REAL ESTATE INVESTMENT AND FIN 2-3 pages

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Exhibit 1

Exhibit 1
Exhibit 1
Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case
The Perennial	The Westchester	The Indiana
Number of units	100	96	72
Rentable Square Feet	110,000	76,000	54,600
A)	Gross Purchase Price	$8,700,000	$7,000,000	$4,000,000
B)	Depreciable Base	$6,525,000	$5,250,000	$3,000,000
C)	Depreciable Life (Capital Recovery Period)	27.5	27.5	27.5
D)	Estimated Sales Price	$10,000,000	$9,000,000	$5,000,000
E)	Expected Year of Sale	10	10	10
F)	Net Operating Income (NOI)	$779,900	$770,426	$428,776
G)	Annual Increase in NOI	3%	3%	3%
H)	Leasehold Payments	$0	$0	$0
I)	Equity Investment	$2,610,000	$2,100,000	$1,200,000
J)	Amount of 1st Mortgage	$6,090,000	$4,900,000	$2,800,000
1) Interest Rate	5.5%	5.5%	6.5%
2) Term	10 years	10 years	10 years
3) Amortization Period	25 years	25 years	25 years
4) Constant Loan Payments	7.46%	7.47%	8.20%

Exhibit 2

Exhibit 2
Exhibit 2	First-Year (000s)
The Perenial	The Westchester	The Indiana
Gross Rents	$1,380,000.0	$1,324,800.0	$777,600.0
- Vacancies	(69,000.0)	(66,240.0)	(38,880.0)
Effective Gross Income	$1,311,000.0	$1,258,560.0	$738,720.0
- Real Estate Taxes	(131,100.0)	(118,933.9)	(60,944.4)
- Other Operating Expenses	(345,000.0)	(331,200.0)	(194,400.0)
- Capital Reserves	(55,000.0)	(38,000.0)	(38,000.0)
Net Operating Income	$779,900.0	$770,426.1	$428,775.6
- Finance Payments	(454,448.7)	(365,291.8)	(229,548.1)
BEFORE TAX CASH FLOW	$325,451.3	$405,134.3	$199,227.5

Exhibit 3

Exhibit 3
Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case
The Perennial	The Westchester	The Indiana
Price/Unit or Price/RSF	$87,000	$72,917	$55,556
Real Estate Taxes/ Gross Revenue	10%	9.45%	8.25%
Operating Expenses/Gross Revenue	41%	39%	42%
Operating Expenses/unit or /RSF	$5,311.00	$5,084.73	$4,304.78
Average Monthly Rents for the Apartments or Yearly Dollars per RSF	$1,150	$1,150	$900
Actual or Projected Occupancy	95%	95%	95%

Exhibit 4

Exhibit 4
Exhibit 4	Break-Even Analysis
Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case
The Perennial	The Westchester	The Indiana
Current or Projected Occupancy	95.00%	Current or Projected Occupancy	95.00%	Current or Projected Occupancy	95.00%
Break-even Occupancy	71.42%	Break-even Occupancy	64.42%	Break-even Occupancy	69.38%
Loan to Value	70.00%	Loan to Value	70.00%	Loan to Value	70.00%
Debt Coverage Ratio	1.72	Debt Coverage Ratio	2.11	Debt Coverage Ratio	1.87

