REAL ESTATE INVESTMENT ANALYSIS

Transcription

1 REAL ESTATE INVESTMENT ANALYSIS JANUARY has been a facilitator for investment transactions since 1981 and is the general partner for several companies, including Cidejjko, Inc. a California Corporation, Valley Associates, a California Limited Partnership, Invesdko, LLC, and PJM, LLC PREPARED BY : 1486 W 11th STreet Tracy, California david@gotracy.com (209) Coldwell Banker Valley Central

2 2430 W Byron Road Tracy, California 95376

3 Descriptive Card Authorized License to. Coldwell Banker Valley Central Property information Year Built Property Type Total Units Nb of Levels Above Ground Nb of Basement Levels Zoning Type Residential Nominal Roll Registration Division Lot Certificate of Localisation Building Dimensions 0.00 x 0.00 Building Area 2430 W Byron Road Near Lot Dimensions 0.00 x 0.00 Tracy Safeway in Tracy Lot Area Municipal Assessment Pot. Gr. Income Oper. Expenses Net Op. Income Land $0.00 $111, $34, $77, Building $0.00 List Price Payment Type Balance $1,195, No Total Owner $0.00 Property Details Water Public Laundry Hookup No Fire Protection No Laundry No Parking 0 Int. 0 Ext. Outdoor outlets No Contact Broker Coldwell Banker Valley Central Information and Appointment 3

4 Pictures 2430 W Byron Road, Tracy, California Authorized License to. Coldwell Banker Valley Central 12/9/2016 T-Park front photo 4

5 Financial Analysis 2430 W Byron Road, Tracy, California Authorized License to. Coldwell Banker Valley Central Income Monthly Annually PGE Rebate PGE Charge Tenants Util Income Cottage Rents Space Rents $ $1, $ $3, $ $10, $3, $39, $4, $57, Potential Gross Income (PGI) $9, $111, Vacancy and Credits % of PGI Monthly Annually Vacancy Rate 1.00 % $93.00 $1, Bad Debt 1.00 % $93.00 $1, Effective Gross Income (EGI) $9, $109, Expenses % of EGI Monthly Annually Taxes % $1, Insurance 1.62 % $ Maintenance 7.31 % $ Property Mangement 4.50 % $ Util 0.56 % $51.17 Trash 6.49 % $ $12, $1, $8, $4, $ $7, Total of Expenses % $2, $34, Cash Flow Net Operating Income Annually $74, Debt Service Cash Flow (Before Taxes) Total of Equity (Principal Payment) Cash Flow + Equity Appreciation Cash Flow + Eq. + Appreciation $41, $33, $12, $45, $47, $93, Prepared for : 5

6 Financial Analysis 2430 W Byron Road, Tracy, California Authorized License to. Coldwell Banker Valley Central Expenses Distribution Other Expenses 2% Trash 21% Taxes 35% Property Mangement 14% Insurance 5% Maintenance 23% Income Distribution Util Income 10% Cottage Rents 35% Space Rents 51% PGE Charge Tenants PGE Rebate 3% 1% Incomes, expenses and mortgage interests 120, , , , This diagram helps to illustrate the available incomes following the payment of the operating expenses and the mortgage interests. These incomes are considered as profit and will serve in part to pay the income taxes. 40, , Year 1 Year 2 Year 3 Year 4 Year 5 Effective Gross Income Operating Expenses Mortgage Interest 6

7 Financing 2430 W Byron Road, Tracy, California Authorized License to. Coldwell Banker Valley Central Acquisition Cost Total - Sold Price $1,195, Detailed Acquisition 50.00% Mortgage 50.00% Down Payment Down Payment $597, (50.00 %) of Acquisition Cost Mortgage # 1 $597, (50.00 %) of Acquisition Cost Length Interest Rate Term Payment Frequency Compound Interest Payment 300 months 5.00 % 300 months Monthly Monthly $3,

