FINANCE & ACCOUNTING ASSIGNMENT.

profileLeila@
real_estate__2.zip
Home>Business & Finance homework help>FINANCE & ACCOUNTING ASSIGNMENT.

Executive summary for investment decision on Olive property.docx

Executive summary for investment decision on Olive property

Summary

Every investment should be scrutinized carefully to establish whether in the long run the investment will be bringing in a positive return or losses. This report provides a summary of the various parameters that assist us to provide a detailed analysis of whether the client should invest in this property.

IRR as the major parameter

After calculations are made and the investment reaches its maturity level, if the internal rate of return is positive, then it means that the investment has indeed brought in some positive values and such it is a good investment. If the IRR is negative, the investment is not considered solid. This summary provides an examination of this particular project from two different perspectives: Alan’s and Galuppo’s.

Galuppo’s perspective

From the perspective of Galuppo as seen in the spreadsheet 1 (Galuppo), the end figure after the sale of this property is positive. From an initial investment of $7,663,500 (including acquisition costs), the net sale of the property upon maturity in 31 years is $ 11,717,694.24. This brings in a positive figure of $4,054,194.24. The cash flows over this period have also been positive. From this analysis, the client will be able to have a positive net cash flow every month.

Alan’s perspective

From the perspective of Alan as seen in the spreadsheet 3 (Alan’s position), the end figure after the sale of this property is also positive. From an initial investment of $7,663,500 (including acquisition costs), the net sale of the property upon maturity in 31 years is $ 9,914,972.05. This brings in a positive figure of $2,251,472.05.

Analysis

As observed from the figures given in these cases, there are discrepancies of $ 1,802,722.19 between the net sale figure as offered by Galuppo and Alan. There are a number of issues that could have resulted in this discrepancy. It is important to note that each analyst has their own views and predictions and assumptions about the changes in the value of these properties in the future. Galuppo believes that the value of the real estate property will rise at the rate of 5% compounded over the years. Alan believes that the appreciation will be at 2% over the next ten years. From Alan’s view, the client should consider reselling after either the 10th or the 15th year. This will be so that the client can avoid the costs that will be associated with depreciation of this property after this period. Galuppo’s predicts that depreciation in value will start kicking in after the 39th year.

The assumptions made by Galuppo include tenants taking care of maintenance and insurance costs. Alan encompasses these costs in his analysis.

Recommendation

I would recommend the client to go with Alan’s analysis. His analysis covers more aspects of the business in a more realistic manner. The client can decide to hold the property for some time and resell after 10 or 15 years to take advantage of over 35% capital gains. The cash flows expected over these years as shown are capable of offsetting the loan repayments as observed from the analysis conducted in the excel sheets.

Factor affecting IRR in this case

There a number of issues that affect the internal rate of return for this particular investment. These have been highlighted in the following paragraph.

The interest rate for loan repayment is the first factor. If the interest is high, the IRR reduces since more cash is being paid out. Increments in expenses also affect the IRR. The percentage of income capital gain upon sale of the property will also affect the IRR. If the gain is high, the IRR is also expected to be high and vice versa. The tax figures also affect the IRR. The higher the tax, the lower the IRR levels. Lastly, the numbers of repayment years also affect the IRR. The shorter the period, the lower the IRR in this case.

The client should consider investing in this piece of property as opposed to investing in the other options set out for him. He should consider adopting Alan’s analysis and predictions about price changes in the future since Alan seems more realistic and not inflated.

