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BHP II Limited Partnership

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Developer ( ****)( )              
Start-up Oper. Losses (exp.) ( 1 167 ) -257514 -221630 -215485 -206808 -198723 -193635 -181866
Funded Expenses ( 1 169 ) -386465 -290357 -275078 -254107 -235215 -223649 -197870
Investment Adj. ( 1 320 ) 4,939,588 3,059,246 2,767,559 2,371,307 2,018,911 1,805,583 1,337,658
Subtotal: Developer ( ****)( ) 4,295,609 2,547,259 2,276,995 1,910,392 1,584,973 1,388,299 957921
               
Lender ( 7.7%)( )              
Orig.Mtge(s) ( 2 240 ) -54384378 -40859788 -38709726 -35758611 -33100011 -31472441 -27844802
Mtge Interest ( 2 660 ) 58,890,673 23,736,984 20,360,374 16,412,034 13,439,250 11,855,583 8,875,735
Interest (Mtge) Variance ( 2 669 ) -1614775 -1332111 -1237178 -1100942 -976710 -901496 -739649
Mtge Amortization ( 2 670 ) 13,536,289 4,580,508 3,807,903 2,937,502 2,310,619 1,988,568 1,409,406
Mtge Amortization ( 2 670 ) 42,947,912 7,724,559 5,584,929 3,470,411 2,183,061 1,613,168 773681
Amortization (Mtge) Variance ( 2 679 ) -2099823 -549836 -428896 -298727 -210652 -167974 -97411
Subtotal: Lender ( 7.7%)( ) 57,275,898 -6699684 -10622594 -14338333 -16354443 -17084592 -17623040
               
Investor ( )( ****)              
Investment ( 3 310 ) -16000000 -13453171 -13032119 -12445028 -11905924 -11570532 -10806176
Return of Investment ( 3 370 ) 12,534,960 2,254,523 1,630,041 1,012,889 637158 470826 225810
Income Taxes (Annual) ( 3 850 ) 13,713,073 5,339,680 4,561,463 3,659,939 2,987,879 2,632,415 1,968,628
Inc.Taxes:Equity Residual ( 3 880 ) -12534960 -2254523 -1630041 -1012889 -637158 -470826 -225810
Tax Credit ( 3 890 )   146037 152666 156583 155746 153499 144573
Tax Credit ( 3 890 ) 25,571,301 12,296,877 10,798,257 8,965,725 7,518,941 6,721,116 5,161,630
Subtotal: Investor ( )( ****) 23,284,374 4,329,423 2,480,266 337218 -1243359 -2063503 -3531345
               
Other ( ****)( ****)              
Const.Interest ( 4 155 ) 4,697,001 4,270,001 4,193,751 4,084,349 3,980,509 3,914,168 3,757,601
Const.Loan ( 4 220 )   -6281851 -7187447 -8378855 -9395368 -9988168 -11218040
Credit Enhancement ( 4 641 ) 8,524,750 3,682,096 3,186,690 2,597,512 2,145,956 1,902,305 1,437,454
Tax Credit ( 4 890 )   -146037 -152666 -156583 -155746 -153499 -144573
Subtotal: Other ( ****)( ****) 13,221,751 1,524,209 40328 -1853576 -3424649 -4325194 -6167559
               
Public ( )( )              
Income Taxes (Annual) ( 5 850 ) -13713073 -5339680 -4561463 -3659939 -2987879 -2632415 -1968628
Inc.Taxes:Equity Residual ( 5 880 ) 12,534,960 2,254,523 1,630,041 1,012,889 637158 470826 225810
Tax Credit ( 5 890 ) -25571301 -12296877 -10798257 -8965725 -7518941 -6721116 -5161630
Subtotal: Public ( )( ) -26749415 -15382035 -13729678 -11612775 -9869662 -8882705 -6904448
               
Secondary Lender ( 6.0%)( )              
Orig.Mtge(s) ( 6 240 ) -3055085 -2295331 -2174549 -2008768 -1859419 -1767989 -1564204
Mtge Interest ( 6 660 ) 1,967,128 849469 736558 602412 499577 444023 337745
Mtge Amortization ( 6 670 ) 2,017,133 708297 592957 462021 366835 317554 228049
Mtge Amortization ( 6 670 ) 1,037,952 186685 134975 83872 52760 38987 18698
Subtotal: Secondary Lender ( 6.0%)( ) 1,967,128 -550880 -710059 -860464 -940247 -967425 -979712
               
Underwriter/Syndctr( )( )              
Synd. Fees :Broker/Dealer ( 7 158.11) 94500 70999 67263 62135 57516 54688 48384
               
General Partner ( )( )              
Acquisition Fee ( 8 142.9 ) 200000 181818 178571 173913 169492 166667 160000
Dev.Fee:Residential ( 8 144.72) 1,600,000 1,202,104 1,138,848 1,052,026 973809 925926 819200
Regulatory Compliance Fees ( 8 148.73) 320000 290909 285714 278261 271186 266667 256000
Synd. Costs:Investors Svc. ( 8 158.17) 80000 72727 71429 69565 67797 66667 64000
Subtotal: General Partner ( )( ) 2,200,000 1,747,558 1,674,563 1,573,765 1,482,284 1,425,926 1,299,200
               
Operator ( )( )              
Acquisition Fee ( 9 142.9 ) 438000 398182 391071 380870 371186 365000 350400
Legal/Organizational/Audit ( 9 148.3 ) 50000 45455 44643 43478 42373 41667 40000
Tax Counsel ( 9 148.72) 10000 9091 8929 8696 8475 8333 8000
Subtotal: Operator ( )( ) 498000 452727 444643 433043 422034 415000 398400
               
Tenant ( )( )              
Dev.Fee:Residential ( 10 144.72) 1,608,309 1,462,099 1,435,990 1,398,530 1,362,974 1,340,258 1,286,647
Dev.Fee:Residential ( 10 144.72) 6,224,791 4,676,778 4,430,683 4,092,901 3,788,600 3,602,310 3,187,093
Consulting Fees ( 10 148.7 ) 1,848,746 1,680,678 1,650,666 1,607,605 1,566,734 1,540,622 1,478,997
Orig.Mtge(s) ( 10 240 ) -6224791 -4676778 -4430683 -4092901 -3788600 -3602310 -3187093
Mtge Interest ( 10 660 ) 11,515,863 4,502,472 3,842,748 3,076,570 2,504,224 2,201,215 1,635,334
Mtge Amortization ( 10 670 ) -11515863 -4502472 -3842748 -3076570 -2504224 -2201215 -1635334
Mtge Amortization ( 10 670 ) 17,740,654 3,190,813 2,306,987 1,433,536 901765 666357 319587
Subtotal: Tenant ( )( ) 21,197,709 6,333,590 5,393,644 4,439,670 3,831,473 3,547,237 3,085,231
               
Entity 11 ( )( )              
Acquisition Fee ( 11 142.9 ) 40000 36364 35714 34783 33898 33333 32000
Legal/Organizational/Audit ( 11 148.3 ) 50000 45455 44643 43478 42373 41667 40000
Tax Counsel ( 11 148.72) 40000 36364 35714 34783 33898 33333 32000
Subtotal: Entity 11 ( )( ) 130000 118182 116071 113043 110169 108333 104000
               
Total 97,415,555 -5508650 -12568558 -19795880 -24343912 -26383937 -29312968


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