Angus Cartwright Spreadsheet

Angus Cartwright Spreadsheet - Exhibit 1 Allison Green...

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Exhibit 1 Allison Green 900 Stony Walk Ivy Terrace The Fowler Building 100 67,000 80 50,000 A) Gross Purchase Price $9,600,000 $11,500,000 $8,400,000 $9,400,000 B) Depreciable Base $7,500,000 $8,000,000 $8,400,000 $9,400,000 27.5 39 27.5 39 D) Estimated Sales Price $12,500,000 $14,500,000 $10,500,000 $13,300,000 E) Expected Year of Sale 10 10 10 $10 F) Cash Flow from Operations $870,200 $1,057,200 $765,700 $788,300 G) Annual Increase in CFO 3% 3% 3% 4% H) Leasehold Payments $0 $0 $30,000 $70,000 I) Equity Investment $3,600,000 $3,500,000 $2,900,000 $2,400,000 J) Amount of 1st Mortgage $6,000,000 $8,000,000 $5,500,000 $7,000,000 1) Interest Rate 6% 6.5% 6% 7.5% 2) Term 10 years 10 years 10 years 10 years 3) Amortization Period 30 years 20 years 30 years 25 years 4) Constant Loan Payments 7.26% 9.08% 7.26% 8.97% Number of units/or square feet of rentable space C)Depreciable Life (Capital Recovery Period
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Exhibit 2: First-Year Project Setups (000s) Ivy Terrace Gross Rents $1,440.00 $1,742.00 $1,296.00 $1,275.00 Vacancies $(72.00) $(87.10) $(90.72) $(89.25) $1,368.00 $1,654.90 $1,205.28 $1,185.75 Real Estate Taxes $(172.80) $(209.04) $(129.60) $(127.50) $(300.00) $(368.56) $(289.98) $(254.95) Capital Reserves $(25.00) $(20.10) $(20.00) $(15.00) $870.20 $1,057.20 $765.70 $788.30 Finance Payments $(435.90) $(726.05) $(399.57) $(627.97) Lease Payments $- $- $(30.00) $(70.00) $434.30 $331.15 $336.13 $90.33 Allison Green 900 Stony Walk The Fowler Building Effective Gross Income Other Op Expenses Cash Flow from Ops Before Tax Cash Flow
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Exhibit 3: Purchase and Operating Comparables Allison Green Ivy Terrace $96,000 $171.64 $105,000 $188 Real Estate Taxes/Gross Rev 12% 12% 10% 10% $3,000 $5.50 $3,624.75 $5.10 20.83% 21.16% 22.38% 20.00% $4,728.00 $8.62 $5,244.75 $7.65 $1,200 $26.00 $1,350 $25.50 Actual or Projected Occupancy 95% 95% 93% 93% 900 Stony Walk The Fowler Building Price/Unit or Price/ Rentable Square Foot Other Operating Expenses/ Unit or Operating Expenses/ Rentable Square Foot Other Operating Expenses/ Gross Revenue RE Taxes and Operating Expenses/ Unit or/ Rentable SF Average Monthly Rents for the Apts or Yearly Dollars per Sq. Ft. of Office Space
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Exhibit 4: Break-Even Analysis Ivy Terrace Current or Projected Occupancy 95% 95% 93% 93% Added Margin 30.16% 19% 25.90% 7.08% Break-even Occupancy 64.84% 76% 67.10% 85.92% Loan to Value Ratio 62.50% 69.57% 65.48% 74.47% Debt Coverage Ratio 2.00 1.46 1.92 1.26 Allison Green 900 Stony Walk The Fowler Building
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Exhibit 5: Projected Cash Flows (000s) Allison Green ($000) Projected Cash Flow Assumptions 0 1 2 3 4 5 6 7 8 9 10 Cash Flow from Ops 3% Growth $870.20 $896.31 $923.20 $950.89 $979.42 $1,008.80 $1,039.06 $1,070.24 $1,102.34 $1,135.41 (-) Lease Paymen $- $- $- $- $- $- $- $- $- $- (-) Financing $(435.89) $(435.89) $(435.89) $(435.89) $(435.89) $(435.89) $(435.89) $(435.89) $(435.89) $(435.89) BEFORE TAX CASH FLOW $434.31 $460.41 $487.30 $515.00 $543.52 $572.91 $603.17 $634.34 $666.45 $699.52 (+) Amortization
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This note was uploaded on 04/07/2008 for the course FINANCE FE469 taught by Professor Munsell during the Fall '07 term at BU.

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Angus Cartwright Spreadsheet - Exhibit 1 Allison Green...

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