Model Input and Assumptions - Gekko Offices

Building / Construction Name: Gekko Offices Blue indicates hard-coded numbers and inputs.
Black indicates formulas or text.
Construction Start Date: 1/1/2012 Green indicates links from other worksheets.

Units: 1,000 Circularity: Yes

Months in Year: 12 Circularity Breaker: No

Lot, Floor, and Building Assumptions - Gekko Offices

($ in US Dollars as Stated)

Lot Square Footage: 15,000 sq. ft. Maximum Allowable Lot Coverage: 80.0%
Maximum Allowable FAR (Floor Area Ratio): 10.0 Maximum Ground Floor Footprint: 12,000 sq. ft.
Maximum Square Footage for Building: 150,000 sq. ft.
Building Footprint and Full Floor Square Footage: 12,000 sq. ft.
Building Height Limit: 150 ft. Partial Floor Footprint: 6,000 sq. ft.
Average Floor Height: 10 ft.
Number of Floors (Including Partials): 12.50 Office Space - Gross Square Footage: 150,000 sq. ft.
Actual Building Height: 125 ft. Rentable to Gross Square Footage %: 90.0%
Total Rentable Square Footage: 135,000 sq. ft.
Average Annual Office Rent Per Square Foot: $ 80.00
Annual Operating Expenses Per Square Foot: $ 15.00
Annual Property Taxes Per Square Foot: $ 5.00
Vacancy Rate: 5.0%
Capitalization Rate: 7.5%
Selling Costs: 4.0%

Above Grade Parking Lot and Garage Assumptions - Gekko Offices

Average Parking Spots Per 1000 Rentable Sq. Ft.: 1.12 Required Square Footage Per Spot: 300 sq. ft.
Parking Spots: 151 Required Parking Spot Square Footage: 45,300 sq. ft.

Garage Floorplate Size % Lot Square Footage: 90.0% Gross-Up Factor (For Non-Usable Square Footage): 10.0%
Garage Floorplate Square Footage: 13,500 sq. ft. Required Garage Square Footage: 49,830 sq. ft.
Garage Levels (Including Partials): 3.69
Development Costs - Gekko Offices
($ in US Dollars as Stated)
Variable Cost
Land Acquisition Costs: Fixed Cost: Per LSF: Total:
Funds Required to Purchase Land: $ 2,000,000 $ 300.00 $ 6,500,000
State & County Taxes: 100,000 10.00 250,000
Legal Fees: 100,000 10.00 250,000
Title Insurance: 50,000 10.00 200,000
Commissions: 50,000 10.00 200,000
Total Land Acquisition Costs: $ 2,300,000 $ 340.00 $ 7,400,000

Land Purchase
Price: Deposit %: Total:
Land Deposit (First Month): $ 6,500,000 20.0% $ 1,300,000

Variable Cost
Hard Costs: Fixed Cost: Per GSF: Total:
Demolition & Excavation: $ 3,000,000 $ 60.00 $ 12,000,000
Masonry, Concrete & Metal: 4,000,000 40.00 10,000,000
Doors, Frames, Windows & Roofing: 1,000,000 20.00 4,000,000
Tiling, Painting, Carpets & Flooring: 1,000,000 20.00 4,000,000
Elevators: 500,000 10.00 2,000,000
Asphalt & Paving: 500,000 15.00 2,750,000
Utilities, Sewer, HVAC & Electrical: 1,000,000 30.00 5,500,000
Amenities & Landscaping: 500,000 20.00 3,500,000
Garage - Excavation, Masonry & Carpentry: 1,000,000 25.00 2,245,750
Garage - Doors, Frames & Hardware: 1,000,000 25.00 2,245,750
Miscellaneous: - 20.00 3,000,000
Total Hard Costs: $ 13,500,000 $ 285.00 $ 51,241,500

Total Development Costs: $ 80,591,500

 Variable Cost
Soft Costs: Fixed Cost: Per GSF: Total:
Development Fees: $ 100,000 $ 10.00 $ 1,600,000
Design & Engineering: 100,000 10.00 1,600,000
Project Management: 150,000 10.00 1,650,000
Investor & Brokerage Fees: 100,000 10.00 1,600,000
Accounting, Legal & Taxes: 200,000 10.00 1,700,000
Insurance & Consulting: 200,000 10.00 1,700,000
Permits, Licenses & Fees: 500,000 10.00 2,000,000
Miscellaneous: - 10.00 1,500,000
Total Soft Costs: $ 1,350,000 $ 80.00 $ 13,350,000

