Project Cost Summary
Build to Suit Industrial Building
Summarizes the development cost of the project.
|
Cost Item |
$/SqFt |
Total % |
Total $ |
|
Hard Costs |
|
|
|
|
Land |
10.00 |
37.85% |
1,200,000 |
|
Sitework |
2.52 |
9.54% |
302,400 |
|
Foundations & Floor Slab |
2.41 |
9.12% |
289,200 |
|
Structure |
2.55 |
9.65% |
306,000 |
|
Building Skin |
2.18 |
8.25% |
261,600 |
|
Doors, Canopies, Soffits |
0.49 |
1.85% |
58,800 |
|
Storefront |
0.41 |
1.55% |
49,200 |
|
Roof Systems |
1.72 |
6.51% |
206,400 |
|
Electrical |
0.28 |
1.06% |
33,600 |
|
Exterior Contingency |
0.66 |
2.50% |
79,200 |
|
Warehouse Finish |
0.92 |
3.48% |
110,400 |
|
Standard Office Finish |
1.00 |
3.79% |
120,000 |
|
Interior Contingency |
0.10 |
0.38% |
12,000 |
|
Total Hard Costs |
$25.24 |
95.54% |
$3,028,800 |
|
|
|
|
|
|
Soft Costs |
|
|
|
|
Permits |
0.08 |
0.32% |
10,000 |
|
Legal & Title |
0.15 |
0.57% |
18,000 |
|
Architectural/Engineering |
0.42 |
1.58% |
50,000 |
|
Total Soft Costs |
$0.65 |
2.46% |
$78,000 |
|
|
|
|
|
|
Total Costs before Debt |
$25.89 |
98.00% |
$3,106,800 |
|
Less: Draw Loan Interest & Fees |
$0.53 |
2.00% |
$63,294 |
|
Total Project Cost |
$26.42 |
100.00% |
$3,170,094 |
|
|
|
|
|
|
|
|
|
Project Bill of Materials
Build to Suit Industrial Building
Shows the bill of materials for the development.
|
Cost Item |
Quantity |
Cost/Item |
Total $ |
|
Hard Costs |
|
|
|
|
Land |
1.00 Each |
1,200,000.00 |
1,200,000.00 |
|
Sitework |
1.00 Each |
302,400.00 |
302,400.00 |
|
Foundations & Floor Slab |
1.00 Each |
289,200.00 |
289,200.00 |
|
Structure |
1.00 Each |
306,000.00 |
306,000.00 |
|
Building Skin |
1.00 Each |
261,600.00 |
261,600.00 |
|
Doors, Canopies, Soffits |
1.00 Each |
58,800.00 |
58,800.00 |
|
Storefront |
1.00 Each |
49,200.00 |
49,200.00 |
|
Roof Systems |
1.00 Each |
206,400.00 |
206,400.00 |
|
Electrical |
1.00 Each |
33,600.00 |
33,600.00 |
|
Exterior Contingency |
1.00 Each |
79,200.00 |
79,200.00 |
|
Warehouse Finish |
1.00 Each |
110,400.00 |
110,400.00 |
|
Standard Office Finish |
1.00 Each |
120,000.00 |
120,000.00 |
|
Interior Contingency |
1.00 Each |
12,000.00 |
12,000.00 |
|
Total Hard Costs |
|
|
$3,028,800.00 |
|
|
|
|
|
|
Soft Costs |
|
|
|
|
Permits |
1.00 Each |
10,000.00 |
10,000.00 |
|
Legal & Title |
1.00 Each |
18,000.00 |
18,000.00 |
|
Architectural/Engineering |
1.00 Each |
50,000.00 |
50,000.00 |
|
Total Soft Costs |
|
|
$78,000.00 |
|
|
|
|
|
|
Total Project Cost |
|
|
$3,106,800.00 |
|
|
|
|
|
|
|
|
|
Project Cost Schedule
Build to Suit Industrial Building
Shows the project cost schedule for the development.
