Retail Acquisition Example
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- Ernest Paul
- 5 years ago
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1 Property Information Retail Acquisition Example Project Assumptions Acquisition Assumptions Property Name Retail Acquisition Example Project Type Acquisition Location Austin, TX Acquisition Cost $1,800,000 Property Use Commercial Other Costs $50,000 Square Feet 11,200 - $0 Analysis Year Begin March 2017 Acquisition Cost $1,850,000 Annual Inflation Rate 3.0% Due Diligence/Closing Costs 1.50% $27,750 Unit of Measure Square Feet Unleveraged Acquisition Cost $1,877,750 Currency Dollar Initial Loan Origination Fee 0.00% $0 Leveraged Acquisition Cost $1,877,750 Capital Structure Tax Assumptions Debt: (LTV) 75.0% $1,408,313 Ordinary Income Marginal Tax Rate 35.0% Equity $469,438 Capital Gains Tax Rate 20.0% Total $1,877,750 Cost Recovery Recapture Tax Rate 25.0% Desired Equity Return (Discount Rate) 10.0% Cost Recovery Assumptions Developer Equity 10.0% $46,944 Assessed Value of Land 97% JV Partner Preferred Equity 90.0% $422,494 Assessed Value of Improvements 3% Please refer to the Equity Investor Returns worksheet for waterfall information. Cost Recovery Method Straight Line Useful Life 39 C.R. 1st & Last Years (11.5 months) 2.457% C.R. Interim Years (12 Months) 2.564% Debt Structure Assumptions Interest Only Period Amortizing Debt Service Will there be an interest only period? No Amortization Type American Loan Amount $1,408,313 Amortizing Loan Amount $1,408,313 Interest Expense Included in Budget Term (Months) 120 Interest Amount Included in Budget $0 Amortization (Months) 240 Term (Months) 12 Start Rate 4.50% Rate 0.00% Origination Fee 1.00% Origination Fee 0.00% Exit Fee 0.00% Funding Status Fund Up Rate Type Fixed Fully Funded by Month: 12 Grow Rate 0.00% every 1 years Action at Maturity: Resize Loan Amount Minimum DSCR 1.25x Maximum LTV 70.0% Based on Cap Rate of 6.50% in year 2 Loan is limited based on DSCR. Sale Assumptions Year of Sale 10 Terminal Value Calculation Method Cap Rate Cost of Sale 1.0% Exit Cap Rate 6.50%
2 Retail Acquisition Example Rent Roll Suite Tenant Square Feet % Status Lease Begin Lease End Term Current Current Current Annual Annual Cost Growth Annual Monthly Rent Annual Rent $/SF Recovery $/SF Method Growth 101 Clothing Store 4,300 38% Current 4/1/2014 3/31/ $6,450 $77,400 $18.00 $7.20 % Increase 2.0% 102 Sporting Goods Store 3,800 34% Current 6/1/2014 5/30/ $6,096 $73,150 $19.25 $7.20 $ PSF $ Vacant 3,100 28% Vacant - $5,167 $62,000 $20.00 $7.20 $ PSF $0.50 Total 11, % 4 $17,713 $212,550 $18.98 $ % 70% 60% 50% 40% 30% 20% 10% 0% Rent Roll Summary Square Feet % Annual $/SF Current 8,100 72% $18.59 Vacant 3,100 28% $20.00 MTM 0 0% - Non-Rentable 0 0% - Total 11, % $18.98 Current Rent Roll Expiration Schedule
