78 Blanchard Rd Suite 100, Burlington, MA Office: (781) Blanchard Rd, Suite 100, Burlington, MA Office: (781)

Transcription

1 78 Blanchard Rd Suite 100, Burlington, MA Office: (781) David R. Masse (781) ext. 101 Cell: (978) Anthony H. Librot (781) ext. 102 Cell: (781) Frank Vento (781) ext. 103 Cell: (339) Blanchard Rd, Suite 100, Burlington, MA Office: (781)

2 Table of Contents Overview and Criteria Process Services Portfolio Team 2

3 AAM 15 Management Overview SUMMARY AAM 15 Management, LLC is an independent private equity investment and management company that strives to provide investors a stable stream of distributable cash returns while maximizing capital appreciation. The company pursues acquisitions of hotel, multifamily, mixed use, and commercial real estate assets in the urban and suburban core throughout the East Coast of the United States. We target growing markets where our assets are segment leaders with emphasis on those that combine education, wealth, and positive population-based socioeconomic trends, so they support asset value growth. Because our principal co-invests in all of our assets, we continually seek to maximize the profit opportunity made possible by leveraging our proprietary industry network and a persistent focus on a value creation. PURPOSE Our goal is to be one of the premier private equity firms in the United States. We strategically invest both our clients and our principal s equity in assets that will drive stable cash flow returns while preserving the security of your initial capital. As a management company, we take pride in our commitment to our greatest asset, which is our team members. We want our team members to refer to us as the place they love to work. THE FUTURE We continue to look for opportunities within our core asset segments for both value-add and new-construction properties that produce stable cash flow and returns to our investors. As a management company, we will continue to drive profits by investing in our team members, both financially and through continuing education. 3

4 Overview Integrity Achieve excellence Community involvement CORE VALUES Training and experiences Recognize and reward Positive work environment 4

5 Overview CORE VALUES Conduct business with integrity at all levels of our organization Actively support the communities in which we do business Recognize and reward high-level performance Provide a positive work environment where all associates have a voice and the opportunity to advance their careers Provide all associates with the training and experiences they need to succeed Achieve excellence in all areas of operation, guest satisfaction, associate satisfaction, direct sales, marketing, cleanliness, physical plant upkeep, and achievement of financial goals We demand integrity and respect at all levels of our organization, from dealing with guests and tenants, to how our team members treat each other, to speaking with and reporting to our investors Over the past 10 years, we have given over $750,000 back to the places where we live and work Our flexible bonus plans allow us to reward team members for exceptional performance at a rate higher than industry standard We strive to maintain a work environment that allows us to retain and recruit the best talent available Team members go through rigorous training by international organizations that provide continuing education, so we prefer to promote from within our AAM family before looking to outside sources We continuously review guest and tenant comments and blind surveys, and conduct ongoing conversations with and reporting to our investors 5

6 Overview COMPANY HISTORY 2002 Our founder, David Masse, invests as the primary partner in a land redevelopment project in Salem, MA Masse, along with five others, forms Compass Realty Partners, which raises over $55 million in debt and equity to redevelop four automotive dealerships and one 80,000-square-foot retail development Masse forms Compass Realty Associates with one partner to redevelop commercial locations throughout New England. Compass has redeveloped 2 million square feet of property Masse invests in the acquisition of the distressed 197-room Holiday Inn Select in Woburn, MA and becomes the majority owner of the Holiday Inn Select Masse forms AAM 15 Management, LLC to operate the Holiday Inn Select Masse forms Panther Properties with a partner to purchase, develop, and manage multifamily properties located in the southeastern United States. Panther has acquired or developed approximately 5,000 units totaling $700 million Complete major renovation of guest rooms, exterior, and all mechanical systems and rebrand hotel to a Crowne Plaza (IHG s upscale brand). 6

7 Overview COMPANY HISTORY CONTINUED 2013 AAM 15 Management, LLC receives InterContinental Hotels Group s (IHG s) renovation of the year award and 2014 Crowne Plaza Boston Woburn receives IHG s torchbearer award for brand-leading guest satisfaction results. October 2016 Acquire and construct the 170-room Residence Inn Burlington, MA. January 2017 Acquire the 127-room Cambria Suites by Choice Hotels in Roanoke, VA. August 2017 Close on the acquisition of the 108-room Marriott Residence Inn Burlington Colchester, VT. February 2018 Close on the acquisition of the 99-room Hilton Garden Inn Downtown Freeport, ME. March 2018 Successfully rebrand and refranchise the Cambria Suites by Choice Hotels to a SpringHill Suites by Marriott. April 2018 Begin the permitting process on the ground-up development of a 123-room Marriott Residence Inn Manchester, NH. September 2018 Closed on the acquisition on the DoubleTree by Hilton Burlington, VT. 7

8 Overview INVESTMENT STRATEGY Value-add and opportunity investments: VALUE-ADD FEATURE AAM 15 Management specializes within the value-added space designed for investors seeking investments in commercial real estate, which is a higher-returning segment of the market. COMPLEX TRANSACTIONS We seek out opportunities where we perceive we have a competitive advantage, which enables us to unlock an asset s underlying value by executing creative and sometimes complex transactions. DISCOUNTED VALUATIONS In this way, we seek to acquire assets at a significant discount by capitalizing on emerging investment opportunities and trends before they become fully appreciated by the broader market. Acquisition targets arise from inefficient capital structures, prior mismanagement, asset-level difficulties, economic dislocation, and other market event-driven distress. INVESTMENT CONDITIONS We seek to add value by identifying assets where rents are below market levels and physical, operational, financial, or submarket conditions have caused a dislocation in pricing. 8

