Professional Documents
Culture Documents
($ in USD as Stated)
Sources of Funds: Total: Drawn at Close: Uses of Funds: Total: Drawn at Close:
Senior Loan: $ 15,457,000 $ 12,177,000 Acquisition Price: $ 20,500,000 $ 20,500,000
Mezzanine: 2,378,000 2,378,000 Acquisition Costs: 205,000 205,000
Investor Equity: 6,328,350 6,328,350 Loan Issuance Fees: 178,350 178,350
Total Sources: $ 24,163,350 $ 20,883,350 Renovation Cost (CapEx) Reserves: 3,075,000 -
Replacement Reserves: 205,000 -
Total Uses: $ 24,163,350 $ 20,883,350
Historical: Projected: Stabilized:
Operating Assumptions: Units: FY18 FY19 FY20 FY21 FY22 FY23
Change in Boston Financial District Office Market Rents (Starting Rates for Leases):
Upside % 6.00% 4.00% 5.00% 4.00% 3.00% 3.00%
Base % 6.00% 4.00% 3.00% 3.00% 2.50% 2.50%
Downside % 6.00% 4.00% (3.00%) (1.00%) 6.00% 2.50%
Selected Change in Office Market Rents: % 6.00% 4.00% 3.00% 3.00% 2.50% 2.50%
Fixed Annual Rental Escalations for New and Renewal Leases Starting in Specified Year:
Upside % 2.00% 3.00% 4.00% 3.00% 2.50% 2.50%
Base % 2.00% 3.00% 2.50% 2.50% 2.00% 2.00%
Downside % 2.00% 3.00% 1.00% 1.00% 1.50% 1.50%
Selected Fixed Annual Rental Escalation: 2.00% 3.00% 2.50% 2.50% 2.00% 2.00%
Lease Terms, Capital Costs, and Operating Expenses: Selected: Upside Base Downside
New - Tenant Improvements per RSF: $ / sq. ft. $ 45.00 $ 35.00 $ 45.00 $ 55.00
Renewal - Tenant Improvements per RSF: $ / sq. ft. 20.00 15.00 20.00 25.00
Common Area Maintenance (CAM) / RSF / Year: $ / sq. ft. / Yr. $ 2.50
Insurance / RSF / Year: $ / sq. ft. / Yr. 1.00
Real Estate Taxes % Property Value: % 2.55%
Revenue:
(+) Base Rental Income: $
(-) Loss to Lease: $
(-) Absorption & Turnover Vacancy: $
(-) Concessions & Free Rent: $
(+) Expense Reimbursements: $
Potential Gross Revenue: $
(-) General Vacancy: $
(+) Percentage Rent: $
Effective Gross Income (EGI): $
EGI Growth Rate: %
Operating Expenses:
(-) Property Management Fees: $
(-) Common Area Maintenance (CAM): $
(-) Common Area Utilities: $
(-) Insurance: $
(-) Real Estate & Property Taxes: $
(-) CapEx, TI, and LC Reserves: $
Total Operating Expenses: $
Replacement Reserves: $
Forward NOI: $
Boston Financial District - Class-B Office/Retail Cap Rates:
Upside % 7.50% 7.25% 7.00% 6.85% 6.75%
Base % 7.50% 7.25% 7.20% 7.10% 7.00%
Downside % 7.50% 7.25% 8.00% 7.50% 7.25%
Selected Class-B Office/Retail Cap Rate: %
Historical: Projected:
Returns to Senior Lenders: Units: FY18 FY19 FY20 FY21 FY22
Recovery: %
Total Returns: $
Invested Amount: $
Cash-on-Cash Multiple: x
Historical: Projected:
Returns to Mezzanine Investors: Units: FY18 FY19 FY20 FY21 FY22
Recovery: %
Total Returns: $
Invested Amount: $
Cash-on-Cash Multiple: x
Historical: Projected:
Equity Investors - Waterfall Returns Schedule: Units: FY18 FY19 FY20 FY21 FY22
LP Cash Flow: $
GP Cash Flow: $
Sensitivity Analyses:
General Partners - IRR vs. Year 4 Exit Cap Rate and Market Scenario:
Limited Partners - IRR vs. Year 4 Exit Cap Rate and Market Scenario:
General Partners - IRR vs. Year 4 Exit Cap Rate and Acquisition Price (Base Case):
Limited Partners - IRR vs. Year 4 Exit Cap Rate and Acquisition Price (Base Case):
Rent Roll: Units: Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Month #: # 1 2 3 4 5 6 7 8 9 10 11 12
Numerical Year: Year 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018
Numerical Year #: # 1 1 1 1 1 1 1 1 1 1 1 1
Monthly Change in Market Rental Rates: % 0.49% 0.49% 0.49% 0.49% 0.49% 0.49% 0.49% 0.49% 0.49% 0.49% 0.49% 0.49%
Market Rental Growth Multiplier: # 1.00 1.00 1.01 1.01 1.02 1.02 1.03 1.03 1.04 1.04 1.05 1.05 1.06
Expense Inflation: % 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33%
Expense Inflation Multiplier: # 1.00 1.00 1.01 1.01 1.01 1.02 1.02 1.02 1.03 1.03 1.03 1.04 1.04
Retail Sales Growth: % 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Retail Sales Growth Multiplier: # 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Market Rent per Square Foot per Year: $ / sq. ft. / Yr. $ 47.00 $ 47.23 $ 47.46 $ 47.69 $ 47.92 $ 48.16 $ 48.39 $ 48.62 $ 48.86 $ 49.10 $ 49.34 $ 49.58 $ 49.82
Escalated Rent Paid by Initial Tenant: $ / sq. ft. / Yr. 43.00 43.00 43.00 43.00 43.00 43.00 43.00 43.00 43.00 43.00 43.00 44.08 44.08
Escalated Rent Paid by Initial Tenant - Renewal: $ / sq. ft. / Yr. - - - - - - - - - - - -
Escalated Rent Paid by New Tenant: $ / sq. ft. / Yr. - - - - - - - - - - - -
(+) Baseline Rental Income @ Market Rate: $ $ 54,018 $ 54,281 $ 54,545 $ 54,811 $ 55,077 $ 55,345 $ 55,615 $ 55,886 $ 56,158 $ 56,431 $ 56,706 $ 56,982
In-Place Rental Income - Initial Tenant: $ 49,181 49,181 49,181 49,181 49,181 49,181 49,181 49,181 49,181 49,181 50,411 50,411
In-Place Rental Income - Initial Tenant Renewal: $ - - - - - - - - - - - -
In-Place Rental Income - New Tenant: $ - - - - - - - - - - - -
(-) Loss to Lease: $ (4,837) (5,100) (5,364) (5,629) (5,896) (6,164) (6,434) (6,704) (6,976) (7,250) (6,295) (6,571)
(-) Absorption & Turnover Vacancy: $ - - - - - - - - - - - -
(-) Concessions & Free Rent: $ - - - - - - - - - - - -
(-) Tenant Improvements (TIs): $ - - - - - - - - - - - -
(-) Leasing Commissions (LCs): $ - - - - - - - - - - - -
(+) Expense Reimbursements: $ 17,237 17,294 17,351 17,407 17,464 17,522 17,579 17,636 17,694 17,752 17,810 17,869
(-) General Vacancy: $ - - - - - - - - - - - -
Part 1: Absorption & Turnover Vacancy and Concessions & Free Rent
Absorption & Turnover Vacancy: Only activates during the Downtime Period in between initial lease expiration and new tenant's lease starting:
=IF(AND(F$5>$E26,F$5<=$E35),-F48,0)
Free Rent: More cases to check since it can happen at the start of any of the 3 cases: Initial Lease, Renewal Lease, and New Tenant Lease:
=IF(AND(F$5>$E24,F$5<=EOMONTH($E24,$E28)),-F46,0)
This one handles the "Lease Start" case - if we're past the Lease Start Date but in or before the Lease Start Date + Free Rent Months, we subtract the full In-Place Rental Income of the Initial Tenant.
