PROPERTY DESCRIPTION
This portfolio consists of 7 Class B institutional quality industrial assets containing 459,585 square feet built between years 1982-1997. The assets are situated in the North and Northeast industrial markets, near the intersection of I-35, the main north/south artery of Austin, and State Highway 183.

ACQUISITION PROCESS
The portfolio was acquired in July 2016. TA Associates, a Boston based company, was the seller. The portfolio had some near-term tenant rollover creating the value add opportunity for Panther.

PROPERTY HISTORY
The property was purchased in July 2016. As of the closing date, the project was 86% leased with 27 national, regional, and local tenants. The Portfolio was purchased with a going in cap rate of 6.33%. The current annual rate for the distribution space in the portfolio ranged from $4.40/SF to $7.20 SF NNN and flex space ranges from $8.50-$13.20 NNN. These were below market rates in the submarkets for comparable assets. FEMA had vacated a space of 50,000 SF and another 30,000 SF was vacating by year end 2016.

On August 25, 2017, Hurricane Harvey hit Houston and the coastline, flooding Houston and surrounding areas. FEMA released 90,000 square feet in Austin taking the occupancy back up to 98%, an attractive rent for a short-term, 18-month lease.

EXECUTION AND SALE
Panther received a Broker Opinion of Value which provided a potential sales price estimate between $48.7M and $51.9M. The property was officially marketed beginning October 2017 with over 95 Confidentiality Agreements signed. Call for offers was in November. Best and Final call was made in late November 21st. The property closed in March 2018.

Panther FW investors achieved an annual average return on their investment of 18.61% in 22 months.

PROPERTY DESCRIPTION
Panther provided approximately 56.64% of the total equity for the purchase of Gramercy Center which consisted of two office buildings totaling 256,357 square feet. The office complex is situated along the Dallas North Tollway. The asset enjoys a high parking ratio of 4.6:1000, which can be expanded to 6.0:1000, and offers excellent visibility with access to and from the Dallas North Tollway and President George Bush Turnpike/State Highway 190. Combined with close proximity to a wide range of amenities, including adjacent restaurants, retail, and a variety of residential options, Gramercy Center provides its tenants a convenient location to assist in attracting and retaining best-in-class employees. The property offers highly efficient floor plates with available suite sizes ranging from 5,000-30,000 sf, ideal for large corporate users.

ACQUISITION PROCESS
ATCAP was awarded this office portfolio on April 21, 2017. CapRidge Partners, an Austin based company, was the seller. CapRidge purchased the property in 2013 for $121/SF.  Unfortunately, three months into ownership Wingspan defaulted on their lease and vacated 130,000 total square feet. CapRidge is out of funds to release space i.e. tenant improvements and lease commissions.

The portfolio was 57% occupied when contract was signed and is 62% occupied today.

ATCAP had a “tenant in tow” (a signed lease) with a viable tenant for 50K SF to occupy November 1, 2018, at an average of $24.50/sf plus E. There was a 30-day termination clause which allows ATCAP (the landlord and our General Partner) to lease their space prior to August 2018, and terminate the lease, should there be an opportunity to lease their space sooner.

PROPERTY HISTORY
Occupancy peaked at 98.43% when the tenant in tow commenced their lease November 1st for 50,970 SF in North building for 5 years. ATCAP also signed AIS for a 7-year term which commenced July 1, 2018. Distributions commenced at a 10% coupon for 3rd quarter 2018.

The property was launched for sale at 98% leased with average in place rents of $23.89 per square foot. We awarded the deal but during the Purchase and Sale Agreement correspondence, the buyer went dark, and sale was dropped. There were no other legitimate offers at the time and the decision was made to continue operating the property, work to renew two large tenants, and pursue a capital event (i.e. sale or refinance).

ATCAP completed the refinancing of Gramercy which reduced interest expense, extended the maturity date 4 years and enabled a one-time distribution equivalent to 14.46% of invested capital (investor capital accounts were reduced by 3.16%).

Occupancy remained steady through 4Q 2019 and ended year at 95.40%. Distributions in 2019 were at a 14% coupon rate. In 2020, the Global pandemic (COVID-19) began and dominated 2020 with CDC recommendations for quarantine and shutdown during the peak of outbreaks. This followed with travel ban, billions of dollars in federal funding to fight the disease’s spread, and government relief checks issued. Panther and ATCAP opted to suspend distributions during Covid. At this point investors have received distributions totaling 33% of original investment.

