Rental Property Investment

7/31/2019 Rental Property Investment

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Rental Property Investment Model

Input Check

Purchase Price* 20,000,000 $ amt Operating Expenses:Additional (Initial) Capital Exp 500,000 $ amt

Purchase Costs 200,000 $ amt US$ amt (periodical increase):Total Initial Cost 20,700,000 $ amt Property Tax (Annual)Purchase Date 12/15/2009 Starting Month No.

Annual Increase (%)Down Payment 11,200,000 $ amt Insurance (Annual)Loan Amount 9,500,000 $ amt Starting Month No.Interest Rate (annual) 5.50% % Annual Increase (%)Amortization Period (mths) 360 mths Utilities (Mthly)

Starting Month No.

Monthly Rent* 160,000 $ amt Annual Increase (%)Rent Increase Interval 2-Yrs Advertising (Annual)Rent Increase % 17.00% % Starting Month No.

Annual Increase (%)Vacancy & Credit Losses 5.00% % of rent Other_1 (Annual)

Starting Month No.

Depreciation (Initial Cap Cost) Annual Increase (%)Improvement Ratio 60.00% % Other_2 (Mthly)Land 8,280,000 $ amt Starting Month No.Improvement 12,420,000 $ amt Annual Increase (%)

Depreciation - No. of Yrs 39 yrs

Depreciation (Annual) 318,462 $ amt As %age of income:Management Fee (Mthly)

Terminal Value: Starting Month No.Capitalization Rate %* 8.00% % Repairs & Maintenance (Mthly)

Appreciation Rate (Annual) %* 5.00% % Starting Month No.Cost of Sale 4.00% % Other_3 (Annual)Terminal Value Option 2 Starting Month No.

Income Taxes % 30.00% %

Cap Gains Tax % 20.00% %

For MIRRFinance Rate (mthly)* 1.25% %

Reinvestment Rate (mthly)* 1.50% %Input Ok


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Enter values in yellow cells. * Compulsory.47,000 $ amt

2 Use this model to calculate returns on rental property:

3.50% 1. Monthly Calculations & Analysis plus Annual Analysis.12,000 $ amt 2. Leveraged, Uneleveraged, Before & After Tax Calculations

6 & Analysis.2.75% 3. Please ensure correct Input-"Input Ok", to get correct results.

450 $ amt 4. Please see detailed comments inserted in relevant fields.4

3.25%

11,500 $ amt

7

5.67%

4,500 $ amt

5

4.00%550 $ amt

1

2.50% % increase

0.90% % of income

4

1.10% % of income

1

1.28% % of income

2

To help us improve this model, please send your feedback [email protected].

Though adequate care has been taken in developing this model,subject to comments inserted, we accept no responsibility for

inaccuracy or errors in calcuations or assumptions made or forany loss which might arise on its use.

Notes

http://www.globaliconnect.com/excel_models.php
http://www.globaliconnect.com/excel_models.phphttp://www.globaliconnect.com/http://www.globaliconnect.com/excel_models.php


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NOI

Date Month NoGross

Income

Total

OperatingExp

Net OperatingIncome (NOI)

MortgageInterest

MortgagePrincipal

Debt ServicePayment (P&I)

0.57%

12/15/2009 0

1/15/2010 1 152,000 2,222 149,778 43,542 10,398 53,940

2/15/2010 2 152,000 51,168 100,832 43,494 10,446 53,940

3/15/2010 3 152,000 2,222 149,778 43,446 10,494 53,9404/15/2010 4 152,000 4,040 147,960 43,398 10,542 53,940

5/15/2010 5 152,000 8,540 143,460 43,350 10,590 53,940

6/15/2010 6 152,000 16,040 135,960 43,301 10,639 53,940

7/15/2010 7 152,000 15,540 136,460 43,252 10,688 53,940

8/15/2010 8 152,000 4,040 147,960 43,203 10,737 53,940

9/15/2010 9 152,000 4,040 147,960 43,154 10,786 53,940

10/15/2010 10 152,000 4,040 147,960 43,105 10,835 53,940

11/15/2010 11 152,000 4,040 147,960 43,055 10,885 53,940

12/15/2010 12 152,000 4,040 147,960 43,005 10,935 53,940

1/15/2011 13 152,000 4,054 147,946 42,955 10,985 53,940

2/15/2011 14 152,000 54,644 97,356 42,905 11,035 53,940

3/15/2011 15 152,000 4,054 147,946 42,854 11,086 53,940

4/15/2011 16 152,000 4,068 147,932 42,803 11,137 53,9405/15/2011 17 152,000 8,748 143,252 42,752 11,188 53,940

6/15/2011 18 152,000 16,398 135,602 42,701 11,239 53,940

7/15/2011 19 152,000 16,220 135,780 42,650 11,290 53,940

8/15/2011 20 152,000 4,068 147,932 42,598 11,342 53,940

9/15/2011 21 152,000 4,068 147,932 42,546 11,394 53,940

10/15/2011 22 152,000 4,068 147,932 42,494 11,446 53,940

11/15/2011 23 152,000 4,068 147,932 42,441 11,499 53,940

12/15/2011 24 152,000 4,068 147,932 42,388 11,552 53,940

1/15/2012 25 177,840 4,599 173,241 42,335 11,604 53,940

2/15/2012 26 177,840 57,223 120,617 42,282 11,658 53,940

3/15/2012 27 177,840 4,599 173,241 42,229 11,711 53,940

4/15/2012 28 177,840 4,614 173,226 42,175 11,765 53,940

5/15/2012 29 177,840 9,482 168,358 42,121 11,819 53,9406/15/2012 30 177,840 17,283 160,557 42,067 11,873 53,940

7/15/2012 31 177,840 17,455 160,385 42,013 11,927 53,940

8/15/2012 32 177,840 4,614 173,226 41,958 11,982 53,940

9/15/2012 33 177,840 4,614 173,226 41,903 12,037 53,940

10/15/2012 34 177,840 4,614 173,226 41,848 12,092 53,940

11/15/2012 35 177,840 4,614 173,226 41,793 12,147 53,940

12/15/2012 36 177,840 4,614 173,226 41,737 12,203 53,940

1/15/2013 37 177,840 4,629 173,211 41,681 12,259 53,940

2/15/2013 38 177,840 59,015 118,825 41,625 12,315 53,940

3/15/2013 39 177,840 4,629 173,211 41,568 12,372 53,940

4/15/2013 40 177,840 4,644 173,196 41,512 12,428 53,940

5/15/2013 41 177,840 9,706 168,134 41,455 12,485 53,940

6/15/2013 42 177,840 17,662 160,178 41,397 12,543 53,9407/15/2013 43 177,840 18,214 159,626 41,340 12,600 53,940

8/15/2013 44 177,840 4,644 173,196 41,282 12,658 53,940

9/15/2013 45 177,840 4,644 173,196 41,224 12,716 53,940

10/15/2013 46 177,840 4,644 173,196 41,166 12,774 53,940

11/15/2013 47 177,840 4,644 173,196 41,107 12,833 53,940

12/15/2013 48 177,840 4,644 173,196 41,048 12,891 53,940

1/15/2014 49 208,073 5,264 202,809 40,989 12,951 53,940

2/15/2014 50 208,073 61,861 146,212 40,930 13,010 53,940

3/15/2014 51 208,073 5,264 202,809 40,870 13,070 53,940

4/15/2014 52 208,073 5,280 202,793 40,811 13,129 53,940

Debt ServicePeriod Income Expenses


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5/15/2014 53 208,073 10,544 197,528 40,750 13,190 53,940

6/15/2014 54 208,073 18,655 189,417 40,690 13,250 53,940

7/15/2014 55 208,073 19,618 188,454 40,629 13,311 53,940

8/15/2014 56 208,073 5,280 202,793 40,568 13,372 53,940

9/15/2014 57 208,073 5,280 202,793 40,507 13,433 53,940

10/15/2014 58 208,073 5,280 202,793 40,445 13,495 53,940

11/15/2014 59 208,073 5,280 202,793 40,383 13,557 53,940

12/15/2014 60 208,073 5,280 202,793 40,321 13,619 53,940

1/15/2015 61 208,073 5,295 202,778 40,259 13,681 53,9402/15/2015 62 208,073 63,780 144,293 40,196 13,744 53,940

3/15/2015 63 208,073 5,295 202,778 40,133 13,807 53,940

4/15/2015 64 208,073 5,312 202,761 40,070 13,870 53,940

5/15/2015 65 208,073 10,787 197,286 40,006 13,934 53,940

6/15/2015 66 208,073 19,055 189,018 39,942 13,997 53,940

7/15/2015 67 208,073 20,463 187,610 39,878 14,062 53,940

8/15/2015 68 208,073 5,312 202,761 39,814 14,126 53,940

9/15/2015 69 208,073 5,312 202,761 39,749 14,191 53,940

10/15/2015 70 208,073 5,312 202,761 39,684 14,256 53,940

11/15/2015 71 208,073 5,312 202,761 39,619 14,321 53,940

12/15/2015 72 208,073 5,312 202,761 39,553 14,387 53,940

1/15/2016 73 243,445 6,035 237,410 39,487 14,453 53,940

2/15/2016 74 243,445 66,926 176,519 39,421 14,519 53,9403/15/2016 75 243,445 6,035 237,410 39,354 14,586 53,940

4/15/2016 76 243,445 6,052 237,393 39,288 14,652 53,940

5/15/2016 77 243,445 11,746 231,699 39,220 14,720 53,940

6/15/2016 78 243,445 20,173 223,272 39,153 14,787 53,940

7/15/2016 79 243,445 22,063 221,383 39,085 14,855 53,940

8/15/2016 80 243,445 6,052 237,393 39,017 14,923 53,940

9/15/2016 81 243,445 6,052 237,393 38,949 14,991 53,940

10/15/2016 82 243,445 6,052 237,393 38,880 15,060 53,940

11/15/2016 83 243,445 6,052 237,393 38,811 15,129 53,940

12/15/2016 84 243,445 6,052 237,393 38,742 15,198 53,940

1/15/2017 85 243,445 6,068 237,377 38,672 15,268 53,940

2/15/2017 86 243,445 68,981 174,464 38,602 15,338 53,940

3/15/2017 87 243,445 6,068 237,377 38,532 15,408 53,9404/15/2017 88 243,445 6,086 237,360 38,461 15,479 53,940

5/15/2017 89 243,445 12,007 231,438 38,390 15,550 53,940

6/15/2017 90 243,445 20,595 222,850 38,319 15,621 53,940

7/15/2017 91 243,445 23,004 220,441 38,247 15,693 53,940

8/15/2017 92 243,445 6,086 237,360 38,175 15,765 53,940

9/15/2017 93 243,445 6,086 237,360 38,103 15,837 53,940

10/15/2017 94 243,445 6,086 237,360 38,030 15,910 53,940

11/15/2017 95 243,445 6,086 237,360 37,958 15,982 53,940

12/15/2017 96 243,445 6,086 237,360 37,884 16,056 53,940

1/15/2018 97 284,831 6,930 277,901 37,811 16,129 53,940

2/15/2018 98 284,831 72,466 212,365 37,737 16,203 53,940

3/15/2018 99 284,831 6,930 277,901 37,662 16,277 53,940

4/15/2018 100 284,831 6,948 277,883 37,588 16,352 53,9405/15/2018 101 284,831 13,107 271,724 37,513 16,427 53,940

6/15/2018 102 284,831 21,857 262,974 37,438 16,502 53,940

7/15/2018 103 284,831 24,826 260,005 37,362 16,578 53,940

8/15/2018 104 284,831 6,948 277,883 37,286 16,654 53,940

9/15/2018 105 284,831 6,948 277,883 37,210 16,730 53,940

10/15/2018 106 284,831 6,948 277,883 37,133 16,807 53,940

11/15/2018 107 284,831 6,948 277,883 37,056 16,884 53,940

12/15/2018 108 284,831 6,948 277,883 36,979 16,961 53,940

1/15/2019 109 284,831 6,965 277,866 36,901 17,039 53,940

2/15/2019 110 284,831 74,667 210,164 36,823 17,117 53,940


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3/15/2019 111 284,831 6,965 277,866 36,744 17,196 53,940

