Table of Contents Summary of Salient Facts and Conclusions 1 Income Capitalization Approach 57 —— 3 hn Rent Analysis — General Retail 59 Identification of Subject 3 ies . ; Market Rent Analysis — General Office Sale History 3 : F Space 65 Pending Transactions 3 . , Market Rent Analysis — Restaurant Space 71 Purpose of the Appraisal 4 ; ; : Buckner tisha A Market Rent Analysis — Marina Slip Rentals78 _— ‘ : Reconciliation and Conclusion of Value 106 Definition of Property Rights Appraised 4 . 2 ofige ; , Exposure Time 107 Definition of Going-Concern Premise 4 . ; Marketing Period 107 Intended Use and User 5 . : ‘ Allocation of Going-Concern Value 108 Applicable Requirements 5 : . . . . Value of Furniture, Fixtures and Equipment Prior Services 5 (FF&E) 108 Competency 5 : Value of Intangible Assets 109 Independence 6 ‘ : ' ' Allocation of Going-Concern Value 109 RICS Valuer Registration 6 Insurable Replacement Cost 110 Currency 6 Scope of Work 6 Certification 111 Economic Analysis 8 Assumptions and Limiting Conditions 113 Area Analysis 8 Addenda Surrounding Area Analysis 22 , Pie cata iviaviaes tubar bee Anvelicel 35 A. Appraiser Qualifications BUTS VEGI Sari anya B. Financials and Property Information Property Analysis 36 C. Comparable Data Land Description and Analysis 36 D. DCF Reports Improvements Description and Analysis 42 E. Engagement Letter Real Estate Taxes 52 Highest and Best Use 54 Valuation 56 Valuation Methodology 56 ; . irr. IGY American Yacht Harbor Marina fice) HOUSE_OVERSIGHT_018810