Apartment Building Financial Statement by bsf81078

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Apartment Building Financial Statement document sample

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									                             MILLER BUILDINGS, INC.

Miller Buildings, Inc. will assist you in preparing Financial Projections for your self-storage
project. You will provide key input in several areas in order for Miller Buildings, Inc. to
prepare these Financial Projections. You can make changes to any of these input
tables and evaluate their impact on your proposed project. Your Financial Projections
can be used as a tool to assist you in determining the feasibility of developing the project,
reviewing with your financial advisor or lender, etc. Miller Buildings, Inc. is providing this
service free. Please contact us at 1-800-323-6464 for further information on our
complete self-storage product line, site layout and answers to any questions you might
have. Copywrite 1999

MILLER BUILDINGS, INC. ASSUMES NO RESPONSIBILITY OR LIABILITY FOR
THE ACCURACY OR REASONABLENESS OF THE FINANCIAL PROJECTIONS
AND THEIR SUPPORTING SCHEDULES

Your input is required in the following areas and tables:
          A. Land, Construction and Development Costs
          B. Unit Mix, Rental Rates and Gross Annual Income
          C. Occupancy Levels
          D. Operating Expenses
          E. Equity and Loan Amounts
          F. Inflation Rate

The Financial Projections that Miller Buildings, Inc. will prepare are:
         10 Year Income Statement
         10 Year Cash Flow Statement
         Internal Rate of Return and Net Present Value
         Key Supporting Schedules


First, fill in your name or your project's name here (use capital letters):




A. Land, Construction and Development Costs
    (Fill in cost amounts for each applicable category. Do not enter any commas
     in the numbers. Notes are for your reference, they do not become part of
     the Cost calculations.)

                                     Cost                                     Notes
Land                             ________

Building/Construction (39 Yr. Property)
Sitework                    ________        Clear, excavate, sewer, basin
Concrete                    ________        Usually priced per sq. ft.
Block                       ________        Usually priced per sq. ft.
Building(s)                 ________        Usually priced per sq. ft.
Office                      ________        Usually priced per sq. ft.
Apartment                   ________        Usually priced per sq. ft.
HVAC                        ________        Include climate control
Plumbing                    ________        Include sprinkler system
Electric/Lighting           ________
Ballards                    ________
Contingency                 ________
______________              ________
______________              ________
______________              ________
______________              ________

Land Improvements (15 Yr. Property)
Paving                      ________        Usually priced per sq. yd.
Fencing                     ________        Usually priced per lineal foot
Street Sign                 ________
Landscaping                 ________
______________              ________
______________              ________

Personal Property (7 Yr. Property)
Gate Access                  ________
Alarm System / Installation  ________       Include office alarm
Fire Alarm System            ________
Cameras / Other Security     ________
Office Furniture / Equip     ________       Include telephone & computer
Mgmt / Accounting System     ________
Signage                      ________
______________               ________
______________               ________

Development
Legal Fee                   ________
Engineer / Architect Fee    ________
Consulting Fee              ________
Environmental Fee           ________
Appraisal Fee               ________
Permits / Zoning Fee        ________
General Contractor Fee      ________
______________              ________
______________              ________
                             ------------
           Total Costs                     0
                                     =======


B. UNIT MIX, RENTAL RATES and GROSS ANNUAL INCOME (GAI)
    (Complete the information for number of spaces and rental rates for regular
     space and/or climate controlled space, fill in all blank spaces with a zero)
                                                                                        Gross
                                                                         Monthly Annual
                                    Space        No. of Rentable          Rental Income
                                      Size Spaces            Sq. Ft.         Rate        (GAI)
                                ------------ ------------ ------------ ------------ ------------
Regular Space                         5x 5 _______ #VALUE! _______ #VALUE!
Climate Controlled Space              5x 5 _______ #VALUE! _______ #VALUE!
Regular Space                         5x10 _______ #VALUE! _______ #VALUE!
Climate Controlled Space              5x10 _______ #VALUE! _______ #VALUE!
Regular Space                       10x10 _______ #VALUE! _______ #VALUE!
Climate Controlled Space            10x10 _______ #VALUE! _______ #VALUE!
Regular Space                       10x15 _______ #VALUE! _______ #VALUE!
Climate Controlled Space            10x15 _______ #VALUE! _______ #VALUE!
Regular Space                       10x20 _______ #VALUE! _______ #VALUE!
Climate Controlled Space            10x20 _______ #VALUE! _______ #VALUE!
Regular Space                       10x25 _______ #VALUE! _______ #VALUE!
Climate Controlled Space            10x25 _______ #VALUE! _______ #VALUE!
Regular Space                     ______ _______ ______ _______ #VALUE!
Climate Controlled Space          ______ _______ ______ _______ #VALUE!
Regular Space                     ______ _______ ______ _______ #VALUE!
Climate Controlled Space          ______ _______ ______ _______ #VALUE!
Regular Space                     ______ _______ ______ _______ #VALUE!
Climate Controlled Space          ______ _______ ______ _______ #VALUE!
Regular Space                     ______ _______ ______ _______ #VALUE!
Climate Controlled Space          ______ _______ ______ _______ #VALUE!
                                              ----------- -----------                -----------
                                                       0 #VALUE!                    #VALUE!
                                               ====== ======                          ======


