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 GPR Market Rent/SF $30.00
Net Leasable Area 4,000
Gross Potential Rent $120,000

Vacancy Gross Potential Rent $120,000

(General Vacancy) ($12,000) 10.0%
GPR Less Vacancy $108,000

Credit Loss Gross Potential Rent $120,000

(Credit Loss) ($2,400) 2.0%
GPR Less Credit Loss $117,600
Tenant Improvements TI Allowance/SF $15.00
Total Tenant SF 5,000
TI Allowance $75,000

Leasing Commissions Total Base Rent $600,000

Leasing Commission 6.00%
Leasing Commissions $36,000

Capital Reserve Gross Leasable Area 10,000

Capital Reserves/SF $0.30
Capital Reserves $3,000
 DCF Acquisition Year 1 Year 2 Year 3 Year 4 Year 5
Purchase Price ($4,000,000)
Cash Flow $300,000 $309,000 $318,270 $327,818 $337,653
Net Sale Proceeds $4,000,000
Total Cash Flow ($4,000,000) $300,000 $309,000 $318,270 $327,818 $4,337,653

Discount Rate 7.00%

Net Present Value (NPV) $152,847

IRR Acquisition Year 1 Year 2 Year 3 Year 4 Year 5

Purchase Price ($4,000,000)
Cash Flow $300,000 $309,000 $318,270 $327,818 $337,653
Net Sale Proceeds $4,000,000
Total Cash Flow ($4,000,000) $300,000 $309,000 $318,270 $327,818 $4,337,653

Internal Rate of Return (IRR) 7.93%

Cap Rate Net Operating Income $400,000

Purchase Price $7,500,000

Cap Rate 5.33%

Cash-on-Cash Acquisition Year 1 Year 2
Purchase Price ($4,000,000)
Cash Flow $300,000 $309,000
Net Sale Proceeds
Total Cash Flow ($4,000,000) $300,000 $309,000
Cash-on-Cash Return 7.50% 7.73%

Average Cash-on-Cash 7.96%

Equity Multiple Acquisition Year 1 Year 2

Purchase Price ($4,000,000)
Cash Flow $300,000 $309,000
Net Sale Proceeds
Total Cash Flow ($4,000,000) $300,000 $309,000

Equity Multiple 1.40x

 Year 3 Year 4 Year 5

$318,270 $327,818 $337,653

$4,000,000
$318,270 $327,818 $4,337,653
7.96% 8.20% 8.44%

Year 3 Year 4 Year 5

$318,270 $327,818 $337,653

$4,000,000
$318,270 $327,818 $4,337,653
 LTV Property Value $5,000,000
Loan Amount $3,000,000

LTV 60.00%

LTC Purchase Price $5,000,000

Closing Costs $75,000
Renovation Costs $500,000
Loan Amount $3,500,000

LTC 62.78%

DSCR Annual Net Operating Income $300,000

Annual Debt Service $210,000

DSCR 1.43x

Debt Yield Annual Net Operating Income $300,000

Loan Amount $4,000,000

Debt Yield 7.50%

Loan Constant Loan Amount $4,000,000

Interest Rate 3.90%
Amortization 30 Years
Annual Loan Payment $226,401

Loan Constant 5.66%

+/- Leverage Year 1 NOI $425,000

Purchase Price $7,000,000
Going-In Cap Rate 6.07%

Unlevered Cash-on-Cash 6.07%

Levered Cash-on-Cash 6.62%
Positive/Negative Leverage POSITIVE

Expense Ratio Annual Revenue $735,000

Annual Expenses $310,000
 Expense Ratio 42.18%

Break Even Gross Potential Revenue $775,000

Total Expenses $310,000
Total Debt Service $226,401
Break Even Ratio 69.21%
 Rent Roll
Acquisition Price 10000000 Tenant Name Rent/Month
Closing Costs 0.01 Charles Barkley 2700
Net Operating Income 575000 Anfernee Hardaway 2900
Going-In Cap Rate 0.0575 Grant Hill 3100
Karl Malone 2500
Reggie Miller 2700
Hakeem Olajuwon 2850
Shaquille O'Neal 2825
Gary Payton 2760
Scottie Pippen 2450
Mitch Richmond 2000
David Robinson 3000
John Stockton 2700
SF
1400
1425
1450
1475
1500
1475
1450
1425
1400
1550
1650
1400
 Rent Roll
Acquisition Price $10,000,000 Tenant Name Rent/Month
Closing Costs 1.00% Charles Barkley $2,700
Net Operating Income $575,000 Anfernee Hardaway $2,900
Going-In Cap Rate 5.75% Grant Hill $3,100
Karl Malone $2,500
Reggie Miller $2,700
Hakeem Olajuwon $2,850
Shaquille O'Neal $2,825
Gary Payton $2,760
Scottie Pippen $2,450
Mitch Richmond $2,000
David Robinson $3,000
John Stockton $2,700
$32,485
nt Roll
SF
1400
1425
1450
1475
1500
1475
1450
1425
1400
1550
1650
1400
17600
 If we expect the value of a 60,000 SF plot of land to increase at 4% per year, and we need the
land to be worth $10,000,000 in 7 years, what is the MINIMUM value requirement of the land
today in order for us to hit our investment target?

If market rent today for retail properties in suburban Phoenix is $22.00/SF and we expect
market rent to increase by 3% per year for the next 5 years, what will market rent be in 5 years?
If we invest in a condominium in Miami for $800,000 today and expect the value of the
property to increase by 5% per year, how many years will it take for the property to be worth
$1,000,000?

If land in Downtown Denver was worth $100/SF 25 years ago and that same land is worth
$300/SF today, what is the compound annual growth rate of land in Downtown Denver?

If we invest $500,000 in a 24 unit apartment building, believe that we will make 14% annual
returns investing in apartment buildings, and want to have $2,000,000 in equity in 7 years, how
much money do we need to invest each year to make this happen?
 PV FV NPER RATE PMT

$7,599,178 $10,000,000 7 4.00% $0

$22.00 $25.50 5 3.00% $0

$800,000 $1,000,000 4.6 5.00% $0

$100 $300 25 4.49% $0

$500,000 $2,000,000 7 14.00% $69,789

 Loan Amount $7,000,000 Function
Amortization 30 Years IPMT
Interest Rate 4.35% PPMT
Loan Term 10 Years CUMIPMT
Loan Payments Paid End of Month CUMPRINC
 Question Solution
What will your interest payment be in month 72 of the loan term? $22,600
What will your principal payment be in month 42 of the loan term? $10,987
What will your total amount of interest paid be at the end of month 37? $915,010
What will your total loan balance be at the end of the loan term? $5,579,230
 Acquisition Year 1 Year 2 Year 3 Year 4
Purchase Price ($10,000,000)
Net Sale Proceeds
Unlevered Cash Flow $600,000 $618,000 $636,540 $655,636
Total Net Cash Flow ($10,000,000) $600,000 $618,000 $636,540 $655,636

