how to fill out these work sheet...
Insert Ang Cartery NOW Page Layout Form Duta De Arch xou - Verde BT $ 9 27 0 D ANGUS CARTWRIGHT SUMMARY G H M ALISON GREEN IVY TERRACE Equity Purchase Price Return on Total Assets Return on Equity Equity Purchase Price Return on Total Assets Return on Equity Unleveraged IRR Leveraged Before-Tax IRR Leveraged After-Tax IRR Net Present Value 10% Investment Multiple STONY WALK Unleveraged ERR Leveraged Before-Tax IRR Leveraged After-Tax IRR Net Present Value 10% Investment Multiple FOWLER BUILDING 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 22. 33 34 35 36 Equity Purchase Price Return on Total Assets Return on Equity Unleveraged IRR Leveraged Before-Tax IRR Leveraged After Tax IRR Net Present Value @10% Equity Purchase Price Return on Total Assets Return on Equity Unleveraged IRR Leveraged Before-Tax ERR Leveraged After Tax IRR Net Present Value 10% Investment Multiple Investment Multiple ALISON GREEN WORKSHEET ANGUS CARTWRIGHT WORKSHEET ANGUS. CARTWRIGHE SUMMARY STONY WALK WORKSHEET IVY TERRA 18 TI E Al Pu Type here to search 9 LO Numer ES PTY VALUES CANTITRUCTURE Det RONCOME 1 PROGRAMME INCOME 12 C. NOIR 21 HET OPERATIN INCOME DEPRECATION ERPENSES De er Service Curve FLOW AFTER FINANCING 27 Cena De Revery P CASH FLOW METER TAKES 11 RATES 32 HERE M TUINON A PEE TEEMALE YOFAFIE TORTING INCOME 15 SEAREENAS re Los o CASIFLOWTRANS Det service cerere TETRAGE PORE CASHFLOW TERTES NETARENTUEN DISCOUNT RATE NET PROCEED FROM SALE CANTAL ANONIAL 15 pese STONE AMORTLEATION . Netto Call 1 PROCEEDS TOM LLE we Net Accu Depo Depreco Recetas Cara Ta Close Neede IVY TERRA STONY WALK WORKSHEET ALISON GREEN WORKSHEET ANGUS CARTWRIGHT WORKSHEET ANGUS CARTWRIGHT SUMMARY cpboard Font Alignment Number ch A29 Commercial Annual Dep. PROPERTY VALUES CAPITAL TRUCTURE CANCY PROGRAMININO ARBERRERA ARRRR 20 21 DEPRECTION NETOPIRATIONE 25 2 22 De CASHFLOW AFTER TAKES 1 RATES Time 14 TURNO DOTAIMET PEETEMENTALE You will Tamera NITORING INCOME CASHFLOW AFTERNO VERBETARE CAILOWATETARES DELETEK NET PRESENTELLEN CHAT ET PROCEEDS FRO SALE CALGAROTE PE legg ustang AD TARPAYNE TROCEDE LA Deere Tas Gewer COT Morong Netrado de Tee ANGUS CARTWRIGHT WORKSHEET ANGUS CARTWRIGHT SUMMARY ALISON GREEN WORKSHEET STONY WALK WORKSHEET IVY TERRA A29 Number cle Commercial Annual Dep. Cele STONY WALK PROPERTY WALES CANTAL STRUCTURE ROSSING SIF 1 PORNO 34 16 12 Com 20 23 20 DEPRECATION TOPERATIONE Reper Bee De AURRERRIARRE 11 BATE STOITOTAAL NETOPROME CASHFLOW TERRO Der er GER TERETA NET PRESENT VALLINEN NETROCEDERE CAPITAL DAN ORTALE Dag 1 THE PAYMENT TOOS FROM TANELER Der er for M Ground Per Predam ANGUS CARTWRIGHT WORKSHEET ANGUS CARTWRIGHT SUMMARY STONY WALK WORKSHEET IVY TERRA ALISON GREEN WORKSHEET Ready LE Ps L|||||||||||LHDPE IVY TERRACE PROPERTY WELUES CANTAL STURE PROGRAMING INCOME MET OPERATING INCOME 23 SERTATION Red De Recererer GASFLOW AFTER FRANCO C D AND HRATES Depec CONTOH TIPLE YTONE CANCEOLITO TOPERA Beves AFTER FINANCE . FEVEREIRO CASA