|
Date |
Cost Item |
Quantity |
Cost/Item |
Total $ |
|
Feb 03 |
Permits |
1.00 Each |
$10,000 |
$10,000 |
|
Feb 03 |
Legal & Title |
1.00 Each |
$18,000 |
18,000 |
|
Feb 03 |
Architectural/Engineering |
1.00 Each |
$50,000 |
50,000 |
|
|
Total |
|
|
$78,000 |
|
|
|
|
|
|
|
Mar 03 |
Land |
1.00 Each |
$1,200,000 |
$1,200,000 |
|
Mar 03 |
Sitework |
1.00 Each |
$302,400 |
302,400 |
|
Mar 03 |
Foundations & Floor Slab |
1.00 Each |
$289,200 |
289,200 |
|
|
Total |
|
|
$1,791,600 |
|
|
|
|
|
|
|
Apr 03 |
Structure |
1.00 Each |
$306,000 |
$306,000 |
|
|
Total |
|
|
$306,000 |
|
|
|
|
|
|
|
May 03 |
Building Skin |
1.00 Each |
$261,600 |
$261,600 |
|
May 03 |
Doors, Canopies, Soffits |
1.00 Each |
$58,800 |
58,800 |
|
May 03 |
Exterior Contingency |
1.00 Each |
$79,200 |
79,200 |
|
|
Total |
|
|
$399,600 |
|
|
|
|
|
|
|
Jun 03 |
Storefront |
1.00 Each |
$49,200 |
$49,200 |
|
Jun 03 |
Roof Systems |
1.00 Each |
$206,400 |
206,400 |
|
|
Total |
|
|
$255,600 |
|
|
|
|
|
|
|
Jul 03 |
Electrical |
1.00 Each |
$33,600 |
$33,600 |
|
Jul 03 |
Interior Contingency |
1.00 Each |
$12,000 |
12,000 |
|
|
Total |
|
|
$45,600 |
|
|
|
|
|
|
|
Aug 03 |
Warehouse Finish |
1.00 Each |
$110,400 |
$110,400 |
|
Aug 03 |
Standard Office Finish |
1.00 Each |
$120,000 |
120,000 |
|
|
Total |
|
|
$230,400 |
|
|
|
|
|
|
|
|
Total Unit Costs |
|
|
$3,106,800 |
|
|
|
|
|
|
|
|
|
|
Project Draw Loan Report
Build to Suit Industrial Building
This report shows the results of a Draw Loan specified in support of the Build to Suit Industrial Building development project. The results are based on drawing 100% of the eligible costs specified. Draws are scheduled to occur each month during the life of the project. The loan bears interest at 9.000% and interest is scheduled to be accrued, and paid as part of the payments discharging the loan.There are no loan fees projected.
|
|
Draw |
|
Interest |
Loan |
|
Feb 03 |
$78,000 |
$0 |
$585 |
$78,585 |
|
Mar 03 |
$591,600 |
$0 |
$5,026 |
$675,211 |
|
Apr 03 |
$306,000 |
$0 |
$7,359 |
$988,570 |
|
May 03 |
$399,600 |
$0 |
$10,411 |
$1,398,582 |
|
Jun 03 |
$255,600 |
$0 |
$12,406 |
$1,666,588 |
|
Jul 03 |
$45,600 |
$0 |
$12,841 |
$1,725,030 |
|
Aug 03 |
$230,400 |
$0 |
$14,666 |
$1,970,095 |
|
Sep 03 |
$0 |
$1,970,095 |
$0 |
$0 |
|
Totals |
$1,906,800 |
$1,970,095 |
$63,294 |
$0 |
|
|
|
|
Proforma Income Statement
Build to Suit Industrial Building
Shows the monthly cash flows during the development phase. The Construction Draw loan here has been specified to accrue (rather than pay) interest before being taken out by the Permanent Loan, which is specified to be 100% of the Draw Loan Balance. Since the Draw interest is accrued, the amount of the Permanent Loan includes the accrued interest. The Draw Interest is "Construction Period Interest" under the tax law, and must be amortized over the depreciable life of the assets constructed. PlanEASe handles this by allocating the interest to each of the assets causing the draws, and depreciating the total.
|
|
Jan 03 |
Feb 03 |
Mar 03 |
Apr 03 |
May 03 |
Jun 03 |
Jul 03 |
Aug 03 |
Sep 03 |
Oct 03 |
Nov 03 |
Dec 03 |
Ttl 03 |
Jan 04 |
Feb 04 |
Mar 04 |
Apr 04 |
May 04 |
Jun 04 |
Ttl 04 |
|
Gross Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XYZ Lease |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$120,000 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$180,000 |
|
Total Gross Income |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$120,000 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$180,000 |
|
Less: Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Fee |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
900 |
900 |
900 |
900 |
3,600 |
900 |
900 |
900 |
900 |
900 |
900 |
5,400 |
|
Total Operating Expenses |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$900 |
$900 |
$900 |
$900 |
$3,600 |
$900 |
$900 |
$900 |
$900 |
$900 |
$900 |
$5,400 |
|
Net Operating Income |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$29,100 |
$29,100 |
$29,100 |
$29,100 |
$116,400 |
$29,100 |
$29,100 |
$29,100 |
$29,100 |
$29,100 |
$29,100 |
$174,600 |
|
Less: Debt Service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
17,289 |
17,289 |
17,289 |
17,289 |
69,156 |
17,289 |
17,289 |
17,289 |
17,289 |
17,289 |
17,289 |
103,734 |
|
Total Debt Service |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$17,289 |
$17,289 |
$17,289 |
$17,289 |
$69,156 |
$17,289 |
$17,289 |
$17,289 |
$17,289 |
$17,289 |
$17,289 |
$103,734 |
|
Net Operating Cash Flow |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$11,811 |
$11,811 |
$11,811 |
$11,811 |
$47,244 |
$11,811 |
$11,811 |
$11,811 |
$11,811 |
$11,811 |
$11,811 |
$70,866 |
|
Add: Debt Draw & Repay |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Draw |
0 |
78,000 |
591,600 |
306,000 |
399,600 |
255,600 |
45,600 |
230,400 |
(1,970,095) |
0 |
0 |
0 |
(63,295) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Permanent |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
