APOD	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Gross Incomehide
201 Office (10000 sf)	$120,000	$123,600	$141,419	$145,338	$149,698	$154,189	$158,814	$163,916	$168,491	$173,545
102 Drug Store (7500 sf)	$94,500	$94,500	$99,225	$99,225	$99,225	$119,902	$122,701	$126,382	$130,173	$134,078
103 Beauty Salon (2000 sf)	$31,548	$32,963	$33,952	$34,537	$34,218	$35,244	$36,309	$37,389	$38,511	$39,666
104 Donuts (2000 sf)	$29,000	$29,522	$32,252	$33,220	$34,217	$35,242	$36,299	$37,388	$38,597	$39,666
105 Flowers (1000 sf)	$15,000	$16,500	$16,450	$16,611	$17,110	$17,638	$18,151	$18,696	$19,269	$19,834
Base Rental Revenue	$290,048	$297,085	$323,297	$328,931	$334,466	$362,214	$372,275	$383,771	$395,041	$406,791
Percentage Rent	$4,000	$4,280	$4,566	$4,857	$5,154	$5,457	$5,766	$6,082	$6,403	$6,731
Total Reimbursements	$70,233	$72,057	$42,879	$41,988	$43,975	$46,022	$48,128	$46,503	$47,977	$50,275
Total Gross Income	$364,281	$373,422	$370,742	$375,775	$383,596	$413,693	$426,168	$436,356	$449,421	$463,797
Less: Vacancy & Credit Loss	$19,159	$3,195	$16,212	$3,379	$3,493	$51,981	$3,694	$14,044	$5,785	$4,040
Effective Income	$345,123	$370,228	$354,530	$372,397	$380,103	$361,711	$422,474	$422,312	$443,635	$459,757
Less: Expenseshide
Maintenance	$11,400	$11,742	$12,094	$12,457	$12,831	$13,216	$13,612	$14,021	$14,441	$14,874
Insurance	$4,600	$4,830	$5,072	$5,325	$5,591	$5,871	$6,164	$6,473	$6,796	$7,136
Property Taxes	$32,000	$32,640	$33,293	$33,959	$34,638	$35,331	$36,037	$36,758	$37,493	$38,243
Security	$3,000	$3,090	$3,183	$3,278	$3,377	$3,478	$3,582	$3,690	$3,800	$3,914
Utilities	$3,400	$3,502	$3,607	$3,715	$3,827	$3,942	$4,060	$4,182	$4,307	$4,436
Management Fee	$14,000	$14,420	$14,853	$15,298	$15,757	$16,230	$16,717	$17,218	$17,735	$18,267
Total Operating Expenses	$68,400	$70,224	$72,101	$74,032	$76,020	$78,066	$80,173	$82,341	$84,573	$86,871
Net Operating Income	$276,723	$300,004	$282,429	$298,364	$304,083	$283,645	$342,302	$339,971	$359,063	$372,887
Less: Debt Servicehide
Loan	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602
Total Debt Service	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602	$230,602
Net Operating Cash Flow	$46,120	$69,401	$51,827	$67,762	$73,481	$53,042	$111,699	$109,369	$128,460	$142,284
Less: Capital Spendinghide
Market TI's	$10,224	$2,117	$102,113	$2,240	$0	$64,965	$2,454	$117,415	$3,835	$0
Market Commissions	$5,056	$994	$11,772	$1,052	$0	$23,998	$1,153	$13,091	$1,802	$0
Total Capital Spending	$15,280	$3,111	$113,885	$3,292	$0	$88,963	$3,606	$130,506	$5,637	$0
Cash Flow Before Tax	$30,840	$66,290	($62,058)	$64,470	$73,481	($35,921)	$108,093	($21,137)	$122,824	$142,284
Taxable Income and Taxes
(Losses Taken Currently)
Taxable Revenues	$345,123	$370,228	$354,530	$372,397	$380,103	$361,711	$422,474	$422,312	$443,635	$459,757
Less: Deducted Expenses	$68,400	$70,224	$72,101	$74,032	$76,020	$78,066	$80,173	$82,341	$84,573	$86,871
Less: Interest Expense	$182,042	$178,011	$173,646	$168,919	$163,799	$158,254	$152,250	$145,746	$138,703	$131,076
Less: Amortized Points	$1,149	$1,149	$1,149	$1,149	$1,149	$1,149	$1,149	$1,149	$1,149	$1,149