TERTUS EVERGEET STARE BATTE 57 METROCEEDS FROM MALE METROOK WALL CATALGAN ORTAT SELLE LE CALCULATE AMORTATION und O Derec Hrva Boca Cena TAYMENT Deprecate Tax Se Capillains Het Pro IVY TERRACE WORKSHEET FOWLER BUILDING... STONY WALK WORKSHEET ALISON GREEN WORKSHEET ANGUS CARTWRIGHT WORKSHEET Ready PS Font webe For Alignment A29 Formatting Table Styles Styles Commercial Annual Dep. Cels FOWLER BUILDING PROPERTY VALLES CARTAL TUTURE 29 GROSSO 12 11 PRIMIS THE To YRI DERECTION EPIS OPERATING INCOME See 20 LOW AFTERNOONG 2 CAD SALES TING/DC TIN ONE MET OPERATING INCOME esaten -Os+ASI Wo Puch CARFLOW TERMININO TERMORETA CASHFLOW TERTURES NET PRESENT VALUE INM FAT OSTATE 37 MET PROCEEDS FROM SALE CLERCELLI ARETUR PPT LGARIANT S cum con Am Cle HETEROCEEDSPOLE THERINE NO Deprecapture Tax Cannes Cam Manager Pay NetPro Tale ALISON GREEN WORKSHEET STONY WALK WORKSHEET IVY TERRACE WORKSHEET FOWLER BUILDING WORKSHEET 3:00 AM Mon Oct 19 100% Done Angus Cartwright IV DCF Worksheets (KH) ALISON GREEN WORKSHEET STONY WALK WORKSHEET IVY TERRACE WORKS ANGUS CARTWRIGHT SUMMARY ANGUS CARTWRIGHT WORKSHEET STONY WALK PROPERTY VALUES CAPITAL STRUCTURE PRO FORMA 20 GROSINCOME Land R. Cam Preted PriceR10 E. Rate VACANCY Residential can Commercial ang Effee Gresscom PROGRAMMING Commentare Foot SO R NOEYRI Com NOIR 116 NET OPERATION DEPRECATION BEPENSES 12 Service Rep. every CASHFLOW AFTER FINANCING Commerce Cape Comme Depreciable Basie 100.000 Come Dep. Recowy Per Commerd Annual CAGNFLOW AFTER TALES RATES Ordinary income Tu RETURN MURES RETURN ON TOTAL ABSETS PROTAS RETURN ON EQUITYROL NET OPERATING INCOME CAFEquity Invested BREAK EVEN ANALYSIS UNLEVERADORA -100 Excellent More CASH FLOW AFTER FINANCING Before Sale Proceedia Del Service Coverage Y NON-ADS LEVERAGED BEFORE-TAK RR CASH FLOW AFTER TAKES Net Proceeds from Sate LEVERAGED AFTER TARRA NET PRESENT VALUE INPY 100% 3:01 AM Mon Oct 19 Done CI Angus Cartwright IV DCF Worksheets (KH) Commentare Footage Opg Mes RS Res. OUR 1 $1,750,000 Reserved Totale Cwm GrossRent YR 1 Cam NOIR NET OPERATING INCOME DEPRECATION Residence Basis Resident Dep Recovery Pet Real Estate Taxes Cross Debt Service Ground Lease Payment Residential Cap Reserve ) Commercial Cap, Reserve CASH FLOW AFTER FINANCING Comme Depreciable Basis 1.500.000 Comment per Comment Au Bap CASH FLOW AFTER TALES RATES Ordinary Theme 5 TURNEATURES RETURN ON TOTAL ASSETO ROMA IND Yar 1 CPAP quyid RETURN ON EQUITY ROE NET OPERATING INCOME No Price BREAK EVEN ANALYS Ox+ Car Rs. 0 GR UNLEVERAGED RR Laan to Ratio Mortgage Amount Pics CASHFLOW AFTER FINANCING Dell Service Coverage Rate Y NOTAS LEVERAGED BEFORE TAX RR CASHFLOW ATTELARES int Pred From LEVERAGED AFTER-AX RR NET PRESENT VENY CHAT NET PROCEEOS FROM SALE CARTALBANONIALE ORZESKAIT GALGRATIONS AMORTUATION Purchase ording Met Be Capital Gain on Sale TAK PAYMENT NETROCEEDS TOTALE TAKABLE INCOME Net Operating there Deprecate round me Capital Gars of Dep. Capit Tome STONY WALK PROPERTY VALUES Purchase Frice $15,000,000 