1,970,095 |
0 |
0 |
0 |
1,970,095 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total Debt Draw & Repay |
$0 |
$78,000 |
$591,600 |
$306,000 |
$399,600 |
$255,600 |
$45,600 |
$230,400 |
$0 |
$0 |
$0 |
$0 |
$1,906,800 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
|
Less: Capital Spending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land |
0 |
0 |
1,200,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
1,200,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Sitework |
0 |
0 |
302,400 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
302,400 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Foundations & Floor Slab |
0 |
0 |
289,200 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
289,200 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Structure |
0 |
0 |
0 |
306,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
306,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Building Skin |
0 |
0 |
0 |
0 |
261,600 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
261,600 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Doors, Canopies, Soffits |
0 |
0 |
0 |
0 |
58,800 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
58,800 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Storefront |
0 |
0 |
0 |
0 |
0 |
49,200 |
0 |
0 |
0 |
0 |
0 |
0 |
49,200 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Roof Systems |
0 |
0 |
0 |
0 |
0 |
206,400 |
0 |
0 |
0 |
0 |
0 |
0 |
206,400 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Electrical |
0 |
0 |
0 |
0 |
0 |
0 |
33,600 |
0 |
0 |
0 |
0 |
0 |
33,600 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Exterior Contingency |
0 |
0 |
0 |
0 |
79,200 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
79,200 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Warehouse Finish |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
110,400 |
0 |
0 |
0 |
0 |
110,400 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Standard Office Finish |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
120,000 |
0 |
0 |
0 |
0 |
120,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Interior Contingency |
0 |
0 |
0 |
0 |
0 |
0 |
12,000 |
0 |
0 |
0 |
0 |
0 |
12,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Permits |
0 |
10,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
10,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Legal & Title |
0 |
18,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
18,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Architectural/Engineering |
0 |
50,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
50,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total Capital Spending |
$0 |
$78,000 |
$1,791,600 |
$306,000 |
$399,600 |
$255,600 |
$45,600 |
$230,400 |
$0 |
$0 |
$0 |
$0 |
$3,106,800 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
|
Cash Flow Before Tax |
$0 |
$0 |
($1,200,000) |
$0 |
$0 |
$0 |
$0 |
$0 |
$11,811 |
$11,811 |
$11,811 |
$11,811 |
($1,152,756) |
$11,811 |
$11,811 |
$11,811 |
$11,811 |
$11,811 |
$11,811 |
$70,866 |
|
Taxable Income and Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses Carried Forward) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable Revenues |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$120,000 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$30,000 |
$180,000 |
|
Less: Deducted Expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
900 |
900 |
900 |
900 |
3,600 |
900 |
900 |
900 |
900 |
900 |
900 |
5,400 |
|
Less: Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
16,417 |
16,410 |
16,403 |
16,395 |
65,626 |
16,388 |
16,381 |
16,373 |
16,365 |
16,358 |
16,350 |
98,214 |
|
Total Interest Expense |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$16,417 |
$16,410 |
$16,403 |
$16,395 |
$65,626 |
$16,388 |
$16,381 |
$16,373 |
$16,365 |
$16,358 |
$16,350 |
$98,214 |
|
Less: Depreciation |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
3,683 |
3,683 |
3,683 |
3,683 |
14,734 |
4,560 |
4,560 |
4,560 |
4,560 |
4,560 |
4,560 |
27,362 |
|
Ordinary Income |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$8,999 |
$9,006 |
$9,014 |
$9,021 |
$36,040 |
$8,152 |
$8,159 |
$8,167 |
$8,174 |
$8,182 |
$8,190 |
$49,023 |
|
Taxable Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
8,999 |
9,006 |
9,014 |
9,021 |
36,040 |
8,152 |
8,159 |
8,167 |
8,174 |
8,182 |
8,190 |
49,023 |
|
(Cum Suspended Losses) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Taxes Due (- = Savings) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
3,564 |
3,567 |
3,569 |
3,572 |
14,272 |
3,228 |
3,231 |
3,234 |
3,237 |
3,240 |
3,243 |
19,413 |
|
Cash Flow After Tax |
$0 |
$0 |
($1,200,000) |
$0 |
$0 |
$0 |
$0 |
$0 |
$8,247 |
$8,244 |
$8,242 |
$8,239 |
($1,167,028) |
$8,583 |
$8,580 |
$8,577 |
$8,574 |
$8,571 |
$8,568 |
$51,453 |
|
|
|
|
Gross Income Detail
Build to Suit Industrial Building
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
30.0 |
30.0 |
30.0 |
30.0 |
30.0 |
