# EDGAR Filing Document

**Accession Number:** 0000945394
**File Stem:** 0001213900-23-005723
**Filing Date:** 2023-1
**Character Count:** 65542
**Document Hash:** 2c239d90ed6c91fbafd3fdc46a9eee74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-005723.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001213900-23-005723

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20230127

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Service Properties Trust
- **CENTRAL INDEX KEY:** 0000945394
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 043262075
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-06384
- **FILM NUMBER:** 23564442

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE RMR GROUP
- **STREET 2:** TWO NEWTON PL., 255 WASH. ST., STE. 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458
- **BUSINESS PHONE:** (617) 964-8389

**MAIL ADDRESS:**
- **STREET 1:** C/O THE RMR GROUP
- **STREET 2:** TWO NEWTON PL., 255 WASH. ST., STE. 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOSPITALITY PROPERTIES TRUST
- **DATE OF NAME CHANGE:** 19950517
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Service Properties Trust
- **CENTRAL INDEX KEY:** 0000945394
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 043262075
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE RMR GROUP
- **STREET 2:** TWO NEWTON PL., 255 WASH. ST., STE. 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458
- **BUSINESS PHONE:** (617) 964-8389

**MAIL ADDRESS:**
- **STREET 1:** C/O THE RMR GROUP
- **STREET 2:** TWO NEWTON PL., 255 WASH. ST., STE. 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOSPITALITY PROPERTIES TRUST
- **DATE OF NAME CHANGE:** 19950517
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Service Properties Trust
- **CENTRAL INDEX KEY:** 0000945394
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 043262075
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE RMR GROUP
- **STREET 2:** TWO NEWTON PL., 255 WASH. ST., STE. 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458
- **BUSINESS PHONE:** (617) 964-8389

**MAIL ADDRESS:**
- **STREET 1:** C/O THE RMR GROUP
- **STREET 2:** TWO NEWTON PL., 255 WASH. ST., STE. 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOSPITALITY PROPERTIES TRUST
- **DATE OF NAME CHANGE:** 19950517

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;OMB APPROVAL |
| **UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549** | OMB Number: 3235-0675<br> Expires: December 31, 2024 Estimated average burden hours per response 19.307 |

---

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER**

**REPORT PURSUANT TO SECTION 15G OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

☐ Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period

_____________to _____________

Date of Report (Date of earliest event reported) ______________________

Commission File Number of securitizer: ______________________

Central Index Key Number of securitizer: ______________________

Name and telephone number, including area code, of the person to

contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ☐

☑ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: <u>0000945394</u> 

SVC ABS LLC

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): _______________

Central Index Key Number of underwriter (if applicable): ________________

Brian E. Donley, (617) 964-8389

Name and telephone number, including area code, of the person to <br> contact in connection with this filing

SEC 2860 (6-15) Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

**Item 2.01 Findings and Conclusions of a Third-Party Due Diligence Report Obtained by the Issuer**

Disclosures under Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibits 99.1 and 99.2 to this Form ABS-15G.

Exhibits

99.1 [Independent Accountants' Report on Applying Agreed-Upon Procedures, dated January 26, 2023, of Deloitte & Touche LLP.](s148628_ex99-1.htm)

99.2 [Independent Accountants' Report on Applying Agreed-Upon Procedures, dated January 26, 2023, of Deloitte & Touche LLP.](s148628_ex99-2.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Service Properties Trust | (Securitizer, Depositor or Underwriter) Date |
| 1/27/2023 |  |
| /s/ Brian E. Donley | (Signature) |
| Name: Brian E. Donley |  |
| Title: Chief Financial Officer and Treasurer |  |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Deloitte & Touche LLP**<br> Harborside Plaza 10, Suite 400<br> Jersey City, NJ 07311<br> USA<br>Tel: +1 212 937 8200<br> Fax: +1 212 937 8298<br> www.deloitte.com |

---

Service Properties Trust<br> 255 Washington Street, Suite 300<br> Newton, Massachusetts 02458

**Independent Accountants' Report**

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below, related to certain information with respect to a portfolio of mortgaged properties in connection with the proposed offering of SVC Net-Lease Mortgage Notes, Series 2023-1. Service Properties Trust (the "Company") is responsible for the information provided to us, including the information set forth in the June 2022 Statistical Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the June 2022 Statistical Data File. Additionally, Morgan Stanley & Co. LLC ("Morgan Stanley") and Goldman Sachs & Co. LLC (together with the Company and Morgan Stanley, the "Specified Parties") have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

**Agreed-Upon Procedures** 

Representatives of Morgan Stanley, on behalf of the Company, provided us with (i) on September 20, 2022, a computer-generated data file and related record layout containing data, as represented to us by the Company, as of the close of business June 30, 2022, with respect to 237 mortgaged properties and the related tenant leases (the "Initial June 2022 Statistical Data File"); and (ii) on September 8, 2022, a listing (the "June 2022 Sample Listing") containing 120 mortgaged properties included on the Initial June 2022 Statistical Data File (the "June 2022 Sample Properties"). We make no representations as to the selection criteria used in determining the June 2022 Sample Properties.

Further, on November 4, 2022, representatives of Morgan Stanley, on behalf of the Company provided us with a supplemental data file (the "Supplemental June 2022 Data File") containing the most recent aggregate unit FCCR, industry sector and industry for each of the 237 mortgaged properties set forth on the Initial June 2022 Statistical Data File. At the Company's instruction, we adjusted the Initial June 2022 Statistical Data File with the corresponding information set forth on the Supplemental June 2022 Data File. The Initial June 2022 Statistical Data File, as adjusted, is hereinafter referred to as the "June 2022 Statistical Data File."

At the Company's instruction, we performed certain comparisons and recomputations for each of the Sample Properties relating to the mortgaged property characteristics (the "Characteristics") set forth on the June 2022 Statistical Data File and indicated below.

