Escolar Documentos
Profissional Documentos
Cultura Documentos
Option 2
Early Termination
290,143
290,143
16,910,985
5,097,964
N/A
N/A
$22,008,949
N/A
N/A
11,004,474
10,000,000
$21,004,474
20,060,182
21,004,474
1,546,000
1,546,000
414,187
1,019,235
658,810
263,838
3,016
(8,550,151)
285,714
285,714
285,714
47,619
Total Cost
Rent
Real Estate Tax/Opex
Termination Fee
Parking Garage
NPV
185801026.xls
Assumptions
Analysis Period: 9/1/13 - 2/28/17
USD
Option 1
Option 2
Status Quo
Early Termination
9/1/2013
2/28/2017
42
N/A
N/A
N/A
Rent:
Start Date
Expiration Date
# of Months Rent
Rent Breakdown
2013
2014
2015
2016
2017
Tax and OpEx:
OpEx Breakdown
1,560,969
4,744,805
4,839,585
4,937,267
828,358
N/A
N/A
N/A
N/A
N/A
Annual
2013
2014
2015
2016
2017
318,633
984,575
1,014,112
1,044,535
179,312
Annual
140,080
432,847
445,833
459,208
78,831
Annual
458,713
1,417,422
1,459,944
1,503,743
258,143
3%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,000,000
Other:
Termination Fee Percentage
Projected 9/1/13 Reserves Balance
50%
19,649,863
Accretion:
2013
2014
2015
2016
2017
Rentable Square Ft
414,187
1,019,235
658,810
263,838
3,016
290,143
N/A
N/A
N/A
N/A
N/A
290,143
Status Quo
Analysis Period: 9/1/13 - 2/28/17
Cash Flow
Rent
Real Estate Tax/Opex
Parking Garage
Cash Flow Excl. CF
Cost of Funds @5%
Cash Flow Incl. CF
NPV @ 5%
Income Statement
Parking Garage
Accretion
One-time Credit
CRE P&L
Cost of Funds @5%
Total Pre-Tax P&L
Avg Annual CRE P&L
Balance for CF
11/05/2013
4
2013
1,560,969
458,713
12
2014
4,744,805
1,417,422
12
2015
4,839,585
1,459,944
12
2016
4,937,267
1,503,743
2
2017
828,358
258,143
2,019,682
2,019,682
20,060,182
6,162,227
6,162,227
6,299,530
6,299,530
6,441,009
6,441,009
1,086,501
1,086,501
TOTAL
16,910,985
5,097,964
22,008,949
22,008,949
2014
2015
2016
2017
TOTAL
2013
414,187
1,019,235
658,810
263,838
3,016
414,187
414,187
1,019,235
1,019,235
658,810
658,810
263,838
263,838
3,016
3,016
647,294
-
2,359,086
2,359,086
2,359,086
185801026.xls
Early Termination
Analysis Period: 9/1/13 - 2/28/17
4
Cash Flow
Rent
Real Estate Tax/Opex
Parking Garage
Termination Fee
Cash Flow Excl. CF
Cost of Funds @5%
Cash Flow Incl. CF
NPV @ 5%
2013
10,000,000
11,004,474
21,004,474
500,000
21,504,474
21,004,474
12
2014
12
2015
12
2016
2
2017
495,238
495,238
480,952
480,952
466,667
466,667
452,381
452,381
TOTAL
10,000,000
11,004,474
21,004,474
2,395,238
23,399,713
Income Statement
Parking Garage
Accretion
One-time Credit
CRE P&L
Cost of Funds @5%
Total Pre-Tax P&L
2013
95,238
2014
285,714
2015
285,714
2016
285,714
2017
47,619
(8,645,389)
(8,550,151)
500,000
(8,050,151)
285,714
495,238
780,952
285,714
480,952
766,667
285,714
466,667
752,381
47,619
452,381
500,000
TOTAL
1,000,000
(8,645,388.69)
(7,645,389)
2,395,238
(5,250,151)
285,714
10,000,000
9,904,762
9,619,048
9,333,333
9,047,619
9,000,000
11/05/2013
185801026.xls
Cost Type
From Date
To Date
Amount
Currency
