Rental Property Investment Model

Input Check

Purchase Price*
Additional (Initial) Capital Exp
Purchase Costs
Total Initial Cost
Purchase Date

20,000,000
500,000
200,000
20,700,000
12/15/2009

Down Payment
Loan Amount

11,200,000 $ amt
9,500,000 $ amt
5.50% %
360 mths

Interest Rate (annual)

Amortization Period (mths)

Monthly Rent*
Rent Increase Interval
Rent Increase %
Vacancy & Credit Losses

Operating Expenses:

$ amt
$ amt
$ amt
$ amt

US$ amt (periodical increase):

Property Tax (Annual)

Starting Month No.
Annual Increase (%)
Insurance (Annual)
Starting Month No.
Annual Increase (%)
Utilities (Mthly)
Starting Month No.
Annual Increase (%)
Advertising (Annual)
Starting Month No.
Annual Increase (%)
Other_1 (Annual)
Starting Month No.
Annual Increase (%)
Other_2 (Mthly)
Starting Month No.
Annual Increase (%)

160,000 $ amt
2-Yrs
17.00% %
5.00% % of rent

Depreciation (Initial Cap Cost)

Improvement Ratio
Land
Improvement
Depreciation - No. of Yrs
Depreciation (Annual)
Terminal Value:
Capitalization Rate %*
Appreciation Rate (Annual) %*
Cost of Sale
Terminal Value Option
Income Taxes %
Cap Gains Tax %
For MIRR
Finance Rate (mthly)*
Reinvestment Rate (mthly)*

60.00%
8,280,000
12,420,000
39
318,462

%
$ amt
$ amt
yrs
$ amt

As %age of income:
Management Fee (Mthly)
Starting Month No.

8.00% %
5.00% %
4.00% %
2

Repairs & Maintenance (Mthly)

Starting Month No.

Other_3 (Annual)
Starting Month No.

30.00% %
20.00% %

1.25% %
1.50% %
Input Ok

http://www.globaliconnect.com/excel_models.php
Notes
Enter values in yellow cells. * Compulsory.
47,000
2
3.50%
12,000
6
2.75%
450
4
3.25%
11,500
7
5.67%
4,500
5
4.00%
550
1
2.50%

$ amt

$ amt

$ amt

$ amt

$ amt

$ amt
% increase

0.90% % of income
4
1.10% % of income
1
1.28% % of income
2

Use this model to calculate returns on rental property:

1. Monthly Calculations & Analysis plus Annual Analysis.
2. Leveraged, Uneleveraged, Before & After Tax Calculations
& Analysis.
3. Please ensure correct Input-"Input Ok", to get correct results.
4. Please see detailed comments inserted in relevant fields.
Though adequate care has been taken in developing this model,
subject to comments inserted, we accept no responsibility for
inaccuracy or errors in calcuations or assumptions made or for
any loss which might arise on its use.
To help us improve this model, please send your feedback to
info@globaliconnect.com.

Period

Income

Date

Month No

12/15/2009
1/15/2010
2/15/2010
3/15/2010
4/15/2010
5/15/2010
6/15/2010
7/15/2010
8/15/2010
9/15/2010
10/15/2010
11/15/2010
12/15/2010
1/15/2011
2/15/2011
3/15/2011
4/15/2011
5/15/2011
6/15/2011
7/15/2011
8/15/2011
9/15/2011
10/15/2011
11/15/2011
12/15/2011
1/15/2012
2/15/2012
3/15/2012
4/15/2012
5/15/2012
6/15/2012
7/15/2012
8/15/2012
9/15/2012
10/15/2012
11/15/2012
12/15/2012
1/15/2013
2/15/2013
3/15/2013
4/15/2013
5/15/2013
6/15/2013
7/15/2013
8/15/2013
9/15/2013
10/15/2013
11/15/2013
12/15/2013
1/15/2014
2/15/2014
3/15/2014
4/15/2014

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52

Gross
Income

152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
152,000
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
177,840
208,073
208,073
208,073
208,073

Expenses
Total
Operating
Exp

2,222
51,168
2,222
4,040
8,540
16,040
15,540
4,040
4,040
4,040
4,040
4,040
4,054
54,644
4,054
4,068
8,748
16,398
16,220
4,068
4,068
4,068
4,068
4,068
4,599
57,223
4,599
4,614
9,482
17,283
17,455
4,614
4,614
4,614
4,614
4,614
4,629
59,015
4,629
4,644
9,706
17,662
18,214
4,644
4,644
4,644
4,644
4,644
5,264
61,861
5,264
5,280

NOI
Net Operating
Income (NOI)

149,778
100,832
149,778
147,960
143,460
135,960
136,460
147,960
147,960
147,960
147,960
147,960
147,946
97,356
147,946
147,932
143,252
135,602
135,780
147,932
147,932
147,932
147,932
147,932
173,241
120,617
173,241
173,226
168,358
160,557
160,385
173,226
173,226
173,226
173,226
173,226
173,211
118,825
173,211
173,196
168,134
160,178
159,626
173,196
173,196
173,196
173,196
173,196
202,809
146,212
202,809
202,793

Debt Service
Mortgage
Interest

43,542
43,494
43,446
43,398
43,350
43,301
43,252
43,203
43,154
43,105
43,055
43,005
42,955
42,905
42,854
42,803
42,752
42,701
42,650
42,598
42,546
42,494
42,441
42,388
42,335
42,282
42,229
42,175
42,121
42,067
42,013
41,958
41,903
41,848
41,793
41,737
41,681
41,625
41,568
41,512
41,455
41,397
41,340
41,282
41,224
41,166
41,107
41,048
40,989
40,930
40,870
40,811

Mortgage
Principal

10,398
10,446
10,494
10,542
10,590
10,639
10,688
10,737
10,786
10,835
10,885
10,935
10,985
11,035
11,086
11,137
11,188
11,239
11,290
11,342
11,394
11,446
11,499
11,552
11,604
11,658
11,711
11,765
11,819
11,873
11,927
11,982
12,037
12,092
12,147
12,203
12,259
12,315
12,372
12,428
12,485
12,543
12,600
12,658
12,716
12,774
12,833
12,891
12,951
13,010
13,070
13,129

Debt Service
Payment (P&I)
0.57%
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940

5/15/2014
6/15/2014
7/15/2014
8/15/2014
9/15/2014
10/15/2014
11/15/2014
12/15/2014
1/15/2015
2/15/2015
3/15/2015
4/15/2015
5/15/2015
6/15/2015
7/15/2015
8/15/2015
9/15/2015
10/15/2015
11/15/2015
12/15/2015
1/15/2016
2/15/2016
3/15/2016
4/15/2016
5/15/2016
6/15/2016
7/15/2016
8/15/2016
9/15/2016
10/15/2016
11/15/2016
12/15/2016
1/15/2017
2/15/2017
3/15/2017
4/15/2017
5/15/2017
6/15/2017
7/15/2017
8/15/2017
9/15/2017
10/15/2017
11/15/2017
12/15/2017
1/15/2018
2/15/2018
3/15/2018
4/15/2018
5/15/2018
6/15/2018
7/15/2018
8/15/2018
9/15/2018
10/15/2018
11/15/2018
12/15/2018
1/15/2019
2/15/2019

53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110

208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
208,073
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
243,445
284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831

10,544
18,655
19,618
5,280
5,280
5,280
5,280
5,280
5,295
63,780
5,295
5,312
10,787
19,055
20,463
5,312
5,312
5,312
5,312
5,312
6,035
66,926
6,035
6,052
11,746
20,173
22,063
6,052
6,052
6,052
6,052
6,052
6,068
68,981
6,068
6,086
12,007
20,595
23,004
6,086
6,086
6,086
6,086
6,086
6,930
72,466
6,930
6,948
13,107
21,857
24,826
6,948
6,948
6,948
6,948
6,948
6,965
74,667

197,528
189,417
188,454
202,793
202,793
202,793
202,793
202,793
202,778
144,293
202,778
202,761
197,286
189,018
187,610
202,761
202,761
202,761
202,761
202,761
237,410
176,519
237,410
237,393
231,699
223,272
221,383
237,393
237,393
237,393
237,393
237,393
237,377
174,464
237,377
237,360
231,438
222,850
220,441
237,360
237,360
237,360
237,360
237,360
277,901
212,365
277,901
277,883
271,724
262,974
260,005
277,883
277,883
277,883
277,883
277,883
277,866
210,164

40,750
40,690
40,629
40,568
40,507
40,445
40,383
40,321
40,259
40,196
40,133
40,070
40,006
39,942
39,878
39,814
39,749
39,684
39,619
39,553
39,487
39,421
39,354
39,288
39,220
39,153
39,085
39,017
38,949
38,880
38,811
38,742
38,672
38,602
38,532
38,461
38,390
38,319
38,247
38,175
38,103
38,030
37,958
37,884
37,811
37,737
37,662
37,588
37,513
37,438
37,362
37,286
37,210
37,133
37,056
36,979
36,901
36,823

13,190
13,250
13,311
13,372
13,433
13,495
13,557
13,619
13,681
13,744
13,807
13,870
13,934
13,997
14,062
14,126
14,191
14,256
14,321
14,387
14,453
14,519
14,586
14,652
14,720
14,787
14,855
14,923
14,991
15,060
15,129
15,198
15,268
15,338
15,408
15,479
15,550
15,621
15,693
15,765
15,837
15,910
15,982
16,056
16,129
16,203
16,277
16,352
16,427
16,502
16,578
16,654
16,730
16,807
16,884
16,961
17,039
17,117

53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940

3/15/2019
4/15/2019
5/15/2019
6/15/2019
7/15/2019
8/15/2019
9/15/2019
10/15/2019
11/15/2019
12/15/2019
1/15/2020
2/15/2020
3/15/2020
4/15/2020
5/15/2020
6/15/2020
7/15/2020
8/15/2020
9/15/2020
10/15/2020
11/15/2020
12/15/2020

111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132

284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831
284,831
333,252
333,252
333,252
333,252
333,252
333,252
333,252
333,252
333,252
333,252
333,252
333,252

6,965
6,984
13,388
22,302
25,875
6,984
6,984
6,984
6,984
6,984
7,969
78,533
7,969
7,989
14,650
23,729
27,951
7,989
7,989
7,989
7,989
7,989

277,866
277,847
271,442
262,529
258,956
277,847
277,847
277,847
277,847
277,847
325,283
254,719
325,283
325,263
318,602
309,524
305,301
325,263
325,263
325,263
325,263
325,263

36,744
36,665
36,586
36,507
36,427
36,347
36,266
36,185
36,104
36,022

17,196
17,274
17,354
17,433
17,513
17,593
17,674
17,755
17,836
17,918

53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940
53,940

Mortg Bal

Terminal Value

Income Tax

TV after Tax

Mortgage
Balance (o/s)

Terminal Value
before Tax
Option 2

Income Tax
(Tax Benefit)

Terminal Value
after CG Tax
Option 2

9,489,602
9,479,156
9,468,662
9,458,120
9,447,530
9,436,891
9,426,203
9,415,467
9,404,681
9,393,846
9,382,961
9,372,027
9,361,042
9,350,006
9,338,921
9,327,784
9,316,597
9,305,358
9,294,067
9,282,725
9,271,331
9,259,885
9,248,386
9,236,834
9,225,230
9,213,572
9,201,861
9,190,096
9,178,278
9,166,405
9,154,478
9,142,496
9,130,459
9,118,367
9,106,219
9,094,016
9,081,757
9,069,442
9,057,070
9,044,642
9,032,156
9,019,614
9,007,014
8,994,356
8,981,640
8,968,866
8,956,033
8,943,142
8,930,191
8,917,182
8,904,112
8,890,983

