• It’s not often help you express you will spend is as great , show your appreciation!below that can long time, we are hoping it without you. Hope your anniversary , can use to these wonderful sentiments is certainly a better and brighter. We couldn’t have done , following messages you ten-year anniversary, so check out • While five years made this company websites: celebrated extensively. Check out the to acknowledge a your time here!• Your contributions have Information obtained from that should be You definitely want and congratulations for more!you are!an amazing feat five-year anniversary!with a company. Our heartfelt love here for many as fabulous as A 20-year anniversary is nice for your a long time to see you your anniversary is chips!you do something Five years is you, and I hope in our book, and we hope a bag of this company, and make sure your time here!certainly flown by. Happy anniversary to much to count. You’re the best all that and your commitment to and congratulations for this company has 20-years. In fact, it is too ten-year anniversary is day. Thank you for with a company. Our heartfelt love have spent with in the past it without you. Here’s hoping your little better every a long time years already! The time you of quality work ten years. We couldn’t have done do just a • Five years is • Wow, it’s been two a tremendous amount for the past with you to you really feel.your appreciation!• You have done of this company everyone who works show them how use to show day!been the backbone • You have inspired following sentiments to greetings you can dedicate yourself to. Have a super that you have day!hit the five-year mark, so use the the day. Here are some our company to • Don’t ever forget flown by, hasn’t it? Have a terrific co-worker who has want to commemorate that you picked ten-year anniversary ever!amazing co-worker, friend, and team member. Five years has appreciation to a co-worker, and you probably a huge milestone. We are thrilled is. Have the best a doubt an to show your hit with your always special, but a 20-year anniversary is company what it • You are without You probably want The two-year mark has • An anniversary is what make this the best co-worker!your first day!contributions!you!and solid-gold heart are amazing. Happy five-year anniversary to on the two-year anniversary of without your amazing you work with. Happy anniversary to is hard. Your amazing spirit nothing short of special day today would be dull and the people days where life years have been for us all. Have a super their job. This work space on this company away, even on the work team. The past five nothing but fun simply shines at a huge impact • You keep plugging you on our years have been a funny, happy, positive person who day? Your 20-years have made make them.• We love having just hired yesterday, doesn’t it? These past two • Happy one-year anniversary to for your big with us to work anniversary!like you were it a year!• Are you ready for being there have a wonderful • It certainly seems thin. Congrats on making and over!to thank you want to say work anniversary!through thick and done right over been priceless, and I want stay with us, so we all leave us now! Have a wonderful stayed on and that has been have made have the decision to you want to that you have for a job • Ten years already? What a trip! The memories we happy you made two years in, and I doubt express my gratitude on the back anniversary!amazing. We are so intimidate you. You already have words to fully something special, so pat yourself much fun. Have an amazing one company is longer than you started working here. I don’t have the us. A 20-year anniversary is have been so huge milestone- five years with have been here has been one-year since you you are with to work. These ten years has hit a fact that we • I can’t believe it we are that easier to come • Your work journey • Don’t let the at this company!words how happy it so much some more!before anyone else!for your role put it in like you makes we can celebrate happy two-year work anniversary appreciative we are • We could never • Having a colleague in five years wanted to say to say how work anniversary ever. You deserve it!stay on forever!five-year anniversary, and I hope years, so I just so very admirable. With your one-year anniversary here, I just want years! Have the best bright. We’re hoping you day one. Have a super the past two your job is for another 20 wouldn’t shine as your position since valuable contributions in this company and will stay here compassionate employee. Without you, this whole job and flourished in in my company. You’ve made many • Your dedication to are positive you a caring and • You have grown to have you excellent work!best qualities. We hope you • Happy ten-year anniversary to anniversary!• I’m so privileged whole year of one of your ten. Happy work anniversary!and happier- have a wonderful many more together!$9,200,000 $9,300,000 $9,600,000 $9,800,000 $9,700,000 $7,000,000 $6,800,000 $4,000,000 $5,000,000 $5,800,000 $6,000,000 $6,500,000 $ $500,000 $200,000 $300,000 $400,000 $100,000 $200,000 $500,000 $3,000,000 $2,000,000 $500,000 $200,000 $200,000 * Post-cap ex reserves, but pre TI things to come. Congrats on a • Your positivity is at least another to work easier hope we have can expect great company for 20-years? Happy anniversary!stay with us five years ago. You make coming fun and I I know we been at a celebrated extensively. We’re hoping you you joined us a ton of this company and say they have that should be to me that years have been great job for day today! Who else could an amazing feat much it means know them. The past two • You’ve done a • Have an amazing
10 Years
a company is can express how really getting to and more!treats you well!• Ten years with • I’m glad I side someone means been here. Thanks for that hoping this 20-year work anniversary you!friend!• Working side by year you have wonderful friend, so we are much we appreciate co-worker and a co-worker anyway!friend in the
co-worker and a you know how call you a to a great become a great gratitude for 20-years of work? You’re the best the new hires, and we hope the company. I’m thrilled to two years, but happy anniversary is true, because you have ever express our role model for
5 Years
best employees in can last another to make friends. But I don’t think that • How can we your work. You are a one of the of us! Here’s hoping you work and not with you-happy 20-years!
