Exhibit 99.53

Interim Preliminary Work Papers Relating to Property Valuations

Delivered by the Independent Valuer

to the Supervisor on October 4, 2011

The following are interim preliminary work papers with respect to property valuations submitted by the independent valuer to the supervisor for its review and verification and were not intended to, and did not, reflect the final work product or advice or conclusions of the independent valuer.

The tables that follow also include a summary of projections that were utilized by the independent valuer in calculating the exchange values reflected in these preliminary work papers. The projections included in these interim preliminary work papers were not final and were being prepared solely for the purpose of determining the relative values among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs or the private entities. The final projections used in preparing the exchange values are included as Appendix C-1 to the prospectus/consent solicitation. The projections should not be relied upon in determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties may be materially different from these projections because of changes in market conditions and many other factors.

Neither the subject LLCs nor the supervisor as a matter of course make public projections as to future performance, earnings or other results beyond the current fiscal year, and the supervisor is especially reluctant to disclose projections for extended periods due to the unpredictability of the underlying assumptions and estimates. The projections with respect to the properties were presented by the independent valuer based on the information provided by management of the supervisor and analysis performed by the independent valuer and reviewed and approved by management of the supervisor.

These projections were not prepared in accordance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of financial projections. This information is not fact and should not be relied upon as being necessarily indicative of future results, and readers of this prospectus/consent solicitation are cautioned not to place undue reliance on the prospective financial information. Neither the company’s independent registered public accounting firm nor any other independent accountants have examined, compiled or otherwise applied procedures to the projections presented herein or express an opinion or any other form of assurance on them. The summary of the projection is being included in this prospectus/consent solicitation solely because the projections were used by the independent valuer in calculating the illustrative exchange values using the discounted cash flow method to allocate residual value.

The projections were based on numerous assumptions that may prove to be wrong. Important factors that may affect actual results and cause the projections to not be achieved include, but are not limited to, risks and uncertainties relating to the company and other factors described under “Risk Factors” and “Forward-Looking Statements.” The projections also reflect assumptions as to certain business decisions that are subject to change. As a result, actual results may differ materially from those contained in the projections. Accordingly, there can be no assurance that the projections will be realized.

Certain of the prospective financial information set forth herein may be considered non-U.S. GAAP financial measures. The independent valuer believed this information could be useful in valuing the properties. Non-U.S. GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with U.S. GAAP, and non-U.S. GAAP financial measures may not be comparable to similarly titled amounts used by other companies.

The inclusion of the summary of the projections in this prospectus/consent solicitation should not be regarded as an indication that any of the company, the subject LLCs or the supervisor or their respective affiliates, advisors or representatives considered the projections to be predictive of actual future events, and the projections should not be relied upon as such. None of the company, the subject LLCs or the supervisor or their respective affiliates, advisors, officers, directors, partners or representatives can give you any assurance that actual results will not differ from the projections, and none of them undertakes any obligation to update or otherwise revise or reconcile the projections to reflect circumstances existing after the date the projections were generated or to reflect the occurrence of future events even in the event that any or all of the assumptions underlying the projections are shown to be in error. None of the company, the supervisor and the subject LLCs intend to make publicly available any update or other revision to the projections. None of the company, the supervisor and the subject LLCs or their respective affiliates, advisors, officers, directors, partners or representatives has made or makes any representation to any participant or other person regarding the company’s or the subject LLCs ultimate performance compared to the information contained in the projections or that forecasted results will be achieved. None of the subject LLCs, the private entities, the management companies or any of their affiliates has made any representation to the company concerning the projections.

Analysis Period	For the Year Ending			Annual Cash Flow			P.V. of Cash Flow @ 9.25%			Net Operating Income
Year 1		Jun-2012		($	6,245,714	)	($	5,716,901	)			1
Year 2		Jun-2013			11,989,139			10,044,888				2
Year 3		Jun-2014			15,160,295			11,626,348				3
Year 4		Jun-2015			15,632,797			10,973,645				4
Year 5		Jun-2016			16,127,608			10,362,457				5
Year 6		Jun-2017			16,188,150			9,520,693				6
Year 7		Jun-2018			16,236,000			8,740,352				7
Year 8		Jun-2019			13,410,031			6,607,820				8
Year 9		Jun-2020			14,642,781			6,604,357				9
Year 10		Jun-2021			16,757,257			6,918,126				10
Year 11		Jun-2022 NOI									18,480,331	11
Total Cash Flow					129,898,344			75,681,785
Terminal Cap @					248,528,589			102,603,434
		7.25	%
Selling Costs @
		2.50	%
Total Property Present Value							$	178,285,220
Rounded to Thousands							$	178,000,000
Per SqFt								475.47
Percentage Value Distribution
Cash Flow								42.4	%
Reversion								57.6	%

Project Legacy: D&P DRAFT Real Property Valuations (as of July 1, 2011)

Fee Simple (All)

Terminal

Leased Fee (Land)

Leasehold (Building)

Property

Ownership

Value

Entity

Discount Rate

Capitalization Rate 3

Value

Entity

Discount Rate

Value

Entity

Discount Rate

112-120 West 34th Street

3rd Party GL

N/A

N/A

N/A

N/A

N/A

N/A

N/A

$

170,000,000

112 West 34th Street Company LLC

10.00

%

122 West 34th Street

Intra Party GL

N/A

N/A

N/A

N/A

$

190,000,000

112 West 34th Street Associates LLC

9.50

%

N/A

N/A

N/A

OGCP

Intra Party GL

N/A

N/A

N/A

N/A

$

390,000,000

60 East 42nd St. Associates LLC

8.00

%

$

324,000,000

Lincoln Building Associates LLC

8.50

%

250 W 57th Street

Intra Party GL

N/A

N/A

N/A

N/A

$

181,000,000

250 West 57th St. Associates LLC

8.25

%

$

150,000,000

Fisk Building Associates LLC

8.75

%

501 7th Avenue

Intra Party GL

N/A

N/A

N/A

N/A

$

96,000,000

Seventh & 37th Building Associates LLC

8.50

%

$

83,000,000

501 Seventh Avenue Associates LLC

9.00

%

ESB

Intra Party GL

N/A

N/A

N/A

N/A

$

1,428,000,000

Empire State Building Associates LLC 1

8.25

%

$

1,081,000,000

Empire State Building Company LLC 2

8.75

%

1333 Broadway

Fee Simple

$

178,000,000

1333 Broadway Associates LLC

9.25

%

7.25

%

N/A

N/A

N/A

N/A

N/A

N/A

1350 Broadway

3rd Party GL

N/A

N/A

N/A

N/A

N/A

N/A

N/A

$

218,000,000

1350 Broadway Associates LLC

9.00

%

1359 Broadway

Fee Simple

$

183,000,000

Marlboro Building Associates LLC

8.50

%

7.25

%

N/A

N/A

N/A

N/A

N/A

N/A

1400 Broadway

3rd Party GL

N/A

N/A

N/A

N/A

N/A

N/A

N/A

$

337,000,000

1400 Broadway Associates LLC

9.50

%

500 Mamaroneck

Fee Simple

$

43,000,000

500 Mamaroneck Avenue LP

9.25

%

7.50

%

N/A

N/A

N/A

N/A

N/A

N/A

First Stamford Place

Fee Simple

$

96,360,000

First Stamford Place SPE LLC

9.00

%

7.00

%

N/A

N/A

N/A

N/A

N/A

N/A

First Stamford Place

Fee Simple

$

79,820,000

Fairfax First Stamford SPE LLC

9.00

%

7.00

%

N/A

N/A

N/A

N/A

N/A

N/A

First Stamford Place

Fee Simple

$

79,820,000

Merrifield First Stamford SPE LLC

9.00

%

7.00

%

N/A

N/A

N/A

N/A

N/A

N/A

10 Bank

Fee Simple

$

44,000,000

1185 Bank Street LLC

9.25

%

7.50

%

N/A

N/A

N/A

N/A

N/A

N/A

Metro Center

Fee Simple

$

139,000,000

One Station Place, Limited Partnership

8.75

%

7.00

%

N/A

N/A

N/A

N/A

N/A

N/A

Merrittview

Fee Simple

$

39,000,000

Fairfield MerrittView SPE LLC

9.50

%

7.50

%

N/A

N/A

N/A

N/A

N/A

N/A

10 Union Square

Fee Simple

$

45,000,000

New York Union Square Retail LP

8.25

%

6.50

%

N/A

N/A

N/A

N/A

N/A

N/A

East/West Manhattan

Fee Simple

$

45,000,000

East West Manhattan Retail Portfolio SPE LLC

8.50

%

7.00

%

N/A

N/A

N/A

N/A

N/A

N/A

Gotham Retail

Fee Simple

$

28,000,000

1185 Gotham LLC

8.50

%

7.00

%

N/A

N/A

N/A

N/A

N/A

N/A

66-69 Main Street

Fee Simple

$

19,000,000

Westport Retail Co-Investors LLC

8.75

%

7.25

%

N/A

N/A

N/A

N/A

N/A

N/A

103-107 Main Street

Fee Simple

$

5,000,000

Westport Main Street Retail LLC

8.75

%

7.25

%

N/A

N/A

N/A

N/A

N/A

N/A

Stamford, CT Land

Fee Simple

$

14,600,000

BBSF LLC

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

D&P DRAFT-FOR DISCUSSION PURPOSES ONLY

Notes:

[1] 100% parent company of Empire State Land Associates LLC.

[2] Includes Empire State Building Inc.

[3] Terminal Capitalization Rate used in 10-year hold valuation.

Property	Discount Rates			Building Size
OGCP		8.00	%		1,343,475
250 W 57th		8.25	%		560,879
112 W 34th (Intra)		9.50	%		784,026
112 W 34th (3rd)		8.00	%			Spread	1.5	%
501 7th Avenue		8.50	%		503,545
ESB		8.25	%		2,974,880
1350 Broadway		7.00	%		430,138
1400 Broadway		7.50	%		954,615
LF Property Inflation		3.0	%		per annum

		OGCP	LXD			9/30/2083
		Year	1			2		3		4		5		6
		Period Ending	Jun-12			Jun-13		Jun-14		Jun-15		Jun-16		Jun-17
		Basic rent		24,000			24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800			1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		4,460,885			8,361,936		13,950,753		17,020,254		19,707,530		19,893,191
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		5,538,685			9,439,736		15,028,553		18,098,054		20,785,330		20,970,991
		PV to Ground Lessor		390,000,000
		Check (Land)		—			—		—		—		—		—
		250 W 57th	LXD			9/30/2103
		Year	1			2		3		4		5		6
		Period Ending	Jun-12			Jun-13		Jun-14		Jun-15		Jun-16		Jun-17
		Basic rent		28,000			28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000			752,000		752,000		752,000		752,000		752,000
		Overage Rent		—			4,011,897		7,442,036		8,419,404		9,314,327		9,710,075
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		780,000			4,791,897		8,222,036		9,199,404		10,094,327		10,490,075
		PV to Ground Lessor		181,000,000
		Check (Land)		—			—		—		—		—		—
		112 W 34th (Intra-Party)	LXD			6/10/2077
		Year	1			2		3		4		5		6
		Period Ending	Jun-12			Jun-13		Jun-14		Jun-15		Jun-16		Jun-17
		Basic rent		756,026			756,026		756,026		861,026		861,026		861,026
		Additional/Primary Rent		—			—		—		—		—		—
		Overage Rent		756,280			4,894,792		6,836,780		7,415,288		3,692,128		12,359,413
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		1,512,306			5,650,818		7,592,806		8,276,314		4,553,154		13,220,439
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD			6/10/2077
		Year	1			2		3		4		5		6
		Period Ending	Jun-12			Jun-13		Jun-14		Jun-15		Jun-16		Jun-17
		Rent		840,000			840,000		840,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		840,000			840,000		840,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate		3.2	%
		501 7th Avenue	LXD			3/31/2100
		Year	1			2		3		4		5		6
		Period Ending	Jun-12			Jun-13		Jun-14		Jun-15		Jun-16		Jun-17
		Basic rent		360,000			360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—			—		—		—		—		—
		Overage Rent		2,327,831			2,149,612		3,991,782		5,230,905		5,447,043		24,947
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		2,687,831			2,509,612		4,351,782		5,590,905		5,807,043		384,947
		PV to Ground Lessor		96,000,000
		PSF	$	191
		Check Land		—			—		—		—		—		—
		ESB	LXD			1/5/2076
		Year	1			2		3		4		5		6
		Period Ending	Jun-12			Jun-13		Jun-14		Jun-15		Jun-16		Jun-17
		Basic rent		6,018,750			5,957,188		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—			—		—		—		—		—
		Overage Rent		—			—		34,471,042		67,438,556		74,069,649		80,956,898
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		6,018,750			5,957,188		40,366,667		73,334,181		79,965,274		86,852,523
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	7		8		9		10		11		12
		Period Ending	Jun-18		Jun-19		Jun-20		Jun-21		Jun-22		Jun-23
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		21,864,607		22,651,870		23,926,203		24,580,413		23,680,024		26,335,945
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		22,942,407		23,729,670		25,004,003		25,658,213		24,757,824		27,413,745
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	7		8		9		10		11		12
		Period Ending	Jun-18		Jun-19		Jun-20		Jun-21		Jun-22		Jun-23
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		10,205,631		9,986,394		9,822,390		10,850,231		13,134,990		13,908,748
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		10,985,631		10,766,394		10,602,390		11,630,231		13,914,990		14,688,748
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	7		8		9		10		11		12
		Period Ending	Jun-18		Jun-19		Jun-20		Jun-21		Jun-22		Jun-23
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		14,566,725		19,760,983		20,177,703		21,152,256		20,561,380		21,372,716
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		15,427,751		20,622,009		21,038,729		22,013,282		21,422,406		22,233,742
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	7		8		9		10		11		12
		Period Ending	Jun-18		Jun-19		Jun-20		Jun-21		Jun-22		Jun-23
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	7		8		9		10		11		12
		Period Ending	Jun-18		Jun-19		Jun-20		Jun-21		Jun-22		Jun-23
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		6,672,531		7,309,616		5,282,790		6,905,621		7,941,467		7,929,243
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		7,032,531		7,669,616		5,642,790		7,265,621		8,301,467		8,289,243
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	7		8		9		10		11		12
		Period Ending	Jun-18		Jun-19		Jun-20		Jun-21		Jun-22		Jun-23
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		86,516,378		87,632,668		89,139,564		97,252,017		103,018,263		106,668,928
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		92,412,003		93,528,293		95,035,189		103,147,642		108,913,888		112,564,553
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	13		14		15		16		17		18
		Period Ending	Jun-24		Jun-25		Jun-26		Jun-27		Jun-28		Jun-29
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		29,778,667		30,754,042		32,273,507		33,721,431		34,246,807		35,303,637
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		30,856,467		31,831,842		33,351,307		34,799,231		35,324,607		36,381,437
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	13		14		15		16		17		18
		Period Ending	Jun-24		Jun-25		Jun-26		Jun-27		Jun-28		Jun-29
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		15,146,076		14,929,650		16,244,983		16,553,976		17,009,380		16,315,098
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		15,926,076		15,709,650		17,024,983		17,333,976		17,789,380		17,095,098
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	13		14		15		16		17		18
		Period Ending	Jun-24		Jun-25		Jun-26		Jun-27		Jun-28		Jun-29
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		23,731,113		21,801,581		23,357,325		16,231,022		22,132,107		27,793,175
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		24,592,139		22,662,607		24,218,351		17,092,048		22,993,133		28,654,201
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	13		14		15		16		17		18
		Period Ending	Jun-24		Jun-25		Jun-26		Jun-27		Jun-28		Jun-29
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	13		14		15		16		17		18
		Period Ending	Jun-24		Jun-25		Jun-26		Jun-27		Jun-28		Jun-29
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		9,022,178		9,595,008		9,835,897		2,879,683		10,740,608		11,180,047
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		9,382,178		9,955,008		10,195,897		3,239,683		11,100,608		11,540,047
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	13		14		15		16		17		18
		Period Ending	Jun-24		Jun-25		Jun-26		Jun-27		Jun-28		Jun-29
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		110,464,212		119,141,812		119,823,479		125,079,042		123,050,747		107,177,349
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		116,359,837		125,037,437		125,719,104		130,974,667		128,946,372		113,072,974
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	19		20		21		22		23		24
		Period Ending	Jun-30		Jun-31		Jun-32		Jun-33		Jun-34		Jun-35
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		36,255,945		37,354,550		33,465,688		37,005,493		40,471,256		42,045,991
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		37,333,745		38,432,350		34,543,488		38,083,293		41,549,056		43,123,791
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	19		20		21		22		23		24
		Period Ending	Jun-30		Jun-31		Jun-32		Jun-33		Jun-34		Jun-35
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		17,376,199		17,472,622		19,685,748		17,692,047		20,441,658		20,421,728
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		18,156,199		18,252,622		20,465,748		18,472,047		21,221,658		21,201,728
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	19		20		21		22		23		24
		Period Ending	Jun-30		Jun-31		Jun-32		Jun-33		Jun-34		Jun-35
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		28,998,528		29,449,998		28,938,969		29,633,322		31,961,259		30,185,195
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		29,859,554		30,311,024		29,799,995		30,494,348		32,822,285		31,046,221
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	19		20		21		22		23		24
		Period Ending	Jun-30		Jun-31		Jun-32		Jun-33		Jun-34		Jun-35
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	19		20		21		22		23		24
		Period Ending	Jun-30		Jun-31		Jun-32		Jun-33		Jun-34		Jun-35
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		9,123,131		9,165,469		11,889,056		10,630,152		12,118,585		13,012,479
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		9,483,131		9,525,469		12,249,056		10,990,152		12,478,585		13,372,479
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	19		20		21		22		23		24
		Period Ending	Jun-30		Jun-31		Jun-32		Jun-33		Jun-34		Jun-35
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		137,635,300		154,629,896		158,392,851		161,457,136		158,060,380		167,052,635
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		143,530,925		160,525,521		164,288,476		167,352,761		163,956,005		172,948,260
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	25		26		27		28		29		30
		Period Ending	Jun-36		Jun-37		Jun-38		Jun-39		Jun-40		Jun-41
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		42,718,107		45,506,062		46,546,567		47,731,436		49,307,086		50,018,364
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		43,795,907		46,583,862		47,624,367		48,809,236		50,384,886		51,096,164
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	25		26		27		28		29		30
		Period Ending	Jun-36		Jun-37		Jun-38		Jun-39		Jun-40		Jun-41
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		22,248,170		22,960,562		23,228,417		22,388,656		23,743,653		24,221,069
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		23,028,170		23,740,562		24,008,417		23,168,656		24,523,653		25,001,069
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	25		26		27		28		29		30
		Period Ending	Jun-36		Jun-37		Jun-38		Jun-39		Jun-40		Jun-41
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		33,347,912		20,598,378		30,480,038		36,767,035		39,106,699		39,898,049
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		34,208,938		21,459,404		31,341,064		37,628,061		39,967,725		40,759,075
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	25		26		27		28		29		30
		Period Ending	Jun-36		Jun-37		Jun-38		Jun-39		Jun-40		Jun-41
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	25		26		27		28		29		30
		Period Ending	Jun-36		Jun-37		Jun-38		Jun-39		Jun-40		Jun-41
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		13,413,397		4,181,863		14,470,159		14,709,817		12,417,099		12,511,654
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		13,773,397		4,541,863		14,830,159		15,069,817		12,777,099		12,871,654
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	25		26		27		28		29		30
		Period Ending	Jun-36		Jun-37		Jun-38		Jun-39		Jun-40		Jun-41
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		174,284,654		185,493,934		195,535,709		200,285,506		209,560,267		216,749,000
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		180,180,279		191,389,559		201,431,334		206,181,131		215,455,892		222,644,625
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	31		32		33		34		35		36
		Period Ending	Jun-42		Jun-43		Jun-44		Jun-45		Jun-46		Jun-47
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		45,441,103		51,994,662		52,353,808		56,753,011		57,236,147		60,834,045
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		46,518,903		53,072,462		53,431,608		57,830,811		58,313,947		61,911,845
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	31		32		33		34		35		36
		Period Ending	Jun-42		Jun-43		Jun-44		Jun-45		Jun-46		Jun-47
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		27,099,036		24,517,095		27,498,591		27,580,104		30,492,944		30,227,861
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		27,879,036		25,297,095		28,278,591		28,360,104		31,272,944		31,007,861
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	31		32		33		34		35		36
		Period Ending	Jun-42		Jun-43		Jun-44		Jun-45		Jun-46		Jun-47
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		38,970,058		41,369,607		41,988,848		41,293,538		46,656,498		28,310,264
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		39,831,084		42,230,633		42,849,874		42,154,564		47,517,524		29,171,290
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	31		32		33		34		35		36
		Period Ending	Jun-42		Jun-43		Jun-44		Jun-45		Jun-46		Jun-47
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	31		32		33		34		35		36
		Period Ending	Jun-42		Jun-43		Jun-44		Jun-45		Jun-46		Jun-47
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		15,787,141		14,458,533		16,248,731		17,585,282		18,190,348		7,250,887
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		16,147,141		14,818,533		16,608,731		17,945,282		18,550,348		7,610,887
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	31		32		33		34		35		36
		Period Ending	Jun-42		Jun-43		Jun-44		Jun-45		Jun-46		Jun-47
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		213,532,643		203,707,797		172,086,016		215,317,026		245,832,484		255,396,281
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		219,428,268		209,603,422		177,981,641		221,212,651		251,728,109		261,291,906
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	37		38		39		40		41		42
		Period Ending	Jun-48		Jun-49		Jun-50		Jun-51		Jun-52		Jun-53
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		63,144,214		65,174,228		66,645,653		68,394,893		71,688,443		73,855,264
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		64,222,014		66,252,028		67,723,453		69,472,693		72,766,243		74,933,064
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	37		38		39		40		41		42
		Period Ending	Jun-48		Jun-49		Jun-50		Jun-51		Jun-52		Jun-53
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		31,390,012		32,343,413		33,325,415		34,336,877		35,378,684		36,451,744
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		32,170,012		33,123,413		34,105,415		35,116,877		36,158,684		37,231,744
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	37		38		39		40		41		42
		Period Ending	Jun-48		Jun-49		Jun-50		Jun-51		Jun-52		Jun-53
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		41,335,319		42,603,549		43,909,826		45,255,291		46,641,120		48,068,524
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		42,196,345		43,464,575		44,770,852		46,116,317		47,502,146		48,929,550
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	37		38		39		40		41		42
		Period Ending	Jun-48		Jun-49		Jun-50		Jun-51		Jun-52		Jun-53
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	37		38		39		40		41		42
		Period Ending	Jun-48		Jun-49		Jun-50		Jun-51		Jun-52		Jun-53
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		17,523,969		19,982,141		19,653,630		20,249,419		20,863,082		21,495,154
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		17,883,969		20,342,141		20,013,630		20,609,419		21,223,082		21,855,154
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	37		38		39		40		41		42
		Period Ending	Jun-48		Jun-49		Jun-50		Jun-51		Jun-52		Jun-53
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		265,913,640		270,720,008		276,549,682		284,949,607		293,601,530		302,513,010
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		271,809,265		276,615,633		282,445,307		290,845,232		299,497,155		308,408,635
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	43		44		45		46		47		48
		Period Ending	Jun-54		Jun-55		Jun-56		Jun-57		Jun-58		Jun-59
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		76,087,089		78,385,868		80,753,611		83,192,387		85,704,325		88,291,622
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		77,164,889		79,463,668		81,831,411		84,270,187		86,782,125		89,369,422
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	43		44		45		46		47		48
		Period Ending	Jun-54		Jun-55		Jun-56		Jun-57		Jun-58		Jun-59
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		37,556,997		38,695,406		39,867,969		41,075,708		42,319,679		43,600,969
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		38,336,997		39,475,406		40,647,969		41,855,708		43,099,679		44,380,969
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	43		44		45		46		47		48
		Period Ending	Jun-54		Jun-55		Jun-56		Jun-57		Jun-58		Jun-59
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		49,538,750		51,053,083		52,612,846		54,219,401		55,874,154		57,578,548
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		50,399,776		51,914,109		53,473,872		55,080,427		56,735,180		58,439,574
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	43		44		45		46		47		48
		Period Ending	Jun-54		Jun-55		Jun-56		Jun-57		Jun-58		Jun-59
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	43		44		45		46		47		48
		Period Ending	Jun-54		Jun-55		Jun-56		Jun-57		Jun-58		Jun-59
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		22,146,189		22,816,754		23,507,437		24,218,840		24,951,585		25,706,313
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		22,506,189		23,176,754		23,867,437		24,578,840		25,311,585		26,066,313
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	43		44		45		46		47		48
		Period Ending	Jun-54		Jun-55		Jun-56		Jun-57		Jun-58		Jun-59
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		311,691,835		321,146,024		330,883,839		340,913,789		351,244,637		361,885,410
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		317,587,460		327,041,649		336,779,464		346,809,414		357,140,262		367,781,035
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	49		50		51		52		53		54
		Period Ending	Jun-60		Jun-61		Jun-62		Jun-63		Jun-64		Jun-65
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		90,956,538		93,701,401		96,528,610		99,440,635		102,440,021		105,529,389
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		92,034,338		94,779,201		97,606,410		100,518,435		103,517,821		106,607,189
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	49		50		51		52		53		54
		Period Ending	Jun-60		Jun-61		Jun-62		Jun-63		Jun-64		Jun-65
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		44,920,698		46,280,019		47,680,120		49,122,224		50,607,590		52,137,518
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		45,700,698		47,060,019		48,460,120		49,902,224		51,387,590		52,917,518
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	49		50		51		52		53		54
		Period Ending	Jun-60		Jun-61		Jun-62		Jun-63		Jun-64		Jun-65
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		59,334,075		61,142,268		63,004,706		64,923,018		66,898,878		68,934,015
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		60,195,101		62,003,294		63,865,732		65,784,044		67,759,904		69,795,041
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	49		50		51		52		53		54
		Period Ending	Jun-60		Jun-61		Jun-62		Jun-63		Jun-64		Jun-65
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	49		50		51		52		53		54
		Period Ending	Jun-60		Jun-61		Jun-62		Jun-63		Jun-64		Jun-65
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		26,483,682		27,284,373		28,109,084		28,958,536		29,833,473		30,734,657
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		26,843,682		27,644,373		28,469,084		29,318,536		30,193,473		31,094,657
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	49		50		51		52		53		54
		Period Ending	Jun-60		Jun-61		Jun-62		Jun-63		Jun-64		Jun-65
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		372,845,407		384,134,203		395,761,664		407,737,948		420,073,521		432,779,161
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		378,741,032		390,029,828		401,657,289		413,633,573		425,969,146		438,674,786
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	55		56		57		58		59		60
		Period Ending	Jun-66		Jun-67		Jun-68		Jun-69		Jun-70		Jun-71
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		108,711,437		111,988,947		115,364,783		118,841,893		122,423,317		126,112,184
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		109,789,237		113,066,747		116,442,583		119,919,693		123,501,117		127,189,984
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	55		56		57		58		59		60
		Period Ending	Jun-66		Jun-67		Jun-68		Jun-69		Jun-70		Jun-71
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		53,713,343		55,336,444		57,008,237		58,730,184		60,503,790		62,330,603
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		54,493,343		56,116,444		57,788,237		59,510,184		61,283,790		63,110,603
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	55		56		57		58		59		60
		Period Ending	Jun-66		Jun-67		Jun-68		Jun-69		Jun-70		Jun-71
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		71,030,206		73,189,282		75,413,131		77,703,695		80,062,976		82,493,036
		Future FS Value
$	3,989,868	FS Value Today
		Total CF		71,891,232		74,050,308		76,274,157		78,564,721		80,924,002		83,354,062
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	55		56		57		58		59		60
		Period Ending	Jun-66		Jun-67		Jun-68		Jun-69		Jun-70		Jun-71
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		735,000
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	55		56		57		58		59		60
		Period Ending	Jun-66		Jun-67		Jun-68		Jun-69		Jun-70		Jun-71
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		31,662,876		32,618,943		33,603,691		34,617,982		35,662,701		36,738,762
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		32,022,876		32,978,943		33,963,691		34,977,982		36,022,701		37,098,762
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	55		56		57		58		59		60
		Period Ending	Jun-66		Jun-67		Jun-68		Jun-69		Jun-70		Jun-71
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		445,865,970		459,345,384		473,229,180		487,529,489		502,258,809		517,430,007
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF		451,761,595		465,241,009		479,124,805		493,425,114		508,154,434		523,325,632
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	61		62		63		64		65		66
		Period Ending	Jun-72		Jun-73		Jun-74		Jun-75		Jun-76		Jun-77
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		129,911,716		133,825,235		137,856,159		142,008,010		146,284,418		150,689,117
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		130,989,516		134,903,035		138,933,959		143,085,810		147,362,218		151,766,917
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	61		62		63		64		65		66
		Period Ending	Jun-72		Jun-73		Jun-74		Jun-75		Jun-76		Jun-77
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		64,212,222		66,150,288		68,146,497		70,202,592		72,320,369		74,501,681
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		64,992,222		66,930,288		68,926,497		70,982,592		73,100,369		75,281,681
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year	61		62		63		64		65		66
		Period Ending	Jun-72		Jun-73		Jun-74		Jun-75		Jun-76		Jun-77		x
		Basic rent		861,026		861,026		861,026		861,026		861,026		861,026	x
		Additional/Primary Rent		—		—		—		—		—		—	x
		Overage Rent		84,995,997		87,574,048		90,229,439		92,964,493		95,781,598		98,683,216	x
		Future FS Value												28,068,249	x
$	3,989,868	FS Value Today													x
		Total CF		85,857,023		88,435,074		91,090,465		93,825,519		96,642,624		127,612,491	x
		PV to Ground Lessor		190,000,000											x
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year	61		62		63		64		65		66
		Period Ending	Jun-72		Jun-73		Jun-74		Jun-75		Jun-76		Jun-77
		Rent		735,000		735,000		735,000		735,000		735,000		735,000
		Future FS Value												2,729,605,580
$	388,010,132	FS Value Today
		Total CF		735,000		735,000		735,000		735,000		735,000		2,730,340,580
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	61		62		63		64		65		66
		Period Ending	Jun-72		Jun-73		Jun-74		Jun-75		Jun-76		Jun-77
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		37,847,105		38,988,698		40,164,539		41,375,655		42,623,105		43,907,978
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		38,207,105		39,348,698		40,524,539		41,735,655		42,983,105		44,267,978
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year	61		62		63		64		64.5
		Period Ending	Jun-72		Jun-73		Jun-74		Jun-75		Dec-75
		Basic rent		5,895,625		5,895,625		5,895,625		5,895,625		2,947,813
		Additional/Primary Rent		—		—		—		—		—
		Overage Rent		533,056,342		549,151,466		565,729,445		582,804,762		300,196,170
		Future FS Value
$	2,230,000,000	FS Value Today										15,007,413,766
		Total CF		538,951,967		555,047,091		571,625,070		588,700,387		15,310,557,748
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year	67		68		69		70		71		72
		Period Ending	Jun-78		Jun-79		Jun-80		Jun-81		Jun-82		Jun-83
		Basic rent		24,000		24,000		24,000		24,000		24,000		24,000
		Additional/Primary Rent		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800		1,053,800
		Overage Rent		155,225,958		159,898,904		164,712,038		169,669,566		174,775,820		180,035,261
		Future FS Value
$	618,000,000	FS Value Today
		Total CF		156,303,758		160,976,704		165,789,838		170,747,366		175,853,620		181,113,061
		PV to Ground Lessor		390,000,000
		Check (Land)		—		—		—		—		—		—
		250 W 57th	LXD		9/30/2103
		Year	67		68		69		70		71		72
		Period Ending	Jun-78		Jun-79		Jun-80		Jun-81		Jun-82		Jun-83
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		76,748,431		79,062,584		81,446,161		83,901,246		86,429,984		89,034,583
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		77,528,431		79,842,584		82,226,161		84,681,246		87,209,984		89,814,583
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		501 7th Avenue	LXD		3/31/2100
		Year	67		68		69		70		71		72
		Period Ending	Jun-78		Jun-79		Jun-80		Jun-81		Jun-82		Jun-83
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		45,231,398		46,594,519		47,998,535		49,444,671		50,934,191		52,468,397
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		45,591,398		46,954,519		48,358,535		49,804,671		51,294,191		52,828,397
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—

		OGCP	LXD		9/30/2083
		Year	72.25
		Period Ending	Sep-83
		Basic rent		6,000
		Additional/Primary Rent		263,450
		Overage Rent		46,363,122
		Future FS Value		5,229,714,253
$	618,000,000	FS Value Today
		Total CF		5,276,346,824
		PV to Ground Lessor		390,000,000
		Check (Land)
		250 W 57th	LXD		9/30/2103
		Year	73		74		75		76		77		78
		Period Ending	Jun-84		Jun-85		Jun-86		Jun-87		Jun-88		Jun-89
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		91,717,321		94,480,540		97,326,657		100,258,156		103,277,601		106,387,629
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		92,497,321		95,260,540		98,106,657		101,038,156		104,057,601		107,167,629
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year
		Period Ending
		Basic rent
		Additional/Primary Rent
		Overage Rent
		Future FS Value
$	3,989,868	FS Value Today
		Total CF
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year
		Period Ending
		Rent
		Future FS Value
$	388,010,132	FS Value Today
		Total CF
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	73		74		75		76		77		78
		Period Ending	Jun-84		Jun-85		Jun-86		Jun-87		Jun-88		Jun-89
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—
		Overage Rent		54,048,629		55,676,268		57,352,736		59,079,498		60,858,063		62,689,985
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		54,408,629		56,036,268		57,712,736		59,439,498		61,218,063		63,049,985
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year
		Period Ending
		Basic rent
		Additional/Primary Rent
		Overage Rent
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year
		Period Ending
		Basic rent
		Additional/Primary Rent
		Overage Rent
		Future FS Value
$	618,000,000	FS Value Today
		Total CF
		PV to Ground Lessor		390,000,000
		Check (Land)
		250 W 57th	LXD		9/30/2103
		Year	79		80		81		82		83		84		85
		Period Ending	Jun-90		Jun-91		Jun-92		Jun-93		Jun-94		Jun-95		Jun-96
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000		28,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000		752,000
		Overage Rent		109,590,958		112,890,387		116,288,798		119,789,162		123,394,537		127,108,073		130,933,015
		Future FS Value
$	294,000,000	FS Value Today
		Total CF		110,370,958		113,670,387		117,068,798		120,569,162		124,174,537		127,888,073		131,713,015
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year
		Period Ending
		Basic rent
		Additional/Primary Rent
		Overage Rent
		Future FS Value
$	3,989,868	FS Value Today
		Total CF
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year
		Period Ending
		Rent
		Future FS Value
$	388,010,132	FS Value Today
		Total CF
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	79		80		81		82		83		84		85
		Period Ending	Jun-90		Jun-91		Jun-92		Jun-93		Jun-94		Jun-95		Jun-96
		Basic rent		360,000		360,000		360,000		360,000		360,000		360,000		360,000
		Additional/Primary Rent		—		—		—		—		—		—		—
		Overage Rent		64,576,864		66,520,350		68,522,141		70,583,985		72,707,684		74,895,095		77,148,128
		Future FS Value
$	161,000,000	FS Value Today
		Total CF		64,936,864		66,880,350		68,882,141		70,943,985		73,067,684		75,255,095		77,508,128
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—		—		—		—		—
		ESB	LXD		1/5/2076
		Year
		Period Ending
		Basic rent
		Additional/Primary Rent
		Overage Rent
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF
		PV to Ground Lessor	$	1,428,000,000

		OGCP	LXD		9/30/2083
		Year
		Period Ending
		Basic rent
		Additional/Primary Rent
		Overage Rent
		Future FS Value
$	618,000,000	FS Value Today
		Total CF
		PV to Ground Lessor		390,000,000
		Check (Land)
		250 W 57th	LXD		9/30/2103
		Year	86		87		88		89		90		91		92		92.25
		Period Ending	Jun-97		Jun-98		Jun-99		Jun-00		Jun-01		Jun-02		Jun-03		Sep-03
		Basic rent		28,000		28,000		28,000		28,000		28,000		28,000		28,000		7,000
		Additional/Primary Rent		752,000		752,000		752,000		752,000		752,000		752,000		752,000		188,000
		Overage Rent		134,872,706		138,930,587		143,110,204		147,415,211		151,849,367		156,416,548		161,120,744		41,491,517
		Future FS Value																4,493,464,443
$	294,000,000	FS Value Today
		Total CF		135,652,706		139,710,587		143,890,204		148,195,211		152,629,367		157,196,548		161,900,744		4,535,150,960
		PV to Ground Lessor		181,000,000
		Check (Land)		—		—		—		—		—		—		—
		112 W 34th (Intra-Party)	LXD		6/10/2077
		Year
		Period Ending
		Basic rent
		Additional/Primary Rent
		Overage Rent
		Future FS Value
$	3,989,868	FS Value Today
		Total CF
		PV to Ground Lessor		190,000,000
		112 W 34th (3rd Party)	LXD		6/10/2077
		Year
		Period Ending
		Rent
		Future FS Value
$	388,010,132	FS Value Today
		Total CF
		PV to Ground Lessor		26,000,000
		Cap Rate
		501 7th Avenue	LXD		3/31/2100
		Year	86		87		88		88.75
		Period Ending	Jun-97		Jun-98		Jun-99		Mar-00
		Basic rent		360,000		360,000		360,000		270,000
		Additional/Primary Rent		—		—		—		—
		Overage Rent		79,468,752		81,858,994		84,320,944		65,142,564
		Future FS Value								2,218,858,301
$	161,000,000	FS Value Today
		Total CF		79,828,752		82,218,994		84,680,944		2,284,270,866
		PV to Ground Lessor		96,000,000
		PSF
		Check Land		—		—		—
		ESB	LXD		1/5/2076
		Year
		Period Ending
		Basic rent
		Additional/Primary Rent
		Overage Rent
		Future FS Value
$	2,230,000,000	FS Value Today
		Total CF
		PV to Ground Lessor	$	1,428,000,000

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 8.50%			Net Operating Income
Year 1		Jun-2012		$	9,455,111	$	8,714,388				1
Year 2		Jun-2013			10,396,336		8,831,223				2
Year 3		Jun-2014			12,543,934		9,820,748				3
Year 4		Jun-2015			9,229,017		6,659,421				4
Year 5		Jun-2016			11,717,043		7,792,366				5
Year 6		Jun-2017			15,448,639		9,469,167				6
Year 7		Jun-2018			15,255,182		8,618,054				7
Year 8		Jun-2019			15,469,963		8,054,737				8
Year 9		Jun-2020			16,398,090		7,869,110				9
Year 10		Jun-2021			13,150,230		5,816,155				10
Year 11		Jun-2022 NOI								16,965,961	11
Total Cash Flow					129,063,545		81,645,369
Terminal Cap @					228,162,924		100,913,133
		7.25	%
Selling Costs @
		2.50	%
Total Property Present Value						$	182,558,503
Rounded to Thousands						$	183,000,000
Per SqFt						$	367.76
Percentage Value Distribution
Cash Flow							44.72	%
Reversion							55.28	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 9.25%			Net Operating Income
Year 1		Jun-2012		$	2,810,162	$	2,572,231				1
Year 2		Jun-2013			2,357,476		1,975,170				2
Year 3		Jun-2014			3,933,082		3,016,259				3
Year 4		Jun-2015			3,794,338		2,663,485				4
Year 5		Jun-2016			2,339,060		1,502,914				5
Year 6		Jun-2017			1,838,716		1,081,399				6
Year 7		Jun-2018			2,150,832		1,157,861				7
Year 8		Jun-2019			2,598,997		1,280,661				8
Year 9		Jun-2020			2,886,524		1,301,914				9
Year 10		Jun-2021			3,409,152		1,407,447				10
Year 11		Jun-2022 NOI								4,669,460	11
Total Cash Flow					28,118,339		17,959,339
Terminal Cap @					60,702,980		25,060,836
		7.50	%
Selling Costs @
		2.50	%
Total Property Present Value						$	43,020,176
Rounded to Thousands						$	43,000,000
Per SqFt						$	148.52
Percentage Value Distribution
Cash Flow							41.75	%
Reversion							58.25	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 9.25%			Net Operating Income
Year 1		Jun-2012		$	1,166,393	$	1,067,637				1
Year 2		Jun-2013			2,043,437		1,712,058				2
Year 3		Jun-2014			3,141,220		2,408,985				3
Year 4		Jun-2015			3,961,915		2,781,118				4
Year 5		Jun-2016			3,505,279		2,252,244				5
Year 6		Jun-2017			2,785,531		1,638,247				6
Year 7		Jun-2018			3,086,588		1,661,608				7
Year 8		Jun-2019			3,340,681		1,646,127				8
Year 9		Jun-2020			2,379,857		1,073,391				9
Year 10		Jun-2021			3,690,493		1,523,596				10
Year 11		Jun-2022 NOI								4,838,167	11
Total Cash Flow					29,101,394		17,765,009
Terminal Cap @					62,896,171		25,966,281
		7.50	%
Selling Costs @
		2.50	%
Total Property Present Value						$	43,731,290
Rounded to Thousands						$	44,000,000
Per SqFt						$	195.26
Percentage Value Distribution
Cash Flow							40.62	%
Reversion							59.38	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 8.75%			Net Operating Income
Year 1		Jun-2012		$	9,565,905	$	8,796,234				1
Year 2		Jun-2013			9,783,790		8,272,725				2
Year 3		Jun-2014			8,750,354		6,803,585				3
Year 4		Jun-2015			10,211,357		7,300,732				4
Year 5		Jun-2016			9,470,571		6,226,297				5
Year 6		Jun-2017			9,339,130		5,645,869				6
Year 7		Jun-2018			10,851,844		6,032,519				7
Year 8		Jun-2019			10,420,869		5,326,842				8
Year 9		Jun-2020			10,626,237		4,994,777				9
Year 10		Jun-2021			9,749,096		4,213,778				10
Year 11		Jun-2022 NOI								12,469,923	11
Total Cash Flow					98,769,153		63,613,359
Terminal Cap @					173,688,213		75,071,949
		7.00	%
Selling Costs @
		2.50	%
Total Property Present Value						$	138,685,308
Rounded to Thousands						$	139,000,000
Per SqFt						$	480.65
Percentage Value Distribution
Cash Flow							45.87	%
Reversion							54.13	%

	First Stamford Place	Software: ARGUS Ver. 15.0.0.54
	Stamford, CT	File: FIRST STAMFORD PLACE CONSOLIDATED DUFF VALUATION FS 9_8_11 v0
		Property Type: Portfolio
		Portfolio:
		Date: 9/13/11
		Time: 2:12 pm
		Ref#: AAN
		Page: 1

Schedule Of Prospective Cash Flow

In Inflated Dollars for the Fiscal Year Beginning 7/1/2011

	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10			Year 11
For the Years Ending	Jun-2012			Jun-2013			Jun-2014			Jun-2015			Jun-2016			Jun-2017			Jun-2018			Jun-2019			Jun-2020			Jun-2021			Jun-2022
Gross Revenue
Potential Rental Revenue	$	30,513,340		$	30,780,761		$	31,460,138		$	32,000,643		$	32,524,449		$	33,540,718		$	34,256,329		$	35,422,574		$	36,739,525		$	38,041,648		$	39,170,304
Absorption & Turnover Vacancy		(1,244,902	)		(852,513	)		(13,864	)		(86,158	)		(73,244	)		(732,268	)		(247,691	)		(1,889,051	)		(597,360	)		(619,412	)		(858,045	)
Base Rent Abatements		(1,050,457	)		(575,917	)		(39,266	)		(38,618	)		(43,303	)		(313,837	)		(193,016	)		(827,155	)		(527,830	)		(465,940	)		(482,287	)
Scheduled Base Rental Revenue		28,217,981			29,352,331			31,407,008			31,875,867			32,407,902			32,494,613			33,815,622			32,706,368			35,614,335			36,956,296			37,829,972
Expense Reimbursement Revenue		3,853,834			3,921,559			4,047,865			4,498,241			4,913,382			5,206,393			5,489,307			5,066,069			4,860,227			5,187,653			5,484,356
Miscellaneous Revenue		904,825			931,968			959,931			988,723			1,018,389			1,048,941			1,080,403			1,112,821			1,146,203			1,180,591			1,216,008
Total Gross Revenue		32,976,640			34,205,858			36,414,804			37,362,831			38,339,673			38,749,947			40,385,332			38,885,258			41,620,765			43,324,540			44,530,336
General Vacancy		(453,733	)		(512,882	)		(1,306,660	)		(1,274,199	)		(1,325,974	)		(705,343	)		(1,235,220	)		(645,176	)		(941,784	)		(990,469	)		(1,150,603	)
Collection Loss		(261,920	)		(273,296	)		(293,311	)		(301,440	)		(310,207	)		(312,143	)		(327,062	)		(310,961	)		(336,057	)		(351,557	)		(362,416	)
Effective Gross Revenue		32,260,987			33,419,680			34,814,833			35,787,192			36,703,492			37,732,461			38,823,050			37,929,121			40,342,924			41,982,514			43,017,317
Net Operating Income		32,260,987			33,419,680			34,814,833			35,787,192			36,703,492			37,732,461			38,823,050			37,929,121			40,342,924			41,982,514			43,017,317
Leasing & Capital Costs
Tenant Improvements		2,862,609			2,329,754			201,517			194,416			170,147			1,415,795			900,134			3,497,124			2,331,609			1,993,558			2,119,911
Leasing Commissions		1,489,224			1,234,148			113,318			119,352			127,046			829,362			497,521			2,116,059			1,298,011			1,097,697			1,148,476
Capital Costs & Reserves		890,635			947,941			544,811			166,667			399,999			850,000			1,016,001			787,199			437,199			235,213			148,380
Total Leasing & Capital Costs		5,242,468			4,511,843			859,646			480,435			697,192			3,095,157			2,413,656			6,400,382			4,066,819			3,326,468			3,416,767
Cash Flow Before Debt Service	$	27,018,519		$	28,907,837		$	33,955,187		$	35,306,757		$	36,006,300		$	34,637,304		$	36,409,394		$	31,528,739		$	36,276,105		$	38,656,046		$	39,600,550

Portfolio Expenses
Real Estate Taxes		3,877,437			3,993,760			4,113,573		4,236,980		4,364,090			4,495,012		4,629,863		4,768,758		4,911,821		5,059,176		5,210,951
Insurance		176,000			181,280			186,718		192,320		198,090			204,032		210,153		216,458		222,952		229,640		236,529
Payroll/ Labor Costs		2,035,000			2,096,050			2,158,932		2,223,699		2,290,410			2,359,123		2,429,896		2,502,793		2,577,877		2,655,213		2,734,870
Cleaning		1,215,000			1,251,450			1,288,994		1,327,663		1,367,493			1,408,518		1,450,774		1,494,297		1,539,126		1,585,299		1,632,858
Utilities		2,820,000			2,904,600			2,991,738		3,081,490		3,173,935			3,269,153		3,367,227		3,468,244		3,572,292		3,679,460		3,789,844
Repairs & Maintenance		1,200,000			1,236,000			1,273,080		1,311,272		1,350,611			1,391,129		1,432,863		1,475,849		1,520,124		1,565,728		1,612,700
Sanitation/Trash		45,000			46,350			47,741		49,173		50,648			52,167		53,732		55,344		57,005		58,715		60,476
Management Fee		1,048,482			1,086,140			1,131,482		1,163,084		1,192,863			1,226,305		1,261,749		1,232,696		1,311,145		1,364,432		1,398,063
Professional Fees		460,000			473,800			488,014		502,654		517,734			533,266		549,264		565,742		582,714		600,196		618,202
Security		500,000			515,000			530,450		546,363		562,754			579,637		597,026		614,937		633,385		652,387		671,958
Miscellaneous/Other		522,000			537,660			553,790		570,403		587,516			605,141		623,295		641,994		661,254		681,092		701,524		Year 11 True NOI
Cash Flow After Portfolio Expenses	$	13,119,600		$	14,585,747		$	19,190,675	$	20,101,656	$	20,350,156		$	18,513,821	$	19,803,552	$	14,491,627	$	18,686,410	$	20,524,708	$	20,932,575	$	24,349,342
																							339,151,549
	1			2			3		4		5			6		7		8		9		10
Total CF	$	13,119,600		$	14,585,747		$	19,190,675	$	20,101,656	$	20,350,156		$	18,513,821	$	19,803,552	$	14,491,627	$	18,686,410	$	359,676,257
PV of CFs	$	12,036,330		$	12,276,531		$	14,818,722	$	14,240,520	$	13,226,205		$	11,039,187	$	10,833,221	$	7,272,859	$	8,603,742	$	151,931,138
Total PV of CFs	$	256,000,000
Discount Rate		9.00	%
Terminal Cap		7.00	%
Selling Costs		2.50	%
PV of Terminal Value		143,261,280
Cash Flow		44.0	%					Round		4
Reversion		56.0	%
							Value		Rounded
First Stamford Place SPE LLC					37.64	%	$	96,358,400	$	96,360,000		37.64	%
Fairfax First Stamford SPE LLC					31.18	%	$	79,820,800	$	79,820,000		31.18	%
Merrifield First Stamford SPE LLC					31.18	%	$	79,820,800	$	79,820,000		31.18	%
					100.00	%	$	256,000,000	$	256,000,000