30.0 |
30.0 |
30.0 |
30.0 |
30.0 |
|
|
|
|
Debt Draw & Repay Detail
Build to Suit Industrial Building
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Draw |
0.0 |
78.0 |
591.6 |
306.0 |
399.6 |
255.6 |
45.6 |
230.4 |
-1,970.1 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Permanent |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
1,970.1 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
Capital Spending Detail
Build to Suit Industrial Building
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land |
0.0 |
0.0 |
1,200.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sitework |
0.0 |
0.0 |
302.4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Foundations & Floor Slab |
0.0 |
0.0 |
289.2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Structure |
0.0 |
0.0 |
0.0 |
306.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Building Skin |
0.0 |
0.0 |
0.0 |
0.0 |
261.6 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Doors, Canopies, Soffits |
0.0 |
0.0 |
0.0 |
0.0 |
58.8 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Storefront |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
49.2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Roof Systems |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
206.4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Electrical |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
33.6 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Exterior Contingency |
0.0 |
0.0 |
0.0 |
0.0 |
79.2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Warehouse Finish |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
110.4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Standard Office Finish |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
120.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interior Contingency |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
12.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Permits |
0.0 |
10.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Legal & Title |
0.0 |
18.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Architectural/Engineering |
0.0 |
50.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
Proforma Income Statement
Build to Suit Industrial Building
These reports can be prepared either before or after tax. They combine the Basic and Detail Analysis report information into a very readable format familiar to real estate professionals and accountants. Further, the reports offer information not shown in the Basic and Detail Analysis Reports, such as Ratio Analysis, projected Sale Proceeds by year, and Return and NPV measures by year.
|
|
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Gross Income |
|
|
|
|
|
|
|
|
|
|
|
XYZ Lease |
$120,000 |
$363,600 |
$374,508 |
$385,743 |
$397,316 |
$409,235 |
$421,512 |
$434,157 |
$447,182 |
$460,598 |
|
Total Gross Income |
$120,000 |
$363,600 |
$374,508 |
$385,743 |
$397,316 |
$409,235 |
$421,512 |
$434,157 |
$447,182 |
$460,598 |
|
Less: Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
Management Fee |
3,600 |
10,908 |
11,235 |
11,572 |
11,919 |
12,277 |
12,645 |
13,025 |
13,415 |
13,818 |
|
Total Operating Expenses |
$3,600 |
$10,908 |
$11,235 |
$11,572 |
$11,919 |
$12,277 |
$12,645 |
$13,025 |
$13,415 |
$13,818 |
|
Net Operating Income |
$116,400 |
$352,692 |
$363,273 |
$374,171 |
$385,396 |
$396,958 |
$408,867 |
$421,133 |
$433,767 |
$446,780 |
|
Less: Debt Service |
|
|
|
|
|
|
|
|
|
|
|
Permanent |
69,156 |
207,468 |
207,468 |
207,468 |
207,468 |
207,468 |
207,468 |
207,468 |
207,468 |
207,468 |
|
Total Debt Service |
$69,156 |
$207,468 |
$207,468 |
$207,468 |
$207,468 |
$207,468 |
$207,468 |
$207,468 |
$207,468 |
$207,468 |
|
Net Operating Cash Flow |
$47,244 |
$145,224 |
$155,805 |
$166,703 |
$177,928 |
$189,490 |
$201,399 |
$213,665 |
$226,299 |
$239,312 |
|
Add: Debt Draw & Repay |
|
|
|
|
|
|
|
|
|
|
|
Construction Draw |
(63,295) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Permanent |
1,970,095 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total Debt Draw & Repay |
$1,906,800 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
|
Less: Capital Spending |
|
|
|
|
|
|
|
|
|
|
|
Land |
1,200,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Sitework |
302,400 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Foundations & Floor Slab |
289,200 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Structure |
306,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Building Skin |
261,600 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Doors, Canopies, Soffits |
58,800 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Storefront |
49,200 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Roof Systems |
206,400 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Electrical |
33,600 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Exterior Contingency |
79,200 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Warehouse Finish |
