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 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025 3/31/2026 3/31/2027 3/31/2028 3/31/2029 3/31/2030
Purchase Price $20,000,000 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
Property SF 80,000 GPR 1,920,000 1,996,800 2,076,672 2,159,739 2,246,128 2,335,974 2,429,413 2,526,589 2,627,653 2,732,759 2,842,069
Gross Potential Revenue/SF/Year $24.00 Less:Vacancy Costs -134,400 -139,776 -145,367 -151,182 -157,229 -163,518 -170,059 -176,861 -183,936 -191,293 -198,945
Annual Revenue Growth Rate 4.00% Revenue 1,785,600 1,857,024 1,931,305 2,008,557 2,088,899 2,172,455 2,259,354 2,349,728 2,443,717 2,541,466 2,643,124
General Vacancy 7.00% Less: Opex -640,000 -656,000 -672,400 -689,210 -706,440 -724,101 -742,204 -760,759 -779,778 -799,272 -819,254
Operating Expenses/SF/Year $8.00 NOI 1,145,600 1,201,024 1,258,905 1,319,347 1,382,459 1,448,354 1,517,150 1,588,969 1,663,939 1,742,193 1,823,870
Expense Growth Rate 2.50%
Capital Reserves/SF/Year $0.30 TI
Capital Reserve Growth/Year 2.00% LC
Exit Cap Rate 6.50% CR 24,000 24,480 24,970 25,469 25,978 26,498 27,028 27,568 28,120 28,682 29,256
Hold Period 120 Months CF before Debt -20,000,000 1,121,600 1,176,544 1,233,935 1,293,878 1,356,481 1,421,856 1,490,122 1,561,400 1,635,819 1,713,511 1,794,614
Acquisition Date 3/31/2019
Assumed Sale Date 3/31/2029 Interest Exp 625,380 615,004 604,152 592,801 580,929 568,511 555,523 541,938 527,729 512,868 497,323
Amort 225,852 236,227 247,080 258,430 270,303 282,720 295,708 309,293 323,502 338,364 353,908
LTV 70% CF After Debt -6,000,000 270,369 325,313 382,704 442,647 505,250 570,625 638,891 710,169 784,588 862,280 943,383
Interest Rate 4.50%
Amortization 30 Years Unlevered CF -20,000,000 1,121,600 1,176,544 1,233,935 1,293,878 1,356,481 1,421,856 1,490,122 1,561,400 1,635,819 29,773,051
Levered CF -6,000,000 270,369 325,313 382,704 442,647 505,250 570,625 638,891 710,169 784,588 17,709,299
Going-In Cap Rate (Forward 12 Months) 5.73%
Unlevered IRR 9.37%
Levered IRR 16.24% Purchase Price 20,000,000 Selling Price 28,059,540
Average Unlevered Cash-on-Cash (Net Sale/Loan Payoff) 6.83% Loan 14,000,000 Loan Payoff 11,212,521
Average Levered Cash-on-Cash (Net Sale/Loan Payoff) 8.58%
Unlevered Equity Multiple 2.10x
Levered Equity Multiple 3.72x

Going-In DSCR (Forward 12 Months) 1.35x

Going-In Debt Yield (Forward 12 Months) 8.18%
Exit LTV (Based on Sale Price) 49.89%