4/15/2019 112 284,831 6,984 277,847 36,665 17,274 53,940

5/15/2019 113 284,831 13,388 271,442 36,586 17,354 53,940

6/15/2019 114 284,831 22,302 262,529 36,507 17,433 53,940

7/15/2019 115 284,831 25,875 258,956 36,427 17,513 53,940

8/15/2019 116 284,831 6,984 277,847 36,347 17,593 53,940

9/15/2019 117 284,831 6,984 277,847 36,266 17,674 53,940

10/15/2019 118 284,831 6,984 277,847 36,185 17,755 53,940

11/15/2019 119 284,831 6,984 277,847 36,104 17,836 53,94012/15/2019 120 284,831 6,984 277,847 36,022 17,918 53,940

1/15/2020 121 333,252 7,969 325,283

2/15/2020 122 333,252 78,533 254,719

3/15/2020 123 333,252 7,969 325,283

4/15/2020 124 333,252 7,989 325,263

5/15/2020 125 333,252 14,650 318,602

6/15/2020 126 333,252 23,729 309,524

7/15/2020 127 333,252 27,951 305,301

8/15/2020 128 333,252 7,989 325,263

9/15/2020 129 333,252 7,989 325,263

10/15/2020 130 333,252 7,989 325,263

11/15/2020 131 333,252 7,989 325,263

12/15/2020 132 333,252 7,989 325,263


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Mortg Bal TV after Tax

MortgageBalance (o/s)

Terminal Valuebefore Tax

Income Tax(Tax Benefit)

Terminal Valueafter CG Tax

ROI (after

Tax)

Cash on

Cash

Return

NOI Return

(Annual)

Option 2 Option 2

9,489,602 20,426,360 23,909 20,475,780

9,479,156 20,384,639 9,240 20,437,096

9,468,662 20,362,658 23,938 20,414,2039,458,120 20,362,317 23,407 20,408,623

9,447,530 20,359,817 22,072 20,401,315

9,436,891 20,355,516 19,836 20,392,567

9,426,203 20,347,351 20,001 20,380,727

9,415,467 20,347,011 23,465 20,375,147

9,404,681 20,346,670 23,480 20,369,567

9,393,846 20,346,330 23,495 20,363,987

9,382,961 20,345,989 23,510 20,358,407

9,372,027 20,345,649 23,525 20,352,827 5.16% 9.44% 8.23%

9,361,042 20,649,182 23,536 20,590,346 7.27% 9.42% 8.22%

9,350,006 20,928,316 8,374 20,808,345 9.20% 9.39% 8.21%

9,338,921 21,231,850 23,566 21,045,865 11.31% 9.37% 8.20%

9,327,784 21,535,378 23,577 21,283,379 13.44% 9.37% 8.20%9,316,597 21,836,660 22,188 21,519,097 15.54% 9.37% 8.20%

9,305,358 22,136,119 19,909 21,753,357 17.64% 9.37% 8.19%

9,294,067 22,431,379 19,977 21,984,257 19.70% 9.36% 8.19%

9,282,725 22,734,907 23,639 22,221,772 21.82% 9.36% 8.19%

9,271,331 23,038,435 23,654 22,459,286 23.95% 9.36% 8.19%

9,259,885 23,341,963 23,670 22,696,801 26.07% 9.36% 8.19%

9,248,386 23,645,491 23,686 22,934,316 28.19% 9.36% 8.19%

9,236,834 23,949,019 23,701 23,171,831 30.32% 9.36% 8.19%

9,225,230 23,948,665 31,310 23,166,239 30.43% 9.58% 8.31%

9,213,572 23,927,164 15,539 23,143,731 30.38% 9.79% 8.43%

9,201,861 23,926,810 31,342 23,138,140 30.49% 10.02% 8.55%

9,190,096 23,926,449 31,354 23,132,544 30.60% 10.24% 8.67%

9,178,278 23,923,752 29,910 23,125,079 30.70% 10.47% 8.79%9,166,405 23,919,211 27,585 23,116,138 30.78% 10.69% 8.91%

9,154,478 23,910,114 27,550 23,103,552 30.82% 10.91% 9.03%

9,142,496 23,909,753 31,419 23,097,956 30.94% 11.14% 9.15%

9,130,459 23,909,393 31,435 23,092,360 31.05% 11.36% 9.27%

9,118,367 23,909,032 31,452 23,086,764 31.16% 11.59% 9.40%

9,106,219 23,908,672 31,468 23,081,168 31.27% 11.81% 9.52%

9,094,016 23,908,311 31,485 23,075,572 31.38% 12.04% 9.64%

9,081,757 24,263,484 31,498 23,354,403 33.88% 12.04% 9.64%

9,069,442 24,592,127 15,199 23,612,010 36.17% 12.02% 9.63%

9,057,070 24,947,300 31,531 23,890,840 38.66% 12.02% 9.63%

9,044,642 25,302,467 31,544 24,169,666 41.16% 12.02% 9.63%

9,032,156 25,655,204 30,042 24,446,548 43.63% 12.02% 9.63%

9,019,614 26,006,076 27,673 24,721,937 46.09% 12.02% 9.63%9,007,014 26,352,010 27,524 24,993,377 48.52% 12.01% 9.63%

8,994,356 26,707,177 31,612 25,272,203 51.01% 12.01% 9.63%

8,981,640 27,062,344 31,630 25,551,029 53.50% 12.01% 9.63%

8,968,866 27,417,511 31,647 25,829,855 56.00% 12.01% 9.63%

8,956,033 27,772,677 31,665 26,108,680 58.49% 12.01% 9.63%

8,943,142 28,127,844 31,683 26,387,506 60.98% 12.01% 9.62%

8,930,191 28,127,469 40,584 26,381,898 61.12% 12.27% 9.77%

8,917,182 28,104,442 23,623 26,358,169 61.09% 12.52% 9.90%

8,904,112 28,104,066 40,620 26,352,561 61.23% 12.78% 10.04%

8,890,983 28,103,685 40,633 26,346,948 61.37% 13.05% 10.19%

Annual Returns & RatioIncome TaxTerminal Value


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8,877,793 28,100,776 39,072 26,339,313 61.49% 13.31% 10.33%

8,864,543 28,095,981 36,657 26,330,169 61.59% 13.57% 10.47%

8,851,232 28,085,843 36,386 26,316,751 61.66% 13.83% 10.61%

8,837,860 28,085,462 40,706 26,311,139 61.80% 14.09% 10.75%

8,824,427 28,085,080 40,724 26,305,526 61.93% 14.36% 10.89%

8,810,932 28,084,698 40,743 26,299,913 62.07% 14.62% 11.04%

8,797,376 28,084,317 40,761 26,294,300 62.21% 14.88% 11.18%

8,783,757 28,083,935 40,780 26,288,687 62.35% 15.15% 11.32%

8,770,076 28,499,528 40,794 26,615,853 65.28% 15.15% 11.32%8,756,332 28,886,243 23,268 26,919,918 67.99% 15.13% 11.31%

8,742,526 29,301,836 40,832 27,247,084 70.91% 15.13% 11.31%

8,728,656 29,717,423 40,846 27,574,246 73.84% 15.13% 11.31%

8,714,722 30,130,381 39,222 27,899,305 76.74% 15.13% 11.31%

8,700,725 30,541,433 36,761 28,222,838 79.63% 15.13% 11.31%

8,686,663 30,946,710 36,358 28,541,753 82.48% 15.12% 11.31%

8,672,537 31,362,296 40,923 28,868,914 85.41% 15.12% 11.31%

8,658,346 31,777,883 40,942 29,196,076 88.33% 15.12% 11.31%

8,644,090 32,193,470 40,962 29,523,237 91.26% 15.12% 11.31%

8,629,769 32,609,056 40,981 29,850,399 94.18% 15.12% 11.31%

8,615,382 33,024,643 41,001 30,177,560 97.11% 15.12% 11.31%

8,600,929 33,024,245 51,415 30,171,935 97.28% 15.43% 11.47%

8,586,410 32,999,583 33,168 30,146,897 97.26% 15.71% 11.63%8,571,825 32,999,185 51,455 30,141,271 97.43% 16.02% 11.80%

8,557,172 32,998,781 51,470 30,135,640 97.60% 16.33% 11.96%

8,542,453 32,995,644 49,782 30,127,823 97.75% 16.64% 12.13%

8,527,666 32,990,580 47,274 30,118,464 97.89% 16.94% 12.30%

8,512,811 32,979,283 46,728 30,104,118 97.98% 17.25% 12.46%

8,497,888 32,978,879 51,551 30,098,488 98.15% 17.56% 12.63%

8,482,897 32,978,475 51,572 30,092,857 98.32% 17.86% 12.79%

8,467,837 32,978,071 51,592 30,087,226 98.49% 18.17% 12.96%

8,452,708 32,977,667 51,613 30,081,595 98.66% 18.48% 13.13%

8,437,509 32,977,263 51,634 30,075,964 98.83% 18.79% 13.29%

8,422,241 33,463,550 51,650 30,459,686 102.26% 18.79% 13.29%

8,406,903 33,918,365 32,797 30,818,230 105.46% 18.77% 13.28%

8,391,495 34,404,652 51,692 31,201,952 108.89% 18.77% 13.28%8,376,016 34,890,932 51,708 31,585,668 112.32% 18.77% 13.28%

8,360,466 35,374,369 49,953 31,967,111 115.73% 18.77% 13.28%

8,344,845 35,855,861 47,398 32,346,996 119.12% 18.77% 13.28%

8,329,152 36,330,629 46,697 32,721,504 122.47% 18.76% 13.28%

8,313,387 36,816,909 51,794 33,105,220 125.90% 18.76% 13.28%

8,297,551 37,303,189 51,815 33,488,936 129.33% 18.76% 13.28%

8,281,641 37,789,469 51,837 33,872,652 132.76% 18.76% 13.28%

8,265,659 38,275,749 51,859 34,256,369 136.19% 18.76% 13.28%

8,249,603 38,762,029 51,881 34,640,085 139.62% 18.76% 13.28%

8,233,474 38,761,609 64,066 34,634,441 139.83% 19.12% 13.47%

8,217,270 38,735,194 44,427 34,608,001 139.84% 19.46% 13.65%

8,200,993 38,734,774 64,110 34,602,357 140.05% 19.82% 13.85%

8,184,641 38,734,346 64,127 34,596,707 140.25% 20.18% 14.05%8,168,214 38,730,962 62,302 34,588,693 140.44% 20.54% 14.24%

8,151,712 38,725,615 59,699 34,579,107 140.61% 20.90% 14.43%

8,135,134 38,713,023 58,831 34,563,726 140.73% 21.25% 14.63%

8,118,480 38,712,595 64,218 34,558,076 140.93% 21.61% 14.82%

8,101,749 38,712,167 64,240 34,552,426 141.14% 21.98% 15.02%

8,084,942 38,711,740 64,263 34,546,776 141.35% 22.34% 15.21%

8,068,059 38,711,312 64,287 34,541,127 141.56% 22.70% 15.41%

8,051,097 38,710,884 64,310 34,535,477 141.77% 23.06% 15.60%

8,034,058 39,279,885 64,328 34,985,370 145.79% 23.06% 15.60%

8,016,941 39,814,545 44,041 35,407,790 149.55% 23.04% 15.59%


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7,999,745 40,383,547 64,375 35,857,683 153.58% 23.04% 15.59%

