11/1/2017 ASSUMPTIONS: Asking Price Rent year 1 Growth-Rent Vacancy & Coll. Loss of rents Management of EGI Operating Expenses Loan-to-Value Loan Interest Loan term years Growth in Value/Op Expenses Holding Period years Selling costs of sale price Equity discount rate Reinvestment rate Tax rate Cap Gains/Dep Recapture Tax Equity WE07 Montly Mortgage Payment Annual Debt Service Mortgage Balance year end Year 1 2 3 4 PGI Vacancy & Collection Loss EGI Operating Expenses Mangement NOI Debt Service