8 Profitability Analysis 2430 W Byron Road, Tracy, California Authorized License to. Coldwell Banker Valley Central Financial Ratios (After 1 year)* Acquisition Cost Gross Rent Multiplier (GRM) Net Rent Multiplier (NRM) Average Unit Price $88, Operating Expense Ratio (OER) % Loan to Value Ratio (LVR) % Debt Coverage Ratio (DCR) 1.79 Break Even Ratio % Capitalization Rate 6.03 % Internal Rate of Return (year 5) 9.52 % Cash on Cash Return Before Equity After Equity (Principal Payment) After Equity and Appreciation 5.53% 7.59% 15.59% Financial Ratios (At Year 0)* Acquisition Cost Gross Rent Multiplier (GRM) Net Rent Multiplier (NRM) Average Unit Price $85, Capitalization Rate 6.27 % Cash on Cash Return** 100% 80% 60% 40% 20% 0% 84.97% 66.53% 48.83% 41.64% 31.86% 32.55% 30.22% 23.86% 23.65% 15.59% 15.54% 17.35% 11.31% 7.59% 5.53% Year 1 Year 2 Year 3 Year 4 Year 5 This diagram represents the portion of the initial down payment that goes back in the investor's pockets throughout the years. In other words, with this diagram it is possible to identify the moment when the investor will have entirely recovered his down payment by observing the moment when 100% is reached. Cash on Cash Return (Appreciation) Cash on Cash Return (after Equity) Cash on Cash Return (before Equity) *Not considering non-financed acq. fees nor fixed expenses **Considering non-financed acquisition fees and fixed expenses. 8

9 Ratios Definition 2430 W Byron Road, Tracy, California Authorized License to. Coldwell Banker Valley Central Definitions and Formulas Gross Rent Multiplier (GRM): This ratio shows how many times the gross income represents the value of the property. Net Rent Multiplier (NRM): This ratio shows how many times the net operating income represents the value of the property. Unit Price Average unit price. Operating Expense Ratio (OER) This ratio gives the gross effective income that is used by operating expenses. Loan to Value Ratio (LVR) This ratio gives the value of the property proportion that comes from external creditors. Debt Coverage Ratio (DCR) Measures the extent to which net operating income can cover the debt service. Value of the property Gross Income Value of the property Net Operating Income Value of the property Number of units Operating Expenses Gross Effective Income Mortgage Balance Value of the property Net Operating Income Financing Cost Break Even Ratio This ratio gives the minimal occupancy rate for which expenses are covered by gross income. Capitalization Rate (Cap. Rate) It's a measure of the ratio between the cash flow produced by a property and its capital cost (the original price paid) or alternatively its current market value. (Net operating income / value (or selling price) = Capitalization Rate). Cash return on Cash (ConC): This ratio represents the equity return rate of the owner based on his personal tax rate if a tax rate has been specified. The mentioned equity return illustrates the return rate before and after capitalization following the first year of acquisition. (See financial Forecasts for the following years). Expenses + Financing Cost Gross Potential Income Net Operating Income Value of the property Cash Flow before and after Capitalization Down Payment Internal Rate of Return Discount rate for which the actualized liquidity values generated by the property are equal to the actualized withdrawal values necessary to carry out this investment. Homeowner Rent of Homeowner before Equity: Occupying owner's rent, considering the cash flow (positive or negative) generated by the property, before tax. Rent of Homeowner after Equity: Occupying owner rent, considering the capitalization and the cash flow generated by the property (rent before equity, principal payment). Rent - Cash Flow Before Equity 12 months Rent Bef. Eq. - Total of Equity 12 months 9

10 Financial Forecast 2430 W Byron Road, Tracy, California Authorized License to. Coldwell Banker Valley Central From Jan 01, 2018 From Jan 01, 2019 From Jan 01, 2020 From Jan 01, 2021 From Jan 01, 2022 To Dec 31, 2018 To Dec 31, 2019 To Dec 31, 2020 To Dec 31, 2021 To Dec 31, 2022 Incomes and Expenses..... Potential Gross Income $111, $113, $116, $118, $120, Effective Gross Income $109, $111, $113, $116, $118, Operating Expenses $34, $35, $35, $36, $37, Net Operating Income $74, $76, $77, $79, $81, Debt Service $41, $41, $41, $41, $41, Cash Flow (before Taxes) $33, $34, $36, $37, $39, Financing..... Principal Payment $12, $12, $13, $14, $15, Mortgage Interest $29, $28, $28, $27, $26, Mortgage Balance $585, $572, $558, $544, $529, Profitability (Accord. to Market Value)..... Gross Rent Multiplier (GRM) Net Rent Multiplier (NRM) Operating Expenses Ratio (OER) % % % % % Loan to Value Ratio (LVR) % % % % % Debt Coverage Ratio (DCR) Break Even Ratio (BER) % % % % % Capitalization Rate (Cap. Rate) 6.03 % 5.92 % 5.80 % 5.69 % 5.58 % Market Value of Property per apartment $88, $92, $96, $99, $103, Net current Value of the Cash Flow $31, $31, $32, $32, $32, Cash on Cash Return (Before Equity) 5.53 % 5.78 % 6.04 % 6.30 % 6.57 % Cash on Cash Return (After Equity) 7.59 % 7.95 % 8.32 % 8.69 % 9.08 % Cash on Cash Return (Appreciation) % % % % % Equity (cumulative)..... Cash on Cash Return (Appreciation) % % % % % Property Value (Annual Appreciation 4.00%) $1,242, $1,292, $1,344, $1,397, $1,453, Appreciation (Accord. to Market Value) $47, $97, $149, $202, $258, Principal Payment $12, $25, $38, $53, $68, Cash Flow (after Taxes) $33, $67, $103, $141, $180, Total Equity $93, $190, $291, $397, $507,