 FINAL OUTCOME
Post covid, occupancy continued to decline as companies implemented work from home platform or a hybrid version and the property ended at 64.5% occupied at the end of 2022. Unfortunately, the lender would not work with ATCAP in negotiating an extension as the loan expired in June 2023. The property’s loan was ultimately sold to a third-party and a deed-in-lieu of foreclosure was finalized in September, 2023.

Panther LP’s ultimately received 0.40x their original investment marking Panther’s first and only partial loss of limited partners original equity.

PROPERTY DESCRIPTION

ACQUISITION PROCESS
Panther and ATCAP acquired DFW 35/75 on July 10, 2015. The portfolio was a collection of shallow bay warehouse and flex industrial properties located in the Northeast and Northwest Industrial submarkets of Dallas, TX (specifically Richardson, TX and Carrollton, TX). The portfolio was ideally situated along major Dallas thoroughfares including I-35E, Central Expressway (Hwy 75), and I-635. The buildings were constructed between 1978 and 1985 and consist of 700,790 square feet in 49 suites with an average size of 14,300 SF. We acquired the portfolio for $42,000,000, or $59.93 PSF. The original operating plan called for 5-year hold with a projected sale at $52,972,000 or $74.16 PSF, applying a 7.00% cap rate.

PROPERTY HISTORY
As a result of its strong performance leading up to, throughout, and subsequent to, the first COVID pandemic, the industrial category has become a very popular segment in which to invest, attracting both large institutions and local sponsors. 35/75’s strategic location in the heart of the strongest industrial market in the United States (DFW) positions it as an attractive portfolio for acquisition. Panther and ATCAP agreed that in order to maximize investor returns, the property should be included as part of a larger industrial portfolio to be marketed to institutional investors, who have the ability to pay premium valuations given they possess the lowest cost of capital.

35/75 was packaged for sale with 3 other investment portfolios by East Dil in July 2021. Panther was a part owner of 2 of the 3 other properties, specifically Denver Industrial (535,703 SF, Denver, CO) and ATCAP Fund I (2,110,005 SF – Dallas, Houston and Oklahoma City). The 4th property in the portfolio was a 181,688 SF property based in Austin and Houston known as Market Street where Panther was not involved. The total square footage of the offering was 3,529,423 SF. Prior to marketing the property for sale, we received Broker Opinions of Value (BOV) from East Dil along with ATCAP’s internal valuations on each of the underlying properties. The midpoint of the BOV for 35/75 was $83,00,000 or $118 PSF.

EXECUTION AND SALE

Panther investors achieved an average annual return of 24.1% and a multiple on invested capital (MOIC) of 2.53x over the 6.4-year holding period. These returns compare to our original underwriting of 13-15% average annual return over a 3-5 year holding period. At closing, Panther LP’s received a distribution equivalent to 2.02x of their original investment (previous distributions amount to .51x original investment – thus the total of 2.53x).

This sale exceeded our pro-forma projections albeit held longer than anticipated by providing a 2.53x multiple to Panther FW Investors and an annual average return on investment of 24.1% over the 6.4 year holding period.

PROPERTY DESCRIPTION

ACQUISITION PROCESS
Panther and ATCAP acquired Park 12 Hundred (aka Denver Industrial) on December 22, 2016. The property was a collection of bulk warehouses (32’ clear height), light and flex industrial, distribution, and office facilities located in the Westminster Industrial submarket of Denver. The portfolio was ideally situated along I-25 and West 120^th Avenue in north Denver. The buildings were constructed in the 1960’s and consist of 535,703 square feet in suite sizes ranging from 20,000 SF to 150,000 SF. We acquired the portfolio for $41,500,000, or $77.47 PSF. The original operating plan called for 5- to 7-year hold with a projected sale at $62,517,000 or $116.70 PSF, applying a 7.00% cap rate.

PROPERTY HISTORY
As a result of its strong performance leading up to, throughout, and subsequent to, the first COVID pandemic, the industrial category has become a very popular segment in which to invest, attracting both large institutions and local sponsors. After experiencing four consecutive quarters of negative employment growth due to COVID, the Denver Industrial Market rebounded strongly in the 2nd quarter of 2021 with a 31.8% increase in leasing volume Y/Y and an 84.3% increase in sales volume Q/Q according to Cushman & Wakefield. Panther and ATCAP agreed that in order to maximize investor returns, the property should be included as part of a larger industrial portfolio to be marketed to institutional investors, who have the ability to pay premium valuations given they possess the lowest cost of capital.

