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601 Liberty, 1.1M sf Office, Conventional Mortgage

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Developer( ****)( ****)              
Const.Interest ( 1 155) 946 711 673 622 576 547 484
Start-up Oper. Losses (exp.) ( 1 167) -2342 -1591 -1480 -1330 -1199 -1121 -951
Equity Residual ( 1 196) 79848 25442 20495 14924 10957 8955 5487
Const.Loan ( 1 220)              
Investment Adj. ( 1 320) -16038 -12049 -11415 -10545 -9761 -9281 -8211
Return of Investment ( 1 370) 36759 11713 9435 6871 5044 4123 2526
Net Cash Flow (NCF) ( 1 699) 40198 15443 12927 9976 7767 6604 4470
Taxes Pd. on Const.Int. ( 1 810) -473 -355 -337 -311 -288 -274 -242
Income Taxes (Annual) ( 1 850) 23396 15584 14402 12822 11448 10631 8887
Inc.Taxes:Equity Residual ( 1 880) -51861 -16524 -13311 -9693 -7116 -5817 -3564
Tax Credit ( 1 890) 319 240 227 210 194 185 164
Subtotal: Developer( ****)( ****) 110753 38612 31616 23546 17622 14554 9050
               
Lender ( ****)( )              
Orig.Mtge(s) ( 2 240) -135212 -101587 -96241 -88904 -82294 -78248 -69229
Mtge Interest ( 2 660) 185133 90573 79689 66308 55682 49798 38246
Mtge Amortization ( 2 670) 4641 2051 1770 1432 1170 1029 758
Mtge Amortization ( 2 670) 130571 41604 33514 24405 17917 14644 8973
Subtotal: Lender ( ****)( ) 185133 32641 18732 3240 -7525 -12776 -21252
               
Investor ( ****)( )              
Land ( 3 132) -12920 -11745 -11536 -11235 -10949 -10767 -10336
Land Residual ( 3 195) 61794 19690 15861 11550 8479 6931 4246
Ground Rent ( 3 631) 11628 5905 5238 4413 3753 3385 2657
Net Cash Flow (NCF) ( 3 699) 13399 5148 4309 3325 2589 2201 1490
Subtotal: Investor ( ****)( ) 73902 18997 13872 8053 3872 1751 -1942
               
Other ( ****)( )              
Const.Interest ( 4 155) 20426 16023 15309 14321 13422 12868 11619
Const.Loan ( 4 220)   -11078 -12614 -14599 -16255 -17200 -19096
Subtotal: Other ( ****)( ) 20426 4946 2695 -278 -2833 -4332 -7477
               
Public ( )( ****)              
Taxes Pd. on Const.Int. ( 5 810) 473 355 337 311 288 274 242
Income Taxes (Annual) ( 5 850) -23396 -15584 -14402 -12822 -11448 -10631 -8887
Inc.Taxes:Equity Residual ( 5 880) 51861 16524 13311 9693 7116 5817 3564
Tax Credit ( 5 890) -319 -240 -227 -210 -194 -185 -164
Subtotal: Public ( )( ****) 28619 1055 -981 -3028 -4238 -4726 -5244
               
Total 418833 96250 65935 31533 6899 -5530 -26866


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