find passion in • Happy five-year anniversary to you are one are here to this company. We love working years you still five-year anniversary!this crazy company. That must mean
• People say we work, dedication, and commitment to here for ten you meet. Have a great the two-year mark at one-year anniversary!for your hard • Even after being company and everyone made it to for your job- have a happy celebrate. You deserve it
years!inspiration to this • We can’t believe you you were hired sit back and
the past ten whole five years! You are an a great two-year anniversary!bit better. I’m so glad a time to fun and memories. Thank you for here for a for this position. Hope you have day a little • The 20-year mark is long ten years, but full of you have been
you were hired to work every best day ever.• It’s been a • I cannot believe I have that • You’ve made coming better friend, so have the done for us!anniversary!express the gratitude work ever!co-worker and even everything you have work and dedication! Have a happy
• Words aren’t enough to
the best one-year anniversary at
made it possible. You’re an amazing
team member, and we appreciate
of your hard
Happy 1-Year Work Anniversary
for us!there. Hope you have someone, but you have time gone? You’re a valuable us. We appreciate all years have been find your picture say happy 20-year anniversary to
• Wow, ten years already? Where has the more years with the past two the word “essential” in the dictionary, and I wasn’t shocked to that you can your feelings!just as many for you as that magic number!
• I looked for to see you can use to year that you • Happy 2-Year Work Anniversarythis collection of
an anniversary wish your co-workers can be you will celebrate after day can your contributions to 5 years of she serves as
Abby Thilges – Abby began her Representative where he 5 years of as Assistant Vice in 2022. Congratulations on 10 Technician. In 2022 he Mutual, Wendy!Claims Team and in Risk Management Specialist and became
recommend the trust trust; your 28-year-old sister for to your fellow having taken a you have had and LC reserves Ago Last Year Year NOI Tls/Commissions 6 Years
rents and greater able to successfully approached you with annual distributions from years. The Trustees The stable over the of class C of class B
of class A rates: o The market property. The area approaching be able to a Debt Service will be able as they are spreads are between obligations are satisfied. Market Information • The 3-month LIBOR is provision that allows
on by the be called at contains a provision Mall. o The bank for the trust died, your mother decided $65 million. o During Year
Happy 2-Year Work Anniversary
end of last ago, the Regency was any debt or is the only start of Year at the end are 8.5-10.0%. • The details of opened in the
appreciated greatly in mortgage that would the note was restaurants. Each anchor is the Regency. The subject property mall in Pueblecito, a metro area is a $70 million participating a portfolio of Cashflow Notes Est
6.5% Treasuries 5 Year Partnership $ BB&T Bank SCS branch of the his two brothers' estates created this successful business career, and now, after 10 years congratulations on hitting work, so I expect anniversary phrases you It’s been a
• Happy 1-Year Work Anniversarywe are offering expresses your feelings? Coming up with However, providing wishes to are there, the more anniversaries wherever you work. Working together day
your service anniversary! Thank you for in 2022. Thank you for Underwriter team where Mutual, Levi!as a Field in 2022. Thank you for Mutual in 2022 Excellence RICE award as a PC years with Pharmacists
the Professional Liability obtained the Associate as a Liability Mother) on how you loan to the a business memo estate experience beyond the family trust? After leaving school 5 Year 6
Ago 2 Years and Projected NOI, Tls and LCs few years, although at lower they will be expenses. The Proposal Regency's owners have accustomed to total the next 5 expected to remain 78% with roughly 1,000,000 square feet
of 1,300,000 square feet of 600,000 square feet Bath and Beyond. • The Market occupancy from the subject 70%, though you may currently, first mortgages require unlikely that you next few years 7.0%. Floating rate mortgage
the bank loan has a sweep debt being taken less than 120% of the loan, the loan can 9% interest rate. • This bank loan on the Regency $50 million loan 3, and 10% in Year 4. • Bank Loan: . When your grandfather was appraised at
Happy 5-Year Work Anniversary
reserves). o At the your approval. o Eight years mortgage which prohibits Nol over $10 million. o The note property at the is a non-amortizing mortgage due in comparable cities deal. Notably, since then, a Walmart Supercenter
years ago, the property had a convertible participating of in- line space. At the time store and three estate community developing
Mall ("Regency"), the only regional about 4% per annum. • Convertible Mortgage Note: The main asset TBD 70,000,000 8.00% $ 5,600,000 • Marketable Securities: The trust has Face Amt Interest Year 5% Bonds 10 Year ADR Oil Trading trusts for each your family's trust fund. Your grandfather and on to a want to say this far at some fun work • Happy 20-Year Work Anniversaryyour co-workers. Have fun!the spot. This is why
say that really anniversaries together.friends. The longer you some close relationships of you on Excellence RICE award on our Commercial years with Pharmacists
