| ( bty )( aty ) |
0% |
10% |
12% |
15% |
18% |
20% |
25% |
| Developer( ****)( ****) |
|
|
|
|
|
|
|
| Start-up Oper. Losses (exp.) ( 1 167) |
-422177 |
-319638 |
-303283 |
-280805 |
-260523 |
-248091 |
-220330 |
| Equity Residual ( 1 196) |
1051638 |
445997 |
379231 |
298941 |
237098 |
203814 |
141148 |
| Investment Adj. ( 1 320) |
|
|
|
|
|
|
|
| Equity Required (Add'l) (EQ) ( 1 390) |
-203967 |
-99934 |
-87628 |
-72424 |
-60310 |
-53596 |
-40440 |
| Equity Required (Add'l) (EQ) ( 1 390) |
37611 |
15951 |
13563 |
10691 |
8480 |
7289 |
5048 |
| Participation Variance ( 1 683) |
|
2366 |
2431 |
2421 |
2328 |
2239 |
1971 |
| Participation Variance ( 1 683) |
140903 |
59757 |
50811 |
40053 |
31767 |
27308 |
18912 |
| Participation Variance ( 1 683) |
-95581 |
-40536 |
-34467 |
-27170 |
-21549 |
-18524 |
-12829 |
| Special Return of Equity ( 1 686) |
274050 |
149456 |
133664 |
113656 |
97231 |
87901 |
69021 |
| Special Return of Equity ( 1 686) |
-10406 |
-4413 |
-3753 |
-2958 |
-2346 |
-2017 |
-1397 |
| Net Cash Flow (NCF) ( 1 699) |
36565 |
15507 |
13186 |
10394 |
8244 |
7087 |
4908 |
| Income Taxes (from Disb.) ( 1 840) |
|
-804 |
-827 |
-823 |
-792 |
-761 |
-670 |
| Income Taxes (from Disb.) ( 1 840) |
-47907 |
-20317 |
-17276 |
-13618 |
-10801 |
-9285 |
-6430 |
| Income Taxes (from Disb.) ( 1 840) |
32498 |
13782 |
11719 |
9238 |
7327 |
6298 |
4362 |
| Income Taxes (Annual) ( 1 850) |
-99420 |
-48303 |
-42023 |
-34172 |
-27841 |
-24302 |
-17306 |
| Inc.Taxes:Equity Residual ( 1 880) |
-94416 |
-40042 |
-34047 |
-26839 |
-21287 |
-18298 |
-12672 |
| Subtotal: Developer( ****)( ****) |
599391 |
128828 |
81301 |
26585 |
-12974 |
-32938 |
-66704 |
| |
|
|
|
|
|
|
|
| Lender ( ****)( ) |
|
|
|
|
|
|
|
| Financing Fees ( 2 158) |
569174 |
470392 |
453742 |
430377 |
408772 |
395260 |
364271 |
| Orig.Mtge(s) ( 2 240) |
-1238919 |
-1023900 |
-987659 |
-936801 |
-889772 |
-860360 |
-792908 |
| Mtge Interest ( 2 660) |
876280 |
512912 |
465581 |
404948 |
354479 |
325466 |
265764 |
| Mtge Amortization ( 2 670) |
69619 |
38984 |
35092 |
30154 |
26088 |
23773 |
19066 |
| Mtge Amortization ( 2 670) |
1169300 |
495897 |
421661 |
332388 |
263626 |
226618 |
156941 |
| Subtotal: Lender ( ****)( ) |
1445454 |
494285 |
388418 |
261066 |
163193 |
110756 |
13134 |
| |
|
|
|
|
|
|
|
| Investor ( ****)( ****) |
|
|
|
|
|
|
|
| Equity Residual ( 3 196) |
827223 |
350823 |
298305 |
235148 |
186502 |
160321 |
111028 |
| Investment ( 3 310) |
-500000 |
-454545 |
-446429 |
-434783 |
-423729 |
-416667 |