**Characteristics**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Property ID (for informational purposes only)<br> &nbsp;&nbsp;&nbsp;&nbsp;2. Property city<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Property state<br> &nbsp;&nbsp;&nbsp;&nbsp;4. Building age<br> &nbsp;&nbsp;&nbsp;&nbsp;5. Consolidated appraised value<br> &nbsp;&nbsp;&nbsp;&nbsp;6. Building area (sq. ft.)<br> &nbsp;&nbsp;&nbsp;&nbsp;7. Land area (sq. ft.)<br> &nbsp;&nbsp;&nbsp;&nbsp;8. Property acquisition date<br> &nbsp;&nbsp;&nbsp;&nbsp;9. Property zip code<br> &nbsp;&nbsp;&nbsp;&nbsp;10. Tenant<br> &nbsp;&nbsp;&nbsp;&nbsp;11. Guarantor<br> &nbsp;&nbsp;&nbsp;&nbsp;12. Master lease (yes/no)<br> &nbsp;&nbsp;&nbsp;&nbsp;13. Lease term start date<br> &nbsp;&nbsp;&nbsp;&nbsp;14. Lease expiration year<br> &nbsp;&nbsp;&nbsp;&nbsp;15. Original lease term (years)<br> &nbsp;&nbsp;&nbsp;&nbsp;16. Renewal option term<br> &nbsp;&nbsp;&nbsp;&nbsp;17. Number of renewals remaining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Date of last bump in rent<br> &nbsp;&nbsp;&nbsp;&nbsp;19. Date of next bump in rent<br> &nbsp;&nbsp;&nbsp;&nbsp;20. Rent increase type<br> &nbsp;&nbsp;&nbsp;&nbsp;21. Rent bump % cap<br> &nbsp;&nbsp;&nbsp;&nbsp;22. Tenant purchase option (yes/no)<br> &nbsp;&nbsp;&nbsp;&nbsp;23. Next lease renewal option date<br> &nbsp;&nbsp;&nbsp;&nbsp;24. Concept<br> &nbsp;&nbsp;&nbsp;&nbsp;25. Annualized minimum rent payment<br> &nbsp;&nbsp;&nbsp;&nbsp;26. Lease type<br> &nbsp;&nbsp;&nbsp;&nbsp;27. Most recent aggregate unit FCCR<br> &nbsp;&nbsp;&nbsp;&nbsp;28. Industry sector<br> &nbsp;&nbsp;&nbsp;&nbsp;29. Industry<br> &nbsp;&nbsp;&nbsp;&nbsp;30. Rating category<br> &nbsp;&nbsp;&nbsp;&nbsp;31. Credit rating<br> &nbsp;&nbsp;&nbsp;&nbsp;32. Remaining term (years)<br> &nbsp;&nbsp;&nbsp;&nbsp;33. Seasoning (years)<br> &nbsp;&nbsp;&nbsp;&nbsp;34. Unit rent/unit sales ratio |

---

We compared Characteristics 2. through 8. to the corresponding information set forth on or derived from the "Appraisal."

We compared Characteristics 9. through 26. to the corresponding information set forth on or derived from the lease agreement, master lease agreement or any amendments thereto (collectively, the "Lease Agreement").

We compared Characteristic 27. to the corresponding information set forth on a query, provided to us by the Company on September 19, 2022, from the Company's accounting system (the "June 2022 SVC Quarterly Coverage Query").

At the instruction of the Company, we accessed the "US Census Bureau Website" (<u>http://www.census.gov/naics/</u>) on a November 7, 2022. Using the NAICS industry group code and NAICS industry sector code (each as set forth on the Statistical Data File), we compared Characteristics 28. and 29. to the corresponding information set forth on the US Census Bureau Website.

We compared Characteristic 30. and 31. to the corresponding information set forth on the "Rating Spreadsheet" provided to us by Morgan Stanley, on behalf of the Company, on September 28, 2022.

We compared Characteristic 32. to the number of years from (i) June 30, 2022 through (ii) the lease expiration date (as set forth on the Lease Agreement).

---

| |
|:---|
| **Member of** |
| Deloitte Touche Tohmatsu Limited |

---

We compared Characteristic 33. to the difference between (i) the original lease term (as set forth on the Lease Agreement) and (ii) the remaining term (as determined above).

With respect to our comparison of Characteristic 34., we recomputed the unit rent/unit sales ratio by dividing (i) the annualized unit level sales (as set forth on the SVC Quarterly Coverage Query) by (ii) the annualized minimum rent payment (as set forth on the Lease Agreement.) We compared such recomputed information to the corresponding information set forth on the June 2022 Statistical Data File.

The property documents described above, including any information obtained from the indicated systems, and any other related documents used in support of the Characteristics were provided to us by representatives of the Company or by Morgan Stanley, on behalf of the Company, and are collectively referred to hereinafter as the "Property Documents." We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Property Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were performed using data imaged facsimiles or photocopies of the Property Documents. In addition, we make no representations as to whether the Property Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Sample Properties.

**Agreed-Upon Procedures' Findings**

The results of the foregoing procedures indicated that the Characteristics set forth on the June 2022 Statistical Data File were found to be in agreement with the above mentioned Property Documents, except as described in Appendix A. Supplemental information is contained on Appendix B.

