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Regional Shopping Center Illustration:Phase 1: Initial Phase

Schedule A: Project Cash Flow

Annual

  Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
DEVELOPMENT/CAPITAL ACCTS                                            
Field Expense                                            
Land Development                                            
Building Cost -37260000 -37260000                                        
Tenant Improvements                                            
Architecture & Engineering                                            
Elevator/Escalator                                            
Furniture & Equipment                                            
Misc. Administration                                            
Dev. Costs Expensed                                            
Grants & Reimbursements                                            
Contingency                                            
Land -11168887 -11168887                                        
Financing Fees -1728789                     -1728789                    
Construction Interest                                            
Internal Interest                                            
Accounting Transfers                                            
Capitalized Cost -50157676 -48428887                   -1728789                    
Capital Replacement -8831905   -228528 -267378 -306228 -325652 -325652 -341935 -359032 -376983 -395833 -415624 -436405 -458226 -481137 -505194 -530453 -556976 -584825 -614066 -644769 -677008
Ending Value . 165,866,948                                         165,866,948
Capital Before Fin 106,877,367 -48428887 -228528 -267378 -306228 -325652 -325652 -341935 -359032 -376983 -395833 -2144413 -436405 -458226 -481137 -505194 -530453 -556976 -584825 -614066 -644769 165,189,940
Principal Flows . 12,986,055 48,428,887                   22,183,457                   -57626289
Developers Capital 119,863,423   -228528 -267378 -306228 -325652 -325652 -341935 -359032 -376983 -395833 20,039,044 -436405 -458226 -481137 -505194 -530453 -556976 -584825 -614066 -644769 107,563,651
                                             
OPERATIONS                                            
Income 191,997,927   4,968,000 5,812,560 6,657,120 7,079,400 7,079,400 7,433,370 7,805,039 8,195,290 8,605,055 9,035,308 9,487,073 9,961,427 10,459,498 10,982,473 11,531,597 12,108,176 12,713,585 13,349,265 14,016,728 14,717,564
Expenses . -15359834   -397440 -465005 -532570 -566352 -566352 -594670 -624403 -655623 -688404 -722825 -758966 -796914 -836760 -878598 -922528 -968654 -1017087 -1067941 -1121338 -1177405
Net Avail. for D.S. 176,638,093   4,570,560 5,347,555 6,124,550 6,513,048 6,513,048 6,838,700 7,180,635 7,539,667 7,916,651 8,312,483 8,728,107 9,164,513 9,622,738 10,103,875 10,609,069 11,139,522 11,696,498 12,281,323 12,895,390 13,540,159
Debt Service -109308915   -4015737 -4015737 -4015737 -4015737 -4015737 -4015737 -4015737 -4015737 -4015737 -4015737 -6915155 -6915155 -6915155 -6915155 -6915155 -6915155 -6915155 -6915155 -6915155 -6915155
Ground Rent -22337775   -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889 -1116889
Participation . -10818354   -248400 -290628 -264456 -285570 -217170 -234868 -262104 -299419 -338600 -378030 -433061 -504214 -578925 -657371 -739739 -826226 -917038 -1012390 -1112509 -1217635
Cash Flow 34,173,049   -810466 -75698 727469 1,094,852 1,163,252 1,471,206 1,785,906 2,107,622 2,445,425 2,801,828 263003 628255 1,011,770 1,414,461 1,837,286 2,281,252 2,747,417 3,236,890 3,750,837 4,290,481
Amortization . 1,817,168   108563 120527 133809 148556 164927 183102 203281 225683 250554 278166                    
Earnings B.N.C.C. 35,990,217   -701903 44828 861278 1,243,408 1,328,179 1,654,309 1,989,187 2,333,306 2,695,979 3,079,994 263003 628255 1,011,770 1,414,461 1,837,286 2,281,252 2,747,417 3,236,890 3,750,837 4,290,481
Non-Cash Charges . -26001927   -1186485 -1194356 -1203461 -1213491 -1223829 -1234426 -1245552 -1257235 -1269502 -1282382 -1295906 -1310107 -1325017 -1340673 -1357112 -1374373 -1392497 -1411527 -1431508 -1452489
Taxable Income 9,988,290   -1888387 -1149528 -342183 29917 104350 419883 743635 1,076,071 1,426,477 1,797,612 -1032904 -681852 -313247 73787 480174 906879 1,354,920 1,825,363 2,319,329 2,837,992
                                             
FINANCING SUMMARY                                            
Project Cash Flow. 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
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 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 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 Entities 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
Public                                            


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