Variable Cost
Furniture, Fixtures & Equipment: Fixed Cost: Per GSF: Total:
Cabinets, Desks & Chairs: $ 150,000 $ 5.00 $ 900,000
Computers & Electronic Equipment: 200,000 10.00 1,700,000
Maintenance Items & Miscellaneous: 200,000 2.00 500,000
Total FF&E Costs: $ 550,000 $ 17.00 $ 3,100,000

Variable Cost
Tenant Improvements: Fixed Cost: Per RSF: Total:
Office Tenant Improvements: $ 100,000 $ 40.00 $ 5,500,000
Total Tenant Improvement Costs: $ 100,000 $ 40.00 $ 5,500,000
Sources & Uses of Funds - Development of Gekko Offices
($ in US Dollars as Stated)

Sources of Funds: Percent: Amount: $ / GSF: $ / RSF:

Developer Equity: 2.0% $ 1,611,830 $ 8.07 $ 11.94
Investor Equity: 18.0% 14,506,470 72.59 107.46
Mezzanine: 15.0% 12,088,725 60.50 89.55
Senior Notes B: 35.0% 28,207,025 141.16 208.94
Senior Notes A: 30.0% 24,177,450 120.99 179.09
Total Sources: 100.0% $ 80,591,500 $ 403.30 $ 596.97

Debt Schedules - Development of Gekko Offices

($ in US Dollars as Stated)

Debt Tranches: Amount: Fees: Interest Rate:

Mezzanine: 12,088,725 2.5% 13.0%
Senior Notes B: 28,207,025 2.5% 8.0%
Senior Notes A: 24,177,450 2.5% 6.0%
Total Debt: $ 64,473,200
Uses of Funds: Percent: Amount: $ / GSF: $ / RSF:
Total Development Costs: 100.0% $ 80,591,500 $ 403.30 $ 596.97
Capitalized Interest: 0.0% - -
Origination Costs & Taxes: 0.0% - -
Operating Deficit: 0.0% - -
Total Uses: 100.0% $ 80,591,500 $ 403.30 $ 596.97
Construction Timeline - Gekko Offices

Event or Construction Activity: # of Months: Month #: Construction Status:

Planning Start Month: 1
Pre-Construction (# of Months): 15 Pre-Construction: 1
Construction Start Date: 16
Construction (# of Months): 20 Construction: 2
Construction Completion Date: 35
Post-Construction Leasing (# of Months): 25 Post-Contruction: 3
FF&E Acquisition Start Date: 30
FF&E Acquisition Period: 5
Office Tenants' First Rents Received: 50
Months Required to Fill Office Tenants: 6
Final Office Tenant Move-In & Rent: 56
Office Tenant Improvement Payment Start Date: 45
Office Tenant Improvement Payment Period: 5
Office Tenant Improvement Payment End Date: 50
Sale of Building: 60

Calendar Month: Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12
Month #: 1 2 3 4 5 6 7 8
Construction Month #: 0 0 0 0 0 0 0 0
Construction Status: 1 1 1 1 1 1 1 1
Office Tenant Move-In Month: 0 0 0 0 0 0 0 0

Calendar Year Number: 1 1 1 1 1 1 1 1

Soft Cost Monthly Distribution: 1.0% 1.0% 3.0% 5.0% 1.0% 0.5% 4.0% 0.5%
Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13
9 10 11 12 13 14 15 16 17 18 19
0 0 0 0 0 0 0 1 2 3 4
1 1 1 1 1 1 1 2 2 2 2
0 0 0 0 0 0 0 0 0 0 0

1 1 1 1 2 2 2 2 2 2 2

1.0% 1.0% 1.0% 1.0% 3.0% 2.5% 1.0% 10.0% 0.5% 1.5% 2.0%
Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
20 21 22 23 24 25 26 27 28 29 30
5 6 7 8 9 10 11 12 13 14 15
2 2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0 0

2 2 2 2 2 3 3 3 3 3 3

3.5% 1.0% 1.0% 0.5% 0.5% 1.0% 1.0% 0.5% 0.5% 0.5% 0.5%
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
31 32 33 34 35 36 37 38 39 40 41
16 17 18 19 20
2 2 2 2 2 3 3 3 3 3 3
0 0 0 0 0 0 0 0 0 0 0