9 Overview INVESTMENT STRATEGY CONTINUED Value-add and opportunity investments: VALUE-ADD PROCESS We endeavor to maximize appreciation potential through active selfmanagement, recapitalization, redevelopment or repositioning efforts, entitlement changes, new construction, adaptive reuse, and lease-up activities. FINANCIAL FEATURE Our value-added investment strategies offer investors an attractive total return comprised of current cash distributions and future appreciation by making their enhanced properties attractive to institutional players. DEVELOPMENT AAM 15 Management participates in land acquisitions and development opportunities to capitalize on an imbalance between the supply of and demand for space for a particular property type in specific markets that present high barriers to entry. 9

10 Overview CORE PLUS, VALUE-ADD AND OPPORTUNISTIC INVESTMENTS LONG-TERM VALUE AAM 15 Management s core plus, value-add and opportunistic strategy seeks current, predictable operation cash flow, as opposed to primarily relying on future capital appreciation. We pursue properties that offer intrinsic long-term value where assets are mispriced relative to replacement costs, stabilized cash flow, and comparable market sales. Our belief is that risk is a function of price and that the appropriate cost basis mitigates downside risk, allowing us to offer value to tenants even when demand slows. PRICING RISK We place a premium on assets in markets with diverse tenant demand, supply constraints, and exit liquidity. In addition, we monitor each asset class s exposure during periods of illiquidity or economic uncertainty, and its potential under improving economic conditions. CONSISTENT CASH FLOW Our investment strategies seek to provide investors with an attractive total return, with an emphasis on steady generation of income. We believe current cash flow greatly reduces the risk profile of a real estate investment. 10

11 Overview CORE PLUS, VALUE-ADD AND OPPORTUNISTIC INVESTMENTS CONTINUED CORE PLUS Core plus assets typically deliver a secure return, largely generated from ongoing current property cash flow. These properties tend to be reasonably fully leased, located in major markets, and built in sought-after locations in these markets. These investments present more opportunity to increase net operating income (NOI) through organic rent growth, light renovation programs, and improved management. As such, a large majority of the return will come in the form of current yield with a smaller percentage projected from price appreciation. Value-add and Opportunistic Like core plus assets, value-added and opportunistic investments exhibit many of the same physical characteristics except the locations are farther away from a primary market. It is critical for these investments to be located in areas with high barriers to entry and have strong social and economic growth potential. These assets will benefit from the same types of programs for rent growth, renovation, and improved management, but will have a higher percentage of overall return due to price appreciation as the surrounding area becomes more desirable. 11

12 Investment Criteria: Hospitality Branding Local / regional National / international Align with the best and most recognized brands in the hospitality industry Strategy Core Core Plus Value-Add Opportunistic Core plus and value-add mispriced assets (due to physical, operational, or financial distress) with long-term intrinsic value Market Primary Secondary Tertiary High-barrier markets diversified with multiple industries: technical innovation, education, health care, military, etc. Area Urban Suburban Rural Major urban and suburban areas with infill locations in supply-constrained coastal markets in or near major metropolitan statistical areas (MSAs) Leverage Unlevered Full leverage Custom capital structures with moderate leverage on stabilized income Fixed interest rate for term of hold Holding Period 0 years 30+ years Opportunistic exits based on asset performance, economic and local market conditions, and the strength of prospective buyer demand Deal Size $0 $100 million Sophisticated transactions at various price points Corporate flexibility allowing for complex ownership structures

13 Investment Criteria: Real Estate Strategy Core Core Plus Value-Add Opportunistic Value-add mispriced assets (due to physical, operational, or financial distress) with long-term intrinsic value; add ground-up construction Market Primary Secondary Tertiary High-barrier markets diversified with multiple industries: technical innovation, education, health care, military, etc. Area Urban Suburban Rural Major urban and suburban areas with infill locations in supply-constrained coastal markets in or near major MSAs Leverage Unlevered Full leverage Custom capital structures with moderate leverage on stabilized income Fixed interest rate for term of hold Holding Period 0 years 30 to 10 years based on asset class Opportunistic exits based on asset performance, economic and local market conditions, and the strength of prospective buyer demand Deal Size $0 $100 million Sophisticated transactions at various price points Corporate flexibility allowing for complex ownership structures 13

14 Table of Contents Overview and Criteria Process Services Portfolio Team 14

15 Investment Process Target Origination Investment Underwriting Asset Management Value Enhancement Macro and micro trends based on: Social themes Technological innovations Phase of the business cycle Economic growth Corporate leaders within trending commercial segment Corresponding real estate opportunities Location-specific performance: Quality of product Demographics Accessibility Traffic counts Rigorous due diligence: Market research Tenant interviews Site visits Third-party reports Financial modeling Analysis focused on valuation, looking for: Below-market rents Above-market cap rates Discounts to replacement value Value-add opportunities Continuously research portfolio tenants and market development Reduce operating costs and enhance environmental sustainability Manage exposure to: Competition Lease expirations Above-market rents Deferred maintenance Macroeconomic events Enhance cash flow through development and redevelopment Increase certainty of future cash flows through leasing and deal structuring Upgrade asset s tenant roster and credit profile Optimize capital stack to maximize cash-oncash returns and reduce downside exposure 15

