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EXHIBIT 1: INVESTMENT CHARACTERISTICS AND ASSUMPTIONS
Sunset
Apartments
Property Attr!utes
Location Up&Coming Neighborhood Los Angeles
Building Use Mixed-Use
Building Age (in Years)
!entable Area"Units"#paces $%'*
%%'+,*
st-.r A/erage Annual Base !ent 0$1
0%*1
0'1
Ac2uisition Cost 0 ''
Ac2uisition Cost (per s213t"per unit) 0 *,
4olding 5eriod (in Years)
6oing-7ut Capitali8ation !ate ,19
st Year Base !ent !e/enues 0 %'+'
Base !ent 6ro:th !ate $19
Ancillar. ;ncome (5aracanc. 19Bad ?ebt $19
st Year Annual 7perating @xpense 0 '*'
Brea< operating expenses into di33erent section
Annual 7perating @xpense ;ncrease $19
irst Year !@ axes *19
Annual !eal @state ax ;ncrease $19
Annual !eplacement !eser/e $19
Annual Lease 5a.ments 0 -
Bro
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#econd Mortgage Loan Amount
#econd Mortgage L>
irst Mortgage ;nterest !ate (9) 19
#econd Mortgage ;nterest !ate
irst Mortgage erm-to-Maturit. (in Years) #econd Mortgage erm-to-Maturit. (in Years)
irst Mortgage 5rincipal Balance at @nd-o3-erm $60,540,433
#econd Mortgage 5rincipal Balance at @nd-o3-erm
irst Mortgage Amorti8ation erm (in Years) $
#econd Mortgage Amorti8ation erm (in Years)
irst Mortgage Annual ?ebt 5a.ment 0 '+%'*$+
#econd Mortgage Annual ?ebt 5a.ment
irst Mortgage Loan 5oints 1%
#econd Mortgage Loan 5oints
irst Mortgage Lender Yield (9) 6.65%
#econd Mortgage Lender Yield (9)
?ebt-to-@2uit. !atio 2.16
Year
2013
2016
2020
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T%e Du&e
Chicago near the loop
Class B
$
!esidential *' Commercial
!etail 5ar
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19
0 *'*$'++
*
0 *'*'$$
$ 717,500 19 0 %'
5.72%
1.50
Sf Annual %Net Rentable area Annual Base Rent
68806 33.00% $ 1,764,984.00
59197 28.40% $ 2,382,647.00
80092 38.50% $ 2,686,367.00
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By'ne
Dstr!uton Center
#outhern Cit.
lex arehouse
,*;ndustrial
'* 733ice space
5ar
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**
*19
19
*19
0 $','$,
0 '*'*
*
0$*,'$
0*'%%
19 $ 62,705
*19 $ 30,402
6.23%
12.36%
3.00
S! % "f #"tal Reburesent S!
$ 25.65 25.10% $ 6.79
$ 40.25 34.00% $ 3.92
$ 33.54 39.00% $ 8.00
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EXHIBIT (: INCOME)AND)EXPENSE PRO)"ORMA: SUNSET APARTMENTS
* * **
* $
Base !ental !e/enues %'+' 0%'+*', 0'*'+
5arancancies ('') (',*%'$%) (+,$',)
@33ecti/e 6ross ;ncome (@6;) $'%$' $'+'* '*%'+
LessD Bad ?ebt (%%') (%'$) (%,'$,)
LessD 7perating @xpenses (%'%%'+) (%'*'%+) (%',+')
!eal @state axes (',$'$) (',$'*) ('*%'$)
!eplacement !eser/e ($'*$) (%'%) (,',)
Net 7perating ;ncome (N7;) '$+',$ '$'+, ,',',*
LessD 6round Lease 5a.ments
?ebt #er/ice irst Mortgage ('+%'*$+) ('+%'*$+) ('+%'*$+)
?ebt #er/ice #econd Mortgage?#C! (1%) (1+) (1$,)
Unle/ered Cash lo: Be3ore axes *+,(-./( *1-,..-00+ *(-,+1-/
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*$ *% * * *, *
% , +
0',$+'++ 0'*+', 0''**% 0,'%'$$* 0''+$ 0'+$'*$