CAPITAL STRUCTURE Equity Debt $2,750,000 $12,250,000 Land Value $3,500,000 Projected Sale Price @ YR 10 $17,000,000 Amortization Period Rate Monthly Payment 25 4.75% (569,839) Ground Lease Payment SO PROGRAMMING Number of Apartments INCOME 0 Income Growth Rate 3% Commercial Square Footage 67.000 Res. Gross Rent YR 1 Res. NOI YR 1 $0 $0 Comm. Gross Rent YR 1 Comm. NOI YR 1 $1,750,000 $1.050.000 DEPRECIATION Residential Dep. Basis Residential Dep. Recovery Per. Residential Annual Depreciation EXPENSES Real Estate Taxes % Gross $0 27.5 12% $0 Residential Cap. Reserve Commercial Cap. Reserve $0.00 $0.30 Commercidi Depreciable Basis Commercial Dep. Recovery Per. Commercial Annual Dep. $11,500,000 39.0 ($294,872) 19H RATES Residential Vacancy Commercial Vacancy 0% 5% Ordinary Income Tax Depreciation Recapture Capital Gains 39.6% 25% 20% RE RE Sale Expenses % 0% RE PRO FORMA 0 2 5 .750,000 2.250,000 GROSS INCOME Residential Commercial Subtotal 25 4.75% 669,839) $0 VACANCY (Residential Vacancy) (Commercial Vacancy) Effective Gross Income 3% $0 $0 EXPENSES (Operating Expenses) (Real Estate Taxes) (Capital Reserve) (Total Expenses) .750,000 ,050,000 NET OPERATING INCOME 12% Debt Service Ground Lease Payment $0.00 $0.30 CASH FLOW AFTER FINANCING Tax Payment CASH FLOW AFTER TAXES 39 Tax Payment CASH FLOW AFTER TAXES RETURN MEASURES 0 RETURN ON TOTAL ASSETS (ROTA) Year 1 NOI / TDC RETURN ON EQUITY (ROE) Year 1 CFAF I Equity Invested NET OPERATING INCOME Net Sale Price UNLEVERAGED IRR CASH FLOW AFTER FINANCING Before-Tax Sale Proceeds LEVERAGED BEFORE-TAX IRR CASH FLOW AFTER TAXES Net Proceeds From Sale LEVERAGED AFTER-TAX IRR NET PRESENT VALUE (NPV) CFAT OFF-SHEET CALCULATIONS AMORTIZATION Beginning of Year Outstanding Principal LEVERAGED AF NET PRESENT OFF-SHEET CA NET PROCEEDS FROM SALE NET BOOK VALUE Purchase price Capital Regerve (Accumulated Depreciation) Net Book Value CAPITAL GAIN ON SALE Sale Price (Sale Expenses) (Net Book Value) Capital Gain on Sale AMORTIZATIO Beginning o (End of Year Amortizatic Interest TAX PAYMENT Accumulate Depreciation Depreciation Recapture Tax NET PROCEEDS FROM SALE Sale Price (Sale Expenses) (Mortgage Loan Payoff) (Tax Payment) Net Proceeds from Sale TAXABLE INC Net Opera (Interest) (Ground LE Capital Res (Depreciati Taxable in Capital Gaid in Excess of Dep. Capital Gains Tax Before-Tax Sale Proceeds LEVERAGED BEFORE-TAX IRR CASH FLOW AFTER TAXES Net Proceeds From Sale LEVERAGED AFTER-TAX IRR NET PRESENT VALUE (NPV) CFAT 3 5 OFF-SHEET CALCULATIONS AMORTIZATION Beginning of Year Outstanding Principal (End of Year Outstanding Principal) Amortization Interest TAXABLE INCOME Net Operating Income (Interest) (Ground Lease Payment) Capital Reserve (Depreciation) Taxable income PROPERTY VALUES Purchase price PROFO $20,000,000 CAPITAL STRUCTURE Equity Debt $6,000,000 $14,000,000 Land Value $5,000,000 GROSS Reside Comm Subtot Projected Sale Price @ YR 10 Amortization Period Rate Monthly Payment $24,000,000 30 4.00% (566.838) Ground