16 Table of Contents Overview and Criteria Process Services Portfolio Team 16

17 Management Services REVENUE MANAGEMENT AAM 15 Management works together with property-level teams to analyze prevailing market conditions and develop specific strategies to strengthen occupancy rates and enhance revenue per occupied unit. We do this through: OPERATIONS The quality of the guest or tenant experience at our properties is of paramount importance. Creating a strong on-site management team is critical to our success. The management team continually reviews guest or tenant surveys and comment cards to find ways to improve the property. As such, our hotel properties consistently rank in the top 15% of their associated brands on all topics included on guest satisfaction surveys. SALES and MARKETING To drive guests to the property, our sales and marketing teams continually review comprehensive market analysis and the competitive nature of each community where we have a property. ACCOUNTING Proper financial controls and procedures are the core of successful businesses. Our CFO works closely with all our property controllers to review monthly results and costs. In addition, each of our properties is audited each year by our outside accountants. 17

18 Development Services DEVELOPMENT CONSTRUCTION MANAGEMENT For our ground-up construction projects, we use our in-house experts to oversee the entire process from architectural to permitting to construction. By keeping this critical construction overview function in house, we are better able to prevent cost overruns and, in some cases, create savings because we are heavily involved in the procurement of all goods and services and tightly control the competitive bid process. OPERATIONAL CONSTRUCTION MANAGEMENT For our existing assets, our construction management team works closely with our operations team to continually review our physical plants to make repairs or enhancements that directly affect our guests. This is financed through the use of capital reserves that are set aside monthly for the future needs of each hotel s physical plant. 18

19 Table of Contents Overview and Criteria Process Services Portfolio Team 19

20 AAM 15 Portfolio CROWNE PLAZA BOSTON WOBURN 15 Middlesex Canal Park Dr., Woburn, MA Acquisition and redevelopment of a 199-room hotel to a full-service Crowne Plaza, including the 300-person capacity Scoreboard Sports Bar & Grill Located 12 miles north of Boston Acquired in late 2008 $17 million in renovations during ownership period Total revenue has increased by 280% since acquisition 12,000 square feet of new meeting space Includes a full-service sports-themed restaurant and bar serving American cuisine 20

21 AAM 15 Portfolio SPRINGHILL SUITES ROANOKE 301 Reserve Ave. SW, Roanoke, VA Acquisition, redevelopment, and refranchise of a 127-room extended-stay hotel to a Springhill Suites by Marriott 1,000 square feet of meeting space Newly renovated and expanded bistro area that serves breakfast and dinner Located in the Roanoke business district adjacent to the Carilion Roanoke Memorial Medical Center and Virginia Tech Carilion School of Medicine and Research Institute Brand conversion from Choice to Marriott $6 million dollar property improvement plan which was completed Sept. 1,

22 AAM 15 Portfolio RESIDENCE INN BOSTON BURLINGTON 400 District Ave., Burlington, MA Acquisition and ground-up development of a 170-room Residence Inn by Marriott extended-stay hotel located in The District Burlington $41-million ground-up construction open Nov Extended-stay suites Located in The District, which includes a 1.3- million-square-foot shopping mall operated by Simon Properties, 1.4 million square feet of Class A office space, and abuts the Lahey Medical Center Walking distance to 9+ restaurants including one within the Hotel 22

23 AAM 15 Portfolio RESIDENCE INN BURLINGTON COLCHESTER 71 Rathe Rd., Colchester, VT Acquisition and redevelopment of a 108-room Residence Inn by Marriott Extended-stay hotel $2 million property improvement plan to be completed during the winter Centrally located to the University of Vermont, St. Michaels College, and the University of Vermont Medical Center 23

24 AAM 15 Portfolio HILTON GARDEN INN DOWNTOWN FREEPORT 5 Park St., Freeport, ME Acquisition and redevelopment of a 99-room Hilton Garden Inn located in the heart of Downtown Freeport Select-service hotel, including both guest rooms and suites Newly renovated restaurant and bar Ballroom and meeting space $3 million property improvement plan to be completed by May 1, 2019 Value-add: Excess land available to either expand the hotel or redevelop the property with multifamily units Located within walking distance of the world headquarters of LL Bean and 320,000 square feet of the region s top retail outlet stores 24

25 AAM 15 Portfolio DOUBLETREE BY HILTON BURLINGTON 870 Williston Rd., Burlington, VT Acquisition and redevelopment of a 309-room DoubleTree by Hilton Hotel with over 30,000 square feet of meeting and banquet space. Largest Hotel in the State of Vermont 309 Guest Rooms Restaurant and Bar Indoor Pool And Fitness Facility 30,000+ sq. ft. of Ballroom, Meeting and Exhibit Space Major $16 million renovation planned to start in

26 AAM 15 Portfolio RESIDENCE INN BY MARRIOTT MANCHESTER/DOWNTOWN Under Development Fall 2020 Development of a 123-suite Residence Inn by Marriott Extended Stay Hotel (New Construction) 123 Suites Complimentary Breakfast Indoor Pool And Fitness Facility Meeting Space Scheduled to open June

27 Panther Properties Investment Overview Panther Properties Investment, LLC is a vertically integrated multifamily investment, development, and management group of companies focused on the acquisition and development of Class A multifamily assets and the redevelopment of select Class B and Class C multifamily properties classified as core, core plus, and value-add investments. Since inception, the Panther team has completed approximately $700 million in investments across approximately 5,000 units in the multifamily real estate segment. Panther targets the best properties within their respective asset classes and submarkets in the southeastern United States (FL, GA, TN, SC, NC, AL, and VA), with asset acquisitions of 200 to 500 units. The acquisitions team at Panther executes transactions of all types including single-asset acquisitions, portfolio acquisitions, joint ventures, and fee-simple acquisitions. Targeted states Portfolio assets Sold assets Existing portfolio information: $415 million+ value 2,823 multifamily units Operations in five states (including Massachusetts)

