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Sofiware : AR~"S Ver. 7.0.03 Date : 3/24/98
<br />File : M: S SPOC edition $160 sensitivity analysis Cou •e Square Time : 3:29 pm
<br />Property Type : Ofl~ . Retail Court . ,h Streets Ref# : AAR
<br />Portfolio . Salem, Oregon Page : 1
<br />SCHEDULE OF PROSPECTIVE CASH FLOW
<br />In Inflated Dollars for the Fiscal Year beginning 7/1/1997
<br />Year 1
<br />For the Years Ending Jun-1998 _
<br />POTENTIAL GROSS REVENUE
<br />Base Rental Revenue
<br />Scheduled Base Rental Revenue
<br />Expense Reimbursement Revenue
<br />CLEANING EXP
<br />PERSONNEL
<br />MINOR MAINT
<br />OTHER MAINT
<br />HVAC MAINT
<br />ELEC MAINT
<br />UTILITIES
<br />SECURITY/LIFE SAFTY
<br />MANAGMENT FEE
<br />GROUNDS/ROADS MAINT
<br />REAL PROPERTY TAX
<br />INSURANCE
<br />PROF FEES
<br />OTHER BLDG MGMT COSTS
<br />Total Reimbursement Revenue
<br />Parking Revenue
<br />TOTAL POTENTIAL GROSS REVENUE
<br />General Vacancy
<br />EFFECTIVE GROSS REVENUE
<br />OPERATING EXPENSES
<br />CLEANING EXP
<br />PERSONNEL
<br />MINOR MAINT
<br />OTHER MAINT
<br />HVAC MAINT
<br />ELEC MAINT
<br />UTILITIES
<br />SECURITY/LIFE SAFTY
<br />MANAGMENT FEE
<br />GROUNDS/ROADS MAINT
<br />REAL PROPERTY TAX
<br />INSURANCE
<br />PROF FEES
<br />OTHER BLDG MGMT COSTS
<br />TOTAL OPERATING EXPENSES
<br />NET OPERATING INCOME
<br />LEASING & CAPITAL COSTS
<br />MAJOR MAINT
<br />TOTAL LEASING & CAPITAL COSTS
<br />CASH FLOW BEFORE DEBT SERVICE
<br />DEBT SERVICE
<br />Interest Payments
<br />Principal Payments
<br />TOTAL DEBT SERVICE
<br />Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
<br />Jun-1999 Jun-2000 Jun-2001 Jun-2002 Jun-2003 Jun-2004 Jun-2005 Jun-2006 Jun-2007
<br />$1,844,907 $1,844,907 $1,844,907 $1,844,907 $1,844,907 $1,844,907 $1,844,907 $1,844,907
<br />1,844,907 1,844,907 1,844,907 1,844,907 1,844,907 1,844,907 1,844,907 1,844,907
<br />28,972 35,081 41,432 48,036 54,909 62,052 69,484 77,211
<br />8,048 9,744 11,510 13,344 15,251 17,237 19,301 21,448
<br />536 648 768 889 1,018 1,147 1,288 1,431
<br />5,901 7,147 8,440 9,785 11,184 12,640 14,155 15,729
<br />7,512 9,094 10,742 12,455 14,235 16,089 18,014 20,017
<br />1,610 1,948 2,303 2,668 3,049 3,448 3,863 4,290
<br />32,726 39,625 46,802 54,264 62,024 70,098 78,490 87,223
<br />1,342 1,623 1,918 2,223 2,541 2,873 3,217 3,575
<br /> 1,144 2,335 3,573 4,860 6,199 7,592 9,040
<br />4,560 5,521 6,522 7,560 8,642 9,766 10,936 12,154
<br />268 324 381 445 508 575 645 714
<br />91,475 111,899 133,153 155,242 178,221 202,124 226,985 252,832
<br />132,960 138,278 143,810 149,562 155,544 161, 766 168,237 174,966
<br />2,069,342 2,095,084 2,121,870 2,149,711 2,178,672 2,208,797 2,240,129 2,272,705
<br />(14,231) (14,392) (14,561) (14,735) (14,91~ (15,106) (15,303) (15,50~
<br />2,055,111 2,080,692 2,107,309 2,134,976 2,163,755 2,193,691 2,224,826 2,257,198
<br />152,693 158,800 165,152 171,758 178,629 185,774 193,205 200,933
<br />42,415 44,111 45,876 47,711 49,619 51,604 53,668 55,815
<br />2,828 2,941 3,058 3,181 3,308 3,440 3,578 3,721
<br />31,104 32,348 33,642 34,988 36,387 37,843 39,357 40,931
<br />39,587 41,170 42,817 44,530 46,311 48,164 50,090 52,094
<br />8,483 8,822 9,175 9,542 9,924 10,321 10,734 11,163
<br />172,486 179,385 186,561 194,023 201,784 209,856 218,250 226,980
<br />7,069 7,352 7,646 7,952 8,270 8,601 8,945 9,302
<br />28,615 29,759 30,950 32,188 33,475 34,814 36,207 37,655
<br />24,035 24,996 25,996 27,036 28,117 29,242 30,412 31,628
<br />1,414 1,470 1,529 1,590 1,654 1,720 1,789 1,860
<br />510,729 531,154 552,402 574,499 597,478 621,379 646,235 672,082
<br />1,544,382 1,549,538 1,554,907 1,560,477 1,566,277 1,572,312 1,57$,591 1,585,116
<br />22,621
<br />22,621 23,526
<br />23,526 24,467
<br />24,467 25,446
<br />25,446 26,464
<br />26,464 27,522
<br />27,522 28,623
<br />28,623 29,768
<br />29,768
<br />1,521,761 1,526,012 1,530,440 1,535,031 1,539,813 1,544,790 1,549,968 1,555,348
<br />1,098,568 1,075,987 1,052,192 1,027,117 1,000,694 972,849 943,507 912,587
<br />419,858 442,438 466,233 491,308 517,732 545,576 574,919 605,839
<br />1,518,426 1,518,425 1,518,425 1,518,425 1,518,426 1,518,425 1,518,426 1,518,426
<br /> (continued on ne~R page)
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