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 9.50%			Net Operating Income
Year 1		Jun-2012		$	1,744,643	$	1,593,281				1
Year 2		Jun-2013			1,897,947		1,582,909				2
Year 3		Jun-2014			2,433,800		1,853,713				3
Year 4		Jun-2015			2,019,065		1,404,410				4
Year 5		Jun-2016			3,886,422		2,468,763				5
Year 6		Jun-2017			3,082,160		1,788,012				6
Year 7		Jun-2018			3,437,530		1,821,158				7
Year 8		Jun-2019			3,844,757		1,860,184				8
Year 9		Jun-2020			-890,849		-393,620				9
Year 10		Jun-2021			3,434,251		1,385,769				10
Year 11		Jun-2022 NOI								4,470,465	11
Total Cash Flow					24,889,726		15,364,579
Terminal Cap @					58,116,045		23,450,649
		7.50	%
Selling Costs @
		2.50	%
Total Property Present Value						$	38,815,228
Rounded to Thousands						$	39,000,000
Per SqFt						$	147.52
Percentage Value Distribu
Cash Flow							39.58	%
Reversion							60.42	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @  8.25%			Net Operating Income
Year 1		Jun-2012		$	2,732,789	$	2,524,516				1
Year 2		Jun-2013			2,664,133		2,273,527				2
Year 3		Jun-2014			2,981,683		2,350,595				3
Year 4		Jun-2015			3,080,875		2,243,688				4
Year 5		Jun-2016			3,167,740		2,131,130				5
Year 6		Jun-2017			2,944,388		1,829,901				6
Year 7		Jun-2018			3,305,485		1,897,754				7
Year 8		Jun-2019			3,443,225		1,826,174				8
Year 9		Jun-2020			3,302,461		1,618,030				9
Year 10		Jun-2021			3,379,400		1,529,539				10
Year 11		Jun-2022 NOI								3,685,314	11
Total Cash Flow					31,002,179		20,224,854
Terminal Cap Rate @					55,279,710		25,019,965
		6.50	%
Selling Costs @
		2.50	%
Total Property Present Value						$	45,244,819
Rounded to Thousands						$	45,000,000
Per SqFt						$	775.80
Percentage Value Distribution
Cash Flow							44.70	%
Reversion							55.30	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @  8.50%			Net Operating Income
Year 1		Jun-2012		$	3,425,987	$	3,157,592				1
Year 2		Jun-2013			3,456,308		2,935,979				2
Year 3		Jun-2014			2,677,541		2,096,269				3
Year 4		Jun-2015			3,023,063		2,181,365				4
Year 5		Jun-2016			3,056,575		2,032,761				5
Year 6		Jun-2017			3,090,349		1,894,214				6
Year 7		Jun-2018			3,044,883		1,720,135				7
Year 8		Jun-2019			3,697,307		1,925,075				8
Year 9		Jun-2020			3,760,201		1,804,444				9
Year 10		Jun-2021			3,824,989		1,691,737				10
Year 11		Jun-2022 NOI								3,891,716	11
Total Cash Flow					33,057,203		21,439,570
Terminal Cap Rate @					54,206,044		23,974,543
		7.00	%
Selling Costs @
		2.50	%
Total Property Present Value						$	45,414,112
Rounded to Thousands						$	45,000,000
Per SqFt						$	654.41
Percentage Value Distribution
Cash Flow							47.21	%
Reversion							52.79	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @  8.50%			Net Operating Income
Year 1		Jun-2012		$	2,053,822	$	1,892,924				1
Year 2		Jun-2013			1,455,607		1,236,473				2
Year 3		Jun-2014			1,398,205		1,094,666				3
Year 4		Jun-2015			2,026,386		1,462,188				4
Year 5		Jun-2016			2,082,329		1,384,843				5
Year 6		Jun-2017			2,140,611		1,312,077				6
Year 7		Jun-2018			2,201,027		1,243,418				7
Year 8		Jun-2019			2,263,271		1,178,416				8
Year 9		Jun-2020			2,327,364		1,116,855				9
Year 10		Jun-2021			2,393,394		1,058,563				10
Year 11		Jun-2022 NOI								2,461,401	11
Total Cash Flow					20,342,016		12,980,423
Terminal Cap Rate @					34,283,800		15,163,225
		7.00	%
Selling Costs @
		2.50	%
Total Property Present Value						$	28,143,648
Rounded to Thousands						$	28,000,000
Per SqFt						$	497.78
Percentage Value Distribution
Cash Flow							46.12	%
Reversion							53.88	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 8.75%			Net Operating Income
Year 1		Jun-2012		$	218,556	$	200,971				1
Year 2		Jun-2013			1,205,239		1,019,095				2
Year 3		Jun-2014			1,259,134		979,003				3
Year 4		Jun-2015			1,222,141		873,784				4
Year 5		Jun-2016			1,546,299		1,016,593				5
Year 6		Jun-2017			1,694,329		1,024,288				6
Year 7		Jun-2018			1,705,821		948,263				7
Year 8		Jun-2019			1,522,551		778,283				8
Year 9		Jun-2020			1,488,558		699,685				9
Year 10		Jun-2021			1,661,147		717,985				10
Year 11		Jun-2022 NOI								1,884,657	11
Total Cash Flow					13,523,775		8,257,950
Terminal Cap Rate @					25,345,387		10,954,846
		7.25	%
Selling Costs @
		2.50	%
Total Property Present Value						$	19,212,796
Rounded to Thousands						$	19,000,000
Per SqFt							1,091.58
Percentage Value Distribution
Cash Flow							42.98	%
Reversion							57.02	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 8.75%			Net Operating Income
Year 1		Jun-2012		$	347,376	$	319,426				1
Year 2		Jun-2013			305,392		258,225				2
Year 3		Jun-2014			324,277		252,132				3
Year 4		Jun-2015			372,704		266,469				4
Year 5		Jun-2016			384,727		252,933				5
Year 6		Jun-2017			396,271		239,561				6
Year 7		Jun-2018			313,754		174,415				7
Year 8		Jun-2019			382,873		195,713				8
Year 9		Jun-2020			309,334		145,400				9
Year 10		Jun-2021			376,146		162,579				10
Year 11		Jun-2022 NOI								387,436	11
Total Cash Flow					3,512,854		2,266,855
Terminal Cap Rate @					5,210,346		2,252,029
		7.25	%
Selling Costs @
		2.50	%
Total Property Present Value						$	4,518,884
Rounded to Thousands						$	5,000,000
Per SqFt							1,154.73
Percentage Value Distribution
Cash Flow							50.16	%
Reversion							49.84	%

For the Years Ending	Year 1 Jun-2012			Year 2 Jun-2013			Year 3 Jun-2014			Year 4 Jun-2015			Year 5 Jun-2016			Year 6 Jun-2017			Year 7 Jun-2018			Year 8 Jun-2019
Potential Gross Revenue
Base Rental Revenue	$	20,948,089		$	21,318,934		$	21,858,116		$	23,358,927		$	24,480,053		$	25,583,411		$	26,614,988		$	27,350,868
Absorption & Turnover Vacancy		(3,827,028	)		(1,255,007	)		(469,713	)		(343,525	)		(240,292	)		(742,780	)		(678,358	)		(382,514	)
Base Rent Abatements		(1,006,968	)		(916,751	)		(258,967	)		(380,567	)		(247,252	)		(653,528	)		(412,092	)		(381,660	)
Scheduled Base Rental Revenue		16,114,093			19,147,176			21,129,436			22,634,835			23,992,509			24,187,103			25,524,538			26,586,694
CPI & Other Adjustment Revenue		446,364			459,153			475,005			407,424			339,854			314,466			280,932			189,424
Expense Reimbursement Revenue
Electric Inclusion		913,856			1,147,519			1,240,998			1,265,692			1,320,737			1,406,656			1,459,331			1,516,994
Electric Meter Income		564,619			581,553			599,000			616,972			614,534			569,328			553,057			552,475
RE Taxes		461,390			459,042			464,857			432,101			479,281			567,569			628,812			723,951
Condenser		56,826			50,831			46,698			21,857			18,613			19,173			11,334			8,457
Operating Expenses		13,489
Op Exp Pool A		152,183			202,191			262,626			317,926			369,403			381,043			376,446			395,860
Op Exp Pool B					3,401			5,173			5,846			4,488			5,468			6,476			7,514
Total Reimbursement Revenue		2,162,363			2,444,537			2,619,352			2,660,394			2,807,056			2,949,237			3,035,456			3,205,251
Worldwide Connect		4,470			4,604			4,741			4,885			5,031			5,184			5,337			5,497
Captivate		1,236			1,273			1,311			1,352			1,391			1,432			1,476			1,521
FQM Cleaning		8,240			8,487			8,742			9,005			9,275			9,551			9,840			10,135
Late Charges		21,630			22,279			22,946			23,636			24,345			25,075			25,826			26,604
Other Services		101,396			104,436			107,571			110,797			114,121			117,545			121,071			124,704
License Fees (Omnipoint)		43,793			45,108			46,461			47,854			49,289			50,769			52,291			53,860
Electric (Added Billings)		267,800			275,833			284,110			292,632			301,412			310,452			319,767			329,362
Total Potential Gross Revenue		19,171,385			22,512,886			24,699,675			26,192,814			27,644,283			27,970,814			29,376,534			30,533,052
General Vacancy								(285,369	)		(452,565	)		(596,244	)		(118,629	)		(223,288	)		(544,954	)
Collection Loss		(191,713	)		(225,130	)		(246,996	)		(261,928	)		(276,443	)		(279,707	)		(293,765	)		(305,331	)
Effective Gross Revenue		18,979,672			22,287,756			24,167,310			25,478,321			26,771,596			27,572,478			28,859,481			29,682,767
Operating Expenses
Real Estate Taxes		3,149,765			3,225,592			3,302,100			3,379,291			3,481,151			3,629,799			3,803,428			3,982,167
Payroll & Fringes		473,153			487,346			501,968			517,024			532,537			548,513			564,970			581,916
Cleaning		989,317			1,018,997			1,049,567			1,081,053			1,113,484			1,146,889			1,181,297			1,216,736
Utilities		1,828,087			1,882,929			1,939,417			1,997,602			2,057,528			2,119,252			2,182,833			2,248,317
Security		193,563			199,368			205,349			211,512			217,855			224,391			231,123			238,057
Repairs & Maintenance		891,999			753,000			775,000			798,250			822,197			846,864			872,268			898,438
Management Fee		189,797			222,877			241,673			254,782			267,717			275,725			288,595			296,828
Professional Fees		739,000			654,000			527,000			542,810			559,094			575,868			593,143			610,936
BID Taxes		108,106			111,349			114,689			118,131			121,675			125,324			129,083			132,957
Insurance		150,547			155,064			159,717			164,507			169,442			174,528			179,761			185,156
Ground Rent		108,000			108,000			108,000			108,000			108,000			108,000			108,000			108,000
Total Operating Expenses		8,821,334			8,818,522			8,924,480			9,172,962			9,450,680			9,775,153			10,134,501			10,499,508
Net Operating Income		10,158,338			13,469,234			15,242,830			16,305,359			17,320,916			17,797,325			18,724,980			19,183,259
Leasing & Capital Costs
Tenant Improvements		2,704,520			483,609			272,131			609,086			196,592			950,804			575,742			494,689
Leasing Commissions		1,222,317			469,920			237,322			556,296			242,317			729,926			616,269			451,549
Capital Improvements		2,512,405			2,182,405			552,512			552,512			19,332			161,016			161,015			19,333
Base Building		350,000			190,000			140,000			170,000			230,000			500,000			460,000			250,000
Total Leasing & Capital Costs		6,789,242			3,325,934			1,201,965			1,887,894			688,241			2,341,746			1,813,026			1,215,571
Cash Flow Before Debt Service	$	3,369,096		$	10,143,300		$	14,040,865		$	14,417,465		$	16,632,675		$	15,455,579		$	16,911,954		$	17,967,688
& Taxes
Total CF	$	3,369,096		$	10,143,300		$	14,040,865		$	14,417,465		$	16,632,675		$	15,455,579		$	16,911,954		$	17,967,688
PV	$	218,000,000		$	506.81	PSF
Discount Rate		9.00	%

	Year 9			Year 10			Year 11			Year 12			Year 13			Year 14			Year 15			Year 16
For the Years Ending	Jun-2020			Jun-2021			Jun-2022			Jun-2023			Jun-2024			Jun-2025			Jun-2026			Jun-2027
Potential Gross Revenue
Base Rental Revenue	$	28,333,243		$	29,848,570		$	31,030,797		$	32,605,698		$	33,475,974		$	35,269,838		$	41,061,915		$	42,421,133
Absorption & Turnover Vacancy		(396,428	)		(880,367	)		(880,001	)		(1,164,574	)		(639,160	)		(1,370,111	)		(594,338	)		(880,328	)
Base Rent Abatements		(259,199	)		(1,042,195	)		(660,830	)		(1,370,497	)		(563,658	)		(651,115	)		(1,095,493	)		(769,847	)
Scheduled Base Rental Revenue		27,677,616			27,926,008			29,489,966			30,070,627			32,273,156			33,248,612			39,372,084			40,770,958
CPI & Other Adjustment Revenue		167,710			121,341			70,088			75,531			39,147
Expense Reimbursement Revenue
Electric Inclusion		1,573,969			1,633,600			1,658,342			1,771,213			1,942,718			2,033,135			2,081,524			2,123,905
Electric Meter Income		569,053			554,834			565,584			566,042			562,471			384,627
RE Taxes		895,963			905,378			862,391			581,137			525,742			538,099			516,701			538,571
Condenser		6,344			2,177
Operating Expenses
Op Exp Pool A		456,348			422,543			397,382			310,204			320,380			391,453			444,775			465,466
Op Exp Pool B		5,723
Total Reimbursement Revenue		3,507,400			3,518,532			3,483,699			3,228,596			3,351,311			3,347,314			3,043,000			3,127,942
Worldwide Connect		5,664			5,832			6,008			6,188			6,373			6,565			6,761			6,965
Captivate		1,564			1,613			1,661			1,712			1,763			1,814			1,870			1,925
FQM Cleaning		10,438			10,751			11,074			11,406			11,748			12,100			12,464			12,838
Late Charges		27,399			28,223			29,068			29,941			30,840			31,764			32,717			33,699
Other Services		128,445			132,297			136,267			140,354			144,565			148,904			153,369			157,970
License Fees (Omnipoint)		55,476			57,141			58,855			60,621			62,438			64,313			66,241			68,230
Electric (Added Billings)		339,240			349,419			359,902			370,696			381,819			393,274			405,071			417,224
Total Potential Gross Revenue		31,920,952			32,151,157			33,646,588			33,995,672			36,303,160			37,254,660			43,093,577			44,597,751
General Vacancy		(573,093	)		(110,579	)		(155,796	)					(469,110	)					(716,300	)		(484,015	)
Collection Loss		(319,210	)		(321,512	)		(336,466	)		(339,957	)		(363,031	)		(372,547	)		(430,934	)		(445,979	)
Effective Gross Revenue		31,028,649			31,719,066			33,154,326			33,655,715			35,471,019			36,882,113			41,946,343			43,667,757
Operating Expenses
Real Estate Taxes		4,166,185			4,355,653			4,518,523			4,654,078			4,793,700			4,937,510			5,085,637			5,238,205
Payroll & Fringes		599,376			617,355			635,877			654,952			674,602			694,839			715,685			737,156
Cleaning		1,253,236			1,290,836			1,329,559			1,369,447			1,410,528			1,452,845			1,496,432			1,541,323
Utilities		2,315,764			2,385,240			2,456,795			2,530,500			2,606,414			2,684,607			2,765,147			2,848,101
Security		245,199			252,555			260,132			267,935			275,973			284,253			292,778			301,563
Repairs & Maintenance		925,391			953,151			981,747			1,011,200			1,041,535			1,072,780			1,104,965			1,138,114
Management Fee		310,286			317,190			331,543			336,558			354,711			368,822			419,463			436,677
Professional Fees		629,266			648,144			667,587			687,616			708,244			729,493			751,376			773,917
BID Taxes		136,944			141,054			145,286			149,645			154,133			158,758			163,521			168,424
Insurance		190,708			196,431			202,323			208,394			214,646			221,086			227,716			234,550
Ground Rent		108,000			108,000			108,000			108,000			108,000			108,000			108,000			108,000
Total Operating Expenses		10,880,355			11,265,609			11,637,372			11,978,325			12,342,486			12,712,993			13,130,720			13,526,030
Net Operating Income		20,148,294			20,453,457			21,516,954			21,677,390			23,128,533			24,169,120			28,815,623			30,141,727
Leasing & Capital Costs
Tenant Improvements		544,484			1,242,743			870,972			2,024,115			788,187			540,163			778,809			1,133,953
Leasing Commissions		379,479			1,469,356			766,660			1,439,437			730,279			1,519,329			2,856,580			873,794
Capital Improvements
Base Building		70,000			410,000			600,000			520,000
Total Leasing & Capital Costs		993,963			3,122,099			2,237,632			3,983,552			1,518,466			2,059,492			3,635,389			2,007,747
Cash Flow Before Debt Service	$	19,154,331		$	17,331,358		$	19,279,322		$	17,693,838		$	21,610,067		$	22,109,628		$	25,180,234		$	28,133,980
& Taxes
Total CF	$	19,154,331		$	17,331,358		$	19,279,322		$	17,693,838		$	21,610,067		$	22,109,628		$	25,180,234		$	28,133,980
PV
Discount Rate

	Year 17			Year 18			Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
For the Years Ending	Jun-2028			Jun-2029			Jun-2030			Jun-2031			Jun-2032			Jun-2033			Jun-2034			Jun-2035
Potential Gross Revenue
Base Rental Revenue	$	43,750,290		$	44,929,257		$	45,956,217		$	47,434,712		$	49,061,408		$	51,011,534		$	52,424,280		$	53,723,960
Absorption & Turnover Vacancy		(825,166	)		(910,110	)		(406,765	)		(1,341,060	)		(904,302	)		(1,652,382	)		(1,210,059	)		(1,306,820	)
Base Rent Abatements		(532,401	)		(739,697	)		(225,212	)		(1,152,286	)		(1,088,340	)		(1,974,246	)		(783,960	)		(788,145	)
Scheduled Base Rental Revenue		42,392,723			43,279,450			45,324,240			44,941,366			47,068,766			47,384,906			50,430,261			51,628,995
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Electric Inclusion		2,194,805			2,255,677			2,361,959			2,380,829			2,473,294			2,492,497			2,603,178			2,709,821
Electric Meter Income
RE Taxes		572,901			594,970			689,950			703,251			713,093			587,057			568,969			627,917
Condenser
Operating Expenses
Op Exp Pool A		484,595			494,819			571,757			584,516			590,685			464,776			435,640			492,033
Op Exp Pool B
Total Reimbursement Revenue		3,252,301			3,345,466			3,623,666			3,668,596			3,777,072			3,544,330			3,607,787			3,829,771
Worldwide Connect		7,174			7,389			7,609			7,838			8,074			8,316			8,566			8,822
Captivate		1,984			2,043			2,105			2,168			2,232			2,300			2,368			2,439
FQM Cleaning		13,223			13,619			14,028			14,448			14,883			15,329			15,790			16,262
Late Charges		34,709			35,751			36,824			37,929			39,066			40,237			41,446			42,688
Other Services		162,709			167,592			172,619			177,796			183,132			188,625			194,282			200,113
License Fees (Omnipoint)		70,274			72,385			74,556			76,792			79,096			81,469			83,914			86,431
Electric (Added Billings)		429,741			442,632			455,912			469,588			483,677			498,188			513,132			528,528
Total Potential Gross Revenue		46,364,838			47,366,327			49,711,559			49,396,521			51,655,998			51,763,700			54,897,546			56,344,049
General Vacancy		(590,533	)		(538,184	)		(1,096,785	)		(181,067	)		(672,507	)					(473,170	)		(422,707	)
Collection Loss		(463,648	)		(473,664	)		(497,114	)		(493,966	)		(516,560	)		(517,636	)		(548,976	)		(563,440	)
Effective Gross Revenue		45,310,657			46,354,479			48,117,660			48,721,488			50,466,931			51,246,064			53,875,400			55,357,902
Operating Expenses
Real Estate Taxes		5,395,352			5,557,212			5,723,928			5,895,647			6,072,515			6,254,690			6,442,333			6,635,602
Payroll & Fringes		759,271			782,048			805,509			829,675			854,565			880,202			906,609			933,805
Cleaning		1,587,564			1,635,191			1,684,246			1,734,772			1,786,817			1,840,421			1,895,634			1,952,504
Utilities		2,933,543			3,021,549			3,112,196			3,205,561			3,301,729			3,400,781			3,502,803			3,607,889
Security		310,611			319,929			329,526			339,410			349,596			360,082			370,883			382,011
Repairs & Maintenance		1,172,256			1,207,426			1,243,646			1,280,957			1,319,386			1,358,966			1,399,738			1,441,727
Management Fee		453,107			463,546			481,175			487,215			504,670			512,461			538,754			553,578
Professional Fees		797,136			821,049			845,679			871,051			897,181			924,097			951,821			980,376
BID Taxes		173,480			178,682			184,044			189,564			195,252			201,108			207,144			213,357
Insurance		241,584			248,833			256,297			263,988			271,906			280,063			288,465			297,119
Ground Rent		72,000			72,000			72,000			72,000			72,000			72,000			72,000			72,000
Total Operating Expenses		13,895,904			14,307,465			14,738,246			15,169,840			15,625,617			16,084,871			16,576,184			17,069,968
Net Operating Income		31,414,753			32,047,014			33,379,414			33,551,648			34,841,314			35,161,193			37,299,216			38,287,934
Leasing & Capital Costs
Tenant Improvements		684,270			1,046,175			267,926			1,579,882			1,750,126			2,801,412			1,165,951			453,623
Leasing Commissions		737,225			993,602			264,393			1,773,819			1,236,808			2,016,919			1,148,055			1,961,426
Capital Improvements
Base Building
Total Leasing & Capital Costs		1,421,495			2,039,777			532,319			3,353,701			2,986,934			4,818,331			2,314,006			2,415,049
Cash Flow Before Debt Service	$	29,993,258		$	30,007,237		$	32,847,095		$	30,197,947		$	31,854,380		$	30,342,862		$	34,985,210		$	35,872,885
& Taxes
Total CF	$	29,993,258		$	30,007,237		$	32,847,095		$	30,197,947		$	31,854,380		$	30,342,862		$	34,985,210		$	35,872,885
PV
Discount Rate

	Year 25			Year 26			Year 27			Year 28			Year 29			Year 30			Year 31			Year 32
For the Years Ending	Jun-2036			Jun-2037			Jun-2038			Jun-2039			Jun-2040			Jun-2041			Jun-2042			Jun-2043
Potential Gross Revenue
Base Rental Revenue	$	55,211,760		$	56,968,498		$	58,815,852		$	60,358,304		$	61,840,301		$	63,617,818		$	65,736,454		$	68,315,793
Absorption & Turnover Vacancy		(1,618,530	)		(1,047,597	)		(1,260,096	)		(1,372,840	)		(775,685	)		(1,907,961	)		(1,285,667	)		(3,198,628	)
Base Rent Abatements		(1,720,118	)		(1,083,380	)		(791,455	)		(789,781	)		(715,387	)		(1,127,380	)		(1,527,783	)		(2,091,774	)
Scheduled Base Rental Revenue		51,873,112			54,837,521			56,764,301			58,195,683			60,349,229			60,582,477			62,923,004			63,025,391
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Electric Inclusion		2,801,140			2,864,056			2,937,842			3,020,348			3,157,993			3,191,648			3,317,878			3,276,383
Electric Meter Income
RE Taxes		653,675			709,379			760,428			805,966			892,108			955,829			973,145			856,130
Condenser
Operating Expenses
Op Exp Pool A		576,454			613,111			645,171			671,771			734,802			789,045			805,005			685,605
Op Exp Pool B
Total Reimbursement Revenue		4,031,269			4,186,546			4,343,441			4,498,085			4,784,903			4,936,522			5,096,028			4,818,118
Worldwide Connect		9,087			9,360			9,640			9,929			10,228			10,536			10,849			11,175
Captivate		2,513			2,588			2,665			2,747			2,828			2,913			2,999			3,091
FQM Cleaning		16,751			17,252			17,771			18,302			18,853			19,418			20,001			20,601
Late Charges		43,969			45,289			46,647			48,048			49,487			50,973			52,500			54,077
Other Services		206,115			212,300			218,668			225,228			231,985			238,945			246,113			253,498
License Fees (Omnipoint)		89,023			91,694			94,444			97,280			100,196			103,201			106,298			109,488
Electric (Added Billings)		544,381			560,713			577,537			594,861			612,707			631,089			650,020			669,521
Total Potential Gross Revenue		56,816,220			59,963,263			62,075,114			63,690,163			66,160,416			66,576,074			69,107,812			68,964,960
General Vacancy		(134,511	)		(782,729	)		(639,961	)		(579,050	)		(1,232,399	)		(146,559	)		(826,138	)
Collection Loss		(568,163	)		(599,631	)		(620,751	)		(636,901	)		(661,606	)		(665,759	)		(691,079	)		(689,649	)
Effective Gross Revenue		56,113,546			58,580,903			60,814,402			62,474,212			64,266,411			65,763,756			67,590,595			68,275,311
Operating Expenses
Real Estate Taxes		6,834,670			7,039,711			7,250,901			7,468,428			7,692,481			7,923,255			8,160,954			8,405,783
Payroll & Fringes		961,822			990,674			1,020,397			1,051,008			1,082,537			1,115,015			1,148,464			1,182,919
Cleaning		2,011,077			2,071,411			2,133,551			2,197,560			2,263,486			2,331,391			2,401,331			2,473,372
Utilities		3,716,124			3,827,609			3,942,437			4,060,709			4,182,531			4,308,008			4,437,247			4,570,365
Security		393,471			405,277			417,433			429,958			442,855			456,142			469,824			483,922
Repairs & Maintenance		1,484,980			1,529,530			1,575,416			1,622,677			1,671,360			1,721,498			1,773,145			1,826,339
Management Fee		561,136			585,809			608,143			624,742			642,665			657,637			675,907			682,752
Professional Fees		1,009,787			1,040,079			1,071,283			1,103,421			1,136,522			1,170,620			1,205,737			1,241,911
BID Taxes		219,756			226,352			233,139			240,135			247,340			254,759			262,401			270,274
Insurance		306,033			315,213			324,671			334,410			344,443			354,776			365,419			376,381
Ground Rent		72,000			72,000			72,000			72,000			72,000			72,000			72,000			72,000
Total Operating Expenses		17,570,856			18,103,665			18,649,371			19,205,048			19,778,220			20,365,101			20,972,429			21,586,018
Net Operating Income		38,542,690			40,477,238			42,165,031			43,269,164			44,488,191			45,398,655			46,618,166			46,689,293
Leasing & Capital Costs
Tenant Improvements		1,857,183			1,578,485			1,013,472			1,023,280			1,194,510			2,440,042			2,048,115			3,307,899
Leasing Commissions		3,960,827			1,199,057			1,118,577			1,112,029			883,372			2,375,335			1,531,493			2,263,000
Capital Improvements
Base Building
Total Leasing & Capital Costs		5,818,010			2,777,542			2,132,049			2,135,309			2,077,882			4,815,377			3,579,608			5,570,899
Cash Flow Before Debt Service	$	32,724,680		$	37,699,696		$	40,032,982		$	41,133,855		$	42,410,309		$	40,583,278		$	43,038,558		$	41,118,394
& Taxes
Total CF	$	32,724,680		$	37,699,696		$	40,032,982		$	41,133,855		$	42,410,309		$	40,583,278		$	43,038,558		$	41,118,394
PV
Discount Rate

																			40
													3.0%
	Year 33			Year 34			Year 35			Year 36			Year 37		Year 38		Year 39		Year 40
For the Years Ending	Jun-2044			Jun-2045			Jun-2046			Jun-2047			Jun-2048		Jun-2049		Jun-2050		Jun-2051
Potential Gross Revenue																					x
Base Rental Revenue	$	70,418,703		$	72,146,125		$	73,999,019		$	76,380,025										x
Absorption & Turnover Vacancy		(1,894,100	)		(1,406,588	)		(2,034,323	)		(1,240,194	)									x
Base Rent Abatements		(2,278,468	)		(1,200,249	)		(2,040,523	)		(1,390,607	)									x
Scheduled Base Rental Revenue		66,246,135			69,539,288			69,924,173			73,749,224										x
CPI & Other Adjustment Revenue																					x
Expense Reimbursement Revenue																					x
Electric Inclusion		3,478,196			3,668,367			3,774,584			3,862,466										x
Electric Meter Income																					x
RE Taxes		780,858			844,544			873,442			959,245										x
Condenser																					x
Operating Expenses																					x
Op Exp Pool A		600,161			659,222			762,630			829,349										x
Op Exp Pool B																					x
Total Reimbursement Revenue		4,859,215			5,172,133			5,410,656			5,651,060										x
Worldwide Connect		11,512			11,857			12,213			12,577										x
Captivate		3,181			3,279			3,376			3,478										x
FQM Cleaning		21,218			21,855			22,512			23,186										x
Late Charges		55,700			57,371			59,090			60,864										x
Other Services		261,100			268,935			277,003			285,311										x
License Fees (Omnipoint)		112,773			116,155			119,640			123,229										x
Electric (Added Billings)		689,607			710,295			731,605			753,552										x
Total Potential Gross Revenue		72,260,441			75,901,168			76,560,268			80,662,481										x
General Vacancy		(330,537	)		(912,644	)		(323,515	)		(1,216,885	)									x
Collection Loss		(722,604	)		(759,012	)		(765,602	)		(806,626	)									x
Effective Gross Revenue		71,207,300			74,229,512			75,471,151			78,638,970			80,998,139		83,428,083		85,930,926		88,508,854	x
Operating Expenses																					x
Real Estate Taxes		8,657,955			8,917,695			9,185,224			9,460,781			9,744,604		10,036,943		10,338,051		10,648,192	x
Payroll & Fringes		1,218,405			1,254,958			1,292,606			1,331,386			1,371,328		1,412,467		1,454,841		1,498,487	x
Cleaning		2,547,574			2,624,001			2,702,721			2,783,802			2,867,316		2,953,336		3,041,936		3,133,194	x
Utilities		4,707,475			4,848,699			4,994,161			5,143,985			5,298,305		5,457,254		5,620,971		5,789,600	x
Security		498,436			513,393			528,792			544,657			560,997		577,827		595,161		613,016	x
Repairs & Maintenance		1,881,128			1,937,562			1,995,688			2,055,561			2,117,228		2,180,745		2,246,167		2,313,552	x
Management Fee		712,073			742,296			754,711			786,391			809,983		834,282		859,311		885,090	x
Professional Fees		1,279,167			1,317,543			1,357,068			1,397,782			1,439,715		1,482,907		1,527,394		1,573,216	x
BID Taxes		278,383			286,732			295,336			304,197			313,323		322,723		332,404		342,376	x
Insurance		387,674			399,303			411,284			423,621			436,330		449,420		462,902		476,789	x
Ground Rent		72,000			72,000			72,000			72,000			72,000		72,000		72,000		72,000	x
Total Operating Expenses		22,240,270			22,914,182			23,589,591			24,304,163			25,031,128		25,779,902		26,551,139		27,345,513	x
Net Operating Income		48,967,030			51,315,330			51,881,560			54,334,807			55,967,011		57,648,182		59,379,787		61,163,341	x
Leasing & Capital Costs																					x
Tenant Improvements		3,417,363			946,368			1,666,788			1,983,361										x
Leasing Commissions		2,405,863			2,841,943			5,089,129			1,485,133										x
Capital Improvements																					x
Base Building																					x
Total Leasing & Capital Costs		5,823,226			3,788,311			6,755,917			3,468,494			2,984,617		3,074,155		3,166,380		3,261,371	x
Cash Flow Before Debt Service	$	43,143,804		$	47,527,019		$	45,125,643		$	50,866,313		$	52,982,395	$	54,574,027	$	56,213,407	$	57,901,970	x
& Taxes																					x
Total CF	$	43,143,804		$	47,527,019		$	45,125,643		$	50,866,313		$	52,982,395	$	54,574,027	$	56,213,407	$	57,901,970
PV
Discount Rate

	Year 1			Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8
For the Years Ending	Jun-2012			Jun-2013		Jun-2014		Jun-2015		Jun-2016		Jun-2017		Jun-2018		Jun-2019
Potential Gross Revenue
Base Rental Revenue	$	31,468,813		$	33,959,941	$	37,082,948	$	39,359,184	$	41,945,096	$	43,689,152	$	46,226,493	$	48,416,722
Absorption & Turnover Vacancy		-3,971,512			-1,588,916		-1,203,616		-375,362		-746,927		-1,069,002		-1,150,821		-575,500
Base Rent Abatements		-2,405,649			-1,782,127		-3,069,811		-221,802		-1,035,109		-577,810		-1,379,340		-1,172,890
Scheduled Base Rental Revenue		25,091,652			30,588,898		32,809,521		38,762,020		40,163,060		42,042,340		43,696,332		46,668,332
CPI & Other Adjustment Revenue		712,999			856,657		966,578		1,081,665		1,053,863		935,240		637,341		64,243
Expense Reimbursement Revenue
Electric Income		2,760,655			2,551,714		2,254,552		1,939,418		1,632,372		1,466,314		1,163,944		718,453
Electric Income for MLAs		250,924			820,717		1,289,549		1,721,292		2,054,658		2,230,187		2,552,784		3,012,409
Sprinkler & Water Income		125,341			100,701		83,626		71,118		65,994		60,638		41,623		13,004
Oper Exp Escalations		1,568,598			1,663,638		1,771,955		1,882,828		1,975,507		2,119,427		2,087,052		1,997,754
RE Prop Tax Fiscal no ICIP		295,341			400,827		446,259		471,284		484,573		467,906		430,427		299,843
RE Tax Calendr Yrs no ICIP		90,099			112,242		134,608		153,815		166,167		183,116		149,010		116,231
RE BID Income		91,204			107,524		117,896		127,805		130,635		133,338		135,544		137,537
RE BID Income - New Leases
Real Estate Taxes		148,307			161,976		73,271		56,474		74,215		142,787		251,695		407,891
BID Tax		2,869			3,023		795
Payroll		22,441			23,122		5,955
Cleaning		44,055			46,014		13,152
Utilities		99,884			102,912		26,509
Security		14,458			14,894		3,837
Repairs and Maintenance		36,483			43,299		11,159
Management Fee		8,666			10,373		2,754
Professional Fees		38,273			31,676		6,688
Insurance		7,848			8,085		2,082
Total Reimbursement Revenue		5,605,446			6,202,737		6,244,647		6,424,034		6,584,121		6,803,713		6,812,079		6,703,122
Miscellaneous Income		381,294			392,733		404,515		416,651		429,148		442,025		455,285		468,944
Total Potential Gross Revenue		31,791,391			38,041,025		40,425,261		46,684,370		48,230,192		50,223,318		51,601,037		53,904,641
General Vacancy							-45,251		-1,036,428		-722,388		-469,766		-431,736		-1,058,903
Collection Loss		-317,913			-380,411		-404,252		-466,843		-482,302		-502,234		-516,011		-539,046
Effective Gross Revenue		31,473,478			37,660,614		39,975,758		45,181,099		47,025,502		49,251,318		50,653,290		52,306,692
Operating Expenses
Real Estate Taxes		4,750,860			4,805,298		4,836,401		4,867,695		4,898,465		5,009,391		5,204,264		5,405,579
BID Tax		104,228			109,708		115,476		121,130		124,195		127,920		131,760		135,710
Payroll		815,000			839,449		864,635		890,572		917,290		944,808		973,152		1,002,348
Cleaning		1,599,998			1,670,578		1,909,319		1,966,599		2,025,599		2,086,366		2,148,957		2,213,424
Utilities		3,627,537			3,736,363		3,848,455		3,963,907		4,082,824		4,205,309		4,331,470		4,461,412
Security		525,038			540,790		557,013		573,722		590,936		608,663		626,923		645,731
Repairs and Maintenance		1,325,000			1,572,000		1,620,000		1,668,600		1,718,658		1,770,217		1,823,326		1,878,023
Management Fee		314,735			376,605		399,759		451,811		470,256		492,512		506,533		523,068
Professional Fees		1,390,001			1,150,000		971,000		1,000,129		1,030,134		1,061,039		1,092,868		1,125,656
Insurance		285,000			293,550		302,356		311,427		320,772		330,393		340,305		350,514
Ground Rent		675,000			675,000		675,000		675,000		675,000		675,000		675,000		675,000
Total Operating Expenses		15,412,397			15,769,341		16,099,414		16,490,592		16,854,129		17,311,618		17,854,558		18,416,465
Net Operating Income		16,061,081			21,891,273		23,876,344		28,690,507		30,171,373		31,939,700		32,798,732		33,890,227
Leasing & Capital Costs
Tenant Improvements		6,226,008			3,252,207		4,930,704		254,183		1,483,216		818,645		3,467,643		494,942
Leasing Commissions		2,550,827			1,392,214		2,559,131		414,710		1,130,670		616,395		2,192,287		509,558
Capital Improvements		9,766,308			1,451,915		1,275,288		1,221,877		120,615		541,635		903,512		484,390
Base Building		820,001			540,000		1,200,000		300,000		720,000		450,000		940,000		1,110,000
Total Leasing & Capital Costs		19,363,144			6,636,336		9,965,123		2,190,770		3,454,501		2,426,675		7,503,442		2,598,890
Cash Flow Before Debt Service	($	3,302,063	)	$	15,254,937	$	13,911,221	$	26,499,737	$	26,716,872	$	29,513,025	$	25,295,290	$	31,291,337
& Taxes
Total CF	($	3,302,063	)	$	15,254,937	$	13,911,221	$	26,499,737	$	26,716,872	$	29,513,025	$	25,295,290	$	31,291,337
PV	$	337,000,000		$	353.02
Discount Rate		9.50	%

	Year 9		Year 10		Year 11		Year 12		Year 13		Year 14		Year 15		Year 16
For the Years Ending	Jun-2020		Jun-2021		Jun-2022		Jun-2023		Jun-2024		Jun-2025		Jun-2026		Jun-2027
Potential Gross Revenue
Base Rental Revenue	$	50,007,715	$	51,940,167	$	53,966,540	$	56,815,499	$	59,526,936	$	61,371,189	$	63,483,128	$	64,872,628
Absorption & Turnover Vacancy		-530,396		-1,007,753		-1,411,571		-1,634,972		-2,089,129		-535,906		-1,567,208		-603,711
Base Rent Abatements		-822,195		-1,210,029		-1,402,917		-2,423,698		-2,906,598		-883,622		-2,161,062		-496,136
Scheduled Base Rental Revenue		48,655,124		49,722,385		51,152,052		52,756,829		54,531,209		59,951,661		59,754,858		63,772,781
CPI & Other Adjustment Revenue		64,436		64,400		63,497		33,581
Expense Reimbursement Revenue
Electric Income		577,061		366,038		298,272		299,080		299,661		308,651		227,514		203,302
Electric Income for MLAs		3,292,418		3,523,380		3,679,779		3,785,724		3,866,683		4,108,227		4,305,415		4,559,614
Sprinkler & Water Income		13,392		2,300
Oper Exp Escalations		1,844,927		1,715,063		1,715,345		1,659,773		1,639,324		1,676,269		1,718,890		1,866,783
RE Prop Tax Fiscal no ICIP		219,464		133,910		104,691		109,910		114,549		124,288		33,581
RE Tax Calendr Yrs no ICIP		130,028		144,240		158,879		173,954		189,486		205,481		221,957		238,928
RE BID Income		141,399		143,794		147,260		151,520		154,994		163,858		165,509		172,776
RE BID Income - New Leases
Real Estate Taxes		561,773		710,858		786,929		734,702		708,085		713,873		795,062		913,100
BID Tax
Payroll
Cleaning
Utilities
Security
Repairs and Maintenance
Management Fee
Professional Fees
Insurance
Total Reimbursement Revenue		6,780,462		6,739,583		6,891,155		6,914,663		6,972,782		7,300,647		7,467,928		7,954,503
Miscellaneous Income		483,012		497,503		512,426		527,801		543,635		559,943		576,741		594,044
Total Potential Gross Revenue		55,983,034		57,023,871		58,619,130		60,232,874		62,047,626		67,812,251		67,799,527		72,321,328
General Vacancy		-1,165,008		-733,195		-389,351		-221,063				-1,514,539		-513,793		-1,584,040
Collection Loss		-559,830		-570,239		-586,190		-602,329		-620,477		-678,122		-677,996		-723,213
Effective Gross Revenue		54,258,196		55,720,437		57,643,589		59,409,482		61,427,149		65,619,590		66,607,738		70,014,075
Operating Expenses
Real Estate Taxes		5,613,562		5,828,440		6,026,699		6,207,498		6,393,722		6,585,537		6,783,101		6,986,595
BID Tax		139,784		143,975		148,296		152,745		157,326		162,047		166,907		171,914
Payroll		1,032,417		1,063,391		1,095,290		1,128,152		1,161,995		1,196,855		1,232,760		1,269,744
Cleaning		2,279,829		2,348,222		2,418,670		2,491,228		2,565,968		2,642,944		2,722,235		2,803,900
Utilities		4,595,256		4,733,112		4,875,108		5,021,359		5,172,000		5,327,160		5,486,976		5,651,584
Security		665,101		685,056		705,607		726,775		748,579		771,035		794,167		817,991
Repairs and Maintenance		1,934,364		1,992,396		2,052,168		2,113,732		2,177,146		2,242,459		2,309,733		2,379,024
Management Fee		542,582		557,204		576,436		594,095		614,271		656,196		666,077		700,142
Professional Fees		1,159,425		1,194,206		1,230,035		1,266,935		1,304,942		1,344,092		1,384,413		1,425,947
Insurance		361,029		371,860		383,016		394,507		406,341		418,533		431,087		444,021
Ground Rent		675,000		675,000		675,000		675,000		675,000		675,000		675,000		675,000
Total Operating Expenses		18,998,349		19,592,862		20,186,325		20,772,026		21,377,290		22,021,858		22,652,456		23,325,862
Net Operating Income		35,259,847		36,127,575		37,457,264		38,637,456		40,049,859		43,597,732		43,955,282		46,688,213
Leasing & Capital Costs
Tenant Improvements		1,193,966		1,863,654		2,856,634		2,850,329		5,265,108		377,772		3,248,502		1,049,211
Leasing Commissions		818,669		1,344,315		1,707,307		2,035,490		3,039,156		709,648		2,158,200		732,661
Capital Improvements		228,252		211,217
Base Building		620,000		830,000
Total Leasing & Capital Costs		2,860,887		4,249,186		4,563,941		4,885,819		8,304,264		1,087,420		5,406,702		1,781,872
Cash Flow Before Debt Service	$	32,398,960	$	31,878,389	$	32,893,323	$	33,751,637	$	31,745,595	$	42,510,312	$	38,548,580	$	44,906,341
& Taxes
Total CF	$	32,398,960	$	31,878,389	$	32,893,323	$	33,751,637	$	31,745,595	$	42,510,312	$	38,548,580	$	44,906,341
PV
Discount Rate

	Year 17		Year 18		Year 19		Year 20		Year 21		Year 22		Year 23		Year 24
For the Years Ending	Jun-2028		Jun-2029		Jun-2030		Jun-2031		Jun-2032		Jun-2033		Jun-2034		Jun-2035
Potential Gross Revenue
Base Rental Revenue	$	66,835,714	$	72,417,862	$	75,438,054	$	76,915,757	$	78,651,739	$	81,375,115	$	84,608,717	$	87,587,288
Absorption & Turnover Vacancy		-1,956,036		-2,477,193		-1,083,107		-1,337,316		-1,465,781		-2,462,369		-2,806,137		-997,100
Base Rent Abatements		-1,412,649		-4,981,746		-1,283,043		-1,347,282		-1,585,412		-3,635,947		-2,628,595		-2,861,462
Scheduled Base Rental Revenue		63,467,029		64,958,923		73,071,904		74,231,159		75,600,546		75,276,799		79,173,985		83,728,726
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Electric Income		209,400		53,921
Electric Income for MLAs		4,593,391		5,218,242		5,699,858		5,858,101		6,027,017		6,137,193		6,296,903		6,632,750
Sprinkler & Water Income
Oper Exp Escalations		1,939,897		1,222,503		1,093,144		1,260,769		1,373,792		1,296,811		1,285,822		1,242,364
RE Prop Tax Fiscal no ICIP
RE Tax Calendr Yrs no ICIP		256,404		68,603
RE BID Income		174,443		185,598		198,564		203,926		209,948		213,789		219,465		230,968
RE BID Income - New Leases
Real Estate Taxes		950,111		818,140		868,673		995,784		1,068,650		1,010,957		1,003,340		971,322
BID Tax
Payroll
Cleaning
Utilities
Security
Repairs and Maintenance
Management Fee
Professional Fees
Insurance
Total Reimbursement Revenue		8,123,646		7,567,007		7,860,239		8,318,580		8,679,407		8,658,750		8,805,530		9,077,404
Miscellaneous Income		611,865		630,220		649,128		668,601		688,658		709,320		730,598		752,518
Total Potential Gross Revenue		72,202,540		73,156,150		81,581,271		83,218,340		84,968,611		84,644,869		88,710,113		93,558,648
General Vacancy		-268,722				-1,396,824		-1,199,353		-1,127,252		-150,847				-1,839,573
Collection Loss		-722,025		-731,560		-815,813		-832,184		-849,686		-846,448		-887,101		-935,588
Effective Gross Revenue		71,211,793		72,424,590		79,368,634		81,186,803		82,991,673		83,647,574		87,823,012		90,783,487
Operating Expenses
Real Estate Taxes		7,196,194		7,412,078		7,634,441		7,863,474		8,099,378		8,342,360		8,592,631		8,850,408
BID Tax		177,073		182,386		187,856		193,490		199,297		205,275		211,434		217,777
Payroll		1,307,835		1,347,072		1,387,483		1,429,106		1,471,981		1,516,140		1,561,624		1,608,473
Cleaning		2,888,017		2,974,659		3,063,899		3,155,815		3,250,488		3,348,005		3,448,444		3,551,897
Utilities		5,821,131		5,995,766		6,175,640		6,360,909		6,551,735		6,748,286		6,950,737		7,159,259
Security		842,532		867,807		893,843		920,657		948,277		976,726		1,006,027		1,036,207
Repairs and Maintenance		2,450,396		2,523,907		2,599,624		2,677,613		2,757,941		2,840,680		2,925,901		3,013,678
Management Fee		712,118		724,246		793,687		811,867		829,918		836,475		878,231		907,835
Professional Fees		1,468,724		1,512,786		1,558,169		1,604,915		1,653,062		1,702,655		1,753,733		1,806,346
Insurance		457,341		471,060		485,194		499,749		514,740		530,185		546,089		562,474
Ground Rent		675,000		675,000		675,000		675,000		675,000		675,000		675,000		675,000
Total Operating Expenses		23,996,361		24,686,767		25,454,836		26,192,595		26,951,817		27,721,787		28,549,851		29,389,354
Net Operating Income		47,215,432		47,737,823		53,913,798		54,994,208		56,039,856		55,925,787		59,273,161		61,394,133
Leasing & Capital Costs
Tenant Improvements		1,920,434		7,514,846		1,742,107		2,441,486		2,229,292		5,604,098		5,804,703		1,957,998
Leasing Commissions		1,478,190		4,300,424		1,378,704		1,680,562		1,519,403		3,713,373		3,368,451		1,827,940
Capital Improvements
Base Building
Total Leasing & Capital Costs		3,398,624		11,815,270		3,120,811		4,122,048		3,748,695		9,317,471		9,173,154		3,785,938
Cash Flow Before Debt Service	$	43,816,808	$	35,922,553	$	50,792,987	$	50,872,160	$	52,291,161	$	46,608,316	$	50,100,007	$	57,608,195
& Taxes
Total CF	$	43,816,808	$	35,922,553	$	50,792,987	$	50,872,160	$	52,291,161	$	46,608,316	$	50,100,007	$	57,608,195
PV
Discount Rate

