V ALUE F UND IV, L.P. Presentation to New Mexico State Investment - - PowerPoint PPT Presentation

EXETER INDUSTRIAL VALUE FUND IV, L.P.

Presentation to New Mexico State Investment Council February 28, 2017

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 Exeter - who we are  Prior funds’ execution and performance  What we will do in Fund IV  Industrial fundamentals and opportunities  Q & A

Introduction

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Who We Are: Team

 Experienced and cohesive operator with repeatedly proven track record

 Expert team of 90 professionals has managed over $14 billion in properties  Management team has an average of 15 years working together and 25 years

• f experience through multiple market cycles since 1980’s

 Track record of Top 5th percentile outperformance in value-add industrial

real estate acquisitions, development, renovations, leasing and dispositions

 Strong alignment of interest, as firm is 100% owned by Exeter professionals

who personally contribute 100% of GP co-investment

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Exeter Organization: Deep, Vertically Integrated Organization

Midwest/Mid-South Jason DeFilippis Steve Stein Andy Brown Bryan Lamb Tom Theobald (D) Eric Hussey Andy Taylor Doug Randol Tracy Johnson Tim Kaylor Investments/Asset Mgmt Southeast Ralph Kittrell Todd Carter Mike Yocco Adam Duerr (D) Tim Hazelwood Jessica Dodson Adrienne Davis Kelly Miller Antoine Dennard Investments/Asset Mgmt Ward Fitzgerald CEO Cristina Virgilio Brian Serpico Justin Burns Jason Kushner Acquisition Associates Brad Reed Dan O’Neill Controller/Treasurer Laurel Phillips Head of Property Accounting Tim Weber CFO Brian Fogarty Barry Breen Sokohna Roeun Sarah Spivack Legal, Compliance & HR Jason Borrelli Jim Daywalt Lisa Bianchini National Property Due Diligence and Management Dennis Durkin Bob Waitkus Courtney O’Donnell Rahul Jaggi National Client Accounts and Marketing Southwest /West Barney Sinclair Tom Wang John Warren (D) Rich Poolis (D) Fred Knapp Craig Cosgrove Frank Fallon Jr. Dan Davila Blake Ezell Eric Deo Investments/Asset Mgmt Jason Honesty (NE) Regional Project Managers marked “(D)” Development and Construction Rayenne Chen Greg Nicotera Jamie Lee Investor Relations and Reporting Northeast /Mid-Atlantic Henry Steinberg Scott Dougherty Tom Allman (D) Jeff Grabowski Ben Hoog Sander Smith John McCormick Ken Iriana Investments/Asset Mgmt Amy Rusavage Genise Coursey Kelley Black Beth DeGeorge Mark Johann Stephen Mellet Darlene Stecklein Mike Miller Heather Ong Debra O’Donnell John Kelly Lisa Messner Angela Nigro Lisa Grace Ryan Gallagher Property Accountants Paul Rubincam John Toukatly Europe Division Europe Patrick Rebel Mark Nolan Niko Gedaze Waldemar Grabka Roniek Bannink Rhodri Davis (D) Kim Farley Greg Ivancich Jonathan Mackie Investments/Asset Mgmt Rob Jones Matt Brodnik U.S. Value Add Division James Hoeland Ryan Roberts Mark Cunneen U.S. Core Division Brian Ford Andy Albeck Debt Procurement Officers Kevin Farley Dispositions Officer Regional Offices Kevin Shea Steve Pron Kim Villani U.S. Managed Account

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National Operator Platform & Local Expertise

 With 13 offices, national and local

deal sourcing maximizes investment selection

 Direct influence on investment

results through in-house asset management, property management and construction

 Create profitable portfolios due to

keen insights into building design and global tenant relationships



Renovate and redevelop: “Bricks and Sticks”



Leasing and asset management: “Fill the Seats”



