Comparison of Assumptions

MARKET LEASING ASSUMPTIONS

ROLLOVER
BUYER SELLER DIFFERENCE
VACATE 50.00% 40.00%
RENEWAL 50.00% 60.00% 10.00%

Mkt Rent new $15.00 $15.00

Mkt Rent relet $15.00 $15.00
Blended $15.00 $15.00 $0.00

New Lease Term 5 years 5 years years

TI new $3.00 $3.00

TI relet $1.00 $1.00 See a)
Blended $2.00 $1.80 $0.20

LC new 4.00% 4.00%

LC relet 2.00% 2.00%
Blended 3.00% 2.80% 0.20%

Downtime new 12 MONTHS 12 MONTHS

Downtime relet 0 MONTHS 0 MONTHS
Blended 6 MONTHS 5 MONTHS 1 MONTHS

ROLLOVER TOTALS
6,000 sf tenant BUYER SELLER
TI $12,000 $10,800
LC's $13,500 $12,600
Downtime $45,000 $36,000
TOTALS $70,500 $59,400
PER SF $11.75 $9.90

Notes:
(a) Adjust the variables in BLUE and notice the impact under Rollover Totals

Page 1 of 61
 SELLER'S ORIGINAL CONSTRUCTION
BUDGET
DIVISION ITEM AMOUNT $/SF
1A GENERAL CONDITIONS $10,000 $1.67
1B SURVEYS/M.O.T./FENCE $7,500 $1.25
2 SITEWORK/UTILITIES $112,000 $18.67
3 CONCRETE $68,000 $11.33
4 MASONRY $4,000 $0.67
5 METALS $60,000 $10.00
6 CARPENTRY TI $8,000 $1.33
7 MOISTURE PROTECTION $5,500 $0.92
8 DOORS & FRAMES, GLASS & GLAZING TI $4,100 $0.68
9 FINISHES TI $155,000 $25.83
10 SPECIALTIES TI $2,000 $0.33
15A FIRE PROTECTION $5,500 $0.92
15B PLUMBING & HVAC $5,000 $0.83
16 ELECTRICAL $4,500 $0.75
SUB-TOTAL $451,100 $75.18
CONTINGENCY 5.00% $22,555
CONTRACTOR FEE 5.00% $23,683 a)
LIABILITY INSURANCE 0.70% $3,481
TOTAL CONSTRUCTION $500,819 $83.47
BUILDER'S RISK INSURANCE
DESIGN & CONSTRUCTION $701
ADMINISTRATION - Civil and
Architectural $10,000
INSPECTIONS & INVESTIGATIONS $5,000
PERMITS $3,000
DEVELOPER'S FEE 7.00% $35,057
INTEREST CARRY, CLOSING COSTS ETC $26,000
UTILITY COMPANY CHARGES $7,200
SUB-TOTAL $86,958 $14.49
TOTAL CONSTRUCTION, DESIGN, $587,778 $97.96
PERMITS, & FEES
LENDER'S CONSTRUCTION TERMS
Maximum Loan to Cost 80.00%
Construction/Mini Perm Loan $470,222
Equity $117,556 (b)
Interest Rate 7.50%
Term 25
Annual Payment $41,699

Notes:
a) For the construction experts in the class - what is your reaction to these costs? WILL BE ADDRESSED IN
GREATER DETAIL IN THE CONSTRUCTION TECHNOLOGY CLASS.
b) Lender's?
 Anywhere Shopping Center
SELLERS Operating Expense History & BUYERS Forecast
Unit 12 Month
Full Year 2006 2007 2008 2009 Projection
Building Size: 6,000 sf Total $/SF Total $/SF Total $/SF Total $/SF Total $/SF
Added EGI - not part
Tenant of word document Franks's Shoes Franks Shoes vacated Shoes 4 U
property mid year -
Effective Gross Income: $100,000 $16.67 ### $16.83 ### $17.00 ### $2.86 $76,032
business owner passed
$12.67
% Change Over Prior Year: N/A 1.00% 1.00% -83.17%
away. No security 342.78%
deposit.

Operating Expenses Successful tax appeal

Real Estate Taxes $8,000 $1.33 $8,250 $1.38 $8,350 $1.39 $3,000 $0.50 $6,000 $1.00
Insurance 500 0.08 600 0.10 1,000 0.17 Vacant building
1,000 0.17 for 600 0.10
Minimum mgt. fee
half a year so
Common Area Maintenance ("CAM") 3,500 0.58 3,600 0.60 3,650 0.61 1,500
expenses0.25
dropped 3,000 0.50
Management Fees 3,600 3.60% 3,630 3.59% 4,880 4.78% Legal 14.56%
2,500 3,802 5.00%
Legal/Accounting 100 0.02 500 0.08 - - 10,000 1.67 300 0.05
Total Operating Expenses: $15,700 $2.62 $16,580 $2.76 $17,880 $2.98 ### $3.00 $13,702 $2.28
% Change Over Prior Year: N/A 5.61% 7.84% 0.67% -23.88%
Operating Expense Ratio: 15.70% 16.42% 17.53% ### 18.02%

Net Operating Income: $84,300 $14.05 $84,420 $14.07 $84,130 $14.02 ($1,728) ($0.29) $62,330 $10.39

Tenant Improvements $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $10,000 $1.67

Leasing Commissions $20,000 $3.33 $0 $0.00 $0 $0.00 $0 $0.00 $12,000 $2.00
Structural Reserves $0 $0.00 $0 $0.00 $0 $0.00 $900 $0.15 $600 $0.10

Cash Flow Before Debt Service $64,300 $10.72 $84,420 $14.07 $84,130 $14.02 ($2,628) ($0.44) $39,730 $6.62

Debt Service $41,699 $6.95 $41,699 $6.95 $41,699 $6.95 ### $6.95 $38,511 $6.42
Debt Service Cover 1.54 X 2.02 X 2.02 X -.06 X 1.03 X
Cash Flow After Debt Service $22,601 $3.77 $42,721 $7.12 $42,431 $7.07 ### ($7.39) $1,219 $0.20

SELLERS RETURNS DURING HOLDING PERIOD SELLERS' RETURNS

Return on Cost ? ? ? ? ?
Return on Assets ? ? ? ? ?
Financing Cost ? ? ? ? ?
Return on Equity ? ? ? ? ?
See "Real Estate Game" for Numerator and Denominator
Complete Ratios before respective lecture
 Anywhere Shopping Center
RENT ROLL
Reimbursements - Expense Basis - Who Pays What
Rent Real
Start Year Annual Upfron Upfron Upfront Estate Snow Sweepin Inside Outside Renewal Rollover
Tenant Nam Size Date End Date One Inc. t LC t TI Free Rent Taxes Insur Plowing* g* Mgt. Rubbish Utilites* Utilites Roof Exterior Options Assumptions Comments

Tenant - Tenant - Renewal Probability, Tenant has the right to terminate lease
Pro Pro Tenant - Tenant - Tenant - Tenant Tenant Tenant - Yes - 1 Market Rent, TI's, LC's, with 6 months notice beg. in the 4th lease
Shoes 4 U 6,000 sf Jan-10 December-19 $16.00 3.00% ### ### ### Rata Rata Pro Rata Pro Rata Pro Rata Direct Direct Pro Rata Landlord Landlord five year Downtime etc. yr. - no termination penalty

Totals ###

*CAM

Page 4 of 61
 Anywhere Shopping Center
PROFORMA
Bldg Size
Building Size 6,000 sf
Obtained from a
General Inflation 3.00% CoStar run Year 1 Year 2 Year 3 Year 4
Market Rent per Market Study $12.00 $12.00
Market Rent Growth Per Market S ### $12.24 $12.48 $12.73
Contract Rent per Lease $16.00
Contract Rent Growth per Lease ### $16.48 $16.97 $17.48
Lease abstract
Gross Income (Potential Gross Inc.): Year 1 Net of free
Yearrent
2 - in Year 3 Year 4
assignment will Tenant Size
this example 3
involve this tenant
Shoes 4 U $16.00 6,000 sf $ 72,000 $
months 98,880 $
of free rent 101,846 $ 93,504
were provided
#REF! $0 upfront
$0 $0 $0
#REF! $0 $0 $0 $0
#REF! $0 $0 $0 $0
Downtime between lease
#REF! $0 $0 before new $0
rollovers = Period $0
0 $0 Tenant OCCUPIES
$0 space - $0 $0
represents lost rent income
Sub Total $ 72,000 $ 98,880 $ 101,846 $ 93,504

Less: Rent Abatement Reflects loss $ 6,234

reimbursements for 3
months
Expense Reimbursements $ 7,200 $ 9,888 $ 10,185 $ 6,294

Potential Gross Income (PGI): $ 79,200 $ 108,768 $ 112,031 $ 93,564

Market lecture will
Less: Downtime ("ABT") provide insight on this - - - 37,402
Sub total $
"fudge factor" 79,200 $ 108,768 $ 112,031 $ 56,163

Less: Vacancy 3.00% vac. within submarket 2,376 3,263 3,361 1,685
Less: Collection Loss 1.00% not rated by S&P 792 1,088 1,120 562
Sub Total $ 3,168 $ 4,351 $ 4,481 $ 2,247
Effective Gross Income (EGI) $ 76,032 $ 104,417 $ 107,550 $ 53,916
per current
assessment
adjusted for recent
Operating Expenses: premium increase
includes landscpaing,
Real Estate Taxes $1.00 current assessment $ trash 6,000
site lighting, $ 6,180 $ 6,365 $ 6,556
removal
Insurance 0.10 quarter time 600 618 637 656
Common Area Maintenance ("CAM") 0.50 property
trash, landscaping, util mgr. 3,000 3,090 3,183 3,278
tax returns,
Sub Total $1.60 quarterly $ 9,600 $ 9,888 $ 10,185 $ 10,490
Management Fees 5.00% statements, office 3,802 5,221 5,377 2,696
expenses
Legal/Accounting $0.05 300 309 318 328
Hard coded for now; setup
Total Operating Expenses $ 13,702 a$ 15,418
rollover model based$ on 15,880 $ 13,514
probability of renew vs.
vacate for next rollover.
SEE ROLLOVER SHEET
Net Operating Income (NOI) $ 62,330 $ 88,999 $ 91,669 $ 40,403

% of 2nd year rent

Less: Tenant Improvements ("TI's") $1.67 for fitout of space $ 10,000 $ 15,600
Same as TI
Less: Leasing Commissions ("LC's") pay broker 12,000 23,376
Less: Structural Reserves ("CapEX") $0.10 structural, roof 600 618 637 656
Sub Total - Capital Expenses $ 22,600
Terminal Capitalization $ 618 $ 637 $ 39,632
Rate - Used to and
Commission convert
CASH FLOW from OPERATIONS (CFO) 6th year
costs toNOI$into a39,730
close $ 88,381 $ 91,033 $ 771
value estimate
transaction
Terminal Cap Rate 10.00%
Cost of Sale 3.00%
6th Year Reversion $ 885,703 $ 88,570 / 10.00% =
Commission 26,571 3.00% * $885,703 =
Reversion Prior to Discounting $ 859,132