PROFORMA Olive Garden.xlsx

Galuppo

Olive Garden Property ASSUMPTIONS: No CAPX (Capital Expenses) - As some analysis puts them above NOI, and others below NOI
Purchase Price $ (6,000,000.00)
Building Value $ 4,000,000.00
Loan to Value 70% Maximum loan offered for Investment on Property from Pavarotti Bank services: 70%
Loan Amount $ 4,200,000.00
Down Payment $ (1,800,000.00)
Loan Costs 0.8% $ (33,600.00)
Interest Rate Annual 6.750%
Loan Term Months 360
closing costs 2.7% $ 170,100.00
Total Costs at Acquisition $ (1,663,500.00)
PROFORMA Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30
Gross Rent 8% $ 504,000.00 $ 529,000.00 $ 555,450.00 $ 583,222.50 $ 629,880.30 $ 680,270.72 $ 734,692.38 $ 793,467.77 $ 856,945.19 $ 925,500.81 $ 999,540.87 $ 1,079,504.14 $ 1,165,864.47 $ 1,259,133.63 $ 1,359,864.32 $ 1,468,653.47 $ 1,586,145.75 $ 1,713,037.41 $ 1,850,080.40 $ 1,998,086.83 $ 2,157,933.78 $ 2,330,568.48 $ 2,517,013.96 $ 2,718,375.08 $ 2,935,845.09 $ 3,170,712.70 $ 3,424,369.72 $ 3,698,319.30 $ 3,994,184.84 $ 4,313,719.63
Vacancy 0.0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Other Income (profit sharing) 5% increment $ 75,000.00 $ 78,750.00 $ 82,687.50 $ 86,821.88 $ 91,162.97 $ 95,721.12 $ 100,507.17 $ 105,532.53 $ 110,809.16 $ 116,349.62 $ 122,167.10 $ 128,275.45 $ 134,689.22 $ 141,423.69 $ 148,494.87 $ 155,919.61 $ 163,715.59 $ 171,901.37 $ 180,496.44 $ 189,521.26 $ 198,997.33 $ 208,947.19 $ 219,394.55 $ 230,364.28 $ 241,882.50 $ 253,976.62 $ 266,675.45 $ 280,009.22 $ 294,009.69 $ 308,710.17
Effective Gross Income $ 579,000.00 $ 607,750.00 $ 638,137.50 $ 670,044.38 $ 721,043.27 $ 775,991.84 $ 835,199.55 $ 899,000.30 $ 967,754.35 $ 1,041,850.43 $ 1,121,707.97 $ 1,207,779.59 $ 1,300,553.69 $ 1,400,557.32 $ 1,508,359.19 $ 1,624,573.08 $ 1,749,861.34 $ 1,884,938.78 $ 2,030,576.84 $ 2,187,608.09 $ 2,356,931.11 $ 2,539,515.67 $ 2,736,408.51 $ 2,948,739.36 $ 3,177,727.59 $ 3,424,689.32 $ 3,691,045.17 $ 3,978,328.52 $ 4,288,194.53 $ 4,622,429.80
OPERATING EXPENSES
Property Taxes 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Insurance: Fire 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Insurance: EQ 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Insurance: Umbrella 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Homeowners Assoc 4% $ (2,000.00) $ (2,080.00) $ (2,163.20) $ (2,249.73) $ (2,339.72) $ (2,433.31) $ (2,530.64) $ (2,631.87) $ (2,737.14) $ (2,846.63) $ (2,960.50) $ (3,078.92) $ (3,202.08) $ (3,330.16) $ (3,463.37) $ (3,601.90) $ (3,745.98) $ (3,895.82) $ (4,051.65) $ (4,213.72) $ (4,382.27) $ (4,557.56) $ (4,739.86) $ (4,929.45) $ (5,126.63) $ (5,331.70) $ (5,544.97) $ (5,766.77) $ (5,997.44) $ (6,237.34)
Maintenance 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Landscape 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Utilities 13% $ (2,800.00) $ (3,164.00) $ (3,575.32) $ (4,040.11) $ (4,565.32) $ (5,158.81) $ (5,829.46) $ (6,587.29) $ (7,443.64) $ (8,411.31) $ (9,504.78) $ (10,740.40) $ (12,136.65) $ (13,714.41) $ (15,497.28) $ (17,511.93) $ (19,788.48) $ (22,360.98) $ (25,267.91) $ (28,552.74) $ (32,264.60) $ (36,459.00) $ (41,198.67) $ (46,554.50) $ (52,606.59) $ (59,445.45) $ (67,173.36) $ (75,905.90) $ (85,773.67) $ (96,924.25)
Management Fee 10% 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Operating Expenses $ (4,800.00) $ (5,244.00) $ (5,738.52) $ (6,289.84) $ (6,905.04) $ (7,592.12) $ (8,360.10) $ (9,219.16) $ (10,180.78) $ (11,257.94) $ (12,465.28) $ (13,819.32) $ (15,338.73) $ (17,044.57) $ (18,960.65) $ (21,113.83) $ (23,534.46) $ (26,256.80) $ (29,319.56) $ (32,766.46) $ (36,646.87) $ (41,016.56) $ (45,938.53) $ (51,483.95) $ (57,733.22) $ (64,777.15) $ (72,718.33) $ (81,672.67) $ (91,771.11) $ (103,161.59)
NET OPERATING INCOME $ 574,200.00 $ 602,506.00 $ 632,398.98 $ 663,754.54 $ 714,138.23 $ 768,399.72 $ 826,839.45 $ 889,781.14 $ 957,573.57 $ 1,030,592.49 $ 1,109,242.69 $ 1,193,960.27 $ 1,285,214.96 $ 1,383,512.75 $ 1,489,398.54 $ 1,603,459.25 $ 1,726,326.88 $ 1,858,681.98 $ 2,001,257.28 $ 2,154,841.63 $ 2,320,284.24 $ 2,498,499.11 $ 2,690,469.98 $ 2,897,255.41 $ 3,119,994.37 $ 3,359,912.17 $ 3,618,326.84 $ 3,896,655.85 $ 4,196,423.42 $ 4,519,268.21
Debt Service
Interest 6.75% $ (282,132.02) $ (279,015.38) $ (275,681.72) $ (272,115.95) $ (268,301.92) $ (264,222.33) $ (259,858.65) $ (255,191.15) $ (250,198.69) $ (244,858.58) $ (239,146.66) $ (233,037.04) $ (226,502.00) $ (219,511.95) $ (212,035.22) $ (204,037.85) $ (195,483.67) $ (186,333.89) $ (176,547.01) $ (166,078.70) $ (154,881.52) $ (142,904.68) $ (130,093.91) $ (116,391.16) $ (101,734.33) $ (86,056.96) $ (69,288.04) $ (51,351.50) $ (32,166.06) $ (11,644.82)
Principal $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Debt Service $ (326,893.44) $ (282,132.02) $ (279,015.38) $ (275,681.72) $ (272,115.95) $ (268,301.92) $ (264,222.33) $ (259,858.65) $ (255,191.15) $ (250,198.69) $ (244,858.58) $ (239,146.66) $ (233,037.04) $ (226,502.00) $ (219,511.95) $ (212,035.22) $ (204,037.85) $ (195,483.67) $ (186,333.89) $ (176,547.01) $ (166,078.70) $ (154,881.52) $ (142,904.68) $ (130,093.91) $ (116,391.16) $ (101,734.33) $ (86,056.96) $ (69,288.04) $ (51,351.50) $ (32,166.06) $ (11,644.82)
BTCF (Before Tax Cash Flow) $ 247,306.56 $ 323,490.62 $ 356,717.26 $ 391,638.59 $ 445,836.31 $ 504,177.39 $ 566,980.80 $ 634,589.99 $ 707,374.88 $ 785,733.91 $ 870,096.03 $ 960,923.23 $ 1,058,712.96 $ 1,164,000.80 $ 1,277,363.32 $ 1,399,421.40 $ 1,530,843.21 $ 1,672,348.09 $ 1,824,710.27 $ 1,988,762.93 $ 2,165,402.72 $ 2,355,594.43 $ 2,560,376.07 $ 2,780,864.25 $ 3,018,260.04 $ 3,273,855.21 $ 3,549,038.80 $ 3,845,304.35 $ 4,164,257.36 $ 4,507,623.39
Tax Calculation (Include BTCF)
add Principal Reduction $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
minus Depreciation $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
minus Amortization $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Taxable Income (Loss) $ 247,306.56 $ 323,490.62 $ 356,717.26 $ 391,638.59 $ 445,836.31 $ 504,177.39 $ 566,980.80 $ 634,589.99 $ 707,374.88 $ 785,733.91 $ 870,096.03 $ 960,923.23 $ 1,058,712.96 $ 1,164,000.80 $ 1,277,363.32 $ 1,399,421.40 $ 1,530,843.21 $ 1,672,348.09 $ 1,824,710.27 $ 1,988,762.93 $ 2,165,402.72 $ 2,355,594.43 $ 2,560,376.07 $ 2,780,864.25 $ 3,018,260.04 $ 3,273,855.21 $ 3,549,038.80 $ 3,845,304.35 $ 4,164,257.36 $ 4,507,623.39
Tax Paid (Tax Reduction) 35% Tax Rate $ 86,557.30 $ 113,221.72 $ 124,851.04 $ 137,073.50 $ 156,042.71 $ 176,462.09 $ 198,443.28 $ 222,106.50 $ 247,581.21 $ 275,006.87 $ 304,533.61 $ 336,323.13 $ 370,549.54 $ 407,400.28 $ 447,077.16 $ 489,797.49 $ 535,795.12 $ 585,321.83 $ 638,648.60 $ 696,067.03 $ 757,890.95 $ 824,458.05 $ 896,131.63 $ 973,302.49 $ 1,056,391.01 $ 1,145,849.32 $ 1,242,163.58 $ 1,345,856.52 $ 1,457,490.07 $ 1,577,668.19
AFTER TAX CASH FLOW $ 160,749.26 $ 210,268.90 $ 231,866.22 $ 254,565.08 $ 289,793.60 $ 327,715.30 $ 368,537.52 $ 412,483.49 $ 459,793.67 $ 510,727.04 $ 565,562.42 $ 624,600.10 $ 688,163.43 $ 756,600.52 $ 830,286.16 $ 909,623.91 $ 995,048.09 $ 1,087,026.26 $ 1,186,061.68 $ 1,292,695.91 $ 1,407,511.77 $ 1,531,136.38 $ 1,664,244.45 $ 1,807,561.76 $ 1,961,869.02 $ 2,128,005.89 $ 2,306,875.22 $ 2,499,447.83 $ 2,706,767.28 $ 2,929,955.20
Property Value 5.0% $ 6,000,000.00 $ 6,300,000.00 $ 6,615,000.00 $ 6,945,750.00 $ 7,293,037.50 $ 7,657,689.38 $ 8,040,573.84 $ 8,442,602.54 $ 8,864,732.66 $ 9,307,969.30 $ 9,773,367.76 $ 10,262,036.15 $ 10,775,137.96 $ 11,313,894.85 $ 11,879,589.60 $ 12,473,569.08 $ 13,097,247.53 $ 13,752,109.91 $ 14,439,715.40 $ 15,161,701.17 $ 15,919,786.23 $ 16,715,775.54 $ 17,551,564.32 $ 18,429,142.54 $ 19,350,599.66 $ 20,318,129.65 $ 21,334,036.13 $ 22,400,737.93 $ 23,520,774.83 $ 24,696,813.57 $ 25,931,654.25
Loan Payoff Match with Amortization Schedule
Commissions 6.0%
Closing Costs 2.0%
Before Tax Sale Proceeds
INCOME TAX CALULATION FOR CAPITAL APPRECIATION
Sale Price $ 25,931,654.25
minus Purchase Price $ (6,000,000.00)
minus Acquisition Costs $ 170,100.00
minus Commissions $ - 0
minus Sales Costs $ (2,074,532.34)
Total Capital Gain (Sale Price - Adj Basis) $ 18,027,221.91
Depreciation Recapture $ - 0 35%
Income Tax: Cap Gain $ 6,309,527.67 20%
Total Income Tax $ 6,309,527.67
Net After Tax Sale Proceeds $ 11,717,694.24
TOTAL CASH FLOW $ (1,663,500.00) $ 160,749.26 $ 210,268.90 $ 231,866.22 $ 254,565.08 $ 289,793.60 $ 327,715.30 $ 368,537.52 $ 412,483.49 $ 459,793.67 $ 510,727.04 $ 565,562.42 $ 624,600.10 $ 688,163.43 $ 756,600.52 $ 830,286.16 $ 909,623.91 $ 995,048.09 $ 1,087,026.26 $ 1,186,061.68 $ 1,292,695.91 $ 1,407,511.77 $ 1,531,136.38 $ 1,664,244.45 $ 1,807,561.76 $ 1,961,869.02 $ 2,128,005.89 $ 2,306,875.22 $ 2,499,447.83 $ 2,706,767.28 $ 2,929,955.20
IRR
Hurdle Rate Alternative Investment OR "Risk Free" Interest Rate
IRR in excess of Hurdle Rate FINAL DECISION: If positive, then invest
IRR PARTITIONING
Total IRR
Partition to Cap App Zero B55, If "#NUM!" then IRR not allocated to Cap App 0 Cap App
Partition to Tax Benefit Zero Row 47-51 0 Tax Benefit
Partition to Equity Increase Zero Row 41 0 Equity Incr
Partition to Cash Flow Calculated Calculated Cash Flow
0 IRR
ADJUSTMENTS AS PROVIDED BY ALAN GIN ARE SHOWN ON ADJUSTED PROFORMA SHEET 3 HERE

