1 2 3 4 5 6 7 8 9 10
  Yr. 1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10
  2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
 
INCOME ANALYSIS
 
+ Annual Rent           260,000           260,000           299,000           313,950           329,648           346,130           363,437           381,609           400,689           420,723
+ Rent Escalation                   -               39,000             14,950             15,698             16,482             17,307             18,172             19,080             20,034             21,036
+ Other Income                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
 
1 Gross Income           238,333           299,000           313,950           329,648           346,130           363,437           381,609           400,689           420,723           441,759
 
RE Taxes                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
Insurance                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
Maintenance                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
Utilities                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
Prop Mgmt                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
Advertising                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
Misc Expenses             90,000             90,000             90,000             90,000             90,000             90,000             90,000             90,000             90,000             90,000
                     
Expense Escalation at 5%                   -                4,500              9,225             14,186             19,396             24,865             30,609             36,639             42,971             49,620
1 Total Expenses            82,500            94,500            99,225          104,186          109,396          114,865          120,609          126,639          132,971          139,620
- Vacancy Allow             11,917             14,950             15,698             16,482             17,307             18,172             19,080             20,034             21,036             22,088
 
1 Net Operating Income           143,916           189,550           199,027           208,980           219,427           230,400           241,920           254,016           266,716           280,051
 
- Interest Expense, Loan #1             98,089           104,613             93,540                   -                     -                     -                     -                     -                     -                     -  
- Interest Expense, Loan #2             20,625             22,500             20,625                   -                     -                     -                     -                     -                     -                     -  
- Interest Expense, Loan #3                   -                     -               13,333           159,285           157,889           156,378           154,741           152,968           151,048           148,969
- Interest Expense, Loan #4                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
- Interest Expense, Loan #5                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
- Amoritized Points, Loan #1              1,320              1,440             26,040                   -                     -                     -                     -                     -                     -                     -  
- Amoritized Points, Loan #2                 913                 996              3,091                   -                     -                     -                     -                     -                     -                     -  
- Amoritized Points, Loan #3                   -                     -                   111              1,332              1,332              1,332              1,332              1,332              1,332              1,332
- Amoritized Points, Loan #4                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
- Amoritized Points, Loan #5                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
- Other Fees, Amoritized                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
- Depreciation, Building             52,500             60,000             60,000             60,000             60,000             60,000             60,000             60,000             60,000             60,000
- Depreciation, Personal Property                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
- Depreciation, Land Improvement                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
- Depreciation, Capital Improvements              5,152              7,273              7,273              7,273              7,273              7,273              7,273              7,273              7,273              7,273
 
Cash Reserves, incl. Interest             75,000             74,118             77,824             81,715             85,801             90,091             94,596             99,326           104,292           109,507
+ Interest on Cash Reserves (5%)              3,438              3,706              3,891              4,086              4,290              4,505              4,730              4,966              5,215              5,475
                     
Income or (Loss)            (31,245)             (3,566)            (21,096)            (14,824)             (2,777)              9,922             23,304             37,409             52,278             67,952
 
Available Suspended Losses                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
- (Suspended Loss) Used in Year                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -  
 
Taxable Income            (31,245)             (3,566)            (21,096)            (14,824)             (2,777)              9,922             23,304             37,409             52,278             67,952
 
1 Annual values adjusted for shortened Initial Year.