Covent Gardens 11

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MV AVI FINFEES QTR CAPREP A87SCH ENT DEP Format420 Format418 Format424 Format426 Format421 Format409 Format410 Format411 Format401 Format423 Format413 Format414 Format412 Format404 Format425 Format429 Format402 Format422 Format428 Format405 Format406 Format407 Format408 Format415 Format416 Format417

Covent Gardens 11

Schedule T: Detail Of Present Value

by participant

( bty )( aty )	0%	10%	12%	15%	18%	20%	25%
Developer( )( ****)
Const.Interest ( 1 155)
Financing Fees ( 1 158)	40	36	36	35	34	33	32
Financing Fees ( 1 158)	40	33	32	30	29	28	26
Financing Fees ( 1 158)	414	342	330	313	298	288	265
Start-up Oper. Losses (exp.) ( 1 167)	-345	-301	-294	-283	-273	-267	-252
Equity Residual ( 1 196)	707	79	52	28	16	11	4
Const.Loan ( 1 220)
Investment Adj. ( 1 320)	344	239	223	202	183	172	148
Net Cash Flow (NCF) ( 1 699)	16	5	5	4	3	3	2
Taxes Pd. on Const.Int. ( 1 810)
Income Taxes (from Disb.) ( 1 840)	-16	-15	-14	-14	-14	-13	-13
Income Taxes (from Disb.) ( 1 840)	-16	-13	-13	-12	-11	-11	-10
Income Taxes (from Disb.) ( 1 840)	-166	-137	-132	-125	-119	-115	-106
Income Taxes (Annual) ( 1 850)	34	21	19	17	15	15	13
Inc.Taxes:Equity Residual ( 1 880)	-244	-27	-18	-10	-5	-4	-1
Subtotal: Developer( )( ****)	808	262	226	185	155	139	107

Lender ( 7.8%)( 7.0%)
Orig.Mtge(s) ( 2 240)	-3589	-2966	-2861	-2714	-2578	-2492	-2297
Mtge Interest ( 2 660)	5318	1921	1639	1319	1085	963	737
Mtge Amortization ( 2 670)	752	202	164	123	95	81	58
Mtge Amortization ( 2 670)	2837	317	209	114	63	43	17
Income Taxes (from Disb.) ( 2 840)	-532	-192	-164	-132	-109	-96	-74
Subtotal: Lender ( 7.8%)( 7.0%)	4786	-718	-1013	-1290	-1442	-1501	-1559

Investor ( )( )
Equity Residual ( 3 196)	1
Investment ( 3 310)	-540	-409	-389	-362	-338	-323	-290
Net Cash Flow (NCF) ( 3 699)	301	102	86	68	55	48	36
Income Taxes (Annual) ( 3 850)	975	592	546	488	441	414	359
Inc.Taxes:Equity Residual ( 3 880)	-584	-65	-43	-23	-13	-9	-3
Subtotal: Investor ( )( )	153	219	199	171	145	131	101

Other ( ****)( 8.5%)
Const.Interest ( 4 155)	277	239	233	223	215	209	197
Const.Loan ( 4 220)		-224	-259	-307	-350	-376	-433
Taxes Pd. on Const.Int. ( 4 810)	-55	-48	-47	-45	-43	-42	-39
Subtotal: Other ( ****)( 8.5%)	222	-32	-73	-128	-178	-208	-275

Public ( )( 5.7%)
Taxes Pd. on Const.Int. ( 5 810)	55	48	47	45	43	42	39
Income Taxes (from Disb.) ( 5 840)	532	192	164	132	109	96	74
Income Taxes (from Disb.) ( 5 840)	198	165	159	151	144	140	129
Income Taxes (Annual) ( 5 850)	-1009	-612	-565	-505	-457	-429	-372
Inc.Taxes:Equity Residual ( 5 880)	828	92	61	33	18	13	5
Subtotal: Public ( )( 5.7%)	604	-115	-134	-144	-143	-139	-125

Total	6574	-384	-795	-1207	-1463	-1579	-1752

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