Dear Partners:

I write this letter with optimism for the remainder of 2024. We have reached the end of the tax season and appreciate your patience through the first few months of the year. In addition, during our staff meeting last week, our development team all felt like the deal flow was starting to show some movement again. We are feeling the buzz here at the corporate office with the current number of potential projects we have in the works. Our development team continues to work diligently to find deals that fit our model.

As you all know by now, our first LLC of the year, Great River Industrial 23, LLC was released and we were once again met with an overwhelming response from you, our partners. We cannot thank you enough for continuing to place your trust in us as we present deals to you. We are excited about the diversification of projects in this LLC. Special thanks to Claire, Sarah, and Janet for the new layout, we hope you liked it and will continue to make efforts to improve the information in our offerings, which means your feedback is truly appreciated.

With all the positives that I have listed above, also comes the lingering headache that higher interest rates are causing us. Over the past several months, the senior management team has made it a top priority to study our current investment model and look at options to ensure we remain competitive in the current environment. Unfortunately, the Fed has been less than certain when or if they will cut rates, which leaves us looking for the crystal ball at times. With rising constructions cost, interest rates, and inflation we look for creative ways to continue our growth.

I will end this communication with an excerpt from our CEO, Dean Bingham’s letter in the forthcoming 2023 Annual Report: We are constantly evaluating our approach, and as we grow, we find ourselves re-evaluating the size of facilities, building markets, tenant types, and how we best fund these transactions. With this, we keep in mind our foundation, what got us here today, and build from a very solid rock. I have no doubt that our dedicated and talented Team at Agracel will continue to thrive in whatever market economy we are faced with in the future.

As always, should you have questions, please contact us.

Best Regards,

Brad Koenig

CFO