TRS Real Estate recommends a commitment of up to $100 million to the Class A-2 offering of GreenPoint Outpost Partnership, LP (“Outpost” or the “Platform”), a follow-on to TRS’s existing $50 million commitment to the platform through GreenPoint TVP Partnership, LP. After completing its due diligence, the Team has concluded that an investment in Outpost is consistent with the Investment Policy Statement, procedures, and objectives of the TRS Real Estate Program.

TRS commitment size shown is an illustrative TRS decision input for this draft; the $50M Class A-2 minimum is waivable by the GP. All GreenPoint / Outpost figures are sourced from the LP data room as of June 2026.

Attractive

• Industrial Outdoor Storage (IOS) is a ~$200B asset class with only ~10% institutional ownership — a fragmented, information-scarce market where sub-institutional sites (typically <$15M) can be aggregated into institutional portfolios at a premium. Supply is structurally constrained by zoning and infill land scarcity; national IOS vacancy was 4.2% versus 6.6% for industrial broadly.
• GreenPoint has assembled the largest privately held transport-infrastructure portfolio in the U.S. (16 assets / 270 acres / ~$440M cost base across 11 markets), acquired off-market at meaningful discounts to replacement cost, with 63% of stabilized cost in high-barrier markets and ~75% of revenue from investment-grade-equivalent tenants. TRS benefits from continued visibility into the platform as an existing TVP investor.

Manager ODD:

• Consultant operational due diligence rating to be confirmed prior to IIC.

• Outpost acquires individual IOS and freight-terminal assets — middle-mile terminals, drop yards, last-mile staging, and urban mobility hubs — off-market and at discounts to replacement cost, then aggregates them into a national, commonly controlled portfolio positioned for a portfolio premium at exit.
• Short lease structures (typically 3–5 years with FMV extensions) allow frequent mark-to-market repricing, providing inflation protection; low-intensity land use provides covered-land redevelopment optionality and downside resilience.

• Below-market acquisition basis: representative deals include ONT5 (~24% below ask / ~46% below comparable sales), HOU3 (~43% below replacement cost), DFW3 (20%+ below a prior buyer’s contract), and SAV1 (10%+ discount to comps).
• Embedded NOI growth from below-market in-place rents and active lease-up of ramp assets; contracted enterprise revenue has risen as month-to-month exposure fell to ~16% of owned-portfolio revenue (Q2 2026).
• Technology-enabled operations via Outpost Gate Automation (OGA / AGS-Gatekeeper) reduce site cost and add a licensing revenue stream (targeting $1.7M → $4M ARR in 2026; ~$22M gross profit by 2030E).

• Current: 16 assets / 270 acres / ~$440M cost base across 11 markets. Current target (A-1): 26 assets / 520 acres / ~$805M. Post-$500M raise (A-1 + A-2): ~50 assets / 1,240 acres / ~$2,200M.
• 63% of stabilized cost concentrated in high-barrier markets (NJ/NY, LA/Inland Empire, Miami, Portland, Savannah); ~75% of revenue from investment-grade-equivalent tenants; WALT ~3.2 years.
• Maximum portfolio leverage of 65% LTV/LTC; property-level financing is non-recourse and not cross-collateralized across facilities.

• Outpost is the largest privately held transport-infrastructure portfolio in the U.S., operating in a ~$200B IOS market with only ~10% institutional ownership. Fragmentation and information asymmetry sustain a yield premium and an aggregation-to-portfolio-premium exit path (e.g., the Nov-2024 Alterra/JP Morgan sale of 51 IOS assets to Peakstone at a ~5.2% cap rate).

• 8.1% blended untrended yield-on-cost versus ~5.1% Green Street transaction cap rates in top industrial markets — a wide going-in spread sourced through off-market and distressed acquisitions below replacement cost.
• ~75% of revenue from investment-grade-equivalent tenants (Amazon AA, Tesla BBB, Maersk BBB+); 2.5–3.5% annual escalators and short leases drive persistent mark-to-market on renewal.

• 63% of stabilized cost in high-barrier markets where new supply is structurally constrained — favorable vs. peers such as Prologis (51%), First Industrial (48%) and STAG (5%), and approaching pure-play IOS/infill names (Rexford 77%, Terreno 100%).
• Mission-critical sites and entrenched enterprise tenant relationships; national IOS vacancy of 4.2% vs. 6.6% for industrial broadly.

• Outpost Gate Automation lowers site operating cost and adds a high-margin licensing revenue stream (dual-income model analogous to data-center tech moats). Value creation spans organic rent growth, lease-up of ramp assets, accretive acquisitions, and a portfolio premium at exit, with meaningful multiple-expansion potential (current mark 14.5x vs. 18.5x base-case exit EV/EBITDA).