3 Annual Leasing Costs Cost Assumptions New Tenant Renewal Weighted Avg Renewal Probability 25% 75% 100% Avg. Annual Rental Rate PSF $18.98 $18.98 $18.98 Average Lease Term 4 Years 4 Years 4.0 Years Tenant Improvements Tenant Improvement Costs $20.00 $5.00 $8.75 Months Lost to TI Leasing Cost Assumptions Leasing Commissions 6.0% 2.0% 3.0% Months Free Rent Vacant Space Leasing Current Vacant Space 3,100 Less: Stabilized Vacancy 10% (1,120) SF Leasable Vacant Space (Stabilized) 1,980 Annual Periods to Lease Up 1 Space leased per period 1,980 Cap Ex Reserve Leasing Reserve CapEx Reserve Required? Yes Leasing Reserve Required? Yes Reserve Base $ Per Square Feet Reserve Base $ Amount Annually $ PSF Annually $0.25 $ Amount per Yr. $30, Annual Reserve $2,800 Annual Reserve $30,000 Is there a Reserve Cap Yes Is there a Reserve Cap No Reserve Cap Amount $14,000 Reserve Cap Amount $60,000 Average Tenant Improvement Cost ($ PSF) $ Probability Blended New Tenant $ % $5.00 Renewal $ % $3.75 $8.75 Months Year Equiv. Lost Rent PSF Probability Blended New Tenant % $ % $0.00 Renewal % $ % $0.00 $0.00 Total Average Tenant Improvement Costs $8.75 Average Leasing Commissions Cost ($ PSF) % Lease Value Commis $/SF Probability Blended New Tenant 6.0% $75.91 $ % $1.14 Renewal 2.0% $75.91 $ % $1.14 $2.28 Concessions (Free Rent $ PSF) Months Year Equiv. Lost Rent PSF Probability Blended New Tenant % $ % $0.40 Renewal % $ % $0.00 $0.40 Aggregate Leasing Costs per Period Period Year Square Feet % TI Expense LC Expense Concessions ,780 52% $72,850 $17,672 $4, % $0 $0 $ ,300 38% $37,625 $9,792 $1, % $0 $0 $ ,780 52% $50,575 $13,163 $2, % $0 $0 $ ,300 38% $37,625 $9,792 $1, % $0 $0 $ ,780 52% $50,575 $13,163 $2, % $0 $0 $ ,300 38% $37,625 $9,792 $1,700 *Amounts shown on Cash Flows will be grossed up for inflation.
4 Schedule of Prospective Cash Flows Period 11 Mar 17 - Feb 18 Mar 18 - Feb 19 Mar 19 - Feb 20 Mar 20 - Feb 21 Mar 21 - Feb 22 Mar 22 - Feb 23 Mar 23 - Feb 24 Mar 24 - Feb 25 Mar 25 - Feb 26 Mar 26 - Feb 27 Mar 27 - Feb 28 Operating Income Inflation 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Base Rental Revenue 212, , , , , , , , , , ,000 Less: Concessions (4,634) 0 (1,858) 0 (2,649) 0 (2,091) 0 (2,982) 0 (2,353) Expense Reimbursements 80,640 83,059 85,551 88,118 90,761 93,484 96,288 99, , , ,373 Total Other Potential Gross Revenue 76,006 83,059 83,693 88,118 88,112 93,484 94,197 99,177 99, , ,020 Total Potential Gross Revenue 288, , , , , , , , , , ,020 General Vacancy Rate 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% Vacancy & Collection Loss (28,856) (30,061) (30,627) (31,576) (32,084) (33,134) (33,721) (34,739) (35,261) (36,392) (37,002) Effective Gross Income 259, , , , , , , , , , ,018 Operating Expenses Inflation 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Property Management