Exhibit 5

Exhibit 5	The Perennial	The Westchester	The Indiana
The Perennial Projected Cash Flows (000’s)	The westchester Projected cash flows	The Indiana Projected cash flows
Assumptions	0	1	2	3	4	5	6	7	8	9	10	11	Assumptions	0	1	2	3	4	5	6	7	8	9	10	11	Assumptions	0	1	2	3	4	5	6	7	8	9	10	11
# of Units	100	# of Units	96	# of Units	72
Square Feet	110,000	Square Feet	76,000	Square Feet	54,600
Reserve per unit/SF	$0.50	Vacancy Rate	5%	5%	5%	5%	5%	5%	5%	5%	5%	5%	Reserve per unit/SF	$0.50	Vacancy Rate	$0.05	Reserve per unit/SF	$1.00	Vacancy Rate	$0.05
Net Operating Income	$779,900	Growth Rate	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	Net Operating Income	$770,426	Growth rate	$0.03	Net Operating Income	$428,776	Growth rate	$0.03
Monthly Unit Rent	$1,150.00	Monthly Unit Rent	$1,150.00	Monthly Unit Rent	$900.00
Gross Rental Income	$1,380,000	$1,380,000	$1,421,400	$1,464,042	$1,507,963	$1,553,202	$1,599,798	$1,647,792	$1,697,226	$1,748,143	$1,800,587	Gross Rental Income	$1,324,800	$1,324,800	$1,364,544	$1,405,480	$1,447,645	$1,491,074	$1,535,806	$1,581,880	$1,629,337	$1,678,217	$1,728,564	Gross Rental Income	$777,600	$777,600	$800,928	$824,956	$849,705	$875,196	$901,452	$928,495	$956,350	$985,040	$1,014,592
Other Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	Other Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	Other Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
(-) Vacancies	5%	($69,000)	($71,070)	($73,202)	($75,398)	($77,660)	($79,990)	($82,390)	($84,861)	($87,407)	($90,029)	(-) Vacancies	5%	($66,240)	($68,227)	($70,274)	($72,382)	($74,554)	($76,790)	($79,094)	($81,467)	($83,911)	($86,428)	(-) Vacancies	5%	($38,880)	($40,046)	($41,248)	($42,485)	($43,760)	($45,073)	($46,425)	($47,817)	($49,252)	($50,730)
Gross Effective Effective	$1,311,000	$1,350,330	$1,390,840	$1,432,565	$1,475,542	$1,519,808	$1,565,403	$1,612,365	$1,660,736	$1,710,558	$1,761,874	Gross Effective Effective	$1,258,560	$1,296,317	$1,335,206	$1,375,262	$1,416,520	$1,459,016	$1,502,786	$1,547,870	$1,594,306	$1,642,135	$1,691,399	Gross Effective Effective	$738,720	$760,882	$783,708	$807,219	$831,436	$856,379	$882,070	$908,532	$935,788	$963,862	$992,778
(-) Real estate taxes	10%	($131,100)	($135,033)	($139,084)	($143,257)	($147,554)	($151,981)	($156,540)	($161,236)	($166,074)	($171,056)	(-) Real estate taxes	9%	($118,934)	($122,502)	($126,177)	($129,962)	($133,861)	($137,877)	($142,013)	($146,274)	($150,662)	($155,182)	(-) Real estate taxes	8%	($60,944)	($62,773)	($64,656)	($66,596)	($68,593)	($70,651)	($72,771)	($74,954)	($77,203)	($79,519)
(-) Other op expenses	25%	($345,000)	($355,350)	($366,011)	($376,991)	($388,301)	($399,950)	($411,948)	($424,306)	($437,036)	($450,147)	(-) Other op expenses	25%	($331,200)	($341,136)	($351,370)	($361,911)	($372,769)	($383,952)	($395,470)	($407,334)	($419,554)	($432,141)	(-) Other op expenses	25%	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)
(-) Capital reserves	$55,000	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	(-) Capital reserves	$38,000	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	(-) Capital reserves	$54,600	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)
Total Operating Expenses	$531,100	$545,383	$560,094	$575,247	$590,855	$606,930	$623,488	$640,543	$658,109	$676,203	$696,489	Total Operating Expenses	$488,134	$501,638	$515,547	$529,873	$544,630	$559,829	$575,483	$591,608	$608,216	$625,323	$644,082	Total Operating Expenses	$309,944	$311,773	$313,656	$315,596	$317,593	$319,651	$321,771	$323,954	$326,203	$328,519	$338,374
Net Operating Income	3%	Growth	$779,900	$804,947	$830,745	$857,318	$884,687	$912,878	$941,914	$971,822	$1,002,626	$1,034,355	$1,065,386	Net Operating Income	3%	$770,426	$794,679	$819,659	$845,389	$871,891	$899,187	$927,303	$956,262	$986,090	$1,016,813	$1,047,317	Net Operating Income	3%	$428,776	$449,109	$470,052	$491,624	$513,842	$536,728	$560,300	$584,578	$609,586	$635,343	$654,404
(-) Debt Service	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	(-) Debt Service	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	(-) Debt Service	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)
BEFORE TAX CASH FLOW	($2,610,000)	$325,451	$350,498	$376,297	$402,869	$430,239	$458,429	$487,466	$517,373	$548,178	$579,906	BEFORE TAX CASH FLOW	-2100000	$405,134	$429,387	$454,367	$480,097	$506,599	$533,896	$562,011	$590,970	$620,798	$651,521	BEFORE TAX CASH FLOW	-1200000	$199,227	$219,561	$240,504	$262,076	$284,294	$307,180	$330,751	$355,030	$380,038	$405,795
BTIRR	ERROR:#NUM!
Net Operating Income	$779,900	$804,947	$830,745	$857,318	$884,687	$912,878	$941,914	$971,822	$1,002,626	$1,034,355	Net Operating Income	$770,426	$794,679	$819,659	$845,389	$871,891	$899,187	$927,303	$956,262	$986,090	$1,016,813	Net Operating Income
(-) Interest	$6,090,000	mortgage	($335,559)	($329,008)	($322,096)	($314,804)	($307,109)	($298,991)	($290,425)	($281,388)	($271,852)	($261,791)	(-) Interest	$4,900,000	($269,500)	($264,231)	($258,673)	($252,809)	($246,623)	($240,096)	($233,210)	($225,945)	($218,281)	($210,196)	(-) Interest	$2,800,000	$428,776	$449,109	$470,052	$491,624	$513,842	$536,728	$560,300	$584,578	$609,586	$635,343
(+) Reserve	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	(+) Reserve	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	(+) Reserve	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600
(-) Depreciation	27.5	years	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	(-) Depreciation	27.5	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	(-) Depreciation	27.5	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)
Taxable Income	$262,068	$293,666	$326,376	$360,241	$395,305	$431,614	$469,216	$508,161	$548,502	$590,292	Taxable Income	$348,017	$377,538	$408,077	$439,671	$472,359	$506,183	$541,184	$577,408	$614,899	$653,708	Taxable Income	$374,285	$394,618	$415,561	$437,133	$459,351	$482,237	$505,809	$530,088	$555,095	$580,853
(-) Tax Payable at 35%	35.00%	tax rate	$91,724	$102,783	$114,232	$126,084	$138,357	$151,065	$164,226	$177,856	$191,976	$206,602	(-) Tax Payable at 35%	35.00%	$121,806	$132,138	$142,827	$153,885	$165,326	$177,164	$189,414	$202,093	$215,215	$228,798	(-) Tax Payable at 35%	35.00%	$131,000	$138,116	$145,446	$152,996	$160,773	$168,783	$177,033	$185,531	$194,283	$203,298
AFTER TAX CASH FLOW	$233,727	$247,715	$262,065	$276,785	$291,882	$307,364	$323,240	$339,516	$356,202	$373,304	AFTER TAX CASH FLOW	$226,211	$245,400	$265,250	$285,786	$307,033	$329,019	$351,770	$375,315	$399,685	$424,910	AFTER TAX CASH FLOW	$243,285	$256,502	$270,115	$284,136	$298,578	$313,454	$328,776	$344,557	$360,812	$377,554
(-) Equity in	($2,610,000)	(-) Equity in	-2100000	(-) Equity in	-1200000
(+) Net cash from sale	$4,735,782	(+) Net cash from sale	$4,613,081	(+) Net cash from sale	$2,500,808
TOTAL RETURN	($2,610,000)	$233,727	$247,715	$262,065	$276,785	$291,882	$307,364	$323,240	$339,516	$356,202	$5,109,087	TOTAL RETURN	-2100000	$226,211	$245,400	$265,250	$285,786	$307,033	$329,019	$351,770	$375,315	$399,685	$5,037,991		TOTAL RETURN	-1200000	$243,285	$256,502	$270,115	$284,136	$298,578	$313,454	$328,776	$344,557	$360,812	$2,878,362
Purchase Price	$8,700,000	SALES PRICE	$10,000,000	SALES PRICE	$10,000,000	Purchase Price	$7,000,000	Sales price	$9,000,000	Sales Price	$9,000,000	Purchase Price	$4,000,000	Sales price	$5,000,000	Sales Price	$5,000,000
(+) Capital expend	$550,000	NET BOOK VALUE	($6,877,273)	(-) Income tax	-$705,682	(+) Capital expend	$380,000	NET Book Value	($5,470,909)	(-) Income tax	($720,273)	(+) Capital expend	$546,000	NET Book Value	($3,455,091)	(-) Income tax	($340,827)
(-) Depreciation	($2,372,727)	GAIN ON SALE	$3,122,727	(-) Mortgage balance	-$4,558,536	(-) Depreciation	($1,909,091)	Gain on Sale	$3,529,091	(-) Mortgage balance	($3,666,646)	(-) Depreciation	($1,090,909)	Gain on Sale	$1,544,909	(-) Mortgage balance	($2,158,365)
Net Book Value	$6,877,273	Net Cash from Sale	$4,735,782	Net Book Value	$5,470,909	net cash	$4,613,081	Net Book Value	$3,455,091	net cash	$2,500,808
Depreciation taken	$2,372,727	Depreciation taken	$1,909,091	Depreciation taken	$1,090,909
Land value	$2,175,000	Taxes at	25%	$593,182	NET PRESENT VALUE @	12%	$536,720	Land value	$1,750,000	Taxes at	$477,273	NET PRESENT VALUE @12%	$1,085,872	Land value	$1,000,000	Taxes at	$272,727	NET PRESENT VALUE @12%	$1,267,513
Depreciable base	$6,525,000	Remaining gain	$750,000	Depreciable base	$5,250,000	Remaining Gain	$1,620,000	Depreciable base	$3,000,000	Remaining Gain	$454,000
Taxes at	15%	$112,500	INTERNAL RATE OF RETURN	14.91%	Taxes at	$243,000	IRR	$0	Taxes at	$68,100	IRR	$0
Total Taxes	$705,682	BTIRR	10%	Total Taxes	$720,273	BTIRR	$0	Total Taxes	$340,827	BTIRR	$0
Financial Analysis	Financial Analysis	Financial Analysis
Simple Return Measures	Discounted Return Measures	Simple Return Measures	Discounted Return Measures	Simple Return Measures	Discounted Return Measures
Equity Required	$2,610,000	Capitalization Rate - Purchase	8.96%	Internal Rate of Return	14.91%	Equity Required	$2,100,000	Capitalization Rate - Purchase	0.1100608686	IRR	0.1877622477	Equity Required	$1,200,000	Capitalization Rate - Purchase	0.1071939	IRR	0.2648899934
Capitalization Rate - Sale	10.65%	Net Present Value	536,720	Capitalization Rate - Sale	0.1163685612	NPV		Capitalization Rate - Sale	0.1308807461	NPV
Cash-on-Cash Return (before tax)	12.47%	Cash-on-Cash Return (before tax)	0.1929210717	Cash-on-Cash Return (before tax)	0.1660228775
Cash-on-Cash Return (after tax)	8.96%	Cash-on-Cash Return (after tax)	0.1077195442	Cash-on-Cash Return (after tax)	0.2027375409
Increase in Capital Value	14.94%	Increase in Capital Value	0.2857142857	Increase in Capital Value	0.25
Amortization Schedule	列1	列2	0	1	2	3	4	5	6	7	8	9	10	列3	Amortization Schedule	列1	0	1	2	3	4	5	6	7	8	9	10	Amortization Schedule	列1	0	1	2	3	4	5	6	7	8	9	10
Ending balance	$6,090,000	$5,971,110	$5,845,670	$5,713,317	$5,573,672	$5,426,333	$5,270,875	$5,106,852	$4,933,791	$4,751,194	$4,558,536	Ending balance	$4,900,000	$4,804,208	$4,703,148	$4,596,529	$4,484,046	$4,365,377	$4,240,181	$4,108,099	$3,968,753	$3,821,742	$3,666,646	Ending balance	$2,800,000	$2,752,452	$2,701,813	$2,647,883	$2,590,447	$2,529,278	$2,464,133	$2,394,753	$2,320,864	$2,242,172	$2,158,365
Finance charge	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	Finance charge	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	Finance charge	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548
Interest charge	5.5%	interest rate	$335,559	$329,008	$322,096	$314,804	$307,109	$298,991	$290,425	$281,388	$271,852	$261,791	Interest charge	5.5%	$269,500	$264,231	$258,673	$252,809	$246,623	$240,096	$233,210	$225,945	$218,281	$210,196	Interest charge	6.5%	$182,000	$178,909	$175,618	$172,112	$168,379	$164,403	$160,169	$155,659	$150,856	$145,741
Amortization	25	-yr. amortization	$118,890	$125,441	$132,352	$139,645	$147,339	$155,458	$164,023	$173,061	$182,597	$192,658	Amortization	25	$95,792	$101,060	$106,619	$112,483	$118,669	$125,196	$132,082	$139,346	$147,010	$155,096	Amortization	25	$47,548	$50,639	$53,930	$57,436	$61,169	$65,145	$69,380	$73,889	$78,692	$83,807
Year One DCR	1.72	1.77	1.83	1.89	1.95	2.01	2.07	2.14	2.21	2.28	Year One DCR	2.109070113	2.18	2.24	2.31	2.39	2.46	2.54	2.62	2.70	2.78	Year One DCR	1.87	1.96	2.05	2.14	2.24	2.34	2.44	2.55	2.66	2.77
The property from Costar
The Perennial Projected Cash Flows (costar’s)	The westchester Projected cash flows	The Indiana Projected cash flows
Assumptions	0	1	2	3	4	5	6	7	8	9	10	11	Assumptions	0	1	2	3	4	5	6	7	8	9	10	11	Assumptions	0	1	2	3	4	5	6	7	8	9	10
# of Units	100	# of Units	96	# of Units	72
Square Feet	110,000	Square Feet	76,000	Square Feet	54,600
Reserve per unit/SF	$0.50	Vacancy Rate	4%	4%	4%	4%	4%	4%	4%	4%	4%	4%	Reserve per unit/SF	$0.50	Vacancy Rate	$0.07	Reserve per unit/SF	$1.00	Vacancy Rate	$0.01
Net Operating Income	$731,663	Growth Rate	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	Net Operating Income	$679,742	Growth rate	$0.03	Net Operating Income	$748,836	Growth rate	$0.03
Monthly Unit Rent	$1,063.00	Monthly Unit Rent	$1,021.00	Monthly Unit Rent	$1,325.00
