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Covent Gardens 11

Schedule C: Residual Values & IROR's

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

  Capitalized value
PROJECT  
165 Capitalized Cost (TCC) 3785
190 Residual Value 3545
195 Land Residual 708.9157
670 Mtge Amortization 2837
710 Depreciation 2744
   
Developer  
1 196 Equity Residual 706.7509
1 880 Inc.Taxes:Equity Residual -244.2938
1 916 Pre-Tax Present Value 328.9364
1 917 After-Tax Present Value 184.9377
1 926 Pre-Tax Net Cash 1216
1 927 After-Tax Net Cash 808.3804
   
Lender  
2 670 Mtge Amortization 2837
2 916 Pre-Tax Present Value -313.854
2 917 After-Tax Present Value -522.8954
2 926 Pre-Tax Net Cash 5318
2 927 After-Tax Net Cash 4786
   
Investor  
3 196 Equity Residual 0.7075
3 880 Inc.Taxes:Equity Residual -583.8804
3 916 Pre-Tax Present Value -303.5466
3 917 After-Tax Present Value 199.2473
3 926 Pre-Tax Net Cash -237.9789
3 927 After-Tax Net Cash 152.7759
   
Other  
4 916 Pre-Tax Present Value -26.143
4 917 After-Tax Present Value -72.6665
4 926 Pre-Tax Net Cash 277.3823
4 927 After-Tax Net Cash 221.9058
   
All Participants  
99 916 Pre-Tax Present Value -795.0693
99 926 Pre-Tax Net Cash 6574
   
Developer  
1 936 IROR Pre-Tax 151.67
1 937 IROR After-Tax 67.21
1 938 FMRR Pre-Tax 12.88
1 939 FMRR After-Tax 10.84
   
Lender  
2 936 IROR Pre-Tax 7.79
2 937 IROR After-Tax 7
2 938 FMRR Pre-Tax 6.14
2 939 FMRR After-Tax 5.78
   
Investor  
3 936 IROR Pre-Tax  
3 937 IROR After-Tax  
3 937.1 IROR After-Tax(w/o pass.loss) 1.64
3 938 FMRR Pre-Tax -0.8
3 939 FMRR After-Tax  
3 939.1 FMRR After-Tax(w/o pass.loss) 2.47
   
Other  
4 936 IROR Pre-Tax 10.73
4 937 IROR After-Tax 8.51
4 938 FMRR Pre-Tax 4.48
4 939 FMRR After-Tax 4.39
   
All Participants  
99 936 IROR Pre-Tax 8.6
99 938 FMRR Pre-Tax 6.76


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