Lease Payment $0 VACANC (Resid- (Com Effecti PROGRAMMING Number of Apartments INCOME Income Growth Rate 100 3% Commercial Square Footage 0 Res. Gross Rent YR 1 Res. NOI YR 1 $2,250,000 $1,450,000 EXPENS (Opera (Real E (Capita (Total Comm. Gross Rent YR 1 Comm. NOI YR 1 SO $0 NET OP! DEPRECIATION Residential Dep. Basis Residential Dep. Recovery Per. Residential Annual Depreciation EXPENSES Real Estate Taxes % Gross 12% $15,000,000 27.5 (5545,455) Debt Ser Ground L Residential Cap. Reserve Commercial Cap. Reserve $250.00 $0.00 CASH FL $0 Commercidi Depreciable Basis Commercidi Dep. Recovery Per. Commercial Annual Dep. 39.0 Tax Payn $0 CASH FL RATES Residential Vacancy Commercial Vacancy 5% 0% Ordinary Income Tax Depreciation Recapture Capital Gains 39.6% 25% 20% RETURN RETURN Sale Expenses % 0% RETURN BREAK-EVEN ANALYSIS NET OP Net Sale Break-Even occupancy (Op Ex + Cap. Res. + ADS)/Gross Rent UNLEVER Loan to Value Ratio Mortgage Amount (PV)/Purchase Price CASHF Before-T Debt Service Coverage Ratio Year 1 NOI/ ADS LEVERAGI PRO FORMA 2 GROSS INCOME Residential Commercial Subtotal VACANCY (Residential Vacancy) (Commercial Vacancy) Effective Gross Income EXPENSES (Operating Expenses) (Real Estate Taxes) (Capital Reserve) (Total Expenses) NET OPERATING INCOME Debt Service Ground Lease Payment CASH FLOW AFTER FINANCING Tax Payment CASH FLOW AFTER TAXES RETURN MEASURES 2 RETURN ON TOTAL ASSETS (NOTA 2 3 RETURN MEASURES RETURN ON TOTAL ASSETS (ROTA) Year 1 NOI / TDC RETURN ON EQUITY (ROE) Year 1 CFAF / Equity Invested NET OPERATING INCOME Net Sale Price UNLEVERAGED IRR CASH FLOW AFTER FINANCING Before-Tax Sale Proceeds LEVERAGED BEFORE-TAX IRR CASH FLOW AFTER TAXES Net Proceeds From Sale LEVERAGED AFTER-TAX IRR NET PRESENT VALUE (NPV) CFAT OFF-SHEET CALCULATIONS AMORTIZATION Beginning of Year Outstanding Principal (End of Year Outstanding Principal 3 5 WET OPERATING INCOME Service Bond Lease Payment ASH FLOW AFTER FINANCING Payment ASH FLOW AFTER TAXES ETURN MEASURES PRE-TAX INVESTMENT MULTIPLE ETURN ON TOTAL ASSETS (ROTA) Year 1 NOU/ TDC ETURN ON EQUITY (ROE) Year 1 CFAF Equity Invested NET OPERATING INCOME Net Sale Price NLEVERAGED IRR CASH FLOW AFTER FINANCING Before-Tex Sale Proceeds VERAGED BEFORE TAX RR CASH FLOW AFTER TAXES Net Proceeds From Sale EVERAGED AFTER-TAX IRR 10% DISCOUNT RATE ET PRESENT VALUE (NPV) CFAT OFF-SHEET CALCULATIONS AMORTIZATION Beginning of Year Outstanding Principal End of Year Outstanding Principal Amortization Interest TAXABLE INCOME Net Operating Income rest Ground Lease Payment LEVERAGED BEFORE-TAX IRR CASH FLOW AFTER TAXES Net Proceeds From Sale LEVERAGED AFTER-TAX IRR NET PRESENT VALUE (NPV) CFAT OFF-SHEET CALCULATIONS 2 3 AMORTIZATION Beginning of Year Outstanding Principal (End of Year Outstanding Principal) Amortization Interest TAXABLE INCOME Net Operating Income (Interest) (Ground Lease Payment) Capital Reserve (Depreciation) Taxable income . 