11 Financial Forecast 2430 W Byron Road, Tracy, California Authorized License to. Coldwell Banker Valley Central Cumulative Equity 600, , , , , , Year 1 Year 2 Year 3 Year 4 Year 5 This diagram represents the accumulated amount throughout the years thanks to the profit generated by the building, the assets accumulated by the mortgage reimbursement and to the increase of the building's value. In other words, it is possible to identify the moment when the investor will have entirely recovered his initial down payment by observing the moment when the line, representing the down payment, is reached. Annual Appreciation of the Property Principal Payment Cash Flow (after Taxes) Down Payment Cumulative for the previous years Equity Progression 60, , , , , , In this diagram, the evolution of the profit generated by the building by considering the taxes is illustrated. If the acquisition cost is inferior to the market value, an amount higher can be observed for the appreciation the first year because a profit is earned from the purchase. 30, , Cash Flow (before Taxes) 20, , , Year 1 Year 2 Year 3 Year 4 Year 5 Cash Flow (after Taxes) Annual Appreciation of the Property Principal Payment Increase of the building value and the mortgage balance. 1,600, ,400, ,200, ,000, The space between two lines represents the amount that truly belongs to the investor since it is not detained by mortgage creditors. The building increases in value each year without additional financing being necessary. 800, , , Year 1 Year 2 Year 3 Year 4 Year 5 Property Value Mortgage Balance 11

12 Mortgage Details 2430 W Byron Road, Tracy, California Authorized License to. Coldwell Banker Valley Central Mortgage Amount $597, Interest Rate 5.00 % Length Term Payment Frequency 300 months 300 months Monthly Date Payment Principal Interest Balance Total Interest /1/2017 1/1/2018 2/1/2018 3/1/2018 4/1/2018 5/1/2018 6/1/2018 7/1/2018 8/1/2018 9/1/ /1/ /1/ /1/2018 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/ /1/ /1/ /1/2019 1/1/2020 2/1/2020 3/1/2020 $0.00 $0.00 $0.00 $597, $0.00 $3, $1, $2, $596, $2, $3, $1, $2, $595, $4, $3, $1, $2, $594, $7, $3, $1, $2, $593, $9, $3, $1, $2, $592, $12, $3, $1, $2, $591, $14, $3, $1, $2, $590, $17, $3, $1, $2, $589, $19, $3, $1, $2, $588, $22, $3, $1, $2, $587, $24, $3, $1, $2, $586, $27, $3, $1, $2, $585, $29, $3, $1, $2, $584, $32, $3, $1, $2, $583, $34, $3, $1, $2, $582, $36, $3, $1, $2, $580, $39, $3, $1, $2, $579, $41, $3, $1, $2, $578, $44, $3, $1, $2, $577, $46, $3, $1, $2, $576, $48, $3, $1, $2, $575, $51, $3, $1, $2, $574, $53, $3, $1, $2, $573, $56, $3, $1, $2, $572, $58, $3, $1, $2, $571, $60, $3, $1, $2, $570, $63, $3, $1, $2, $568, $65,

