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Regional Shopping Center Illustration:Phase 1: Initial Phase

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Developer( ****)( )              
Start-up Oper. Losses (exp.) ( 1 167) -843042 -692788 -667588 -632288 -599714 -579375 -532833
Equity Residual ( 1 196) 50,080,442 6,767,399 4,635,426 2,660,808 1,549,337 1,088,584 461911
Investment Adj. ( 1 320) -1728789 -605930 -496985 -371591 -279924 -232674 -148502
Refinancing Net Proceeds ( 1 330) 22,183,457 7,775,166 6,377,214 4,768,184 3,591,924 2,985,627 1,905,544
Net Cash Flow (NCF) ( 1 699) 26,184,186 7,164,895 5,756,399 4,231,594 3,178,967 2,654,762 1,744,198
Subtotal: Developer( ****)( ) 95,876,254 20,408,741 15,604,465 10,656,706 7,440,591 5,916,923 3,430,318
               
Lender ( ****)( )              
Orig.Mtge(s) ( 2 240) -37260000 -33872727 -33267857 -32400000 -31576271 -31050000 -29808000
Mtge Interest ( 2 660) 38,340,200 21,496,180 19,426,584 16,821,096 14,692,399 13,485,262 11,039,057
Mtge Amortization ( 2 670) 1,817,168 935606 832173 704168 601726 544625 431504
Mtge Amortization ( 2 670)              
Mortgage Balloon Payment ( 2 678) 35,442,832 12,422,496 10,188,967 7,618,197 5,738,869 4,770,179 3,044,516
Subtotal: Lender ( ****)( ) 38,340,200 981555 -2820132 -7256539 -10543277 -12249933 -15292923
               
Investor ( ****)( )              
Land ( 3 132) -11168887 -10153534 -9972221 -9712076 -9465159 -9307406 -8935110
Land Residual ( 3 195) 41,466,737 5,603,424 3,838,145 2,203,156 1,282,855 901350 382463
Equity Residual ( 3 196) 16,693,481 2,255,800 1,545,142 886936 516446 362861 153970
Ground Rent ( 3 631) 22,337,775 8,644,276 7,448,694 6,079,110 5,066,460 4,532,316 3,532,838
Participation ( 3 682) 8,131,762 2,909,880 2,468,943 1,970,539 1,608,217 1,419,874 1,074,180
Participation ( 3 682) 1,554,331 313801 233505 151953 100431 76826 40380
Participation ( 3 682) 2,072,908 334537 237616 144091 88679 64666 30135
Participation Variance ( 3 683) -940647 -442532 -386175 -317318 -263067 -233227 -175182
Subtotal: Investor ( ****)( ) 80,147,459 9,465,651 5,413,649 1,406,392 -1065138 -2182739 -3896325
               
Other ( ****)( )              
Financing Fees ( 4 158)              
Financing Fees ( 4 158) 1,728,789 605930 496985 371591 279924 232674 148502
Refinancing Proceeds (gross) ( 4 248) -57626289 -20197663 -16566181 -12386380 -9330793 -7755806 -4950061
Mtge Interest ( 4 660) 69,151,547 14,892,707 11,232,314 7,459,725 5,032,007 3,901,920 2,120,905
Mtge Amortization ( 4 670) 57,626,289 7,787,073 5,333,867 3,061,724 1,782,783 1,252,606 531509
Subtotal: Other ( ****)( ) 70,880,335 3,088,048 496985 -1493340 -2236080 -2368606 -2149145
               
Total 285,244,249 33,943,995 18,694,968 3,313,219 -6403903 -10884355 -17908075



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