Chapter 4

CHAPTER IV - DATA ANALYSIS AND INTERPRETATION

PROPERTY #1

Name : Altamont Avenue

Type : Retail

Net Rentable Area : 60,802 SF

Value : $ 10,197,191

1

Table 5.1

2

Table 5.2 Terminal Value Calculation

Terminal Value Calculation

Valuation Term 10 Years

Year 11 NOI $1,248,948 Terminal Cap Rate 8.00%

Gross Sale Proceeds $15,611,850 Net Sale Proceeds $15,611,850

Table 5.3 Present Value Summary

Present Value Summary

Total PSF % $6,019,044 $98.99 59.0%

4,178,147 68.72 41.0%

Total Present Value $10,197,000 $167.71 100.0%

PV of Residual @ 10.0%

PV of Cash Flow @ 10.0%

Interpretation:

Here we have assumed a 10 year holding period irrespective of the useful life of the asset. At the end of the 10th year, the

property is assumed to be sold. So, the 11th year NOI is capitalized to get the Net Sale Proceeds. The capitalized value is

then discounted to get the present value. This value is added to the present value of the 10 year cash flows to get the

value of the property.

3

Table 5.4 NPV Sensitivity Table

9.50% 9.75% 10.00% 10.25% 10.50%7.50% $11,009 $10,801 $10,598 $10,400 $10,206

(181.06) (177.65) (174.31) (171.05) (167.86)

7.75% $10,792 $10,590 $10,391 $10,198 $10,009

(177.50) (174.16) (170.90) (167.72) (164.61)

8.00% $10,589 $10,391 $10,197 $10,008 $9,823 (174.16) (170.90) (167.71) (164.60) (161.56)

8.25% $10,398 $10,204 $10,015 $9,830 $9,649

(171.02) (167.83) (164.71) (161.67) (158.69)

8.50% $10,219 $10,029 $9,843 $9,662 $9,485

(168.06) (164.94) (161.89) (158.91) (155.99)

Discount Rate

Te

rmin

al

Ca

p R

ate

Interpretation:

The above table shows the resulting Net Present Value of the property in response to the fluctuations in Cap rate and

Discount rate due to changes in market conditions.

Table 5.5 Sensitivity Of DSCR And LTV To Changes In Interest Rates And Cap Rates

Debt Service Coverage Matrix Loan To Value MatrixInterest Rate Debt Service DSCR Direct Cap. Rate Value LTV

5.75% $566,196 1.20 7.00% $9,746,000 82.1%6.25% $593,702 1.15 7.50% $9,096,000 88.0%6.75% $621,820 1.10 8.00% $8,528,000 93.8%7.25% $650,526 1.05 8.50% $8,026,000 99.7%7.75% $679,796 1.00 9.00% $7,580,000 105.5%

The above tables show the corresponding changes in Debt Service Coverage Ratio to the changing Interest rates and the

changes in the Loan To Value corresponding changes in Cap Rates. Clients generally require this table for their decision

making.