20,426,360
20,384,639
20,362,658
20,362,317
20,359,817
20,355,516
20,347,351
20,347,011
20,346,670
20,346,330
20,345,989
20,345,649
20,649,182
20,928,316
21,231,850
21,535,378
21,836,660
22,136,119
22,431,379
22,734,907
23,038,435
23,341,963
23,645,491
23,949,019
23,948,665
23,927,164
23,926,810
23,926,449
23,923,752
23,919,211
23,910,114
23,909,753
23,909,393
23,909,032
23,908,672
23,908,311
24,263,484
24,592,127
24,947,300
25,302,467
25,655,204
26,006,076
26,352,010
26,707,177
27,062,344
27,417,511
27,772,677
28,127,844
28,127,469
28,104,442
28,104,066
28,103,685

23,909
9,240
23,938
23,407
22,072
19,836
20,001
23,465
23,480
23,495
23,510
23,525
23,536
8,374
23,566
23,577
22,188
19,909
19,977
23,639
23,654
23,670
23,686
23,701
31,310
15,539
31,342
31,354
29,910
27,585
27,550
31,419
31,435
31,452
31,468
31,485
31,498
15,199
31,531
31,544
30,042
27,673
27,524
31,612
31,630
31,647
31,665
31,683
40,584
23,623
40,620
40,633

20,475,780
20,437,096
20,414,203
20,408,623
20,401,315
20,392,567
20,380,727
20,375,147
20,369,567
20,363,987
20,358,407
20,352,827
20,590,346
20,808,345
21,045,865
21,283,379
21,519,097
21,753,357
21,984,257
22,221,772
22,459,286
22,696,801
22,934,316
23,171,831
23,166,239
23,143,731
23,138,140
23,132,544
23,125,079
23,116,138
23,103,552
23,097,956
23,092,360
23,086,764
23,081,168
23,075,572
23,354,403
23,612,010
23,890,840
24,169,666
24,446,548
24,721,937
24,993,377
25,272,203
25,551,029
25,829,855
26,108,680
26,387,506
26,381,898
26,358,169
26,352,561
26,346,948

Annual Returns & Ratios

Cash on
ROI (after
Cash
NOI Return
Tax)
Return
(Annual)

5.16%
7.27%
9.20%
11.31%
13.44%
15.54%
17.64%
19.70%
21.82%
23.95%
26.07%
28.19%
30.32%
30.43%
30.38%
30.49%
30.60%
30.70%
30.78%
30.82%
30.94%
31.05%
31.16%
31.27%
31.38%
33.88%
36.17%
38.66%
41.16%
43.63%
46.09%
48.52%
51.01%
53.50%
56.00%
58.49%
60.98%
61.12%
61.09%
61.23%
61.37%

9.44%
9.42%
9.39%
9.37%
9.37%
9.37%
9.37%
9.36%
9.36%
9.36%
9.36%
9.36%
9.36%
9.58%
9.79%
10.02%
10.24%
10.47%
10.69%
10.91%
11.14%
11.36%
11.59%
11.81%
12.04%
12.04%
12.02%
12.02%
12.02%
12.02%
12.02%
12.01%
12.01%
12.01%
12.01%
12.01%
12.01%
12.27%
12.52%
12.78%
13.05%

8.23%
8.22%
8.21%
8.20%
8.20%
8.20%
8.19%
8.19%
8.19%
8.19%
8.19%
8.19%
8.19%
8.31%
8.43%
8.55%
8.67%
8.79%
8.91%
9.03%
9.15%
9.27%
9.40%
9.52%
9.64%
9.64%
9.63%
9.63%
9.63%
9.63%
9.63%
9.63%
9.63%
9.63%
9.63%
9.63%
9.62%
9.77%
9.90%
10.04%
10.19%

8,877,793
8,864,543
8,851,232
8,837,860
8,824,427
8,810,932
8,797,376
8,783,757
8,770,076
8,756,332
8,742,526
8,728,656
8,714,722
8,700,725
8,686,663
8,672,537
8,658,346
8,644,090
8,629,769
8,615,382
8,600,929
8,586,410
8,571,825
8,557,172
8,542,453
8,527,666
8,512,811
8,497,888
8,482,897
8,467,837
8,452,708
8,437,509
8,422,241
8,406,903
8,391,495
8,376,016
8,360,466
8,344,845
8,329,152
8,313,387
8,297,551
8,281,641
8,265,659
8,249,603
8,233,474
8,217,270
8,200,993
8,184,641
8,168,214
8,151,712
8,135,134
8,118,480
8,101,749
8,084,942
8,068,059
8,051,097
8,034,058
8,016,941

28,100,776
28,095,981
28,085,843
28,085,462
28,085,080
28,084,698
28,084,317
28,083,935
28,499,528
28,886,243
29,301,836
29,717,423
30,130,381
30,541,433
30,946,710
31,362,296
31,777,883
32,193,470
32,609,056
33,024,643
33,024,245
32,999,583
32,999,185
32,998,781
32,995,644
32,990,580
32,979,283
32,978,879
32,978,475
32,978,071
32,977,667
32,977,263
33,463,550
33,918,365
34,404,652
34,890,932
35,374,369
35,855,861
36,330,629
36,816,909
37,303,189
37,789,469
38,275,749
38,762,029
38,761,609
38,735,194
38,734,774
38,734,346
38,730,962
38,725,615
38,713,023
38,712,595
38,712,167
38,711,740
38,711,312
38,710,884
39,279,885
39,814,545

39,072
36,657
36,386
40,706
40,724
40,743
40,761
40,780
40,794
23,268
40,832
40,846
39,222
36,761
36,358
40,923
40,942
40,962
40,981
41,001
51,415
33,168
51,455
51,470
49,782
47,274
46,728
51,551
51,572
51,592
51,613
51,634
51,650
32,797
51,692
51,708
49,953
47,398
46,697
51,794
51,815
51,837
51,859
51,881
64,066
44,427
64,110
64,127
62,302
59,699
58,831
64,218
64,240
64,263
64,287
64,310
64,328
44,041

26,339,313
26,330,169
26,316,751
26,311,139
26,305,526
26,299,913
26,294,300
26,288,687
26,615,853
26,919,918
27,247,084
27,574,246
27,899,305
28,222,838
28,541,753
28,868,914
29,196,076
29,523,237
29,850,399
30,177,560
30,171,935
30,146,897
30,141,271
30,135,640
30,127,823
30,118,464
30,104,118
30,098,488
30,092,857
30,087,226
30,081,595
30,075,964
30,459,686
30,818,230
31,201,952
31,585,668
31,967,111
32,346,996
32,721,504
33,105,220
33,488,936
33,872,652
34,256,369
34,640,085
34,634,441
34,608,001
34,602,357
34,596,707
34,588,693
34,579,107
34,563,726
34,558,076
34,552,426
34,546,776
34,541,127
34,535,477
34,985,370
35,407,790

61.49%
61.59%
61.66%
61.80%
61.93%
62.07%
62.21%
62.35%
65.28%
67.99%
70.91%
73.84%
76.74%
79.63%
82.48%
85.41%
88.33%
91.26%
94.18%
97.11%
97.28%
97.26%
97.43%
97.60%
97.75%
97.89%
97.98%
98.15%
98.32%
98.49%
98.66%
98.83%
102.26%
105.46%
108.89%
112.32%
115.73%
119.12%
122.47%
125.90%
129.33%
132.76%
136.19%
139.62%
139.83%
139.84%
140.05%
140.25%
140.44%
140.61%
140.73%
140.93%
141.14%
141.35%
141.56%
141.77%
145.79%
149.55%

13.31%
13.57%
13.83%
14.09%
14.36%
14.62%
14.88%
15.15%
15.15%
15.13%
15.13%
15.13%
15.13%
15.13%
15.12%
15.12%
15.12%
15.12%
15.12%
15.12%
15.43%
15.71%
16.02%
16.33%
16.64%
16.94%
17.25%
17.56%
17.86%
18.17%
18.48%
18.79%
18.79%
18.77%
18.77%
18.77%
18.77%
18.77%
18.76%
18.76%
18.76%
18.76%
18.76%
18.76%
19.12%
19.46%
19.82%
20.18%
20.54%
20.90%
21.25%
21.61%
21.98%
22.34%
22.70%
23.06%
23.06%
23.04%

10.33%
10.47%
10.61%
10.75%
10.89%
11.04%
11.18%
11.32%
11.32%
11.31%
11.31%
11.31%
11.31%
11.31%
11.31%
11.31%
11.31%
11.31%
11.31%
11.31%
11.47%
11.63%
11.80%
11.96%
12.13%
12.30%
12.46%
12.63%
12.79%
12.96%
13.13%
13.29%
13.29%
13.28%
13.28%
13.28%
13.28%
13.28%
13.28%
13.28%
13.28%
13.28%
13.28%
13.28%
13.47%
13.65%
13.85%
14.05%
14.24%
14.43%
14.63%
14.82%
15.02%
15.21%
15.41%
15.60%
15.60%
15.59%

7,999,745
7,982,471
7,965,117
7,947,684
7,930,171
7,912,578
7,894,904
7,877,149
7,859,312
7,841,394

40,383,547
40,952,540
41,518,460
42,082,398
42,638,538
43,207,532
43,776,526
44,345,520
44,914,513
45,483,507

64,375
64,393
62,495
59,845
58,797
64,489
64,513
64,537
64,562
64,586

35,857,683
36,307,571
36,754,998
37,200,842
37,640,446
38,090,333
38,540,221
38,990,108
39,439,995
39,889,883

153.58%
157.60%
161.60%
165.58%
169.51%
173.53%
177.55%
181.57%
185.60%
189.62%

23.04%
23.04%
23.04%
23.03%
23.03%
23.02%
23.02%
23.02%
23.02%
23.02%

15.59%
15.59%
15.59%
15.59%
15.58%
15.58%
15.58%
15.58%
15.58%
15.58%

urns & Ratios

Before Tax
Debt
Coverage
Ratio

2.63
2.63
2.62
2.62
2.62
2.62
2.62
2.62
2.62
2.62
2.62
2.62
2.62
2.66
2.69
2.73
2.77
2.81
2.85
2.89
2.93
2.97
3.01
3.04
3.08
3.08
3.08
3.08
3.08
3.08
3.08
3.08
3.08
3.08
3.08
3.08
3.08
3.12
3.17
3.21
3.26

CFBT
(11,200,000)
95,838
46,892
95,838
94,020
89,520
82,020
82,520
94,020
94,020
94,020
94,020
94,020
94,006
43,416
94,006
93,992
89,312
81,662
81,840
93,992
93,992
93,992
93,992
93,992
119,301
66,677
119,301
119,286
114,418
106,617
106,445
119,286
119,286
119,286
119,286
119,286
119,271
64,885
119,271
119,256
114,194
106,238
105,686
119,256
119,256
119,256
119,256
119,256
148,869
92,272
148,869
148,853

Terminal CFBT IRR (Mthly) IRR (Annual)

11,032,596
10,952,375
10,989,834
10,998,217
11,001,807
11,000,645
11,003,668
11,025,564
11,036,009
11,046,504
11,057,048
11,067,642
11,382,147
11,621,726
11,986,936
12,301,586
12,609,375
12,912,423
13,219,151
13,546,173
13,861,096
14,176,070
14,491,097
14,806,177
14,842,736
14,780,269
14,844,249
14,855,638
14,859,893
14,859,423
14,862,081
14,886,543
14,898,220
14,909,951
14,921,738
14,933,581
15,300,998
15,587,571
16,009,501
16,377,081
16,737,242
17,092,700
17,450,683
17,832,076
18,199,959
18,567,900
18,935,900
19,303,958
19,346,147
19,279,532
19,348,823
19,361,555

-1.4947%
-0.6829%
-0.2025%
0.0829%
0.2423%
0.3348%
0.3967%
0.4646%
0.5173%
0.5595%
0.5939%
0.6226%
0.8465%
0.9880%
1.1470%
1.2810%
1.3915%
1.4818%
1.5575%
1.6298%
1.6920%
1.7458%
1.7923%
1.8325%
1.7975%
1.7473%
1.7181%
1.6909%
1.6642%
1.6373%
1.6112%
1.5909%
1.5719%
1.5540%
1.5371%
1.5212%
1.5625%
1.5878%
1.6221%
1.6531%
1.6803%
1.7037%
1.7242%
1.7453%
1.7644%
1.7816%
1.7972%
1.8112%
1.7943%
1.7711%
1.7557%
1.7409%