\*\*\*\*\*\*

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the assets or underlying documentation underlying the June 2022 Statistical Data File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the assets or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events or circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the June 2022 Statistical Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

January 26, 2023

**Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated January 26, 2023.**

In applying our agreed-upon procedures as outlined above, we observed the following:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exception<br> Description<br> Number** | &nbsp;&nbsp;**Exception Description** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Eight differences in property zip code. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Five differences in guarantor. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Eleven differences in lease term start date. |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Eleven differences in original lease term. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Seven differences in number of renewals remaining. |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Five differences in renewal option term. |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Twelve differences in date of last bump in rent. |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Nine differences in date of next bump in rent. |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;One difference in tenant purchase option. |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;One difference in concept. |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;One difference in lease type. |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Eleven differences in seasoning. |

---

The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

**Appendix B to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated January 26, 2023.**

<u>Supplemental Information Related to the Findings Set Forth on Appendix A</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Exception<br> Description<br> Number** | &nbsp;&nbsp; <br> **June 2022<br> Sample<br> Property<br> number** | &nbsp;&nbsp; <br>**Characteristic** | &nbsp;&nbsp; <br> **Characteristic set forth on<br> the June 2022 Statistical<br> Data File** | &nbsp;&nbsp; <br> **Characteristic set forth on or<br> derived from the Property<br> Documents or Recalculated** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415665 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;30046 | &nbsp;&nbsp;30045 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415679 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;37620 | &nbsp;&nbsp;37625 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415817 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;55807 | &nbsp;&nbsp;55808 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415840 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;77474 | &nbsp;&nbsp;75402 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415849 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;72762 | &nbsp;&nbsp;72770 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415912 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;30120 | &nbsp;&nbsp;30121 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415995 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;75061 | &nbsp;&nbsp;75067 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;416011 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;37813 | &nbsp;&nbsp;37814 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;415658 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;No Guarantor | &nbsp;&nbsp;AB Acquisitions LLC |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;415689 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;Rite Aid Corporation | &nbsp;&nbsp;Sonic Restaurants, Inc. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;415888 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;No Guarantor | &nbsp;&nbsp;Jean and Mark Bernstein |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;416130 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;No Guarantor | &nbsp;&nbsp;Car Wash Partners, Inc. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;416131 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;No Guarantor | &nbsp;&nbsp;Car Wash Partners, Inc. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415678 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;2/7/2020 | &nbsp;&nbsp;3/15/2021 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415679 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;2/7/2020 | &nbsp;&nbsp;3/15/2021 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415680 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;2/7/2020 | &nbsp;&nbsp;3/15/2021 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415683 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;2/7/2020 | &nbsp;&nbsp;3/15/2021 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415684 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;7/1/2005 | &nbsp;&nbsp;12/15/2004 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415689 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;2/7/2020 | &nbsp;&nbsp;3/15/2021 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415784 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;6/11/2012 | &nbsp;&nbsp;8/15/2012 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415895 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;9/1/2019 | &nbsp;&nbsp;12/1/2005 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415896 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;9/1/2019 | &nbsp;&nbsp;12/1/2005 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415966 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;5/1/2019 | &nbsp;&nbsp;9/24/2004 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;416065 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;6/16/2014 | &nbsp;&nbsp;3/31/2014 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415678 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;6.10 years | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415679 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;6.10 years | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415680 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;6.10 years | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415683 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;6.10 years | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415684 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;19.50 years | &nbsp;&nbsp;20.04 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415689 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;6.10 years | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415784 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;15.80 years | &nbsp;&nbsp;15.62 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415895 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;21.91 years | &nbsp;&nbsp;35.66 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415896 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;21.91 years | &nbsp;&nbsp;35.66 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415966 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;10.41 years | &nbsp;&nbsp;25.02 years |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;416065 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;19.79 years | &nbsp;&nbsp;20 years |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415889 | &nbsp;&nbsp;Number of renewals remaining | &nbsp;&nbsp;2 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415890 | &nbsp;&nbsp;Number of renewals remaining | &nbsp;&nbsp;2 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415891 | &nbsp;&nbsp;Number of renewals remaining | &nbsp;&nbsp;2 | &nbsp;&nbsp;5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Exception <br> Description<br> Number** | &nbsp;&nbsp;**Sample<br> Property<br> number** | &nbsp;&nbsp; <br>**Characteristic** | &nbsp;&nbsp;**Characteristic set forth on<br> the Statistical Data File** | &nbsp;&nbsp;**Characteristic set forth on the <br> Property Documents** |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415892 | &nbsp;&nbsp;Number of renewals remaining | &nbsp;&nbsp;2 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415999 | &nbsp;&nbsp;Number of renewals remaining | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;416000 | &nbsp;&nbsp;Number of renewals remaining | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;416011 | &nbsp;&nbsp;Number of renewals remaining | &nbsp;&nbsp;0 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;415889 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;4th of 5, 5year option, by giving written notice of its election to exercise any Extension at least 120 days prior to the expiration of the current term. Rent shall be an amount equal to the lesser of (1) 10% of the rent in effect immediately prior to the applicable Adjustment Date, or (2) 1.25 times the product of Consumer Price Index. (1A, Sec 1-2, Pg 1); (Orig. Lse, Sec 5, Pg 3) | &nbsp;&nbsp;5, 5year option, by giving written notice of its election to exercise any Extension at least 120 days prior to the expiration of the current term. Rent shall be an amount equal to the lesser of (1) 10% of the rent in effect immediately prior to the applicable Adjustment Date, or (2) 1.25 times the product of Consumer Price Index. (1A, Sec 1-2, Pg 1); (Orig. Lse, Sec 5, Pg 3) |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;415890 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;4th of 5, 5year option, by giving written notice of its election to exercise any Extension at least 120 days prior to the expiration of the current term. (1A, Sec 1-2, Pg 1); (Orig. Lse, Sec 5, Pg 3) | &nbsp;&nbsp;5, 5year option, by giving written notice of its election to exercise any Extension at least 120 days prior to the expiration of the current term. Rent shall be an amount equal to the lesser of (1) 10% of the rent in effect immediately prior to the applicable Adjustment Date, or (2) 1.25 times the product of Consumer Price Index. (1A, Sec 1-2, Pg 1); (Orig. Lse, Sec 5, Pg 3) |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;415891 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;4th of 5, 5year option, by giving written notice of its election to exercise any Extension at least 120 days prior to the expiration of the current term. (1A, Sec 1-2, Pg 1); (Orig. Lse, Sec 5, Pg 3) | &nbsp;&nbsp;5, 5year option, by giving written notice of its election to exercise any Extension at least 120 days prior to the expiration of the current term. Rent shall be an amount equal to the lesser of (1) 10% of the rent in effect immediately prior to the applicable Adjustment Date, or (2) 1.25 times the product of Consumer Price Index. (1A, Sec 1-2, Pg 1); (Orig. Lse, Sec 5, Pg 3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Exception<br> Description<br> Number** | &nbsp;&nbsp; <br> **Sample<br> Property<br> number** | &nbsp;&nbsp; <br>**Characteristic** | &nbsp;&nbsp; <br> **Characteristic set forth on <br> the Statistical Data File** | &nbsp;&nbsp; <br> **Characteristic set forth on the<br> Property Documents** |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;415892 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;4th of 5, 5year option, by giving written notice of its election to exercise any Extension at least 120 days prior to the expiration of the current term. (1A, Sec 1-2, Pg 1); (Orig. Lse, Sec 5, Pg 3) | &nbsp;&nbsp;5, 5year option, by giving written notice of its election to exercise any Extension at least 120 days prior to the expiration of the current term. Rent shall be an amount equal to the lesser of (1) 10% of the rent in effect immediately prior to the applicable Adjustment Date, or (2) 1.25 times the product of Consumer Price Index. (1A, Sec 1-2, Pg 1); (Orig. Lse, Sec 5, Pg 3) |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;416011 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;0 | &nbsp;&nbsp;4, 5 year extension term options |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415684 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;7/1/2005 | &nbsp;&nbsp;1/1/2015 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415715 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;7/1/2019 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415888 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;1/1/2022 | &nbsp;&nbsp;10/1/2020 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415889 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;11/1/2020 | &nbsp;&nbsp;9/29/2020 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415890 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;11/1/2020 | &nbsp;&nbsp;9/29/2020 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415891 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;11/1/2020 | &nbsp;&nbsp;9/29/2020 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415892 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;11/1/2020 | &nbsp;&nbsp;9/29/2020 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415925 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;6/11/2021 | &nbsp;&nbsp;12/1/2021 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415927 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;6/11/2021 | &nbsp;&nbsp;12/1/2021 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415928 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;6/11/2021 | &nbsp;&nbsp;12/1/2021 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;416166 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;9/1/2020 | &nbsp;&nbsp;7/1/2019 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;416167 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;9/1/2020 | &nbsp;&nbsp;7/1/2019 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415687 | &nbsp;&nbsp;Date of next bump in rent | &nbsp;&nbsp;12/1/2025 | &nbsp;&nbsp;1/1/2025 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415775 | &nbsp;&nbsp;Date of next bump in rent | &nbsp;&nbsp;2/12/2027 | &nbsp;&nbsp;3/1/2027 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415888 | &nbsp;&nbsp;Date of next bump in rent | &nbsp;&nbsp;1/1/2026 | &nbsp;&nbsp;1/1/2025 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415889 | &nbsp;&nbsp;Date of next bump in rent | &nbsp;&nbsp;11/1/2025 | &nbsp;&nbsp;9/29/2025 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415890 | &nbsp;&nbsp;Date of next bump in rent | &nbsp;&nbsp;11/1/2025 | &nbsp;&nbsp;9/29/2025 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415891 | &nbsp;&nbsp;Date of next bump in rent | &nbsp;&nbsp;11/1/2025 | &nbsp;&nbsp;9/29/2025 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415892 | &nbsp;&nbsp;Date of next bump in rent | &nbsp;&nbsp;11/1/2025 | &nbsp;&nbsp;9/29/2025 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;416166 | &nbsp;&nbsp;Date of next bump in rent | &nbsp;&nbsp;9/1/2025 | &nbsp;&nbsp;7/1/2024 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;416167 | &nbsp;&nbsp;Date of next bump in rent | &nbsp;&nbsp;9/1/2025 | &nbsp;&nbsp;7/1/2024 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;415810 | &nbsp;&nbsp;Tenant purchase option | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;415999 | &nbsp;&nbsp;Concept | &nbsp;&nbsp;Pizza Hut | &nbsp;&nbsp;Hardee's |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;415715 | &nbsp;&nbsp;Lease type | &nbsp;&nbsp;Retail - Managed Net | &nbsp;&nbsp;Retail - Triple Net |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415678 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;2.40 years | &nbsp;&nbsp;1.29 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415679 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;2.40 years | &nbsp;&nbsp;1.29 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415680 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;2.40 years | &nbsp;&nbsp;1.29 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415683 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;2.40 years | &nbsp;&nbsp;1.29 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415684 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;19.50 years | &nbsp;&nbsp;20.40 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415689 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;2.40 years | &nbsp;&nbsp;1.29 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415784 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;10.06 years | &nbsp;&nbsp;9.88 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415895 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;2.83 years | &nbsp;&nbsp;16.58 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415896 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;2.83 years | &nbsp;&nbsp;16.58 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415966 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;3.16 years | &nbsp;&nbsp;17.77 years |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;416065 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;8.04 years | &nbsp;&nbsp;8.25 years |

