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3

4

5

6

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10Note: Starboard of Miami is a single-phase construction project.

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Specific Lease Terms

A. Land Lease Evaluation

Years Base Rent

2016 to 2020 $10/sf

2021 to 2025 $20/sf

2026 to 2035 $25/sf

2036 to 2091 $30/sf

B. Land Lease Including Cash Flow and Capital Event

Participation

Cash Flow: Development

Partner is offering 10% of

their Leveraged Cash Flow share to PortMiami.

Capital Event: Affordable Housing will be donated to

PortMiami after a 10-year holding period. Using 7% cap rate, the value upon donation will be $57MM.

Returns

Discount Rate 6.3%

NPV 75 year $ 171,047,290

NPV 18 year $ 103,062,574

Existing Financial Position

MSRC Ground Lease

Base Rent $ 1

Discount Rate 2.5%

NPV 18 year $ 4,894,961

Years Escalation

2013 10%

2018 10%

2023 10%

2028 10%

2033 10%

The Discount Rate is lower than Starboard of Miami’s

rate due to MSRC’s minimized risk of their existing lease

structure;

Starboard of Miami is offering 21x better return*

PortMiami Land Sale Option

PortMiami Land Sales

Land value $ 49,005,000

Investment return 6.8%

Increase 2%

NPV 75 year $67,316,549

NPV 18 year $39,082,839

The Investment return is

5% higher than the

Starboard’s discount rate

based on opportunity

cost;

Years Escalation

2018 5%

2014 5%

2031 10%

2041 10%

2051 10%

2061 10%

2071 10%

2081 10%

2091 10%

Returns

Discount Rate 6.3%

NPV 75 year $ 142,654,495

NPV 18 year $ 74,669,780

Starboard of Miami is offering 2.6x better return*

*Using 18 years holding period

- 192,000 SF of open space yields opportunities for flexible

Program and community outreach space

- Immediate adjacency to transit plaza

- Sustainable Development/ LEED Platinum Facility:

water conservation, energy efficiency, site sensibility

and connection to alternative transportation -- main

cornerstones of the project.

C. Intangible - Land Value Creation

GROUND LEASE ANALYSIS

*Using 18 years holding period

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FINANCIAL AND SENSITIVITY ANALYSIS

General Note: Development Partner’s returns are generated after 10% reduction from ground land lease cash flow participation

BASELINE ASSUMPTIONS

SOURCES AND USES

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View towards the city

(Financial Closing Cost)

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View From Port Miami

STARBOARD OF MIAMI