7,982,471 40,952,540 64,393 36,307,571 157.60% 23.04% 15.59%

7,965,117 41,518,460 62,495 36,754,998 161.60% 23.04% 15.59%

7,947,684 42,082,398 59,845 37,200,842 165.58% 23.03% 15.59%

7,930,171 42,638,538 58,797 37,640,446 169.51% 23.03% 15.58%

7,912,578 43,207,532 64,489 38,090,333 173.53% 23.02% 15.58%

7,894,904 43,776,526 64,513 38,540,221 177.55% 23.02% 15.58%

7,877,149 44,345,520 64,537 38,990,108 181.57% 23.02% 15.58%

7,859,312 44,914,513 64,562 39,439,995 185.60% 23.02% 15.58%7,841,394 45,483,507 64,586 39,889,883 189.62% 23.02% 15.58%


9/32

Debt

Coverage

Ratio CFBT Terminal CFBT IRR (Mthly) IRR (Annual)

MIRR

(Mthly)

MIRR

(Annual)

(11,200,000)

95,838 11,032,596 -1.4947% -16.5327% -1.4947% -16.5327%

46,892 10,952,375 -0.6829% -7.8936% -0.6735% -7.7889%

95,838 10,989,834 -0.2025% -2.4037% -0.1903% -2.2604%94,020 10,998,217 0.0829% 0.9992% 0.0981% 1.1837%

89,520 11,001,807 0.2423% 2.9470% 0.2606% 3.1730%

82,020 11,000,645 0.3348% 4.0928% 0.3563% 4.3608%

82,520 11,003,668 0.3967% 4.8655% 0.4213% 5.1742%

94,020 11,025,564 0.4646% 5.7197% 0.4916% 6.0610%

94,020 11,036,009 0.5173% 6.3878% 0.5467% 6.7618%

94,020 11,046,504 0.5595% 6.9244% 0.5913% 7.3309%

94,020 11,057,048 0.5939% 7.3647% 0.6281% 7.8036%

2.63 94,020 11,067,642 0.6226% 7.7323% 0.6592% 8.2034%

2.63 94,006 11,382,147 0.8465% 10.6444% 0.8759% 11.0318%

2.62 43,416 11,621,726 0.9880% 12.5225% 1.0128% 12.8535%

2.62 94,006 11,986,936 1.1470% 14.6668% 1.1651% 14.9126%

2.62 93,992 12,301,586 1.2810% 16.5024% 1.2928% 16.6656%2.62 89,312 12,609,375 1.3915% 18.0366% 1.3976% 18.1227%

2.62 81,662 12,912,423 1.4818% 19.3042% 1.4828% 19.3195%

2.62 81,840 13,219,151 1.5575% 20.3773% 1.5539% 20.3264%

2.62 93,992 13,546,173 1.6298% 21.4089% 1.6214% 21.2885%

2.62 93,992 13,861,096 1.6920% 22.3044% 1.6791% 22.1180%

2.62 93,992 14,176,070 1.7458% 23.0826% 1.7286% 22.8337%

2.62 93,992 14,491,097 1.7923% 23.7593% 1.7711% 23.4513%

2.62 93,992 14,806,177 1.8325% 24.3478% 1.8077% 23.9841%

2.66 119,301 14,842,736 1.7975% 23.8354% 1.7743% 23.4971%

2.69 66,677 14,780,269 1.7473% 23.1053% 1.7272% 22.8129%

2.73 119,301 14,844,249 1.7181% 22.6811% 1.6996% 22.4139%

2.77 119,286 14,855,638 1.6909% 22.2890% 1.6741% 22.0466%

2.81 114,418 14,859,893 1.6642% 21.9035% 1.6492% 21.6877%2.85 106,617 14,859,423 1.6373% 21.5169% 1.6243% 21.3302%

2.89 106,445 14,862,081 1.6112% 21.1432% 1.6003% 20.9869%

2.93 119,286 14,886,543 1.5909% 20.8532% 1.5817% 20.7213%

2.97 119,286 14,898,220 1.5719% 20.5817% 1.5643% 20.4741%

3.01 119,286 14,909,951 1.5540% 20.3270% 1.5481% 20.2437%

3.04 119,286 14,921,738 1.5371% 20.0876% 1.5330% 20.0286%

3.08 119,286 14,933,581 1.5212% 19.8622% 1.5188% 19.8275%

3.08 119,271 15,300,998 1.5625% 20.4480% 1.5551% 20.3434%

3.08 64,885 15,587,571 1.5878% 20.8084% 1.5772% 20.6581%

3.08 119,271 16,009,501 1.6221% 21.2986% 1.6072% 21.0855%

3.08 119,256 16,377,081 1.6531% 21.7443% 1.6341% 21.4717%

3.08 114,194 16,737,242 1.6803% 22.1355% 1.6576% 21.8083%

3.08 106,238 17,092,700 1.7037% 22.4734% 1.6776% 22.0967%3.08 105,686 17,450,683 1.7242% 22.7703% 1.6950% 22.3481%

3.08 119,256 17,832,076 1.7453% 23.0759% 1.7129% 22.6060%

3.08 119,256 18,199,959 1.7644% 23.3530% 1.7289% 22.8380%

3.08 119,256 18,567,900 1.7816% 23.6038% 1.7433% 23.0463%

3.08 119,256 18,935,900 1.7972% 23.8306% 1.7561% 23.2329%

3.08 119,256 19,303,958 1.8112% 24.0354% 1.7676% 23.3996%

3.12 148,869 19,346,147 1.7943% 23.7888% 1.7521% 23.1750%

3.17 92,272 19,279,532 1.7711% 23.4504% 1.7313% 22.8728%

3.21 148,869 19,348,823 1.7557% 23.2263% 1.7174% 22.6707%

3.26 148,853 19,361,555 1.7409% 23.0117% 1.7040% 22.4779%

Before Tax


10/32

3.30 143,589 19,366,572 1.7261% 22.7967% 1.6907% 22.2860%

3.35 135,477 19,366,915 1.7110% 22.5787% 1.6773% 22.0928%

3.39 134,514 19,369,125 1.6960% 22.3623% 1.6641% 21.9021%

3.44 148,853 19,396,454 1.6835% 22.1810% 1.6530% 21.7423%

3.48 148,853 19,409,506 1.6714% 22.0066% 1.6423% 21.5894%

3.53 148,853 19,422,619 1.6597% 21.8388% 1.6321% 21.4430%

3.58 148,853 19,435,794 1.6485% 21.6772% 1.6223% 21.3027%

3.62 148,853 19,449,031 1.6376% 21.5215% 1.6130% 21.1683%

3.62 148,838 19,878,290 1.6553% 21.7753% 1.6272% 21.3725%3.62 90,353 20,220,264 1.6659% 21.9286% 1.6356% 21.4931%

3.62 148,838 20,708,148 1.6811% 22.1472% 1.6478% 21.6671%

3.62 148,821 21,137,588 1.6951% 22.3489% 1.6589% 21.8267%

3.62 143,346 21,559,005 1.7075% 22.5283% 1.6686% 21.9672%

3.62 135,078 21,975,786 1.7184% 22.6851% 1.6771% 22.0888%

3.62 133,670 22,393,717 1.7279% 22.8236% 1.6844% 22.1949%

3.62 148,821 22,838,581 1.7380% 22.9695% 1.6922% 22.3069%

3.62 148,821 23,268,358 1.7472% 23.1035% 1.6992% 22.4086%

3.62 148,821 23,698,200 1.7557% 23.2263% 1.7056% 22.5009%

3.62 148,821 24,128,108 1.7634% 23.3386% 1.7114% 22.5844%

3.62 148,821 24,558,082 1.7704% 23.4411% 1.7166% 22.6596%

3.67 183,470 24,606,786 1.7601% 23.2910% 1.7075% 22.5286%

3.72 122,579 24,535,752 1.7464% 23.0919% 1.6958% 22.3588%3.77 183,470 24,610,831 1.7367% 22.9514% 1.6874% 22.2373%

3.83 183,453 24,625,062 1.7273% 22.8150% 1.6792% 22.1200%

3.88 177,759 24,630,951 1.7178% 22.6776% 1.6711% 22.0026%

3.93 169,332 24,632,247 1.7082% 22.5383% 1.6629% 21.8843%

3.98 167,443 24,633,914 1.6985% 22.3983% 1.6547% 21.7663%

4.04 183,453 24,664,444 1.6901% 22.2773% 1.6475% 21.6641%

4.09 183,453 24,679,031 1.6820% 22.1597% 1.6407% 21.5652%

4.14 183,453 24,693,687 1.6740% 22.0454% 1.6340% 21.4696%

4.20 183,453 24,708,412 1.6663% 21.9342% 1.6275% 21.3770%

4.25 183,453 24,723,207 1.6588% 21.8260% 1.6213% 21.2874%

4.25 183,437 25,224,746 1.6685% 21.9653% 1.6284% 21.3901%

4.25 120,524 25,631,986 1.6743% 22.0492% 1.6326% 21.4497%

4.25 183,437 26,196,594 1.6827% 22.1706% 1.6388% 21.5382%4.25 183,420 26,698,335 1.6906% 22.2835% 1.6445% 21.6198%

4.25 177,498 27,191,401 1.6975% 22.3843% 1.6495% 21.6920%

4.25 168,910 27,679,926 1.7037% 22.4733% 1.6538% 21.7547%

4.25 166,501 28,167,979 1.7091% 22.5516% 1.6576% 21.8090%

4.25 183,420 28,686,942 1.7149% 22.6352% 1.6617% 21.8673%

4.25 183,420 29,189,058 1.7202% 22.7123% 1.6654% 21.9204%

4.25 183,420 29,691,248 1.7251% 22.7834% 1.6687% 21.9687%

4.25 183,420 30,193,510 1.7297% 22.8488% 1.6718% 22.0125%

4.25 183,420 30,695,846 1.7338% 22.9087% 1.6745% 22.0520%

4.31 223,961 30,752,096 1.7268% 22.8070% 1.6686% 21.9672%

4.37 158,425 30,676,349 1.7177% 22.6762% 1.6612% 21.8605%

4.43 223,961 30,757,742 1.7111% 22.5796% 1.6556% 21.7806%

4.49 223,943 30,773,648 1.7045% 22.4853% 1.6502% 21.7030%4.55 217,784 30,780,533 1.6980% 22.3902% 1.6448% 21.6252%

4.62 209,034 30,782,937 1.6913% 22.2938% 1.6394% 21.5470%

4.68 206,065 30,783,954 1.6845% 22.1965% 1.6339% 21.4685%

4.74 223,943 30,818,058 1.6786% 22.1108% 1.6291% 21.3992%

4.80 223,943 30,834,361 1.6728% 22.0270% 1.6244% 21.3318%

4.87 223,943 30,850,740 1.6671% 21.9451% 1.6198% 21.2662%

4.93 223,943 30,867,196 1.6615% 21.8650% 1.6153% 21.2024%

4.99 223,943 30,883,730 1.6561% 21.7868% 1.6110% 21.1403%

4.99 223,926 31,469,754 1.6621% 21.8728% 1.6151% 21.1986%

4.99 156,224 31,953,829 1.6657% 21.9251% 1.6174% 21.2321%


11/32

4.99 223,926 32,607,727 1.6709% 22.0007% 1.6209% 21.2826%

4.99 223,907 33,193,977 1.6758% 22.0712% 1.6242% 21.3292%

4.99 217,502 33,770,845 1.6802% 22.1344% 1.6271% 21.3704%

4.99 208,589 34,343,303 1.6841% 22.1905% 1.6296% 21.4063%

4.98 205,016 34,913,383 1.6875% 22.2397% 1.6317% 21.4372%

4.98 223,907 35,518,862 1.6912% 22.2926% 1.6341% 21.4706%

4.98 223,907 36,105,530 1.6946% 22.3415% 1.6362% 21.5011%

4.98 223,907 36,692,278 1.6977% 22.3867% 1.6381% 21.5288%

4.98 223,907 37,279,108 1.7006% 22.4284% 1.6399% 21.5538%4.98 223,907 37,866,020 1.7032% 22.4666% 1.6414% 21.5764%


12/32

CFAT XIRR

Select Month:

(11,200,000) Month No. 36

71,929

37,652 Monthly IRR 1.1890%

71,90070,613 Annual IRR 15.2390%

67,448

62,184 Monthly MIRR 1.1766%

62,519

70,555 Annual MIRR 15.0692%

70,540

70,525

70,510 NPV (check) $0.00

70,495

70,470

35,042

70,440

70,41567,123

61,753

61,862

70,353

70,337

70,322

70,306

70,290

87,991

51,138

87,959

87,932

84,50979,031

78,895

87,867

87,850

87,834

87,817

14,069,357 15.2255%

IRR

After Tax


13/32


14/32


15/32

DateMonth

No

7.25% 7.50% 7.75% 8.00% 8.25% 8.50% 8.75%

12/15/2009 0

1/15/2010 1 17.3720% 10.6639% 4.3885% -1.4947% -7.0213% -12.2228% -17.1271%

2/15/2010 2 8.4182% 5.2728% 2.2424% -0.6829% -3.5120% -6.2530% -8.9132%

3/15/2010 3 5.7711% 3.7258% 1.7363% -0.2025% -2.0955% -3.9469% -5.7607%

4/15/2010 4 4.5181% 3.0066% 1.5293% 0.0829% -1.3358% -2.7298% -4.1017%5/15/2010 5 3.7634% 2.5667% 1.3938% 0.2423% -0.8902% -2.0060% -3.1070%

6/15/2010 6 3.2512% 2.2618% 1.2903% 0.3348% -0.6066% -1.5357% -2.4542%

7/15/2010 7 2.8827% 2.0403% 1.2122% 0.3967% -0.4078% -1.2027% -1.9895%

8/15/2010 8 2.6264% 1.8945% 1.1743% 0.4646% -0.2361% -0.9290% -1.6154%

9/15/2010 9 2.4276% 1.7812% 1.1449% 0.5173% -0.1026% -0.7159% -1.3238%

10/15/2010 10 2.2689% 1.6908% 1.1213% 0.5595% 0.0043% -0.5453% -1.0902%

11/15/2010 11 2.1393% 1.6168% 1.1020% 0.5939% 0.0917% -0.4056% -0.8988%

12/15/2010 12 2.0315% 1.5552% 1.0859% 0.6226% 0.1645% -0.2892% -0.7392%

1/15/2011 13 2.1290% 1.6953% 1.2681% 0.8465% 0.4299% 0.0174% -0.3915%

2/15/2011 14 2.1678% 1.7688% 1.3758% 0.9880% 0.6049% 0.2257% -0.1501%

3/15/2011 15 2.2333% 1.8657% 1.5039% 1.1470% 0.7946% 0.4460% 0.1007%

4/15/2011 16 2.2860% 1.9458% 1.6110% 1.2810% 0.9552% 0.6332% 0.3143%

5/15/2011 17 2.3257% 2.0093% 1.6981% 1.3915% 1.0889% 0.7900% 0.4941%6/15/2011 18 2.3539% 2.0585% 1.7679% 1.4818% 1.1995% 0.9208% 0.6451%

7/15/2011 19 2.3746% 2.0977% 1.8255% 1.5575% 1.2933% 1.0325% 0.7747%

8/15/2011 20 2.3969% 2.1368% 1.8812% 1.6298% 1.3820% 1.1374% 0.8958%

9/15/2011 21 2.4143% 2.1693% 1.9287% 1.6920% 1.4589% 1.2290% 1.0019%

10/15/2011 22 2.4275% 2.1962% 1.9691% 1.7458% 1.5259% 1.3092% 1.0952%

11/15/2011 23 2.4374% 2.2184% 2.0035% 1.7923% 1.5844% 1.3796% 1.1775%

12/15/2011 24 2.4443% 2.2365% 2.0327% 1.8325% 1.6356% 1.4416% 1.2502%

1/15/2012 25 2.3811% 2.1829% 1.9885% 1.7975% 1.6096% 1.4246% 1.2422%

2/15/2012 26 2.3070% 2.1169% 1.9305% 1.7473% 1.5672% 1.3898% 1.2149%

3/15/2012 27 2.2537% 2.0717% 1.8933% 1.7181% 1.5457% 1.3760% 1.2087%

4/15/2012 28 2.2043% 2.0299% 1.8589% 1.6909% 1.5258% 1.3632% 1.2030%

5/15/2012 29 2.1570% 1.9896% 1.8254% 1.6642% 1.5057% 1.3497% 1.1959%

6/15/2012 30 2.1112% 1.9501% 1.7923% 1.6373% 1.4849% 1.3349% 1.1872%7/15/2012 31 2.0675% 1.9124% 1.7604% 1.6112% 1.4645% 1.3202% 1.1780%

8/15/2012 32 2.0303% 1.8810% 1.7346% 1.5909% 1.4497% 1.3108% 1.1739%

9/15/2012 33 1.9955% 1.8515% 1.7104% 1.5719% 1.4358% 1.3019% 1.1700%

10/15/2012 34 1.9627% 1.8238% 1.6876% 1.5540% 1.4227% 1.2936% 1.1664%

11/15/2012 35 1.9319% 1.7977% 1.6661% 1.5371% 1.4104% 1.2857% 1.1630%

12/15/2012 36 1.9028% 1.7730% 1.6459% 1.5212% 1.3988% 1.2783% 1.1598%

1/15/2013 37 1.9296% 1.8047% 1.6824% 1.5625% 1.4448% 1.3291% 1.2153%

2/15/2013 38 1.9424% 1.8217% 1.7036% 1.5878% 1.4741% 1.3625% 1.2526%

3/15/2013 39 1.9639% 1.8475% 1.7336% 1.6221% 1.5126% 1.4051% 1.2994%

4/15/2013 40 1.9830% 1.8706% 1.7607% 1.6531% 1.5476% 1.4440% 1.3422%

5/15/2013 41 1.9990% 1.8904% 1.7842% 1.6803% 1.5784% 1.4785% 1.3803%

6/15/2013 42 2.0120% 1.9069% 1.8042% 1.7037% 1.6052% 1.5087% 1.4138%

7/15/2013 43 2.0227% 1.9209% 1.8215% 1.7242% 1.6290% 1.5355% 1.4438%8/15/2013 44 2.0343% 1.9357% 1.8395% 1.7453% 1.6531% 1.5628% 1.4741%

9/15/2013 45 2.0444% 1.9489% 1.8556% 1.7644% 1.6751% 1.5877% 1.5019%

10/15/2013 46 2.0531% 1.9605% 1.8700% 1.7816% 1.6951% 1.6104% 1.5273%

11/15/2013 47 2.0607% 1.9707% 1.8829% 1.7972% 1.7133% 1.6311% 1.5506%

12/15/2013 48 2.0670% 1.9797% 1.8944% 1.8112% 1.7298% 1.6501% 1.5720%

1/15/2014 49 2.0434% 1.9583% 1.8753% 1.7943% 1.7151% 1.6375% 1.5616%

2/15/2014 50 2.0143% 1.9313% 1.8502% 1.7711% 1.6937% 1.6180% 1.5438%

3/15/2014 51 1.9927% 1.9117% 1.8328% 1.7557% 1.6803% 1.6066% 1.5344%

4/15/2014 52 1.9720% 1.8930% 1.8160% 1.7409% 1.6675% 1.5956% 1.5253%

5/15/2014 53 1.9514% 1.8744% 1.7993% 1.7261% 1.6545% 1.5844% 1.5159%

Period

IRR (Mthly)

Terminal Cap Rate Sensitivity


16/32

6/15/2014 54 1.9310% 1.8558% 1.7825% 1.7110% 1.6411% 1.5728% 1.5059%

7/15/2014 55 1.9109% 1.8374% 1.7658% 1.6960% 1.6278% 1.5611% 1.4958%

8/15/2014 56 1.8932% 1.8215% 1.7516% 1.6835% 1.6169% 1.5518% 1.4881%

9/15/2014 57 1.8762% 1.8061% 1.7379% 1.6714% 1.6064% 1.5429% 1.4807%

10/15/2014 58 1.8598% 1.7913% 1.7247% 1.6597% 1.5962% 1.5342% 1.4736%

11/15/2014 59 1.8439% 1.7771% 1.7119% 1.6485% 1.5865% 1.5259% 1.4667%

12/15/2014 60 1.8287% 1.7633% 1.6997% 1.6376% 1.5771% 1.5179% 1.4600%

1/15/2015 61 1.8416% 1.7778% 1.7157% 1.6553% 1.5963% 1.5387% 1.4823%

2/15/2015 62 1.8481% 1.7857% 1.7251% 1.6659% 1.6083% 1.5520% 1.4969%3/15/2015 63 1.8589% 1.7980% 1.7388% 1.6811% 1.6249% 1.5700% 1.5163%

4/15/2015 64 1.8686% 1.8092% 1.7514% 1.6951% 1.6402% 1.5867% 1.5344%

5/15/2015 65 1.8771% 1.8190% 1.7625% 1.7075% 1.6539% 1.6017% 1.5506%

6/15/2015 66 1.8841% 1.8273% 1.7721% 1.7184% 1.6660% 1.6149% 1.5651%

7/15/2015 67 1.8901% 1.8345% 1.7805% 1.7279% 1.6767% 1.6268% 1.5781%

8/15/2015 68 1.8966% 1.8422% 1.7894% 1.7380% 1.6879% 1.6392% 1.5915%

9/15/2015 69 1.9024% 1.8492% 1.7975% 1.7472% 1.6983% 1.6506% 1.6040%

10/15/2015 70 1.9075% 1.8554% 1.8049% 1.7557% 1.7078% 1.6611% 1.6156%

11/15/2015 71 1.9121% 1.8611% 1.8115% 1.7634% 1.7165% 1.6709% 1.6264%

12/15/2015 72 1.9161% 1.8661% 1.8176% 1.7704% 1.7246% 1.6799% 1.6363%

1/15/2016 73 1.9029% 1.8539% 1.8063% 1.7601% 1.7152% 1.6714% 1.6287%

2/15/2016 74 1.8866% 1.8385% 1.7918% 1.7464% 1.7023% 1.6593% 1.6174%

3/15/2016 75 1.8742% 1.8270% 1.7812% 1.7367% 1.6935% 1.6514% 1.6103%4/15/2016 76 1.8621% 1.8158% 1.7709% 1.7273% 1.6849% 1.6436% 1.6034%

5/15/2016 77 1.8501% 1.8047% 1.7606% 1.7178% 1.6762% 1.6358% 1.5964%

6/15/2016 78 1.8380% 1.7934% 1.7502% 1.7082% 1.6674% 1.6277% 1.5890%

7/15/2016 79 1.8259% 1.7821% 1.7397% 1.6985% 1.6585% 1.6195% 1.5816%

8/15/2016 80 1.8151% 1.7722% 1.7306% 1.6901% 1.6509% 1.6127% 1.5755%

9/15/2016 81 1.8047% 1.7625% 1.7216% 1.6820% 1.6435% 1.6060% 1.5695%

10/15/2016 82 1.7945% 1.7531% 1.7130% 1.6740% 1.6362% 1.5995% 1.5637%

11/15/2016 83 1.7845% 1.7439% 1.7045% 1.6663% 1.6292% 1.5931% 1.5580%

12/15/2016 84 1.7749% 1.7350% 1.6963% 1.6588% 1.6224% 1.5870% 1.5525%

1/15/2017 85 1.7824% 1.7432% 1.7053% 1.6685% 1.6328% 1.5980% 1.5643%

2/15/2017 86 1.7863% 1.7478% 1.7105% 1.6743% 1.6392% 1.6051% 1.5719%

3/15/2017 87 1.7927% 1.7549% 1.7183% 1.6827% 1.6483% 1.6148% 1.5822%

4/15/2017 88 1.7986% 1.7614% 1.7254% 1.6906% 1.6567% 1.6239% 1.5919%5/15/2017 89 1.8037% 1.7672% 1.7318% 1.6975% 1.6643% 1.6320% 1.6007%