28 Panther Properties Transactions Year Year Location Location Units Units Project Project Value Value Investor IRR IRR Description Description Orlando, FL 306 $43,500, % Venue Apartments acquisition of Class A multifamily constructed in 2005 (SOLD) Pensacola, FL 276 $29,400, % Avalon Apartments acquisition of Class A multifamily constructed in 2008 (SOLD) Lakeland, FL 352 $42,400, % Victoria Manor Apartments acquisition of Class A multifamily constructed in 2006 (SOLD) 2011 McDonough, GA 300 $40,600, % Mandalay Villas Apartments acquisition of Class A multifamily constructed in 2008 (SOLD) 2012 Murfreesboro, TN 348 $57,800,000 Under P/S Integra Creek Apartments ground-up development of Class A multifamily constructed in two phases in 2013 and Rincon, GA 352 $42,000, % Effingham Parc Apartments acquisition of Class A multifamily constructed in 2008 (sold 73% of the asset) 2013 Cordova, TN 238 $29,750,000 Villas at Grays Creek Apartments acquisition of Class A multifamily constructed in Cordova, TN 226 $28,250,000 Carrington at Houston Levee Apartments acquisition of Class A multifamily constructed in Huntsville, AL 276 $34,500,000 Huntsville Parc at the Arsenal Apartments acquisition of Class A multifamily constructed in Huntsville, AL 342 $26,500,000 Fern Parc Apartments redevelopment of Class B multifamily constructed in 1974 and 1980; renovated in 2006 and Chattanooga, TN 220 $32,000,000 Panther Hills Preserve Apartments ground-up development of Class A multifamily constructed in Orlando, FL 338 $60,400, % Panther Cove Apartments ground-up development of Class A multifamily constructed in (SOLD) 2014 Sanford, FL 209 $33,500, % Panther Village Apartments ground-up development of Class A multifamily constructed in (SOLD) 2014 Chattanooga, TN 278 $40,300,000 Panther Hills Apartments acquisition of Class A multifamily constructed in Atlanta, GA 280 $42,000,000 Panther Riverside Park acquisition of Class A multifamily constructed in Daytona Beach, FL 264 $46,200,000 Under P/S Panther Sands Apartments ground-up development of Class A multifamily constructed in Odessa, FL 322 $58,400,000 Under P/S Panther Junction Apartments ground-up development of Class A multifamily constructed in Boston, MA 28 $21,000, Hanover St. Renovation of existing 12 multifamily units, with additional development of 16 new units Total $708,500,000

29 Compass Realty Associates Overview Compass Realty Associates, LLC was a full-service private equity real estate investment, development, and management company focused on the acquisition, development, and redevelopment of retail, mixed-use, office assets in New England. Its operations are being phased out as its remaining assets are sold. Compass had established a track record of successful investment, management, and value creation through numerous market cycles. Since its inception in 2005, the Compass team has invested in over 2 million square feet of commercial space at a total value of approximately $240 million. Compass Realty deals in credit-anchored triple net (NNN) commercial real estate with a diverse tenant roster that include banks, supermarkets, pharmacies, medical, car dealerships, and other retail, office, and hotel users. Compass offered financial partners a unique platform that combines comprehensive in-house real estate management services with substantial co-investment capabilities. Existing portfolio information: $21 million+ value 177,000 square feet

30 Compass Realty Associates Transactions Year Location Project Value Investor IRR Description Salem, MA $3,200, % Acquisition of 5 acres of land across two parcels (SOLD) North Attleboro, MA $8,250, % Acquisition of 60,000-SF retail plaza anchored by Walgreens and Advance Auto Parts (SOLD) New Bedford, MA $1,850, % Acquisition and lease of 10,000-SF vacant building to Citizens Union Bank (SOLD) Stoughton, MA $20,500, % Ground-up development of 80,000-SF Shoppes at Stoughton Commons (SOLD) Milford, MA $16,000, % Ground-up development of IRA Toyota Superstore dealership (SOLD) Danvers, MA $14,500, % Acquisition and redevelopment of 180,000-SF IRA Audi dealership and call center (SOLD) Stratham, NH $4,500, % Acquisition of 18,000-SF BMW dealership (SOLD) Danvers, MA $7,200, % Ground-up development of 12,900-SF CVS Pharmacy (SOLD) Andover, MA $3,200, % Acquisition and negotiation of a ground lease with the US Postal Service (SOLD) 2007 Plymouth, MA $12,000,000 Acquisition and redevelopment of 117,000-SF Pilgrim Hill Plaza (former Kmart site) 2007 Saugus, MA $6,400, % Ground-up development of 22,500-SF JoAnn Fabric (SOLD) 2007 Augusta, ME $2,800,000 Acquisition and redevelopment of 31,000-SF office property Salisbury, MA $1,900, % Ground-up development of 8,310-SF Dollar Tree (SOLD) Augusta, ME $7,100, % Ground-up development of 13,225-SF CVS Pharmacy (SOLD) Saugus, MA $9,900, % Ground-up development of 12,900-SF CVS Pharmacy (SOLD) Saugus, MA $5,800, % Ground-up development of 9,500-SF North Shore Medical Center and Safelite AutoGlass (SOLD) 2008 NH Retail Portfolio $24,200,000 Investment in 283,000-SF portfolio comprised of seven properties: three Shaw's Supermarkets, two West Marine stores, a Staples, and Walgreens 2008 Fairhaven, MA $6,000,000 Acquisition and redevelopment of 31,000-SF retail plaza anchored by CVS Pharmacy Weymouth, MA $3,800, % Ground-up development of 19,500-SF retail plaza anchored by CVS Pharmacy (SOLD) Providence, RI $42,000, % Acquisition of 34-story, 358,000-SF office building master leased to Bank of America (SOLD) Cape Cod, MA $22,000, % Acquisition and entitlement of 112,000-SF Market Basket (SOLD) Georgetown, MA $4,400, % Acquisition and redevelopment of 22,000-SF mixed use retail/medical office anchored by CVS Pharmacy (SOLD) 2009 Woburn, MA $13,000,000 Ground-up development of 13,200-SF CVS Pharmacy Brockton, MA $1,800, % Acquisition and redevelopment of 12,536-SF Walgreens Pharmacy (SOLD) Total $241,700,000