&"Arial,Regular"&14&K000000Sample Class Proforma &18Name: ________________________

&"Arial,Regular"&10&K000000Page &P of &N 11/7/14 6:29 PM

Amort Sch

Assumptions in Proforma: Stable compounding rate for income, expenses & prices
Expenses are a function of rent price
Acqusition on Jan 1 of Year
Disposition on Dec 31 of Year
Tax Reductions are fully offset by other income (otherwise lost)
Straight Line Depreciation & Amortization
Loan Amount 4,200,000.00
Term 360 30
Interest Rate 0.56% 6.75%
Payment (27,241.12) (326,893.44) Add as Negative Number
Period Beginning Bal Interest Principal Payment Addt Pymt End Bal Annual Principal Annual Interest
1 4,200,000.00 (23,625.00) (3,616.12) (27,241.12) 0.00 4,196,383.88
2 4,196,383.88 (23,604.66) (3,636.46) (27,241.12) 0.00 4,192,747.42
3 4,192,747.42 (23,584.20) (3,656.92) (27,241.12) 0.00 4,189,090.50
4 4,189,090.50 (23,563.63) (3,677.49) (27,241.12) 0.00 4,185,413.01
5 4,185,413.01 (23,542.95) (3,698.17) (27,241.12) 0.00 4,181,714.84
6 4,181,714.84 (23,522.15) (3,718.97) (27,241.12) 0.00 4,177,995.87
7 4,177,995.87 (23,501.23) (3,739.89) (27,241.12) 0.00 4,174,255.98
8 4,174,255.98 (23,480.19) (3,760.93) (27,241.12) 0.00 4,170,495.05
9 4,170,495.05 (23,459.03) (3,782.09) (27,241.12) 0.00 4,166,712.96
10 4,166,712.96 (23,437.76) (3,803.36) (27,241.12) 0.00 4,162,909.60
11 4,162,909.60 (23,416.37) (3,824.75) (27,241.12) 0.00 4,159,084.85
12 4,159,084.85 (23,394.85) (3,846.27) (27,241.12) 0.00 4,155,238.58 (44,761.42) (282,132.02)
13 4,155,238.58 (23,373.22) (3,867.90) (27,241.12) 0.00 4,151,370.68
14 4,151,370.68 (23,351.46) (3,889.66) (27,241.12) 0.00 4,147,481.02
15 4,147,481.02 (23,329.58) (3,911.54) (27,241.12) 0.00 4,143,569.48
16 4,143,569.48 (23,307.58) (3,933.54) (27,241.12) 0.00 4,139,635.94
17 4,139,635.94 (23,285.45) (3,955.67) (27,241.12) 0.00 4,135,680.27
18 4,135,680.27 (23,263.20) (3,977.92) (27,241.12) 0.00 4,131,702.35
19 4,131,702.35 (23,240.83) (4,000.29) (27,241.12) 0.00 4,127,702.06
20 4,127,702.06 (23,218.32) (4,022.80) (27,241.12) 0.00 4,123,679.26
21 4,123,679.26 (23,195.70) (4,045.42) (27,241.12) 0.00 4,119,633.84
22 4,119,633.84 (23,172.94) (4,068.18) (27,241.12) 0.00 4,115,565.66
23 4,115,565.66 (23,150.06) (4,091.06) (27,241.12) 0.00 4,111,474.60
24 4,111,474.60 (23,127.04) (4,114.08) (27,241.12) 0.00 4,107,360.52 (47,878.06) (279,015.38)
25 4,107,360.52 (23,103.90) (4,137.22) (27,241.12) 0.00 4,103,223.30
26 4,103,223.30 (23,080.63) (4,160.49) (27,241.12) 0.00 4,099,062.81
27 4,099,062.81 (23,057.23) (4,183.89) (27,241.12) 0.00 4,094,878.92
28 4,094,878.92 (23,033.69) (4,207.43) (27,241.12) 0.00 4,090,671.49
29 4,090,671.49 (23,010.03) (4,231.09) (27,241.12) 0.00 4,086,440.40
30 4,086,440.40 (22,986.23) (4,254.89) (27,241.12) 0.00 4,082,185.51
31 4,082,185.51 (22,962.29) (4,278.83) (27,241.12) 0.00 4,077,906.68
32 4,077,906.68 (22,938.23) (4,302.89) (27,241.12) 0.00 4,073,603.79
33 4,073,603.79 (22,914.02) (4,327.10) (27,241.12) 0.00 4,069,276.69
34 4,069,276.69 (22,889.68) (4,351.44) (27,241.12) 0.00 4,064,925.25
35 4,064,925.25 (22,865.20) (4,375.92) (27,241.12) 0.00 4,060,549.33
36 4,060,549.33 (22,840.59) (4,400.53) (27,241.12) 0.00 4,056,148.80 (51,211.72) (275,681.72)
37 4,056,148.80 (22,815.84) (4,425.28) (27,241.12) 0.00 4,051,723.52
38 4,051,723.52 (22,790.94) (4,450.18) (27,241.12) 0.00 4,047,273.34
39 4,047,273.34 (22,765.91) (4,475.21) (27,241.12) 0.00 4,042,798.13
40 4,042,798.13 (22,740.74) (4,500.38) (27,241.12) 0.00 4,038,297.75
41 4,038,297.75 (22,715.42) (4,525.70) (27,241.12) 0.00 4,033,772.05
42 4,033,772.05 (22,689.97) (4,551.15) (27,241.12) 0.00 4,029,220.90
43 4,029,220.90 (22,664.37) (4,576.75) (27,241.12) 0.00 4,024,644.15
44 4,024,644.15 (22,638.62) (4,602.50) (27,241.12) 0.00 4,020,041.65
45 4,020,041.65 (22,612.73) (4,628.39) (27,241.12) 0.00 4,015,413.26
46 4,015,413.26 (22,586.70) (4,654.42) (27,241.12) 0.00 4,010,758.84
47 4,010,758.84 (22,560.52) (4,680.60) (27,241.12) 0.00 4,006,078.24
48 4,006,078.24 (22,534.19) (4,706.93) (27,241.12) 0.00 4,001,371.31 (54,777.49) (272,115.95)
49 4,001,371.31 (22,507.71) (4,733.41) (27,241.12) 0.00 3,996,637.90
50 3,996,637.90 (22,481.09) (4,760.03) (27,241.12) 0.00 3,991,877.87
51 3,991,877.87 (22,454.31) (4,786.81) (27,241.12) 0.00 3,987,091.06
52 3,987,091.06 (22,427.39) (4,813.73) (27,241.12) 0.00 3,982,277.33
53 3,982,277.33 (22,400.31) (4,840.81) (27,241.12) 0.00 3,977,436.52
54 3,977,436.52 (22,373.08) (4,868.04) (27,241.12) 0.00 3,972,568.48
55 3,972,568.48 (22,345.70) (4,895.42) (27,241.12) 0.00 3,967,673.06
56 3,967,673.06 (22,318.16) (4,922.96) (27,241.12) 0.00 3,962,750.10
57 3,962,750.10 (22,290.47) (4,950.65) (27,241.12) 0.00 3,957,799.45
58 3,957,799.45 (22,262.62) (4,978.50) (27,241.12) 0.00 3,952,820.95
59 3,952,820.95 (22,234.62) (5,006.50) (27,241.12) 0.00 3,947,814.45
60 3,947,814.45 (22,206.46) (5,034.66) (27,241.12) 0.00 3,942,779.79 (58,591.52) (268,301.92)
61 3,942,779.79 (22,178.14) (5,062.98) (27,241.12) 0.00 3,937,716.81
62 3,937,716.81 (22,149.66) (5,091.46) (27,241.12) 0.00 3,932,625.35
63 3,932,625.35 (22,121.02) (5,120.10) (27,241.12) 0.00 3,927,505.25
64 3,927,505.25 (22,092.22) (5,148.90) (27,241.12) 0.00 3,922,356.35
65 3,922,356.35 (22,063.25) (5,177.87) (27,241.12) 0.00 3,917,178.48
66 3,917,178.48 (22,034.13) (5,206.99) (27,241.12) 0.00 3,911,971.49