Year 1 Operating Expense Ratio 35.84%

Year 1 Breakeven Ratio
 Purchase Price $20,000,000 Acquisition Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 2 Year 2 Year 2 Year 2 Year 2 Year 2
Property SF 80,000 Acquisition Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 Month 18
Gross Potential Revenue/SF/Year $24.00 3/31/2019 4/30/2019 5/31/2019 6/30/2019 7/31/2019 8/31/2019 9/30/2019 10/31/2019 11/30/2019 12/31/2019 1/31/2020 2/29/2020 3/31/2020 4/30/2020 5/31/2020 6/30/2020 7/31/2020 8/31/2020 9/30/2020
Annual Revenue Growth Rate 4.00% Gross Potential Revenue 160,000 160,524 161,049 161,577 162,106 162,636 163,169 163,703 164,239 164,776 165,316 165,857 166,400 166,945 167,491 168,040 168,590 169,142
General Vacancy 7.00% Vacancy (11,200) (11,237) (11,273) (11,310) (11,347) (11,385) (11,422) (11,459) (11,497) (11,534) (11,572) (11,610) (11,648) (11,686) (11,724) (11,763) (11,801) (11,840)
Operating Expenses/SF/Year $8.00 Effective Gross Revenue 148,800 149,287 149,776 150,266 150,758 151,252 151,747 152,244 152,742 153,242 153,744 154,247 154,752 155,259 155,767 156,277 156,788 157,302
Expense Growth Rate 2.50%
Capital Reserves/SF/Year $0.30 Expenses (53,333) (53,443) (53,553) (53,664) (53,774) (53,885) (53,996) (54,107) (54,219) (54,330) (54,442) (54,554) (54,667) (54,779) (54,892) (55,005) (55,118) (55,232)
Capital Reserve Growth/Year 2.00%
Exit Cap Rate 6.50% NOI 95,467 95,844 96,223 96,603 96,984 97,367 97,751 98,136 98,523 98,912 99,302 99,693 100,085 100,479 100,875 101,272 101,670 102,070
Hold Period 120 Months
Acquisition Date 3/31/2019 Capital Reserves (2,000) (2,003) (2,007) (2,010) (2,013) (2,017) (2,020) (2,023) (2,027) (2,030) (2,033) (2,037) (2,040) (2,043) (2,047) (2,050) (2,054) (2,057)
Assumed Sale Date 3/31/2029
(20,000,000) Purchase Price (20,000,000)
LTV 70% 28,655,981 Sale Proceeds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Rate 4.50% 22,967,185 Total Unlevered Cash Flows (20,000,000) 93,467 93,841 94,216 94,593 94,971 95,350 95,731 96,113 96,497 96,882 97,268 97,656 98,045 98,436 98,828 99,222 99,616 100,013
Amortization 30 Years
(5,724,834) Interest Payment (52,500) (52,431) (52,361) (52,292) (52,222) (52,152) (52,081) (52,011) (51,940) (51,868) (51,797) (51,725) (51,653) (51,581) (51,508) (51,435) (51,362) (51,289)
Going-In Cap Rate (Forward 12 Months) 5.85% (2,787,479) Amortization (18,436) (18,505) (18,574) (18,644) (18,714) (18,784) (18,855) (18,925) (18,996) (19,068) (19,139) (19,211) (19,283) (19,355) (19,428) (19,501) (19,574) (19,647)
Unlevered IRR 9.92% 14,454,872 Cash Flow After Debt Service (20,000,000) 22,531 22,905 23,280 23,657 24,035 24,414 24,795 25,177 25,561 25,946 26,332 26,720 27,109 27,500 27,892 28,286 28,681 29,077
Levered IRR 17.27%
Average Unlevered Cash-on-Cash (Net Sale/Loan Payoff) 7.16% 14,000,000 Loan Proceeds 14,000,000
Average Levered Cash-on-Cash (Net Sale/Loan Payoff) 9.66% (11,212,521) Loan Payoff 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Unlevered Equity Multiple 2.15x 17,242,351 Total Levered Cash Flows (6,000,000) 22,531 22,905 23,280 23,657 24,035 24,414 24,795 25,177 25,561 25,946 26,332 26,720 27,109 27,500 27,892 28,286 28,681 29,077
Levered Equity Multiple 3.87x
CHECK Cash-on-Cash Calculations Acquisition Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Going-In DSCR (Forward 12 Months) 1.38x 0 Total Unlevered Cash Flows (20,000,000) 1,146,584 1,202,642 1,261,194 1,322,346 1,386,210 1,452,901 1,522,537 1,595,244 1,671,151 1,750,395
Going-In Debt Yield (Forward 12 Months) 8.36% 0 Total Levered Cash Flows (6,000,000) 295,353 351,410 409,962 471,115 534,979 601,669 671,305 744,012 819,920 899,164
Exit LTV (Based on Sale Price) 39.13%
Unlevered Cash-on-Cash 5.73% 6.01% 6.31% 6.61% 6.93% 7.26% 7.61% 7.98% 8.36% 8.75%
Year 1 Operating Expense Ratio 35.60% Levered Cash-on-Cash 4.92% 5.86% 6.83% 7.85% 8.92% 10.03% 11.19% 12.40% 13.67% 14.99%
Year 1 Breakeven Ratio 77.89%
 Year 2 Year 2 Year 2 Year 2 Year 2 Year 2 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4
Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25 Month 26 Month 27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 Month 37 Month 38 Month 39 Month 40 Month 41 Month 42 Month 43 Month 44 Month 45 Month 46
10/31/2020 11/30/2020 12/31/2020 1/31/2021 2/28/2021 3/31/2021 4/30/2021 5/31/2021 6/30/2021 7/31/2021 8/31/2021 9/30/2021 10/31/2021 11/30/2021 12/31/2021 1/31/2022 2/28/2022 3/31/2022 4/30/2022 5/31/2022 6/30/2022 7/31/2022 8/31/2022 9/30/2022 10/31/2022 11/30/2022 12/31/2022 1/31/2023
169,695 170,251 170,808 171,367 171,928 172,491 173,056 173,623 174,191 174,761 175,333 175,907 176,483 177,061 177,641 178,222 178,806 179,391 179,978 180,567 181,159 181,752 182,347 182,944 183,543 184,143 184,746 185,351
(11,879) (11,918) (11,957) (11,996) (12,035) (12,074) (12,114) (12,154) (12,193) (12,233) (12,273) (12,314) (12,354) (12,394) (12,435) (12,476) (12,516) (12,557) (12,598) (12,640) (12,681) (12,723) (12,764) (12,806) (12,848) (12,890) (12,932) (12,975)
157,817 158,333 158,852 159,372 159,893 160,417 160,942 161,469 161,998 162,528 163,060 163,594 164,129 164,667 165,206 165,747 166,289 166,834 167,380 167,928 168,477 169,029 169,582 170,138 170,695 171,253 171,814 172,376

