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Covent Gardens 11

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Developer( )( ****)              
Const.Interest ( 1 155)              
Financing Fees ( 1 158) 40 36 36 35 34 33 32
Financing Fees ( 1 158) 40 33 32 30 29 28 26
Financing Fees ( 1 158) 414 342 330 313 298 288 265
Start-up Oper. Losses (exp.) ( 1 167) -345 -301 -294 -283 -273 -267 -252
Equity Residual ( 1 196) 707 79 52 28 16 11 4
Const.Loan ( 1 220)              
Investment Adj. ( 1 320) 344 239 223 202 183 172 148
Net Cash Flow (NCF) ( 1 699) 16 5 5 4 3 3 2
Taxes Pd. on Const.Int. ( 1 810)              
Income Taxes (from Disb.) ( 1 840) -16 -15 -14 -14 -14 -13 -13
Income Taxes (from Disb.) ( 1 840) -16 -13 -13 -12 -11 -11 -10
Income Taxes (from Disb.) ( 1 840) -166 -137 -132 -125 -119 -115 -106
Income Taxes (Annual) ( 1 850) 34 21 19 17 15 15 13
Inc.Taxes:Equity Residual ( 1 880) -244 -27 -18 -10 -5 -4 -1
Subtotal: Developer( )( ****) 808 262 226 185 155 139 107
               
Lender ( 7.8%)( 7.0%)              
Orig.Mtge(s) ( 2 240) -3589 -2966 -2861 -2714 -2578 -2492 -2297
Mtge Interest ( 2 660) 5318 1921 1639 1319 1085 963 737
Mtge Amortization ( 2 670) 752 202 164 123 95 81 58
Mtge Amortization ( 2 670) 2837 317 209 114 63 43 17
Income Taxes (from Disb.) ( 2 840) -532 -192 -164 -132 -109 -96 -74
Subtotal: Lender ( 7.8%)( 7.0%) 4786 -718 -1013 -1290 -1442 -1501 -1559
               
Investor ( )( )              
Equity Residual ( 3 196) 1            
Investment ( 3 310) -540 -409 -389 -362 -338 -323 -290
Net Cash Flow (NCF) ( 3 699) 301 102 86 68 55 48 36
Income Taxes (Annual) ( 3 850) 975 592 546 488 441 414 359
Inc.Taxes:Equity Residual ( 3 880) -584 -65 -43 -23 -13 -9 -3
Subtotal: Investor ( )( ) 153 219 199 171 145 131 101
               
Other ( ****)( 8.5%)              
Const.Interest ( 4 155) 277 239 233 223 215 209 197
Const.Loan ( 4 220)   -224 -259 -307 -350 -376 -433
Taxes Pd. on Const.Int. ( 4 810) -55 -48 -47 -45 -43 -42 -39
Subtotal: Other ( ****)( 8.5%) 222 -32 -73 -128 -178 -208 -275
               
Public ( )( 5.7%)              
Taxes Pd. on Const.Int. ( 5 810) 55 48 47 45 43 42 39
Income Taxes (from Disb.) ( 5 840) 532 192 164 132 109 96 74
Income Taxes (from Disb.) ( 5 840) 198 165 159 151 144 140 129
Income Taxes (Annual) ( 5 850) -1009 -612 -565 -505 -457 -429 -372
Inc.Taxes:Equity Residual ( 5 880) 828 92 61 33 18 13 5
Subtotal: Public ( )( 5.7%) 604 -115 -134 -144 -143 -139 -125
               
Total 6574 -384 -795 -1207 -1463 -1579 -1752


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