+IF(AND(F$5>$E26,F$5<=EOMONTH($E26,Renewal_Free_Rent_Months)),-F47,0)
This term handles the Renewal Case - here, we first check to see that we're after the Lease Expiration Date but before Lease Expiration Date + Renewal Free Rent Months.
If we are, we subtract the full Renewal In-Place Rental Income. No need to probability-weight since the rent is already weighted per the last lesson.
+IF(AND(F$5>$E35,F$5<=EOMONTH($E35,New_Free_Rent_Months)),-F48,0)
This handles the non-renewal case when the lease expires - if we're past the New Lease Start Date but in or before New Lease Start Date + Free-Rent Months,
subtract the full Non-Renewal In-Place Rent. Once again, no weighting needed since the rent has already been weighted.
Tricky part is that we cannot start the Free Rent right at lease expiration - must wait for the Downtime Months to happen first in this Non-Renewal case.
=IF(F$5=EOMONTH($E24,1),-New_TIs*$E23*F$15,0)
Pretty easy - the first case is when the lease first starts and the new tenant moves in with 100% certainty. TIs equal the New TIs per RSF * RSF for this tenant * Inflation Factor.
+IF(F$5=EOMONTH($E30,1),-Renewal_TIs*$E23*F$15*Renewal_Probability,0)
This is for the Renewal Case - no Downtime, so we check to see if we're in the month AFTER the lease expiration. If we are, we bring in the Renewal TIs per RSF * RSF for this tenant and
multiply by the Inflation Factor and then the Renewal Probability to weight this number.
+IF(F$5=EOMONTH($E35,1),-New_TIs*$E23*F$15*(1-Renewal_Probability),0)
This is the Non-Renewal case. Here, we check to see if we're one month AFTER the Renewal Lease Start Date. If we are, we bring in the New TIs per RSF * RSF
for this tenant and multiply by the Non-Renewal Probability.
=IF(F$5=EOMONTH($E24,1),-New_LC_Pct*FV($E27,$E25,-F41*$E23),0)
If we're one month past the lease start date, this is when the tenant first moves in. LCs will equal the New Tenant LC Percentage * Total Value of Lease, Including Escalations.
We can calculate that with the "FV" (Future Value) function, which grows a value at a specified rate over X years and sums up the values over all X years.
+IF(F$5=EOMONTH($E30,1),-Renewal_LC_Pct*FV($E33,$E31,-F42*$E23)*Renewal_Probability,0)
This one handles the Renewal Case. If we're one month after the Lease Expiration Date, the LCs equal the Renewal Tenant LC Percentage * Annual Total Value of Lease, Including Escalations,
and we multiply by the Renewal Probability. No Downtime Months to worry about in the Renewal Case.
+IF(F$5=EOMONTH($E35,1),-New_LC_Pct*FV($E38,$E36,-F43*$E23)*(1-Renewal_Probability),0)
This one handles the Non-Renewal Case. If we're one month after the Renewal Lease Start Date, the LCs equal the New Tenant LC Percentage * Total Lease Value, and
we multiply by the Non-Renewal Probability.
Need these for the NNN and NN leases, but not the Full Service since NNN and NN tenants are responsible for most expenses.
To calculate these, we need the applicable expenses for the property on the Pro-Forma first, so:
=-CAM_per_SF*Rentable_Sq_Ft/Months*F$15 (And similar for the others in this category - simpler $ per RSF expenses)
=-Acq_Price*RE_Taxes_Pct_Property_Value/Months*F$15 - Property taxes are a bit different since they're a % of the initial purchase price.
Then, the formula for the Expense Reimbursements for this NNN tenant:
=-IF(F$5>$E24,SUM(F$417:F$420)*($E23/Rentable_Sq_Ft)*IF(AND(F$5>$E26,F$5<=$E35),Renewal_Probability,1),0)
First, check to make sure the lease has actually begun. If it has, we might have expense reimbursements.
