T=0	T=1	T=2	T=3
	Today	1 year later	2 years later	3 years later
	Cash flow at the beginning of the project	Cash flows for the first period (between t=0 and t=1)	Cash flows for the second period (between t=1 and t=2) and the last CF
[Cap Rate]	5%	5.50%	6.00%
NOI		10.00	10.50	11.03
Acquisition CF at t = 0 (<0)	200.00
Capital expenditures (<0)		1.00	1.05
Disposition CF at t = 2 (>0)			183.75
Property BT CF
Loan at t = 0 (>0)	80.00
DS incl. the final pmt. (<0)			80.00
Equity BT CF	-120.00	5.00	109.20

Estimate the percentage-point contribution to the equity IRR of (1) the baseline return under no NOI growth and no cap rate change, (2) NOI growth, (3) cap rate changes, and (4) leverage. Furthermore, (5) estimate the equity IRR by adding (1), (2), (3), and (4).

(1) Baseline

(2) NOI growth

(3) cap rate changes

(4) leverage

(5) The estimated equity IRR