110,400 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Standard Office Finish |
120,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Interior Contingency |
12,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Permits |
10,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Legal & Title |
18,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Architectural/Engineering |
50,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total Capital Spending |
$3,106,800 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
|
Cash Flow Before Tax |
($1,152,756) |
$145,224 |
$155,805 |
$166,703 |
$177,928 |
$189,490 |
$201,399 |
$213,665 |
$226,299 |
$239,312 |
|
Taxable Income and Taxes |
|
|
|
|
|
|
|
|
|
|
|
(Losses Carried Forward) |
|
|
|
|
|
|
|
|
|
|
|
Taxable Revenues |
$120,000 |
$363,600 |
$374,508 |
$385,743 |
$397,316 |
$409,235 |
$421,512 |
$434,157 |
$447,182 |
$460,598 |
|
Less: Deducted Expenses |
3,600 |
10,908 |
11,235 |
11,572 |
11,919 |
12,277 |
12,645 |
13,025 |
13,415 |
13,818 |
|
Less: Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
Permanent |
65,626 |
196,147 |
194,962 |
193,652 |
192,205 |
190,607 |
188,841 |
186,891 |
184,736 |
182,356 |
|
Total Interest Expense |
$65,626 |
$196,147 |
$194,962 |
$193,652 |
$192,205 |
$190,607 |
$188,841 |
$186,891 |
$184,736 |
$182,356 |
|
Less: Depreciation |
14,734 |
50,515 |
50,515 |
50,515 |
50,515 |
50,515 |
50,515 |
50,515 |
50,515 |
48,410 |
|
Ordinary Income |
$36,040 |
$106,030 |
$117,796 |
$130,004 |
$142,676 |
$155,836 |
$169,510 |
$183,726 |
$198,515 |
$216,013 |
|
Taxable Income |
36,040 |
106,030 |
117,796 |
130,004 |
142,676 |
155,836 |
169,510 |
183,726 |
198,515 |
216,013 |
|
(Cum Suspended Losses) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Taxes Due (- = Savings) |
14,272 |
41,988 |
46,647 |
51,481 |
56,500 |
61,711 |
67,126 |
72,756 |
78,612 |
85,541 |
|
Cash Flow After Tax |
($1,167,028) |
$103,236 |
$109,158 |
$115,221 |
$121,429 |
$127,779 |
$134,273 |
$140,909 |
$147,687 |
$153,770 |
|
Sale Proceeds: |
|
|
|
|
|
|
|
|
|
|
|
Sale Value |
$3,880,000 |
$3,996,400 |
$4,116,292 |
$4,239,781 |
$4,366,974 |
$4,497,983 |
$4,632,923 |
$4,771,911 |
$4,915,068 |
$5,062,520 |
|
Less: Sale Costs (6%) |
232,800 |
239,784 |
246,978 |
254,387 |
262,018 |
269,879 |
277,975 |
286,315 |
294,904 |
303,751 |
|
Less: Loan Repayment |
1,966,565 |
1,955,244 |
1,942,738 |
1,928,922 |
1,913,659 |
1,896,798 |
1,878,171 |
1,857,594 |
1,834,863 |
1,809,751 |
|
Sale Proceeds Before Tax |
1,680,635 |
1,801,372 |
1,926,577 |
2,056,472 |
2,191,297 |
2,331,306 |
2,476,776 |
2,628,002 |
2,785,301 |
2,949,018 |
|
Less: Taxes due to Sale |
95,421 |
133,090 |
168,259 |
204,103 |
240,645 |
277,903 |
315,901 |
354,659 |
394,201 |
434,551 |
|
Sale Proceeds After Tax |
1,585,214 |
1,668,282 |
1,758,318 |
1,852,369 |
1,950,652 |
2,053,403 |
2,160,876 |
2,273,343 |
2,391,100 |
2,514,467 |
|
Ratio Analysis: |
|
|
|
|
|
|
|
|
|
|
|
Profitability Ratios |
|
|
|
|
|
|
|
|
|
|
|
Adj. Capitalization Rate |
|
11.35% |
11.69% |
12.04% |
12.40% |
12.78% |
13.16% |
13.56% |
13.96% |
14.38% |
|
Adj. Cash on Cash Before Tax |
|
12.10% |
12.98% |
13.89% |
14.83% |
15.79% |
16.78% |
17.81% |
18.86% |
19.94% |
|
Adj. Cash on Cash After Tax |
|
8.60% |
9.10% |
9.60% |
10.12% |
10.65% |
11.19% |
11.74% |
12.31% |
12.81% |
|
Risk Ratios |
|
|
|
|
|
|
|
|
|
|
|
Debt Coverage Ratio |
1.683 |
1.700 |
1.751 |
1.804 |
1.858 |
1.913 |
1.971 |
2.030 |
2.091 |
2.153 |
|
Breakeven Occupancy |
60.6% |
60.1% |
58.4% |
56.8% |
55.2% |
53.7% |
52.2% |
50.8% |
49.4% |
48.0% |
|
Loan Balance/Property Value |
50.7% |
48.9% |
47.2% |
45.5% |
43.8% |
42.2% |
40.5% |
38.9% |
37.3% |
35.7% |
|
Assumption Ratios |
|
|
|
|
|
|
|
|
|
|
|
NOI/Property Value |
3.00% |
8.83% |
8.83% |
8.83% |
8.83% |
8.83% |
8.83% |
8.83% |
8.83% |
8.83% |
|
Operating Expense Ratio |
3.0% |
3.0% |
3.0% |
3.0% |
3.0% |
3.0% |
3.0% |
3.0% |
3.0% |
3.0% |
|
Analysis Measures: |
|
|
|
|
|
|
|
|
|
|
|
IRR Before Debt |
31.3% |
20.8% |
18.2% |
17.1% |
16.4% |
16.0% |
15.7% |
15.5% |
15.3% |
15.2% |
|
IRR Before Tax |
58.9% |
34.4% |
28.1% |
25.2% |
23.5% |
22.4% |
21.6% |
21.1% |
20.6% |
20.2% |
|
IRR After Tax |
45.4% |
26.4% |
21.5% |
19.2% |
17.9% |
17.1% |
16.5% |
16.1% |
15.7% |
15.5% |
|
NPV Before Debt @10.00% |
$401,463 |
$496,195 |
$584,899 |
$667,958 |
$745,731 |
$818,555 |
$886,745 |
$950,596 |
$1,010,383 |
$1,066,366 |
|
NPV Before Tax @10.00% |
$395,081 |
$481,798 |
$563,255 |
$639,766 |
$711,627 |
$779,118 |
$842,499 |
$902,020 |
$957,912 |
$1,010,395 |
|
NPV After Tax @10.00% |
$289,763 |
$321,533 |
$349,900 |
$376,625 |
$401,751 |
$425,326 |
$447,405 |
$468,039 |
$487,287 |
$505,205 |
|
|
|
|
Adj Cash on Cash Before Tax
Build to Suit Industrial Building
Adj Cash on Cash Before Tax is Net Operating Cash Flow divided by Initial Equity adjusted both for additional investments and dispositions made since acquisition, and for additional loans and loan repayments since acquisition.