0'%*',*% 0',%' 0''** 0'$+'%* 0',$'+ 0'*'$
','+*$ ,'$%',, ,'+'%%+ '+',%% +'*$%' +'+*'$%
(','$) ('%$') (',+'%) (','%) (''+) ('+'+,)
',,%'+* '$*'+,* ''$ ,'%,*'$%% ',',+ ','%,
(%,$'**$) (%+'*+) (') (*%',) (%*'$%) (')
(%''+) (''+*) (','$) ('$') ('%,'*) ('$'$%*)
('',%) ('+%'+) (*'*$'**,) (*'+%'%) (*','$$) (*'*%$')
(,'$,) (,',%$) (*'*) ('%) (,$'*%) (+',)
,'+$',$ '*'$ ','%* '+'%* +'**%'* +'',+
('+%'*$+) ('+%'*$+) ('+%'*$+) ('+%'*$+) ('+%'*$+) ('+%'*$+)
(1%*) (1%) (1$) (1+) (1) (1,)
*(-0/-.0. *(-002-0(. *(-/20-+, *-(/2-., *-0(/-+. *-/2.-330
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*+ **
0+'$%,'%+ 0*'*%',
0'*%', 0'**'%+
*'+*' *'$,',
('*$'*) ('**'*%*)
+'$$' *'*%'$$
(') (',%)
('%'%*) ('+,'$%)
(*'$*'++) (*'%*'++)
(,*',%) (,%',%)
+'+*'** '*+'%,
('+%'*$+)
(1,,)
*.-1-/+/ *1,-(/0-+.2
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EXHIBIT 2: INCOME-AND-EXPENSE PRO-FORMA: THE DUKE
* *
*
Base Rental Re&enues ,'**%'$, ,'**%'$,
'()ense Reburseent Re&enue '$%'$ '$'*$
*)eratn+ '()ense Rebuersent '$*
r")ert #a( Reburesent '$
ar-n+ an *t/er n"e +' *$'+%
S+na+e Re&enue *%%' *'$*
#"tal "tental r"ss Re&enue +''$%, +',,',
ess >ancancies ($'*) ($'*)
>acanc. !eco/er.
'et&e r"ss n"e ' '%'$ ''+
ess Bad ?ebt
ess 7perating @xpenses ($''%) ($','+)
!eal @state axes ($'*) ($,*'*)
!eplacement !eser/e (,*'*%$) (,*'*%$)
enant ;mpro/ements
Leasing Commisions
Reburesent "n S !t.
Net *)eratn+ n"e N* %'' %',%'+
ess 6round Lease 5a.ments ($$') ($$')
?ebt #er/ice irst Mortgage (*'*'$$) (*'*'$$)
?ebt #er/ice #econd Mortgage
?#C! *1 *1
nle&ere :as/ !l"; Bef"re #a(es *(-12-223 *(-21-(0
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2010 2011
Rent nrease /)"t/etal $ 7,224,317.00 $ 7,441,046.51
Rent S! $ 34.72 $ 35.76
*r+nal eases Rent aents $ 7,224,317.00 $ 7,224,317.00
*&erall S !t
Suare !eet R"lln+ *&er
erenta+e Res+nn+ Tenant Impr!emen
S. !t Res+nn+ 2014
Ne; Rent er S. !t *n Res+nn+ $ 206,418.00
Rent !r" Res+ners *n Ne; eases $ 963,284.00
Suare feet #ea"$n% Cmm$"$
eretan+e Ne; ease 2014
S !t. *n Res+nn+ eases $ 494,000.37Ne; Rent er S. !t *n Ne; eases $ 988,000.73
Rent Re&enue Su $ 1,482,001.10
ess
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Suare !eet R"lln+ *&er
erenta+e Res+nn+
S. !t Res+nn+
Ne; Rent er S. !t
Rent !r" Res+ners
Suare feet
eretan+e Ne; ease
S !t.
Ne; Rent er S. !t
Rent Re&enue
ess
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** *$ *% * *
$ % ,
,'**%'$, ,'**%'$, '%**'+ '%,',, '%,',,
'%*'$ '%%'*, ''* '$'%* ''
+',* $'* '% +'+$ *$'
'* '%+ '% *'+, *'*
*' *'$ ***' **+'$ *$'%**
*' *'* *,%'*% **'$ *+'$%+
+'*$',* +'*+' ''$* '$%',$ '%',
($'*) ($'*) ($*'$%) (%,'$+) (%,'$+)
%,'+$
',%'% '+$%'+ ',*'+ +'+$'$%* '%'*
($',,'$*%) ($''$%%) ($'++',%) (%'',) (%'*%')
($$'*%) ($+%',) (%'*) (%',%) (%$'$)
(,*'*%$) (,*'*%$) (%'**,) ('%,) ('%,)
('+',*)
(,%') (,%')
%'', %','+* *'$*%'% %''%+ '*'$$
($$') ($$') ($$') ($$') ($$')
(*'*'$$) (*'*'$$) (*'*'$$) (*'*'$$) (*'*'$$)
*1 *1* 1++ *1 *1%%
*(-,+-/ *(-(..-20, 4*1+-2+5 *(-(2-0(2 *(-/,+-3,.