C. OCCUPANCY LEVELS
    (Month 1 starts construction. It is assumed that construction will be complete
     in 6 months and renting will start in month 7. Enter Occupancy Levels as a
     decimal, eg, .100 or .755. Even if maximum occupancy assumed is 90.0%
     after the 18th month, fill in occupancy levels for all 24 months. Then, complete
     the Occupancy Levels for years 3 thru 10. Note, the national occupancy level
     is 85.5% per the 1998-1999 Self-Storage Almanac.)

                       Occupancy                                         Occupancy
                    Level                                     Level
         Month 1    Construction                   Month 13    _______
         Month 2    Construction                   Month 14    _______
         Month 3    Construction                   Month 15    _______
         Month 4    Construction                   Month 16    _______
         Month 5    Construction                   Month 17    _______
         Month 6    Construction                   Month 18    _______
         Month 7     _______                       Month 19    _______
         Month 8     _______                       Month 20    _______
         Month 9     _______                       Month 21    _______
         Month 10    _______                       Month 22    _______
         Month 11    _______                       Month 23    _______
         Month 12    _______                       Month 24    _______

                    Occupancy
                    Level
         Year 3      _______
         Year 4      _______
         Year 5      _______
         Year 6      _______
         Year 7      _______
         Year 8      _______
         Year 9      _______
         Year 10     _______


D. Operating Expenses
   (Complete the information for applicable expenses. Note, the right hand column
    are Proforma Expenses of a typical 53,000 sq. ft. facility from the 1998-1999
    Self-Storage Almanac. GAI means Gross Annual Income.)

                                          Annual
                                         Expense              Self-Storage Almanac
Manager, Apartment and Office
 Utilities                               _______              400 per month
 Phone                                   _______              150 per month
 Office Expense                          _______              300 per month
 Manager                                 _______              1,800 per month
Maintenance and Reserve                  _______              0.01 of GAI-annual amount
Taxes                                    _______              .013 of cost of development
Insurance                                _______              0.01 of GAI-annual amount
Advertising                              _______              0.03 of GAI-annual amount
Management                               _______              0.03 of GAI-annual amount
Miscellaneous                            _______              0.005 of GAI-annual amount
________________                         _______
________________                         _______
________________                           _______
                                            ----------
                                                    0
                                            ======


E. EQUITY AND LOAN AMOUNTS
   (It is necessary to identify how the project will be financed. You have
    estimated the Land, Construction and Development Cost. Enter the amount of
    equity that will be invested. Enter the equity as a negative number without any
    commas, eg, -300000. The difference will be calculated as the amount to be
    financed. Also enter the loan interest rate, loan amortization term and loan points.)

Land, Construction and Development Costs                                   0
Less Equity Investment                                          ________
                                                                --------------
Balance to be Financed                                                     0
                                                                 =======

Loan Interest Rate (enter as a decimal, eg, .085)                  8.50%
Loan Amortization Term (enter in full years)                    ________ yrs.
Loan Points (enter as a decimal, eg, .01)                            0.01


F. INFLATION RATE
   (Enter inflation rate for both revenue and expenses in decimal format, eg,
    .0275 or .0300. Enter inflation rates for all 10 years.)