Year 1 Year 2 Year 3 Year 4

Cash Flow With Reversion ### ### ### $Stabilized

771 Analysis
this is a benchmark not an "As Is"
value for all analysis
calculations shown
below

Page 5 of 61
 Stabilized Analysis
this is a benchmark not an "As Is"
Value by the DCF Method value for all Value by the Direct Cap Method at stabilzation
analysis
calculations shown
Matrix below Matrix
Yield Value Value/SF Cap Rate Value
10.00% ### $127.45 Year 2 NOI 10.00% $889,994
12.50% $693,819 $115.64 Year 2 NOI 11.00% $809,086
13.00% $680,696 $113.45 Year 2 NOI 12.00% $741,662

SOLVE FOR THE NET PRESENT VALUE

OUTCOME What you paid PV Year 1 Year 2 Year 3 Year 4

not feasible $700,000 ($764,680) $ 39,730 $ 88,381 $ 91,033 $ 771

SOLVE FOR THE UNLEVERAGED INTERNAL RATE OF RETURN - BUYER

IRR Cash Out Year 1 Year 2 Year 3 Year 4

10.00% ($764,680) $ 39,730 $ 88,381 $ 91,033 $ 771
12.50% ($693,819) $ 39,730 $ 88,381 $ 91,033 $ 771
13.00% ($680,696) $ 39,730 $ 88,381 $ 91,033 $ 771

Hard coded

brajewski:

Page 6 of 61
 Year 5 Year 6

$12.99 $13.25

$18.01 $18.55

Year 5 Year 6
$ 96,003 $98,572
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$ 96,003 $ 98,572

$ 10,805 $ 11,129

$ 106,808 $ 109,701
- ###
$ 106,808 $ 109,701

3,204 3,291
1,068 1,097
$ 4,272 $ 4,388
$ 102,536 $105,313

$ 6,753 $ 6,956
675 696
3,377 3,478
$ 10,805 $ 11,129
5,127 5,266
338 348
$ 16,269
6th Year$16,742
NOI (not
cash flow)
capitalized at cap
$ 86,267
rate. $88,570
Another
common method is
to cap CASH FLOW.
Same as TI

675
$ 675
$ 85,591

$ 885,703
26,571
$ 859,132

Year
Year 5 Cash Flow 5
Plus
Net Reversion

Stabilized Analysis
###
not an "As Is"
analysis

Page 7 of 61
 Stabilized Analysis
not an "As Is"
ct Cap Method at stabilzation
analysis
Matrix
Value/SF

$148.33
$134.85
$123.61

Year 5
$ 944,723

Year 5
$ 944,723
$ 944,723
$ 944,723

Page 8 of 61
 Anywhere Shopping Center
CASH FLOW AFTER FINANCING / LEVERAGED ANALYSIS
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Net Operating Income (NOI) $ 62,330 ### ### ### $ 86,267 ###
Less: Tenant Improvements 10,000 - - 15,600 - 6th Year NOI (n
cash flow) capi
Less: Leasing Commissions 12,000 - - 23,376 - at cap rate
Less: Structural Reserves 600 618 637 656 675
Sub Total - Capital Expenses $ 22,600 $ 618 $ 637 ### $ 675

CASH FLOW from OPERATIONS (CFO) $ 39,730 ### ### $ 771 $ 85,591
Less: Debt Service $38,511 38,511 38,511 38,511 38,511 38,511
DSC = Annual Cash
Cash Flow After Financing (CFAF) $ 1,219 Flow###
Deficit ###
to be funded
/ Annual Debt ### $ 47,080
by borrower
Service
Debt Service Coverage Ratio (DSC) 1.03 x 2.29 x 2.36 x 0.02 x 2.22 x
Lender Requirements Per RE Game escrow req.
CFO/purchase price
Per RE Game
debt or mortgage
Return on Assets (ROA) Per RE Game
pmts/loan amount
5.20%
11.56% 11.90% 0.10% 11.19% 7.99% avg.
CFAF/Cash Invested or
7.19%
7.19% 7.19% 7.19% 7.19% 7.19%
Financing Costs (FC) avg.
Cash Out
Return on Equity (ROE) 0.53% 21.74% 22.89% -16.45% 20.52% 9.85% avg.
Loan % * by Value

FINANCING ANALYSIS
Loan Amount (based on LTV) $535,276 HP12 C Solution
Renewal Probability 60.00% 2nd rollover
Term 10 years f CLX
Amoritization 30 years 360 months 30 years gn
Great spread -
Interest Rate 6.00% 0.50% per period
assumes a credit 6.00% gi
Spread (basis points) 2.00% bps tenant $535,276 chs pv
5 Year Treasury 4.00% Floor Solve for PMT

Maximum Loan To Value ### * 12 = $38,511

Annual Principal & Interest Payme $38,511
See Cash Flow Sheet

RESALE ANALYSIS BEG. 6TH YEAR HP12 C Solution

Sale Price - Last Day of Year 5 $859,132 5* 12 f amort = interest pai Solve for X<>Y = principal paid to date
Less: Outstanding Debt Balance Beg. Y$498,098 X<Y principal paid to date which is subtracted from original loan balance
Proceeds to Owner (before tax) $361,034 ans $535,276 minus $37,178 equals $498,098

EQUITY ANALYSIS 1 2 3 4 5
Upfront Equity Investment ### $ 1,219 $ 49,870 $ 52,522 ### $ 408,114
Return on Equity Before Tax (ROE) 0.53% 21.74% 22.89% -16.45% NA
IRR 17.80%

$500,000 $408,114
$400,000
$300,000
$200,000
$49,870 $52,522
$100,000 $1,219
$-
$(100,000) ($37,740)
1 2 3 4 5
 Anywhere Shopping Center
Renewal Probability Schedule
Probability
Rate Renews Vacates Blended Actual $ for Yr 4
Tenant Improvements: 60.00% 40.00%
New Lease $5.00 Blended tenant improvements *
Lease Renewal $1.00 leased areas (sf)
Total Blended TI $2.60 $15,600

Leasing Commission:
New Lease 8.00% Term 5.00 years New Rent *
Lease Renewal 3.00% blended leasing
commission *
Total Blended Commission 5.00% $23,376 a)
lease term

Downtime:
New Lease ### Months of lost base rental
Lease Renewal 0 months income. Blended Market rent per
month from above * blended #
Blended Downtime (Rounded) 5 months $37,402
of months down (new column) b)

Rent Abatement:
New Lease 2 months
Lease Renewal 0 months
Blended Downtime (Rounded) 1 months $6,234 c)

Notes:
a) A simple method used for this model but more complex with rent steps in the "real world"

b) Rounding up so manual calc will differ

c) Rounding up so manual calc will differ

Page 10 of 61
CASH FLOW (Pre-Tax Cash Flow) Year 1 Year 2 Year 3 Year 4 Year 5
NET OPERATING INCOME $ 62,330 $ 88,999 $ 91,669 $ 40,403 $ 86,267
Less: Tenant Improvements 10,000 - - 15,600 -
Less: Leasing Commissions 12,000 - - 23,376 -
Less: Structural Reserves 600 618 637 656 675
Sub Total - Capital Expenses $ 22,600 $ 618 $ 637 $ 39,632 $ 675

CASH FLOW from OPERATIONS (CFO) 39,730 88,381 91,033 771 85,591
Less: Debt Service 38,511 38,511 38,511 38,511 38,511
CASH FLOW AFTER FINANCING $ 1,219 $ 49,870 $ 52,522 $(37,740) $ 47,080

TAX CALCULATION Year 1 Year 2 Year 3 Year 4 Year 5

Pre-Tax Cash Flow $ 62,330 $ 88,999 $ 91,669 $ 40,403 $ 86,267
Add: Reserves 600 618 637 656 675
Less: Interest 31,938 31,532 31,102 30,645 30,160
Less: Depreciation - Building 17,684 17,684 17,684 17,684 17,684 600000
Less: Depreciation - Tenant Improvements 4,400 4,400 4,400 12,195 12,195 0.15 LAND
TAXABLE INCOME $ 8,909 $ 36,001 $ 39,120 $(19,466) $ 26,903 510000
Tax 28.0% 2,494 10,080 10,954 - 7,533 ###

BEFORE TAX OPERATING CASH FLOW 1,219 49,870 52,522 (37,740) 47,080
Less: Tax 2,494 10,080 10,954 - 7,533
AFTER TAX OPERATING CASH FLOW $ (1,275) $ 39,790 $ 41,568 $(37,740) $ 39,547

TAXABLE INCOME (from Property Sale)

Original Purchase Price (see Buyers Basic Cash Flow Valu) $ 764,680
Add: Capital Expenditures -
Less: Accumulated Deprecitation Building 88,421
Less: Accumulated Deprecitation TI 37,590
NET BOOK VALUE $ 638,670

TAX LIABILITY
Net Sale - Reversion Value in Y. 6 Net of Commissions $ 859,132
Net Book Value 638,670
TOTAL TAXABLE GAIN ON SALE $ 220,462
Tax Rate on Capital Gain 20.0%
TAX LIABILITY 44,092

Net Sale Price - Reversion Yr. 6 Less Commission $ 859,132

Less: Outstanding Mortgage Balance at Time of Sale 498,098
Less: Tax on Gain 44,092
Net Proceeds From Sale $ 316,941

TOTAL AFTER TAX INCOME

from Operations $ (1,275) $ 39,790 $ 41,568 $(37,740) $ 39,547
from Reversion - - - - 316,941
TOTAL AFTER TAX INCOME $ (1,275) $ 39,790 $ 41,568 $(37,740) ###

AFTER TAX EQUITY IRR ANALYSIS Year 1 Year 2 Year 3 Year 4 Year 5
Upfront Equity Investment ($229,404) $ (1,275) $ 39,790 $ 41,568 $(37,740) ###
Return on Equity (ROE) -0.56% 17.34% 18.12% -16.45% NA
IRR 12.98%

HP 12 C SOLUTION
Page 71 of Owner's Manual
f CLX
f FIN
($229,404) CHS g CFO Initial Investment
($1,275) CHS g CFj Cash Out
$39,790 g CFj Cash In
$41,568 g CFj Cash In
($37,740) CHS g CFj Cash Out
$356,489 g CFj cash in and from sale
12 I
f IRR 12.98% After Tax Equity IRR

Page 11 of 61
 AMORTIZATION (P&I) SCHEDULE
Loan Amount $535,276 * Loan Amount $535,276
Annual Interest Rate 6.00% * Interest Rate 0.50%
Years 30 * Term 360
Number of Payments per Year 12 * Debt Serv. Monthly $3,209
Debt Serv. Yearly $38,511