Dispositions: “Manufacture” core portfolios

• Acquire through one-off transactions
• Realize pricing premium when investments are stabilized, aggregated, and

sold as large portfolios of complementary assets

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Global Flow of Goods and Tenants

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Industrial Specialist with Proven Track Record

Series U.S. Investment Vehicles (and investment period) Status Equity Trans- actions Net Leveraged IRR Net Equity Multiple Gross Leveraged IRR Gross Equity Multiple Industrial Value Add Funds Value Fund IV Investing $1,275 M target 13%-15% target 1.8x target 16%-20% target 2.0x Value Fund III (2014-2016)* Fully Invested $832 M 107 14.7% 1.8x 18.9% 2.0x Value Fund II (2011-2014)* Realized $615 M 72 31.0% 2.0x 39.0% 2.3x Value Fund I (2007-2010)* Realized $357 M 59 10.7% 1.7x 13.6% 1.9x Co-Invest and JVs Co-Invest, Value Fund III (2015) Fully Invested $102 M 22 16.0% 1.8x Co-Invest, Value Fund III (2015) Fully Invested $58 M 51 17.8% 2.0x Co-Invest, Value Fund I (2011) Realized $72 M 22 25.1% 2.2x Co-Invest, Value Fund I (2010) Realized $25 M 15 34.4% 2.6x Industrial Core Club Funds Core Club Fund II (2016-2018) Investing $575 M 8 target 8%-10% target 1.9x target 9%-11% target 2.0x Core Club Fund I (2012-2015) Realized $404 M 23 22.3% 1.5x 25.2% 1.6x Separate Accounts Prior to Exeter Historic Track Record (1996-2006) Concluded 100+ assets for industrial/office public REIT; $1.2 B gross real estate Colorado PERA (2002-2006) Concluded Industrial real estate JV relationships; $125 M gross real estate Ohio STRS (1987-1997) Concluded Office real estate separate account; $300 M gross real estate

* Returns are estimated as of September 30, 2016. As of this date, Value Funds I and II are substantially realized, as Fund I has realized 52 out of 59 investments amd Fund II has realized 62 out of 72 investments. Additional information is available upon request. The Fund will make investments in different economic conditions than those prevailing in the past, thus no guarantee is made that the Fund will have the same types or diversity

• f investment opportunities as prior funds. Past performance is not indicative of future results.

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What We Will Do: Fund IV Investment Focus

 Class A, big box and last mile warehouses  Primary markets and e-commerce hubs  Invest across risk-return spectrum to

create balanced portfolio:

 Well-occupied, short term leased assets

• Pricing discounts due to lease rollover
• Anchor the fund portfolio with high

immediate cash flow

 Under-leased assets

• High returns for lease up risk

 Development

• Own best product in submarket

without exceeding replacement cost

 Enhance and protect equity with prudent

debt management Anticipated Allocation

Renew/ Re-Let 50% Lease Up 25% Redevelop/ Develop 25%

Big Box Warehouse 60% Flex/Office 5% Last Mile 35%

Emphasize Top 20 Markets

Top 5 DC 50% E-Commerce Hubs 30% Other Select Markets 20%

Strategy Building Profiles

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Strategy Execution EIVF III Case Study: Remington Lakes

Location: Chicago, Illinois Status: Acquired June 2014, Realized July 2016 Size: 219,040 SF Strategy: Develop Opportunity

 Acquired land parcel in high-demand I-55

Corridor west of Chicago CBD

 Market to deep pool of 200,000 to 250,000 SF

users who are under-served for modern product Execution

 Designed and speculatively developed best-in-

class asset, on time and within budget

 Leased to 100% to full-building user on 7.5 year

lease shortly after building completion

 7.9% stabilized yield on cost

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Strategy Execution EIVF III Case Study: 4800 Highlands Parkway

Location: Atlanta, GA Acquired: October 2015 Size: 129,878 SF Strategy: Lease Up Opportunity:



