment to Form 1-A dated July 14, 2021)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390021036939/ea143993ex6-30_landaapp.htm)

6.2 [Broker Dealer Services Agreement, dated August 1, 2022, by and between Dalmore Group, LLC and Landa App LLC (incorporated by reference to the copy thereof filed as Exhibit 6.2 to the Company's Form 1-A dated August 2, 2022)\*](https://www.sec.gov/Archives/edgar/data/1815103/000121390022044150/ea162029ex6-2_landaapp.htm)

6.3 [Landa App License Agreement, dated October 2, 2020, by and between Landa Holdings, Inc. and each of the Series listed thereto (incorporated by reference to the copy thereof filed as Exhibit 6.25 to the Company's Form 1-A dated December 1, 2020)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390020040323/ea130789ex6-25_landa.htm)

6.4 [Form of Promissory Note, by and between Landa Holdings, Inc. and a Landa App Series (Acquisition Note) (incorporated by reference to the copy thereof filed as Exhibit 6.4 to the Company's Form 1-A dated August 2, 2022)\*](https://www.sec.gov/Archives/edgar/data/1815103/000121390022044150/ea162029ex6-4_landaapp.htm) [(see "Description of the Properties and the Series – Loans" in Appendix B of this Form 1-A/A for a schedule of certain material business terms of each Promissory Note with respect to each Series)](#gok_002)

6.5 [PPEX ATS Company Agreement, by and among North Capital Private Securities Corporation, Landa App LLC and each of the Series set forth therein (incorporated by reference to the copy thereof filed as Exhibit 6.1 to the Company's Form 1-U dated June 29, 2021)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390021035352/ea143502ex6-1_landaapp.htm)

6.5 [Form of GA Lease Agreement (incorporated by reference to the copy thereof submitted as Exhibit 6.1 to the Company's Form 1-U dated June 6, 2022)\*](https://www.sec.gov/Archives/edgar/data/1815103/000121390022031391/ea161208ex6-1_landaapp.htm) [(see the Master Series Table in Appendix A of this Form 1-A/A for information with respect to material business terms of each Lease Agreement with respect to each Series)](#gok_001)

11.1 [Consent of Marcum LLP (incorporated by reference to the copy thereof filed as Exhibit 11.1 to the Company's Form 1-A filed August 2, 2022)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390022044150/ea162029ex11-1_landaapp.htm)

11.2 [Consent of Marcum LLP\*\*](ea172264ex11-2_landaapp.htm)

11.3 [Consent of Marcum LLP (incorporated by reference to the copy thereof filed as Exhibit 11.3 to the Company's Form 1-A filed July 15, 2021)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390021036939/ea143993ex11-3_landaapp.htm)

11.4 [Consent of Marcum LLP (incorporated by reference to the copy thereof filed as Exhibit 11.4 to the Company's Form 1-A filed July 15, 2021)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390021036939/ea143993ex11-4_landaapp.htm)

11.5 [Consent of Marcum LLP (incorporated by reference to the copy thereof filed as Exhibit 11.5 to the Company's Form 1-A filed October 7, 2021)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390021051743/ea148237ex11-5_landaapp.htm)

11.6 [Consent of Goodwin Procter LLP (included in Exhibit 12.1)\*](http://www.sec.gov/Archives/edgar/data/1815103/000121390022081881/ea166428ex12-1_landaapp.htm)

12.1 [Opinion of Goodwin Procter LLP \*](http://www.sec.gov/Archives/edgar/data/1815103/000121390022081881/ea166428ex12-1_landaapp.htm)

\* Previously filed

\*\* Filed herewith

**SIGNATURES**

Pursuant to the requirements of Regulation A, Landa App LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on January 31, 2023.