Amount Debt Periods Accum Accum

Period Outstanding Service Principal Interest Remain Principal Interest
0 535,276.33 360 0.00 0.00
1 534,743.46 3,209.25 532.87 2,676.38 359 532.87 2,676.38
2 534,207.93 3,209.25 535.53 2,673.72 358 1,068.41 5,350.10
3 533,669.71 3,209.25 538.21 2,671.04 357 1,606.62 8,021.14
4 533,128.81 3,209.25 540.90 2,668.35 356 2,147.52 10,689.49
5 532,585.20 3,209.25 543.61 2,665.64 355 2,691.13 13,355.13
6 532,038.88 3,209.25 546.33 2,662.93 354 3,237.46 16,018.06
7 531,489.82 3,209.25 549.06 2,660.19 353 3,786.51 18,678.25
8 530,938.02 3,209.25 551.80 2,657.45 352 4,338.32 21,335.70
9 530,383.45 3,209.25 554.56 2,654.69 351 4,892.88 23,990.39
10 529,826.12 3,209.25 557.33 2,651.92 350 5,450.21 26,642.31
11 529,266.00 3,209.25 560.12 2,649.13 349 6,010.33 29,291.44
12 528,703.08 3,209.25 562.92 2,646.33 348 6,573.26 31,937.77
13 528,137.34 3,209.25 565.74 2,643.52 347 7,138.99 34,581.28
14 527,568.77 3,209.25 568.57 2,640.69 346 7,707.56 37,221.97
15 526,997.37 3,209.25 571.41 2,637.84 345 8,278.97 39,859.81
16 526,423.10 3,209.25 574.27 2,634.99 344 8,853.23 42,494.80
17 525,845.96 3,209.25 577.14 2,632.12 343 9,430.37 45,126.92
18 525,265.94 3,209.25 580.02 2,629.23 342 10,010.39 47,756.15
19 524,683.02 3,209.25 582.92 2,626.33 341 10,593.31 50,382.48
20 524,097.18 3,209.25 585.84 2,623.42 340 11,179.15 53,005.89
21 523,508.42 3,209.25 588.77 2,620.49 339 11,767.92 55,626.38
22 522,916.71 3,209.25 591.71 2,617.54 338 12,359.63 58,243.92
23 522,322.04 3,209.25 594.67 2,614.58 337 12,954.29 60,858.50
24 521,724.40 3,209.25 597.64 2,611.61 336 13,551.94 63,470.11
25 521,123.77 3,209.25 600.63 2,608.62 335 14,152.57 66,078.74
26 520,520.13 3,209.25 603.63 2,605.62 334 14,756.20 68,684.35
27 519,913.48 3,209.25 606.65 2,602.60 333 15,362.85 71,286.95
28 519,303.80 3,209.25 609.68 2,599.57 332 15,972.54 73,886.52
29 518,691.06 3,209.25 612.73 2,596.52 331 16,585.27 76,483.04
30 518,075.27 3,209.25 615.80 2,593.46 330 17,201.07 79,076.50
31 517,456.39 3,209.25 618.88 2,590.38 329 17,819.94 81,666.87
32 516,834.42 3,209.25 621.97 2,587.28 328 18,441.91 84,254.15
33 516,209.34 3,209.25 625.08 2,584.17 327 19,066.99 86,838.33
34 515,581.14 3,209.25 628.21 2,581.05 326 19,695.20 89,419.37
35 514,949.79 3,209.25 631.35 2,577.91 325 20,326.54 91,997.28
36 514,315.29 3,209.25 634.50 2,574.75 324 20,961.05 94,572.03
37 513,677.61 3,209.25 637.68 2,571.58 323 21,598.72 97,143.60
38 513,036.75 3,209.25 640.86 2,568.39 322 22,239.59 99,711.99
39 512,392.68 3,209.25 644.07 2,565.18 321 22,883.65 102,277.18
40 511,745.39 3,209.25 647.29 2,561.96 320 23,530.94 104,839.14
41 511,094.86 3,209.25 650.53 2,558.73 319 24,181.47 107,397.87
42 510,441.09 3,209.25 653.78 2,555.47 318 24,835.25 109,953.34
43 509,784.04 3,209.25 657.05 2,552.21 317 25,492.29 112,505.55
44 509,123.71 3,209.25 660.33 2,548.92 316 26,152.62 115,054.47
45 508,460.07 3,209.25 663.63 2,545.62 315 26,816.26 117,600.09

Page 12 of 61
 46 507,793.12 3,209.25 666.95 2,542.30 314 27,483.21 120,142.39
47 507,122.84 3,209.25 670.29 2,538.97 313 28,153.50 122,681.35
48 506,449.20 3,209.25 673.64 2,535.61 312 28,827.13 125,216.97
49 505,772.19 3,209.25 677.01 2,532.25 311 29,504.14 127,749.21
50 505,091.80 3,209.25 680.39 2,528.86 310 30,184.53 130,278.07
51 504,408.01 3,209.25 683.79 2,525.46 309 30,868.32 132,803.53
52 503,720.80 3,209.25 687.21 2,522.04 308 31,555.54 135,325.57
53 503,030.15 3,209.25 690.65 2,518.60 307 32,246.18 137,844.18
54 502,336.05 3,209.25 694.10 2,515.15 306 32,940.29 140,359.33
55 501,638.47 3,209.25 697.57 2,511.68 305 33,637.86 142,871.01
56 500,937.42 3,209.25 701.06 2,508.19 304 34,338.92 145,379.20
57 500,232.85 3,209.25 704.56 2,504.69 303 35,043.48 147,883.89
58 499,524.76 3,209.25 708.09 2,501.16 302 35,751.57 150,385.05
59 498,813.13 3,209.25 711.63 2,497.62 301 36,463.20 152,882.67
60 498,097.95 3,209.25 715.19 2,494.07 300 37,178.38 155,376.74
61 497,379.19 3,209.25 718.76 2,490.49 299 37,897.15 157,867.23
62 496,656.83 3,209.25 722.36 2,486.90 298 38,619.50 160,354.13
63 495,930.86 3,209.25 725.97 2,483.28 297 39,345.47 162,837.41
64 495,201.26 3,209.25 729.60 2,479.65 296 40,075.07 165,317.06
65 494,468.02 3,209.25 733.25 2,476.01 295 40,808.31 167,793.07
66 493,731.11 3,209.25 736.91 2,472.34 294 41,545.23 170,265.41
67 492,990.51 3,209.25 740.60 2,468.66 293 42,285.82 172,734.07
68 492,246.21 3,209.25 744.30 2,464.95 292 43,030.12 175,199.02
69 491,498.19 3,209.25 748.02 2,461.23 291 43,778.14 177,660.25
70 490,746.43 3,209.25 751.76 2,457.49 290 44,529.90 180,117.74
71 489,990.91 3,209.25 755.52 2,453.73 289 45,285.42 182,571.47
72 489,231.61 3,209.25 759.30 2,449.95 288 46,044.72 185,021.43
73 488,468.52 3,209.25 763.09 2,446.16 287 46,807.82 187,467.58
74 487,701.61 3,209.25 766.91 2,442.34 286 47,574.72 189,909.93
75 486,930.86 3,209.25 770.74 2,438.51 285 48,345.47 192,348.44
76 486,156.27 3,209.25 774.60 2,434.65 284 49,120.07 194,783.09
77 485,377.79 3,209.25 778.47 2,430.78 283 49,898.54 197,213.87
78 484,595.43 3,209.25 782.36 2,426.89 282 50,680.90 199,640.76
79 483,809.16 3,209.25 786.27 2,422.98 281 51,467.18 202,063.74
80 483,018.95 3,209.25 790.21 2,419.05 280 52,257.38 204,482.78
81 482,224.79 3,209.25 794.16 2,415.09 279 53,051.54 206,897.88
82 481,426.66 3,209.25 798.13 2,411.12 278 53,849.67 209,309.00
83 480,624.55 3,209.25 802.12 2,407.13 277 54,651.79 211,716.14
84 479,818.42 3,209.25 806.13 2,403.12 276 55,457.92 214,119.26
85 479,008.26 3,209.25 810.16 2,399.09 275 56,268.08 216,518.35
86 478,194.05 3,209.25 814.21 2,395.04 274 57,082.29 218,913.39
87 477,375.76 3,209.25 818.28 2,390.97 273 57,900.57 221,304.36
88 476,553.39 3,209.25 822.37 2,386.88 272 58,722.94 223,691.24
89 475,726.91 3,209.25 826.49 2,382.77 271 59,549.43 226,074.01
90 474,896.29 3,209.25 830.62 2,378.63 270 60,380.04 228,452.64
91 474,061.52 3,209.25 834.77 2,374.48 269 61,214.81 230,827.12
92 473,222.57 3,209.25 838.94 2,370.31 268 62,053.76 233,197.43
93 472,379.43 3,209.25 843.14 2,366.11 267 62,896.90 235,563.54
94 471,532.08 3,209.25 847.35 2,361.90 266 63,744.25 237,925.44
95 470,680.49 3,209.25 851.59 2,357.66 265 64,595.84 240,283.10
96 469,824.64 3,209.25 855.85 2,353.40 264 65,451.69 242,636.50
97 468,964.51 3,209.25 860.13 2,349.12 263 66,311.82 244,985.63
98 468,100.08 3,209.25 864.43 2,344.82 262 67,176.25 247,330.45
99 467,231.33 3,209.25 868.75 2,340.50 261 68,045.00 249,670.95
100 466,358.23 3,209.25 873.10 2,336.16 260 68,918.10 252,007.11
101 465,480.77 3,209.25 877.46 2,331.79 259 69,795.56 254,338.90
102 464,598.92 3,209.25 881.85 2,327.40 258 70,677.41 256,666.30
103 463,712.67 3,209.25 886.26 2,322.99 257 71,563.67 258,989.30