(55,346) (55,460) (55,574) (55,688) (55,803) (55,918) (56,033) (56,149) (56,264) (56,380) (56,496) (56,613) (56,729) (56,846) (56,963) (57,081) (57,198) (57,316) (57,434) (57,552) (57,671) (57,790) (57,909) (58,028) (58,148) (58,267) (58,387) (58,508)

102,471 102,874 103,278 103,683 104,090 104,499 104,909 105,320 105,733 106,148 106,564 106,981 107,400 107,820 108,242 108,666 109,091 109,517 109,946 110,375 110,806 111,239 111,674 112,109 112,547 112,986 113,427 113,869

(2,060) (2,064) (2,067) (2,071) (2,074) (2,077) (2,081) (2,084) (2,088) (2,091) (2,095) (2,098) (2,102) (2,105) (2,108) (2,112) (2,115) (2,119) (2,122) (2,126) (2,129) (2,133) (2,136) (2,140) (2,144) (2,147) (2,151) (2,154)

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
100,411 100,810 101,211 101,613 102,016 102,421 102,828 103,236 103,645 104,056 104,469 104,883 105,298 105,715 106,134 106,554 106,975 107,399 107,823 108,249 108,677 109,106 109,537 109,969 110,403 110,839 111,276 111,715

(51,215) (51,141) (51,067) (50,992) (50,918) (50,843) (50,767) (50,692) (50,616) (50,539) (50,463) (50,386) (50,309) (50,232) (50,154) (50,076) (49,998) (49,919) (49,841) (49,762) (49,682) (49,602) (49,522) (49,442) (49,362) (49,281) (49,199) (49,118)
(19,721) (19,795) (19,869) (19,944) (20,018) (20,093) (20,169) (20,244) (20,320) (20,396) (20,473) (20,550) (20,627) (20,704) (20,782) (20,860) (20,938) (21,016) (21,095) (21,174) (21,254) (21,334) (21,414) (21,494) (21,574) (21,655) (21,737) (21,818)
29,475 29,874 30,275 30,677 31,080 31,485 31,892 32,300 32,710 33,121 33,533 33,947 34,362 34,779 35,198 35,618 36,040 36,463 36,887 37,313 37,741 38,170 38,601 39,033 39,467 39,903 40,340 40,779

