SHIRAZ USCD

MEDICAL CENTER

Acquired land, entitled project on UCSD medical campus
Sold property to UC Board of Regents
One of the largest per SF deals in San Diego history
Note that 1033 exchange (eminent domain) was negotiated as part of the sale which includes a property tax savings which is factored into the IRR
Additionally, the IRR does not include the 1033 exchange benefits of deferring $2.2 million in tax for 3 years
Please note that Badiee's personal return was substantially higher