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Regional Shopping Center Illustration: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) -843042   -790594 -52448                                    
Equity Residual ( 1 196) 50,080,442                                         50,080,442
Investment Adj. ( 1 320) -1728789                     -1728789                    
Refinancing Net Proceeds ( 1 330) 22,183,457                     22,183,457                    
Net Cash Flow (NCF) ( 1 699) 26,184,186   -248400 -290628 421241 769200 837600 1,129,271 1,426,874 1,730,639 2,049,592 2,386,204 -173403 170029 530633 909267 1,306,833 1,724,276 2,162,592 2,622,824 3,106,067 3,613,473
Subtotal: Developer( ****)( ) 95,876,254   -1038994 -343076 421241 769200 837600 1,129,271 1,426,874 1,730,639 2,049,592 22,840,872 -173403 170029 530633 909267 1,306,833 1,724,276 2,162,592 2,622,824 3,106,067 53,693,915
                                             
Lender ( ****)( )                                            
Orig.Mtge(s) ( 2 240) -37260000 -37260000                                        
Mtge Interest ( 2 660) 38,340,200   3,907,174 3,895,210 3,881,928 3,867,181 3,850,810 3,832,634 3,812,456 3,790,054 3,765,183 3,737,571                    
Mtge Amortization ( 2 670) 1,817,168   108563 120527 133809 148556 164927 183102 203281 225683 250554 278166                    
Mtge Amortization ( 2 670)                                            
Mortgage Balloon Payment ( 2 678) 35,442,832                     35,442,832                    
Subtotal: Lender ( ****)( ) 38,340,200 -37260000 4,015,737 4,015,737 4,015,737 4,015,737 4,015,737 4,015,737 4,015,737 4,015,737 4,015,737 39,458,569                    
                                             
Investor ( ****)( )                                            
Land ( 3 132) -11168887 -11168887                                        
Land Residual ( 3 195) 41,466,737                                         41,466,737
Equity Residual ( 3 196) 16,693,481                                         16,693,481
Ground Rent ( 3 631) 22,337,775   1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889 1,116,889
Participation ( 3 682) 8,131,762   248400 290628 332856 353970 353970 371669 390252 409765 430253 450000 450000 450000 450000 450000 450000 450000 450000 450000 450000 450000
Participation ( 3 682) 1,554,331                     3531 48707 96143 145950 180000 180000 180000 180000 180000 180000 180000
Participation ( 3 682) 2,072,908                             27371 109739 196226 287038 382390 482509 587635
Participation Variance ( 3 683) -940647       -68400 -68400 -136800 -136800 -128148 -110345 -91652 -75501 -65646 -41928 -17025              
Subtotal: Investor ( ****)( ) 80,147,459 -11168887 1,365,289 1,407,517 1,381,345 1,402,459 1,334,059 1,351,757 1,378,992 1,416,308 1,455,489 1,494,919 1,549,950 1,621,103 1,695,813 1,774,260 1,856,628 1,943,115 2,033,927 2,129,278 2,229,398 60,494,741
                                             
Other ( ****)( )                                            
Financing Fees ( 4 158)                                            
Financing Fees ( 4 158) 1,728,789                     1,728,789                    
Refinancing Proceeds (gross) ( 4 248) -57626289                     -57626289                    
Mtge Interest ( 4 660) 69,151,547                       6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155
Mtge Amortization ( 4 670) 57,626,289                                         57,626,289
Subtotal: Other ( ****)( ) 70,880,335                     -55897500 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 6,915,155 64,541,444
                                             
Total 285,244,249 -48428887 4,342,032 5,080,177 5,818,323 6,187,396 6,187,396 6,496,765 6,821,604 7,162,684 7,520,818 7,896,859 8,291,702 8,706,287 9,141,601 9,598,681 10,078,615 10,582,546 11,111,674 11,667,257 12,250,620 178,730,099



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