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29,475 29,874 30,275 30,677 31,080 31,485 31,892 32,300 32,710 33,121 33,533 33,947 34,362 34,779 35,198 35,618 36,040 36,463 36,887 37,313 37,741 38,170 38,601 39,033 39,467 39,903 40,340 40,779
 Year 4 Year 4 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 7 Year 7
Month 47 Month 48 Month 49 Month 50 Month 51 Month 52 Month 53 Month 54 Month 55 Month 56 Month 57 Month 58 Month 59 Month 60 Month 61 Month 62 Month 63 Month 64 Month 65 Month 66 Month 67 Month 68 Month 69 Month 70 Month 71 Month 72 Month 73 Month 74
2/28/2023 3/31/2023 4/30/2023 5/31/2023 6/30/2023 7/31/2023 8/31/2023 9/30/2023 10/31/2023 11/30/2023 12/31/2023 1/31/2024 2/29/2024 3/31/2024 4/30/2024 5/31/2024 6/30/2024 7/31/2024 8/31/2024 9/30/2024 10/31/2024 11/30/2024 12/31/2024 1/31/2025 2/28/2025 3/31/2025 4/30/2025 5/31/2025
185,958 186,567 187,177 187,790 188,405 189,022 189,641 190,261 190,884 191,509 192,136 192,765 193,396 194,029 194,664 195,302 195,941 196,583 197,226 197,872 198,520 199,169 199,822 200,476 201,132 201,790 202,451 203,114
(13,017) (13,060) (13,102) (13,145) (13,188) (13,232) (13,275) (13,318) (13,362) (13,406) (13,450) (13,494) (13,538) (13,582) (13,627) (13,671) (13,716) (13,761) (13,806) (13,851) (13,896) (13,942) (13,988) (14,033) (14,079) (14,125) (14,172) (14,218)
172,941 173,507 174,075 174,645 175,217 175,790 176,366 176,943 177,522 178,103 178,687 179,272 179,858 180,447 181,038 181,631 182,225 182,822 183,420 184,021 184,623 185,228 185,834 186,442 187,053 187,665 188,279 188,896

(58,628) (58,749) (58,870) (58,991) (59,113) (59,235) (59,357) (59,479) (59,601) (59,724) (59,847) (59,970) (60,094) (60,218) (60,342) (60,466) (60,591) (60,715) (60,840) (60,966) (61,091) (61,217) (61,343) (61,470) (61,596) (61,723) (61,850) (61,978)

114,313 114,758 115,205 115,654 116,104 116,556 117,009 117,464 117,921 118,379 118,839 119,301 119,764 120,229 120,696 121,165 121,635 122,106 122,580 123,055 123,532 124,010 124,491 124,973 125,456 125,942 126,429 126,918

(2,158) (2,161) (2,165) (2,168) (2,172) (2,176) (2,179) (2,183) (2,186) (2,190) (2,194) (2,197) (2,201) (2,205) (2,208) (2,212) (2,215) (2,219) (2,223) (2,226) (2,230) (2,234) (2,238) (2,241) (2,245) (2,249) (2,252) (2,256)

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
112,155 112,597 113,040 113,485 113,932 114,380 114,830 115,281 115,735 116,189 116,646 117,104 117,564 118,025 118,488 118,953 119,419 119,887 120,357 120,829 121,302 121,777 122,253 122,731 123,212 123,693 124,177 124,662

(49,036) (48,954) (48,872) (48,789) (48,706) (48,622) (48,539) (48,455) (48,370) (48,286) (48,201) (48,116) (48,030) (47,944) (47,858) (47,771) (47,684) (47,597) (47,510) (47,422) (47,334) (47,245) (47,156) (47,067) (46,978) (46,888) (46,798) (46,707)
(21,900) (21,982) (22,064) (22,147) (22,230) (22,314) (22,397) (22,481) (22,566) (22,650) (22,735) (22,820) (22,906) (22,992) (23,078) (23,165) (23,251) (23,339) (23,426) (23,514) (23,602) (23,691) (23,780) (23,869) (23,958) (24,048) (24,138) (24,229)
41,219 41,661 42,104 42,549 42,996 43,444 43,894 44,345 44,799 45,253 45,710 46,168 46,628 47,089 47,552 48,017 48,483 48,951 49,421 49,893 50,366 50,841 51,317 51,796 52,276 52,757 53,241 53,726