3 3 3 3 3 3 4 4 4 4 4

0.5% 1.0% 1.0% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
42 43 44 45 46 47 48 49 50 51 52

3 3 3 3 3 3 3 3 3 3 3
0 0 0 0 0 0 0 0 1 2 3

4 4 4 4 4 4 4 5 5 5 5

0.5% 0.5% 10.0% 5.0% 0.5% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
53 54 55 56 57 58 59 60

3 3 3 3 3 3 3 3
4 5 6 6 6 6 6 6

5 5 5 5 5 5 5 5

1.0% 1.0% 10.0% 2.0% 2.0% 2.0% 1.0% 1.0%

Income Statement - Gekko Offices
($ in US Dollars as Stated)

Calendar Month: Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12

Month #: 1 2 3 4 5 6
Construction Month #: 0 0 0 0 0 0
Construction Status: 1 1 1 1 1 1
Office Tenant Move-In Month: 0 0 0 0 0 0

Calendar Year Number: 1 1 1 1 1 1

Revenue:
Office Tenants - Potential Revenue: $ - $ - $ - $ - $ - $ -
Less: Vacancy Allowance: - - - - - -
Parking Revenue: - - - - - -
Total Revenue: $ - $ - $ - $ - $ - $ -

Operating Expenses & Property Taxes:

Office Operating Expenses: - - - - - -
Parking Operating Expenses: - - - - - -
Property Taxes: - - - - - -
Total Operating Expenses & Property Taxes: - - - - - -

Net Operating Income (NOI): $ - $ - $ - $ - $ - $ -

Cash Interest Expense:

Mezzanine Interest Expense:
Senior Notes B Interest Expense:
Senior Notes A Interest Expense:
Total Cash Interest Expense:

Net Income: $ - $ - $ - $ - $ - $ -
 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13
7 8 9 10 11 12 13 14 15 16
0 0 0 0 0 0 0 0 0 1
1 1 1 1 1 1 1 1 1 2
0 0 0 0 0 0 0 0 0 0

1 1 1 1 1 1 2 2 2 2

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
- - - - - - - - - -
- - - - - - - - - -
$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
17 18 19 20 21 22 23 24 25 26
2 3 4 5 6 7 8 9 10 11
2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0

2 2 2 2 2 2 2 2 3 3

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
- - - - - - - - - -
- - - - - - - - - -
$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
27 28 29 30 31 32 33 34 35 36
12 13 14 15 16 17 18 19 20
2 2 2 2 2 2 2 2 2 3
0 0 0 0 0 0 0 0 0 0

3 3 3 3 3 3 3 3 3 3

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
- - - - - - - - - -
- - - - - - - - - -
$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

- - - - - - - 168,750 168,750 168,750

- - - - - - - 14,697 14,697 14,697
- - - - - - - 56,250 56,250 56,250
- - - - - - - 239,697 239,697 239,697

$ - $ - $ - $ - $ - $ - $ - $ (239,697) $ (239,697) $ (239,697)

$ - $ - $ - $ - $ - $ - $ - $ (239,697) $ (239,697) $ (239,697)

 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
37 38 39 40 41 42 43 44 45 46

3 3 3 3 3 3 3 3 3 3
0 0 0 0 0 0 0 0 0 0

4 4 4 4 4 4 4 4 4 4

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
- - - - - - - - - -
- - - - - - - - - -
$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

168,750 168,750 168,750 168,750 168,750 168,750 168,750 168,750 168,750 168,750
14,697 14,697 14,697 14,697 14,697 14,697 14,697 14,697 14,697 14,697
56,250 56,250 56,250 56,250 56,250 56,250 56,250 56,250 56,250 56,250
239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697

$ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697)

$ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697)
 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
47 48 49 50 51 52 53 54 55 56

3 3 3 3 3 3 3 3 3 3
0 0 0 1 2 3 4 5 6 6

4 4 5 5 5 5 5 5 5 5

$ - $ - $ - $ 150,000 $ 300,000 $ 450,000 $ 600,000 $ 750,000 $ 900,000 $ 900,000

- - - (7,500) (15,000) (22,500) (30,000) (37,500) (45,000) (45,000)
- - - 6,124 12,248 18,372 24,496 30,619 36,743 36,743
$ - $ - $ - $ 148,624 $ 297,248 $ 445,872 $ 594,496 $ 743,119 $ 891,743 $ 891,743