Denver Industrial was a great performing asset out of the gates, quickly reaching 100% occupancy and making >9% distributions beginning with the first full quarter of ownership. Then, in September 2019, Frictionless World, a tenant in a 150,000 SF suite, filed for bankruptcy. Even though Frictionless World continued paying rent until it ultimately vacated in July 2020, its bankruptcy triggered a cash sweep provision with our lender and distributions have been suspended ever since. During this period, cash flow had been accruing in an escrow account that was released and distributed to investors at the time of sale (the accrued, unpaid preferred balance as a percentage of original investment projected at closing is 23.3%).

Denver Industrial was packaged for sale with 3 other investment portfolios by East Dil in July 2021. Panther is a part owner of 2 of the 3 other properties, specifically DFW 35/75 (700,790 SF, Dallas, TX) and ATCAP Fund I (2,110,005 SF – Dallas, Houston and Oklahoma City). The 4th property in the portfolio is a 181,688 SF property based in Houston and Austin known as Market Street where Panther is not involved. The total square footage of the offering was 3,529,423 SF. Prior to marketing the property for sale, we received Broker Opinions of Value (BOV) from East Dil on each of the underlying properties. The midpoint of the BOV for Denver Industrial was $77,500,000 or $145 PSF.

EXECUTION AND SALE

Panther investorsachieved an average annual return of 24.9% and a multiple on invested capital (MOIC) of 2.21x over the 4.9-year holding period. These returns compare to our original underwriting of 13-15% average annual return over a 5-7 year holding period. At closing, Panther LP’s received a distribution equivalent to 1.96x of their original investment (previous distributions amount to .25x original investment – thus the total of 2.21x).

This sale exceeded our pro-forma projections providing a 2.21x multiple to Panther FW Investors and an annual average return on investment of 24.9% over the 4.9 year holding period.

PROPERTY DESCRIPTION

ACQUISITION PROCESS

Panther and ATCAP closed the acquisition of the underlying properties in ATCAP Fund I on November 15, 2017. The portfolio was a collection of 35 industrial warehouse buildings located in Dallas, TX (504,155 SF), Oklahoma City, OK (568,607 SF), and Houston, TX (1,038,243 SF) totaling 2,111,005 SF. We acquired the portfolio for $127,207,000, or $60.26 PSF and the original operating plan called for a 5-year hold with a projected sale at $169,357,000 or $80.23 PSF, applying a 6.60% cap rate. Projected LP returns at the time of acquisition were a 15-17% average annual return and a 1.80x multiple on invested capital (MOIC).

PROPERTY HISTORY

As a result of its strong performance leading up to, throughout, and subsequent to, the first COVID pandemic, the industrial category has become a very popular segment in which to invest, attracting both large institutions and local sponsors. Fund I’s presence in two leading industrial markets (DFW and Houston) along with a strong secondary market (Oklahoma City) positions it well for institutional capital looking to expend their presence in fast growing American Southwest. Panther and ATCAP agreed that in order to maximize investor returns, the property should be included as part of a larger industrial portfolio to be marketed to institutional investors, who have the ability to pay premium valuations given they possess the lowest cost of capital.

ATCAP Fund I Industrial was packaged for sale with 3 other investment portfolios by East Dil in July 2021. Panther is a part owner of 2 of the 3 other properties, specifically DFW 35/75 (700,790 SF, Dallas, TX) and Denver Industrial (535,703 SF). The 4th property in the portfolio is a 181,688 SF property based in Austin and Houston known as Market Street where Panther was not involved. The total square footage of the offering was 3,529,423 SF. Prior to marketing the property for sale, we received Broker Opinions of Value (BOV) from East Dil along with ATCAP’s internal valuations on each of the underlying properties. The midpoint of the BOV for ATCAP Fund I was $213,000,000 or $100.89 PSF.

ATCAP Fund was a strong performing asset since acquisition. It began paying an 8% annualized distribution in its first full quarter of ownership and had regularly maintained strong occupancy (90%+) throughout most of Panther’s holding period. It missed one distribution payment during COVID-19 (1Q 2020) but has otherwise been a very consistent payer. At the time of acquisition, the accrued, unpaid preferred return as a percent of original investment was expected to be only 7.3%.

EXECUTION AND SALE
Panther investors achieved an average annual return of 28.1% and a multiple on invested capital (MOIC) of 2.13x over the 4.0-year holding period. These returns compare to our original underwriting of 15-17% average annual return over a 5-year holding period. At closing, Panther LP’s received a distribution equivalent to 1.82x of their original investment (previous distributions amount to .31x original investment – thus the total of 2.13x).