Fee 4.0% 10,388 10,822 11,026 11,367 11,550 11,928 12,140 12,506 12,694 13,101 13,321 Ad Valorem Taxes 29,250 30,128 31,031 31,962 32,921 33,909 34,926 35,974 37,053 38,165 39,310 Insurance 2,340 2,410 2,483 2,557 2,634 2,713 2,794 2,878 2,964 3,053 3,145 Utilities 21,060 21,692 22,343 23,013 23,703 24,414 25,147 25,901 26,678 27,479 28,303 Repairs & Maintenance 8,000 8,240 8,487 8,742 9,004 9,274 9,552 9,839 10,134 10,438 10,751 Total Operating Expenses 71,038 73,291 75,369 77,641 79,812 82,238 84,559 87,098 89,523 92,235 94,829 NOI Before Reserves 188, , , , , , , , , , ,189 Operating Reserves Cap Ex Reserve 2,800 2,800 2,800 2,800 2, ,800 TI/Leasing Reserve 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 Total Reserves 32,800 32,800 32,800 32,800 32,800 30,000 30,000 30,000 30,000 30,000 32,800 Net Operating Income 155, , , , , , , , , , ,389
5 Schedule of Prospective Cash Flows Period Mar 17 - Feb 18 Mar 18 - Feb 19 Mar 19 - Feb 20 Mar 20 - Feb 21 Mar 21 - Feb 22 Mar 22 - Feb 23 Mar 23 - Feb 24 Mar 24 - Feb 25 Mar 25 - Feb 26 Mar 26 - Feb 27 Net Operating Income 155, , , , , , , , , ,290 Debt Service Interest 62,465 60,423 58,287 56,053 53,716 51,272 48,716 46,042 43,245 40,320 Principal 44,451 46,494 48,629 50,864 53,200 55,644 58,200 60,874 63,671 66,596 Total Debt Service 106, , , , , , , , , ,916 Cash Flow After Debt Service 48,946 57,539 60,558 66,822 69,229 79,051 82,016 88,633 90,907 98,373 Capital Expenses Tenant Improvements 72, , , , ,230 0 Leasing Commissions 17, , , , ,717 0 Capital Expenditures Total Capital Expenses 90, , , , ,947 0 Expenses Paid from Reserves Less: TI & LC Paid from Reserves (80,000) 0 (51,685) 0 (68,315) 0 (57,375) 0 (62,625) 0 Less: Cap Ex Paid from Reserves Net Capital Expenses 10, , ,322 0 Non-Regular Income Other Non-Regular Income Other Non-Regular Expenses Return of Reserve Funds ,000 Total Non Regular Income ,000 Cash Flow Before Taxes 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 72, ,373 Tax Liability* Cost Recovery Improvements 1,247 1,301 1,301 1,301 1,301 1,301 1,301 1,301 1,301 1,247 Loan Costs Amortization 0 1,408 1,408 1,408 1,408 1,408 1,408 1,408 1,408 1,408 Taxable Income 124, , , , , , , , , ,314 Tax Liability (Savings) at 35% 43,733 46,943 48,747 51,722 53,382 56,695 58,627 61,879 63,654 67,310 Cash Flow After Taxes (5,308) 10,596 11,811 15,101 10,864 22,356 23,389 26,754 8,931 75,064 *Does not include Capital Expenses as they are often subject to separate tax treatment This pro forma does not constitute tax advice. Please consult a professional tax advisor. Reserve Account Balances Period Cap Ex Reserve Beginning Balance 0 2,800 5,600 8,400 11,200 14,000 14,000 14,000 14,000 14,000 Contributions 2,800 2,800 2,800 2,800 2, Expenses Paid Ending Balance 2,800 5,600 8,400 11,200 14,000 14,000 14,000 14,000 14,000 14,000 TI & Leasing Reserve Beginning Balance 50, ,000 8,315 38, ,000 2,625 32,625 0 Contributions 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 Expenses Paid (80,000) 0 (51,685) 0 (68,315) 0 (57,375) 0 (62,625) 0 Ending Balance 0 30,000 8,315 38, ,000 2,625 32, ,000 Total Reserve Balances 2,800 35,600 16,715 49,515 14,000 44,000 16,625 46,625 14,000 44,000