“Last mile” Smyrna submarket



Uniquely cross docked + trailer storage; Expandable by 60,000 SF



Sourced through relationships with local leasing broker and corporate seller



Value Add Strategy: Lease up 100% vacancy; Renovate & modernize Execution:



Immediately signed 7-year lease with major e-commerce retailer for 100% of building



Stabilized yield on cost of 8.6 %

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Why Industrial Real Estate? Sustainable Long Term Tenant Demand

• 1. U.S. population expected to add 25 million people in 10

years1, expanding baseline demand for goods

• 2. Trade, which drives growth in warehousing demand

across national logistics hubs, has been outpacing overall economic growth on historic and projected basis2

• 3. Obsolescence due to logistics innovations decreases

supply and drives migration to “Big and New” product

Distribution of U.S. Population

1 dot = 1,000 people

Exeter regional offices Sources: (1) and map: U.S. Census Bureau; (2) historic data by U.S. Bureau of Economic Analysis; forecasts by U.S. Bureau of Labor Statistics; (3) CBRE 1Q 2016 2.45% 2.16%

5.09% 4.14%

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

1994-2014 Forecast 2015-2024

U.S. GDP vs. Trade in Goods

Compounded Annual Growth Rate GDP Trade

Modern 2000-2016 18% Modern 1990-1999 14% Vintage 1980-1989 18% Obsolete Pre-1979 50%

AGE OF U.S. INDUSTRIAL STOCK3

(13 BILLION SQUAREFEET)

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 Demand  200 M SF annual absorption, strong across all

markets

 Occupancy 93+% after 26 quarters of

demand outpacing supply

 Supply  Growing, after extreme drought  Approaching prior peaks, but increased

permitting barriers

 Obsolescence deducts supply 

Rising rental rates

 Drives growth in income and capital values

Why Industrial Now: Real Estate Fundamentals Drive NOI Growth

2.8 4.9 3.3 0.3

• 10.2
• 6.7
• 0.6

1.0 3.6 4.8 5.3 5.6 4.6 3.3 2.4 1.5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

U.S. Industrial Rental Rates (% growth)

Source: CBRE Econometrics, Forecast as of 4Q 2015 Source: CoStar Market Analytics, 3Q2016

78.5% 80.0% 81.5% 83.0% 84.5% 86.0% 87.5% 89.0% 90.5% 92.0% 93.5% 95.0%

• 60
• 40
• 20

20 40 60 80

Occupancy

Net Absorption (Mil SF)

U.S. Industrial Absorption and Occupancy

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Why Industrial Now: Core Capital Flows Drive Exit Opportunities

 New capital entrants pursuing large scale,

diverse, income-oriented industrial portfolios

 Greater institutional acceptance  More liquidity and lower average cap rates  Portfolio premium over single-asset sales

has grown to 15%

 Low (and negative!) interest rates

 Drives additional investors to core U.S.

real estate in search of yield

 Fund benefits from historically high net

cash flow

Source: JLL Industrial Investment Outlook, United States 4Q2015

Continued strong outlook for attractive risk-adjusted returns over next 5 years

GOOD ENTRY PRICING

keenly selected,

• ne-off deals

INCOME GROWTH

strong fundamentals

ROBUST EXITS

new capital inflows

SUPERIOR INVESTMENT PERFORMANCE

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Why Exeter

 Strong sponsorship through cohesive management team comprised of

professionals who have successfully navigated many market cycles

 Proven operational skills and value-add expertise that are critical to success in

current investment landscape

 Experienced and transparent institutional fiduciaries  Close manager alignment through direct investment, single promote structure, lack

• f legacy issues, and clean, fee simple or whole loan ownership

 Track record of strong performance investing in big box warehouse, multi-tenant

logistics, and related industrial/business park real estate across the United States, utilizing decentralized, regional operating platform IN CLOSING…

 Thank you for considering Exeter  Questions?