9 5 10 PRE-TAX INVESTMENT MULTIPLE 1 NOI / TDC 1 CFAF Equity Invested AT 10% DISCOUNT RATE Insert Ang Cartery NOW Page Layout Form Duta De Arch xou - Verde BT $ 9 27 0 D ANGUS CARTWRIGHT SUMMARY G H M ALISON GREEN IVY TERRACE Equity Purchase Price Return on Total Assets Return on Equity Equity Purchase Price Return on Total Assets Return on Equity Unleveraged IRR Leveraged Before-Tax IRR Leveraged After-Tax IRR Net Present Value 10% Investment Multiple STONY WALK Unleveraged ERR Leveraged Before-Tax IRR Leveraged After-Tax IRR Net Present Value 10% Investment Multiple FOWLER BUILDING 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 22. 33 34 35 36 Equity Purchase Price Return on Total Assets Return on Equity Unleveraged IRR Leveraged Before-Tax IRR Leveraged After Tax IRR Net Present Value @10% Equity Purchase Price Return on Total Assets Return on Equity Unleveraged IRR Leveraged Before-Tax ERR Leveraged After Tax IRR Net Present Value 10% Investment Multiple Investment Multiple ALISON GREEN WORKSHEET ANGUS CARTWRIGHT WORKSHEET ANGUS. CARTWRIGHE SUMMARY STONY WALK WORKSHEET IVY TERRA 18 TI E Al Pu Type here to search 9 LO Numer ES PTY VALUES CANTITRUCTURE Det RONCOME 1 PROGRAMME INCOME 12 C. NOIR 21 HET OPERATIN INCOME DEPRECATION ERPENSES De er Service Curve FLOW AFTER FINANCING 27 Cena De Revery P CASH FLOW METER TAKES 11 RATES 32 HERE M TUINON A PEE TEEMALE YOFAFIE TORTING INCOME 15 SEAREENAS re Los o CASIFLOWTRANS Det service cerere TETRAGE PORE CASHFLOW TERTES NETARENTUEN DISCOUNT RATE NET PROCEED FROM SALE CANTAL ANONIAL 15 pese STONE AMORTLEATION . Netto Call 1 PROCEEDS TOM LLE we Net Accu Depo Depreco Recetas Cara Ta Close Neede IVY TERRA STONY WALK WORKSHEET ALISON GREEN WORKSHEET ANGUS CARTWRIGHT WORKSHEET ANGUS CARTWRIGHT SUMMARY cpboard Font Alignment Number ch A29 Commercial Annual Dep. PROPERTY VALUES CAPITAL TRUCTURE CANCY PROGRAMININO ARBERRERA ARRRR 20 21 DEPRECTION NETOPIRATIONE 25 2 22 De CASHFLOW AFTER TAKES 1 RATES Time 14 TURNO DOTAIMET PEETEMENTALE You will Tamera NITORING INCOME CASHFLOW AFTERNO VERBETARE CAILOWATETARES DELETEK NET PRESENTELLEN CHAT ET PROCEEDS FRO SALE CALGAROTE PE legg ustang AD TARPAYNE TROCEDE LA Deere Tas Gewer COT Morong Netrado de Tee ANGUS CARTWRIGHT WORKSHEET ANGUS CARTWRIGHT SUMMARY ALISON GREEN WORKSHEET STONY WALK WORKSHEET IVY TERRA A29 Number cle Commercial Annual Dep. Cele STONY WALK PROPERTY WALES CANTAL STRUCTURE ROSSING SIF 1 PORNO 34 16 12 Com 20 23 20 DEPRECATION TOPERATIONE Reper Bee De AURRERRIARRE 11 BATE STOITOTAAL NETOPROME CASHFLOW TERRO Der er GER TERETA NET PRESENT VALLINEN NETROCEDERE CAPITAL DAN ORTALE Dag 1 THE PAYMENT TOOS FROM TANELER Der er for M Ground Per Predam ANGUS CARTWRIGHT WORKSHEET ANGUS CARTWRIGHT SUMMARY STONY WALK WORKSHEET IVY TERRA ALISON GREEN WORKSHEET Ready LE Ps L|||||||||||LHDPE IVY TERRACE PROPERTY WELUES CANTAL STURE PROGRAMING INCOME MET OPERATING INCOME 23 SERTATION Red De Recererer GASFLOW AFTER FRANCO C D AND HRATES Depec CONTOH TIPLE YTONE CANCEOLITO TOPERA Beves AFTER FINANCE . FEVEREIRO CASA TERTUS EVERGEET