4

Table 5.6 Lease Expiration

TENANT SUITE

MADISON LINEN 401 480

HEBRON YESHIVA 406 536

MERCHANT RENAISSANCE 503 712

BUREKHOVICH TRAVEL 504 1,575

INNO FUND CORP. 505 1,100

SALOMON ENGINEERING 803 1,125

GLAMOUR (USA), INC. 407 776

SAMUEL SANG HYON 502 2,081

SENECA TRADING, INC. 610 752

PRIMARY RESOURCE 901 2,000

KAM CONSULTING SERVICE 410 650

WELLINK PRODUCTS 603 1,210

BEST STYLES, INC. 0604A 2,145

URBAN OUTDOOR 701 400

MARKETING GRAPHICS, INC 707 636

C & M INTERNATIONAL 708 600

J & J CORP. 201 1,215

BEST SILVER, INC. 0205A 4,130

TIME CENTER, INC. STOR3 315

J & J CORP. STOR5 682

KI KI JEWELRY CORP 605 1,000

WENCY LLC 408 1,460

HERITAGE, INC. 810 1,275

HOWARD NOWES 405 640

K. YOUNG ASSESSARIES 508 1,800

AFRICAN ANGELS STOR4 445

STATE TO STATE RISK 802 553

CIRCLEX CORPORATION 601 1,782

BEST STYLES, INC. 0610A 460

EMPORIO PLUS, INC. 0703A 365

SECURE TRADING EST. 801 410

VERMANI PERFUMES STOR7

BEST STYLES INC. 400 1,800

AA & TC, INC. 706 1,400

HIND FASHION, INC. 800 1,037

EARTH MECHANICAL CORP 806 1,044

UNICOM CRAFTS, INC. 809 1,063

GENESIS INTERNATIONAL STOR2 689

LUCKY SILVER INC. 404 1,000

LUCKY GEM, INC. 300 630

LUCKY GEM, INC. 301 1,295

ABLE JEWELRY CREATION 305 530

LUCKY GEM, INC. 308 5,107

TOP SALE TRADE USA 807 1,700

HAN SOL USA GROUP, INC. 704 600

BARATO TRADING STOR6 1,000

SILVER GALORE, INC. STOR8 881

GURU IMPORTS, INC. 202 625

DECENT TRADING, INC. STOR1 2,000

TOTAL 30,337 23,842 4,506 0 0 0 0 0 0 0

% of Total SF Expiring 49.89% 39.21% 7.41% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Culmulative Expiration 49.89% 89.1% 96.5% 96.5% 96.5% 96.5% 96.5% 96.5% 96.5% 96.5%

Jun-2013 Jun-2014Jun-2015Jun-2009Jun-2010Jun-2011 Jun-2012For the Years Ending Jun-2006 Jun-2007Jun-2008

5

Fig 5.1 Lease Expiration Chart

Year % of NRA Expiring Annually% of NRA Expiring CumulativeJun-2006 2006 2006 49.9% 49.9%Jun-2007 2007 2007 39.2% 89.1%Jun-2008 2008 2008 7.4% 96.5%Jun-2009 2009 2009 0.0% 96.5%Jun-2010 2010 2010 0.0% 96.5%Jun-2011 2011 2011 0.0% 96.5%Jun-2012 2012 2012 0.0% 96.5%Jun-2013 2013 2013 0.0% 96.5%Jun-2014 2014 2014 0.0% 96.5%Jun-2015 2015 2015 0.0% 96.5%

Interpretation

The above chart depicts the percentage of Net Rentable Area completing the first lease

rollover. Table 6 shows the total square foot of first rollover of each tenant.

The information was obtained from the lease agreements. Whenever there is a lease

rollover, there is a probability of either the tenant renewing the lease or vacating. This risk is

shown above. Here 96.5 % gets rolled over within 3 years, hence the risk is high.