Purchase Price $10,000,000

Sale Price (Year 10) $15,000,000
Going-In Cap Rate 6.00%
Annual NOI Growth 3.00%

Discount Rate 9.00%

NPV $659,314

IRR 9.88%
Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

$15,000,000
$675,305 $695,564 $716,431 $737,924 $760,062 $782,864
$675,305 $695,564 $716,431 $737,924 $760,062 $15,782,864
 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019
Acquisition Month 1 Month 2 Month 3 Month 4
Purchase Price ($10,000,000)
Net Sale Proceeds
Unlevered Cash Flow $50,000 $50,000 $50,000 $50,000
Total Net Cash Flow ($10,000,000) $50,000 $50,000 $50,000 $50,000

Purchase Price $10,000,000

Sale Price (Year 3) $11,500,000
Going-In Cap Rate 6.00%
Annual NOI Growth 3.00%

Discount Rate 9.00%

XNPV $503,661

XIRR 10.95%
5/31/2019 6/30/2019 7/31/2019 8/31/2019 9/30/2019 10/31/2019 11/30/2019
Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11

$50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000

$50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000
12/31/2019 1/31/2020 2/29/2020 3/31/2020 4/30/2020 5/31/2020 6/30/2020
Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 Month 18

$50,000 $51,500 $51,500 $51,500 $51,500 $51,500 $51,500

$50,000 $51,500 $51,500 $51,500 $51,500 $51,500 $51,500
7/31/2020 8/31/2020 9/30/2020 10/31/2020 11/30/2020 12/31/2020 1/31/2021
Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25

$51,500 $51,500 $51,500 $51,500 $51,500 $51,500 $53,045

$51,500 $51,500 $51,500 $51,500 $51,500 $51,500 $53,045
2/28/2021 3/31/2021 4/30/2021 5/31/2021 6/30/2021 7/31/2021 8/31/2021
Month 26 Month 27 Month 28 Month 29 Month 30 Month 31 Month 32

$53,045 $53,045 $53,045 $53,045 $53,045 $53,045 $53,045

$53,045 $53,045 $53,045 $53,045 $53,045 $53,045 $53,045
9/30/2021 10/31/2021 11/30/2021 12/31/2021
Month 33 Month 34 Month 35 Month 36

$11,500,000
$53,045 $53,045 $53,045 $53,045
$53,045 $53,045 $53,045 $11,553,045
 Function Question Solution
VLOOKUP What is Pippen Paper Products rent in 2020? $25.46
HLOOKUP In 2024, what is the rent payment for MJ Party Supplies? $45.00
INDEX What is Kerr Financial's rent in 2019? $33.00
MATCH What is Rodymn's Rent in 2022? $29.71
 Year
Tenant 2018 2019 2020 2021 2022 2023 2024
Kerr Financial $30.00 $33.00 $33.00 $33.00 $33.00 $33.00 $36.30
Pippen Paper Products $24.00 $24.72 $25.46 $26.23 $27.01 $27.82 $28.66
Longley Advisors $0.00 $28.00 $28.00 $28.00 $28.00 $28.00 $28.00
Harper & Associates $30.00 $30.75 $31.52 $32.31 $33.11 $33.94 $34.79
Rodmyn $20.00 $24.00 $28.00 $28.84 $29.71 $30.60 $31.51
MJ Party Supplies $23.00 $23.00 $23.00 $23.00 $23.00 $45.00 $45.00
2025
$36.30
$29.52
$28.00
$35.66
$32.46
$45.00
Unit ID Tenant Name Square Feet Unit Type Lease Status Base Rent
1 Adam Butler 750 1BR - 1BA Occupied $1,850
2 Alan Embree 750 1BR - 1BA Occupied $1,830
3 Andres Galarraga 750 1BR - 1BA Occupied $1,800
4 Andruw Jones 750 1BR - 1BA Occupied $1,900
5 Anfernee Hardaway 750 1BR - 1BA Occupied $1,925
6 Bill Romanowski 750 1BR - 1BA Occupied $1,900
7 Bo Outlaw 750 1BR - 1BA Occupied $1,850
8 Chipper Jones 750 1BR - 1BA Occupied $1,800
9 Danny Bautista 750 1BR - 1BA Occupied $1,750
10 Ed McCaffrey 900 2BR - 1BA Occupied $2,100
11 VACANT 900 2BR - 1BA Vacant $2,300
12 Greg Maddux 900 2BR - 1BA Occupied $2,300
13 Horace Grant 900 2BR - 1BA Occupied $2,300
14 Jason Elam 900 2BR - 1BA Occupied $2,200
15 Javy Lopez 900 2BR - 1BA Occupied $2,300
16 Jeff Blauser 900 2BR - 1BA Occupied $2,225
17 John Elway 900 2BR - 1BA Occupied $2,300
18 John Smoltz 900 2BR - 1BA Occupied $2,300
19 Kerry Ligtenberg 900 2BR - 1BA Occupied $2,400
20 Kevin Millwood 900 2BR - 1BA Occupied $2,185
21 Mark DeRosa 900 2BR - 1BA Occupied $2,300
22 Nick Anderson 900 2BR - 1BA Occupied $2,300
23 MODEL 1000 2BR - 2BA Model $2,580
24 Ozzie Guillen 1000 2BR - 2BA Occupied $2,700
25 Ray Crockett 1000 2BR - 2BA Occupied $2,600
26 Rod Smith 1000 2BR - 2BA Occupied $2,650
27 Steve Atwater 1000 2BR - 2BA Occupied $2,590
28 Terrell Davis 1000 2BR - 2BA Occupied $2,575
29 Tom Glavine 1400 3BR - 2BA Occupied $2,550
30 Tony Graffanino 1400 3BR - 2BA Occupied $2,495
31 Trevor Pryce 1400 3BR - 2BA Occupied $2,800
32 VACANT 1400 3BR - 2BA Vacant $2,700
33 Wes Helms 1400 3BR - 2BA Occupied $2,650
Additional Charges Lease Start Lease End Term AND OR
$50 11/15/2017 11/14/2019 24 NEW LONG-TERM
$0 1/12/2017 1/11/2019 24 NEW LONG-TERM
$0 2/28/2017 1/31/2018 12 SHORT-TERM
$0 3/31/2017 2/28/2018 11 SHORT-TERM
$75 4/30/2017 3/31/2018 12 SHORT-TERM
$25 5/31/2017 4/30/2018 11 SHORT-TERM AVERAGEIF
$0 6/30/2017 5/31/2018 12 AVERAGEIFS
$0 7/31/2017 6/30/2018 11 SHORT-TERM
$0 8/31/2017 7/31/2018 12
$0 9/30/2017 8/31/2018 12
$50 10/31/2017 9/30/2018 11 SHORT-TERM
$50 11/30/2017 10/31/2018 12
$50 12/31/2017 11/30/2018 11 SHORT-TERM
$85 1/31/2016 12/31/2017 24 NEW LONG-TERMSHORT-TERM
$25 2/29/2016 1/31/2018 24 NEW LONG-TERMSHORT-TERM
$0 3/31/2016 2/28/2018 23 SHORT-TERM
$0 4/30/2016 3/31/2018 24 NEW LONG-TERMSHORT-TERM
$0 5/31/2016 4/30/2018 23 SHORT-TERM
$50 6/30/2016 5/31/2018 24 NEW LONG-TERM
$50 7/31/2016 6/30/2018 23
$45 8/31/2016 7/31/2018 24 NEW LONG-TERM
$25 9/30/2016 8/31/2018 24 NEW LONG-TERM
$55 10/31/2016 9/30/2018 23
$0 11/30/2016 10/31/2018 24 NEW LONG-TERM
$0 12/31/2016 11/30/2018 23
$90 1/31/2017 12/31/2018 24 NEW LONG-TERM
$100 2/28/2017 1/31/2019 24 NEW LONG-TERM
$50 3/31/2017 2/28/2019 23
$0 4/30/2017 3/31/2019 24 NEW LONG-TERM
$50 5/31/2017 4/30/2019 23
$0 6/30/2017 5/31/2019 24 NEW LONG-TERM
$75 7/31/2017 6/30/2019 23
$25 8/31/2017 7/31/2019 24 NEW LONG-TERM
 Function
IF
SUMIF
SUMIFS
COUNTIF
COUNTIFS
AVERAGEIF
AVERAGEIFS
AND
OR
 Statement
If Ed McCaffrey is paying more than $2,000 per month in r
What is the total square footage of 1BR - 1BA u
What is the total monthly rent for all 24 month leases on 2B
How many 3BR - 2BA units exist at the prope
How many 1BR - 1BA units are paying over $1,840 per month AND have a
What is the average lease term of all 2BR - 1BA
What is the average base rent of tenants which are paying additional charges AND w
How many "new long-term" tenants are there, if a "new long-term" tenant is one which has a lease term of g
How many units have either a lease term of less than 12 months OR a lea
Solution
ED
6,750
$13,800
5
3
20
$2,375
14
12
#1 Function
SUMPRODUCT