13 /1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/ /1/ /1/ /1/2020 1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/ /1/ /1/ /1/2021 1/1/2022 2/1/2022 3/1/2022 4/1/2022 5/1/2022 6/1/2022 7/1/2022 8/1/2022 9/1/ /1/ /1/ /1/2022 1/1/2023 2/1/2023 3/1/2023 4/1/2023 5/1/2023 6/1/2023 7/1/2023 8/1/2023 $3, $1, $2, $567, $68, $3, $1, $2, $566, $70, $3, $1, $2, $565, $72, $3, $1, $2, $564, $75, $3, $1, $2, $563, $77, $3, $1, $2, $562, $79, $3, $1, $2, $560, $82, $3, $1, $2, $559, $84, $3, $1, $2, $558, $86, $3, $1, $2, $557, $89, $3, $1, $2, $556, $91, $3, $1, $2, $555, $93, $3, $1, $2, $553, $96, $3, $1, $2, $552, $98, $3, $1, $2, $551, $100, $3, $1, $2, $550, $103, $3, $1, $2, $549, $105, $3, $1, $2, $547, $107, $3, $1, $2, $546, $109, $3, $1, $2, $545, $112, $3, $1, $2, $544, $114, $3, $1, $2, $543, $116, $3, $1, $2, $541, $118, $3, $1, $2, $540, $121, $3, $1, $2, $539, $123, $3, $1, $2, $538, $125, $3, $1, $2, $536, $127, $3, $1, $2, $535, $130, $3, $1, $2, $534, $132, $3, $1, $2, $533, $134, $3, $1, $2, $531, $136, $3, $1, $2, $530, $139, $3, $1, $2, $529, $141, $3, $1, $2, $527, $143, $3, $1, $2, $526, $145, $3, $1, $2, $525, $147, $3, $1, $2, $524, $150, $3, $1, $2, $522, $152, $3, $1, $2, $521, $154, $3, $1, $2, $520, $156, $3, $1, $2, $518, $158,

14 /1/ /1/ /1/ /1/2023 1/1/2024 2/1/2024 3/1/2024 4/1/2024 5/1/2024 6/1/2024 7/1/2024 8/1/2024 9/1/ /1/ /1/ /1/2024 1/1/2025 2/1/2025 3/1/2025 4/1/2025 5/1/2025 6/1/2025 7/1/2025 8/1/2025 9/1/ /1/ /1/ /1/2025 1/1/2026 2/1/2026 3/1/2026 4/1/2026 5/1/2026 6/1/2026 7/1/2026 8/1/2026 9/1/ /1/ /1/ /1/2026 1/1/2027 $3, $1, $2, $517, $160, $3, $1, $2, $516, $163, $3, $1, $2, $514, $165, $3, $1, $2, $513, $167, $3, $1, $2, $512, $169, $3, $1, $2, $510, $171, $3, $1, $2, $509, $173, $3, $1, $2, $508, $175, $3, $1, $2, $506, $178, $3, $1, $2, $505, $180, $3, $1, $2, $503, $182, $3, $1, $2, $502, $184, $3, $1, $2, $501, $186, $3, $1, $2, $499, $188, $3, $1, $2, $498, $190, $3, $1, $2, $496, $192, $3, $1, $2, $495, $194, $3, $1, $2, $493, $196, $3, $1, $2, $492, $198, $3, $1, $2, $491, $200, $3, $1, $2, $489, $203, $3, $1, $2, $488, $205, $3, $1, $2, $486, $207, $3, $1, $2, $485, $209, $3, $1, $2, $483, $211, $3, $1, $2, $482, $213, $3, $1, $2, $480, $215, $3, $1, $2, $479, $217, $3, $1, $1, $477, $219, $3, $1, $1, $476, $221, $3, $1, $1, $474, $223, $3, $1, $1, $473, $225, $3, $1, $1, $471, $227, $3, $1, $1, $470, $229, $3, $1, $1, $468, $231, $3, $1, $1, $467, $232, $3, $1, $1, $465, $234, $3, $1, $1, $464, $236, $3, $1, $1, $462, $238, $3, $1, $1, $461, $240, $3, $1, $1, $459, $242,

15 /1/2027 3/1/2027 4/1/2027 5/1/2027 6/1/2027 7/1/2027 8/1/2027 9/1/ /1/ /1/ /1/2027 1/1/2028 2/1/2028 3/1/2028 4/1/2028 5/1/2028 6/1/2028 7/1/2028 8/1/2028 9/1/ /1/ /1/ /1/2028 1/1/2029 2/1/2029 3/1/2029 4/1/2029 5/1/2029 6/1/2029 7/1/2029 8/1/2029 9/1/ /1/ /1/ /1/2029 1/1/2030 2/1/2030 3/1/2030 4/1/2030 5/1/2030 6/1/2030 $3, $1, $1, $457, $244, $3, $1, $1, $456, $246, $3, $1, $1, $454, $248, $3, $1, $1, $453, $250, $3, $1, $1, $451, $252, $3, $1, $1, $449, $254, $3, $1, $1, $448, $255, $3, $1, $1, $446, $257, $3, $1, $1, $444, $259, $3, $1, $1, $443, $261, $3, $1, $1, $441, $263, $3, $1, $1, $440, $265, $3, $1, $1, $438, $267, $3, $1, $1, $436, $268, $3, $1, $1, $435, $270, $3, $1, $1, $433, $272, $3, $1, $1, $431, $274, $3, $1, $1, $429, $276, $3, $1, $1, $428, $277, $3, $1, $1, $426, $279, $3, $1, $1, $424, $281, $3, $1, $1, $423, $283, $3, $1, $1, $421, $284, $3, $1, $1, $419, $286, $3, $1, $1, $417, $288, $3, $1, $1, $416, $290, $3, $1, $1, $414, $291, $3, $1, $1, $412, $293, $3, $1, $1, $410, $295, $3, $1, $1, $409, $297, $3, $1, $1, $407, $298, $3, $1, $1, $405, $300, $3, $1, $1, $403, $302, $3, $1, $1, $401, $303, $3, $1, $1, $400, $305, $3, $1, $1, $398, $307, $3, $1, $1, $396, $308, $3, $1, $1, $394, $310, $3, $1, $1, $392, $312, $3, $1, $1, $390, $313, $3, $1, $1, $389, $315,

