metlife industrial presentation

INDUSTRIALDEVELOPMENTPRESENTATION

for METLIFE

September 2015

September 2015

Mr. Robert MerckMetLife Real Estate Investments10 Park Ave #1, Morristown, NJ 07960

Dear Robert,

This year Lincoln Property Company will celebrate its 50th year of existence and during that half century our company has continued to grow, evolve and prosper. We have over 7,100 employees and 38 offices throughout the U.S. and Europe employing professionals engaged in office, industrial, retail and multi-family real estate. Our leadership is seasoned and tenured with most senior executives having in excess of 20 years of continuous employment with the Company and each deeply knowledgeable and connected within their local markets.

Lincoln and MetLife have enjoyed a long history of working together in a variety of projects and capacities. Lincoln has been privileged to work in joint venture with MetLife as a partner; as a borrower to MetLife as lender; and as a service provider to MetLife on millions of square feet of commercial and multi-family real estate. We place a high value on the relationship between our two companies and would greatly enjoy the chance to work together again in an effort to seek out high quality, industrial development opportunities around the country.

In the following pages, I would like to reacquaint you with our team and the resume of experience we have in the industrial sector throughout the U.S. Through our network of offices, Lincoln has developed over 45 million square feet of industrial product largely on behalf of institutional owners similar to MetLife. Lincoln also serves as an advisor to two considerable state pension funds. Since 2000, we have invested over $1 billion to acquire approximately 18 million square feet of core and value add industrial assets. The total investment represents over 100 individual transactions and the performance of these investments has exceeded the NPI Industrial Index on a leveraged, after-fee basis since its inception. All of this underscores Lincoln’s ability to execute a strategy across multiple operating platforms and produce outstanding results for our clients and partners.

Based on the outline of terms sent to us through your office in Atlanta, we believe there is a very solid foundation for a programmatic industrial development relationship that we would like to pursue with you. We hope this information will assist you in getting to know us better and we appreciate the opportunity to present to you today.

Thank you again for your interest in Lincoln Property Company.

Kindest Regards,

William C. DuvallPresident

William Duvall

NATIONAL DEVELOPMENT STRATEGY

6

NATIONAL DEVELOPMENTSTRATEGY

STRATEGY

12 3

PRODUCTTYPE

PHYSICAL CHARACTERISTICSMARKETS

7


PRODUCTTYPE1

REGIONAL DISTRIBUTION

LESS EXPOSURE

HIGHER MARGINS

GREATER MARKET DIVERSIFICATION

FLEXIBILITY THROUGH PHASING

TENANTS

PROJECT DEAL SIZE

TO TENANT RELOCATION

CREDITTERM

TO BUILDING OBSOLESCENCE

TO SUPPLY CHAIN CHANGE

TO COMPETITION

TO FRINGE LOCATIONS

LOCAL DISTRIBUTION

8

NATIONAL DEVELOPMENTSTRATEGY MARKETS2

LPC OFFICES LOCATIONS

TOP 25 MSA

METLIFE OFFICES LOCATIONS

9


3 PHYSICAL CHARACTERISTICS

8 0 %

LOCAL DISTRIBUTION REGIONAL DISTRIBUTION

FLEX SHALLOW BAY MINIBULK BULK

TENANT SIZE

BLDG DEPTHS

CONFIGURATION

CLEAR HEIGHTS

OFFICE BUILDOUT

TRUCK COURT DEPTH

FIRE PROTECTION

CAR PARKING

TRAILER STORAGE

5,000 - 30,000 15,000 - 150,000 75,000 - 250,000 250,000 - 1M+

80’ - 120’ 150’ - 250’ 250’ - 440’ 400’ - 600’

REAR LOAD REAR OR FRONT LOAD CROSS DOCK CROSS DOCK

20’ - 24’ 20’ - 32’ 32’ - 36’ 32’ - 36’

