Input all yellow shaded areas

Begin In terminal year

Building space (in square feet) 528357
Vacancy rate = 95% 97%
Rent/square foot 28.07
Inflation rate for rents/expenses = 3.00% 3.00%
Inflation rate for real estate taxes = 4.00% 3.00%
Inflation rate for ground rent = 0.00% 3.00%
Unlevered beta = 0.62 0.50
Levered beta = 1.20 1.20
Riskfree rate = 5.40%
Risk premium = 4.00%

1 2
Building Space 528357 528357
Occupancy 95% 95.50%
Rent/Square foot $28.07 $28.91 $29.78
Rental Income $14,512,115 $15,026,149
Garage Income $800,000 $824,000 $848,720
Reimbursement revenue 10.00% $353,735 $364,347
Credit Loss 2.50% $362,803 $375,654
Total Revenues $15,327,047 $15,863,563

Expenses
Real Estate Taxes $5.24 $2,879,334 $2,994,508
Ground Rent $1,500,000 $1,500,000 $1,500,000
Other expenses $6.50 $3,537,350 $3,643,471
Management fee $300,000 $309,000 $318,270
Total Expenses $8,225,684 $8,456,248

Operating income before depreciation $7,101,363 $7,407,314

Depreciation $2,000,000 $2,000,000 $2,000,000
Operating income $5,101,363 $5,407,314
Taxes 38% $1,938,518 $2,054,779
Operating income after taxes $3,162,845 $3,352,535
+ Depreciation $2,000,000 $2,000,000
- Capital maintenance & Leasehold Improveme $1,500,000 $1,545,000 $1,591,350
Cash flow to firm $3,617,845 $3,761,185
Terminal value
Present value $101,480,449 $3,397,275 $3,316,547
Cost of equity 10.19% 10.19% 10.19%
Cost of debt 6.50% 6.50% 6.50%
Debt ratio 60% 60.00% 60.00%
Cost of capital 6.49% 6.49% 6.49%
 3 4 5 Terminal year
528357 528357 528357
96.00% 96.50% 97%
$30.67 $31.59 $32.54
$15,557,965 $16,108,166 $16,677,377 $17,177,698
$874,182 $900,407 $927,419 $955,242
$375,277 $386,536 $398,132 $410,076
$388,949 $402,704 $416,934 $429,442
$16,418,475 $16,992,404 $17,585,993 $18,113,573

$3,114,288 $3,238,860 $3,368,414 $3,469,466

$1,500,000 $1,500,000 $1,500,000 $1,545,000
$3,752,775 $3,865,358 $3,981,319 $4,100,758
$327,818 $337,653 $347,782 $358,216
$8,694,881 $8,941,870 $9,197,515 $9,473,440

$7,723,594 $8,050,534 $8,388,478 $8,640,133

$2,000,000 $2,000,000 $2,000,000 $2,060,000
$5,723,594 $6,050,534 $6,388,478 $6,580,133
$2,174,966 $2,299,203 $2,427,622 $2,500,450
$3,548,628 $3,751,331 $3,960,857 $4,079,682
$2,000,000 $2,000,000 $2,000,000 $2,060,000
$1,639,091 $1,688,263 $1,738,911 $2,060,000
$3,909,538 $4,063,068 $4,221,946 $4,079,682
$116,810,659
$3,237,186 $3,159,199 $88,370,242
10.19% 10.19% 10.19% 10.19%
6.50% 6.50% 6.50% 6.50%
60.00% 60.00% 60.00% 60.00%
6.49% 6.49% 6.49% 6.49%
Valuing equity stake in building
Debt= $60,888,269

1 2
Building Space 528357 528357
Occupancy 95.00% 95.50%
Rent/Square foot $28.07 $28.91 $29.78
Rental Income $14,512,115 $15,026,149
Garage Income $800,000 $824,000 $848,720
Reimbursement revenue $0.10 $353,735 $364,347
Credit Loss 2.50% $362,803 $375,654
Total Revenues $15,327,047 $15,863,563

Expenses
Real Estate Taxes 5.24 $2,879,334 $2,994,508
Ground Rent 1500000 $1,500,000 $1,500,000
Other expenses 6.5 $3,537,350 $3,643,471
Management fee 300000 $309,000 $318,270
Interest expenses $3,957,737 $3,957,737
Total Expenses 0 $12,183,422 $12,413,986

Net income before depreciation & taxes 0 $3,143,625 $3,449,577

Depreciation 2000000 $2,000,000 $2,000,000
Operating income 0 $1,143,625 $1,449,577
Taxes 0.38 $434,578 $550,839
Net income 0 $709,048 $898,738
+ Depreciation 0 $2,000,000 $2,000,000
- Capital maintenance & Leasehold Improveme 1500000 $1,545,000 $1,591,350
Cash flow to equity $1,164,048 $1,307,388
Terminal value
Present value $39,832,499 $1,056,435 $1,076,833
Cost of equity 10.19% 10.19% 10.19%
 3 4 5
528357 528357 528357
96.00% 96.50% 97.00%
$30.67 $31.59 $32.54
$15,557,965 $16,108,166 $16,677,377
$874,182 $900,407 $927,419
$375,277 $386,536 $398,132
$388,949 $402,704 $416,934
$16,418,475 $16,992,404 $17,585,993

$3,114,288 $3,238,860 $3,368,414

$1,500,000 $1,500,000 $1,500,000
$3,752,775 $3,865,358 $3,981,319
$327,818 $337,653 $347,782
$3,957,737 $3,957,737 $3,957,737
$12,652,618 $12,899,608 $13,155,252