#2 Function
CAGR

#3 Function
ROUND
ROUNDUP
ROUNDDOWN

#4 Function
DATEDIF
 Question
What is the weighted average rent at the property?

Question
What is the compound annual growth rate (CAGR) between 2012 and 2018 for raw land?

Question
What is the total rent collected in 2019, rounded to the nearest $100?
What is the total rent collected in 2021, rounded up to the nearest $10?
What is the total rent collected in 2020, rounded down to the nearest $1,000?

Question
What is the total length of Adam Butler's lease term (in months)?
 Solution # of Units Unit Type SF
$2,138 25 Studio 495
14 Studio 550
1 1BR/1BA 700
80 1BR/1BA 780
44 2BR/1BA 890
12 2BR/2BA 985
3 3BR/2BA 1,290

Solution Year Land Value/SF

2.36% 2012 $200
2013 $204
2014 $210
2015 $222
2016 $225
2017 $224
2018 $230

Solution Year Rent/SF/Year SF Leased

$1,176,000 2018 $20.00 48,000
$2,199,490 2019 $21.00 56,000
$1,653,000 2020 $22.05 75,000
2021 $23.15 95,000

Solution Tenant Name Lease Start Lease End

24 Adam Butler 11/15/2017 11/14/2019
Alan Embree 1/12/2017 1/11/2019
Andres Galarraga 2/28/2017 1/31/2018
Andruw Jones 3/31/2017 2/28/2018
Anfernee Hardaway 4/30/2017 3/31/2018
Bill Romanowski 5/31/2017 4/30/2018
Bo Outlaw 6/30/2017 5/31/2018
Chipper Jones 7/31/2017 6/30/2018
Danny Bautista 8/31/2017 7/31/2018
Ed McCaffrey 9/30/2017 8/31/2018
 Rent
$1,650
$1,800
$2,000
$2,110
$2,400
$2,600
$2,900
#1 Goal Seek
Use Goal Seek to calculate the Price Per SF which would make the
purchase price exactly $5,000,000

#2 ***Use the data below for the data table exercises***

Purchase Price $10,000,000

Going-In Cap Rate 6.00%
Exit Cap Rate 6.75%
NOI Growth 3.50%

#2A 1-Variable Data Table

Sensitize the Unlevered IRR based on NOI Growth

#2B 2-Variable Data Table

Sensitize the Unlevered IRR based on NOI growth and exit cap rate

#3 Conditional Formatting
Highlight all units paying $30 or more for Pet Rent in GREEN

#4 Toggle
Press 1 for LeBron, press 0 for Kobe

#5 Scenario Analysis
Use VLOOKUP and the drop-down feature to return the pro forma
returns for each scenario
 Price Per SF $240
Total SF 22,000

Acquisition
Purchase Price -$10,000,000
NOI
Sale Price
Net Unlevered Cash Flow -$10,000,000

Annual NOI Growth

2.50%
8.58%

Annual NOI Growth

8.58% 2.50%
6.25%
6.50%
6.75%
7.00%
7.25%

Unit Number Pet Rent

1 $25
2 $0
3 $30
4 $35
5 $40
6 $0
7 $0

Toggle
Kobe

Best Case
16.87%
 Target Purchase Price $5,000,000
Current Purchase Price $5,280,000

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

$600,000 $621,000 $642,735 $665,231 $688,514 $712,612

$600,000 $621,000 $642,735 $665,231 $688,514 $712,612

Annual NOI Growth

3.00% 3.50% 4.00% 4.50%

Annual NOI Growth

3.00% 3.50% 4.00% 4.50%

Scenario Levered IRR

Best Case 16.87%
Base Case 14.37%
Weak Case 11.10%
Year 7 Year 8 Year 9 Year 10 Year 11