Team Biographies

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Management Team

Edward (Ward) Fitzgerald, Managing Principal, Chief Executive Officer. Mr. Fitzgerald has over 25 years of commercial real estate experience. At Exeter, Mr. Fitzgerald is responsible for providing strategic direction, evaluating investment decisions and utilizing relationships to source

• transactions. He has been instrumental in raising seven investment funds in the U.S. and Europe and their related co-invest/joint venture

programs, which total $3.4 billion and serve some of the most prominent institutional investors across North America, Asia, the Middle East and Europe. He was also instrumental in procuring the buyers of Exeter’s $3.15 billion property sale in 2015. Since co-founding Exeter, he has overseen the acquisition and management of nearly 300 transactions totaling $7.1 billion in gross real estate. Prior to Exeter, Mr. Fitzgerald worked for Malvern, Pennsylvania-based Liberty Property Trust for 14 years from 1993 to mid-2006. As Northeast Regional Director, he oversaw all aspects of acquisitions, asset management, development, leasing and property management of Liberty’s largest region which included 180 industrial and office properties comprising approximately 15 million square feet valued at an estimated $2.5

• billion. In addition, Mr. Fitzgerald was part of the senior management team that restructured Liberty’s finances and took the predecessor

company public in 1994. Prior to Liberty, Mr. Fitzgerald worked in the Real Estate Consultancy group at Coopers & Lybrand from 1989 to 1992 with a focus on Resolution Trust Corporation (RTC) workouts and bankruptcy and creditor committee representation. Mr. Fitzgerald graduated from the University of Notre Dame with a BA degree in Business Administration and earned an MBA from Harvard Business School. Timothy Weber, Managing Principal, Chief Financial Officer. Mr. Weber has over 30 years of real estate experience. At Exeter, Mr. Weber is responsible for managing accounting, tax, financial reporting, budgeting, legal, operations and asset financings. Since co-founding Exeter he has been instrumental in the negotiation, structuring, and tax planning for nearly 300 real estate investments, 70 investor capital commitments and approximately $4 billion in financings through CMBS, commercial banks and life insurance companies. He was also instrumental in negotiating and closing Exeter’s $3.15 billion property sale in 2015. Prior to Exeter, Mr. Weber worked for Malvern, Pennsylvania-based Terramics Property Company, where as Partner and Chief Operating Officer he oversaw all leasing, property management and certain accounting, real estate budgeting, tax preparation and asset financings. He joined Terramics in 1984 and during his tenure helped orchestrate nearly $300 million of office and flex investments with Ohio State Teachers’ Retirement System (STRS Ohio). In 1997, Prentiss Properties (NYSE: PP) purchased Terramics, and Mr. Weber became Vice President of Operations of the Northeast Region, responsible for overseeing asset management. This role included all of the corporate financial reporting, asset budgeting of the Northeast portfolio, and financial analysis on new investments for the region. In 2001, the Northeast Region of Prentiss was purchased by Brandywine Realty Trust (NYSE: BDN), and Mr. Weber and his partners re-formed Terramics Property Company, where he remained until co-founding

• Exeter. Mr. Weber started his career with Price Waterhouse, where he earned his CPA. He graduated with a BA degree in Economics from

Muhlenberg College.

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Management Team

Robert Jones, Senior Principal, Head of National Leasing and Asset Management. Mr. Jones has over 30 years of commercial real estate

• experience. He is responsible for managing Exeter’s leasing and asset management activities and for sourcing lease transactions nationally. His

responsibilities include managing the 1,000 tenant relationships and corporate accounts across 100 million square feet of commercial property that Exeter manages in the US. Prior to joining Exeter, Mr. Jones worked at Liberty Property Trust for 7 years, where as Vice President of the New Jersey regional office he was responsible for acquisitions, dispositions, development, and property management for a portfolio consisting of

• ver 5 million square feet of industrial space and 1 million square feet of office space. Mr. Jones managed the ongoing joint venture relationship

between Liberty and Colorado Public Employees’ Retirement Association (COPERA) focusing on New Jersey industrial properties. Prior to Liberty, he directed leasing, marketing and tenant relation activities for office and industrial portfolios at Prentiss Properties, the Radnor Corporation, and the Terracon Corporation. Mr. Jones earned a BA in Economics from Ursinus College, an MBA from Drexel University, and a JD from Temple University School of Law. Matthew Brodnik, Principal, Head

• f

Acquisitions Mr. Brodnik is responsible for sourcing and

• verseeing

acquisition

• pportunities throughout the United States for Exeter’s value add real estate funds. In concert with Exeter’s regional investment officers, Mr.