---

The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

## Exhibit 99.2

**Exhibit 99.2**

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| | |
|:---|:---|
| ![](ex99-2_001.jpg) | **Deloitte & Touche LLP**<br> Harborside Plaza 10, Suite 400<br> Jersey City, NJ 07311<br> USA<br>Tel: +1 212 937 8200<br> Fax: +1 212 937 8298<br> www.deloitte.com |

---

Service Properties Trust<br> 255 Washington Street, Suite 300<br> Newton, Massachusetts 02458

**Independent Accountants' Report**

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below, related to certain information with respect to a portfolio of mortgaged properties in connection with the proposed offering of SVC Net-Lease Mortgage Notes, Series 2023-1 (the "Transaction"). Service Properties Trust (the "Company") is responsible for the information provided to us, including the information set forth in the November 2022 Statistical Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the November 2022 Statistical Data File. Additionally, Morgan Stanley & Co. LLC ("Morgan Stanley") and Goldman Sachs & Co. LLC (together with the Company and Morgan Stanley, the "Specified Parties") have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

For purposes of this report, capitalized terms used but not defined herein are used with the meanings as described in our report to you dated January 26, 2023, relating to the June 2022 Statistical Data File for the Transaction.

**Agreed-Upon Procedures** 

Representatives of Morgan Stanley, on behalf of the Company, provided us with (i) on January 3, 2023, a computer-generated data file and related record layout containing data, as represented to us by the Company, as of the close of business November 30, 2022, with respect to 322 mortgaged properties and the related tenant leases (the "November 2022 Statistical Data File") including 111 of the 120 June 2022 Sample Properties; and (ii) on January 9, 2023, a listing (the "November Sample Listing") containing 50 mortgaged properties included on the November 2022 Statistical Data File (the "November 2022 Sample Properties"). We make no representations as to the selection criteria used in determining the November 2022 Sample Properties.

At the Company's instruction, we performed certain comparisons and recomputations for each of the November 2022 Sample Properties and the remaining June 2022 Sample Properties (collectively, the "Sample Properties") relating to the mortgaged property characteristics (the "Characteristics") set forth on the November 2022 Statistical Data File and indicated below.

**Characteristics**

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| | |
|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1. Property ID (for informational purposes only)<br> &nbsp;&nbsp;&nbsp;&nbsp;2. Property city<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Property state<br> &nbsp;&nbsp;&nbsp;&nbsp;4. Building age<br> &nbsp;&nbsp;&nbsp;&nbsp;5. Consolidated appraised value<br> &nbsp;&nbsp;&nbsp;&nbsp;6. Building area (sq. ft.)<br> &nbsp;&nbsp;&nbsp;&nbsp;7. Property acquisition date<br> &nbsp;&nbsp;&nbsp;&nbsp;8. Property zip code<br> &nbsp;&nbsp;&nbsp;&nbsp;9. Tenant<br> &nbsp;&nbsp;&nbsp;&nbsp;10. Guarantor<br> &nbsp;&nbsp;&nbsp;&nbsp;11. Master lease (yes/no)<br> &nbsp;&nbsp;&nbsp;&nbsp;12. Lease term start date<br> &nbsp;&nbsp;&nbsp;&nbsp;13. Lease expiration year<br> &nbsp;&nbsp;&nbsp;&nbsp;14. Original lease term (years)<br> &nbsp;&nbsp;&nbsp;&nbsp;15. Renewal option term<br> &nbsp;&nbsp;&nbsp;&nbsp;16. Number of renewals remaining<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;17. Date of last bump in rent<br> &nbsp;&nbsp;&nbsp;&nbsp;18. Date of next bump in rent<br> &nbsp;&nbsp;&nbsp;&nbsp;19. Rent increase type<br> &nbsp;&nbsp;&nbsp;&nbsp;20. Rent bump % cap<br> &nbsp;&nbsp;&nbsp;&nbsp;21. Tenant purchase option<br> &nbsp;&nbsp;&nbsp;&nbsp;22. Next lease renewal option date<br> &nbsp;&nbsp;&nbsp;&nbsp;23. Concept<br> &nbsp;&nbsp;&nbsp;&nbsp;24. Annualized minimum rent payment<br> &nbsp;&nbsp;&nbsp;&nbsp;25. Most recent aggregate unit FCCR<br> &nbsp;&nbsp;&nbsp;&nbsp;26. Industry sector\*<br> &nbsp;&nbsp;&nbsp;&nbsp;27. Industry\*<br> &nbsp;&nbsp;&nbsp;&nbsp;28. Rating category<br> &nbsp;&nbsp;&nbsp;&nbsp;29. Credit rating<br> &nbsp;&nbsp;&nbsp;&nbsp;30. Remaining term (years)<br> &nbsp;&nbsp;&nbsp;&nbsp;31. Seasoning (years)<br>|

---

\* For November 2022 Sample Properties only.

We compared Characteristics 2. through 7. to the corresponding information set forth on or derived from the "Appraisal."

We compared Characteristics 8. through 24. to the corresponding information set forth on or derived from the lease agreement, master lease agreement or any amendments thereto (collectively, the "Lease Agreement").

We compared Characteristic 25. to the corresponding information set forth on a query, provided to us by the Company on January 4, 2023, from the Company's accounting system (the "November 2022 SVC Quarterly Coverage Query").

At the instruction of the Company, we accessed the "US Census Bureau Website" (<u>http://www.census.gov/naics/</u>) on a January 10, 2023. Using the NAICS industry group code and NAICS industry sector code (each as set forth on the Statistical Data File), we compared Characteristics 26. and 27. to the corresponding information set forth on the US Census Bureau Website.

We compared Characteristic 28. and 29. to the corresponding information set forth on the "Rating Spreadsheet" provided to us by Morgan Stanley, on behalf of the Company, on January 11, 2023.

We compared Characteristic 30. to the number of years from (i) November 30, 2022 through (ii) the lease expiration date (as set forth on the Lease Agreement).

We compared Characteristic 31. to the difference between (i) the original lease term (as set forth on the Lease Agreement) and (ii) the remaining term (as determined above).

**Member of**<br> Deloitte Touche Tohmatsu Limited<br>

The property documents described above, including any information obtained from the indicated systems, and any other related documents used in support of the Characteristics were provided to us by representatives of the Company or by Morgan Stanley, on behalf of the Company, and are collectively referred to hereinafter as the "Property Documents." We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Property Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were performed using data imaged facsimiles or photocopies of the Property Documents. In addition, we make no representations as to whether the Property Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Sample Properties.

**Agreed-Upon Procedures' Findings**

The results of the foregoing procedures indicated that the Characteristics set forth on the November 2022 Statistical Data File were found to be in agreement with the above mentioned Property Documents, except as described in Appendix A. Supplemental information is contained on Appendix B.