	Year 25		Year 26		Year 27		Year 28		Year 29		Year 30		Year 31		Year 32
For the Years Ending	Jun-2036		Jun-2037		Jun-2038		Jun-2039		Jun-2040		Jun-2041		Jun-2042		Jun-2043
Potential Gross Revenue
Base Rental Revenue	$	89,338,757	$	91,259,336	$	93,648,785	$	98,029,907	$	101,483,443	$	103,176,396	$	105,759,971	$	109,089,102
Absorption & Turnover Vacancy		-2,029,306		-869,695		-1,883,608		-4,074,082		-1,657,813		-1,401,629		-1,768,066		-3,829,565
Base Rent Abatements		-2,535,632		-643,292		-2,132,929		-6,903,884		-1,601,593		-1,559,490		-1,903,336		-4,569,271
Scheduled Base Rental Revenue		84,773,819		89,746,349		89,632,248		87,051,941		98,224,037		100,215,277		102,088,569		100,690,266
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Electric Income
Electric Income for MLAs		6,755,934		7,048,206		7,180,318		7,244,057		7,644,987		7,899,835		8,117,152		8,209,552
Sprinkler & Water Income
Oper Exp Escalations		1,385,649		1,551,222		1,702,585		1,450,066		1,472,289		1,699,422		1,846,224		1,798,481
RE Prop Tax Fiscal no ICIP
RE Tax Calendr Yrs no ICIP
RE BID Income		235,305		245,481		250,165		252,499		266,338		275,064		282,616		286,042
RE BID Income - New Leases
Real Estate Taxes		1,081,304		1,206,409		1,328,141		1,142,698		1,166,856		1,342,328		1,436,887		1,402,106
BID Tax
Payroll
Cleaning
Utilities
Security
Repairs and Maintenance
Management Fee
Professional Fees
Insurance
Total Reimbursement Revenue		9,458,192		10,051,318		10,461,209		10,089,320		10,550,470		11,216,649		11,682,879		11,696,181
Miscellaneous Income		775,091		798,346		822,295		846,964		872,374		898,545		925,499		953,266
Total Potential Gross Revenue		95,007,102		100,596,013		100,915,752		97,988,225		109,646,881		112,330,471		114,696,947		113,339,713
General Vacancy		-881,785		-2,174,277		-1,200,372				-1,681,328		-2,010,334		-1,725,884
Collection Loss		-950,071		-1,005,960		-1,009,157		-979,884		-1,096,468		-1,123,306		-1,146,969		-1,133,397
Effective Gross Revenue		93,175,246		97,415,776		98,706,223		97,008,341		106,869,085		109,196,831		111,824,094		112,206,316
Operating Expenses
Real Estate Taxes		9,115,921		9,389,400		9,671,080		9,961,213		10,260,050		10,567,852		10,884,888		11,211,432
BID Tax		224,311		231,038		237,972		245,109		252,463		260,037		267,838		275,872
Payroll		1,656,728		1,706,428		1,757,621		1,810,352		1,864,660		1,920,601		1,978,220		2,037,564
Cleaning		3,658,455		3,768,208		3,881,255		3,997,691		4,117,622		4,241,151		4,368,387		4,499,437
Utilities		7,374,035		7,595,256		7,823,115		8,057,808		8,299,543		8,548,527		8,804,985		9,069,132
Security		1,067,293		1,099,313		1,132,294		1,166,260		1,201,249		1,237,287		1,274,405		1,312,637
Repairs and Maintenance		3,104,087		3,197,210		3,293,126		3,391,920		3,493,678		3,598,488		3,706,443		3,817,636
Management Fee		931,752		974,158		987,062		970,083		1,068,692		1,091,967		1,118,242		1,122,063
Professional Fees		1,860,537		1,916,351		1,973,844		2,033,059		2,094,049		2,156,871		2,221,578		2,288,225
Insurance		579,346		596,726		614,629		633,068		652,058		671,621		691,769		712,524
Ground Rent		675,000		675,000		675,000		675,000		675,000		675,000		675,000		675,000
Total Operating Expenses		30,247,465		31,149,088		32,046,998		32,941,563		33,979,064		34,969,402		35,991,755		37,021,522
Net Operating Income		62,927,781		66,266,688		66,659,225		64,066,778		72,890,021		74,227,429		75,832,339		75,184,794
Leasing & Capital Costs
Tenant Improvements		4,310,087		452,085		3,177,589		10,659,814		2,183,762		2,363,338		3,395,430		7,451,599
Leasing Commissions		2,809,610		501,610		2,332,495		6,099,241		1,687,935		1,640,608		2,397,257		4,921,778
Capital Improvements
Base Building
Total Leasing & Capital Costs		7,119,697		953,695		5,510,084		16,759,055		3,871,697		4,003,946		5,792,687		12,373,377
Cash Flow Before Debt Service	$	55,808,084	$	65,312,993	$	61,149,141	$	47,307,723	$	69,018,324	$	70,223,483	$	70,039,652	$	62,811,417
& Taxes
Total CF	$	55,808,084	$	65,312,993	$	61,149,141	$	47,307,723	$	69,018,324	$	70,223,483	$	70,039,652	$	62,811,417
PV
Discount Rate

									3.0%
	Year 33		Year 34		Year 35		Year 36		Year 37		Year 38		Year 39		Year 40
For the Years Ending	Jun-2044		Jun-2045		Jun-2046		Jun-2047		Jun-2048		Jun-2049		Jun-2050		Jun-2051
Potential Gross Revenue
Base Rental Revenue	$	113,127,672	$	118,063,757	$	120,016,657	$	123,081,010
Absorption & Turnover Vacancy		-2,638,440		-2,365,381		-2,575,735		-928,974
Base Rent Abatements		-3,093,868		-5,118,577		-2,546,682		-1,894,851
Scheduled Base Rental Revenue		107,395,364		110,579,799		114,894,240		120,257,185
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Electric Income
Electric Income for MLAs		8,546,909		8,836,465		9,092,371		9,486,245
Sprinkler & Water Income
Oper Exp Escalations		1,792,397		1,626,702		1,858,707		2,022,780
RE Prop Tax Fiscal no ICIP
RE Tax Calendr Yrs no ICIP
RE BID Income		297,777		307,760		316,703		330,392
RE BID Income - New Leases
Real Estate Taxes		1,397,451		1,273,708		1,451,344		1,573,234
BID Tax
Payroll
Cleaning
Utilities
Security
Repairs and Maintenance
Management Fee
Professional Fees
Insurance
Total Reimbursement Revenue		12,034,534		12,044,635		12,719,125		13,412,651
Miscellaneous Income		981,864		1,011,320		1,041,659		1,072,908
Total Potential Gross Revenue		120,411,762		123,635,754		128,655,024		134,742,744
General Vacancy		-1,053,067		-1,414,653		-1,361,186		-3,141,179
Collection Loss		-1,204,116		-1,236,359		-1,286,551		-1,347,427
Effective Gross Revenue		118,154,579		120,984,742		126,007,287		130,254,138		134,161,762		138,186,615		142,332,213		146,602,180
Operating Expenses
Real Estate Taxes		11,547,778		11,894,208		12,251,038		12,618,566		12,997,123		13,387,037		13,788,648		14,202,307
BID Tax		284,149		292,674		301,455		310,498		319,813		329,407		339,290		349,468
Payroll		2,098,693		2,161,654		2,226,503		2,293,296		2,362,095		2,432,958		2,505,946		2,581,125
Cleaning		4,634,422		4,773,453		4,916,656		5,064,157		5,216,082		5,372,564		5,533,741		5,699,753
Utilities		9,341,209		9,621,444		9,910,088		10,207,391		10,513,613		10,829,021		11,153,892		11,488,508
Security		1,352,017		1,392,576		1,434,353		1,477,385		1,521,707		1,567,358		1,614,378		1,662,810
Repairs and Maintenance		3,932,165		4,050,132		4,171,633		4,296,783		4,425,686		4,558,457		4,695,211		4,836,067
Management Fee		1,181,545		1,209,848		1,260,072		1,302,541		1,341,617		1,381,866		1,423,322		1,466,021
Professional Fees		2,356,872		2,427,577		2,500,406		2,575,417		2,652,680		2,732,260		2,814,228		2,898,655
Insurance		733,898		755,916		778,593		801,950		826,009		850,789		876,312		902,602
Ground Rent		675,000		675,000		675,000		675,000		675,000		675,000		675,000		675,000
Total Operating Expenses		38,137,748		39,254,482		40,425,797		41,622,984		42,851,424		44,116,716		45,419,968		46,762,317
Net Operating Income		80,016,831		81,730,260		85,581,490		88,631,154		91,310,339		94,069,899		96,912,246		99,839,863
Leasing & Capital Costs
Tenant Improvements		5,047,339		6,033,800		4,484,062		2,108,157
Leasing Commissions		3,107,791		4,179,604		2,673,736		2,008,644
Capital Improvements
Base Building
Total Leasing & Capital Costs		8,155,130		10,213,404		7,157,798		4,116,801		6,160,788		6,345,611		6,535,980		6,732,059
Cash Flow Before Debt Service	$	71,861,701	$	71,516,856	$	78,423,692	$	84,514,353		85,149,551		87,724,288		90,376,266		93,107,804
& Taxes
Total CF	$	71,861,701	$	71,516,856	$	78,423,692	$	84,514,353	$	85,149,551	$	87,724,288	$	90,376,266	$	93,107,804
PV
Discount Rate

	Year 41		Year 42		Year 43		Year 44		Year 45		Year 46		Year 47		Year 48
For the Years Ending	Jun-2052		Jun-2053		Jun-2054		Jun-2055		Jun-2056		Jun-2057		Jun-2058		Jun-2059
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacancy
Base Rent Abatements
Scheduled Base Rental Revenue
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Electric Income
Electric Income for MLAs
Sprinkler & Water Income
Oper Exp Escalations
RE Prop Tax Fiscal no ICIP
RE Tax Calendr Yrs no ICIP
RE BID Income
RE BID Income - New Leases
Real Estate Taxes
BID Tax
Payroll
Cleaning
Utilities
Security
Repairs and Maintenance
Management Fee
Professional Fees
Insurance
Total Reimbursement Revenue
Miscellaneous Income
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		151,000,245		155,530,253		160,196,160		165,002,045		169,952,106		175,050,670		180,302,190		185,711,255
Operating Expenses
Real Estate Taxes		14,628,376		15,067,228		15,519,245		15,984,822		16,464,367		16,958,298		17,467,046		17,991,058
BID Tax		359,952		370,751		381,873		393,330		405,129		417,283		429,802		442,696
Payroll		2,658,559		2,738,315		2,820,465		2,905,079		2,992,231		3,081,998		3,174,458		3,269,692
Cleaning		5,870,746		6,046,868		6,228,274		6,415,123		6,607,576		6,805,804		7,009,978		7,220,277
Utilities		11,833,164		12,188,159		12,553,803		12,930,418		13,318,330		13,717,880		14,129,416		14,553,299
Security		1,712,694		1,764,075		1,816,997		1,871,507		1,927,652		1,985,482		2,045,046		2,106,398
Repairs and Maintenance		4,981,149		5,130,584		5,284,501		5,443,036		5,606,327		5,774,517		5,947,753		6,126,185
Management Fee		1,510,002		1,555,302		1,601,961		1,650,020		1,699,521		1,750,506		1,803,021		1,857,112
Professional Fees		2,985,614		3,075,183		3,167,438		3,262,461		3,360,335		3,461,145		3,564,979		3,671,929
Insurance		929,680		957,570		986,297		1,015,886		1,046,363		1,077,754		1,110,086		1,143,389
Ground Rent		675,000		675,000		675,000		675,000		675,000		675,000		675,000		675,000
Total Operating Expenses		48,144,936		49,569,034		51,035,855		52,546,681		54,102,831		55,705,666		57,356,586		59,057,034
Net Operating Income		102,855,309		105,961,218		109,160,305		112,455,364		115,849,275		119,345,003		122,945,603		126,654,221
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Improvements
Base Building
Total Leasing & Capital Costs		6,934,021		7,142,041		7,356,303		7,576,992		7,804,301		8,038,430		8,279,583		8,527,971
Cash Flow Before Debt Service		95,921,288		98,819,177		101,804,002		104,878,372		108,044,973		111,306,573		114,666,020		118,126,250
& Taxes
Total CF	$	95,921,288	$	98,819,177	$	101,804,002	$	104,878,372	$	108,044,973	$	111,306,573	$	114,666,020	$	118,126,250
PV
Discount Rate

							52
	Year 49		Year 50		Year 51		Year 52
For the Years Ending	Jun-2060		Jun-2061		Jun-2062		Jun-2063
Potential Gross Revenue									x
Base Rental Revenue									x
Absorption & Turnover Vacancy									x
Base Rent Abatements									x
Scheduled Base Rental Revenue									x
CPI & Other Adjustment Revenue									x
Expense Reimbursement Revenue									x
Electric Income									x
Electric Income for MLAs									x
Sprinkler & Water Income									x
Oper Exp Escalations									x
RE Prop Tax Fiscal no ICIP									x
RE Tax Calendr Yrs no ICIP									x
RE BID Income									x
RE BID Income - New Leases									x
Real Estate Taxes									x
BID Tax									x
Payroll									x
Cleaning									x
Utilities									x
Security									x
Repairs and Maintenance									x
Management Fee									x
Professional Fees									x
Insurance									x
Total Reimbursement Revenue									x
Miscellaneous Income									x
Total Potential Gross Revenue									x
General Vacancy									x
Collection Loss									x
Effective Gross Revenue		191,282,593		197,021,071		202,931,703		209,019,654	x
Operating Expenses									x
Real Estate Taxes		18,530,790		19,086,713		19,659,315		20,249,094	x
BID Tax		455,977		469,656		483,746		498,258	x
Payroll		3,367,782		3,468,816		3,572,880		3,680,067	x
Cleaning		7,436,885		7,659,992		7,889,792		8,126,485	x
Utilities		14,989,898		15,439,595		15,902,783		16,379,866	x
Security		2,169,590		2,234,677		2,301,718		2,370,769	x
Repairs and Maintenance		6,309,971		6,499,270		6,694,248		6,895,075	x
Management Fee		1,912,825		1,970,210		2,029,316		2,090,196	x
Professional Fees		3,782,087		3,895,549		4,012,416		4,132,788	x
Insurance		1,177,691		1,213,021		1,249,412		1,286,894	x
Ground Rent		675,000		675,000		675,000		675,000	x
Total Operating Expenses		60,808,495		62,612,500		64,470,625		66,384,494	x
Net Operating Income		130,474,098		134,408,571		138,461,078		142,635,160	x
Leasing & Capital Costs									x
Tenant Improvements									x
Leasing Commissions									x
Capital Improvements									x
Base Building									x
Total Leasing & Capital Costs		8,783,810		9,047,324		9,318,744		9,598,306	x
Cash Flow Before Debt Service		121,690,288		125,361,247		129,142,334		133,036,854	x
& Taxes									x
Total CF	$	121,690,288	$	125,361,247	$	129,142,334	$	133,036,854
PV
Discount Rate

One Grand Central Place

			Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8
			Jul-11			Jul-12			Jul-13			Jul-14			Jul-15			Jul-16			Jul-17			Jul-18
			Jun-12			Jun-13			Jun-14			Jun-15			Jun-16			Jun-17			Jun-18			Jun-19
Inflator	3.0%
Fixed Rents
	Basic Rent	see below		7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
	Primary Additional Rent			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Overage Rent
	Total Income			58,793,219			64,387,731			69,792,793			73,021,135			76,469,020			80,119,794			85,740,028			88,254,975
	Total Operating Expense			(37,647,608	)		(42,537,125	)		(42,758,108	)		(45,872,023	)		(47,057,286	)		(48,674,499	)		(48,477,225	)		(47,974,282	)
Add:	Rent if included in Opex above			8,528,874			13,218,173			12,663,272			15,005,920			15,300,622			15,901,308			14,636,241			13,063,958
	Net Operating Income			29,674,485			35,068,779			39,697,957			42,155,032			44,712,356			47,346,603			51,899,044			53,344,651
Add:	Use of Cash from Loans			—			ZEROED OUT
Less:	Total Capital Expenses			(19,674,916	)		(17,267,108	)		(10,718,651	)		(7,036,724	)		(4,219,496	)		(6,482,421	)		(7,092,030	)		(6,963,112	)
Less:	Total Fixed Rent			(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			8,921,769			16,723,871			27,901,506			34,040,508			39,415,060			39,786,382			43,729,214			45,303,739
	Exclusion			—			—			—			—			—			—			—			—
	Remainder for Overage			8,921,769			16,723,871			27,901,506			34,040,508			39,415,060			39,786,382			43,729,214			45,303,739
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			4,460,885			8,361,936			13,950,753			17,020,254			19,707,530			19,893,191			21,864,607			22,651,870
CF to Operator				4,460,885			8,361,936			13,950,753			17,020,254			19,707,530			19,893,191			21,864,607			22,651,870
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Overage Rent @ 50%			4,460,885			8,361,936			13,950,753			17,020,254			19,707,530			19,893,191			21,864,607			22,651,870
	Less: Debt Service			(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)
	Total			5,538,685			9,439,736			15,028,553			18,098,054			20,785,330			20,970,991			22,942,407			23,729,670
		CF to Dist.		9,999,569			17,801,671			28,979,306			35,118,308			40,492,860			40,864,182			44,807,014			46,381,539
		FS CF		9,999,569			17,801,671			28,979,306			35,118,308			40,492,860			40,864,182			44,807,014			46,381,539
		Check		—			—			—			—			—			—			—			—
Basic Rent
	Basic Amount			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
	Existing Loans	mat 11/2014
	First 84MM in Debt			6,094,058
	Supplemental 16.0mm			1,357,016
				7,451,074			7,451,074			7,451,074			6,209,228
*	Refinance Loan												1,241,846			7,451,074			7,451,074			7,451,074			7,451,074
	Total Basic Rent			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
*	Duff to make this assumption.
Argus Dump
	Total Income			58,793,219			64,387,731			69,792,793			73,021,135			76,469,020			80,119,794			85,740,028			88,254,975
	Total Operating Expense			37,647,608			42,537,125			42,758,108			45,872,023			47,057,286			48,674,499			48,477,225			47,974,282
	Ground Rents			8,528,874			13,218,173			12,663,272			15,005,920			15,300,622			15,901,308			14,636,241			13,063,958
	Total Capital Expenses			19,674,916			17,267,108			10,718,651			7,036,724			4,219,496			6,482,421			7,092,030			6,963,112
	Net Cash Flow			1,470,695			4,583,498			16,316,034			20,112,388			25,192,238			24,962,874			30,170,773			33,317,581
				1,470,695
Check
	Total Rents Variance			4,460,884			3,672,636			9,816,355			10,543,208			12,935,782			12,520,757			15,757,240			18,116,785
	Duff Pro forma check
	Calc Above			1,470,695			4,583,498			16,316,034			20,112,388			25,192,238			24,962,874			30,170,773			33,317,581
	Dump from Pro Forma			1,470,695			4,583,498			16,316,034			20,112,388			25,192,238			24,962,874			30,170,773			33,317,581
	Variance			—			—			—			—			—			—			—			—
	Net Cash Flow			1,470,695			4,583,498			16,316,034			20,112,388			25,192,238			24,962,874			30,170,773			33,317,581
	Use of Cash from Loans			—			ZEROED OUT			—			—			—			—			—			—
	Rent if included in Opex above			8,528,874			13,218,173			12,663,272			15,005,920			15,300,622			15,901,308			14,636,241			13,063,958
	Total Fixed Rent			(8,528,874	)		(8,528,874	)		(8,528,874	)		(8,528,874	)		(8,528,874	)		(8,528,874	)		(8,528,874	)		(8,528,874	)
	Overage Rent @ 50%			(4,460,885	)		(8,361,936	)		(13,950,753	)		(17,020,254	)		(19,707,530	)		(19,893,191	)		(21,864,607	)		(22,651,870	)
	Subtotal			(2,990,189	)		910,862			6,499,679			9,569,180			12,256,456			12,442,117			14,413,533			15,200,796
	CF to Operator			4,460,885			8,361,936			13,950,753			17,020,254			19,707,530			19,893,191			21,864,607			22,651,870
	Variance			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074
DUFF Argus Dump
	Total Income			58,793,219			64,387,731			69,792,793			73,021,135			76,469,020			80,119,794			85,740,028			88,254,975
	Total Operating Expense			37,647,608			42,537,125			42,758,108			45,872,023			47,057,286			48,674,499			48,477,225			47,974,282
	Basic Rent to Owner			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
	Primary Additional Rent			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Secondary Additional Rent			—			4,689,299			4,134,398			6,477,046			6,771,748			7,372,434			6,107,367			4,535,084
	Total Capital Expenses			21,027,178			17,990,530			11,352,091			6,761,541			4,053,896			5,565,298			5,505,962			5,455,347
	Net Cash Flow			118,433			3,860,076			15,682,594			20,387,571			25,357,838			25,879,997			31,756,841			34,825,346
				118,433
	GROUND RENT FOR LF VALUATION			5,538,685			9,439,736			15,028,553			18,098,054			20,785,330			20,970,991			22,942,407			23,729,670
	Variance			—			—			—			—			—			—			—			—
	PV of Rent Flows	230,190,057
	Rent PSF			4			7			11			13			15			16			17			18
	Average Rent PSF			20

Page 1 of 9

			Year 9			Year 10			Year 11			Year 12			Year 13			Year 14			Year 15			Year 16
			Jul-19			Jul-20			Jul-21			Jul-22			Jul-23			Jul-24			Jul-25			Jul-26
			Jun-20			Jun-21			Jun-22			Jun-23			Jun-24			Jun-25			Jun-26			Jun-27
Inflator	3.0%
Fixed Rents
	Basic Rent	see below		7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
	Primary Additional Rent			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Overage Rent
	Total Income			90,690,190			93,989,187			98,010,715			102,426,927			107,266,086			110,589,766			113,800,424			117,819,918
	Total Operating Expense			(50,900,481	)		(52,040,030	)		(53,194,228	)		(47,999,524	)		(49,195,537	)		(50,410,823	)		(51,660,438	)		(52,954,671	)
Add:	Rent if included in Opex above			14,887,963			14,881,936			14,881,936			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Net Operating Income			54,677,672			56,831,093			59,698,423			62,956,277			66,599,423			68,707,817			70,668,860			73,394,121
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(5,747,466	)		(6,592,468	)		(11,260,576	)		(9,206,588	)		(5,964,289	)		(6,121,933	)		(5,044,047	)		(4,873,459	)
Less:	Total Fixed Rent			(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			47,852,406			49,160,825			47,360,047			52,671,889			59,557,334			61,508,084			64,547,013			67,442,862
	Exclusion			—			—			—			—			—			—			—			—
	Remainder for Overage			47,852,406			49,160,825			47,360,047			52,671,889			59,557,334			61,508,084			64,547,013			67,442,862
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			23,926,203			24,580,413			23,680,024			26,335,945			29,778,667			30,754,042			32,273,507			33,721,431
CF to Operator				23,926,203			24,580,413			23,680,024			26,335,945			29,778,667			30,754,042			32,273,507			33,721,431
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Overage Rent @ 50%			23,926,203			24,580,413			23,680,024			26,335,945			29,778,667			30,754,042			32,273,507			33,721,431
	Less: Debt Service			(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)
	Total			25,004,003			25,658,213			24,757,824			27,413,745			30,856,467			31,831,842			33,351,307			34,799,231
		CF to Dist.		48,930,206			50,238,625			48,437,847			53,749,689			60,635,134			62,585,884			65,624,813			68,520,662
		FS CF		48,930,206			50,238,625			48,437,847			53,749,689			60,635,134			62,585,884			65,624,813			68,520,662
		Check		—			—			—			—			—			—			—			—
Basic Rent
	Basic Amount			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
	Existing Loans	mat 11/2014
	First 84MM in Debt
	Supplemental 16.0mm
*	Refinance Loan			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074
	Total Basic Rent			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
*	Duff to make this assumption.
Argus Dump
	Total Income			90,690,190			93,989,187
	Total Operating Expense			50,900,481			52,040,030
	Ground Rents			14,887,963			14,881,936
	Total Capital Expenses			5,747,466			6,592,468
	Net Cash Flow			34,042,243			35,356,689
Check
	Total Rents Variance			17,567,114			18,227,350
	Duff Pro forma check
	Calc Above			34,042,243			35,356,689
	Dump from Pro Forma			34,042,243			35,356,689
	Variance			—			—
	Net Cash Flow			34,042,243			35,356,689
	Use of Cash from Loans			—			—
	Rent if included in Opex above			14,887,963			14,881,936
	Total Fixed Rent			(8,528,874	)		(8,528,874	)
	Overage Rent @ 50%			(23,926,203	)		(24,580,413	)
	Subtotal			16,475,129			17,129,339
	CF to Operator			23,926,203			24,580,413
	Variance			7,451,074			7,451,074
DUFF Argus Dump
	Total Income			90,690,190			93,989,187
	Total Operating Expense			50,900,481			52,040,030
	Basic Rent to Owner			7,475,074			7,475,074
	Primary Additional Rent			1,053,800			1,053,800
	Secondary Additional Rent			6,359,089			6,353,062
	Total Capital Expenses			4,265,443			5,071,729
	Net Cash Flow			35,524,266			36,877,428
	GROUND RENT FOR LF VALUATION			25,004,003			25,658,213			24,757,824			27,413,745			30,856,467			31,831,842			33,351,307			34,799,231
	Variance			—			—			—			—			—			—			—			—
	PV of Rent Flows	230,190,057
	Rent PSF			19			19			18			20			23			24			25			26
	Average Rent PSF

Page 2 of 9

			Year 17			Year 18			Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
			Jul-27			Jul-28			Jul-29			Jul-30			Jul-31			Jul-32			Jul-33			Jul-34
			Jun-28			Jun-29			Jun-30			Jun-31			Jun-32			Jun-33			Jun-34			Jun-35
Inflator	3.0%
Fixed Rents
	Basic Rent	see below		7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
	Primary Additional Rent			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Overage Rent
	Total Income			121,414,589			125,130,827			128,587,761			132,368,197			134,552,993			139,852,559			144,746,113			149,097,986
	Total Operating Expense			(54,282,276	)		(55,649,844	)		(57,054,734	)		(58,503,967	)		(59,979,587	)		(61,529,968	)		(63,121,208	)		(64,753,302	)
Add:	Rent if included in Opex above			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Net Operating Income			75,661,187			78,009,857			80,061,901			82,393,104			83,102,280			86,851,465			90,153,779			92,873,558
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(6,089,774	)		(6,324,783	)		(6,472,211	)		(6,606,204	)		(15,093,104	)		(11,762,680	)		(8,133,468	)		(7,703,777	)
Less:	Total Fixed Rent			(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			68,493,613			70,607,274			72,511,890			74,709,100			66,931,376			74,010,985			80,942,511			84,091,981
	Exclusion			—			—			—			—			—			—			—			—
	Remainder for Overage			68,493,613			70,607,274			72,511,890			74,709,100			66,931,376			74,010,985			80,942,511			84,091,981
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			34,246,807			35,303,637			36,255,945			37,354,550			33,465,688			37,005,493			40,471,256			42,045,991
CF to Operator				34,246,807			35,303,637			36,255,945			37,354,550			33,465,688			37,005,493			40,471,256			42,045,991
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Overage Rent @ 50%			34,246,807			35,303,637			36,255,945			37,354,550			33,465,688			37,005,493			40,471,256			42,045,991
	Less: Debt Service			(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)
	Total			35,324,607			36,381,437			37,333,745			38,432,350			34,543,488			38,083,293			41,549,056			43,123,791
		CF to Dist.		69,571,413			71,685,074			73,589,690			75,786,900			68,009,176			75,088,785			82,020,311			85,169,781
		FS CF		69,571,413			71,685,074			73,589,690			75,786,900			68,009,176			75,088,785			82,020,311			85,169,781
		Check		—			—			—			—			—			—			—			—
Basic Rent
	Basic Amount			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
	Existing Loans	mat 11/2014
	First 84MM in Debt
	Supplemental 16.0mm
*	Refinance Loan			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074
	Total Basic Rent			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
*	Duff to make this assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent to Owner
	Primary Additional Rent
	Secondary Additional Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			35,324,607			36,381,437			37,333,745			38,432,350			34,543,488			38,083,293			41,549,056			43,123,791
	Variance			—			—			—			—			—			—			—			—
	PV of Rent Flows	230,190,057
	Rent PSF			26			27			28			29			26			28			31			32
	Average Rent PSF

Page 3 of 9

					Year 25			Year 26			Year 27			Year 28			Year 29			Year 30			Year 31			Year 32
					Jul-35 Jun-36			Jul-36 Jun-37			Jul-37 Jun-38			Jul-38 Jun-39			Jul-39 Jun-40			Jul-40 Jun-41			Jul-41 Jun-42			Jul-42 Jun-43
Inflator		3.0	%
Fixed Rents
	Basic Rent			see below		7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
	Primary Additional Rent					1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent					8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Overage Rent
	Total Income					152,847,433			158,392,842			163,347,223			168,210,800			173,138,027			177,448,222			181,082,891			188,645,982
	Total Operating Expense					(66,427,028	)		(68,167,804	)		(69,953,227	)		(71,789,819	)		(73,680,686	)		(75,620,631	)		(77,610,725	)		(79,698,716	)
Add:	Rent if included in Opex above					8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Net Operating Income					94,949,279			98,753,912			101,922,870			104,949,855			107,986,215			110,356,465			112,001,040			117,476,140
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(8,435,266	)		(6,663,988	)		(7,751,937	)		(8,409,183	)		(8,294,244	)		(9,241,938	)		(20,041,034	)		(12,409,017	)
Less:	Total Fixed Rent					(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					85,436,213			91,012,124			93,093,133			95,462,872			98,614,171			100,036,727			90,882,206			103,989,323
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					85,436,213			91,012,124			93,093,133			95,462,872			98,614,171			100,036,727			90,882,206			103,989,323
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					42,718,107			45,506,062			46,546,567			47,731,436			49,307,086			50,018,364			45,441,103			51,994,662
CF to Operator						42,718,107			45,506,062			46,546,567			47,731,436			49,307,086			50,018,364			45,441,103			51,994,662
				Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Overage Rent @ 50%					42,718,107			45,506,062			46,546,567			47,731,436			49,307,086			50,018,364			45,441,103			51,994,662
	Less: Debt Service					(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)
	Total					43,795,907			46,583,862			47,624,367			48,809,236			50,384,886			51,096,164			46,518,903			53,072,462
				CF to Dist.		86,514,013			92,089,924			94,170,933			96,540,672			99,691,971			101,114,527			91,960,006			105,067,123
				FS CF		86,514,013			92,089,924			94,170,933			96,540,672			99,691,971			101,114,527			91,960,006			105,067,123
				Check		—			—			—			—			—			—			—			—
Basic Rent
	Basic Amount					24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
	Existing Loans			mat 11/2014
	First 84MM in Debt
	Supplemental 16.0mm
*	Refinance Loan					7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074
	Total Basic Rent					7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
*	Duff to make this assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent to Owner
	Primary Additional Rent
	Secondary Additional Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					43,795,907			46,583,862			47,624,367			48,809,236			50,384,886			51,096,164			46,518,903			53,072,462
	Variance					—			—			—			—			—			—			—			—
	PV of Rent Flows			230,190,057
	Rent PSF					33			35			35			36			38			38			35			40
	Average Rent PSF

Page 4 of 9

					Year 33			Year 34			Year 35			Year 36			Year 37			Year 38			Year 39			Year 40
					Jul-43			Jul-44			Jul-45			Jul-46			Jul-47			Jul-48			Jul-49			Jul-50
					Jun-44			Jun-45			Jun-46			Jun-47			Jun-48			Jun-49			Jun-50			Jun-51
Inflator		3.0	%
Fixed Rents
	Basic Rent			see below		7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
	Primary Additional Rent					1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent					8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Overage Rent
	Total Income					192,934,698			200,334,821			205,376,668			212,839,293			219,387,515			226,499,246			232,463,186			239,374,515
	Total Operating Expense					(81,814,333	)		(84,023,246	)		(86,272,626	)		(88,612,181	)		(91,010,540	)		(93,484,519	)		(96,019,108	)		(98,637,420	)
Add:	Rent if included in Opex above					8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Net Operating Income					119,649,239			124,840,449			127,632,916			132,755,986			136,905,849			141,543,601			144,972,952			149,265,969
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(13,863,823	)		(10,256,627	)		(12,082,822	)		(10,010,097	)		(9,539,621	)		(10,117,346	)		(10,603,847	)		(11,398,384	)
Less:	Total Fixed Rent					(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					104,707,616			113,506,022			114,472,294			121,668,089			126,288,428			130,348,455			133,291,305			136,789,785
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					104,707,616			113,506,022			114,472,294			121,668,089			126,288,428			130,348,455			133,291,305			136,789,785
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					52,353,808			56,753,011			57,236,147			60,834,045			63,144,214			65,174,228			66,645,653			68,394,893
CF to Operator						52,353,808			56,753,011			57,236,147			60,834,045			63,144,214			65,174,228			66,645,653			68,394,893
				Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Overage Rent @ 50%					52,353,808			56,753,011			57,236,147			60,834,045			63,144,214			65,174,228			66,645,653			68,394,893
	Less: Debt Service					(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)
	Total					53,431,608			57,830,811			58,313,947			61,911,845			64,222,014			66,252,028			67,723,453			69,472,693
				CF to Dist.		105,785,416			114,583,822			115,550,094			122,745,889			127,366,228			131,426,255			134,369,105			137,867,585
				FS CF		105,785,416			114,583,822			115,550,094			122,745,889			127,366,228			131,426,255			134,369,105			137,867,585
				Check		—			—			—			—			—			—			—			—
Basic Rent
	Basic Amount					24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
	Existing Loans			mat 11/2014
	First 84MM in Debt
	Supplemental 16.0mm
*	Refinance Loan					7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074
	Total Basic Rent					7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
*	Duff to make this assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent to Owner
	Primary Additional Rent
	Secondary Additional Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					53,431,608			57,830,811			58,313,947			61,911,845			64,222,014			66,252,028			67,723,453			69,472,693
	Variance					—			—			—			—			—			—			—			—
	PV of Rent Flows			230,190,057
	Rent PSF					40			43			43			46			48			49			50			52
	Average Rent PSF

Page 5 of 9

				Year 41			Year 42			Year 43			Year 44			Year 45			Year 46			Year 47			Year 48
				Jul-51 Jun-52			Jul-52 Jun-53			Jul-53 Jun-54			Jul-54 Jun-55			Jul-55 Jun-56			Jul-56 Jun-57			Jul-57 Jun-58			Jul-58 Jun-59
Inflator		3.0%
Fixed Rents
	Basic Rent		see below		7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Overage Rent
	Total Income				246,555,750			253,952,423			261,570,996			269,418,126			277,500,669			285,825,689			294,400,460			303,232,474
	Total Operating Expense				(101,340,676	)		(104,125,030	)		(106,992,915	)		(109,946,836	)		(112,989,375	)		(116,123,190	)		(119,351,020	)		(122,675,684	)
Add:	Rent if included in Opex above				8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Net Operating Income				153,743,948			158,356,267			163,106,955			168,000,163			173,040,168			178,231,373			183,578,314			189,085,664
Add:	Use of Cash from Loans
Less:	Total Capital Expenses				(9,289,261	)		(9,567,939	)		(9,854,977	)		(10,150,627	)		(10,455,146	)		(10,768,800	)		(11,091,864	)		(11,424,620	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Less:	Interest Income				—			—			—			—			—			—			—			—
	Other				—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent				143,376,887			147,710,527			152,174,177			156,771,736			161,507,222			166,384,773			171,408,650			176,583,244
	Exclusion				—			—			—			—			—			—			—			—
	Remainder for Overage				143,376,887			147,710,527			152,174,177			156,771,736			161,507,222			166,384,773			171,408,650			176,583,244
	Overage Rent %				50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%				71,688,443			73,855,264			76,087,089			78,385,868			80,753,611			83,192,387			85,704,325			88,291,622
CF to Operator					71,688,443			73,855,264			76,087,089			78,385,868			80,753,611			83,192,387			85,704,325			88,291,622
			Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent				8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Overage Rent @ 50%				71,688,443			73,855,264			76,087,089			78,385,868			80,753,611			83,192,387			85,704,325			88,291,622
	Less: Debt Service				(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)
	Total				72,766,243			74,933,064			77,164,889			79,463,668			81,831,411			84,270,187			86,782,125			89,369,422
			CF to Dist.		144,454,687			148,788,327			153,251,977			157,849,536			162,585,022			167,462,573			172,486,450			177,661,044
			FS CF		144,454,687			148,788,327			153,251,977			157,849,536			162,585,022			167,462,573			172,486,450			177,661,044
			Check		—			—			—			—			—			—			—			—
Basic Rent
	Basic Amount				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
	Existing Loans		mat 11/2014
	First 84MM in Debt
	Supplemental 16.0mm
*	Refinance Loan				7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074
	Total Basic Rent				7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
*	Duff to make this assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent to Owner
	Primary Additional Rent
	Secondary Additional Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION				72,766,243			74,933,064			77,164,889			79,463,668			81,831,411			84,270,187			86,782,125			89,369,422
	Variance				—			—			—			—			—			—			—			—
	PV of Rent Flows		230,190,057
	Rent PSF				54			56			57			59			61			63			65			67
	Average Rent PSF

Page 6 of 9

				Year 49			Year 50			Year 51			Year 52			Year 53			Year 54			Year 55			Year 56
				Jul-59 Jun-60			Jul-60 Jun-61			Jul-61 Jun-62			Jul-62 Jun-63			Jul-63 Jun-64			Jul-64 Jun-65			Jul-65 Jun-66			Jul-66 Jun-67
Inflator		3.0%
Fixed Rents
	Basic Rent		see below		7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Overage Rent
	Total Income				312,329,448			321,699,332			331,350,311			341,290,821			351,529,545			362,075,432			372,937,695			384,125,826
	Total Operating Expense				(126,100,088	)		(129,627,225	)		(133,260,175	)		(137,002,114	)		(140,856,312	)		(144,826,135	)		(148,915,053	)		(153,126,638	)
Add:	Rent if included in Opex above				8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Net Operating Income				194,758,234			200,600,981			206,619,010			212,817,580			219,202,108			225,778,171			232,551,516			239,528,062
Add:	Use of Cash from Loans
Less:	Total Capital Expenses				(11,767,359	)		(12,120,379	)		(12,483,991	)		(12,858,510	)		(13,244,266	)		(13,641,594	)		(14,050,841	)		(14,472,367	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Less:	Interest Income				—			—			—			—			—			—			—			—
	Other				—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent				181,913,075			187,402,801			193,057,219			198,881,270			204,880,042			211,058,777			217,422,875			223,977,895
	Exclusion				—			—			—			—			—			—			—			—
	Remainder for Overage				181,913,075			187,402,801			193,057,219			198,881,270			204,880,042			211,058,777			217,422,875			223,977,895
	Overage Rent %				50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%				90,956,538			93,701,401			96,528,610			99,440,635			102,440,021			105,529,389			108,711,437			111,988,947
CF to Operator					90,956,538			93,701,401			96,528,610			99,440,635			102,440,021			105,529,389			108,711,437			111,988,947
			Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent				8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Overage Rent @ 50%				90,956,538			93,701,401			96,528,610			99,440,635			102,440,021			105,529,389			108,711,437			111,988,947
	Less: Debt Service				(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)
	Total				92,034,338			94,779,201			97,606,410			100,518,435			103,517,821			106,607,189			109,789,237			113,066,747
			CF to Dist.		182,990,875			188,480,601			194,135,019			199,959,070			205,957,842			212,136,577			218,500,675			225,055,695
			FS CF		182,990,875			188,480,601			194,135,019			199,959,070			205,957,842			212,136,577			218,500,675			225,055,695
			Check		—			—			—			—			—			—			—			—
Basic Rent
	Basic Amount				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
	Existing Loans		mat 11/2014
	First 84MM in Debt
	Supplemental 16.0mm
*	Refinance Loan				7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074
	Total Basic Rent				7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
*	Duff to make this assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent to Owner
	Primary Additional Rent
	Secondary Additional Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION				92,034,338			94,779,201			97,606,410			100,518,435			103,517,821			106,607,189			109,789,237			113,066,747
	Variance				—			—			—			—			—			—			—			—
	PV of Rent Flows		230,190,057
	Rent PSF				69			71			73			75			77			79			82			84
	Average Rent PSF

Page 7 of 9

				Year 57			Year 58			Year 59			Year 60			Year 61			Year 62			Year 63			Year 64
				Jul-67 Jun-68			Jul-68 Jun-69			Jul-69 Jun-70			Jul-70 Jun-71			Jul-71 Jun-72			Jul-72 Jun-73			Jul-73 Jun-74			Jul-74 Jun-75
Inflator		3.0%
Fixed Rents
	Basic Rent		see below		7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
	Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
	Total Fixed Rent				8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Overage Rent
	Total Income				395,649,600			407,519,088			419,744,661			432,337,001			445,307,111			458,666,324			472,426,314			486,599,103
	Total Operating Expense				(157,464,571	)		(161,932,642	)		(166,534,755	)		(171,274,931	)		(176,157,313	)		(181,186,166	)		(186,365,885	)		(191,700,995	)
Add:	Rent if included in Opex above				8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Net Operating Income				246,713,903			254,115,321			261,738,780			269,590,944			277,678,672			286,009,032			294,589,303			303,426,982
Add:	Use of Cash from Loans
Less:	Total Capital Expenses				(14,906,538	)		(15,353,734	)		(15,814,346	)		(16,288,776	)		(16,777,440	)		(17,280,763	)		(17,799,186	)		(18,333,161	)
Less:	Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Less:	Interest Income				—			—			—			—			—			—			—			—
	Other				—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent				230,729,566			237,683,787			244,846,634			252,224,367			259,823,432			267,650,469			275,712,317			284,016,021
	Exclusion				—			—			—			—			—			—			—			—
	Remainder for Overage				230,729,566			237,683,787			244,846,634			252,224,367			259,823,432			267,650,469			275,712,317			284,016,021
	Overage Rent %				50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%				115,364,783			118,841,893			122,423,317			126,112,184			129,911,716			133,825,235			137,856,159			142,008,010
CF to Operator					115,364,783			118,841,893			122,423,317			126,112,184			129,911,716			133,825,235			137,856,159			142,008,010
			Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent				8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
	Overage Rent @ 50%				115,364,783			118,841,893			122,423,317			126,112,184			129,911,716			133,825,235			137,856,159			142,008,010
	Less: Debt Service				(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)
	Total				116,442,583			119,919,693			123,501,117			127,189,984			130,989,516			134,903,035			138,933,959			143,085,810
			CF to Dist.		231,807,366			238,761,587			245,924,434			253,302,167			260,901,232			268,728,269			276,790,117			285,093,821
			FS CF		231,807,366			238,761,587			245,924,434			253,302,167			260,901,232			268,728,269			276,790,117			285,093,821
			Check		—			—			—			—			—			—			—			—
Basic Rent
	Basic Amount				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
	Existing Loans		mat 11/2014
	First 84MM in Debt
	Supplemental 16.0mm
*	Refinance Loan				7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074
	Total Basic Rent				7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074
*	Duff to make this assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent to Owner
	Primary Additional Rent
	Secondary Additional Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION				116,442,583			119,919,693			123,501,117			127,189,984			130,989,516			134,903,035			138,933,959			143,085,810
	Variance				—			—			—			—			—			—			—			—
	PV of Rent Flows		230,190,057
	Rent PSF				87			89			92			95			98			100			103			107
	Average Rent PSF

Page 8 of 9

					Year 65			Year 66			Year 67			Year 68			Year 69			Year 70			Year 71			72 Year 72			72.25 Year 72.25
					Jul-75 Jun-76			Jul-76 Jun-77			Jul-77 Jun-78			Jul-78 Jun-79			Jul-79 Jun-80			Jul-80 Jun-81			Jul-81 Jun-82			Jul-82 Jun-83			Jul-83 Sep-83
Inflator		3.0	%
Fixed Rents
	Basic Rent			see below		7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074		x
	Primary Additional Rent					1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800		x
	Total Fixed Rent					8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874		x
Overage Rent																																x
	Total Income					501,197,076			516,232,989			531,719,978			547,671,578			564,101,725			581,024,777			598,455,520			616,409,186			634,901,461		x
	Total Operating Expense					(197,196,159	)		(202,856,177	)		(208,685,997	)		(214,690,710	)		(220,875,565	)		(227,245,966	)		(233,807,479	)		(240,565,837	)		(247,526,946	)	x
Add:	Rent if included in Opex above					8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874		x
	Net Operating Income					312,529,792			321,905,685			331,562,856			341,509,742			351,755,034			362,307,685			373,176,915			384,372,223			395,903,389		x
Add:	Use of Cash from Loans																															x
Less:	Total Capital Expenses					(18,883,156	)		(19,449,651	)		(20,033,140	)		(20,634,134	)		(21,253,158	)		(21,890,753	)		(22,547,476	)		(23,223,900	)		(23,920,617	)	x
Less:	Total Fixed Rent					(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)	x
Less:	Interest Income					—			—			—			—			—			—			—			—			—		x
	Other					—			—			—			—			—			—			—			—			—		x
	Income Subject to Ovg Rent					292,568,836			301,378,235			310,451,916			319,797,807			329,424,075			339,339,132			349,551,640			360,070,523			370,904,972		x
	Exclusion					—			—			—			—			—			—			—			—			—		x
	Remainder for Overage					292,568,836			301,378,235			310,451,916			319,797,807			329,424,075			339,339,132			349,551,640			360,070,523			370,904,972		x
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%	x
	Overage Rent @ 50%					146,284,418			150,689,117			155,225,958			159,898,904			164,712,038			169,669,566			174,775,820			180,035,261			185,452,486		x
																																x
CF to Operator						146,284,418			150,689,117			155,225,958			159,898,904			164,712,038			169,669,566			174,775,820			180,035,261			185,452,486		x
				Check Operator		—			—			—			—			—			—			—			—					x
CF to Fee Owner																																x
	Total Fixed Rent					8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874		x
	Overage Rent @ 50%					146,284,418			150,689,117			155,225,958			159,898,904			164,712,038			169,669,566			174,775,820			180,035,261			185,452,486		x
	Less: Debt Service					(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)		(7,451,074	)	x
	Total					147,362,218			151,766,917			156,303,758			160,976,704			165,789,838			170,747,366			175,853,620			181,113,061			186,530,286		x
				CF to Dist.		293,646,636			302,456,035			311,529,716			320,875,607			330,501,875			340,416,932			350,629,440			361,148,323					x
				FS CF		293,646,636			302,456,035			311,529,716			320,875,607			330,501,875			340,416,932			350,629,440			361,148,323					x
				Check		—			—			—			—			—			—			—			—					x
Basic Rent																																x
	Basic Amount					24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000		x
	Existing Loans			mat 11/2014																												x
	First 84MM in Debt																															x
	Supplemental 16.0mm																															x
*	Refinance Loan					7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074			7,451,074		x
	Total Basic Rent					7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074			7,475,074		x
*	Duff to make this assumption.																															x
Argus Dump																																x
	Total Income																															x
	Total Operating Expense																															x
	Ground Rents																															x
	Total Capital Expenses																															x
	Net Cash Flow																															x
Check																																x
	Total Rents Variance																															x
	Duff Pro forma check																															x
	Calc Above																															x
	Dump from Pro Forma																															x
	Variance																															x
	Net Cash Flow																															x
	Use of Cash from Loans																															x
	Rent if included in Opex above																															x
	Total Fixed Rent																															x
	Overage Rent @ 50%																															x
	Subtotal																															x
	CF to Operator																															x
	Variance																															x
DUFF Argus Dump																																x
	Total Income																															x
	Total Operating Expense																															x
	Basic Rent to Owner																															x
	Primary Additional Rent																															x
	Secondary Additional Rent																															x
	Total Capital Expenses																															x
	Net Cash Flow																															x
	GROUND RENT FOR LF VALUATION					147,362,218			151,766,917			156,303,758			160,976,704			165,789,838			170,747,366			175,853,620			181,113,061			46,632,572		x
	Variance					—			—			—			—			—			—			—			—			—		x
	PV of Rent Flows			230,190,057																												x
	Rent PSF					110			113			116			120			123			127			131			135			35		x
	Average Rent PSF																															x