$737,553 $763,368 $790,085 $817,738 $846,359

$12,538,656
$737,553 $763,368 $790,085 $13,356,394
 Purchase Price $10,000,000 Loan Constraints
Appraised Value $10,000,000 LTV 70%
Closing Costs $100,000 LTC 65%
Total Rehab Costs $1,500,000 DSCR 1.25x
Interest Rate 3.90% Debt Yield 7.50%
Amortization 30 Years
Year 1 NOI $575,000 Size Loan By LTV
Loan Amount $7,000,000
LTV $7,000,000
LTC $7,540,000
DSCR $8,127,182
Debt Yield $7,666,667
 Loan Terms Month Beginning Balance Total Payment
Loan Amount $5,000,000 1 $5,000,000 $24,597
Amortization 30 Years 2 $4,993,111 $24,597
Interest Only Period 0 Months 3 $4,986,198 $24,597
Rate 4.25% 4 $4,979,261 $24,597
Term 10 Years 5 $4,972,299 $24,597
Balloon Payment $3,972,162 6 $4,965,312 $24,597
7 $4,958,300 $24,597
8 $4,951,264 $24,597
9 $4,944,203 $24,597
10 $4,937,116 $24,597
11 $4,930,005 $24,597
12 $4,922,869 $24,597
13 $4,915,707 $24,597
14 $4,908,519 $24,597
15 $4,901,307 $24,597
16 $4,894,069 $24,597
17 $4,886,805 $24,597
18 $4,879,515 $24,597
19 $4,872,200 $24,597
20 $4,864,859 $24,597
21 $4,857,491 $24,597
22 $4,850,098 $24,597
23 $4,842,678 $24,597
24 $4,835,232 $24,597
25 $4,827,760 $24,597
26 $4,820,262 $24,597
27 $4,812,736 $24,597
28 $4,805,184 $24,597
29 $4,797,606 $24,597
30 $4,790,000 $24,597
31 $4,782,368 $24,597
32 $4,774,709 $24,597
33 $4,767,022 $24,597
34 $4,759,308 $24,597
35 $4,751,567 $24,597
36 $4,743,799 $24,597
37 $4,736,002 $24,597
38 $4,728,179 $24,597
39 $4,720,327 $24,597
40 $4,712,448 $24,597
41 $4,704,541 $24,597
42 $4,696,606 $24,597
43 $4,688,643 $24,597
44 $4,680,652 $24,597
45 $4,672,632 $24,597
46 $4,664,584 $24,597
47 $4,656,507 $24,597
48 $4,648,402 $24,597
49 $4,640,268 $24,597
50 $4,632,105 $24,597
51 $4,623,914 $24,597
52 $4,615,693 $24,597
53 $4,607,443 $24,597
54 $4,599,164 $24,597
55 $4,590,856 $24,597
56 $4,582,518 $24,597
57 $4,574,151 $24,597
58 $4,565,754 $24,597
59 $4,557,328 $24,597
60 $4,548,871 $24,597
61 $4,540,385 $24,597
62 $4,531,868 $24,597
63 $4,523,322 $24,597
64 $4,514,745 $24,597
65 $4,506,138 $24,597
66 $4,497,500 $24,597
67 $4,488,831 $24,597
68 $4,480,132 $24,597
69 $4,471,403 $24,597
70 $4,462,642 $24,597
71 $4,453,850 $24,597
72 $4,445,027 $24,597
73 $4,436,173 $24,597
74 $4,427,287 $24,597
75 $4,418,370 $24,597
76 $4,409,422 $24,597
77 $4,400,441 $24,597
 78 $4,391,429 $24,597
79 $4,382,385 $24,597
80 $4,373,309 $24,597
81 $4,364,201 $24,597
82 $4,355,061 $24,597
83 $4,345,888 $24,597
84 $4,336,682 $24,597
85 $4,327,445 $24,597
86 $4,318,174 $24,597
87 $4,308,870 $24,597
88 $4,299,534 $24,597
89 $4,290,165 $24,597
90 $4,280,762 $24,597
91 $4,271,326 $24,597
92 $4,261,857 $24,597
93 $4,252,354 $24,597
94 $4,242,817 $24,597
95 $4,233,247 $24,597
96 $4,223,642 $24,597
97 $4,214,004 $24,597
98 $4,204,332 $24,597
99 $4,194,625 $24,597
100 $4,184,884 $24,597
101 $4,175,109 $24,597
102 $4,165,298 $24,597
103 $4,155,454 $24,597
104 $4,145,574 $24,597
105 $4,135,659 $24,597
106 $4,125,709 $24,597
107 $4,115,724 $24,597
108 $4,105,704 $24,597
109 $4,095,648 $24,597
110 $4,085,556 $24,597
111 $4,075,429 $24,597
112 $4,065,266 $24,597
113 $4,055,066 $24,597
114 $4,044,831 $24,597
115 $4,034,560 $24,597
116 $4,024,252 $24,597
117 $4,013,907 $24,597
118 $4,003,526 $24,597
119 $3,993,108 $24,597
120 $3,982,653 $24,597
121 $3,972,162 $24,597
122 $3,961,633 $24,597
123 $3,951,067 $24,597
124 $3,940,463 $24,597
125 $3,929,822 $24,597
126 $3,919,143 $24,597
127 $3,908,426 $24,597
128 $3,897,672 $24,597
129 $3,886,879 $24,597
130 $3,876,048 $24,597
131 $3,865,179 $24,597
132 $3,854,271 $24,597
133 $3,843,324 $24,597
134 $3,832,339 $24,597
135 $3,821,315 $24,597
136 $3,810,252 $24,597
137 $3,799,149 $24,597
138 $3,788,008 $24,597
139 $3,776,827 $24,597
140 $3,765,606 $24,597
141 $3,754,345 $24,597
142 $3,743,045 $24,597
143 $3,731,705 $24,597
144 $3,720,324 $24,597
145 $3,708,903 $24,597
146 $3,697,442 $24,597
147 $3,685,940 $24,597
148 $3,674,397 $24,597
149 $3,662,814 $24,597
150 $3,651,189 $24,597
151 $3,639,524 $24,597
152 $3,627,817 $24,597
153 $3,616,068 $24,597
154 $3,604,278 $24,597
155 $3,592,446 $24,597
156 $3,580,573 $24,597
157 $3,568,657 $24,597
158 $3,556,699 $24,597
159 $3,544,698 $24,597
160 $3,532,656 $24,597
161 $3,520,570 $24,597
162 $3,508,442 $24,597
163 $3,496,270 $24,597
164 $3,484,056 $24,597
165 $3,471,798 $24,597
166 $3,459,497 $24,597
167 $3,447,153 $24,597