Page 13 of 61
104 462,821.98 3,209.25 890.69 2,318.56 256 72,454.35 261,307.86
105 461,926.83 3,209.25 895.14 2,314.11 255 73,349.50 263,621.97
106 461,027.22 3,209.25 899.62 2,309.63 254 74,249.11 265,931.60
107 460,123.10 3,209.25 904.12 2,305.14 253 75,153.23 268,236.74
108 459,214.46 3,209.25 908.64 2,300.62 252 76,061.87 270,537.35
109 458,301.28 3,209.25 913.18 2,296.07 251 76,975.05 272,833.43
110 457,383.54 3,209.25 917.75 2,291.51 250 77,892.79 275,124.93
111 456,461.20 3,209.25 922.33 2,286.92 249 78,815.13 277,411.85
112 455,534.26 3,209.25 926.95 2,282.31 248 79,742.07 279,694.16
113 454,602.68 3,209.25 931.58 2,277.67 247 80,673.65 281,971.83
114 453,666.44 3,209.25 936.24 2,273.01 246 81,609.89 284,244.84
115 452,725.52 3,209.25 940.92 2,268.33 245 82,550.81 286,513.17
116 451,779.89 3,209.25 945.62 2,263.63 244 83,496.44 288,776.80
117 450,829.54 3,209.25 950.35 2,258.90 243 84,446.79 291,035.70
118 449,874.44 3,209.25 955.10 2,254.15 242 85,401.89 293,289.85
119 448,914.56 3,209.25 959.88 2,249.37 241 86,361.77 295,539.22
120 447,949.88 3,209.25 964.68 2,244.57 240 87,326.45 297,783.79
121 446,980.38 3,209.25 969.50 2,239.75 239 88,295.96 300,023.54
122 446,006.03 3,209.25 974.35 2,234.90 238 89,270.31 302,258.45
123 445,026.80 3,209.25 979.22 2,230.03 237 90,249.53 304,488.48
124 444,042.69 3,209.25 984.12 2,225.13 236 91,233.65 306,713.61
125 443,053.65 3,209.25 989.04 2,220.21 235 92,222.68 308,933.82
126 442,059.66 3,209.25 993.98 2,215.27 234 93,216.67 311,149.09
127 441,060.71 3,209.25 998.95 2,210.30 233 94,215.62 313,359.39
128 440,056.76 3,209.25 1,003.95 2,205.30 232 95,219.57 315,564.69
129 439,047.79 3,209.25 1,008.97 2,200.28 231 96,228.54 317,764.98
130 438,033.78 3,209.25 1,014.01 2,195.24 230 97,242.55 319,960.22
131 437,014.70 3,209.25 1,019.08 2,190.17 229 98,261.64 322,150.38
132 435,990.52 3,209.25 1,024.18 2,185.07 228 99,285.81 324,335.46
133 434,961.22 3,209.25 1,029.30 2,179.95 227 100,315.11 326,515.41
134 433,926.77 3,209.25 1,034.45 2,174.81 226 101,349.56 328,690.22
135 432,887.15 3,209.25 1,039.62 2,169.63 225 102,389.18 330,859.85
136 431,842.34 3,209.25 1,044.82 2,164.44 224 103,433.99 333,024.29
137 430,792.30 3,209.25 1,050.04 2,159.21 223 104,484.03 335,183.50
138 429,737.01 3,209.25 1,055.29 2,153.96 222 105,539.32 337,337.46
139 428,676.44 3,209.25 1,060.57 2,148.69 221 106,599.89 339,486.14
140 427,610.57 3,209.25 1,065.87 2,143.38 220 107,665.76 341,629.53
141 426,539.37 3,209.25 1,071.20 2,138.05 219 108,736.96 343,767.58
142 425,462.82 3,209.25 1,076.56 2,132.70 218 109,813.52 345,900.28
143 424,380.88 3,209.25 1,081.94 2,127.31 217 110,895.45 348,027.59
144 423,293.53 3,209.25 1,087.35 2,121.90 216 111,982.80 350,149.50
145 422,200.75 3,209.25 1,092.78 2,116.47 215 113,075.59 352,265.96
146 421,102.50 3,209.25 1,098.25 2,111.00 214 114,173.83 354,376.97
147 419,998.76 3,209.25 1,103.74 2,105.51 213 115,277.57 356,482.48
148 418,889.50 3,209.25 1,109.26 2,099.99 212 116,386.83 358,582.47
149 417,774.70 3,209.25 1,114.80 2,094.45 211 117,501.64 360,676.92
150 416,654.32 3,209.25 1,120.38 2,088.87 210 118,622.02 362,765.79
151 415,528.34 3,209.25 1,125.98 2,083.27 209 119,748.00 364,849.07
152 414,396.73 3,209.25 1,131.61 2,077.64 208 120,879.61 366,926.71
153 413,259.46 3,209.25 1,137.27 2,071.98 207 122,016.87 368,998.69
154 412,116.50 3,209.25 1,142.95 2,066.30 206 123,159.83 371,064.99
155 410,967.83 3,209.25 1,148.67 2,060.58 205 124,308.50 373,125.57
156 409,813.42 3,209.25 1,154.41 2,054.84 204 125,462.91 375,180.41
157 408,653.24 3,209.25 1,160.18 2,049.07 203 126,623.10 377,229.48
158 407,487.25 3,209.25 1,165.99 2,043.27 202 127,789.08 379,272.74
159 406,315.43 3,209.25 1,171.82 2,037.44 201 128,960.90 381,310.18
160 405,137.76 3,209.25 1,177.67 2,031.58 200 130,138.57 383,341.76
161 403,954.20 3,209.25 1,183.56 2,025.69 199 131,322.14 385,367.45

Page 14 of 61
162 402,764.71 3,209.25 1,189.48 2,019.77 198 132,511.62 387,387.22
163 401,569.29 3,209.25 1,195.43 2,013.82 197 133,707.05 389,401.04
164 400,367.88 3,209.25 1,201.41 2,007.85 196 134,908.45 391,408.89
165 399,160.47 3,209.25 1,207.41 2,001.84 195 136,115.86 393,410.73
166 397,947.02 3,209.25 1,213.45 1,995.80 194 137,329.31 395,406.53
167 396,727.50 3,209.25 1,219.52 1,989.74 193 138,548.83 397,396.26
168 395,501.89 3,209.25 1,225.61 1,983.64 192 139,774.45 399,379.90
169 394,270.14 3,209.25 1,231.74 1,977.51 191 141,006.19 401,357.41
170 393,032.24 3,209.25 1,237.90 1,971.35 190 142,244.09 403,328.76
171 391,788.15 3,209.25 1,244.09 1,965.16 189 143,488.18 405,293.92
172 390,537.84 3,209.25 1,250.31 1,958.94 188 144,738.49 407,252.86
173 389,281.28 3,209.25 1,256.56 1,952.69 187 145,995.05 409,205.55
174 388,018.43 3,209.25 1,262.85 1,946.41 186 147,257.90 411,151.96
175 386,749.27 3,209.25 1,269.16 1,940.09 185 148,527.06 413,092.05
176 385,473.77 3,209.25 1,275.51 1,933.75 184 149,802.57 415,025.80
177 384,191.88 3,209.25 1,281.88 1,927.37 183 151,084.45 416,953.17
178 382,903.59 3,209.25 1,288.29 1,920.96 182 152,372.74 418,874.12
179 381,608.86 3,209.25 1,294.73 1,914.52 181 153,667.48 420,788.64
180 380,307.65 3,209.25 1,301.21 1,908.04 180 154,968.68 422,696.69
181 378,999.93 3,209.25 1,307.71 1,901.54 179 156,276.40 424,598.23
182 377,685.68 3,209.25 1,314.25 1,895.00 178 157,590.65 426,493.23
183 376,364.86 3,209.25 1,320.82 1,888.43 177 158,911.47 428,381.65
184 375,037.43 3,209.25 1,327.43 1,881.82 176 160,238.90 430,263.48
185 373,703.37 3,209.25 1,334.06 1,875.19 175 161,572.97 432,138.66
186 372,362.63 3,209.25 1,340.74 1,868.52 174 162,913.70 434,007.18
187 371,015.19 3,209.25 1,347.44 1,861.81 173 164,261.14 435,868.99
188 369,661.02 3,209.25 1,354.18 1,855.08 172 165,615.32 437,724.07
189 368,300.07 3,209.25 1,360.95 1,848.31 171 166,976.26 439,572.38
190 366,932.32 3,209.25 1,367.75 1,841.50 170 168,344.01 441,413.88
191 365,557.73 3,209.25 1,374.59 1,834.66 169 169,718.61 443,248.54
192 364,176.26 3,209.25 1,381.46 1,827.79 168 171,100.07 445,076.33
193 362,787.89 3,209.25 1,388.37 1,820.88 167 172,488.44 446,897.21
194 361,392.58 3,209.25 1,395.31 1,813.94 166 173,883.75 448,711.15
195 359,990.29 3,209.25 1,402.29 1,806.96 165 175,286.04 450,518.11
196 358,580.99 3,209.25 1,409.30 1,799.95 164 176,695.34 452,318.06
197 357,164.64 3,209.25 1,416.35 1,792.90 163 178,111.69 454,110.97
198 355,741.21 3,209.25 1,423.43 1,785.82 162 179,535.12 455,896.79
199 354,310.67 3,209.25 1,430.55 1,778.71 161 180,965.66 457,675.50
200 352,872.97 3,209.25 1,437.70 1,771.55 160 182,403.36 459,447.05
201 351,428.08 3,209.25 1,444.89 1,764.36 159 183,848.25 461,211.41
202 349,975.97 3,209.25 1,452.11 1,757.14 158 185,300.36 462,968.55
203 348,516.60 3,209.25 1,459.37 1,749.88 157 186,759.73 464,718.43
204 347,049.93 3,209.25 1,466.67 1,742.58 156 188,226.40 466,461.02
205 345,575.93 3,209.25 1,474.00 1,735.25 155 189,700.41 468,196.27
206 344,094.55 3,209.25 1,481.37 1,727.88 154 191,181.78 469,924.15
207 342,605.78 3,209.25 1,488.78 1,720.47 153 192,670.56 471,644.62
208 341,109.55 3,209.25 1,496.22 1,713.03 152 194,166.78 473,357.65
209 339,605.85 3,209.25 1,503.70 1,705.55 151 195,670.48 475,063.20
210 338,094.62 3,209.25 1,511.22 1,698.03 150 197,181.71 476,761.23
211 336,575.85 3,209.25 1,518.78 1,690.47 149 198,700.49 478,451.70
212 335,049.47 3,209.25 1,526.37 1,682.88 148 200,226.86 480,134.58
213 333,515.47 3,209.25 1,534.00 1,675.25 147 201,760.86 481,809.82
214 331,973.79 3,209.25 1,541.67 1,667.58 146 203,302.54 483,477.40
215 330,424.41 3,209.25 1,549.38 1,659.87 145 204,851.92 485,137.27
216 328,867.28 3,209.25 1,557.13 1,652.12 144 206,409.05 486,789.39
217 327,302.36 3,209.25 1,564.92 1,644.34 143 207,973.97 488,433.73
218 325,729.62 3,209.25 1,572.74 1,636.51 142 209,546.71 490,070.24
219 324,149.02 3,209.25 1,580.60 1,628.65 141 211,127.31 491,698.89