6 Value Value Retail Acquisition Example Project Return Summary Summary Sale Analysis Cash Flows IRR & Present Value Square Feet 11,200 Acquisition Price $1,850,000 Before Tax After Tax Unleveraged IRR 14.1% Acquisition Price $1,850,000 PSF $ Annual Cash Flows $752,246 $199,555 Unleveraged PV at 10% $2,480,000 Other Costs $27,750 Sale Price $3,664,442 Net Sale Proceeds $2,768,109 $2,414,873 Leveraged IRR 26.8% Equity $469,438 PSF $ Total $3,520,355 $2,614,428 Leveraged PV at 10% $2,900,000 Debt $1,408,313 Appreciation 98.1% Profit $3,050,917 $2,144,990 After Tax IRR (Leveraged) 19.3% LTV 75% Avg. App/Year 9.8% Equity Multiple 6.50x 4.57x After Tax PV at 10% $2,440,000 Annual Income Projections Net Operating Income Cash Flow After Taxes Debt Service Debt vs. Equity Mortgage Balance (EOY) Equity (EOY) $250,000 $4,000,000 $200,000 $150,000 $3,500,000 $3,000,000 $2,500,000 $100,000 $2,000,000 $50,000 $0 $1,500,000 $1,000,000 $500,000 ($50,000) 3/17-2/18 3/18-2/19 3/19-2/20 3/20-2/21 3/21-2/22 3/22-2/23 3/23-2/24 3/24-2/25 3/25-2/26 3/26-2/27 $0 3/17-2/18 3/18-2/19 3/19-2/20 3/20-2/21 3/21-2/22 3/22-2/23 3/23-2/24 3/24-2/25 3/25-2/26 3/26-2/27 Debt Service Coverage Ratio Annual Cash on Cash Return 2.00x Before Tax Cash on Cash After Tax Cash on Cash 1.75x 35% 30% 1.50x 25% 1.25x 20% 15% 1.00x 10% 0.75x 5% 0% 0.50x 3/17-2/18 3/18-2/19 3/19-2/20 3/20-2/21 3/21-2/22 3/22-2/23 3/23-2/24 3/24-2/25 3/25-2/26 3/26-2/27-5% 3/17-2/18 3/18-2/19 3/19-2/20 3/20-2/21 3/21-2/22 3/22-2/23 3/23-2/24 3/24-2/25 3/25-2/26 3/26-2/27 Break Even Occupancy After Tax Pre Tax *Excludes Capital Expenses Value Sensitivity 5.5% Cap Rate 6.5% Cap Rate 7.5% Cap Rate Development Cost 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 3/17-2/18 3/18-2/19 3/19-2/20 3/20-2/21 3/21-2/22 3/22-2/23 3/23-2/24 3/24-2/25 3/25-2/26 3/26-2/27 $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 3/17-2/18 3/18-2/19 3/19-2/20 3/20-2/21 3/21-2/22 3/22-2/23 3/23-2/24 3/24-2/25 3/25-2/26 3/26-2/27 This pro forma does not constitute tax advice. Please consult a professional tax advisor.