6/15/2017 90 1.8080% 1.7721% 1.7374% 1.7037% 1.6710% 1.6393% 1.6085%

7/15/2017 91 1.8117% 1.7764% 1.7422% 1.7091% 1.6770% 1.6458% 1.6156%

8/15/2017 92 1.8158% 1.7810% 1.7474% 1.7149% 1.6833% 1.6527% 1.6230%

9/15/2017 93 1.8194% 1.7853% 1.7522% 1.7202% 1.6892% 1.6591% 1.6299%

10/15/2017 94 1.8227% 1.7891% 1.7566% 1.7251% 1.6946% 1.6650% 1.6363%

11/15/2017 95 1.8257% 1.7926% 1.7606% 1.7297% 1.6996% 1.6705% 1.6423%

12/15/2017 96 1.8283% 1.7957% 1.7642% 1.7338% 1.7043% 1.6756% 1.6478%

1/15/2018 97 1.8197% 1.7877% 1.7567% 1.7268% 1.6978% 1.6696% 1.6423%

2/15/2018 98 1.8092% 1.7777% 1.7472% 1.7177% 1.6892% 1.6615% 1.6346%

3/15/2018 99 1.8010% 1.7700% 1.7400% 1.7111% 1.6830% 1.6558% 1.6293%

4/15/2018 100 1.7930% 1.7625% 1.7330% 1.7045% 1.6769% 1.6502% 1.6242%

5/15/2018 101 1.7850% 1.7550% 1.7260% 1.6980% 1.6708% 1.6445% 1.6190%6/15/2018 102 1.7769% 1.7474% 1.7189% 1.6913% 1.6646% 1.6387% 1.6136%

7/15/2018 103 1.7688% 1.7397% 1.7117% 1.6845% 1.6583% 1.6328% 1.6081%

8/15/2018 104 1.7615% 1.7329% 1.7053% 1.6786% 1.6528% 1.6277% 1.6035%

9/15/2018 105 1.7543% 1.7262% 1.6990% 1.6728% 1.6474% 1.6227% 1.5989%

10/15/2018 106 1.7473% 1.7196% 1.6929% 1.6671% 1.6421% 1.6179% 1.5944%

11/15/2018 107 1.7405% 1.7132% 1.6869% 1.6615% 1.6369% 1.6131% 1.5900%

12/15/2018 108 1.7338% 1.7070% 1.6811% 1.6561% 1.6319% 1.6085% 1.5858%

1/15/2019 109 1.7386% 1.7122% 1.6867% 1.6621% 1.6382% 1.6152% 1.5928%

2/15/2019 110 1.7413% 1.7152% 1.6900% 1.6657% 1.6422% 1.6194% 1.5974%

3/15/2019 111 1.7454% 1.7197% 1.6949% 1.6709% 1.6478% 1.6254% 1.6037%


17/32

4/15/2019 112 1.7492% 1.7239% 1.6994% 1.6758% 1.6530% 1.6309% 1.6095%

5/15/2019 113 1.7526% 1.7276% 1.7035% 1.6802% 1.6577% 1.6360% 1.6149%

6/15/2019 114 1.7555% 1.7309% 1.7071% 1.6841% 1.6619% 1.6405% 1.6197%

7/15/2019 115 1.7580% 1.7336% 1.7102% 1.6875% 1.6656% 1.6445% 1.6240%

8/15/2019 116 1.7607% 1.7367% 1.7135% 1.6912% 1.6696% 1.6487% 1.6285%

9/15/2019 117 1.7631% 1.7395% 1.7166% 1.6946% 1.6733% 1.6527% 1.6328%

10/15/2019 118 1.7654% 1.7420% 1.7195% 1.6977% 1.6767% 1.6564% 1.6367%

11/15/2019 119 1.7674% 1.7443% 1.7221% 1.7006% 1.6799% 1.6598% 1.6405%

12/15/2019 120 1.7691% 1.7464% 1.7244% 1.7032% 1.6828% 1.6630% 1.6439%


18/32

7.25% 7.50% 7.75% 8.00% 8.25% 8.50% 8.75% 4.75%

583.5583% 237.3419% 67.4293% -16.5327% -58.2552% -79.0791% -89.5058% -1.4417%

163.7694% 85.2650% 30.4887% -7.8936% -34.8850% -53.9224% -67.3815% -0.6294%

96.0660% 55.1109% 22.9456% -2.4037% -22.4412% -38.3211% -50.9335% -0.1490%

69.9416% 42.6856% 19.9768% 0.9992% -14.9032% -28.2605% -39.5035% 0.1364%55.7871% 35.5425% 18.0697% 2.9470% -10.1745% -21.5855% -31.5288% 0.2958%

46.8058% 30.7856% 16.6313% 4.0928% -7.0410% -16.9488% -25.7830% 0.3882%

40.6403% 27.4270% 15.5565% 4.8655% -4.7852% -13.5151% -21.4273% 0.4500%

36.4931% 25.2586% 15.0388% 5.7197% -2.7969% -10.5962% -17.7521% 0.5179%

33.3539% 23.5983% 14.6376% 6.3878% -1.2238% -8.2609% -14.7788% 0.5705%

30.8956% 22.2862% 14.3173% 6.9244% 0.0514% -6.3508% -12.3256% 0.6126%

28.9186% 21.2232% 14.0555% 7.3647% 1.1059% -4.7601% -10.2679% 0.6469%

27.2944% 20.3445% 13.8376% 7.7323% 1.9921% -3.4152% -8.5180% 0.6755%

28.7621% 22.3517% 16.3241% 10.6444% 5.2820% 0.2093% -4.5977% 0.8985%

29.3508% 23.4170% 17.8176% 12.5225% 7.5054% 2.7428% -1.7861% 1.0394%

30.3492% 24.8354% 19.6165% 14.6668% 9.9632% 5.4853% 1.2149% 1.1975%

31.1582% 26.0178% 21.1401% 16.5024% 12.0844% 7.8682% 3.8376% 1.3307%

31.7699% 26.9632% 22.3921% 18.0366% 13.8788% 9.9025% 6.0936% 1.4404%32.2071% 27.6992% 23.4042% 19.3042% 15.3831% 11.6266% 8.0218% 1.5300%

32.5278% 28.2894% 24.2447% 20.3773% 16.6729% 13.1185% 9.7025% 1.6051%

32.8740% 28.8801% 25.0633% 21.4089% 17.9038% 14.5363% 11.2956% 1.6767%

33.1449% 29.3730% 25.7640% 22.3044% 18.9822% 15.7868% 12.7083% 1.7383%

33.3524% 29.7828% 26.3636% 23.0826% 19.9287% 16.8921% 13.9638% 1.7914%

33.5061% 30.1213% 26.8762% 23.7593% 20.7605% 17.8707% 15.0816% 1.8373%

33.6140% 30.3988% 27.3135% 24.3478% 21.4923% 18.7384% 16.0785% 1.8770%

32.6288% 29.5802% 26.6523% 23.8354% 21.1209% 18.5009% 15.9683% 1.8419%

31.4807% 28.5795% 25.7907% 23.1053% 20.5153% 18.0134% 15.5929% 1.7917%

30.6610% 27.8987% 25.2415% 22.6811% 20.2099% 17.8211% 15.5086% 1.7623%

29.9056% 27.2707% 24.7345% 22.2890% 19.9273% 17.6430% 15.4303% 1.7351%

29.1863% 26.6684% 24.2432% 21.9035% 19.6426% 17.4546% 15.3340% 1.7083%

28.4929% 26.0824% 23.7593% 21.5169% 19.3488% 17.2495% 15.2138% 1.6813%27.8348% 25.5237% 23.2954% 21.1432% 19.0615% 17.0447% 15.0882% 1.6552%

27.2774% 25.0596% 22.9203% 20.8532% 18.8528% 16.9141% 15.0326% 1.6348%

26.7566% 24.6258% 22.5694% 20.5817% 18.6574% 16.7917% 14.9803% 1.6156%

26.2691% 24.2194% 22.2405% 20.3270% 18.4739% 16.6766% 14.9310% 1.5977%

25.8117% 23.8379% 21.9316% 20.0876% 18.3013% 16.5682% 14.8844% 1.5807%

25.3818% 23.4790% 21.6409% 19.8622% 18.1386% 16.4659% 14.8404% 1.5648%

25.7771% 23.9401% 22.1653% 20.4480% 18.7836% 17.1684% 15.5987% 1.6054%

25.9679% 24.1897% 22.4714% 20.8084% 19.1965% 17.6319% 16.1113% 1.6302%

26.2870% 24.5679% 22.9065% 21.2986% 19.7401% 18.2274% 16.7572% 1.6639%

26.5706% 24.9074% 23.3000% 21.7443% 20.2364% 18.7728% 17.3503% 1.6945%

26.8090% 25.1984% 23.6420% 22.1355% 20.6753% 19.2580% 17.8806% 1.7212%

27.0030% 25.4421% 23.9335% 22.4734% 21.0580% 19.6843% 18.3492% 1.7441%

27.1632% 25.6494% 24.1864% 22.7703% 21.3976% 20.0652% 18.7704% 1.7642%27.3368% 25.8685% 24.4495% 23.0759% 21.7445% 20.4523% 19.1965% 1.7848%

27.4883% 26.0633% 24.6860% 23.3530% 22.0609% 20.8068% 19.5882% 1.8034%

27.6195% 26.2357% 24.8983% 23.6038% 22.3492% 21.1315% 19.9483% 1.8202%

27.7323% 26.3878% 25.0883% 23.8306% 22.6117% 21.4287% 20.2793% 1.8354%

27.8282% 26.5212% 25.2579% 24.0354% 22.8504% 21.7006% 20.5834% 1.8490%

27.4733% 26.2037% 24.9765% 23.7888% 22.6375% 21.5203% 20.4348% 1.8321%

27.0384% 25.8022% 24.6072% 23.4504% 22.3290% 21.2406% 20.1830% 1.8088%

26.7155% 25.5134% 24.3513% 23.2263% 22.1358% 21.0773% 20.0486% 1.7934%

26.4065% 25.2369% 24.1063% 23.0117% 21.9506% 20.9207% 19.9198% 1.7785%

26.1016% 24.9631% 23.8623% 22.7967% 21.7636% 20.7608% 19.7863% 1.7636%


IRR (Annual)


19/32

25.7985% 24.6894% 23.6170% 22.5787% 21.5722% 20.5951% 19.6456% 1.7485%

25.5005% 24.4195% 23.3743% 22.3623% 21.3811% 20.4287% 19.5031% 1.7335%

25.2396% 24.1860% 23.1673% 22.1810% 21.2247% 20.2965% 19.3943% 1.7209%

24.9887% 23.9615% 22.9683% 22.0066% 21.0743% 20.1692% 19.2897% 1.7087%

24.7474% 23.7455% 22.7768% 21.8388% 20.9295% 20.0467% 19.1889% 1.6970%

24.5152% 23.5376% 22.5924% 21.6772% 20.7900% 19.9287% 19.0918% 1.6857%

24.2915% 23.3374% 22.4148% 21.5215% 20.6555% 19.8150% 18.9981% 1.6748%

24.4802% 23.5483% 22.6474% 21.7753% 20.9299% 20.1095% 19.3123% 1.6920%

24.5759% 23.6638% 22.7821% 21.9286% 21.1013% 20.2984% 19.5184% 1.7024%24.7342% 23.8428% 22.9812% 22.1472% 21.3390% 20.5548% 19.7930% 1.7172%