Page 15 of 61
220 322,560.51 3,209.25 1,588.51 1,620.75 140 212,715.82 493,319.63
221 320,964.06 3,209.25 1,596.45 1,612.80 139 214,312.27 494,932.44
222 319,359.63 3,209.25 1,604.43 1,604.82 138 215,916.70 496,537.26
223 317,747.18 3,209.25 1,612.45 1,596.80 137 217,529.15 498,134.06
224 316,126.66 3,209.25 1,620.52 1,588.74 136 219,149.67 499,722.79
225 314,498.04 3,209.25 1,628.62 1,580.63 135 220,778.29 501,303.43
226 312,861.28 3,209.25 1,636.76 1,572.49 134 222,415.05 502,875.92
227 311,216.34 3,209.25 1,644.95 1,564.31 133 224,060.00 504,440.22
228 309,563.17 3,209.25 1,653.17 1,556.08 132 225,713.17 505,996.30
229 307,901.73 3,209.25 1,661.44 1,547.82 131 227,374.60 507,544.12
230 306,231.99 3,209.25 1,669.74 1,539.51 130 229,044.35 509,083.63
231 304,553.89 3,209.25 1,678.09 1,531.16 129 230,722.44 510,614.79
232 302,867.41 3,209.25 1,686.48 1,522.77 128 232,408.92 512,137.56
233 301,172.50 3,209.25 1,694.92 1,514.34 127 234,103.84 513,651.89
234 299,469.11 3,209.25 1,703.39 1,505.86 126 235,807.23 515,157.76
235 297,757.20 3,209.25 1,711.91 1,497.35 125 237,519.13 516,655.10
236 296,036.73 3,209.25 1,720.47 1,488.79 124 239,239.60 518,143.89
237 294,307.67 3,209.25 1,729.07 1,480.18 123 240,968.67 519,624.07
238 292,569.95 3,209.25 1,737.71 1,471.54 122 242,706.38 521,095.61
239 290,823.55 3,209.25 1,746.40 1,462.85 121 244,452.78 522,558.46
240 289,068.42 3,209.25 1,755.13 1,454.12 120 246,207.92 524,012.58
241 287,304.51 3,209.25 1,763.91 1,445.34 119 247,971.83 525,457.92
242 285,531.78 3,209.25 1,772.73 1,436.52 118 249,744.56 526,894.44
243 283,750.18 3,209.25 1,781.59 1,427.66 117 251,526.15 528,322.10
244 281,959.68 3,209.25 1,790.50 1,418.75 116 253,316.65 529,740.85
245 280,160.23 3,209.25 1,799.45 1,409.80 115 255,116.10 531,150.65
246 278,351.78 3,209.25 1,808.45 1,400.80 114 256,924.55 532,551.45
247 276,534.28 3,209.25 1,817.49 1,391.76 113 258,742.05 533,943.21
248 274,707.70 3,209.25 1,826.58 1,382.67 112 260,568.63 535,325.88
249 272,871.99 3,209.25 1,835.71 1,373.54 111 262,404.34 536,699.42
250 271,027.10 3,209.25 1,844.89 1,364.36 110 264,249.23 538,063.78
251 269,172.98 3,209.25 1,854.12 1,355.14 109 266,103.35 539,418.92
252 267,309.59 3,209.25 1,863.39 1,345.86 108 267,966.74 540,764.78
253 265,436.89 3,209.25 1,872.70 1,336.55 107 269,839.44 542,101.33
254 263,554.82 3,209.25 1,882.07 1,327.18 106 271,721.51 543,428.51
255 261,663.34 3,209.25 1,891.48 1,317.77 105 273,612.99 544,746.29
256 259,762.41 3,209.25 1,900.94 1,308.32 104 275,513.92 546,054.60
257 257,851.97 3,209.25 1,910.44 1,298.81 103 277,424.36 547,353.42
258 255,931.98 3,209.25 1,919.99 1,289.26 102 279,344.36 548,642.68
259 254,002.38 3,209.25 1,929.59 1,279.66 101 281,273.95 549,922.34
260 252,063.14 3,209.25 1,939.24 1,270.01 100 283,213.19 551,192.35
261 250,114.21 3,209.25 1,948.94 1,260.32 99 285,162.12 552,452.66
262 248,155.53 3,209.25 1,958.68 1,250.57 98 287,120.80 553,703.23
263 246,187.05 3,209.25 1,968.47 1,240.78 97 289,089.28 554,944.01
264 244,208.74 3,209.25 1,978.32 1,230.94 96 291,067.60 556,174.95
265 242,220.53 3,209.25 1,988.21 1,221.04 95 293,055.80 557,395.99
266 240,222.38 3,209.25 1,998.15 1,211.10 94 295,053.95 558,607.09
267 238,214.24 3,209.25 2,008.14 1,201.11 93 297,062.09 559,808.21
268 236,196.06 3,209.25 2,018.18 1,191.07 92 299,080.27 560,999.28
269 234,167.79 3,209.25 2,028.27 1,180.98 91 301,108.55 562,180.26
270 232,129.37 3,209.25 2,038.41 1,170.84 90 303,146.96 563,351.10
271 230,080.77 3,209.25 2,048.61 1,160.65 89 305,195.56 564,511.74
272 228,021.92 3,209.25 2,058.85 1,150.40 88 307,254.41 565,662.15
273 225,952.78 3,209.25 2,069.14 1,140.11 87 309,323.56 566,802.26
274 223,873.29 3,209.25 2,079.49 1,129.76 86 311,403.04 567,932.02
275 221,783.40 3,209.25 2,089.89 1,119.37 85 313,492.93 569,051.39
276 219,683.07 3,209.25 2,100.34 1,108.92 84 315,593.26 570,160.30
277 217,572.23 3,209.25 2,110.84 1,098.42 83 317,704.10 571,258.72

Page 16 of 61
278 215,450.84 3,209.25 2,121.39 1,087.86 82 319,825.49 572,346.58
279 213,318.84 3,209.25 2,132.00 1,077.25 81 321,957.49 573,423.83
280 211,176.18 3,209.25 2,142.66 1,066.59 80 324,100.15 574,490.43
281 209,022.81 3,209.25 2,153.37 1,055.88 79 326,253.52 575,546.31
282 206,858.67 3,209.25 2,164.14 1,045.11 78 328,417.66 576,591.42
283 204,683.72 3,209.25 2,174.96 1,034.29 77 330,592.62 577,625.72
284 202,497.88 3,209.25 2,185.83 1,023.42 76 332,778.45 578,649.14
285 200,301.12 3,209.25 2,196.76 1,012.49 75 334,975.21 579,661.63
286 198,093.37 3,209.25 2,207.75 1,001.51 74 337,182.96 580,663.13
287 195,874.59 3,209.25 2,218.79 990.47 73 339,401.74 581,653.60
288 193,644.71 3,209.25 2,229.88 979.37 72 341,631.62 582,632.97
289 191,403.68 3,209.25 2,241.03 968.22 71 343,872.65 583,601.19
290 189,151.45 3,209.25 2,252.23 957.02 70 346,124.88 584,558.21
291 186,887.95 3,209.25 2,263.49 945.76 69 348,388.38 585,503.97
292 184,613.14 3,209.25 2,274.81 934.44 68 350,663.19 586,438.41
293 182,326.95 3,209.25 2,286.19 923.07 67 352,949.38 587,361.48
294 180,029.34 3,209.25 2,297.62 911.63 66 355,247.00 588,273.11
295 177,720.23 3,209.25 2,309.11 900.15 65 357,556.10 589,173.26
296 175,399.58 3,209.25 2,320.65 888.60 64 359,876.75 590,061.86
297 173,067.33 3,209.25 2,332.25 877.00 63 362,209.01 590,938.86
298 170,723.41 3,209.25 2,343.92 865.34 62 364,552.92 591,804.19
299 168,367.78 3,209.25 2,355.64 853.62 61 366,908.56 592,657.81
300 166,000.36 3,209.25 2,367.41 841.84 60 369,275.97 593,499.65
301 163,621.11 3,209.25 2,379.25 830.00 59 371,655.22 594,329.65
302 161,229.97 3,209.25 2,391.15 818.11 58 374,046.37 595,147.76
303 158,826.86 3,209.25 2,403.10 806.15 57 376,449.47 595,953.91
304 156,411.75 3,209.25 2,415.12 794.13 56 378,864.59 596,748.04
305 153,984.55 3,209.25 2,427.19 782.06 55 381,291.78 597,530.10
306 151,545.22 3,209.25 2,439.33 769.92 54 383,731.11 598,300.02
307 149,093.70 3,209.25 2,451.53 757.73 53 386,182.63 599,057.75
308 146,629.91 3,209.25 2,463.78 745.47 52 388,646.42 599,803.22
309 144,153.81 3,209.25 2,476.10 733.15 51 391,122.52 600,536.37
310 141,665.33 3,209.25 2,488.48 720.77 50 393,611.00 601,257.13
311 139,164.40 3,209.25 2,500.93 708.33 49 396,111.93 601,965.46
312 136,650.97 3,209.25 2,513.43 695.82 48 398,625.36 602,661.28
313 134,124.98 3,209.25 2,526.00 683.25 47 401,151.36 603,344.54
314 131,586.35 3,209.25 2,538.63 670.62 46 403,689.98 604,015.16
315 129,035.03 3,209.25 2,551.32 657.93 45 406,241.30 604,673.09
316 126,470.95 3,209.25 2,564.08 645.18 44 408,805.38 605,318.27
317 123,894.05 3,209.25 2,576.90 632.35 43 411,382.28 605,950.62
318 121,304.27 3,209.25 2,589.78 619.47 42 413,972.06 606,570.09
319 118,701.54 3,209.25 2,602.73 606.52 41 416,574.79 607,176.62
320 116,085.80 3,209.25 2,615.74 593.51 40 419,190.54 607,770.12
321 113,456.97 3,209.25 2,628.82 580.43 39 421,819.36 608,350.55
322 110,815.01 3,209.25 2,641.97 567.28 38 424,461.33 608,917.84
323 108,159.83 3,209.25 2,655.18 554.08 37 427,116.50 609,471.91
324 105,491.38 3,209.25 2,668.45 540.80 36 429,784.96 610,012.71
325 102,809.58 3,209.25 2,681.80 527.46 35 432,466.75 610,540.17
326 100,114.38 3,209.25 2,695.20 514.05 34 435,161.95 611,054.22
327 97,405.70 3,209.25 2,708.68 500.57 33 437,870.63 611,554.79
328 94,683.47 3,209.25 2,722.22 487.03 32 440,592.86 612,041.82
329 91,947.64 3,209.25 2,735.83 473.42 31 443,328.69 612,515.23
330 89,198.12 3,209.25 2,749.51 459.74 30 446,078.21 612,974.97
331 86,434.86 3,209.25 2,763.26 445.99 29 448,841.47 613,420.96
332 83,657.79 3,209.25 2,777.08 432.17 28 451,618.55 613,853.14
333 80,866.82 3,209.25 2,790.96 418.29 27 454,409.51 614,271.43
334 78,061.90 3,209.25 2,804.92 404.33 26 457,214.43 614,675.76
335 75,242.96 3,209.25 2,818.94 390.31 25 460,033.37 615,066.07