6

Table 5.7 Rent Roll

Tenant Suite No. SF % of Total Rent/SF Annual % of AnnualSF Income Income

Credit Tenants

J & J CORP. STOR5 682 1.1% $138.56 $94,501 4.5%J & J CORP. 0201 1,215 2.0% $13.00 $15,790 0.7%

Credit Tenants Total/Average 1,897 3.1% $58.14 $110,291 5.2%

Non-Credit Tenants

DECENT TRADING, INC. STOR1 1,487 2.4% $196.98 $292,903 13.9%

GENESIS INTERNATIONAL STOR2 1,000 1.6% 156.60 156,600 7.4%

TIME CENTER, INC. STOR3 315 0.5% 197.78 62,300 2.9%

AFRICAN ANGELS STOR4 445 0.7% 321.35 143,002 6.8%

BARATO TRADING STOR6 881 1.4% 194.10 170,998 8.1%

VERMANI PERFUMES STOR7 1,800 3.0% 53.17 95,706 4.5%

SILVER GALORE, INC. STOR8 625 1.0% 115.20 72,000 3.4%

GURU IMPORTS, INC. 0202 2,000 3.3% 24.90 49,800 2.4%

BEST SILVER, INC. 0205A 4,130 6.8% 11.14 45,998 2.2%

LUCKY GEM, INC. 0300 1,295 2.1% 24.68 31,961 1.5%

LUCKY GEM, INC. 0301 530 0.9% 24.68 13,080 0.6%

ABLE JEWELRY CREATION 0305 5,107 8.4% 24.08 122,977 5.8%

LUCKY GEM, INC. 0308 1,700 2.8% 24.68 41,956 2.0%

BEST STYLES INC. 0400 1,400 2.3% 24.86 34,804 1.6%

MADISON LINEN 0401 480 0.8% 12.71 6,100 0.3%

GLAMOUR LINE INC. 0402 500 0.8% 25.20 12,600 0.6%

DYNAMIC AIRCONDITIONING 0403 400 0.7% 29.63 11,850 0.6%

LUCKY SILVER INC. 0404 630 1.0% 28.57 17,999 0.9%HOWARD NOWES 0405 640 1.1% 23.46 15,013 0.7%

HEBRON YESHIVA 0406 536 0.9% 11.63 6,231 0.3%

GLAMOUR (USA), INC. 0407 776 1.3% 12.23 9,490 0.4%

WENCY LLC 0408 1,460 2.4% 18.08 26,397 1.2%

KAM CONSULTING SERVICE 0410 650 1.1% 11.51 7,479 0.4%

SAMUEL SANG HYON 0502 2,081 3.4% 12.58 26,186 1.2%

MERCHANT RENAISSANCE 0503 712 1.2% 12.80 9,114 0.4%

BUREKHOVICH TRAVEL 0504 1,575 2.6% 12.42 19,555 0.9%

INNO FUND CORP. 0505 1,100 1.8% 13.02 14,317 0.7%

K. YOUNG ASSESSARIES 0508 1,800 3.0% 19.86 35,756 1.7%

CIRCLEX CORPORATION 0601 1,782 2.9% 25.59 45,595 2.2%

WELLINK PRODUCTS 0603 1,210 2.0% 14.91 18,045 0.9%

BEST STYLES, INC. 0604A 2,145 3.5% 11.67 25,032 1.2%

KI KI JEWELRY CORP 0605 1,000 1.6% 13.65 13,650 0.6%

SENECA TRADING, INC. 0610 752 1.2% 12.65 9,510 0.5%

BEST STYLES, INC. 0610A 460 0.8% 27.18 12,502 0.6%

7

P.O.M. PLANNING SERVICE 0700 1,042 1.7% 19.58 20,402 1.0%

URBAN OUTDOOR 0701 400 0.7% 13.08 5,233 0.2%

METRO OFFICE FURNITURE 0702 630 1.0% 20.95 13,199 0.6%

EMPORIO PLUS, INC. 0703A 365 0.6% 29.59 10,800 0.5%

HAN SOL USA GROUP, INC. 0704 1,000 1.6% 28.60 28,600 1.4%

AA & TC, INC. 0706 1,037 1.7% 26.04 27,003 1.3%

MARKETING GRAPHICS, INC 0707 636 1.0% 12.92 8,215 0.4%

C & M INTERNATIONAL 0708 600 1.0% 12.92 7,750 0.4%

HIND FASHION, INC. 0800 1,044 1.7% 23.18 24,202 1.1%

SECURE TRADING EST. 0801 410 0.7% 26.95 11,049 0.5%

1220 BROADWAY BUSINESS 0801A 1,032 1.7% 27.91 28,803 1.4%

STATE TO STATE RISK 0802 553 0.9% 25.50 14,102 0.7%

SALOMON ENGINEERING 0803 1,125 1.9% 13.01 14,637 0.7%

EARTH MECHANICAL CORP 0806 1,063 1.7% 29.54 31,399 1.5%

TOP SALE TRADE USA 0807 600 1.0% 23.00 13,800 0.7%

UNICOM CRAFTS, INC. 0809 689 1.1% 26.27 18,098 0.9%

HERITAGE, INC. 0810 1,275 2.1% 22.74 28,996 1.4%

PRIMARY RESOURCE 0901 2,000 3.3% 9.93 19,867 0.9%

Non-Credit Total/Average 58,905 96.9% $34.00 $2,002,661 94.8%

Total/Average 60,802 100.0% $34.75 $2,112,952 100.0%

Interpretation:

The above table shows whether the tenants are credit tenants or not. This information was

searched from websites such as Standard & Poors, Moodys and Fitch to find out the credit

rating of each tenant. Then they are rated as credit and non-credit based on the credit rating

table. A credit tenant generally is an anchor tenant who attracts customers to the property.