Page 9 of 9

For the Years Ending	1 6/30/2012 Year 1 Jun-2012			2 6/30/2013 Year 2 Jun-2013			3 6/30/2014 Year 3 Jun-2014			4 6/30/2015 Year 4 Jun-2015			5 6/30/2016 Year 5 Jun-2016			6 6/30/2017 Year 6 Jun-2017			7 6/30/2018 Year 7 Jun-2018			8 6/30/2019 Year 8 Jun-2019
Potential Gross Revenue
Base Rental Revenue	$	57,630,132		$	60,494,216		$	63,779,001		$	66,506,322		$	69,318,906		$	73,159,690		$	78,867,445		$	81,712,506
Absorption & Turnover V		(6,390,133	)		(4,396,781	)		(2,875,381	)		(2,278,965	)		(932,666	)		(1,778,135	)		(1,957,408	)		(1,787,783	)
Base Rent Abatements		(3,135,083	)		(2,350,223	)		(1,505,296	)		(1,361,768	)		(816,007	)		(1,409,115	)		(1,322,295	)		(1,431,226	)
Scheduled Base Rental R		48,104,916			53,747,212			59,398,324			62,865,589			67,570,233			69,972,440			75,587,742			78,493,497
Porters’ Wage Revenue		48,734			55,571			51,582
CPI & Other Adjustment		2,230,701			2,291,881			2,179,127			1,924,936			1,601,781			1,628,810			1,557,953			1,152,157
Expense Reimbursement R		6,393,598			6,458,197			6,504,534			6,730,428			7,416,191			8,053,832			8,300,070			8,707,675
Miscellaneous Income		936,992			965,102			994,055			1,023,876			1,054,593			1,086,231			1,118,817			1,152,382
Carryover Electric		1,672,149			1,520,149			1,370,149			1,216,149			1,070,049			920,149			770,149			620,149
Total Potential Gross Rev		59,387,090			65,038,112			70,497,771			73,760,978			78,712,847			81,661,462			87,334,731			90,125,860
General Vacancy											(2,233	)		(1,456,699	)		(725,053	)		(721,356	)		(969,626	)
Collection Loss		(593,871	)		(650,381	)		(704,978	)		(737,610	)		(787,128	)		(816,615	)		(873,347	)		(901,259	)
Effective Gross Revenue		58,793,219			64,387,731			69,792,793			73,021,135			76,469,020			80,119,794			85,740,028			88,254,975
Operating Expenses
Payroll		1,974,908			2,034,155			2,095,180			2,158,035			2,222,776			2,289,460			2,358,143			2,428,888
Cleaning		4,030,425			4,151,338			4,275,878			4,404,154			4,536,279			4,672,367			4,812,538			4,956,914
Utilities		5,508,248			5,673,495			5,843,700			6,019,011			6,199,582			6,385,569			6,577,136			6,774,450
Security		1,025,000			1,055,750			1,087,423			1,120,045			1,153,647			1,188,256			1,223,904			1,260,621
Repairs & Maintenance		2,512,298			2,369,000			2,440,070			2,513,272			2,588,670			2,666,330			2,746,320			2,828,710
Management Fee		587,932			643,877			697,928			730,211			764,690			801,198			857,400			882,550
Professional Fees/Admin		1,571,866			1,260,000			1,297,800			1,336,734			1,376,836			1,418,141			1,460,685			1,504,506
Real Estate Taxes		11,245,488			11,454,662			11,665,652			11,878,470			12,192,599			12,614,408			13,051,043			13,503,026
Bid Tax		192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353
Insurance		470,216			484,322			498,852			513,818			529,232			545,109			561,462			578,306
Rent to Owner		8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Secondary Additional Re					4,689,299			4,134,398			6,477,046			6,771,748			7,372,434			6,107,367			4,535,084
Total Operating Expenses		37,647,608			42,537,125			42,758,108			45,872,023			47,057,286			48,674,499			48,477,225			47,974,282
Net Operating Income		21,145,611			21,850,606			27,034,685			27,149,112			29,411,734			31,445,295			37,262,803			40,280,693
Leasing & Capital Costs
Tenant Improvements		5,658,252			4,221,476			2,184,532			2,427,679			829,874			1,802,465			2,201,267			2,398,914
Leasing Commissions		2,551,851			2,632,529			2,302,638			1,811,405			1,110,289			2,682,585			1,878,121			2,004,558
PB Work		3,618,709			3,194,709			1,848,759
Capital Improvements		6,696,104			5,827,894			3,247,559			1,551,931			1,266,375			1,197,472			1,376,790			850,115
Base Building		1,150,000			1,390,500			1,135,163			1,245,709			1,012,958			799,899			1,635,852			1,709,525
Total Leasing & Capital C		19,674,916			17,267,108			10,718,651			7,036,724			4,219,496			6,482,421			7,092,030			6,963,112
Cash Flow Before Debt Ser	$	1,470,695		$	4,583,498		$	16,316,034		$	20,112,388		$	25,192,238		$	24,962,874		$	30,170,773		$	33,317,581
& Taxes
Cash Flow to Operator		4,460,885			8,361,936			13,950,753			17,020,254			19,707,530			19,893,191			21,864,607			22,651,870
PV to Building Operator	$	324,000,000
Discount Rate		8.50	%

For the Years Ending	9 6/30/2020 Year 9 Jun-2020			10 6/30/2021 Year 10 Jun-2021			11 6/30/2022 Year 11 Jun-2022			12 6/30/2023 Year 12 Jun-2023			13 6/30/2024 Year 13 Jun-2024			14 6/30/2025 Year 14 Jun-2025			15 6/30/2026 Year 15 Jun-2026			16 6/30/2027 Year 16 Jun-2027
Potential Gross Revenue
Base Rental Revenue	$	84,217,273		$	87,650,281		$	94,537,645		$	99,273,882		$	102,945,169		$	105,941,762		$	109,009,382		$	112,304,882
Absorption & Turnover V		(2,035,466	)		(1,977,858	)		(3,122,543	)		(3,309,712	)		(2,418,008	)		(2,470,389	)		(2,126,853	)		(2,444,994	)
Base Rent Abatements		(1,421,507	)		(1,484,620	)		(3,200,742	)		(2,841,048	)		(1,840,037	)		(1,755,938	)		(1,874,080	)		(1,579,634	)
Scheduled Base Rental R		80,760,300			84,187,803			88,214,360			93,123,122			98,687,124			101,715,435			105,008,449			108,280,254
Porters’ Wage Revenue
CPI & Other Adjustment		958,135			811,638			307,934			225,953			284,617			345,040			407,275			258,555
Expense Reimbursement R		9,036,742			9,364,790			9,049,040			8,815,451			8,984,643			9,265,072			9,560,093			10,260,006
Miscellaneous Income		1,186,953			1,222,562			1,259,239			1,297,016			1,335,927			1,376,004			1,417,284			1,459,803
Carryover Electric		470,149			320,149			170,149
Total Potential Gross Rev		92,412,279			95,906,942			99,000,722			103,461,542			109,292,311			112,701,551			116,393,101			120,258,618
General Vacancy		(797,966	)		(958,686	)								(933,302	)		(984,769	)		(1,428,746	)		(1,236,114	)
Collection Loss		(924,123	)		(959,069	)		(990,007	)		(1,034,615	)		(1,092,923	)		(1,127,016	)		(1,163,931	)		(1,202,586	)
Effective Gross Revenue		90,690,190			93,989,187			98,010,715			102,426,927			107,266,086			110,589,766			113,800,424			117,819,918
Operating Expenses
Payroll		2,501,754			2,576,807			2,654,111			2,733,735			2,815,747			2,900,219			2,987,226			3,076,842
Cleaning		5,105,622			5,258,790			5,416,554			5,579,051			5,746,422			5,918,815			6,096,379			6,279,271
Utilities		6,977,684			7,187,014			7,402,625			7,624,703			7,853,445			8,089,048			8,331,719			8,581,671
Security		1,298,439			1,337,393			1,377,514			1,418,840			1,461,405			1,505,247			1,550,404			1,596,917
Repairs & Maintenance		2,913,571			3,000,978			3,091,008			3,183,738			3,279,250			3,377,628			3,478,956			3,583,325
Management Fee		906,902			939,892			980,107			1,024,269			1,072,661			1,105,898			1,138,004			1,178,199
Professional Fees/Admin		1,549,641			1,596,130			1,644,014			1,693,335			1,744,135			1,796,459			1,850,352			1,905,863
Real Estate Taxes		13,970,896			14,455,212			14,922,075			15,369,737			15,830,829			16,305,754			16,794,927			17,298,775
Bid Tax		192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353
Insurance		595,656			613,525			631,931			650,889			670,416			690,528			711,244			732,581
Rent to Owner		8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Secondary Additional Re		6,359,089			6,353,062			6,353,062
Total Operating Expenses		50,900,481			52,040,030			53,194,228			47,999,524			49,195,537			50,410,823			51,660,438			52,954,671
Net Operating Income		39,789,709			41,949,157			44,816,487			54,427,403			58,070,549			60,178,943			62,139,986			64,865,247
Leasing & Capital Costs
Tenant Improvements		2,004,113			2,422,847			6,092,973			5,216,704			2,490,288			3,449,947			2,608,895			2,638,971
Leasing Commissions		2,021,370			2,249,283			5,167,603			3,989,884			3,474,001			2,671,986			2,435,152			2,234,488
PB Work
Capital Improvements		265,197			145,846
Base Building		1,456,786			1,774,492
Total Leasing & Capital C		5,747,466			6,592,468			11,260,576			9,206,588			5,964,289			6,121,933			5,044,047			4,873,459
Cash Flow Before Debt Ser	$	34,042,243		$	35,356,689		$	33,555,911		$	45,220,815		$	52,106,260		$	54,057,010		$	57,095,939		$	59,991,788
& Taxes
Cash Flow to Operator		23,926,203			24,580,413			23,680,024			26,335,945			29,778,667			30,754,042			32,273,507			33,721,431
PV to Building Operator
Discount Rate

For the Years Ending	17 6/30/2028 Year 17 Jun-2028			18 6/30/2029 Year 18 Jun-2029			19 6/30/2030 Year 19 Jun-2030			20 6/30/2031 Year 20 Jun-2031			21 6/30/2032 Year 21 Jun-2032			22 6/30/2033 Year 22 Jun-2033			23 6/30/2034 Year 23 Jun-2034			24 6/30/2035 Year 24 Jun-2035
Potential Gross Revenue
Base Rental Revenue	$	115,950,535		$	119,415,694		$	122,469,596		$	126,156,183		$	130,616,599		$	135,473,832		$	139,848,463		$	143,307,495
Absorption & Turnover V		(2,483,225	)		(2,628,994	)		(2,508,102	)		(2,806,471	)		(4,303,096	)		(4,131,782	)		(3,453,727	)		(3,191,391	)
Base Rent Abatements		(1,985,752	)		(2,070,616	)		(2,072,418	)		(2,157,417	)		(4,113,110	)		(3,410,034	)		(2,865,557	)		(2,340,503	)
Scheduled Base Rental R		111,481,558			114,716,084			117,889,076			121,192,295			122,200,393			127,932,016			133,529,179			137,775,601
Porters’ Wage Revenue
CPI & Other Adjustment		262,327			307,838			354,715			226,911			22,494			68,110			120,740			174,949
Expense Reimbursement R		10,716,956			11,115,605			11,572,400			11,985,606			11,996,915			11,761,720			11,842,205			12,285,983
Miscellaneous Income		1,503,597			1,548,705			1,595,166			1,643,021			1,692,312			1,743,081			1,795,374			1,849,235
Carryover Electric
Total Potential Gross Rev		123,964,438			127,688,232			131,411,357			135,047,833			135,912,114			141,504,927			147,287,498			152,085,768
General Vacancy		(1,310,205	)		(1,280,523	)		(1,509,482	)		(1,329,158	)					(237,319	)		(1,068,510	)		(1,466,924	)
Collection Loss		(1,239,644	)		(1,276,882	)		(1,314,114	)		(1,350,478	)		(1,359,121	)		(1,415,049	)		(1,472,875	)		(1,520,858	)
Effective Gross Revenue		121,414,589			125,130,827			128,587,761			132,368,197			134,552,993			139,852,559			144,746,113			149,097,986
Operating Expenses
Payroll		3,169,148			3,264,222			3,362,149			3,463,013			3,566,904			3,673,911			3,784,128			3,897,652
Cleaning		6,467,649			6,661,678			6,861,529			7,067,375			7,279,396			7,497,778			7,722,711			7,954,392
Utilities		8,839,121			9,104,295			9,377,424			9,658,746			9,948,509			10,246,964			10,554,373			10,871,004
Security		1,644,824			1,694,169			1,744,994			1,797,344			1,851,264			1,906,802			1,964,006			2,022,926
Repairs & Maintenance		3,690,825			3,801,550			3,915,596			4,033,064			4,154,056			4,278,678			4,407,038			4,539,249
Management Fee		1,214,146			1,251,308			1,285,878			1,323,682			1,345,530			1,398,526			1,447,461			1,490,980
Professional Fees/Admin		1,963,039			2,021,930			2,082,588			2,145,066			2,209,418			2,275,700			2,343,971			2,414,290
Real Estate Taxes		17,817,738			18,352,270			18,902,838			19,469,923			20,054,021			20,655,642			21,275,311			21,913,570
Bid Tax		192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353
Insurance		754,559			777,195			800,511			824,527			849,262			874,740			900,982			928,012
Rent to Owner		8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Secondary Additional Re
Total Operating Expenses		54,282,276			55,649,844			57,054,734			58,503,967			59,979,587			61,529,968			63,121,208			64,753,302
Net Operating Income		67,132,313			69,480,983			71,533,027			73,864,230			74,573,406			78,322,591			81,624,905			84,344,684
Leasing & Capital Costs
Tenant Improvements		2,314,515			3,393,521			3,548,026			3,306,997			8,398,616			6,739,638			3,178,530			4,415,639
Leasing Commissions		3,775,259			2,931,262			2,924,185			3,299,207			6,694,488			5,023,042			4,954,938			3,288,138
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		6,089,774			6,324,783			6,472,211			6,606,204			15,093,104			11,762,680			8,133,468			7,703,777
Cash Flow Before Debt Ser	$	61,042,539		$	63,156,200		$	65,060,816		$	67,258,026		$	59,480,302		$	66,559,911		$	73,491,437		$	76,640,907
& Taxes
Cash Flow to Operator		34,246,807			35,303,637			36,255,945			37,354,550			33,465,688			37,005,493			40,471,256			42,045,991
PV to Building Operator
Discount Rate

For the Years Ending	25 6/30/2036 Year 25 Jun-2036			26 6/30/2037 Year 26 Jun-2037			27 6/30/2038 Year 27 Jun-2038			28 6/30/2039 Year 28 Jun-2039			29 6/30/2040 Year 29 Jun-2040			30 6/30/2041 Year 30 Jun-2041			31 6/30/2042 Year 31 Jun-2042			32 6/30/2043 Year 32 Jun-2043
Potential Gross Revenue
Base Rental Revenue	$	147,306,331		$	151,277,441		$	155,988,043		$	160,585,483		$	164,615,304		$	169,174,666		$	174,891,940		$	181,548,782
Absorption & Turnover V		(3,390,017	)		(2,519,712	)		(3,527,432	)		(3,781,272	)		(3,702,009	)		(3,990,180	)		(5,685,796	)		(5,195,198	)
Base Rent Abatements		(2,902,335	)		(2,119,904	)		(2,509,012	)		(2,737,873	)		(2,395,872	)		(3,051,473	)		(4,875,946	)		(3,515,695	)
Scheduled Base Rental R		141,013,979			146,637,825			149,951,599			154,066,338			158,517,423			162,133,013			164,330,198			172,837,889
Porters’ Wage Revenue
CPI & Other Adjustment		230,784			288,294			347,530			408,542			471,386			346,399			26,430			85,733
Expense Reimbursement R		12,641,271			13,558,613			14,269,343			14,842,713			15,478,960			16,122,659			16,281,057			15,990,739
Miscellaneous Income		1,904,712			1,961,853			2,020,709			2,081,330			2,143,770			2,208,083			2,274,326			2,342,555
Carryover Electric
Total Potential Gross Rev		155,790,746			162,446,585			166,589,181			171,398,923			176,611,539			180,810,154			182,912,011			191,256,916
General Vacancy		(1,385,406	)		(2,429,277	)		(1,576,066	)		(1,474,134	)		(1,707,397	)		(1,553,830	)					(698,365	)
Collection Loss		(1,557,907	)		(1,624,466	)		(1,665,892	)		(1,713,989	)		(1,766,115	)		(1,808,102	)		(1,829,120	)		(1,912,569	)
Effective Gross Revenue		152,847,433			158,392,842			163,347,223			168,210,800			173,138,027			177,448,222			181,082,891			188,645,982
Operating Expenses
Payroll		4,014,581			4,135,019			4,259,069			4,386,841			4,518,447			4,654,000			4,793,620			4,937,429
Cleaning		8,193,024			8,438,815			8,691,979			8,952,739			9,221,321			9,497,961			9,782,899			10,076,386
Utilities		11,197,134			11,533,048			11,879,040			12,235,411			12,602,473			12,980,547			13,369,964			13,771,063
Security		2,083,614			2,146,122			2,210,506			2,276,821			2,345,126			2,415,480			2,487,944			2,562,582
Repairs & Maintenance		4,675,426			4,815,689			4,960,160			5,108,965			5,262,234			5,420,101			5,582,704			5,750,185
Management Fee		1,528,474			1,583,928			1,633,472			1,682,108			1,731,380			1,774,482			1,810,829			1,886,460
Professional Fees/Admin		2,486,719			2,561,321			2,638,160			2,717,305			2,798,824			2,882,789			2,969,273			3,058,351
Real Estate Taxes		22,570,977			23,248,107			23,945,550			24,663,916			25,403,834			26,165,949			26,950,927			27,759,455
Bid Tax		192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353
Insurance		955,852			984,528			1,014,064			1,044,486			1,075,820			1,108,095			1,141,338			1,175,578
Rent to Owner		8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Secondary Additional Re
Total Operating Expenses		66,427,028			68,167,804			69,953,227			71,789,819			73,680,686			75,620,631			77,610,725			79,698,716
Net Operating Income		86,420,405			90,225,038			93,393,996			96,420,981			99,457,341			101,827,591			103,472,166			108,947,266
Leasing & Capital Costs
Tenant Improvements		4,356,871			3,701,847			2,857,349			4,432,646			4,798,226			4,802,231			10,757,600			8,723,978
Leasing Commissions		4,078,395			2,962,141			4,894,588			3,976,537			3,496,018			4,439,707			9,283,434			3,685,039
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		8,435,266			6,663,988			7,751,937			8,409,183			8,294,244			9,241,938			20,041,034			12,409,017
Cash Flow Before Debt Ser	$	77,985,139		$	83,561,050		$	85,642,059		$	88,011,798		$	91,163,097		$	92,585,653		$	83,431,132		$	96,538,249
& Taxes
Cash Flow to Operator		42,718,107			45,506,062			46,546,567			47,731,436			49,307,086			50,018,364			45,441,103			51,994,662
PV to Building Operator
Discount Rate

	33			34			35			36			37			38			39			40
	6/30/2044			6/30/2045			6/30/2046			6/30/2047			6/30/2048			6/30/2049			6/30/2050			6/30/2051
	Year 33			Year 34			Year 35			Year 36			Year 37			Year 38			Year 39			Year 40
For the Years Ending	Jun-2044			Jun-2045			Jun-2046			Jun-2047			Jun-2048			Jun-2049			Jun-2050			Jun-2051
Potential Gross Revenue
Base Rental Revenue	$	188,033,567		$	192,898,039		$	198,118,349		$	203,389,861		$	209,867,582		$	215,976,559		$	221,689,431		$	227,968,081
Absorption & Turnover V		(4,787,747	)		(3,928,928	)		(5,006,936	)		(3,720,625	)		(3,956,541	)		(5,030,593	)		(4,532,389	)		(5,502,567	)
Base Rent Abatements		(5,487,155	)		(3,376,088	)		(3,930,750	)		(2,637,974	)		(3,534,204	)		(3,275,211	)		(3,738,130	)		(3,702,967	)
Scheduled Base Rental R		177,758,665			185,593,023			189,180,663			197,031,262			202,376,837			207,670,755			213,418,912			218,762,547
Porters’ Wage Revenue
CPI & Other Adjustment		156,290			228,962			303,816			380,915			460,326			542,121			626,369			520,017
Expense Reimbursement R		15,808,237			16,405,049			16,830,685			17,899,471			18,978,079			19,843,709			20,643,222			21,538,525
Miscellaneous Income		2,412,832			2,485,217			2,559,773			2,636,567			2,715,664			2,797,134			2,881,048			2,967,479
Carryover Electric
Total Potential Gross Rev		196,136,024			204,712,251			208,874,937			217,948,215			224,530,906			230,853,719			237,569,551			243,788,568
General Vacancy		(1,239,966	)		(2,330,307	)		(1,409,520	)		(2,929,440	)		(2,898,082	)		(2,045,936	)		(2,730,669	)		(1,976,167	)
Collection Loss		(1,961,360	)		(2,047,123	)		(2,088,749	)		(2,179,482	)		(2,245,309	)		(2,308,537	)		(2,375,696	)		(2,437,886	)
Effective Gross Revenue		192,934,698			200,334,821			205,376,668			212,839,293			219,387,515			226,499,246			232,463,186			239,374,515
Operating Expenses
Payroll		5,085,552			5,238,118			5,395,262			5,557,119			5,723,833			5,895,548			6,072,414			6,254,587
Cleaning		10,378,678			10,690,038			11,010,739			11,341,062			11,681,293			12,031,732			12,392,684			12,764,465
Utilities		14,184,194			14,609,720			15,048,012			15,499,452			15,964,436			16,443,369			16,936,670			17,444,770
Security		2,639,460			2,718,644			2,800,203			2,884,209			2,970,735			3,059,857			3,151,653			3,246,203
Repairs & Maintenance		5,922,690			6,100,371			6,283,382			6,471,884			6,666,040			6,866,021			7,072,002			7,284,162
Management Fee		1,929,347			2,003,348			2,053,767			2,128,393			2,193,875			2,264,992			2,324,632			2,393,745
Professional Fees/Admin		3,150,101			3,244,604			3,341,942			3,442,201			3,545,467			3,651,831			3,761,386			3,874,227
Real Estate Taxes		28,592,239			29,450,006			30,333,506			31,243,511			32,180,817			33,146,241			34,140,628			35,164,847
Bid Tax		192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353
Insurance		1,210,845			1,247,170			1,284,586			1,323,123			1,362,817			1,403,701			1,445,812			1,489,187
Rent to Owner		8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874			8,528,874
Secondary Additional Re
Total Operating Expenses		81,814,333			84,023,246			86,272,626			88,612,181			91,010,540			93,484,519			96,019,108			98,637,420
Net Operating Income		111,120,365			116,311,575			119,104,042			124,227,112			128,376,975			133,014,727			136,444,078			140,737,095
Leasing & Capital Costs
Tenant Improvements		4,584,868			5,487,018			6,579,807			5,473,984			3,403,495			5,626,047			5,305,187			5,977,298
Leasing Commissions		9,278,955			4,769,609			5,503,015			4,536,113			6,136,126			4,491,299			5,298,660			5,421,086
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		13,863,823			10,256,627			12,082,822			10,010,097			9,539,621			10,117,346			10,603,847			11,398,384
Cash Flow Before Debt Ser	$	97,256,542		$	106,054,948		$	107,021,220		$	114,217,015		$	118,837,354		$	122,897,381		$	125,840,231		$	129,338,711
& Taxes
Cash Flow to Operator		52,353,808			56,753,011			57,236,147			60,834,045			63,144,214			65,174,228			66,645,653			68,394,893
PV to Building Operator
Discount Rate

	3.0%
	41		42		43		44		45		46		47		48
	6/30/2052		6/30/2053		6/30/2054		6/30/2055		6/30/2056		6/30/2057		6/30/2058		6/30/2059
For the Years Ending	Jun-2052		Jun-2053		Jun-2054		Jun-2055		Jun-2056		Jun-2057		Jun-2058		Jun-2059
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
Porters’ Wage Revenue
CPI & Other Adjustment
Expense Reimbursement R
Miscellaneous Income
Carryover Electric
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		246,555,750		253,952,423		261,570,996		269,418,126		277,500,669		285,825,689		294,400,460		303,232,474
Operating Expenses
Payroll
Cleaning
Utilities
Security
Repairs & Maintenance
Management Fee
Professional Fees/Admin
Real Estate Taxes
Bid Tax
Insurance
Rent to Owner
Secondary Additional Re
Total Operating Expenses		92,811,802		95,596,156		98,464,041		101,417,962		104,460,501		107,594,316		110,822,146		114,146,810
Net Operating Income		153,743,948		158,356,267		163,106,955		168,000,163		173,040,168		178,231,373		183,578,314		189,085,664
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		9,289,261		9,567,939		9,854,977		10,150,627		10,455,146		10,768,800		11,091,864		11,424,620
Cash Flow Before Debt Ser	$	144,454,687	$	148,788,327	$	153,251,977	$	157,849,536	$	162,585,022	$	167,462,573	$	172,486,450	$	177,661,044
& Taxes
Cash Flow to Operator		71,688,443		73,855,264		76,087,089		78,385,868		80,753,611		83,192,387		85,704,325		88,291,622
PV to Building Operator
Discount Rate

	49		50		51		52		53		54		55		56
	6/30/2060		6/30/2061		6/30/2062		6/30/2063		6/30/2064		6/30/2065		6/30/2066		6/30/2067
For the Years Ending	Jun-2060		Jun-2061		Jun-2062		Jun-2063		Jun-2064		Jun-2065		Jun-2066		Jun-2067
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
Porters’ Wage Revenue
CPI & Other Adjustment
Expense Reimbursement R
Miscellaneous Income
Carryover Electric
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		312,329,448		321,699,332		331,350,311		341,290,821		351,529,545		362,075,432		372,937,695		384,125,826
Operating Expenses
Payroll
Cleaning
Utilities
Security
Repairs & Maintenance
Management Fee
Professional Fees/Admin
Real Estate Taxes
Bid Tax
Insurance
Rent to Owner
Secondary Additional Re
Total Operating Expenses		117,571,214		121,098,351		124,731,301		128,473,240		132,327,438		136,297,261		140,386,179		144,597,764
Net Operating Income		194,758,234		200,600,981		206,619,010		212,817,580		219,202,108		225,778,171		232,551,516		239,528,062
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		11,767,359		12,120,379		12,483,991		12,858,510		13,244,266		13,641,594		14,050,841		14,472,367
Cash Flow Before Debt Ser	$	182,990,875	$	188,480,601	$	194,135,019	$	199,959,070	$	205,957,842	$	212,136,577	$	218,500,675	$	225,055,695
& Taxes
Cash Flow to Operator		90,956,538		93,701,401		96,528,610		99,440,635		102,440,021		105,529,389		108,711,437		111,988,947
PV to Building Operator
Discount Rate

	57		58		59		60		61		62		63		64
	6/30/2068		6/30/2069		6/30/2070		6/30/2071		6/30/2072		6/30/2073		6/30/2074		6/30/2075
For the Years Ending	Jun-2068		Jun-2069		Jun-2070		Jun-2071		Jun-2072		Jun-2073		Jun-2074		Jun-2075
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
Porters’ Wage Revenue
CPI & Other Adjustment
Expense Reimbursement R
Miscellaneous Income
Carryover Electric
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		395,649,600		407,519,088		419,744,661		432,337,001		445,307,111		458,666,324		472,426,314		486,599,103
Operating Expenses
Payroll
Cleaning
Utilities
Security
Repairs & Maintenance
Management Fee
Professional Fees/Admin
Real Estate Taxes
Bid Tax
Insurance
Rent to Owner
Secondary Additional Re
Total Operating Expenses		148,935,697		153,403,768		158,005,881		162,746,057		167,628,439		172,657,292		177,837,011		183,172,121
Net Operating Income		246,713,903		254,115,321		261,738,780		269,590,944		277,678,672		286,009,032		294,589,303		303,426,982
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		14,906,538		15,353,734		15,814,346		16,288,776		16,777,440		17,280,763		17,799,186		18,333,161
Cash Flow Before Debt Ser	$	231,807,366	$	238,761,587	$	245,924,434	$	253,302,167	$	260,901,232	$	268,728,269	$	276,790,117	$	285,093,821
& Taxes
Cash Flow to Operator		115,364,783		118,841,893		122,423,317		126,112,184		129,911,716		133,825,235		137,856,159		142,008,010
PV to Building Operator
Discount Rate

	65		66		67		68		69		70		71		72		72.25
	6/30/2076		6/30/2077		6/30/2078		6/30/2079		6/30/2080		6/30/2081		6/30/2082		6/30/2083		9/30/2083
For the Years Ending	Jun-2076		Jun-2077		Jun-2078		Jun-2079		Jun-2080		Jun-2081		Jun-2082		Jun-2083		Sep-2083
Potential Gross Revenue																			x
Base Rental Revenue																			x
Absorption & Turnover V																			x
Base Rent Abatements																			x
Scheduled Base Rental R																			x
Porters’ Wage Revenue																			x
CPI & Other Adjustment																			x
Expense Reimbursement R																			x
Miscellaneous Income																			x
Carryover Electric																			x
Total Potential Gross Rev																			x
General Vacancy																			x
Collection Loss																			x
Effective Gross Revenue		501,197,076		516,232,989		531,719,978		547,671,578		564,101,725		581,024,777		598,455,520		616,409,186		634,901,461	x
Operating Expenses																			x
Payroll																			x
Cleaning																			x
Utilities																			x
Security																			x
Repairs & Maintenance																			x
Management Fee																			x
Professional Fees/Admin																			x
Real Estate Taxes																			x
Bid Tax																			x
Insurance																			x
Rent to Owner																			x
Secondary Additional Re																			x
Total Operating Expenses		188,667,285		194,327,303		200,157,123		206,161,836		212,346,691		218,717,092		225,278,605		232,036,963		238,998,072	x
Net Operating Income		312,529,792		321,905,685		331,562,856		341,509,742		351,755,034		362,307,685		373,176,915		384,372,223		395,903,389	x
Leasing & Capital Costs																			x
Tenant Improvements																			x
Leasing Commissions																			x
PB Work																			x
Capital Improvements																			x
Base Building																			x
Total Leasing & Capital C		18,883,156		19,449,651		20,033,140		20,634,134		21,253,158		21,890,753		22,547,476		23,223,900		23,920,617	x
Cash Flow Before Debt Ser	$	293,646,636	$	302,456,035	$	311,529,716	$	320,875,607	$	330,501,875	$	340,416,932	$	350,629,440	$	361,148,323	$	371,982,772	x
& Taxes
Cash Flow to Operator		146,284,418		150,689,117		155,225,958		159,898,904		164,712,038		169,669,566		174,775,820		180,035,261		46,363,122	x
PV to Building Operator																			x
Discount Rate																			x

112 W34th Street

					Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8
					Jul-11			Jul-12			Jul-13			Jul-14			Jul-15			Jul-16			Jul-17			Jul-18
					Jun-12			Jun-13			Jun-14			Jun-15			Jun-16			Jun-17			Jun-18			Jun-19
Inflator		3	%
Fixed Rents
	Basic Rent					756,026			756,026			756,026			861,026			861,026			861,026			861,026			861,026
	Third Party Ground Rent					840,000			840,000			840,000			735,000			735,000			735,000			735,000			735,000
	Rent/Debt Service			see below		5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
	Total Fixed Rent					6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671
Overage Rent
	Total Income					26,667,305			30,067,247			32,263,094			34,257,615			35,903,947			53,444,043			55,674,739			59,543,040
	Total Operating Expense					(20,387,934	)		(20,546,474	)		(20,743,970	)		(21,340,623	)		(21,882,750	)		(22,617,133	)		(23,217,270	)		(23,854,611	)
Add:	Rent if included in Opex above					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Net Operating Income					13,106,877			16,348,279			18,346,630			19,744,498			20,848,703			37,654,416			39,284,975			42,515,935
Add:	Use of Cash from Loans					—			ZEROED OUT
Less:	Total Capital Expenses					(9,716,298	)		(4,680,676	)		(2,795,050	)		(3,035,902	)		(11,586,427	)		(11,057,571	)		(8,273,505	)		(1,115,950	)
Less:	Total Fixed Rent					(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					1,794,553			10,071,577			13,955,554			15,112,570			7,666,250			25,000,819			29,415,444			39,803,959
	Exclusion					(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)
	Remainder for Overage					1,512,559			9,789,583			13,673,560			14,830,576			7,384,256			24,718,825			29,133,450			39,521,965
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					756,280			4,894,792			6,836,780			7,415,288			3,692,128			12,359,413			14,566,725			19,760,983
CF of operator						1,038,274			5,176,786			7,118,774			7,697,282			3,974,122			12,641,407			14,848,719			20,042,977
CF to Fee Owner
	Total Fixed Rent					5,917,671			5,917,671			5,917,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671
	Overage Rent %					756,280			4,894,792			6,836,780			7,415,288			3,692,128			12,359,413			14,566,725			19,760,983
	Less: Debt Service					(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)
	Total					1,512,306			5,650,818			7,592,806			8,276,314			4,553,154			13,220,439			15,427,751			20,622,009
				CF to Dist to MP		2,550,579			10,827,603			14,711,580			15,973,596			8,527,276			25,861,845			30,276,470			40,664,985
				CF to 3rd Party		840,000			840,000			840,000			735,000			735,000			735,000			735,000			735,000
				FS CF		3,390,579			11,667,603			15,551,580			16,708,596			9,262,276			26,596,845			31,011,470			41,399,985
				Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent					1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026
	Rent/Debt Service
	First			79,223,000		4,761,302
	Second			9,950,000		652,720
	Less amount allocable to orig mort					(252,377	)
	Rent/Debt Service*					5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
*	in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income					26,667,305			30,067,247			32,263,094			34,257,615			35,903,947			53,444,043			55,674,739			59,543,040
	Total Operating Expense					20,387,934			20,546,474			20,743,970			21,340,623			21,882,750			22,617,133			23,217,270			23,854,611
	Ground Rents					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Total Capital Expenses					9,716,298			4,680,676			2,795,050			3,035,902			11,586,427			11,057,571			8,273,505			1,115,950
	Net Cash Flow					(3,436,927	)		4,840,097			8,724,074			9,881,090			2,434,770			19,769,339			24,183,964			34,572,479
Check
	Total Rents Variance					686,445			4,824,957			6,766,945			7,345,453			3,622,293			12,289,578			14,496,890			19,691,148
	Duff Pro forma check
	Calc Above					(3,436,927	)		4,840,097			8,724,074			9,881,090			2,434,770			19,769,339			24,183,964			34,572,479
	Dump from Pro Forma					(3,436,927	)		4,840,097			8,724,074			9,881,090			2,434,770			19,769,339			24,183,964			34,572,479
	Variance					—			—			—			—			—			—			—			—
	Net Cash Flow					(3,436,927	)		4,840,097			8,724,074			9,881,090			2,434,770			19,769,339			24,183,964			34,572,479
	Use of Cash from Loans					—			ZEROED OUT			—			—			—			—			—			—
	Rent if included in Opex above					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Total Fixed Rent					(6,757,671	)		(6,757,671	)		(6,757,671	)		(6,757,671	)		(6,757,671	)		(6,757,671	)		(6,757,671	)		(6,757,671	)
	Overage Rent @ 50%					(756,280	)		(4,894,792	)		(6,836,780	)		(7,415,288	)		(3,692,128	)		(12,359,413	)		(14,566,725	)		(19,760,983	)
	Subtotal					(4,123,372	)		15,141			1,957,129			2,535,637			(1,187,523	)		7,479,762			9,687,074			14,881,332
	CF to Operator					1,038,274			5,176,786			7,118,774			7,697,282			3,974,122			12,641,407			14,848,719			20,042,977
	Variance					(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)
						5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
DUFF Argus Dump
	Total Income					26,667,305			30,067,247			32,263,094			34,257,615			35,903,947			53,444,043			55,674,739			59,543,040
	Total Operating Expense					20,321,265			20,471,307			20,663,312			21,254,980			21,792,990			22,483,523			23,078,082			23,705,754
	Basic Rent					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Total Capital Expenses					9,716,298			4,680,676			2,795,050			3,035,902			11,586,427			11,057,571			8,273,505			1,115,950
	Net Cash Flow					(3,370,258	)		4,915,264			8,804,732			9,966,733			2,524,530			19,902,949			24,323,152			34,721,336
						(3,370,258	)
	GROUND RENT FOR LF VALUATION					1,512,306			5,650,818			7,592,806			8,276,314			4,553,154			13,220,439			15,427,751			20,622,009
	Variance					—			—			—			—			—			—			—			—
	PV of Rent Flows					190,419,265
	Rent PSF					2			7			10			11			6			17			20			26
	Average Rent PSF				$	57

Page 1 of 9

					Year 9			Year 10			Year 11			Year 12			Year 13			Year 14			Year 15			Year 16
					Jul-19			Jul-20			Jul-21			Jul-22			Jul-23			Jul-24			Jul-25			Jul-26
					Jun-20			Jun-21			Jun-22			Jun-23			Jun-24			Jun-25			Jun-26			Jun-27
Inflator		3	%
Fixed Rents
	Basic Rent					861,026			861,026			861,026			861,026			861,026			861,026			861,026			861,026
	Third Party Ground Rent					735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
	Rent/Debt Service			see below		5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
	Total Fixed Rent					6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671
Overage Rent
	Total Income					61,379,799			63,276,675			65,185,953			67,438,537			70,348,361			70,987,754			72,977,916			72,440,115
	Total Operating Expense					(24,483,809	)		(25,131,536	)		(25,735,998	)		(26,300,206	)		(26,888,707	)		(27,465,393	)		(28,076,021	)		(28,672,630	)
Add:	Rent if included in Opex above					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Net Operating Income					43,723,496			44,972,645			46,277,461			47,965,837			50,287,160			50,349,867			51,729,401			50,594,991
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(1,490,071	)		(790,113	)		(3,276,681	)		(3,342,385	)		(946,915	)		(4,868,685	)		(3,136,732	)		(16,254,927	)
Less:	Total Fixed Rent					(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					40,637,399			42,586,506			41,404,754			43,027,426			47,744,219			43,885,156			46,996,643			32,744,038
	Exclusion					(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)
	Remainder for Overage					40,355,405			42,304,512			41,122,760			42,745,432			47,462,225			43,603,162			46,714,649			32,462,044
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					20,177,703			21,152,256			20,561,380			21,372,716			23,731,113			21,801,581			23,357,325			16,231,022
CF of operator						20,459,697			21,434,250			20,843,374			21,654,710			24,013,107			22,083,575			23,639,319			16,513,016
CF to Fee Owner
	Total Fixed Rent					6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671
	Overage Rent %					20,177,703			21,152,256			20,561,380			21,372,716			23,731,113			21,801,581			23,357,325			16,231,022
	Less: Debt Service					(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)
	Total					21,038,729			22,013,282			21,422,406			22,233,742			24,592,139			22,662,607			24,218,351			17,092,048
				CF to Dist to MP		41,498,425			43,447,532			42,265,780			43,888,452			48,605,245			44,746,182			47,857,669			33,605,064
				CF to 3rd Party		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
				FS CF		42,233,425			44,182,532			43,000,780			44,623,452			49,340,245			45,481,182			48,592,669			34,340,064
				Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent					1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026
	Rent/Debt Service
	First			79,223,000
	Second			9,950,000
	Less amount allocable to orig mort
	Rent/Debt Service*					5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
*	in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income					61,379,799			63,276,675
	Total Operating Expense					24,483,809			25,131,536
	Ground Rents					6,827,506			6,827,506
	Total Capital Expenses					1,490,071			790,113
	Net Cash Flow					35,405,919			37,355,026
Check
	Total Rents Variance					20,107,868			21,082,421
	Duff Pro forma check
	Calc Above					35,405,919			37,355,026
	Dump from Pro Forma					35,405,919			37,355,026
	Variance					—			—
	Net Cash Flow					35,405,919			37,355,026
	Use of Cash from Loans					—			—
	Rent if included in Opex above					6,827,506			6,827,506
	Total Fixed Rent					(6,757,671	)		(6,757,671	)
	Overage Rent @ 50%					(20,177,703	)		(21,152,256	)
	Subtotal					15,298,052			16,272,605
	CF to Operator					20,459,697			21,434,250
	Variance					(5,161,645	)		(5,161,645	)
						5,161,645			5,161,645
DUFF Argus Dump
	Total Income					61,379,799			63,276,675
	Total Operating Expense					24,330,358			24,973,345
	Basic Rent					6,827,506			6,827,506
	Total Capital Expenses					1,490,071			790,113
	Net Cash Flow					35,559,370			37,513,217
	GROUND RENT FOR LF VALUATION					21,038,729			22,013,282			21,422,406			22,233,742			24,592,139			22,662,607			24,218,351			17,092,048
	Variance					—			—			—			—			—			—			—			—
	PV of Rent Flows
	Rent PSF					27			28			27			28			31			29			31			22
	Average Rent PSF

Page 2 of 9

					Year 17			Year 18			Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
					Jul-27			Jul-28			Jul-29			Jul-30			Jul-31			Jul-32			Jul-33			Jul-34
					Jun-28			Jun-29			Jun-30			Jun-31			Jun-32			Jun-33			Jun-34			Jun-35
Inflator		3	%
Fixed Rents
	Basic Rent					861,026			861,026			861,026			861,026			861,026			861,026			861,026			861,026
	Third Party Ground Rent					735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
	Rent/Debt Service			see below		5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
	Total Fixed Rent					6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671
Overage Rent
	Total Income					77,142,770			82,026,964			84,649,172			86,681,221			88,836,621			91,693,927			95,039,998			96,315,277
	Total Operating Expense					(29,352,839	)		(30,053,964	)		(30,746,008	)		(31,450,458	)		(32,176,826	)		(32,932,948	)		(33,716,788	)		(34,497,002	)
Add:	Rent if included in Opex above					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Net Operating Income					54,617,437			58,800,506			60,730,670			62,058,269			63,487,301			65,588,485			68,150,716			68,645,781
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(8,475,204	)		(1,336,137	)		(855,594	)		(1,280,253	)		(3,731,344	)		(4,443,822	)		(2,350,178	)		(6,397,372	)
Less:	Total Fixed Rent					(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					44,546,207			55,868,343			58,279,050			59,181,990			58,159,931			59,548,637			64,204,512			60,652,383
	Exclusion					(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)
	Remainder for Overage					44,264,213			55,586,349			57,997,056			58,899,996			57,877,937			59,266,643			63,922,518			60,370,389
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					22,132,107			27,793,175			28,998,528			29,449,998			28,938,969			29,633,322			31,961,259			30,185,195
CF of operator						22,414,101			28,075,169			29,280,522			29,731,992			29,220,963			29,915,316			32,243,253			30,467,189
CF to Fee Owner
	Total Fixed Rent					6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671
	Overage Rent %					22,132,107			27,793,175			28,998,528			29,449,998			28,938,969			29,633,322			31,961,259			30,185,195
	Less: Debt Service					(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)
	Total					22,993,133			28,654,201			29,859,554			30,311,024			29,799,995			30,494,348			32,822,285			31,046,221
				CF to Dist to MP		45,407,233			56,729,369			59,140,076			60,043,016			59,020,957			60,409,663			65,065,538			61,513,409
				CF to 3rd Party		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
				FS CF		46,142,233			57,464,369			59,875,076			60,778,016			59,755,957			61,144,663			65,800,538			62,248,409
				Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent					1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026
	Rent/Debt Service
	First			79,223,000
	Second			9,950,000
	Less amount allocable to orig mort
	Rent/Debt Service*					5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
*	in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					22,993,133			28,654,201			29,859,554			30,311,024			29,799,995			30,494,348			32,822,285			31,046,221
	Variance					—			—			—			—			—			—			—			—
	PV of Rent Flows
	Rent PSF					29			37			38			39			38			39			42			40
	Average Rent PSF

Page 3 of 9

				Year 25			Year 26			Year 27			Year 28			Year 29			Year 30			Year 31			Year 32
				Jul-35			Jul-36			Jul-37			Jul-38			Jul-39			Jul-40			Jul-41			Jul-42
				Jun-36			Jun-37			Jun-38			Jun-39			Jun-40			Jun-41			Jun-42			Jun-43
Inflator		3%
Fixed Rents
	Basic Rent				861,026			861,026			861,026			861,026			861,026			861,026			861,026			861,026
	Third Party Ground Rent				735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
	Rent/Debt Service		see below		5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
	Total Fixed Rent				6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671
Overage Rent
	Total Income				100,461,319			94,886,519			104,150,791			108,618,357			113,495,745			116,284,789			118,939,378			123,597,778
	Total Operating Expense				(35,336,042	)		(36,077,164	)		(37,028,127	)		(37,944,163	)		(38,891,137	)		(39,838,593	)		(40,811,732	)		(41,838,122	)
Add:	Rent if included in Opex above				6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Net Operating Income				71,952,783			65,636,861			73,950,170			77,501,700			81,432,114			83,273,702			84,955,152			88,587,162
Add:	Use of Cash from Loans
Less:	Total Capital Expenses				(3,378,939	)		(22,562,085	)		(11,112,075	)		(2,089,611	)		(1,340,697	)		(1,599,585	)		(5,137,016	)		(3,969,929	)
Less:	Total Fixed Rent				(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)
Less:	Interest Income				—			—			—			—			—			—			—			—
	Other				—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent				66,977,818			41,478,750			61,242,069			73,816,063			78,495,391			80,078,091			78,222,110			83,021,207
	Exclusion				(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)
	Remainder for Overage				66,695,824			41,196,756			60,960,075			73,534,069			78,213,397			79,796,097			77,940,116			82,739,213
	Overage Rent %				50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%				33,347,912			20,598,378			30,480,038			36,767,035			39,106,699			39,898,049			38,970,058			41,369,607
CF of operator					33,629,906			20,880,372			30,762,032			37,049,029			39,388,693			40,180,043			39,252,052			41,651,601
CF to Fee Owner
	Total Fixed Rent				6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671
	Overage Rent %				33,347,912			20,598,378			30,480,038			36,767,035			39,106,699			39,898,049			38,970,058			41,369,607
	Less: Debt Service				(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)
	Total				34,208,938			21,459,404			31,341,064			37,628,061			39,967,725			40,759,075			39,831,084			42,230,633
			CF to Dist to MP		67,838,844			42,339,776			62,103,095			74,677,089			79,356,417			80,939,117			79,083,136			83,882,233
			CF to 3rd Party		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
			FS CF		68,573,844			43,074,776			62,838,095			75,412,089			80,091,417			81,674,117			79,818,136			84,617,233
			Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent				1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026
	Rent/Debt Service
	First		79,223,000
	Second		9,950,000
	Less amount allocable to orig mort
	Rent/Debt Service*				5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
*	in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION				34,208,938			21,459,404			31,341,064			37,628,061			39,967,725			40,759,075			39,831,084			42,230,633
	Variance				—			—			—			—			—			—			—			—
	PV of Rent Flows
	Rent PSF				44			27			40			48			51			52			51			54
	Average Rent PSF

Page 4 of 9

					Year 33			Year 34			Year 35			Year 36			Year 37			Year 38			Year 39			Year 40
					Jul-43			Jul-44			Jul-45			Jul-46			Jul-47			Jul-48			Jul-49			Jul-50
					Jun-44			Jun-45			Jun-46			Jun-47			Jun-48			Jun-49			Jun-50			Jun-51
Inflator		3	%
Fixed Rents
	Basic Rent					861,026			861,026			861,026			861,026			861,026			861,026			861,026			861,026
	Third Party Ground Rent					735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
	Rent/Debt Service			see below		5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
	Total Fixed Rent					6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671
Overage Rent
	Total Income					126,913,210			129,315,582			135,088,004			126,976,843			130,786,148			134,709,733			138,751,025			142,913,555
	Total Operating Expense					(42,876,781	)		(43,933,933	)		(45,064,025	)		(46,052,308	)		(47,229,052	)		(48,441,098	)		(49,689,506	)		(50,975,366	)
Add:	Rent if included in Opex above					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Net Operating Income					90,863,935			92,209,155			96,851,485			87,752,041			90,384,602			93,096,140			95,889,025			98,765,695
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(5,008,220	)		(7,744,060	)		(1,660,470	)		(29,253,494	)		(5,835,944	)		(6,011,022	)		(6,191,353	)		(6,377,093	)
Less:	Total Fixed Rent					(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					84,259,689			82,869,069			93,594,989			56,902,521			82,952,633			85,489,092			88,101,646			90,792,576
	Exclusion					(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)
	Remainder for Overage					83,977,695			82,587,075			93,312,995			56,620,527			82,670,639			85,207,098			87,819,652			90,510,582
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					41,988,848			41,293,538			46,656,498			28,310,264			41,335,319			42,603,549			43,909,826			45,255,291
CF of operator						42,270,842			41,575,532			46,938,492			28,592,258			41,617,313			42,885,543			44,191,820			45,537,285
CF to Fee Owner
	Total Fixed Rent					6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671
	Overage Rent %					41,988,848			41,293,538			46,656,498			28,310,264			41,335,319			42,603,549			43,909,826			45,255,291
	Less: Debt Service					(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)
	Total					42,849,874			42,154,564			47,517,524			29,171,290			42,196,345			43,464,575			44,770,852			46,116,317
				CF to Dist to MP		85,120,715			83,730,095			94,456,015			57,763,547			83,813,659			86,350,118			88,962,672			91,653,602
				CF to 3rd Party		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
				FS CF		85,855,715			84,465,095			95,191,015			58,498,547			84,548,659			87,085,118			89,697,672			92,388,602
				Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent					1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026
	Rent/Debt Service
	First			79,223,000
	Second			9,950,000
	Less amount allocable to orig mort
	Rent/Debt Service*					5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
*	in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					42,849,874			42,154,564			47,517,524			29,171,290			42,196,345			43,464,575			44,770,852			46,116,317
	Variance					—			—			—			—
	PV of Rent Flows
	Rent PSF					55			54			61			37			54			55			57			59
	Average Rent PSF