|
|
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Net Operating Cash Flow |
47.2 |
145.2 |
155.8 |
166.7 |
177.9 |
189.5 |
201.4 |
213.7 |
226.3 |
239.3 |
|
Total Capital Spending |
3,106.8 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
Adj Cash on Cash After Tax
Build to Suit Industrial Building
Adj Cash on Cash After Tax is Net Operating Cash Flow less Taxes Due divided by Initial Equity adjusted both for additional investments and dispositions made since acquisition, and for additional loans and loan repayments since acquisition.
|
|
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Net Operating Cash Flow |
47.2 |
145.2 |
155.8 |
166.7 |
177.9 |
189.5 |
201.4 |
213.7 |
226.3 |
239.3 |
|
Total Capital Spending |
3,106.8 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Taxes Due (- = Savings) |
14.3 |
42.0 |
46.6 |
51.5 |
56.5 |
61.7 |
67.1 |
72.8 |
78.6 |
85.5 |
|
|
|
|
Debt Coverage Ratio
Build to Suit Industrial Building
Debt Coverage Ratio is the Net Operating Income divided by Debt Service, measuring the margin of safety for the lender in assuring that money will be available to service his loan. The debt coverage ratio takes the current year Net Operating Income and divides it by the current year Debt Service. If the Net Operating Income is greater than the Debt Service the Debt Coverage Ratio will be greater than 1.
|
|
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Total Debt Service |
69.2 |
207.5 |
207.5 |
207.5 |
207.5 |
207.5 |
207.5 |
207.5 |
207.5 |
207.5 |
|
Net Operating Income |
116.4 |
352.7 |
363.3 |
374.2 |
385.4 |
397.0 |
408.9 |
421.1 |
433.8 |
446.8 |
|
|
|
|
Property Sale Report
Build to Suit Industrial Building
This report shows the results of a projected sale of the Build to Suit Industrial Building on 31 December 2012. The Sale Price of $5,062,520 is projected by using a Net Capitalization Rate of 9% on the projected Net Operating Income of $455,627 in effect at that time, according to the analysis assumptions.
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Analysis of Sale Proceeds |
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|
|
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Sale Price (as discussed above) |
$5,062,520 |
|
|
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- Costs of Sale (6%) |
303,751 |
|
|
|
- Loan Balances |
1,809,751 |
|
|
|
- Prepayment Penalties |
0 |
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|
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Sale Proceeds Before Tax |
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|
$2,949,018 |
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|
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Analysis of Capital Gain Results |
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|
|
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Sale Price |
$5,062,520 |
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|
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- Capitalized Costs of Sale (100%) |
303,751 |
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|
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Net Sale Price for Tax Purposes |
|
$4,758,769 |
|
|
|
|
|
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Property Basis at Acquisition |
$0 |
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|
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+ Capitalized Closing Costs (100%) |
0 |
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+ Capital Additions |
3,170,095 |
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|
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- Depreciation Taken |
467,266 |
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|
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+ Excess Depreciation Recaptured |
0 |
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|
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Adjusted Basis at Sale |
|
2,702,829 |
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Capital Gain (or Loss) |
|
$2,055,940 |
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- Suspended Passive Losses |
|
0 |
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Net Capital Gain (or Loss) |
|
$2,055,940 |
|
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- Cost Recovery Recaptured |
|
467,266 |
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Adjusted Net Capital Gain (or Loss) |
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$1,588,674 |
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Cost Recovery Recapture Tax (@ 25%) |
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(116,817) |
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Tax on Adjusted Net Capital Gain (@ 20%) |
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(317,735) |
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|
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Expenses Recognized at Sale |
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|
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Expensed Costs of Sale |
0 |
|
|
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+ Accrued Loan Interest |
0 |
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|
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+ Unamortized Points |
0 |
|
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+ Prepayment Penalties |
0 |
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|
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- Excess Depreciation Recaptured |
0 |
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|
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Total Expenses Recognized at Sale |
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0 |
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Tax Savings Due to Sale Expenses (@ 39.6%) |