His lease lasts long and he is a credit worthy tenant. The area occupied by the tenant and

the income generated by them is also shown in the table.

8

PROPERTY #2

Name : Orchards

Type : Retail


Value : $ 10,195,446

9

Table 5.8 Cash Flows

10


Present Value SummaryTotal PSF %

$5,071,620 $128.35 49.7%5,123,826 129.67 50.3%


PV of Residual @ 10.0% PV of Cash Flow @ 10.0%



Valuation Term 10 Years Year 11 NOI $1,052,358 Terminal Cap Rate 8.00% Gross Sale Proceeds $13,154,475 Net Sale Proceeds $13,154,475

11


Present Value Analysis - Total/(PSF) (in '000s)

9.50% 9.75% 10.00% 10.25% 10.50%7.50% $10,902 $10,716 $10,534 $10,356 $10,181

(275.90) (271.20) (266.59) (262.08) (257.66)

7.75% $10,719 $10,537 $10,359 $10,185 $10,015

(271.27) (266.66) (262.16) (257.76) (253.45)

8.00% $10,548 $10,370 $10,195 $10,025 $9,858 (266.94) (262.44) (258.02) (253.71) (249.48)

8.25% $10,387 $10,213 $10,042 $9,875 $9,711

(262.87) (258.47) (254.14) (249.91) (245.76)

8.50% $10,236 $10,065 $9,897 $9,733 $9,573

(259.05) (254.72) (250.47) (246.32) (242.27)

Discount RateT

erm

inal

Cap

Rat

e

Table 5.12 Sensitivity Of DSCR And LTV To Changes In Interest Rates And Cap Rate


5.75% $566,196 1.36 7.00% $10,998,000 63.6%6.25% $593,702 1.30 7.50% $10,265,000 68.2%6.75% $621,820 1.24 8.00% $9,624,000 72.7%7.25% $650,526 1.18 8.50% $9,057,000 77.3%7.75% $679,796 1.13 9.00% $8,554,000 81.8%

Interpretation:

The Debt Service Coverage Ratios of this property are acceptable and the Loan To Value Values are in good range. The

risk is low in this property for the lender.

12


TENANT

Procare 1,854

OBGYN Associates 3,640

Dr. Messo 3,524

C & L Bagels L.L.C. 1,525

Little Expressions 1,494

Gingers Salon 3,150

J & K Interiors 3,150

Estate Jewelry 605

Xact Solutions 2,965

American Realty 1,390

Hip Yoga, L.L.C. 1,575

Monmouth Health 2,418

Art & San L.L.C.

TOTAL 1,854 0 7,164 9,319 4,960 1,575 0 0 0 2,418


Culmulative Expiration 4.69% 4.7% 22.8% 46.4% 59.0% 62.9% 62.9% 62.9% 62.9% 69.1%Speculative leases are not included in the Lease Expiration Schedule.

For the Years Ending Jun-2006 Jun-2007 Jun-2008 Jun-2009 Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015

13

Fig 5.2 Lease Expiration Chart

Lease Expiration Analysis

23.6%

12.6%

4.0%0.0% 0.0% 0.0%

6.1%4.7%0.0%

18.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

% of NRA Expiring Annually % of NRA Expiring Cumulative

Year % of NRA Expiring Annually% of NRA Expiring CumulativeJun-2006 2006 2006 4.7% 4.7%Jun-2007 2007 2007 0.0% 4.7%Jun-2008 2008 2008 18.1% 22.8%Jun-2009 2009 2009 23.6% 46.4%Jun-2010 2010 2010 12.6% 59.0%Jun-2011 2011 2011 4.0% 62.9%Jun-2012 2012 2012 0.0% 62.9%Jun-2013 2013 2013 0.0% 62.9%Jun-2014 2014 2014 0.0% 62.9%Jun-2015 2015 2015 6.1% 69.1%Apr-2016 42461 2016 0.0% 69.1%

Interpretation

The chart shows that 69.1 % of the net rentable area is at risk of vacation loss after the first

lease is completed for all the tenants.