Multiply the Applicable Expenses by this tenant's proportion, based on RSF, and then by some weighting/probability factor.
If we're in the Downtime Period, we multiply this total by the Renewal Probability because we only want to reflect the % that correspond to that probability.
For example, if Applicable Expenses are $100, and the Renewal Probability is 70%, we only want to show $70 during the Downtime Period.
30% there will be nothing! So the Reimbursements should be lower by 30% * $100 = $30.
=IF(F$5<=$E24,-F40*$E23/Months,0)
You'll see how this works in more detail for some of the other tenants (#6 and #7) that are speculative and which have not yet committed to leases.
Tenant #2 - Triple Net (NNN) Lease:
Tenant Name: Name Suffolk Construction
% Rentable Square Feet Occupied: % 15.0%
Rentable Square Feet Occupied: sq. ft.
Lease Start Date: Date 2017-10-31
Initial Lease Term (Years): # Years 4
Lease Expiration Date: Date
Initial Lease - Annual Rental Escalation: % 3.00%
Initial Lease - Rent-Free Months: # 4
Market Rent per Square Foot per Year: $ / sq. ft. / Yr. $ 49.00
Escalated Rent Paid by Initial Tenant: $ / sq. ft. / Yr. 45.00
Escalated Rent Paid by Initial Tenant - Renewal: $ / sq. ft. / Yr.
Escalated Rent Paid by New Tenant: $ / sq. ft. / Yr.
Market Rent per Square Foot per Year: $ / sq. ft. / Yr. $ 46.00
Escalated Rent Paid by Initial Tenant: $ / sq. ft. / Yr. 43.00
Escalated Rent Paid by Initial Tenant - Renewal: $ / sq. ft. / Yr.
Escalated Rent Paid by New Tenant: $ / sq. ft. / Yr.
Market Rent per Square Foot per Year: $ / sq. ft. / Yr. $ 48.00
Escalated Rent Paid by Initial Tenant: $ / sq. ft. / Yr. 44.00
Escalated Rent Paid by Initial Tenant - Renewal: $ / sq. ft. / Yr.
Escalated Rent Paid by New Tenant: $ / sq. ft. / Yr.
Market Rent per Square Foot per Year: $ / sq. ft. / Yr. $ 48.00
Escalated Rent Paid by Initial Tenant: $ / sq. ft. / Yr. 42.00
Escalated Rent Paid by Initial Tenant - Renewal: $ / sq. ft. / Yr.
Escalated Rent Paid by New Tenant: $ / sq. ft. / Yr.
Initial Retail Sales per Square Foot per Year: $ / sq. ft. / Yr. $ 800.00
Initial Average Monthly Sales: $
Initial Artificial Breakpoint: $ $ 500,000
Percentage Rent Beyond Breakpoint: % 4.0%
Monthly Distribution of Retail Sales: % 6.2% 7.0% 8.1% 8.0% 8.6% 7.8% 7.9% 8.9% 7.4% 8.0% 9.4% 12.9%
Monthly Retail Sales: $
Market Rent per Square Foot per Year: $ / sq. ft. / Yr. $ 60.00
Escalated Rent Paid by Initial Tenant: $ / sq. ft. / Yr. 60.00
Escalated Rent Paid by Initial Tenant - Renewal: $ / sq. ft. / Yr.
Escalated Rent Paid by New Tenant: $ / sq. ft. / Yr.
Market Rent per Square Foot per Year: $ / sq. ft. / Yr. $ 56.00
Escalated Rent Paid by Initial Tenant: $ / sq. ft. / Yr. 56.00
Escalated Rent Paid by Initial Tenant - Renewal: $ / sq. ft. / Yr.
Escalated Rent Paid by New Tenant: $ / sq. ft. / Yr.