24.8780% 24.0064% 23.1641% 22.3489% 21.5591% 20.7928% 20.0485% 1.7308%

25.0019% 24.1493% 23.3255% 22.5283% 21.7559% 21.0067% 20.2791% 1.7428%

25.1060% 24.2715% 23.4652% 22.6851% 21.9294% 21.1964% 20.4847% 1.7534%

25.1936% 24.3766% 23.5873% 22.8236% 22.0839% 21.3665% 20.6701% 1.7626%

25.2895% 24.4897% 23.7170% 22.9695% 22.2456% 21.5437% 20.8623% 1.7724%

25.3752% 24.5919% 23.8353% 23.1035% 22.3948% 21.7077% 21.0408% 1.7813%

25.4514% 24.6841% 23.9430% 23.2263% 22.5323% 21.8595% 21.2066% 1.7894%

25.5187% 24.7668% 24.0407% 23.3386% 22.6588% 21.9998% 21.3604% 1.7969%

25.5778% 24.8408% 24.1292% 23.4411% 22.7750% 22.1294% 21.5030% 1.8036%

25.3824% 24.6610% 23.9644% 23.2910% 22.6391% 22.0073% 21.3944% 1.7933%

25.1429% 24.4354% 23.7524% 23.0919% 22.4527% 21.8331% 21.2321% 1.7796%

24.9597% 24.2669% 23.5980% 22.9514% 22.3254% 21.7189% 21.1305% 1.7698%24.7821% 24.1035% 23.4483% 22.8150% 22.2020% 21.6080% 21.0319% 1.7604%

24.6051% 23.9401% 23.2981% 22.6776% 22.0771% 21.4953% 20.9309% 1.7509%

24.4276% 23.7757% 23.1465% 22.5383% 21.9497% 21.3795% 20.8264% 1.7412%

24.2507% 23.6115% 22.9946% 22.3983% 21.8213% 21.2623% 20.7202% 1.7315%

24.0932% 23.4665% 22.8618% 22.2773% 21.7118% 21.1640% 20.6328% 1.7231%

23.9401% 23.3256% 22.7327% 22.1597% 21.6054% 21.0685% 20.5479% 1.7149%

23.7912% 23.1887% 22.6072% 22.0454% 21.5019% 20.9755% 20.4652% 1.7069%

23.6465% 23.0555% 22.4852% 21.9342% 21.4013% 20.8852% 20.3848% 1.6991%

23.5057% 22.9259% 22.3665% 21.8260% 21.3033% 20.7972% 20.3066% 1.6916%

23.6150% 23.0454% 22.4960% 21.9653% 21.4520% 20.9551% 20.4735% 1.7009%

23.6724% 23.1120% 22.5713% 22.0492% 21.5442% 21.0554% 20.5817% 1.7065%

23.7657% 23.2149% 22.6837% 22.1706% 21.6746% 21.1944% 20.7292% 1.7147%

23.8512% 23.3098% 22.7876% 22.2835% 21.7961% 21.3243% 20.8673% 1.7222%23.9258% 23.3934% 22.8800% 22.3843% 21.9052% 21.4416% 20.9924% 1.7290%

23.9895% 23.4658% 22.9608% 22.4733% 22.0021% 21.5462% 21.1046% 1.7349%

24.0434% 23.5280% 23.0312% 22.5516% 22.0882% 21.6398% 21.2055% 1.7401%

24.1026% 23.5956% 23.1069% 22.6352% 22.1794% 21.7385% 21.3115% 1.7456%

24.1561% 23.6572% 23.1764% 22.7123% 22.2640% 21.8303% 21.4104% 1.7507%

24.2042% 23.7132% 23.2400% 22.7834% 22.3423% 21.9157% 21.5026% 1.7554%

24.2472% 23.7639% 23.2981% 22.8488% 22.4147% 21.9949% 21.5885% 1.7597%

24.2853% 23.8095% 23.3510% 22.9087% 22.4814% 22.0683% 21.6684% 1.7636%

24.1593% 23.6919% 23.2415% 22.8070% 22.3875% 21.9818% 21.5891% 1.7566%

24.0065% 23.5466% 23.1035% 22.6762% 22.2634% 21.8644% 21.4783% 1.7476%

23.8867% 23.4348% 22.9994% 22.5796% 22.1741% 21.7822% 21.4030% 1.7408%

23.7697% 23.3256% 22.8978% 22.4853% 22.0869% 21.7019% 21.3294% 1.7343%

23.6527% 23.2161% 22.7956% 22.3902% 21.9987% 21.6205% 21.2545% 1.7277%23.5351% 23.1058% 22.6924% 22.2938% 21.9091% 21.5373% 21.1776% 1.7210%

23.4171% 22.9949% 22.5884% 22.1965% 21.8182% 21.4527% 21.0992% 1.7142%

23.3107% 22.8956% 22.4960% 22.1108% 21.7390% 21.3798% 21.0324% 1.7082%

23.2068% 22.7986% 22.4057% 22.0270% 21.6615% 21.3085% 20.9671% 1.7024%

23.1052% 22.7038% 22.3174% 21.9451% 21.5858% 21.2388% 20.9032% 1.6967%

23.0059% 22.6111% 22.2312% 21.8650% 21.5118% 21.1707% 20.8408% 1.6911%

22.9087% 22.5204% 22.1468% 21.7868% 21.4394% 21.1041% 20.7798% 1.6856%

22.9789% 22.5961% 22.2277% 21.8728% 21.5305% 21.2000% 20.8805% 1.6914%

23.0169% 22.6390% 22.2754% 21.9251% 21.5872% 21.2610% 20.9457% 1.6948%

23.0773% 22.7046% 22.3461% 22.0007% 21.6676% 21.3460% 21.0352% 1.6999%


20/32

23.1330% 22.7654% 22.4118% 22.0712% 21.7427% 21.4257% 21.1193% 1.7046%

23.1819% 22.8192% 22.4704% 22.1344% 21.8105% 21.4978% 21.1957% 1.7088%

23.2242% 22.8663% 22.5220% 22.1905% 21.8709% 21.5625% 21.2645% 1.7125%

23.2599% 22.9066% 22.5669% 22.2397% 21.9244% 21.6200% 21.3260% 1.7157%

23.2992% 22.9506% 22.6154% 22.2926% 21.9815% 21.6812% 21.3912% 1.7192%

23.3350% 22.9909% 22.6600% 22.3415% 22.0345% 21.7383% 21.4522% 1.7224%

23.3673% 23.0276% 22.7011% 22.3867% 22.0838% 21.7915% 21.5092% 1.7254%

23.3963% 23.0610% 22.7386% 22.4284% 22.1294% 21.8409% 21.5623% 1.7281%

23.4222% 23.0911% 22.7729% 22.4666% 22.1715% 21.8868% 21.6119% 1.7306%


21/32

5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 4.75% 5.00% 5.25%

-1.4593% -1.4770% -1.4947% -1.5123% -1.5300% -1.5477% -15.9921% -16.1726% -16.3528%

-0.6472% -0.6650% -0.6829% -0.7007% -0.7185% -0.7363% -7.2968% -7.4961% -7.6950%

-0.1669% -0.1847% -0.2025% -0.2204% -0.2382% -0.2561% -1.7738% -1.9841% -2.1941%

0.1186% 0.1007% 0.0829% 0.0651% 0.0472% 0.0294% 1.6488% 1.4319% 1.2154%0.2780% 0.2601% 0.2423% 0.2245% 0.2067% 0.1888% 3.6075% 3.3870% 3.1668%

0.3704% 0.3526% 0.3348% 0.3170% 0.2992% 0.2814% 4.7595% 4.5370% 4.3147%

0.4323% 0.4145% 0.3967% 0.3789% 0.3611% 0.3432% 5.5363% 5.3124% 5.0888%

0.5001% 0.4824% 0.4646% 0.4468% 0.4290% 0.4112% 6.3943% 6.1692% 5.9443%

0.5528% 0.5351% 0.5173% 0.4996% 0.4818% 0.4640% 7.0651% 6.8391% 6.6133%

0.5949% 0.5772% 0.5595% 0.5418% 0.5240% 0.5063% 7.6035% 7.3769% 7.1505%

0.6293% 0.6116% 0.5939% 0.5762% 0.5585% 0.5408% 8.0451% 7.8181% 7.5913%

0.6579% 0.6402% 0.6226% 0.6049% 0.5872% 0.5695% 8.4137% 8.1864% 7.9592%

0.8812% 0.8638% 0.8465% 0.8291% 0.8117% 0.7943% 11.3309% 11.1020% 10.8732%

1.0223% 1.0052% 0.9880% 0.9709% 0.9537% 0.9365% 13.2106% 12.9812% 12.7518%

1.1807% 1.1639% 1.1470% 1.1301% 1.1132% 1.0963% 15.3555% 15.1259% 14.8964%

1.3141% 1.2976% 1.2810% 1.2644% 1.2477% 1.2310% 17.1901% 16.9609% 16.7317%

1.4241% 1.4078% 1.3915% 1.3751% 1.3587% 1.3422% 18.7221% 18.4937% 18.2652%1.5140% 1.4979% 1.4818% 1.4656% 1.4494% 1.4332% 19.9865% 19.7592% 19.5318%

1.5893% 1.5734% 1.5575% 1.5416% 1.5256% 1.5096% 21.0558% 20.8298% 20.6037%

1.6611% 1.6454% 1.6298% 1.6140% 1.5983% 1.5825% 22.0830% 21.8585% 21.6338%

1.7229% 1.7075% 1.6920% 1.6765% 1.6610% 1.6454% 22.9736% 22.7508% 22.5277%

1.7762% 1.7610% 1.7458% 1.7305% 1.7151% 1.6997% 23.7466% 23.5256% 23.3042%

1.8223% 1.8073% 1.7923% 1.7772% 1.7620% 1.7468% 24.4180% 24.1988% 23.9792%

1.8622% 1.8474% 1.8325% 1.8176% 1.8026% 1.7876% 25.0010% 24.7837% 24.5659%

1.8271% 1.8123% 1.7975% 1.7826% 1.7677% 1.7527% 24.4846% 24.2686% 24.0522%

1.7770% 1.7622% 1.7473% 1.7324% 1.7175% 1.7025% 23.7512% 23.5363% 23.3210%

1.7476% 1.7329% 1.7181% 1.7032% 1.6883% 1.6733% 23.3234% 23.1097% 22.8956%

1.7204% 1.7057% 1.6909% 1.6761% 1.6612% 1.6463% 22.9280% 22.7155% 22.5025%

1.6936% 1.6789% 1.6642% 1.6494% 1.6345% 1.6196% 22.5394% 22.3279% 22.1159%

1.6667% 1.6520% 1.6373% 1.6225% 1.6077% 1.5928% 22.1499% 21.9394% 21.7284%1.6406% 1.6259% 1.6112% 1.5964% 1.5816% 1.5667% 21.7737% 21.5640% 21.3539%

1.6202% 1.6056% 1.5909% 1.5762% 1.5614% 1.5465% 21.4809% 21.2722% 21.0630%

1.6011% 1.5865% 1.5719% 1.5572% 1.5424% 1.5276% 21.2068% 20.9990% 20.7906%

1.5832% 1.5686% 1.5540% 1.5393% 1.5246% 1.5098% 20.9497% 20.7427% 20.5351%

1.5663% 1.5517% 1.5371% 1.5225% 1.5078% 1.4930% 20.7080% 20.5018% 20.2950%

1.5503% 1.5358% 1.5212% 1.5066% 1.4919% 1.4772% 20.4803% 20.2749% 20.0689%

1.5912% 1.5768% 1.5625% 1.5480% 1.5336% 1.5190% 21.0601% 20.8567% 20.6526%

1.6161% 1.6020% 1.5878% 1.5735% 1.5591% 1.5447% 21.4155% 21.2138% 21.0114%

1.6501% 1.6361% 1.6221% 1.6080% 1.5938% 1.5796% 21.9000% 21.7002% 21.4998%

1.6808% 1.6670% 1.6531% 1.6392% 1.6252% 1.6112% 22.3400% 22.1421% 21.9436%

1.7076% 1.6940% 1.6803% 1.6666% 1.6527% 1.6389% 22.7257% 22.5297% 22.3329%

1.7307% 1.7172% 1.7037% 1.6901% 1.6765% 1.6627% 23.0582% 22.8640% 22.6690%

1.7509% 1.7376% 1.7242% 1.7108% 1.6973% 1.6837% 23.3499% 23.1574% 22.9642%1.7717% 1.7585% 1.7453% 1.7320% 1.7187% 1.7052% 23.6502% 23.4595% 23.2681%

