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ATTACHMENT D
<br />Additional Financial Analysis
<br />
<br />
<br />Proforma: Six-Year Tax Exemption
<br />Below is the 10-year proforma under a scenario where Core Campus receives a tax
<br />exemption for six years. The average cash on cash for the 10-year period is 8.5%.
<br />
<br />
<br />With MUPTEYear 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
<br />
<br />
<br />Income$ 4,649,100$ 4,695,600$ 4,742,500$ 4,790,000$ 4,837,900$ 4,886,200$ 4,935,100$ 4,984,500$ 5,034,300$ 5,084,600
<br />
<br />
<br /> - Vacancy$ 232,500 $ 234,800 $ 237,100 $ 239,500 $ 241,900 $ 244,300 $ 246,700 $ 249,200 $ 251,700 $ 254,200
<br />
<br /> = Effective Gross Rent$ 4,416,600$ 4,460,800$ 4,505,400$ 4,550,500$ 4,596,000$ 4,641,900$ 4,688,400$ 4,735,300$ 4,782,600$ 4,830,400
<br />
<br />
<br /> - Operating Exp$ 1,413,300$ 1,427,500$ 1,441,700$ 1,456,200$ 1,470,700$ 1,485,400$ 1,500,300$ 1,515,300$ 1,530,400$ 1,545,700
<br />
<br /> - Property Tax
<br />
<br />$ (449,000)$ (462,500)$ (476,400)$ (490,700)$ (505,400)$ (520,600)$ - $ - $ - $ -
<br />(saved by MUPTE)
<br />
<br />
<br /> = NOI$ 3,452,300$ 3,495,800$ 3,540,100$ 3,585,000$ 3,630,700$ 3,677,100$ 3,188,100$ 3,220,000$ 3,252,200$ 3,284,700
<br />
<br /> - Debt Service$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522
<br />
<br />
<br /> = CF$ 960,778 $ 1,004,278$ 1,048,578$ 1,093,478$ 1,139,178$ 1,185,578$ 696,578 $ 728,478 $ 760,678 $ 793,178
<br />
<br />
<br />Cash on Cash Return 8.7%9.1%9.5%9.9%10.4%10.8%6.3%6.6%6.9%7.2%
<br />
<br />Proforma: Five-Year Tax Exemption
<br />Below is the 10-year proforma under a scenario where Core Campus receives a tax
<br />exemption for five years. The average cash on cash for the 10-year period is 8.1%.
<br />
<br />
<br />With MUPTEYear 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
<br />
<br />
<br />Income$ 4,649,100$ 4,695,600$ 4,742,500$ 4,790,000$ 4,837,900$ 4,886,200$ 4,935,100$ 4,984,500$ 5,034,300$ 5,084,600
<br />
<br />
<br /> - Vacancy$ 232,500 $ 234,800 $ 237,100 $ 239,500 $ 241,900 $ 244,300 $ 246,700 $ 249,200 $ 251,700 $ 254,200
<br />
<br /> = Effective Gross Rent$ 4,416,600$ 4,460,800$ 4,505,400$ 4,550,500$ 4,596,000$ 4,641,900$ 4,688,400$ 4,735,300$ 4,782,600$ 4,830,400
<br />
<br />
<br /> - Operating Exp$ 1,413,300$ 1,427,500$ 1,441,700$ 1,456,200$ 1,470,700$ 1,485,400$ 1,500,300$ 1,515,300$ 1,530,400$ 1,545,700
<br />
<br /> - Property Tax
<br />
<br />$ (449,000)$ (462,500)$ (476,400)$ (490,700)$ (505,400)$ - $ - $ - $ - $ -
<br />(saved by MUPTE)
<br />
<br />
<br /> = NOI$ 3,452,300$ 3,495,800$ 3,540,100$ 3,585,000$ 3,630,700$ 3,156,500$ 3,188,100$ 3,220,000$ 3,252,200$ 3,284,700
<br />
<br />
<br /> - Debt Service$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522$ 2,491,522
<br />
<br /> = CF$ 960,778 $ 1,004,278$ 1,048,578$ 1,093,478$ 1,139,178$ 664,978 $ 696,578 $ 728,478 $ 760,678 $ 793,178
<br />
<br />Cash on Cash Return 8.7%9.1%9.5%9.9%10.4%6.0%6.3%6.6%6.9%7.2%
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