-400000 |
| Participation Variance ( 3 683) |
|
-2366 |
-2431 |
-2421 |
-2328 |
-2239 |
-1971 |
| Participation Variance ( 3 683) |
-82945 |
-35177 |
-29911 |
-23578 |
-18700 |
-16075 |
-11133 |
| Special Return of Equity ( 3 686) |
500000 |
274261 |
245428 |
208814 |
178683 |
161537 |
126772 |
| Net Cash Flow (NCF) ( 3 699) |
36565 |
15507 |
13186 |
10394 |
8244 |
7087 |
4908 |
| Income Taxes (from Disb.) ( 3 840) |
|
804 |
827 |
823 |
792 |
761 |
670 |
| Income Taxes (from Disb.) ( 3 840) |
28201 |
11960 |
10170 |
8017 |
6358 |
5466 |
3785 |
| Income Taxes (Annual) ( 3 850) |
-89976 |
-43715 |
-38031 |
-30926 |
-25196 |
-21994 |
-15662 |
| Inc.Taxes:Equity Residual ( 3 880) |
-120130 |
-50947 |
-43320 |
-34149 |
-27084 |
-23282 |
-16124 |
| Subtotal: Investor ( ****)( ****) |
598938 |
66606 |
7794 |
-62660 |
-116459 |
-145084 |
-197727 |
| |
|
|
|
|
|
|
|
| Other ( )( ) |
|
|
|
|
|
|
|
| Const.Interest ( 4 155) |
100509 |
85610 |
83071 |
79492 |
76165 |
74075 |
69253 |
| Const.Loan ( 4 220) |
|
-51827 |
-59991 |
-71128 |
-81068 |
-87098 |
-100337 |
| Investment ( 4 310) |
-569174 |
-470392 |
-453742 |
-430377 |
-408772 |
-395260 |
-364271 |
| Equity Required (Add'l) (EQ) ( 4 390) |
-37611 |
-15951 |
-13563 |
-10691 |
-8480 |
-7289 |
-5048 |
| Participation Variance ( 4 683) |
-140903 |
-59757 |
-50811 |
-40053 |
-31767 |
-27308 |
-18912 |
| Participation Variance ( 4 683) |
95581 |
40536 |
34467 |
27170 |
21549 |
18524 |
12829 |
| Participation Variance ( 4 683) |
82945 |
35177 |
29911 |
23578 |
18700 |
16075 |
11133 |
| Subtotal: Other ( )( ) |
-468653 |
-436604 |
-430658 |
-422009 |
-413672 |
-408281 |
-395354 |
| |
|
|
|
|
|
|
|
| Public ( )( ****) |
|
|
|
|
|
|
|
| Income Taxes (from Disb.) ( 5 840) |
|
-804 |
-827 |
-823 |
-792 |
-761 |
-670 |
| Income Taxes (from Disb.) ( 5 840) |
|
804 |
827 |
823 |
792 |
761 |
670 |
| Income Taxes (from Disb.) ( 5 840) |
47907 |
20317 |
17276 |
13618 |
10801 |
9285 |
6430 |
| Income Taxes (from Disb.) ( 5 840) |
-32498 |
-13782 |
-11719 |
-9238 |
-7327 |
-6298 |
-4362 |
| Income Taxes (from Disb.) ( 5 840) |
-28201 |
-11960 |
-10170 |
-8017 |
-6358 |
-5466 |
-3785 |
| Income Taxes (Annual) ( 5 850) |
189396 |
92018 |
80053 |
65098 |
53038 |
46296 |
32969 |
| Inc.Taxes:Equity Residual ( 5 880) |
214546 |
90989 |
77368 |
60987 |
48371 |
41581 |
28796 |
| Subtotal: Public ( )( ****) |
391150 |
177582 |
152808 |
122450 |
98524 |
85397 |
60048 |
| |
|
|
|
|
|
|
|
| Total |
2566279 |
430697 |
199664 |
-74568 |
-281388 |
-390149 |
-586603 |