Page 17 of 61
336 72,409.92 3,209.25 2,833.04 376.21 24 462,866.41 615,442.28
337 69,562.72 3,209.25 2,847.20 362.05 23 465,713.61 615,804.33
338 66,701.28 3,209.25 2,861.44 347.81 22 468,575.05 616,152.15
339 63,825.54 3,209.25 2,875.75 333.51 21 471,450.79 616,485.65
340 60,935.41 3,209.25 2,890.12 319.13 20 474,340.92 616,804.78
341 58,030.84 3,209.25 2,904.57 304.68 19 477,245.49 617,109.46
342 55,111.74 3,209.25 2,919.10 290.15 18 480,164.59 617,399.61
343 52,178.05 3,209.25 2,933.69 275.56 17 483,098.28 617,675.17
344 49,229.69 3,209.25 2,948.36 260.89 16 486,046.65 617,936.06
345 46,266.58 3,209.25 2,963.10 246.15 15 489,009.75 618,182.21
346 43,288.66 3,209.25 2,977.92 231.33 14 491,987.67 618,413.54
347 40,295.85 3,209.25 2,992.81 216.44 13 494,980.48 618,629.99
348 37,288.08 3,209.25 3,007.77 201.48 12 497,988.25 618,831.47
349 34,265.27 3,209.25 3,022.81 186.44 11 501,011.06 619,017.91
350 31,227.34 3,209.25 3,037.93 171.33 10 504,048.99 619,189.23
351 28,174.23 3,209.25 3,053.12 156.14 9 507,102.10 619,345.37
352 25,105.85 3,209.25 3,068.38 140.87 8 510,170.48 619,486.24
353 22,022.13 3,209.25 3,083.72 125.53 7 513,254.21 619,611.77
354 18,922.98 3,209.25 3,099.14 110.11 6 516,353.35 619,721.88
355 15,808.35 3,209.25 3,114.64 94.61 5 519,467.99 619,816.50
356 12,678.14 3,209.25 3,130.21 79.04 4 522,598.20 619,895.54
357 9,532.27 3,209.25 3,145.86 63.39 3 525,744.06 619,958.93
358 6,370.68 3,209.25 3,161.59 47.66 2 528,905.65 620,006.59
359 3,193.29 3,209.25 3,177.40 31.85 1 532,083.05 620,038.44
360 0.00 3,209.25 3,193.29 15.97 0 535,276.33 620,054.41

Page 18 of 61
Year

end of 1st year

end of 2nd year

end of 3rd year

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end of 5th year

end of 6th year

end of 7th year

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9

10

11

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Federal Hill or Charleston property
Uses: Purchase Price Plus Closing Costs (transfer taxes, financing/acquistion fees, broker fees etc.)

1.) Sources of Funds

80% LTV, 25 year amort, 5% rate alternative to avoid recourse
Balance is 100% Sole Partnership equity

2.) Sources of Funds

Same as above

GP 10%
LP 90%
10% pref
Once ALL equity is returned along with pref and accrued pr
THEN split excess CFADS or Refi or Sale Proc
80/20
Gives GP 10% of LP's ca

3.) Sources of Funds

80% LTV, 25 year amort, 5% rate
81% to 95% Mezz Loan - accrues at 15% interest with a PIK
5% Equity
Then Split
GP 10%
LP 90%
10% pref
Once ALL equity is returned along w
THEN split excess CFAD

4.) Sources of Funds

Line of Credit funds 100% of Sources
3 year term with a re-margin, floats at X BPS over 30 day Libor
 to avoid recourse 60% LTV, with a min. DSC 1.30X and a clawback if DSC falls below this threshold tested annually
Balance is 100% Sole Partnership equity

g with pref and accrued pref

ADS or Refi or Sale Proceeds

Gives GP 10% of LP's carried share

equity is returned along with pref and accrued pref

THEN split excess CFADS or Refi or Sale Proceeds
80/20
Gives GP 10% of LP's carried share
How To Assess A Real Estate Investment Trust (REIT)
By David Harper
Share

If you try to estimate the value of a real estate investment trust (REIT), you will quickly find that traditional metrics like the earnings-per-share

Funds from Operations (FFO) Is Better than Earnings

Let's start by looking at a summary income statement from one of the largest residential REITs, Equity Residential (NYSE:EQR):

Source: 10KWizard www.10kwizard.com

From 2002 to 2003, Equity Residential's net income, or the "bottom line," grew by almost 30% (+$122,500 to $543,847). These net income nu

FFO is reported in the footnotes, and companies are required to reconcile FFO and net income. The general calculation involve

Source: 10KWizard www.10kwizard.com.

It is clear that, after depreciation is added back and property gains are subtracted, funds from operations (FFO) equals about $838,390 in 200

FFO must be reported, and it is widely used, but it contains a weakness: it does not deduct for capital expenditures required to maintain the e

In estimating the value of an REIT, professional analysts therefore use a measure called "adjusted funds from operations" (AFFO). Although F

AFFO does not have a uniform definition. However, the most important adjustment made to calculate it is the subtraction of capital expenditur

Look for Growth in FFO and/or AFFO

Once we have the FFO and the AFFO, we can try to estimate the value of the REIT. The key assumption here is the expected growth

Prospects for rent increases

Prospects to improve/maintain occupancy rates
A specific plan to upgrade/upscale properties - A popular and successful tactic is to acquire "low-end" properties and upgra
External growth prospects - Many REITs favor fostering FFO growth through acquisition, but it's easier said than done. An

Read more: How To Assess A Real Estate Investment Trust (REIT) | Investopedia http://www.investopedia.com/articles/04/112204.asp#ixzz4Z
Follow us: Investopedia on Facebook
 like the earnings-per-share (EPS) ratio, growth, and the price-to-earnings (P/E) multiple do not apply. In this article, we will show you how to estimate the va

l (NYSE:EQR):

3,847). These net income numbers, however, include depreciation expenses, which are significant line items. For most businesses, depreciation is an acce

general calculation involves adding depreciation back to net income (since depreciation is not a real use of cash, as discussed in the above

quals about $838,390 in 2002 and almost $758,000 in 2003.

es required to maintain the existing portfolio of properties. Shareholders' real estate holdings must be maintained (for example, apartments must be painted

erations" (AFFO). Although FFO is commonly used, professionals tend to focus on AFFO for two reasons. One, it is a more precise measure of residual cas

traction of capital expenditures, as mentioned above. In the case of Equity Residential, almost $182,000 is subtracted from FFO to get AFFO for the year 2

he expected growth in FFO or AFFO. This involves taking a careful look at the underlying prospects of the REIT and its sector. The specifics of evaluating a

end" properties and upgrade them to attract a higher quality tenant. Often a virtuous cycle ensues. Better tenants lead to higher occupancy
asier said than done. An REIT must distribute most of its profits and therefore does not have a lot of excess capital to deploy. Many REITs,

ticles/04/112204.asp#ixzz4ZLwGxV81
w you how to estimate the value of an REIT. (For background reading on REIT investing, see The REIT Way.)

ses, depreciation is an acceptable non-cash charge that allocates the cost of an investment made in a prior period. But real estate is different than most fix

s discussed in the above paragraph) and subtracting the gains on the sales of depreciable property. These gains are subtracted because w

apartments must be painted), so FFO is not quite the true residual cash flow remaining after all expenses and expenditures.

cise measure of residual cash flow available to shareholders and therefore a better "base number" for estimating value (for example, applying a multiple or

O to get AFFO for the year 2003. This number was taken directly from the cash flow statement. We use it as an estimate of the cash required to maintain ex

The specifics of evaluating an REIT's growth prospects are beyond the scope of this article, but, in general, these are the sources to consider:

ead to higher occupancy rates (fewer evictions) and higher rents.

al to deploy. Many REITs, however, successfully prune their portfolios: they sell underperforming properties to finance the acquisition of unde
 ate is different than most fixed-plant or equipment investments: property rarely loses value and often appreciates. Net income, a measure reduced by depr

are subtracted because we assume that they are not recurring and therefore do not contribute to the sustainable dividend-paying capacity o

mple, applying a multiple or discounting a future stream of AFFO). Two, because it is true residual cash flow, it is a better predictor of the REIT's future capa

cash required to maintain existing properties, although we could try to make a better estimate by going to the trouble of looking at the specific properties in

ces to consider:

nce the acquisition of undervalued properties.

a measure reduced by depreciation, is therefore an inferior gauge of performance. Therefore, REITs are instead judged by funds from operations (FFO), w

ividend-paying capacity of the REIT. Below we show this reconciliation of net income to FFO (with a few minor items removed for the sake o

ctor of the REIT's future capacity to pay dividends.

at the specific properties in the REIT. (To learn about how to read financial statements, check out Advanced Financial Statement Analysis.)
ds from operations (FFO), which excludes depreciation.

ms removed for the sake of clarity) for 2002 and 2003:

