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PSC Regional Shopping Center: 10 Year Refinance (6 37):Phase 1: Initial Phase

Schedule B: Cash Flow By Participant

Annual

( BTY )( ATY ) Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Developer( ****)( )                                            
Start-up Oper. Losses (exp.) ( 1 167) -1212488   -1016325 -196163                                    
Equity Residual ( 1 196) 57,362,703                                         57,362,703
Investment Adj. ( 1 320) -1920876                     -1920876                    
Refinancing Net Proceeds ( 1 330) 24,648,285                     24,648,285                    
Net Cash Flow (NCF) ( 1 699) 25,416,797   -276000 -322920 330158 716779 792779 1,116,858 1,447,529 1,785,045 2,139,437 2,513,450 -450034 -68443 332228 752932 1,194,672 1,658,498 2,145,516 2,656,885 3,193,822 3,757,606
Subtotal: Developer( ****)( ) 104,294,422   -1292325 -519083 330158 716779 792779 1,116,858 1,447,529 1,785,045 2,139,437 25,240,859 -450034 -68443 332228 752932 1,194,672 1,658,498 2,145,516 2,656,885 3,193,822 61,120,309
                                             
Lender ( ****)( )                                            
Orig.Mtge(s) ( 2 240) -41400000 -41400000                                        
Mtge Interest ( 2 660) 42,600,223   4,341,304 4,328,011 4,313,253 4,296,868 4,278,678 4,258,483 4,236,062 4,211,171 4,183,536 4,152,856                    
Mtge Amortization ( 2 670) 2,019,076   120625 133919 148677 165062 183252 203447 225868 250759 278394 309073                    
Mtge Amortization ( 2 670)                                            
Mortgage Balloon Payment ( 2 678) 39,380,924                     39,380,924                    
Subtotal: Lender ( ****)( ) 42,600,223 -41400000 4,461,930 4,461,930 4,461,930 4,461,930 4,461,930 4,461,930 4,461,930 4,461,930 4,461,930 43,842,854                    
                                             
Investor ( ****)( )                                            
Land ( 3 132) -13788750 -13788750                                        
Land Residual ( 3 195) 46,074,152                                         46,074,152
Equity Residual ( 3 196) 19,120,901                                         19,120,901
Ground Rent ( 3 631) 27,577,500   1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875 1,378,875
Participation ( 3 682) 9,035,291   276000 322920 369840 393300 393300 412965 433613 455294 478059 500000 500000 500000 500000 500000 500000 500000 500000 500000 500000 500000
Participation ( 3 682) 1,727,034                     3923 54119 106825 162166 200000 200000 200000 200000 200000 200000 200000
Participation ( 3 682) 2,303,231                             30412 121933 218029 318931 424877 536121 652927
Participation Variance ( 3 683) -1045163       -76000 -76000 -152000 -152000 -142387 -122606 -101836 -83890 -72940 -46587 -18917              
Subtotal: Investor ( ****)( ) 91,004,196 -13788750 1,654,875 1,701,795 1,672,715 1,696,175 1,620,175 1,639,840 1,670,101 1,711,563 1,755,098 1,798,908 1,860,054 1,939,113 2,022,124 2,109,287 2,200,808 2,296,904 2,397,806 2,503,752 2,614,996 67,926,856
                                             
Other ( ****)( )                                            
Financing Fees ( 4 158)                                            
Financing Fees ( 4 158) 1,920,876                     1,920,876                    
Refinancing Proceeds (gross) ( 4 248) -64029210                     -64029210                    
Mtge Interest ( 4 660) 75,739,463                       7,676,710 7,660,695 7,642,650 7,622,316 7,599,403 7,573,584 7,544,491 7,511,707 7,474,766 7,433,140
Mtge Amortization ( 4 670) 2,290,357                       126272 142287 160332 180666 203579 229398 258491 291275 328216 369842
Mtge Amortization ( 4 670) 61,738,853                                         61,738,853
Subtotal: Other ( ****)( ) 77,660,339                     -62108334 7,802,982 7,802,982 7,802,982 7,802,982 7,802,982 7,802,982 7,802,982 7,802,982 7,802,982 69,541,835
                                             
Total 315,559,179 -55188750 4,824,480 5,644,642 6,464,803 6,874,884 6,874,884 7,218,628 7,579,560 7,958,538 8,356,464 8,774,288 9,213,002 9,673,652 10,157,335 10,665,202 11,198,462 11,758,385 12,346,304 12,963,619 13,611,800 198,588,999



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