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Executive Plaza (Pre-Construction)

Schedule C: Residual Values & IROR's

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

  Capitalized value
PROJECT  
165 Capitalized Cost (TCC) 3,593,030
190 Residual Value 6,636,599
195 Land Residual 1,327,320
670 Mtge Amortization 3,195,087
710 Depreciation 1,954,753
   
Developer  
1 196 Equity Residual 1,244,320
1 370 Return of Investment 410051
1 916 Pre-Tax Present Value 242085
1 926 Pre-Tax Net Cash 1,735,086
   
Lender  
2 670 Mtge Amortization 3,195,087
2 916 Pre-Tax Present Value 59337
2 926 Pre-Tax Net Cash 1,896,138
   
Investor  
3 196 Equity Residual 1,244,320
3 370 Return of Investment 542822
3 880 Inc.Taxes:Equity Residual -809571
3 916 Pre-Tax Present Value 155170
3 917 After-Tax Present Value 233076
3 926 Pre-Tax Net Cash 1,735,086
3 927 After-Tax Net Cash 1,305,931
   
Other  
4 916 Pre-Tax Present Value 21619
4 926 Pre-Tax Net Cash 2,725,488
   
All Participants  
99 916 Pre-Tax Present Value 478211
99 926 Pre-Tax Net Cash 8,091,799
   
Developer  
1 936 IROR Pre-Tax 26.3
1 938 FMRR Pre-Tax 23.43
   
Lender  
2 936 IROR Pre-Tax 17.13
2 938 FMRR Pre-Tax 12.07
   
Investor  
3 936 IROR Pre-Tax 20.24
3 937 IROR After-Tax 29.87
3 937.1 IROR After-Tax(w/o pass.loss) 17.41
3 938 FMRR Pre-Tax 19.63
3 939 FMRR After-Tax 25.98
3 939.1 FMRR After-Tax(w/o pass.loss) 17.21
   
Other  
4 936 IROR Pre-Tax 15.22
4 938 FMRR Pre-Tax 14.7
   
All Participants  
99 936 IROR Pre-Tax 17.63
99 938 FMRR Pre-Tax 17.46


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