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Tower Point Apartments (detail)

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Developer( )( )              
Equity Residual ( 1 196) 95387 20759 15560 10194 6751 5159 2685
Investment Adj. ( 1 320) -539310 -490282 -481527 -468965 -457042 -449425 -431448
Net Cash Flow (NCF) ( 1 699) 49862 20753 17913 14585 12077 10740 8223
Subtotal: Developer( )( ) -394061 -448770 -448054 -444186 -438215 -433526 -420540
               
Lender ( 7.3%)( )              
Orig.Mtge(s) ( 2 240) -5567000 -5060909 -4970536 -4840870 -4717797 -4639167 -4453600
Mtge Interest ( 2 660) 5,253,678 2,498,677 2,208,867 1,860,000 1,588,328 1,439,620 1,150,051
Interest (Mtge) Variance ( 2 669) 259635 119685 105258 88011 74687 67440 53440
Mtge Amortization ( 2 670) 1,439,993 586935 504805 409007 337171 299051 227690
Mtge Amortization ( 2 670) 4,127,007 898157 673204 441032 292094 223221 116165
Subtotal: Lender ( 7.3%)( ) 5,513,313 -957455 -1478401 -2042820 -2425516 -2609835 -2906255
               
Investor ( 5.2%)( 4.0%)              
Equity Residual ( 3 196) 9,204,882 2,003,250 1,501,516 983678 651488 497873 259094
Investment ( 3 310) -7430348 -6754862 -6634239 -6461172 -6296905 -6191957 -5944278
Net Cash Flow (NCF) ( 3 699) 4,811,651 2,002,634 1,728,594 1,407,488 1,165,396 1,036,364 793496
Income Taxes (Annual) ( 3 850) 195588 225273 218911 207279 194576 186010 165400
Inc.Taxes:Equity Residual ( 3 880) -2434891 -529903 -397183 -260204 -172333 -131698 -68536
Subtotal: Investor ( 5.2%)( 4.0%) 4,346,882 -3053608 -3582402 -4122931 -4457778 -4603408 -4794824
               
Other ( )( )              
Const.Interest ( 4 155) 428234 389304 382352 372377 362910 356862 342587
Equity Residual ( 4 196) 238468 51898 38899 25484 16878 12898 6712
Orig.Mtge(s) ( 4 240) -349500 -317727 -312054 -303913 -296186 -291250 -279600
Mtge Interest ( 4 660) 130588 63221 56056 47398 40625 36904 29626
Mtge Amortization ( 4 670) 129087 56482 49218 40626 34073 30546 23822
Mtge Amortization ( 4 670) 220413 47968 35954 23554 15600 11922 6204
Net Cash Flow (NCF) ( 4 699) 124654 51882 44782 36463 30192 26849 20557
Subtotal: Other ( )( ) 921944 343027 295208 241990 204091 184730 149909
               
Public ( )( ****)              
Income Taxes (Annual) ( 5 850) -195588 -225273 -218911 -207279 -194576 -186010 -165400
Inc.Taxes:Equity Residual ( 5 880) 2,434,891 529903 397183 260204 172333 131698 68536
Subtotal: Public ( )( ****) 2,239,303 304631 178272 52925 -22244 -54312 -96864
               
Total 12,627,382 -3812175 -5035377 -6315023 -7139661 -7516351 -8068574


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