CHANTILLY, V

sq. ft. rent per sq. Ft. vacancy Expences

$ $

175000 10.00 5% 2.00

Return on cost

10.5% (IRR?)

development cost per sq. ft. tentat improvements leasing commisions

$ $ $

75.00 10.00 5.00

n (months) lease (years)

18 10

LTV

65%

1 solution FAR (floor to area ratio) Land required sq. ft. land price 0.4 70000 $ 1,205,234.16

PLANNING AND DEVELOPME

months 0 $ (1,205,234.16) 1

vacancy stop expense CPI parking ratio rent per sq. ft. development cost per sq. ft. holding period (years) CAP rate going out cap rate Unleveraged IRR Leveraged IRR Purchase Price

0% 21.00 3%

1/1500 sq. ft $ 200.00 $ 400.00 10 7.25% 7.75% 50 basis points ? ? ?

if 11% IRR

Oct-12

Nov-12

LAND PRICE

750,000.00 per acre

43560 sq. ft. 70000 sqft

1,205,234.16

CHANTILLY, VA

total dev cost $ 13,125,000.00 total $ 1,750,000.00 $ 875,000.00

35%

stabilized cash flow

stabilized cash flow

2 3 4 5 6 7 8 9

LANNING AND DEVELOPMENT PHASE

CONSTRUCTIO

1999 K Street

purchase

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13

Jul-13

h flow

h flow
CONSTRUCTION PHASE
10 11 12 13 14 15

PRELEASING STAGE
16 17 18

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14