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2012 201* 201) 201, 201
$ 7,664,277.91 >>> $ 8,131,032.43 $ 8,374,963.40 >>>
$ 36.83 $ 37.93 $ 39.07 $ 40.24 $ 41.45
$ 7,224,317.00 >>> $ 5,459,333.00 $ 5,459,333.00 >>>
208100
68806
" 30%
2017 20641.8 20641.8 20641.8
$ 177,591.00 $ 39.07 $ 39.07 $ 39.07
$ 828,758.00 $ 806,531.21 $ 806,531.21 $806,531.21
68806
2017 70%
$ 199,037.79 48164.2 48164.2 48164.2 $ 928,843.03 $ 39.07 $ 39.07 $ 39.07
$ 1,127,880.83 $ 1,881,906.16 $ 1,881,906.16 >>>
$ 1,411,429.62
$ 313,651.03
$ 156,825.51 $ 1,881,906.16 >>>
$ 806,531.21 $ 806,531.21 $806,531.21
$ 156,825.51 $ 1,881,906.16 >>>
$ 5,459,333.00 $ 5,459,333.00 >>>
$ 6,422,689.73 $ 8,147,770.37 >>>
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2012 201* 201) 201, 201
&'(22)(*1'+00 ... & ()22(/+'* & /(1)'(''0+*' ...
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*, * *+ **
+
',',+ '*+*', ''%$ ''%$
'%' '+,' ',%'%$ ''
*,'* $'* $%'+ $+'
*'+$+ $'$*, $',*, %'$+
*%$' *'* *'$% *'+
$'+ $+'+* $'$ $*,'+
+'*'% '+%'$ '$'* '+'%,
($$$'%) (%%'*+) (%*',*) (%*',*)
*$*'*
'+'* '*,+',*+ ','$ ''$+
(%'$,'$) (%'%+'$*) (%'$$'$$$) (%',,*'$$$)
(%%%'*) (%,',,) (%,'$) (%'%%%)
(',) (*'+*) ('%) ('%)
(''$%+)
($'+%) ($'+%)
*'%*' %','+$ '%'+$ '$$',
($$') ($$') ($$') ($$')
(*'*'$$) (*'*'$$) (*'*'$$)
1 *1 *1$
*1,/-0+0 *(-.-,21 *-,2.-,/+ *3-,,+-,,2
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201' 201/ 201 2020
>>> >>> >>> >>>
$ 42.70 $ 43.98 $ 45.30 $ 46.65
>>> >>> >>> >>>
20641.8 20641.8 20641.8 20641.8 20641.8 20641.8
$ 39.07 $ 39.07 $ 42.98 $ 42.98 $ 42.98 $ 42.98
$806,531.21 $806,531.21 $887,184.33 $887,184.33 >>> >>>
48164.2 48164.2 48164.2 48164.2 48164.2 48164.2 $ 39.07 $ 39.07 $ 42.98 $ 42.98 $ 42.98 $ 42.98
>>> >>> >>> >>> >>> >>>
>>> >>> >>> >>>
$806,531.21 $806,531.21 $887,184.33 $887,184.33
>>> >>> >>> >>>
>>> >>> >>> >>>
2017 2018 2019 2020
208100
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59197
30%
17759.1 17759.1 17759.1 17759.1 17759.1 17759.1
$ 42.70 $ 42.70 $ 42.70 $ 42.70 $ 42.70 $ 46.97
$758,239.21 $758,239.21 $758,239.21 $758,239.21 >>> >>>
59197
70%
41437.9 41437.9 41437.9 41437.9 41437.9 41437.9
$ 42.70 $ 42.70 $ 42.70 $ 42.70 $ 42.70 $ 46.97
>>> >>> >>> >>> >>> >>>
>>>
>>>
$147,435.40 >>> >>> >>>
$758,239.21 $758,239.21 $758,239.21 $758,239.21
$147,435.40 >>> >>> >>>
>>> >>> >>> >>>
>>> >>> >>> >>>
201' 201/ 201 2020
... ... ... ...