Gross Rental Income	$1,275,600	$1,275,600	$1,421,400	$1,464,042	$1,507,963	$1,553,202	$1,599,798	$1,647,792	$1,697,226	$1,748,143	$1,800,587	Gross Rental Income	$1,176,192	$1,176,192	$1,211,478	$1,247,822	$1,285,257	$1,323,814	$1,363,529	$1,404,435	$1,446,568	$1,489,965	$1,534,664	Gross Rental Income	$1,144,800	$1,144,800	$1,179,144	$1,214,518	$1,250,954	$1,288,482	$1,327,137	$1,366,951	$1,407,960	$1,450,198	$1,493,704
Other Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	Other Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	Other Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
(-) Vacancies	4%	($47,197)	($52,592)	($54,170)	($55,795)	($57,468)	($59,193)	($60,968)	($62,797)	($64,681)	($66,622)	(-) Vacancies	7%	($58,810)	($60,574)	($62,391)	($64,263)	($66,191)	($68,176)	($70,222)	($72,328)	($74,498)	($76,733)	(-) Vacancies	5%	($57,240)	($58,957)	($60,726)	($62,548)	($64,424)	($66,357)	($68,348)	($70,398)	($72,510)	($74,685)
Gross Effective Effective	$1,228,403	$1,368,808	$1,409,872	$1,452,169	$1,495,734	$1,540,606	$1,586,824	$1,634,429	$1,683,461	$1,733,965	$1,785,984	Gross Effective Effective	$1,117,382	$1,150,904	$1,185,431	$1,220,994	$1,257,624	$1,295,352	$1,334,213	$1,374,239	$1,415,467	$1,457,931	$1,501,669	Gross Effective Effective	$1,087,560	$1,120,187	$1,153,792	$1,188,406	$1,224,058	$1,260,780	$1,298,604	$1,337,562	$1,377,688	$1,419,019
(-) Real estate taxes	10%	($122,840)	($136,881)	($140,987)	($145,217)	($149,573)	($154,061)	($158,682)	($163,443)	($168,346)	($173,397)	(-) Real estate taxes	9%	($105,593)	($108,760)	($112,023)	($115,384)	($118,845)	($122,411)	($126,083)	($129,866)	($133,762)	($137,774)	(-) Real estate taxes	8%	($89,724)	($92,415)	($95,188)	($98,044)	($100,985)	($104,014)	($107,135)	($110,349)	($113,659)	($117,069)
(-) Other op expenses	25%	($318,900)	($355,350)	($366,011)	($376,991)	($388,301)	($399,950)	($411,948)	($424,306)	($437,036)	($450,147)	(-) Other op expenses	25%	($294,048)	($302,869)	($311,956)	($321,314)	($330,954)	($340,882)	($351,109)	($361,642)	($372,491)	($383,666)	(-) Other op expenses	25%	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)	($194,400)
(-) Capital reserves	$55,000	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	(-) Capital reserves	$38,000	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	($38,000)	(-) Capital reserves	$54,600	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)	($54,600)
Total Operating Expenses	$496,740	$547,231	$561,998	$577,208	$592,874	$609,010	$625,630	$642,749	$660,382	$678,543	$698,900	Total Operating Expenses	$437,641	$449,630	$461,979	$474,698	$487,799	$501,293	$515,192	$529,508	$544,253	$559,440	$576,224	Total Operating Expenses	$338,724	$341,415	$344,188	$347,044	$349,985	$353,014	$356,135	$359,349	$362,659	$366,069
Net Operating Income	3%	Growth	$731,663	$821,577	$847,875	$874,961	$902,860	$931,596	$961,193	$991,679	$1,023,080	$1,055,422	$1,087,085	Net Operating Income	3%	$679,742	$701,274	$723,452	$746,296	$769,825	$794,059	$819,021	$844,732	$871,214	$898,490	$925,445	Net Operating Income	3%	$748,836	$778,771	$809,605	$841,363	$874,074	$907,766	$942,469	$978,213	$1,015,029	$1,052,950
(-) Debt Service	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	(-) Debt Service	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	($365,292)	(-) Debt Service	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)	($229,548)
BEFORE TAX CASH FLOW	($2,550,000)	$277,214	$367,129	$393,426	$420,512	$448,411	$477,147	$506,745	$537,231	$568,631	$600,973	BEFORE TAX CASH FLOW	-2100000	$314,450	$335,982	$358,160	$381,004	$404,533	$428,768	$453,729	$479,440	$505,922	$533,198	BEFORE TAX CASH FLOW	-1170000	$519,288	$549,223	$580,056	$611,815	$644,525	$678,218	$712,921	$748,665	$785,481	$823,402
BTIRR	ERROR:#NUM!
Net Operating Income	$731,663	$821,577	$847,875	$874,961	$902,860	$931,596	$961,193	$991,679	$1,023,080	$1,055,422	Net Operating Income	$679,742	$701,274	$723,452	$746,296	$769,825	$794,059	$819,021	$844,732	$871,214	$898,490	Net Operating Income
(-) Interest	$5,950,000	mortgage	($327,845)	($320,869)	($313,509)	($305,743)	($297,549)	($288,904)	($279,783)	($270,159)	($260,004)	($249,290)	(-) Interest	$4,900,000	($269,500)	($264,231)	($258,673)	($252,809)	($246,623)	($240,096)	($233,210)	($225,945)	($218,281)	($210,196)	(-) Interest	$2,730,000	$748,836	$778,771	$809,605	$841,363	$874,074	$907,766	$942,469	$978,213	$1,015,029	$1,052,950
(+) Reserve	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	(+) Reserve	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	$38,000	(+) Reserve	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600	$54,600
(-) Depreciation	27.5	years	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	(-) Depreciation	27.5	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	($190,909)	(-) Depreciation	27.5	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)	($109,091)
Taxable Income	$221,545	$318,436	$352,093	$386,945	$423,038	$460,419	$499,138	$539,248	$580,803	$623,859	Taxable Income	$257,333	$284,133	$311,870	$340,578	$370,293	$401,055	$432,902	$465,877	$500,023	$535,385	Taxable Income	$694,345	$724,280	$755,114	$786,872	$819,583	$853,275	$887,978	$923,722	$960,538	$998,459
(-) Tax Payable at 35%	35.00%	tax rate	$77,541	$111,452	$123,233	$135,431	$148,063	$161,146	$174,698	$188,737	$203,281	$218,351	(-) Tax Payable at 35%	35.00%	$90,066	$99,447	$109,155	$119,202	$129,603	$140,369	$151,516	$163,057	$175,008	$187,385	(-) Tax Payable at 35%	35.00%	$243,021	$253,498	$264,290	$275,405	$286,854	$298,646	$310,792	$323,303	$336,188	$349,461
AFTER TAX CASH FLOW	$199,673	$255,676	$270,193	$285,081	$300,348	$316,000	$332,046	$348,494	$365,350	$382,623	AFTER TAX CASH FLOW	$167,266	$184,687	$202,716	$221,375	$240,690	$260,685	$281,386	$302,820	$325,015	$348,000	AFTER TAX CASH FLOW	$451,325	$470,782	$490,824	$511,467	$532,729	$554,629	$577,186	$600,419	$624,350	$648,998
(-) Equity in	($2,550,000)	(-) Equity in	-2100000	(-) Equity in	-1170000
(+) Net cash from sale	$4,958,786	(+) Net cash from sale	$4,613,081	(+) Net cash from sale	$2,624,025
TOTAL RETURN	($2,550,000)	$199,673	$255,676	$270,193	$285,081	$300,348	$316,000	$332,046	$348,494	$365,350	$5,341,408	TOTAL RETURN	-2100000	$167,266	$184,687	$202,716	$221,375	$240,690	$260,685	$281,386	$302,820	$325,015	$4,961,081		TOTAL RETURN	-1170000	$451,325	$470,782	$490,824	$511,467	$532,729	$554,629	$577,186	$600,419	$624,350	$3,273,024
Purchase Price	$8,500,000	SALES PRICE	$10,000,000	SALES PRICE	$10,000,000	Purchase Price	$7,000,000	Sales price	$9,000,000	Sales Price	$9,000,000	Purchase Price	$3,900,000	Sales price	$5,000,000	Sales Price	$5,000,000
(+) Capital expend	$550,000	NET BOOK VALUE	($6,731,818)	(-) Income tax	-$722,045	(+) Capital expend	$380,000	NET Book Value	($5,470,909)	(-) Income tax	($720,273)	(+) Capital expend	$546,000	NET Book Value	($3,382,364)	(-) Income tax	($349,009)
(-) Depreciation	($2,318,182)	GAIN ON SALE	$3,268,182	(-) Mortgage balance	-$4,319,169	(-) Depreciation	($1,909,091)	Gain on Sale	$3,529,091	(-) Mortgage balance	($3,666,646)	(-) Depreciation	($1,063,636)	Gain on Sale	$1,617,636	(-) Mortgage balance	($2,026,966)
Net Book Value	$6,731,818	Net Cash from Sale	$4,958,786	Net Book Value	$5,470,909	net cash	$4,613,081	Net Book Value	$3,382,364	net cash	$2,624,025
Depreciation taken	$2,318,182	Depreciation taken	$1,909,091	Depreciation taken	$1,063,636
Land value	$2,125,000	Taxes at	25%	$579,545	NET PRESENT VALUE @	12%	$678,608	Land value	$1,750,000	Taxes at	$477,273	NET PRESENT VALUE @12%	$714,327	Land value	$975,000	Taxes at	$265,909	NET PRESENT VALUE @12%	$2,648,516
Depreciable base	$6,375,000	Remaining gain	$950,000	Depreciable base	$5,250,000	Remaining Gain	$1,620,000	Depreciable base	$2,925,000	Remaining Gain	$554,000
Taxes at	15%	$142,500	INTERNAL RATE OF RETURN	15.65%	Taxes at	$243,000	IRR	$0	Taxes at	$83,100	IRR	$0
Total Taxes	$722,045	BTIRR	11%	Total Taxes	$720,273	BTIRR	$0	Total Taxes	$349,009	BTIRR	$0
Financial Analysis	Financial Analysis	Financial Analysis
Simple Return Measures	Discounted Return Measures	Simple Return Measures	Discounted Return Measures	Simple Return Measures	Discounted Return Measures
Equity Required	$2,550,000	Capitalization Rate - Purchase	8.61%	Internal Rate of Return	15.65%	Equity Required	$2,100,000	Capitalization Rate - Purchase	9.71%	IRR	0.164228575	Equity Required	$1,170,000	Capitalization Rate - Purchase	19.20%	IRR	0.4359997545
Capitalization Rate - Sale	10.87%	Net Present Value	678,608	Capitalization Rate - Sale	10.28%	NPV		Capitalization Rate - Sale	0.00%	NPV
Cash-on-Cash Return (before tax)	10.87%	Cash-on-Cash Return (before tax)	14.97%	Cash-on-Cash Return (before tax)	44.38%
Cash-on-Cash Return (after tax)	7.83%	Cash-on-Cash Return (after tax)	7.97%	Cash-on-Cash Return (after tax)	38.57%
Increase in Capital Value	17.65%	Increase in Capital Value	28.57%	Increase in Capital Value	28.21%
Amortization Schedule	0	1	2	3	4	5	6	7	8	9	10	Amortization Schedule	0	1	2	3	4	5	6	7	8	9	10	Amortization Schedule	0	1	2	3	4	5	6	7	8	9	10
Ending balance	$5,950,000	$5,823,396	$5,689,817	$5,548,877	$5,400,171	$5,243,272	$5,077,728	$4,903,062	$4,718,772	$4,524,327	$4,319,169	Ending balance	4900000	$4,804,208	$4,703,148	$4,596,529	$4,484,046	$4,365,377	$4,240,181	$4,108,099	$3,968,753	$3,821,742	$3,666,646	Ending balance	2730000	$2,677,902	$2,622,417	$2,563,326	$2,500,394	$2,433,372	$2,361,993	$2,285,974	$2,205,014	$2,118,792	$2,026,966
Finance charge	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	Finance charge	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	$365,292	Finance charge	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548	$229,548
Interest charge	5.5%	interest rate	$327,845	$320,869	$313,509	$305,743	$297,549	$288,904	$279,783	$270,159	$260,004	$249,290	Interest charge	5.5%	$269,500	$264,231	$258,673	$252,809	$246,623	$240,096	$233,210	$225,945	$218,281	$210,196	Interest charge	6.5%	$177,450	$174,064	$170,457	$166,616	$162,526	$158,169	$153,530	$148,588	$143,326	$137,721
Amortization	25	-yr. amortization	$126,604	$133,580	$140,940	$148,706	$156,899	$165,544	$174,666	$184,290	$194,444	$205,158	Amortization	25	$95,792	$101,060	$106,619	$112,483	$118,669	$125,196	$132,082	$139,346	$147,010	$155,096	Amortization	25	$52,098	$55,485	$59,091	$62,932	$67,023	$71,379	$76,019	$80,960	$86,222	$91,827
Year One DCR	1.61	1.81	1.87	1.93	1.99	2.05	2.12	2.18	2.25	2.32	Year One DCR	1.8608184154	1.92	1.98	2.04	2.11	2.17	2.24	2.31	2.38	2.46	Year One DCR	3.2622188838	3.39	3.53	3.67	3.81	3.95	4.11	4.26	4.42	4.59
VAR And
The Perennial Projected Cash Flows (costar’s)
Assumptions	0	1	2	3	4	5	6	7	8	9	10	11
# of Units	100	Mean	Standard deviation
Square Feet	110,000	Randon growth rate	$0.03	$0.01	$0.03
Reserve per unit/SF	$0.50	Vacancy Rate	4%	4%	4%	4%	4%	4%	4%	4%	4%	4%
Net Operating Income	$731,663	Growth Rate	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%
Monthly Unit Rent	$1,063.00
Gross Rental Income	$1,275,600	$1,275,600	$1,426,052	$1,473,641	$1,522,817	$1,573,635	$1,626,149	$1,680,415	$1,736,492	$1,794,441	$1,854,323
Other Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
(-) Vacancies	4%	($47,197)	($52,764)	($54,525)	($56,344)	($58,225)	($60,168)	($62,175)	($64,250)	($66,394)	($68,610)
Gross Effective Effective	$1,228,403	$1,373,288	$1,419,116	$1,466,473	$1,515,411	$1,565,982	$1,618,240	$1,672,242	$1,728,046	$1,785,713	$1,839,284
(-) Real estate taxes	10%	($122,840)	($137,329)	($141,912)	($146,647)	($151,541)	($156,598)	($161,824)	($167,224)	($172,805)	($178,571)
(-) Other op expenses	25%	($318,900)	($356,513)	($368,410)	($380,704)	($393,409)	($406,537)	($420,104)	($434,123)	($448,610)	($463,581)
(-) Capital reserves	$55,000	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)	($55,000)
Total Operating Expenses	$496,740	$548,842	$565,322	$582,352	$599,950	$618,135	$636,928	$656,347	$676,415	$697,152	$720,417
Net Operating Income	3%	Growth	$731,663	$824,446	$853,794	$884,122	$915,461	$947,846	$981,312	$1,015,895	$1,051,632	$1,088,561	$1,118,868
(-) Debt Service	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)	($454,449)
BEFORE TAX CASH FLOW	($2,550,000)	$277,214	$369,998	$399,345	$429,673	$461,012	$493,397	$526,863	$561,446	$597,183	$634,112
Net Operating Income	$731,663	$824,446	$853,794	$884,122	$915,461	$947,846	$981,312	$1,015,895	$1,051,632	$1,088,561
(-) Interest	$5,950,000	mortgage	($327,845)	($320,869)	($313,509)	($305,743)	($297,549)	($288,904)	($279,783)	($270,159)	($260,004)	($249,290)