Page 5 of 9

					Year 41			Year 42			Year 43			Year 44			Year 45			Year 46			Year 47			Year 48
					Jul-51			Jul-52			Jul-53			Jul-54			Jul-55			Jul-56			Jul-57			Jul-58
					Jun-52			Jun-53			Jun-54			Jun-55			Jun-56			Jun-57			Jun-58			Jun-59
Inflator		3	%
Fixed Rents
	Basic Rent					861,026			861,026			861,026			861,026			861,026			861,026			861,026			861,026
	Third Party Ground Rent					735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
	Rent/Debt Service			see below		5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
	Total Fixed Rent					6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671
Overage Rent
	Total Income					147,200,962			151,616,991			156,165,501			160,850,466			165,675,980			170,646,259			175,765,647			181,038,616
	Total Operating Expense					(52,299,802	)		(53,663,971	)		(55,069,065	)		(56,516,312	)		(58,006,976	)		(59,542,360	)		(61,123,806	)		(62,752,694	)
Add:	Rent if included in Opex above					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Net Operating Income					101,728,666			104,780,526			107,923,942			111,161,660			114,496,510			117,931,405			121,469,347			125,113,428
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(6,568,406	)		(6,765,458	)		(6,968,422	)		(7,177,475	)		(7,392,799	)		(7,614,583	)		(7,843,020	)		(8,078,311	)
Less:	Total Fixed Rent					(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					93,564,234			96,419,042			99,359,494			102,388,159			105,507,685			108,720,796			112,030,301			115,439,091
	Exclusion					(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)
	Remainder for Overage					93,282,240			96,137,048			99,077,500			102,106,165			105,225,691			108,438,802			111,748,307			115,157,097
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					46,641,120			48,068,524			49,538,750			51,053,083			52,612,846			54,219,401			55,874,154			57,578,548
CF of operator						46,923,114			48,350,518			49,820,744			51,335,077			52,894,840			54,501,395			56,156,148			57,860,542
CF to Fee Owner
	Total Fixed Rent					6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671
	Overage Rent %					46,641,120			48,068,524			49,538,750			51,053,083			52,612,846			54,219,401			55,874,154			57,578,548
	Less: Debt Service					(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)
	Total					47,502,146			48,929,550			50,399,776			51,914,109			53,473,872			55,080,427			56,735,180			58,439,574
				CF to Dist to MP		94,425,260			97,280,068			100,220,520			103,249,185			106,368,711			109,581,822			112,891,327			116,300,117
				CF to 3rd Party		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
				FS CF		95,160,260			98,015,068			100,955,520			103,984,185			107,103,711			110,316,822			113,626,327			117,035,117
				Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent					1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026
	Rent/Debt Service
	First			79,223,000
	Second			9,950,000
	Less amount allocable to orig mort
	Rent/Debt Service*					5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
*	in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					47,502,146			48,929,550			50,399,776			51,914,109			53,473,872			55,080,427			56,735,180			58,439,574
	Variance
	PV of Rent Flows
	Rent PSF					61			62			64			66			68			70			72			75
	Average Rent PSF

Page 6 of 9

					Year 49			Year 50			Year 51			Year 52			Year 53			Year 54			Year 55			Year 56
					Jul-59			Jul-60			Jul-61			Jul-62			Jul-63			Jul-64			Jul-65			Jul-66
					Jun-60			Jun-61			Jun-62			Jun-63			Jun-64			Jun-65			Jun-66			Jun-67
Inflator		3	%
Fixed Rents
	Basic Rent					861,026			861,026			861,026			861,026			861,026			861,026			861,026			861,026
	Third Party Ground Rent					735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
	Rent/Debt Service			see below		5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
	Total Fixed Rent					6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671
Overage Rent
	Total Income					186,469,775			192,063,868			197,825,784			203,760,558			209,873,374			216,169,576			222,654,663			229,334,303
	Total Operating Expense					(64,430,450	)		(66,158,538	)		(67,938,469	)		(69,771,798	)		(71,660,127	)		(73,605,106	)		(75,608,434	)		(77,671,862	)
Add:	Rent if included in Opex above					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Net Operating Income					128,866,831			132,732,836			136,714,821			140,816,265			145,040,753			149,391,976			153,873,735			158,489,947
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(8,320,660	)		(8,570,280	)		(8,827,388	)		(9,092,210	)		(9,364,976	)		(9,645,926	)		(9,935,303	)		(10,233,363	)
Less:	Total Fixed Rent					(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					118,950,144			122,566,529			126,291,406			130,128,029			134,079,751			138,150,024			142,342,406			146,660,559
	Exclusion					(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)
	Remainder for Overage					118,668,150			122,284,535			126,009,412			129,846,035			133,797,757			137,868,030			142,060,412			146,378,565
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					59,334,075			61,142,268			63,004,706			64,923,018			66,898,878			68,934,015			71,030,206			73,189,282
CF of operator						59,616,069			61,424,262			63,286,700			65,205,012			67,180,872			69,216,009			71,312,200			73,471,276
CF to Fee Owner
	Total Fixed Rent					6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671
	Overage Rent %					59,334,075			61,142,268			63,004,706			64,923,018			66,898,878			68,934,015			71,030,206			73,189,282
	Less: Debt Service					(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)
	Total					60,195,101			62,003,294			63,865,732			65,784,044			67,759,904			69,795,041			71,891,232			74,050,308
				CF to Dist to MP		119,811,170			123,427,555			127,152,432			130,989,055			134,940,777			139,011,050			143,203,432			147,521,585
				CF to 3rd Party		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
				FS CF		120,546,170			124,162,555			127,887,432			131,724,055			135,675,777			139,746,050			143,938,432			148,256,585
				Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent					1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026
	Rent/Debt Service
	First			79,223,000
	Second			9,950,000
	Less amount allocable to orig mort
	Rent/Debt Service*					5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
*	in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					60,195,101			62,003,294			63,865,732			65,784,044			67,759,904			69,795,041			71,891,232			74,050,308
	Variance
	PV of Rent Flows
	Rent PSF					77			79			81			84			86			89			92			94
	Average Rent PSF

Page 7 of 9

					Year 57			Year 58			Year 59			Year 60			Year 61			Year 62			Year 63			Year 64
					Jul-67			Jul-68			Jul-69			Jul-70			Jul-71			Jul-72			Jul-73			Jul-74
					Jun-68			Jun-69			Jun-70			Jun-71			Jun-72			Jun-73			Jun-74			Jun-75
Inflator		3	%
Fixed Rents
	Basic Rent					861,026			861,026			861,026			861,026			861,026			861,026			861,026			861,026
	Third Party Ground Rent					735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
	Rent/Debt Service			see below		5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
	Total Fixed Rent					6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671			6,757,671
Overage Rent
	Total Income					236,214,332			243,300,762			250,599,785			258,117,778			265,861,311			273,837,151			282,052,265			290,513,833
	Total Operating Expense					(79,797,192	)		(81,986,283	)		(84,241,046	)		(86,563,452	)		(88,955,531	)		(91,419,371	)		(93,957,127	)		(96,571,016	)
Add:	Rent if included in Opex above					6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
	Net Operating Income					163,244,646			168,141,985			173,186,244			178,381,832			183,733,287			189,245,285			194,922,644			200,770,323
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(10,540,363	)		(10,856,574	)		(11,182,272	)		(11,517,740	)		(11,863,272	)		(12,219,170	)		(12,585,745	)		(12,963,318	)
Less:	Total Fixed Rent					(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)		(1,596,026	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					151,108,256			155,689,385			160,407,947			165,268,066			170,273,989			175,430,089			180,740,873			186,210,980
	Exclusion					(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)		(281,994	)
	Remainder for Overage					150,826,262			155,407,391			160,125,953			164,986,072			169,991,995			175,148,095			180,458,879			185,928,986
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					75,413,131			77,703,695			80,062,976			82,493,036			84,995,997			87,574,048			90,229,439			92,964,493
CF of operator						75,695,125			77,985,689			80,344,970			82,775,030			85,277,991			87,856,042			90,511,433			93,246,487
CF to Fee Owner
	Total Fixed Rent					6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671			6,022,671
	Overage Rent %					75,413,131			77,703,695			80,062,976			82,493,036			84,995,997			87,574,048			90,229,439			92,964,493
	Less: Debt Service					(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)		(5,161,645	)
	Total					76,274,157			78,564,721			80,924,002			83,354,062			85,857,023			88,435,074			91,090,465			93,825,519
				CF to Dist to MP		151,969,282			156,550,411			161,268,973			166,129,092			171,135,015			176,291,115			181,601,899			187,072,006
				CF to 3rd Party		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
				FS CF		152,704,282			157,285,411			162,003,973			166,864,092			171,870,015			177,026,115			182,336,899			187,807,006
				Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent					1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026			1,596,026
	Rent/Debt Service
	First			79,223,000
	Second			9,950,000
	Less amount allocable to orig mort
	Rent/Debt Service*					5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645			5,161,645
*	in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					76,274,157			78,564,721			80,924,002			83,354,062			85,857,023			88,435,074			91,090,465			93,825,519
	Variance
	PV of Rent Flows
	Rent PSF					97			100			103			106			110			113			116			120
	Average Rent PSF

Page 8 of 9

Year 65

Year 66

x

Jul-75

Jul-76

x

Jun-76

Jun-77

x

Inflator

3

%

x

Fixed Rents

x

Basic Rent

861,026

861,026

x

Third Party Ground Rent

735,000

735,000

Rent/Debt Service

see below

5,161,645

5,161,645

x

Total Fixed Rent

6,757,671

6,757,671

x

Overage Rent

x

Total Income

299,229,248

308,206,126

x

Total Operating Expense

(99,263,321

)

(102,036,396

)

x

Add:

Rent if included in Opex above

6,827,506

6,827,506

x

Net Operating Income

206,793,433

212,997,236

x

Add:

Use of Cash from Loans

x

Less:

Total Capital Expenses

(13,352,217

)

(13,752,784

)

x

Less:

Total Fixed Rent

(1,596,026

)

(1,596,026

)

x

Less:

Interest Income

—

—

x

Other

—

—

x

Income Subject to Ovg Rent

191,845,190

197,648,426

x

Exclusion

(281,994

)

(281,994

)

x

Remainder for Overage

191,563,196

197,366,432

x

Overage Rent %

50.0

%

50.0

%

x

Overage Rent @ 50%

95,781,598

98,683,216

x

x

CF of operator

96,063,592

98,965,210

x

CF to Fee Owner

x

Total Fixed Rent

6,022,671

6,022,671

x

Overage Rent %

95,781,598

98,683,216

x

Less: Debt Service

(5,161,645

)

(5,161,645

)

x

Total

96,642,624

99,544,242

x

CF to Dist to MP

192,706,216

198,509,452

CF to 3rd Party

735,000

735,000

FS CF

193,441,216

199,244,452

Check

—

—

Fixed Rents

x

Basic Rent

1,596,026

1,596,026

x

Rent/Debt Service

x

First

79,223,000

x

Second

9,950,000

x

Less amount allocable to orig mort

x

Rent/Debt Service*

5,161,645

5,161,645

x

*

in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.

x

Argus Dump

x

Total Income

x

Total Operating Expense

x

Ground Rents

x

Total Capital Expenses

x

Net Cash Flow

x

Check

x

Total Rents Variance

x

Duff Pro forma check

x

Calc Above

x

Dump from Pro Forma

x

Variance

x

Net Cash Flow

x

Use of Cash from Loans

x

Rent if included in Opex above

x

Total Fixed Rent

x

Overage Rent @ 50%

x

Subtotal

x

CF to Operator

x

Variance

x

DUFF Argus Dump

Total Income

Total Operating Expense

Basic Rent

Total Capital Expenses

Net Cash Flow

GROUND RENT FOR LF VALUATION

96,642,624

99,544,242

Variance

PV of Rent Flows

Rent PSF

123

127

Average Rent PSF

Page 9 of 9

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).

For the Years Ending	Year 1 Jun-2012			Year 2 Jun-2013			Year 3 Jun-2014			Year 4 Jun-2015			Year 5 Jun-2016			Year 6 Jun-2017			Year 7 Jun-2018			Year 8 Jun-2019
Potential Gross Revenue
Base Rental Revenue	$	27,194,550		$	28,453,308		$	29,105,802		$	31,424,762		$	35,867,770		$	52,488,589		$	55,378,733		$	57,183,045
Absorption & Turnover Vacancy		(2,584,107	)		(1,293,788	)		(418,277	)		(584,747	)		(2,994,623	)		(726,313	)		(1,775,089	)		(136,927	)
Base Rent Abatements		(1,446,480	)		(1,110,443	)		(541,391	)		(1,236,501	)		(2,357,992	)		(2,565,199	)		(2,396,726	)		(331,642	)
Scheduled Base Rental Revenue		23,163,963			26,049,077			28,146,134			29,603,514			30,515,155			49,197,077			51,206,918			56,714,476
CPI & Other Adjustment Revenue		649,389			749,457			1,018,328			1,182,105			1,279,507			1,322,567			644,363			344,088
Expense Reimbursement Revenue
Real Estate Taxes		782,197			1,028,293			1,332,755			1,507,952			1,578,668			1,231,268			1,068,278			1,156,041
Operating Expenses		37,814			36,122			37,205			64,294			137,501			239,017			333,677			500,757
Total Reimbursement Revenue		820,011			1,064,415			1,369,960			1,572,246			1,716,169			1,470,285			1,401,955			1,656,798
Electric & Fuel Recovery		1,963,799			2,153,193			2,282,345			2,357,039			2,367,494			2,543,036			2,569,665			2,739,995
Other		339,510			354,814			367,989			379,273			388,289			404,034			414,209			430,291
Total Potential Gross Revenue		26,936,672			30,370,956			33,184,756			35,094,177			36,266,614			54,936,999			56,237,110			61,885,648
General Vacancy		0			0			(589,813	)		(485,621	)		0			(943,586	)		0			(1,723,751	)
Collection Loss		(269,367	)		(303,709	)		(331,849	)		(350,941	)		(362,667	)		(549,370	)		(562,371	)		(618,857	)
Effective Gross Revenue		26,667,305			30,067,247			32,263,094			34,257,615			35,903,947			53,444,043			55,674,739			59,543,040
Operating Expenses
Basic Rent		6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
Insurance		313,610			323,019			332,710			342,690			352,969			363,560			374,467			385,701
Real Estate Taxes		4,900,729			5,227,317			5,557,116			5,890,152			6,165,861			6,427,771			6,739,213			7,059,560
Repairs and Maintenance		1,254,441			1,292,076			1,330,836			1,370,763			1,411,885			1,454,244			1,497,868			1,542,805
Security		250,889			258,415			266,167			274,152			282,376			290,847			299,574			308,561
Utilities		2,352,078			2,422,641			2,495,318			2,570,180			2,647,284			2,726,703			2,808,505			2,892,759
Payroll		1,019,235			1,049,811			1,081,306			1,113,744			1,147,157			1,181,571			1,217,019			1,253,530
Professional Fees		1,489,649			1,074,000			703,000			724,091			745,811			768,188			791,232			814,969
Cleaning		1,646,455			1,695,849			1,746,723			1,799,125			1,853,101			1,908,693			1,965,952			2,024,932
Management Fee		333,342			375,840			403,288			428,220			448,800			668,050			695,934			744,288
Third Party Ground Rent		840,000			840,000			840,000			735,000			735,000			735,000			735,000			735,000
Total Operating Expenses		20,387,934			20,546,474			20,743,970			21,340,623			21,882,750			22,617,133			23,217,270			23,854,611
Net Operating Income		6,279,371			9,520,773			11,519,124			12,916,992			14,021,197			30,826,910			32,457,469			35,688,429
Leasing & Capital Costs
Tenant Improvements		4,801,677			1,961,406			1,582,557			1,405,380			1,574,991			4,250,341			3,881,573			493,737
Leasing Commissions		1,215,745			1,013,951			687,159			737,692			6,227,709			2,238,011			2,402,521			350,037
PB PIO		177,099			0			0			0			0			0			0			0
Capital Improvements		3,201,777			1,355,119			440,462			269,975			3,299,758			4,001,175			783,418			38,500
Base Building Costs		320,000			350,200			84,872			622,855			483,969			568,044			1,205,993			233,676
Total Leasing & Capital Costs		9,716,298			4,680,676			2,795,050			3,035,902			11,586,427			11,057,571			8,273,505			1,115,950
Cash Flow Before Debt Service		(3,436,927	)		4,840,097			8,724,074			9,881,090			2,434,770			19,769,339			24,183,964			34,572,479
& Taxes
Cash Flow to Operator		1,038,274			5,176,786			7,118,774			7,697,282			3,974,122			12,641,407			14,848,719			20,042,977
PV to Building Operator	$	170,000,000
Discount Rate		10.00	%
Check		0			0			0			0			0			0			0			0

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023			Year 13 Jun-2024			Year 14 Jun-2025			Year 15 Jun-2026			Year 16 Jun-2027
Potential Gross Revenue
Base Rental Revenue	$	58,484,035		$	59,850,739		$	62,757,954		$	65,086,334		$	66,982,801		$	69,098,675		$	70,699,284		$	74,654,790
Absorption & Turnover Vacancy		(344,036	)		(264,462	)		(881,356	)		(1,065,839	)		(560,858	)		(900,184	)		(3,037,655	)		(1,979,857	)
Base Rent Abatements		(343,064	)		(345,566	)		(1,219,314	)		(1,292,385	)		(467,775	)		(1,933,913	)		(1,012,947	)		(5,421,458	)
Scheduled Base Rental Revenue		57,796,935			59,240,711			60,657,284			62,728,110			65,954,168			66,264,578			66,648,682			67,253,475
CPI & Other Adjustment Revenue		392,520			449,477			76,504			0			0			0			0			0
Expense Reimbursement Revenue
Real Estate Taxes		1,425,075			1,677,175			1,740,613			1,719,089			1,781,660			1,721,741			1,795,801			1,165,078
Operating Expenses		716,034			914,504			1,105,718			1,196,704			1,319,558			1,301,524			1,435,481			1,127,463
Total Reimbursement Revenue		2,141,109			2,591,679			2,846,331			2,915,793			3,101,218			3,023,265			3,231,282			2,292,541
Electric & Fuel Recovery		2,816,143			2,907,593			2,962,428			3,044,865			3,159,300			3,235,791			3,308,310			3,370,803
Other		442,964			456,526			468,951			482,767			498,155			512,382			526,792			541,153
Total Potential Gross Revenue		63,589,671			65,645,986			67,011,498			69,171,535			72,712,841			73,036,016			73,715,066			73,457,972
General Vacancy		(1,573,975	)		(1,712,851	)		(1,155,430	)		(1,041,283	)		(1,637,352	)		(1,317,902	)		0			(283,277	)
Collection Loss		(635,897	)		(656,460	)		(670,115	)		(691,715	)		(727,128	)		(730,360	)		(737,150	)		(734,580	)
Effective Gross Revenue		61,379,799			63,276,675			65,185,953			67,438,537			70,348,361			70,987,754			72,977,916			72,440,115
Operating Expenses
Basic Rent		6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
Insurance		397,271			409,189			421,466			434,111			447,132			460,548			474,362			488,595
Real Estate Taxes		7,389,097			7,728,121			8,015,165			8,248,860			8,489,565			8,737,489			8,992,851			9,255,874
Repairs and Maintenance		1,589,090			1,636,764			1,685,865			1,736,440			1,788,536			1,842,190			1,897,455			1,954,380
Security		317,818			327,351			337,174			347,287			357,707			368,436			379,491			390,876
Utilities		2,979,543			3,068,928			3,160,996			3,255,827			3,353,499			3,454,105			3,557,729			3,664,462
Payroll		1,291,135			1,329,868			1,369,765			1,410,860			1,453,183			1,496,780			1,541,683			1,587,933
Professional Fees		839,420			864,600			890,540			917,255			944,772			973,117			1,002,310			1,032,380
Cleaning		2,085,681			2,148,251			2,212,696			2,279,079			2,347,452			2,417,875			2,490,410			2,565,123
Management Fee		767,248			790,958			814,825			842,981			879,355			887,347			912,224			905,501
Third Party Ground Rent		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
Total Operating Expenses		24,483,809			25,131,536			25,735,998			26,300,206			26,888,707			27,465,393			28,076,021			28,672,630
Net Operating Income		36,895,990			38,145,139			39,449,955			41,138,331			43,459,654			43,522,361			44,901,895			43,767,485
Leasing & Capital Costs
Tenant Improvements		828,600			180,711			2,112,642			1,923,240			548,376			3,210,402			1,948,909			5,885,487
Leasing Commissions		463,587			251,145			1,164,039			1,419,145			398,539			1,658,283			1,187,823			10,369,440
PB PIO		0			0			0			0			0			0			0			0
Capital Improvements		71,207			71,206			0			0			0			0			0			0
Base Building Costs		126,677			287,051			0			0			0			0			0			0
Total Leasing & Capital Costs		1,490,071			790,113			3,276,681			3,342,385			946,915			4,868,685			3,136,732			16,254,927
Cash Flow Before Debt Service		35,405,919			37,355,026			36,173,274			37,795,946			42,512,739			38,653,676			41,765,163			27,512,558
& Taxes
Cash Flow to Operator		20,459,697			21,434,250			20,843,374			21,654,710			24,013,107			22,083,575			23,639,319			16,513,016
PV to Building Operator
Discount Rate
Check		0			0			0			0			0			0			0			0

For the Years Ending	Year 17 Jun-2028			Year 18 Jun-2029			Year 19 Jun-2030			Year 20 Jun-2031			Year 21 Jun-2032			Year 22 Jun-2033			Year 23 Jun-2034			Year 24 Jun-2035
Potential Gross Revenue
Base Rental Revenue	$	77,527,252		$	80,004,992		$	81,662,328		$	83,383,365		$	86,242,376		$	88,993,819		$	91,586,525		$	94,057,021
Absorption & Turnover Vacancy		(2,364,575	)		(426,628	)		(323,161	)		(397,438	)		(1,139,531	)		(1,510,725	)		(600,069	)		(1,445,335	)
Base Rent Abatements		(3,217,021	)		(765,397	)		(336,603	)		(512,856	)		(1,507,962	)		(1,572,760	)		(1,077,922	)		(2,388,774	)
Scheduled Base Rental Revenue		71,945,656			78,812,967			81,002,564			82,473,071			83,594,883			85,910,334			89,908,534			90,222,912
CPI & Other Adjustment Revenue		0			0			0			0			0			0			0			0
Expense Reimbursement Revenue
Real Estate Taxes		1,024,262			1,004,602			1,243,862			1,449,012			1,589,010			1,675,114			1,789,779			1,839,615
Operating Expenses		973,378			941,720			1,217,492			1,449,222			1,590,664			1,661,545			1,765,563			1,782,399
Total Reimbursement Revenue		1,997,640			1,946,322			2,461,354			2,898,234			3,179,674			3,336,659			3,555,342			3,622,014
Electric & Fuel Recovery		3,467,342			3,676,351			3,790,251			3,906,561			3,981,935			4,092,246			4,259,779			4,335,030
Other		557,208			578,043			595,524			613,493			630,257			648,806			670,025			688,067
Total Potential Gross Revenue		77,967,846			85,013,683			87,849,693			89,891,359			91,386,749			93,988,045			98,393,680			98,868,023
General Vacancy		(45,398	)		(2,136,581	)		(2,322,025	)		(2,311,225	)		(1,636,259	)		(1,354,238	)		(2,369,744	)		(1,564,066	)
Collection Loss		(779,678	)		(850,138	)		(878,496	)		(898,913	)		(913,869	)		(939,880	)		(983,938	)		(988,680	)
Effective Gross Revenue		77,142,770			82,026,964			84,649,172			86,681,221			88,836,621			91,693,927			95,039,998			96,315,277
Operating Expenses
Basic Rent		6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
Insurance		503,252			518,350			533,900			549,916			566,415			583,407			600,910			618,936
Real Estate Taxes		9,526,789			9,805,833			10,093,244			10,389,281			10,694,196			11,008,264			11,331,746			11,664,936
Repairs and Maintenance		2,013,012			2,073,400			2,135,605			2,199,672			2,265,661			2,333,632			2,403,641			2,475,749
Security		402,601			414,681			427,120			439,933			453,133			466,726			480,728			495,148
Utilities		3,774,395			3,887,627			4,004,255			4,124,383			4,248,115			4,375,557			4,506,825			4,642,029
Payroll		1,635,571			1,684,639			1,735,176			1,787,233			1,840,849			1,896,076			1,952,957			2,011,548
Professional Fees		1,063,351			1,095,251			1,128,108			1,161,951			1,196,811			1,232,715			1,269,697			1,307,787
Cleaning		2,642,077			2,721,339			2,802,980			2,887,068			2,973,682			3,062,891			3,154,778			3,249,421
Management Fee		964,285			1,025,338			1,058,114			1,083,515			1,110,458			1,146,174			1,188,000			1,203,942
Third Party Ground Rent		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
Total Operating Expenses		29,352,839			30,053,964			30,746,008			31,450,458			32,176,826			32,932,948			33,716,788			34,497,002
Net Operating Income		47,789,931			51,973,000			53,903,164			55,230,763			56,659,795			58,760,979			61,323,210			61,818,275
Leasing & Capital Costs
Tenant Improvements		5,199,151			764,777			545,814			742,580			2,373,839			2,545,891			1,389,070			4,238,695
Leasing Commissions		3,276,053			571,360			309,780			537,673			1,357,505			1,897,931			961,108			2,158,677
PB PIO		0			0			0			0			0			0			0			0
Capital Improvements		0			0			0			0			0			0			0			0
Base Building Costs		0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		8,475,204			1,336,137			855,594			1,280,253			3,731,344			4,443,822			2,350,178			6,397,372
Cash Flow Before Debt Service		39,314,727			50,636,863			53,047,570			53,950,510			52,928,451			54,317,157			58,973,032			55,420,903
& Taxes
Cash Flow to Operator		22,414,101			28,075,169			29,280,522			29,731,992			29,220,963			29,915,316			32,243,253			30,467,189
PV to Building Operator
Discount Rate
Check		0			0			0			0			0			0			0			0

For the Years Ending	Year 25 Jun-2036			Year 26 Jun-2037			Year 27 Jun-2038			Year 28 Jun-2039			Year 29 Jun-2040			Year 30 Jun-2041			Year 31 Jun-2042			Year 32 Jun-2043
Potential Gross Revenue
Base Rental Revenue	$	96,166,343		$	100,329,558		$	103,952,387		$	107,508,609		$	109,683,427		$	111,910,255		$	115,474,949		$	119,199,629
Absorption & Turnover Vacancy		(1,179,400	)		(5,620,314	)		(3,068,232	)		(802,244	)		(232,762	)		(632,009	)		(1,273,743	)		(1,778,003	)
Base Rent Abatements		(711,434	)		(7,147,735	)		(3,684,171	)		(2,587,310	)		(525,043	)		(636,250	)		(2,046,619	)		(1,372,860	)
Scheduled Base Rental Revenue		94,275,509			87,561,509			97,199,984			104,119,055			108,925,622			110,641,996			112,154,587			116,048,766
CPI & Other Adjustment Revenue		0			0			0			0			0			0			0			0
Expense Reimbursement Revenue
Real Estate Taxes		2,017,871			1,447,730			1,345,444			1,253,240			1,563,789			1,854,963			2,080,768			2,223,163
Operating Expenses		1,964,239			1,629,156			1,436,408			1,250,749			1,601,593			1,928,175			2,166,265			2,295,368
Total Reimbursement Revenue		3,982,110			3,076,886			2,781,852			2,503,989			3,165,382			3,783,138			4,247,033			4,518,531
Electric & Fuel Recovery		4,488,285			4,481,224			4,659,547			4,933,905			5,098,042			5,242,092			5,359,236			5,511,459
Other		709,619			725,349			748,831			776,573			800,502			824,168			847,320			872,406
Total Potential Gross Revenue		103,455,523			95,844,968			105,390,214			112,333,522			117,989,548			120,491,394			122,608,176			126,951,162
General Vacancy		(1,959,648	)		0			(185,521	)		(2,591,830	)		(3,313,907	)		(3,001,692	)		(2,442,716	)		(2,083,871	)
Collection Loss		(1,034,556	)		(958,449	)		(1,053,902	)		(1,123,335	)		(1,179,896	)		(1,204,913	)		(1,226,082	)		(1,269,513	)
Effective Gross Revenue		100,461,319			94,886,519			104,150,791			108,618,357			113,495,745			116,284,789			118,939,378			123,597,778
Operating Expenses
Basic Rent		6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506			6,827,506
Insurance		637,504			656,629			676,330			696,618			717,516			739,044			761,212			784,050
Real Estate Taxes		12,008,126			12,361,604			12,725,694			13,100,701			13,486,960			13,884,809			14,294,590			14,716,666
Repairs and Maintenance		2,550,024			2,626,523			2,705,318			2,786,480			2,870,073			2,956,175			3,044,860			3,136,205
Security		510,004			525,304			541,064			557,294			574,013			591,235			608,972			627,240
Utilities		4,781,291			4,924,728			5,072,472			5,224,644			5,381,386			5,542,824			5,709,111			5,880,384
Payroll		2,071,893			2,134,048			2,198,072			2,264,013			2,331,933			2,401,891			2,473,948			2,548,166
Professional Fees		1,347,022			1,387,430			1,429,056			1,471,925			1,516,083			1,561,568			1,608,412			1,656,665
Cleaning		3,346,906			3,447,311			3,550,730			3,657,253			3,766,970			3,879,980			3,996,379			4,116,268
Management Fee		1,255,766			1,186,081			1,301,885			1,357,729			1,418,697			1,453,561			1,486,742			1,544,972
Third Party Ground Rent		735,000			735,000			735,000			735,000			735,000			735,000			735,000			735,000
Total Operating Expenses		35,336,042			36,077,164			37,028,127			37,944,163			38,891,137			39,838,593			40,811,732			41,838,122
Net Operating Income		65,125,277			58,809,355			67,122,664			70,674,194			74,604,608			76,446,196			78,127,646			81,759,656
Leasing & Capital Costs
Tenant Improvements		2,072,952			8,425,588			6,865,067			1,124,592			835,460			937,976			3,284,200			2,251,276
Leasing Commissions		1,305,987			14,136,497			4,247,008			965,019			505,237			661,609			1,852,816			1,718,653
PB PIO		0			0			0			0			0			0			0			0
Capital Improvements		0			0			0			0			0			0			0			0
Base Building Costs		0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		3,378,939			22,562,085			11,112,075			2,089,611			1,340,697			1,599,585			5,137,016			3,969,929
Cash Flow Before Debt Service		61,746,338			36,247,270			56,010,589			68,584,583			73,263,911			74,846,611			72,990,630			77,789,727
& Taxes
Cash Flow to Operator		33,629,906			20,880,372			30,762,032			37,049,029			39,388,693			40,180,043			39,252,052			41,651,601
PV to Building Operator
Discount Rate
Check		0			0			0			0			0			0			0			0

For the Years Ending	Year 33 Jun-2044			Year 34 Jun-2045			Year 35 Jun-2046			Year 36 Jun-2047			3.0% Year 37 Jun-2048		Year 38 Jun-2049		Year 39 Jun-2050		Year 40 Jun-2051
Potential Gross Revenue
Base Rental Revenue	$	123,035,190		$	126,159,491		$	129,009,545		$	134,321,546
Absorption & Turnover Vacancy		(1,275,886	)		(2,092,875	)		(795,636	)		(7,674,387	)
Base Rent Abatements		(2,136,968	)		(3,093,760	)		(632,251	)		(9,658,202	)
Scheduled Base Rental Revenue		119,622,336			120,972,856			127,581,658			116,988,957
CPI & Other Adjustment Revenue		0			0			0			0
Expense Reimbursement Revenue
Real Estate Taxes		2,320,566			2,429,346			2,650,173			1,985,787
Operating Expenses		2,364,364			2,440,699			2,657,734			2,289,881
Total Reimbursement Revenue		4,684,930			4,870,045			5,307,907			4,275,668
Electric & Fuel Recovery		5,705,129			5,821,622			6,068,093			6,020,095
Other		899,688			924,535			955,088			974,718
Total Potential Gross Revenue		130,912,083			132,589,058			139,912,746			128,259,438
General Vacancy		(2,689,753	)		(1,947,584	)		(3,425,615	)		0
Collection Loss		(1,309,120	)		(1,325,892	)		(1,399,127	)		(1,282,595	)
Effective Gross Revenue		126,913,210			129,315,582			135,088,004			126,976,843			130,786,148		134,709,733		138,751,025		142,913,555
Operating Expenses
Basic Rent		6,827,506			6,827,506			6,827,506			6,827,506
Insurance		807,573			831,799			856,752			882,456
Real Estate Taxes		15,151,403			15,599,185			16,060,398			16,535,448
Repairs and Maintenance		3,230,293			3,327,202			3,427,017			3,529,826
Security		646,057			665,439			685,404			705,963
Utilities		6,056,796			6,238,499			6,425,654			6,618,423
Payroll		2,624,612			2,703,350			2,784,451			2,867,984
Professional Fees		1,706,366			1,757,557			1,810,284			1,864,592
Cleaning		4,239,759			4,366,951			4,497,959			4,632,899
Management Fee		1,586,416			1,616,445			1,688,600			1,587,211
Third Party Ground Rent		735,000			735,000			735,000			735,000			735,000		735,000		735,000		735,000
Total Operating Expenses		42,876,781			43,933,933			45,064,025			46,052,308			40,401,546		41,613,592		42,862,000		44,147,860
Net Operating Income		84,036,429			85,381,649			90,023,979			80,924,535			89,649,602		92,361,140		95,154,025		98,030,695
Leasing & Capital Costs
Tenant Improvements		2,923,234			5,080,580			1,043,304			10,497,934
Leasing Commissions		2,084,986			2,663,480			617,166			18,755,560
PB PIO		0			0			0			0
Capital Improvements		0			0			0			0
Base Building Costs		0			0			0			0
Total Leasing & Capital Costs		5,008,220			7,744,060			1,660,470			29,253,494			5,835,944		6,011,022		6,191,353		6,377,093
Cash Flow Before Debt Service		79,028,209			77,637,589			88,363,509			51,671,041			83,813,659		86,350,118		88,962,672		91,653,602
& Taxes
Cash Flow to Operator		42,270,842			41,575,532			46,938,492			28,592,258			41,617,313		42,885,543		44,191,820		45,537,285
PV to Building Operator
Discount Rate
Check		0			0			0			0			0		0		0		0

For the Years Ending	Year 41 Jun-2052		Year 42 Jun-2053		Year 43 Jun-2054		Year 44 Jun-2055		Year 45 Jun-2056		Year 46 Jun-2057		Year 47 Jun-2058		Year 48 Jun-2059
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacancy
Base Rent Abatements
Scheduled Base Rental Revenue
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Real Estate Taxes
Operating Expenses
Total Reimbursement Revenue
Electric & Fuel Recovery
Other
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		147,200,962		151,616,991		156,165,501		160,850,466		165,675,980		170,646,259		175,765,647		181,038,616
Operating Expenses
Basic Rent
Insurance
Real Estate Taxes
Repairs and Maintenance
Security
Utilities
Payroll
Professional Fees
Cleaning
Management Fee
Third Party Ground Rent		735,000		735,000		735,000		735,000		735,000		735,000		735,000		735,000
Total Operating Expenses		45,472,296		46,836,465		48,241,559		49,688,806		51,179,470		52,714,854		54,296,300		55,925,188
Net Operating Income		100,993,666		104,045,526		107,188,942		110,426,660		113,761,510		117,196,405		120,734,347		124,378,428
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital Costs		6,568,406		6,765,458		6,968,422		7,177,475		7,392,799		7,614,583		7,843,020		8,078,311
Cash Flow Before Debt Service		94,425,260		97,280,068		100,220,520		103,249,185		106,368,711		109,581,822		112,891,327		116,300,117
& Taxes
Cash Flow to Operator		46,923,114		48,350,518		49,820,744		51,335,077		52,894,840		54,501,395		56,156,148		57,860,542
PV to Building Operator
Discount Rate
Check		0		0		0		0		0		0		0		0

For the Years Ending	Year 49 Jun-2060		Year 50 Jun-2061		Year 51 Jun-2062		Year 52 Jun-2063
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacancy
Base Rent Abatements
Scheduled Base Rental Revenue
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Real Estate Taxes
Operating Expenses
Total Reimbursement Revenue
Electric & Fuel Recovery
Other
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		186,469,775		192,063,868		197,825,784		203,760,558
Operating Expenses
Basic Rent
Insurance
Real Estate Taxes
Repairs and Maintenance
Security
Utilities
Payroll
Professional Fees
Cleaning
Management Fee
Third Party Ground Rent		735,000		735,000		735,000		735,000
Total Operating Expenses		57,602,944		59,331,032		61,110,963		62,944,292
Net Operating Income		128,131,831		131,997,836		135,979,821		140,081,265
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital Costs		8,320,660		8,570,280		8,827,388		9,092,210
Cash Flow Before Debt Service		119,811,170		123,427,555		127,152,432		130,989,055
& Taxes
Cash Flow to Operator		59,616,069		61,424,262		63,286,700		65,205,012
PV to Building Operator
Discount Rate
Check		0		0		0		0

For the Years Ending	Year 53 Jun-2064		Year 54 Jun-2065		Year 55 Jun-2066		Year 56 Jun-2067		Year 57 Jun-2068		Year 58 Jun-2069		Year 59 Jun-2070		Year 60 Jun-2071
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacancy
Base Rent Abatements
Scheduled Base Rental Revenue
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Real Estate Taxes
Operating Expenses
Total Reimbursement Revenue
Electric & Fuel Recovery
Other
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		209,873,374		216,169,576		222,654,663		229,334,303		236,214,332		243,300,762		250,599,785		258,117,778
Operating Expenses
Basic Rent
Insurance
Real Estate Taxes
Repairs and Maintenance
Security
Utilities
Payroll
Professional Fees
Cleaning
Management Fee
Third Party Ground Rent		735,000		735,000		735,000		735,000		735,000		735,000		735,000		735,000
Total Operating Expenses		64,832,621		66,777,600		68,780,928		70,844,356		72,969,686		75,158,777		77,413,540		79,735,946
Net Operating Income		144,305,753		148,656,976		153,138,735		157,754,947		162,509,646		167,406,985		172,451,244		177,646,832
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital Costs		9,364,976		9,645,926		9,935,303		10,233,363		10,540,363		10,856,574		11,182,272		11,517,740
Cash Flow Before Debt Service		134,940,777		139,011,050		143,203,432		147,521,585		151,969,282		156,550,411		161,268,973		166,129,092
& Taxes
Cash Flow to Operator		67,180,872		69,216,009		71,312,200		73,471,276		75,695,125		77,985,689		80,344,970		82,775,030
PV to Building Operator
Discount Rate
Check		0		0		0		0		0		0		0		0

For the Years Ending

Year 61 Jun-2072

Year 62 Jun-2073

Year 63 Jun-2074

Year 64 Jun-2075

Year 65 Jun-2076

Year 66 Jun-2077

x x

Potential Gross Revenue

x

Base Rental Revenue

x

Absorption & Turnover Vacancy

x

Base Rent Abatements

x

Scheduled Base Rental Revenue

x

CPI & Other Adjustment Revenue

x

Expense Reimbursement Revenue

x

Real Estate Taxes

x

Operating Expenses

x

Total Reimbursement Revenue

x

Electric & Fuel Recovery

x

Other

x

Total Potential Gross Revenue

x

General Vacancy

x

Collection Loss

x

Effective Gross Revenue

265,861,311

273,837,151

282,052,265

290,513,833

299,229,248

308,206,126

x

Operating Expenses

x

Basic Rent

x

Insurance

x

Real Estate Taxes

x

Repairs and Maintenance

x

Security

x

Utilities

x

Payroll

x

Professional Fees

x

Cleaning

x

Management Fee

x

Third Party Ground Rent

735,000

735,000

735,000

735,000

735,000

735,000

Total Operating Expenses

82,128,025

84,591,865

87,129,621

89,743,510

92,435,815

95,208,890

x

Net Operating Income

182,998,287

188,510,285

194,187,644

200,035,323

206,058,433

212,262,236

x

Leasing & Capital Costs

x

Tenant Improvements

x

Leasing Commissions

x

PB PIO

x

Capital Improvements

x

Base Building Costs

x

Total Leasing & Capital Costs

11,863,272

12,219,170

12,585,745

12,963,318

13,352,217

13,752,784

x

Cash Flow Before Debt Service

171,135,015

176,291,115

181,601,899

187,072,006

192,706,216

198,509,452

x

& Taxes

x

Cash Flow to Operator

85,277,991

87,856,042

90,511,433

93,246,487

96,063,592

98,965,210

x

PV to Building Operator

Discount Rate

Implied Terminal

7.78

%

Check

0

0

0

0

0

0

501 Seventh Avenue

			1			2			3			4			5			6			7			8
			Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8
			Jul-11 Jun-12			Jul-12 Jun-13			Jul-13 Jun-14			Jul-14 Jun-15			Jul-15 Jun-16			Jul-16 Jun-17			Jul-17 Jun-18			Jul-18 Jun-19
Fixed Rents
	Basic Rent	see below		4,202,870			4,202,870			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,202,870			4,202,870			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			17,402,146			18,897,776			20,359,171			21,087,398			21,777,880			20,488,293			25,989,651			26,731,994
	Total Operating Expense			(12,971,993	)		(13,187,564	)		(13,086,477	)		(12,807,678	)		(13,164,819	)		(12,342,663	)		(12,459,064	)		(14,233,625	)
Add:	Rent if included in Opex above			4,059,872			4,059,872			3,623,034			3,011,027			2,979,037			1,733,812			1,391,669			2,816,853
	Net Operating Income			8,490,025			9,770,084			10,895,728			11,290,747			11,592,098			9,879,442			14,922,256			15,315,222
Add:	Use of Cash from Loans			—			—
Less:	Total Capital Expenses			(3,422,363	)		(5,058,861	)		(2,500,165	)		(416,938	)		(286,012	)		(9,417,549	)		(1,165,195	)		(283,991	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			4,707,662			4,351,223			8,035,563			10,513,809			10,946,086			101,893			13,397,061			14,671,231
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			4,655,662			4,299,223			7,983,563			10,461,809			10,894,086			49,893			13,345,061			14,619,231
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			2,327,831			2,149,612			3,991,782			5,230,905			5,447,043			24,947			6,672,531			7,309,616
CF of operator				2,379,831			2,201,612			4,043,782			5,282,905			5,499,043			76,947			6,724,531			7,361,616
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,202,870			4,202,870			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			2,327,831			2,149,612			3,991,782			5,230,905			5,447,043			24,947			6,672,531			7,309,616
	Less: Debt Service			(3,842,870	)		(3,842,870	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			2,687,831			2,509,612			4,351,782			5,590,905			5,807,043			384,947			7,032,531			7,669,616
		CF Dist.		5,067,662			4,711,223			8,395,563			10,873,809			11,306,086			461,893			13,757,061			15,031,231
		FS CF		5,067,662			4,711,223			8,395,563			10,873,809			11,306,086			461,893			13,757,061			15,031,231
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First			98,945			16,491
	Second 1			3,000,607			500,101
	Second 2			647,795			107,966
	2011 Borrowing			143,226			23,871
	Less amount allocable to orig mort			(47,702	)		(7,950	)
	Total			3,842,870			640,478
*	Refinance Loan						3,202,392			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,202,870			4,202,870			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount			6,540,000
	Interest Rate			2.19	%
	Annual Payment			143,226
	Months			12			2
	Payments			143,226			23,871
Argus Dump
	Total Income			17,402,146			18,897,776			20,359,171			21,087,398			21,777,880			20,488,293			25,989,651			26,731,994
	Total Operating Expense			12,971,993			13,187,564			13,086,477			12,807,678			13,164,819			12,342,663			12,459,064			14,233,625
	Ground Rents			4,059,872			4,059,872			3,623,034			3,011,027			2,979,037			1,733,812			1,391,669			2,816,853
	Total Capital Expenses			3,422,363			5,058,861			2,500,165			416,938			286,012			9,417,549			1,165,195			283,991
	Net Cash Flow			1,051,119			697,885			4,821,800			7,913,380			8,378,855			(1,222,182	)		12,419,934			12,270,230
Check
	Total Rents Variance			2,470,829			2,292,610			4,714,844			6,565,974			6,814,102			2,637,231			9,626,958			8,838,859
	Duff Pro forma check
	Calc Above			(3,052,082	)		(3,408,521	)		1,149,495			4,851,755			5,348,012			(3,005,731	)		10,973,723			9,397,525
	Dump from Pro Forma			1,051,119			697,885			4,821,800			7,913,380			8,378,855			(1,222,182	)		12,419,934			12,270,230
	Variance			(4,103,201	)		(4,106,406	)		(3,672,305	)		(3,061,625	)		(3,030,843	)		(1,783,549	)		(1,446,211	)		(2,872,705	)
	Net Cash Flow			1,051,119			697,885			4,821,800			7,913,380			8,378,855			(1,222,182	)		12,419,934			12,270,230
	Use of Cash from Loans			—			—			—			—			—			—			—			—
	Rent if included in Opex above			4,059,872			4,059,872			3,623,034			3,011,027			2,979,037			1,733,812			1,391,669			2,816,853
	Total Fixed Rent			(4,202,870	)		(4,202,870	)		(4,346,096	)		(4,346,096	)		(4,346,096	)		(4,346,096	)		(4,346,096	)		(4,346,096	)
	Overage Rent @ 50%			(2,327,831	)		(2,149,612	)		(3,991,782	)		(5,230,905	)		(5,447,043	)		(24,947	)		(6,672,531	)		(7,309,616	)
	Subtotal			(1,419,710	)		(1,594,725	)		106,956			1,347,406			1,564,753			(3,859,413	)		2,792,976			3,431,371
	CF of operator			2,379,831			2,201,612			4,043,782			5,282,905			5,499,043			76,947			6,724,531			7,361,616
	Variance			3,799,541			3,796,336			3,936,825			3,935,498			3,934,290			3,936,359			3,931,554			3,930,244
DUFF Argus Dump
	Total Income			17,401,967			18,897,058			20,357,528			21,085,256			21,775,215			20,486,794			25,979,113			26,720,906
	Total Operating Expense			12,928,485			13,140,312			13,035,563			12,754,938			13,110,348			12,291,427			12,393,984			14,166,685
	Ground Rents			4,059,872			4,059,872			3,623,034			3,011,027			2,979,037			1,733,812			1,391,669			2,816,853
	Total Capital Expenses			3,422,363			5,058,861			2,500,165			416,938			286,012			9,417,549			1,165,195			283,991
	Net Cash Flow			1,051,119			697,885			4,821,800			7,913,380			8,378,855			(1,222,182	)		12,419,934			12,270,230
				1,051,119
	GROUND RENT FOR LF VALUATION			2,687,831			2,509,612			4,351,782			5,590,905			5,807,043			384,947			7,032,531			7,669,616
	Variance			—			—			—			—			—			—			—			—
	PV of Rent Flows	79,684,168
	Rent PSF			5			5			9			11			12			1			14			15
	Average Rent PSF		$	21

Page 1 of 11

			9			10			11			12			13			14			15			16
			Year 9			Year 10			Year 11			Year 12			Year 13			Year 14			Year 15			Year 16
			Jul-19 Jun-20			Jul-20 Jun-21			Jul-21 Jun-22			Jul-22 Jun-23			Jul-23 Jun-24			Jul-24 Jun-25			Jul-25 Jun-26			Jul-26 Jun-27
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			26,875,303			28,457,329			30,397,038			31,243,459			32,650,054			33,880,508			34,944,867			31,072,617
	Total Operating Expense			(14,024,910	)		(14,609,472	)		(15,064,449	)		(15,806,288	)		(17,054,387	)		(17,712,071	)		(18,123,992	)		(18,486,160	)
Add:	Rent if included in Opex above			2,255,346			2,457,880			2,524,923			2,891,395			3,746,183			4,001,485			4,001,486			4,001,486
	Net Operating Income			15,105,739			16,305,737			17,857,512			18,328,566			19,341,850			20,169,922			20,822,361			16,587,943
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(4,128,160	)		(2,082,495	)		(1,562,579	)		(2,058,080	)		(885,494	)		(567,906	)		(738,567	)		(10,416,577	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			10,617,579			13,863,242			15,934,933			15,910,486			18,096,356			19,242,016			19,723,794			5,811,366
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			10,565,579			13,811,242			15,882,933			15,858,486			18,044,356			19,190,016			19,671,794			5,759,366
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			5,282,790			6,905,621			7,941,467			7,929,243			9,022,178			9,595,008			9,835,897			2,879,683
CF of operator				5,334,790			6,957,621			7,993,467			7,981,243			9,074,178			9,647,008			9,887,897			2,931,683
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			5,282,790			6,905,621			7,941,467			7,929,243			9,022,178			9,595,008			9,835,897			2,879,683
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			5,642,790			7,265,621			8,301,467			8,289,243			9,382,178			9,955,008			10,195,897			3,239,683
		CF Dist.		10,977,579			14,223,242			16,294,933			16,270,486			18,456,356			19,602,016			20,083,794			6,171,366
		FS CF		10,977,579			14,223,242			16,294,933			16,270,486			18,456,356			19,602,016			20,083,794			6,171,366
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income			26,875,303			28,457,329
	Total Operating Expense			14,024,910			14,609,472
	Ground Rents			2,255,346			2,457,880
	Total Capital Expenses			4,128,160			2,082,495
	Net Cash Flow			8,778,251			11,823,023
Check
	Total Rents Variance			7,373,540			8,793,837
	Duff Pro forma check
	Calc Above			6,466,887			9,307,482
	Dump from Pro Forma			8,778,251			11,823,023
	Variance			(2,311,364	)		(2,515,541	)
	Net Cash Flow			8,778,251			11,823,023
	Use of Cash from Loans			—			—
	Rent if included in Opex above			2,255,346			2,457,880
	Total Fixed Rent			(4,346,096	)		(4,346,096	)
	Overage Rent @ 50%			(5,282,790	)		(6,905,621	)
	Subtotal			1,404,711			3,029,186
	CF of operator			5,334,790			6,957,621
	Variance			3,930,078			3,928,435
DUFF Argus Dump
	Total Income			26,864,019			28,443,712
	Total Operating Expense			13,957,608			14,538,194
	Ground Rents			2,255,346			2,457,880
	Total Capital Expenses			4,128,160			2,082,495
	Net Cash Flow			8,778,251			11,823,023
	GROUND RENT FOR LF VALUATION			5,642,790			7,265,621			8,301,467			8,289,243			9,382,178			9,955,008			10,195,897			3,239,683
	Variance			—			—			—			—			—			—			—			—
	PV of Rent Flows	79,684,168
	Rent PSF			11			14			16			16			19			20			20			6
	Average Rent PSF