67 3,911,971.49 (22,004.84) (5,236.28) (27,241.12) 0.00 3,906,735.21
68 3,906,735.21 (21,975.39) (5,265.73) (27,241.12) 0.00 3,901,469.48
69 3,901,469.48 (21,945.77) (5,295.35) (27,241.12) 0.00 3,896,174.13
70 3,896,174.13 (21,915.98) (5,325.14) (27,241.12) 0.00 3,890,848.99
71 3,890,848.99 (21,886.03) (5,355.09) (27,241.12) 0.00 3,885,493.90
72 3,885,493.90 (21,855.90) (5,385.22) (27,241.12) 0.00 3,880,108.68 (62,671.11) (264,222.33)
73 3,880,108.68 (21,825.61) (5,415.51) (27,241.12) 0.00 3,874,693.17
74 3,874,693.17 (21,795.15) (5,445.97) (27,241.12) 0.00 3,869,247.20
75 3,869,247.20 (21,764.52) (5,476.60) (27,241.12) 0.00 3,863,770.60
76 3,863,770.60 (21,733.71) (5,507.41) (27,241.12) 0.00 3,858,263.19
77 3,858,263.19 (21,702.73) (5,538.39) (27,241.12) 0.00 3,852,724.80
78 3,852,724.80 (21,671.58) (5,569.54) (27,241.12) 0.00 3,847,155.26
79 3,847,155.26 (21,640.25) (5,600.87) (27,241.12) 0.00 3,841,554.39
80 3,841,554.39 (21,608.74) (5,632.38) (27,241.12) 0.00 3,835,922.01
81 3,835,922.01 (21,577.06) (5,664.06) (27,241.12) 0.00 3,830,257.95
82 3,830,257.95 (21,545.20) (5,695.92) (27,241.12) 0.00 3,824,562.03
83 3,824,562.03 (21,513.16) (5,727.96) (27,241.12) 0.00 3,818,834.07
84 3,818,834.07 (21,480.94) (5,760.18) (27,241.12) 0.00 3,813,073.89 (67,034.79) (259,858.65)
85 3,813,073.89 (21,448.54) (5,792.58) (27,241.12) 0.00 3,807,281.31
86 3,807,281.31 (21,415.96) (5,825.16) (27,241.12) 0.00 3,801,456.15
87 3,801,456.15 (21,383.19) (5,857.93) (27,241.12) 0.00 3,795,598.22
88 3,795,598.22 (21,350.24) (5,890.88) (27,241.12) 0.00 3,789,707.34
89 3,789,707.34 (21,317.10) (5,924.02) (27,241.12) 0.00 3,783,783.32
90 3,783,783.32 (21,283.78) (5,957.34) (27,241.12) 0.00 3,777,825.98
91 3,777,825.98 (21,250.27) (5,990.85) (27,241.12) 0.00 3,771,835.13
92 3,771,835.13 (21,216.57) (6,024.55) (27,241.12) 0.00 3,765,810.58
93 3,765,810.58 (21,182.68) (6,058.44) (27,241.12) 0.00 3,759,752.14
94 3,759,752.14 (21,148.61) (6,092.51) (27,241.12) 0.00 3,753,659.63
95 3,753,659.63 (21,114.34) (6,126.78) (27,241.12) 0.00 3,747,532.85
96 3,747,532.85 (21,079.87) (6,161.25) (27,241.12) 0.00 3,741,371.60 (71,702.29) (255,191.15)
97 3,741,371.60 (21,045.22) (6,195.90) (27,241.12) 0.00 3,735,175.70
98 3,735,175.70 (21,010.36) (6,230.76) (27,241.12) 0.00 3,728,944.94
99 3,728,944.94 (20,975.32) (6,265.80) (27,241.12) 0.00 3,722,679.14
100 3,722,679.14 (20,940.07) (6,301.05) (27,241.12) 0.00 3,716,378.09
101 3,716,378.09 (20,904.63) (6,336.49) (27,241.12) 0.00 3,710,041.60
102 3,710,041.60 (20,868.98) (6,372.14) (27,241.12) 0.00 3,703,669.46
103 3,703,669.46 (20,833.14) (6,407.98) (27,241.12) 0.00 3,697,261.48
104 3,697,261.48 (20,797.10) (6,444.02) (27,241.12) 0.00 3,690,817.46
105 3,690,817.46 (20,760.85) (6,480.27) (27,241.12) 0.00 3,684,337.19
106 3,684,337.19 (20,724.40) (6,516.72) (27,241.12) 0.00 3,677,820.47
107 3,677,820.47 (20,687.74) (6,553.38) (27,241.12) 0.00 3,671,267.09
108 3,671,267.09 (20,650.88) (6,590.24) (27,241.12) 0.00 3,664,676.85 (76,694.75) (250,198.69)
109 3,664,676.85 (20,613.81) (6,627.31) (27,241.12) 0.00 3,658,049.54
110 3,658,049.54 (20,576.53) (6,664.59) (27,241.12) 0.00 3,651,384.95
111 3,651,384.95 (20,539.04) (6,702.08) (27,241.12) 0.00 3,644,682.87
112 3,644,682.87 (20,501.34) (6,739.78) (27,241.12) 0.00 3,637,943.09
113 3,637,943.09 (20,463.43) (6,777.69) (27,241.12) 0.00 3,631,165.40
114 3,631,165.40 (20,425.31) (6,815.81) (27,241.12) 0.00 3,624,349.59
115 3,624,349.59 (20,386.97) (6,854.15) (27,241.12) 0.00 3,617,495.44
116 3,617,495.44 (20,348.41) (6,892.71) (27,241.12) 0.00 3,610,602.73
117 3,610,602.73 (20,309.64) (6,931.48) (27,241.12) 0.00 3,603,671.25
118 3,603,671.25 (20,270.65) (6,970.47) (27,241.12) 0.00 3,596,700.78
119 3,596,700.78 (20,231.44) (7,009.68) (27,241.12) 0.00 3,589,691.10
120 3,589,691.10 (20,192.01) (7,049.11) (27,241.12) 0.00 3,582,641.99 (82,034.86) (244,858.58)
121 3,582,641.99 (20,152.36) (7,088.76) (27,241.12) 0.00 3,575,553.23
122 3,575,553.23 (20,112.49) (7,128.63) (27,241.12) 0.00 3,568,424.60
123 3,568,424.60 (20,072.39) (7,168.73) (27,241.12) 0.00 3,561,255.87
124 3,561,255.87 (20,032.06) (7,209.06) (27,241.12) 0.00 3,554,046.81
125 3,554,046.81 (19,991.51) (7,249.61) (27,241.12) 0.00 3,546,797.20
126 3,546,797.20 (19,950.73) (7,290.39) (27,241.12) 0.00 3,539,506.81
127 3,539,506.81 (19,909.73) (7,331.39) (27,241.12) 0.00 3,532,175.42
128 3,532,175.42 (19,868.49) (7,372.63) (27,241.12) 0.00 3,524,802.79
129 3,524,802.79 (19,827.02) (7,414.10) (27,241.12) 0.00 3,517,388.69
130 3,517,388.69 (19,785.31) (7,455.81) (27,241.12) 0.00 3,509,932.88
131 3,509,932.88 (19,743.37) (7,497.75) (27,241.12) 0.00 3,502,435.13
132 3,502,435.13 (19,701.20) (7,539.92) (27,241.12) 0.00 3,494,895.21 (87,746.78) (239,146.66)
133 3,494,895.21 (19,658.79) (7,582.33) (27,241.12) 0.00 3,487,312.88
134 3,487,312.88 (19,616.13) (7,624.99) (27,241.12) 0.00 3,479,687.89
135 3,479,687.89 (19,573.24) (7,667.88) (27,241.12) 0.00 3,472,020.01
136 3,472,020.01 (19,530.11) (7,711.01) (27,241.12) 0.00 3,464,309.00
137 3,464,309.00 (19,486.74) (7,754.38) (27,241.12) 0.00 3,456,554.62
138 3,456,554.62 (19,443.12) (7,798.00) (27,241.12) 0.00 3,448,756.62
139 3,448,756.62 (19,399.26) (7,841.86) (27,241.12) 0.00 3,440,914.76
140 3,440,914.76 (19,355.15) (7,885.97) (27,241.12) 0.00 3,433,028.79