16 /1/2030 8/1/2030 9/1/ /1/ /1/ /1/2030 1/1/2031 2/1/2031 3/1/2031 4/1/2031 5/1/2031 6/1/2031 7/1/2031 8/1/2031 9/1/ /1/ /1/ /1/2031 1/1/2032 2/1/2032 3/1/2032 4/1/2032 5/1/2032 6/1/2032 7/1/2032 8/1/2032 9/1/ /1/ /1/ /1/2032 1/1/2033 2/1/2033 3/1/2033 4/1/2033 5/1/2033 6/1/2033 7/1/2033 8/1/2033 9/1/ /1/ /1/2033 $3, $1, $1, $387, $317, $3, $1, $1, $385, $318, $3, $1, $1, $383, $320, $3, $1, $1, $381, $321, $3, $1, $1, $379, $323, $3, $1, $1, $377, $325, $3, $1, $1, $375, $326, $3, $1, $1, $373, $328, $3, $1, $1, $371, $329, $3, $1, $1, $369, $331, $3, $1, $1, $367, $332, $3, $1, $1, $366, $334, $3, $1, $1, $364, $335, $3, $1, $1, $362, $337, $3, $1, $1, $360, $338, $3, $1, $1, $358, $340, $3, $2, $1, $356, $341, $3, $2, $1, $354, $343, $3, $2, $1, $352, $344, $3, $2, $1, $350, $346, $3, $2, $1, $348, $347, $3, $2, $1, $345, $349, $3, $2, $1, $343, $350, $3, $2, $1, $341, $352, $3, $2, $1, $339, $353, $3, $2, $1, $337, $354, $3, $2, $1, $335, $356, $3, $2, $1, $333, $357, $3, $2, $1, $331, $359, $3, $2, $1, $329, $360, $3, $2, $1, $327, $361, $3, $2, $1, $325, $363, $3, $2, $1, $322, $364, $3, $2, $1, $320, $365, $3, $2, $1, $318, $367, $3, $2, $1, $316, $368, $3, $2, $1, $314, $369, $3, $2, $1, $312, $371, $3, $2, $1, $309, $372, $3, $2, $1, $307, $373, $3, $2, $1, $305, $375,

17 /1/2033 1/1/2034 2/1/2034 3/1/2034 4/1/2034 5/1/2034 6/1/2034 7/1/2034 8/1/2034 9/1/ /1/ /1/ /1/2034 1/1/2035 2/1/2035 3/1/2035 4/1/2035 5/1/2035 6/1/2035 7/1/2035 8/1/2035 9/1/ /1/ /1/ /1/2035 1/1/2036 2/1/2036 3/1/2036 4/1/2036 5/1/2036 6/1/2036 7/1/2036 8/1/2036 9/1/ /1/ /1/ /1/2036 1/1/2037 2/1/2037 3/1/2037 4/1/2037 $3, $2, $1, $303, $376, $3, $2, $1, $301, $377, $3, $2, $1, $298, $378, $3, $2, $1, $296, $380, $3, $2, $1, $294, $381, $3, $2, $1, $292, $382, $3, $2, $1, $289, $383, $3, $2, $1, $287, $385, $3, $2, $1, $285, $386, $3, $2, $1, $282, $387, $3, $2, $1, $280, $388, $3, $2, $1, $278, $389, $3, $2, $1, $275, $390, $3, $2, $1, $273, $392, $3, $2, $1, $271, $393, $3, $2, $1, $268, $394, $3, $2, $1, $266, $395, $3, $2, $1, $264, $396, $3, $2, $1, $261, $397, $3, $2, $1, $259, $398, $3, $2, $1, $256, $399, $3, $2, $1, $254, $400, $3, $2, $1, $252, $402, $3, $2, $1, $249, $403, $3, $2, $1, $247, $404, $3, $2, $1, $244, $405, $3, $2, $1, $242, $406, $3, $2, $1, $239, $407, $3, $2, $ $237, $408, $3, $2, $ $234, $409, $3, $2, $ $232, $410, $3, $2, $ $229, $411, $3, $2, $ $227, $412, $3, $2, $ $224, $412, $3, $2, $ $222, $413, $3, $2, $ $219, $414, $3, $2, $ $216, $415, $3, $2, $ $214, $416, $3, $2, $ $211, $417, $3, $2, $ $209, $418, $3, $2, $ $206, $419,