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20641.8
$ 42.98
>>>
48164.2 $ 42.98
>>>
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17759.1 17759.1 17759.1 17759.1
$ 46.97 $ 46.97 $ 46.97 $ 46.97
>>> >>> >>> >>>
41437.9 41437.9 41437.9 41437.9
$ 46.97 $ 46.97 $ 46.97 $ 46.97
>>> >>> >>> >>>
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EXHIBIT (: INCOME)AND)EXPENSE PRO)"ORMA: B6'INE DISTRIBUTION CENTER
* * **
* $
Base !ental !e/enues 0$'*1 0$'*1 0$'*1
@xpense !eimbursement !e/enue 0 *'$*1,$ 0 $'%+1$+ 0 $%'$,1,
otal 5otential 6ross !e/enue 0 *'$*1,$ 0 %'+1$+ 0 ,'*$,1,
LessD >ancancies
@33ecti/e 6ross ;ncome (@6;) 0 *'$*1,$ 0 %'+1$+ 0 ,'*$,1,
LessD Bad ?ebt
LessD 7perating @xpenses 0 (*',%1%) 0 (**'%1+) 0 (*$',*1+$)
!eal @state axes 0 (*'$*1,$) 0 ($'%+1$+) 0 ($%'$,1,)
!eplacement !eser/e 0 ($'1) 0 ($'1) 0 ($'1)
Net 7perating ;ncome (N7;) 0 '%1 0 ,',++1 0 ,'*,1,
LessD 6round Lease 5a.ments
?ebt #er/ice irst Mortgage ($*,'$) ($*,'$) ($*,'$)
?ebt #er/ice #econd Mortgage (*'%%) (*'%%) (*'%%)
?#C! 1*+ 1*+ 1*+
Unle/ered Cash lo: Be3ore axes *1./-,(. *1.+-21 *1.2-0//
2008 2009 2010 2011
$ 8.00 $ 8.16 $ 8.32 $ 8.49
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*$ *% * * *,
% ,
0$'*1 0$'*1 0$'*1 0$'*1 0$'*1
0 $',1$$ 0 $+'%*1+ 0 %*'*%1, 0 %'1 0 %,'+1$
0 +'+1$$ 0 **'*1+ 0 *'%%1, 0 *'*1 0 $'1$
0 +'+1$$ 0 **'*1+ 0 *'%%1, 0 *'*1 0 $'1$
0 (*$',1*) 0 (*%'%,1,) 0 (*'**1%) 0 (*'+1,+) 0 (*',%,1)
0 ($',1$$) 0 ($+'%*1+) 0 (%*'*%1,) 0 (%'1) 0 (%,'+1$)
0 ($'1) 0 ($'1) 0 ($'1) 0 ($'1) 0 ($'1)
0 '%$%1 0 ',*1+$ 0 %'+,1+ 0 %'*$1* 0 $'%*1
($*,'$) ($*,'$) ($*,'$) ($*,'$) ($*,'$)
(*'%%) (*'%%) (*'%%) (*'%%) (*'%%)
1*+ 1*+ 1*+ 1* 1*
*1.2-,,2 *1.0-(/. *1.3-30, *1..-+, *1..-,(.
2012 2013 2014 2015 2016
$ 8.66 $ 8.83 $ 9.01 $ 9.19 $ 9.37
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* *+ **
+
0$*' 0$*' 0$*'
0 '+%1 0 $'+,1% 0 ,'%1$
0 +$'+1 0 +',1% 0 ++'+1$
0 +$'+1 0 +',1% 0 ++'+1$
0 (*,'1*+) 0 (*'$,1,+) 0 (*+'**1)
0 ('+%1) 0 ($'+,1%) 0 (,'%1$)
0 ($'1) 0 ($'1) 0 ($'1)
0 *'++1, 0 '*,$1* 0 '%*1+
($*,'$) ($*,'$)
(*'%%) (*'%%)
1, 1,
*(/(-02( *(/1-+.3 *+,,-.((
2017 2018
$ 9.56 $ 9.75
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EXHIBIT : PURCHASE AND OPERATIN7 COMPARAB'ES
Sunset
Apartments T%e Du&e
Number o3 Units"#21 t1 $'$% *'
Ac2uisition Cost 5er Unit or !entable #21 t 0*, 0*
7perating-@xpense !atio
(7perating @xpenses"@33ecti/e 6ross ;ncome) $$19 %19
!eal-@state-ax !atio
(!eal @state axes"@33ecti/e 6ross ;ncome) *19 %1*9
A/erage Monthl. !ent (Apartments) or 0*'$* 0$%1,*
A/erage Annual !ent"#21t1 (733ice)
Actual or 5ro=ected Annual 7ccupanc. +%9 +9
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By'ne
Dstr!uton Center
'%
0+
*1,9
1+9
01
9
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EXHIBIT ): PRE#IMINAR RISK ANA#SIS - FIRST EAR
Sn"et B3#$neApartment" T4e D5e $"tr$6t$n Center