                      Inflation             Inflation
                          Rate                  Rate
                     Revenue               Expense
          Year 1           N/A                   N/A
          Year 2     ______                ______
          Year 3     ______                ______
          Year 4     ______                ______
          Year 5     ______                ______
          Year 6     ______                ______
          Year 7     ______                ______
          Year 8     ______                ______
          Year 9     ______                ______
          Year 10    ______                ______



THIS IS THE LAST OF THE ENTRIES, GO TO SHEET 2 TO REVIEW THEN PRINT.
                                                                      INCOME STATEMENT

                          Year 1         Year 2          Year 3        Year 4         Year 5         Year 6         Year 7         Year 8         Year 9       Year 10

Revenue               #VALUE!         #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Operating Expense               0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
                        ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
EBITDA                #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Interest Expense      #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE! #VALUE!
Depreciation           #DIV/0!         #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!
Amortization          #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!
                         ----------     ----------     ----------     ----------     ----------     ----------     ----------     ----------     ----------     ----------
 Subtotal             #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!
                         ----------     ----------     ----------     ----------     ----------     ----------     ----------     ----------     ----------     ----------
Income Before Taxes   #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!


                                                                        Income Before Taxes

                                             1
                                             1
                                             1                                                                    Income Before
                                             0                                                                    Taxes
                                             0
                                             0
                                                     1        3          5           7        9
                                                                        CASH FLOW STATEMENT

                              Year 1         Year 2         Year 3          Year 4        Year 5         Year 6         Year 7         Year 8         Year 9       Year 10

Equity                    #VALUE!
Loan/Mortgage                        0
Less Project Costs                   0
Income Before Taxes       #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!
Add Depreciation           #DIV/0!         #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!        #DIV/0!
Add Amortization          #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!
Less Principal Paymt      #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!
                             ----------     ----------     ----------     ----------     ----------     ----------     ----------     ----------     ----------     ----------
Cash Flow                 #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!

Debt Service Coverage     #VALUE!         #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Internal Rate of Return   #VALUE!
Net Present Value         #VALUE!
                                                                                  Cash Flow

                                              1
                                              1
                                              1
                                                                                                                          Cash Flow
                                              0
                                              0
                                              0
                                                    1      2     3      4     5    6      7     8      9 10
                       LAND, CONSTRUCTION and DEVELOPMENT COSTS

Land                         ________         Personal Property (7 Yr. Property)
                                              Gate Access                           ________
Building/Construction (39 Yr. Property)       Alarm System / Installation           ________
Sitework                      ________        Fire Alarm System                     ________
Concrete                      ________        Cameras / Other Security              ________
Block                         ________        Office Furniture / Equip              ________
Building(s)                   ________        Mgmt / Accounting System              ________
Office                        ________        Signage                               ________
Apartment                     ________        ______________                        ________
HVAC                          ________        ______________                        ________
Plumbing                      ________
Electric/Lighting             ________        Development
Ballards                      ________        Legal Fee                             ________
Contingency                   ________        Engineer / Architect Fee              ________
______________                ________        Consulting Fee                        ________
______________                ________        Environmental Fee                     ________
______________                ________        Appraisal Fee                         ________
______________                ________        Permits / Zoning Fee                  ________
                                              General Contractor Fee                ________
Land Improvements (15 Yr. Property)           ______________                        ________
Paving                      ________          ______________                        ________
Fencing                     ________
Street Sign                 ________          Project Cost Summary
Landscaping                 ________          Land                                 ________
______________              ________           Building/Construction                          0
______________              ________           Land Improvements                              0
                                               Personal Property                              0
                                               Development                                    0
                                                                                    -----------
                                                         Total                               0
      UNIT MIX, RENTAL RATES and GROSS ANNUAL INCOME (GAI)

                                                                                   Gross
                                                                     Monthly      Annual
                              Space      No. of Rentable              Rental     Income
                               Size     Spaces    Sq. Ft.              Rate        (GAI)

Regular Space                   5x 5   _______        #VALUE!        _______   #VALUE!
Climate Controlled Space        5x 5   _______        #VALUE!        _______   #VALUE!
Regular Space                  5x10    _______        #VALUE!        _______   #VALUE!
Climate Controlled Space       5x10    _______        #VALUE!        _______   #VALUE!
Regular Space                 10x10    _______        #VALUE!        _______   #VALUE!
Climate Controlled Space      10x10    _______        #VALUE!        _______   #VALUE!
Regular Space                 10x15    _______        #VALUE!        _______   #VALUE!
Climate Controlled Space      10x15    _______        #VALUE!        _______   #VALUE!
Regular Space                 10x20    _______        #VALUE!        _______   #VALUE!
Climate Controlled Space      10x20    _______        #VALUE!        _______   #VALUE!
Regular Space                 10x25    _______        #VALUE!        _______   #VALUE!
Climate Controlled Space      10x25    _______        #VALUE!        _______   #VALUE!
Regular Space                ______    _______          ______       _______   #VALUE!
Climate Controlled Space     ______    _______          ______       _______   #VALUE!
Regular Space                ______    _______          ______       _______   #VALUE!
Climate Controlled Space     ______    _______          ______       _______   #VALUE!
Regular Space                ______    _______          ______       _______   #VALUE!
Climate Controlled Space     ______    _______          ______       _______   #VALUE!
Regular Space                ______    _______          ______       _______   #VALUE!
Climate Controlled Space     ______    _______          ______       _______   #VALUE!
                                        -----------    -----------              -----------
                                                 0    #VALUE!                  #VALUE!
                                        ======         ======                   ======