31 Masse Real Estate Holdings History MASSE RE HOLDINGS HISTORY (COMPASS, PANTHER, AAM 15, & GCM) PROJECT NAME LOCATION YEAR PROJECT VALUE SOLD INVESTOR IRR DESCRIPTION 1 BOSTON/BRIDGE STREET Salem, MA $3,200,000 SOLD 25.66% Acquisition of two parcels of land; 5 acres resold to large developer 2 CVS WEYMOUTH Weymouth, MA $3,800,000 SOLD 24.63% Permitted site 12,900-SF and 10,000-SF pad and sold with CVS lease in place 3 CITIZENS UNION BANK New Bedford, MA $1,850,000 SOLD % Acquired and released 10,000-SF vacant building with bank SHOPPES AT 4 Stoughton, MA STOUGHTON COMMONS $20,500,000 SOLD 52.80% Ground-up development of 80,000-SF retail development off Route 24 ATTLEBORO RETAIL North Attleboro, Acquisition of 60,000 square foot retail plaza anchored by Walgreens and $8,250,000 SOLD 5.00% CENTER MA Advanced Auto Parts 6 BMW DEALERSHIP /IRA Stratham, NH $4,500,000 SOLD 15.76% Acquisition of 18,000-SF BMW dealership AUDI DEALERSHIP/IRA 7 CALL CENTER Danvers, MA $14,500,000 SOLD 24.84% Acquisition and redevelopment of 180,000-SF dealership and call center 8 TOYOTA DEALERSHIP/IRA Milford, MA $16,000,000 SOLD 18.40% Ground-up development of Toyota Superstore dealership 9 CVS DANVERS Danvers, MA $7,200,000 SOLD 79.39% Acquisition and ground-up development of 12,900-SF CVS ANDOVER POSTAL 10 ANNEX Andover, MA $3,200,000 SOLD 27.50% Acquisition and added parking lot to 30,000-SF US Post Office Annex 11 PLYMOUTH PLAZA Plymouth, MA 2007 $11,000,000 Redeveloped 116,500-SF former Kmart and released entire property 12 CVS -ROUTE 1 SAUGUS Saugus, MA $9,900,000 SOLD 18.00% Acquisition and ground-up development of 12,900-SF CVS NORTH SHORE 13 MEDICAL(Partners HC) Saugus, MA $5,800,000 SOLD 15.50% Acquisition and ground-up development of 7,000-SF medical/retail 14 JOANN FABRICS Saugus, MA $6,400,000 SOLD 8.00% Acquisition and ground-up development of 22,500-SF retail store CAPE COD FACTORY 15 OUTLET Bourne, MA $22,000,000 SOLD 11.10% Acquisition and permitted land for 112,000-SF retail Market Basket 16 CVS AUGUSTA ME Augusta, ME $7,100,000 SOLD 26.93% Acquisition and ground-up development of 13,225-SF CVS AUGUSTA OFFICE 17 BUILDING Augusta, ME 2007 $2,500,000 Acquisition and renovation of 30,000-SF office building Disability Rights 18 CVS GEORGETOWN MA Georgetown, MA $4,440,000 SOLD 14.50% Acquisition and renovation of 25,000-SF retail anchored by CVS SUPERMAN BUILDING 19 PROVIDENCE Providence, RI $42,000,000 SOLD % Acquisition of 38-story, 358,000-SF office tower master leased to BOA CVS PLAZA FAIRHAVEN 20 Fairhaven, MA MA 2008 $6,000,000 Acquisition of 31,000-SF retail center anchored by CVS SALISBURY DOLLAR Acquired two land parcels for CVS (withdrew) and ground-up development of 21 Salisbury, MA $2,000,000 SOLD 10.00% TREE STORE 8,400-SF Dollar Tree Acquired, developed, and recapped Holiday Inn Select into full-service Crowne 22 CROWNE PLAZA HOTEL Woburn, MA 2008/2017 $40,000,000 RECAP 19.00% Plaza; 199 rooms with Scoreboard Sports Bar & Grill and 12,000 sq. ft. of Meeting Room space.