14

Table 5.14 Rent Roll

For the Years Ending Suite No. SF % of Total Rent/SF Annual % of AnnualSF Income Income

Tenants

C & L Bagels L.L.C. A 1,525 3.9% $22.23 $33,897 4.5%

Art & San L.L.C. B,C,D 4,725 12.0% 23.67 111,857 15.0%

Little Expressions E 1,494 3.8% 22.16 33,100 4.4%

Orchards Cleaners F 1,557 3.9% 20.89 32,518 4.3%

Gingers Salon G, H 3,150 8.0% 22.24 70,046 9.4%

Perkins J, K 3,404 8.6% 17.74 60,401 8.1%

R.G. Holding L 1,288 3.3% 3.75 4,830 0.6%

Blooming Things M 1,250 3.2% 21.65 27,067 3.6%

Estate Jewelry M (Fro 605 1.5% 21.44 12,972 1.7%

J & K Interiors N, P 3,150 8.0% 21.51 67,757 9.1%

Xact Solutions Q, R 2,965 7.5% 20.19 59,849 8.0%

Hip Yoga, L.L.C. S 1,575 4.0% 21.01 33,091 4.4%

American Realty T 1,390 3.5% 20.96 29,130 3.9%

Monmouth Health A & D 2,418 6.1% 16.00 38,688 5.2%

Dr. Messo B/C1 3,524 8.9% 14.19 50,017 6.7%

Procare C2 1,854 4.7% 15.14 28,068 3.8%

OBGYN Associates C3 3,640 9.2% 14.97 54,479 7.3%

Total/Average 39,514 100.0% $319.73 $747,767 100.0%

Interpretation:

This property does not have any credit tenants. So the property does not have any major

anchor tenant who can drive in customers. This is a disadvantage for the property.

15

PROPERTY #3

Name : Sunrise

Type : Retail


Value : $ 7,369,616

16


17



$3,566,834 $79.05 48.3%3,819,100 84.64 51.7%





Valuation Term 10 Years Year 11 NOI $740,119 Terminal Cap Rate 8.00% Gross Sale Proceeds $9,251,488 Net Sale Proceeds $9,251,488

18



9.50% 9.75% 10.00% 10.25% 10.50%6.50% $7,981 $7,846 $7,714 $7,586 $7,460

(176.88) (173.88) (170.96) (168.12) (165.33)

6.75% $7,852 $7,720 $7,592 $7,466 $7,343

(174.02) (171.09) (168.25) (165.46) (162.74)

7.00% $7,732 $7,603 $7,370 $7,353 $7,233 (171.36) (168.50) (163.33) (162.96) (160.30)

7.25% $7,619 $7,492 $7,369 $7,248 $7,129

(168.85) (166.04) (163.31) (160.63) (157.99)

7.50% $7,512 $7,388 $7,267 $7,148 $7,032

(166.48) (163.73) (161.05) (158.41) (155.84)

Discount Rate

Te

rmin

al

Ca

p R

ate



5.75% $566,196 1.03 7.00% $8,338,000 89.9%6.25% $593,702 0.98 7.50% $7,782,000 96.4%6.75% $621,820 0.94 8.00% $7,296,000 102.8%7.25% $650,526 0.90 8.50% $6,867,000 109.2%7.75% $679,796 0.86 9.00% $6,485,000 115.7%

Interpretation:

The Debt Service Coverage Ratio is lower than 1, which means that the income of the borrower may not be sufficient

enough to service his debt. The Loan To Value is also on the higher side. Typically LTVs greater than 100% call for huge

risks.