                              OCCUPANCY LEVELS
           Occupancy                 Occupancy
           Level                     Level
Month 1    Construction   Month 13   _______
Month 2    Construction   Month 14   _______
Month 3    Construction   Month 15   _______
Month 4    Construction   Month 16   _______
Month 5    Construction   Month 17   _______
Month 6    Construction   Month 18   _______
Month 7     _______       Month 19   _______
Month 8     _______       Month 20   _______
Month 9     _______       Month 21   _______
Month 10    _______       Month 22   _______
Month 11    _______       Month 23   _______
Month 12    _______       Month 24   _______

           Occupancy
           Level
Year 3     _______
Year 4     _______
Year 5     _______
Year 6     _______
Year 7     _______
Year 8     _______
Year 9     _______
Year 10    _______
                OPERATING EXPENSE

                                     Annual
                                    Expense
Manager, Apartment and Office
 Utilities                          _______
 Phone                              _______
 Office Expense                     _______
 Manager                            _______
Maintenance and Reserve             _______
Taxes                               _______
Insurance                           _______
Advertising                         _______
Management                          _______
Miscellaneous                       _______
________________                    _______
________________                    _______
________________                    _______
                                      ----------
                                              0
                                     ======
            EQUITY and LOAN AMOUNTS


Land, Construction and Development Costs                         0
Less Equity Investment                                  ________
                                                        -----------
Balance to be Financed                                           0
                                                         ======

Loan Interest Rate                                       8.500%
Loan Amortization Term                                  ________yrs.
Loan Points                                               1.00%




                   INFLATION RATE


                            Inflation       Inflation
                                Rate            Rate
                           Revenue         Expense
               Year 1            N/A             N/A
               Year 2    ______            ______
               Year 3    ______            ______
               Year 4    ______            ______
               Year 5    ______            ______
               Year 6    ______            ______
               Year 7    ______            ______
               Year 8    ______            ______
               Year 9    ______            ______
              Year 10    ______            ______
FINANCIAL PROJECTIONS DETAIL



Inflation Detail Schedule:

                Revenue       Expense
                 Inflation     Inflation
                Multiplier    Multiplier
Year 1           1.00000       1.00000
Year 2        #VALUE!        #VALUE!
Year 3        #VALUE!        #VALUE!
Year 4        #VALUE!        #VALUE!
Year 5        #VALUE!        #VALUE!
Year 6        #VALUE!        #VALUE!
Year 7        #VALUE!        #VALUE!
Year 8        #VALUE!        #VALUE!
Year 9        #VALUE!        #VALUE!
Year 10       #VALUE!        #VALUE!
FINANCIAL PROJECTIONS DETAIL



Depreciation Detail Schedule:
                                    39 Year           15 Year   7 Year
                                   Property          Property Property                    Total
Sitework                          ________                                                     0
Concrete                          ________                                                     0
Block                             ________                                                     0
Building(s)                       ________                                                     0
Office                            ________                                                     0
Apartment                         ________                                                     0
HVAC                              ________                                                     0
Plumbing                          ________                                                     0
Electric/Lighting                 ________                                                     0
Ballards                          ________                                                     0
Contingency                       ________                                                     0
______________                    ________                                                     0
______________                    ________                                                     0
______________                    ________                                                     0
______________                    ________                                                     0
Paving                                             ________                                    0
Fencing                                            ________                                    0
Street Sign                                        ________                                    0
Landscaping                                        ________                                    0
______________                                       ________                                  0
______________                                       ________                                  0
Gate Access                                                        ________                    0
Alarm System / Installation                                        ________                    0
Fire Alarm System                                                  ________                    0
Cameras / Other Security                                           ________                    0
Office Furniture / Equip                                           ________                    0
Mgmt / Accounting System                                           ________                    0
Signage                                                            ________                    0
______________                                                     ________                    0
______________                                                     ________                    0
                                  --------------    -------------- --------------   -------------
Subtotal                                      0                 0             0                0
% of Deprec Categories to Total     #DIV/0!         #DIV/0!         #DIV/0!          #DIV/0!
Allocation of Development Costs
(Below) by Above Percentages        #DIV/0!         #DIV/0!         #DIV/0!          #DIV/0!
                                  -------------- --------------    --------------   -------------
Total Depreciation by Class         #DIV/0!         #DIV/0!         #DIV/0!          #DIV/0!