-16.5327%
-7.8936%
-2.4037%
0.9992%
2.9470%
4.0928%
4.8655%
5.7197%
6.3878%
6.9244%
7.3647%
7.7323%
10.6444%
12.5225%
14.6668%
16.5024%
18.0366%
19.3042%
20.3773%
21.4089%
22.3044%
23.0826%
23.7593%
24.3478%
23.8354%
23.1053%
22.6811%
22.2890%
21.9035%
21.5169%
21.1432%
20.8532%
20.5817%
20.3270%
20.0876%
19.8622%
20.4480%
20.8084%
21.2986%
21.7443%
22.1355%
22.4734%
22.7703%
23.0759%
23.3530%
23.6038%
23.8306%
24.0354%
23.7888%
23.4504%
23.2263%
23.0117%

MIRR
(Mthly)

MIRR
(Annual)

-1.4947%
-0.6735%
-0.1903%
0.0981%
0.2606%
0.3563%
0.4213%
0.4916%
0.5467%
0.5913%
0.6281%
0.6592%
0.8759%
1.0128%
1.1651%
1.2928%
1.3976%
1.4828%
1.5539%
1.6214%
1.6791%
1.7286%
1.7711%
1.8077%
1.7743%
1.7272%
1.6996%
1.6741%
1.6492%
1.6243%
1.6003%
1.5817%
1.5643%
1.5481%
1.5330%
1.5188%
1.5551%
1.5772%
1.6072%
1.6341%
1.6576%
1.6776%
1.6950%
1.7129%
1.7289%
1.7433%
1.7561%
1.7676%
1.7521%
1.7313%
1.7174%
1.7040%

-16.5327%
-7.7889%
-2.2604%
1.1837%
3.1730%
4.3608%
5.1742%
6.0610%
6.7618%
7.3309%
7.8036%
8.2034%
11.0318%
12.8535%
14.9126%
16.6656%
18.1227%
19.3195%
20.3264%
21.2885%
22.1180%
22.8337%
23.4513%
23.9841%
23.4971%
22.8129%
22.4139%
22.0466%
21.6877%
21.3302%
20.9869%
20.7213%
20.4741%
20.2437%
20.0286%
19.8275%
20.3434%
20.6581%
21.0855%
21.4717%
21.8083%
22.0967%
22.3481%
22.6060%
22.8380%
23.0463%
23.2329%
23.3996%
23.1750%
22.8728%
22.6707%
22.4779%

3.30
3.35
3.39
3.44
3.48
3.53
3.58
3.62
3.62
3.62
3.62
3.62
3.62
3.62
3.62
3.62
3.62
3.62
3.62
3.62
3.67
3.72
3.77
3.83
3.88
3.93
3.98
4.04
4.09
4.14
4.20
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.31
4.37
4.43
4.49
4.55
4.62
4.68
4.74
4.80
4.87
4.93
4.99
4.99
4.99

143,589
135,477
134,514
148,853
148,853
148,853
148,853
148,853
148,838
90,353
148,838
148,821
143,346
135,078
133,670
148,821
148,821
148,821
148,821
148,821
183,470
122,579
183,470
183,453
177,759
169,332
167,443
183,453
183,453
183,453
183,453
183,453
183,437
120,524
183,437
183,420
177,498
168,910
166,501
183,420
183,420
183,420
183,420
183,420
223,961
158,425
223,961
223,943
217,784
209,034
206,065
223,943
223,943
223,943
223,943
223,943
223,926
156,224

19,366,572
19,366,915
19,369,125
19,396,454
19,409,506
19,422,619
19,435,794
19,449,031
19,878,290
20,220,264
20,708,148
21,137,588
21,559,005
21,975,786
22,393,717
22,838,581
23,268,358
23,698,200
24,128,108
24,558,082
24,606,786
24,535,752
24,610,831
24,625,062
24,630,951
24,632,247
24,633,914
24,664,444
24,679,031
24,693,687
24,708,412
24,723,207
25,224,746
25,631,986
26,196,594
26,698,335
27,191,401
27,679,926
28,167,979
28,686,942
29,189,058
29,691,248
30,193,510
30,695,846
30,752,096
30,676,349
30,757,742
30,773,648
30,780,533
30,782,937
30,783,954
30,818,058
30,834,361
30,850,740
30,867,196
30,883,730
31,469,754
31,953,829

1.7261%
1.7110%
1.6960%
1.6835%
1.6714%
1.6597%
1.6485%
1.6376%
1.6553%
1.6659%
1.6811%
1.6951%
1.7075%
1.7184%
1.7279%
1.7380%
1.7472%
1.7557%
1.7634%
1.7704%
1.7601%
1.7464%
1.7367%
1.7273%
1.7178%
1.7082%
1.6985%
1.6901%
1.6820%
1.6740%
1.6663%
1.6588%
1.6685%
1.6743%
1.6827%
1.6906%
1.6975%
1.7037%
1.7091%
1.7149%
1.7202%
1.7251%
1.7297%
1.7338%
1.7268%
1.7177%
1.7111%
1.7045%
1.6980%
1.6913%
1.6845%
1.6786%
1.6728%
1.6671%
1.6615%
1.6561%
1.6621%
1.6657%

22.7967%
22.5787%
22.3623%
22.1810%
22.0066%
21.8388%
21.6772%
21.5215%
21.7753%
21.9286%
22.1472%
22.3489%
22.5283%
22.6851%
22.8236%
22.9695%
23.1035%
23.2263%
23.3386%
23.4411%
23.2910%
23.0919%
22.9514%
22.8150%
22.6776%
22.5383%
22.3983%
22.2773%
22.1597%
22.0454%
21.9342%
21.8260%
21.9653%
22.0492%
22.1706%
22.2835%
22.3843%
22.4733%
22.5516%
22.6352%
22.7123%
22.7834%
22.8488%
22.9087%
22.8070%
22.6762%
22.5796%
22.4853%
22.3902%
22.2938%
22.1965%
22.1108%
22.0270%
21.9451%
21.8650%
21.7868%
21.8728%
21.9251%

1.6907%
1.6773%
1.6641%
1.6530%
1.6423%
1.6321%
1.6223%
1.6130%
1.6272%
1.6356%
1.6478%
1.6589%
1.6686%
1.6771%
1.6844%
1.6922%
1.6992%
1.7056%
1.7114%
1.7166%
1.7075%
1.6958%
1.6874%
1.6792%
1.6711%
1.6629%
1.6547%
1.6475%
1.6407%
1.6340%
1.6275%
1.6213%
1.6284%
1.6326%
1.6388%
1.6445%
1.6495%
1.6538%
1.6576%
1.6617%
1.6654%
1.6687%
1.6718%
1.6745%
1.6686%
1.6612%
1.6556%
1.6502%
1.6448%
1.6394%
1.6339%
1.6291%
1.6244%
1.6198%
1.6153%
1.6110%
1.6151%
1.6174%

22.2860%
22.0928%
21.9021%
21.7423%
21.5894%
21.4430%
21.3027%
21.1683%
21.3725%
21.4931%
21.6671%
21.8267%
21.9672%
22.0888%
22.1949%
22.3069%
22.4086%
22.5009%
22.5844%
22.6596%
22.5286%
22.3588%
22.2373%
22.1200%
22.0026%
21.8843%
21.7663%
21.6641%
21.5652%
21.4696%
21.3770%
21.2874%
21.3901%
21.4497%
21.5382%
21.6198%
21.6920%
21.7547%
21.8090%
21.8673%
21.9204%
21.9687%
22.0125%
22.0520%
21.9672%
21.8605%
21.7806%
21.7030%
21.6252%
21.5470%
21.4685%
21.3992%
21.3318%
21.2662%
21.2024%
21.1403%
21.1986%
21.2321%

4.99
4.99
4.99
4.99
4.98
4.98
4.98
4.98
4.98
4.98

223,926
223,907
217,502
208,589
205,016
223,907
223,907
223,907
223,907
223,907

32,607,727
33,193,977
33,770,845
34,343,303
34,913,383
35,518,862
36,105,530
36,692,278
37,279,108
37,866,020

1.6709%
1.6758%
1.6802%
1.6841%
1.6875%
1.6912%
1.6946%
1.6977%
1.7006%
1.7032%

22.0007%
22.0712%
22.1344%
22.1905%
22.2397%
22.2926%
22.3415%
22.3867%
22.4284%
22.4666%

1.6209%
1.6242%
1.6271%
1.6296%
1.6317%
1.6341%
1.6362%
1.6381%
1.6399%
1.6414%

21.2826%
21.3292%
21.3704%
21.4063%
21.4372%
21.4706%
21.5011%
21.5288%
21.5538%
21.5764%

After Tax

CFAT
(11,200,000)
71,929
37,652
71,900
70,613
67,448
62,184
62,519
70,555
70,540
70,525
70,510
70,495
70,470
35,042
70,440
70,415
67,123
61,753
61,862
70,353
70,337
70,322
70,306
70,290
87,991
51,138
87,959
87,932
84,509
79,031
78,895
87,867
87,850
87,834
87,817
14,069,357

XIRR

IRR
Select Month:
Month No.
36
Monthly IRR

1.1890%

Annual IRR

15.2390%

Monthly MIRR

1.1766%

Annual MIRR

15.0692%

NPV (check)

15.2255%

$0.00

Period
Date

Terminal Cap Rate Sensitivity

Month
No
7.25%

12/15/2009
1/15/2010
2/15/2010
3/15/2010
4/15/2010
5/15/2010
6/15/2010
7/15/2010
8/15/2010
9/15/2010
10/15/2010
11/15/2010
12/15/2010
1/15/2011
2/15/2011
3/15/2011
4/15/2011
5/15/2011
6/15/2011
7/15/2011
8/15/2011
9/15/2011
10/15/2011
11/15/2011
12/15/2011
1/15/2012
2/15/2012
3/15/2012
4/15/2012
5/15/2012
6/15/2012
7/15/2012
8/15/2012
9/15/2012
10/15/2012
11/15/2012
12/15/2012
1/15/2013
2/15/2013
3/15/2013
4/15/2013
5/15/2013
6/15/2013
7/15/2013
8/15/2013
9/15/2013
10/15/2013
11/15/2013
12/15/2013
1/15/2014
2/15/2014
3/15/2014
4/15/2014
5/15/2014

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53

17.3720%
8.4182%
5.7711%
4.5181%
3.7634%
3.2512%
2.8827%
2.6264%
2.4276%
2.2689%
2.1393%
2.0315%
2.1290%
2.1678%
2.2333%
2.2860%
2.3257%
2.3539%
2.3746%
2.3969%
2.4143%
2.4275%
2.4374%
2.4443%
2.3811%
2.3070%
2.2537%
2.2043%
2.1570%
2.1112%
2.0675%
2.0303%
1.9955%
1.9627%
1.9319%
1.9028%
1.9296%
1.9424%
1.9639%
1.9830%
1.9990%
2.0120%
2.0227%
2.0343%
2.0444%
2.0531%
2.0607%
2.0670%
2.0434%
2.0143%
1.9927%
1.9720%
1.9514%

7.50%
10.6639%
5.2728%
3.7258%
3.0066%
2.5667%
2.2618%
2.0403%
1.8945%
1.7812%
1.6908%
1.6168%
1.5552%
1.6953%
1.7688%
1.8657%
1.9458%
2.0093%
2.0585%
2.0977%
2.1368%
2.1693%
2.1962%
2.2184%
2.2365%
2.1829%
2.1169%
2.0717%
2.0299%
1.9896%
1.9501%
1.9124%
1.8810%
1.8515%
1.8238%
1.7977%
1.7730%
1.8047%
1.8217%
1.8475%
1.8706%
1.8904%
1.9069%
1.9209%
1.9357%
1.9489%
1.9605%
1.9707%
1.9797%
1.9583%
1.9313%
1.9117%
1.8930%
1.8744%