141 3,433,028.79 (19,310.79) (7,930.33) (27,241.12) 0.00 3,425,098.46
142 3,425,098.46 (19,266.18) (7,974.94) (27,241.12) 0.00 3,417,123.52
143 3,417,123.52 (19,221.32) (8,019.80) (27,241.12) 0.00 3,409,103.72
144 3,409,103.72 (19,176.21) (8,064.91) (27,241.12) 0.00 3,401,038.81 (93,856.40) (233,037.04)
145 3,401,038.81 (19,130.84) (8,110.28) (27,241.12) 0.00 3,392,928.53
146 3,392,928.53 (19,085.22) (8,155.90) (27,241.12) 0.00 3,384,772.63
147 3,384,772.63 (19,039.35) (8,201.77) (27,241.12) 0.00 3,376,570.86
148 3,376,570.86 (18,993.21) (8,247.91) (27,241.12) 0.00 3,368,322.95
149 3,368,322.95 (18,946.82) (8,294.30) (27,241.12) 0.00 3,360,028.65
150 3,360,028.65 (18,900.16) (8,340.96) (27,241.12) 0.00 3,351,687.69
151 3,351,687.69 (18,853.24) (8,387.88) (27,241.12) 0.00 3,343,299.81
152 3,343,299.81 (18,806.06) (8,435.06) (27,241.12) 0.00 3,334,864.75
153 3,334,864.75 (18,758.61) (8,482.51) (27,241.12) 0.00 3,326,382.24
154 3,326,382.24 (18,710.90) (8,530.22) (27,241.12) 0.00 3,317,852.02
155 3,317,852.02 (18,662.92) (8,578.20) (27,241.12) 0.00 3,309,273.82
156 3,309,273.82 (18,614.67) (8,626.45) (27,241.12) 0.00 3,300,647.37 (100,391.44) (226,502.00)
157 3,300,647.37 (18,566.14) (8,674.98) (27,241.12) 0.00 3,291,972.39
158 3,291,972.39 (18,517.34) (8,723.78) (27,241.12) 0.00 3,283,248.61
159 3,283,248.61 (18,468.27) (8,772.85) (27,241.12) 0.00 3,274,475.76
160 3,274,475.76 (18,418.93) (8,822.19) (27,241.12) 0.00 3,265,653.57
161 3,265,653.57 (18,369.30) (8,871.82) (27,241.12) 0.00 3,256,781.75
162 3,256,781.75 (18,319.40) (8,921.72) (27,241.12) 0.00 3,247,860.03
163 3,247,860.03 (18,269.21) (8,971.91) (27,241.12) 0.00 3,238,888.12
164 3,238,888.12 (18,218.75) (9,022.37) (27,241.12) 0.00 3,229,865.75
165 3,229,865.75 (18,167.99) (9,073.13) (27,241.12) 0.00 3,220,792.62
166 3,220,792.62 (18,116.96) (9,124.16) (27,241.12) 0.00 3,211,668.46
167 3,211,668.46 (18,065.64) (9,175.48) (27,241.12) 0.00 3,202,492.98
168 3,202,492.98 (18,014.02) (9,227.10) (27,241.12) 0.00 3,193,265.88 (107,381.49) (219,511.95)
169 3,193,265.88 (17,962.12) (9,279.00) (27,241.12) 0.00 3,183,986.88
170 3,183,986.88 (17,909.93) (9,331.19) (27,241.12) 0.00 3,174,655.69
171 3,174,655.69 (17,857.44) (9,383.68) (27,241.12) 0.00 3,165,272.01
172 3,165,272.01 (17,804.66) (9,436.46) (27,241.12) 0.00 3,155,835.55
173 3,155,835.55 (17,751.57) (9,489.55) (27,241.12) 0.00 3,146,346.00
174 3,146,346.00 (17,698.20) (9,542.92) (27,241.12) 0.00 3,136,803.08
175 3,136,803.08 (17,644.52) (9,596.60) (27,241.12) 0.00 3,127,206.48
176 3,127,206.48 (17,590.54) (9,650.58) (27,241.12) 0.00 3,117,555.90
177 3,117,555.90 (17,536.25) (9,704.87) (27,241.12) 0.00 3,107,851.03
178 3,107,851.03 (17,481.66) (9,759.46) (27,241.12) 0.00 3,098,091.57
179 3,098,091.57 (17,426.77) (9,814.35) (27,241.12) 0.00 3,088,277.22
180 3,088,277.22 (17,371.56) (9,869.56) (27,241.12) 0.00 3,078,407.66 (114,858.22) (212,035.22)
181 3,078,407.66 (17,316.04) (9,925.08) (27,241.12) 0.00 3,068,482.58
182 3,068,482.58 (17,260.21) (9,980.91) (27,241.12) 0.00 3,058,501.67
183 3,058,501.67 (17,204.07) (10,037.05) (27,241.12) 0.00 3,048,464.62
184 3,048,464.62 (17,147.61) (10,093.51) (27,241.12) 0.00 3,038,371.11
185 3,038,371.11 (17,090.84) (10,150.28) (27,241.12) 0.00 3,028,220.83
186 3,028,220.83 (17,033.74) (10,207.38) (27,241.12) 0.00 3,018,013.45
187 3,018,013.45 (16,976.33) (10,264.79) (27,241.12) 0.00 3,007,748.66
188 3,007,748.66 (16,918.59) (10,322.53) (27,241.12) 0.00 2,997,426.13
189 2,997,426.13 (16,860.52) (10,380.60) (27,241.12) 0.00 2,987,045.53
190 2,987,045.53 (16,802.13) (10,438.99) (27,241.12) 0.00 2,976,606.54
191 2,976,606.54 (16,743.41) (10,497.71) (27,241.12) 0.00 2,966,108.83
192 2,966,108.83 (16,684.36) (10,556.76) (27,241.12) 0.00 2,955,552.07 (122,855.59) (204,037.85)
193 2,955,552.07 (16,624.98) (10,616.14) (27,241.12) 0.00 2,944,935.93
194 2,944,935.93 (16,565.26) (10,675.86) (27,241.12) 0.00 2,934,260.07
195 2,934,260.07 (16,505.21) (10,735.91) (27,241.12) 0.00 2,923,524.16
196 2,923,524.16 (16,444.82) (10,796.30) (27,241.12) 0.00 2,912,727.86
197 2,912,727.86 (16,384.09) (10,857.03) (27,241.12) 0.00 2,901,870.83
198 2,901,870.83 (16,323.02) (10,918.10) (27,241.12) 0.00 2,890,952.73
199 2,890,952.73 (16,261.61) (10,979.51) (27,241.12) 0.00 2,879,973.22
200 2,879,973.22 (16,199.85) (11,041.27) (27,241.12) 0.00 2,868,931.95
201 2,868,931.95 (16,137.74) (11,103.38) (27,241.12) 0.00 2,857,828.57
202 2,857,828.57 (16,075.29) (11,165.83) (27,241.12) 0.00 2,846,662.74
203 2,846,662.74 (16,012.48) (11,228.64) (27,241.12) 0.00 2,835,434.10
204 2,835,434.10 (15,949.32) (11,291.80) (27,241.12) 0.00 2,824,142.30 (131,409.77) (195,483.67)
205 2,824,142.30 (15,885.80) (11,355.32) (27,241.12) 0.00 2,812,786.98
206 2,812,786.98 (15,821.93) (11,419.19) (27,241.12) 0.00 2,801,367.79
207 2,801,367.79 (15,757.69) (11,483.43) (27,241.12) 0.00 2,789,884.36
208 2,789,884.36 (15,693.10) (11,548.02) (27,241.12) 0.00 2,778,336.34
209 2,778,336.34 (15,628.14) (11,612.98) (27,241.12) 0.00 2,766,723.36
210 2,766,723.36 (15,562.82) (11,678.30) (27,241.12) 0.00 2,755,045.06
211 2,755,045.06 (15,497.13) (11,743.99) (27,241.12) 0.00 2,743,301.07
212 2,743,301.07 (15,431.07) (11,810.05) (27,241.12) 0.00 2,731,491.02
213 2,731,491.02 (15,364.64) (11,876.48) (27,241.12) 0.00 2,719,614.54