Development
Legal Fee                         ________
Engineer / Architect Fee          ________
Consulting Fee                    ________
Environmental Fee                 ________
Appraisal Fee                     ________
Permits / Zoning Fee                  ________
General Contractor Fee                ________
______________                         ________
______________                         ________
                                       -------------
 Total Depreciable Costs                          0

(For depreciation calculation purposes, it is assumed that the self-storage project's construction
will be completed in 6 months and the project will start renting in the 7th month. Therefore,
the "half-year convention" of depreciation calculating is being used.)

Depreciation Amounts                                                                                  Annual
             39 Yr Property              15 Yr Property              7 Yr Property                      Total
              Percent     Amount          Percent       Amount      Percent      Amount               Deprec
Year 1        1.770% #DIV/0!              3.750%    #DIV/0!        10.710% #DIV/0!                   #DIV/0!
Year 2        2.564% #DIV/0!              9.630%    #DIV/0!        25.510% #DIV/0!                   #DIV/0!
Year 3        2.564% #DIV/0!              8.660%    #DIV/0!        18.220% #DIV/0!                   #DIV/0!
Year 4        2.564% #DIV/0!              7.800%    #DIV/0!        13.020% #DIV/0!                   #DIV/0!
Year 5        2.564% #DIV/0!              7.020%    #DIV/0!         9.300% #DIV/0!                   #DIV/0!
Year 6        2.564% #DIV/0!              6.310%    #DIV/0!         8.850% #DIV/0!                   #DIV/0!
Year 7        2.564% #DIV/0!              5.900%    #DIV/0!         8.860% #DIV/0!                   #DIV/0!
Year 8        2.564% #DIV/0!              5.900%    #DIV/0!         5.530% #DIV/0!                   #DIV/0!
Year 9        2.564% #DIV/0!              5.910%    #DIV/0!                                          #DIV/0!
Year 10       2.564% #DIV/0!              5.900%    #DIV/0!                                          #DIV/0!

Amortization Amounts

Loan Amount                                        0
Loan Points                                    0.01
                                       --------------
Points Amount                                      0

Annual Amortization Amount             #VALUE!
FINANCIAL PROJECTIONS DETAIL



Revenue Detail Schedule:                                 Gross Annual Income                   #VALUE!

                           Revenue                                                              Revenue
               Occu-        Inflation      Monthly                                   Occu-       Inflation      Monthly
               pancy            Rate      Revenue                                    pancy           Rate     Revenue
Month 1       Building      1.00000                                  Month 13   _______        #VALUE!       #VALUE!
Month 2       Building      1.00000                                  Month 14   _______        #VALUE!       #VALUE!
Month 3       Building      1.00000                                  Month 15   _______        #VALUE!       #VALUE!
Month 4       Building      1.00000                                  Month 16   _______        #VALUE!       #VALUE!
Month 5       Building      1.00000                                  Month 17   _______        #VALUE!       #VALUE!
Month 6       Building      1.00000                                  Month 18   _______        #VALUE!       #VALUE!
Month 7    _______          1.00000     #VALUE!                      Month 19   _______        #VALUE!       #VALUE!
Month 8    _______          1.00000     #VALUE!                      Month 20   _______        #VALUE!       #VALUE!
Month 9    _______          1.00000     #VALUE!                      Month 21   _______        #VALUE!       #VALUE!
Month 10   _______          1.00000     #VALUE!                      Month 22   _______        #VALUE!       #VALUE!
Month 11   _______          1.00000     #VALUE!                      Month 23   _______        #VALUE!       #VALUE!
Month 12   _______          1.00000     #VALUE!                      Month 24   _______        #VALUE!       #VALUE!
                                        --------------                                                       -------------
           Year 1 Total                 #VALUE!                                 Year 2 Total                 #VALUE!