STARE BATTE 57 METROCEEDS FROM MALE METROOK WALL CATALGAN ORTAT SELLE LE CALCULATE AMORTATION und O Derec Hrva Boca Cena TAYMENT Deprecate Tax Se Capillains Het Pro IVY TERRACE WORKSHEET FOWLER BUILDING... STONY WALK WORKSHEET ALISON GREEN WORKSHEET ANGUS CARTWRIGHT WORKSHEET Ready PS Font webe For Alignment A29 Formatting Table Styles Styles Commercial Annual Dep. Cels FOWLER BUILDING PROPERTY VALLES CARTAL TUTURE 29 GROSSO 12 11 PRIMIS THE To YRI DERECTION EPIS OPERATING INCOME See 20 LOW AFTERNOONG 2 CAD SALES TING/DC TIN ONE MET OPERATING INCOME esaten -Os+ASI Wo Puch CARFLOW TERMININO TERMORETA CASHFLOW TERTURES NET PRESENT VALUE INM FAT OSTATE 37 MET PROCEEDS FROM SALE CLERCELLI ARETUR PPT LGARIANT S cum con Am Cle HETEROCEEDSPOLE THERINE NO Deprecapture Tax Cannes Cam Manager Pay NetPro Tale ALISON GREEN WORKSHEET STONY WALK WORKSHEET IVY TERRACE WORKSHEET FOWLER BUILDING WORKSHEET 3:00 AM Mon Oct 19 100% Done Angus Cartwright IV DCF Worksheets (KH) ALISON GREEN WORKSHEET STONY WALK WORKSHEET IVY TERRACE WORKS ANGUS CARTWRIGHT SUMMARY ANGUS CARTWRIGHT WORKSHEET STONY WALK PROPERTY VALUES CAPITAL STRUCTURE PRO FORMA 20 GROSINCOME Land R. Cam Preted PriceR10 E. Rate VACANCY Residential can Commercial ang Effee Gresscom PROGRAMMING Commentare Foot SO R NOEYRI Com NOIR 116 NET OPERATION DEPRECATION BEPENSES 12 Service Rep. every CASHFLOW AFTER FINANCING Commerce Cape Comme Depreciable Basie 100.000 Come Dep. Recowy Per Commerd Annual CAGNFLOW AFTER TALES RATES Ordinary income Tu RETURN MURES RETURN ON TOTAL ABSETS PROTAS RETURN ON EQUITYROL NET OPERATING INCOME CAFEquity Invested BREAK EVEN ANALYSIS UNLEVERADORA -100 Excellent More CASH FLOW AFTER FINANCING Before Sale Proceedia Del Service Coverage Y NON-ADS LEVERAGED BEFORE-TAK RR CASH FLOW AFTER TAKES Net Proceeds from Sate LEVERAGED AFTER TARRA NET PRESENT VALUE INPY 100% 3:01 AM Mon Oct 19 Done CI Angus Cartwright IV DCF Worksheets (KH) Commentare Footage Opg Mes RS Res. OUR 1 $1,750,000 Reserved Totale Cwm GrossRent YR 1 Cam NOIR NET OPERATING INCOME DEPRECATION Residence Basis Resident Dep Recovery Pet Real Estate Taxes Cross Debt Service Ground Lease Payment Residential Cap Reserve ) Commercial Cap, Reserve CASH FLOW AFTER FINANCING Comme Depreciable Basis 1.500.000 Comment per Comment Au Bap CASH FLOW AFTER TALES RATES Ordinary Theme 5 TURNEATURES RETURN ON TOTAL ASSETO ROMA IND Yar 1 CPAP quyid RETURN ON EQUITY ROE NET OPERATING INCOME No Price BREAK EVEN ANALYS Ox+ Car Rs. 0 GR UNLEVERAGED RR Laan to Ratio Mortgage Amount Pics CASHFLOW AFTER FINANCING Dell Service Coverage Rate Y NOTAS LEVERAGED BEFORE TAX RR CASHFLOW ATTELARES int Pred From LEVERAGED AFTER-AX RR NET PRESENT VENY CHAT NET PROCEEOS FROM SALE CARTALBANONIALE ORZESKAIT GALGRATIONS AMORTUATION Purchase ording Met Be Capital Gain on Sale TAK PAYMENT NETROCEEDS TOTALE TAKABLE INCOME Net Operating there Deprecate round me Capital Gars of Dep. Capit Tome STONY WALK PROPERTY VALUES Purchase Frice $15,000,000 CAPITAL STRUCTURE