168 $3,434,764 $24,597
169 $3,422,332 $24,597
170 $3,409,856 $24,597
171 $3,397,336 $24,597
172 $3,384,771 $24,597
173 $3,372,162 $24,597
174 $3,359,508 $24,597
175 $3,346,809 $24,597
176 $3,334,065 $24,597
177 $3,321,276 $24,597
178 $3,308,442 $24,597
179 $3,295,563 $24,597
180 $3,282,637 $24,597
181 $3,269,666 $24,597
182 $3,256,649 $24,597
183 $3,243,586 $24,597
184 $3,230,477 $24,597
185 $3,217,321 $24,597
186 $3,204,119 $24,597
187 $3,190,870 $24,597
188 $3,177,574 $24,597
189 $3,164,231 $24,597
190 $3,150,841 $24,597
191 $3,137,403 $24,597
192 $3,123,918 $24,597
193 $3,110,384 $24,597
194 $3,096,803 $24,597
195 $3,083,174 $24,597
196 $3,069,497 $24,597
197 $3,055,771 $24,597
198 $3,041,996 $24,597
199 $3,028,173 $24,597
200 $3,014,301 $24,597
201 $3,000,380 $24,597
202 $2,986,409 $24,597
203 $2,972,389 $24,597
204 $2,958,319 $24,597
205 $2,944,199 $24,597
206 $2,930,030 $24,597
207 $2,915,810 $24,597
208 $2,901,540 $24,597
209 $2,887,219 $24,597
210 $2,872,848 $24,597
211 $2,858,425 $24,597
212 $2,843,952 $24,597
213 $2,829,427 $24,597
214 $2,814,851 $24,597
215 $2,800,223 $24,597
216 $2,785,544 $24,597
217 $2,770,812 $24,597
218 $2,756,029 $24,597
219 $2,741,193 $24,597
220 $2,726,304 $24,597
221 $2,711,363 $24,597
222 $2,696,368 $24,597
223 $2,681,321 $24,597
224 $2,666,220 $24,597
225 $2,651,066 $24,597
226 $2,635,859 $24,597
227 $2,620,597 $24,597
228 $2,605,281 $24,597
229 $2,589,911 $24,597
230 $2,574,487 $24,597
231 $2,559,008 $24,597
232 $2,543,474 $24,597
233 $2,527,885 $24,597
234 $2,512,241 $24,597
235 $2,496,542 $24,597
236 $2,480,786 $24,597
237 $2,464,976 $24,597
238 $2,449,109 $24,597
239 $2,433,186 $24,597
240 $2,417,206 $24,597
241 $2,401,170 $24,597
242 $2,385,077 $24,597
243 $2,368,927 $24,597
244 $2,352,720 $24,597
245 $2,336,456 $24,597
246 $2,320,134 $24,597
247 $2,303,754 $24,597
248 $2,287,316 $24,597
249 $2,270,820 $24,597
250 $2,254,266 $24,597
251 $2,237,652 $24,597
252 $2,220,980 $24,597
253 $2,204,249 $24,597
254 $2,187,459 $24,597
255 $2,170,609 $24,597
256 $2,153,700 $24,597
257 $2,136,731 $24,597
258 $2,119,701 $24,597
259 $2,102,612 $24,597
260 $2,085,461 $24,597
261 $2,068,250 $24,597
262 $2,050,978 $24,597
263 $2,033,645 $24,597
264 $2,016,251 $24,597
265 $1,998,795 $24,597
266 $1,981,277 $24,597
267 $1,963,697 $24,597
268 $1,946,055 $24,597
269 $1,928,350 $24,597
270 $1,910,582 $24,597
271 $1,892,752 $24,597
272 $1,874,859 $24,597
273 $1,856,902 $24,597
274 $1,838,881 $24,597
275 $1,820,797 $24,597
276 $1,802,649 $24,597
277 $1,784,436 $24,597
278 $1,766,159 $24,597
279 $1,747,817 $24,597
280 $1,729,410 $24,597
281 $1,710,938 $24,597
282 $1,692,401 $24,597
283 $1,673,798 $24,597
284 $1,655,129 $24,597
285 $1,636,394 $24,597
286 $1,617,592 $24,597
287 $1,598,724 $24,597
288 $1,579,789 $24,597
289 $1,560,787 $24,597
290 $1,541,718 $24,597
291 $1,522,582 $24,597
292 $1,503,377 $24,597
293 $1,484,104 $24,597
294 $1,464,764 $24,597
295 $1,445,354 $24,597
296 $1,425,876 $24,597
297 $1,406,329 $24,597
298 $1,386,713 $24,597
299 $1,367,027 $24,597
300 $1,347,272 $24,597
301 $1,327,447 $24,597
302 $1,307,551 $24,597
303 $1,287,585 $24,597
304 $1,267,548 $24,597
305 $1,247,440 $24,597
306 $1,227,261 $24,597
307 $1,207,011 $24,597
308 $1,186,689 $24,597
309 $1,166,295 $24,597
310 $1,145,828 $24,597
311 $1,125,289 $24,597
312 $1,104,678 $24,597
313 $1,083,993 $24,597
314 $1,063,235 $24,597
315 $1,042,404 $24,597
316 $1,021,499 $24,597
317 $1,000,520 $24,597
318 $979,466 $24,597
319 $958,338 $24,597
320 $937,135 $24,597
321 $915,857 $24,597
322 $894,504 $24,597
323 $873,075 $24,597
324 $851,570 $24,597
325 $829,989 $24,597
326 $808,332 $24,597
327 $786,597 $24,597
328 $764,786 $24,597
329 $742,898 $24,597
330 $720,932 $24,597
331 $698,888 $24,597
332 $676,767 $24,597
333 $654,566 $24,597
334 $632,288 $24,597
335 $609,930 $24,597
336 $587,493 $24,597
337 $564,977 $24,597
338 $542,381 $24,597
339 $519,705 $24,597
340 $496,948 $24,597
341 $474,111 $24,597
342 $451,194 $24,597
343 $428,195 $24,597
344 $405,114 $24,597
345 $381,952 $24,597
346 $358,708 $24,597
347 $335,381 $24,597
348 $311,972 $24,597
349 $288,480 $24,597
350 $264,905 $24,597
 351 $241,246 $24,597
352 $217,503 $24,597
353 $193,677 $24,597
354 $169,765 $24,597
355 $145,770 $24,597
356 $121,689 $24,597
357 $97,523 $24,597
358 $73,271 $24,597
359 $48,934 $24,597
360 $24,510 $24,597