32 Masse Real Estate Holdings History 23 WALGREENS BROCKTON PROJECT NAME LOCATION YEAR PROJECT VALUE SOLD INVESTOR IRR DESCRIPTION Brockton, MA $2,360,000 SOLD 46.41% Acquisition of 12,536 square foot Walgreens 24 CVS WOBURN Woburn, MA 2013 $12,900,000 SOLD % 25 SHIP MALL LLC Lynnfield, MA 2016 $22,400, HANOVER/ 26 PARMENTER APARTMENTS MARRIOTT RESIDENCE 27 INN MARRIOTT SPRINGHILL 28 SUITES MARRIOTT RESIDENCE 29 INN CVS and CUMBERLAND 30 FARMS North End Boston, MA 2016 $23,000,000 Burlington, MA 2016 $59,500,000 Roanoke, VA 2017 $20,300,000 Acquisition of seven parcels and ground up development of 13,225 square foot CVS Joint venture and reposition with ground up development for 15,000 square feet and 51,000 square feet Christmas Tree Shops Acquisition and ground-up development of 16 apartment units, existing 12 units, and 25 underground spaces Ground-up construction of 170-room Residence Inn by Marriott adjacent to Lahey Medical Center Acquisition of 127-room Cambria and conversion to an extended-stay Marriott Springhill Suites Hotel Colchester, VT 2017 $22,400,000 Acquisition of 108-room Residence Inn; implemented Marriott PIP Wrentham, MA 2018 $9,950,000 Plan, permit, ground-up development and construction new CVS prototype and Cumberland Farms service station 31 HILTON GARDEN INN Freeport, ME 2018 $24,600,000 Acquisition of 99-room Hilton Garden Inn; implemented new Hilton PIP MARRIOTT RESIDENCE 32 Manchester, NH 2018 $31,000,000 NEW CONSTRUCTION Ground-up construction of 120-room Residence Inn by Marriott in downtown INN Manchester 33 MALDEN WALGREENS Malden, MA 2018 $8,250,000 Acquisition of 14,000 square feet commercial retail location HILTON DOUBLETREE 34 CONFERENCE CENTER Burlington, VT 2018 $58,500,000 Subtotal Compass/AAM/GCM $537,300,000 Acquisition of a 309 room Doubletree by Hilton, including 36,000 square feet of meeting/banquet space 32

33 Masse Real Estate Holdings History PROJECT NAME LOCATION YEAR PROJECT VALUE SOLD INVESTOR IRR DESCRIPTION PANTHER INVESTMENTS 35 VENUE APARTMENTS Orlando, FL $43,500,000 SOLD 22.60% Acquisition of Class A 306-unit luxury apartment complex 36 AVALON APARTMENTS Pensacola, FL $29,400,000 SOLD 18.40% Acquisition of Class A 276-unit luxury apartment complex 37 VICTORIA MANOR Lakeland, FL $42,400,000 SOLD 7.00% Acquisition of Class A 352-unit luxury apartment complex 38 MANDALAY McDonough, GA $40,600,000 SOLD 20.00% Acquisition of Class A 300-unit luxury apartment complex (Atlanta GA area) PANTHER CREEK PARC (I 39 Murfreesboro, TN & II) 2012 $57,850,000 SOLD 25.00% Ground-up development in two phases of 348 Class A luxury apartments EFFINGHAM PARC (sold 40 Rincon, GA $42,000,000 SOLD majority of 73%) (73%) 16.40% Acquisition of Class A 352-unit luxury apartment complex (Savannah, GA) VILLAS AT GRAYS 41 CREEK Cordova, TN 2013 $29,750,000 SOLD Acquisition of Class A 238-unit luxury apartment complex (Memphis TN) CARRINGTON AT 42 HOUSTON LEVY Cordova, TN 2013 $28,250,000 Acquisition of Class A 226-unit luxury apartment complex (Memphis TN) 43 HUNTSVILLE PARC Huntsville, AL 2013 $34,200,000 Acquisition of Class A 276-unit luxury apartment complex 44 FERN PARC Huntsville, AL 2013 $27,000,000 Acquisition and major redevelopment of Class B 343-unit apartment complex 45 PANTHER HILLS Chattanooga, TN 2013 $39,000,000 Acquisition of Class A 278-unit luxury apartment complex 46 PANTHER PRESERVES Chattanooga, TN 2014 $31,000,000 Ground-up development of 220 Class A luxury apartments 47 COVE APARTMENTS Orlando, FL $60,400,000 SOLD 39.00% Ground-up development of 338 Class A luxury apartments 48 VILLAGES Sanford, FL $33,500,000 SOLD 37.82% Ground-up development of 209 Class A luxury apartments (Orlando FL) PANTHER ASTORIA 49 APARTMENTS Atlanta, GA 2015 $42,000,000 Acquisition of Class A 280-unit luxury apartment complex 50 PANTHER JUNCTION Odessa, FL 2015 $57,650,000 SOLD 33.10% Ground-up development of 322 luxury units (north of Tampa FL) 51 PANTHER SANDS Daytona Beach, FL 2015 $46,200,000 SOLD 33.10% Ground-up development of 264 luxury units Subtotal Panther Holdings $684,700,000 TOTALS $1,222,000,000 33