Initial Retail Sales per Square Foot per Year: $ / sq. ft. / Yr. $ 900.00
Initial Average Monthly Sales: $
Initial Natural Breakpoint: $
Established Percentage Rent: % 5.0%
Monthly Distribution of Retail Sales: % 5.0% 7.5% 6.0% 8.0% 8.5% 9.0% 8.0% 9.0% 7.0% 7.0% 10.0% 15.0%
Monthly Retail Sales: $
Property Pro-Forma: Units: Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Revenue:
(+) Base Rental Income: $
(-) Loss to Lease: $
(-) Absorption & Turnover Vacancy: $
(-) Concessions & Free Rent: $
(+) Expense Reimbursements: $
Potential Gross Revenue: $
(-) General Vacancy: $
(+) Percentage Rent: $
Effective Gross Income (EGI): $
EGI YoY Growth Rate: %
Operating Expenses:
(-) Property Management Fees: $
(-) Common Area Maintenance (CAM): $ (11,475) (11,513) (11,550) (11,588) (11,626) (11,664) (11,702) (11,741) (11,779) (11,817) (11,856) (11,895)
(-) Common Area Utilities: $ (9,180) (9,210) (9,240) (9,270) (9,301) (9,331) (9,362) (9,392) (9,423) (9,454) (9,485) (9,516)
(-) Insurance: $ (4,590) (4,605) (4,620) (4,635) (4,650) (4,666) (4,681) (4,696) (4,712) (4,727) (4,742) (4,758)
(-) Real Estate & Property Taxes: $ (43,705) (43,848) (43,992) (44,136) (44,280) (44,425) (44,571) (44,717) (44,863) (45,010) (45,157) (45,305)
(-) CapEx, TI, and LC Reserves: $
Total Operating Expenses: $
13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020
2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3
0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.33% 0.25% 0.25% 0.25% 0.25% 0.25%
1.06 1.07 1.07 1.07 1.08 1.08 1.08 1.09 1.09 1.10 1.10 1.10 1.11 1.11 1.11 1.11 1.12
0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.17% 0.17% 0.17% 0.17% 0.17%
1.04 1.05 1.05 1.05 1.05 1.06 1.06 1.06 1.06 1.07 1.07 1.07 1.07 1.07 1.08 1.08 1.08
3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.06 1.06 1.06 1.06 1.06
- - - - - - - - - - 2.50% - - - - - -
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
$ 49.98 $ 50.15 $ 50.31 $ 50.48 $ 50.64 $ 50.81 $ 50.97 $ 51.14 $ 51.31 $ 51.48 $ 51.64 $ 51.81 $ 51.94 $ 52.07 $ 52.20 $ 52.33 $ 52.45
44.08 44.08 44.08 44.08 44.08 44.08 44.08 44.08 44.08 44.08 45.18 45.18 45.18 45.18 45.18 45.18 45.18
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
$ 57,168 $ 57,355 $ 57,543 $ 57,731 $ 57,920 $ 58,110 $ 58,300 $ 58,491 $ 58,683 $ 58,875 $ 59,068 $ 59,261 $ 59,407 $ 59,554 $ 59,700 $ 59,848 $ 59,995
50,411 50,411 50,411 50,411 50,411 50,411 50,411 50,411 50,411 50,411 51,671 51,671 51,671 51,671 51,671 51,671 51,671
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
(6,757) (6,945) (7,132) (7,321) (7,510) (7,699) (7,890) (8,080) (8,272) (8,464) (7,396) (7,590) (7,736) (7,883) (8,029) (8,177) (8,324)
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
17,913 17,957 18,001 18,045 18,090 18,135 18,179 18,224 18,269 18,314 18,359 18,405 18,435 18,465 18,496 18,526 18,557
- - - - - - - - - - - - - - - - -
- - - - - - 6.0% 4.0% 8.0% 7.0% 8.0% 8.0% 3.0% 2.0% 5.0% 5.0% 5.0%
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
