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The property, located at 2022 W. Florist Ave. in Glendale (Milwaukee), Wisconsin is a 2024 build-to-suit that represents the consolidation of existing engineering and lab space that was formerly occupied by Johnson Controls, Inc. in downtown Milwaukee. The new state-of-the-art R&D facility includes specialized labs to test valves, HVAC components, metrology, wind tunnels, software, hardware, and data center equipment. Additional uses include systems testing, refrigeration controls, environmental testing, and more. Johnson Controls, Inc., received an $11.7 million tenant improvement allowance to build out the interior lab space to their exact specifications.

The property is situated directly across the street from the Johnson Controls’ North American Headquarter campus. Johnson Controls, Inc. has been headquartered in Milwaukee since 1885, and the Glendale campus has served as the operational headquarters since 1980. The Glendale campus has gone through numerous renovations and expansions, most recently in 2023 for an estimated $6 million.

Johnson Controls International carries an investment grade credit rating of BBB+ by Standard and Poor’s. JCI employs over 94,000 people globally and operates across 150 countries. JCI reported 2025 net sales of approximately $23.6 billion. Its Americas segment accounted for $15.831 billion of total net sales, a 1.4% increase over 2024 net sales of $15.606 billion. Prior to reorganizing its business segments and reporting in 2025, JCI provided net sales for its North American Building Solutions segment, which was $11.348 billion in 2024.

Property images depicted may not be pictures of properties in any current offering and may be representative.

Investment opportunities presented herein are subject to immediate change and may be withdrawn without prior notice. Availability is fluid and often fluctuates rapidly; an offering may close before updated notification is provided. Investors are strictly advised to contact their authorized representative to confirm the current status of any investment prior to committing funds.

The information provided above is for summary purposes only and may be incomplete, outdated, or contain technical inaccuracies. This summary is qualified in its entirety by, and should be read in conjunction with, the relevant Private Placement Memorandum (PPM) and all associated supplements. Prospective investors must rely solely on the PPM and formal offering documents when evaluating the merits and risks of an investment.

¹Sponsor's Cost Segregation analysis is currently incomplete; therefore, to estimate depreciation benefits, it is assumed the investor is in a 40% combined marginal tax bracket with no current depreciation basis in the property outside of this investment. Average income shielding for this DST is estimated at 45% based on standard IRS straight-line depreciation recovery periods for commercial real estate (39 years), as detailed in this Commercial Real Estate Depreciation Guide. Please refer to the Private Placement Memorandum (PPM) for specifics regarding a cost segregation; notably, even if the Trust does not perform a property-wide study, an individual investor may have the right to commission a private cost segregation study for their specific fractional interest to potentially unlock accelerated or "bonus" depreciation through a change in accounting method.

²The "Net-Adjusted Equivalency Cap Rate" is a comparative metric designed to normalize the returns of an all-inclusive Delaware Statutory Trust (DST) against a direct-ownership Net Lease (NNN) property. This metric is calculated by "reversing" a target cash-on-cash return to reconstruct a required Net Operating Income (NOI), adding back debt service and amortizing estimated acquisition, financing, and disposition "friction" costs over a 10-year holding period. This calculation is provided for educational and illustrative purposes only and is not a guarantee of future performance or an offer to sell securities. Limitations include the reliance on generalized market assumptions; individual property performance, actual interest rates, and specific transaction costs will vary. This should not be used as the primary basis for any investment decision. Estimates are derived from the following industry benchmarks: Acquisition Costs (2.5% - NAR Commercial), Loan Fees (1.0% - CREFC Guidelines), Sale Costs (6.0% - Altus Group), and Debt Assumptions (6.5% Interest/30-Yr Amort. - Select Commercial).

Johnson Controls R&D DST

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