1.7905% 1.7775% 1.7644% 1.7512% 1.7380% 1.7247% 23.9221% 23.7332% 23.5434%

1.8074% 1.7946% 1.7816% 1.7686% 1.7555% 1.7424% 24.1679% 23.9807% 23.7926%

1.8227% 1.8100% 1.7972% 1.7843% 1.7713% 1.7583% 24.3897% 24.2042% 24.0178%

1.8365% 1.8239% 1.8112% 1.7984% 1.7856% 1.7727% 24.5896% 24.4057% 24.2209%

1.8195% 1.8070% 1.7943% 1.7816% 1.7688% 1.7559% 24.3409% 24.1577% 23.9736%

1.7963% 1.7837% 1.7711% 1.7583% 1.7455% 1.7327% 24.0013% 23.8185% 23.6349%

1.7809% 1.7683% 1.7557% 1.7430% 1.7302% 1.7173% 23.7753% 23.5932% 23.4102%

1.7661% 1.7535% 1.7409% 1.7282% 1.7154% 1.7026% 23.5588% 23.3774% 23.1950%

1.7512% 1.7387% 1.7261% 1.7134% 1.7006% 1.6878% 23.3421% 23.1612% 22.9794%

Loan Interest Rate Sensitivity

IRR (Mthly)

Loan Int


22/32

1.7361% 1.7236% 1.7110% 1.6983% 1.6856% 1.6728% 23.1225% 22.9422% 22.7609%

1.7211% 1.7086% 1.6960% 1.6834% 1.6707% 1.6579% 22.9046% 22.7247% 22.5439%

1.7085% 1.6960% 1.6835% 1.6708% 1.6581% 1.6454% 22.7217% 22.5423% 22.3621%

1.6963% 1.6839% 1.6714% 1.6587% 1.6461% 1.6333% 22.5457% 22.3669% 22.1872%

1.6846% 1.6722% 1.6597% 1.6471% 1.6344% 1.6217% 22.3764% 22.1981% 22.0189%

1.6734% 1.6609% 1.6485% 1.6359% 1.6232% 1.6105% 22.2133% 22.0355% 21.8568%

1.6625% 1.6501% 1.6376% 1.6251% 1.6124% 1.5997% 22.0561% 21.8789% 21.7007%

1.6799% 1.6676% 1.6553% 1.6429% 1.6304% 1.6178% 22.3049% 22.1293% 21.9528%

1.6903% 1.6782% 1.6659% 1.6536% 1.6412% 1.6288% 22.4540% 22.2799% 22.1047%1.7052% 1.6932% 1.6811% 1.6689% 1.6567% 1.6443% 22.6679% 22.4953% 22.3217%

1.7190% 1.7071% 1.6951% 1.6830% 1.6709% 1.6587% 22.8651% 22.6941% 22.5220%

1.7311% 1.7194% 1.7075% 1.6956% 1.6836% 1.6715% 23.0400% 22.8704% 22.6998%

1.7418% 1.7301% 1.7184% 1.7065% 1.6946% 1.6826% 23.1927% 23.0245% 22.8553%

1.7511% 1.7396% 1.7279% 1.7162% 1.7044% 1.6925% 23.3271% 23.1603% 22.9925%

1.7610% 1.7495% 1.7380% 1.7264% 1.7147% 1.7029% 23.4690% 23.3035% 23.1370%

1.7700% 1.7587% 1.7472% 1.7357% 1.7241% 1.7124% 23.5989% 23.4348% 23.2697%

1.7783% 1.7670% 1.7557% 1.7443% 1.7328% 1.7212% 23.7178% 23.5550% 23.3911%

1.7858% 1.7746% 1.7634% 1.7521% 1.7407% 1.7292% 23.8264% 23.6648% 23.5022%

1.7927% 1.7816% 1.7704% 1.7592% 1.7479% 1.7365% 23.9252% 23.7649% 23.6035%

1.7823% 1.7713% 1.7601% 1.7489% 1.7376% 1.7263% 23.7739% 23.6139% 23.4530%

1.7686% 1.7576% 1.7464% 1.7352% 1.7239% 1.7125% 23.5741% 23.4145% 23.2537%

1.7589% 1.7479% 1.7367% 1.7255% 1.7142% 1.7029% 23.4324% 23.2731% 23.1127%1.7494% 1.7384% 1.7273% 1.7161% 1.7049% 1.6935% 23.2948% 23.1359% 22.9760%

1.7399% 1.7289% 1.7178% 1.7067% 1.6954% 1.6841% 23.1564% 22.9979% 22.8382%

1.7303% 1.7193% 1.7082% 1.6970% 1.6858% 1.6745% 23.0160% 22.8579% 22.6986%

1.7206% 1.7096% 1.6985% 1.6874% 1.6761% 1.6648% 22.8751% 22.7173% 22.5583%

1.7122% 1.7012% 1.6901% 1.6790% 1.6678% 1.6565% 22.7531% 22.5956% 22.4370%

1.7040% 1.6930% 1.6820% 1.6709% 1.6596% 1.6484% 22.6345% 22.4773% 22.3191%

1.6960% 1.6851% 1.6740% 1.6629% 1.6517% 1.6405% 22.5192% 22.3624% 22.2044%

1.6883% 1.6773% 1.6663% 1.6552% 1.6440% 1.6328% 22.4070% 22.2505% 22.0929%

1.6807% 1.6698% 1.6588% 1.6477% 1.6365% 1.6253% 22.2979% 22.1417% 21.9844%

1.6902% 1.6794% 1.6685% 1.6575% 1.6464% 1.6353% 22.4333% 22.2784% 22.1224%

1.6959% 1.6851% 1.6743% 1.6634% 1.6524% 1.6413% 22.5140% 22.3602% 22.2052%

1.7041% 1.6935% 1.6827% 1.6719% 1.6610% 1.6500% 22.6319% 22.4792% 22.3255%

1.7118% 1.7012% 1.6906% 1.6798% 1.6690% 1.6581% 22.7412% 22.5898% 22.4372%1.7186% 1.7081% 1.6975% 1.6869% 1.6762% 1.6654% 22.8388% 22.6884% 22.5369%

1.7246% 1.7142% 1.7037% 1.6931% 1.6825% 1.6718% 22.9245% 22.7752% 22.6248%

1.7298% 1.7195% 1.7091% 1.6986% 1.6881% 1.6774% 22.9998% 22.8515% 22.7021%

1.7355% 1.7252% 1.7149% 1.7045% 1.6940% 1.6834% 23.0803% 22.9330% 22.7847%

1.7406% 1.7305% 1.7202% 1.7099% 1.6995% 1.6890% 23.1544% 23.0082% 22.8608%

1.7454% 1.7353% 1.7251% 1.7149% 1.7045% 1.6941% 23.2225% 23.0773% 22.9309%

1.7498% 1.7398% 1.7297% 1.7195% 1.7092% 1.6989% 23.2850% 23.1407% 22.9953%

1.7538% 1.7438% 1.7338% 1.7237% 1.7135% 1.7032% 23.3421% 23.1988% 23.0543%

1.7467% 1.7368% 1.7268% 1.7167% 1.7065% 1.6962% 23.2397% 23.0966% 22.9524%

1.7377% 1.7278% 1.7177% 1.7076% 1.6974% 1.6872% 23.1084% 22.9655% 22.8214%

1.7310% 1.7211% 1.7111% 1.7010% 1.6908% 1.6805% 23.0111% 22.8684% 22.7245%

1.7245% 1.7145% 1.7045% 1.6944% 1.6843% 1.6740% 22.9160% 22.7735% 22.6299%

1.7179% 1.7080% 1.6980% 1.6879% 1.6777% 1.6675% 22.8202% 22.6780% 22.5346%1.7112% 1.7013% 1.6913% 1.6812% 1.6711% 1.6608% 22.7232% 22.5812% 22.4381%

1.7044% 1.6945% 1.6845% 1.6745% 1.6643% 1.6541% 22.6253% 22.4835% 22.3405%

1.6984% 1.6886% 1.6786% 1.6685% 1.6584% 1.6482% 22.5389% 22.3973% 22.2546%

1.6926% 1.6827% 1.6728% 1.6627% 1.6526% 1.6424% 22.4544% 22.3131% 22.1706%

1.6869% 1.6770% 1.6671% 1.6570% 1.6469% 1.6367% 22.3719% 22.2308% 22.0885%

1.6813% 1.6715% 1.6615% 1.6515% 1.6414% 1.6312% 22.2912% 22.1503% 22.0082%

1.6759% 1.6660% 1.6561% 1.6461% 1.6359% 1.6258% 22.2122% 22.0716% 21.9297%

1.6817% 1.6719% 1.6621% 1.6521% 1.6421% 1.6320% 22.2954% 22.1557% 22.0148%

1.6852% 1.6755% 1.6657% 1.6558% 1.6458% 1.6358% 22.3452% 22.2063% 22.0663%

1.6903% 1.6807% 1.6709% 1.6611% 1.6512% 1.6412% 22.4181% 22.2801% 22.1409%


23/32

1.6951% 1.6855% 1.6758% 1.6661% 1.6563% 1.6463% 22.4859% 22.3488% 22.2105%

1.6994% 1.6898% 1.6802% 1.6705% 1.6608% 1.6509% 22.5466% 22.4103% 22.2729%

1.7031% 1.6937% 1.6841% 1.6745% 1.6648% 1.6550% 22.6002% 22.4648% 22.3282%

1.7064% 1.6970% 1.6875% 1.6780% 1.6683% 1.6586% 22.6471% 22.5125% 22.3767%

1.7100% 1.7006% 1.6912% 1.6817% 1.6721% 1.6624% 22.6976% 22.5637% 22.4287%

1.7132% 1.7040% 1.6946% 1.6851% 1.6756% 1.6660% 22.7442% 22.6111% 22.4769%

1.7163% 1.7070% 1.6977% 1.6883% 1.6788% 1.6693% 22.7871% 22.6548% 22.5213%

1.7190% 1.7099% 1.7006% 1.6913% 1.6818% 1.6723% 22.8266% 22.6950% 22.5622%

1.7216% 1.7125% 1.7032% 1.6940% 1.6846% 1.6751% 22.8627% 22.7318% 22.5998%


24/32

5.50% 5.75% 6.00% 6.25%

-16.5327% -16.7122% -16.8914% -17.0701%

-7.8936% -8.0918% -8.2895% -8.4869%

-2.4037% -2.6129% -2.8217% -3.0301%

0.9992% 0.7835% 0.5680% 0.3530%2.9470% 2.7275% 2.5084% 2.2897%

4.0928% 3.8712% 3.6499% 3.4290%

4.8655% 4.6425% 4.4198% 4.1975%

5.7197% 5.4954% 5.2714% 5.0477%

6.3878% 6.1626% 5.9376% 5.7129%

6.9244% 6.6985% 6.4728% 6.2473%

7.3647% 7.1382% 6.9120% 6.6861%

7.7323% 7.5055% 7.2789% 7.0525%

10.6444% 10.4159% 10.1874% 9.9592%

12.5225% 12.2933% 12.0641% 11.8351%

14.6668% 14.4373% 14.2078% 13.9784%

16.5024% 16.2731% 16.0438% 15.8145%

18.0366% 17.8080% 17.5793% 17.3506%19.3042% 19.0765% 18.8487% 18.6209%

20.3773% 20.1508% 19.9242% 19.6975%

21.4089% 21.1838% 20.9586% 20.7331%

22.3044% 22.0808% 21.8570% 21.6331%

23.0826% 22.8606% 22.6384% 22.4161%

23.7593% 23.5390% 23.3185% 23.0978%

24.3478% 24.1294% 23.9106% 23.6916%

23.8354% 23.6183% 23.4008% 23.1831%

23.1053% 22.8893% 22.6729% 22.4561%

22.6811% 22.4662% 22.2509% 22.0353%

22.2890% 22.0752% 21.8610% 21.6464%

21.9035% 21.6907% 21.4774% 21.2638%

21.5169% 21.3049% 21.0926% 20.8799%21.1432% 20.9322% 20.7206% 20.5088%

20.8532% 20.6430% 20.4323% 20.2213%

20.5817% 20.3723% 20.1624% 19.9522%

20.3270% 20.1184% 19.9093% 19.6998%

20.0876% 19.8798% 19.6714% 19.4626%

19.8622% 19.6551% 19.4474% 19.2393%

20.4480% 20.2427% 20.0370% 19.8307%

20.8084% 20.6047% 20.4006% 20.1959%

21.2986% 21.0969% 20.8946% 20.6918%

21.7443% 21.5444% 21.3440% 21.1430%

22.1355% 21.9375% 21.7388% 21.5395%

22.4734% 22.2770% 22.0801% 21.8825%

22.7703% 22.5756% 22.3803% 22.1844%23.0759% 22.8830% 22.6894% 22.4952%

23.3530% 23.1618% 22.9699% 22.7773%

23.6038% 23.4143% 23.2240% 23.0331%

23.8306% 23.6427% 23.4541% 23.2648%

24.0354% 23.8490% 23.6620% 23.4743%

23.7888% 23.6031% 23.4167% 23.2296%

23.4504% 23.2651% 23.0791% 22.8924%

23.2263% 23.0417% 22.8563% 22.6702%

23.0117% 22.8277% 22.6429% 22.4574%

22.7967% 22.6132% 22.4289% 22.2440%

erest Rate Sensitivity

IRR (Annual)