(11,924) (11,954) (11,983) (12,013) (12,042) (12,072) (12,102) (12,132) (12,162) (12,192) (12,222) (12,252) (12,272) (12,292) (12,313) (12,333) (12,353)
(9,539) (9,563) (9,587) (9,610) (9,634) (9,658) (9,682) (9,705) (9,729) (9,753) (9,777) (9,801) (9,818) (9,834) (9,850) (9,866) (9,883)
(4,770) (4,781) (4,793) (4,805) (4,817) (4,829) (4,841) (4,853) (4,865) (4,877) (4,889) (4,901) (4,909) (4,917) (4,925) (4,933) (4,941)
(45,417) (45,529) (45,641) (45,754) (45,866) (45,980) (46,093) (46,207) (46,321) (46,435) (46,549) (46,664) (46,741) (46,818) (46,896) (46,973) (47,051)
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21
30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021
3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4
0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
1.12 1.12 1.12 1.13 1.13 1.13 1.14 1.14 1.14 1.14 1.15 1.15 1.15 1.16 1.16 1.16 1.16
0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17%
1.08 1.08 1.09 1.09 1.09 1.09 1.09 1.09 1.10 1.10 1.10 1.10 1.10 1.11 1.11 1.11 1.11
3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.09 1.09 1.09 1.09 1.09 1.09 1.09 1.09 1.09 1.09
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
$ 52.58 $ 52.71 $ 52.84 $ 52.97 $ 53.10 $ 53.24 $ 53.37 $ 53.50 $ 53.63 $ 53.76 $ 53.90 $ 54.03 $ 54.16 $ 54.30 $ 54.43 $ 54.56 $ 54.70
45.18 45.18 45.18 45.18 45.18 - - - - - - - - - - - -
- - - - - 53.24 53.24 53.24 53.24 53.24 53.24 53.24 53.24 53.24 53.24 53.24 53.24
- - - - - 53.24 53.37 53.50 53.63 53.76 53.90 54.03 54.03 54.03 54.03 54.03 54.03
$ 60,143 $ 60,292 $ 60,440 $ 60,589 $ 60,739 $ 60,889 $ 61,039 $ 61,189 $ 61,340 $ 61,491 $ 61,643 $ 61,795 $ 61,948 $ 62,100 $ 62,253 $ 62,407 $ 62,561
51,671 51,671 51,671 51,671 51,671 - - - - - - - - - - - -
- - - - - 36,533 36,533 36,533 36,533 36,533 36,533 36,533 36,533 36,533 36,533 36,533 36,533
- - - - - 24,355 24,415 24,476 24,536 24,597 24,657 24,718 24,718 24,718 24,718 24,718 24,718
(8,472) (8,621) (8,769) (8,918) (9,068) - (90) (180) (271) (362) (453) (544) (696) (849) (1,002) (1,156) (1,310)
- - - - - (24,355) (24,415) (24,476) (24,536) (24,597) (24,657) - - - - - -
- - - - - (36,533) (36,533) - - - - (24,718) (24,718) (24,718) - - -
- - - - - (179,658) - - - - - (272,169) - - - - -
- - - - - (69,131) - - - - - (93,547) - - - - -
18,588 18,618 18,649 18,680 18,711 11,245 11,264 11,282 11,301 11,319 11,338 18,928 18,959 18,991 19,022 19,054 19,085
- - - - - - - - - - - - - - - - -
1.0% 1.0% 3.0% 3.0% 3.0% 1.0% 1.0% 5.0% 4.0% 1.0% 4.0% 0.5% 0.5% 1.0% 3.0% 3.0% 2.0%
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21
(12,374) (12,394) (12,415) (12,435) (12,456) (12,476) (12,497) (12,518) (12,538) (12,559) (12,580) (12,600) (12,621) (12,642) (12,663) (12,684) (12,705)
(9,899) (9,915) (9,932) (9,948) (9,965) (9,981) (9,998) (10,014) (10,031) (10,047) (10,064) (10,080) (10,097) (10,114) (10,130) (10,147) (10,164)
(4,950) (4,958) (4,966) (4,974) (4,982) (4,991) (4,999) (5,007) (5,015) (5,024) (5,032) (5,040) (5,048) (5,057) (5,065) (5,074) (5,082)