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0 |
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Net Taxable Income |
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$2,055,940 |
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After Tax Cash Proceeds of Sale |
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$2,514,467 |
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Sale Proceeds After Tax
Build to Suit Industrial Building
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Sensitivity Analysis
Build to Suit Industrial Building
Land
Development Cost
versus
Rate of Return After Tax
|
Assumption |
IRR |
|
$960,000.00 |
19.0% |
|
$1,056,000.00 |
17.4% |
|
$1,152,000.00 |
16.1% |
|
$1,248,000.00 |
14.9% |
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$1,344,000.00 |
13.8% |
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Sensitivity Analysis
Build to Suit Industrial Building
Sitework
Development Cost
versus
Rate of Return After Tax
|
Assumption |
IRR |
|
$240,000.00 |
15.9% |
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$264,000.00 |
15.7% |
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$288,000.00 |
15.6% |
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$312,000.00 |
15.4% |
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$336,000.00 |
15.3% |
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$360,000.00 |
15.1% |
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Sensitivity Analysis
Build to Suit Industrial Building
As you perform an analysis, planEASe measures the worth of the investment in terms of rates of return and net present values. Sensitivity Analysis allows you to investigate how these measures vary with a change in one of the assumptions. Any measure may be chosen for the Sensitivity Analysis, and any assumption may be chosen as well. Sensitivity Analysis provides a one page table and graph which describes the relationship between the assumption value and the resulting measure.
XYZ
Lease Annual Revenue
versus
Net Present Value After Tax @10%
|
Assumption |
NPV |
|
$290,000.00 |
(44,837) |
|
$319,000.00 |
183,038 |
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$348,000.00 |
410,912 |
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$377,000.00 |
638,787 |
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$406,000.00 |
866,662 |
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Sensitivity Analysis Comparison
As you perform an analysis, planEASe measures the worth of the investment in terms of rates of return and net present values. Sensitivity Analysis allows you to investigate how these measures vary with a change in one of the assumptions. Any measure may be chosen for the Sensitivity Analysis, and any assumption may be chosen as well. Sensitivity Analysis provides a one page table and graph which describes the relationship between the assumption value and the resulting measure.
Holding
Period
versus
Rate of Return After Tax
|
Assumption |
build2 |
build1 |
|
1 Year |
45.4% |
40.0% |
|
2 Years |
26.4% |
25.0% |
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3 Years |
21.5% |
20.8% |
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4 Years |
19.2% |
18.7% |
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5 Years |
17.9% |
17.5% |
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6 Years |
17.1% |
16.8% |
|
7 Years |
16.5% |
16.3% |
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8 Years |
16.1% |
15.8% |
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9 Years |
15.7% |
15.5% |
|
10 Years |
15.5% |
15.3% |
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Risk Analysis
Build to Suit Industrial Building
As you perform an analysis, planEASe measures the worth of the investment in terms of rates of return and net present values. Risk Analysis allows you to investigate how these measures vary with a change in one or more of the assumptions. Any measure may be chosen for the Risk Analysis, and any group of assumptions may be chosen as well. Risk Analysis provides a one page table and graph which describes the relationship between the risky assumption values and the variability (or risk) of the resulting measure.
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Risk Analysis Assumption |
Lowest |
Likely |
Highest |
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Sitework Development Cost |
$200,000.00 |
$302,400.00 |
$400,000.00 |
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Foundations & Floor Slab Development Cost |
$200,000.00 |
$289,200.00 |
$350,000.00 |
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Storefront Development Cost |
$40,000.00 |
$49,200.00 |
$60,000.00 |
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Electrical Development Cost |
$30,000.00 |
$33,600.00 |
$40,000.00 |
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XYZ Lease Annual Revenue |
$300,000.00 |
$360,000.00 |
$400,000.00 |
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XYZ Lease Revenue Growth Rate |
2% Annually |
3% Annually |
4% Annually |
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Average IRR |
14.9% |
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Lowest IRR |
8.5% |
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Standard Deviation |
2.0% |
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Highest IRR |
19.2% |
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Analysis Assumptions Report
Build to Suit Industrial Building
Shows (in English) the assumptions used to generate the other reports. It was created with the idea of generating an assumptions report which can be presented to an investor or other concerned party to explain the assumptive basis of the other planEASe reports.