Page 2 of 11

			17			18			19			20			21			22			23			24
			Year 17			Year 18			Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
			Jul-27 Jun-28			Jul-28 Jun-29			Jul-29 Jun-30			Jul-30 Jun-31			Jul-31 Jun-32			Jul-32 Jun-33			Jul-33 Jun-34			Jul-34 Jun-35
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			37,598,163			38,543,684			38,139,373			39,067,774			41,866,221			42,567,398			44,249,979			45,687,409
	Total Operating Expense			(18,990,614	)		(19,438,013	)		(19,881,595	)		(20,355,305	)		(20,866,251	)		(21,365,257	)		(21,891,236	)		(22,429,307	)
Add:	Rent if included in Opex above			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
	Net Operating Income			22,609,035			23,107,157			22,259,264			22,713,955			25,001,456			25,203,627			26,360,229			27,259,588
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(715,820	)		(335,063	)		(3,601,002	)		(3,971,017	)		(811,344	)		(3,531,323	)		(1,711,060	)		(822,631	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			21,533,215			22,412,094			18,298,262			18,382,938			23,830,112			21,312,304			24,289,169			26,076,957
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			21,481,215			22,360,094			18,246,262			18,330,938			23,778,112			21,260,304			24,237,169			26,024,957
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			10,740,608			11,180,047			9,123,131			9,165,469			11,889,056			10,630,152			12,118,585			13,012,479
CF of operator				10,792,608			11,232,047			9,175,131			9,217,469			11,941,056			10,682,152			12,170,585			13,064,479
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			10,740,608			11,180,047			9,123,131			9,165,469			11,889,056			10,630,152			12,118,585			13,012,479
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			11,100,608			11,540,047			9,483,131			9,525,469			12,249,056			10,990,152			12,478,585			13,372,479
		CF Dist.		21,893,215			22,772,094			18,658,262			18,742,938			24,190,112			21,672,304			24,649,169			26,436,957
		FS CF		21,893,215			22,772,094			18,658,262			18,742,938			24,190,112			21,672,304			24,649,169			26,436,957
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF of operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			11,100,608			11,540,047			9,483,131			9,525,469			12,249,056			10,990,152			12,478,585			13,372,479
	Variance			—			—			—			—			—			—			—			—
	PV of Rent Flows	79,684,168
	Rent PSF			22			23			19			19			24			22			25			27
	Average Rent PSF

Page 3 of 11

			25			26			27			28			29			30			31			32
			Year 25			Year 26			Year 27			Year 28			Year 29			Year 30			Year 31			Year 32
			Jul-35 Jun-36			Jul-36 Jun-37			Jul-37 Jun-38			Jul-38 Jun-39			Jul-39 Jun-40			Jul-40 Jun-41			Jul-41 Jun-42			Jul-42 Jun-43
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			46,941,767			42,434,779			49,867,436			51,655,919			51,299,606			52,958,779			55,660,624			57,346,547
	Total Operating Expense			(22,980,685	)		(23,476,124	)		(24,137,355	)		(24,745,089	)		(25,343,571	)		(25,985,338	)		(26,658,766	)		(27,338,685	)
Add:	Rent if included in Opex above			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
	Net Operating Income			27,962,568			22,960,141			29,731,567			30,912,316			29,957,521			30,974,927			33,003,344			34,009,348
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(723,774	)		(14,184,416	)		(379,250	)		(1,080,683	)		(4,711,323	)		(5,539,619	)		(1,017,062	)		(4,680,283	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			26,878,794			8,415,725			28,992,317			29,471,633			24,886,198			25,075,308			31,626,282			28,969,065
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			26,826,794			8,363,725			28,940,317			29,419,633			24,834,198			25,023,308			31,574,282			28,917,065
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			13,413,397			4,181,863			14,470,159			14,709,817			12,417,099			12,511,654			15,787,141			14,458,533
CF of operator				13,465,397			4,233,863			14,522,159			14,761,817			12,469,099			12,563,654			15,839,141			14,510,533
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			13,413,397			4,181,863			14,470,159			14,709,817			12,417,099			12,511,654			15,787,141			14,458,533
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			13,773,397			4,541,863			14,830,159			15,069,817			12,777,099			12,871,654			16,147,141			14,818,533
		CF Dist.		27,238,794			8,775,725			29,352,317			29,831,633			25,246,198			25,435,308			31,986,282			29,329,065
		FS CF		27,238,794			8,775,725			29,352,317			29,831,633			25,246,198			25,435,308			31,986,282			29,329,065
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF of operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			13,773,397			4,541,863			14,830,159			15,069,817			12,777,099			12,871,654			16,147,141			14,818,533
	Variance			—			—			—			—			—			—			—			—
	PV of Rent Flows	79,684,168
	Rent PSF			27			9			29			30			25			26			32			29
	Average Rent PSF

Page 4 of 11

			33			34			35			36			37			38			38.75
																		3.0%
			Year 33			Year 34			Year 35			Year 36			Year 37			Year 38			Year 39			Year 40
			Jul-43 Jun-44			Jul-44 Jun-45			Jul-45 Jun-46			Jul-46 Jun-47			Jul-47 Jun-48			Jul-48 Jun-49			Jul-49 Jun-50			Jul-50 Jun-51
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			59,134,009			61,366,333			63,042,895			60,638,319			62,986,852			69,454,781			71,538,424			73,684,577
	Total Operating Expense			(28,039,640	)		(28,766,517	)		(29,507,405	)		(30,218,887	)		(31,012,026	)		(31,879,572	)		(32,715,915	)		(33,577,347	)
Add:	Rent if included in Opex above			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
	Net Operating Income			35,095,855			36,601,302			37,536,976			34,420,918			35,976,312			41,576,695			42,823,996			44,108,716
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(2,186,393	)		(1,018,739	)		(744,281	)		(19,507,145	)		(516,374	)		(1,200,414	)		(3,104,735	)		(3,197,878	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			32,549,462			35,222,563			36,432,695			14,553,773			35,099,938			40,016,281			39,359,260			40,550,838
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			32,497,462			35,170,563			36,380,695			14,501,773			35,047,938			39,964,281			39,307,260			40,498,838
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			16,248,731			17,585,282			18,190,348			7,250,887			17,523,969			19,982,141			19,653,630			20,249,419
CF of operator				16,300,731			17,637,282			18,242,348			7,302,887			17,575,969			20,034,141			19,705,630			20,301,419
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			16,248,731			17,585,282			18,190,348			7,250,887			17,523,969			19,982,141			19,653,630			20,249,419
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			16,608,731			17,945,282			18,550,348			7,610,887			17,883,969			20,342,141			20,013,630			20,609,419
		CF Dist.		32,909,462			35,582,563			36,792,695			14,913,773			35,459,938			40,376,281			39,719,260			40,910,838
		FS CF		32,909,462			35,582,563			36,792,695			14,913,773			35,459,938			40,376,281			39,719,260			40,910,838
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF of operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			16,608,731			17,945,282			18,550,348			7,610,887			17,883,969			20,342,141			20,013,630			20,609,419
	Variance			—			—			—			—			—
	PV of Rent Flows	79,684,168
	Rent PSF			33			36			37			15			36			40
	Average Rent PSF

Page 5 of 11

			Year 41			Year 42			Year 43			Year 44			Year 45			Year 46			Year 47			Year 48
			Jul-51 Jun-52			Jul-52 Jun-53			Jul-53 Jun-54			Jul-54 Jun-55			Jul-55 Jun-56			Jul-56 Jun-57			Jul-57 Jun-58			Jul-58 Jun-59
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			75,895,114			78,171,968			80,517,127			82,932,641			85,420,620			87,983,239			90,622,736			93,341,418
	Total Operating Expense			(34,464,623	)		(35,378,517	)		(36,319,828	)		(37,289,379	)		(38,288,015	)		(39,316,611	)		(40,376,065	)		(41,467,302	)
Add:	Rent if included in Opex above			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
	Net Operating Income			45,431,977			46,794,937			48,198,785			49,644,748			51,134,091			52,668,113			54,248,157			55,875,601
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(3,293,814	)		(3,392,628	)		(3,494,407	)		(3,599,239	)		(3,707,217	)		(3,818,433	)		(3,932,986	)		(4,050,976	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			41,778,163			43,042,308			44,344,377			45,685,509			47,066,874			48,489,680			49,955,171			51,464,626
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			41,726,163			42,990,308			44,292,377			45,633,509			47,014,874			48,437,680			49,903,171			51,412,626
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			20,863,082			21,495,154			22,146,189			22,816,754			23,507,437			24,218,840			24,951,585			25,706,313
CF of operator				20,915,082			21,547,154			22,198,189			22,868,754			23,559,437			24,270,840			25,003,585			25,758,313
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			20,863,082			21,495,154			22,146,189			22,816,754			23,507,437			24,218,840			24,951,585			25,706,313
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			21,223,082			21,855,154			22,506,189			23,176,754			23,867,437			24,578,840			25,311,585			26,066,313
		CF Dist.		42,138,163			43,402,308			44,704,377			46,045,509			47,426,874			48,849,680			50,315,171			51,824,626
		FS CF		42,138,163			43,402,308			44,704,377			46,045,509			47,426,874			48,849,680			50,315,171			51,824,626
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF of operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			21,223,082			21,855,154			22,506,189			23,176,754			23,867,437			24,578,840			25,311,585			26,066,313
	Variance
	PV of Rent Flows	79,684,168
	Rent PSF
	Average Rent PSF

Page 6 of 11

			Year 49			Year 50			Year 51			Year 52			Year 53			Year 54			Year 55			Year 56
			Jul-59 Jun-60			Jul-60 Jun-61			Jul-61 Jun-62			Jul-62 Jun-63			Jul-63 Jun-64			Jul-64 Jun-65			Jul-65 Jun-66			Jul-66 Jun-67
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			96,141,660			99,025,910			101,996,687			105,056,588			108,208,286			111,454,534			114,798,170			118,242,115
	Total Operating Expense			(42,591,277	)		(43,748,971	)		(44,941,395	)		(46,169,592	)		(47,434,636	)		(48,737,630	)		(50,079,714	)		(51,462,061	)
Add:	Rent if included in Opex above			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
	Net Operating Income			57,551,869			59,278,426			61,056,778			62,888,482			64,775,136			66,718,390			68,719,942			70,781,540
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(4,172,505	)		(4,297,680	)		(4,426,610	)		(4,559,409	)		(4,696,191	)		(4,837,077	)		(4,982,189	)		(5,131,655	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			53,019,365			54,620,746			56,270,168			57,969,073			59,718,945			61,521,313			63,377,753			65,289,885
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			52,967,365			54,568,746			56,218,168			57,917,073			59,666,945			61,469,313			63,325,753			65,237,885
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			26,483,682			27,284,373			28,109,084			28,958,536			29,833,473			30,734,657			31,662,876			32,618,943
CF of operator				26,535,682			27,336,373			28,161,084			29,010,536			29,885,473			30,786,657			31,714,876			32,670,943
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			26,483,682			27,284,373			28,109,084			28,958,536			29,833,473			30,734,657			31,662,876			32,618,943
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			26,843,682			27,644,373			28,469,084			29,318,536			30,193,473			31,094,657			32,022,876			32,978,943
		CF Dist.		53,379,365			54,980,746			56,630,168			58,329,073			60,078,945			61,881,313			63,737,753			65,649,885
		FS CF		53,379,365			54,980,746			56,630,168			58,329,073			60,078,945			61,881,313			63,737,753			65,649,885
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF of operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			26,843,682			27,644,373			28,469,084			29,318,536			30,193,473			31,094,657			32,022,876			32,978,943
	Variance
	PV of Rent Flows	79,684,168
	Rent PSF
	Average Rent PSF

Page 7 of 11

			Year 57			Year 58			Year 59			Year 60			Year 61			Year 62			Year 63			Year 64
			Jul-67 Jun-68			Jul-68 Jun-69			Jul-69 Jun-70			Jul-70 Jun-71			Jul-71 Jun-72			Jul-72 Jun-73			Jul-73 Jun-74			Jul-74 Jun-75
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			121,789,379			125,443,060			129,206,352			133,082,543			137,075,019			141,187,269			145,422,888			149,785,574
	Total Operating Expense			(52,885,879	)		(54,352,410	)		(55,862,938	)		(57,418,782	)		(59,021,300	)		(60,671,895	)		(62,372,007	)		(64,123,123	)
Add:	Rent if included in Opex above			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
	Net Operating Income			72,904,986			75,092,136			77,344,900			79,665,247			82,055,204			84,516,861			87,052,366			89,663,937
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(5,285,604	)		(5,444,172	)		(5,607,498	)		(5,775,723	)		(5,948,994	)		(6,127,464	)		(6,311,288	)		(6,500,627	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			67,259,382			69,287,963			71,377,402			73,529,524			75,746,210			78,029,397			80,381,078			82,803,311
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			67,207,382			69,235,963			71,325,402			73,477,524			75,694,210			77,977,397			80,329,078			82,751,311
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			33,603,691			34,617,982			35,662,701			36,738,762			37,847,105			38,988,698			40,164,539			41,375,655
CF of operator				33,655,691			34,669,982			35,714,701			36,790,762			37,899,105			39,040,698			40,216,539			41,427,655
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			33,603,691			34,617,982			35,662,701			36,738,762			37,847,105			38,988,698			40,164,539			41,375,655
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			33,963,691			34,977,982			36,022,701			37,098,762			38,207,105			39,348,698			40,524,539			41,735,655
		CF Dist.		67,619,382			69,647,963			71,737,402			73,889,524			76,106,210			78,389,397			80,741,078			83,163,311
		FS CF		67,619,382			69,647,963			71,737,402			73,889,524			76,106,210			78,389,397			80,741,078			83,163,311
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF of operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			33,963,691			34,977,982			36,022,701			37,098,762			38,207,105			39,348,698			40,524,539			41,735,655
	Variance
	PV of Rent Flows	79,684,168
	Rent PSF
	Average Rent PSF

Page 8 of 11

			Year 65			Year 66			Year 67			Year 68			Year 69			Year 70			Year 71			Year 72
			Jul-75 Jun-76			Jul-76 Jun-77			Jul-77 Jun-78			Jul-78 Jun-79			Jul-79 Jun-80			Jul-80 Jun-81			Jul-81 Jun-82			Jul-82 Jun-83
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			154,279,141			158,907,516			163,674,741			168,584,983			173,642,533			178,851,809			184,217,363			189,743,884
	Total Operating Expense			(65,926,772	)		(67,784,531	)		(69,698,022	)		(71,668,918	)		(73,698,941	)		(75,789,865	)		(77,943,516	)		(80,161,777	)
Add:	Rent if included in Opex above			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
	Net Operating Income			92,353,855			95,124,471			97,978,205			100,917,551			103,945,078			107,063,430			110,275,333			113,583,593
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(6,695,645	)		(6,896,515	)		(7,103,410	)		(7,316,513	)		(7,536,008	)		(7,762,088	)		(7,994,951	)		(8,234,799	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			85,298,210			87,867,956			90,514,795			93,241,039			96,049,070			98,941,342			101,920,382			104,988,794
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			85,246,210			87,815,956			90,462,795			93,189,039			95,997,070			98,889,342			101,868,382			104,936,794
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			42,623,105			43,907,978			45,231,398			46,594,519			47,998,535			49,444,671			50,934,191			52,468,397
CF of operator				42,675,105			43,959,978			45,283,398			46,646,519			48,050,535			49,496,671			50,986,191			52,520,397
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			42,623,105			43,907,978			45,231,398			46,594,519			47,998,535			49,444,671			50,934,191			52,468,397
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			42,983,105			44,267,978			45,591,398			46,954,519			48,358,535			49,804,671			51,294,191			52,828,397
		CF Dist.		85,658,210			88,227,956			90,874,795			93,601,039			96,409,070			99,301,342			102,280,382			105,348,794
		FS CF		85,658,210			88,227,956			90,874,795			93,601,039			96,409,070			99,301,342			102,280,382			105,348,794
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF of operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			42,983,105			44,267,978			45,591,398			46,954,519			48,358,535			49,804,671			51,294,191			52,828,397
	Variance
	PV of Rent Flows	79,684,168
	Rent PSF
	Average Rent PSF

Page 9 of 11

			Year 73			Year 74			Year 75			Year 76			Year 77			Year 78			Year 79			Year 80
			Jul-83 Jun-84			Jul-84 Jun-85			Jul-85 Jun-86			Jul-86 Jun-87			Jul-87 Jun-88			Jul-88 Jun-89			Jul-89 Jun-90			Jul-90 Jun-91
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			195,436,201			201,299,287			207,338,265			213,558,413			219,965,165			226,564,120			233,361,044			240,361,875
	Total Operating Expense			(82,446,585	)		(84,799,938	)		(87,223,892	)		(89,720,564	)		(92,292,137	)		(94,940,856	)		(97,669,037	)		(100,479,064	)
Add:	Rent if included in Opex above			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
	Net Operating Income			116,991,101			120,500,834			124,115,859			127,839,335			131,674,515			135,624,750			139,693,493			143,884,298
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(8,481,843	)		(8,736,299	)		(8,998,388	)		(9,268,339	)		(9,546,389	)		(9,832,781	)		(10,127,764	)		(10,431,597	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			108,149,258			111,404,535			114,757,472			118,210,996			121,768,126			125,431,969			129,205,728			133,092,700
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			108,097,258			111,352,535			114,705,472			118,158,996			121,716,126			125,379,969			129,153,728			133,040,700
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			54,048,629			55,676,268			57,352,736			59,079,498			60,858,063			62,689,985			64,576,864			66,520,350
CF of operator				54,100,629			55,728,268			57,404,736			59,131,498			60,910,063			62,741,985			64,628,864			66,572,350
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			54,048,629			55,676,268			57,352,736			59,079,498			60,858,063			62,689,985			64,576,864			66,520,350
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			54,408,629			56,036,268			57,712,736			59,439,498			61,218,063			63,049,985			64,936,864			66,880,350
		CF Dist.		108,509,258			111,764,535			115,117,472			118,570,996			122,128,126			125,791,969			129,565,728			133,452,700
		FS CF		108,509,258			111,764,535			115,117,472			118,570,996			122,128,126			125,791,969			129,565,728			133,452,700
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF of operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			54,408,629			56,036,268			57,712,736			59,439,498			61,218,063			63,049,985			64,936,864			66,880,350
	Variance
	PV of Rent Flows	79,684,168
	Rent PSF
	Average Rent PSF

Page 10 of 11

																								88			88.75
			Year 81			Year 82			Year 83			Year 84			Year 85			Year 86			Year 87			Year 88			Year 88.75
			Jul-91 Jun-92			Jul-92 Jun-93			Jul-93 Jun-94			Jul-94 Jun-95			Jul-95 Jun-96			Jul-96 Jun-97			Jul-97 Jun-98			Jul-98 Jun-99			Jul-99 Mar-00
Fixed Rents
	Basic Rent	see below		4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Other
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
Overage Rent
	Total Income			247,572,732			254,999,914			262,649,911			270,529,408			278,645,291			287,004,649			295,614,789			304,483,232			313,617,729
	Total Operating Expense			(103,373,391	)		(106,354,548	)		(109,425,140	)		(112,587,850	)		(115,845,441	)		(119,200,759	)		(122,656,737	)		(126,216,395	)		(129,882,842	)
Add:	Rent if included in Opex above			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
	Net Operating Income			148,200,827			152,646,851			157,226,257			161,943,045			166,801,336			171,805,376			176,959,537			182,268,323			187,736,373
Add:	Use of Cash from Loans
Less:	Total Capital Expenses			(10,744,545	)		(11,066,882	)		(11,398,888	)		(11,740,855	)		(12,093,080	)		(12,455,873	)		(12,829,549	)		(13,214,435	)		(13,610,869	)
Less:	Rent To Owner [all other]			(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)		(360,000	)
Less:	Interest Income			—			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			137,096,281			141,219,970			145,467,369			149,842,190			154,348,256			158,989,503			163,769,988			168,693,888			173,765,505
	Exclusion			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000			52,000
	Remainder for Overage			137,044,281			141,167,970			145,415,369			149,790,190			154,296,256			158,937,503			163,717,988			168,641,888			173,713,505
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			68,522,141			70,583,985			72,707,684			74,895,095			77,148,128			79,468,752			81,858,994			84,320,944			86,856,752
CF of operator				68,574,141			70,635,985			72,759,684			74,947,095			77,200,128			79,520,752			81,910,994			84,372,944			86,908,752
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
	Overage Rent @ 50%			68,522,141			70,583,985			72,707,684			74,895,095			77,148,128			79,468,752			81,858,994			84,320,944			86,856,752
	Less: Debt Service			(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)		(3,986,096	)
	Total			68,882,141			70,943,985			73,067,684			75,255,095			77,508,128			79,828,752			82,218,994			84,680,944			87,216,752
		CF Dist.		137,456,281			141,579,970			145,827,369			150,202,190			154,708,256			159,349,503			164,129,988			169,053,888
		FS CF		137,456,281			141,579,970			145,827,369			150,202,190			154,708,256			159,349,503			164,129,988			169,053,888
Basic Rent		Check		—			—			—			—			—			—			—			—
	Basic Amount			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000			360,000
	Existing Loans	mat 8/2013
	First
	Second 1
	Second 2
	2011 Borrowing
	Less amount allocable to orig mort
	Total
*	Refinance Loan			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096			3,986,096
	Total Basic Rent			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096			4,346,096
*	Duff to make this assumption.
2011 Borrowing
	Loan Amount
	Interest Rate
	Annual Payment
	Months
	Payments
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF of operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			68,882,141			70,943,985			73,067,684			75,255,095			77,508,128			79,828,752			82,218,994			84,680,944			65,412,564
	Variance
	PV of Rent Flows	79,684,168
	Rent PSF
	Average Rent PSF

Page 11 of 11

	1			2			3			4			5			6			7			8
	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8
For the Years Ending	Jun-2012			Jun-2013			Jun-2014			Jun-2015			Jun-2016			Jun-2017			Jun-2018			Jun-2019
Potential Gross Revenue
Base Rental Revenue	$	17,182,894		$	17,417,179		$	17,732,536		$	18,075,838		$	18,513,852		$	22,034,889		$	23,568,365		$	23,945,946
Absorption & Turnover Vacanc		(2,329,681	)		(970,634	)		(72,046	)		(188,065	)		(50,418	)		(1,778,268	)		(293,976	)		(99,469	)
Base Rent Abatements		(619,933	)		(882,470	)		(366,970	)		(110,949	)		(67,554	)		(3,092,738	)		(188,726	)		(78,759	)
Scheduled Base Rental Revenu		14,233,280			15,564,075			17,293,520			17,776,824			18,395,880			17,163,883			23,085,663			23,767,718
Base Rental Step Revenue		0			1,648			0			0			0			0			0			0
Miscellaneous Rental Revenue		1,160,843			1,302,157			1,431,669			1,483,660			1,544,676			1,547,419			1,743,806			1,813,766
CPI & Other Adjustment Reven		311,141			230,233			195,121			86,245			9,419			11,678			5,343			0
Expense Reimbursement Revenu
Real Estate Taxes - FY		680,120			692,839			730,860			754,080			787,450			344,980			192,205			202,475
Real Estate Taxes		385,320			401,564			460,160			520,501			603,492			671,593			770,247			839,517
OPEX		57,663			74,017			126,466			180,836			240,269			282,854			421,049			525,111
OPEX w/adjustments		480,173			545,851			613,500			683,179			754,944			396,584			282,872			314,171
Total Reimbursement Revenue		1,603,276			1,714,271			1,930,986			2,138,596			2,386,155			1,696,011			1,666,373			1,881,274
Water Income		6,092			6,274			6,463			6,657			6,856			7,063			7,273			7,492
Sprinkler Income		6,092			6,274			6,463			6,657			6,856			7,063			7,273			7,492
Condenser Water Income		118,800			122,364			126,035			129,815			133,711			137,721			141,853			146,110
Cleaning Service Income		28,907			29,774			30,668			31,586			32,535			33,512			34,516			35,552
Legal Fee Income		1,284			1,322			1,363			1,403			1,444			1,489			1,534			1,579
Miscellaneous Income		2,402			2,475			2,548			2,626			2,702			2,785			2,868			2,954
Sublease Profit Sharing		39,636			39,636			39,636			39,636			39,636			9,909			0			0
Sundry Income-Elevator Freig		66,173			68,160			70,202			72,310			74,479			76,712			79,014			81,383
Total Potential Gross Revenue		17,577,926			19,088,663			21,134,674			21,776,015			22,634,349			20,695,245			26,775,516			27,745,320
General Vacancy		0			0			(564,156	)		(470,856	)		(630,126	)		0			(518,109	)		(735,874	)
Collection Loss		(175,780	)		(190,887	)		(211,347	)		(217,761	)		(226,343	)		(206,952	)		(267,756	)		(277,452	)
Effective Gross Revenue		17,402,146			18,897,776			20,359,171			21,087,398			21,777,880			20,488,293			25,989,651			26,731,994
Operating Expenses
Real Estate Taxes		2,949,142			3,030,708			3,172,369			3,315,373			3,509,345			3,756,408			3,948,293			4,084,563
OPEX
Utilities		2,039,357			2,100,538			2,163,553			2,228,461			2,295,314			2,364,173			2,435,100			2,508,151
Cleaning		1,158,154			1,192,898			1,228,685			1,265,547			1,303,512			1,342,618			1,382,896			1,424,384
Payroll		710,000			731,300			753,239			775,836			799,112			823,084			847,777			873,212
R&M		856,027			845,400			870,764			896,887			923,793			951,506			980,052			1,009,453
Security Expense		251,773			259,328			267,105			275,120			283,372			291,874			300,631			309,648
Professional Fees		553,900			549,770			566,264			583,251			600,750			618,772			637,335			656,456
Insurance		176,241			181,528			186,974			192,584			198,360			204,312			210,441			216,755
Management Fees		217,527			236,222			254,490			263,592			272,224			256,104			324,870			334,150
Total		5,962,979			6,096,984			6,291,074			6,481,278			6,676,437			6,852,443			7,119,102			7,332,209
Ground Rent		4,059,872			4,059,872			3,623,034			3,011,027			2,979,037			1,733,812			1,391,669			2,816,853
Total Operating Expenses		12,971,993			13,187,564			13,086,477			12,807,678			13,164,819			12,342,663			12,459,064			14,233,625
Net Operating Income		4,430,153			5,710,212			7,272,694			8,279,720			8,613,061			8,145,630			13,530,587			12,498,369
Leasing & Capital Costs
Tenant Improvements		1,746,113			1,429,100			65,750			132,719			48,238			5,150,798			228,135			98,433
Leasing Commissions		622,186			632,699			67,961			157,448			186,508			2,650,749			290,328			111,766
Capital Expenditures		904,064			2,904,362			2,302,800			17,499			17,500			491,506			491,505			0
Base Building		150,000			92,700			63,654			109,272			33,766			1,124,496			155,227			73,792
Total Leasing & Capital Costs		3,422,363			5,058,861			2,500,165			416,938			286,012			9,417,549			1,165,195			283,991
Cash Flow Before Debt Service	$	1,007,790		$	651,351		$	4,772,529		$	7,862,782		$	8,327,049		($	1,271,919	)	$	12,365,392		$	12,214,378
& Taxes
CF to Land
Cash Flow to Operator		2,379,831			2,201,612			4,043,782			5,282,905			5,499,043			76,947			6,724,531			7,361,616
PV to Building Operator	$	83,000,000
Discount Rate		9.00	%

	9			10			11			12			13			14			15			16
	Year 9			Year 10			Year 11			Year 12			Year 13			Year 14			Year 15			Year 16
For the Years Ending	Jun-2020			Jun-2021			Jun-2022			Jun-2023			Jun-2024			Jun-2025			Jun-2026			Jun-2027
Potential Gross Revenue
Base Rental Revenue	$	25,421,034		$	26,723,437		$	28,125,809		$	29,476,402		$	30,088,868		$	30,816,895		$	31,622,043		$	33,571,438
Absorption & Turnover Vacanc		(925,957	)		(477,415	)		(473,747	)		(638,177	)		(225,347	)		(294,607	)		(226,305	)		(2,348,829	)
Base Rent Abatements		(1,287,731	)		(920,367	)		(453,659	)		(955,419	)		(338,791	)		(167,753	)		(228,325	)		(4,128,422	)
Scheduled Base Rental Revenu		23,207,346			25,325,655			27,198,403			27,882,806			29,524,730			30,354,535			31,167,413			27,094,187
Base Rental Step Revenue		0			0			0			0			0			0			0			0
Miscellaneous Rental Revenue		1,853,175			1,962,555			2,020,894			2,077,409			2,168,439			2,215,402			2,281,246			2,189,068
CPI & Other Adjustment Reven		0			0			0			0			0			0			0			0
Expense Reimbursement Revenu
Real Estate Taxes - FY		54,433			24,506			27,097			29,767			31,401			13,212			0			0
Real Estate Taxes		912,715			705,745			663,972			628,889			667,503			792,163			900,527			666,051
OPEX		653,288			804,699			965,767			963,545			1,063,136			1,281,813			1,475,535			1,079,233
OPEX w/adjustments		174,773			37,735			0			0			0			0			0			0
Total Reimbursement Revenue		1,795,209			1,572,685			1,656,836			1,622,201			1,762,040			2,087,188			2,376,062			1,745,284
Water Income		7,717			7,949			8,187			8,434			8,685			8,947			9,215			9,491
Sprinkler Income		7,717			7,949			8,187			8,434			8,685			8,947			9,215			9,491
Condenser Water Income		150,492			155,007			159,658			164,447			169,380			174,461			179,697			185,087
Cleaning Service Income		36,619			37,716			38,849			40,015			41,214			42,451			43,725			45,035
Legal Fee Income		1,627			1,675			1,725			1,776			1,832			1,884			1,944			2,000
Miscellaneous Income		3,043			3,133			3,228			3,325			3,425			3,528			3,633			3,743
Sublease Profit Sharing		0			0			0			0			0			0			0			0
Sundry Income-Elevator Freig		83,825			86,341			88,932			91,598			94,347			97,177			100,093			103,095
Total Potential Gross Revenue		27,146,770			29,160,665			31,184,899			31,900,445			33,782,777			34,994,520			36,172,243			31,386,481
General Vacancy		0			(411,728	)		(476,013	)		(337,980	)		(794,897	)		(764,067	)		(865,652	)		0
Collection Loss		(271,467	)		(291,608	)		(311,848	)		(319,006	)		(337,826	)		(349,945	)		(361,724	)		(313,864	)
Effective Gross Revenue		26,875,303			28,457,329			30,397,038			31,243,459			32,650,054			33,880,508			34,944,867			31,072,617
Operating Expenses
Real Estate Taxes		4,225,621			4,371,638			4,512,597			4,647,973			4,787,413			4,931,036			5,078,966			5,231,336
OPEX
Utilities		2,583,396			2,660,899			2,740,725			2,822,947			2,907,635			2,994,864			3,084,710			3,177,252
Cleaning		1,467,115			1,511,128			1,556,462			1,603,155			1,651,251			1,700,788			1,751,811			1,804,368
Payroll		899,407			926,388			954,181			982,807			1,012,290			1,042,658			1,073,940			1,106,157
R&M		1,039,738			1,070,928			1,103,057			1,136,149			1,170,233			1,205,341			1,241,500			1,278,745
Security Expense		318,939			328,508			338,361			348,513			358,967			369,737			380,830			392,255
Professional Fees		676,149			696,432			717,327			738,846			761,012			783,841			807,358			831,576
Insurance		223,257			229,955			236,853			243,959			251,277			258,816			266,580			274,577
Management Fees		335,942			355,716			379,963			390,544			408,126			423,505			436,811			388,408
Total		7,543,943			7,779,954			8,026,929			8,266,920			8,520,791			8,779,550			9,043,540			9,253,338
Ground Rent		2,255,346			2,457,880			2,524,923			2,891,395			3,746,183			4,001,485			4,001,486			4,001,486
Total Operating Expenses		14,024,910			14,609,472			15,064,449			15,806,288			17,054,387			17,712,071			18,123,992			18,486,160
Net Operating Income		12,850,393			13,847,857			15,332,589			15,437,171			15,595,667			16,168,437			16,820,875			12,586,457
Leasing & Capital Costs
Tenant Improvements		2,327,147			1,241,863			1,017,457			1,249,208			488,609			104,203			161,128			6,886,430
Leasing Commissions		1,289,753			747,407			545,122			808,872			396,885			463,703			577,439			3,530,147
Capital Expenditures		93,226			93,225			0			0			0			0			0			0
Base Building		418,034			0			0			0			0			0			0			0
Total Leasing & Capital Costs		4,128,160			2,082,495			1,562,579			2,058,080			885,494			567,906			738,567			10,416,577
Cash Flow Before Debt Service	$	8,722,233		$	11,765,362		$	13,770,010		$	13,379,091		$	14,710,173		$	15,600,531		$	16,082,308		$	2,169,880
& Taxes
CF to Land
Cash Flow to Operator		5,334,790			6,957,621			7,993,467			7,981,243			9,074,178			9,647,008			9,887,897			2,931,683
PV to Building Operator
Discount Rate

	17			18			19			20			21			22			23			24
	Year 17			Year 18			Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
For the Years Ending	Jun-2028			Jun-2029			Jun-2030			Jun-2031			Jun-2032			Jun-2033			Jun-2034			Jun-2035
Potential Gross Revenue
Base Rental Revenue	$	35,109,119		$	35,609,169		$	36,397,974		$	37,499,870		$	38,793,205		$	40,542,520		$	41,355,302		$	41,847,814
Absorption & Turnover Vacanc		(401,519	)		(182,658	)		(1,103,206	)		(787,046	)		(497,968	)		(780,474	)		(529,500	)		(292,323	)
Base Rent Abatements		(232,633	)		(156,235	)		(1,426,837	)		(1,555,705	)		(269,217	)		(1,384,803	)		(688,329	)		(247,179	)
Scheduled Base Rental Revenu		34,474,967			35,270,276			33,867,931			35,157,119			38,026,020			38,377,243			40,137,473			41,308,312
Base Rental Step Revenue		0			0			0			0			0			0			0			0
Miscellaneous Rental Revenue		2,399,824			2,487,865			2,496,970			2,599,312			2,697,631			2,758,649			2,863,085			2,975,742
CPI & Other Adjustment Reven		0			0			0			0			0			0			0			0
Expense Reimbursement Revenu
Real Estate Taxes - FY		0			0			0			0			0			0			0			0
Real Estate Taxes		549,347			665,953			687,592			646,067			723,910			739,320			788,003			940,723
OPEX		966,234			1,161,275			1,170,192			1,094,981			1,244,976			1,249,828			1,329,924			1,617,473
OPEX w/adjustments		0			0			0			0			0			0			0			0
Total Reimbursement Revenue		1,515,581			1,827,228			1,857,784			1,741,048			1,968,886			1,989,148			2,117,927			2,558,196
Water Income		9,776			10,069			10,371			10,683			11,004			11,332			11,674			12,023
Sprinkler Income		9,776			10,069			10,371			10,683			11,004			11,332			11,674			12,023
Condenser Water Income		190,639			196,358			202,249			208,318			214,566			221,003			227,632			234,464
Cleaning Service Income		46,388			47,779			49,212			50,688			52,210			53,774			55,390			57,050
Legal Fee Income		2,060			2,122			2,184			2,253			2,318			2,389			2,460			2,534
Miscellaneous Income		3,853			3,971			4,089			4,212			4,339			4,467			4,603			4,740
Sublease Profit Sharing		0			0			0			0			0			0			0			0
Sundry Income - Elevator Freig		106,189			109,373			112,656			116,035			119,515			123,101			126,795			130,598
Total Potential Gross Revenue		38,759,053			39,965,110			38,613,817			39,900,351			43,107,493			43,552,438			45,558,713			47,295,682
General Vacancy		(773,299	)		(1,021,775	)		(88,305	)		(433,574	)		(810,196	)		(549,515	)		(853,147	)		(1,135,317	)
Collection Loss		(387,591	)		(399,651	)		(386,139	)		(399,003	)		(431,076	)		(435,525	)		(455,587	)		(472,956	)
Effective Gross Revenue		37,598,163			38,543,684			38,139,373			39,067,774			41,866,221			42,567,398			44,249,979			45,687,409
Operating Expenses
Real Estate Taxes		5,388,276			5,549,924			5,716,421			5,887,916			6,064,550			6,246,490			6,433,882			6,626,899
OPEX
Utilities		3,272,569			3,370,748			3,471,868			3,576,025			3,683,305			3,793,805			3,907,620			4,024,847
Cleaning		1,858,497			1,914,252			1,971,680			2,030,831			2,091,755			2,154,506			2,219,144			2,285,716
Payroll		1,139,340			1,173,522			1,208,728			1,244,989			1,282,340			1,320,808			1,360,433			1,401,248
R&M		1,317,108			1,356,621			1,397,318			1,439,240			1,482,417			1,526,889			1,572,695			1,619,877
Security Expense		404,020			416,144			428,627			441,484			454,731			468,372			482,424			496,895
Professional Fees		856,525			882,221			908,688			935,948			964,027			992,947			1,022,735			1,053,418
Insurance		282,816			291,299			300,038			309,039			318,312			327,861			337,694			347,828
Management Fees		469,977			481,796			476,741			488,347			523,328			532,093			553,123			571,093
Total		9,600,852			9,886,603			10,163,688			10,465,903			10,800,215			11,117,281			11,455,868			11,800,922
Ground Rent		4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
Total Operating Expenses		18,990,614			19,438,013			19,881,595			20,355,305			20,866,251			21,365,257			21,891,236			22,429,307
Net Operating Income		18,607,549			19,105,671			18,257,778			18,712,469			20,999,970			21,202,141			22,358,743			23,258,102
Leasing & Capital Costs
Tenant Improvements		327,932			148,297			2,344,676			2,475,260			523,559			2,288,968			905,850			158,134
Leasing Commissions		387,888			186,766			1,256,326			1,495,757			287,785			1,242,355			805,210			664,497
Capital Expenditures		0			0			0			0			0			0			0			0
Base Building		0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		715,820			335,063			3,601,002			3,971,017			811,344			3,531,323			1,711,060			822,631
Cash Flow Before Debt Service	$	17,891,729		$	18,770,608		$	14,656,776		$	14,741,452		$	20,188,626		$	17,670,818		$	20,647,683		$	22,435,471
& Taxes
CF to Land
Cash Flow to Operator		10,792,608			11,232,047			9,175,131			9,217,469			11,941,056			10,682,152			12,170,585			13,064,479
PV to Building Operator
Discount Rate

	25			26			27			28			29			30			31			32
For the Years Ending	Year 25 Jun-2036			Year 26 Jun-2037			Year 27 Jun-2038			Year 28 Jun-2039			Year 29 Jun-2040			Year 30 Jun-2041			Year 31 Jun-2042			Year 32 Jun-2043
Potential Gross Revenue
Base Rental Revenue	$	42,627,048		$	44,653,789		$	47,244,208		$	47,953,810		$	48,841,202		$	50,354,463		$	51,825,872		$	54,429,379
Absorption & Turnover Vacanc		(410,849	)		(3,109,662	)		(233,223	)		(560,472	)		(1,200,226	)		(1,402,070	)		(282,688	)		(1,137,547	)
Base Rent Abatements		(247,803	)		(4,679,239	)		(1,038,853	)		(379,522	)		(1,890,885	)		(1,597,503	)		(695,663	)		(1,709,909	)
Scheduled Base Rental Revenu		41,968,396			36,864,888			45,972,132			47,013,816			45,750,091			47,354,890			50,847,521			51,581,923
Base Rental Step Revenue		0			0			0			0			0			0			0			0
Miscellaneous Rental Revenue		3,057,704			2,945,402			3,248,137			3,320,032			3,375,889			3,468,324			3,653,243			3,701,712
CPI & Other Adjustment Reven		0			0			0			0			0			0			0			0
Expense Reimbursement Revenu
Real Estate Taxes - FY		0			0			0			0			0			0			0			0
Real Estate Taxes		1,093,258			953,940			723,483			872,066			949,850			883,127			972,016			1,012,821
OPEX		1,896,151			1,618,142			1,270,361			1,525,680			1,622,883			1,500,961			1,663,739			1,715,743
OPEX w/adjustments		0			0			0			0			0			0			0			0
Total Reimbursement Revenue		2,989,409			2,572,082			1,993,844			2,397,746			2,572,733			2,384,088			2,635,755			2,728,564
Water Income		12,383			12,756			13,138			13,533			13,938			14,355			14,787			15,231
Sprinkler Income		12,383			12,756			13,138			13,533			13,938			14,355			14,787			15,231
Condenser Water Income		241,495			248,740			256,203			263,890			271,804			279,961			288,359			297,009
Cleaning Service Income		58,762			60,525			62,340			64,212			66,136			68,122			70,164			72,269
Legal Fee Income		2,611			2,687			2,770			2,853			2,937			3,025			3,118			3,210
Miscellaneous Income		4,884			5,028			5,182			5,335			5,496			5,661			5,830			6,004
Sublease Profit Sharing		0			0			0			0			0			0			0			0
Sundry Income-Elevator Freig		134,517			138,551			142,708			146,989			151,400			155,940			160,620			165,437
Total Potential Gross Revenue		48,482,544			42,863,415			51,709,592			53,241,939			52,224,362			53,748,721			57,694,184			58,586,590
General Vacancy		(1,055,952	)		0			(1,325,062	)		(1,053,600	)		(402,512	)		(252,454	)		(1,456,619	)		(654,177	)
Collection Loss		(484,825	)		(428,636	)		(517,094	)		(532,420	)		(522,244	)		(537,488	)		(576,941	)		(585,866	)
Effective Gross Revenue		46,941,767			42,434,779			49,867,436			51,655,919			51,299,606			52,958,779			55,660,624			57,346,547
Operating Expenses
Real Estate Taxes		6,825,707			7,030,476			7,241,392			7,458,635			7,682,392			7,912,864			8,150,251			8,394,756
OPEX
Utilities		4,145,592			4,269,961			4,398,060			4,530,000			4,665,901			4,805,880			4,950,055			5,098,557
Cleaning		2,354,290			2,424,916			2,497,666			2,572,595			2,649,772			2,729,266			2,811,144			2,895,479
Payroll		1,443,283			1,486,583			1,531,178			1,577,115			1,624,429			1,673,161			1,723,357			1,775,057
R&M		1,668,471			1,718,528			1,770,083			1,823,184			1,877,881			1,934,218			1,992,242			2,052,012
Security Expense		511,802			527,158			542,971			559,260			576,039			593,319			611,120			629,452
Professional Fees		1,085,020			1,117,572			1,151,097			1,185,631			1,221,199			1,257,836			1,295,570			1,334,437
Insurance		358,260			369,011			380,079			391,484			403,225			415,323			427,784			440,616
Management Fees		586,774			530,433			623,343			645,699			641,247			661,985			695,757			716,833
Total		12,153,492			12,444,162			12,894,477			13,284,968			13,659,693			14,070,988			14,507,029			14,942,443
Ground Rent		4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
Total Operating Expenses		22,980,685			23,476,124			24,137,355			24,745,089			25,343,571			25,985,338			26,658,766			27,338,685
Net Operating Income		23,961,082			18,958,655			25,730,081			26,910,830			25,956,035			26,973,441			29,001,858			30,007,862
Leasing & Capital Costs
Tenant Improvements		199,930			9,223,770			161,355			517,731			3,085,132			3,416,042			665,036			3,048,761
Leasing Commissions		523,844			4,960,646			217,895			562,952			1,626,191			2,123,577			352,026			1,631,522
Capital Expenditures		0			0			0			0			0			0			0			0
Base Building		0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		723,774			14,184,416			379,250			1,080,683			4,711,323			5,539,619			1,017,062			4,680,283
Cash Flow Before Debt Service	$	23,237,308		$	4,774,239		$	25,350,831		$	25,830,147		$	21,244,712		$	21,433,822		$	27,984,796		$	25,327,579
& Taxes
CF to Land
Cash Flow to Operator		13,465,397			4,233,863			14,522,159			14,761,817			12,469,099			12,563,654			15,839,141			14,510,533
PV to Building Operator
Discount Rate

	33			34			35			36			37			38			39		40
																3.0%
For the Years Ending	Year 33 Jun-2044			Year 34 Jun-2045			Year 35 Jun-2046			Year 36 Jun-2047			Year 37 Jun-2048			Year 38 Jun-2049			Year 39 Jun-2050		Year 40 Jun-2051
Potential Gross Revenue
Base Rental Revenue	$	55,484,024		$	56,184,038		$	57,200,425		$	59,268,007		$	63,466,721		$	64,393,375
Absorption & Turnover Vacanc		(905,572	)		(383,023	)		(595,477	)		(4,217,037	)		(254,263	)		(708,655	)
Base Rent Abatements		(1,226,394	)		(304,557	)		(285,619	)		(2,317,240	)		(5,486,857	)		(448,156	)
Scheduled Base Rental Revenu		53,352,058			55,496,458			56,319,329			52,733,730			57,725,601			63,236,564
Base Rental Step Revenue		0			0			0			0			0			0
Miscellaneous Rental Revenue		3,833,481			3,999,903			4,098,557			3,963,083			4,369,716			4,465,001
CPI & Other Adjustment Reven		0			0			0			0			0			0
Expense Reimbursement Revenu
Real Estate Taxes - FY		0			0			0			0			0			0
Real Estate Taxes		1,082,356			1,263,009			1,473,340			1,430,128			964,517			1,185,238
OPEX		1,823,404			2,167,503			2,549,118			2,477,405			1,628,682			2,060,032
OPEX w/adjustments		0			0			0			0			0			0
Total Reimbursement Revenue		2,905,760			3,430,512			4,022,458			3,907,533			2,593,199			3,245,270
Water Income		15,687			16,160			16,642			17,142			17,655			18,187
Sprinkler Income		15,687			16,160			16,642			17,142			17,655			18,187
Condenser Water Income		305,919			315,098			324,552			334,286			344,316			354,645
Cleaning Service Income		74,438			76,671			78,972			81,340			83,781			86,292
Legal Fee Income		3,306			3,405			3,507			3,613			3,721			3,833
Miscellaneous Income		6,185			6,372			6,562			6,757			6,961			7,172
Sublease Profit Sharing		0			0			0			0			0			0
Sundry Income-Elevator Freig		170,401			175,513			180,780			186,201			191,787			197,543
Total Potential Gross Revenue		60,682,922			63,536,252			65,068,001			61,250,827			65,354,392			71,632,694
General Vacancy		(942,083	)		(1,534,555	)		(1,374,427	)		0			(1,713,996	)		(1,461,586	)
Collection Loss		(606,830	)		(635,364	)		(650,679	)		(612,508	)		(653,544	)		(716,327	)
Effective Gross Revenue		59,134,009			61,366,333			63,042,895			60,638,319			62,986,852			69,454,781			71,538,424		73,684,577
Operating Expenses
Real Estate Taxes		8,646,601			8,905,999			9,173,178			9,448,372			9,731,825			10,023,780			10,324,493		10,634,228
OPEX
Utilities		5,251,512			5,409,060			5,571,330			5,738,470			5,910,623			6,087,944			6,270,582		6,458,700
Cleaning		2,982,342			3,071,812			3,163,968			3,258,887			3,356,651			3,457,353			3,561,074		3,667,906
Payroll		1,828,309			1,883,159			1,939,652			1,997,843			2,057,776			2,119,512			2,183,097		2,248,590
R&M		2,113,571			2,176,979			2,242,286			2,309,557			2,378,844			2,450,208			2,523,714		2,599,426
Security Expense		648,337			667,787			687,818			708,456			729,707			751,599			774,147		797,371
Professional Fees		1,374,472			1,415,705			1,458,178			1,501,920			1,546,981			1,593,388			1,641,190		1,690,425
Insurance		453,836			467,450			481,474			495,917			510,796			526,119			541,903		558,160
Management Fees		739,174			767,080			788,035			757,979			787,337			868,183			894,228		921,055
Total		15,391,553			15,859,032			16,332,741			16,769,029			17,278,715			17,854,306			18,389,935		18,941,633
Ground Rent		4,001,486			4,001,486			4,001,486			4,001,486			4,001,486			4,001,486
Total Operating Expenses		28,039,640			28,766,517			29,507,405			30,218,887			31,012,026			31,879,572			28,714,429		29,575,861
Net Operating Income		31,094,369			32,599,816			33,535,490			30,419,432			31,974,826			37,575,209			42,823,996		44,108,716
Leasing & Capital Costs
Tenant Improvements		1,150,580			186,286			332,171			12,420,052			228,553			564,431
Leasing Commissions		1,035,813			832,453			412,110			7,087,093			287,821			635,983
Capital Expenditures		0			0			0			0			0			0
Base Building		0			0			0			0			0			0
Total Leasing & Capital Costs		2,186,393			1,018,739			744,281			19,507,145			516,374			1,200,414			3,104,735		3,197,878
Cash Flow Before Debt Service	$	28,907,976		$	31,581,077		$	32,791,209		$	10,912,287		$	31,458,452		$	36,374,795
& Taxes
CF to Land
Cash Flow to Operator		16,300,731			17,637,282			18,242,348			7,302,887			17,575,969			20,034,141			19,705,630		20,301,419
PV to Building Operator
Discount Rate