Brodnik has transacted on over $4.5 billion in nearly 200 acquisitions encompassing over 90 million square feet of industrial properties. He has 13 years of real estate experience. Prior to joining Exeter in 2008, he served as Director of Acquisitions and Finance at Preferred Real Estate Investments, where he consummated transactions totaling over $1 billion of industrial, office and land investments during a four-year period. He also oversaw all acquisition, lease and disposition underwriting as well as debt and equity placement on such transactions. Mr. Brodnik began his career at Milwaukee, WI based consultancy, Hammes Company. He earned a BA in Political Science, with a minor in Philosophy, from Villanova University and an MBA from the Kellogg School of Management at Northwestern University with a concentration in Finance. Henry Steinberg, Investment Officer/Asset Manager, Northeast Region. Mr. Steinberg has 14 years of commercial real estate experience. At Exeter, he is responsible for sourcing acquisitions, asset management and leasing in the Northeast region, with a specific focus on the Metro NYC/Philadelphia area and the “Inland Empire East.” Prior to joining Exeter, he worked for Liberty Property Trust from 2003 to 2008, where as a Director of Leasing & Development he was responsible for a 5.5 million square foot warehouse, flex and office portfolio located in the Northeast region. These activities included serving as the Relationship Manager for the industrial portfolio joint venture with COPERA, as well as marketing and leasing Comcast Center, a $475 million mixed-use skyscraper in downtown Philadelphia. He also assisted in integrating the Washington, DC property portfolio of the acquired Republic Property Trust into Liberty Property Trust. Previously, Mr. Steinberg worked at Arthur Andersen as a Senior Consultant in their Strategy, Finance and Economics Practice. Mr. Steinberg earned a BA in Economics from the University of Pennsylvania and an MBA with a concentration in Finance from the Stern School of Business of New York University.

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Management Team

Todd Carter, Investment Officer/Asset Manager, Southeast Region. Mr. Carter has 21 years of real estate experience and is responsible for sourcing acquisition opportunities and for asset management in the Southeast region, with a specific focus on Atlanta. Before joining Exeter, Carter was a Regional Vice President with DCT Industrial Trust from 2008 to 2014, where he was responsible for acquisitions and development and also completed over 7.2 million SF of lease transactions across the Southeast and Mid-Atlantic States, with an emphasis on the 11.2 million square foot industrial portfolio in Atlanta and Nashville. Prior to DCT, Mr. Carter was a Vice President/Partner with Majestic Realty Company, where for eight years he oversaw the marketing and leasing of the firm’s 9.8 million SF of Atlanta industrial real estate and participated in the development of over 6 million SF of properties. Mr. Carter started his career at Prologis Trust, where his duties included acquisition due diligence, corporate finance, capital markets and leasing. He received his BA in Finance from the University of Central Florida. Scott Dougherty, Investment Officer/Asset Manager, Mid-Atlantic Region. Mr. Dougherty has 30 years of real estate experience. At Exeter, Mr. Dougherty is responsible for sourcing acquisition opportunities and for asset management in the Mid-Atlantic region with primary focus on the Washington, DC/Baltimore, MD submarkets. Prior to joining Exeter, Mr. Dougherty worked at Liberty Property Trust as Senior Leasing Representative responsible for leasing and construction management of its 2.1 million square foot office, flex and industrial portfolio in