214 2,719,614.54 (15,297.83) (11,943.29) (27,241.12) 0.00 2,707,671.25
215 2,707,671.25 (15,230.65) (12,010.47) (27,241.12) 0.00 2,695,660.78
216 2,695,660.78 (15,163.09) (12,078.03) (27,241.12) 0.00 2,683,582.75 (140,559.55) (186,333.89)
217 2,683,582.75 (15,095.15) (12,145.97) (27,241.12) 0.00 2,671,436.78
218 2,671,436.78 (15,026.83) (12,214.29) (27,241.12) 0.00 2,659,222.49
219 2,659,222.49 (14,958.13) (12,282.99) (27,241.12) 0.00 2,646,939.50
220 2,646,939.50 (14,889.03) (12,352.09) (27,241.12) 0.00 2,634,587.41
221 2,634,587.41 (14,819.55) (12,421.57) (27,241.12) 0.00 2,622,165.84
222 2,622,165.84 (14,749.68) (12,491.44) (27,241.12) 0.00 2,609,674.40
223 2,609,674.40 (14,679.42) (12,561.70) (27,241.12) 0.00 2,597,112.70
224 2,597,112.70 (14,608.76) (12,632.36) (27,241.12) 0.00 2,584,480.34
225 2,584,480.34 (14,537.70) (12,703.42) (27,241.12) 0.00 2,571,776.92
226 2,571,776.92 (14,466.25) (12,774.87) (27,241.12) 0.00 2,559,002.05
227 2,559,002.05 (14,394.39) (12,846.73) (27,241.12) 0.00 2,546,155.32
228 2,546,155.32 (14,322.12) (12,919.00) (27,241.12) 0.00 2,533,236.32 (150,346.43) (176,547.01)
229 2,533,236.32 (14,249.45) (12,991.67) (27,241.12) 0.00 2,520,244.65
230 2,520,244.65 (14,176.38) (13,064.74) (27,241.12) 0.00 2,507,179.91
231 2,507,179.91 (14,102.89) (13,138.23) (27,241.12) 0.00 2,494,041.68
232 2,494,041.68 (14,028.98) (13,212.14) (27,241.12) 0.00 2,480,829.54
233 2,480,829.54 (13,954.67) (13,286.45) (27,241.12) 0.00 2,467,543.09
234 2,467,543.09 (13,879.93) (13,361.19) (27,241.12) 0.00 2,454,181.90
235 2,454,181.90 (13,804.77) (13,436.35) (27,241.12) 0.00 2,440,745.55
236 2,440,745.55 (13,729.19) (13,511.93) (27,241.12) 0.00 2,427,233.62
237 2,427,233.62 (13,653.19) (13,587.93) (27,241.12) 0.00 2,413,645.69
238 2,413,645.69 (13,576.76) (13,664.36) (27,241.12) 0.00 2,399,981.33
239 2,399,981.33 (13,499.89) (13,741.23) (27,241.12) 0.00 2,386,240.10
240 2,386,240.10 (13,422.60) (13,818.52) (27,241.12) 0.00 2,372,421.58 (160,814.74) (166,078.70)
241 2,372,421.58 (13,344.87) (13,896.25) (27,241.12) 0.00 2,358,525.33
242 2,358,525.33 (13,266.70) (13,974.42) (27,241.12) 0.00 2,344,550.91
243 2,344,550.91 (13,188.10) (14,053.02) (27,241.12) 0.00 2,330,497.89
244 2,330,497.89 (13,109.05) (14,132.07) (27,241.12) 0.00 2,316,365.82
245 2,316,365.82 (13,029.56) (14,211.56) (27,241.12) 0.00 2,302,154.26
246 2,302,154.26 (12,949.62) (14,291.50) (27,241.12) 0.00 2,287,862.76
247 2,287,862.76 (12,869.23) (14,371.89) (27,241.12) 0.00 2,273,490.87
248 2,273,490.87 (12,788.39) (14,452.73) (27,241.12) 0.00 2,259,038.14
249 2,259,038.14 (12,707.09) (14,534.03) (27,241.12) 0.00 2,244,504.11
250 2,244,504.11 (12,625.34) (14,615.78) (27,241.12) 0.00 2,229,888.33
251 2,229,888.33 (12,543.12) (14,698.00) (27,241.12) 0.00 2,215,190.33
252 2,215,190.33 (12,460.45) (14,780.67) (27,241.12) 0.00 2,200,409.66 (172,011.92) (154,881.52)
253 2,200,409.66 (12,377.30) (14,863.82) (27,241.12) 0.00 2,185,545.84
254 2,185,545.84 (12,293.70) (14,947.42) (27,241.12) 0.00 2,170,598.42
255 2,170,598.42 (12,209.62) (15,031.50) (27,241.12) 0.00 2,155,566.92
256 2,155,566.92 (12,125.06) (15,116.06) (27,241.12) 0.00 2,140,450.86
257 2,140,450.86 (12,040.04) (15,201.08) (27,241.12) 0.00 2,125,249.78
258 2,125,249.78 (11,954.53) (15,286.59) (27,241.12) 0.00 2,109,963.19
259 2,109,963.19 (11,868.54) (15,372.58) (27,241.12) 0.00 2,094,590.61
260 2,094,590.61 (11,782.07) (15,459.05) (27,241.12) 0.00 2,079,131.56
261 2,079,131.56 (11,695.12) (15,546.00) (27,241.12) 0.00 2,063,585.56
262 2,063,585.56 (11,607.67) (15,633.45) (27,241.12) 0.00 2,047,952.11
263 2,047,952.11 (11,519.73) (15,721.39) (27,241.12) 0.00 2,032,230.72
264 2,032,230.72 (11,431.30) (15,809.82) (27,241.12) 0.00 2,016,420.90 (183,988.76) (142,904.68)
265 2,016,420.90 (11,342.37) (15,898.75) (27,241.12) 0.00 2,000,522.15
266 2,000,522.15 (11,252.94) (15,988.18) (27,241.12) 0.00 1,984,533.97
267 1,984,533.97 (11,163.00) (16,078.12) (27,241.12) 0.00 1,968,455.85
268 1,968,455.85 (11,072.56) (16,168.56) (27,241.12) 0.00 1,952,287.29
269 1,952,287.29 (10,981.62) (16,259.50) (27,241.12) 0.00 1,936,027.79
270 1,936,027.79 (10,890.16) (16,350.96) (27,241.12) 0.00 1,919,676.83
271 1,919,676.83 (10,798.18) (16,442.94) (27,241.12) 0.00 1,903,233.89
272 1,903,233.89 (10,705.69) (16,535.43) (27,241.12) 0.00 1,886,698.46
273 1,886,698.46 (10,612.68) (16,628.44) (27,241.12) 0.00 1,870,070.02
274 1,870,070.02 (10,519.14) (16,721.98) (27,241.12) 0.00 1,853,348.04
275 1,853,348.04 (10,425.08) (16,816.04) (27,241.12) 0.00 1,836,532.00
276 1,836,532.00 (10,330.49) (16,910.63) (27,241.12) 0.00 1,819,621.37 (196,799.53) (130,093.91)
277 1,819,621.37 (10,235.37) (17,005.75) (27,241.12) 0.00 1,802,615.62
278 1,802,615.62 (10,139.71) (17,101.41) (27,241.12) 0.00 1,785,514.21
279 1,785,514.21 (10,043.52) (17,197.60) (27,241.12) 0.00 1,768,316.61
280 1,768,316.61 (9,946.78) (17,294.34) (27,241.12) 0.00 1,751,022.27
281 1,751,022.27 (9,849.50) (17,391.62) (27,241.12) 0.00 1,733,630.65
282 1,733,630.65 (9,751.67) (17,489.45) (27,241.12) 0.00 1,716,141.20
283 1,716,141.20 (9,653.29) (17,587.83) (27,241.12) 0.00 1,698,553.37
284 1,698,553.37 (9,554.36) (17,686.76) (27,241.12) 0.00 1,680,866.61
285 1,680,866.61 (9,454.87) (17,786.25) (27,241.12) 0.00 1,663,080.36
