Calculate the present values at time t = 11 of each of the perpetuitys components (gross adjusted income, risk-free, maintenance and rehabilitation)
reas and Uses Floor P-2 P-1 Ground Level P1 P2 P3 P4 Rehabilitation (year 0 prices) 500.00 /sqmc a/street 30.00 sqmcb/street Total Year 1 50.00% Year 2 50.00% Rent (year 1 prices) Offices Shop Parking Vacancy Rate Yield Office Yield Shop Yield Parking Expenses Recoveries Maintenance Use Parking Parking Shop Offices Offices Offices Offices Offices Offices Offices Offices Initial rehabilitation will take place during the first two years according to this schedule. Area sqmL Area sqmc Units 1200 1500 48 1000 1500 40 800 1200 1 1300 1500 1 1300 1500 1 1300 1500 1 1300 1500 1300 1500 1 1300 1500 1 1300 1500 1 1300 1500 1 11200 13200 2200 3000 30.00/sqmxmo 40.00 / sqmxmo 300.00 /unitxmo 5.00% 7.00% 9.00% 6.00% 0.90 /sqmL a/street month 85.00% 55.00/sqmCea/10 years 1 2. Year o 20.00% 1 50.00% 30.00% P5 P6 PZ P8 Total above Street Total below Street Acquisition Price Purch. Tax Other Purch Expenses Depreciation Land 1.500.00 /sqm Ca/street 7.00% 1.00% 50 Years 40.00% The property will be purchased in three installments according to this schedule. Parameters Risk-free Rate Tax Rate Inflation Proportion Dep. MM Proportion Dep. IR 4.00% 30.00% 2.50% 20% 80.00% 0 2 3 4 5 6 7 8 9 10 11 -9900,00 -693,00 -277,20 -198,00 -3428,63 Income taxes as a proportion of the gross potential income of each category. 3933,54 -196,68 3736,86 403,44 4031,88 -201,59 3830,28 413,53 4132,68 -206,63 3926,04 423,86 4235,99 -211,80 4024,19 434,46 4341,89 -217,09 4124,80 445,32 4450,44 -222,52 4227,92 456,46 4561,70 -228,09 4333,62 467,87 4675,74 -233,79 4441,96 479,56 4792,64 -239,63 4553,00 491,55 The projection is in nominal terms. Cash Flow Price Purch. Tax Other Purch. Exp. Rehabilitation Igp Office 84,23% Vacancy Losses Ige Ofic. Igp Shop 8,64% Vacancy Losses - Ige Shop Igp Parking 7,13% Vacancy Losses Ige Parking Igp Total Vac. Losses Tot. Ige Total Expenses Recoveries EBITDA Depreciation EBIT Income Taxes EAT Depreciation FCF -127,08 102,62 -130,26 105,19 -237,60 -237,60 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -237,60 -237,60 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 Segmented Cash Flows CF RF Rate CF YG Ofic. CF YG Shop CF YG Parking 0 1 2 3 4 5 6 7 8 9 10 11 -4.435,20 -14.021,63 -9.870,14 -24,46 -25,08 -25,70 -26,34 -27,00 -27,68 -28,37 -29,08 -29,81 50,03 60,04 60,04 2.718,58 2.784,13 2.851,32 2.920,19 2.990,78 3.063,13 3.137,29 3.213,31 3.291,23 5,13 6,16 6,16 278,83 285,55 292,44 299,51 306,75 314,17 321,77 329,57 337,56 4,23 5,08 5,08 230,03 235,58 241,27 247,09 253,07 259,19 265,46 271,90 278,49 Aggregated Free Cash Flow 4.375,80 -13.950,35 -9.798,86 3.202,98 3.280,19 3.359,32 3.440,44 3.523,58 3.608,81 3.696,16 3.785,70 3.877,47 reas and Uses Floor P-2 P-1 Ground Level P1 P2 P3 P4 Rehabilitation (year 0 prices) 500.00 /sqmc a/street 30.00 sqmcb/street Total Year 1 50.00% Year 2 50.00% Rent (year 1 prices) Offices Shop Parking Vacancy Rate Yield Office Yield Shop Yield Parking Expenses Recoveries Maintenance Use Parking Parking Shop Offices Offices Offices Offices Offices Offices Offices Offices Initial rehabilitation will take place during the first two years according to this schedule. Area sqmL Area sqmc Units 1200 1500 48 1000 1500 40 800 1200 1 1300 1500 1 1300 1500 1 1300 1500 1 1300 1500 1300 1500 1 1300 1500 1 1300 1500 1 1300 1500 1 11200 13200 2200 3000 30.00/sqmxmo 40.00 / sqmxmo 300.00 /unitxmo 5.00% 7.00% 9.00% 6.00% 0.90 /sqmL a/street month 85.00% 55.00/sqmCea/10 years 1 2. Year o 20.00% 1 50.00% 30.00% P5 P6 PZ P8 Total above Street Total below Street Acquisition Price Purch. Tax Other Purch Expenses Depreciation Land 1.500.00 /sqm Ca/street 7.00% 1.00% 50 Years 40.00% The property will be purchased in three installments according to this schedule. Parameters Risk-free Rate Tax Rate Inflation Proportion Dep. MM Proportion Dep. IR 4.00% 30.00% 2.50% 20% 80.00% 0 2 3 4 5 6 7 8 9 10 11 -9900,00 -693,00 -277,20 -198,00 -3428,63 Income taxes as a proportion of the gross potential income of each category. 3933,54 -196,68 3736,86 403,44 4031,88 -201,59 3830,28 413,53 4132,68 -206,63 3926,04 423,86 4235,99 -211,80 4024,19 434,46 4341,89 -217,09 4124,80 445,32 4450,44 -222,52 4227,92 456,46 4561,70 -228,09 4333,62 467,87 4675,74 -233,79 4441,96 479,56 4792,64 -239,63 4553,00 491,55 The projection is in nominal terms. Cash Flow Price Purch. Tax Other Purch. Exp. Rehabilitation Igp Office 84,23% Vacancy Losses Ige Ofic. Igp Shop 8,64% Vacancy Losses - Ige Shop Igp Parking 7,13% Vacancy Losses Ige Parking Igp Total Vac. Losses Tot. Ige Total Expenses Recoveries EBITDA Depreciation EBIT Income Taxes EAT Depreciation FCF -127,08 102,62 -130,26 105,19 -237,60 -237,60 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -237,60 -237,60 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 -382,25 Segmented Cash Flows CF RF Rate CF YG Ofic. CF YG Shop CF YG Parking 0 1 2 3 4 5 6 7 8 9 10 11 -4.435,20 -14.021,63 -9.870,14 -24,46 -25,08 -25,70 -26,34 -27,00 -27,68 -28,37 -29,08 -29,81 50,03 60,04 60,04 2.718,58 2.784,13 2.851,32 2.920,19 2.990,78 3.063,13 3.137,29 3.213,31 3.291,23 5,13 6,16 6,16 278,83 285,55 292,44 299,51 306,75 314,17 321,77 329,57 337,56 4,23 5,08 5,08 230,03 235,58 241,27 247,09 253,07 259,19 265,46 271,90 278,49 Aggregated Free Cash Flow 4.375,80 -13.950,35 -9.798,86 3.202,98 3.280,19 3.359,32 3.440,44 3.523,58 3.608,81 3.696,16 3.785,70 3.877,47