                           Revenue
                Occu-       Inflation     Annual
                pancy           Rate     Revenue
Year 3     _______        #VALUE!       #VALUE!
Year 4     _______        #VALUE!       #VALUE!
Year 5     _______        #VALUE!       #VALUE!
Year 6     _______        #VALUE!       #VALUE!
Year 7     _______        #VALUE!       #VALUE!
Year 8     _______        #VALUE!       #VALUE!
Year 9     _______        #VALUE!       #VALUE!
Year 10    _______        #VALUE!       #VALUE!
FINANCIAL PROJECTIONS DETAIL



Operating Expense Detail Schedule:              Annual Operating Expense                    0

(For operating expense calculation purposes, it is assumed that during the rent-up of the
project Operating Expenses will be less than operating expenses would be when the project
is full. Operating Expenses during months 7 thru 12 will be 25% of the annual total, and
during the 2nd year Operating Expenses will be 80% of the annual total.)

             Expense
              Inflation     Special   Annual
                  Rate       Factor Expenses
Year 1        1.00000        25.0%         0
Year 2      #VALUE!          80.0% #VALUE!
Year 3      #VALUE!                 #VALUE!
Year 4      #VALUE!                 #VALUE!
Year 5      #VALUE!                 #VALUE!
Year 6      #VALUE!                 #VALUE!
Year 7      #VALUE!                 #VALUE!
Year 8      #VALUE!                 #VALUE!
Year 9      #VALUE!                 #VALUE!
Year 10     #VALUE!                 #VALUE!
FINANCIAL PROJECTIONS DETAIL


The monthly debt service payment will be:          #VALUE!

                                                     Monthly       Monthly Cumulative
             Principal Cumulative       Interest      Interest     Interest   Interest
   Period    Payment        Debt           Rate      Payable      Payment     Payable
        1                   0.00         0.0850           0.00                    0.00
        2   #VALUE!     #VALUE!          0.0850    #VALUE!             0.00 #VALUE!
        3   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
        4   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
        5   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
        6   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
        7   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
        8   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
        9   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       10   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       11   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       12   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       13   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       14   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       15   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       16   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       17   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       18   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       19   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       20   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       21   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       22   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       23   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       24   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       25   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       26   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       27   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       28   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       29   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       30   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       31   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       32   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       33   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       34   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       35   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       36   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       37   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       38   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       39   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       40   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       41   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       42   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       43   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
       44   #VALUE!     #VALUE!          0.0850    #VALUE!       #VALUE! #VALUE!
45   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
46   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
47   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
48   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
49   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
50   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
51   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
52   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
53   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
54   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
55   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
56   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
57   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
58   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
59   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
60   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
61   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
62   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
63   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
64   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
65   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
66   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
67   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
68   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
69   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
70   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
71   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
72   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
73   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
74   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
75   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
76   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
77   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
78   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
79   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
80   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
81   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
82   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
83   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
84   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
85   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
86   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
87   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
88   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
89   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
90   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
91   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
92   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
93   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
94   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
95   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
96   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
 97   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
 98   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
 99   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
100   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
101   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
102   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
103   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
104   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
105   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
106   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
107   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
108   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
109   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
110   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
111   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
112   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
113   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
114   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
115   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
116   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
117   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
118   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
119   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
120   #VALUE!   #VALUE!   0.0850   #VALUE!   #VALUE!   #VALUE!
FINANCIAL PROJECTIONS DETAIL


Internal Rate of Return Detail:    Net Present Value Detail:
                                   (Discount Rate of 10%)

Equity Investment       ________   Equity Investment       ________
Year 1-Cash Flow         #VALUE!   Year 1-Cash Flow         #VALUE!
Year 2-Cash Flow         #VALUE!   Year 2-Cash Flow         #VALUE!
Year 3-Cash Flow         #VALUE!   Year 3-Cash Flow         #VALUE!
Year 4-Cash Flow         #VALUE!   Year 4-Cash Flow         #VALUE!
Year 5-Cash Flow         #VALUE!   Year 5-Cash Flow         #VALUE!
Year 6-Cash Flow         #VALUE!   Year 6-Cash Flow         #VALUE!
Year 7-Cash Flow         #VALUE!   Year 7-Cash Flow         #VALUE!
Year 8-Cash Flow         #VALUE!   Year 8-Cash Flow         #VALUE!
Year 9-Cash Flow         #VALUE!   Year 9-Cash Flow         #VALUE!
Year 10-Cash Flow        #VALUE!   Year 10-Cash Flow        #VALUE!

           IRR          #VALUE!    NPV                         #VALUE!

								
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