• Maryland. Prior to Liberty, he managed an institutional property portfolio while at CB Commercial Real Estate Group. From 1991 to 1993,
• Mr. Dougherty worked for South Charles Realty Corp. where he asset-managed a $40 million office/retail portfolio with the objective of RTC-

related asset disposition for the parent company, Maryland National Bank. Earlier in his career he held commercial leasing positions at Trammell Crow Company and Rouse & Associates (Liberty’s predecessor firm). Mr. Dougherty earned a BA degree in Political Science and an MBA, both from Emory University. Ralph Kittrell, Investment Officer/Asset Manager, Southeast Region. Mr. Kittrell is responsible for sourcing acquisition opportunities and for asset management in the Southeast region, with a specific focus on Southern and Central Florida. Prior to joining Exeter in 2006, Mr. Kittrell served as a Vice President in the Southeast region of Liberty Property Trust, where he led a team of 15 employees and oversaw leasing, acquisitions, development and asset management of a Florida office, flex, and industrial portfolio valued at over $500 million. From 1994 until 2001, he served as Vice President of Marketing for the Southern New Jersey office of Liberty, where he was responsible for leasing, acquisition and build-to-suit activity for the industrial portfolio, which during his tenure grew from 800,000 square feet to over 5 million square feet. He began his career in development and construction for firms including the Whitesell Company, the Linpro Company, the Pickett Companies, and Ryan Homes. Mr. Kittrell graduated from the University of Arizona with a BS degree in Real Estate.

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Management Team

Lyall (Barney) Sinclair, Investment Officer/Asset Manager, Southwest Region.

• Mr. Sinclair has 17 years of commercial real estate
• experience. At Exeter, Mr. Sinclair is responsible for sourcing acquisition opportunities and for asset management in the Southwest region, with

specific focus on Dallas and the Texas Triangle. Prior to joining Exeter in 2010, he was a partner at Champion Partners, a developer and

• perator of Texas commercial real estate, where for five years he originated and underwrote investments, asset managed a portfolio of industrial

properties, and oversaw speculative and build-to-suit developments. Prior to Champion Partners, Mr. Sinclair provided acquisitions analysis and project management for Dallas-based Bandera Ventures. He started his real estate career at Trammell Crow Company, with duties in industrial portfolio asset management in San Francisco and Oklahoma City. He has been responsible for over 3 million square feet of development and 5 million square feet of industrial leasing during his career.

• Mr. Sinclair earned a BA degree in Business with a major in Finance from the

University of Oklahoma and an MBA from Harvard Business School. Tom Wang, Investment Officer/Asset Manager, Western Region. Mr. Wang has 21 years of commercial real estate experience. At Exeter,

• Mr. Wang is responsible for sourcing acquisition and development opportunities and for asset management in the Western Region, with a

specific focus on San Francisco, Los Angeles, Seattle, and Phoenix. Prior to Exeter, from 2005 to 2012 Mr. Wang served as Director of Leasing and Development at Liberty Property Trust, where he managed 5.2 million square feet of industrial and office properties and oversaw 1.3 million square feet in speculative and build-to-suit developments. His responsibilities at Liberty included management of a $1 billion portfolio (in joint venture with The New York State Common Retirement Fund) acquired from Republic Property Trust. Prior to Liberty, Mr. Wang worked at Gensler, advising the U.S. General Services Administration and U.S. Department of Defense on the asset management of a 110 million square foot portfolio (including the 2005 Base Realignment and Closure “BRAC” initiative). Mr. Wang earned a BA degree from Williams College, an MBA with a concentration in Real Estate from the Wharton School at the University of Pennsylvania, and a Masters of Architecture from the University of Pennsylvania PennDesign School. Jason Borrelli, Principal, Property Due Diligence and Management. Mr. Borrelli has over 20 years of property due diligence, construction and property management experience. At Exeter, Mr. Borrelli is responsible for managing acquisition due diligence, property operating and capital budgets, physical property conditions, and currently oversees 11 property managers located in Exeter's nationwide regional offices. He has participated in the acquisition of over 250 investments totaling over 135 million square feet. For the two years prior to the formation of Exeter, Mr. Borrelli served as a partner at National Properties Incorporated (“NPI”) where he oversaw the property management and tenant improvement division. In addition, he participated in the acquisition and development of five projects valued at over $100 million and the disposition of NPI’s $315 million multi-family portfolio. Mr. Borrelli served as Property Manager for Liberty Property Trust from 2002-2004 and for NPI from 1995-2002. He began his career as a mechanical engineer at the architecture and engineering firm Einhorn, Yaffe and