1 $0 $6,889 $0 -$6,889
2 -$6,889 $6,913 -$24 -$13,802
3 -$13,802 $6,938 -$49 -$20,739
4 -$20,739 $6,962 -$73 -$27,701
5 -$27,701 $6,987 -$98 -$34,688
6 -$34,688 $7,012 -$123 -$41,700
7 -$41,700 $7,036 -$148 -$48,736
8 -$48,736 $7,061 -$173 -$55,797
Principal Payment Interest Payment Ending Balance
$6,889 $17,708 $4,993,111
$6,913 $17,684 $4,986,198
$6,938 $17,659 $4,979,261
$6,962 $17,635 $4,972,299
$6,987 $17,610 $4,965,312
$7,012 $17,585 $4,958,300
$7,036 $17,561 $4,951,264
$7,061 $17,536 $4,944,203
$7,086 $17,511 $4,937,116
$7,111 $17,486 $4,930,005
$7,137 $17,460 $4,922,869
$7,162 $17,435 $4,915,707
$7,187 $17,410 $4,908,519
$7,213 $17,384 $4,901,307
$7,238 $17,359 $4,894,069
$7,264 $17,333 $4,886,805
$7,290 $17,307 $4,879,515
$7,315 $17,282 $4,872,200
$7,341 $17,256 $4,864,859
$7,367 $17,230 $4,857,491
$7,393 $17,204 $4,850,098
$7,420 $17,177 $4,842,678
$7,446 $17,151 $4,835,232
$7,472 $17,125 $4,827,760
$7,499 $17,098 $4,820,262
$7,525 $17,072 $4,812,736
$7,552 $17,045 $4,805,184
$7,579 $17,018 $4,797,606
$7,605 $16,992 $4,790,000
$7,632 $16,965 $4,782,368
$7,659 $16,938 $4,774,709
$7,687 $16,910 $4,767,022
$7,714 $16,883 $4,759,308
$7,741 $16,856 $4,751,567
$7,769 $16,828 $4,743,799
$7,796 $16,801 $4,736,002
$7,824 $16,773 $4,728,179
$7,851 $16,746 $4,720,327
$7,879 $16,718 $4,712,448
$7,907 $16,690 $4,704,541
$7,935 $16,662 $4,696,606
$7,963 $16,634 $4,688,643
$7,991 $16,606 $4,680,652
$8,020 $16,577 $4,672,632
$8,048 $16,549 $4,664,584
$8,077 $16,520 $4,656,507
$8,105 $16,492 $4,648,402
$8,134 $16,463 $4,640,268
$8,163 $16,434 $4,632,105
$8,192 $16,405 $4,623,914
$8,221 $16,376 $4,615,693
$8,250 $16,347 $4,607,443
$8,279 $16,318 $4,599,164
$8,308 $16,289 $4,590,856
$8,338 $16,259 $4,582,518
$8,367 $16,230 $4,574,151
$8,397 $16,200 $4,565,754
$8,427 $16,170 $4,557,328
$8,456 $16,141 $4,548,871
$8,486 $16,111 $4,540,385
$8,516 $16,081 $4,531,868
$8,547 $16,050 $4,523,322
$8,577 $16,020 $4,514,745
$8,607 $15,990 $4,506,138
$8,638 $15,959 $4,497,500
$8,668 $15,929 $4,488,831
$8,699 $15,898 $4,480,132
$8,730 $15,867 $4,471,403
$8,761 $15,836 $4,462,642
$8,792 $15,805 $4,453,850
$8,823 $15,774 $4,445,027
$8,854 $15,743 $4,436,173
$8,886 $15,711 $4,427,287
$8,917 $15,680 $4,418,370
$8,949 $15,648 $4,409,422
$8,980 $15,617 $4,400,441
$9,012 $15,585 $4,391,429
 $9,044 $15,553 $4,382,385
$9,076 $15,521 $4,373,309
$9,108 $15,489 $4,364,201
$9,140 $15,457 $4,355,061
$9,173 $15,424 $4,345,888
$9,205 $15,392 $4,336,682
$9,238 $15,359 $4,327,445
$9,271 $15,326 $4,318,174
$9,303 $15,294 $4,308,870
$9,336 $15,261 $4,299,534
$9,369 $15,228 $4,290,165
$9,403 $15,194 $4,280,762
$9,436 $15,161 $4,271,326
$9,469 $15,128 $4,261,857
$9,503 $15,094 $4,252,354
$9,537 $15,060 $4,242,817
$9,570 $15,027 $4,233,247
$9,604 $14,993 $4,223,642
$9,638 $14,959 $4,214,004
$9,672 $14,925 $4,204,332
$9,707 $14,890 $4,194,625
$9,741 $14,856 $4,184,884
$9,776 $14,821 $4,175,109
$9,810 $14,787 $4,165,298
$9,845 $14,752 $4,155,454
$9,880 $14,717 $4,145,574
$9,915 $14,682 $4,135,659
$9,950 $14,647 $4,125,709
$9,985 $14,612 $4,115,724
$10,020 $14,577 $4,105,704
$10,056 $14,541 $4,095,648
$10,092 $14,505 $4,085,556
$10,127 $14,470 $4,075,429
$10,163 $14,434 $4,065,266
$10,199 $14,398 $4,055,066
$10,235 $14,362 $4,044,831
$10,272 $14,325 $4,034,560
$10,308 $14,289 $4,024,252
$10,344 $14,253 $4,013,907
$10,381 $14,216 $4,003,526
$10,418 $14,179 $3,993,108
$10,455 $14,142 $3,982,653
$10,492 $14,105 $3,972,162
$10,529 $14,068 $3,961,633
$10,566 $14,031 $3,951,067
$10,604 $13,993 $3,940,463
$10,641 $13,956 $3,929,822
$10,679 $13,918 $3,919,143
$10,717 $13,880 $3,908,426
$10,755 $13,842 $3,897,672
$10,793 $13,804 $3,886,879
$10,831 $13,766 $3,876,048
$10,869 $13,728 $3,865,179
$10,908 $13,689 $3,854,271
$10,946 $13,651 $3,843,324
$10,985 $13,612 $3,832,339
$11,024 $13,573 $3,821,315
$11,063 $13,534 $3,810,252
$11,102 $13,495 $3,799,149
$11,142 $13,455 $3,788,008
$11,181 $13,416 $3,776,827
$11,221 $13,376 $3,765,606
$11,260 $13,337 $3,754,345
$11,300 $13,297 $3,743,045
$11,340 $13,257 $3,731,705
$11,381 $13,216 $3,720,324
$11,421 $13,176 $3,708,903
$11,461 $13,136 $3,697,442
$11,502 $13,095 $3,685,940
$11,543 $13,054 $3,674,397
$11,584 $13,013 $3,662,814
$11,625 $12,972 $3,651,189
$11,666 $12,931 $3,639,524
$11,707 $12,890 $3,627,817
$11,748 $12,849 $3,616,068
$11,790 $12,807 $3,604,278
$11,832 $12,765 $3,592,446
$11,874 $12,723 $3,580,573
$11,916 $12,681 $3,568,657
$11,958 $12,639 $3,556,699
$12,000 $12,597 $3,544,698
$12,043 $12,554 $3,532,656
$12,086 $12,511 $3,520,570
$12,128 $12,469 $3,508,442
$12,171 $12,426 $3,496,270
$12,214 $12,383 $3,484,056
$12,258 $12,339 $3,471,798
$12,301 $12,296 $3,459,497
$12,345 $12,252 $3,447,153
$12,388 $12,209 $3,434,764
$12,432 $12,165 $3,422,332
$12,476 $12,121 $3,409,856
$12,520 $12,077 $3,397,336
$12,565 $12,032 $3,384,771
$12,609 $11,988 $3,372,162
$12,654 $11,943 $3,359,508
$12,699 $11,898 $3,346,809