Equity Debt $2,750,000 $12,250,000 Land Value $3,500,000 Projected Sale Price @ YR 10 $17,000,000 Amortization Period Rate Monthly Payment 25 4.75% (569,839) Ground Lease Payment SO PROGRAMMING Number of Apartments INCOME 0 Income Growth Rate 3% Commercial Square Footage 67.000 Res. Gross Rent YR 1 Res. NOI YR 1 $0 $0 Comm. Gross Rent YR 1 Comm. NOI YR 1 $1,750,000 $1.050.000 DEPRECIATION Residential Dep. Basis Residential Dep. Recovery Per. Residential Annual Depreciation EXPENSES Real Estate Taxes % Gross $0 27.5 12% $0 Residential Cap. Reserve Commercial Cap. Reserve $0.00 $0.30 Commercidi Depreciable Basis Commercial Dep. Recovery Per. Commercial Annual Dep. $11,500,000 39.0 ($294,872) 19H RATES Residential Vacancy Commercial Vacancy 0% 5% Ordinary Income Tax Depreciation Recapture Capital Gains 39.6% 25% 20% RE RE Sale Expenses % 0% RE PRO FORMA 0 2 5 .750,000 2.250,000 GROSS INCOME Residential Commercial Subtotal 25 4.75% 669,839) $0 VACANCY (Residential Vacancy) (Commercial Vacancy) Effective Gross Income 3% $0 $0 EXPENSES (Operating Expenses) (Real Estate Taxes) (Capital Reserve) (Total Expenses) .750,000 ,050,000 NET OPERATING INCOME 12% Debt Service Ground Lease Payment $0.00 $0.30 CASH FLOW AFTER FINANCING Tax Payment CASH FLOW AFTER TAXES 39 Tax Payment CASH FLOW AFTER TAXES RETURN MEASURES 0 RETURN ON TOTAL ASSETS (ROTA) Year 1 NOI / TDC RETURN ON EQUITY (ROE) Year 1 CFAF I Equity Invested NET OPERATING INCOME Net Sale Price UNLEVERAGED IRR CASH FLOW AFTER FINANCING Before-Tax Sale Proceeds LEVERAGED BEFORE-TAX IRR CASH FLOW AFTER TAXES Net Proceeds From Sale LEVERAGED AFTER-TAX IRR NET PRESENT VALUE (NPV) CFAT OFF-SHEET CALCULATIONS AMORTIZATION Beginning of Year Outstanding Principal LEVERAGED AF NET PRESENT OFF-SHEET CA NET PROCEEDS FROM SALE NET BOOK VALUE Purchase price Capital Regerve (Accumulated Depreciation) Net Book Value CAPITAL GAIN ON SALE Sale Price (Sale Expenses) (Net Book Value) Capital Gain on Sale AMORTIZATIO Beginning o (End of Year Amortizatic Interest TAX PAYMENT Accumulate Depreciation Depreciation Recapture Tax NET PROCEEDS FROM SALE Sale Price (Sale Expenses) (Mortgage Loan Payoff) (Tax Payment) Net Proceeds from Sale TAXABLE INC Net Opera (Interest) (Ground LE Capital Res (Depreciati Taxable in Capital Gaid in Excess of Dep. Capital Gains Tax Before-Tax Sale Proceeds LEVERAGED BEFORE-TAX IRR CASH FLOW AFTER TAXES Net Proceeds From Sale LEVERAGED AFTER-TAX IRR NET PRESENT VALUE (NPV) CFAT 3 5 OFF-SHEET CALCULATIONS AMORTIZATION Beginning of Year Outstanding Principal (End of Year Outstanding Principal) Amortization Interest TAXABLE INCOME Net Operating Income (Interest) (Ground Lease Payment) Capital Reserve (Depreciation) Taxable income PROPERTY VALUES Purchase price PROFO $20,000,000 CAPITAL STRUCTURE Equity Debt $6,000,000 $14,000,000 Land Value $5,000,000 GROSS Reside Comm Subtot Projected Sale Price @ YR 10 Amortization Period Rate Monthly Payment $24,000,000 30 4.00% (566.838) Ground Lease Payment $0 