7 Summary & Ratios Operating Summary Mar 17 - Feb 18 Mar 18 - Feb 19 Mar 19 - Feb 20 Mar 20 - Feb 21 Mar 21 - Feb 22 Mar 22 - Feb 23 Mar 23 - Feb 24 Mar 24 - Feb 25 Mar 25 - Feb 26 Mar 26 - Feb 27 Effective Gross Income 259, , , , , , , , , ,525 Operating Expenses (71,038) (73,291) (75,369) (77,641) (79,812) (82,238) (84,559) (87,098) (89,523) (92,235) Operating Reserves (32,800) (32,800) (32,800) (32,800) (32,800) (30,000) (30,000) (30,000) (30,000) (30,000) Net Operating Income 155, , , , , , , , , ,290 Less: Debt Service (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) Less: Capital Expenses (10,522) (4,984) (18,322) Non-Regular Income 44,000 Cash Flow After Debt Service 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 72, ,373 Sale Price Based on 6.5% Exit Cap Rate 3,664,442 Less: Mortgage Balance (859,689) Less: Cost of Sale (36,644) Cash Flow Before Taxes 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 72,584 2,910,482 Less: Taxes (43,733) (46,943) (48,747) (51,722) (53,382) (56,695) (58,627) (61,879) (63,654) (420,545) Cash Flow After Taxes (5,308) 10,596 11,811 15,101 10,864 22,356 23,389 26,754 8,931 2,489,937 Value Summary Cap Rate based on Acquisition Cost 10.05% 10.50% 10.67% 11.00% 11.13% 11.50% 11.66% 12.01% 12.13% 12.53% Value based on 6.5% Exit Cap Rate 3,034,694 3,081,137 3,177,514 3,214,543 3,322,573 3,368,186 3,469,984 3,504,965 3,619,840 3,664,442 Mortgage Balance (EOY) 1,363,861 1,317,367 1,268,738 1,217,874 1,164,674 1,109,030 1,050, , , ,689 Equity (EOY) 1,670,833 1,763,769 1,908,776 1,996,668 2,157,899 2,259,156 2,419,154 2,515,010 2,693,555 2,804,753 Operating Ratios Net Income Multiplier* Operating Expense Ratio 27% 27% 27% 27% 28% 28% 28% 28% 28% 28% Cash on Cash Return (Pre Tax) 8.2% 12.3% 12.9% 14.2% 13.7% 16.8% 17.5% 18.9% 15.5% 30.3% Cash on Cash Return (Post Tax) -1.1% 2.3% 2.5% 3.2% 2.3% 4.8% 5.0% 5.7% 1.9% 16.0% *Based on Acquisition Cost Lender Ratios Loan to Value Ratio (EOY) 45% 43% 40% 38% 35% 33% 30% 28% 26% 23% Debt to Equity Ratio (EOY) Debt Service Coverage Ratio 1.46x 1.54x 1.57x 1.62x 1.65x 1.74x 1.77x 1.83x 1.85x 1.92x Break Even Occupancy (Pre Tax) 62% 60% 60% 58% 58% 57% 57% 56% 56% 55% Break Even Occupancy (Post Tax) 77% 76% 75% 75% 75% 74% 74% 74% 74% 73% Debt Yield 11.4% 12.5% 13.2% 14.3% 15.1% 16.8% 18.0% 19.8% 21.4% 23.9% Performance Summary over 10 Years Pre Tax Post Tax Initial Equity (469,438) (469,438) Operating Cash Flows 752, ,555 Net Reversion Proceeds 2,768,109 2,414,873 Net Cash Flow 3,050,917 2,144,990 Net Present Value at 10% 1,025, ,294 Leveraged IRR 26.8% 19.3% This pro forma does not constitute tax advice. Please consult a professional tax advisor.
8 Unlevered Returns Net Operating Income 155, , , , , , , , , ,290 Less: Net Capital Expenses (10,522) (4,984) (18,322) - Non-Regular Income ,000 Operating Cash Flow 145, , , , , , , , , ,290 Reversion Cash Flow ,664,442 Less: Cost of Sale (36,644) Net Cash Flow (1,877,750) 145, , , , , , , , ,500 3,877,087 Cash on Cash Return 7.7% 8.8% 8.9% 9.3% 9.1% 9.9% 10.1% 10.4% 9.6% 206.5% Net Cash Flows $3,571,456 Net Present Value at 10% $605,122 Unleveraged IRR 14.1% Avg. Operating Cash on Cash 9.7% Avg. Cash on Cash 29.0% Unleveraged PV at 10% Rounded ($10,000's) $2,480,000 