(47,128) (47,206) (47,284) (47,362) (47,441) (47,519) (47,597) (47,676) (47,755) (47,834) (47,913) (47,992) (48,071) (48,150) (48,230) (48,310) (48,389)
Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63
2021 2021 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2023 2023 2023
4 4 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6
0.25% 0.25% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21% 0.21%
1.17 1.17 1.17 1.17 1.18 1.18 1.18 1.18 1.19 1.19 1.19 1.19 1.20 1.20 1.20 1.20 1.21
0.17% 0.17% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12%
1.11 1.11 1.12 1.12 1.12 1.12 1.12 1.12 1.12 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.14
2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.00% 2.00% 2.00%
1.09 1.09 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.14 1.14 1.14
- - - - - - - - - - - - - - - - -
2.50% - - - - - - - - - - - 2.50% - - - -
- - - - - - 2.50% - - - - - - - - - -
$ 54.83 $ 54.97 $ 55.08 $ 55.19 $ 55.31 $ 55.42 $ 55.54 $ 55.65 $ 55.77 $ 55.88 $ 56.00 $ 56.11 $ 56.23 $ 56.34 $ 56.46 $ 56.57 $ 56.69
- - - - - - - - - - - - - - - - -
54.57 54.57 54.57 54.57 54.57 54.57 54.57 54.57 54.57 54.57 54.57 54.57 55.93 55.93 55.93 55.93 55.93
54.03 54.03 54.03 54.03 54.03 54.03 55.38 55.38 55.38 55.38 55.38 55.38 55.38 55.38 55.38 55.38 55.38
$ 62,715 $ 62,870 $ 62,999 $ 63,129 $ 63,259 $ 63,389 $ 63,520 $ 63,651 $ 63,782 $ 63,913 $ 64,045 $ 64,177 $ 64,309 $ 64,442 $ 64,574 $ 64,707 $ 64,841
- - - - - - - - - - - - - - - - -
37,446 37,446 37,446 37,446 37,446 37,446 37,446 37,446 37,446 37,446 37,446 37,446 38,383 38,383 38,383 38,383 38,383
24,718 24,718 24,718 24,718 24,718 24,718 25,336 25,336 25,336 25,336 25,336 25,336 25,336 25,336 25,336 25,336 25,336
(551) (705) (835) (965) (1,095) (1,225) (738) (868) (1,000) (1,131) (1,263) (1,395) (591) (723) (856) (989) (1,122)
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
19,117 19,148 19,172 19,196 19,220 19,243 19,267 19,291 19,315 19,339 19,363 19,387 19,411 19,435 19,459 19,484 19,508
- - - - - - - - - - - - - - - - -
1.0% 1.0% - - - - - - - - - - - - - - -
Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
(12,726) (12,747) (12,763) (12,778) (12,794) (12,810) (12,826) (12,842) (12,858) (12,874) (12,890) (12,906) (12,922) (12,938) (12,954) (12,970) (12,986)
(10,181) (10,197) (10,210) (10,223) (10,235) (10,248) (10,261) (10,274) (10,286) (10,299) (10,312) (10,325) (10,338) (10,350) (10,363) (10,376) (10,389)
(5,090) (5,099) (5,105) (5,111) (5,118) (5,124) (5,130) (5,137) (5,143) (5,150) (5,156) (5,162) (5,169) (5,175) (5,182) (5,188) (5,195)
(48,469) (48,549) (48,610) (48,670) (48,730) (48,791) (48,851) (48,912) (48,973) (49,034) (49,095) (49,155) (49,217) (49,278) (49,339) (49,400) (49,461)
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
64 65 66 67 68 69 70 71 72
2023 2023 2023 2023 2023 2023 2023 2023 2023
6 6 6 6 6 6 6 6 6
- - - - - - - - -
- - - - - - - 2.50% -
- 2.50% - - - - - - -