Regional Shopping Center Illustration

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Regional Shopping Center Illustration:Phase 1: Initial Phase

Schedule B: Cash Flow By Participant

Annual

( BTY )( ATY )	Total	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008
Developer( ****)( )
Start-up Oper. Losses (exp.) ( 1 167)	-843042		-790594	-52448
Equity Residual ( 1 196)	50,080,442																					50,080,442
Investment Adj. ( 1 320)	-1728789											-1728789
Refinancing Net Proceeds ( 1 330)	22,183,457											22,183,457
Net Cash Flow (NCF) ( 1 699)	26,184,186		-248400	-290628	421241	769200	837600	1,129,271	1,426,874	1,730,639	2,049,592	2,386,204	-173403	170029	530633	909267	1,306,833	1,724,276	2,162,592	2,622,824	3,106,067	3,613,473
Subtotal: Developer( ****)( )	95,876,254		-1038994	-343076	421241	769200	837600	1,129,271	1,426,874	1,730,639	2,049,592	22,840,872	-173403	170029	530633	909267	1,306,833	1,724,276	2,162,592	2,622,824	3,106,067	53,693,915

Lender ( ****)( )
Orig.Mtge(s) ( 2 240)	-37260000	-37260000
Mtge Interest ( 2 660)	38,340,200		3,907,174	3,895,210	3,881,928	3,867,181	3,850,810	3,832,634	3,812,456	3,790,054	3,765,183	3,737,571
Mtge Amortization ( 2 670)	1,817,168		108563	120527	133809	148556	164927	183102	203281	225683	250554	278166
Mtge Amortization ( 2 670)
Mortgage Balloon Payment ( 2 678)	35,442,832											35,442,832
Subtotal: Lender ( ****)( )	38,340,200	-37260000	4,015,737	4,015,737	4,015,737	4,015,737	4,015,737	4,015,737	4,015,737	4,015,737	4,015,737	39,458,569

Investor ( ****)( )
Land ( 3 132)	-11168887	-11168887
Land Residual ( 3 195)	41,466,737																					41,466,737
Equity Residual ( 3 196)	16,693,481																					16,693,481
Ground Rent ( 3 631)	22,337,775		1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889	1,116,889
Participation ( 3 682)	8,131,762		248400	290628	332856	353970	353970	371669	390252	409765	430253	450000	450000	450000	450000	450000	450000	450000	450000	450000	450000	450000
Participation ( 3 682)	1,554,331											3531	48707	96143	145950	180000	180000	180000	180000	180000	180000	180000
Participation ( 3 682)	2,072,908															27371	109739	196226	287038	382390	482509	587635
Participation Variance ( 3 683)	-940647				-68400	-68400	-136800	-136800	-128148	-110345	-91652	-75501	-65646	-41928	-17025
Subtotal: Investor ( ****)( )	80,147,459	-11168887	1,365,289	1,407,517	1,381,345	1,402,459	1,334,059	1,351,757	1,378,992	1,416,308	1,455,489	1,494,919	1,549,950	1,621,103	1,695,813	1,774,260	1,856,628	1,943,115	2,033,927	2,129,278	2,229,398	60,494,741

Other ( ****)( )
Financing Fees ( 4 158)
Financing Fees ( 4 158)	1,728,789											1,728,789
Refinancing Proceeds (gross) ( 4 248)	-57626289											-57626289
Mtge Interest ( 4 660)	69,151,547												6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155
Mtge Amortization ( 4 670)	57,626,289																					57,626,289
Subtotal: Other ( ****)( )	70,880,335											-55897500	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	6,915,155	64,541,444

Total	285,244,249	-48428887	4,342,032	5,080,177	5,818,323	6,187,396	6,187,396	6,496,765	6,821,604	7,162,684	7,520,818	7,896,859	8,291,702	8,706,287	9,141,601	9,598,681	10,078,615	10,582,546	11,111,674	11,667,257	12,250,620	178,730,099

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