1

Floor Tenant Credit SF % Rent Increase Reimburse 2018

2A
2B

3A
3B
3C
3D

4A
- #DIV/0!

Percentage credit tenants 0.00%

 2 3 4 5 6 7 8 9
2019 2020 2021 2022 2023 2024 2025 2026
 10 11 12 13 14
2027 2028 2029 2030 2031
Property
Address
City / State

ASSUMPTIONS
Annual Gross Rent, first year n/a
Vacancy and Collection factor 1.00%
Operating Expenses, first year
Annual % change in rent 2.00%
Annual % change in expenses 3.00%
Loan to Value ratio 75.00%
Stated Annual Interest rate 4.15%
Loan Term (years) 30.00
Percent of price in improvements 0.00%
Discount Rate 6.00%
CPI Annual Increase 3.00%
After tax, Real Discount rate 5.00%
Cap Rate assumed at date of sale 6.00% $ 27,211,371.00
Transaction costs as % of sales price
Total SQ FT -
Comparable PPSF 400
Replacement Value $ -
Cap Rate at Purchase 6.18%

YEAR 1
Annual Gross Rent
Other Rent
Rent Holiday
Operating Expense
CAM REIMBURSEMENT
DEBT SERVICE ($1,028,339.99)
Free Rent Financed $ -
NOI $1,484,256.60

BTCF $ 455,916.61

ROE 6.49%

$ -
Mortgage Balacne $17,673,660.01
Proceeds $ -
IRR CALC
1/1/2016 1/1/2017
($7,029,040.02) $ 455,916.61
RIC $ (6,000,000.00) $ 389,171.16
Developer $ 66,745.45

Investor Yield 6.49%

Tax Analysis Depreciation Rate 39

Gross Rents -
Net Expenses $ -
EBITDA $1,484,256.60

Depreciation $615,384.62
Interest ($702,000.00)

Taxable Income 166,871.98

Corporate Tax 58,405.19

After Tax Cashflow $ 397,511.41

RIC After Tax Cashflow $ 339,316.39

RIC After Tax Yield 5.66%

AVERAGE 5.52%
Purchase Price $24,000,000.00 Investor Equity $ 6,000,000.00
Total Cost $25,029,040.02 % of total 85.36%
Debt $18,000,000.00
Rate 3.90% Recapitalization $ 24,000,000.00
Amort 30.00
Investor Equity 85%
Sponsor Equity 15%
TOTAL CASH $7,029,040.02
ABSOLUTE RETURN $ 18,412,617.35
EQUITY MULTIPLE $ 11,383,577.33 You invested this $ 6,000,000.00
you got this back $ 15,717,040.14
EQUITY MULTIPLE 2.62 X you're ahead by this $ 9,717,040.14

Year 1 ROE 6.49% EQUITY MULTIPLE 2.62 X

10 Year IRR 12.14%
Year 1 ROE 6.49%
Sale Year 10 10 Year IRR 12.14%
Purchase Year 2017

2 3 4 5 6

($1,028,339.99) ($1,028,339.99) ($1,028,339.99) ($1,028,339.99) ($1,028,339.99)

$ - $ - $ - $ - $ -
$1,484,256.60 $1,484,256.60 $1,484,256.60 $1,484,256.60 $1,632,682.26

$455,916.61 $ 455,916.61 $ 455,916.61 $ 455,916.61 $ 604,342.27

6.49% 6.49% 6.49% 6.49% 8.60%

$ - $ - $ - $ - $ -
$17,334,592.76 $16,982,301.88 $16,616,271.66 $16,235,966.26 $15,840,828.95
$ - $ - $ - $ - $ -

1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022

$ 455,916.61 $ 455,916.61 $ 455,916.61 $ 455,916.61 $ 604,342.27
$ 389,171.16 $ 389,171.16 $ 389,171.16 $ 389,171.16 $ 515,867.54
$ 66,745.45 $ 66,745.45 $ 66,745.45 $ 66,745.45 $ 88,474.72

6.49% 6.49% 6.49% 6.49% 8.60%

Corporate Tax Rate 35%

- - - - -
$ - $ - $ - $ - $ -
$1,484,256.60 $1,484,256.60 $1,484,256.60 $1,484,256.60 $1,632,682.26

$615,384.62 $615,384.62 $615,384.62 $615,384.62 $615,384.62

($689,272.74) ($676,049.12) ($662,309.77) ($648,034.59) ($633,202.68)

179,599.24 192,822.87 206,562.21 220,837.39 384,094.96

62,859.74 67,488.00 72,296.77 77,293.09 134,433.24

$ 393,056.87 $ 388,428.60 $ 383,619.83 $ 378,623.52 $ 469,909.03

$ 335,513.99 $ 331,563.29 $ 327,458.51 $ 323,193.65 $ 401,115.11

5.59% 5.53% 5.46% 5.39% 6.69%

 7 8 9 10

($1,028,339.99) ($1,028,339.99) ($1,028,339.99) ($1,028,339.99)

$ - $ - $ - $ -
$1,632,682.26 $1,632,682.26 $1,632,682.26 $1,632,682.26

$ 604,342.27 $ 604,342.27 $ 604,342.27 $ 604,342.27

8.60% 8.60% 8.60% 8.60%

$ - $ - $ - $ 27,211,371.00
$15,430,281.29 $15,003,722.27 $14,560,527.45 $14,100,048.02
$ - $ - $ - $ 13,111,322.98

1/1/2023 1/1/2024 1/1/2025 1/1/2026

$ 604,342.27 $ 604,342.27 $ 604,342.27 $ 13,715,665.24 $ 18,412,617.35
$ 515,867.54 $ 515,867.54 $ 515,867.54 $ 11,707,714.17 $ 15,717,040.14
$ 88,474.72 $ 88,474.72 $ 88,474.72 $ 2,007,951.07 $ 2,695,577.22

8.60% 8.60% 8.60% 195.13%

- - - -
$ - $ - $ - $ -
$1,632,682.26 $1,632,682.26 $1,632,682.26 $1,632,682.26

$615,384.62 $615,384.62 $615,384.62 $615,384.62

($617,792.33) ($601,780.97) ($585,145.17) ($567,860.57)

399,505.32 415,516.67 432,152.48 449,437.07

139,826.86 145,430.84 151,253.37 157,302.98

$ 464,515.41 $ 458,911.43 $ 453,088.90 $ 13,558,362.27

$ 396,511.11 $ 391,727.54 $ 386,757.42 $ 11,573,440.10

6.61% 6.53% 6.45% 192.89%