Per Square Feet $ Levered Cash Flow Net Operating Income 155, , , , , , , , , ,290 Refinance Proceeds Less: Debt Service (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) Less: Mortgage Origination Fee Cash Flow After Debt Service 48,946 57,539 60,558 66,822 69,229 79,051 82,016 88,633 90,907 98,373 Less: Net Capital Expenses (10,522) (4,984) (18,322) - Non-Regular Income ,000 Distributable Cash Flow 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 72, ,373 Reversion Cash Flow ,664,442 Less: Cost of Sale (36,644) Less: Mortgage Balance (859,689) Less: Mortgage Exit Fee Net Cash Flow (469,438) 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 72,584 2,910,482 Cash on Cash Return 8.2% 12.3% 12.9% 14.2% 13.7% 16.8% 17.5% 18.9% 15.5% 620.0% Net Levered Cash Flows $3,050,917 Net Present Value at 10% $1,025,033 Leveraged IRR 26.8% Avg. Operating Cash on Cash 16.0% Avg. Cash on Cash 75.0% Present Value of Cash Flows at 10% $1,494,471 Plus: Original Loan Amount $1,408,313 Total Leveraged Present Value $2,902,783 Rounded ($10,000's) $2,900,000 Per Square Feet $ After Tax Returns Project Return Details Basis Calculation Basis at Acquisition ,877,750 + Capital Additions Cost Recovery (Depreciation) Taken (12,904) Adjusted Basis at Sale ,864,846 Capital Gain Calculation Sale Price ,664,442 Less Cost of Sale (36,644) Less Adjusted Basis at Sale (1,864,846) Gain (Loss) ,762,951 Straight Line Cost Recovery (Limited to Gain) ,904 Capital Gain from Appreciation ,750,048 Unamortized Loan Fees (Costs) Sale Proceeds Calculation Sale Price ,664,442 Less Cost of Sale (36,644) Less Mortgage Exit Fee Less Mortgage Balance (859,689) Sale Proceeds Before Tax ,768,109 Less Tax on Ordinary Income at 35% Less Tax on Cost Recovery Recapture at 25% (3,226) Less Tax on Capital Gain at 20% (350,010) Sale Proceeds After Tax ,414,873 Proceeds After Taxes Cash Flow Before Taxes 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 72, ,373 Less: Annual Operating Tax Liability (43,733) (46,943) (48,747) (51,722) (53,382) (56,695) (58,627) (61,879) (63,654) (67,310) Cash Flow After Taxes (5,308) 10,596 11,811 15,101 10,864 22,356 23,389 26,754 8,931 75,064 Sale Proceeds After Taxes ,414,873 Annual Proceeds After Taxes (469,438) (5,308) 10,596 11,811 15,101 10,864 22,356 23,389 26,754 8,931 2,489,937 Cash on Cash Return -1.1% 2.3% 2.5% 3.2% 2.3% 4.8% 5.0% 5.7% 1.9% 530.4% Net Cash Flows $2,144,990 Net Present Value at 10% $561,294 Effective Tax Rate 27.7% After Tax Leveraged IRR 19.3% Avg. Operating Cash on Cash 4.3% Avg. Cash on Cash 55.7% Present Value of Cash Flows at 10% $1,030,732 Plus: Original Loan Amount $1,408,313 Total After Tax Leveraged Present Value $2,439,044 Rounded ($10,000's) $2,440,000 Per Square Feet $ This pro forma does not constitute tax advice. Please consult a professional tax advisor.
