Halfmoon (Albany), NY: UPS lease, read line by line

Item 2, property schedule, pp. 21-23. The filing prints the annualized rent column rounded to the nearest $1,000; it is restated here in full US dollars: State | property | tenant | annualized rent (USD) | expiry NY | Halfmoon (Albany) | United Parcel Service, Inc. | $595,000 | 03/31/31

Item 2, footnote (9), p. 23: "We simultaneously entered into 10.4 year lease agreement with UPS which became effective 11/1/20. The new lease agreement provided for five months of free rent, after which, initial annual rent was $510,000, with 2.0% annual increases thereafter, resulting in a straight-line annualized rent of $541,000 over the life of the lease which matures 3/31/31."

Item 2, building schedule, p. 21: Halfmoon (Albany) (UPS), Industrial, 75,000 square feet.

Item 2, Completed Expansions, p. 23: "In addition, effective June 4, 2021, we completed a parking lot expansion for UPS at our property located in Halfmoon (Albany), NY for a cost of approximately $835,000, resulting in an initial increase in annual rent effective on the date of completion of approximately $52,000 from approximately $510,000, or $6.80 per square foot, to approximately $562,000, or $7.50 per square foot. Furthermore, annual rent will continue to increase each year by 2.0% resulting in an annualized rent from June 4, 2021 through the remaining term of the lease of approximately $622,000, or $8.29 per square foot."

Item 2, FY2021 New and Renewed Leases, p. 24, Halfmoon lease paragraph: "The lease agreement with UPS provides for five months of free rent, after which, on April 1, 2021, initial annual rent of $510,000, representing $6.80 per square foot, commenced, with 2.0% annual increases thereafter, resulting in a straight-line annualized rent of $541,000, representing $7.21 per square foot over the life of the lease, which expires March 31, 2031. This compares to the former U.S. GAAP straight-line rent of $574,000, representing $7.65 per square foot, and former cash rent of $8.19 per square foot, resulting in a decrease of $33,000, representing a 5.8% decrease on a U.S. GAAP straight-line basis and a decrease of 17.0% on a cash basis."

The filing does not give monthly invoices, collection receipts, the exact intra-June proration convention, the anniversary day of every future escalation, property-level operating expenses or an executed lease copy. Do not transform a rate into a proven payment. The approximately $622,000 is a described remaining-term annualized measure, not November 2021 cash rent.

Slide 2, notes: "references to 'annualized rental revenues' mean the annualized contractual rents, as of September 30, 2021, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions, including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants (annualized rental revenues may differ from actual historical rental revenues calculated pursuant to U.S. Generally Accepted Accounting Principles (GAAP))".

Slide 3, acquired portfolio: 126 industrial and logistics properties, approximately 26 million rentable square feet, 99.7% occupancy.

Slide 4, transaction overview: "Consideration of $21.00 per MNR common share." "Total Transaction value of ~$4.0B, inclusive of MNR contracted acquisitions / expansions and transaction expenses." "ILPT plans to finance the transaction by entering into a joint venture with one or more institutional investors for equity investments of between approximately $430M and $1.3B." "The balance of the purchase price will be financed with proceeds of new mortgage debt and the assumption of approximately $409M of existing MNR mortgage debt." "Depending on the ultimate size of the joint venture equity investments, ILPT may also use proceeds from the sale of up to $1.6B of MNR properties to finance the transaction." "To ensure ILPT can finance the closing of the transaction, ILPT has secured commitments from lenders for a $4.0B bridge loan facility."

Slide 5: "Year one cash cap rate on this acquisition is 4.0% and the GAAP cap rate is approximately 4.3%." These are ILPT expectations for the acquisition, not measured Halfmoon NOI.

The slides do not disclose an actual borrowing amount or binding bridge coupon at November 2021. Debt balances, property-disposition proceeds, cost of debt, and JV ownership cannot be solved by subtracting these approximate overlapping headline amounts. A committed bridge facility is a capacity ceiling, not funded principal. Label every interest-rate change hypothetical.