\*\*\*\*\*\*

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the assets or underlying documentation underlying the November 2022 Statistical Data File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the assets or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events or circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the November 2022 Statistical Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

January 26, 2023

**Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated January 26, 2023.**

In applying our agreed-upon procedures as outlined above, we observed the following:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exception<br> Description<br> Number** | &nbsp;&nbsp;**Exception Description** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Twenty-two differences in building age. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Two differences in consolidated appraised value. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Eight differences in building area. |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Five differences in property zip code. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Eight differences in guarantor. |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Three differences in lease term start date. |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Three differences in original lease term. |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Eleven differences in renewal option term. |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Two differences in number of renewals remaining. |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;One difference in date of last bump in rent. |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;One difference in tenant purchase option. |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;One difference in credit rating. |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Three differences in seasoning. |

---

The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

**Appendix B to Independent Accountants' Report on Applying Agreed-Upon Procedures <br> issued by Deloitte & Touche LLP dated January 26, 2023.**

<u>Supplemental Information Related to the Findings Set Forth on Appendix A</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Exception<br> Description<br> Number** | &nbsp;&nbsp; <br> **Sample<br> Property<br> number** | &nbsp;&nbsp; <br> **Characteristic** | &nbsp;&nbsp; <br> **Characteristic set forth on the<br> November 2022 Statistical<br> Data File** | &nbsp;&nbsp; <br> **Characteristic set forth<br> on or derived from the<br> Property Documents or<br> Recalculated** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415642 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;37.94 | &nbsp;&nbsp;42.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415657 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;25.93 | &nbsp;&nbsp;33.93 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415675 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;30.93 | &nbsp;&nbsp;50.95 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415678 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;27.93 | &nbsp;&nbsp;26.93 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415714 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;38.94 | &nbsp;&nbsp;39.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415715 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;38.94 | &nbsp;&nbsp;37.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415718 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;44.94 | &nbsp;&nbsp;37.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415721 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;23.93 | &nbsp;&nbsp;24.93 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415733 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;92.98 | &nbsp;&nbsp;100.98 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415753 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;30.93 | &nbsp;&nbsp;37.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415760 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;37.94 | &nbsp;&nbsp;35.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415775 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;26.93 | &nbsp;&nbsp;33.93 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415788 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;32.93 | &nbsp;&nbsp;30.93 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415845 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;29.93 | &nbsp;&nbsp;4.92 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415900 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;33.93 | &nbsp;&nbsp;38.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415909 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;21.93 | &nbsp;&nbsp;34.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415912 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;25.93 | &nbsp;&nbsp;35.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415919 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;32.93 | &nbsp;&nbsp;33.93 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415920 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;32.93 | &nbsp;&nbsp;33.93 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415950 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;31.93 | &nbsp;&nbsp;32.93 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;415958 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;43.94 | &nbsp;&nbsp;44.94 |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;416199 | &nbsp;&nbsp;Building age | &nbsp;&nbsp;52.9 | &nbsp;&nbsp;33.9 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;415766 | &nbsp;&nbsp;Consolidated appraised value | &nbsp;&nbsp;$1650000.00 | &nbsp;&nbsp;$1700000.00 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;416060 | &nbsp;&nbsp;Consolidated appraised value | &nbsp;&nbsp;$1600000.00 | &nbsp;&nbsp;$1650000.00 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415965 | &nbsp;&nbsp;Building area | &nbsp;&nbsp;7500 sq. ft. | &nbsp;&nbsp;41766 sq. ft. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;416014 | &nbsp;&nbsp;Building area | &nbsp;&nbsp;22216 sq. ft. | &nbsp;&nbsp;2357 sq. ft. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;416033 | &nbsp;&nbsp;Building area | &nbsp;&nbsp;2429 sq. ft. | &nbsp;&nbsp;2380 sq. ft. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;416037 | &nbsp;&nbsp;Building area | &nbsp;&nbsp;2199 sq. ft. | &nbsp;&nbsp;2313 sq. ft. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;416038 | &nbsp;&nbsp;Building area | &nbsp;&nbsp;2502 sq. ft. | &nbsp;&nbsp;2620 sq. ft. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415961 | &nbsp;&nbsp;Building area | &nbsp;&nbsp;15230 sq. ft. | &nbsp;&nbsp;41061 sq. ft. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415725 | &nbsp;&nbsp;Building area | &nbsp;&nbsp;2205 sq. ft. | &nbsp;&nbsp;2139 sq. ft. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;415798 | &nbsp;&nbsp;Building area | &nbsp;&nbsp;54543 sq. ft. | &nbsp;&nbsp;54100 sq. ft. |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415775 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;93125 | &nbsp;&nbsp;63125 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415817 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;55808 | &nbsp;&nbsp;55807 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415849 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;72770 | &nbsp;&nbsp;72762 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;415912 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;30121 | &nbsp;&nbsp;30120 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;416011 | &nbsp;&nbsp;Property zip code | &nbsp;&nbsp;37814 | &nbsp;&nbsp;37813 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415713 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;Not provided | &nbsp;&nbsp;John E. Garner; Helen J. Garner |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415753 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;Jose Davila and Sonia Dominguez | &nbsp;&nbsp;Jose Davila, Sonia Dominguez, Javier Davila and Maribel Davila |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415760 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;Not provided | &nbsp;&nbsp;Hughes Supply, Inc. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415762 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;Not provided | &nbsp;&nbsp;Hughes Supply, Inc. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415764 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;Not provided | &nbsp;&nbsp;Hughes Supply, Inc. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415772 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;Not provided | &nbsp;&nbsp;TriStar Ventures, LLC; North Star Foods, LLC |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Exception<br> Description<br> Number** | &nbsp;&nbsp; <br> **Sample<br> Property<br> number** | &nbsp;&nbsp; <br> **Characteristic** | &nbsp;&nbsp; <br> **Characteristic set forth on the<br> November 2022 Statistical<br> Data File** | &nbsp;&nbsp; <br> **Characteristic set forth<br> on or derived from the<br> Property Documents or<br> Recalculated** |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;416040 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;Not provided | &nbsp;&nbsp;HOA Restaurant Group, LLC |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;415755 | &nbsp;&nbsp;Guarantor | &nbsp;&nbsp;Not provided | &nbsp;&nbsp;Richard Choi; Aggie Choi |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;415950 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;11/2/2017 | &nbsp;&nbsp;11/2/2007 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;415958 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;11/2/2017 | &nbsp;&nbsp;11/2/2007 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;415949 | &nbsp;&nbsp;Lease term start date | &nbsp;&nbsp;11/2/2017 | &nbsp;&nbsp;11/2/2007 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415950 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;13.10 years | &nbsp;&nbsp;23.27 years |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415958 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;13.10 years | &nbsp;&nbsp;23.27 years |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;415949 | &nbsp;&nbsp;Original lease term | &nbsp;&nbsp;13.10 years | &nbsp;&nbsp;23.27 years |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415725 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;1st of 3, 5 year option, by giving written notice to LL of T's intention to do so not more than 365 days or less than 180 days prior to the expiration of the Lease Term. Renewal Rent to be increased based on the fair market rental value. (3A, Sec 3a, Pg 2); (Orig. Lse, Sec 27, Pg 27) | &nbsp;&nbsp;Unverifiable |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415736 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;1, 5 year option to renew, if T shall so elect to exercise the option, it shall do so by providing written notice to LL not more than 270 days, or less than 210 days prior to the then expiration of the Lease Term. Base Annual Rent shall be fair market value as determined by an independent MAI appraiser. (L, S 2.3 (b), P 7) | &nbsp;&nbsp;Unverifiable |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415762 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;1st of 2, five (5) year renewal options. (2A, S2, P1) upon written notice by TT to LL on or before that date which is six (6) months prior to the commencement of the Renewal Term for which such election is exercised. Tenant shall waive its right to exercise a renewal option if it shall fail to give such Renewal Option Notice to Landlord within the lime and in the manner provided for the giving of such notice, TIME BEING OF THE ESSENCE as to the exercise of such renewal option and the giving of such notice. (L, S5.(b), P3-4) | &nbsp;&nbsp;Landlord hereby grants to Tenant the option to extend the<br> Term for an additional Renewal Term of five (5) years, subject to the provisions of Section 5(b) of the Lease. From and after the Effective Date, Tenant shall continue to have two (2) remaining Renewal Terms for five (5)years each in accordance with the provisions of Section 5(b) of the Lease. |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Exception<br> Description<br> Number** | &nbsp;&nbsp; <br> **Sample<br> Property<br> number** | &nbsp;&nbsp; <br> **Characteristic** | &nbsp;&nbsp; <br> **Characteristic set forth on the<br> November 2022 Statistical<br> Data File** | &nbsp;&nbsp; <br> **Characteristic set forth<br> on or derived from the<br> Property Documents or<br> Recalculated** |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415764 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;1st of 2, 5-year options upon written notice from TT to LL at any time during the Term, but on or before the date which is six (6) months prior to the commencement of the Renewal Term for which such election is exercised. (L, S5(b), P3-4) | &nbsp;&nbsp;Landlord hereby grants to Tenant the option to extend the<br> Term for an additional Renewal Term of five (5) years, subject to the provisions of Section 5(b) of the Lease. From and after the Effective Date, Tenant shall continue to have two (2) remaining Renewal Terms for five (5)years each in accordance with the provisions of Section 5(b) of the Lease. |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415947 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;(2nd of 3 Options) 2nd of 2, 5 Year options, T may only exercise the Extension Options by giving written notice thereof to LL of its election to do so first, no later than 120 days prior to the Expiration Date and 120 days prior to the immediately preceding Extension Term. On the first Adjustment Date and on each Adjustment Date thereafter, the Base Annual Rental shall increase by an amount equal to the Rent Adjustment. Rent Adjustment shall be an amount equal to the lesser of 10% of the Base Annual Rental in effect immediately prior to the applicable Adjustment Date, or 1.25 times the product of (i) the percentage change between the Price Index for the month 2 months prior to the Effective Date or the Price Index used for the immediately preceding Adjustment Date, as applicable, and the Price Index for the month two months prior to the applicable Adjustment Date, and (ii) the then current Base Annual Rental. (Orig. Lse, Sec 3 & 4, Pg 2-4) | &nbsp;&nbsp;There are 2 renewals remaining. 1, 5 year option and 1, 4 year option. Tenant has already exercised their 1st of 2, 5 year options via the Second Amendment |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Exception<br> Description<br> Number** | &nbsp;&nbsp; <br> **Sample<br> Property<br> number** | &nbsp;&nbsp; <br> **Characteristic** | &nbsp;&nbsp; <br> **Characteristic set forth on the<br> November 2022 Statistical<br> Data File** | &nbsp;&nbsp; <br> **Characteristic set forth<br> on or derived from the<br> Property Documents or<br> Recalculated** |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415949 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;(2nd of 3 Options) 2nd of 2, 5 Year options, T may only exercise the Extension Options by giving written notice thereof to LL of its election to do so first, no later than 120 days prior to the Expiration Date and 120 days prior to the immediately preceding Extension Term. On the first Adjustment Date and on each Adjustment Date thereafter, the Base Annual Rental shall increase by an amount equal to the Rent Adjustment. Rent Adjustment shall be an amount equal to the lesser of 10% of the Base Annual Rental in effect immediately prior to the applicable Adjustment Date, or 1.25 times the product of (i) the percentage change between the Price Index for the month 2 months prior to the Effective Date or the Price Index used for the immediately preceding Adjustment Date, as applicable, and the Price Index for the month two months prior to the applicable Adjustment Date, and (ii) the then current Base Annual Rental. (Orig. Lse, Sec 3 & 4, Pg 2-4) | &nbsp;&nbsp;There are 2 renewals remaining. 