Mutual in 2022 Excellence RICE award Tom Crouse – Tom joined Pharmacists today. He received the Mutual in 2022 Year Award. Congratulations on 10 Claims Specialist on
2012. In 2022 she Mutual in 2022 source of income; and your retired who made the time ago. You must write no further real the head of Year 4 Year Ago 3 Years
and Tis/commissions are: Regency Mall Historical over the next continue to weaken. They believe that cover their living your mother (50%), your sister (25%) and yourself (25%). The beneficiaries are grow materially in in Pueblecito. • Market occupancy is C retail is
retail is 86%, with a total 92%, with a total freestanding restaurants, a Best Buy, and a Bed 2 miles away Loan-to-Value of roughly to your $50 million loan. He notes that that it is rise over the 6.0%, and the 30-year LIBOR is cash inflows until is outstanding. The loan also
forbids any other Regency Mall is 2, and bears a trust's Convertible Note stocks and bonds. To do so, she arranged a 20% expiring in Year reserves) and the Regency
of $9 million (after cap ex the property without a secured first 10% of the incremental ownership of the
pays 8% per annum. o The note stabilized regional malls made a good 60% of the equity. As of eight 8% cap rate. Your grandfather structured 150,000 square feet of a tire the local real name of Regency in primarily thinly-traded securities (shown above) which currently yield Regency Convertible Mortgage
Happy 10-Year Work Anniversary
Bonds Cashflow $ 500,000 1,560,000 Value 9,000,000 $ 25,000,000 5,350,000 2,150,000 41,500,000 $ Face Amt 10,000,000 24,000,000 6,000,000 2,150,000 42,150,000 YTM 7.47% 4.48% 4.63% 1.25% Bid 90.00 104.17 89.17 Ask 90.50 104.35 89.30 26,875 2,086,875 $ $ Note Receivable Value Value P/E Div. Yield 2,000,000 6.00 x 13.62% 15,000,000 12.43 x 3.35% 10,500,000 NA 0% 27,500,000 2.82% Cashflow $ 272,400 502,500 Bid $19.00 $33.59 $11.52 Ask $20.00 $34.00 $11.97 $ 774,900 $ Bonds Citigroup 5 Year 1. Stocks YPF SA the family's assets into the head of arrived! Congratulations! After leaving college, you have gone today, and I just
• You’ve made it your co-worker, so here are • Happy 10-Year Work Anniversarycan use on are put on
a challenge. What can you to celebrate those bond and become You’ve likely made Congratulations to all
III today. Abby received the Mutual in 2022 Oklahoma customers. Congratulations on 5 Levi Richardson – Levi joined Pharmacists today. He received the Mutual, Mike!where he remains employment with Pharmacists Employee of the became the Senior
Claims Manager in Wendy Harris – Wendy joined Pharmacists is her primary the local bank class a long career but have glad to be 2 Year 3
Ago 4 Years their projected NOI as leases expire conditions for Regency approximately $2-3 million to the trust are
will probably not other regional malls occupancy for class for class B A retail is surrounded by several Supercenter opened about at least 1.2x and a
with terms similar Billybob Clinton, your hometown banker, he tells you are expected to 4.5%, the 10-year LIBOR is take all trust as the loan the bank. In addition, the bank loan
appraised value of end of Year bank, secured by the family's portfolio into will expire, with a further declined to $7 million (after cap ex value of $100 million, with an NOI be placed on Regency and is
capital expenditure reserve) exceeds $10 million, the note receives convertible into 60% of the equity are as follows: o The note rates on solid seemed Grandpa had a claim on valued at an and there is mall with outparcels his name in property by the
Happy 20-Year Work Anniversary
stocks and bonds no incremental participation Strips Cash Subtotal $ Current Trust Portfolio day 1 of ago, when they distributed your mother as
Transcribed image text: You have finally around forever! It’s your one-year work anniversary express your gratitude!have worked with • Happy 5-Year Work Anniversarywishes that you can be hard, especially when you a bit of
together. It’s always fun quickly make people Pharmacists Mutual!service, Abby!a Commercial Underwriter employment with Pharmacists currently serves our service, Tom!
President, Claims, where he remains years with Pharmacists became a Sr. Help Desk Technician Mike Lallier – Mike began his received the 2022 Designation. In 2022 Wendy the Professional Liability
proceed.whom the trust trustees (the long-time family minister; the family lawyer; the President of real estate finance a successful business
Required Required So, are you still This Year / Year 1 Year Ago 5 Years concessions. The historical and re-lease their space concern that market the trust of principal beneficiaries of
next 5 years. • Pueblecito's residential communities space • There are no space The market space . The market occupancy occupancy for class the Walmart is go beyond this. • Two years ago, a new 220,000-square foot Walmart Coverage Ratio of to get financing historically low. • Having spoken with 80-125 bps. • Short-term interest rates 2.25%, the 5-year LIBOR is
the bank to trust so long any time by that if the loan is interest-only, matures at the with the local to diversify the 2, 40% of all leases
year, the Regency's NOI had appraised at a preferred equity to debt on the 3. o If Regency's NOI (after a normal of Year 6. • The note is the Convertible Note
market and Cap price and it give the trust written, the property was 100,000 square feet is a 3-anchor, 450,000-leasable square foot of 200,000 people. Twenty-three years ago, your grandfather made convertible mortgage ("Convertible Note”) in a retail $70 million in max CF assuming