This sale exceeded our pro-forma projections providing a 2.13x multiple to Panther FW Investors and an annual average return on investment of 28.1% over the 4-year holding period.

PROPERTY DESCRIPTION

ACQUISITION PROCESS

Panther and ATCAP closed the acquisition of the underlying properties in ATCAP Fund II in March (Rittiman) and August (Greens Road) of 2019, respectively. The portfolio is a collection of 27 industrial warehouse buildings totaling 1,517,835 SF located in San Antonio (Rittiman – 1,176,583 SF) and Houston, TX (Greens Road – 341,252 SF). We acquired the portfolio for $94,773,617, or $62.44 PSF, and the original operating plan called for a 5 to 7 – year hold with a projecte d sale at $116,062,000 or $76.47 PSF, applying a 6.70% cap rate. Projected returns to Panther Limited Partners at the time of acquisition were 12% average annual return and a 1.59x multiple on invested capital (MOIC)

PROPERTY HISTORY

ATCAP Fund II was a strong performer, averaging 92% occupancy over the 5.3 – year holding period with consistent increases in rental rates that have exceeded pro forma. Net operating income (NOI) from the combined portfolio increased from $6.1 million to $8.0 million (+31%) and the property paid distributions averaging 7% per year over the 5.3 – year holding period with only interruptions coming from Covid and the more recent cash sweep as we conduct the sales process. More recently, ATCAP renewed the two largest tenants in San Antonio (HEB and Sygma), essentially completing the business plan for the portfolio. With the business plan complete and the two loans on the portfolio both set to mature in mid – 2024, it was an ideal time to market the properties for sale, capital markets not with standing.

EXECUTION AND SALE

The majority of the portfolio was sold in August 2024 with a 50K SF building remaining in the Houston portion of the portfolio. This last building was ultimately sold in April 2025 and concluded the sale of all ATCAP Fund II assets. Panther investors achieved an average annual return of 15.2% and a multiple on invested capital (MOIC) of 1.93x over the 6.1 – year holding period. These returns compare to our original underwriting of 12% average annual return over a 5 – year holding period.

PROPERTY DESCRIPTION

ACQUISITION PROCESS
We acquired Arlington Industrial with Fort Capital in an off-market transaction on November 21, 2019, for $23,500,000 ($51.61 PSF), or an all-in acquisition price of $61.21 PSF. Our plan was to grow its below market rents and maintain occupancy (96% at takeover) with a planned disposition at the end of year 5 at $81.49 PSF (6.25% cap rate). This investment was underwritten to deliver a 16-20% average annual return and a 1.85x multiple on invested capital (MOIC).

PROPERTY HISTORY
Panther, with the sponsor, Fort Capital, acquiredthe 22.5-acre, 455,331 square-foot infill business park located within the core of Great Southwest submarket in DFW, TX. Within GSW, the property is located in the Lower GSW area (south of Interstate 30) where vacancy rates were 2.7% with only 155,000 SF of current construction. Lower GSW sits directly east acrossSH 360 from the Arlington Entertainment District which includes Six Flags Over Texas, Texas Live!, Globe Life Park (Texas Rangers) and AT&T Stadium (Dallas Cowboys). The Portfolio consisted of ten buildings with a total of 20 units ranging from 5,520 SF to 75,545 SF, and averaging 22,757 SF of core light industrial space situated on 20 contiguous acres of land (and 2.5 additional acres one block to the west). This submarket is one of the highest performing submarkets in DFW as evidenced by the historically low vacancy of 3.7%. Total square footage is 455,331.Then, in mid-2020, we were able to acquire a 35,000 SF neighboring property, Avenue E Industrial, for $53.57 PSF, using additional loan proceeds from our lender. This acquisition brought our total square footage up to 489,742 SF.

EXECUTION AND SALE
In early March of 2021 we received a BOV from Jones Lang LaSalle (JLL) which estimated that our Arlington Industrial Portfolio (which also included an additional Panther/Fort Capital property: 109th Street Industrial), was worth an estimated $84 PSF at the midpoint estimate of the BOV. The dramatic increase in price in such a condensed period was the result of a large amount of institutional capital looking to invest in the DFW industrial market combined with a limited amount of supply on the market and material absorption. The bid of $92.06 PSF after a 1.66-year holding period exceeded Panther’s original underwriting which called for a sale at the end of year 5 at $81.49 PSF.

This sale exceeded our pro-forma projections providing a 1.66 multiple to Panther FW Investors and an annual average return on investment of 40.14% over the 1.66 year holding period.