:urrent "r r"?ete *u)an 94% 95% 100%
Brea-@'&en *u)an Rat" ;t/ lease NA 40.1% NA ;t/"ut lease 47.1% 59.9% 100.0%
ebt Ser&e :"&era+e Rat" 1.14 2.15 1.29"an@t"@
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EXHIBIT 3: ANA'6SIS O" 'ENDER 6IE'DS
*+ * *
*
Sunset Apartments
First Mortgage Holder
Loan 5roceeds ?isbursed (,',') - -
Loan 5oints !ecei/ed ++' ++'?ebt #er/ice 5a.ment !ecei/ed '%+%'%$ '%+%'%$
5articipation in Cash lo: - -
5articipation in Capital Appreciation - -
!epa.ment o3 Loan Balance - -
Be3ore-ax Cash lo: (,',') '+%'*$+ '+%'*$+
Yield to Lender (;!!) 19
T%e Du&e
First Mortgage Holder
Loan 5roceeds ?isbursed (*,'') - -
Loan 5oints !ecei/ed %' - -?ebt #er/ice 5a.ment !ecei/ed *'*'$$ *'*'$$
5articipation in Cash lo: - -
5articipation in Capital Appreciation - -
!epa.ment o3 Loan Balance - -
Be3ore-ax Cash lo: (*'+') *'*'$$ *'*'$$
Yield to Lender (;!!) 1,*9
By'ne Dstr!uton Center
First Mortgage Holder
Loan 5roceeds ?isbursed (%''$$1) - -
Loan 5oints !ecei/ed *',%1+ - -?ebt #er/ice 5a.ment !ecei/ed $*,'$ $*,'$
5articipation in Cash lo: - -
5articipation in Capital Appreciation - -
!epa.ment o3 Loan Balance - -
Be3ore-ax Cash lo: (%','*) $*,'$ $*,'$
Yield to Lender (;!!) 1*$9
By'ne Dstr!uton Center
Second Mortgage Holder
Loan 5roceeds ?isbursed ('*'*1) - -
Loan 5oints !ecei/ed $'%*1% - -?ebt #er/ice 5a.ment !ecei/ed *'%% *'%%
5articipation in Cash lo: - -
5articipation in Capital Appreciation - -
!epa.ment o3 Loan Balance - -
Be3ore-ax Cash lo: ('%+',) *'%% *'%%
Yield to Lender (;!!) *1$9
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** *$ *% * * *, *
$ % , +
- - - - - - -
++' ++' ++' ++' ++' ++' ++''%+%'%$ '%+%'%$ '%+%'%$ '%+%'%$ '%+%'%$ '%+%'%$ '%+%'%$
- - - - - - -
- - - - - - -
- - - - - - -
'+%'*$+ '+%'*$+ '+%'*$+ '+%'*$+ '+%'*$+ '+%'*$+ '+%'*$+
- - - - - - -
- - - - - - -*'*'$$ *'*'$$ *'*'$$ *'*'$$ *'*'$$ *'*'$$ *'*'$$
- - - - - - -
- - - - - - -
- - - - - - -
*'*'$$ *'*'$$ *'*'$$ *'*'$$ *'*'$$ *'*'$$ *'*'$$
- - - - - - -
- - - - - - -$*,'$ $*,'$ $*,'$ $*,'$ $*,'$ $*,'$ $*,'$
- - - - - - -
- - - - - - -
- - - - - - -
$*,'$ $*,'$ $*,'$ $*,'$ $*,'$ $*,'$ $*,'$
- - - - - - -
- - - - - - -*'%% *'%% *'%% *'%% *'%% *'%% *'%%
- - - - - - -
- - - - - - -
- - - - - - -
*'%% *'%% *'%% *'%% *'%% *'%% *'%%
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*+ **
-
++''%+%'%$
-
-
'%'%$$
'$%',*
-
-*'*'$$
-
-
*'*$'++
**'*'*
-
-$*,'$
-
-
$','$,
$'$'
-
-*'%%
-
-
'*'*
',*'$%
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EXHIBIT 6: COMPUTATION OF GAIN-ON-SALE & NET SALES PROCEEDS
SUNSET APARTMENTS
NET SALES PROCEEDS: THE INVESTMENT (CASH FLOW) ANALYSIS
Gross Sales Price $,'*+'$
Less ro!era"e Co##issio$ *',%'*
Ne% Sales Price $%'%'%,%
Less O&%s%a$'i$" Mor%"a"e ala$ce ('%'%$$)
Ne% Sales Procee's ,%''%