7.75%
4.3885%
2.2424%
1.7363%
1.5293%
1.3938%
1.2903%
1.2122%
1.1743%
1.1449%
1.1213%
1.1020%
1.0859%
1.2681%
1.3758%
1.5039%
1.6110%
1.6981%
1.7679%
1.8255%
1.8812%
1.9287%
1.9691%
2.0035%
2.0327%
1.9885%
1.9305%
1.8933%
1.8589%
1.8254%
1.7923%
1.7604%
1.7346%
1.7104%
1.6876%
1.6661%
1.6459%
1.6824%
1.7036%
1.7336%
1.7607%
1.7842%
1.8042%
1.8215%
1.8395%
1.8556%
1.8700%
1.8829%
1.8944%
1.8753%
1.8502%
1.8328%
1.8160%
1.7993%

IRR (Mthly)
8.00%
-1.4947%
-0.6829%
-0.2025%
0.0829%
0.2423%
0.3348%
0.3967%
0.4646%
0.5173%
0.5595%
0.5939%
0.6226%
0.8465%
0.9880%
1.1470%
1.2810%
1.3915%
1.4818%
1.5575%
1.6298%
1.6920%
1.7458%
1.7923%
1.8325%
1.7975%
1.7473%
1.7181%
1.6909%
1.6642%
1.6373%
1.6112%
1.5909%
1.5719%
1.5540%
1.5371%
1.5212%
1.5625%
1.5878%
1.6221%
1.6531%
1.6803%
1.7037%
1.7242%
1.7453%
1.7644%
1.7816%
1.7972%
1.8112%
1.7943%
1.7711%
1.7557%
1.7409%
1.7261%

8.25%
-7.0213%
-3.5120%
-2.0955%
-1.3358%
-0.8902%
-0.6066%
-0.4078%
-0.2361%
-0.1026%
0.0043%
0.0917%
0.1645%
0.4299%
0.6049%
0.7946%
0.9552%
1.0889%
1.1995%
1.2933%
1.3820%
1.4589%
1.5259%
1.5844%
1.6356%
1.6096%
1.5672%
1.5457%
1.5258%
1.5057%
1.4849%
1.4645%
1.4497%
1.4358%
1.4227%
1.4104%
1.3988%
1.4448%
1.4741%
1.5126%
1.5476%
1.5784%
1.6052%
1.6290%
1.6531%
1.6751%
1.6951%
1.7133%
1.7298%
1.7151%
1.6937%
1.6803%
1.6675%
1.6545%

8.50%
-12.2228%
-6.2530%
-3.9469%
-2.7298%
-2.0060%
-1.5357%
-1.2027%
-0.9290%
-0.7159%
-0.5453%
-0.4056%
-0.2892%
0.0174%
0.2257%
0.4460%
0.6332%
0.7900%
0.9208%
1.0325%
1.1374%
1.2290%
1.3092%
1.3796%
1.4416%
1.4246%
1.3898%
1.3760%
1.3632%
1.3497%
1.3349%
1.3202%
1.3108%
1.3019%
1.2936%
1.2857%
1.2783%
1.3291%
1.3625%
1.4051%
1.4440%
1.4785%
1.5087%
1.5355%
1.5628%
1.5877%
1.6104%
1.6311%
1.6501%
1.6375%
1.6180%
1.6066%
1.5956%
1.5844%

8.75%
-17.1271%
-8.9132%
-5.7607%
-4.1017%
-3.1070%
-2.4542%
-1.9895%
-1.6154%
-1.3238%
-1.0902%
-0.8988%
-0.7392%
-0.3915%
-0.1501%
0.1007%
0.3143%
0.4941%
0.6451%
0.7747%
0.8958%
1.0019%
1.0952%
1.1775%
1.2502%
1.2422%
1.2149%
1.2087%
1.2030%
1.1959%
1.1872%
1.1780%
1.1739%
1.1700%
1.1664%
1.1630%
1.1598%
1.2153%
1.2526%
1.2994%
1.3422%
1.3803%
1.4138%
1.4438%
1.4741%
1.5019%
1.5273%
1.5506%
1.5720%
1.5616%
1.5438%
1.5344%
1.5253%
1.5159%

6/15/2014
7/15/2014
8/15/2014
9/15/2014
10/15/2014
11/15/2014
12/15/2014
1/15/2015
2/15/2015
3/15/2015
4/15/2015
5/15/2015
6/15/2015
7/15/2015
8/15/2015
9/15/2015
10/15/2015
11/15/2015
12/15/2015
1/15/2016
2/15/2016
3/15/2016
4/15/2016
5/15/2016
6/15/2016
7/15/2016
8/15/2016
9/15/2016
10/15/2016
11/15/2016
12/15/2016
1/15/2017
2/15/2017
3/15/2017
4/15/2017
5/15/2017
6/15/2017
7/15/2017
8/15/2017
9/15/2017
10/15/2017
11/15/2017
12/15/2017
1/15/2018
2/15/2018
3/15/2018
4/15/2018
5/15/2018
6/15/2018
7/15/2018
8/15/2018
9/15/2018
10/15/2018
11/15/2018
12/15/2018
1/15/2019
2/15/2019
3/15/2019

54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111

1.9310%
1.9109%
1.8932%
1.8762%
1.8598%
1.8439%
1.8287%
1.8416%
1.8481%
1.8589%
1.8686%
1.8771%
1.8841%
1.8901%
1.8966%
1.9024%
1.9075%
1.9121%
1.9161%
1.9029%
1.8866%
1.8742%
1.8621%
1.8501%
1.8380%
1.8259%
1.8151%
1.8047%
1.7945%
1.7845%
1.7749%
1.7824%
1.7863%
1.7927%
1.7986%
1.8037%
1.8080%
1.8117%
1.8158%
1.8194%
1.8227%
1.8257%
1.8283%
1.8197%
1.8092%
1.8010%
1.7930%
1.7850%
1.7769%
1.7688%
1.7615%
1.7543%
1.7473%
1.7405%
1.7338%
1.7386%
1.7413%
1.7454%

1.8558%
1.8374%
1.8215%
1.8061%
1.7913%
1.7771%
1.7633%
1.7778%
1.7857%
1.7980%
1.8092%
1.8190%
1.8273%
1.8345%
1.8422%
1.8492%
1.8554%
1.8611%
1.8661%
1.8539%
1.8385%
1.8270%
1.8158%
1.8047%
1.7934%
1.7821%
1.7722%
1.7625%
1.7531%
1.7439%
1.7350%
1.7432%
1.7478%
1.7549%
1.7614%
1.7672%
1.7721%
1.7764%
1.7810%
1.7853%
1.7891%
1.7926%
1.7957%
1.7877%
1.7777%
1.7700%
1.7625%
1.7550%
1.7474%
1.7397%
1.7329%
1.7262%
1.7196%
1.7132%
1.7070%
1.7122%
1.7152%
1.7197%

1.7825%
1.7658%
1.7516%
1.7379%
1.7247%
1.7119%
1.6997%
1.7157%
1.7251%
1.7388%
1.7514%
1.7625%
1.7721%
1.7805%
1.7894%
1.7975%
1.8049%
1.8115%
1.8176%
1.8063%
1.7918%
1.7812%
1.7709%
1.7606%
1.7502%
1.7397%
1.7306%
1.7216%
1.7130%
1.7045%
1.6963%
1.7053%
1.7105%
1.7183%
1.7254%
1.7318%
1.7374%
1.7422%
1.7474%
1.7522%
1.7566%
1.7606%
1.7642%
1.7567%
1.7472%
1.7400%
1.7330%
1.7260%
1.7189%
1.7117%
1.7053%
1.6990%
1.6929%
1.6869%
1.6811%
1.6867%
1.6900%
1.6949%

1.7110%
1.6960%
1.6835%
1.6714%
1.6597%
1.6485%
1.6376%
1.6553%
1.6659%
1.6811%
1.6951%
1.7075%
1.7184%
1.7279%
1.7380%
1.7472%
1.7557%
1.7634%
1.7704%
1.7601%
1.7464%
1.7367%
1.7273%
1.7178%
1.7082%
1.6985%
1.6901%
1.6820%
1.6740%
1.6663%
1.6588%
1.6685%
1.6743%
1.6827%
1.6906%
1.6975%
1.7037%
1.7091%
1.7149%
1.7202%
1.7251%
1.7297%
1.7338%
1.7268%
1.7177%
1.7111%
1.7045%
1.6980%
1.6913%
1.6845%
1.6786%
1.6728%
1.6671%
1.6615%
1.6561%
1.6621%
1.6657%
1.6709%

1.6411%
1.6278%
1.6169%
1.6064%
1.5962%
1.5865%
1.5771%
1.5963%
1.6083%
1.6249%
1.6402%
1.6539%
1.6660%
1.6767%
1.6879%
1.6983%
1.7078%
1.7165%
1.7246%
1.7152%
1.7023%
1.6935%
1.6849%
1.6762%
1.6674%
1.6585%
1.6509%
1.6435%
1.6362%
1.6292%
1.6224%
1.6328%
1.6392%
1.6483%
1.6567%
1.6643%
1.6710%
1.6770%
1.6833%
1.6892%
1.6946%
1.6996%
1.7043%
1.6978%
1.6892%
1.6830%
1.6769%
1.6708%
1.6646%
1.6583%
1.6528%
1.6474%
1.6421%
1.6369%
1.6319%
1.6382%
1.6422%
1.6478%

1.5728%
1.5611%
1.5518%
1.5429%
1.5342%
1.5259%
1.5179%
1.5387%
1.5520%
1.5700%
1.5867%
1.6017%
1.6149%
1.6268%
1.6392%
1.6506%
1.6611%
1.6709%
1.6799%
1.6714%
1.6593%
1.6514%
1.6436%
1.6358%
1.6277%
1.6195%
1.6127%
1.6060%
1.5995%
1.5931%
1.5870%
1.5980%
1.6051%
1.6148%
1.6239%
1.6320%
1.6393%
1.6458%
1.6527%
1.6591%
1.6650%
1.6705%
1.6756%
1.6696%
1.6615%
1.6558%
1.6502%
1.6445%
1.6387%
1.6328%
1.6277%
1.6227%
1.6179%
1.6131%
1.6085%
1.6152%
1.6194%
1.6254%

1.5059%
1.4958%
1.4881%
1.4807%
1.4736%
1.4667%
1.4600%
1.4823%
1.4969%
1.5163%
1.5344%
1.5506%
1.5651%
1.5781%
1.5915%
1.6040%
1.6156%
1.6264%
1.6363%
1.6287%
1.6174%
1.6103%
1.6034%
1.5964%
1.5890%
1.5816%
1.5755%
1.5695%
1.5637%
1.5580%
1.5525%
1.5643%
1.5719%
1.5822%
1.5919%
1.6007%
1.6085%
1.6156%
1.6230%
1.6299%
1.6363%
1.6423%
1.6478%
1.6423%
1.6346%
1.6293%
1.6242%
1.6190%
1.6136%
1.6081%
1.6035%
1.5989%
1.5944%
1.5900%
1.5858%
1.5928%
1.5974%
1.6037%

4/15/2019
5/15/2019
6/15/2019
7/15/2019
8/15/2019
9/15/2019
10/15/2019
11/15/2019
12/15/2019