168,750 168,750 168,750 168,750 168,750 168,750 168,750 168,750 168,750 168,750
14,697 14,697 14,697 14,697 14,697 14,697 14,697 14,697 14,697 14,697
56,250 56,250 56,250 56,250 56,250 56,250 56,250 56,250 56,250 56,250
239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697

$ (239,697) $ (239,697) $ (239,697) $ (91,073) $ 57,550 $ 206,174 $ 354,798 $ 503,422 $ 652,046 $ 652,046

$ (239,697) $ (239,697) $ (239,697) $ (91,073) $ 57,550 $ 206,174 $ 354,798 $ 503,422 $ 652,046 $ 652,046
 Sep-16 Oct-16 Nov-16 Dec-16
57 58 59 60

3 3 3 3
6 6 6 6

5 5 5 5

$ 900,000 $ 900,000 $ 900,000 $ 900,000

(45,000) (45,000) (45,000) (45,000)
36,743 36,743 36,743 36,743
$ 891,743 $ 891,743 $ 891,743 $ 891,743

168,750 168,750 168,750 168,750

14,697 14,697 14,697 14,697
56,250 56,250 56,250 56,250
239,697 239,697 239,697 239,697

$ 652,046 $ 652,046 $ 652,046 $ 652,046

$ 652,046 $ 652,046 $ 652,046 $ 652,046

Cash Flow Statement - Gekko Offices
($ in US Dollars as Stated)

Calendar Month: Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12

Month #: 1 2 3 4 5 6
Construction Month #: 0 0 0 0 0 0
Construction Status: 1 1 1 1 1 1
Office Tenant Move-In Month: 0 0 0 0 0 0

Calendar Year Number: 1 1 1 1 1 1

Cash Flow from Operations:

Net Income: $ - $ - $ - $ - $ - $ -
Total Cash Flow from Operations: - - - - - -

Cash Flow from Investing:

Land Acquisition Costs: (1,300,000) - - - - -
Hard Costs: - - - - - -
Tenant Improvements (TIs): - - - - - -
Soft Costs: (133,500) (133,500) (400,500) (667,500) (133,500) (66,750)
FF&E Costs: - - - - - -
Total Cash Flow from Investing: (1,433,500) (133,500) (400,500) (667,500) (133,500) (66,750)

Cash Flow from Financing:

Financing Costs & Capitalized Interest:
Developer Equity Draws:
Investor Equity Draws:
Net Change in Mezzanine:
Net Change in Senior Notes B:
Net Change in Senior Notes A:
Total Cash Flow from Financing: - - - - - -

Net Change in Cash: (1,433,500) (133,500) (400,500) (667,500) (133,500) (66,750)

 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13
7 8 9 10 11 12 13 14 15 16
0 0 0 0 0 0 0 0 0 1
1 1 1 1 1 1 1 1 1 2
0 0 0 0 0 0 0 0 0 0

1 1 1 1 1 1 2 2 2 2

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
- - - - - - - - - -

- - - - - - - - - (6,100,000)
- - - - - - - - - (2,562,075)
- - - - - - - - - -
(534,000) (66,750) (133,500) (133,500) (133,500) (133,500) (400,500) (333,750) (133,500) (1,335,000)
- - - - - - - - - -
(534,000) (66,750) (133,500) (133,500) (133,500) (133,500) (400,500) (333,750) (133,500) (9,997,075)

- - - - - - - - - -

(534,000) (66,750) (133,500) (133,500) (133,500) (133,500) (400,500) (333,750) (133,500) (9,997,075)
 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
17 18 19 20 21 22 23 24 25 26
2 3 4 5 6 7 8 9 10 11
2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0

2 2 2 2 2 2 2 2 3 3

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
- - - - - - - - - -

- - - - - - - - - -
(2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075)
- - - - - - - - - -
(66,750) (200,250) (267,000) (467,250) (133,500) (133,500) (66,750) (66,750) (133,500) (133,500)
- - - - - - - - - -
(2,628,825) (2,762,325) (2,829,075) (3,029,325) (2,695,575) (2,695,575) (2,628,825) (2,628,825) (2,695,575) (2,695,575)

- - - - - - - - - -

(2,628,825) (2,762,325) (2,829,075) (3,029,325) (2,695,575) (2,695,575) (2,628,825) (2,628,825) (2,695,575) (2,695,575)
 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
27 28 29 30 31 32 33 34 35 36
12 13 14 15 16 17 18 19 20
2 2 2 2 2 2 2 2 2 3
0 0 0 0 0 0 0 0 0 0