	41		42		43		44		45		46		47		48
For the Years Ending	Year 41 Jun-2052		Year 42 Jun-2053		Year 43 Jun-2054		Year 44 Jun-2055		Year 45 Jun-2056		Year 46 Jun-2057		Year 47 Jun-2058		Year 48 Jun-2059
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacanc
Base Rent Abatements
Scheduled Base Rental Revenu
Base Rental Step Revenue
Miscellaneous Rental Revenue
CPI & Other Adjustment Reven
Expense Reimbursement Revenu
Real Estate Taxes - FY
Real Estate Taxes
OPEX
OPEX w/adjustments
Total Reimbursement Revenue
Water Income
Sprinkler Income
Condenser Water Income
Cleaning Service Income
Legal Fee Income
Miscellaneous Income
Sublease Profit Sharing
Sundry Income-Elevator Freig
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		75,895,114		78,171,968		80,517,127		82,932,641		85,420,620		87,983,239		90,622,736		93,341,418
Operating Expenses
Real Estate Taxes		10,953,255		11,281,853		11,620,308		11,968,918		12,327,985		12,697,825		13,078,759		13,471,122
OPEX
Utilities		6,652,461		6,852,035		7,057,596		7,269,324		7,487,403		7,712,025		7,943,386		8,181,688
Cleaning		3,777,943		3,891,281		4,008,020		4,128,260		4,252,108		4,379,671		4,511,061		4,646,393
Payroll		2,316,048		2,385,529		2,457,095		2,530,808		2,606,732		2,684,934		2,765,482		2,848,447
R&M		2,677,408		2,757,731		2,840,463		2,925,676		3,013,447		3,103,850		3,196,966		3,292,875
Security Expense		821,293		845,931		871,309		897,449		924,372		952,103		980,666		1,010,086
Professional Fees		1,741,138		1,793,372		1,847,173		1,902,589		1,959,666		2,018,456		2,079,010		2,141,380
Insurance		574,904		592,152		609,916		628,214		647,060		666,472		686,466		707,060
Management Fees		948,687		977,148		1,006,462		1,036,656		1,067,756		1,099,788		1,132,782		1,166,765
Total		19,509,882		20,095,179		20,698,034		21,318,975		21,958,544		22,617,301		23,295,820		23,994,694
Ground Rent
Total Operating Expenses		30,463,137		31,377,031		32,318,342		33,287,893		34,286,529		35,315,125		36,374,579		37,465,816
Net Operating Income		45,431,977		46,794,937		48,198,785		49,644,748		51,134,091		52,668,113		54,248,157		55,875,601
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		3,293,814		3,392,628		3,494,407		3,599,239		3,707,217		3,818,433		3,932,986		4,050,976
Cash Flow Before Debt Service
& Taxes
CF to Land
Cash Flow to Operator		20,915,082		21,547,154		22,198,189		22,868,754		23,559,437		24,270,840		25,003,585		25,758,313
PV to Building Operator
Discount Rate

	49		50		51		52		53		54		55		56
For the Years Ending	Year 49 Jun-2060		Year 50 Jun-2061		Year 51 Jun-2062		Year 52 Jun-2063		Year 53 Jun-2064		Year 54 Jun-2065		Year 55 Jun-2066		Year 56 Jun-2067
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacanc
Base Rent Abatements
Scheduled Base Rental Revenu
Base Rental Step Revenue
Miscellaneous Rental Revenue
CPI & Other Adjustment Reven
Expense Reimbursement Revenu
Real Estate Taxes - FY
Real Estate Taxes
OPEX
OPEX w/adjustments
Total Reimbursement Revenue
Water Income
Sprinkler Income
Condenser Water Income
Cleaning Service Income
Legal Fee Income
Miscellaneous Income
Sublease Profit Sharing
Sundry Income-Elevator Freig
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		96,141,660		99,025,910		101,996,687		105,056,588		108,208,286		111,454,534		114,798,170		118,242,115
Operating Expenses
Real Estate Taxes		13,875,256		14,291,513		14,720,259		15,161,867		15,616,723		16,085,224		16,567,781		17,064,814
OPEX
Utilities		8,427,138		8,679,952		8,940,351		9,208,562		9,484,818		9,769,363		10,062,444		10,364,317
Cleaning		4,785,785		4,929,359		5,077,239		5,229,557		5,386,443		5,548,037		5,714,478		5,885,912
Payroll		2,933,900		3,021,917		3,112,575		3,205,952		3,302,131		3,401,195		3,503,230		3,608,327
R&M		3,391,661		3,493,411		3,598,213		3,706,159		3,817,344		3,931,865		4,049,820		4,171,315
Security Expense		1,040,389		1,071,600		1,103,748		1,136,861		1,170,967		1,206,096		1,242,279		1,279,547
Professional Fees		2,205,622		2,271,790		2,339,944		2,410,142		2,482,447		2,556,920		2,633,628		2,712,636
Insurance		728,272		750,120		772,623		795,802		819,676		844,267		869,595		895,682
Management Fees		1,201,768		1,237,821		1,274,956		1,313,205		1,352,601		1,393,179		1,434,974		1,478,023
Total		24,714,535		25,455,971		26,219,650		27,006,240		27,816,427		28,650,920		29,510,447		30,395,761
Ground Rent
Total Operating Expenses		38,589,791		39,747,485		40,939,909		42,168,106		43,433,150		44,736,144		46,078,228		47,460,575
Net Operating Income		57,551,869		59,278,426		61,056,778		62,888,482		64,775,136		66,718,390		68,719,942		70,781,540
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		4,172,505		4,297,680		4,426,610		4,559,409		4,696,191		4,837,077		4,982,189		5,131,655
Cash Flow Before Debt Service
& Taxes
CF to Land
Cash Flow to Operator		26,535,682		27,336,373		28,161,084		29,010,536		29,885,473		30,786,657		31,714,876		32,670,943
PV to Building Operator
Discount Rate

	57		58		59		60		61		62		63		64
For the Years Ending	Year 57 Jun-2068		Year 58 Jun-2069		Year 59 Jun-2070		Year 60 Jun-2071		Year 61 Jun-2072		Year 62 Jun-2073		Year 63 Jun-2074		Year 64 Jun-2075
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacanc
Base Rent Abatements
Scheduled Base Rental Revenu
Base Rental Step Revenue
Miscellaneous Rental Revenue
CPI & Other Adjustment Reven
Expense Reimbursement Revenu
Real Estate Taxes - FY
Real Estate Taxes
OPEX
OPEX w/adjustments
Total Reimbursement Revenue
Water Income
Sprinkler Income
Condenser Water Income
Cleaning Service Income
Legal Fee Income
Miscellaneous Income
Sublease Profit Sharing
Sundry Income-Elevator Freig
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		121,789,379		125,443,060		129,206,352		133,082,543		137,075,019		141,187,269		145,422,888		149,785,574
Operating Expenses
Real Estate Taxes		17,576,759		18,104,062		18,647,184		19,206,599		19,782,797		20,376,281		20,987,569		21,617,196
OPEX
Utilities		10,675,247		10,995,504		11,325,369		11,665,130		12,015,084		12,375,537		12,746,803		13,129,207
Cleaning		6,062,489		6,244,364		6,431,695		6,624,646		6,823,385		7,028,087		7,238,929		7,456,097
Payroll		3,716,577		3,828,074		3,942,917		4,061,204		4,183,040		4,308,532		4,437,787		4,570,921
R&M		4,296,455		4,425,348		4,558,109		4,694,852		4,835,697		4,980,768		5,130,191		5,284,097
Security Expense		1,317,933		1,357,471		1,398,196		1,440,141		1,483,346		1,527,846		1,573,681		1,620,892
Professional Fees		2,794,016		2,877,836		2,964,171		3,053,096		3,144,689		3,239,030		3,336,201		3,436,287
Insurance		922,553		950,229		978,736		1,008,098		1,038,341		1,069,492		1,101,576		1,134,624
Management Fees		1,522,364		1,568,035		1,615,076		1,663,528		1,713,434		1,764,837		1,817,782		1,872,316
Total		31,307,634		32,246,863		33,214,269		34,210,697		35,237,017		36,294,128		37,382,952		38,504,440
Ground Rent
Total Operating Expenses		48,884,393		50,350,924		51,861,452		53,417,296		55,019,814		56,670,409		58,370,521		60,121,637
Net Operating Income		72,904,986		75,092,136		77,344,900		79,665,247		82,055,204		84,516,861		87,052,366		89,663,937
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		5,285,604		5,444,172		5,607,498		5,775,723		5,948,994		6,127,464		6,311,288		6,500,627
Cash Flow Before Debt Service
& Taxes
CF to Land
Cash Flow to Operator		33,655,691		34,669,982		35,714,701		36,790,762		37,899,105		39,040,698		40,216,539		41,427,655
PV to Building Operator
Discount Rate

	65		66		67		68		69		70		71		72
For the Years Ending	Year 65 Jun-2076		Year 66 Jun-2077		Year 67 Jun-2078		Year 68 Jun-2079		Year 69 Jun-2080		Year 70 Jun-2081		Year 71 Jun-2082		Year 72 Jun-2083
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacanc
Base Rent Abatements
Scheduled Base Rental Revenu
Base Rental Step Revenue
Miscellaneous Rental Revenue
CPI & Other Adjustment Reven
Expense Reimbursement Revenu
Real Estate Taxes - FY
Real Estate Taxes
OPEX
OPEX w/adjustments
Total Reimbursement Revenue
Water Income
Sprinkler Income
Condenser Water Income
Cleaning Service Income
Legal Fee Income
Miscellaneous Income
Sublease Profit Sharing
Sundry Income-Elevator Freig
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		154,279,141		158,907,516		163,674,741		168,584,983		173,642,533		178,851,809		184,217,363		189,743,884
Operating Expenses
Real Estate Taxes		22,265,712		22,933,684		23,621,694		24,330,345		25,060,255		25,812,063		26,586,425		27,384,018
OPEX
Utilities		13,523,083		13,928,776		14,346,639		14,777,038		15,220,349		15,676,960		16,147,268		16,631,686
Cleaning		7,679,780		7,910,174		8,147,479		8,391,903		8,643,660		8,902,970		9,170,059		9,445,161
Payroll		4,708,049		4,849,290		4,994,769		5,144,612		5,298,950		5,457,919		5,621,656		5,790,306
R&M		5,442,620		5,605,899		5,774,076		5,947,298		6,125,717		6,309,488		6,498,773		6,693,736
Security Expense		1,669,519		1,719,604		1,771,192		1,824,328		1,879,058		1,935,430		1,993,493		2,053,297
Professional Fees		3,539,375		3,645,557		3,754,923		3,867,571		3,983,598		4,103,106		4,226,199		4,352,985
Insurance		1,168,662		1,203,722		1,239,834		1,277,029		1,315,340		1,354,800		1,395,444		1,437,307
Management Fees		1,928,485		1,986,340		2,045,930		2,107,308		2,170,527		2,235,643		2,302,712		2,371,794
Total		39,659,574		40,849,361		42,074,842		43,337,087		44,637,200		45,976,315		47,355,605		48,776,273
Ground Rent
Total Operating Expenses		61,925,286		63,783,045		65,696,536		67,667,432		69,697,455		71,788,379		73,942,030		76,160,291
Net Operating Income		92,353,855		95,124,471		97,978,205		100,917,551		103,945,078		107,063,430		110,275,333		113,583,593
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		6,695,645		6,896,515		7,103,410		7,316,513		7,536,008		7,762,088		7,994,951		8,234,799
Cash Flow Before Debt Service
& Taxes
CF to Land
Cash Flow to Operator		42,675,105		43,959,978		45,283,398		46,646,519		48,050,535		49,496,671		50,986,191		52,520,397
PV to Building Operator
Discount Rate

	73		74		75		76		77		78		79		80
	Year 73		Year 74		Year 75		Year 76		Year 77		Year 78		Year 79		Year 80
For the Years Ending	Jun-2084		Jun-2085		Jun-2086		Jun-2087		Jun-2088		Jun-2089		Jun-2090		Jun-2091
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacanc
Base Rent Abatements
Scheduled Base Rental Revenu
Base Rental Step Revenue
Miscellaneous Rental Revenue
CPI & Other Adjustment Reven
Expense Reimbursement Revenu
Real Estate Taxes - FY
Real Estate Taxes
OPEX
OPEX w/adjustments
Total Reimbursement Revenue
Water Income
Sprinkler Income
Condenser Water Income
Cleaning Service Income
Legal Fee Income
Miscellaneous Income
Sublease Profit Sharing
Sundry Income-Elevator Freig
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		195,436,201		201,299,287		207,338,265		213,558,413		219,965,165		226,564,120		233,361,044		240,361,875
Operating Expenses
Real Estate Taxes		28,205,538		29,051,704		29,923,255		30,820,953		31,745,582		32,697,949		33,678,888		34,689,254
OPEX
Utilities		17,130,637		17,644,556		18,173,893		18,719,110		19,280,683		19,859,103		20,454,877		21,068,523
Cleaning		9,728,516		10,020,371		10,320,982		10,630,612		10,949,530		11,278,016		11,616,357		11,964,847
Payroll		5,964,015		6,142,936		6,327,224		6,517,040		6,712,552		6,913,928		7,121,346		7,334,986
R&M		6,894,548		7,101,385		7,314,426		7,533,859		7,759,875		7,992,671		8,232,451		8,479,425
Security Expense		2,114,896		2,178,343		2,243,693		2,311,004		2,380,334		2,451,744		2,525,297		2,601,056
Professional Fees		4,483,575		4,618,082		4,756,624		4,899,323		5,046,303		5,197,692		5,353,623		5,514,231
Insurance		1,480,427		1,524,839		1,570,584		1,617,702		1,666,233		1,716,220		1,767,707		1,820,738
Management Fees		2,442,948		2,516,236		2,591,723		2,669,475		2,749,559		2,832,046		2,917,007		3,004,517
Total		50,239,561		51,746,748		53,299,151		54,898,125		56,545,069		58,241,421		59,988,664		61,788,323
Ground Rent
Total Operating Expenses		78,445,099		80,798,452		83,222,406		85,719,078		88,290,651		90,939,370		93,667,551		96,477,578
Net Operating Income		116,991,101		120,500,834		124,115,859		127,839,335		131,674,515		135,624,750		139,693,493		143,884,298
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		8,481,843		8,736,299		8,998,388		9,268,339		9,546,389		9,832,781		10,127,764		10,431,597
Cash Flow Before Debt Service
& Taxes
CF to Land
Cash Flow to Operator		54,100,629		55,728,268		57,404,736		59,131,498		60,910,063		62,741,985		64,628,864		66,572,350
PV to Building Operator
Discount Rate

	81		82		83		84		85		86		87		88		88.75
	Year 81		Year 82		Year 83		Year 84		Year 85		Year 86		Year 87		Year 88		Year 88.75
For the Years Ending	Jun-2092		Jun-2093		Jun-2094		Jun-2095		Jun-2096		Jun-2097		Jun-2098		Jun-2099		Mar-2100
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover Vacanc
Base Rent Abatements
Scheduled Base Rental Revenu
Base Rental Step Revenue
Miscellaneous Rental Revenue
CPI & Other Adjustment Reven
Expense Reimbursement Revenu
Real Estate Taxes - FY
Real Estate Taxes
OPEX
OPEX w/adjustments
Total Reimbursement Revenue
Water Income
Sprinkler Income
Condenser Water Income
Cleaning Service Income
Legal Fee Income
Miscellaneous Income
Sublease Profit Sharing
Sundry Income-Elevator Freig
Total Potential Gross Revenue
General Vacancy
Collection Loss
Effective Gross Revenue		247,572,732		254,999,914		262,649,911		270,529,408		278,645,291		287,004,649		295,614,789		304,483,232		313,617,729
Operating Expenses
Real Estate Taxes		35,729,932		36,801,830		37,905,885		39,043,061		40,214,353		41,420,784		42,663,407		43,943,309		45,261,609
OPEX
Utilities		21,700,578		22,351,596		23,022,144		23,712,808		24,424,192		25,156,918		25,911,626		26,688,974		27,489,644
Cleaning		12,323,793		12,693,507		13,074,312		13,466,541		13,870,537		14,286,653		14,715,253		15,156,711		15,611,412
Payroll		7,555,036		7,781,687		8,015,138		8,255,592		8,503,260		8,758,357		9,021,108		9,291,741		9,570,494
R&M		8,733,808		8,995,822		9,265,696		9,543,667		9,829,977		10,124,877		10,428,623		10,741,482		11,063,726
Security Expense		2,679,087		2,759,460		2,842,244		2,927,511		3,015,336		3,105,796		3,198,970		3,294,939		3,393,788
Professional Fees		5,679,658		5,850,048		6,025,549		6,206,316		6,392,505		6,584,281		6,781,809		6,985,263		7,194,821
Insurance		1,875,360		1,931,621		1,989,569		2,049,257		2,110,734		2,174,056		2,239,278		2,306,456		2,375,650
Management Fees		3,094,653		3,187,492		3,283,117		3,381,611		3,483,059		3,587,551		3,695,177		3,806,033		3,920,214
Total		63,641,973		65,551,232		67,517,769		69,543,302		71,629,601		73,778,490		75,991,844		78,271,600		80,619,748
Ground Rent
Total Operating Expenses		99,371,905		102,353,062		105,423,654		108,586,364		111,843,955		115,199,273		118,655,251		122,214,909		125,881,356
Net Operating Income		148,200,827		152,646,851		157,226,257		161,943,045		166,801,336		171,805,376		176,959,537		182,268,323		187,736,373
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		10,744,545		11,066,882		11,398,888		11,740,855		12,093,080		12,455,873		12,829,549		13,214,435		13,610,869
Cash Flow Before Debt Service
& Taxes
CF to Land
Cash Flow to Operator		68,574,141		70,635,985		72,759,684		74,947,095		77,200,128		79,520,752		81,910,994		84,372,944		65,181,564
PV to Building Operator
Discount Rate

250 W57th Street

					1			2			3			4			5			6			7			8
					Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8
					Jul-11			Jul-12			Jul-13			Jul-14			Jul-15			Jul-16			Jul-17			Jul-18
					Jun-12			Jun-13			Jun-14			Jun-15			Jun-16			Jun-17			Jun-18			Jun-19
Inflator		3%
Fixed Rents
	Basic Rent		see below			3,666,928			4,328,110			4,593,876			4,593,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					4,418,928			5,080,110			5,345,876			5,345,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					24,698,288			29,932,150			31,879,945			33,495,183			35,912,881			37,429,119			39,016,086			40,055,608
	Total Operating Expense					(16,148,244	)		(16,481,352	)		(16,610,061	)		(17,069,879	)		(17,530,357	)		(17,974,752	)		(18,433,718	)		(18,900,762	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					12,342,640			17,243,394			19,062,480			20,217,900			22,175,120			23,246,963			24,374,964			24,947,442
Add:	Use of Cash from Loans					—			—			ZEROED OUT
Less:	Total Capital Expenses					(14,066,020	)		(8,439,601	)		(3,398,409	)		(2,599,092	)		(2,766,467	)		(3,046,813	)		(3,183,703	)		(4,194,654	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					(2,503,380	)		8,023,793			14,884,071			16,838,808			18,628,653			19,420,150			20,411,261			19,972,788
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					—			8,023,793			14,884,071			16,838,808			18,628,653			19,420,150			20,411,261			19,972,788
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					—			4,011,897			7,442,036			8,419,404			9,314,327			9,710,075			10,205,631			9,986,394
CF of operator						(2,503,380	)		4,011,897			7,442,036			8,419,404			9,314,327			9,710,075			10,205,631			9,986,394
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					4,418,928			5,080,110			5,345,876			5,345,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					—			4,011,897			7,442,036			8,419,404			9,314,327			9,710,075			10,205,631			9,986,394
	Less: Debt Service					(3,638,928	)		(4,300,110	)		(4,565,876	)		(4,565,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					780,000			4,791,897			8,222,036			9,199,404			10,094,327			10,490,075			10,985,631			10,766,394
			CF Dist			(1,723,380	)		8,803,793			15,664,071			17,618,808			19,408,653			20,200,150			21,191,261			20,752,788
			FS			(1,723,380	)		8,803,793			15,664,071			17,618,808			19,408,653			20,200,150			21,191,261			20,752,788
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First					2,210,555
	Second					971,363
	Subtotal					3,181,917			3,181,917			3,181,917			1,590,959
	Credit Facility		see below			457,010			1,118,193			1,383,958			691,979
*	Refinance Loan														2,282,938			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent					3,666,928			4,328,110			4,593,876			4,593,876			4,621,876			4,621,876			4,621,876			4,621,876
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance					934,616			12,934,616			21,000,000			21,000,000
	Future Draws					12,000,000			8,065,384
	Ending Balance					12,934,616			21,000,000			21,000,000			21,000,000
	Average Balance					6,934,616			16,967,308			21,000,000			21,000,000
	Interest Expense		6.50	%		457,010			1,118,193			1,383,958			1,383,958
Argus Dump
	Total Income					24,698,288			29,932,150			31,879,945			33,495,183			35,912,881			37,429,119			39,016,086			40,055,608
	Total Operating Expense					16,148,244			16,481,352			16,610,061			17,069,879			17,530,357			17,974,752			18,433,718			18,900,762
	Ground Rents					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Total Capital Expenses					14,066,020			8,439,601			3,398,409			2,599,092			2,766,467			3,046,813			3,183,703			4,194,654
	Net Cash Flow					(5,515,976	)		5,011,197			11,871,475			13,826,212			15,616,057			16,407,554			17,398,665			16,960,192
Check
	Total Rents Variance					626,332			5,299,411			8,995,315			9,972,684			10,895,606			11,291,355			11,786,910			11,567,674
	Duff Pro forma check
	Calc Above					(5,515,976	)		5,011,197			11,871,475			13,826,212			15,616,057			16,407,554			17,398,665			16,960,192
	Dump from Pro Forma					(5,515,976	)		5,011,197			11,871,475			13,826,212			15,616,057			16,407,554			17,398,665			16,960,192
	Variance					—			—			—			—			—			—			—			—
	Net Cash Flow					(5,515,976	)		5,011,197			11,871,475			13,826,212			15,616,057			16,407,554			17,398,665			16,960,192
	Use of Cash from Loans					—			—			ZEROED OUT			—			—			—			—			—
	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Total Fixed Rent					(4,418,928	)		(5,080,110	)		(5,345,876	)		(5,345,876	)		(5,373,876	)		(5,373,876	)		(5,373,876	)		(5,373,876	)
	Overage Rent @ 50%					—			(4,011,897	)		(7,442,036	)		(8,419,404	)		(9,314,327	)		(9,710,075	)		(10,205,631	)		(9,986,394	)
	Subtotal					(6,142,308	)		(288,214	)		2,876,160			3,853,528			4,720,451			5,116,199			5,611,755			5,392,518
	CF to Operator					—			4,011,897			7,442,036			8,419,404			9,314,327			9,710,075			10,205,631			9,986,394
	Variance					6,142,308			4,300,110			4,565,876			4,565,876			4,593,876			4,593,876			4,593,876			4,593,876
DUFF Argus Dump
	Total Income					24,698,288			29,932,150			31,879,945			33,495,183			35,912,881			37,429,119			39,016,086			40,055,608
	Total Operating Expense					16,117,370			16,443,936			16,570,212			17,028,011			17,485,464			17,927,966			18,384,948			18,850,690
	Basic Rent					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Total Capital Expenses					14,066,020			8,439,601			3,398,409			2,599,092			2,766,467			3,046,813			3,183,703			4,194,654
	Net Cash Flow					(5,485,102	)		5,048,613			11,911,324			13,868,080			15,660,950			16,454,340			17,447,435			17,010,264
						(5,485,102	)
	GROUND RENT FOR LF VALUATION					780,000			4,791,897			8,222,036			9,199,404			10,094,327			10,490,075			10,985,631			10,766,394
	Variance					—			—			—			—			—			—			—			—
	Rent PSF					1			9			15			16			18			19			20			19
	Average Rent PSF				$	60

Page 1 of 12

					9			10			11			12			13			14			15			16
					Year 9			Year 10			Year 11			Year 12			Year 13			Year 14			Year 15			Year 16
					Jul-19			Jul-20			Jul-21			Jul-22			Jul-23			Jul-24			Jul-25			Jul-26
					Jun-20			Jun-21			Jun-22			Jun-23			Jun-24			Jun-25			Jun-26			Jun-27
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					41,680,831			44,332,835			46,667,215			48,471,129			50,459,509			51,703,832			53,750,424			55,220,757
	Total Operating Expense					(19,389,071	)		(19,904,104	)		(20,414,698	)		(20,917,919	)		(21,437,682	)		(21,964,004	)		(22,514,722	)		(23,074,783	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					26,084,356			28,221,327			30,045,113			31,345,806			32,814,423			33,532,424			35,028,298			35,938,570
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(5,659,576	)		(5,740,866	)		(2,995,133	)		(2,748,311	)		(1,742,272	)		(2,893,125	)		(1,758,333	)		(2,050,618	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					19,644,780			21,700,461			26,269,980			27,817,495			30,292,151			29,859,299			32,489,965			33,107,952
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					19,644,780			21,700,461			26,269,980			27,817,495			30,292,151			29,859,299			32,489,965			33,107,952
	Overage Rent%					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					9,822,390			10,850,231			13,134,990			13,908,748			15,146,076			14,929,650			16,244,983			16,553,976
CF of operator						9,822,390			10,850,231			13,134,990			13,908,748			15,146,076			14,929,650			16,244,983			16,553,976
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					9,822,390			10,850,231			13,134,990			13,908,748			15,146,076			14,929,650			16,244,983			16,553,976
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					10,602,390			11,630,231			13,914,990			14,688,748			15,926,076			15,709,650			17,024,983			17,333,976
			CF Dist			20,424,780			22,480,461			27,049,980			28,597,495			31,072,151			30,639,299			33,269,965			33,887,952
			FS			20,424,780			22,480,461			27,049,980			28,597,495			31,072,151			30,639,299			33,269,965			33,887,952
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent					4,621,876			4,621,876
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income					41,680,831			44,332,835
	Total Operating Expense					19,389,071			19,904,104
	Ground Rents					3,792,596			3,792,596
	Total Capital Expenses					5,659,576			5,740,866
	Net Cash Flow					16,632,184			18,687,865
Check
	Total Rents Variance					11,403,670			12,431,510
	Duff Pro forma check
	Calc Above					16,632,184			18,687,865
	Dump from Pro Forma					16,632,184			18,687,865
	Variance					—			—
	Net Cash Flow					16,632,184			18,687,865
	Use of Cash from Loans					—			—
	Rent if included in Opex above					3,792,596			3,792,596
	Total Fixed Rent					(5,373,876	)		(5,373,876	)
	Overage Rent @ 50%					(9,822,390	)		(10,850,231	)
	Subtotal					5,228,514			6,256,355
	CF to Operator					9,822,390			10,850,231
	Variance					4,593,876			4,593,876
DUFF Argus Dump
	Total Income					41,680,831			44,332,835
	Total Operating Expense					19,336,972			19,848,688
	Basic Rent					3,792,596			3,792,596
	Total Capital Expenses					5,659,576			5,740,866
	Net Cash Flow					16,684,283			18,743,281
	GROUND RENT FOR LF VALUATION					10,602,390			11,630,231			13,914,990			14,688,748			15,926,076			15,709,650			17,024,983			17,333,976
	Variance					—			—			—			—			—			—			—			—
	Rent PSF					19			21			25			26			28			28			30			31
	Average Rent PSF

Page 2 of 12

					17			18			19			20			21			22			23			24
					Year 17			Year 18			Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
					Jul-27			Jul-28			Jul-29			Jul-30			Jul-31			Jul-32			Jul-33			Jul-34
					Jun-28			Jun-29			Jun-30			Jun-31			Jun-32			Jun-33			Jun-34			Jun-35
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					56,833,001			57,827,429			60,042,828			61,706,398			64,192,788			64,854,548			67,926,805			70,003,482
	Total Operating Expense					(23,652,754	)		(24,240,566	)		(24,859,404	)		(25,489,862	)		(26,147,929	)		(26,804,367	)		(27,507,393	)		(28,219,278	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					36,972,843			37,379,459			38,976,020			40,009,132			41,837,455			41,842,777			44,212,008			45,576,800
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(2,174,084	)		(3,969,263	)		(3,443,623	)		(4,283,889	)		(1,685,959	)		(5,678,683	)		(2,548,693	)		(3,953,345	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					34,018,759			32,630,196			34,752,397			34,945,243			39,371,496			35,384,094			40,883,315			40,843,455
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					34,018,759			32,630,196			34,752,397			34,945,243			39,371,496			35,384,094			40,883,315			40,843,455
	Overage Rent%					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					17,009,380			16,315,098			17,376,199			17,472,622			19,685,748			17,692,047			20,441,658			20,421,728
CF of operator						17,009,380			16,315,098			17,376,199			17,472,622			19,685,748			17,692,047			20,441,658			20,421,728
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					17,009,380			16,315,098			17,376,199			17,472,622			19,685,748			17,692,047			20,441,658			20,421,728
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					17,789,380			17,095,098			18,156,199			18,252,622			20,465,748			18,472,047			21,221,658			21,201,728
			CF Dist			34,798,759			33,410,196			35,532,397			35,725,243			40,151,496			36,164,094			41,663,315			41,623,455
			FS			34,798,759			33,410,196			35,532,397			35,725,243			40,151,496			36,164,094			41,663,315			41,623,455
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					17,789,380			17,095,098			18,156,199			18,252,622			20,465,748			18,472,047			21,221,658			21,201,728
	Variance					—			—			—			—			—			—			—			—
	Rent PSF					32			30			32			33			36			33			38			38
	Average Rent PSF

Page 3 of 12

					25			26			27			28			29			30			31			32
					Year 25			Year 26			Year 27			Year 28			Year 29			Year 30			Year 31			Year 32
					Jul-35			Jul-36			Jul-37			Jul-38			Jul-39			Jul-40			Jul-41			Jul-42
					Jun-36			Jun-37			Jun-38			Jun-39			Jun-40			Jun-41			Jun-42			Jun-43
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					72,823,837			74,991,200			77,073,682			78,451,939			81,572,797			83,645,295			87,160,174			87,852,501
	Total Operating Expense					(28,960,181	)		(29,715,008	)		(30,490,801	)		(31,281,240	)		(32,114,532	)		(32,959,971	)		(33,846,308	)		(34,726,293	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					47,656,252			49,068,788			50,375,477			50,963,295			53,250,861			54,477,920			57,106,462			56,918,804
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(2,379,912	)		(2,367,665	)		(3,138,644	)		(5,405,984	)		(4,983,556	)		(5,255,783	)		(2,128,390	)		(7,104,614	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					44,496,340			45,921,123			46,456,833			44,777,311			47,487,305			48,442,137			54,198,072			49,034,190
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					44,496,340			45,921,123			46,456,833			44,777,311			47,487,305			48,442,137			54,198,072			49,034,190
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					22,248,170			22,960,562			23,228,417			22,388,656			23,743,653			24,221,069			27,099,036			24,517,095
CF of operator						22,248,170			22,960,562			23,228,417			22,388,656			23,743,653			24,221,069			27,099,036			24,517,095
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					22,248,170			22,960,562			23,228,417			22,388,656			23,743,653			24,221,069			27,099,036			24,517,095
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					23,028,170			23,740,562			24,008,417			23,168,656			24,523,653			25,001,069			27,879,036			25,297,095
			CF Dist			45,276,340			46,701,123			47,236,833			45,557,311			48,267,305			49,222,137			54,978,072			49,814,190
			FS			45,276,340			46,701,123			47,236,833			45,557,311			48,267,305			49,222,137			54,978,072			49,814,190
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					23,028,170			23,740,562			24,008,417			23,168,656			24,523,653			25,001,069			27,879,036			25,297,095
	Variance					—			—			—			—			—			—			—			—
	Rent PSF					41			42			43			41			44			45			50			45
	Average Rent PSF

Page 4 of 12

					33			34			35			36			37			38			39			40
					Year 33			Year 34			Year 35			Year 36			Year 37			Year 38			Year 39			Year 40
					Jul-43			Jul-44			Jul-45			Jul-46			Jul-47			Jul-48			Jul-49			Jul-50
					Jun-44			Jun-45			Jun-46			Jun-47			Jun-48			Jun-49			Jun-50			Jun-51
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					91,686,561			94,138,327			98,114,530			100,427,733			103,440,565			106,543,782			109,740,095			113,032,298
	Total Operating Expense					(35,667,785	)		(36,620,675	)		(37,618,487	)		(38,626,171	)		(39,671,178	)		(40,747,536	)		(41,856,184	)		(42,998,092	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					59,811,372			61,310,248			64,288,639			65,594,158			67,561,983			69,588,842			71,676,507			73,826,803
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(4,034,191	)		(5,370,041	)		(2,522,751	)		(4,358,436	)		(4,001,958	)		(4,122,017	)		(4,245,678	)		(4,373,048	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					54,997,181			55,160,207			60,985,888			60,455,722			62,780,024			64,686,825			66,650,830			68,673,755
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					54,997,181			55,160,207			60,985,888			60,455,722			62,780,024			64,686,825			66,650,830			68,673,755
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					27,498,591			27,580,104			30,492,944			30,227,861			31,390,012			32,343,413			33,325,415			34,336,877
CF of operator						27,498,591			27,580,104			30,492,944			30,227,861			31,390,012			32,343,413			33,325,415			34,336,877
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					27,498,591			27,580,104			30,492,944			30,227,861			31,390,012			32,343,413			33,325,415			34,336,877
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					28,278,591			28,360,104			31,272,944			31,007,861			32,170,012			33,123,413			34,105,415			35,116,877
			CF Dist			55,777,181			55,940,207			61,765,888			61,235,722			63,560,024			65,466,825			67,430,830			69,453,755
			FS			55,777,181			55,940,207			61,765,888			61,235,722			63,560,024			65,466,825			67,430,830			69,453,755
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					28,278,591			28,360,104			31,272,944			31,007,861			32,170,012			33,123,413			34,105,415			35,116,877
	Variance					—			—			—			—			—			—			—			—
	Rent PSF					50			51			56			55			57			59			61			63
	Average Rent PSF

Page 5 of 12

					41			42			43			44			45			46			47			48
					Year 41			Year 42			Year 43			Year 44			Year 45			Year 46			Year 47			Year 48
					Jul-51			Jul-52			Jul-53			Jul-54			Jul-55			Jul-56			Jul-57			Jul-58
					Jun-52			Jun-53			Jun-54			Jun-55			Jun-56			Jun-57			Jun-58			Jun-59
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					116,423,267			119,915,965			123,513,444			127,218,848			131,035,413			134,966,475			139,015,470			143,185,934
	Total Operating Expense					(44,174,256	)		(45,385,706	)		(46,633,500	)		(47,918,727	)		(49,242,511	)		(50,606,008	)		(52,010,410	)		(53,456,945	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					76,041,607			78,322,855			80,672,541			83,092,717			85,585,498			88,153,063			90,797,655			93,521,585
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(4,504,239	)		(4,639,367	)		(4,778,548	)		(4,921,904	)		(5,069,561	)		(5,221,648	)		(5,378,297	)		(5,539,646	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					70,757,367			72,903,488			75,113,993			77,390,813			79,735,937			82,151,415			84,639,358			87,201,939
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					70,757,367			72,903,488			75,113,993			77,390,813			79,735,937			82,151,415			84,639,358			87,201,939
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					35,378,684			36,451,744			37,556,997			38,695,406			39,867,969			41,075,708			42,319,679			43,600,969
CF of operator						35,378,684			36,451,744			37,556,997			38,695,406			39,867,969			41,075,708			42,319,679			43,600,969
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					35,378,684			36,451,744			37,556,997			38,695,406			39,867,969			41,075,708			42,319,679			43,600,969
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					36,158,684			37,231,744			38,336,997			39,475,406			40,647,969			41,855,708			43,099,679			44,380,969
			CF Dist			71,537,367			73,683,488			75,893,993			78,170,813			80,515,937			82,931,415			85,419,358			87,981,939
			FS			71,537,367			73,683,488			75,893,993			78,170,813			80,515,937			82,931,415			85,419,358			87,981,939
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					36,158,684			37,231,744			38,336,997			39,475,406			40,647,969			41,855,708			43,099,679			44,380,969
	Variance					—			—			—			—			—			—			—			—
	Rent PSF					64			66			68			70			72			75			77			79
	Average Rent PSF

Page 6 of 12

					49			50			51			52			53			54			55			56
					Year 49			Year 50			Year 51			Year 52			Year 53			Year 54			Year 55			Year 56
					Jul-59			Jul-60			Jul-61			Jul-62			Jul-63			Jul-64			Jul-65			Jul-66
					Jun-60			Jun-61			Jun-62			Jun-63			Jun-64			Jun-65			Jun-66			Jun-67
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					147,481,512			151,905,957			156,463,136			161,157,030			165,991,741			170,971,493			176,100,638			181,383,657
	Total Operating Expense					(54,946,875	)		(56,481,504	)		(58,062,171	)		(59,690,258	)		(61,367,188	)		(63,094,426	)		(64,873,481	)		(66,705,907	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					96,327,232			99,217,049			102,193,561			105,259,368			108,417,149			111,669,663			115,019,753			118,470,346
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(5,705,836	)		(5,877,011	)		(6,053,321	)		(6,234,921	)		(6,421,968	)		(6,614,627	)		(6,813,066	)		(7,017,458	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					89,841,397			92,560,039			95,360,240			98,244,447			101,215,180			104,275,036			107,426,687			110,672,888
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					89,841,397			92,560,039			95,360,240			98,244,447			101,215,180			104,275,036			107,426,687			110,672,888
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					44,920,698			46,280,019			47,680,120			49,122,224			50,607,590			52,137,518			53,713,343			55,336,444
CF of operator						44,920,698			46,280,019			47,680,120			49,122,224			50,607,590			52,137,518			53,713,343			55,336,444
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					44,920,698			46,280,019			47,680,120			49,122,224			50,607,590			52,137,518			53,713,343			55,336,444
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					45,700,698			47,060,019			48,460,120			49,902,224			51,387,590			52,917,518			54,493,343			56,116,444
			CF Dist			90,621,397			93,340,039			96,140,240			99,024,447			101,995,180			105,055,036			108,206,687			111,452,888
			FS			90,621,397			93,340,039			96,140,240			99,024,447			101,995,180			105,055,036			108,206,687			111,452,888
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					45,700,698			47,060,019			48,460,120			49,902,224			51,387,590			52,917,518			54,493,343			56,116,444
	Variance					—			—			—			—			—			—			—			—
	Rent PSF					81			84			86			89			92			94			97			100
	Average Rent PSF

Page 7 of 12

					57			58			59			60			61			62			63			64
					Year 57			Year 58			Year 59			Year 60			Year 61			Year 62			Year 63			Year 64
					Jul-67			Jul-68			Jul-69			Jul-70			Jul-71			Jul-72			Jul-73			Jul-74
					Jun-68			Jun-69			Jun-70			Jun-71			Jun-72			Jun-73			Jun-74			Jun-75
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					186,825,167			192,429,922			198,202,819			204,148,904			210,273,371			216,581,572			223,079,019			229,771,390
	Total Operating Expense					(68,593,306	)		(70,537,328	)		(72,539,670	)		(74,602,082	)		(76,726,367	)		(78,914,380	)		(81,168,033	)		(83,489,296	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					122,024,456			125,685,190			129,455,745			133,339,418			137,339,600			141,459,788			145,703,582			150,074,689
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(7,227,982	)		(7,444,821	)		(7,668,166	)		(7,898,211	)		(8,135,157	)		(8,379,212	)		(8,630,588	)		(8,889,506	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					114,016,474			117,460,368			121,007,579			124,661,207			128,424,443			132,300,576			136,292,994			140,405,183
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					114,016,474			117,460,368			121,007,579			124,661,207			128,424,443			132,300,576			136,292,994			140,405,183
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					57,008,237			58,730,184			60,503,790			62,330,603			64,212,222			66,150,288			68,146,497			70,202,592
CF of operator						57,008,237			58,730,184			60,503,790			62,330,603			64,212,222			66,150,288			68,146,497			70,202,592
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					57,008,237			58,730,184			60,503,790			62,330,603			64,212,222			66,150,288			68,146,497			70,202,592
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					57,788,237			59,510,184			61,283,790			63,110,603			64,992,222			66,930,288			68,926,497			70,982,592
			CF Dist			114,796,474			118,240,368			121,787,579			125,441,207			129,204,443			133,080,576			137,072,994			141,185,183
			FS			114,796,474			118,240,368			121,787,579			125,441,207			129,204,443			133,080,576			137,072,994			141,185,183
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					57,788,237			59,510,184			61,283,790			63,110,603			64,992,222			66,930,288			68,926,497			70,982,592
	Variance					—			—			—			—			—			—			—			—
	Rent PSF					103			106			109			113			116			119			123			127
	Average Rent PSF

Page 8 of 12

					65			66			67			68			69			70			71			72
					Year 65			Year 66			Year 67			Year 68			Year 69			Year 70			Year 71			Year 72
					Jul-75			Jul-76			Jul-77			Jul-78			Jul-79			Jul-80			Jul-81			Jul-82
					Jun-76			Jun-77			Jun-78			Jun-79			Jun-80			Jun-81			Jun-82			Jun-83
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					236,664,531			243,764,467			251,077,401			258,609,723			266,368,015			274,359,056			282,589,827			291,067,522
	Total Operating Expense					(85,880,197	)		(88,342,825	)		(90,879,332	)		(93,491,934	)		(96,182,914	)		(98,954,624	)		(101,809,485	)		(104,749,992	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					154,576,930			159,214,238			163,990,665			168,910,385			173,977,697			179,197,028			184,572,938			190,110,127
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(9,156,191	)		(9,430,877	)		(9,713,803	)		(10,005,217	)		(10,305,374	)		(10,614,535	)		(10,932,971	)		(11,260,960	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					144,640,739			149,003,361			153,496,862			158,125,168			162,892,323			167,802,493			172,859,967			178,069,166
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					144,640,739			149,003,361			153,496,862			158,125,168			162,892,323			167,802,493			172,859,967			178,069,166
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					72,320,369			74,501,681			76,748,431			79,062,584			81,446,161			83,901,246			86,429,984			89,034,583
CF of operator						72,320,369			74,501,681			76,748,431			79,062,584			81,446,161			83,901,246			86,429,984			89,034,583
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					72,320,369			74,501,681			76,748,431			79,062,584			81,446,161			83,901,246			86,429,984			89,034,583
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					73,100,369			75,281,681			77,528,431			79,842,584			82,226,161			84,681,246			87,209,984			89,814,583
			CF Dist			145,420,739			149,783,361			154,276,862			158,905,168			163,672,323			168,582,493			173,639,967			178,849,166
			FS			145,420,739			149,783,361			154,276,862			158,905,168			163,672,323			168,582,493			173,639,967			178,849,166
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					73,100,369			75,281,681			77,528,431			79,842,584			82,226,161			84,681,246			87,209,984			89,814,583
	Variance					—			—			—
	Rent PSF					130			134			138
	Average Rent PSF

Page 9 of 12

					73			74			75			76			77			78			79			80
					Year 73			Year 74			Year 75			Year 76			Year 77			Year 78			Year 79			Year 80
					Jul-83			Jul-84			Jul-85			Jul-86			Jul-87			Jul-88			Jul-89			Jul-90
					Jun-84			Jun-85			Jun-86			Jun-87			Jun-88			Jun-89			Jun-90			Jun-91
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					299,799,548			308,793,534			318,057,340			327,599,060			337,427,032			347,549,843			357,976,338			368,715,629
	Total Operating Expense					(107,778,713	)		(110,898,297	)		(114,111,468	)		(117,421,034	)		(120,829,887	)		(124,341,006	)		(127,957,458	)		(131,682,404	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					195,813,430			201,687,833			207,738,468			213,970,622			220,389,741			227,001,433			233,811,476			240,825,821
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(11,598,789	)		(11,946,753	)		(12,305,155	)		(12,674,310	)		(13,054,539	)		(13,446,175	)		(13,849,561	)		(14,265,047	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					183,434,641			188,961,081			194,653,313			200,516,312			206,555,202			212,775,258			219,181,916			225,780,773
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					183,434,641			188,961,081			194,653,313			200,516,312			206,555,202			212,775,258			219,181,916			225,780,773
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					91,717,321			94,480,540			97,326,657			100,258,156			103,277,601			106,387,629			109,590,958			112,890,387
CF of operator						91,717,321			94,480,540			97,326,657			100,258,156			103,277,601			106,387,629			109,590,958			112,890,387
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					91,717,321			94,480,540			97,326,657			100,258,156			103,277,601			106,387,629			109,590,958			112,890,387
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					92,497,321			95,260,540			98,106,657			101,038,156			104,057,601			107,167,629			110,370,958			113,670,387
			CF Dist			184,214,641			189,741,081			195,433,313			201,296,312			207,335,202			213,555,258			219,961,916			226,560,773
			FS			184,214,641			189,741,081			195,433,313			201,296,312			207,335,202			213,555,258			219,961,916			226,560,773
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					92,497,321			95,260,540			98,106,657			101,038,156			104,057,601			107,167,629			110,370,958			113,670,387
	Variance
	Rent PSF
	Average Rent PSF

Page 10 of 12

					81			82			83			84			85			86			87			88
					Year 81			Year 82			Year 83			Year 84			Year 85			Year 86			Year 87			Year 88
					Jul-91			Jul-92			Jul-93			Jul-94			Jul-95			Jul-96			Jul-97			Jul-98
					Jun-92			Jun-93			Jun-94			Jun-95			Jun-96			Jun-97			Jun-98			Jun-99
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					379,777,097			391,170,410			402,905,523			414,992,688			427,442,469			440,265,743			453,473,715			467,077,927
	Total Operating Expense					(135,519,098	)		(139,470,893	)		(143,541,242	)		(147,733,702	)		(152,051,935	)		(156,499,715	)		(161,080,929	)		(165,799,579	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					248,050,595			255,492,113			263,156,876			271,051,583			279,183,130			287,558,624			296,185,383			305,070,944
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(14,692,999	)		(15,133,789	)		(15,587,803	)		(16,055,437	)		(16,537,100	)		(17,033,213	)		(17,544,209	)		(18,070,535	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—			—			—			—
	Other					—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent					232,577,596			239,578,324			246,789,074			254,216,146			261,866,030			269,745,411			277,861,174			286,220,409
	Exclusion					—			—			—			—			—			—			—			—
	Remainder for Overage					232,577,596			239,578,324			246,789,074			254,216,146			261,866,030			269,745,411			277,861,174			286,220,409
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					116,288,798			119,789,162			123,394,537			127,108,073			130,933,015			134,872,706			138,930,587			143,110,204
CF of operator						116,288,798			119,789,162			123,394,537			127,108,073			130,933,015			134,872,706			138,930,587			143,110,204
			Check Operator			—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					116,288,798			119,789,162			123,394,537			127,108,073			130,933,015			134,872,706			138,930,587			143,110,204
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					117,068,798			120,569,162			124,174,537			127,888,073			131,713,015			135,652,706			139,710,587			143,890,204
			CF Dist			233,357,596			240,358,324			247,569,074			254,996,146			262,646,030			270,525,411			278,641,174			287,000,409
			FS			233,357,596			240,358,324			247,569,074			254,996,146			262,646,030			270,525,411			278,641,174			287,000,409
Basic Rent			Check			—			—			—			—			—			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					117,068,798			120,569,162			124,174,537			127,888,073			131,713,015			135,652,706			139,710,587			143,890,204
	Variance
	Rent PSF
	Average Rent PSF

