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601 LIBERTY HOTEL JV

Schedule C: Residual Values & IROR's

(column heading(s) indicate method for calculating residual value)

  Original cost Original cost Ending value input Capitalized value Ending value input Ending value input Ending value input Ending value input Capitalized value
PROJECT                  
165 Capitalized Cost (TCC) 49000 49000 49000 49000 49000 49000 49000 49000 49000
190 Residual Value 49000 49000 1 11700 1 1 1 1 56160
195 Land Residual 9800 9800 0.2 2340 0.2 0.2 0.2 0.2 11232
670 Mtge Amortization 36825 36825 36825 36825 36825 36825 36825 36825 36825
710 Depreciation 58180 58180 58180 58180 58180 58180 58180 58180 58180
                   
Developer                  
1 196 Equity Residual 1324 1324             3114
1 370 Return of Investment 1880 1880             1880
1 880 Inc.Taxes:Equity Residual -25339 -25339 -24538 -24538 -24538 -24538 -24538 -24538 -25786
1 916 Pre-Tax Present Value 1438 1438 1096 1096 1096 1096 1096 1096 1629
1 917 After-Tax Present Value 7489 7489 7232 7232 7232 7232 7232 7232 7633
1 926 Pre-Tax Net Cash 7202 7202 3999 3999 3999 3999 3999 3999 8992
1 927 After-Tax Net Cash -3451 -3451 -5853 -5853 -5853 -5853 -5853 -5853 -2108
                   
Lender                  
2 196 Equity Residual 2647 2647             6227
2 670 Mtge Amortization 36825 36825 36825 36825 36825 36825 36825 36825 36825
2 916 Pre-Tax Present Value 621.8004 621.8004 338.9005 338.9005 338.9005 338.9005 338.9005 338.9005 1004
2 926 Pre-Tax Net Cash 92977 92977 90330 90330 90330 90330 90330 90330 96557
                   
Investor                  
3 196 Equity Residual 1324 1324             3114
3 370 Return of Investment 5000 5000 -36824 -25125 -36824 -36824 -36824 -36824 5000
3 916 Pre-Tax Present Value -1372 -1372 -5983 -4733 -5983 -5983 -5983 -5983 -1181
3 926 Pre-Tax Net Cash 7202 7202 -35946 -24247 -35946 -35946 -35946 -35946 8992
                   
Other                  
4 916 Pre-Tax Present Value 30.9148 30.9148 30.9148 30.9148 30.9148 30.9148 30.9148 30.9148 30.9148
4 926 Pre-Tax Net Cash 35.552 35.552 35.552 35.552 35.552 35.552 35.552 35.552 35.552
                   
All Participants                  
99 916 Pre-Tax Present Value 718.8151 718.8151 -4517 -3267 -4517 -4517 -4517 -4517 1484
99 926 Pre-Tax Net Cash 107417 107417 58418 70117 58418 58418 58418 58418 114577
                   
Developer                  
1 936 IROR Pre-Tax                  
1 937 IROR After-Tax                  
1 938 FMRR Pre-Tax 24.04 24.04 21.18 21.18 21.18 21.18 21.18 21.18 25.3
1 939 FMRR After-Tax                  
                   
Lender                  
2 936 IROR Pre-Tax 15.3 15.3 15.17 15.17 15.17 15.17 15.17 15.17 15.48
2 938 FMRR Pre-Tax 12.18 12.18 12.09 12.09 12.09 12.09 12.09 12.09 12.31
                   
Investor                  
3 936 IROR Pre-Tax 9.4 9.4             10.51
3 938 FMRR Pre-Tax 9.5 9.5             10.31
                   
Other                  
4 936 IROR Pre-Tax                  
4 938 FMRR Pre-Tax                  
                   
All Participants                  
99 936 IROR Pre-Tax 15.31 15.31 12.6 13.37 12.6 12.6 12.6 12.6 15.62
99 938 FMRR Pre-Tax 12.34 12.34 10.51 11 10.51 10.51 10.51 10.51 12.58


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