(+) Reserve	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000	$55,000
(-) Depreciation	27.5	years	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)	($237,273)
Taxable Income	$221,545	$321,304	$358,013	$396,106	$435,639	$476,669	$519,257	$563,463	$609,355	$656,998
(-) Tax Payable at 35%	35.00%	tax rate	$77,541	$112,457	$125,304	$138,637	$152,474	$166,834	$181,740	$197,212	$213,274	$229,949
AFTER TAX CASH FLOW	$199,673	$257,541	$274,041	$291,036	$308,539	$326,563	$345,124	$364,234	$383,909	$404,163
(-) Equity in	($2,550,000)
(+) Net cash from sale	$4,958,786
TOTAL RETURN	($2,550,000)	$199,673	$257,541	$274,041	$291,036	$308,539	$326,563	$345,124	$364,234	$383,909	$5,362,949
Purchase Price	$8,500,000	SALES PRICE	$10,000,000	SALES PRICE	$10,000,000
(+) Capital expend	$550,000	NET BOOK VALUE	($6,731,818)	(-) Income tax	-$722,045
(-) Depreciation	($2,318,182)	GAIN ON SALE	$3,268,182	(-) Mortgage balance	-$4,319,169
Net Book Value	$6,731,818	Net Cash from Sale	$4,958,786
Depreciation taken	$2,318,182
Land value	$2,125,000	Taxes at	25%	$579,545	NET PRESENT VALUE @	12%	$722,517
Depreciable base	$6,375,000	Remaining gain	$950,000
Taxes at	15%	$142,500	INTERNAL RATE OF RETURN	15.88%
Total Taxes	$722,045	BTIRR	12%
Financial Analysis
Simple Return Measures	Discounted Return Measures
Equity Required	$2,550,000	Capitalization Rate - Purchase	8.61%	Internal Rate of Return	15.88%
Capitalization Rate - Sale	11.19%	Net Present Value	722,517
Cash-on-Cash Return (before tax)	10.87%
Cash-on-Cash Return (after tax)	7.83%
Increase in Capital Value	17.65%
Amortization Schedule	0	1	2	3	4	5	6	7	8	9	10
Ending balance	$5,950,000	$5,823,396	$5,689,817	$5,548,877	$5,400,171	$5,243,272	$5,077,728	$4,903,062	$4,718,772	$4,524,327	$4,319,169
Finance charge	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449	$454,449
Interest charge	5.5%	interest rate	$327,845	$320,869	$313,509	$305,743	$297,549	$288,904	$279,783	$270,159	$260,004	$249,290
Amortization	25	-yr. amortization	$126,604	$133,580	$140,940	$148,706	$156,899	$165,544	$174,666	$184,290	$194,444	$205,158
Year One DCR	1.61	1.81	1.88	1.95	2.01	2.09	2.16	2.24	2.31	2.40
After-tax Net Present Value	VAR Cumulative Distribution Function (CDF)
simulation 500	$722,517	NPV	distribution
1	592573.725331776	-413271.851147168	0.20%
2	854386.891661102	-305628.454929098	0.40%
3	715806.460817006	-246550.57329718	0.60%
4	588616.363521006	-231724.905719779	0.80%
5	645193.310292506	-202271.962716656	1.00%
6	94146.8323502988	-170693.418734346	1.20%
7	198820.453223252	-156473.371251487	1.40%
8	320176.090351881	-150448.037107657	1.60%
9	342239.597702686	-146487.777606084	1.80%
10	286477.746716244	-136637.500164193	2.00%
11	302199.674606202	-136156.918040888	2.20%
12	486816.213243825	-127219.322777228	2.40%
13	507658.049848634	-110321.272569019	2.60%
14	272758.286880072	-109501.227074426	2.80%	Value-at-Risk (@ 10%)	101487.18997719
15	395053.52344579	-101125.153492115	3.00%	Value-at-Risk (@ 90%)	90.00%
16	163149.745730448	-100450.365324909	3.20%
17	198598.875457381	-83976.7204341209	3.40%
18	731519.187070154	-70709.8216236061	3.60%
19	730977.592256278	-69124.1931114597	3.80%
20	870693.623357978	-65382.5716555975	4.00%
21	-17268.5169831221	-59309.5533812488	4.20%
22	178442.310734916	-43369.2972853323	4.40%
23	255100.968794555	-38745.0979337739	4.60%
24	626127.288161695	-31329.7339766249	4.80%
25	391157.551665497	-27205.4873950942	5.00%
26	1244180.49880396	-17268.5169831221	5.20%
27	513791.409096806	-4366.5562961055	5.40%
28	248776.685683002	6529.824897768	5.60%
29	324468.531153603	8440.6178496378	5.80%
30	-83976.7204341209	11684.6217544	6.00%
31	-413271.851147168	32088.3472612849	6.20%
32	504620.238028464	35010.324406133	6.40%
33	583672.732979147	42907.9583378192	6.60%
34	-65382.5716555975	43375.4979212717	6.80%
35	953544.465310718	48075.4795066086	7.00%
36	449172.616204753	49046.6286502867	7.20%
37	439812.289967153	54159.2351892469	7.40%
38	370666.000729751	55160.5343643581	7.60%
39	1211060.91629774	55824.6600768869	7.80%
40	569037.80121686	60879.9142706087	8.00%
41	309486.974808684	63442.9813401201	8.20%
42	54159.2351892469	72967.3570204815	8.40%
43	254094.625284776	74499.466708581	8.60%
44	570566.695968975	76148.6297625722	8.80%
45	724223.750599151	82039.7272244403	9.00%
46	-202271.962716656	86332.1590702413	9.20%
47	753830.119094108	87356.8325773277	9.40%
48	530259.321610126	93102.7345052692	9.60%
49	276757.311343873	94146.8323502988	9.80%
50	349287.494947164	101487.18997719	10.00%
51	594349.77879781	102046.581717975	10.20%
52	761446.727994389	102759.115242164	10.40%
53	466228.900772433	107321.762623974	10.60%
54	1090673.17783705	109858.629790303	10.80%
55	639443.57644461	111385.223343989	11.00%
56	298298.100969987	123806.818731692	11.20%
57	151136.227771895	127642.362800178	11.40%
58	76148.6297625722	128010.629457946	11.60%
59	-136156.918040888	128286.138164605	11.80%
60	401666.225825809	128796.789576227	12.00%
61	252944.722894202	129467.88981705	12.20%
62	366712.83408453	129706.556359192	12.40%
63	198669.341572074	130669.352974148	12.60%
64	1116877.19761806	131007.135492987	12.80%
65	839297.282575962	134389.816099304	13.00%
66	436429.129294422	137565.383329747	13.20%
67	996803.485867316	137855.272373685	13.40%
68	888903.936957884	140030.962869946	13.60%
69	424882.733828901	140743.898706816	13.80%
70	976419.24007985	141466.080401619	14.00%
71	32088.3472612849	143129.385568176	14.20%
72	189301.28052179	143722.883941145	14.40%
73	835539.806549079	151136.227771895	14.60%
74	512917.757333396	151927.921797159	14.80%
75	262672.190828113	154057.079691657	15.00%
76	613669.885348832	154936.987682146	15.20%
77	317929.824774571	161919.855823889	15.40%
78	-4366.5562961055	162819.037549197	15.60%
79	859998.000057328	163149.745730448	15.80%
80	512656.824811595	165048.253360322	16.00%
81	1171814.77040292	166126.549718998	16.20%
82	281652.350221334	170294.65350075	16.40%
83	373191.927981327	170668.807796773	16.60%
84	444520.489855823	170760.064727176	16.80%
85	378386.930457813	171805.059171131	17.00%
86	170760.064727176	171888.912189908	17.20%
87	165048.253360322	173085.582297708	17.40%
88	170294.65350075	176760.42517712	17.60%
89	1347641.34555877	178442.310734916	17.80%
90	260927.415792492	183581.739215959	18.00%
91	255179.712798321	185706.181980895	18.20%
92	283767.48553409	187840.695420015	18.40%
93	274557.584588571	189301.28052179	18.60%
94	344475.351956707	194061.269681311	18.80%
95	859972.189280464	198598.875457381	19.00%
96	264437.201108538	198669.341572074	19.20%
97	262704.872449065	198820.453223252	19.40%
98	530166.064309868	201920.537572784	19.60%
99	424058.244598632	203782.234681242	19.80%
100	409849.393526467	204319.70968368	20.00%
101	996507.51853126	206216.664861394	20.20%
102	253523.643270597	208625.201339681	20.40%
103	74499.466708581	210413.511286662	20.60%
104	548366.075298905	215721.901853259	20.80%
105	928417.904814235	215774.59351047	21.00%
106	-69124.1931114597	218554.285881924	21.20%
107	111385.223343989	219850.416271449	21.40%
108	475363.341673445	222091.161577529	21.60%
109	389736.243133799	224545.388574915	21.80%
110	673841.617557591	228440.435142311	22.00%
111	154057.079691657	229963.974004454	22.20%
112	479617.421690075	232853.129186546	22.40%
113	385025.473508874	235765.540689494	22.60%
114	1056601.52406127	243168.952224923	22.80%
115	335211.899419367	244354.877999531	23.00%
116	187840.695420015	244804.920690794	23.20%
117	635636.930721754	247193.705643549	23.40%
118	254519.102112001	248240.611072222	23.60%
119	229963.974004454	248776.685683002	23.80%
120	-136637.500164193	252681.156599981	24.00%
121	1202536.08484579	252944.722894202	24.20%
122	720233.588198058	253523.643270597	24.40%
123	489250.159325953	254094.625284776	24.60%
124	607299.327536846	254519.102112001	24.80%
125	699096.236979621	254782.705217271	25.00%
126	559545.330131131	255100.968794555	25.20%
127	176760.42517712	255179.712798321	25.40%
128	771568.913899516	257493.162304198	25.60%
129	587345.247458191	257790.989469955	25.80%
130	123806.818731692	258397.589204777	26.00%
131	429138.371631597	259449.265129329	26.20%
132	151927.921797159	260383.964862315	26.40%
133	-150448.037107657	260927.415792492	26.60%
134	295090.325850916	262672.190828113	26.80%
135	354055.482557027	262704.872449065	27.00%
136	955194.710908349	263916.338803981	27.20%
137	986002.985668612	264437.201108538	27.40%
138	389949.063009715	270420.498571087	27.60%
139	390318.184827863	270962.197372246	27.80%
140	946195.509741962	271267.942474924	28.00%
141	540068.80839021	271880.522916675	28.20%
142	616443.0377352	272758.286880072	28.40%
143	865086.20280944	273702.604661147	28.60%
144	464561.129700712	274557.584588571	28.80%
145	459817.296313471	276268.010342553	29.00%
146	-101125.153492115	276584.683377813	29.20%
147	290876.064313973	276757.311343873	29.40%
148	134389.816099304	277512.011274411	29.60%
149	-231724.905719779	278760.54594608	29.80%
150	443406.673332282	278946.299155111	30.00%
151	386339.702309469	281351.650534762	30.20%
152	636985.842368886	281652.350221334	30.40%
153	391261.706119337	282350.056342551	30.60%
154	563302.920852633	283480.50888947	30.80%
155	1087803.65990842	283767.48553409	31.00%
156	600337.487045673	284560.56743863	31.20%
157	401285.478246421	284953.047798149	31.40%
158	128286.138164605	286477.746716244	31.60%
159	434086.097411443	288653.513266433	31.80%
160	668841.363521907	290872.744338066	32.00%
161	219850.416271449	290876.064313973	32.20%
162	284560.56743863	293003.96448378	32.40%
163	215774.59351047	294544.797620927	32.60%
164	210413.511286662	294893.808676975	32.80%
165	131007.135492987	295090.325850916	33.00%
166	232853.129186546	296711.623968467	33.20%
167	682213.355680174	298298.100969987	33.40%
168	554364.740785549	298644.703621538	33.60%
169	560572.851283837	298683.248636824	33.80%
170	208625.201339681	299290.57438612	34.00%
171	496697.520942258	301209.168737818	34.20%
172	370708.539073844	302199.674606202	34.40%
173	614354.100508928	302760.777408264	34.60%
174	840800.709560892	304853.477028374	34.80%
175	434453.802278546	306536.728428872	35.00%
176	244804.920690794	307743.254112922	35.20%
177	423887.033446408	309486.974808684	35.40%
178	1738745.73062964	313962.070359271	35.60%
179	1103081.95849187	316649.004540035	35.80%
180	443538.444482311	317929.824774571	36.00%
181	55824.6600768869	319643.90028224	36.20%
182	278760.54594608	320176.090351881	36.40%
183	1036652.18013032	324446.341222784	36.60%
184	551544.204557252	324468.531153603	36.80%
185	442109.605545522	327210.34333507	37.00%
186	276268.010342553	331964.606143875	37.20%
187	55160.5343643581	332844.161209605	37.40%
188	525795.981039473	333216.499994382	37.60%
189	804953.990425351	335211.899419367	37.80%
190	128796.789576227	340746.297330061	38.00%
191	544563.198416625	342239.597702686	38.20%
192	342808.841514322	342450.788946177	38.40%
193	-156473.371251487	342808.841514322	38.60%
194	885697.371259913	344475.351956707	38.80%
195	717134.756621896	345518.748769907	39.00%
196	307743.254112922	347440.989471933	39.20%
197	735523.623597247	348374.959908996	39.40%
198	657403.310349683	348738.903323558	39.60%
199	826654.987678521	349287.494947164	39.80%
200	107321.762623974	350732.576628495	40.00%
201	243168.952224923	354055.482557027	40.20%
202	902912.088905212	355903.090120913	40.40%
203	609939.656851005	356725.084063551	40.60%
204	637719.129513085	362461.555973947	40.80%
205	440704.02579522	366712.83408453	41.00%
206	247193.705643549	367461.807509309	41.20%
207	524861.7693619	370666.000729751	41.40%
208	704151.546539845	370708.539073844	41.60%
209	459580.597796085	373191.927981327	41.80%
210	850596.966842021	374477.465937363	42.00%
211	498761.16627519	375624.053189031	42.20%
212	452514.049286699	377739.650396036	42.40%
213	916338.371009492	378386.930457813	42.60%
214	143129.385568176	379076.820095553	42.80%
215	8440.6178496378	384495.696774254	43.00%
216	127642.362800178	385025.473508874	43.20%
217	375624.053189031	385756.497850424	43.40%
218	417563.053299907	386339.702309469	43.60%
219	622655.198622863	387404.957492558	43.80%
220	298644.703621538	388646.776494511	44.00%
221	749943.022595413	389736.243133799	44.20%
222	391374.247655742	389949.063009715	44.40%
223	622779.229348474	390318.184827863	44.60%
224	714269.123136955	390868.51843398	44.80%
225	259449.265129329	391157.551665497	45.00%
226	903809.412035765	391261.706119337	45.20%