19


TENANT SUITE

New Paradigm Investment 210 1,263

Dr. Lang, MD 230 1,105

Mercy Healthcare 300 7,921

Dr. John Von Brecht 260 1,331

Dr. Gloria S. Simard 220 1,058

Dr. Lang, MD 230 1,105

Sierra Foothills Thorac 250 2,311

CHW Medical 100 17,030

Mercy Blood Draw Lab 270 460

Dr. Shaari, DDS 290 2,129

Dr. Daisuke Bannai 240 1,350

Dr. Carol F. Milazzo 280 1,504

Sierra Counseling 310B 7,200

TOTAL 2,368 9,252 4,474 17,030 2,589 10,054 0 0 0 0


Culmulative Expiration 5.25% 25.8% 35.7% 73.4% 79.1% 101.4% 101.4% 101.4% 101.4% 101.4%

For the Years Ending Jun-2006 Jun-2007 Jun-2008 Jun-2009 Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015

20

Fig.53 Lease Expiration Chart


37.7%

5.7%

22.3%

0.0% 0.0% 0.0% 0.0%

9.9%20.5%

5.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015



Interpretation:

The probability of the property becoming 100% vacant arises in the 6th year itself. The

rollover risk is high.

21


Tenant Suite No. SF % of Total Rent/SF Annual % of AnnualSF Income Income

Non-Credit Tenants

CHW Medical 0100 17,030 37.7% $11.09 $188,873 27.6%

New Paradigm Investment 0210 1,263 2.8% 15.57 19,665 2.9%

Dr. Gloria S. Simard 0220 1,058 2.3% 22.25 23,540 3.4%

Dr. Lang, MD 0230 1,105 2.4% 21.00 23,205 3.4%

Dr. Daisuke Bannai 0240 1,350 3.0% 18.80 25,380 3.7%

Sierra Foothills Thorac 0250 2,311 5.1% 21.00 48,528 7.1%

Dr. John Von Brecht 0260 1,331 2.9% 19.93 26,526 3.9%

Mercy Blood Draw Lab 0270 460 1.0% 23.88 10,987 1.6%

Dr. Shaari, DDS 0290 2,129 4.7% 23.99 51,065 7.5%

Mercy Healthcare 0300 7,921 17.6% 11.43 90,525 13.3%

Nextel Communications 0350 460 1.0% 37.80 17,389 2.5%

Dr.Carol F. Milazza 0280 1,504 3.3% 18.50 27,824 4.1%Sierra Counselling 310 B 7,200 16.0% 18.00 129,600 19.0%

Non-Credit Total/Average 45,122 100.0% $245.24 $683,107 100.0%

Total/Average 45,122 100.0% $15.14 $683,107 100.0%

Interpretation:

This property does not have any credit tenants. So the property does not have any major

anchor tenant who can drive in customers. This is a disadvantage for the property.

22

PROPERTY #4

Name : Georges Avenue

Type : Retail


Value : $ 9,788,461

23



24


$5,052,453 $114.13 51.6%4,736,008 106.98 48.4%




Terminal Value Calculation Valuation Term 10 Years Year 11 NOI $1,048,381 Terminal Cap Rate 8.00% Gross Sale Proceeds $13,104,763 Net Sale Proceeds $13,104,763

25



9.50% 9.75% 10.00% 10.25% 10.50%7.50% $11,354 $11,152 $10,954 $10,761 $10,572

(256.47) (251.90) (247.43) (243.07) (238.80)

7.75% $11,113 $10,916 $10,724 $10,536 $10,352

(251.02) (246.57) (242.24) (237.99) (233.83)

8.00% $10,889 $10,698 $9,788 $10,327 $10,148 (245.96) (241.65) (221.10) (233.27) (229.22)

8.25% $10,681 $10,494 $10,311 $10,132 $9,958

(241.26) (237.04) (232.91) (228.86) (224.93)

8.50% $10,486 $10,304 $10,125 $9,951 $9,780

(236.86) (232.75) (228.71) (224.77) (220.91)

Discount Rate

Te

rmin

al

Ca

p R

ate



5.75% $566,196 1.23 7.00% $9,942,000 80.5%6.25% $593,702 1.17 7.50% $9,280,000 86.2%6.75% $621,820 1.12 8.00% $8,700,000 92.0%7.25% $650,526 1.07 8.50% $8,188,000 97.7%7.75% $679,796 1.02 9.00% $7,733,000 103.5%

Interpretation:

The Debt Service Coverage Ratios of the property are closer to the ideal value. The Loan To Value is slightly higher. This

would have been acceptable if there were credit tenants in the property, which would have reduced the risk of getting

back the loan payments.