ent Analysis.)
Mortgage Backed Bonds
MORTGAGE BACKED BONDS:
Mortgages Amount = $110,000,000
Mortgage Interest Rate = 10.50%
Term to Maturity = 30 Years
Mortgage Constant = 11.0528%
Default Rate 0.50% 1st 10 years
Annual Payments at 0% of PSA
Bonds Amount = $100,000,000
Bonds Maturity = 20 Years
Bonds Interest Rate = 9.5000%
Equity Amount = $10,000,000
Interest Rate on Funds = 8.0000%
Mortgage Backed Bonds
Ending Debt Principal Interest
Balance Service Payment Payment Default
0 $110,000,000
1 $108,844,908 $12,158,133 $608,133 $11,550,000 $546,959
2 $107,635,399 $12,097,342 $668,627 $11,428,715 $540,881
3 $106,365,759 $12,036,856 $735,139 $11,301,717 $534,501
4 $105,029,705 $11,976,671 $808,267 $11,168,405 $527,787
5 $103,620,331 $11,916,788 $888,669 $11,028,119 $520,705
6 $102,130,046 $11,857,204 $977,069 $10,880,135 $513,216
7 $100,550,504 $11,797,918 $1,074,263 $10,723,655 $505,279
8 $98,872,531 $11,738,928 $1,181,126 $10,557,803 $496,847
9 $97,086,044 $11,680,234 $1,298,618 $10,381,616 $487,870
10 $95,179,954 $11,621,833 $1,427,798 $10,194,035 $478,291
11 $93,610,126 $11,563,723 $1,569,828 $9,993,895 $0
12 $91,875,466 $11,563,723 $1,734,660 $9,829,063 $0
13 $89,958,666 $11,563,723 $1,916,800 $9,646,924 $0
14 $87,840,603 $11,563,723 $2,118,063 $9,445,660 $0
15 $85,500,143 $11,563,723 $2,340,460 $9,223,263 $0
16 $82,913,934 $11,563,723 $2,586,208 $8,977,515 $0
17 $80,056,174 $11,563,723 $2,857,760 $8,705,963 $0
18 $76,898,349 $11,563,723 $3,157,825 $8,405,898 $0
19 $73,408,952 $11,563,723 $3,489,397 $8,074,327 $0
20 $69,553,168 $11,563,723 $3,855,783 $7,707,940 $0
21 $65,292,528 $11,563,723 $4,260,641 $7,303,083 $0
22 $60,584,520 $11,563,723 $4,708,008 $6,855,715 $0
23 $55,382,171 $11,563,723 $5,202,349 $6,361,375 $0
24 $49,633,575 $11,563,723 $5,748,595 $5,815,128 $0
25 $43,281,377 $11,563,723 $6,352,198 $5,211,525 $0
26 $36,262,199 $11,563,723 $7,019,179 $4,544,545 $0
27 $28,506,006 $11,563,723 $7,756,193 $3,807,531 $0
28 $19,935,413 $11,563,723 $8,570,593 $2,993,131 $0
29 $10,464,908 $11,563,723 $9,470,505 $2,093,218 $0
30 ($0) $11,563,723 $10,464,908 $1,098,815 $0
IRR =
 Bond cash for Residual Default Adjed.
Payment Distribution Funds Payment Rate Default
($10,000,000)
$9,500,000 $2,658,133 $2,658,133 $0 0.005000 0.005000
$9,500,000 $2,597,342 $5,468,126 $0 0.005000 0.004975
$9,500,000 $2,536,856 $8,442,432 $0 0.005000 0.004950
$9,500,000 $2,476,671 $11,594,497 $0 0.005000 0.004925
$9,500,000 $2,416,788 $14,938,845 $0 0.005000 0.004901
$9,500,000 $2,357,204 $18,491,157 $0 0.005000 0.004876
$9,500,000 $2,297,918 $22,268,367 $0 0.005000 0.004852
$9,500,000 $2,238,928 $26,288,765 $0 0.005000 0.004828
$9,500,000 $2,180,234 $30,572,100 $0 0.005000 0.004803
$9,500,000 $2,121,833 $35,139,701 $0 0.005000 0.004779
$9,500,000 $2,063,723 $40,014,600 $0
$9,500,000 $2,063,723 $45,279,492 $0
$9,500,000 $2,063,723 $50,965,574 $0
$9,500,000 $2,063,723 $57,106,544 $0
$9,500,000 $2,063,723 $63,738,791 $0
$9,500,000 $2,063,723 $70,901,617 $0
$9,500,000 $2,063,723 $78,637,470 $0
$9,500,000 $2,063,723 $86,992,191 $0
$9,500,000 $2,063,723 $96,015,290 $0
$109,500,000 $5,760,237 $0 $5,760,237
$0 $11,563,723 $0 $11,563,723
$0 $11,563,723 $0 $11,563,723
$0 $11,563,723 $0 $11,563,723
$0 $11,563,723 $0 $11,563,723
$0 $11,563,723 $0 $11,563,723
$0 $11,563,723 $0 $11,563,723
$0 $11,563,723 $0 $11,563,723
$0 $11,563,723 $0 $11,563,723
$0 $11,563,723 $0 $11,563,723
$0 $11,563,723 $0 $11,563,723
10.6007%
 %
Remain
1.000000
0.995000
0.990025
0.985075
0.980150
0.975249
0.970373
0.965521
0.960693
0.955890
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
0.951110
MORTGAGEPOOL:
Market Interest Rate = 10.25%
Term to Maturity = 30 Years
Loan Amount = $106,000,000
Mortgage Constant = 10.829778%
Annual Payments at 100% of PSA
Mortgage Pool
Ending Debt Principal Interest Prepaid
period Balance Service Payment Payment Principal
0 $106,000,000
1 $104,015,425 $11,479,564 $614,564 $10,865,000 $1,370,011
2 $99,523,055 $11,330,330 $668,749 $10,661,581 $3,823,620
3 $93,135,241 $10,911,131 $710,017 $10,201,113 $5,677,797
4 $86,860,048 $10,284,177 $737,815 $9,546,362 $5,537,378
5 $80,935,662 $9,667,846 $764,691 $8,903,155 $5,159,695
6 $75,340,138 $9,088,452 $792,547 $8,295,905 $4,802,977
7 $70,052,814 $8,543,781 $821,417 $7,722,364 $4,465,907
8 $65,054,231 $8,031,753 $851,339 $7,180,413 $4,147,244
9 $60,326,059 $7,550,410 $882,351 $6,668,059 $3,845,821
10 $55,851,031 $7,097,914 $914,492 $6,183,421 $3,560,535
11 $51,612,876 $6,672,536 $947,805 $5,724,731 $3,290,350
12 $47,596,257 $6,272,651 $982,331 $5,290,320 $3,034,289
13 $43,786,714 $5,896,731 $1,018,114 $4,878,616 $2,791,428
14 $40,170,614 $5,543,340 $1,055,201 $4,488,138 $2,560,900
15 $36,735,091 $5,211,127 $1,093,639 $4,117,488 $2,341,883
16 $33,468,009 $4,898,824 $1,133,477 $3,765,347 $2,133,605
17 $30,357,908 $4,605,238 $1,174,767 $3,430,471 $1,935,334
18 $27,393,967 $4,329,246 $1,217,560 $3,111,686 $1,746,381
19 $24,565,960 $4,069,794 $1,261,913 $2,807,882 $1,566,094
20 $21,864,223 $3,825,891 $1,307,880 $2,518,011 $1,393,857
21 $19,279,614 $3,596,606 $1,355,523 $2,241,083 $1,229,086
22 $16,803,481 $3,381,061 $1,404,901 $1,976,160 $1,071,232
23 $14,427,634 $3,178,434 $1,456,077 $1,722,357 $919,770
24 $12,144,309 $2,987,951 $1,509,118 $1,478,833 $774,207
25 $9,946,146 $2,808,883 $1,564,091 $1,244,792 $634,072
26 $7,826,158 $2,640,546 $1,621,066 $1,019,480 $498,922
27 $5,777,708 $2,482,298 $1,680,117 $802,181 $368,332
28 $3,794,488 $2,333,534 $1,741,319 $592,215 $241,901
29 $1,870,493 $2,193,686 $1,804,751 $388,935 $119,245
30 ($0) $2,062,218 $1,870,493 $191,725 ($0)
Present Value = $8,399,418 $66,083,742 $31,516,840