3 3 3 3 3 3 3 3 3 3

$ - $ - $ - $ - $ - $ - $ - $ (239,697) $ (239,697) $ (239,697)

- - - - - - - (239,697) (239,697) (239,697)

- - - - - - - - - -
(2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) (2,562,075) -
- - - - - - - - - -
(66,750) (66,750) (66,750) (66,750) (66,750) (133,500) (133,500) (66,750) (66,750) (66,750)
- - - (620,000) (620,000) (620,000) (620,000) (620,000) - -
(2,628,825) (2,628,825) (2,628,825) (3,248,825) (3,248,825) (3,315,575) (3,315,575) (3,248,825) (2,628,825) (66,750)

- - - - - - - - - -

(2,628,825) (2,628,825) (2,628,825) (3,248,825) (3,248,825) (3,315,575) (3,315,575) (3,488,522) (2,868,522) (306,447)
 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
37 38 39 40 41 42 43 44 45 46

3 3 3 3 3 3 3 3 3 3
0 0 0 0 0 0 0 0 0 0

4 4 4 4 4 4 4 4 4 4

$ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697) $ (239,697)
(239,697) (239,697) (239,697) (239,697) (239,697) (239,697) (239,697) (239,697) (239,697) (239,697)

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - (1,100,000) (1,100,000)
(66,750) (66,750) (66,750) (66,750) (66,750) (66,750) (66,750) (1,335,000) (667,500) (66,750)
- - - - - - - - - -
(66,750) (66,750) (66,750) (66,750) (66,750) (66,750) (66,750) (1,335,000) (1,767,500) (1,166,750)

- - - - - - - - - -

(306,447) (306,447) (306,447) (306,447) (306,447) (306,447) (306,447) (1,574,697) (2,007,197) (1,406,447)
 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
47 48 49 50 51 52 53 54 55 56

3 3 3 3 3 3 3 3 3 3
0 0 0 1 2 3 4 5 6 6

4 4 5 5 5 5 5 5 5 5

$ (239,697) $ (239,697) $ (239,697) $ (91,073) $ 57,550 $ 206,174 $ 354,798 $ 503,422 $ 652,046 $ 652,046
(239,697) (239,697) (239,697) (91,073) 57,550 206,174 354,798 503,422 652,046 652,046

- - - - - - - - - -
- - - - - - - - - -
(1,100,000) (1,100,000) (1,100,000) - - - - - - -
(133,500) (133,500) (133,500) (133,500) (133,500) (133,500) (133,500) (133,500) (1,335,000) (267,000)
- - - - - - - - - -
(1,233,500) (1,233,500) (1,233,500) (133,500) (133,500) (133,500) (133,500) (133,500) (1,335,000) (267,000)

- - - - - - - - - -

(1,473,197) (1,473,197) (1,473,197) (224,573) (75,950) 72,674 221,298 369,922 (682,954) 385,046
 Sep-16 Oct-16 Nov-16 Dec-16
57 58 59 60

3 3 3 3
6 6 6 6

5 5 5 5

$ 652,046 $ 652,046 $ 652,046 $ 652,046

652,046 652,046 652,046 652,046

- - - -
- - - -
- - - -
(267,000) (267,000) (133,500) (133,500)
- - - -
(267,000) (267,000) (133,500) (133,500)

- - - -

385,046 385,046 518,546 518,546

Debt and Equity Schedules - Gekko Offices
($ in US Dollars as Stated)

Calendar Month: Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12

Month #: 1 2 3 4 5 6
Construction Month #: 0 0 0 0 0 0
Construction Status: 1 1 1 1 1 1
Office Tenant Move-In Month: 0 0 0 0 0 0

Calendar Year Number: 1 1 1 1 1 1

Interest Expense on Debt:

Mezzanine: 13.0% - - - - - -
Senior Notes B: 8.0% - - - - - -
Senior Notes A: 6.0% - - - - - -
Total Interest Expense: - - - - - -

Equity & Debt Ending Balances:

Developer Equity: - - - - - - -
Investor Equity: - - - - - - -
Mezzanine: - - - - - - -
Senior Notes B: - - - - - - -
Senior Notes A: - - - - - - -
Cumulative Capital Drawn: - - - - - - -

Financing Costs & Operating Deficit:

Capitalized Interest - Mezzanine: - - - - - -
Capitalized Interest - Senior Notes B: - - - - - -
Capitalized Interest - Senior Notes A: - - - - - -
Origination Costs & Taxes - Mezzanine: - - - - - -
Origination Costs & Taxes - Senior Notes B: - - - - - -
Origination Costs & Taxes - Senior Notes A: - - - - - -
Operating Deficit: - - - - - -
Total Financing Costs & Operating Deficit: - - - - - -

Total Funds Required for Development & Operation: 1,433,500 133,500 400,500 667,500 133,500 66,750

Equity & Debt Draws: Max Draw:

Developer Equity: 1,611,830
Investor Equity: 14,506,470
Mezzanine: 12,088,725
Senior Notes B: 28,207,025
Senior Notes A: 24,177,450
Total Capital Drawn:

Cash Flow Available to Repay Debt:

Optional Debt Repayments:

Senior Notes A:
Senior Notes B:
Mezzanine:
Total Optional Debt Repayments:
Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13
7 8 9 10 11 12 13 14 15 16
0 0 0 0 0 0 0 0 0 1
1 1 1 1 1 1 1 1 1 2
0 0 0 0 0 0 0 0 0 0

1 1 1 1 1 1 2 2 2 2

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

534,000 66,750 133,500 133,500 133,500 133,500 400,500 333,750 133,500 9,997,075
May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
17 18 19 20 21 22 23 24 25 26
2 3 4 5 6 7 8 9 10 11
2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0

2 2 2 2 2 2 2 2 3 3

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

2,628,825 2,762,325 2,829,075 3,029,325 2,695,575 2,695,575 2,628,825 2,628,825 2,695,575 2,695,575
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
27 28 29 30 31 32 33 34 35 36
12 13 14 15 16 17 18 19 20
2 2 2 2 2 2 2 2 2 3
0 0 0 0 0 0 0 0 0 0

3 3 3 3 3 3 3 3 3 3

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - 302,218 -
- - - - - - - - 705,176 -
- - - - - - - - 604,436 -
- - - - - - - 239,697 239,697 239,697
- - - - - - - 239,697 1,851,527 239,697

2,628,825 2,628,825 2,628,825 3,248,825 3,248,825 3,315,575 3,315,575 3,488,522 4,480,352 306,447
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
37 38 39 40 41 42 43 44 45 46

3 3 3 3 3 3 3 3 3 3
0 0 0 0 0 0 0 0 0 0

4 4 4 4 4 4 4 4 4 4

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697
239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697 239,697

306,447 306,447 306,447 306,447 306,447 306,447 306,447 1,574,697 2,007,197 1,406,447
Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
47 48 49 50 51 52 53 54 55 56

3 3 3 3 3 3 3 3 3 3
0 0 0 1 2 3 4 5 6 6

4 4 5 5 5 5 5 5 5 5

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
239,697 239,697 239,697 91,073 - - - - - -
239,697 239,697 239,697 91,073 - - - - - -

1,473,197 1,473,197 1,473,197 224,573 133,500 133,500 133,500 133,500 1,335,000 267,000
Sep-16 Oct-16 Nov-16 Dec-16
57 58 59 60

3 3 3 3
6 6 6 6

5 5 5 5

- - - -
- - - -
- - - -
- - - -

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -

267,000 267,000 133,500 133,500

Returns and IRR Calculation - Gekko Offices
Returns Summary - Gekko Offices

Waterfall Structure - Gekko Offices

Sale of Property - Gekko Offices
Parking Operating Income - Gekko Offices
($ in US Dollars as Stated)

Parking Revenue & Expenses:

Number of Parking Spots: 151
Average Monthly Parking Rate: $ 200.00
% of Spots Sold for Monthly Contracts: 80.0%
Monthly Parking Revenue: 24,160
Annual Parking Revenue: 289,920

# Spots Available for Daily Leasing: 30

Daily Parking Rate: $ 20.00
Daily Parking Revenue: 604
# Work Days Per Year: 250
Annual Daily Lease Revenue: 151,000
Monthly Daily Lease Revenue: 12,583

Monthly Parking Revenue: 36,743

Annual Parking Revenue: 440,920
Parking Revenue NOI Margin: 60.0%
Monthly Parking Operating Expenses: $ 14,697
Monthly Parking Net Operating Income: $ 22,046
Annual Parking Net Operating Income: $ 264,552
Transaction Summary - Gekko Offices