Base Rent
1-May-12
30-Apr-13
382505.19
US Dollar
Base Rent
1-May-13
30-Apr-14
390242.34
US Dollar
Base Rent
1-May-14
30-Apr-15
397979.48
US Dollar
Base Rent
1-May-15
30-Apr-16
405958.41
US Dollar
Base Rent
1-May-16
28-Feb-17
414179.13
US Dollar
OPREX
1-Mar-12
28-Feb-17
77338
US Dollar
RETAX
1-Mar-12
28-Feb-17
34000
US Dollar
Frequency
Actioned
Notes
Vendor
/Month
Unactioned
0585768521-THE NORTHWESTERN
MUTUAL LIFE INSURANCE
/Month
Unactioned
0585768521-THE NORTHWESTERN
MUTUAL LIFE INSURANCE
/Month
Unactioned
0585768521-THE NORTHWESTERN
MUTUAL LIFE INSURANCE
/Month
Unactioned
0585768521-THE NORTHWESTERN
MUTUAL LIFE INSURANCE
/Month
Unactioned
0585768521-THE NORTHWESTERN
MUTUAL LIFE INSURANCE
/Month
Unactioned
0585768521-THE NORTHWESTERN
MUTUAL LIFE INSURANCE
/Month
Unactioned
Prorata
Standard
Standard
Standard
Standard
Standard
Standard
Standard
03-OP
Lincolnshire, IL
Reserve:
Term:
Demising not included in reserve calculation
Sub-Total
Revised
Current
7/31/2010 GL Balance
24,542,892
Thomas projecting current balance
24,542,892
ADJUSTMENT
Obligation Through LX
LL
1st
28,078
34,804
Month
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Stericycle
83,490
0
(24,542,892)
Sub-lease Recoveries
Rem 4th
2nd
27,645
53,768
RESERVE CALCULATION
3rd
55,568
Total
Recovery
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Reserve
Rent
382,505
382,505
382,505
382,505
382,505
382,505
382,505
382,505
382,505
390,242
390,242
390,242
390,242
390,242
390,242
390,242
390,242
390,242
390,242
390,242
390,242
397,979
397,979
397,979
397,979
397,979
397,979
397,979
397,979
397,979
397,979
397,979
397,979
405,958
405,958
405,958
405,958
405,958
405,958
405,958
405,958
405,958
405,958
405,958
405,958
414,179
414,179
414,179
Reserve
OpEx
111,338
111,338
111,338
111,338
111,338
114,678
114,678
114,678
114,678
114,678
114,678
114,678
114,678
114,678
114,678
114,678
114,678
118,118
118,118
118,118
118,118
118,118
118,118
118,118
118,118
118,118
118,118
118,118
118,118
121,662
121,662
121,662
121,662
121,662
121,662
121,662
121,662
121,662
121,662
121,662
121,662
125,312
125,312
125,312
125,312
125,312
125,312
125,312
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
-
Market
Market
Market
Market
Market
Market
Market
-
Market
Market
Market
Market
Market
Market
Market
-
Market
Market
Market
Market
Market
Market
Market
-
Market
Market
Market
Market
Market
Market
Market
-
414,179
414,179
414,179
414,179
414,179
414,179
414,179
21,914,501
125,312
125,312
125,312
125,312
125,312
129,071
129,071
6,572,079
ESERVE CALCULATION
Other
Expense
Reserve
Sub-lease
Recovery
-
Under
Recovery
493,843
493,843
493,843
493,843
493,843
497,183
497,183
497,183
497,183
504,920
504,920
504,920
504,920
504,920
504,920
504,920
504,920
508,361
508,361
508,361
508,361
516,098
516,098
516,098
516,098
516,098
516,098
516,098
516,098
519,642
519,642
519,642
519,642
527,620
527,620
527,620