9 Interest Only Loan Loan Amortization Schedule Amortizing Loan Loan Amount - Loan Amount $1,408,313 Term - Term 120 Rate - Amortization 240 Funding Status - Start Rate 4.50% Rate Type Fixed Annual Summary Year Dates Loan Type Effective Rate Beginning Balance Interest Principal Total Payments Ending Balance 1 Mar 17 - Feb 18 Amortizing 4.50% 1,408,313 62,465 44, ,916 1,363,861 2 Mar 18 - Feb 19 Amortizing 4.50% 1,363,861 60,423 46, ,916 1,317,367 3 Mar 19 - Feb 20 Amortizing 4.50% 1,317,367 58,287 48, ,916 1,268,738 4 Mar 20 - Feb 21 Amortizing 4.50% 1,268,738 56,053 50, ,916 1,217,874 5 Mar 21 - Feb 22 Amortizing 4.50% 1,217,874 53,716 53, ,916 1,164,674 6 Mar 22 - Feb 23 Amortizing 4.50% 1,164,674 51,272 55, ,916 1,109,030 7 Mar 23 - Feb 24 Amortizing 4.50% 1,109,030 48,716 58, ,916 1,050,830 8 Mar 24 - Feb 25 Amortizing 4.50% 1,050,830 46,042 60, , ,955 9 Mar 25 - Feb 26 Amortizing 4.50% 989,955 43,245 63, , , Mar 26 - Feb 27 Amortizing 4.50% 926,285 40,320 66, , ,689 Total 4.50% - 520, ,623 1,069,162 - Annual Interest vs. Principal 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Interest Principal 0
10 Sources & Uses Period 0 Total Mar 17 - Feb 18 Mar 18 - Feb 19 Mar 19 - Feb 20 Mar 20 - Feb 21 Mar 21 - Feb 22 Mar 22 - Feb 23 Mar 23 - Feb 24 Mar 24 - Feb 25 Mar 25 - Feb 26 Mar 26 - Feb 27 Sources Of Capital Debt Proceeds 1,408,313 (44,451) ,363,861 Equity Contributions 469,438 5, ,746 Net Operating Income - 155, , , , , , , , , ,290 1,811,236 Non-Regular Income ,000 44,000 Gross Proceeds from Sale ,664,442 3,664,442 Total Sources Of Capital 1,877, , , , , , , , , ,823 3,913,732 7,358,285 Uses Of Capital Acquisition Price 1,850,000 (44,451) ,805,549 Costs and Fees 27, ,644 64,394 Mortgage Balance Payoff , ,689 Annual Interest Expense - 62,465 60,423 58,287 56,053 53,716 51,272 48,716 46,042 43,245 40, ,538 Annual Principal Paydown - 44,451 46,494 48,629 50,864 53,200 55,644 58,200 60,874 63,671 66, ,623 Capital Expenses - 10, , ,322-33,828 Operating Tax Liability - 43,733 46,943 48,747 51,722 53,382 56,695 58,627 61,879 63,654 67, ,692 Cost Recovery Tax Liability ,226 3,226 Capital Gains Tax Liability , ,010 Equity Returns ,596 11,811 15,101 10,864 22,356 23,389 26,754 8,931 2,489,937 2,619,736 Total Uses Of Capital 1,877, , , , , , , , , ,823 3,913,732 7,358,285
11 Pre-Tax Equity Investor Returns Cash Flow Distribution Method Basis Rate Equity Investor Split Developer Split Initial Equity Contribution 90.0% 10.0% Preferred Return Cumulative Cash on Cash 10.0% 100.0% 0.0% Hurdle 1 Cash on Cash 12.0% 90.0% 10.0% Hurdle 2 Cash on Cash 14.0% 80.0% 20.0% Hurdle 3 Cash on Cash 16.0% 70.0% 30.0% Final Split 60.0% 40.0% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Annual Cash Flow Waterfall Summary Cash Flow Waterfall Summary Period 0 Pre-Tax Net Cash Flow (469,438) 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 72,584 2,910,482 Equity Investor Cash Flow Paid at Preferred Return (422,494) 38,424 46,074 42,249 42,249 42,249 42,249 42,249 42,249 42,249 42,249 Cash Flow Paid at Hurdle ,450 8,450 8,450 8,450 8,450 8,450 8,450 8,450 8,450 Cash Flow Paid at Hurdle ,661 7,136 8,450 8,450 8,450 8,450 8,450 8,450 8,450 Cash Flow Paid at Hurdle ,235 1,431 8,450 8,450 8,450 7,269 8,450 Cash Flow Paid at Final Split ,868 4,647 8,617-1,701,726 Total Cash Flow to Equity Investor (422,494) 38,424 56,185 57,835 62,384 60,581 70,467 72,246 76,216 66,418 1,769,325 Annual Cash on Cash 9.1% 13.3% 13.7% 14.8% 14.3% 16.7% 17.1% 18.0% 15.7% 418.8% Net Cash Flow 1,907,586 IRR 23.5% Average Annual Cash on Cash Return 55.2% Developer Cash Flow Paid at Preferred Return (46,944) Cash Flow Paid at Hurdle Cash Flow Paid at Hurdle ,784 2,112 2,112 2,112 2,112 2,112 2,112 2,112 Cash Flow Paid at Hurdle , ,621 3,621 3,621 3,115 3,621 Cash Flow Paid at Final Split ,912 3,098 5,744-1,134,484 Total Cash Flow to Developer (46,944) - 1,354 2,723 4,438 3,665 8,584 9,770 12,417 6,166 1,141,157 Annual Cash on Cash 0.0% 2.9% 5.8% 9.5% 7.8% 18.3% 20.8% 26.5% 13.1% % Net Cash Flow 1,143,331 IRR 39.8% Average Annual Cash on Cash Return 253.6% Equity Investor Developer This pro forma does not constitute tax advice. Please consult a professional tax advisor.