34 Table of Contents Overview and Criteria Process Services Portfolio Team 34

35 Team DAVID R. MASSE FOUNDER AND CEO Office: (781) ext. 101 Cell: (978) David R. Masse is the Founder and CEO of AAM 15 Management. As the CEO and leader of the senior leadership team, David focuses on all facets of the firm s investment and management strategy including acquisitions, debt and equity financing, and dispositions. David is also the Founder and CEO of Georgetown Capital Management, an independent private equity real estate investment company focused on corporate strategy, acquisitions, leasing, investor relations, debt and equity financing, and dispositions. Prior to starting AAM 15 Management, LLC and Georgetown Capital Management, LLC, David co-founded the Panther Group, a private equity multifamily real estate firm that has owned and selfmanaged (through its affiliate Panther Properties Management) approximately 5,000 Class A apartment units in the southeastern United States. At Panther, David developed and managed the firm s investment plan including acquisition selection, investment underwriting, capital structuring, corporate budgeting, and investor relations. He was responsible for procuring debt including shortterm, bridge, mezzanine, and permanent financing. Panther has executed approximately $700 million in multifamily investments across approximately 5,000 units since inception. During the last 12 years, David has syndicated over $350 million from high net worth individuals, family offices, and institutional investors for investment in over $1.1 billion in real estate across nearly every segment and asset class. During his career, David has been involved with over $3 billion in real estate transactions. Before forming Panther, David co-founded Compass Realty Associates, LLC, a private equity real estate firm that has owned approximately 2 million square feet of retail, office, and hotel property throughout New England. Compass s core business is the development and redevelopment of single tenant NNN retail assets. At Compass, David provided direction and implemented strategic initiatives across all facets of the business including acquisitions, financing, leasing, asset management, and dispositions. Before founding Panther and Compass, David was a Senior Vice President at Boston Private Bank & Trust Company ( ), where he managed the Commercial Real Estate Lending Group. David was also a member of the commercial loan approval committee at Boston Private Bank & Trust Company. During his 10 years with the bank, he played an integral role in the bank s consistent average annual growth rate of +25%. During his tenure, Boston Private Bank & Trust expanded assets from $224 million to $4 billion, with organic growth accounting for half of the growth and the remaining growth attributed to strategic acquisitions. David received his B.S. degree from Salem State University and completed the Bank of New England Executive Commercial Lending Training Program. David is a board member of the New England chapter of the Positive Coaching Alliance (PCA), a board member of the Cabot Theater in Beverly, MA, and a coach for youth sports teams in Georgetown, MA. 35

36 Team ANTHONY H. LIBROT CFO Office: (781) ext. 102 Cell: (781) Anthony H. Librot joined AAM 15 Management, LLC in fall In his role as CFO and as a member of the senior leadership team, he helps operate all hotels under management, specifically all areas of finance, accounting, investor relations, human resources, and hotel operations. In addition to his day-today responsibilities, Tony also assists on all acquisitions, debt and equity financing, and dispositions. For the prior 15 years, Tony was a member of Waldron H. Rand & Company P.C., a regional public accounting firm, and spent the last 11 years as a shareholder and head of the firm s accounting and assurance services quality control groups. Tony has extensive experience providing accounting, assurance, tax, and management advisory services to hospitality and real estate clients, having worked closely with the CEO of AAM for the last 15 years. Before working at Waldron Rand, Tony received international firm experience as a member of the audit staff of KPMG, LLP, focusing on internet communication and entertainment companies. Tony earned a B.S. in Business Administration from Colby-Sawyer College and an M.S. in Finance from Suffolk University. Tony currently serves on the Colby-Sawyer College Board of Trustees and the President s Alumni Advisory Council. He is a frequent guest lecturer on finance, accounting, and other business topics. Tony also volunteers his time as a member of the Dana Farber Leadership Council. He is an active member of the Massachusetts Society of Certified Public Accountants (MSCPA) and the American Institute of Certified Public Accountants (AICPA). 36

37 Team FRANK VENTO EVP, OPERATIONS AND ACQUISITIONS Office: (781) ext. 103 Cell: (339) Frank Vento joined AAM 15 Management, LLC in 2008 as the General Manager of AAM s first property, The Crowne Plaza Boston-Woburn. As AAM grew, Frank was promoted to take responsibility for the operations of all properties. In fall 2017, he was promoted to EVP of Operations and Acquisitions and is a member of the senior leadership team. In his role, Frank works with the other members of senior leadership and leads hotel operations, driving the company s overall profitability. Frank provides operational, hands-on, and property-level expertise throughout the acquisition process and until the asset reaches stabilization. A classic hotelier s story, Frank entered the industry as a bellman while attending hotel and restaurant management school in Cleveland, OH, and has since accumulated more than 30 years of experience in the hospitality industry. After receiving his associate degree, Frank immediately began taking on positions of greater responsibility. At age 29, he became the youngest individual to hold the position of General Manager of a full-service Marriott Hotel. During his career, Frank has held the position of General Manager with multiple international hotel brands including Marriott, Hilton, Sheraton, and Crowne Plaza. Frank s track record includes executing multiple property improvement plans (PIPs), opening new hotels, and maintaining above-market performance during economic down cycles. Hotels under Frank s responsibility consistently rank among the highest in their brands in all key performance areas. Before joining AAM 15, Frank was associated with Boykin Management and Fine Hotels Inc., where he specialized in market positioning, food and beverage concepts and operations, and room division revenue management and operations. Frank has participated in many hospitality industry seminars and training opportunities including the certification program through the Cornell School of Hotel Administration in Hotel Real Estate Investment and Asset Management. 37

38 Team SHAHIN SHAHIN DIRECTOR OF PROJECT MANAGEMENT Office: x104 Cell: Shahin Shahin is Director of Project Management at AAM 15 Management. Shahin possesses over 20 years of experience in real estate acquisitions and construction project management. He has directed many hotel and commercial building developments, renovations, and rebranding projects, leading all aspects of project management from design to obtaining certificates of occupancy. Shahin has explored different countries and cultures, which has allowed him to become quite knowledgeable in the different ways business is conducted across Europe, the Middle East, Africa, and Asia. Following the United States Jordan Free Trade Agreement, Shahin accompanied Jane Swift, Governor of Massachusetts at the time, to Israel and Jordan to set up the first Massachusetts Office of International Trade and Investment with the purpose of building successful international collaborations and partnerships essential to bringing new economic opportunities and investments to the state. Shahin is co-founder of the Massachusetts Arab American Legislative Action Committee, has served in the National Policy Council of the Arab American Institute, and is involved with various other state and federal committees including law enforcement agencies and civil rights and human rights organizations. In April 2016, during a ceremony at FBI headquarters, FBI Director James B. Comey presented Shahin with the 2015 Director s Community Leadership Award for his work helping local immigrant children and their communities on civil rights matters. Among the many ways he serves his community, Shahin is also Vice President of The Iraqi Children s Project, a not-for profit U.S. corporation focused on providing advanced medical care to the children of Iraq and other parts of the Middle East. 38

