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Software : AR~"'S Ver. 7.0.03
<br />Date
<br />:3/25/98
<br />File : Ma 3 SPOC edition $160 sensitivity analysis Co~~ :e Square Time : 327 pm
<br />Property Type : OfL . Retail Court . ~h Streets Ref# : ABN
<br />Portfolio . Salem, Oregon Page : 1
<br /> SCHEDULE OF PROSPECTNE CASH FLOW
<br /> In Inflated Dollars for the Fiscal Year beginning 7/1/1997
<br />Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year10
<br />Forthe Years Ending Jun-1998 _ Jun-1999 Jun-2000 Jun-2001 Jun-2002 Jun-2003 Jun-2004 Jun-2005 Jun-2006 Jun-2007
<br />POTENTIAL GROSS REVENUE
<br />Base Rental Revenue $1,847,634 $1,847,634 $1,847,634 $1,847,634 $1,847,634 $1,847 634 $1,847,634 $1,847,634
<br />Scheduled Base Rental Revenue 1,847,634 1,847,634 1,847,634 1,847,634 1,847,634 1,847,634 1,847,634 1,847,634
<br />Expense Reimbursement Revenue
<br />CLEANING EXP 28,972 35,081 41,432 48,036 54,909 62,052 69,484 77,211
<br />PERSONNEL 8,048 9,744 11,510 13,344 15,251 17,237 19,301 21,448
<br />MINOR MAINT 536 648 768 889 1,018 1,147 1,288 1,431
<br />OTHER MAINT 5,901 7,147 8,440 9,785 11,184 12,640 14,155 15,729
<br />HVAC MAINT 7,512 9,094 10,742 12,455 14,235 16,089 18,014 20,017
<br />ELEC MAINT 1,610 1,948 2,303 2,668 3,049 3,448 3,863 4,290
<br />UTILITIES 32,726 39,625 46,802 54,264 62,024 70,098 78,490 87,223
<br />SECURITY/LIFE SAFTY 1,342 1,623 1,918 2,223 2,541 2,873 3,217 3,575
<br />MANAGMENT FEE
<br />GROUNDS/ROADS MAINT
<br />REAL PROPERTY TAX 1,144 2,335 3,573 4,860 6,199 7,592 9,040
<br />INSURANCE 4,560 5,521 6,522 7,560 8,642 9,766 10,936 12,154
<br />PROF FEES 3\
<br />OTHER BLDG MGMT COSTS 268 324 381 445 508 575 645 714 C~~,~~ Q~ ~, _/_' i,•3 Z/MU
<br />l:
<br />Totai Reimbursement Revenue 91,475 111,899 133,153 155,242 178,221 202,124 226,985 252,832
<br /> 5~~..\w~..,~ R~.,1~~ 1 so~~,,
<br />
<br />Parking Revenue
<br />132,960
<br />138,278
<br />143,810
<br />149,562
<br />155,544
<br />161,766
<br />168,237
<br />174,966 ,
<br />TOTAL POTENTIAL GROSS REVENUE 2,072,069 2,097,811 2,124,597 2,152,438 2,181,399 2,211,524 2,242,856 2,275,432
<br />General Vacancy (13,772) (13,933) (14,101) (14,276) (14,458) (14,64~ (14,844) (15,048)
<br />EFFECTIVE GROSS REVENUE 2,058,297 2,083,878 2,110,496 2,138,162 2,166,941 2,196,877 2,228,012 2,260,384
<br />OPERATING EXPENSES
<br />CLEANING EXP 152,693 158,800 165,152 171,758 178,629 185,774 193,205 200,933
<br />PERSONNEL 42,415 44,111 45,876 47,711 49,619 51,604 53,668 55,815
<br />MINOR MAINT 2,828 2,941 3,058 3,181 3,308 3,440 3,578 3,721
<br />OTHER MAINT 31,104 32,348 33,642 34,988 36,387 37,843 39,357 40,931
<br />HVAC MAINT 39,587 41,170 42,817 44,530 46,311 48,164 50,090 52,094
<br />ELEC MAINT 8,483 8,822 9,175 9,542 9,924 10,321 10,734 11,163
<br />UTILITIES • 172,486 179,385 186,561 194,023 201,784 209,856 218,250 226,980
<br />SECURITY/LIFE SAFTY 7,069 7,352 7,646 7,952 8,270 8,601 8,945 9,302
<br />MANAGMENT FEE
<br />GROUNDS/ROADS MAINT
<br />REAL PROPERTY TAX 28,615 29,759 30,950 32,188 33,475 34,814 36,207 37,655
<br />INSURANCE 24,035 24,996 25,996 27,036 28,117 29,242 30,412 31,628
<br />PROF FEES
<br />OTHER BLDG MGMT COSTS 1,414 1,470 1,529 1,590 1,654 1,720 1,789 1,860
<br />TOTAL OPERATING EXPENSES 510,729 531,154 552,402 574,499 597,478 621,379 646,235 672,082
<br />NET OPERATING INCOME 1,547,568 1,552,724 1,558,094 1,563,663 1,569,463 1,575,498 1,581,777 1,588,302
<br />LEASING 8 CAPITAL COSTS
<br />MAJOR MAINT 22,621 23,526 24,467 25,446 26,464 27,522 28,623 29,768
<br />TOTAL LEASING & CAPITAL COSTS 22,621 23,526 24,467 25,446 26,464 27,522 28,623 29,768
<br />CASH FLOW BEFORE DEBT SERVICE _ 1,524,947 1,529,198 1,533,627 1,538,217 1,542,999 1,547,976 1,553,154 1,558,534
<br />DEBT SERVICE
<br />Interest Payments 1,098,568 1,075,987 1,052,192 1,027,117 1,000,694 972,849 943,507 912,587
<br />Principal Payments 419,858 442,438 466,233 491,308 517,732 545,576 574,919 605,839
<br />TOTAL DEBT SERVICE 1,518,426 1,518,425 1,518,425 1,518,425 1,518,426 1,518.425 1.518.426 1.518.426
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