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BHP II Limited Partnership

Schedule C: Residual Values & IROR's

(column heading(s) indicate method for calculating residual value)

  Ending value input Capitalized value Original cost Ending mortgage balances plus $1 Ending mortgage balances plus $1 plus repay equity contribution
PROJECT          
165 Capitalized Cost (TCC) 74,853,628 74,853,628 74,853,628 74,853,628 74,853,628
190 Residual Value 90,000,000 55,601,226 75,111,131 61,726,519 74,261,478
195 Land Residual 18,000,000 11,120,245 15,022,226 12,345,304 14,852,296
670 Mtge Amortization 61,726,518 61,726,518 61,726,518 61,726,518 61,726,518
710 Depreciation 47,113,134 47,113,134 47,113,134 47,113,134 47,113,134
           
Developer          
1 196 Equity Residual 6,136,741        
1 916 Pre-Tax Present Value 3,075,015 2,276,995 2,276,995 2,276,995 2,276,995
1 926 Pre-Tax Net Cash 10,432,350 4,295,609 4,295,609 4,295,609 4,295,609
           
Lender          
2 670 Mtge Amortization 42,947,912 42,947,912 42,947,912 42,947,912 42,947,912
2 916 Pre-Tax Present Value -10622594 -10622594 -10622594 -10622594 -10622594
2 926 Pre-Tax Net Cash 57,275,898 57,275,898 57,275,898 57,275,898 57,275,898
           
Investor          
3 196 Equity Residual 5,829,904        
3 370 Return of Investment 16,000,000 -6125292 13,384,613 1 12,534,960
3 880 Inc.Taxes:Equity Residual -15695241 -6190474 -12823842 -8273074 -12534960
3 916 Pre-Tax Present Value -10193367 -13828649 -11291589 -13032119 -11402078
3 917 After-Tax Present Value 3,278,015 878729 2,553,188 1,404,439 2,480,266
3 926 Pre-Tax Net Cash 5,829,904 -22125292 -2615387 -15999999 -3465040
3 927 After-Tax Net Cash 29,419,038 10,968,608 23,845,146 15,011,302 23,284,374
           
Other          
4 916 Pre-Tax Present Value 192994 192994 192994 192994 192994
4 926 Pre-Tax Net Cash 13,221,751 13,221,751 13,221,751 13,221,751 13,221,751
           
Secondary Lender          
6 670 Mtge Amortization 1,037,952 1,037,952 1,037,952 1,037,952 1,037,952
6 916 Pre-Tax Present Value -710059 -710059 -710059 -710059 -710059
6 926 Pre-Tax Net Cash 1,967,128 1,967,128 1,967,128 1,967,128 1,967,128
           
Underwriter/Syndctr          
7 916 Pre-Tax Present Value 67263 67263 67263 67263 67263
7 926 Pre-Tax Net Cash 94500 94500 94500 94500 94500
           
General Partner          
8 196 Equity Residual 306837        
8 916 Pre-Tax Present Value 1,714,464 1,674,563 1,674,563 1,674,563 1,674,563
8 926 Pre-Tax Net Cash 2,506,837 2,200,000 2,200,000 2,200,000 2,200,000
           
Operator          
9 916 Pre-Tax Present Value 444643 444643 444643 444643 444643
9 926 Pre-Tax Net Cash 498000 498000 498000 498000 498000
           
Tenant          
10 670 Mtge Amortization 17,740,654 17,740,654 17,740,654 17,740,654 17,740,654
10 916 Pre-Tax Present Value 5,393,644 5,393,644 5,393,644 5,393,644 5,393,644
10 926 Pre-Tax Net Cash 21,197,709 21,197,709 21,197,709 21,197,709 21,197,709
           
Entity 11          
11 916 Pre-Tax Present Value 116071 116071 116071 116071 116071
11 926 Pre-Tax Net Cash 130000 130000 130000 130000 130000
           
All Participants          
99 916 Pre-Tax Present Value -10521927 -14995129 -12458069 -14198599 -12568558
99 926 Pre-Tax Net Cash 113,154,078 78,755,303 98,265,209 84,880,597 97,415,555
           
Developer          
1 936 IROR Pre-Tax 41.57 41.3 41.3 41.3 41.3
1 938 FMRR Pre-Tax 16.71 15.87 15.87 15.87 15.87
           
Lender          
2 936 IROR Pre-Tax 7.68 7.68 7.68 7.68 7.68
2 938 FMRR Pre-Tax 10.1 10.1 10.1 10.1 10.1
           
Investor          
3 936 IROR Pre-Tax 1.94        
3 937 IROR After-Tax 16.3 13.63 15.64 14.36 15.57
3 937.1 IROR After-Tax(w/o pass.loss) 12.58 8.88 11.72 9.96 11.62
3 938 FMRR Pre-Tax 2.91   -0.01   -0.39
3 939 FMRR After-Tax 14.25 10.24 13.91 11.62 13.88
3 939.1 FMRR After-Tax(w/o pass.loss) 12.86 11.46 12.46 11.79 12.42
           
Other          
4 936 IROR Pre-Tax 12.28 12.28 12.28 12.28 12.28
4 938 FMRR Pre-Tax 12.65 12.65 12.65 12.65 12.65
           
Secondary Lender          
6 936 IROR Pre-Tax 5.98 5.98 5.98 5.98 5.98
6 938 FMRR Pre-Tax 9.57 9.57 9.57 9.57 9.57
           
Underwriter/Syndctr          
7 936 IROR Pre-Tax          
7 938 FMRR Pre-Tax          
           
General Partner          
8 936 IROR Pre-Tax          
8 938 FMRR Pre-Tax          
           
Operator          
9 936 IROR Pre-Tax          
9 938 FMRR Pre-Tax          
           
Tenant          
10 936 IROR Pre-Tax          
10 938 FMRR Pre-Tax          
           
Entity 11          
11 936 IROR Pre-Tax          
11 938 FMRR Pre-Tax          
           
All Participants          
99 936 IROR Pre-Tax 9.44 7.89 8.82 8.2 8.78
99 938 FMRR Pre-Tax 11.06 10.26 10.73 10.41 10.71


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