50% OR MORE 5% - 25% 5% OR LESS 3% OR LESS

N/A 120’ SINGLE/200’ SHARED 120’ SINGLE 120’ SINGLE

CLASS IV CLASS IV OR ESFR ESFR ESFR

3/1000

NO

1/1000

IF POSSIBLE

1/1000 5/1000

YES YES

2 0 %

T A R G E T P R O D U C T

SUCCESS STORIES

BROADWAY 101 COMMERCE PARKMESA, ARIZONA• 808,000 square feet• 11 buildings• 52 acres• $60 million total project costs• Sold for $77 million in 2015• Bulk, Shallow Bay• Spec Industrial Development NAIOP Award Winner• Green Practices/Reclamation• Major redevelopment

LINCOLN LOGISTICSMIAMI, FLORIDA

• 670,000 square feet• 3 Buildings• Rear Load, Cross Dock• Morgan Stanley - Build to core strategy• Single Phase Project• Delivered in 2009• Leased to 100%• Cost $65M• Current value $80M -$85M

PROGRAMMATIC RELATIONSHIPS

16

PROGRAMMATICRELATIONSHIPS

11

5

2.3

$190

DEALS

YEARS

MSF

MILLION

17


8

5

2.0

$414

DEALS

YEARS

MSF

MILLION

18


5

5

2.7

$500

DEALS

YEARS

MSF

MILLION

19


48

18

10.3

$1.4

DEALS

YEARS

MSF

BILLION

20


100+

5

18

$1

DEALS

YEARS

MSF

BILLION

OREGONRETIREMENTP U B L I C E M P L O Y E E ’ S

F U N D

INDUSTRIALDEVELOPMENT

QUALIFICATIONS SUMMARY

HISTORY & FACTS

HISTORY &QUALIFICATIONS

24

Lincoln Property Company - CommercialLincoln Property Company is one of the largest and most respected diversified real estate firms in the United States and is the only national real estate company to rank concurrently in the Top 10 lists of Management and Ownership of Office, Industrial and Multi-family.

With an international footprint that includes offices across the United States and Europe, Lincoln remains a privately and closely held company. As a matter of corporate intention and philosophy, the company has operated virtually debt-free since the early 1990’s, uniquely positioning itself to provide focus and performance as well as consistency and stability to its clients, partners and employees throughout CRE cycles.

This corporate philosophy combined with 50 years of global real estate experience and the ability to “think like an owner” is what differentiates Lincoln from other service providers and real estate companies. The company’s history of developing and acquiring assets for its own account - as well as providing a full cadre of services to other owners over the span of the last five decades - has created a culture throughout the firm whereby every employee treats each assignment as if it were owned by the company. Consequently, the company’s goal is to hire, train, and retain employees that “take ownership” in each and every assignment.

25

HISTORY &FACTS

25

LPC Commercial - National Platform

REGIONS: West Coast | Desert States | Southwest | Midwest | Northeast | Tennessee & Carolinas | Southeast

Lincoln Property Company - Commercial

180 Million + SF managed/leased

50 Year Old Company. Privately-Held, consistent ownership

2,350 Employees

Lines of Business:

Top Ranked Developer, 5th Largest Property Manager in U.S., Commercial Property News

$12+ Billion in acquisitions

ManagementLeasingBrokerageAcquisitionsDispositionsDevelopmentConstruction ManagementAdvisory Services