25/32


26/32

22.0712% 21.9307% 21.7893% 21.6469%

22.1344% 21.9949% 21.8543% 21.7127%

22.1905% 22.0518% 21.9120% 21.7713%

22.2397% 22.1018% 21.9628% 21.8229%

22.2926% 22.1554% 22.0173% 21.8781%

22.3415% 22.2051% 22.0677% 21.9294%

22.3867% 22.2511% 22.1144% 21.9769%

22.4284% 22.2935% 22.1576% 22.0207%

22.4666% 22.3324% 22.1973% 22.0611%


27/32

Year Ending 12/15/2009 12/15/2010 12/15/2011 12/15/2012 12/15/2013

Year No. 0 1 2 3 4

Income

Gross Rent 1,920,000 1,920,000 2,246,400 2,246,400

Vacancy & Credit Loss 96,000 96,000 112,320 112,320

Gross Income 1,824,000 1,824,000 2,134,080 2,134,080

Expenses

Property Tax 47,000 48,645 50,348 52,110

Insurance 12,000 12,330 12,669 13,017

Utilities 4,050 5,532 5,711 5,897

Advertising 11,500 12,152 12,841 13,569

Other_1 4,500 4,680 4,867 5,062

Other_2 6,600 6,765 6,934 7,107

Management Fee 12,312 16,416 19,207 19,207

Repairs/ Maintenance 20,064 20,064 23,475 23,475

Other_3 1,946 1,946 2,276 2,276

Total Operating Exp 119,972 128,529 138,328 141,721

Net Operating Income (NOI) 1,704,028 1,695,471 1,995,752 1,992,359

Debt Service

Mortgage Interest 519,306 512,087 504,461 496,405

Mortgage Principal 127,973 135,192 142,818 150,874

Debt Service Payment (P&I) 647,279 647,279 647,279 647,279

Mortgage Balance (o/s) 9,372,027 9,236,834 9,094,016 8,943,142

Terminal Value

Appreciation 1,035,000 1,086,750 1,141,088 1,198,142

Mkt Value - Appreciated 20,865,600 21,908,880 23,004,324 24,154,540

Mkt Value - Cap Rate 20,345,649 23,949,019 23,908,311 28,127,844Terminal Value before Tax Option 2 20,345,649 23,949,019 23,908,311 28,127,844

Income Tax

Depreciation 318,462 318,462 318,462 318,462

Taxable Income 866,261 864,922 1,172,829 1,177,492

Income Tax (Tax Benefit) 259,878 259,477 351,849 353,248

Capital Gains Tax

Capital Gains (35,890) 3,885,942 4,163,696 8,701,690

Cap Gains Tax (Tax Benefit) (7,178) 777,188 832,739 1,740,338

Terminal Value after CG Tax 20,352,827 23,171,831 23,075,572 26,387,506

FINANCIAL ANALYSIS:

Annual Returns & Ratios

ROI (after Tax) 5.16% 30.32% 31.38% 60.98%

Cash on Cash Return 9.44% 9.36% 12.04% 12.01%

NOI Return (Annual) 8.23% 8.19% 9.64% 9.62%

Debt Coverage Ratio 2.63 2.62 3.08 3.08

Before Tax

CFBT (11,200,000) 1,056,749 1,048,191 1,348,472 1,345,080


28/32

Terminal CFBT 12,030,371 15,760,376 16,162,767 20,529,782

CFBT (for 10 Yr XIRR) (11,200,000) 1,056,749 1,048,191 1,348,472 1,345,080

IRR 7.4140% 23.4359% 19.0745% 23.1409%

XIRR (10 Yr)

MIRR 7.4140% 23.2279% 18.9943% 22.6161%

After Tax

CFAT (11,200,000) 796,871 788,715 996,624 991,832

Terminal CFAT 11,777,671 14,723,711 14,978,180 18,436,196CFAT (for 10 Yr XIRR) (11,200,000) 796,871 788,715 996,624 991,832

IRR 5.1578% 18.2694% 14.7730% 18.4502%

XIRR (10 Yr)

MIRR 5.1578% 18.0987% 14.6452% 17.9751%


29/32

12/15/2014 12/15/2015 12/15/2016 12/15/2017 12/15/2018 12/15/2019 12/15/2020

5 6 7 8 9 10 11

2,628,288 2,628,288 3,075,097 3,075,097 3,597,863 3,597,863 4,209,500

131,414 131,414 153,755 153,755 179,893 179,893 210,475

2,496,874 2,496,874 2,921,342 2,921,342 3,417,970 3,417,970 3,999,025

53,934 55,821 57,775 59,797 61,890 64,056 66,298

13,375 13,743 14,121 14,510 14,909 15,319 15,740

6,089 6,287 6,491 6,702 6,920 7,145 7,377

14,339 15,152 16,011 16,918 17,878 18,891 19,962

5,264 5,475 5,694 5,922 6,159 6,405 6,661

7,285 7,467 7,654 7,845 8,041 8,242 8,449

22,472 22,472 26,292 26,292 30,762 30,762 35,991

27,466 27,466 32,135 32,135 37,598 37,598 43,989

2,663 2,663 3,116 3,116 3,646 3,646 4,266

152,887 156,546 169,289 173,237 187,801 192,063 208,733

2,343,987 2,340,328 2,752,054 2,748,105 3,230,169 3,225,907 3,790,292

487,895 478,904 469,407 459,373 448,774 437,576

159,385 168,375 177,873 187,906 198,506 209,703

647,279 647,279 647,279 647,279 647,279 647,279

8,783,757 8,615,382 8,437,509 8,249,603 8,051,097 7,841,394

1,258,049 1,320,951 1,386,999 1,456,349 1,529,166 1,605,625

25,362,267 26,630,381 27,961,900 29,359,995 30,827,994 32,369,394

28,083,935 33,024,643 32,977,263 38,762,029 38,710,884 45,483,50728,083,935 33,024,643 32,977,263 38,762,029 38,710,884 45,483,507

318,462 318,462 318,462 318,462 318,462 318,462

1,537,631 1,542,962 1,964,185 1,970,271 2,462,934 2,469,869

461,289 462,889 589,256 591,081 738,880 740,961

8,976,243 14,235,412 14,506,494 20,609,721 20,877,038 27,968,122

1,795,249 2,847,082 2,901,299 4,121,944 4,175,408 5,593,624

26,288,687 30,177,560 30,075,964 34,640,085 34,535,477 39,889,883

62.35% 97.11% 98.83% 139.62% 141.77% 189.62%

15.15% 15.12% 18.79% 18.76% 23.06% 23.02%

11.32% 11.31% 13.29% 13.28% 15.60% 15.58%

3.62 3.62 4.25 4.25 4.99 4.98

1,696,708 1,693,048 2,104,774 2,100,826 2,582,890 2,578,628


30/32

20,996,886 26,102,309 26,644,528 32,613,252 33,242,677 40,220,740

1,696,708 1,693,048 2,104,774 2,100,826 2,582,890 40,220,740

20.6798% 22.5686% 20.9767% 22.0524% 20.9388% 21.6211%

21.6077%

20.3114% 21.8414% 20.4011% 21.1949% 20.2205% 20.6785%

1,235,418 1,230,160 1,515,518 1,509,745 1,844,009 1,837,667

18,740,348 22,792,338 23,153,973 27,900,227 28,328,389 33,886,1551,235,418 1,230,160 1,515,518 1,509,745 1,844,009 33,886,155

16.4216% 18.2880% 16.9406% 18.0864% 17.1197% 17.8953%

17.8844%

16.0038% 17.5661% 16.2712% 17.1615% 16.2385% 16.7991%


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Year Ending 12/15/2009 12/15/2010 12/15/2011 12/15/2012 12/15/2013

Year No. 0 1 2 3 4


IRR at Cap Rates: 7.25% 26.2062% 32.4128% 24.4286% 26.8438%

7.50% 19.5245% 29.2951% 22.5810% 25.5668%

7.75% 13.2739% 26.3063% 20.7979% 24.3335%

8.00% 7.4140% 23.4359% 19.0745% 23.1409%8.25% 1.9093% 20.6747% 17.4062% 21.9860%

8.50% -3.2717% 18.0146% 15.7892% 20.8662%

8.75% -8.1566% 15.4479% 14.2196% 19.7792%

Loan Interest Rate Sensitivity

IRR at Interest Rates: 4.75% 8.0499% 24.0172% 19.6305% 23.6331%

5.00% 7.8380% 23.8238% 19.4458% 23.4698%

5.25% 7.6261% 23.6301% 19.2604% 23.3058%

5.50% 7.4140% 23.4359% 19.0745% 23.1409%

5.75% 7.2019% 23.2413% 18.8879% 22.9753%

6.00% 6.9897% 23.0464% 18.7007% 22.8090%

6.25% 6.7775% 22.8511% 18.5131% 22.6420%


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12/15/2014 12/15/2015 12/15/2016 12/15/2017 12/15/2018 12/15/2019

5 6 7 8 9 10

23.3892% 24.6699% 22.6327% 23.4163% 22.0540% 22.5752%

22.4552% 23.9448% 22.0608% 22.9447% 21.6680% 22.2446%

21.5528% 23.2449% 21.5092% 22.4905% 21.2965% 21.9269%

20.6798% 22.5686% 20.9767% 22.0524% 20.9388% 21.6211%19.8341% 21.9143% 20.4618% 21.6294% 20.5938% 21.3266%

19.0140% 21.2805% 19.9636% 21.2205% 20.2607% 21.0425%

18.2177% 20.6659% 19.4809% 20.8249% 19.9388% 20.7682%

21.1571% 22.9976% 21.3961% 22.4355% 21.3155% 21.9701%

20.9990% 22.8556% 21.2573% 22.3089% 21.1910% 21.8549%

20.8398% 22.7126% 21.1175% 22.1811% 21.0654% 21.7385%

20.6798% 22.5686% 20.9767% 22.0524% 20.9388% 21.6211%

20.5189% 22.4237% 20.8348% 21.9226% 20.8111% 21.5027%

20.3571% 22.2779% 20.6920% 21.7919% 20.6824% 21.3834%

20.1946% 22.1313% 20.5483% 21.6603% 20.5528% 21.2631%

Rental Property Investment

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