112
113
114
115
116
117
118
119
120

1.7492%
1.7526%
1.7555%
1.7580%
1.7607%
1.7631%
1.7654%
1.7674%
1.7691%

1.7239%
1.7276%
1.7309%
1.7336%
1.7367%
1.7395%
1.7420%
1.7443%
1.7464%

1.6994%
1.7035%
1.7071%
1.7102%
1.7135%
1.7166%
1.7195%
1.7221%
1.7244%

1.6758%
1.6802%
1.6841%
1.6875%
1.6912%
1.6946%
1.6977%
1.7006%
1.7032%

1.6530%
1.6577%
1.6619%
1.6656%
1.6696%
1.6733%
1.6767%
1.6799%
1.6828%

1.6309%
1.6360%
1.6405%
1.6445%
1.6487%
1.6527%
1.6564%
1.6598%
1.6630%

1.6095%
1.6149%
1.6197%
1.6240%
1.6285%
1.6328%
1.6367%
1.6405%
1.6439%

Terminal Cap Rate Sensitivity

7.25%
583.5583%
163.7694%
96.0660%
69.9416%
55.7871%
46.8058%
40.6403%
36.4931%
33.3539%
30.8956%
28.9186%
27.2944%
28.7621%
29.3508%
30.3492%
31.1582%
31.7699%
32.2071%
32.5278%
32.8740%
33.1449%
33.3524%
33.5061%
33.6140%
32.6288%
31.4807%
30.6610%
29.9056%
29.1863%
28.4929%
27.8348%
27.2774%
26.7566%
26.2691%
25.8117%
25.3818%
25.7771%
25.9679%
26.2870%
26.5706%
26.8090%
27.0030%
27.1632%
27.3368%
27.4883%
27.6195%
27.7323%
27.8282%
27.4733%
27.0384%
26.7155%
26.4065%
26.1016%

7.50%
237.3419%
85.2650%
55.1109%
42.6856%
35.5425%
30.7856%
27.4270%
25.2586%
23.5983%
22.2862%
21.2232%
20.3445%
22.3517%
23.4170%
24.8354%
26.0178%
26.9632%
27.6992%
28.2894%
28.8801%
29.3730%
29.7828%
30.1213%
30.3988%
29.5802%
28.5795%
27.8987%
27.2707%
26.6684%
26.0824%
25.5237%
25.0596%
24.6258%
24.2194%
23.8379%
23.4790%
23.9401%
24.1897%
24.5679%
24.9074%
25.1984%
25.4421%
25.6494%
25.8685%
26.0633%
26.2357%
26.3878%
26.5212%
26.2037%
25.8022%
25.5134%
25.2369%
24.9631%

7.75%
67.4293%
30.4887%
22.9456%
19.9768%
18.0697%
16.6313%
15.5565%
15.0388%
14.6376%
14.3173%
14.0555%
13.8376%
16.3241%
17.8176%
19.6165%
21.1401%
22.3921%
23.4042%
24.2447%
25.0633%
25.7640%
26.3636%
26.8762%
27.3135%
26.6523%
25.7907%
25.2415%
24.7345%
24.2432%
23.7593%
23.2954%
22.9203%
22.5694%
22.2405%
21.9316%
21.6409%
22.1653%
22.4714%
22.9065%
23.3000%
23.6420%
23.9335%
24.1864%
24.4495%
24.6860%
24.8983%
25.0883%
25.2579%
24.9765%
24.6072%
24.3513%
24.1063%
23.8623%

IRR (Annual)
8.00%
-16.5327%
-7.8936%
-2.4037%
0.9992%
2.9470%
4.0928%
4.8655%
5.7197%
6.3878%
6.9244%
7.3647%
7.7323%
10.6444%
12.5225%
14.6668%
16.5024%
18.0366%
19.3042%
20.3773%
21.4089%
22.3044%
23.0826%
23.7593%
24.3478%
23.8354%
23.1053%
22.6811%
22.2890%
21.9035%
21.5169%
21.1432%
20.8532%
20.5817%
20.3270%
20.0876%
19.8622%
20.4480%
20.8084%
21.2986%
21.7443%
22.1355%
22.4734%
22.7703%
23.0759%
23.3530%
23.6038%
23.8306%
24.0354%
23.7888%
23.4504%
23.2263%
23.0117%
22.7967%

8.25%
-58.2552%
-34.8850%
-22.4412%
-14.9032%
-10.1745%
-7.0410%
-4.7852%
-2.7969%
-1.2238%
0.0514%
1.1059%
1.9921%
5.2820%
7.5054%
9.9632%
12.0844%
13.8788%
15.3831%
16.6729%
17.9038%
18.9822%
19.9287%
20.7605%
21.4923%
21.1209%
20.5153%
20.2099%
19.9273%
19.6426%
19.3488%
19.0615%
18.8528%
18.6574%
18.4739%
18.3013%
18.1386%
18.7836%
19.1965%
19.7401%
20.2364%
20.6753%
21.0580%
21.3976%
21.7445%
22.0609%
22.3492%
22.6117%
22.8504%
22.6375%
22.3290%
22.1358%
21.9506%
21.7636%

8.50%
-79.0791%
-53.9224%
-38.3211%
-28.2605%
-21.5855%
-16.9488%
-13.5151%
-10.5962%
-8.2609%
-6.3508%
-4.7601%
-3.4152%
0.2093%
2.7428%
5.4853%
7.8682%
9.9025%
11.6266%
13.1185%
14.5363%
15.7868%
16.8921%
17.8707%
18.7384%
18.5009%
18.0134%
17.8211%
17.6430%
17.4546%
17.2495%
17.0447%
16.9141%
16.7917%
16.6766%
16.5682%
16.4659%
17.1684%
17.6319%
18.2274%
18.7728%
19.2580%
19.6843%
20.0652%
20.4523%
20.8068%
21.1315%
21.4287%
21.7006%
21.5203%
21.2406%
21.0773%
20.9207%
20.7608%

8.75%
-89.5058%
-67.3815%
-50.9335%
-39.5035%
-31.5288%
-25.7830%
-21.4273%
-17.7521%
-14.7788%
-12.3256%
-10.2679%
-8.5180%
-4.5977%
-1.7861%
1.2149%
3.8376%
6.0936%
8.0218%
9.7025%
11.2956%
12.7083%
13.9638%
15.0816%
16.0785%
15.9683%
15.5929%
15.5086%
15.4303%
15.3340%
15.2138%
15.0882%
15.0326%
14.9803%
14.9310%
14.8844%
14.8404%
15.5987%
16.1113%
16.7572%
17.3503%
17.8806%
18.3492%
18.7704%
19.1965%
19.5882%
19.9483%
20.2793%
20.5834%
20.4348%
20.1830%
20.0486%
19.9198%
19.7863%

4.75%
-1.4417%
-0.6294%
-0.1490%
0.1364%
0.2958%
0.3882%
0.4500%
0.5179%
0.5705%
0.6126%
0.6469%
0.6755%
0.8985%
1.0394%
1.1975%
1.3307%
1.4404%
1.5300%
1.6051%
1.6767%
1.7383%
1.7914%
1.8373%
1.8770%
1.8419%
1.7917%
1.7623%
1.7351%
1.7083%
1.6813%
1.6552%
1.6348%
1.6156%
1.5977%
1.5807%
1.5648%
1.6054%
1.6302%
1.6639%
1.6945%
1.7212%
1.7441%
1.7642%
1.7848%
1.8034%
1.8202%
1.8354%
1.8490%
1.8321%
1.8088%
1.7934%
1.7785%
1.7636%

25.7985%
25.5005%
25.2396%
24.9887%
24.7474%
24.5152%
24.2915%
24.4802%
24.5759%
24.7342%
24.8780%
25.0019%
25.1060%
25.1936%
25.2895%
25.3752%
25.4514%
25.5187%
25.5778%
25.3824%
25.1429%
24.9597%
24.7821%
24.6051%
24.4276%
24.2507%
24.0932%
23.9401%
23.7912%
23.6465%
23.5057%
23.6150%
23.6724%
23.7657%
23.8512%
23.9258%
23.9895%
24.0434%
24.1026%
24.1561%
24.2042%
24.2472%
24.2853%
24.1593%
24.0065%
23.8867%
23.7697%
23.6527%
23.5351%
23.4171%
23.3107%
23.2068%
23.1052%
23.0059%
22.9087%
22.9789%
23.0169%
23.0773%

24.6894%
24.4195%
24.1860%
23.9615%
23.7455%
23.5376%
23.3374%
23.5483%
23.6638%
23.8428%
24.0064%
24.1493%
24.2715%
24.3766%
24.4897%
24.5919%
24.6841%
24.7668%
24.8408%
24.6610%
24.4354%
24.2669%
24.1035%
23.9401%
23.7757%
23.6115%
23.4665%
23.3256%
23.1887%
23.0555%
22.9259%
23.0454%
23.1120%
23.2149%
23.3098%
23.3934%
23.4658%
23.5280%
23.5956%
23.6572%
23.7132%
23.7639%
23.8095%
23.6919%
23.5466%
23.4348%
23.3256%
23.2161%
23.1058%
22.9949%
22.8956%
22.7986%
22.7038%
22.6111%
22.5204%
22.5961%
22.6390%
22.7046%

23.6170%
23.3743%
23.1673%
22.9683%
22.7768%
22.5924%
22.4148%
22.6474%
22.7821%
22.9812%
23.1641%
23.3255%
23.4652%
23.5873%
23.7170%
23.8353%
23.9430%
24.0407%
24.1292%
23.9644%
23.7524%
23.5980%
23.4483%
23.2981%
23.1465%
22.9946%
22.8618%
22.7327%
22.6072%
22.4852%
22.3665%
22.4960%
22.5713%
22.6837%
22.7876%
22.8800%
22.9608%
23.0312%
23.1069%
23.1764%
23.2400%
23.2981%
23.3510%
23.2415%
23.1035%
22.9994%
22.8978%
22.7956%
22.6924%
22.5884%
22.4960%
22.4057%
22.3174%
22.2312%
22.1468%
22.2277%
22.2754%
22.3461%

22.5787%
22.3623%
22.1810%
22.0066%
21.8388%
21.6772%
21.5215%
21.7753%
21.9286%
22.1472%
22.3489%
22.5283%
22.6851%
22.8236%
22.9695%
23.1035%
23.2263%
23.3386%
23.4411%
23.2910%
23.0919%
22.9514%
22.8150%
22.6776%
22.5383%
22.3983%
22.2773%
22.1597%
22.0454%
21.9342%
21.8260%
21.9653%
22.0492%
22.1706%
22.2835%
22.3843%
22.4733%
22.5516%
22.6352%
22.7123%
22.7834%
22.8488%
22.9087%
22.8070%
22.6762%
22.5796%
22.4853%
22.3902%
22.2938%
22.1965%
22.1108%
22.0270%
21.9451%
21.8650%
21.7868%
21.8728%
21.9251%
22.0007%

21.5722%
21.3811%
21.2247%
21.0743%
20.9295%
20.7900%
20.6555%
20.9299%
21.1013%
21.3390%
21.5591%
21.7559%
21.9294%
22.0839%
22.2456%
22.3948%
22.5323%
22.6588%
22.7750%
22.6391%
22.4527%
22.3254%
22.2020%
22.0771%
21.9497%
21.8213%
21.7118%
21.6054%
21.5019%
21.4013%
21.3033%
21.4520%
21.5442%
21.6746%
21.7961%
21.9052%
22.0021%
22.0882%
22.1794%
22.2640%
22.3423%
22.4147%
22.4814%
22.3875%
22.2634%
22.1741%
22.0869%
21.9987%
21.9091%
21.8182%
21.7390%
21.6615%
21.5858%
21.5118%
21.4394%
21.5305%
21.5872%
21.6676%

20.5951%
20.4287%
20.2965%
20.1692%
20.0467%
19.9287%
19.8150%
20.1095%
20.2984%
20.5548%
20.7928%
21.0067%
21.1964%
21.3665%
21.5437%
21.7077%
21.8595%
21.9998%
22.1294%
22.0073%
21.8331%
21.7189%
21.6080%
21.4953%
21.3795%
21.2623%
21.1640%
21.0685%
20.9755%
20.8852%
20.7972%
20.9551%
21.0554%
21.1944%
21.3243%
21.4416%
21.5462%
21.6398%
21.7385%
21.8303%
21.9157%
21.9949%
22.0683%
21.9818%
21.8644%
21.7822%
21.7019%
21.6205%
21.5373%
21.4527%
21.3798%
21.3085%
21.2388%
21.1707%
21.1041%
21.2000%
21.2610%
21.3460%