286 1,663,080.36 (9,354.83) (17,886.29) (27,241.12) 0.00 1,645,194.07
287 1,645,194.07 (9,254.22) (17,986.90) (27,241.12) 0.00 1,627,207.17
288 1,627,207.17 (9,153.04) (18,088.08) (27,241.12) 0.00 1,609,119.09 (210,502.28) (116,391.16)
289 1,609,119.09 (9,051.29) (18,189.83) (27,241.12) 0.00 1,590,929.26
290 1,590,929.26 (8,948.98) (18,292.14) (27,241.12) 0.00 1,572,637.12
291 1,572,637.12 (8,846.08) (18,395.04) (27,241.12) 0.00 1,554,242.08
292 1,554,242.08 (8,742.61) (18,498.51) (27,241.12) 0.00 1,535,743.57
293 1,535,743.57 (8,638.56) (18,602.56) (27,241.12) 0.00 1,517,141.01
294 1,517,141.01 (8,533.92) (18,707.20) (27,241.12) 0.00 1,498,433.81
295 1,498,433.81 (8,428.69) (18,812.43) (27,241.12) 0.00 1,479,621.38
296 1,479,621.38 (8,322.87) (18,918.25) (27,241.12) 0.00 1,460,703.13
297 1,460,703.13 (8,216.46) (19,024.66) (27,241.12) 0.00 1,441,678.47
298 1,441,678.47 (8,109.44) (19,131.68) (27,241.12) 0.00 1,422,546.79
299 1,422,546.79 (8,001.83) (19,239.29) (27,241.12) 0.00 1,403,307.50
300 1,403,307.50 (7,893.60) (19,347.52) (27,241.12) 0.00 1,383,959.98 (225,159.11) (101,734.33)
301 1,383,959.98 (7,784.77) (19,456.35) (27,241.12) 0.00 1,364,503.63
302 1,364,503.63 (7,675.33) (19,565.79) (27,241.12) 0.00 1,344,937.84
303 1,344,937.84 (7,565.28) (19,675.84) (27,241.12) 0.00 1,325,262.00
304 1,325,262.00 (7,454.60) (19,786.52) (27,241.12) 0.00 1,305,475.48
305 1,305,475.48 (7,343.30) (19,897.82) (27,241.12) 0.00 1,285,577.66
306 1,285,577.66 (7,231.37) (20,009.75) (27,241.12) 0.00 1,265,567.91
307 1,265,567.91 (7,118.82) (20,122.30) (27,241.12) 0.00 1,245,445.61
308 1,245,445.61 (7,005.63) (20,235.49) (27,241.12) 0.00 1,225,210.12
309 1,225,210.12 (6,891.81) (20,349.31) (27,241.12) 0.00 1,204,860.81
310 1,204,860.81 (6,777.34) (20,463.78) (27,241.12) 0.00 1,184,397.03
311 1,184,397.03 (6,662.23) (20,578.89) (27,241.12) 0.00 1,163,818.14
312 1,163,818.14 (6,546.48) (20,694.64) (27,241.12) 0.00 1,143,123.50 (240,836.48) (86,056.96)
313 1,143,123.50 (6,430.07) (20,811.05) (27,241.12) 0.00 1,122,312.45
314 1,122,312.45 (6,313.01) (20,928.11) (27,241.12) 0.00 1,101,384.34
315 1,101,384.34 (6,195.29) (21,045.83) (27,241.12) 0.00 1,080,338.51
316 1,080,338.51 (6,076.90) (21,164.22) (27,241.12) 0.00 1,059,174.29
317 1,059,174.29 (5,957.86) (21,283.26) (27,241.12) 0.00 1,037,891.03
318 1,037,891.03 (5,838.14) (21,402.98) (27,241.12) 0.00 1,016,488.05
319 1,016,488.05 (5,717.75) (21,523.37) (27,241.12) 0.00 994,964.68
320 994,964.68 (5,596.68) (21,644.44) (27,241.12) 0.00 973,320.24
321 973,320.24 (5,474.93) (21,766.19) (27,241.12) 0.00 951,554.05
322 951,554.05 (5,352.49) (21,888.63) (27,241.12) 0.00 929,665.42
323 929,665.42 (5,229.37) (22,011.75) (27,241.12) 0.00 907,653.67
324 907,653.67 (5,105.55) (22,135.57) (27,241.12) 0.00 885,518.10 (257,605.40) (69,288.04)
325 885,518.10 (4,981.04) (22,260.08) (27,241.12) 0.00 863,258.02
326 863,258.02 (4,855.83) (22,385.29) (27,241.12) 0.00 840,872.73
327 840,872.73 (4,729.91) (22,511.21) (27,241.12) 0.00 818,361.52
328 818,361.52 (4,603.28) (22,637.84) (27,241.12) 0.00 795,723.68
329 795,723.68 (4,475.95) (22,765.17) (27,241.12) 0.00 772,958.51
330 772,958.51 (4,347.89) (22,893.23) (27,241.12) 0.00 750,065.28
331 750,065.28 (4,219.12) (23,022.00) (27,241.12) 0.00 727,043.28
332 727,043.28 (4,089.62) (23,151.50) (27,241.12) 0.00 703,891.78
333 703,891.78 (3,959.39) (23,281.73) (27,241.12) 0.00 680,610.05
334 680,610.05 (3,828.43) (23,412.69) (27,241.12) 0.00 657,197.36
335 657,197.36 (3,696.74) (23,544.38) (27,241.12) 0.00 633,652.98
336 633,652.98 (3,564.30) (23,676.82) (27,241.12) 0.00 609,976.16 (275,541.94) (51,351.50)
337 609,976.16 (3,431.12) (23,810.00) (27,241.12) 0.00 586,166.16
338 586,166.16 (3,297.18) (23,943.94) (27,241.12) 0.00 562,222.22
339 562,222.22 (3,162.50) (24,078.62) (27,241.12) 0.00 538,143.60
340 538,143.60 (3,027.06) (24,214.06) (27,241.12) 0.00 513,929.54
341 513,929.54 (2,890.85) (24,350.27) (27,241.12) 0.00 489,579.27
342 489,579.27 (2,753.88) (24,487.24) (27,241.12) 0.00 465,092.03
343 465,092.03 (2,616.14) (24,624.98) (27,241.12) 0.00 440,467.05
344 440,467.05 (2,477.63) (24,763.49) (27,241.12) 0.00 415,703.56
345 415,703.56 (2,338.33) (24,902.79) (27,241.12) 0.00 390,800.77
346 390,800.77 (2,198.25) (25,042.87) (27,241.12) 0.00 365,757.90
347 365,757.90 (2,057.39) (25,183.73) (27,241.12) 0.00 340,574.17
348 340,574.17 (1,915.73) (25,325.39) (27,241.12) 0.00 315,248.78 (294,727.38) (32,166.06)
349 315,248.78 (1,773.27) (25,467.85) (27,241.12) 0.00 289,780.93
350 289,780.93 (1,630.02) (25,611.10) (27,241.12) 0.00 264,169.83
351 264,169.83 (1,485.96) (25,755.16) (27,241.12) 0.00 238,414.67
352 238,414.67 (1,341.08) (25,900.04) (27,241.12) 0.00 212,514.63
353 212,514.63 (1,195.39) (26,045.73) (27,241.12) 0.00 186,468.90
354 186,468.90 (1,048.89) (26,192.23) (27,241.12) 0.00 160,276.67
355 160,276.67 (901.56) (26,339.56) (27,241.12) 0.00 133,937.11
356 133,937.11 (753.40) (26,487.72) (27,241.12) 0.00 107,449.39
357 107,449.39 (604.40) (26,636.72) (27,241.12) 0.00 80,812.67
358 80,812.67 (454.57) (26,786.55) (27,241.12) 0.00 54,026.12
359 54,026.12 (303.90) (26,937.22) (27,241.12) 0.00 27,088.90
360 27,088.90 (152.38) (27,088.90) (27,241.12) 0.00 0.00 (315,248.78) (11,644.82)
Totals (5,606,803.36) (4,200,000.00) (9,806,803.20) 0.00 (4,200,000.00) (5,606,803.36)

