RE · REAL ESTATE

BREX Net Lease Data Center I DST

Brookfield · Net Lease

Program Overview

Net Lease

Sponsor/Manager

Brookfield

Asset Class

Real Estate

Investment Manager

BREX Manager LLC

Issuer

BREX Net Lease Data Center I DST

Issuer Legal Structure

Delaware Statutory Trust

Program Life Structure

Finite

Securities Offered

Equity - Class 1 Beneficial Interests

Program Hold Period

Indeterminate

Strategy Risk/Return Profile

Core

Managing Broker-Dealer

Brookfield Private Wealth LLC

Scale

~119,756 sq ft · 182 spaces · 1 properties

Tax Opinion

“Should” Level 1031 exchange eligibility · subject to stated assumptions

Target Offering

$58,979,841

Minimum Investment

$100,000

Class 1 Beneficial Interests · waivable

Strategy Overview

The Trust owns one asset: a 119,756 square foot, one-story data center at 255 Caspian Drive, Sunnyvale, California, built in 1978 and renovated in 2023 for Equinix. The building is triple-net leased to Equinix LLC through 9/30/2030, with about 4.4% annual increases and one remaining 60-month renewal option; Equinix, Inc. (BBB+/Baa1) guarantees the lease. The Trust master leases the Property to an affiliated Master Tenant at fixed Base Rent and distributes available cash monthly. The stated objectives are to preserve capital, pay monthly distributions and capture some appreciation for Section 1031 exchange purchasers.

ALTSeek Commentary

The property lease ends 4.4 years after the Trust bought the property, and the Sponsor's forecast assumes that the tenant, Equinix, will renew. If the tenant elects not to renew by 9/30/2029, the lender will be allowed to sweep excess cash into a re-leasing reserve and investor distributions may be decreased or stopped altogether. The loan must be repaid by 5/9/2031, approximately four years before the 20-year Master Lease’s term is complete. The trust cannot refinance or raise new money and unless the property is sold or Brookfield exercises its option (below), the Manager must move the property into a “Springing LLC” (a Transfer Distribution), which will eliminate the ability of investors to participate in a subsequent Section 1031 exchange. Brookfield holds a Fair Market Value Option: the right, but not the obligation, for Brookfield REIT Operating Partnership L.P. to buy each investor’s Interests in the Trust. The Operating Partnership is the master lease guarantor. The master tenant is newly formed with limited resources. Its reserve covers less than one month of rent ($300K against $416K a month), and the supplemental reserve is unfunded. The tenant lease is guaranteed by Equinix, Inc. (BBB+/Baa1).

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