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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) 74853628 74853628 74853628 74853628 74853628
190 Residual Value 90000000 55601226 75111131 61726519 74261478
195 Land Residual 18000000 11120245 15022226 12345304 14852296
670 Mtge Amortization 61726518 61726518 61726518 61726518 61726518
710 Depreciation 47113134 47113134 47113134 47113134 47113134
           
Developer          
1 196 Equity Residual 6136741        
1 916 Pre-Tax Present Value 3075015 2276995 2276995 2276995 2276995
1 926 Pre-Tax Net Cash 10432350 4295609 4295609 4295609 4295609
           
Lender          
2 670 Mtge Amortization 42947912 42947912 42947912 42947912 42947912
2 916 Pre-Tax Present Value -10622594 -10622594 -10622594 -10622594 -10622594
2 926 Pre-Tax Net Cash 57275898 57275898 57275898 57275898 57275898
           
Corporate Limited Partner          
3 196 Equity Residual 5829904        
3 370 Return of Investment 16000000 -6125292 13384613 1 12534960
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 3278015 878729 2553188 1404439 2480266
3 926 Pre-Tax Net Cash 5829904 -22125292 -2615387 -15999999 -3465040
3 927 After-Tax Net Cash 29419038 10968608 23845146 15011302 23284374
           
Other          
4 916 Pre-Tax Present Value 192994 192994 192994 192994 192994
4 926 Pre-Tax Net Cash 13221751 13221751 13221751 13221751 13221751
           
SHARP-MHFA          
6 670 Mtge Amortization 1037952 1037952 1037952 1037952 1037952
6 916 Pre-Tax Present Value -710059 -710059 -710059 -710059 -710059
6 926 Pre-Tax Net Cash 1967128 1967128 1967128 1967128 1967128
           
Underwriter/Syndctr          
7 916 Pre-Tax Present Value 67263 67263 67263 67263 67263
7 926 Pre-Tax Net Cash 94500 94500 94500 94500 94500
           
Boston Hsg.Prtnrshp,Inc.          
8 196 Equity Residual 306837        
8 916 Pre-Tax Present Value 1714464 1674563 1674563 1674563 1674563
8 926 Pre-Tax Net Cash 2506837 2200000 2200000 2200000 2200000
           
Greater Boston Dev.Corp.          
9 916 Pre-Tax Present Value 444643 444643 444643 444643 444643
9 926 Pre-Tax Net Cash 498000 498000 498000 498000 498000
           
Local Sponsors          
10 670 Mtge Amortization 17740654 17740654 17740654 17740654 17740654
10 916 Pre-Tax Present Value 5393644 5393644 5393644 5393644 5393644
10 926 Pre-Tax Net Cash 21197709 21197709 21197709 21197709 21197709
           
Prof.Svcs.Firms          
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 113154078 78755303 98265209 84880597 97415555
           
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
           
Corporate Limited Partner          
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
           
SHARP-MHFA          
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          
           
Boston Hsg.Prtnrshp,Inc.          
8 936 IROR Pre-Tax          
8 938 FMRR Pre-Tax          
           
Greater Boston Dev.Corp.          
9 936 IROR Pre-Tax          
9 938 FMRR Pre-Tax          
           
Local Sponsors          
10 936 IROR Pre-Tax          
10 938 FMRR Pre-Tax          
           
Prof.Svcs.Firms          
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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