---

| | | |
|:---|:---|:---|
| **LANDA APP LLC** | **LANDA APP LLC** | **LANDA APP LLC** |
| Signed by Landa Holdings, Inc.,<br> as Manager of LANDA APP LLC | Signed by Landa Holdings, Inc.,<br> as Manager of LANDA APP LLC | Signed by Landa Holdings, Inc.,<br> as Manager of LANDA APP LLC |
| By: | /s/ Yishai Cohen | /s/ Yishai Cohen |
|  | Name: | Yishai Cohen |
|  | Title: | Chairman, Chief Executive Officer and President |

---

This offering statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Yishai Cohen | Chairman, Chief Executive Officer and | January 31, 2023 |
| Yishai Cohen | President of Landa Holdings, Inc. *(Principal Executive Officer)* |  |
| /s/ Yishai Cohen | Acting Head of Finance of Landa Holdings, Inc. | January 31, 2023 |
| Yishai Cohen | *(Principal Financial Officer and Principal Accounting Officer)* |  |
| LANDA HOLDINGS, INC. |  |  |
| /s/ Yishai Cohen | Manager | January 31, 2023  |
| Yishai Cohen | Chief Executive Officer and President |  |

---

## Ex1A-11

**Exhibit 11.2**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT**

We consent to the incorporation by reference in this Offering Statement, as amended, of Landa App LLC on Form 1-A of our report dated April 29, 2022, which includes an explanatory paragraph as to the Company's ability to continue as a going concern, with respect to our audits of the combined financial statements of Landa App LLC in total and for each of the following series (collectively the "Series") of the Landa App LLC: Landa Series 1394 Oakview Circle, Landa Series 1701 Summerwoods Lane, Landa Series 1741 Park Lane, Landa Series 115 Sardis Street, Landa Series 209 Timber Wolf Trail, Landa Series 2505 Oak Circle, Landa Series 271 Timber Wolf Trail, and Landa Series 29 Holly Grove Road, (collectively the "Company") as of December 31, 2021 and 2020 and for the years ended December 31, 2021 and 2020 for Landa App LLC and for the year ended December 31, 2021 and for the period May 19, 2020 (inception) to December 31, 2020 for the Series, appearing in the Annual Report on Form 1-K/A of Landa App LLC for the year ended December 31, 2021. We also consent to the reference to our firm under the heading "Experts" in the Offering Statement.

/s/ Marcum LLP

New York, NY

January 31, 2023

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Landa App LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2019

**CIK:** 0001815103

**I.R.S. Employer Identification Number:** 85-1099443

**Primary Standard Industrial Classification Code:** 6510

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 6 W. 18th Street, —, New York, NY 10011

**Company Phone:** 646-905-0931

**Person to contact:** Yishai Cohen

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount      |
|:---|:---|
| Cash and Cash Equivalents                | $766890.00  |
| Investment Securities                    | $4962757.00 |
| Accounts and Notes Receivable            | $0.00       |
| Property, Plant and Equipment (PP&E)     | $0.00       |
| Total Assets                             | $5729647.00 |
| Accounts Payable and Accrued Liabilities | $882101.00  |
| Long-Term Debt                           | $3632308.00 |
| Total Liabilities                        | $4514409.00 |
| Total Stockholders' Equity               | $1215238.00 |
| Total Liabilities and Equity             | $5729647.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount     |
|:---|:---|
| Total Revenues                            | $395884.00 |
| Costs and Expenses Applicable to Revenues | $201374.00 |
| Depreciation and Amortization             | $79318.00  |
| Net Income                                | $115192.00 |
| Earnings Per Share - Basic                | 0.00       |
| Earnings Per Share - Diluted              | 0.00       |

**Auditor Information**

| Metric          | Amount     |
|:---|:---|
| Name of Auditor | Marcum LLP |

### Outstanding Securities

| Class                       |   Outstanding |     CUSIP | Publicly Traded   |
|:---|---:|---:|:---|
| Series Membership Interests |             0 | 000000000 | PPEX ATS          |
| N/A                         |             0 | 000000000 | n/a               |
| N/A                         |             0 | 000000000 | n/a               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 1840000      |
| Number of securities outstanding                                | 0            |
| Price per security                                              | $1.00        |
| Issuer's aggregate offering price                               | $20061093.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $1556602.00  |
| Total aggregate offering price                                  | $21617695.00 |

**Anticipated Fees**

| Service Provider   | Name                | Fees   |
|:---|:---|:---|
| Auditor            | Marcum LLP          | $0.00  |
| Legal              | Goodwin Procter LLP | $0.00  |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** —

### Item 5. Jurisdictions in Which Securities are to be Offered

- All States and Territories

### Item 6. Unregistered Securities Issued or Sold Within One Year

**Name of Such Issuer:** —

**Title of Securities Issued:** —

**Total Amount of Securities Issued:** —

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** —

**Basis for aggregate consideration:** —

**Securities Act Exemption:** Regulation A