• Prescott. Mr. Borrelli earned a BS degree in Aerospace Engineering and an MBA, both from the Pennsylvania State University.

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Management Team

Rayenne Chen, Principal, Investor Relations and Reporting.

• Ms. Chen has 15 years of commercial real estate experience and is

responsible for capital formation, investor relations and investor reporting. She has been instrumental in garnering and maintaining investor relationships, as well as providing financial reporting for 70 institutional investors around the world. Prior to the formation of Exeter, Ms. Chen served as an acquisition associate for Preferred Real Estate Investments, where she participated in the acquisition underwriting and subsequent disposition of a 5 million square foot office, flex and industrial portfolio. Previously she served as Vice President at PMC Property Group, where she provided financial analysis, participated in over $300 million in asset financings, and managed several million dollars in tax credit sales. She also served as an acquisitions analyst at the private equity investment manager Lubert-Adler Real Estate Funds and at Liberty Property Trust, where she started her real estate career. Ms. Chen graduated with an AB degree in English from Harvard University and an MBA from the Wharton School of the University of Pennsylvania with a concentration in Real Estate. Jason Honesty, Principal, Development and Construction. Mr. Honesty is responsible for managing and executing the land acquisition, master planning, design, approvals, and construction of Exeter's development and redevelopment projects, which during his tenure have totaled more than $575 million in project cost across 30 investments. These projects have included the successful accreditation of two LEED Silver Core & Shell buildings and one LEED Gold Commercial Interior. He has 21 years of commercial real estate experience and prior to Exeter developed and redeveloped 30+ industrial, flex, and office buildings containing over 5 million square feet at an estimated cost of over $600 million. From 1999 to 2008, Mr. Honesty served at Liberty Property Trust as a Project Manager for Construction and Development, during which time he sourced land acquisitions, acquired development approvals, and executed construction projects in Pennsylvania and New Jersey. He began his career in property management, first for McKesson and later for Liberty. He obtained the Institute of Real Estate Management’s Certified Property Manager designation and his LEED Accreditation from the U.S. Green Building Council. Mr. Honesty graduated with a BS degree in Criminal Justice from West Chester University and holds a Certificate in Construction Management from Drexel University. Vincent (Brad) Reed, Treasurer and Controller. Mr. Reed is responsible for accounting and financial reporting at Exeter. In this role he also manages Fund treasury functions including capital calls and distributions. Prior to joining Exeter, he was a manager in the Asset Management Assurance division at PricewaterhouseCoopers LLP where he led the audits of various real estate companies, including several real estate private equity funds. He earned his CPA in 2007. Mr. Reed graduated with a BS degree in Accounting and Finance from the University

• f North Carolina and earned a JD from Rutgers School of Law.

Brian Fogarty, Fund Real Estate Counsel. Mr. Fogarty has 13 years of real estate and transactional legal experience and is responsible for managing legal matters of the Exeter portfolio including acquisition, leasing and disposition transactions. Prior to joining Exeter, he was an attorney in the real estate/financial services department at Blank Rome LLP where he maintained a national practice counseling clients in all facets of real estate acquisition, disposition, leasing, financing and development transactions. Mr. Fogarty earned a BS degree in Biobehavioral Health from the Pennsylvania State University and a JD from Villanova University School of Law.