18 /1/2037 6/1/2037 7/1/2037 8/1/2037 9/1/ /1/ /1/ /1/2037 1/1/2038 2/1/2038 3/1/2038 4/1/2038 5/1/2038 6/1/2038 7/1/2038 8/1/2038 9/1/ /1/ /1/ /1/2038 1/1/2039 2/1/2039 3/1/2039 4/1/2039 5/1/2039 6/1/2039 7/1/2039 8/1/2039 9/1/ /1/ /1/ /1/2039 1/1/2040 2/1/2040 3/1/2040 4/1/2040 5/1/2040 6/1/2040 7/1/2040 8/1/2040 9/1/2040 $3, $2, $ $203, $420, $3, $2, $ $201, $421, $3, $2, $ $198, $421, $3, $2, $ $195, $422, $3, $2, $ $193, $423, $3, $2, $ $190, $424, $3, $2, $ $187, $425, $3, $2, $ $185, $425, $3, $2, $ $182, $426, $3, $2, $ $179, $427, $3, $2, $ $176, $428, $3, $2, $ $174, $428, $3, $2, $ $171, $429, $3, $2, $ $168, $430, $3, $2, $ $165, $431, $3, $2, $ $162, $431, $3, $2, $ $160, $432, $3, $2, $ $157, $433, $3, $2, $ $154, $433, $3, $2, $ $151, $434, $3, $2, $ $148, $435, $3, $2, $ $145, $435, $3, $2, $ $143, $436, $3, $2, $ $140, $436, $3, $2, $ $137, $437, $3, $2, $ $134, $438, $3, $2, $ $131, $438, $3, $2, $ $128, $439, $3, $2, $ $125, $439, $3, $2, $ $122, $440, $3, $2, $ $119, $440, $3, $2, $ $116, $441, $3, $3, $ $113, $441, $3, $3, $ $110, $442, $3, $3, $ $107, $442, $3, $3, $ $104, $443, $3, $3, $ $101, $443, $3, $3, $ $98, $443, $3, $3, $ $95, $444, $3, $3, $ $92, $444, $3, $3, $ $89, $445,

19 /1/ /1/ /1/2040 1/1/2041 2/1/2041 3/1/2041 4/1/2041 5/1/2041 6/1/2041 7/1/2041 8/1/2041 9/1/ /1/ /1/ /1/2041 1/1/2042 2/1/2042 3/1/2042 4/1/2042 5/1/2042 6/1/2042 7/1/2042 8/1/2042 9/1/ /1/ /1/ /1/2042 $3, $3, $ $85, $445, $3, $3, $ $82, $445, $3, $3, $ $79, $446, $3, $3, $ $76, $446, $3, $3, $ $73, $446, $3, $3, $ $70, $447, $3, $3, $ $66, $447, $3, $3, $ $63, $447, $3, $3, $ $60, $447, $3, $3, $ $57, $448, $3, $3, $ $53, $448, $3, $3, $ $50, $448, $3, $3, $ $47, $448, $3, $3, $ $44, $449, $3, $3, $ $40, $449, $3, $3, $ $37, $449, $3, $3, $ $34, $449, $3, $3, $ $30, $449, $3, $3, $ $27, $449, $3, $3, $ $24, $449, $3, $3, $ $20, $450, $3, $3, $86.05 $17, $450, $3, $3, $71.86 $13, $450, $3, $3, $57.60 $10, $450, $3, $3, $43.29 $6, $450, $3, $3, $28.92 $3, $450, $3, $3, $14.48 $0.00 $450, Total $1,047, $597, $450,