VACANC (Resid- (Com Effecti PROGRAMMING Number of Apartments INCOME Income Growth Rate 100 3% Commercial Square Footage 0 Res. Gross Rent YR 1 Res. NOI YR 1 $2,250,000 $1,450,000 EXPENS (Opera (Real E (Capita (Total Comm. Gross Rent YR 1 Comm. NOI YR 1 SO $0 NET OP! DEPRECIATION Residential Dep. Basis Residential Dep. Recovery Per. Residential Annual Depreciation EXPENSES Real Estate Taxes % Gross 12% $15,000,000 27.5 (5545,455) Debt Ser Ground L Residential Cap. Reserve Commercial Cap. Reserve $250.00 $0.00 CASH FL $0 Commercidi Depreciable Basis Commercidi Dep. Recovery Per. Commercial Annual Dep. 39.0 Tax Payn $0 CASH FL RATES Residential Vacancy Commercial Vacancy 5% 0% Ordinary Income Tax Depreciation Recapture Capital Gains 39.6% 25% 20% RETURN RETURN Sale Expenses % 0% RETURN BREAK-EVEN ANALYSIS NET OP Net Sale Break-Even occupancy (Op Ex + Cap. Res. + ADS)/Gross Rent UNLEVER Loan to Value Ratio Mortgage Amount (PV)/Purchase Price CASHF Before-T Debt Service Coverage Ratio Year 1 NOI/ ADS LEVERAGI PRO FORMA 2 GROSS INCOME Residential Commercial Subtotal VACANCY (Residential Vacancy) (Commercial Vacancy) Effective Gross Income EXPENSES (Operating Expenses) (Real Estate Taxes) (Capital Reserve) (Total Expenses) NET OPERATING INCOME Debt Service Ground Lease Payment CASH FLOW AFTER FINANCING Tax Payment CASH FLOW AFTER TAXES RETURN MEASURES 2 RETURN ON TOTAL ASSETS (NOTA 2 3 RETURN MEASURES RETURN ON TOTAL ASSETS (ROTA) Year 1 NOI / TDC RETURN ON EQUITY (ROE) Year 1 CFAF / Equity Invested NET OPERATING INCOME Net Sale Price UNLEVERAGED IRR CASH FLOW AFTER FINANCING Before-Tax Sale Proceeds LEVERAGED BEFORE-TAX IRR CASH FLOW AFTER TAXES Net Proceeds From Sale LEVERAGED AFTER-TAX IRR NET PRESENT VALUE (NPV) CFAT OFF-SHEET CALCULATIONS AMORTIZATION Beginning of Year Outstanding Principal (End of Year Outstanding Principal 3 5 WET OPERATING INCOME Service Bond Lease Payment ASH FLOW AFTER FINANCING Payment ASH FLOW AFTER TAXES ETURN MEASURES PRE-TAX INVESTMENT MULTIPLE ETURN ON TOTAL ASSETS (ROTA) Year 1 NOU/ TDC ETURN ON EQUITY (ROE) Year 1 CFAF Equity Invested NET OPERATING INCOME Net Sale Price NLEVERAGED IRR CASH FLOW AFTER FINANCING Before-Tex Sale Proceeds VERAGED BEFORE TAX RR CASH FLOW AFTER TAXES Net Proceeds From Sale EVERAGED AFTER-TAX IRR 10% DISCOUNT RATE ET PRESENT VALUE (NPV) CFAT OFF-SHEET CALCULATIONS AMORTIZATION Beginning of Year Outstanding Principal End of Year Outstanding Principal Amortization Interest TAXABLE INCOME Net Operating Income rest Ground Lease Payment LEVERAGED BEFORE-TAX IRR CASH FLOW AFTER TAXES Net Proceeds From Sale LEVERAGED AFTER-TAX IRR NET PRESENT VALUE (NPV) CFAT OFF-SHEET CALCULATIONS 2 3 AMORTIZATION Beginning of Year Outstanding Principal (End of Year Outstanding Principal) Amortization Interest TAXABLE INCOME Net Operating Income (Interest) (Ground Lease Payment) Capital Reserve (Depreciation) Taxable income . 9 5 10 PRE-TAX INVESTMENT MULTIPLE 1 NOI / TDC 1 CFAF Equity Invested AT 10% DISCOUNT RATE
