APOD	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
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)	$29,366	$31,313	$32,252	$33,220	$34,215	$35,242	$36,299	$37,473	$38,511	$39,666
105 Flowers (1000 sf)	$14,500	$14,500	$15,500	$16,500	$16,500	$17,210	$18,152	$18,696	$19,273	$19,834
Base Rental Revenue	$289,914	$296,876	$322,348	$328,820	$333,856	$361,786	$372,275	$383,856	$394,959	$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	$68,233	$70,017	$41,646	$40,790	$42,735	$44,738	$46,800	$45,211	$46,655	$48,906
Total Gross Income	$362,147	$371,173	$368,560	$374,467	$381,745	$411,982	$424,841	$435,148	$448,017	$462,428
Less: Vacancy & Credit Loss	$22,158	$0	$14,504	$6,740	$0	$51,724	$3,678	$17,745	$1,937	$4,022
Effective Income	$339,989	$371,173	$354,055	$367,727	$381,745	$360,258	$421,164	$417,404	$446,080	$458,406
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	$30,000	$30,600	$31,212	$31,836	$32,473	$33,122	$33,785	$34,461	$35,150	$35,853
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	$66,400	$68,184	$70,020	$71,910	$73,855	$75,858	$77,920	$80,043	$82,229	$84,481
Net Operating Income	$273,589	$302,989	$284,035	$295,817	$307,890	$284,399	$343,243	$337,360	$363,850	$373,926
Less: Debt Servicehide
Loan	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991
Total Debt Service	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991	$227,991
Net Operating Cash Flow	$45,598	$74,998	$56,044	$67,826	$79,899	$56,408	$115,252	$109,369	$135,859	$145,934
Less: Capital Spendinghide
Market TI's	$12,279	$0	$101,034	$2,240	$2,251	$62,644	$2,454	$119,881	$1,292	$0
Market Commissions	$6,022	$0	$11,264	$1,052	$1,058	$22,907	$1,153	$14,249	$607	$0
Total Capital Spending	$18,301	$0	$112,299	$3,292	$3,309	$85,551	$3,606	$134,130	$1,899	$0
Cash Flow Before Tax	$27,297	$74,998	($56,255)	$64,533	$76,590	($29,143)	$111,646	($24,761)	$133,960	$145,934
Taxable Income and Taxes
(Losses Taken Currently)
Taxable Revenues	$339,989	$371,173	$354,055	$367,727	$381,745	$360,258	$421,164	$417,404	$446,080	$458,406
Less: Deducted Expenses	$66,400	$68,184	$70,020	$71,910	$73,855	$75,858	$77,920	$80,043	$82,229	$84,481
Less: Interest Expense	$179,980	$175,995	$171,680	$167,006	$161,944	$156,462	$150,526	$144,096	$137,133	$129,592
Less: Amortized Points	$1,136	$1,136	$1,136	$1,136	$1,136	$1,136	$1,136	$1,136	$1,136	$1,136
Less: Depreciation	$51,956	$56,672	$61,166	$65,493	$64,405	$69,050	$73,475	$77,880	$82,079	$66,338
Ordinary Income	$40,517	$69,186	$50,053	$62,182	$80,405	$57,751	$118,107	$114,248	$143,503	$176,861
Taxable Income	$40,517	$69,186	$50,053	$62,182	$80,405	$57,751	$118,107	$114,248	$143,503	$176,861