• Short lease terms (WALT ~3.2 years) create rollover exposure.
• Mitigant: The same short-lease structure drives upside via frequent mark-to-market; maturities are staggered and contracted enterprise revenue has displaced month-to-month exposure (now ~16% of owned-portfolio revenue). Switching costs on operationally integrated sites support renewal velocity.

• The top 10 tenants represent 46.3% of portfolio rent.
• Mitigant: ~75% of revenue is from investment-grade-equivalent counterparties across diverse end-markets (EV/automotive, e-commerce, shipping, fleet); scaling toward ~50 assets further diversifies tenant, geographic, and asset-type exposure.

• Scaling from 16 toward ~50 owned assets requires sustained, disciplined deployment.
• Mitigant: A $2.1B+ identified pipeline supports growth; the Board-approved Delegated Authority Policy enforces consistent underwriting, and the platform team (~58 people) was built to deploy $500M+ of incremental equity.

• On a by-vehicle basis (pro-forma 30-Jun-2026, unaudited), GRAF I shows a 16.1% gross / 6.3% net IRR (1.28x / 1.11x), reflecting early-life fee and J-curve drag.
• Mitigant: The directly relevant vehicle, TVP, delivered 25.2% gross / 24.7% net IRR in 2025 and 18.8% gross / 15.7% net inception-to-date; platform equity value rose to $368M at YE2025 (gross deal IRR 18.8%). TRS’s A-2 entry at $1.25–$1.30 follows the early mark-up, reducing J-curve exposure relative to A-1.

• Floating-rate facilities (Realterm 1 at SOFR+435, Realterm 2 at SOFR+315) expose the platform to rate moves.
• Mitigant: A 4.0% SOFR cap hedges Realterm 1; the NYLife/Doremus loan is fixed (UST+180); underwriting uses a 10.0% WACC and the 8.1% YOC provides a spread cushion. Facilities are non-recourse and not cross-collateralized.

• Global real-assets firm (est. 2019); ~$1.1B equity commitments raised; four platforms across four countries; ~66 assets firm-wide (~90% deployed). Team of eleven plus four GPOP Operating Partners. HQ: 667 Madison Avenue, New York.
• Serves as General Partner and Investment Manager of Outpost — active board governance, the GPOP operating framework, dedicated operating partners, and a long-term ownership orientation.

Rick Michaux (founder of Corrigo, acq. by JLL), Dean Hopkins (former COO, Oxford Properties), Beth Richtman (ex-CalPERS Sustainable Investments), and Andy Martin (global RE strategic advisory). Compensation is borne by the platforms and does not offset GreenPoint’s management fee.

• Management Incentive Plan (MIP): 55.5M-unit pool = 15% of fully diluted equity; distribution threshold of $1.40 per Class B unit (1.4x the $1.00 A-1 issue price), 4-year vesting with a 1-year cliff. The Class B-2 MIP (corresponding to the A-2 raise) is capped at 10%.
• A-2 economics for TRS: 8% preferred return, then 50% catch-up to a 20% promote, with the catch-up tier waived for GRAF I/II major LPs (>$200M). The 1.00% operating services fee is charged on drawn (not committed) capital.
• Existing capital alignment: TVP holds all Class A-1 units (95.93% of partners’ capital at YE2025), so the sponsor’s flagship vehicle and TRS’s existing position sit alongside new A-2 capital in a single platform.

• IOS is a ~$200B addressable market with only ~10% institutional ownership — most assets held by local landlords or owner-users. ~$1.7B was raised for IOS strategies in H2-2023 through H1-2024 as capital institutionalizes the sector.
• Aggregation premium: sub-institutional sites (<$15M) assembled into $100M+ portfolios sell to core buyers at premium pricing — e.g., Alterra/JP Morgan’s sale of 51 IOS assets to Peakstone at ~5.2% cap (Nov 2024), below typical target IOS yields.

• Construction/infrastructure staging, fleet & equipment storage, port/intermodal, and last-mile logistics (e-commerce rising from 18% of retail in 2017 toward ~41% by 2027). IOS tenants serve essential industries, supporting demand through cycles.

• Infill industrial land near logistics hubs is being redeveloped away; zoning and municipal resistance to heavy-industrial use limit new entitlements. National IOS vacancy was 4.2% vs. 6.6% for industrial and 8.8–9.5% for large warehouse. A 1% transportation-cost saving for a tenant can translate to ~10% greater ability to pay rent.

• Low capex burden (de minimis fit-out), inflation hedge via short leases, covered-land redevelopment optionality, and information asymmetry that sustains yield premiums for operators with proprietary market intelligence.