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Investment Assumptions |
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Price of Property |
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None |
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Date of Acquisition |
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1 January 2003 |
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Holding Period |
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10 Years |
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Inflation Rate |
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3% per Year |
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Sale Price Method |
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9% Capitalization of NOI on Sale Date |
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Selling Costs |
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6% |
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Investor's Assumptions |
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General Vacancy & Credit Loss |
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Zero |
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Tax Rate - First Year |
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39.6% |
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Tax Rate - Following Years |
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39.6% |
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Capital Gain Rate |
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20% |
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Cost Recovery Recapture Rate |
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25% - Losses Carried Forward |
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Present Value Discount Rate Before Debt |
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10% per Year |
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Present Value Discount Rate Before Tax |
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10% per Year |
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Present Value Discount Rate After Tax |
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10% per Year |
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Land Development Spending Assumptions |
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Development Cost |
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$1,200,000.00 |
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Depreciable Life |
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Non-Depreciable Asset |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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Zero |
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Expenditure Start |
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1 March 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
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1 Month |
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Sitework Development Spending Assumptions |
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Development Cost |
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$302,400.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 March 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
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1 Month |
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Foundations & Floor Slab Development Spending Assumptions |
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Development Cost |
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$289,200.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
|
100% |
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Expenditure Start |
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1 March 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
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1 Month |
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Structure Development Spending Assumptions |
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Development Cost |
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$306,000.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 April 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
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1 Month |
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Building Skin Development Spending Assumptions |
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Development Cost |
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$261,600.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 May 2003 |
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Depreciation Start Date |
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1 September 2003 |
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Expenditure Months |
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1 Month |
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Doors, Canopies, Soffits Development Spending Assumptions |
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Development Cost |
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$58,800.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 May 2003 |
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Depreciation Start Date |
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1 September 2003 |
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Expenditure Months |
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1 Month |
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Storefront Development Spending Assumptions |
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Development Cost |
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$49,200.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 June 2003 |
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Depreciation Start Date |
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1 September 2003 |
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Expenditure Months |
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1 Month |
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Roof Systems Development Spending Assumptions |
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Development Cost |
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$206,400.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 June 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
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1 Month |
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Electrical Development Spending Assumptions |
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Development Cost |
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$33,600.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 July 2003 |
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Depreciation Start Date |
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1 September 2003 |
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Expenditure Months |
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1 Month |
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Exterior Contingency Development Spending Assumptions |
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Development Cost |
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$79,200.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 May 2003 |
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Depreciation Start Date |
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1 September 2003 |
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Expenditure Months |
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1 Month |
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Warehouse Finish Development Spending Assumptions |
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Development Cost |
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$110,400.00 |
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Depreciable Life |
|
39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 August 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
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1 Month |
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Standard Office Finish Development Spending Assumptions |
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Development Cost |
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$120,000.00 |
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Depreciable Life |
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39 Years |
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Depreciation Method |
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Straight Line |
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Include in Draws |
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100% |
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Expenditure Start |
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1 August 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
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1 Month |
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Interior Contingency Development Spending Assumptions |
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Development Cost |
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$12,000.00 |
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Depreciable Life |
|
39 Years |
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Depreciation Method |
|
Straight Line |
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Include in Draws |
|
100% |
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Expenditure Start |
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1 July 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
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1 Month |
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Permits Development Spending Assumptions |
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Development Cost |
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$10,000.00 |
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Depreciable Life |
|
39 Years |
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Depreciation Method |
|
Straight Line |
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Include in Draws |
|
100% |
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Expenditure Start |
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1 February 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
|
1 Month |
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Legal & Title Development Spending Assumptions |
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Development Cost |
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$18,000.00 |
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Depreciable Life |
|
39 Years |
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Depreciation Method |
|
Straight Line |
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Include in Draws |
|
100% |
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Expenditure Start |
|
1 February 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
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1 Month |
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Architectural/Engineering Development Spending Assumptions |
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Development Cost |
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$50,000.00 |
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Depreciable Life |
|
39 Years |
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Depreciation Method |
|
Straight Line |
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Include in Draws |
|
100% |
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Expenditure Start |
|
1 February 2003 |
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Depreciation Start Date |
|
1 September 2003 |
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Expenditure Months |
|
1 Month |
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Construction Draw Assumptions |
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Draw Percent |
|
100% |
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Draw Rate |
|
9% Annually |
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Draw Period |
|
1 Month |
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Draw Treatment |
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Accrued and Capitalized |
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Draw Limit |
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None |
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Draw Points |
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None |
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Permanent Loan Assumptions |
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Loan Amount |
|
100% of Draw Loan Balance |
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Loan Interest Rate |
|
10% Annually |
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Original Loan Period |
|
30 Years |
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Loan Origination Date |
|
1 September 2003 |
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Loan Type |
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Monthly Payments, Amortizing |
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XYZ Lease Revenue Assumptions |
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Annual Revenue (120,000 SqFt @ $3.00/SqFt/Year) |
|
$360,000.00 |
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Revenue Start Date |
|
1 September 2003 |
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Revenue Period |
|
Until Projected Sale |
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Revenue Growth Method |
|
Annual at 3% Annually |
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Management Fee |
|
3% |
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