Less: Depreciation	$55,339	$59,862	$64,870	$69,378	$68,278	$72,535	$77,156	$81,463	$85,641	$69,937
Ordinary Income	$38,194	$60,982	$42,764	$58,919	$70,857	$51,707	$111,747	$111,614	$133,570	$170,725
Taxable Income	$38,194	$60,982	$42,764	$58,919	$70,857	$51,707	$111,747	$111,614	$133,570	$170,725
Taxes Due (- = Savings)	$15,850	$25,307	$17,747	$24,451	$29,406	$21,458	$46,375	$46,320	$55,432	$70,851
Cash Flow After Tax	$14,990	$40,983	($79,805)	$40,018	$44,075	($57,379)	$61,718	($67,457)	$67,392	$71,433
Sale Proceeds:
Sale Value	$3,616,211	$3,797,529	$3,729,554	$3,801,035	$3,545,560	$4,278,772	$4,249,640	$4,488,284	$4,661,082	$4,139,600
Sale Value	$3,616,211	$3,797,529	$3,729,554	$3,801,035	$3,545,560	$4,278,772	$4,249,640	$4,488,284	$4,661,082	$4,139,600
Less: Sale Costs (7%)	$253,135	$265,827	$261,069	$266,072	$248,189	$299,514	$297,475	$314,180	$326,276	$289,772
Less: Loan Repayment	$2,162,210	$2,111,646	$2,139,349	$2,077,665	$2,010,862	$1,938,514	$1,860,161	$1,775,305	$1,683,406	$1,583,880
Sale Proceeds Before Tax	$1,200,867	$1,420,056	$1,329,136	$1,457,297	$1,286,509	$2,040,744	$2,092,004	$2,398,799	$2,651,400	$2,265,948
Less: Taxes due to Sale	$11,579	$64,563	$54,263	$80,544	$56,938	$169,939	$184,039	$218,753	$262,708	$211,779
Sale Proceeds After Tax	$1,189,288	$1,355,494	$1,274,873	$1,376,753	$1,229,571	$1,870,805	$1,907,964	$2,180,046	$2,388,692	$2,054,169
Ratio Analysis:
Profitability Ratios
Capitalization Rate	8.65%	9.38%	8.83%	9.32%	9.50%	8.86%	10.70%	10.62%	11.22%	11.65%
Adj. Capitalization Rate	8.65%	9.33%	8.78%	8.95%	9.12%	8.50%	10.00%	9.92%	10.09%	10.46%
Cash on Cash Before Tax	4.90%	7.37%	5.50%	7.20%	7.80%	5.63%	11.86%	11.62%	13.64%	15.11%
Adj. Cash on Cash Before Tax	4.90%	7.25%	5.40%	6.31%	6.82%	4.92%	9.58%	9.35%	9.88%	10.90%
Cash on Cash After Tax	1.59%	4.35%	-8.48%	4.25%	4.68%	-6.09%	6.56%	-7.16%	7.16%	7.59%
Adj. Cash on Cash After Tax	1.59%	4.28%	-8.31%	3.73%	4.09%	-5.33%	5.29%	-5.77%	5.18%	5.47%
Risk Ratios
Debt Coverage Ratio	1.2	1.301	1.225	1.294	1.319	1.23	1.484	1.474	1.557	1.617
Breakeven Occupancy	82.10%	80.60%	81.60%	81.10%	79.90%	74.60%	72.90%	71.70%	70.10%	68.50%
Loan Balance/Property Value	59.80%	55.60%	57.40%	54.70%	56.70%	45.30%	43.80%	39.60%	36.10%	38.30%
Assumption Ratios
NOI/Property Value	7.65%	7.90%	7.57%	7.85%	8.58%	6.63%	8.05%	7.57%	7.70%	9.01%
Gross Income Multiple	9.93	10.17	10.06	10.12	9.24	10.34	9.97	10.29	10.37	8.93
Operating Expense Ratio	18.80%	18.80%	19.40%	19.70%	19.80%	18.90%	18.80%	18.90%	18.80%	18.70%
Analysis Measures:
IRR Before Debt	12.9%	13.5%	10.4%	10.5%	9.0%	11.3%	11.0%	11.0%	11.2%	10.1%
IRR Before Tax	19.9%	22.0%	13.6%	14.0%	9.7%	15.8%	14.8%	14.6%	14.8%	12.4%
IRR After Tax	14.9%	17.4%	10.0%	10.3%	6.6%	12.3%	11.2%	11.2%	11.4%	9.0%
NPV Before Debt @10.00%	$80,898	$190,662	$26,557	$46,651	($122,189)	$190,283	$154,655	$174,302	$222,563	$19,329
NPV Before Tax @10.00%	$90,588	$228,585	$92,024	$135,116	($13,470)	$316,776	$296,673	$329,813	$389,728	$196,487
NPV After Tax @10.00%	$45,286	$140,120	($506)	$9,679	($138,338)	$119,227	$74,844	$78,187	$103,440	($85,851)