26

HISTORY &FACTS

LPC Commercial - Organizational ChartWilliam Duvall

President

Buddy BakerSenior Vice President Corporate Controller

Clay DuvallExecutive Vice President

Finance

Gregory CourtwrightChief Operating Officer

SOUTHEASTEllis L (Bucky)Shamburger - 28 yrsExecutive Vice President

Tony Bartlett - AtlantaSenior Vice President

Scott Stahley - Central FLSenior Vice President

Roy Paskow - South FLSenior Vice President

SOUTHWEST

Mike Crockett - AustinSenior Vice President

Charlie Giammalva - HoustonSenior Vice President

Scott Caldwell - DenverSenior Vice President

MIDWESTJohn Grissim - 28 yrsSr. Executive Vice President

DESERT STATES TN & CAROLINAS

Johno Harris - 4 yrsExecutive Vice President

Rex Lowe - CharlotteSenior Vice President

David Connor - RaleighSenior Vice President

NORTH EASTWilliam Hickey - 30 yrsSr. Executive Vice President

Paul Price - 27 yrsExecutive Vice President

John Miller - BostonSenior Vice President

Gary Kobus - 17 yearsPresident - LAG

Mike Taylor - New JerseySenior Vice President

James Stein - New YorkSenior Vice President

WEST COASTJohn Herr - 16 yrsExecutive Vice President

Dave Krumwiede - 14 yrsExecutive Vice President

Tom Kuhlmann - 30 yrsExecutive Vice President

David Binswanger - 17 yrsExecutive Vice President

Kevin Hayes - Los AngelesSenior Vice President

Brig Black - San DiegoSenior Vice President

INDUSTRIALQUALIFICATIONS


29

42,896,000 SF45,670,000 SF17,934,000 SF

Management/Leasing:Development Activity:Acquisition Activity:

INDUSTRIAL EXPERIENCE NATIONAL ROLL UP:


30

WEST COAST

SAN FRANCISCO55 Francisco St.8th FloorSan Francisco, CA 94133415-948-8600

PORTLAND15455 NW Greenbrier Pkwy.Suite 245Beaverton, OR 97006503-614-6914

SAN DIEGO600 B. St.Suite 2448San Diego, CA 92101619-230-8881

LOS ANGELES915 Wilshire Blvd.Suite 2050Los Angeles, CA 90017213-538-0900

ORANGE COUNTY114 Pacifica Suite 370Irvine, CA 92618949-333-2111

Management/Leasing: 5,245,000 SFDevelopment Activity: 31,500,000 SFAcquisition Activity: 2,345,000 SF


31

PHOENIX3131 East Camelback Rd.Suite 318Phoenix, AZ 85016602-912-8888

DESERT STATES



32

DENVER2000 South Colorado Blvd.Suite 210Denver, CO 80222303-893-1886

AUSTIN7500 Rialto Blvd.Suite 270Austin, TX 78735512-322-3210

DALLAS2000 McKinney Ave.Suite 1000Dallas, TX 75201214-740-330

HOUSTON5847 San Felipe St.Suite 4675Houston, TX 77057713-654-770

SOUTHWEST



33

MIDWEST

Management/Leasing: 671,000 SFDevelopment Activity: N/AAcquisition Activity: 591,000 SF

CHICAGO120 N. LaSalleSuite 1750Chicago, IL 60602312-345-8780


34

BOSTON53 State St.Suite 700Boston, MA 02109617-951-4100

BALTIMORE300 W. Pratt St.Suite 520Baltimore, MD 21201410-659-1234

WASHINGTON, DC101 Constitution Ave. NWSuite 325 EWashington, DC 20001202-513-6700

ARLINGTON1530 Wilson Blvd.Suite 200Arlington, VA 22209703-522-4600

NEW YORK230 Park Ave.Suite 824New York, NY 10169212-753-0638

NORTHEAST



35

TENNESSEE & CAROLINAS

Management/Leasing: 737,000 SFDevelopment Activity: N/AAcquisition Activity: N/A

CHARLOTTE4725 Piedmont Row Dr.Suite 800Charlotte, NC 28210704-714-7600

CHARLESTON126 Seven Fams Dr.Suite 160Charleston, SC 29492843-952-2060

RALEIGH5430 Wade Park Blvd.Suite 300Raleigh, NC 27607919-840-8040

NASHVILLE424 Church St.Suite 2100Nashville, TN 37219615-463-8600

COLUMBIA1201 Main St.Suite 1100Columbia, SC 29201803-728-0760


36

ATLANTA3405 Piedmont Rd.Suite 450Atlanta, GA 30305404-266-7600

ORLANDO300 S. Orange Ave.Suite 1500Orlando, FL 32801407-872-3500

MIAMI900 S. Pine Island Rd.Suite 140Plantation, FL 33324954-900-6055

SOUTHEAST


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