227	350732.576628495	391374.247655742	45.40%
228	551170.455357059	395053.52344579	45.60%
229	805665.819983633	397386.971678935	45.80%
230	419496.461834305	398817.622990665	46.00%
231	521131.469051139	400447.283285258	46.20%
232	823884.592356261	401285.478246421	46.40%
233	412026.174907184	401666.225825809	46.60%
234	1070681.87409653	402948.753526428	46.80%
235	201920.537572784	405518.046435006	47.00%
236	137565.383329747	409282.795603685	47.20%
237	1460036.7350627	409849.393526467	47.40%
238	1042103.41794247	412026.174907184	47.60%
239	485699.52923163	417563.053299907	47.80%
240	402948.753526428	417789.214708225	48.00%
241	313962.070359271	419496.461834305	48.20%
242	316649.004540035	420620.372814662	48.40%
243	549867.537278763	422696.660229694	48.60%
244	489758.814957037	423887.033446408	48.80%
245	704914.146139513	424058.244598632	49.00%
246	816510.711760438	424401.478156061	49.20%
247	1245744.95824679	424674.24809822	49.40%
248	703583.748294516	424882.733828901	49.60%
249	-146487.777606084	429138.371631597	49.80%
250	348738.903323558	431071.298194415	50.00%
251	154936.987682146	434086.097411443	50.20%
252	362461.555973947	434453.802278546	50.40%
253	299290.57438612	434584.817413951	50.60%
254	101487.18997719	436429.129294422	50.80%
255	1289318.51824137	439812.289967153	51.00%
256	374477.465937363	440344.0262499	51.20%
257	506283.884771431	440704.02579522	51.40%
258	473396.16858362	442109.605545522	51.60%
259	470610.531059822	443406.673332282	51.80%
260	206216.664861394	443538.444482311	52.00%
261	1435969.2680881	444520.489855823	52.20%
262	456501.014087632	449172.616204753	52.40%
263	825745.735315093	450830.302802807	52.60%
264	387404.957492558	452514.049286699	52.80%
265	397386.971678935	456501.014087632	53.00%
266	377739.650396036	459580.597796085	53.20%
267	87356.8325773277	459817.296313471	53.40%
268	472654.572315941	460810.223298646	53.60%
269	601721.443758628	462726.894255315	53.80%
270	290872.744338066	463807.320347385	54.00%
271	-59309.5533812488	464561.129700712	54.20%
272	-100450.365324909	466228.900772433	54.40%
273	434584.817413951	466881.196520337	54.60%
274	990174.85598445	467936.127240885	54.80%
275	257493.162304198	469682.706821689	55.00%
276	470448.016566406	469988.644796679	55.20%
277	-43369.2972853323	470448.016566406	55.40%
278	319643.90028224	470610.531059822	55.60%
279	817491.87350101	472228.158055152	55.80%
280	296711.623968467	472654.572315941	56.00%
281	490960.540423885	473396.16858362	56.20%
282	657332.73885648	475363.341673445	56.40%
283	86332.1590702413	476599.916232837	56.60%
284	405518.046435006	478146.191820631	56.80%
285	-38745.0979337739	478340.567951002	57.00%
286	736192.745256227	478793.560978777	57.20%
287	109858.629790303	478837.683100499	57.40%
288	355903.090120913	479617.421690075	57.60%
289	420620.372814662	483034.401358591	57.80%
290	766852.618375948	483587.688529555	58.00%
291	252681.156599981	485699.52923163	58.20%
292	938339.283322286	486816.213243825	58.40%
293	204319.70968368	487332.171445098	58.60%
294	586723.567513022	489250.159325953	58.80%
295	570153.338960202	489758.814957037	59.00%
296	49046.6286502867	490523.595515002	59.20%
297	518048.427899633	490960.540423885	59.40%
298	170668.807796773	494546.08937809	59.60%
299	836940.086124387	496697.520942258	59.80%
300	332844.161209605	497480.249975872	60.00%
301	1090765.67101222	498761.16627519	60.20%
302	874886.201699075	504620.238028464	60.40%
303	1106792.82081832	505027.617227953	60.60%
304	1378212.36539147	505981.163232393	60.80%
305	505027.617227953	506283.884771431	61.00%
306	1163312.28484737	507658.049848634	61.20%
307	958678.612026539	512656.824811595	61.40%
308	82039.7272244403	512917.757333396	61.60%
309	859328.786576444	513791.409096806	61.80%
310	672062.95204407	514491.479548774	62.00%
311	756023.323453766	518048.427899633	62.20%
312	874053.365019665	518262.197461396	62.40%
313	215721.901853259	521131.469051139	62.60%
314	161919.855823889	524861.7693619	62.80%
315	379076.820095553	525795.981039473	63.00%
316	270962.197372246	530166.064309868	63.20%
317	917982.114049288	530259.321610126	63.40%
318	273702.604661147	540068.80839021	63.60%
319	1330409.74863098	544563.198416625	63.80%
320	844960.743893803	548265.166976751	64.00%
321	853375.625396755	548366.075298905	64.20%
322	467936.127240885	548512.917554133	64.40%
323	137855.272373685	549174.377905588	64.60%
324	248240.611072222	549867.537278763	64.80%
325	293003.96448378	550742.91896821	65.00%
326	282350.056342551	550935.984000621	65.20%
327	734840.355156036	551170.455357059	65.40%
328	340746.297330061	551544.204557252	65.60%
329	478340.567951002	553834.665756335	65.80%
330	278946.299155111	554364.740785549	66.00%
331	284953.047798149	559545.330131131	66.20%
332	996659.062136146	560572.851283837	66.40%
333	203782.234681242	560774.072409499	66.60%
334	548512.917554133	563302.920852633	66.80%
335	324446.341222784	563873.29738728	67.00%
336	260383.964862315	569037.80121686	67.20%
337	673794.998434145	570153.338960202	67.40%
338	962019.174657714	570566.695968975	67.60%
339	263916.338803981	572922.553775317	67.80%
340	877134.182414941	583233.701178552	68.00%
341	283480.50888947	583566.055645342	68.20%
342	367461.807509309	583672.732979147	68.40%
343	224545.388574915	586723.567513022	68.60%
344	476599.916232837	587170.906237093	68.80%
345	257790.989469955	587345.247458191	69.00%
346	60879.9142706087	588586.613396396	69.20%
347	440344.0262499	588616.363521006	69.40%
348	294544.797620927	592573.725331776	69.60%
349	583233.701178552	594349.77879781	69.80%
350	48075.4795066086	596004.439829014	70.00%
351	277512.011274411	600337.487045673	70.20%
352	-110321.272569019	601721.443758628	70.40%
353	727132.574946694	607299.327536846	70.60%
354	671051.412104373	609939.656851005	70.80%
355	130669.352974148	612154.329306324	71.00%
356	1227107.8742655	613669.885348832	71.20%
357	171888.912189908	614354.100508928	71.40%
358	478793.560978777	614768.320402975	71.60%
359	690611.811339627	616443.0377352	71.80%
360	42907.9583378192	622655.198622863	72.00%
361	384495.696774254	622779.229348474	72.20%
362	478837.683100499	626127.288161695	72.40%
363	634554.159246832	634554.159246832	72.60%
364	-27205.4873950942	635636.930721754	72.80%
365	490523.595515002	636985.842368886	73.00%
366	400447.283285258	637719.129513085	73.20%
367	754436.795206765	639443.57644461	73.40%
368	704624.626823444	645193.310292506	73.60%
369	348374.959908996	657332.73885648	73.80%
370	183581.739215959	657403.310349683	74.00%
371	660693.989836528	660693.989836528	74.20%
372	385756.497850424	668479.89694038	74.40%
373	298683.248636824	668841.363521907	74.60%
374	244354.877999531	670629.179257158	74.80%
375	938199.417571923	671051.412104373	75.00%
376	6529.824897768	672062.95204407	75.20%
377	932388.813324563	673794.998434145	75.40%
378	691714.607382992	673841.617557591	75.60%
379	424674.24809822	677836.293446404	75.80%
380	327210.34333507	678393.698309645	76.00%
381	271880.522916675	682213.355680174	76.20%
382	140743.898706816	690611.811339627	76.40%
383	398817.622990665	691714.607382992	76.60%
384	-246550.57329718	693778.375473975	76.80%
385	755808.380740025	695179.875182696	77.00%
386	466881.196520337	695876.34882697	77.20%
387	302760.777408264	699096.236979621	77.40%
388	422696.660229694	703583.748294516	77.60%
389	281351.650534762	704151.546539845	77.80%
390	-170693.418734346	704624.626823444	78.00%
391	166126.549718998	704914.146139513	78.20%
392	820011.944381731	714269.123136955	78.40%
393	1020671.5325466	715806.460817006	78.60%
394	1153210.3723186	717134.756621896	78.80%
395	270420.498571087	720233.588198058	79.00%
396	43375.4979212717	724223.750599151	79.20%
397	560774.072409499	727132.574946694	79.40%
398	548265.166976751	730977.592256278	79.60%
399	1032709.68195963	731519.187070154	79.80%
400	331964.606143875	732021.48759039	80.00%
401	550935.984000621	734840.355156036	80.20%
402	695876.34882697	735523.623597247	80.40%
403	35010.324406133	736192.745256227	80.60%
404	431071.298194415	749943.022595413	80.80%
405	494546.08937809	753830.119094108	81.00%
406	271267.942474924	754436.795206765	81.20%
407	417789.214708225	755808.380740025	81.40%
408	258397.589204777	756023.323453766	81.60%
409	128010.629457946	756837.517678791	81.80%
410	497480.249975872	761446.727994389	82.00%
411	409282.795603685	762625.893936543	82.20%
412	505981.163232393	766852.618375948	82.40%
413	756837.517678791	771568.913899516	82.60%
414	549174.377905588	802811.848492024	82.80%
415	732021.48759039	804209.721519189	83.00%
416	185706.181980895	804953.990425351	83.20%
417	854254.751613008	805665.819983633	83.40%
418	462726.894255315	816510.711760438	83.60%
419	72967.3570204815	817491.87350101	83.80%
420	1266375.64245898	820011.944381731	84.00%
421	868831.438954429	823884.592356261	84.20%
422	483034.401358591	825745.735315093	84.40%
423	301209.168737818	826654.987678521	84.60%
424	483587.688529555	835539.806549079	84.80%
425	804209.721519189	836940.086124387	85.00%
426	63442.9813401201	839297.282575962	85.20%
427	194061.269681311	840800.709560892	85.40%
428	518262.197461396	844118.076901931	85.60%
429	228440.435142311	844960.743893803	85.80%
430	140030.962869946	850596.966842021	86.00%
431	974790.641377761	850892.982824044	86.20%
432	218554.285881924	853375.625396755	86.40%
433	762625.893936543	854254.751613008	86.60%
434	276584.683377813	854386.891661102	86.80%
435	553834.665756335	859328.786576444	87.00%
436	93102.7345052692	859972.189280464	87.20%
437	802811.848492024	859998.000057328	87.40%
438	487332.171445098	860029.775712345	87.60%
439	390868.51843398	865086.20280944	87.80%
440	288653.513266433	868831.438954429	88.00%
441	1040203.79824115	870693.623357978	88.20%
442	612154.329306324	874053.365019665	88.40%
443	-127219.322777228	874886.201699075	88.60%
444	550742.91896821	877134.182414941	88.80%
445	670629.179257158	885697.371259913	89.00%
446	614768.320402975	888903.936957884	89.20%
447	235765.540689494	902912.088905212	89.40%
448	850892.982824044	903809.412035765	89.60%
449	141466.080401619	912265.310933123	89.80%
450	304853.477028374	916338.371009492	90.00%
451	-305628.454929098	917982.114049288	90.20%
452	129706.556359192	928417.904814235	90.40%
453	587170.906237093	932388.813324563	90.60%
454	342450.788946177	938199.417571923	90.80%
455	693778.375473975	938339.283322286	91.00%
456	469988.644796679	946195.509741962	91.20%
457	11684.6217544	953544.465310718	91.40%
458	678393.698309645	955194.710908349	91.60%
459	254782.705217271	958678.612026539	91.80%
460	472228.158055152	962019.174657714	92.00%
461	677836.293446404	974790.641377761	92.20%
462	173085.582297708	976419.24007985	92.40%
463	668479.89694038	986002.985668612	92.60%
464	912265.310933123	990174.85598445	92.80%
465	356725.084063551	996507.51853126	93.00%
466	-109501.227074426	996659.062136146	93.20%
467	1200283.76270868	996803.485867316	93.40%
468	-70709.8216236061	1016331.8242403	93.60%
469	102759.115242164	1020671.5325466	93.80%
470	478146.191820631	1032709.68195963	94.00%
471	162819.037549197	1036652.18013032	94.20%
472	563873.29738728	1040203.79824115	94.40%
473	129467.88981705	1042103.41794247	94.60%
474	583566.055645342	1056601.52406127	94.80%
475	460810.223298646	1070681.87409653	95.00%
476	222091.161577529	1087803.65990842	95.20%
477	514491.479548774	1090673.17783705	95.40%
478	572922.553775317	1090765.67101222	95.60%
479	469682.706821689	1103081.95849187	95.80%
480	596004.439829014	1106792.82081832	96.00%
481	860029.775712345	1116877.19761806	96.20%
482	424401.478156061	1125383.99975749	96.40%
483	-31329.7339766249	1153210.3723186	96.60%
484	102046.581717975	1163312.28484737	96.80%
485	695179.875182696	1171814.77040292	97.00%
486	388646.776494511	1200283.76270868	97.20%
487	844118.076901931	1202536.08484579	97.40%
488	588586.613396396	1211060.91629774	97.60%
489	306536.728428872	1216559.90696923	97.80%
490	143722.883941145	1227107.8742655	98.00%
491	171805.059171131	1244180.49880396	98.20%
492	347440.989471933	1245744.95824679	98.40%
493	333216.499994382	1266375.64245898	98.60%
494	345518.748769907	1289318.51824137	98.80%
495	463807.320347385	1330409.74863098	99.00%
496	450830.302802807	1347641.34555877	99.20%
497	1125383.99975749	1378212.36539147	99.40%
498	294893.808676975	1435969.2680881	99.60%
499	1216559.90696923	1460036.7350627	99.80%
500	1016331.8242403	1738745.73062964	100.00%