Taxes Due (- = Savings)	$16,815	$28,712	$20,772	$25,806	$33,368	$23,967	$49,015	$47,413	$59,554	$73,397
Cash Flow After Tax	$10,483	$46,286	($77,027)	$38,728	$43,222	($53,110)	$62,631	($72,174)	$74,407	$72,537
Sale Proceeds:
Sale Value	$3,653,530	$3,817,604	$3,697,709	$3,848,621	$3,554,991	$4,290,542	$4,217,004	$4,548,131	$4,674,070	$4,106,106
Sale Value	$3,653,530	$3,817,604	$3,697,709	$3,848,621	$3,554,991	$4,290,542	$4,217,004	$4,548,131	$4,674,070	$4,106,106
Less: Sale Costs (7%)	$255,747	$267,232	$258,840	$269,403	$248,849	$300,338	$295,190	$318,369	$327,185	$287,427
Less: Loan Repayment	$2,136,745	$2,086,776	$2,115,125	$2,054,140	$1,988,093	$1,916,564	$1,839,099	$1,755,204	$1,664,346	$1,565,946
Sale Proceeds Before Tax	$1,261,038	$1,463,595	$1,323,744	$1,525,078	$1,318,049	$2,073,640	$2,082,715	$2,474,558	$2,682,540	$2,252,733
Less: Taxes due to Sale	$46,684	$95,915	$77,777	$114,208	$89,219	$196,672	$203,722	$249,936	$286,872	$228,609
Sale Proceeds After Tax	$1,214,354	$1,367,680	$1,245,967	$1,410,870	$1,228,830	$1,876,968	$1,878,993	$2,224,622	$2,395,668	$2,024,124
Ratio Analysis:
Profitability Ratios
Capitalization Rate	9.12%	10.10%	9.47%	9.86%	10.26%	9.48%	11.44%	11.25%	12.13%	12.46%
Cash on Cash Before Tax	5.95%	9.79%	7.31%	8.85%	10.43%	7.36%	15.04%	14.27%	17.73%	19.04%
Cash on Cash After Tax	1.37%	6.04%	-10.05%	5.05%	5.64%	-6.93%	8.17%	-9.42%	9.71%	9.47%
Accounting RoR Before Tax			34.97%		115.75%	7.87%	69.20%	42.57%
Accounting RoR After Tax			17.60%		110.97%		62.33%	18.87%
Current RoR Before Tax			19.44%		63.39%	3.16%	24.35%	12.82%
Current RoR After Tax			7.05%		56.26%		21.73%	4.44%
Risk Ratios
Debt Coverage Ratio	1.2	1.329	1.246	1.297	1.35	1.247	1.506	1.48	1.596	1.64
Breakeven Occupancy	81.30%	79.80%	80.90%	80.10%	79.10%	73.80%	72.00%	70.80%	69.20%	67.60%
Loan Balance/Property Value	58.50%	54.70%	57.20%	53.40%	55.90%	44.70%	43.60%	38.60%	35.60%	38.10%
Assumption Ratios
NOI/Property Value	7.49%	7.94%	7.68%	7.69%	8.66%	6.63%	8.14%	7.42%	7.78%	9.11%
Gross Income Multiple	10.09	10.29	10.03	10.28	9.31	10.41	9.93	10.45	10.43	8.88
Operating Expense Ratio	18.30%	18.40%	19.00%	19.20%	19.30%	18.40%	18.30%	18.40%	18.40%	18.30%
Analysis Measures:
IRR Before Debt	21.7%	17.8%	12.8%	12.9%	10.8%	12.9%	12.3%	12.3%	12.3%	11.2%
IRR Before Tax	51.8%	36.6%	22.2%	21.8%	15.5%	20.7%	18.7%	18.5%	18.0%	15.3%
IRR After Tax	41.1%	29.7%	17.1%	16.9%	11.1%	16.4%	14.5%	14.4%	14.1%	11.2%
NPV Before Debt @10.00%	$307,812	$406,541	$207,231	$278,085	$84,601	$400,346	$343,470	$401,460	$432,792	$212,846
NPV Before Tax @10.00%	$317,387	$444,017	$271,957	$365,548	$192,090	$525,406	$483,880	$555,211	$598,065	$387,998
NPV After Tax @10.00%	$240,698	$325,669	$155,548	$209,941	$37,436	$301,450	$239,276	$275,894	$286,408	$83,061