26


TENANT SUITE

Dr. Mark Zeintek 1082 1,800

Classic Comics 1006 1,200

Two Girls Inc. 1000 1,200

Yuno Corp. 1090 1,200

Raymond & Susan 1050 5,000

JJ Pizza 1008 1,200

UPS Store (Jin Kim) 1092 1,200

Dr. Eugene & Tendler 1086 1,800

Saibaba Cellular 1002 1,100

Ming Feng 998 1,095

Beneficial Finance 1004 1,325

Sip & Dip 1096 1,200

Community Distribution 1064 13,900

Bank of America 1034 5,651

Krauzer's Food Store 1100 2,400

TOTAL 1,800 9,800 4,100 2,420 15,100 5,651 0 2,400 0 0

% of Total SF Expiring 4.07% 22.14% 9.26% 5.47% 34.11% 12.76% 0.00% 5.42% 0.00% 0.00%Culmulative Expiration 4.07% 26.2% 35.5% 40.9% 75.0% 87.8% 87.8% 93.2% 93.2% 93.2%

Jun-2013 Jun-2014 Jun-2015Jun-2009 Jun-2010 Jun-2011 Jun-2012For the Years Ending Jun-2006 Jun-2007 Jun-2008

27

Fig.5.4 Lease Expiration Chart


0.0%5.4%

0.0% 0.0%

12.8%

34.1%

5.5%

9.3%22.1%

4.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014



Interpretation

The Rollover risk is medium. Considering the first rollover term, the probability of

building becoming vacant is 75 % in 5 years and 93 % in 10 years.

28


For the Years Ending Suite No. SF % of Total Rent/SF Annual % of AnnualSF Income Income

Credit TenantsBank of America 1034 5,651 12.8% $27.72 $156,672 20.5%

Credit Tenants Total/Average 5,651 12.8% $27.72 $156,672 20.5%

Non-Credit Tenants

Two Girls Inc. 1000 1,200 2.7% $14.00 $16,800 2.2%

Saibaba Cellular 1002 1,100 2.5% 13.96 15,352 2.0%

Beneficial Finance 1004 1,325 3.0% 19.34 25,625 3.3%

Classic Comics 1006 1,200 2.7% 14.82 17,788 2.3%

JJ Pizza 1008 1,200 2.7% 26.00 31,200 4.1%

Community Distribution 1064 13,900 31.4% 11.20 155,680 20.3%

Raymond & Susan 1050 5,000 11.3% 12.48 62,417 8.2%

Dr. Mark Zeintek 1082 1,800 4.1% 27.35 49,233 6.4%

Dr. Eugene & Tendler 1086 1,800 4.1% 15.00 27,000 3.5%

Yuno Corp. 1090 1,200 2.7% 22.10 26,520 3.5%

UPS Store (Jin Kim) 1092 1,200 2.7% 19.77 23,724 3.1%

Sip & Dip 1096 1,200 2.7% 23.05 27,662 3.6%

Krauzer's Food Store 1100 2,400 5.4% 21.63 51,911 6.8%

Ming Feng 0998 1,095 2.5% 19.73 21,604 2.8%

Non-Credit Total/Average 35,620 80.5% $15.51 $552,516 72.2%

Speculative lease 1110 3,000 6.8% 18.75 56,250 7.3%

Total/Average 44,271 100.0% $17.29 $765,438 100.0%

Interpretation:

The above table shows the list of credit and non credit tenants. The credit tenant

Bank Of America occupies 12.8 % of the total square foot and generates the

maximum Income, 20.5% of Total Annual Income.

29

Chapter 4

Documents

Transcript of Chapter 4