19.6456%
19.5031%
19.3943%
19.2897%
19.1889%
19.0918%
18.9981%
19.3123%
19.5184%
19.7930%
20.0485%
20.2791%
20.4847%
20.6701%
20.8623%
21.0408%
21.2066%
21.3604%
21.5030%
21.3944%
21.2321%
21.1305%
21.0319%
20.9309%
20.8264%
20.7202%
20.6328%
20.5479%
20.4652%
20.3848%
20.3066%
20.4735%
20.5817%
20.7292%
20.8673%
20.9924%
21.1046%
21.2055%
21.3115%
21.4104%
21.5026%
21.5885%
21.6684%
21.5891%
21.4783%
21.4030%
21.3294%
21.2545%
21.1776%
21.0992%
21.0324%
20.9671%
20.9032%
20.8408%
20.7798%
20.8805%
20.9457%
21.0352%

1.7485%
1.7335%
1.7209%
1.7087%
1.6970%
1.6857%
1.6748%
1.6920%
1.7024%
1.7172%
1.7308%
1.7428%
1.7534%
1.7626%
1.7724%
1.7813%
1.7894%
1.7969%
1.8036%
1.7933%
1.7796%
1.7698%
1.7604%
1.7509%
1.7412%
1.7315%
1.7231%
1.7149%
1.7069%
1.6991%
1.6916%
1.7009%
1.7065%
1.7147%
1.7222%
1.7290%
1.7349%
1.7401%
1.7456%
1.7507%
1.7554%
1.7597%
1.7636%
1.7566%
1.7476%
1.7408%
1.7343%
1.7277%
1.7210%
1.7142%
1.7082%
1.7024%
1.6967%
1.6911%
1.6856%
1.6914%
1.6948%
1.6999%

23.1330%
23.1819%
23.2242%
23.2599%
23.2992%
23.3350%
23.3673%
23.3963%
23.4222%

22.7654%
22.8192%
22.8663%
22.9066%
22.9506%
22.9909%
23.0276%
23.0610%
23.0911%

22.4118%
22.4704%
22.5220%
22.5669%
22.6154%
22.6600%
22.7011%
22.7386%
22.7729%

22.0712%
22.1344%
22.1905%
22.2397%
22.2926%
22.3415%
22.3867%
22.4284%
22.4666%

21.7427%
21.8105%
21.8709%
21.9244%
21.9815%
22.0345%
22.0838%
22.1294%
22.1715%

21.4257%
21.4978%
21.5625%
21.6200%
21.6812%
21.7383%
21.7915%
21.8409%
21.8868%

21.1193%
21.1957%
21.2645%
21.3260%
21.3912%
21.4522%
21.5092%
21.5623%
21.6119%

1.7046%
1.7088%
1.7125%
1.7157%
1.7192%
1.7224%
1.7254%
1.7281%
1.7306%

Loan Interest Rate Sensitivity

5.00%

5.25%

-1.4593%
-0.6472%
-0.1669%
0.1186%
0.2780%
0.3704%
0.4323%
0.5001%
0.5528%
0.5949%
0.6293%
0.6579%
0.8812%
1.0223%
1.1807%
1.3141%
1.4241%
1.5140%
1.5893%
1.6611%
1.7229%
1.7762%
1.8223%
1.8622%
1.8271%
1.7770%
1.7476%
1.7204%
1.6936%
1.6667%
1.6406%
1.6202%
1.6011%
1.5832%
1.5663%
1.5503%
1.5912%
1.6161%
1.6501%
1.6808%
1.7076%
1.7307%
1.7509%
1.7717%
1.7905%
1.8074%
1.8227%
1.8365%
1.8195%
1.7963%
1.7809%
1.7661%
1.7512%

-1.4770%
-0.6650%
-0.1847%
0.1007%
0.2601%
0.3526%
0.4145%
0.4824%
0.5351%
0.5772%
0.6116%
0.6402%
0.8638%
1.0052%
1.1639%
1.2976%
1.4078%
1.4979%
1.5734%
1.6454%
1.7075%
1.7610%
1.8073%
1.8474%
1.8123%
1.7622%
1.7329%
1.7057%
1.6789%
1.6520%
1.6259%
1.6056%
1.5865%
1.5686%
1.5517%
1.5358%
1.5768%
1.6020%
1.6361%
1.6670%
1.6940%
1.7172%
1.7376%
1.7585%
1.7775%
1.7946%
1.8100%
1.8239%
1.8070%
1.7837%
1.7683%
1.7535%
1.7387%

IRR (Mthly)
5.50%
-1.4947%
-0.6829%
-0.2025%
0.0829%
0.2423%
0.3348%
0.3967%
0.4646%
0.5173%
0.5595%
0.5939%
0.6226%
0.8465%
0.9880%
1.1470%
1.2810%
1.3915%
1.4818%
1.5575%
1.6298%
1.6920%
1.7458%
1.7923%
1.8325%
1.7975%
1.7473%
1.7181%
1.6909%
1.6642%
1.6373%
1.6112%
1.5909%
1.5719%
1.5540%
1.5371%
1.5212%
1.5625%
1.5878%
1.6221%
1.6531%
1.6803%
1.7037%
1.7242%
1.7453%
1.7644%
1.7816%
1.7972%
1.8112%
1.7943%
1.7711%
1.7557%
1.7409%
1.7261%

Loan Interest Rate Sens

IRR (Annual)

5.75%

6.00%

6.25%

-1.5123%
-0.7007%
-0.2204%
0.0651%
0.2245%
0.3170%
0.3789%
0.4468%
0.4996%
0.5418%
0.5762%
0.6049%
0.8291%
0.9709%
1.1301%
1.2644%
1.3751%
1.4656%
1.5416%
1.6140%
1.6765%
1.7305%
1.7772%
1.8176%
1.7826%
1.7324%
1.7032%
1.6761%
1.6494%
1.6225%
1.5964%
1.5762%
1.5572%
1.5393%
1.5225%
1.5066%
1.5480%
1.5735%
1.6080%
1.6392%
1.6666%
1.6901%
1.7108%
1.7320%
1.7512%
1.7686%
1.7843%
1.7984%
1.7816%
1.7583%
1.7430%
1.7282%
1.7134%

-1.5300%
-0.7185%
-0.2382%
0.0472%
0.2067%
0.2992%
0.3611%
0.4290%
0.4818%
0.5240%
0.5585%
0.5872%
0.8117%
0.9537%
1.1132%
1.2477%
1.3587%
1.4494%
1.5256%
1.5983%
1.6610%
1.7151%
1.7620%
1.8026%
1.7677%
1.7175%
1.6883%
1.6612%
1.6345%
1.6077%
1.5816%
1.5614%
1.5424%
1.5246%
1.5078%
1.4919%
1.5336%
1.5591%
1.5938%
1.6252%
1.6527%
1.6765%
1.6973%
1.7187%
1.7380%
1.7555%
1.7713%
1.7856%
1.7688%
1.7455%
1.7302%
1.7154%
1.7006%

-1.5477%
-0.7363%
-0.2561%
0.0294%
0.1888%
0.2814%
0.3432%
0.4112%
0.4640%
0.5063%
0.5408%
0.5695%
0.7943%
0.9365%
1.0963%
1.2310%
1.3422%
1.4332%
1.5096%
1.5825%
1.6454%
1.6997%
1.7468%
1.7876%
1.7527%
1.7025%
1.6733%
1.6463%
1.6196%
1.5928%
1.5667%
1.5465%
1.5276%
1.5098%
1.4930%
1.4772%
1.5190%
1.5447%
1.5796%
1.6112%
1.6389%
1.6627%
1.6837%
1.7052%
1.7247%
1.7424%
1.7583%
1.7727%
1.7559%
1.7327%
1.7173%
1.7026%
1.6878%

4.75%
-15.9921%
-7.2968%
-1.7738%
1.6488%
3.6075%
4.7595%
5.5363%
6.3943%
7.0651%
7.6035%
8.0451%
8.4137%
11.3309%
13.2106%
15.3555%
17.1901%
18.7221%
19.9865%
21.0558%
22.0830%
22.9736%
23.7466%
24.4180%
25.0010%
24.4846%
23.7512%
23.3234%
22.9280%
22.5394%
22.1499%
21.7737%
21.4809%
21.2068%
20.9497%
20.7080%
20.4803%
21.0601%
21.4155%
21.9000%
22.3400%
22.7257%
23.0582%
23.3499%
23.6502%
23.9221%
24.1679%
24.3897%
24.5896%
24.3409%
24.0013%
23.7753%
23.5588%
23.3421%

5.00%
-16.1726%
-7.4961%
-1.9841%
1.4319%
3.3870%
4.5370%
5.3124%
6.1692%
6.8391%
7.3769%
7.8181%
8.1864%
11.1020%
12.9812%
15.1259%
16.9609%
18.4937%
19.7592%
20.8298%
21.8585%
22.7508%
23.5256%
24.1988%
24.7837%
24.2686%
23.5363%
23.1097%
22.7155%
22.3279%
21.9394%
21.5640%
21.2722%
20.9990%
20.7427%
20.5018%
20.2749%
20.8567%
21.2138%
21.7002%
22.1421%
22.5297%
22.8640%
23.1574%
23.4595%
23.7332%
23.9807%
24.2042%
24.4057%
24.1577%
23.8185%
23.5932%
23.3774%
23.1612%

5.25%
-16.3528%
-7.6950%
-2.1941%
1.2154%
3.1668%
4.3147%
5.0888%
5.9443%
6.6133%
7.1505%
7.5913%
7.9592%
10.8732%
12.7518%
14.8964%
16.7317%
18.2652%
19.5318%
20.6037%
21.6338%
22.5277%
23.3042%
23.9792%
24.5659%
24.0522%
23.3210%
22.8956%
22.5025%
22.1159%
21.7284%
21.3539%
21.0630%
20.7906%
20.5351%
20.2950%
20.0689%
20.6526%
21.0114%
21.4998%
21.9436%
22.3329%
22.6690%
22.9642%
23.2681%
23.5434%
23.7926%
24.0178%
24.2209%
23.9736%
23.6349%
23.4102%
23.1950%
22.9794%

1.7361%
1.7211%
1.7085%
1.6963%
1.6846%
1.6734%
1.6625%
1.6799%
1.6903%
1.7052%
1.7190%
1.7311%
1.7418%
1.7511%
1.7610%
1.7700%
1.7783%
1.7858%
1.7927%
1.7823%
1.7686%
1.7589%
1.7494%
1.7399%
1.7303%
1.7206%
1.7122%
1.7040%
1.6960%
1.6883%
1.6807%
1.6902%
1.6959%
1.7041%
1.7118%
1.7186%
1.7246%
1.7298%
1.7355%
1.7406%
1.7454%
1.7498%
1.7538%
1.7467%
1.7377%
1.7310%
1.7245%
1.7179%
1.7112%
1.7044%
1.6984%
1.6926%
1.6869%
1.6813%
1.6759%
1.6817%
1.6852%
1.6903%

1.7236%
1.7086%
1.6960%
1.6839%
1.6722%
1.6609%
1.6501%
1.6676%
1.6782%
1.6932%
1.7071%
1.7194%
1.7301%
1.7396%
1.7495%
1.7587%
1.7670%
1.7746%
1.7816%
1.7713%
1.7576%
1.7479%
1.7384%
1.7289%
1.7193%
1.7096%
1.7012%
1.6930%
1.6851%
1.6773%
1.6698%
1.6794%
1.6851%
1.6935%
1.7012%
1.7081%
1.7142%
1.7195%
1.7252%
1.7305%
1.7353%
1.7398%
1.7438%
1.7368%
1.7278%
1.7211%
1.7145%
1.7080%
1.7013%
1.6945%
1.6886%
1.6827%
1.6770%
1.6715%
1.6660%
1.6719%
1.6755%
1.6807%