$3,765,856 $4,092,797 $4,430,741

$2,000,000 $2,000,000 $2,000,000
$1,765,856 $2,092,797 $2,430,741
$671,025 $795,263 $923,682
$1,094,831 $1,297,534 $1,507,059
$2,000,000 $2,000,000 $2,000,000
$1,639,091 $1,688,263 $1,738,911
$1,455,741 $1,609,271 $1,768,148
$55,922,390
$1,088,178 $1,091,735 $35,519,318
10.19% 10.19% 10.19%
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.675687106
R Square 0.456553065
Adjusted R Sq 0.365978575
Standard Erro 49.09374919
Observations 8

ANOVA
df SS MS F Significance F
Regression 1 12148.92267 12148.92267 5.040636371 0.06588019
Residual 6 14461.17726 2410.19621
Total 7 26610.09993

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

Intercept -2535.50229 1223.707882 -2.07198329 0.083657545 -5529.8098 458.8052224
X Variable 1 2857.85636 1272.910041 2.245136159 0.06588019 -256.844583 5972.557303
Lower 95.0% Upper 95.0%
-5529.8098 458.8052224
-256.844583 5972.557303
Property Size Occupancy rate Price for sale Price/Square foot NOI/SF
900 Third Avenue 560000 99% $182,000,000 $325.00 26.98
767 Third Avenue 456007 95% $95,000,000 $208.33 NA
350 Madison Avenue 310000 97% $70,060,000 $226.00 17.6
888 Seventh Avenue 838680 96% $154,500,000 $184.22 NA
622 Third Avenue 874434 97% $172,000,000 $196.70 NA
150 East 58th Street 507178 95% $118,000,000 $232.66 16.52
1065 Avenue of the Americas 580000 95% $59,000,000 $101.72 NA
810 Seventh Avenue 646000 95% $141,000,000 $218.27 15.17
Average 96.13% $211.61
711 Third Avenue 528357 95% 6107405 11.56

Estimated value
Price per square foot $111,806,755.01
Price per rented square foot $110,498,223.42
Price based upon NOI $81,470,375.68
1.155847277504
Price/NOI
12.05

12.84

14.08

14.39
13.34
 2012 2013 2014 2015 2016 2017 2018* 2019*
$11,287.30 $7,869.44 $7,029.89 $7,922.81 $7,687.67 $6,890.07 $3,300.36 $ 3,100.11

PIB per Capita

$12,000.00 $11.3

$10,000.00

$7.9 $7.9 $7.7

$8,000.00
$7.0 $6.9

$6,000.00

$4,000.00 $3.3

$2,000.00

$-
2012 2013 2014 2015 2016 2017 2018*

2012 2013 2014 2015 2016 2017* 2018* 2019*

5.63% 1.34% -3.89% -6.22% -16.46% -14% -18% -5%

Variación PIB Nominal

10.00%
5.63%
5.00%
1.34%
0.00%

-5.00% -3.89%
-6.22%
-10.00%

-15.00% -14%
-16.46%
-20.00% -18%
2012 2013 2014 2015 2016 2017* 2018*

2014 2017 2018 - 1 2018 - 4 2019 2019 - 2

 2300 2000 1500 1250 1200 740

2500
2300

2000
2000

Chart Tit
$1,800.00 1500

$1,600.00
1000
$1,400.00

$1,200.00
500
$1,000.00

$800.00
0
2014 2017
$600.00

$400.00

2014 2016 2018 - 3 $200.00 Chart Title

$ 1,635.00 $1,188.00 $ 518.00 12000000.00% $-
2014 2
10000000.00%

2012 2013 2014 8000000.00%

2015 2016 2017 2018 2019*
21.07% 43.53% 57.31% 111.80% 254.39% 1087.52% 1700000% 10000000%
6000000.00%

4000000.00%

2000000.00% 1,700,0

21% 44% 57% 112% 254% 1,088%

0.00%
2012 2013 2014 2015 2016 2017 201

Acciones Ven Inmuebles CCS Acciones EEUU Bonos públicos EEUU Inflación Ven Inflación EEUU PIB Ven Acciones
 $6.9

$3.3 $3.1

2017 2018* 2019*

minal

-5%

-14%
6.46%
-18%
2016 2017* 2018* 2019*
 Chart Title
2300

2000

Chart Title 1500

1250 1200

740

2014 2017 2018 - 1 2018 - 4 2019 2019 - 2

14 2016 2018 - 3
10,000,000%

Medido en dólares perdió valor. Al precio promedio del dólar en el mercado paralelo (el único disponible) el Prec

1,700,000%

254% 1,088%
2016 2017 2018 2019*

EEUU PIB Ven Acciones en Venezuela 1,00 -0,01 -0,03 -0,12 0,10 0,38 0,13 Inmuebles en Caracas 1,00 0,22 0,34 -0,20 0,17 0,44 Accion
lo (el único disponible) el Precio Promedio Unitario al cierre de diciembre equivalía a unos $690 por metro cuadrado. En el 2016, promed

2 0,34 -0,20 0,17 0,44 Acciones en Estados Unidos 1,00 -0,01 0,29 -0,17 -0,09 Bonos públicos de Estados Unidos 1,00 -0,14 -0,04 0,12 I
ro cuadrado. En el 2016, promediaba el metro cuadrado $1.188 medidos al promedio mensual del dólar paralelo, y en el 2014, el metro

os Unidos 1,00 -0,14 -0,04 0,12 Inflación de Venezuela 1,00 0,20 -0,36 Inflación de Estados Unidos 1,00 0,33 PIB de Venezuela 1,00
 paralelo, y en el 2014, el metro cuadrado se situaba en 1.635 dólares, una caída de 57% medida en dólares en el Precio Unitario Prome

0,33 PIB de Venezuela 1,00

lares en el Precio Unitario Promedio del Área Metropolitana de Caracas en los últimos 4 años.