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

Schedule A: Project Cash Flow

Annual

  Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
DEVELOPMENT/CAPITAL ACCTS                                            
Field Expense                                            
Land Development                                            
Building Cost -41400000 -41400000                                        
Tenant Improvements                                            
Architecture & Engineering                                            
Elevator/Escalator                                            
Furniture & Equipment                                            
Misc. Administration                                            
Dev. Costs Expensed                                            
Grants & Reimbursements                                            
Contingency                                            
Land -13788750 -13788750                                        
Financing Fees -1920876                     -1920876                    
Construction Interest                                            
Internal Interest                                            
Accounting Transfers                                            
Capitalized Cost -57109626 -55188750                   -1920876                    
Capital Replacement -9813227   -253920 -297086 -340253 -361836 -361836 -379928 -398924 -418870 -439814 -461805 -484895 -509140 -534597 -561326 -589393 -618862 -649805 -682296 -716411 -752231
Ending Value . 184,296,609                                         184,296,609
Capital Before Fin 117,373,755 -55188750 -253920 -297086 -340253 -361836 -361836 -379928 -398924 -418870 -439814 -2382681 -484895 -509140 -534597 -561326 -589393 -618862 -649805 -682296 -716411 183,544,378
Principal Flows . 18,098,183 55,188,750                   24,648,285                   -61738853
Developers Capital 135,471,938   -253920 -297086 -340253 -361836 -361836 -379928 -398924 -418870 -439814 22,265,605 -484895 -509140 -534597 -561326 -589393 -618862 -649805 -682296 -716411 121,805,525
                                             
OPERATIONS                                            
Income 213,331,030   5,520,000 6,458,400 7,396,800 7,866,000 7,866,000 8,259,300 8,672,265 9,105,878 9,561,172 10,039,231 10,541,192 11,068,252 11,621,665 12,202,748 12,812,885 13,453,529 14,126,206 14,832,516 15,574,142 16,352,849
Expenses . -17066482   -441600 -516672 -591744 -629280 -629280 -660744 -693781 -728470 -764894 -803138 -843295 -885460 -929733 -976220 -1025031 -1076282 -1130096 -1186601 -1245931 -1308228
Net Avail. for D.S. 196,264,548   5,078,400 5,941,728 6,805,056 7,236,720 7,236,720 7,598,556 7,978,484 8,377,408 8,796,278 9,236,092 9,697,897 10,182,792 10,691,931 11,226,528 11,787,854 12,377,247 12,996,109 13,645,915 14,328,211 15,044,621
Debt Service -122649118   -4461930 -4461930 -4461930 -4461930 -4461930 -4461930 -4461930 -4461930 -4461930 -4461930 -7802982 -7802982 -7802982 -7802982 -7802982 -7802982 -7802982 -7802982 -7802982 -7802982
Ground Rent -27577500   -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875 -1378875
Participation . -12020393   -276000 -322920 -293840 -317300 -241300 -260965 -291226 -332688 -376223 -420033 -481179 -560238 -643249 -730412 -821933 -918029 -1018931 -1124877 -1236121 -1352927
Cash Flow 34,017,537   -1038405 -221997 670411 1,078,615 1,154,615 1,496,786 1,846,453 2,203,915 2,579,251 2,975,254 34861 440697 866825 1,314,259 1,784,065 2,277,361 2,795,322 3,339,180 3,910,232 4,509,837
Amortization . 4,309,433   120625 133919 148677 165062 183252 203447 225868 250759 278394 309073 126272 142287 160332 180666 203579 229398 258491 291275 328216 369842
Earnings B.N.C.C. 38,326,970   -917779 -88078 819088 1,243,677 1,337,867 1,700,233 2,072,320 2,454,674 2,857,645 3,284,328 161133 582983 1,027,157 1,494,925 1,987,644 2,506,759 3,053,813 3,630,455 4,238,448 4,879,678
Non-Cash Charges . -28891030   -1318316 -1327062 -1337179 -1348323 -1359810 -1371584 -1383947 -1396928 -1410557 -1424869 -1439896 -1455674 -1472241 -1489637 -1507902 -1527081 -1547219 -1568363 -1590565 -1613877
Taxable Income 9,435,940   -2236096 -1415140 -518091 -104646 -21943 328649 688374 1,057,747 1,447,087 1,859,459 -1278763 -872691 -445084 5288 479741 979678 1,506,594 2,062,092 2,647,883 3,265,802
                                             
FINANCING SUMMARY                                            
Project Cash Flow. 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
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 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 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 Entities 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
Public                                            



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