&"Arial,Regular"&14&K000000Sample Proforma Amortization Schedule

&"Arial,Regular"&10&K000000Page &P of &N 11/7/14

Alan's adjustments

Olive Garden Property-Alan Gin's position ASSUMPTIONS: No CAPX (Capital Expenses) - As some analysis puts them above NOI, and others below NOI
Purchase Price $ (6,000,000.00)
Building Value $ 4,000,000.00
Loan to Value 70% Maximum loan offered for Investment on Property from Pavarotti Bank services: 70%
Loan Amount $ 4,200,000.00
Down Payment $ (1,800,000.00)
Loan Costs 0.8% $ (33,600.00)
Interest Rate Annual 4.500%
Loan Term Months 360
closing costs 2.7% $ 170,100.00
Total Costs at Acquisition $ (1,663,500.00)
PROFORMA Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15
Gross Rent 8% $ 504,000.00 $ 529,000.00 $ 555,450.00 $ 583,222.50 $ 629,880.30 $ 680,270.72 $ 734,692.38 $ 793,467.77 $ 856,945.19 $ 925,500.81 $ 999,540.87 $ 1,079,504.14 $ 1,165,864.47 $ 1,259,133.63 $ 1,359,864.32
Vacancy 0.0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Other Income (profit sharing) 5% increment $ 75,000.00 $ 78,750.00 $ 82,687.50 $ 86,821.88 $ 91,162.97 $ 95,721.12 $ 100,507.17 $ 105,532.53 $ 110,809.16 $ 116,349.62 $ 122,167.10 $ 128,275.45 $ 134,689.22 $ 141,423.69 $ 148,494.87
Effective Gross Income $ 579,000.00 $ 607,750.00 $ 638,137.50 $ 670,044.38 $ 721,043.27 $ 775,991.84 $ 835,199.55 $ 899,000.30 $ 967,754.35 $ 1,041,850.43 $ 1,121,707.97 $ 1,207,779.59 $ 1,300,553.69 $ 1,400,557.32 $ 1,508,359.19
OPERATING EXPENSES
Property Taxes 1% $ (63,000.00) $ (63,693.00) $ (64,393.62) $ (65,101.95) $ (65,818.07) $ (66,542.07) $ (67,274.03) $ (68,014.04) $ (68,762.19) $ (69,518.57) $ (70,283.27) $ (71,056.39) $ (71,838.01) $ (72,628.23) $ (73,427.14)
Insurance: Fire 0% $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00) $ (8,000.00)
Insurance: EQ 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Insurance: Umbrella 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Homeowners Assoc 4% $ (2,000.00) $ (2,080.00) $ (2,163.20) $ (2,249.73) $ (2,339.72) $ (2,433.31) $ (2,530.64) $ (2,631.87) $ (2,737.14) $ (2,846.63) $ (2,960.50) $ (3,078.92) $ (3,202.08) $ (3,330.16) $ (3,463.37)
Maintenance 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Landscape 0% $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Utilities- water 40% $ (2,800.00) $ (3,164.00) $ (4,429.60) $ (6,201.44) $ (8,682.02) $ (12,154.83) $ (17,016.76) $ (23,823.46) $ (33,352.84) $ (46,693.98) $ (65,371.57) $ (91,520.20) $ (128,128.28) $ (179,379.59) $ (251,131.43)
Management costs 0% $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00) $ (15,000.00)
Total Operating Expenses $ (90,800.00) $ (91,937.00) $ (93,986.42) $ (96,553.12) $ (99,839.81) $ (104,130.21) $ (109,821.43) $ (117,469.37) $ (127,852.17) $ (142,059.18) $ (161,615.34) $ (188,655.51) $ (226,168.37) $ (278,337.98) $ (351,021.94)
NET OPERATING INCOME $ 488,200.00 $ 515,813.00 $ 544,151.08 $ 573,491.26 $ 621,203.46 $ 671,861.63 $ 725,378.12 $ 781,530.93 $ 839,902.18 $ 899,791.25 $ 960,092.63 $ 1,019,124.08 $ 1,074,385.32 $ 1,122,219.34 $ 1,157,337.25
Debt Service
Interest 4.50% $ (187,613.87) $ (184,501.20) $ (181,245.53) $ (177,840.28) $ (174,278.62) $ (170,553.33) $ (166,656.89) $ (162,581.47) $ (158,318.80) $ (153,860.31) $ (149,197.01) $ (144,319.48) $ (139,217.85) $ (133,881.88) $ (128,300.75)
Principal $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Debt Service $ (255,369.36) $ (187,613.87) $ (184,501.20) $ (181,245.53) $ (177,840.28) $ (174,278.62) $ (170,553.33) $ (166,656.89) $ (162,581.47) $ (158,318.80) $ (153,860.31) $ (149,197.01) $ (144,319.48) $ (139,217.85) $ (133,881.88) $ (128,300.75)
BTCF (Before Tax Cash Flow) $ 232,830.64 $ 331,311.80 $ 362,905.55 $ 395,650.98 $ 446,924.84 $ 501,308.30 $ 558,721.23 $ 618,949.46 $ 681,583.38 $ 745,930.94 $ 810,895.62 $ 874,804.60 $ 935,167.47 $ 988,337.46 $ 1,029,036.50
Tax Calculation (Include BTCF)
add Principal Reduction $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
minus Depreciation $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
minus Amortization $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Taxable Income (Loss) $ 232,830.64 $ 331,311.80 $ 362,905.55 $ 395,650.98 $ 446,924.84 $ 501,308.30 $ 558,721.23 $ 618,949.46 $ 681,583.38 $ 745,930.94 $ 810,895.62 $ 874,804.60 $ 935,167.47 $ 988,337.46 $ 1,029,036.50
Tax Paid (Tax Reduction) 45% Tax Rate $ 104,773.79 $ 149,090.31 $ 163,307.50 $ 178,042.94 $ 201,116.18 $ 225,588.73 $ 251,424.55 $ 278,527.26 $ 306,712.52 $ 335,668.92 $ 364,903.03 $ 393,662.07 $ 420,825.36 $ 444,751.86 $ 463,066.42
AFTER TAX CASH FLOW $ 128,056.85 $ 182,221.49 $ 199,598.05 $ 217,608.04 $ 245,808.66 $ 275,719.56 $ 307,296.68 $ 340,422.20 $ 374,870.86 $ 410,262.01 $ 445,992.59 $ 481,142.53 $ 514,342.11 $ 543,585.60 $ 565,970.07
Property Value 5.0% $ 6,000,000.00 $ 6,300,000.00 $ 6,615,000.00 $ 6,945,750.00 $ 7,293,037.50 $ 7,657,689.38 $ 8,040,573.84 $ 8,442,602.54 $ 8,864,732.66 $ 9,307,969.30 $ 9,773,367.76 $ 10,262,036.15 $ 10,775,137.96 $ 11,313,894.85 $ 11,879,589.60 $ 12,473,569.08
Loan Payoff Match with Amortization Schedule
Commissions 6.0%
Closing Costs 2.0%
Before Tax Sale Proceeds
INCOME TAX CALULATION FOR CAPITAL APPRECIATION
Sale Price $ 25,931,654.25
minus Purchase Price $ (6,000,000.00)
minus Acquisition Costs $ 170,100.00
minus Commissions $ - 0
minus Sales Costs $ (2,074,532.34)
Total Capital Gain (Sale Price - Adj Basis) $ 18,027,221.91
Depreciation Recapture $ - 0 35%
Income Tax: Cap Gain $ 8,112,249.86 25%
Total Income Tax 0 $ 8,112,249.86
Net After Tax Sale Proceeds $ 9,914,972.05
TOTAL CASH FLOW $ (1,663,500.00) $ 128,056.85 $ 182,221.49 $ 199,598.05 $ 217,608.04 $ 245,808.66 $ 275,719.56 $ 307,296.68 $ 340,422.20 $ 374,870.86 $ 410,262.01 $ 445,992.59 $ 481,142.53 $ 514,342.11 $ 543,585.60 $ 565,970.07
IRR
Hurdle Rate Alternative Investment OR "Risk Free" Interest Rate
IRR in excess of Hurdle Rate FINAL DECISION: If positive, then invest
IRR PARTITIONING
Total IRR
Partition to Cap App Zero B55, If "#NUM!" then IRR not allocated to Cap App 0 Cap App
Partition to Tax Benefit Zero Row 47-51 0 Tax Benefit
Partition to Equity Increase Zero Row 41 0 Equity Incr
Partition to Cash Flow Calculated Calculated Cash Flow
0 IRR