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EXHIBIT 6: COMPUTATION OF GAIN-ON-SALE & NET SALES PROCEEDS
THE DUKE
NET SALES PROCEEDS: THE INVESTMENT (CASH FLOW) ANALYSIS
Gross Sales Price *'',,
Less ro!era"e Co##issio$ '*'*
Ne% Sales Price '%%',
Less O&%s%a$'i$" Mor%"a"e ala$ce (*'*$'++)
Ne% Sales Procee's %'$%'
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EXHIBIT 6: COMPUTATION OF GAIN-ON-SALE & NET SALES PROCEEDS
BYLINE DISTRIBUTION CENTER
NET SALES PROCEEDS: THE INVESTMENT (CASH FLOW) ANALYSIS
Gross Sales Price EEE
Less ro!era"e Co##issio$ EEE
Ne% Sales Price +''
Less O&%s%a$'i$" Mor%"a"e ala$ce (%'+',)
Ne% Sales Procee's '+'*
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EXHIBIT +: DISCOUNTED CASH "'O8 ANA'6SIS: SUNSET APARTMENTS
ANNUAL
;M@ @FU;Y CA#4 L7 N@ #AL@#5@!;7? ;N>@#M@N B@7!@ AG@# 5!7C@@?#
- ($$'*') - -
*'%+* -
* '%%' -
$ *''+$$ -
% *'$+'%% -
*','*% -
*'+,'$ -
, $'*+,'%$ $'*+'%$
+ $'+,%'
%'$$'++ ,%''%
'*+'%,
0 ($$'*') 0 *,',',,% 0 ,%''% 0 -
N@ 5!@#@N >ALU@ H +9 999
;N@!NAL !A@ 7 !@U!N 1.+;
PARTITIONIN7 O" VA'UE ANA'6SIS: SUNSET APARTMENTS
ANNUAL
CA#4 L7
ANNUAL B@7!@ AG@#
;M@ Cash lo: ?;#C7UN@? N@ #AL@#
5@!;7? B@7!@ AG@# A ;!! 5!7C@@?#
0 - EEE 0 -
*'%+* ,,'%+ -
* '%%' '$ -
$ *''+$$ '%*%'%+ -
% *'$+'%% '%*', -
*','*% '%,'$% -
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@G4;B; +D #UMMA!Y 7 ;NANC;AL ANALY#;#
Sunset
Apartments T%e Du&e
@2uit. !e2uired >>> 18,000,000
Cash-on-Cash 2.4% 12.9%
?iscounted Measures o3 !eturnD
Net 5resent >alue >>> $ 19,226,701
Interna= Rate o> Return 1*+)/7 1+/7
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By'ne
Dstr!uton Center
1,900,150
7.8%
3,312,853
22+,07
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Sunset Apartments Senst?ty Ana=yss
Assumptions
Base !ental !ate 6ro:th $19
7perating @xpense 6ro:th $19
6oing 7ut Cap !ate ,19;!! 1.+;
Rental Rate Growth
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Going Out Cap Rate
1.+; 19 19 ,19 19 +19
19 +1$9 ,19 1*9 1+9 1*9
*19 19 +19 1%9 ,1+9 1$9
$19 *1%9 19 1,9 +19 1$+9%19 %19 *1,9 1+9 1,9 +19
19 19 %1+9 $19 *1*9 1$9
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T%e Du&e Senst?ty Ana=yss
Assumptions
Base !ental !ate 6ro:th $19
7perating @xpense 6ro:th $19
6oing 7ut Cap !ate 19
;!! 1/+0;
Rental Rate Growth
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Going Out Cap Rate
1/+0; 19 ,19 19 +19
19
*19
$19
%19
19
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19
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T%e By=ne Senst?ty Ana=yss
Assumptions
Base !ental !ate 6ro:th *19
7perating @xpense 6ro:th $19
6oing 7ut Cap !ate 19
;!! ((3,;
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Going Out Cap Rat
((3,; 19 ,19
19
*19
$19
19
Operating Expense Growth ,19
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19 +19 19
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