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102759.11524216412 107321.76262397412 109858.62979030283 111385.22334398935 123806.81873169169 127642.36280017812 128010.62945794594 128286.13816460455 128796.78957622685 129467.88981704973 129706.55635919189 130669.35297414754 131007.135492987 134389.81609930424 137565.38332974678 137855.27237368468 140030.96286994591 140743.89870681614 141466.08040161896 143129.3855681764 143722.88394114468 151136.22777189547 151927.92179715866 154057.07969165687 154936.98768214555 161919.85582388891 162819.03754919674 163149.74573044758 165048.25336032221 166126.54971899791 170294.6535007502 170668.80779677257 170760.06472717598 171805.05917113088 171888.91218990786 173085.58229770837 176760.42517711967 178442.31073491601 183581.73921595933 185706.18198089534 187840.69542001467 189301.28052179003 194061.26968131075 198598.8754573809 198669.34157207375 198820.45322325174 201920.53757278435 203782.23468124215 204319.70968368044 206216.66486139363 208625.2013396807 210413.51128666243 215721.90185325872 215774.59351047035 218554.28588192398 219850.4162714486 222091.16157752881 224545.38857491454 228440.43514231127 229963.97400445398 232853.12918654643 235765.54068949446 243168.9522249233 244354.87799953111 244804.92069079354 247193.7056435491 248240.61107222224 248776.68568300223 252681.15659998078 252944.72289420152 253523.64327059686 254094.62528477563 254519.10211200127 254782.70521727111 255100.96879455494 255179.71279832069 257493.16230419837 257790.98946995521 258397.58920477657 259449.26512932917 260383.96486231545 260927.41579249222 262672.19082811289 262704.87244906509 263916.33880398143 264437.20110853761 270420.49857108714 270962.1973722456 271267.94247492449 271880.52291667508 272758.28688007221 273702.60466114664 274557.58458857099 276268.01034255326 276584.68337781262 276757.31134387339 277512.01127441134 278760.54594608024 278946.29915511096 281351.65053476207 281652.35022133403 282350.05634255102 283480.50888947025 283767.48553409008 284560.56743862992 284953.04779814929 286477.74671624415 288653.51326643256 290872.74433806585 290876.06431397283 293003.96448377986 294544.79762092698 294893.80867697531 295090.32585091563 296711.62396846712 298298.10096998652 298644.70362153836 298683.24863682361 299290.57438612031 301209.16873781756 302199.6746062017 302760.77740826365 304853.47702837409 306536.7284288723 307743.25411292212 309486.97480868408 313962.07035927102 316649.00454003504 317929.82477457076 319643.90028224001 320176.09035188099 324446.34122278402 324468.53115360253 327210.34333506972 331964.60614387505 332844.1612096047 333216.49999438226 335211.89941936731 340746.29733006144 342239.59770268621 342450.78894617688 342808.84151432151 344475.35195670743 345518.74876990728 347440.98947193334 348374.95990899578 348738.90332355816 349287.49494716385 350732.57662849547 354055.48255702714 355903.09012091346 356725.08406355092 362461.55597394658 366712.8340845299 367461.80750930868 370666.00072975084 370708.53907384397 373191.92798132729 374477.46593736298 375624.05318903131 377739.65039603598 378386.9304578132 379076.8200955526 384495.69677425362 385025.47350887442 385756.49785042368 386339.70230946876 387404.95749255829 388646.77649451094 389736.24313379871 389949.06300971517 390318.18482786324 390868.51843397971 391157.55166549748 391261.70611933712 391374.24765574234 395053.52344579017 397386.97167893546 398817.62299066503 400447.28328525787 401285.47824642062 401666.22582580894 402948.75352642778 405518.04643500596 409282.79560368508 409849.39352646703 412026.17490718374 417563.05329990666 417789.21470822487 419496.46183430497 420620.37281466229 422696.6602296941 423887.03344640788 424058.24459863221 424401.47815606138 424674.24809822021 424882.73382890085 429138.3716315967 431071.2981944154 434086.09741144348 434453.80227854569 434584.8174139508 436429.12929442152 439812.28996715322 440344.02624989953 440704.02579521993 442109.60554552218 443406.67333228188 443538.44448231068 444520.48985582311 449172.61620475259 450830.30280280719 452514.04928669939 456501.0140876323 459580.59779608529 459817.29631347116 460810.22329864604 462726.89425531542 463807.32034738548 464561.12970071239 466228.90077243326 466881.19652033737 467936.12724088458 469682.70682168892 469988.64479667926 470448.016566406 470610.53105982207 472228.15805515181 472654.5723159411 473396.16858362034 475363.34167344496 476599.91623283736 478146.1918206308 478340.56795100216 478793.56097877724 478837.68310049921 479617.42169007519 483034.40135859139 483587.68852955522 485699.52923163027 486816.21324382536 487332.17144509777 489250.15932595264 489758.8149570371 490523.59551500157 490960.54042388452 494546.08937809011 496697.52094225818 497480.24997587176 498761.16627518972 504620.23802846391 505027.61722795293 505981.1632323931 506283.88477143133 507658.04984863382 512656.82481159456 512917.75733339647 513791.40909680631 514491.47954877419 518048.42789963307 518262.19746139552 521131.46905113943 524861.76936190017 525795.98103947286 530166.06430986756 530259.32161012571 540068.80839020992 544563.19841662515 548265.16697675129 548366.07529890537 548512.91755413311 549174.37790558813 549867.53727876302 550742.91896821 550935.9840006209 551170.45535705937 551544.20455725165 553834.66575633455 554364.74078554939 559545.33013113076 560572.85128383664 560774.07240949944 563302.92085263273 563873.29738727957 569037.80121685984 570153.33896020241 570566.69596897531 572922.55377531704 583233.70117855165 583566.05564534152 583672.73297914723 586723.56751302211 587170.9062370928 587345.24745819066 588586.61339639593 588616.36352100596 592573.72533177584 594349.7787978095 596004.43982901424 600337.48704567272 601721.44375862833 607299.32753684605 609939.65685100481 612154.32930632448 613669.88534883223 614354.10050892783 614768.32040297519 616443.03773520049 622655.19862286281 622779.22934847418 626127.288161695 634554.15924683167 635636.93072175421 636985.84236888634 637719.12951308535 639443.57644461049 645193.31029250566 657332.73885648046 657403.31034968328 660693.9898365275 668479.89694038033 668841.36352190701 670629.17925715819 671051.41210437287 672062.95204406977 673794.998434145 673841.61755759083 677836.29344640439 678393.69830964459 682213.35568017373 690611.81133962702 691714.60738299182 693778.37547397474 695179.87518269569 695876.34882697044 699096.23697962146 703583.748294516 704151.54653984495 704624.62682344392 704914.14613951324 714269.12313695531 715806.46081700595 717134.75662189582 720233.58819805784 724223.75059915055 727132.57494669408 730977.5922562778 731519.18707015365 732021.48759039026 734840.35515603609 735523.62359724706 736192.74525622651 749943.02259541303 753830.11909410777 754436.79520676518 755808.38074002508 756023.32345376629 756837.51767879073 761446.72799438937 762625.89393654326 766852.61837594816 771568.91389951622 802811.84849202354 804209.72151918896 804953.99042535061 805665.81998363324 816510.71176043758 817491.87350100977 820011.9443817311 823884.59235626133 825745.7353150933 826654.98767852085 835539.80654907878 836940.08612438664 839297.28257596167 840800.70956089161 844118.07690193085 844960.7438938031 850596.96684202133 850892.98282404384 853375.62539675506 854254.75161300832 854386.89166110195 859328.78657644382 859972.18928046431 859998.00005732803 860029.77571234526 865086.20280944044 868831.43895442877 870693.62335797772 874053.3650196651 874886.20169907529 877134.18241494102 885697.37125991331 888903.93695788365 902912.088905212 903809.41203576466 912265.31093312288 916338.37100949232 917982.11404928798 928417.90481423493 932388.81332456274 938199.41757192276 938339.28332228586 946195.50974196242 953544.4653107184 955194.71090834914 958678.6120265387 962019.17465771362 974790.64137776149 976419.24007984996 986002.98566861171 990174.85598444985 996507.51853126008 996659.06213614577 996803.48586731637 1016331.8242402961 1020671.5325465971 1032709.6819596328 1036652.1801303169 1040203.7982411515 1042103.4179424699 1056601.5240612733 1070681.8740965254 1087803.6599084167 1090673.1778370547 1090765.6710122153 1103081.9584918688 1106792.8208183153 1116877.1976180589 1125383.9997574906 1153210.3723185975 1163312.2848473717 1171814.77040292 1200283.762708677 1202536.0848457948 1211060.9162977445 1216559.9069692325 1227107.8742654999 1244180.4988039588 1245744.9582467941 1266375.6424589828 1289318.5182413724 1330409.7486309763 1347641.3455587709 1378212.3653914742 1435969.2680881037 1460036.7350627016 1738745.7306296425 2E-3 4.0000000000000001E-3 6.0000000000000001E-3 8.0000000000000002E-3 0.01 1.2E-2 1.4E-2 1.6E-2 1.8000000000000002E-2 2.0000000000000004E-2 2.2000000000000006E-2 2.4000000000000007E-2 2.6000000000000009E-2 2.8000000000000011E-2 3.0000000000000013E-2 3.2000000000000015E-2 3.4000000000000016E-2 3.6000000000000018E-2 3.800000000000002E-2 4.0000000000000022E-2 4.2000000000000023E-2 4.4000000000000025E-2 4.6000000000000027E-2 4.8000000000000029E-2 5.0000000000000031E-2 5.2000000000000032E-2 5.4000000000000034E-2 5.6000000000000036E-2 5.8000000000000038E-2 6.0000000000000039E-2 6.2000000000000041E-2 6.4000000000000043E-2 6.6000000000000045E-2 6.8000000000000047E-2 7.0000000000000048E-2 7.200000000000005E-2 7.4000000000000052E-2 7.6000000000000054E-2 7.8000000000000055E-2 8.0000000000000057E-2 8.2000000000000059E-2 8.4000000000000061E-2 8.6000000000000063E-2 8.8000000000000064E-2 9.0000000000000066E-2 9.2000000000000068E-2 9.400000000000007E-2 9.6000000000000071E-2 9.8000000000000073E-2 0.10000000000000007 0.10200000000000008 0.10400000000000008 0.10600000000000008 0.10800000000000008 0.11000000000000008 0.11200000000000009 0.11400000000000009 0.11600000000000009 0.11800000000000009 0.12000000000000009 0.12200000000000009 0.1240000000000001 0.12600000000000008 0.12800000000000009 0.13000000000000009 0.13200000000000009 0.13400000000000009 0.13600000000000009 0.13800000000000009 0.1400000000000001 0.1420000000000001 0.1440000000000001 0.1460000000000001 0.1480000000000001 0.15000000000000011 0.15200000000000011 0.15400000000000011 0.15600000000000011 0.15800000000000011 0.16000000000000011 0.16200000000000012 0.16400000000000012 0.16600000000000012 0.16800000000000012 0.17000000000000012 0.17200000000000013 0.17400000000000013 0.17600000000000013 0.17800000000000013 0.18000000000000013 0.18200000000000013 0.18400000000000014 0.18600000000000014 0.18800000000000014 0.19000000000000014 0.19200000000000014 0.19400000000000014 0.19600000000000015 0.19800000000000015 0.20000000000000015 0.20200000000000015 0.20400000000000015 0.20600000000000016 0.20800000000000016 0.21000000000000016 0.21200000000000016 0.21400000000000016 0.21600000000000016 0.21800000000000017 0.22000000000000017 0.22200000000000017 0.22400000000000017 0.22600000000000017 0.22800000000000017 0.23000000000000018 0.23200000000000018 0.23400000000000018 0.23600000000000018 0.23800000000000018 0.24000000000000019 0.24200000000000019 0.24400000000000019 0.24600000000000019 0.24800000000000019 0.25000000000000017 0.25200000000000017 0.25400000000000017 0.25600000000000017 0.25800000000000017 0.26000000000000018 0.26200000000000018 0.26400000000000018 0.26600000000000018 0.26800000000000018 0.27000000000000018 0.27200000000000019 0.27400000000000019 0.27600000000000019 0.27800000000000019 0.28000000000000019 0.28200000000000019 0.2840000000000002 0.2860000000000002 0.2880000000000002 0.2900000000000002 0.2920000000000002 0.29400000000000021 0.29600000000000021 0.29800000000000021 0.30000000000000021 0.30200000000000021 0.30400000000000021 0.30600000000000022 0.30800000000000022 0.31000000000000022 0.31200000000000022 0.31400000000000022 0.31600000000000023 0.31800000000000023 0.32000000000000023 0.32200000000000023 0.32400000000000023 0.32600000000000023 0.32800000000000024 0.33000000000000024 0.33200000000000024 0.33400000000000024 0.33600000000000024 0.33800000000000024 0.34000000000000025 0.34200000000000025 0.34400000000000025 0.34600000000000025 0.34800000000000025 0.35000000000000026 0.35200000000000026 0.35400000000000026 0.35600000000000026 0.35800000000000026 0.36000000000000026 0.36200000000000027 0.36400000000000027 0.36600000000000027 0.36800000000000027 0.37000000000000027 0.37200000000000027 0.37400000000000028 0.37600000000000028 0.37800000000000028 0.38000000000000028 0.38200000000000028 0.38400000000000029 0.38600000000000029 0.38800000000000029 0.39000000000000029 0.39200000000000029 0.39400000000000029 0.3960000000000003 0.3980000000000003 0.4000000000000003 0.4020000000000003 0.4040000000000003 0.40600000000000031 0.40800000000000031 0.41000000000000031 0.41200000000000031 0.41400000000000031 0.41600000000000031 0.41800000000000032 0.42000000000000032 0.42200000000000032 0.42400000000000032 0.42600000000000032 0.42800000000000032 0.43000000000000033 0.43200000000000033 0.43400000000000033 0.43600000000000033 0.43800000000000033 0.44000000000000034 0.44200000000000034 0.44400000000000034 0.44600000000000034 0.44800000000000034 0.45000000000000034 0.45200000000000035 0.45400000000000035 0.45600000000000035 0.45800000000000035 0.46000000000000035 0.46200000000000035 0.46400000000000036 0.46600000000000036 0.46800000000000036 0.47000000000000036 0.47200000000000036 0.47400000000000037 0.47600000000000037 0.47800000000000037 0.48000000000000037 0.48200000000000037 0.48400000000000037 0.48600000000000038 0.48800000000000038 0.49000000000000038 0.49200000000000038 0.49400000000000038 0.49600000000000039 0.49800000000000039 0.50000000000000033 0.50200000000000033 0.50400000000000034 0.50600000000000034 0.50800000000000034 0.51000000000000034 0.51200000000000034 0.51400000000000035 0.51600000000000035 0.51800000000000035 0.52000000000000035 0.52200000000000035 0.52400000000000035 0.52600000000000036 0.52800000000000036 0.53000000000000036 0.53200000000000036 0.53400000000000036 0.53600000000000037 0.53800000000000037 0.54000000000000037 0.54200000000000037 0.54400000000000037 0.54600000000000037 0.54800000000000038 0.55000000000000038 0.55200000000000038 0.55400000000000038 0.55600000000000038 0.55800000000000038 0.56000000000000039 0.56200000000000039 0.56400000000000039 0.56600000000000039 0.56800000000000039 0.5700000000000004 0.5720000000000004 0.5740000000000004 0.5760000000000004 0.5780000000000004 0.5800000000000004 0.58200000000000041 0.58400000000000041 0.58600000000000041 0.58800000000000041 0.59000000000000041 0.59200000000000041 0.59400000000000042 0.59600000000000042 0.59800000000000042 0.60000000000000042 0.60200000000000042 0.60400000000000043 0.60600000000000043 0.60800000000000043 0.61000000000000043 0.61200000000000043 0.61400000000000043 0.61600000000000044 0.61800000000000044 0.62000000000000044 0.62200000000000044 0.62400000000000044 0.62600000000000044 0.62800000000000045 0.63000000000000045 0.63200000000000045 0.63400000000000045 0.63600000000000045 0.63800000000000046 0.64000000000000046 0.64200000000000046 0.64400000000000046 0.64600000000000046 0.64800000000000046 0.65000000000000047 0.65200000000000047 0.65400000000000047 0.65600000000000047 0.65800000000000047 0.66000000000000048 0.66200000000000048 0.66400000000000048 0.66600000000000048 0.66800000000000048 0.67000000000000048 0.67200000000000049 0.67400000000000049 0.67600000000000049 0.67800000000000049 0.68000000000000049 0.68200000000000049 0.6840000000000005 0.6860000000000005 0.6880000000000005 0.6900000000000005 0.6920000000000005 0.69400000000000051 0.69600000000000051 0.69800000000000051 0.70000000000000051 0.70200000000000051 0.70400000000000051 0.70600000000000052 0.70800000000000052 0.71000000000000052 0.71200000000000052 0.71400000000000052 0.71600000000000052 0.71800000000000053 0.72000000000000053 0.72200000000000053 0.72400000000000053 0.72600000000000053 0.72800000000000054 0.73000000000000054 0.73200000000000054 0.73400000000000054 0.73600000000000054 0.73800000000000054 0.74000000000000055 0.74200000000000055 0.74400000000000055 0.74600000000000055 0.74800000000000055 0.75000000000000056 0.75200000000000056 0.75400000000000056 0.75600000000000056 0.75800000000000056 0.76000000000000056 0.76200000000000057 0.76400000000000057 0.76600000000000057 0.76800000000000057 0.77000000000000057 0.77200000000000057 0.77400000000000058 0.77600000000000058 0.77800000000000058 0.78000000000000058 0.78200000000000058 0.78400000000000059 0.78600000000000059 0.78800000000000059 0.79000000000000059 0.79200000000000059 0.79400000000000059 0.7960000000000006 0.7980000000000006 0.8000000000000006 0.8020000000000006 0.8040000000000006 0.8060000000000006 0.80800000000000061 0.81000000000000061 0.81200000000000061 0.81400000000000061 0.81600000000000061 0.81800000000000062 0.82000000000000062 0.82200000000000062 0.82400000000000062 0.82600000000000062 0.82800000000000062 0.83000000000000063 0.83200000000000063 0.83400000000000063 0.83600000000000063 0.83800000000000063 0.84000000000000064 0.84200000000000064 0.84400000000000064 0.84600000000000064 0.84800000000000064 0.85000000000000064 0.85200000000000065 0.85400000000000065 0.85600000000000065 0.85800000000000065 0.86000000000000065 0.86200000000000065 0.86400000000000066 0.86600000000000066 0.86800000000000066 0.87000000000000066 0.87200000000000066 0.87400000000000067 0.87600000000000067 0.87800000000000067 0.88000000000000067 0.88200000000000067 0.88400000000000067 0.88600000000000068 0.88800000000000068 0.89000000000000068 0.89200000000000068 0.89400000000000068 0.89600000000000068 0.89800000000000069 0.90000000000000069 0.90200000000000069 0.90400000000000069 0.90600000000000069 0.9080000000000007 0.9100000000000007 0.9120000000000007 0.9140000000000007 0.9160000000000007 0.9180000000000007 0.92000000000000071 0.92200000000000071 0.92400000000000071 0.92600000000000071 0.92800000000000071 0.93000000000000071 0.93200000000000072 0.93400000000000072 0.93600000000000072 0.93800000000000072 0.94000000000000072 0.94200000000000073 0.94400000000000073 0.94600000000000073 0.94800000000000073 0.95000000000000073 0.95200000000000073 0.95400000000000074 0.95600000000000074 0.95800000000000074 0.96000000000000074 0.96200000000000074 0.96400000000000075 0.96600000000000075 0.96800000000000075 0.97000000000000075 0.97200000000000075 0.97400000000000075 0.97600000000000076 0.97800000000000076 0.98000000000000076 0.98200000000000076 0.98400000000000076 0.98600000000000076 0.98800000000000077 0.99000000000000077 0.99200000000000077 0.99400000000000077 0.99600000000000077 0.99800000000000078 1.0000000000000007

