Leased out area sqf 025 M 025 M 025 M 025 M 025 M Avg rent sqf 2848 3133 3446

Leased out area sqf 025 m 025 m 025 m 025 m 025 m avg

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Leased out area (sqf) 0.25 M 0.25 M 0.25 M 0.25 M 0.25 M Avg rent (sqf) 2,848 3,133 3,446 3,791 4,170 per cent increase 10 per cent 10 per cent 10 per cent 10 per cent Property M.fee ( per cent of rev) 6 per cent 6 per cent 6 per cent 6 per cent 6 per cent Insurance exp. (PKR) 63 M 66 M 70 M 73 M 77 M per cent increase 5 per cent 5 per cent 5 per cent 5 per cent Marketing exp 50 M 53,292 58,622 64,484 70,932 per cent of rev. 2 per cent 2 per cent 2 per cent 2 per cent Property tax 21 M 22 M 22 M 22 M 22 M per cent increase 1 per cent 1 per cent 1 per cent 1 per cent Other operating exp 41 M 42 M 43 M 44 M 44 M per cent increase 2 per cent 2 per cent 2 per cent 2 per cent RMC fees 67 M 73 M 81 M 89 M 97 M Trustee fees 11 M 12 M 1 M 15 M 16 M Preliminary exp. 48 M 48 M 48 M 48 M 48 M FV Adjustment: Land & Building 1,112 M 1,167 M 1,226 M 1,287 M 1,351 M per cent of Land & Building 5 per cent 5 per cent 6 per cent 6 per cent 6 per cent Return on surplus cash 16,990 16,990 16,990 16,990 16,990 Balance sheet assumptions June 2016 June 2017 June 2018 June 2019 June 2020 Land & Building 22,237 M 22,237 M 22,237 M 22,237 M 22,237 M FV Adjustment Land & Building 1,112 M 2,279 M 3,505 M 4,792 M 6,144 M per cent of Land & Building Payable to RMC 192 M 144 M 96 M 48 M 1st Yr 10th Yr Dividend Yield 9.5 per cent 22.6 per cent RE growth/annum 5 per cent DPO 90 per cent Source: Authors’ estimates. Note: M: million.
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146 Asian Journal of Management Cases 15(2) Declaration of Conflicting Interests The author(s) declared no potential conflicts of interest with respect to the research, authorship and/or publication of this case. Funding The author(s) received no financial support for the research, authorship and/or publication of this case. Notes 1. See Pakistan Real Estate Report, January 2015. BMI Research. A Fitch Group Company. 2. See 3. See 4. National Association of Real Estate Investment Trusts®. 5. Debt ratio equals total debt divided by total market capitalization. Total market capitalization is the sum of total debt and implied equity market capitalization (common shares plus operating partnership units).
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