39 Team MIKE MEYERS OWNER S REPRESENTATIVE FOR HOTEL DEVELOPMENT mmeyers@aam15hotels.com Office: x111 Cell: Mike Meyers joined AAM 15 Management, LLC in February 2018 as our Owner s Representative for hotel development activities. Mike has over 35 years in resort and hotel development expertise and has overseen planning, permitting, and construction for over 40 hotels across the country. Before joining the company, Mike was the Manager of MJM Development, where he developed and managed real estate projects and claims resolution for a variety of private clients. Projects ranged from $5 million site work contracts to a $40 million Hollywood motion picture production campus. In addition to founding MJM Development, Mike was the Senior Vice President for a multitiered hotel development LLC (S&S Hotels, LLC), where he led the planning and delivery of 11 new full- and limited-service hotels and nine brand refreshes totaling over $200 million over 8 years. Before S&S, Mike was a Vice President for the Resort Division for Marriott International, where he played an integral role in the programming, architecture, and delivery of over 12,000 units in 14 multiphase full-service destination resorts throughout the domestic United States and Hawaii. Mike is a former Executive Officer for the American Skiing Company, a publicly traded resort development corporation established in 1997 through a $265 million initial public offering. In his Senior Vice President role, Mike was the team leader for over 1,200 hotel and residential units and 200,000 square feet of commercial and retail villages across nine full-service resorts in six states. Earlier in his career, Mike served as the Chief Operating Officer of the Massachusetts Industrial Finance Agency, overseeing over $6 billion in bond underwritings. Before that, Mike worked for 6 years as the Finance Director for the Committee on Ways and Means for the Massachusetts House of Representatives (from ). Mike has B.S. and M.S. degrees from Northeastern University and has served on numerous charitable and governmental boards and commissions. 39

40 Team SHEILA HAYDEN REGIONAL DIRECTOR OF SALES & MARKETING Office: (781) ext. 114 Cell: (617) A passionate leader and award-winning professional, Sheila Hayden is a high-energy, results-driven senior sales and marketing executive with 25+ years of experience in the luxury hospitality industry. With a strong reputation for the implementation of successful sales and revenue growth strategies, Ms. Hayden flawlessly manages crossdepartmental initiatives, which in turn supports consistent business development, drives revenue and enhances brand equity and awareness. As the Regional Director of Sales and Marketing at AAM15, Ms. Hayden is responsible for maximizing revenue at AAM15 s East Coast hotel group as well as leading the sales and marketing efforts. Tasked with motivating colleagues and driving the internal culture, MS. Hayden implements corporate strategies, manages relationships with key clients and grows the company's core lines of business. Prior to joining AAM15, Ms. Hayden was the Director of Marketing and Commerce at the Five-Star Mandarin Oriental, Boston where she helped double EBIDTA, and maintain number one RevPAR ranking, finishing 2017 with an index of 134. She has also held key sales & marketing management roles at The Boston Park Plaza, The Lenox Hotel, Swissôtel Hotels & Resorts and the Fairmont Copley Plaza. In addition, she served as the General Manager of the Crowne Plaza Boston-Newton, where she was responsible for driving progressive and profitable results, while collaborating with multiple stakeholders and delivering extraordinary experiences to guests. As a top-producer throughout her career, Ms. Hayden has been honored with numerous sales awards, including Mandarin Oriental Hotel Group s Global Director of Sales of the Year2017. A graduate of Niagara University, Ms. Hayden is a self-proclaimed photo-journalist who lives an active lifestyle and has a passion for travel. 40

41 Team KELLY CORREIA REGIONAL DIRECTOR OF HUMAN RESOURCES Office: (781) ext. 112 Cell: (561) Kelly Correia has joined AAM 15 Management in the summer of As the senior leader in Human Resources, she will support each property and the corporate office in all aspects of the human resources function to include employee relations, recruiting, training, benefits and compliance. Kelly will provide counsel and guidance to the property teams as well as the Senior Leaders at the corporate office. Over a broad and extensive hospitality career, Kelly had the opportunity to begin her hospitality and human resources career with The Ritz-Carlton Hotel Company at such properties as The Ritz- Carlton, Palm Beach, The Ritz-Carlton Golf Club and Spa, Jupiter and The Ritz-Carlton, Cleveland. While with Ritz-Carlton, Kelly had the opportunity to be a member of 2 opening teams and part of the relief effort for The Ritz-Carlton, New Orleans in the wake of Hurricane Katrina. Kelly gained further union and non-union experience since moving to New England at The Westin Copley Place, The Boston Harbor Hotel, and The Charles Hotel as a member of the executive committee. Just prior to joining AAM 15 Management, Kelly was a District Human Resources manager for Macys with responsibility for three stores in Massachusetts and Vermont. Kelly earned a B.A from the University of Iowa and keeps current with ever-changing laws and policies through various continued education classes, seminars and training. She is certified with the Society of Human Resources Management (SHRM) and is active within that organization. 41