12 Holding Period Sensitivity Analysis These charts show the project's pre-tax perfomanced based on Disposition year. They assume continued financing regardless of term. IRR Based on Hold Period 300% 250% 200% 150% 100% 50% 0% IRR 258.2% 101.4% 66.2% 50.9% 42.4% 37.0% 33.3% 30.5% 28.4% 26.8% NPV Based on Hold Period 1,090,000 1,080,000 1,070,000 1,060,000 1,050,000 1,040,000 1,030,000 1,020,000 1,010,000 1,000, ,000 NPV 1,059,390 1,074,665 1,081,322 1,079,800 1,072,024 1,069,758 1,062,919 1,050,804 1,035,833 1,025,033 Project Level IRR Sensitivity Period 11 NOI (exlcuding Reserves) 188, , , , , , , , , , ,189 Refinance Proceeds Less: Reserves (32,800) (32,800) (32,800) (32,800) (32,800) (30,000) (30,000) (30,000) (30,000) (30,000) (32,800) Less: Debt Service (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) (106,916) 0 Cash Flow After Debt Service 48,946 57,539 60,558 66,822 69,229 79,051 82,016 88,633 90,907 98, ,389 Less: Mortgage Origination Fee Less: Capital Expenses (10,522) (4,984) (18,322) 0 0 Other Non-Regular Income Distributable Cash Flow 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 72,584 98, ,389 Reversion Analysis (if sold in this year) Reversion Cash Flow 3,034,694 3,081,137 3,177,514 3,214,543 3,322,573 3,368,186 3,469,984 3,504,965 3,619,840 3,664,442 Less: Cost of Sale (30,347) (30,811) (31,775) (32,145) (33,226) (33,682) (34,700) (35,050) (36,198) (36,644) Less: Mortgage Exit Fee Less: Mortgage Balance (1,363,861) (1,317,367) (1,268,738) (1,217,874) (1,164,674) (1,109,030) (1,050,830) (989,955) (926,285) (859,689) Return of Reserve Funds 2,800 35,600 16,715 49,515 14,000 44,000 16,625 46,625 14,000 44,000 Reversion Balance 1,643,286 1,768,558 1,893,716 2,014,038 2,138,673 2,269,474 2,401,079 2,526,585 2,671,357 2,812,109 Periods 0 IRR NPV 1 (469,438) 1,681, % 1,059,390 2 (469,438) 38,424 1,826, % 1,074,665 3 (469,438) 38,424 57,539 1,954, % 1,081,322 4 (469,438) 38,424 57,539 60,558 2,080, % 1,079,800 5 (469,438) 38,424 57,539 60,558 66,822 2,202, % 1,072,024 6 (469,438) 38,424 57,539 60,558 66,822 64,245 2,348, % 1,069,758 7 (469,438) 38,424 57,539 60,558 66,822 64,245 79,051 2,483, % 1,062,919 8 (469,438) 38,424 57,539 60,558 66,822 64,245 79,051 82,016 2,615, % 1,050,804 9 (469,438) 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 2,743, % 1,035, (469,438) 38,424 57,539 60,558 66,822 64,245 79,051 82,016 88,633 72,584 2,910, % 1,025,033
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