MORTGAGEPOOL:
Market Interest Rate = 10.25%
Term to Maturity = 30 Years
Loan Amount = $106,000,000
Mortgage Constant = 10.829778%
Annual Payments at 0% of PSA
Mortgage Pool
Ending Debt Principal Interest Prepaid
period Balance Service Payment Payment Principal
0 $106,000,000
1 $105,385,436 $11,479,564 $614,564 $10,865,000 $0
2 $104,707,878 $11,479,564 $677,557 $10,802,007 $0
3 $103,960,871 $11,479,564 $747,007 $10,732,558 $0
4 $103,137,296 $11,479,564 $823,575 $10,655,989 $0
5 $102,229,304 $11,479,564 $907,992 $10,571,573 $0
6 $101,228,243 $11,479,564 $1,001,061 $10,478,504 $0
7 $100,124,574 $11,479,564 $1,103,670 $10,375,895 $0
8 $98,907,778 $11,479,564 $1,216,796 $10,262,769 $0
9 $97,566,261 $11,479,564 $1,341,517 $10,138,047 $0
10 $96,087,238 $11,479,564 $1,479,023 $10,000,542 $0
11 $94,456,616 $11,479,564 $1,630,623 $9,848,942 $0
12 $92,658,854 $11,479,564 $1,797,761 $9,681,803 $0
13 $90,676,822 $11,479,564 $1,982,032 $9,497,533 $0
14 $88,491,632 $11,479,564 $2,185,190 $9,294,374 $0
15 $86,082,460 $11,479,564 $2,409,172 $9,070,392 $0
16 $83,426,348 $11,479,564 $2,656,112 $8,823,452 $0
17 $80,497,984 $11,479,564 $2,928,364 $8,551,201 $0
18 $77,269,463 $11,479,564 $3,228,521 $8,251,043 $0
19 $73,710,018 $11,479,564 $3,559,445 $7,920,120 $0
20 $69,785,730 $11,479,564 $3,924,288 $7,555,277 $0
21 $65,459,203 $11,479,564 $4,326,527 $7,153,037 $0
22 $60,689,207 $11,479,564 $4,769,996 $6,709,568 $0
23 $55,430,286 $11,479,564 $5,258,921 $6,220,644 $0
24 $49,632,326 $11,479,564 $5,797,960 $5,681,604 $0
25 $43,240,075 $11,479,564 $6,392,251 $5,087,313 $0
26 $36,192,618 $11,479,564 $7,047,457 $4,432,108 $0
27 $28,422,797 $11,479,564 $7,769,821 $3,709,743 $0
28 $19,856,570 $11,479,564 $8,566,228 $2,913,337 $0
29 $10,412,303 $11,479,564 $9,444,266 $2,035,298 $0
30 ($0) $11,479,564 $10,412,303 $1,067,261 $0
Present Value = $106,000,000 $16,722,843 $89,277,157 $0
 TRANCHE A:
Market Interest Rate =
Loan Amount =
Tranche A
PSA Adjed. % Ending Pool
Rate PSA Remain Period Balance Principal
1.000000 0 $30,000,000
0.013000 0.013000 0.987000 1 $26,440,425 $1,984,575
0.036998 0.036517 0.950483 2 $20,207,680 $4,492,369
0.057460 0.054615 0.895868 3 $11,896,751 $6,387,815
0.059930 0.053689 0.842179 4 $3,496,517 $6,275,193
0.059930 0.050472 0.791707 5 $0 $3,496,517
0.059930 0.047447 0.744260 6 $0 $0
0.059930 0.044604 0.699657 7 $0 $0
0.059930 0.041930 0.657726 8 $0 $0
0.059930 0.039418 0.618309 9 $0 $0
0.059930 0.037055 0.581253 10 $0 $0
0.059930 0.034835 0.546419 11 $0 $0
0.059930 0.032747 0.513672 12 $0 $0
0.059930 0.030784 0.482888 13 $0 $0
0.059930 0.028939 0.453948 14 $0 $0
0.059930 0.027205 0.426743 15 $0 $0
0.059930 0.025575 0.401168 16 $0 $0
0.059930 0.024042 0.377126 17 $0 $0
0.059930 0.022601 0.354525 18 $0 $0
0.059930 0.021247 0.333278 19 $0 $0
0.059930 0.019973 0.313305 20 $0 $0
0.059930 0.018776 0.294529 21 $0 $0
0.059930 0.017651 0.276878 22 $0 $0
0.059930 0.016593 0.260284 23 $0 $0
0.059930 0.015599 0.244685 24 $0 $0
0.059930 0.014664 0.230021 25 $0 $0
0.059930 0.013785 0.216236 26 $0 $0
0.059930 0.012959 0.203277 27 $0 $0
0.059930 0.012182 0.191095 28 $0 $0
0.059930 0.011452 0.179643 29 $0 $0
0.059930 0.010766 0.168877 30 $0 $0
IRR =
NPV =
 PSA Adjed. %
Rate PSA Remain
1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
0.000000 0.000000 1.000000
 TRANCHE B:
9.25% Market Interest Rate =
$30,000,000 Loan Amount =
TRANCHE B:
Interest From Z Total Ending Pool
Payment Tranche Payment Period Balance Principal
($30,000,000) 0 $30,000,000
$2,775,000 $1,575,000 $6,334,575 1 $30,000,000 $0
$2,445,739 $1,740,375 $8,678,484 2 $30,000,000 $0
$1,869,210 $1,923,114 $10,180,139 3 $30,000,000 $0
$1,100,450 $2,125,041 $9,500,683 4 $30,000,000 $0
$323,428 $0 $3,819,945 5 $25,223,961 $2,427,869
$0 $0 $0 6 $17,033,708 $5,595,524
$0 $0 $0 7 $8,879,209 $5,287,324
$0 $0 $0 8 $712,397 $4,998,583
$0 $0 $0 9 $0 $712,397
$0 $0 $0 10 $0 $0
$0 $0 $0 11 $0 $0
$0 $0 $0 12 $0 $0
$0 $0 $0 13 $0 $0
$0 $0 $0 14 $0 $0
$0 $0 $0 15 $0 $0
$0 $0 $0 16 $0 $0
$0 $0 $0 17 $0 $0
$0 $0 $0 18 $0 $0
$0 $0 $0 19 $0 $0
$0 $0 $0 20 $0 $0
$0 $0 $0 21 $0 $0
$0 $0 $0 22 $0 $0
$0 $0 $0 23 $0 $0
$0 $0 $0 24 $0 $0
$0 $0 $0 25 $0 $0
$0 $0 $0 26 $0 $0
$0 $0 $0 27 $0 $0
$0 $0 $0 28 $0 $0
$0 $0 $0 29 $0 $0
$0 $0 $0 30 $0 $0
9.2500% IRR =
($0.00) NPV =
 TRANCHE C:
9.50% Market Interest Rate =
$30,000,000 Loan Amount =
Tranche C
Interest From Z Total Ending
Payment Tranche Payment Period Balance
($30,000,000) 0 $25,000,000
$2,850,000 $0 $2,850,000 1 $25,000,000
$2,850,000 $0 $2,850,000 2 $25,000,000
$2,850,000 $0 $2,850,000 3 $25,000,000
$2,850,000 $0 $2,850,000 4 $25,000,000
$2,850,000 $2,348,171 $7,626,039 5 $25,000,000
$2,396,276 $2,594,729 $10,586,529 6 $25,000,000
$1,618,202 $2,867,175 $9,772,702 7 $25,000,000
$843,525 $3,168,229 $9,010,337 8 $25,000,000
$67,678 $0 $780,075 9 $17,483,333
$0 $0 $0 10 $9,139,819
$0 $0 $0 11 $626,986
$0 $0 $0 12 $0
$0 $0 $0 13 $0
$0 $0 $0 14 $0
$0 $0 $0 15 $0
$0 $0 $0 16 $0
$0 $0 $0 17 $0
$0 $0 $0 18 $0
$0 $0 $0 19 $0
$0 $0 $0 20 $0
$0 $0 $0 21 $0
$0 $0 $0 22 $0
$0 $0 $0 23 $0
$0 $0 $0 24 $0
$0 $0 $0 25 $0
$0 $0 $0 26 $0
$0 $0 $0 27 $0
$0 $0 $0 28 $0
$0 $0 $0 29 $0
$0 $0 $0 30 $0
9.5000% IRR =
$0.00 NPV =
 TRANCHE Z:
10.00% Market Interest Rate =
$25,000,000 Loan Amount =
TRANCHE Z:
Pool Interest From Z Total
Principal Payment Tranche Payment Period
($25,000,000) 0
$0 $2,500,000 $0 $2,500,000 1
$0 $2,500,000 $0 $2,500,000 2
$0 $2,500,000 $0 $2,500,000 3
$0 $2,500,000 $0 $2,500,000 4
$0 $2,500,000 $0 $2,500,000 5
$0 $2,500,000 $0 $2,500,000 6
$0 $2,500,000 $0 $2,500,000 7
$0 $2,500,000 $0 $2,500,000 8
$4,015,775 $2,500,000 $3,500,893 $10,016,667 9
$4,475,028 $1,748,333 $3,868,486 $10,091,847 10
$4,238,155 $913,982 $4,274,677 $9,426,814 11
$626,986 $62,699 $0 $689,685 12
$0 $0 $0 $0 13
$0 $0 $0 $0 14
$0 $0 $0 $0 15
$0 $0 $0 $0 16
$0 $0 $0 $0 17
$0 $0 $0 $0 18
$0 $0 $0 $0 19
$0 $0 $0 $0 20
$0 $0 $0 $0 21
$0 $0 $0 $0 22
$0 $0 $0 $0 23
$0 $0 $0 $0 24
$0 $0 $0 $0 25
$0 $0 $0 $0 26
$0 $0 $0 $0 27
$0 $0 $0 $0 28
$0 $0 $0 $0 29
$0 $0 $0 $0 30
10.0000% IRR =
($0.00) NPV =
 RANCHE Z:
Market Interest Rate = 10.50%
oan Amount = $15,000,000
RANCHE Z:
Ending Accured Pool Interest Total
Balance Interest Principal Payment Payment
$15,000,000 ($15,000,000)
$16,575,000 $1,575,000 $0 $0 $0
$18,315,375 $1,740,375 $0 $0 $0
$20,238,489 $1,923,114 $0 $0 $0
$22,363,531 $2,125,041 $0 $0 $0
$24,711,701 $2,348,171 $0 $0 $0
$27,306,430 $2,594,729 $0 $0 $0
$30,173,605 $2,867,175 $0 $0 $0
$33,341,834 $3,168,229 $0 $0 $0
$36,842,726 $3,500,893 $0 $0 $0
$40,711,213 $3,868,486 $0 $0 $0
$44,985,890 $4,274,677 $0 $0 $0
$41,596,257 $0 $3,389,633 $4,723,518 $8,113,152
$37,786,714 $0 $3,809,542 $4,367,607 $8,177,149
$34,170,614 $0 $3,616,101 $3,967,605 $7,583,706
$30,735,091 $0 $3,435,522 $3,587,914 $7,023,437
$27,468,009 $0 $3,267,082 $3,227,185 $6,494,267
$24,357,908 $0 $3,110,101 $2,884,141 $5,994,242
$21,393,967 $0 $2,963,941 $2,557,580 $5,521,522
$18,565,960 $0 $2,828,007 $2,246,367 $5,074,373
$15,864,223 $0 $2,701,737 $1,949,426 $4,651,163
$13,279,614 $0 $2,584,609 $1,665,743 $4,250,353
$10,803,481 $0 $2,476,132 $1,394,359 $3,870,492
$8,427,634 $0 $2,375,847 $1,134,366 $3,510,213
$6,144,309 $0 $2,283,325 $884,902 $3,168,226
$3,946,146 $0 $2,198,163 $645,152 $2,843,316
$1,826,158 $0 $2,119,988 $414,345 $2,534,334
$0 $0 $1,826,158 $191,747 $2,017,904
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
10.5000%
$0.00
RESIDUAL CASH FLOWS TO EQUITY
Required Rate of Return = 12.5000%
Equity Amount = $6,000,000
Equity Position
Pool Interest Total
Period Principal Payment Payment
0 ($6,000,000) ($6,000,000)
1 $0 $1,165,000 $1,165,000
2 $0 $1,125,467 $1,125,467
3 $0 $1,058,788 $1,058,788
4 $0 $970,871 $970,871
5 $0 $881,556 $881,556
6 $0 $804,900 $804,900
7 $0 $736,987 $736,987
8 $0 $668,660 $668,660
9 $0 $599,488 $599,488
10 $0 $566,602 $566,602
11 $0 $536,072 $536,072
12 $0 $504,103 $504,103
13 $0 $511,009 $511,009
14 $0 $520,533 $520,533
15 $0 $529,573 $529,573
16 $0 $538,162 $538,162
17 $0 $546,330 $546,330
18 $0 $554,105 $554,105
19 $0 $561,515 $561,515
20 $0 $568,585 $568,585
21 $0 $575,339 $575,339
22 $0 $581,801 $581,801
23 $0 $587,991 $587,991
24 $0 $593,931 $593,931
25 $0 $599,639 $599,639
26 $0 $605,135 $605,135
27 $222,292 $610,435 $832,727
28 $1,983,220 $592,215 $2,575,435
29 $1,923,996 $388,935 $2,312,931
30 $1,870,493 $191,725 $2,062,218
IRR = 13.8945%
NPV = $466,953.56
Annual Needs $ 220,000 I
Max Investment $ 2,000,000 V
Expected Return 11.00% R

I/rv formula

KIMCO 4.16% dy $2,000,000 INVEST

CMBS 9.20% dy $2,000,000 INVEST
REAL ESTATE 7.02% COC $2,000,000 INVEST
Buy $ 10,000,000 $ 100.00 SF
LTV 80%

Loan $ 8,000,000 5% 25
Equity $ 2,000,000

1
Cash Flow Before Debt Service $ 701,508

Debt Service $ (561,206)

Cash Flow Before Taxation $ (2,000,000) $ 140,302

Cash on Cash Return 7.02%
Threshold $ 220,000
Delta $ (79,698)

NOI $ 701,508
Cap Rate to Buy 7.02%
 Recall...Client is looking to invest up to $2MM in
exchange for receiving up to $250K in returns
annually.

$24.33 (STOCK PRICE) 82,203 SHARES $ 83,200

$ 184,000
$ 140,302

$ (561,206) 1.25 DSC

2 3 4 5
$ 701,508 $ 701,508 $ 701,508 $ 701,508

$ (561,206) $ (561,206) $ (561,206) $ (561,206)

$ 140,302 $ 140,302 $ 140,302 $ 140,302

$ 220,000 $ 220,000 $ 220,000 $ 220,000

$ (79,698) $ (79,698) $ (79,698) $ (79,698)
 6 7 8 9 10
$ 701,508 $ 701,508 $ 701,508 $ 701,508 $ 701,508

$ (561,206) $ (561,206) $ (561,206) $ (561,206) $ (561,206)

$ 140,302 $ 140,302 $ 140,302 $ 140,302 $ 140,302

$ 220,000 $ 220,000 $ 220,000 $ 220,000 $ 220,000

$ (79,698) $ (79,698) $ (79,698) $ (79,698) $ (79,698)