Partitioning IRR

Partioned IRR	Partioned IRR	Partioned IRR
The Perennial	CashFlow from Operations	Cash Flow from Sale (Purchase)	TOTAL	The Westchester	CashFlow from Operations	Cash Flow from Sale (Purchase)	TOTAL	The Indiana	CashFlow from Operations	Cash Flow from Sale (Purchase)	TOTAL
Equity Invested	$ - 0	$ (2,610,000.00)	$ (2,610,000.00)	Equity Invested	$ - 0	$ (2,100,000.00)	$ (2,100,000.00)	Equity Invested	$ - 0	$ (1,200,000.00)	$ (1,200,000.00)
ATOCF (1)	$ 233,727.38	$ - 0	$ 233,727.38	ATOCF (1)	$226,211	$ - 0	$ 226,211.04	ATOCF (1)	$243,285	$ - 0	$ 243,285.05
ATOCF (2)	$ 247,715.14	$ - 0	$ 247,715.14	ATOCF (2)	$245,400	$ - 0	$ 245,399.91	ATOCF (2)	$256,502	$ - 0	$ 256,501.67
ATOCF (3)	$ 262,064.99	$ - 0	$ 262,064.99	ATOCF (3)	$265,250	$ - 0	$ 265,250.06	ATOCF (3)	$270,115	$ - 0	$ 270,114.80
ATOCF (4)	$ 276,784.61	$ - 0	$ 276,784.61	ATOCF (4)	$285,786	$ - 0	$ 285,786.03	ATOCF (4)	$284,136	$ - 0	$ 284,136.31
ATOCF (5)	$ 291,881.76	$ - 0	$ 291,881.76	ATOCF (5)	$307,033	$ - 0	$ 307,033.37	ATOCF (5)	$298,578	$ - 0	$ 298,578.47
ATOCF (6)	$ 307,364.22	$ - 0	$ 307,364.22	ATOCF (6)	$329,019	$ - 0	$ 329,018.67	ATOCF (6)	$313,454	$ - 0	$ 313,453.90
ATOCF (7)	$ 323,239.83	$ - 0	$ 323,239.83	ATOCF (7)	$351,770	$ - 0	$ 351,769.58	ATOCF (7)	$328,776	$ - 0	$ 328,775.59
ATOCF (8)	$ 339,516.47	$ - 0	$ 339,516.47	ATOCF (8)	$375,315	$ - 0	$ 375,314.92	ATOCF (8)	$344,557	$ - 0	$ 344,556.93
ATOCF (9)	$ 356,202.01	$ - 0	$ 356,202.01	ATOCF (9)	$399,685	$ - 0	$ 399,684.66	ATOCF (9)	$360,812	$ - 0	$ 360,811.71
ATOCF (10)	$ 373,304.34	$4,735,782.31	$ 5,109,086.65	ATOCF (10)	$424,910	$4,613,080.97	$ 5,037,991.01	ATOCF (10)	$377,554	$2,500,807.51	$ 2,878,361.65
NPV	$1,244,768.20	$1,179,612.44	$2,424,380.64	NPV	$1,073,060.07	$825,459.75	$1,898,519.83	NPV	$760,117.23	$238,535.32	$998,652.55
IRR	14.91%	IRR	18.78%	IRR	26.49%
Precent From Sale	48.66%	Precent From Sale	43.48%	Precent From Sale	23.89%
Percent From Operations	51.34%	Percent From Operations	56.52%	Percent From Operations	76.11%