527,620
527,620
527,620
527,620
527,620
531,270
531,270
531,270
531,270
539,491
539,491
539,491
Period
NPV
6.700%
493,843
491,101
488,374
485,663
482,966
483,533
480,848
478,179
475,524
480,242
477,576
474,924
472,287
469,665
467,057
464,464
461,885
462,450
459,882
457,329
454,790
459,148
456,599
454,064
451,542
449,035
446,542
444,063
441,597
442,160
439,705
437,264
434,836
439,062
436,624
434,199
431,789
429,391
427,007
424,636
422,278
422,839
420,491
418,156
415,835
419,925
417,593
415,274
Beg
Balance
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
24,542,892
24,183,323
23,821,746
23,458,150
23,092,524
22,724,857
22,351,778
21,976,617
21,599,360
21,219,997
20,830,736
20,439,301
20,045,681
19,649,863
19,251,835
18,851,585
18,449,100
18,044,368
17,633,916
17,221,173
16,806,126
16,388,761
15,961,285
15,531,423
15,099,160
14,664,485
14,227,382
13,787,838
13,345,841
12,901,376
12,450,866
11,997,840
11,542,285
11,084,187
10,615,507
10,144,211
9,670,283
9,193,709
8,714,474
8,232,564
7,747,963
7,260,656
6,766,958
6,270,503
5,771,277
5,269,264
4,756,180
4,240,233
Reserve Flow
Charge
To
Interest
Reserve Accretion
(493,843)
(493,843)
(493,843)
(493,843)
(493,843)
(497,183)
(497,183)
(497,183)
(497,183)
(504,920)
(504,920)
(504,920)
(504,920)
(504,920)
(504,920)
(504,920)
(504,920)
(508,361)
(508,361)
(508,361)
(508,361)
(516,098)
(516,098)
(516,098)
(516,098)
(516,098)
(516,098)
(516,098)
(516,098)
(519,642)
(519,642)
(519,642)
(519,642)
(527,620)
(527,620)
(527,620)
(527,620)
(527,620)
(527,620)
(527,620)
(527,620)
(531,270)
(531,270)
(531,270)
(531,270)
(539,491)
(539,491)
(539,491)
134,274
132,266
130,247
128,217
126,176
124,105
122,021
119,927
117,820
115,659
113,486
111,300
109,103
106,893
104,670
102,436
100,188
97,909
95,618
93,313
90,996
88,622
86,236
83,836
81,422
78,995
76,555
74,101
71,633
69,131
66,616
64,087
61,543
58,941
56,324
53,693
51,047
48,386
45,710
43,019
40,314
37,572
34,816
32,044
29,257
26,408
23,543
20,662
End
Balance
24,542,892
24,183,323
23,821,746
23,458,150
23,092,524
22,724,857
22,351,778
21,976,617
21,599,360
21,219,997
20,830,736
20,439,301
20,045,681
19,649,863
19,251,835
18,851,585
18,449,100
18,044,368
17,633,916
17,221,173
16,806,126
16,388,761
15,961,285
15,531,423
15,099,160
14,664,485
14,227,382
13,787,838
13,345,841
12,901,376
12,450,866
11,997,840
11,542,285
11,084,187
10,615,507
10,144,211
9,670,283
9,193,709
8,714,474
8,232,564
7,747,963
7,260,656
6,766,958
6,270,503
5,771,277
5,269,264
4,756,180
4,240,233
3,721,404
539,491
539,491
539,491
539,491
539,491
543,250
543,250
28,486,580
412,969
410,676
408,395
406,128
403,873
404,429
402,184
24,542,892
48
49
50
51
52
53
54
3,721,404
3,199,679
2,675,040
2,147,473
1,616,960
1,083,484
543,250
(539,491)
(539,491)
(539,491)
(539,491)
(539,491)
(543,250)
(543,250)
17,766
14,853
11,923
8,978
6,016
3,016
0
3,199,679
2,675,040
2,147,473
1,616,960
1,083,484
543,250
0