1.7110%
1.6960%
1.6835%
1.6714%
1.6597%
1.6485%
1.6376%
1.6553%
1.6659%
1.6811%
1.6951%
1.7075%
1.7184%
1.7279%
1.7380%
1.7472%
1.7557%
1.7634%
1.7704%
1.7601%
1.7464%
1.7367%
1.7273%
1.7178%
1.7082%
1.6985%
1.6901%
1.6820%
1.6740%
1.6663%
1.6588%
1.6685%
1.6743%
1.6827%
1.6906%
1.6975%
1.7037%
1.7091%
1.7149%
1.7202%
1.7251%
1.7297%
1.7338%
1.7268%
1.7177%
1.7111%
1.7045%
1.6980%
1.6913%
1.6845%
1.6786%
1.6728%
1.6671%
1.6615%
1.6561%
1.6621%
1.6657%
1.6709%

1.6983%
1.6834%
1.6708%
1.6587%
1.6471%
1.6359%
1.6251%
1.6429%
1.6536%
1.6689%
1.6830%
1.6956%
1.7065%
1.7162%
1.7264%
1.7357%
1.7443%
1.7521%
1.7592%
1.7489%
1.7352%
1.7255%
1.7161%
1.7067%
1.6970%
1.6874%
1.6790%
1.6709%
1.6629%
1.6552%
1.6477%
1.6575%
1.6634%
1.6719%
1.6798%
1.6869%
1.6931%
1.6986%
1.7045%
1.7099%
1.7149%
1.7195%
1.7237%
1.7167%
1.7076%
1.7010%
1.6944%
1.6879%
1.6812%
1.6745%
1.6685%
1.6627%
1.6570%
1.6515%
1.6461%
1.6521%
1.6558%
1.6611%

1.6856%
1.6707%
1.6581%
1.6461%
1.6344%
1.6232%
1.6124%
1.6304%
1.6412%
1.6567%
1.6709%
1.6836%
1.6946%
1.7044%
1.7147%
1.7241%
1.7328%
1.7407%
1.7479%
1.7376%
1.7239%
1.7142%
1.7049%
1.6954%
1.6858%
1.6761%
1.6678%
1.6596%
1.6517%
1.6440%
1.6365%
1.6464%
1.6524%
1.6610%
1.6690%
1.6762%
1.6825%
1.6881%
1.6940%
1.6995%
1.7045%
1.7092%
1.7135%
1.7065%
1.6974%
1.6908%
1.6843%
1.6777%
1.6711%
1.6643%
1.6584%
1.6526%
1.6469%
1.6414%
1.6359%
1.6421%
1.6458%
1.6512%

1.6728%
1.6579%
1.6454%
1.6333%
1.6217%
1.6105%
1.5997%
1.6178%
1.6288%
1.6443%
1.6587%
1.6715%
1.6826%
1.6925%
1.7029%
1.7124%
1.7212%
1.7292%
1.7365%
1.7263%
1.7125%
1.7029%
1.6935%
1.6841%
1.6745%
1.6648%
1.6565%
1.6484%
1.6405%
1.6328%
1.6253%
1.6353%
1.6413%
1.6500%
1.6581%
1.6654%
1.6718%
1.6774%
1.6834%
1.6890%
1.6941%
1.6989%
1.7032%
1.6962%
1.6872%
1.6805%
1.6740%
1.6675%
1.6608%
1.6541%
1.6482%
1.6424%
1.6367%
1.6312%
1.6258%
1.6320%
1.6358%
1.6412%

23.1225%
22.9046%
22.7217%
22.5457%
22.3764%
22.2133%
22.0561%
22.3049%
22.4540%
22.6679%
22.8651%
23.0400%
23.1927%
23.3271%
23.4690%
23.5989%
23.7178%
23.8264%
23.9252%
23.7739%
23.5741%
23.4324%
23.2948%
23.1564%
23.0160%
22.8751%
22.7531%
22.6345%
22.5192%
22.4070%
22.2979%
22.4333%
22.5140%
22.6319%
22.7412%
22.8388%
22.9245%
22.9998%
23.0803%
23.1544%
23.2225%
23.2850%
23.3421%
23.2397%
23.1084%
23.0111%
22.9160%
22.8202%
22.7232%
22.6253%
22.5389%
22.4544%
22.3719%
22.2912%
22.2122%
22.2954%
22.3452%
22.4181%

22.9422%
22.7247%
22.5423%
22.3669%
22.1981%
22.0355%
21.8789%
22.1293%
22.2799%
22.4953%
22.6941%
22.8704%
23.0245%
23.1603%
23.3035%
23.4348%
23.5550%
23.6648%
23.7649%
23.6139%
23.4145%
23.2731%
23.1359%
22.9979%
22.8579%
22.7173%
22.5956%
22.4773%
22.3624%
22.2505%
22.1417%
22.2784%
22.3602%
22.4792%
22.5898%
22.6884%
22.7752%
22.8515%
22.9330%
23.0082%
23.0773%
23.1407%
23.1988%
23.0966%
22.9655%
22.8684%
22.7735%
22.6780%
22.5812%
22.4835%
22.3973%
22.3131%
22.2308%
22.1503%
22.0716%
22.1557%
22.2063%
22.2801%

22.7609%
22.5439%
22.3621%
22.1872%
22.0189%
21.8568%
21.7007%
21.9528%
22.1047%
22.3217%
22.5220%
22.6998%
22.8553%
22.9925%
23.1370%
23.2697%
23.3911%
23.5022%
23.6035%
23.4530%
23.2537%
23.1127%
22.9760%
22.8382%
22.6986%
22.5583%
22.4370%
22.3191%
22.2044%
22.0929%
21.9844%
22.1224%
22.2052%
22.3255%
22.4372%
22.5369%
22.6248%
22.7021%
22.7847%
22.8608%
22.9309%
22.9953%
23.0543%
22.9524%
22.8214%
22.7245%
22.6299%
22.5346%
22.4381%
22.3405%
22.2546%
22.1706%
22.0885%
22.0082%
21.9297%
22.0148%
22.0663%
22.1409%

1.6951%
1.6994%
1.7031%
1.7064%
1.7100%
1.7132%
1.7163%
1.7190%
1.7216%

1.6855%
1.6898%
1.6937%
1.6970%
1.7006%
1.7040%
1.7070%
1.7099%
1.7125%

1.6758%
1.6802%
1.6841%
1.6875%
1.6912%
1.6946%
1.6977%
1.7006%
1.7032%

1.6661%
1.6705%
1.6745%
1.6780%
1.6817%
1.6851%
1.6883%
1.6913%
1.6940%

1.6563%
1.6608%
1.6648%
1.6683%
1.6721%
1.6756%
1.6788%
1.6818%
1.6846%

1.6463%
1.6509%
1.6550%
1.6586%
1.6624%
1.6660%
1.6693%
1.6723%
1.6751%

22.4859%
22.5466%
22.6002%
22.6471%
22.6976%
22.7442%
22.7871%
22.8266%
22.8627%

22.3488%
22.4103%
22.4648%
22.5125%
22.5637%
22.6111%
22.6548%
22.6950%
22.7318%

22.2105%
22.2729%
22.3282%
22.3767%
22.4287%
22.4769%
22.5213%
22.5622%
22.5998%

Loan Interest Rate Sensitivity

IRR (Annual)
5.50%
-16.5327%
-7.8936%
-2.4037%
0.9992%
2.9470%
4.0928%
4.8655%
5.7197%
6.3878%
6.9244%
7.3647%
7.7323%
10.6444%
12.5225%
14.6668%
16.5024%
18.0366%
19.3042%
20.3773%
21.4089%
22.3044%
23.0826%
23.7593%
24.3478%
23.8354%
23.1053%
22.6811%
22.2890%
21.9035%
21.5169%
21.1432%
20.8532%
20.5817%
20.3270%
20.0876%
19.8622%
20.4480%
20.8084%
21.2986%
21.7443%
22.1355%
22.4734%
22.7703%
23.0759%
23.3530%
23.6038%
23.8306%
24.0354%
23.7888%
23.4504%
23.2263%
23.0117%
22.7967%

5.75%
-16.7122%
-8.0918%
-2.6129%
0.7835%
2.7275%
3.8712%
4.6425%
5.4954%
6.1626%
6.6985%
7.1382%
7.5055%
10.4159%
12.2933%
14.4373%
16.2731%
17.8080%
19.0765%
20.1508%
21.1838%
22.0808%
22.8606%
23.5390%
24.1294%
23.6183%
22.8893%
22.4662%
22.0752%
21.6907%
21.3049%
20.9322%
20.6430%
20.3723%
20.1184%
19.8798%
19.6551%
20.2427%
20.6047%
21.0969%
21.5444%
21.9375%
22.2770%
22.5756%
22.8830%
23.1618%
23.4143%
23.6427%
23.8490%
23.6031%
23.2651%
23.0417%
22.8277%
22.6132%

6.00%
-16.8914%
-8.2895%
-2.8217%
0.5680%
2.5084%
3.6499%
4.4198%
5.2714%
5.9376%
6.4728%
6.9120%
7.2789%
10.1874%
12.0641%
14.2078%
16.0438%
17.5793%
18.8487%
19.9242%
20.9586%
21.8570%
22.6384%
23.3185%
23.9106%
23.4008%
22.6729%
22.2509%
21.8610%
21.4774%
21.0926%
20.7206%
20.4323%
20.1624%
19.9093%
19.6714%
19.4474%
20.0370%
20.4006%
20.8946%
21.3440%
21.7388%
22.0801%
22.3803%
22.6894%
22.9699%
23.2240%
23.4541%
23.6620%
23.4167%
23.0791%
22.8563%
22.6429%
22.4289%

6.25%
-17.0701%
-8.4869%
-3.0301%
0.3530%
2.2897%
3.4290%
4.1975%
5.0477%
5.7129%
6.2473%
6.6861%
7.0525%
9.9592%
11.8351%
13.9784%
15.8145%
17.3506%
18.6209%
19.6975%
20.7331%
21.6331%
22.4161%
23.0978%
23.6916%
23.1831%
22.4561%
22.0353%
21.6464%
21.2638%
20.8799%
20.5088%
20.2213%
19.9522%
19.6998%
19.4626%
19.2393%
19.8307%
20.1959%
20.6918%
21.1430%
21.5395%
21.8825%
22.1844%
22.4952%
22.7773%
23.0331%
23.2648%
23.4743%
23.2296%
22.8924%
22.6702%
22.4574%
22.2440%

22.5787%
22.3623%
22.1810%
22.0066%
21.8388%
21.6772%
21.5215%
21.7753%
21.9286%
22.1472%
22.3489%
22.5283%
22.6851%
22.8236%
22.9695%
23.1035%
23.2263%
23.3386%
23.4411%
23.2910%
23.0919%
22.9514%
22.8150%
22.6776%
22.5383%
22.3983%
22.2773%
22.1597%
22.0454%
21.9342%
21.8260%
21.9653%
22.0492%
22.1706%
22.2835%
22.3843%
22.4733%
22.5516%
22.6352%
22.7123%
22.7834%
22.8488%
22.9087%
22.8070%
22.6762%
22.5796%
22.4853%
22.3902%
22.2938%
22.1965%
22.1108%
22.0270%
21.9451%
21.8650%
21.7868%
21.8728%
21.9251%
22.0007%

22.3958%
22.1798%
21.9990%
21.8251%
21.6578%
21.4967%
21.3415%
21.5969%
21.7515%
21.9717%
22.1750%
22.3558%
22.5140%
22.6538%
22.8011%
22.9364%
23.0605%
23.1740%
23.2777%
23.1281%
22.9292%
22.7890%
22.6530%
22.5160%
22.3769%
22.2372%
22.1166%
21.9994%
21.8854%
21.7745%
21.6666%
21.8071%
21.8921%
22.0147%
22.1287%
22.2307%
22.3208%
22.4001%
22.4847%
22.5629%
22.6349%
22.7012%
22.7621%
22.6607%
22.5299%
22.4336%
22.3395%
22.2447%
22.1485%
22.0514%
21.9659%
21.8823%
21.8006%
21.7208%
21.6427%
21.7298%
21.7828%
21.8593%