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
41,219 41,661 42,104 42,549 42,996 43,444 43,894 44,345 44,799 45,253 45,710 46,168 46,628 47,089 47,552 48,017 48,483 48,951 49,421 49,893 50,366 50,841 51,317 51,796 52,276 52,757 53,241 53,726
 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 9 Year 9 Year 9 Year 9 Year 9 Year 9
Month 75 Month 76 Month 77 Month 78 Month 79 Month 80 Month 81 Month 82 Month 83 Month 84 Month 85 Month 86 Month 87 Month 88 Month 89 Month 90 Month 91 Month 92 Month 93 Month 94 Month 95 Month 96 Month 97 Month 98 Month 99 Month 100 Month 101 Month 102
6/30/2025 7/31/2025 8/31/2025 9/30/2025 10/31/2025 11/30/2025 12/31/2025 1/31/2026 2/28/2026 3/31/2026 4/30/2026 5/31/2026 6/30/2026 7/31/2026 8/31/2026 9/30/2026 10/31/2026 11/30/2026 12/31/2026 1/31/2027 2/28/2027 3/31/2027 4/30/2027 5/31/2027 6/30/2027 7/31/2027 8/31/2027 9/30/2027
203,779 204,446 205,115 205,787 206,460 207,136 207,814 208,495 209,177 209,862 210,549 211,238 211,930 212,624 213,320 214,018 214,719 215,422 216,127 216,834 217,544 218,257 218,971 219,688 220,407 221,129 221,853 222,579
(14,265) (14,311) (14,358) (14,405) (14,452) (14,500) (14,547) (14,595) (14,642) (14,690) (14,738) (14,787) (14,835) (14,884) (14,932) (14,981) (15,030) (15,080) (15,129) (15,178) (15,228) (15,278) (15,328) (15,378) (15,428) (15,479) (15,530) (15,581)
189,514 190,135 190,757 191,382 192,008 192,637 193,267 193,900 194,535 195,172 195,811 196,452 197,095 197,740 198,387 199,037 199,688 200,342 200,998 201,656 202,316 202,979 203,643 204,310 204,979 205,650 206,323 206,998

(62,105) (62,233) (62,361) (62,490) (62,619) (62,748) (62,877) (63,006) (63,136) (63,266) (63,397) (63,527) (63,658) (63,789) (63,921) (64,052) (64,184) (64,316) (64,449) (64,582) (64,715) (64,848) (64,981) (65,115) (65,249) (65,384) (65,519) (65,654)

127,409 127,901 128,396 128,892 129,389 129,889 130,390 130,894 131,399 131,905 132,414 132,925 133,437 133,951 134,467 134,985 135,504 136,026 136,549 137,074 137,602 138,131 138,662 139,194 139,729 140,266 140,804 141,345

(2,260) (2,264) (2,267) (2,271) (2,275) (2,278) (2,282) (2,286) (2,290) (2,294) (2,297) (2,301) (2,305) (2,309) (2,313) (2,316) (2,320) (2,324) (2,328) (2,332) (2,336) (2,339) (2,343) (2,347) (2,351) (2,355) (2,359) (2,363)

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
125,149 125,638 126,128 126,621 127,115 127,611 128,108 128,608 129,109 129,612 130,117 130,623 131,132 131,642 132,154 132,668 133,184 133,702 134,221 134,743 135,266 135,791 136,318 136,847 137,378 137,911 138,446 138,982

(46,616) (46,525) (46,434) (46,342) (46,249) (46,157) (46,064) (45,971) (45,877) (45,783) (45,689) (45,594) (45,499) (45,404) (45,308) (45,212) (45,115) (45,019) (44,921) (44,824) (44,726) (44,628) (44,529) (44,430) (44,331) (44,231) (44,131) (44,030)
(24,320) (24,411) (24,502) (24,594) (24,686) (24,779) (24,872) (24,965) (25,059) (25,153) (25,247) (25,342) (25,437) (25,532) (25,628) (25,724) (25,821) (25,917) (26,015) (26,112) (26,210) (26,308) (26,407) (26,506) (26,605) (26,705) (26,805) (26,906)
54,213 54,702 55,192 55,685 56,179 56,675 57,172 57,672 58,173 58,676 59,181 59,687 60,196 60,706 61,218 61,732 62,248 62,766 63,285 63,807 64,330 64,855 65,382 65,911 66,442 66,975 67,510 68,046