Exhibit 9

Exhibit 9	Comparison
Financial Analysis
Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case
The Perennial	The Perennial	The Perennial	The Perennial	The Westchester	The Perennial	The Perennial	The Perennial	The Indiana	The Perennial	The Perennial	The Perennial
Equity Required	$2,610,000	$2,100,000	$1,200,000
Simple Return Measures
Capitalization Rate - Purchase	8.96%	11.01%	10.72%
Capitalization Rate - Sale	10.65%	11.64%	13.09%
Cash-on-Cash Return (before tax)	12.47%	19.29%	16.60%
Cash-on-Cash Return (after tax)	8.96%	10.77%	20.27%
Increase in Capital Value	14.94%	28.57%	25.00%
Discounted Return Measures
Internal Rate of Return	14.91%	18.78%	26.49%
Net Present Value @ 12%	$536,720	$1,085,872	$1,267,513

Exhibit 10 Breakdown

The Perenial IRR	14.91%	The Westchester IRR	18.78%	The Indiana IRR	26.49%
Cash Flow Before Tax	Income Tax	Proceeds from Sale	Total	Cash Flow Before Tax	Income Tax	Proceeds from Sale	Total	Cash Flow Before Tax	Income Tax	Proceeds from Sale	Total
Year	Actual	Discounted	Actual	Discounted	Actual	Discounted	Actual	Discounted	Year	Actual	Discounted	Actual	Discounted	Actual	Discounted	Actual	Discounted	Year	Actual	Discounted	Actual	Discounted	Actual	Discounted	Actual	Discounted
1	$325,451	$283,218	$91,724	$79,821	$0	$0	$417,175	$363,039	1	$405,134	$341,090	$121,806	$102,551	$0	$0	$526,940	$443,641	1	$199,227	$157,506	$131,000	$103,566	$0	$0	$330,227	$261,072
2	$350,498	$265,433	$102,783	$77,838	$0	$0	$453,281	$343,271	2	$429,387	$304,362	$132,138	$93,663	$0	$0	$561,525	$398,025	2	$219,561	$137,230	$138,116	$86,326	$0	$0	$357,677	$223,556
3	$376,297	$247,990	$114,232	$75,282	$0	$0	$490,528	$323,272	3	$454,367	$271,156	$142,827	$85,236	$0	$0	$597,194	$356,391	3	$240,504	$118,840	$145,446	$71,870	$0	$0	$385,950	$190,710
4	$402,869	$231,048	$126,084	$72,310	$0	$0	$528,953	$303,359	4	$480,097	$241,219	$153,885	$77,317	$0	$0	$633,982	$318,536	4	$262,076	$102,380	$152,996	$59,768	$0	$0	$415,072	$162,148
5	$430,239	$214,725	$138,357	$69,052	$0	$0	$568,595	$283,777	5	$506,599	$214,297	$165,326	$69,935	$0	$0	$671,925	$284,232	5	$284,294	$87,802	$160,773	$49,653	$0	$0	$445,067	$137,455
6	$458,429	$199,104	$151,065	$65,610	$0	$0	$609,494	$264,715	6	$533,896	$190,143	$177,164	$63,095	$0	$0	$711,059	$253,238	6	$307,180	$75,002	$168,783	$41,211	$0	$0	$475,962	$116,213
7	$487,466	$184,241	$164,226	$62,070	$0	$0	$651,691	$246,312	7	$562,011	$168,515	$189,414	$56,795	$0	$0	$751,426	$225,309	7	$330,751	$63,846	$177,033	$34,173	$0	$0	$507,784	$98,019
8	$517,373	$170,170	$177,856	$58,499	$0	$0	$695,229	$228,668	8	$590,970	$149,186	$202,093	$51,017	$0	$0	$793,063	$200,203	8	$355,030	$54,181	$185,531	$28,314	$0	$0	$540,561	$82,494
9	$548,178	$156,904	$191,976	$54,949	$0	$0	$740,153	$211,853	9	$620,798	$131,943	$215,215	$45,741	$0	$0	$836,013	$177,684	9	$380,038	$45,851	$194,283	$23,440	$0	$0	$574,321	$69,291
10	$579,906	$144,446	$206,602	$51,461	$4,735,782	$1,179,612	$5,522,291	$1,375,520	10	$651,521	$116,582	$228,798	$40,941	$4,613,081	$825,460	$5,493,400	$982,983	10	$405,795	$38,706	$203,298	$19,391	$2,500,808	$238,535	$3,109,901	$296,633
Total	$4,476,706	$2,097,281	($1,464,905)	($666,893)	$4,735,782	$1,179,612	$10,677,393	$2,610,000	Total	$5,234,781	$2,128,492	($1,728,665)	($686,291)	$4,613,081	$825,460	$11,576,527	$2,267,661	Total	$2,984,456	$881,344	($1,657,260)	($517,712)	$2,500,808	$238,535	$7,142,524	$602,168
Percent	80.36%	-25.55%	45.20%	100.00%	Percent	93.86%	-30.26%	36.40%	100.00%	Percent	146.36%	-85.97%	39.61%	100.00%
BEST CASE
Allison Green - Irr:	ERROR:#REF!
Cash Flow Before Tax	Income Tax	Futures	Total
Year	Actual	Discounted	Actual	Discounted	Actual	Discounted	Actual	Discounted
1	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
2	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
3	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
4	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
5	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
6	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
7	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
8	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
9	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
10	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Total	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Percent	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
MOST LIKELY
Allison Green - Irr:	ERROR:#REF!
Cash Flow Before Tax	Income Tax	Futures	Total
Year	Actual	Discounted	Actual	Discounted	Actual	Discounted	Actual	Discounted
1	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
2	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
3	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
4	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
5	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
6	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
7	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
8	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
9	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
10	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Total	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Percent	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
WORST CASE
Allison Green - Irr:	ERROR:#REF!
Cash Flow Before Tax	Income Tax	Futures	Total
Year	Actual	Discounted	Actual	Discounted	Actual	Discounted	Actual	Discounted
1	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
2	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
3	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
4	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
5	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
6	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
7	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
8	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
9	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
10	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Total	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Percent	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!

Exhibit 10

Exhibit 10
Percent of Total Benefits (at Internal Rate of Return)
Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case	Best Case	Most Likely	Worst Case
The Perennial	The Westchester	The Indiana
Before Tax Cash Flow	80.36%	Before Tax Cash Flow	93.86%	Before Tax Cash Flow	146.36%
Tax Benefits	-25.55%	Tax Benefits	-30.26%	Tax Benefits	-85.97%
Future Value	45.20%	Future Value	36.40%	Future Value	39.61%

Exhibit 11

Exhibit 11
Breakdown of Futures
The Perennial	Best Case	Most Likely	Worst Case	The Westchester	Best Case	Most Likely	Worst Case	The Indiana	Best Case	Most Likely	Worst Case
Return on initial cash	$2,610,000.00	Return on initial cash	$2,267,661.33	Return on initial cash	$602,168.06
Recapture mortgage amortization	($3,013,023.09)	Recapture mortgage amortization	($2,419,564.60)	Recapture mortgage amortization	$5,279,937.68
Increase in sales price	$1,300,000.00	Increase in sales price	$2,000,000.00	Increase in sales price	$1,000,000.00
25% tax on depreciation	($593,181.82)	25% tax on depreciation	($381,818.18)	25% tax on depreciation	($272,727.27)
15% capital gains tax on increased sales price	($112,500.00)	15% capital gains tax on increased sales price	($243,000.00)	15% capital gains tax on increased sales price	($68,100.00)
Total	$191,295.09	Total	$1,223,278.55	Total	$6,541,278.47

Partitioning

Exhibit 11
Partitioning Analysis
Before Tax Cash Flows	Tax Benefits	Future Value
Allison Green
Angus Cartwright	73.99%	-18.36%	44.37%	100.00%
Best Case	ERROR:#REF!	-18.10%	46.94%	ERROR:#REF!
Most Likely	78.82%	-19.36%	40.54%	100.00%
Worst Case	96.26%	-21.17%	24.91%	100.00%
Ivy Tower
Angus Cartwright	72.20%	-13.24%	41.04%	100.00%
Best Case	69.58%	-13.41%	43.83%	100.00%
Most Likely	74.84%	-14.14%	39.30%	100.00%
Worst Case	23.98%	27.67%	48.35%	100.00%
Stony Walk
Angus Cartwright	65.28%	-26.65%	61.37%	100.00%
Best Case	61.94%	-24.45%	62.51%	100.00%
Most Likely	69.83%	-28.90%	59.07%	100.00%
Worst Case	87.40%	-37.66%	50.26%	100.00%
Fowler Building
Angus Cartwright	42.60%	-8.42%	65.82%	100.00%
Best Case	44.85%	-10.62%	65.77%	100.00%
Most Likely	48.39%	-8.51%	60.12%	100.00%
Worst Case	-28.31%	40.34%	87.97%	100.00%

Return and Risk Analysis

Exhibit 11
Return and Risk Analysis
Allison Green	Return	Probability	R x P	R - Expected Return	Px(R- Expected Return)
Best Case	16.58%	12.50%	2.07%	4.64%	0.03%
Most Likely	13.54%	75.00%	10.16%	1.60%	0.02%
Worst Case	5.73%	12.50%	0.72%	-6.21%	0.05%
Expected Return	100%	12.94%	Variance	0.09%
Standard Deviation	3.07%
Ivy Tower	Return	Probability	R x P	R - Expected Return	Px(R- Expected Return)
Best Case	16.70%	10%	1.67%	4.76%	0.02%
Most Likely	15.10%	65%	9.82%	3.16%	0.06%
Worst Case	1.82%	25%	0.46%	-10.12%	0.26%
Expected Return	100%	11.94%	Variance	0.34%
Standard Deviation	5.86%
Stony Walk	Return	Probability	R x P	R - Expected Return	Px(R- Expected Return)
Best Case	18.66%	20%	3.73%	6.72%	0.09%
Most Likely	13.08%	65%	8.50%	1.14%	0.01%
Worst Case	5.81%	15%	0.87%	-6.13%	0.06%
Expected Return	100%	13.11%	Variance	0.16%
Standard Deviation	3.94%
Fowler Building	Return	Probability	R x P	R - Expected Return	Px(R- Expected Return)
Best Case	19.12%	20.00%	3.82%	8.74%	0.15%
Most Likely	12.05%	55.00%	6.63%	1.6710%	0.0154%
Worst Case	-0.29%	25.00%	-0.07%	-10.67%	0.28%
Expected Return	100.00%	10.38%	Variance	0.45%
Standard Deviation	6.73%