• Proprietary, often off-market sourcing of IOS / freight-terminal assets at discounts to replacement cost and comps (ONT5 ~24% below ask; HOU3 ~43% below replacement; DFW3 20%+ below prior contract). Target high-barrier markets where supply is constrained.

• Lease-up of ramp assets (DFW4, PDX4, LAS5), mark in-place rents to market on roll, and deploy Outpost Gate Automation to lower site cost and add licensing revenue. Active asset management under the GPOP framework.

• Non-recourse, non-cross-collateralized facilities at ≤65% LTV/LTC: Realterm 1 (SOFR+435, 4.0% SOFR cap), Realterm 2 ($300M growth facility, SOFR+315, $204M undrawn), and a fixed NYLife/Doremus loan (UST+180).

• Aggregate the national portfolio for a premium exit to core institutional buyers, recapitalization, or IPO — multiple expansion potential from the current 14.5x mark toward IOS/industrial REIT comparables.

• Going-in yield: 8.1% blended untrended YOC vs. ~5.1% market cap rates — a wide acquisition spread.
• EBITDA scaling: platform projected to grow from a 16-asset / ~$440M base toward ~50 assets / ~$2.2B; operating EBITDA scaling from ~$2M (2026E) as assets ramp and G&A is leveraged.
• Mark-to-market & lease-up: below-market in-place rents and ramp assets (DFW4, PDX4, LAS5) provide embedded NOI growth.
• Tech revenue: OGA projected to add ~$22M of gross profit by 2030E — a high-margin layer atop owned-asset NOI.
• Exit multiple: base case assumes 18.5x EV/EBITDA at Dec-2031 vs. a 14.5x current mark — meaningful multiple-expansion potential as the platform scales toward REIT comps.

• Entry price: across $1.20–$1.30, net IRR ranges ~17.0–17.9% / ~2.1–2.2x — TRS’s entry basis is the key controllable variable.
• Financing cost: floating-rate exposure partly hedged (4.0% SOFR cap on Realterm 1; fixed NYLife loan); the 8.1% YOC offers a spread cushion against the 10.0% underwriting WACC.
• Deployment pace: returns depend on converting the $2.1B+ pipeline on underwriting terms within the 3-year drawdown.

• GreenPoint has raised ~$1.1B of equity commitments across GRAF I and associated vehicles, deployed across four platforms (~90% deployed; ~66 assets firm-wide). GRAF I (flagship; ~$900M total incl. associated vehicles) has committed ~$343M into Outpost alongside parallel allocations to Lysara and OneLiving.
• TVP holds all Class A-1 units (95.93% of partners’ capital at YE2025). TRS is an existing investor via a $50M TVP commitment. Other GreenPoint LPs include GCM, CDPQ/SITQ, Ivanhoé/Cadim, PSPIB, Greater Manchester Pension Fund, and MSD Partners.

• Class A-2: $500M target (upsizable to $700M) at $1.25–$1.30/unit; $50M minimum (waivable); 3-year drawdown; targeted first close June 30, 2026, from both existing and new LPs.

Proprietary, often off-market sourcing through GreenPoint and platform relationships and reputation as a preferred owner. A ~58-person Outpost team spans enterprise customer relationships, technology-enabled operations, acquisitions/development, and finance — built to deploy $500M+ of incremental equity.

All Outpost Investment Committee votes must be unanimous; because GreenPoint holds an IC seat, unanimity gives GreenPoint an effective veto, and final investment authority rests with the GreenPoint IC. The Outpost Board (GreenPoint-controlled; CEO holds one mandatory voting seat) meets at least quarterly.

DCF-based quarterly mark-to-market with external review by EY; a designated Valuation Committee (Chris Green, Diana Smirnov, Anne Dyer) oversees the process. Carried interest is computed on a hypothetical-liquidation basis, reviewed quarterly.

• Proprietary platform automating site monitoring, access control, utilization tracking, and maintenance scheduling — reducing labor dependency and improving throughput visibility across owned assets.
• Dual-income model (physical assets + technology licensing), analogous to Equinix/Digital Realty technology moats; targeting a scale from $1.7M to $4M ARR in 2026 via third-party licensing, and ~$22M of gross profit by 2030E.
• Underpinned by the GPOP operating framework — “Distributed Operations, Centralized Truth” — standardizing telemetry, governance, and reporting across the portfolio.

• TVP 2025 annual IRR: 25.2% gross / 24.7% net. Inception-to-date: 18.8% gross / 15.7% net (MOIC 1.19x gross / 1.14x net).
• Platform equity value $368M at YE2025 (unaudited); gross deal IRR 18.8%, gross deal MOIC 1.19x on $353M committed equity; marked 14.5x EV/EBITDA (WACC 10.0%).