22.2120%
21.9965%
21.8162%
21.6429%
21.4760%
21.3154%
21.1606%
21.4177%
21.5737%
21.7954%
22.0002%
22.1824%
22.3420%
22.4832%
22.6318%
22.7684%
22.8937%
23.0085%
23.1135%
22.9642%
22.7656%
22.6257%
22.4901%
22.3534%
22.2147%
22.0753%
21.9550%
21.8381%
21.7244%
21.6138%
21.5063%
21.6480%
21.7340%
21.8579%
21.9730%
22.0762%
22.1672%
22.2476%
22.3332%
22.4124%
22.4854%
22.5527%
22.6145%
22.5133%
22.3827%
22.2866%
22.1928%
22.0981%
22.0022%
21.9052%
21.8200%
21.7366%
21.6552%
21.5755%
21.4977%
21.5857%
21.6396%
21.7170%

22.0275%
21.8124%
21.6327%
21.4598%
21.2935%
21.1333%
20.9790%
21.2377%
21.3950%
21.6183%
21.8245%
22.0082%
22.1692%
22.3117%
22.4617%
22.5996%
22.7262%
22.8422%
22.9484%
22.7995%
22.6010%
22.4616%
22.3263%
22.1899%
22.0515%
21.9124%
21.7924%
21.6758%
21.5625%
21.4522%
21.3450%
21.4880%
21.5750%
21.7001%
21.8164%
21.9206%
22.0128%
22.0942%
22.1809%
22.2610%
22.3350%
22.4032%
22.4659%
22.3651%
22.2345%
22.1387%
22.0451%
21.9507%
21.8550%
21.7582%
21.6731%
21.5900%
21.5087%
21.4293%
21.3516%
21.4406%
21.4953%
21.5737%

22.0712%
22.1344%
22.1905%
22.2397%
22.2926%
22.3415%
22.3867%
22.4284%
22.4666%

21.9307%
21.9949%
22.0518%
22.1018%
22.1554%
22.2051%
22.2511%
22.2935%
22.3324%

21.7893%
21.8543%
21.9120%
21.9628%
22.0173%
22.0677%
22.1144%
22.1576%
22.1973%

21.6469%
21.7127%
21.7713%
21.8229%
21.8781%
21.9294%
21.9769%
22.0207%
22.0611%

Year Ending
Year No.

12/15/2009
0

12/15/2010
1

12/15/2011
2

12/15/2012
3

12/15/2013
4

Income
Gross Rent
Vacancy & Credit Loss

1,920,000
96,000

1,920,000
96,000

2,246,400
112,320

2,246,400
112,320

Gross Income

1,824,000

1,824,000

2,134,080

2,134,080

47,000
12,000
4,050
11,500
4,500
6,600
12,312
20,064
1,946
119,972

48,645
12,330
5,532
12,152
4,680
6,765
16,416
20,064
1,946
128,529

50,348
12,669
5,711
12,841
4,867
6,934
19,207
23,475
2,276
138,328

52,110
13,017
5,897
13,569
5,062
7,107
19,207
23,475
2,276
141,721

Net Operating Income (NOI)

1,704,028

1,695,471

1,995,752

1,992,359

Debt Service
Mortgage Interest
Mortgage Principal
Debt Service Payment (P&I)

519,306
127,973
647,279

512,087
135,192
647,279

504,461
142,818
647,279

496,405
150,874
647,279

9,372,027

9,236,834

9,094,016

8,943,142

1,035,000
20,865,600
20,345,649
20,345,649

1,086,750
21,908,880
23,949,019
23,949,019

1,141,088
23,004,324
23,908,311
23,908,311

1,198,142
24,154,540
28,127,844
28,127,844

Income Tax
Depreciation
Taxable Income
Income Tax (Tax Benefit)

318,462
866,261
259,878

318,462
864,922
259,477

318,462
1,172,829
351,849

318,462
1,177,492
353,248

Capital Gains Tax

Capital Gains
Cap Gains Tax (Tax Benefit)

(35,890)
(7,178)

3,885,942
777,188

4,163,696
832,739

8,701,690
1,740,338

23,171,831

23,075,572

26,387,506

Expenses
Property Tax
Insurance
Utilities
Advertising
Other_1
Other_2
Management Fee
Repairs/ Maintenance
Other_3
Total Operating Exp

Mortgage Balance (o/s)

Terminal Value
Appreciation
Mkt Value - Appreciated
Mkt Value - Cap Rate
Terminal Value before Tax

Option 2

Terminal Value after CG Tax

20,352,827

FINANCIAL ANALYSIS:
Annual Returns & Ratios
ROI (after Tax)
Cash on Cash Return
NOI Return (Annual)
Debt Coverage Ratio
Before Tax
CFBT

5.16%
9.44%
8.23%
2.63

(11,200,000)

1,056,749

30.32%
9.36%
8.19%
2.62

1,048,191

31.38%
12.04%
9.64%
3.08

1,348,472

60.98%
12.01%
9.62%
3.08

1,345,080

Terminal CFBT
CFBT (for 10 Yr XIRR)
IRR
XIRR (10 Yr)
MIRR
After Tax
CFAT
Terminal CFAT
CFAT (for 10 Yr XIRR)
IRR
XIRR (10 Yr)
MIRR

(11,200,000)

(11,200,000)
(11,200,000)

12,030,371
1,056,749
7.4140%

15,760,376
1,048,191
23.4359%

16,162,767
1,348,472
19.0745%

20,529,782
1,345,080
23.1409%

7.4140%

23.2279%

18.9943%

22.6161%

796,871
11,777,671
796,871
5.1578%

788,715
14,723,711
788,715
18.2694%

996,624
14,978,180
996,624
14.7730%

991,832
18,436,196
991,832
18.4502%

5.1578%

18.0987%

14.6452%

17.9751%

12/15/2014
5

12/15/2015
6

12/15/2016
7

12/15/2017
8

12/15/2018
9

12/15/2019
10

12/15/2020
11

2,628,288
131,414

2,628,288
131,414

3,075,097
153,755

3,075,097
153,755

3,597,863
179,893

3,597,863
179,893

4,209,500
210,475

2,496,874

2,496,874

2,921,342

2,921,342

3,417,970

3,417,970

3,999,025

53,934
13,375
6,089
14,339
5,264
7,285
22,472
27,466
2,663
152,887

55,821
13,743
6,287
15,152
5,475
7,467
22,472
27,466
2,663
156,546

57,775
14,121
6,491
16,011
5,694
7,654
26,292
32,135
3,116
169,289

59,797
14,510
6,702
16,918
5,922
7,845
26,292
32,135
3,116
173,237

61,890
14,909
6,920
17,878
6,159
8,041
30,762
37,598
3,646
187,801

64,056
15,319
7,145
18,891
6,405
8,242
30,762
37,598
3,646
192,063

66,298
15,740
7,377
19,962
6,661
8,449
35,991
43,989
4,266
208,733

2,343,987

2,340,328

2,752,054

2,748,105

3,230,169

3,225,907

3,790,292

487,895
159,385
647,279

478,904
168,375
647,279

469,407
177,873
647,279

459,373
187,906
647,279

448,774
198,506
647,279

437,576
209,703
647,279

8,783,757

8,615,382

8,437,509

8,249,603

8,051,097

7,841,394

1,258,049
25,362,267
28,083,935
28,083,935

1,320,951
26,630,381
33,024,643
33,024,643

1,386,999
27,961,900
32,977,263
32,977,263

1,456,349
29,359,995
38,762,029
38,762,029

1,529,166
30,827,994
38,710,884
38,710,884

1,605,625
32,369,394
45,483,507
45,483,507

318,462
1,537,631
461,289

318,462
1,542,962
462,889

318,462
1,964,185
589,256

318,462
1,970,271
591,081

318,462
2,462,934
738,880

318,462
2,469,869
740,961

8,976,243
1,795,249

14,235,412
2,847,082

14,506,494
2,901,299

20,609,721
4,121,944

20,877,038
4,175,408

27,968,122
5,593,624

26,288,687

30,177,560

30,075,964

34,640,085

34,535,477

39,889,883

62.35%
15.15%
11.32%
3.62

1,696,708

97.11%
15.12%
11.31%
3.62

1,693,048

98.83%
18.79%
13.29%
4.25

2,104,774

139.62%
18.76%
13.28%
4.25

2,100,826

141.77%
23.06%
15.60%
4.99

2,582,890

189.62%
23.02%
15.58%
4.98

2,578,628

20,996,886
1,696,708
20.6798%

26,102,309
1,693,048
22.5686%

26,644,528
2,104,774
20.9767%

32,613,252
2,100,826
22.0524%

33,242,677
2,582,890
20.9388%

20.3114%

21.8414%

20.4011%

21.1949%

20.2205%

1,235,418
18,740,348
1,235,418
16.4216%

1,230,160
22,792,338
1,230,160
18.2880%

1,515,518
23,153,973
1,515,518
16.9406%

1,509,745
27,900,227
1,509,745
18.0864%

1,844,009
28,328,389
1,844,009
17.1197%

16.0038%

17.5661%

16.2712%

17.1615%

16.2385%

40,220,740
40,220,740
21.6211%
21.6077%
20.6785%

1,837,667
33,886,155
33,886,155
17.8953%
17.8844%
16.7991%

Year Ending
Year No.
Terminal Cap Rate Sensitivity
IRR at Cap Rates:

Loan Interest Rate Sensitivity

IRR at Interest Rates:

12/15/2009
0

12/15/2010
1

12/15/2011
2

12/15/2012
3

12/15/2013
4

7.25%
7.50%
7.75%
8.00%
8.25%
8.50%
8.75%

26.2062%
19.5245%
13.2739%
7.4140%
1.9093%
-3.2717%
-8.1566%

32.4128%
29.2951%
26.3063%
23.4359%
20.6747%
18.0146%
15.4479%

24.4286%
22.5810%
20.7979%
19.0745%
17.4062%
15.7892%
14.2196%

26.8438%
25.5668%
24.3335%
23.1409%
21.9860%
20.8662%
19.7792%

4.75%
5.00%
5.25%
5.50%
5.75%
6.00%
6.25%

8.0499%
7.8380%
7.6261%
7.4140%
7.2019%
6.9897%
6.7775%

24.0172%
23.8238%
23.6301%
23.4359%
23.2413%
23.0464%
22.8511%

19.6305%
19.4458%
19.2604%
19.0745%
18.8879%
18.7007%
18.5131%

23.6331%
23.4698%
23.3058%
23.1409%
22.9753%
22.8090%
22.6420%

12/15/2014
5

12/15/2015
6

12/15/2016
7

12/15/2017
8

12/15/2018
9

12/15/2019
10

23.3892%
22.4552%
21.5528%
20.6798%
19.8341%
19.0140%
18.2177%

24.6699%
23.9448%
23.2449%
22.5686%
21.9143%
21.2805%
20.6659%

22.6327%
22.0608%
21.5092%
20.9767%
20.4618%
19.9636%
19.4809%

23.4163%
22.9447%
22.4905%
22.0524%
21.6294%
21.2205%
20.8249%

22.0540%
21.6680%
21.2965%
20.9388%
20.5938%
20.2607%
19.9388%

22.5752%
22.2446%
21.9269%
21.6211%
21.3266%
21.0425%
20.7682%

21.1571%
20.9990%
20.8398%
20.6798%
20.5189%
20.3571%
20.1946%

22.9976%
22.8556%
22.7126%
22.5686%
22.4237%
22.2779%
22.1313%

21.3961%
21.2573%
21.1175%
20.9767%
20.8348%
20.6920%
20.5483%

22.4355%
22.3089%
22.1811%
22.0524%
21.9226%
21.7919%
21.6603%

21.3155%
21.1910%
21.0654%
20.9388%
20.8111%
20.6824%
20.5528%

21.9701%
21.8549%
21.7385%
21.6211%
21.5027%
21.3834%
21.2631%