$12,744 $11,853 $3,334,065
$12,789 $11,808 $3,321,276
$12,834 $11,763 $3,308,442
$12,880 $11,717 $3,295,563
$12,925 $11,672 $3,282,637
$12,971 $11,626 $3,269,666
$13,017 $11,580 $3,256,649
$13,063 $11,534 $3,243,586
$13,109 $11,488 $3,230,477
$13,156 $11,441 $3,217,321
$13,202 $11,395 $3,204,119
$13,249 $11,348 $3,190,870
$13,296 $11,301 $3,177,574
$13,343 $11,254 $3,164,231
$13,390 $11,207 $3,150,841
$13,438 $11,159 $3,137,403
$13,485 $11,112 $3,123,918
$13,533 $11,064 $3,110,384
$13,581 $11,016 $3,096,803
$13,629 $10,968 $3,083,174
$13,677 $10,920 $3,069,497
$13,726 $10,871 $3,055,771
$13,774 $10,823 $3,041,996
$13,823 $10,774 $3,028,173
$13,872 $10,725 $3,014,301
$13,921 $10,676 $3,000,380
$13,971 $10,626 $2,986,409
$14,020 $10,577 $2,972,389
$14,070 $10,527 $2,958,319
$14,120 $10,477 $2,944,199
$14,170 $10,427 $2,930,030
$14,220 $10,377 $2,915,810
$14,270 $10,327 $2,901,540
$14,321 $10,276 $2,887,219
$14,371 $10,226 $2,872,848
$14,422 $10,175 $2,858,425
$14,473 $10,124 $2,843,952
$14,525 $10,072 $2,829,427
$14,576 $10,021 $2,814,851
$14,628 $9,969 $2,800,223
$14,680 $9,917 $2,785,544
$14,732 $9,865 $2,770,812
$14,784 $9,813 $2,756,029
$14,836 $9,761 $2,741,193
$14,889 $9,708 $2,726,304
$14,941 $9,656 $2,711,363
$14,994 $9,603 $2,696,368
$15,047 $9,550 $2,681,321
$15,101 $9,496 $2,666,220
$15,154 $9,443 $2,651,066
$15,208 $9,389 $2,635,859
$15,262 $9,335 $2,620,597
$15,316 $9,281 $2,605,281
$15,370 $9,227 $2,589,911
$15,424 $9,173 $2,574,487
$15,479 $9,118 $2,559,008
$15,534 $9,063 $2,543,474
$15,589 $9,008 $2,527,885
$15,644 $8,953 $2,512,241
$15,699 $8,898 $2,496,542
$15,755 $8,842 $2,480,786
$15,811 $8,786 $2,464,976
$15,867 $8,730 $2,449,109
$15,923 $8,674 $2,433,186
$15,979 $8,618 $2,417,206
$16,036 $8,561 $2,401,170
$16,093 $8,504 $2,385,077
$16,150 $8,447 $2,368,927
$16,207 $8,390 $2,352,720
$16,264 $8,333 $2,336,456
$16,322 $8,275 $2,320,134
$16,380 $8,217 $2,303,754
$16,438 $8,159 $2,287,316
$16,496 $8,101 $2,270,820
$16,555 $8,042 $2,254,266
$16,613 $7,984 $2,237,652
$16,672 $7,925 $2,220,980
$16,731 $7,866 $2,204,249
$16,790 $7,807 $2,187,459
$16,850 $7,747 $2,170,609
$16,909 $7,688 $2,153,700
$16,969 $7,628 $2,136,731
$17,029 $7,568 $2,119,701
$17,090 $7,507 $2,102,612
$17,150 $7,447 $2,085,461
$17,211 $7,386 $2,068,250
$17,272 $7,325 $2,050,978
$17,333 $7,264 $2,033,645
$17,395 $7,202 $2,016,251
$17,456 $7,141 $1,998,795
$17,518 $7,079 $1,981,277
$17,580 $7,017 $1,963,697
$17,642 $6,955 $1,946,055
$17,705 $6,892 $1,928,350
$17,767 $6,830 $1,910,582
$17,830 $6,767 $1,892,752
$17,893 $6,703 $1,874,859
$17,957 $6,640 $1,856,902
$18,020 $6,577 $1,838,881
$18,084 $6,513 $1,820,797
$18,148 $6,449 $1,802,649
$18,213 $6,384 $1,784,436
$18,277 $6,320 $1,766,159
$18,342 $6,255 $1,747,817
$18,407 $6,190 $1,729,410
$18,472 $6,125 $1,710,938
$18,537 $6,060 $1,692,401
$18,603 $5,994 $1,673,798
$18,669 $5,928 $1,655,129
$18,735 $5,862 $1,636,394
$18,801 $5,796 $1,617,592
$18,868 $5,729 $1,598,724
$18,935 $5,662 $1,579,789
$19,002 $5,595 $1,560,787
$19,069 $5,528 $1,541,718
$19,137 $5,460 $1,522,582
$19,205 $5,392 $1,503,377
$19,273 $5,324 $1,484,104
$19,341 $5,256 $1,464,764
$19,409 $5,188 $1,445,354
$19,478 $5,119 $1,425,876
$19,547 $5,050 $1,406,329
$19,616 $4,981 $1,386,713
$19,686 $4,911 $1,367,027
$19,755 $4,842 $1,347,272
$19,825 $4,772 $1,327,447
$19,896 $4,701 $1,307,551
$19,966 $4,631 $1,287,585
$20,037 $4,560 $1,267,548
$20,108 $4,489 $1,247,440
$20,179 $4,418 $1,227,261
$20,250 $4,347 $1,207,011
$20,322 $4,275 $1,186,689
$20,394 $4,203 $1,166,295
$20,466 $4,131 $1,145,828
$20,539 $4,058 $1,125,289
$20,612 $3,985 $1,104,678
$20,685 $3,912 $1,083,993
$20,758 $3,839 $1,063,235
$20,831 $3,766 $1,042,404
$20,905 $3,692 $1,021,499
$20,979 $3,618 $1,000,520
$21,053 $3,544 $979,466
$21,128 $3,469 $958,338
$21,203 $3,394 $937,135
$21,278 $3,319 $915,857
$21,353 $3,244 $894,504
$21,429 $3,168 $873,075
$21,505 $3,092 $851,570
$21,581 $3,016 $829,989
$21,657 $2,940 $808,332
$21,734 $2,863 $786,597
$21,811 $2,786 $764,786
$21,888 $2,709 $742,898
$21,966 $2,631 $720,932
$22,044 $2,553 $698,888
$22,122 $2,475 $676,767
$22,200 $2,397 $654,566
$22,279 $2,318 $632,288
$22,358 $2,239 $609,930
$22,437 $2,160 $587,493
$22,516 $2,081 $564,977
$22,596 $2,001 $542,381
$22,676 $1,921 $519,705
$22,756 $1,841 $496,948
$22,837 $1,760 $474,111
$22,918 $1,679 $451,194
$22,999 $1,598 $428,195
$23,080 $1,517 $405,114
$23,162 $1,435 $381,952
$23,244 $1,353 $358,708
$23,327 $1,270 $335,381
$23,409 $1,188 $311,972
$23,492 $1,105 $288,480
$23,575 $1,022 $264,905
$23,659 $938 $241,246
$23,743 $854 $217,503
$23,827 $770 $193,677
$23,911 $686 $169,765
$23,996 $601 $145,770
$24,081 $516 $121,689
$24,166 $431 $97,523
$24,252 $345 $73,271
$24,337 $260 $48,934
$24,424 $173 $24,510
$24,510 $87 -$0
#1 Pro Rata Share
Use the floor plan to the right to calculate the pro rata share
HAKEEM'S BEEPERS
for Hakeem's Beepers
2,700 SF

