2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
Gross Incomehide
XYZ Lease (120000 sf)	$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: Expenseshide
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 Servicehide
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
Less: Debt Servicehide
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
Net Operating Cash Flow	$47,244	$145,224	$155,805	$166,703	$177,928	$189,490	$201,399	$213,665	$226,299	$239,312
Less: Capital Spendinghide
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 Expensehide
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
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
Current RoR Before Tax		15.01%	14.83%	14.66%	14.51%	14.37%	14.24%	14.12%	14.00%
Current RoR After Tax		11.59%	11.56%	11.53%	11.49%	11.46%	11.42%	11.38%	11.34%
Risk Ratios
Debt Coverage Ratio	1.683	1.7	1.751	1.804	1.858	1.913	1.971	2.03	2.091	2.153
Breakeven Occupancy	60.60%	60.10%	58.40%	56.80%	55.20%	53.70%	52.20%	50.80%	49.40%	48.00%
Loan Balance/Property Value	50.70%	48.90%	47.20%	45.50%	43.80%	42.20%	40.50%	38.90%	37.30%	35.70%
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%
Gross Income Multiple	32.33	10.99	10.99	10.99	10.99	10.99	10.99	10.99	10.99	10.99
Operating Expense Ratio	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%
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