1, 5 year option and 1, 4 year option. Tenant has already exercised their 1st of 2, 5 year options via the Second Amendment |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415950 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;(2nd of 3 Options) 2nd of 2, 5 Year options, T may only exercise the Extension Options by giving written notice thereof to LL of its election to do so first, no later than 120 days prior to the Expiration Date and 120 days prior to the immediately preceding Extension Term. On the first Adjustment Date and on each Adjustment Date thereafter, the Base Annual Rental shall increase by an amount equal to the Rent Adjustment. Rent Adjustment shall be an amount equal to the lesser of 10% of the Base Annual Rental in effect immediately prior to the applicable Adjustment Date, or 1.25 times the product of (i) the percentage change between the Price Index for the month 2 months prior to the Effective Date or the Price Index used for the immediately preceding Adjustment Date, as applicable, and the Price Index for the month two months prior to the applicable Adjustment Date, and (ii) the then current Base Annual Rental. (Orig. Lse, Sec 3 & 4, Pg 2-4) | &nbsp;&nbsp;There are 2 renewals remaining. 1, 5 year option and 1, 4 year option. Tenant has already exercised their 1st of 2, 5 year options via the Second Amendment |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Exception<br> Description<br> Number** | &nbsp;&nbsp; <br> **Sample<br> Property<br> number** | &nbsp;&nbsp; <br> **Characteristic** | &nbsp;&nbsp; <br> **Characteristic set forth on the<br> November 2022 Statistical<br> Data File** | &nbsp;&nbsp; <br> **Characteristic set forth<br> on or derived from the<br> Property Documents or<br> Recalculated** |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415958 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;(2nd of 3 Options) 2nd of 2, 5 Year options, T may only exercise the Extension Options by giving written notice thereof to LL of its election to do so first, no later than 120 days prior to the Expiration Date and 120 days prior to the immediately preceding Extension Term. On the first Adjustment Date and on each Adjustment Date thereafter, the Base Annual Rental shall increase by an amount equal to the Rent Adjustment. Rent Adjustment shall be an amount equal to the lesser of 10% of the Base Annual Rental in effect immediately prior to the applicable Adjustment Date, or 1.25 times the product of (i) the percentage change between the Price Index for the month 2 months prior to the Effective Date or the Price Index used for the immediately preceding Adjustment Date, as applicable, and the Price Index for the month two months prior to the applicable Adjustment Date, and (ii) the then current Base Annual Rental. (Orig. Lse, Sec 3 & 4, Pg 2-4) | &nbsp;&nbsp;There are 2 renewals remaining. 1, 5 year option and 1, 4 year option. Tenant has already exercised their 1st of 2, 5 year options via the Second Amendment |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415760 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;1st of 2, 5-year Renewal Options upon written notice by TT to LL at any time during the Term but on or before the date which is 6 months prior to the commencement of the Renewal Term (2A, S2, P1) | &nbsp;&nbsp;Landlord hereby grants to Tenant the option to extend the<br> Term for an additional Renewal Term of five (5) years, subject to the provisions of Section 5(b) of the Lease. From and after the Effective Date, Tenant shall continue to have two (2) remaining Renewal Terms for five (5)years each in accordance with the provisions of Section 5(b) of the Lease. |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Exception<br> Description<br> Number** | &nbsp;&nbsp; <br> **Sample<br> Property<br> number** | &nbsp;&nbsp; <br> **Characteristic** | &nbsp;&nbsp; <br> **Characteristic set forth on the<br> November 2022 Statistical<br> Data File** | &nbsp;&nbsp; <br> **Characteristic set forth<br> on or derived from the<br> Property Documents or<br> Recalculated** |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415787 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;2nd 5 Year Renewal Option by giving a written notice of at least 3 months prior to the Expiration Date. | &nbsp;&nbsp;First Renewal option was exercised on 11/01/2021. Tenant shall continue to have four (4) remaining options to extend the Term for<br> five (5) years each |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;415944 | &nbsp;&nbsp;Renewal option term | &nbsp;&nbsp;(2nd of 3 Options) 2nd of 2, 5 Year options, T may only exercise the Extension Options by giving written notice thereof to LL of its election to do so first, no later than 120 days prior to the Expiration Date and 120 days prior to the immediately preceding Extension Term. On the first Adjustment Date and on each Adjustment Date thereafter, the Base Annual Rental shall increase by an amount equal to the Rent Adjustment. Rent Adjustment shall be an amount equal to the lesser of 10% of the Base Annual Rental in effect immediately prior to the applicable Adjustment Date, or 1.25 times the product of (i) the percentage change between the Price Index for the month 2 months prior to the Effective Date or the Price Index used for the immediately preceding Adjustment Date, as applicable, and the Price Index for the month two months prior to the applicable Adjustment Date, and (ii) the then current Base Annual Rental. (Orig. Lse, Sec 3 & 4, Pg 2-4) | &nbsp;&nbsp;There are 2 renewals remaining. 1, 5 year option and 1, 4 year option. Tenant has already exercised their 1st of 2, 5 year options via the Second Amendment |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;415661 | &nbsp;&nbsp;Number of renewals remaining | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;415787 | &nbsp;&nbsp;Number of renewals remaining | &nbsp;&nbsp;1 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;415688 | &nbsp;&nbsp;Date of last bump in rent | &nbsp;&nbsp;1/20/2015 | &nbsp;&nbsp;1/1/2015 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;415961 | &nbsp;&nbsp;Tenant purchase option |  | &nbsp;&nbsp;Third Party Purchase Option |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;415729 | &nbsp;&nbsp;Credit rating | &nbsp;&nbsp;BB | &nbsp;&nbsp;Not rated |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;415949 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;5.15 years | &nbsp;&nbsp;15.3 years |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;415950 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;5.15 years | &nbsp;&nbsp;15.3 years |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;415958 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;5.15 years | &nbsp;&nbsp;15.3 years |

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The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.