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
54,213 54,702 55,192 55,685 56,179 56,675 57,172 57,672 58,173 58,676 59,181 59,687 60,196 60,706 61,218 61,732 62,248 62,766 63,285 63,807 64,330 64,855 65,382 65,911 66,442 66,975 67,510 68,046
 Year 9 Year 9 Year 9 Year 9 Year 9 Year 9 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11
Month 103 Month 104 Month 105 Month 106 Month 107 Month 108 Month 109 Month 110 Month 111 Month 112 Month 113 Month 114 Month 115 Month 116 Month 117 Month 118 Month 119 Month 120 Month 121 Month 122 Month 123 Month 124 Month 125 Month 126 Month 127 Month 128 Month 129 Month 130
10/31/2027 11/30/2027 12/31/2027 1/31/2028 2/29/2028 3/31/2028 4/30/2028 5/31/2028 6/30/2028 7/31/2028 8/31/2028 9/30/2028 10/31/2028 11/30/2028 12/31/2028 1/31/2029 2/28/2029 3/31/2029 4/30/2029 5/31/2029 6/30/2029 7/31/2029 8/31/2029 9/30/2029 10/31/2029 11/30/2029 12/31/2029 1/31/2030
223,308 224,039 224,772 225,508 226,246 226,987 227,730 228,475 229,223 229,974 230,727 231,482 232,240 233,000 233,763 234,528 235,296 236,066 236,839 237,614 238,392 239,173 239,956 240,741 241,529 242,320 243,113 243,909
(15,632) (15,683) (15,734) (15,786) (15,837) (15,889) (15,941) (15,993) (16,046) (16,098) (16,151) (16,204) (16,257) (16,310) (16,363) (16,417) (16,471) (16,525) (16,579) (16,633) (16,687) (16,742) (16,797) (16,852) (16,907) (16,962) (17,018) (17,074)
207,676 208,356 209,038 209,722 210,409 211,098 211,789 212,482 213,178 213,876 214,576 215,278 215,983 216,690 217,400 218,111 218,825 219,542 220,260 220,981 221,705 222,431 223,159 223,889 224,622 225,358 226,095 226,836

(65,789) (65,924) (66,060) (66,196) (66,332) (66,469) (66,606) (66,743) (66,881) (67,018) (67,157) (67,295) (67,433) (67,572) (67,712) (67,851) (67,991) (68,131) (68,271) (68,412) (68,553) (68,694) (68,835) (68,977) (69,119) (69,262) (69,404) (69,547)

141,887 142,432 142,978 143,526 144,076 144,629 145,183 145,739 146,297 146,857 147,419 147,983 148,550 149,118 149,688 150,260 150,834 151,411 151,989 152,570 153,152 153,737 154,323 154,912 155,503 156,096 156,691 157,288

(2,367) (2,371) (2,374) (2,378) (2,382) (2,386) (2,390) (2,394) (2,398) (2,402) (2,406) (2,410) (2,414) (2,418) (2,422) (2,426) (2,430) (2,434) (2,438) (2,442) (2,446) (2,450) (2,454) (2,458) (2,462) (2,466) (2,470) (2,474)

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28,655,981 0 0 0 0 0 0 0 0 0 0
139,521 140,061 140,603 141,148 141,694 142,242 142,793 143,345 143,899 144,455 145,013 145,573 146,136 146,700 147,266 147,834 148,405 28,804,958 0 0 0 0 0 0 0 0 0 0

(43,929) (43,828) (43,726) (43,624) (43,522) (43,419) (43,316) (43,212) (43,108) (43,004) (42,899) (42,794) (42,689) (42,583) (42,476) (42,370) (42,262) (42,155) 0 0 0 0 0 0 0 0 0 0
(27,007) (27,108) (27,210) (27,312) (27,414) (27,517) (27,620) (27,724) (27,828) (27,932) (28,037) (28,142) (28,247) (28,353) (28,460) (28,566) (28,674) (28,781) 0 0 0 0 0 0 0 0 0 0
68,585 69,125 69,668 70,212 70,758 71,306 71,857 72,409 72,963 73,519 74,077 74,638 75,200 75,764 76,330 76,898 77,469 28,734,022 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (11,212,521) 0 0 0 0 0 0 0 0 0 0
68,585 69,125 69,668 70,212 70,758 71,306 71,857 72,409 72,963 73,519 74,077 74,638 75,200 75,764 76,330 76,898 77,469 17,521,501 0 0 0 0 0 0 0 0 0 0
 Year 11 Year 11
Month 131 Month 132
2/28/2030 3/31/2030
244,708 245,509
(17,130) (17,186)
227,578 228,323

(69,691) (69,834)

157,888 158,489

(2,479) (2,483)

0 0
0 0

0 0
0 0
0 0

0 0
0 0
 0 1 2 3 4 5 6
Revenue
Expenses

NOI

TI
LC
CR
CF before Debt

Interest Exp
Amort
CF After Debt

Purchase Price
7 8 9 10 11 12 13