#2 Triple-Net (NNN) Leases

The total reimbursable expenses for the shopping center are
COMMO
$100,000 for the year. How much does Clyde's Cycling owe
the landlord if they are on a NNN lease?

#3 Full-Service Gross (FSG) Leases

CLYDE'S CYCLING
The total reimbursable expenses for the shopping center are
6,000 S
$100,000 for the year. How much does Patrick's Shoes owe
the landlord if they are on a FSG lease?

#4 Base Year Stop

The base year is 2015, and Kerr Consulting's pro rata share of the Reimbursable Expenses
office building is 20%. What is their total reimbursement to
the landlord in 2018?

#5 Percentage Rent
Piazza's Ristorante paid $120,000 in base rent payments
in 2016 and made $2,400,000 in net sales that same year.
If their lease calls for percentage rent payments of 6% over a Percentage Rent Owed
natural breakpoint, what is the total percentage rent owed?
AKEEM'S BEEPERS CHUCK'S OLD BEEF BARBEQUE
2,700 SF 3,300 SF

COMMON AREA HALLWAY - 2,500 SF

CLYDE'S CYCLING PATRICK'S SHOES

6,000 SF 3,000 SF

2014 2015 2016 2017 2018

Reimbursable Expenses $560,000 $588,000 $617,400 $648,270 $680,684

Base Rent $120,000

Breakpoint 6.00%
Net Sales $2,400,000
Percentage Rent Owed $24,000
 Net Leasable Area 15,000
Hakeem's Beepers SF 2,700
Hakeem's Beeper's Pro Rata Share 18.00%

Net Leasable Area 15,000

Clyde's Cycling SF 6,000
Clyde's Cycling Pro Rata Share 40.00%
Total Reimbursable Expenses $100,000
Clyde's Cycling NNN Expense Share $40,000

Patrick's Shoes FSG Expense Share $0

Base Year Expense 588,000

Increase Over Base Year in 2018 92,684
Kerr Consulting Pro Rata Share 20.00%
Total Reimbursement to Landlord $18,537
#1 Leasing Commissions Rent/SF $26.00 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Your leasing broker helps you sign a 10-year lease with a SF 3,000 Base Rent $78,000 $80,340 $82,750 $85,233 $87,790 $90,423 $93,136 $95,930 $98,808 $101,772
local ice cream shop in your shopping center. Annual Increases 3.00% Leasing Commissions $4,680 $4,820 $4,965 $5,114 $5,267 $2,713 $2,794 $2,878 $2,964 $3,053
The lease was signed for $26.00/SF/Year for 3,000 square Years 1-5 6.00%
feet with annual 3.0% increases. If your leasing agreement Years 6-10 3.00%
called for a payment of 6.0% for Years 1-5 and 3.0% for
years 6-10, what is the total size of the leasing commission? Total Leasing Commission $39,249

#2 Tenant Improvement (TI) Allowance TI Allowance/SF $20.00

The ice cream shop mentioned above was a great fit Square Feet 3,000
for your center - an attractive use, a fair rental rate,
and a complimentary service to your existing tenant base. Total TI Allowance $60,000
In order to complete the deal, however, the shop needed
some financial help building out their space and requested
$20/SF for a TI allowance, which was granted. What is the
total TI allowance owed by the landlord?

#3 Modeling Renewal Probability Renewal New Year 1 Year 2 Year 3 Year 4 Year 5
When the ice cream shop's lease is up, you believe there is Probability 70% 30% Base Rent $93,075 $109,500 $109,500 $109,500 $109,500
a 70% chance they will renew at $35.00/SF for another 5 Base Rent/SF $35 $40 LC -$25,500
years, and you will owe a leasing commission of 4.0% to the Leasing Commission 4.00% 6.00% TI -$22,500
broker. If they do not renew, you expect the space to sit TI Allowance/SF $0 $25.00 Tenant CF $45,075 $109,500 $109,500 $109,500 $109,500
vacant for 6 months, and a new tenant to pay $40.00/SF Vacancy Assumption 0 Months 6 Months
for a 5-year term, for which you would pay a leasing
commission of 6.0% to the broker and a TI allowance of
$25/SF. Using renewal probability modeling, what is the
total 5-year cash flow projection for the 60 months after
the ice cream shop's lease expires?
 Acquisition Year 1 Year 2 Year 3
Revenues $1,360,000 $1,400,800 $1,442,824
Expenses $880,000 $906,400 $933,592
Net Operating Income $480,000 $494,400 $509,232

Leasing Commissions $20,000 $0 $20,000

Tenant Improvements $25,000 $0 $15,000
Capital Reserves $12,000 $12,000 $12,000
Cash Flow Before Debt Service $423,000 $482,400 $462,232

Interest Expense $172,689 $169,749 $166,678

Amortization $66,260 $69,201 $72,272
Cash Flow After Debt Service $184,050 $243,450 $223,282

Purchase Price $7,250,000

Closing Costs $72,500
Loan Proceeds $4,000,000

Sale Proceeds
Costs of Sale
Loan Payoff

Net Property Cash Flow $3,322,500 $184,050 $243,450 $223,282

IRR 11.62%
Average Cash-on-Cash 8.60%
Equity Multiple 2.46x
 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
$1,486,109 $1,530,692 $1,576,613 $1,623,911 $1,672,628 $1,722,807 $1,774,492
$961,600 $990,448 $1,020,161 $1,050,766 $1,082,289 $1,114,758 $1,148,200
$524,509 $540,244 $556,452 $573,145 $590,339 $608,050 $626,291

$0 $0 $0 $0 $30,000 $0 $0
$0 $0 $0 $0 $25,000 $0 $0
$12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000
$512,509 $528,244 $544,452 $561,145 $523,339 $596,050 $614,291

$163,471 $160,121 $156,623 $152,969 $149,154 $145,169 $141,007

$75,479 $78,829 $82,327 $85,980 $89,796 $93,781 $97,943
$273,559 $289,295 $305,502 $322,195 $284,390 $357,100 $375,341

$8,601,065
$86,011
$3,188,132

$273,559 $289,295 $305,502 $322,195 $284,390 $357,100 $5,702,264

 Year 11 Acquisition/Disposition Metrics
$1,827,726 Purchase Price $7,250,000
$1,182,646 Closing Costs 1.00%
$645,080 Exit Cap 7.50%
Costs of Sale 1.00%
$0
$0 Loan Metrics
$12,000 Loan Amount $4,000,000
$633,080 Interest Rate 4.35%
Amortization 30 Years
$136,660 Term 10 Years
$102,289
$394,130 Operating Metrics
Revenue/SF $34.00
Expenses/SF $22.00
Capital Reserves $0.30/SF
Property SF 40,000
Revenue Growth 3.00%
Expense Growth 3.00%
 Purchase Price $20,000,000
Property SF 80,000
Gross Potential Revenue/SF/Year $24.00
Annual Revenue Growth Rate 4.00%
General Vacancy 7.00%
Operating Expenses/SF/Year $8.00
Expense Growth Rate 2.50%
Capital Reserves/SF/Year $0.30
Capital Reserve Growth/Year 2.00%
Exit Cap Rate 6.50%
Hold Period 120 Months
Acquisition Date 3/31/2019
Assumed Sale Date 3/31/2029

LTV 70%
Interest Rate 4.50%
Amortization 30 Years

Going-In Cap Rate (Forward 12 Months)

Unlevered IRR
Levered IRR
Average Unlevered Cash-on-Cash (Net Sale/Loan Payoff)
Average Levered Cash-on-Cash (Net Sale/Loan Payoff)
Unlevered Equity Multiple
Levered Equity Multiple

Going-In DSCR (Forward 12 Months)

Going-In Debt Yield (Forward 12 Months)
Exit LTV (Based on Sale Price)

Year 1 Operating Expense Ratio

Year 1 Breakeven Ratio