Page 11 of 12

					89			90			91			92			92
					Year 89			Year 90			Year 91			Year 92			Year 92.25
					Jul-99			Jul-00			Jul-01			Jul-02			Jul-03
					Jun-00			Jun-01			Jun-02			Jun-03			Sep-03
Inflator		3%
Fixed Rents
	Basic Rent		see below			4,621,876			4,621,876			4,621,876			4,621,876			4,621,876
	Primary additional					752,000			752,000			752,000			752,000			752,000
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
Overage Rent
	Total Income					481,090,265			495,522,973			510,388,662			525,700,322			541,471,331
	Total Operating Expense					(170,659,788	)		(175,665,804	)		(180,822,000	)		(186,132,882	)		(191,603,091	)
Add:	Rent if included in Opex above					3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
	Net Operating Income					314,223,073			323,649,765			333,359,258			343,360,035			353,660,836
Add:	Use of Cash from Loans
Less:	Total Capital Expenses					(18,612,651	)		(19,171,031	)		(19,746,162	)		(20,338,547	)		(20,948,703	)
Less:	Total Fixed Rent					(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Less:	Interest Income					—			—			—			—			—
	Other					—			—			—			—			—
	Income Subject to Ovg Rent					294,830,421			303,698,734			312,833,096			322,241,489			331,932,133
	Exclusion					—			—			—			—			—
	Remainder for Overage					294,830,421			303,698,734			312,833,096			322,241,489			331,932,133
	Overage Rent %					50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%					147,415,211			151,849,367			156,416,548			161,120,744			165,966,067
CF of operator						147,415,211			151,849,367			156,416,548			161,120,744			165,966,067
			Check Operator			—			—			—			—
CF to Fee Owner
	Total Fixed Rent					5,373,876			5,373,876			5,373,876			5,373,876			5,373,876
	Overage Rent @ 50%					147,415,211			151,849,367			156,416,548			161,120,744			165,966,067
	Less: Debt Service					(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)		(4,593,876	)
	Total					148,195,211			152,629,367			157,196,548			161,900,744			166,746,067
			CF Dist			295,610,421			304,478,734			313,613,096
			FS			295,610,421			304,478,734			313,613,096
Basic Rent			Check			—			—			—
	Basic Amount		mat 1/2015			28,000			28,000			28,000			28,000			28,000
	Existing Loans
	First
	Second
	Subtotal
	Credit Facility		see below
*	Refinance Loan					4,593,876			4,593,876			4,593,876			4,593,876			4,593,876
	Total Basic Rent
*	Duff to make this assumption.
Credit Facility Draws & Interest
	Beginning Balance
	Future Draws
	Ending Balance
	Average Balance
	Interest Expense		6.50	%
Argus Dump
	Total Income
	Total Operating Expense
	Ground Rents
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Basic Rent
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION					148,195,211			152,629,367			157,196,548			161,900,744			41,686,517
	Variance
	Rent PSF
	Average Rent PSF

Page 12 of 12

	1			2			3			4			5			6			7			8
	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8
For the Years Ending	Jun-2012			Jun-2013			Jun-2014			Jun-2015			Jun-2016			Jun-2017			Jun-2018			Jun-2019
Potential Gross Revenue
Base Rental Revenue	$	24,772,655		$	26,985,779		$	27,987,644		$	29,728,442		$	31,862,684		$	33,489,913		$	35,048,439		$	36,830,975
Absorption & Turnover V		(3,860,884	)		(1,245,637	)		(546,395	)		(732,160	)		(548,831	)		(754,299	)		(929,254	)		(1,205,144	)
Base Rent Abatements		(998,006	)		(1,004,351	)		(585,021	)		(713,359	)		(515,198	)		(677,130	)		(704,510	)		(1,149,385	)
Scheduled Base Rental R		19,913,765			24,735,791			26,856,228			28,282,923			30,798,655			32,058,484			33,414,675			34,476,446
CPI & Other Adjustment		831,488			827,730			817,613			662,640			643,649			527,936			473,701			190,582
Expense Reimbursement R
Real Estate Tax Escal		1,033,937			1,036,092			1,102,140			1,090,077			1,018,754			996,393			986,616			792,105
Operating Expense Esc		0			7,245			0			71,674			196,157			329,757			396,581			489,316
Total Reimbursement Rev		1,033,937			1,043,337			1,102,140			1,161,751			1,214,911			1,326,150			1,383,197			1,281,421
Electric & Fuel Recover		2,946,026			3,392,482			3,635,662			3,791,066			3,936,732			4,045,513			4,154,969			4,273,969
Miscellaneous		222,551			235,154			244,546			252,649			260,756			268,426			276,282			284,476
Total Potential Gross Rev		24,947,767			30,234,494			32,656,189			34,151,029			36,854,703			38,226,509			39,702,824			40,506,894
General Vacancy		0			0			(449,683	)		(314,335	)		(573,275	)		(415,125	)		(289,708	)		(46,217	)
Collection Loss		(249,479	)		(302,344	)		(326,561	)		(341,511	)		(368,547	)		(382,265	)		(397,030	)		(405,069	)
Effective Gross Revenue		24,698,288			29,932,150			31,879,945			33,495,183			35,912,881			37,429,119			39,016,086			40,055,608
Operating Expenses
Professional Fees		780,000			681,000			663,000			682,890			703,377			724,477			746,212			768,600
Cleaning		2,131,340			2,153,000			1,919,999			1,977,600			2,036,928			2,098,035			2,160,977			2,225,808
Insurance		225,000			231,750			238,703			245,863			253,239			260,837			268,661			276,722
Payroll/Labor Costs		990,000			1,019,700			1,050,291			1,081,800			1,114,253			1,147,682			1,182,112			1,217,576
Basic Rent		3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
Utilities		2,103,296			2,166,394			2,231,387			2,298,328			2,367,278			2,438,296			2,511,445			2,586,790
Repairs and Maintenance		970,000			999,100			1,029,072			1,059,946			1,091,743			1,124,496			1,158,230			1,192,978
Security		280,440			288,853			297,519			306,445			315,637			325,107			334,860			344,905
Real Estate Taxes		4,467,936			4,678,549			4,891,160			5,105,776			5,305,218			5,491,697			5,684,730			5,884,548
Management Fee		277,856			336,737			358,649			376,820			404,021			421,077			438,931			450,627
Licenses and Permits		129,780			133,673			137,685			141,815			146,067			150,452			154,964			159,612
Total Operating Expenses		16,148,244			16,481,352			16,610,061			17,069,879			17,530,357			17,974,752			18,433,718			18,900,762
Net Operating Income		8,550,044			13,450,798			15,269,884			16,425,304			18,382,524			19,454,367			20,582,368			21,154,846
Leasing & Capital Costs
Tenant Improvements		1,681,666			1,594,775			857,937			971,205			709,282			744,140			952,808			1,458,828
Leasing Commissions		1,624,954			894,448			683,765			695,216			741,372			727,956			940,094			1,177,816
PB PIO		1,983,783			0			0			0			0			0			0			0
Capital Improvements		8,525,616			5,466,278			1,496,000			408,164			809,333			971,895			443,024			807,786
Base Building Costs		250,001			484,100			360,707			524,507			506,480			602,822			847,777			750,224
Total Leasing & Capital C		14,066,020			8,439,601			3,398,409			2,599,092			2,766,467			3,046,813			3,183,703			4,194,654
Cash Flow Before Debt Ser	($	5,515,976	)	$	5,011,197		$	11,871,475		$	13,826,212		$	15,616,057		$	16,407,554		$	17,398,665		$	16,960,192
& Taxes
Cash Flow to Operator		(2,503,380	)		4,011,897			7,442,036			8,419,404			9,314,327			9,710,075			10,205,631			9,986,394
PV to Operator	$	150,000,000
Discount Rate		8.75	%
Cash Flow (Fee Simple)		(1,723,380	)		8,803,793			15,664,071			17,618,808			19,408,653			20,200,150			21,191,261			20,752,788
PV	$	303,320,051

	9			10			11			12			13			14			15			16
	Year 9			Year 10			Year 11			Year 12			Year 13			Year 14			Year 15			Year 16
For the Years Ending	Jun-2020			Jun-2021			Jun-2022			Jun-2023			Jun-2024			Jun-2025			Jun-2026			Jun-2027
Potential Gross Revenue
Base Rental Revenue	$	38,298,046		$	40,799,879		$	42,996,424		$	45,039,252		$	46,507,092		$	48,118,950		$	49,487,618		$	50,796,872
Absorption & Turnover V		(571,050	)		(1,263,158	)		(1,342,104	)		(1,191,554	)		(914,148	)		(1,003,951	)		(876,927	)		(798,127	)
Base Rent Abatements		(989,821	)		(933,243	)		(937,715	)		(1,119,809	)		(746,170	)		(1,190,993	)		(714,989	)		(821,275	)
Scheduled Base Rental R		36,737,175			38,603,478			40,716,605			42,727,889			44,846,774			45,924,006			47,895,702			49,177,470
CPI & Other Adjustment		750			0			0			0			0			0			0			0
Expense Reimbursement R
Real Estate Tax Escal		773,833			745,557			720,715			621,175			649,467			639,454			700,888			772,566
Operating Expense Esc		605,628			705,812			816,103			782,098			819,865			798,922			868,229			948,084
Total Reimbursement Rev		1,379,461			1,451,369			1,536,818			1,403,273			1,469,332			1,438,376			1,569,117			1,720,650
Electric & Fuel Recover		4,429,681			4,546,865			4,690,977			4,835,043			4,991,812			5,141,063			5,288,740			5,456,004
Miscellaneous		293,465			302,010			311,198			320,589			330,400			340,304			350,406			361,058
Total Potential Gross Rev		42,840,532			44,903,722			47,255,598			49,286,794			51,638,318			52,843,749			55,103,965			56,715,182
General Vacancy		(731,297	)		(121,849	)		(115,827	)		(322,798	)		(662,424	)		(611,481	)		(802,500	)		(927,273	)
Collection Loss		(428,404	)		(449,038	)		(472,556	)		(492,867	)		(516,385	)		(528,436	)		(551,041	)		(567,152	)
Effective Gross Revenue		41,680,831			44,332,835			46,667,215			48,471,129			50,459,509			51,703,832			53,750,424			55,220,757
Operating Expenses
Professional Fees		791,656			815,408			839,867			865,066			891,016			917,748			945,278			973,638
Cleaning		2,292,579			2,361,358			2,432,198			2,505,166			2,580,319			2,657,728			2,737,462			2,819,584
Insurance		285,024			293,573			302,382			311,453			320,796			330,420			340,332			350,544
Payroll/Labor Costs		1,254,103			1,291,725			1,330,476			1,370,391			1,411,503			1,453,849			1,497,464			1,542,387
Basic Rent		3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
Utilities		2,664,393			2,744,324			2,826,652			2,911,454			2,998,798			3,088,761			3,181,424			3,276,866
Repairs and Maintenance		1,228,766			1,265,630			1,303,598			1,342,707			1,382,989			1,424,477			1,467,214			1,511,228
Security		355,253			365,912			376,886			388,196			399,839			411,836			424,190			436,918
Real Estate Taxes		6,091,391			6,305,501			6,510,624			6,705,943			6,907,120			7,114,335			7,327,765			7,547,597
Management Fee		468,909			498,744			525,006			545,301			567,669			581,668			604,693			621,233
Licenses and Permits		164,401			169,333			174,413			179,646			185,037			190,586			196,304			202,192
Total Operating Expenses		19,389,071			19,904,104			20,414,698			20,917,919			21,437,682			21,964,004			22,514,722			23,074,783
Net Operating Income		22,291,760			24,428,731			26,252,517			27,553,210			29,021,827			29,739,828			31,235,702			32,145,974
Leasing & Capital Costs
Tenant Improvements		1,332,051			601,065			846,123			1,426,785			849,389			1,652,209			826,038			1,104,080
Leasing Commissions		1,008,517			2,435,180			2,149,010			1,321,526			892,883			1,240,916			932,295			946,538
PB PIO		0			0			0			0			0			0			0			0
Capital Improvements		2,546,280			1,856,518			0			0			0			0			0			0
Base Building Costs		772,728			848,103			0			0			0			0			0			0
Total Leasing & Capital C		5,659,576			5,740,866			2,995,133			2,748,311			1,742,272			2,893,125			1,758,333			2,050,618
Cash Flow Before Debt Ser	$	16,632,184		$	18,687,865		$	23,257,384		$	24,804,899		$	27,279,555		$	26,846,703		$	29,477,369		$	30,095,356
& Taxes
Cash Flow to Operator		9,822,390			10,850,231			13,134,990			13,908,748			15,146,076			14,929,650			16,244,983			16,553,976
PV to Operator
Discount Rate
Cash Flow (Fee Simple)		20,424,780			22,480,461			27,049,980			28,597,495			31,072,151			30,639,299			33,269,965			33,887,952
PV

	17			18			19			20			21			22			23			24
	Year 17			Year 18			Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
For the Years Ending	Jun-2028			Jun-2029			Jun-2030			Jun-2031			Jun-2032			Jun-2033			Jun-2034			Jun-2035
Potential Gross Revenue
Base Rental Revenue	$	52,237,384		$	54,047,696		$	55,865,453		$	57,393,201		$	58,805,007		$	60,777,402		$	62,689,127		$	65,193,702
Absorption & Turnover V		(1,354,764	)		(1,418,987	)		(1,274,770	)		(1,705,004	)		(1,526,691	)		(1,542,380	)		(1,204,826	)		(1,582,327	)
Base Rent Abatements		(832,825	)		(1,682,965	)		(1,334,845	)		(1,418,437	)		(644,613	)		(2,014,261	)		(1,035,292	)		(1,599,772	)
Scheduled Base Rental R		50,049,795			50,945,744			53,255,838			54,269,760			56,633,703			57,220,761			60,449,009			62,011,603
CPI & Other Adjustment		0			0			0			0			0			0			0			0
Expense Reimbursement R
Real Estate Tax Escal		823,033			787,637			780,694			803,166			844,231			779,289			826,077			846,819
Operating Expense Esc		990,436			910,420			871,066			963,763			1,114,316			1,093,377			1,121,746			1,110,608
Total Reimbursement Rev		1,813,469			1,698,057			1,651,760			1,766,929			1,958,547			1,872,666			1,947,823			1,957,427
Electric & Fuel Recover		5,597,377			5,776,486			5,954,548			6,112,145			6,314,253			6,474,490			6,699,008			6,895,343
Miscellaneous		371,523			382,852			394,416			405,902			418,389			430,457			443,872			457,112
Total Potential Gross Rev		57,832,164			58,803,139			61,256,562			62,554,736			65,324,892			65,998,374			69,539,712			71,321,485
General Vacancy		(420,842	)		(387,677	)		(601,169	)		(222,790	)		(478,856	)		(483,842	)		(917,510	)		(604,788	)
Collection Loss		(578,321	)		(588,033	)		(612,565	)		(625,548	)		(653,248	)		(659,984	)		(695,397	)		(713,215	)
Effective Gross Revenue		56,833,001			57,827,429			60,042,828			61,706,398			64,192,788			64,854,548			67,926,805			70,003,482
Operating Expenses
Professional Fees		1,002,848			1,032,933			1,063,919			1,095,838			1,128,713			1,162,575			1,197,452			1,233,375
Cleaning		2,904,173			2,991,298			3,081,036			3,173,468			3,268,670			3,366,733			3,467,734			3,571,765
Insurance		361,058			371,892			383,047			394,538			406,376			418,567			431,123			444,057
Payroll/Labor Costs		1,588,660			1,636,320			1,685,409			1,735,970			1,788,051			1,841,691			1,896,944			1,953,851
Basic Rent		3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
Utilities		3,375,173			3,476,427			3,580,721			3,688,143			3,798,787			3,912,750			4,030,131			4,151,038
Repairs and Maintenance		1,556,565			1,603,262			1,651,360			1,700,902			1,751,927			1,804,486			1,858,620			1,914,380
Security		450,023			463,524			477,431			491,752			506,507			521,700			537,353			553,473
Real Estate Taxes		7,774,026			8,007,248			8,247,463			8,494,887			8,749,736			9,012,226			9,282,592			9,561,072
Management Fee		639,372			650,559			675,481			694,198			722,169			729,614			764,176			787,539
Licenses and Permits		208,260			214,507			220,941			227,570			234,397			241,429			248,672			256,132
Total Operating Expenses		23,652,754			24,240,566			24,859,404			25,489,862			26,147,929			26,804,367			27,507,393			28,219,278
Net Operating Income		33,180,247			33,586,863			35,183,424			36,216,536			38,044,859			38,050,181			40,419,412			41,784,204
Leasing & Capital Costs
Tenant Improvements		1,071,766			2,213,797			1,933,343			889,536			804,045			2,048,092			1,278,690			2,189,484
Leasing Commissions		1,102,318			1,755,466			1,510,280			3,394,353			881,914			3,630,591			1,270,003			1,763,861
PB PIO		0			0			0			0			0			0			0			0
Capital Improvements		0			0			0			0			0			0			0			0
Base Building Costs		0			0			0			0			0			0			0			0
Total Leasing & Capital C		2,174,084			3,969,263			3,443,623			4,283,889			1,685,959			5,678,683			2,548,693			3,953,345
Cash Flow Before Debt Ser	$	31,006,163		$	29,617,600		$	31,739,801		$	31,932,647		$	36,358,900		$	32,371,498		$	37,870,719		$	37,830,859
& Taxes
Cash Flow to Operator		17,009,380			16,315,098			17,376,199			17,472,622			19,685,748			17,692,047			20,441,658			20,421,728
PV to Operator
Discount Rate
Cash Flow (Fee Simple)		34,798,759			33,410,196			35,532,397			35,725,243			40,151,496			36,164,094			41,663,315			41,623,455
PV

	25			26			27			28			29			30			31			32
	Year 25			Year 26			Year 27			Year 28			Year 29			Year 30			Year 31			Year 32
For the Years Ending	Jun-2036			Jun-2037			Jun-2038			Jun-2039			Jun-2040			Jun-2041			Jun-2042			Jun-2043
Potential Gross Revenue
Base Rental Revenue	$	67,146,308		$	68,964,349		$	70,907,028		$	73,304,868		$	75,854,966		$	77,940,581		$	79,948,950		$	82,285,400
Absorption & Turnover V		(1,382,400	)		(1,073,134	)		(1,668,937	)		(1,931,661	)		(1,880,392	)		(2,202,941	)		(1,073,168	)		(2,966,560	)
Base Rent Abatements		(1,006,195	)		(998,671	)		(1,184,805	)		(2,241,955	)		(1,701,815	)		(2,017,102	)		(852,957	)		(2,491,842	)
Scheduled Base Rental R		64,757,713			66,892,544			68,053,286			69,131,252			72,272,759			73,720,538			78,022,825			76,826,998
CPI & Other Adjustment		0			0			0			0			0			0			0			0
Expense Reimbursement R
Real Estate Tax Escal		931,327			1,028,099			1,123,157			1,087,096			1,065,559			1,096,915			1,130,472			1,093,876
Operating Expense Esc		1,193,784			1,293,236			1,387,661			1,287,608			1,210,508			1,310,724			1,491,409			1,538,950
Total Reimbursement Rev		2,125,111			2,321,335			2,510,818			2,374,704			2,276,067			2,407,639			2,621,881			2,632,826
Electric & Fuel Recover		7,107,624			7,332,410			7,535,153			7,748,747			7,992,951			8,230,684			8,500,273			8,701,573
Miscellaneous		470,913			485,233			499,505			514,285			529,907			545,768			562,520			578,504
Total Potential Gross Rev		74,461,361			77,031,522			78,598,762			79,768,988			83,071,684			84,904,629			89,707,499			88,739,901
General Vacancy		(892,912	)		(1,270,006	)		(739,093	)		(519,360	)		(668,170	)		(410,286	)		(1,650,251	)		0
Collection Loss		(744,612	)		(770,316	)		(785,987	)		(797,689	)		(830,717	)		(849,048	)		(897,074	)		(887,400	)
Effective Gross Revenue		72,823,837			74,991,200			77,073,682			78,451,939			81,572,797			83,645,295			87,160,174			87,852,501
Operating Expenses
Professional Fees		1,270,378			1,308,487			1,347,743			1,388,174			1,429,821			1,472,713			1,516,896			1,562,402
Cleaning		3,678,920			3,789,286			3,902,963			4,020,053			4,140,656			4,264,874			4,392,821			4,524,605
Insurance		457,379			471,099			485,233			499,791			514,784			530,227			546,134			562,519
Payroll/Labor Costs		2,012,466			2,072,840			2,135,025			2,199,076			2,265,048			2,333,000			2,402,989			2,475,081
Basic Rent		3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596			3,792,596
Utilities		4,275,566			4,403,835			4,535,950			4,672,029			4,812,189			4,956,554			5,105,252			5,258,409
Repairs and Maintenance		1,971,811			2,030,964			2,091,893			2,154,651			2,219,290			2,285,868			2,354,446			2,425,077
Security		570,076			587,180			604,795			622,938			641,626			660,875			680,700			701,124
Real Estate Taxes		9,847,903			10,143,340			10,447,641			10,761,069			11,083,901			11,416,419			11,758,911			12,111,680
Management Fee		819,269			843,652			867,079			882,585			917,693			941,011			980,551			988,341
Licenses and Permits		263,817			271,729			279,883			288,278			296,928			305,834			315,012			324,459
Total Operating Expenses		28,960,181			29,715,008			30,490,801			31,281,240			32,114,532			32,959,971			33,846,308			34,726,293
Net Operating Income		43,863,656			45,276,192			46,582,881			47,170,699			49,458,265			50,685,324			53,313,866			53,126,208
Leasing & Capital Costs
Tenant Improvements		1,151,186			1,280,479			1,552,343			3,025,569			2,671,361			1,019,218			1,052,900			2,415,104
Leasing Commissions		1,228,726			1,087,186			1,586,301			2,380,415			2,312,195			4,236,565			1,075,490			4,689,510
PB PIO		0			0			0			0			0			0			0			0
Capital Improvements		0			0			0			0			0			0			0			0
Base Building Costs		0			0			0			0			0			0			0			0
Total Leasing & Capital C		2,379,912			2,367,665			3,138,644			5,405,984			4,983,556			5,255,783			2,128,390			7,104,614
Cash Flow Before Debt Ser	$	41,483,744		$	42,908,527		$	43,444,237		$	41,764,715		$	44,474,709		$	45,429,541		$	51,185,476		$	46,021,594
& Taxes
Cash Flow to Operator		22,248,170			22,960,562			23,228,417			22,388,656			23,743,653			24,221,069			27,099,036			24,517,095
PV to Operator
Discount Rate
Cash Flow (Fee Simple)		45,276,340			46,701,123			47,236,833			45,557,311			48,267,305			49,222,137			54,978,072			49,814,190
PV

	33			34			35			36			37		38		39		40
													3.0%
	Year 33			Year 34			Year 35			Year 36			Year 37		Year 38		Year 39		Year 40
For the Years Ending	Jun-2044			Jun-2045			Jun-2046			Jun-2047			Jun-2048		Jun-2049		Jun-2050		Jun-2051
Potential Gross Revenue
Base Rental Revenue	$	84,854,207		$	87,709,586		$	90,229,066		$	92,849,554
Absorption & Turnover V		(1,720,981	)		(2,350,886	)		(1,449,361	)		(1,457,033	)
Base Rent Abatements		(1,608,303	)		(2,232,036	)		(1,050,676	)		(1,771,656	)
Scheduled Base Rental R		81,524,923			83,126,664			87,729,029			89,620,865
CPI & Other Adjustment		0			0			0			0
Expense Reimbursement R
Real Estate Tax Escal		1,114,544			1,153,372			1,238,506			1,339,448
Operating Expense Esc		1,514,988			1,516,124			1,585,720			1,676,850
Total Reimbursement Rev		2,629,532			2,669,496			2,824,226			3,016,298
Electric & Fuel Recover		9,016,717			9,274,772			9,552,051			9,850,791
Miscellaneous		596,754			614,452			632,870			652,058
Total Potential Gross Rev		93,767,926			95,685,384			100,738,176			103,140,012
General Vacancy		(1,143,686	)		(590,203	)		(1,616,265	)		(1,680,878	)
Collection Loss		(937,679	)		(956,854	)		(1,007,381	)		(1,031,401	)
Effective Gross Revenue		91,686,561			94,138,327			98,114,530			100,427,733			103,440,565		106,543,782		109,740,095		113,032,298
Operating Expenses
Professional Fees		1,609,275			1,657,553			1,707,280			1,758,500
Cleaning		4,660,345			4,800,155			4,944,158			5,092,484
Insurance		579,393			596,775			614,679			633,120
Payroll/Labor Costs		2,549,331			2,625,813			2,704,586			2,785,724
Basic Rent		3,792,596			3,792,596			3,792,596			3,792,596
Utilities		5,416,161			5,578,646			5,746,006			5,918,386
Repairs and Maintenance		2,497,831			2,572,764			2,649,949			2,729,447
Security		722,156			743,820			766,136			789,120
Real Estate Taxes		12,475,029			12,849,278			13,234,760			13,631,799
Management Fee		1,031,473			1,059,056			1,103,790			1,129,812
Licenses and Permits		334,195			344,219			354,547			365,183
Total Operating Expenses		35,667,785			36,620,675			37,618,487			38,626,171			35,878,582		36,954,940		38,063,588		39,205,496
Net Operating Income		56,018,776			57,517,652			60,496,043			61,801,562			67,561,983		69,588,842		71,676,507		73,826,803
Leasing & Capital Costs
Tenant Improvements		2,058,070			2,826,306			1,371,735			2,238,763
Leasing Commissions		1,976,121			2,543,735			1,151,016			2,119,673
PB PIO		0			0			0			0
Capital Improvements		0			0			0			0
Base Building Costs		0			0			0			0
Total Leasing & Capital C		4,034,191			5,370,041			2,522,751			4,358,436			4,001,958		4,122,017		4,245,678		4,373,048
Cash Flow Before Debt Ser	$	51,984,585		$	52,147,611		$	57,973,292		$	57,443,126			63,560,024		65,466,825		67,430,830		69,453,755
& Taxes
Cash Flow to Operator		27,498,591			27,580,104			30,492,944			30,227,861			31,390,012		32,343,413		33,325,415		34,336,877
PV to Operator
Discount Rate
Cash Flow (Fee Simple)		55,777,181			55,940,207			61,765,888			61,235,722			63,560,024		65,466,825		67,430,830		69,453,755
PV

	41		42		43		44		45		46		47		48
	Year 41		Year 42		Year 43		Year 44		Year 45		Year 46		Year 47		Year 48
For the Years Ending	Jun-2052		Jun-2053		Jun-2054		Jun-2055		Jun-2056		Jun-2057		Jun-2058		Jun-2059
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
CPI & Other Adjustment
Expense Reimbursement R
Real Estate Tax Escal
Operating Expense Esc
Total Reimbursement Rev
Electric & Fuel Recover
Miscellaneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		116,423,267		119,915,965		123,513,444		127,218,848		131,035,413		134,966,475		139,015,470		143,185,934
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Basic Rent
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		40,381,660		41,593,110		42,840,904		44,126,131		45,449,915		46,813,412		48,217,814		49,664,349
Net Operating Income		76,041,607		78,322,855		80,672,541		83,092,717		85,585,498		88,153,063		90,797,655		93,521,585
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		4,504,239		4,639,367		4,778,548		4,921,904		5,069,561		5,221,648		5,378,297		5,539,646
Cash Flow Before Debt Ser		71,537,367		73,683,488		75,893,993		78,170,813		80,515,937		82,931,415		85,419,358		87,981,939
& Taxes
Cash Flow to Operator		35,378,684		36,451,744		37,556,997		38,695,406		39,867,969		41,075,708		42,319,679		43,600,969
PV to Operator
Discount Rate
Cash Flow (Fee Simple)		71,537,367		73,683,488		75,893,993		78,170,813		80,515,937		82,931,415		85,419,358		87,981,939
PV

	49		50		51		52		53		54		55		56
	Year 49		Year 50		Year 51		Year 52		Year 53		Year 54		Year 55		Year 56
For the Years Ending	Jun-2060		Jun-2061		Jun-2062		Jun-2063		Jun-2064		Jun-2065		Jun-2066		Jun-2067
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
CPI & Other Adjustment
Expense Reimbursement R
Real Estate Tax Escal
Operating Expense Esc
Total Reimbursement Rev
Electric & Fuel Recover
Miscellaneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		147,481,512		151,905,957		156,463,136		161,157,030		165,991,741		170,971,493		176,100,638		181,383,657
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Basic Rent
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		51,154,279		52,688,908		54,269,575		55,897,662		57,574,592		59,301,830		61,080,885		62,913,311
Net Operating Income		96,327,232		99,217,049		102,193,561		105,259,368		108,417,149		111,669,663		115,019,753		118,470,346
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		5,705,836		5,877,011		6,053,321		6,234,921		6,421,968		6,614,627		6,813,066		7,017,458
Cash Flow Before Debt Ser		90,621,397		93,340,039		96,140,240		99,024,447		101,995,180		105,055,036		108,206,687		111,452,888
& Taxes
Cash Flow to Operator		44,920,698		46,280,019		47,680,120		49,122,224		50,607,590		52,137,518		53,713,343		55,336,444
PV to Operator
Discount Rate
Cash Flow (Fee Simple)		90,621,397		93,340,039		96,140,240		99,024,447		101,995,180		105,055,036		108,206,687		111,452,888
PV

	57		58		59		60		61		62		63		64
	Year 57		Year 58		Year 59		Year 60		Year 61		Year 62		Year 63		Year 64
For the Years Ending	Jun-2068		Jun-2069		Jun-2070		Jun-2071		Jun-2072		Jun-2073		Jun-2074		Jun-2075
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
CPI & Other Adjustment
Expense Reimbursement R
Real Estate Tax Escal
Operating Expense Esc
Total Reimbursement Rev
Electric & Fuel Recover
Miscellaneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		186,825,167		192,429,922		198,202,819		204,148,904		210,273,371		216,581,572		223,079,019		229,771,390
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Basic Rent
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		64,800,710		66,744,732		68,747,074		70,809,486		72,933,771		75,121,784		77,375,437		79,696,700
Net Operating Income		122,024,456		125,685,190		129,455,745		133,339,418		137,339,600		141,459,788		145,703,582		150,074,689
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		7,227,982		7,444,821		7,668,166		7,898,211		8,135,157		8,379,212		8,630,588		8,889,506
Cash Flow Before Debt Ser		114,796,474		118,240,368		121,787,579		125,441,207		129,204,443		133,080,576		137,072,994		141,185,183
& Taxes
Cash Flow to Operator		57,008,237		58,730,184		60,503,790		62,330,603		64,212,222		66,150,288		68,146,497		70,202,592
PV to Operator
Discount Rate
Cash Flow (Fee Simple)		114,796,474		118,240,368		121,787,579		125,441,207		129,204,443		133,080,576		137,072,994		141,185,183
PV

	65		66		67		68		69		70		71		72
For the Years Ending	Year 65 Jun-2076		Year 66 Jun-2077		Year 67 Jun-2078		Year 68 Jun-2079		Year 69 Jun-2080		Year 70 Jun-2081		Year 71 Jun-2082		Year 72 Jun-2083
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
CPI & Other Adjustment
Expense Reimbursement R
Real Estate Tax Escal
Operating Expense Esc
Total Reimbursement Rev
Electric & Fuel Recover
Miscelleneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		236,664,531		243,764,467		251,077,401		258,609,723		266,368,015		274,359,056		282,589,827		291,067,522
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Basic Rent
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		82,087,601		84,550,229		87,086,736		89,699,338		92,390,318		95,162,028		98,016,889		100,957,396
Net Operating Income		154,576,930		159,214,238		163,990,665		168,910,385		173,977,697		179,197,028		184,572,938		190,110,127
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		9,156,191		9,430,877		9,713,803		10,005,217		10,305,374		10,614,535		10,932,971		11,260,960
Cash Flow Before Debt Ser		145,420,739		149,783,361		154,276,862		158,905,168		163,672,323		168,582,493		173,639,967		178,849,166
& Taxes
Cash Flow to Operator		72,320,369		74,501,681		76,748,431		79,062,584		81,446,161		83,901,246		86,429,984		89,034,583
PV to Operator
Discount Rate
Cash Flow (Fee Simple)		145,420,739		149,783,361		154,276,862		158,905,168
PV

	73		74		75		76		77		78		79		80
For the Years Ending	Year 73 Jun-2084		Year 74 Jun-2085		Year 75 Jun-2086		Year 76 Jun-2087		Year 77 Jun-2088		Year 78 Jun-2089		Year 79 Jun-2090		Year 80 Jun-2091
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
CPI & Other Adjustment
Expense Reimbursement R
Real Estate Tax Escal
Operating Expense Esc
Total Reimbursement Rev
Electric & Fuel Recover
Miscelleneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		299,799,548		308,793,534		318,057,340		327,599,060		337,427,032		347,549,843		357,976,338		368,715,629
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Basic Rent
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		103,986,117		107,105,701		110,318,872		113,628,438		117,037,291		120,548,410		124,164,862		127,889,808
Net Operating Income		195,813,430		201,687,833		207,738,468		213,970,622		220,389,741		227,001,433		233,811,476		240,825,821
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		11,598,789		11,946,753		12,305,155		12,674,310		13,054,539		13,446,175		13,849,561		14,265,047
Cash Flow Before Debt Ser		184,214,641		189,741,081		195,433,313		201,296,312		207,335,202		213,555,258		219,961,916		226,560,773
& Taxes
Cash Flow to Operator		91,717,321		94,480,540		97,326,657		100,258,156		103,277,601		106,387,629		109,590,958		112,890,387
PV to Operator
Discount Rate
Cash Flow (Fee Simple)
PV

	81		82		83		84		85		86		87		88
For the Years Ending	Year 81 Jun-2092		Year 82 Jun-2093		Year 83 Jun-2094		Year 84 Jun-2095		Year 85 Jun-2096		Year 86 Jun-2097		Year 87 Jun-2098		Year 88 Jun-2099
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
CPI & Other Adjustment
Expense Reimbursement R
Real Estate Tax Escal
Operating Expense Esc
Total Reimbursement Rev
Electric & Fuel Recover
Miscelleneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		379,777,097		391,170,410		402,905,523		414,992,688		427,442,469		440,265,743		453,473,715		467,077,927
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Basic Rent
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		131,726,502		135,678,297		139,748,646		143,941,106		148,259,339		152,707,119		157,288,333		162,006,983
Net Operating Income		248,050,595		255,492,113		263,156,876		271,051,583		279,183,130		287,558,624		296,185,383		305,070,944
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		14,692,999		15,133,789		15,587,803		16,055,437		16,537,100		17,033,213		17,544,209		18,070,535
Cash Flow Before Debt Ser		233,357,596		240,358,324		247,569,074		254,996,146		262,646,030		270,525,411		278,641,174		287,000,409
& Taxes
Cash Flow to Operator		116,288,798		119,789,162		123,394,537		127,108,073		130,933,015		134,872,706		138,930,587		143,110,204
PV to Operator
Discount Rate
Cash Flow (Fee Simple)
PV

	89		90		91		92		92.25
For the Years Ending	Year 89 Jun-2100		Year 90 Jun-2101		Year 91 Jun-2102		Year 92 Jun-2103		Year 92.25 9/30/2103
Potential Gross Revenue
Base Rental Revenue
Absorption & Turnover V
Base Rent Abatements
Scheduled Base Rental R
CPI & Other Adjustment
Expense Reimbursement R
Real Estate Tax Escal
Operating Expense Esc
Total Reimbursement Rev
Electric & Fuel Recover
Miscelleneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		481,090,265		495,522,973		510,388,662		525,700,322		541,471,331
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Basic Rent
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		166,867,192		171,873,208		177,029,404		182,340,286		187,810,495
Net Operating Income		314,223,073		323,649,765		333,359,258		343,360,035		353,660,836
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		18,612,651		19,171,031		19,746,162		20,338,547		20,948,703
Cash Flow Before Debt Ser		295,610,421		304,478,734		313,613,096		323,021,489		332,712,133
& Taxes
Cash Flow to Operator		147,415,211		151,849,367		156,416,548		161,120,744		41,491,517
PV to Operator
Discount Rate
Cash Flow (Fee Simple)
PV

Bertha

			1			2			3			4			5			6			7			8
			Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8
			Jul-11 Jun-12			Jul-12 Jun-13			Jul-13 Jun-14			Jul-14 Jun-15			Jul-15 Jun-16			Jul-16 Jun-17			Jul-17 Jun-18			Jul-18 Jun-19
Fixed Rents
	Basic Rent			6,018,750			5,957,188			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Rent/Debt Service	see below		3,453,438			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total Fixed Rent			9,472,188			10,512,500			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
Overage Rent
	Total Income			176,796,226			208,590,260			238,111,524			263,329,256			278,572,801			290,901,541			301,280,328			310,701,305
	Total Operating Expense			(108,017,194	)		(108,026,194	)		(106,598,327	)		(109,690,458	)		(112,993,319	)		(116,316,737	)		(119,751,007	)		(123,291,665	)
Add:	Rent if included in Opex above			8,094,750			8,033,187			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Net Operating Income			76,873,782			108,597,253			139,484,822			161,610,423			173,551,107			182,556,429			189,500,946			195,381,265
Add:	Use of Cash from Loans			—			—			ZEROED OUT
Less:	Total Capital Expenses [ADJUSTED!!]			(142,411,161	)		(117,540,330	)		(63,647,114	)		(19,837,687	)		(18,516,184	)		(13,747,009	)		(9,572,565	)		(13,220,305	)
Less:	Total Fixed Rent			(6,018,750	)		(5,957,188	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			(71,556,129	)		(14,900,265	)		69,942,083			135,877,111			149,139,298			162,913,795			174,032,756			176,265,335
	Exclusion			(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage			—			—			68,942,083			134,877,111			148,139,298			161,913,795			173,032,756			175,265,335
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			—			—			34,471,042			67,438,556			74,069,649			80,956,898			86,516,378			87,632,668
CF of operator				(71,556,129	)		(14,900,265	)		35,471,042			68,438,556			75,069,649			81,956,898			87,516,378			88,632,668
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			9,472,188			10,512,500			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
	Overage Rent %			—			—			34,471,042			67,438,556			74,069,649			80,956,898			86,516,378			87,632,668
	Less: Debt Service			(3,453,438	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)
	Total			6,018,750			5,957,188			40,366,667			73,334,181			79,965,274			86,852,523			92,412,003			93,528,293
		CF to Dist.		(65,537,379	)		(8,943,077	)		75,837,708			141,772,736			155,034,923			168,809,420			179,928,381			182,160,960
		FS CF		(65,537,379	)		(8,943,077	)		75,837,708			141,772,736			155,034,923			168,809,420			179,928,381			182,160,960
		Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent			6,018,750			5,957,188			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	New Borrowing
	Loan Amount/New Debt			189,000,000			230,000,000
	Amount excluded from Rent/DS			60,500,000			60,500,000			this is paid by ESBA separately. Not part of rent.
	Amount Applicable to Rent/DS			128,500,000			169,500,000
	Interest Rate (I-O)			2.6875	%		2.6875	%
	Payments
	Rent/Debt Service*			3,453,438			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total debt service			5,079,375			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250
				(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)
*  in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
				176,796,226			208,590,260			238,111,524			263,329,256			278,572,801			290,901,541			301,280,328			310,701,305
				108,017,194			108,026,194			106,598,327			109,690,458			112,993,319			116,316,737			119,751,007			123,291,665
				8,094,750			8,033,187			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
				142,411,161			117,540,330			63,647,114			19,837,687			18,516,184			13,747,009			9,572,565			13,220,305
Argus Dump
	Total Income			176,796,226			208,590,260			238,111,524			263,329,256			278,572,801			290,901,541			301,280,328			310,701,305
	Total Operating Expense			108,017,194			108,026,194			106,598,327			109,690,458			112,993,319			116,316,737			119,751,007			123,291,665
	Ground Rents			8,094,750			8,033,187			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Total Capital Expenses			142,411,161			117,540,330			63,647,114			19,837,687			18,516,184			13,747,009			9,572,565			13,220,305
	Net Cash Flow			(73,632,129	)		(16,976,264	)		67,866,083			133,801,111			147,063,298			160,837,795			171,956,756			174,189,335
Check
	Total Rents Variance			1,377,438			2,479,313			36,950,354			69,917,868			76,548,962			83,436,210			88,995,691			90,111,980
	Duff Pro forma check
	Calc Above			(73,632,129	)		(16,976,264	)		67,866,083			133,801,111			147,063,298			160,837,795			171,956,756			174,189,335
	Dump from Pro Forma			(73,632,129	)		(16,976,264	)		67,866,083			133,801,111			147,063,298			160,837,795			171,956,756			174,189,335
	Variance			—			—			—			—			—			—			—			—
Available for improvements
Borrowed 7/2011				159,000,000
Fee position loan				(60,500,000	)
Repay outstanding loan				(31,500,000	)
Costs				(7,200,000	)
				59,800,000
Prior reserve - advanced to ESBC				8,900,000
Prior reserve - held by ESBA				10,800,000
				79,500,000
Additional borrowing 2011				30,000,000
	Net Cash Flow			(73,632,129	)		(16,976,264	)		67,866,083			133,801,111			147,063,298			160,837,795			171,956,756			174,189,335
	Use of Cash from Loans			—			—			ZEROED OUT			—			—			—			—			—
	Rent if included in Opex above			8,094,750			8,033,187			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Total Fixed Rent			(9,472,188	)		(10,512,500	)		(10,450,938	)		(10,450,938	)		(10,450,938	)		(10,450,938	)		(10,450,938	)		(10,450,938	)
	Overage Rent @ 50%			—			—			(34,471,042	)		(67,438,556	)		(74,069,649	)		(80,956,898	)		(86,516,378	)		(87,632,668	)
	Subtotal			(75,009,567	)		(19,455,577	)		30,915,729			63,883,243			70,514,337			77,401,585			82,961,066			84,077,355
	CF to Operator			(71,556,129	)		(14,900,265	)		35,471,042			68,438,556			75,069,649			81,956,898			87,516,378			88,632,668
	Variance			3,453,438			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
DUFF Argus Dump
	Total Income			176,796,226			208,590,260			238,111,524			263,329,256			278,572,801			290,901,541			301,280,328			310,701,305
	Total Operating Expense			108,017,194			108,026,194			106,598,327			109,690,458			112,993,319			116,316,737			119,751,007			123,291,665
	Ground Rent			6,018,750			5,957,187			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Rent in Lieu of Debt Service			2,076,000			2,076,000			2,076,000			2,076,000			2,076,000			2,076,000			2,076,000			2,076,000
	Total Capital Expenses			142,411,161			117,540,330			63,647,114			19,837,687			18,516,184			13,747,009			9,572,565			13,220,305
	Net Cash Flow			(73,632,129	)		(16,976,264	)		67,866,083			133,801,111			147,063,298			160,837,795			171,956,756			174,189,335
				(73,632,129	)
	GROUND RENT FOR LF VALUATION			6,018,750			5,957,188			40,366,667			73,334,181			79,965,274			86,852,523			92,412,003			93,528,293
	Variance			—			—			—			—			—			—			—			—
	Rent PSF		$	2			2			14			25			27			29			31			31
	Average Rent PSF			87

Bertha

				9			10			11			12			13			14			15			16
			Year 9			Year 10			Year 11			Year 12			Year 13			Year 14			Year 15			Year 16
			Jul-19 Jun-20			Jul-20 Jun-21			Jul-21 Jun-22			Jul-22 Jun-23			Jul-23 Jun-24			Jul-24 Jun-25			Jul-25 Jun-26			Jul-26 Jun-27
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Rent/Debt Service	see below		4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
Overage Rent
	Total Income			322,376,505			337,267,888			351,445,572			361,810,871			374,664,788			390,765,824			403,132,212			417,836,501
	Total Operating Expense			(126,947,920	)		(130,732,767	)		(134,520,142	)		(138,302,043	)		(142,195,814	)		(146,215,626	)		(150,343,138	)		(154,602,625	)
Add:	Rent if included in Opex above			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Net Operating Income			203,400,210			214,506,746			224,897,055			231,480,453			240,440,599			252,521,823			260,760,699			271,205,501
Add:	Use of Cash from Loans
Less:	Total Capital Expenses [ADJUSTED!!]			(18,225,457	)		(13,107,087	)		(11,964,905	)		(11,246,972	)		(12,616,550	)		(7,342,573	)		(14,218,117	)		(14,151,793	)
Less:	Total Fixed Rent			(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			179,279,128			195,504,034			207,036,525			214,337,856			221,928,424			239,283,625			240,646,957			251,158,083
	Exclusion			(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage			178,279,128			194,504,034			206,036,525			213,337,856			220,928,424			238,283,625			239,646,957			250,158,083
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			89,139,564			97,252,017			103,018,263			106,668,928			110,464,212			119,141,812			119,823,479			125,079,042
CF of operator				90,139,564			98,252,017			104,018,263			107,668,928			111,464,212			120,141,812			120,823,479			126,079,042
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
	Overage Rent %			89,139,564			97,252,017			103,018,263			106,668,928			110,464,212			119,141,812			119,823,479			125,079,042
	Less: Debt Service			(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)
	Total			95,035,189			103,147,642			108,913,888			112,564,553			116,359,837			125,037,437			125,719,104			130,974,667
		CF to Dist.		185,174,753			201,399,659			212,932,150			220,233,481			227,824,049			245,179,250			246,542,582			257,053,708
		FS CF		185,174,753			201,399,659			212,932,150			220,233,481			227,824,049			245,179,250			246,542,582			257,053,708
		Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	New Borrowing
	Loan Amount/New Debt
	Amount excluded from Rent/DS
	Amount Applicable to Rent/DS
	Interest Rate (I-O)
	Payments
	Rent/Debt Service*			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total debt service			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250
				(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)
*  in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
				322,376,505			337,199,563
				126,947,920			130,732,767
				7,971,625			7,971,625
				18,225,457			13,107,087
Argus Dump
	Total Income			322,376,505			337,267,888
	Total Operating Expense			126,947,920			130,732,767			134,520,142			138,302,043			142,195,814			146,215,626			150,343,138			154,602,625
	Ground Rents			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Total Capital Expenses			18,225,457			13,107,087
	Net Cash Flow			177,203,128			193,428,034
Check
	Total Rents Variance			91,618,877			99,731,330
	Duff Pro forma check
	Calc Above			177,203,128			193,428,034
	Dump from Pro Forma			177,203,128			193,428,034
	Variance			—			—
Available for improvements
Borrowed 7/2011
Fee position loan
Repay outstanding loan
Costs
Prior reserve - advanced to ESBC
Prior reserve - held by ESBA
Additional borrowing 2011
	Net Cash Flow			177,203,128			193,428,034
	Use of Cash from Loans			—			—
	Rent if included in Opex above			7,971,625			7,971,625
	Total Fixed Rent			(10,450,938	)		(10,450,938	)
	Overage Rent @ 50%			(89,139,564	)		(97,252,017	)
	Subtotal			85,584,252			93,696,705
	CF to Operator			90,139,564			98,252,017
	Variance			4,555,313			4,555,313
DUFF Argus Dump
	Total Income			322,376,505			337,199,563
	Total Operating Expense			126,947,920			130,732,767
	Ground Rent			5,895,625			5,895,625
	Rent in Lieu of Debt Service			2,076,000			2,076,000
	Total Capital Expenses			18,225,457			13,107,087
	Net Cash Flow			177,203,128			193,359,709
	GROUND RENT FOR LF VALUATION			95,035,189			103,147,642			108,913,888			112,564,553			116,359,837			125,037,437			125,719,104			130,974,667
	Variance			—			—			—			—			—			—			—			—
	Rent PSF			32			35			37			38			39			42			42			44
	Average Rent PSF

Bertha

			17			18			19			20			21			22			23			24
			Year 17			Year 18			Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
			Jul-27			Jul-28			Jul-29			Jul-30			Jul-31			Jul-32			Jul-33			Jul-34
			Jun-28			Jun-29			Jun-30			Jun-31			Jun-32			Jun-33			Jun-34			Jun-35
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Rent/Debt Service	see below		4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
Overage Rent
	Total Income			429,408,771			435,577,296			469,510,812			489,592,051			504,991,183			519,509,315			531,659,485			553,032,647
	Total Operating Expense			(158,979,204	)		(163,438,079	)		(168,176,239	)		(172,992,725	)		(177,924,853	)		(183,000,313	)		(188,213,493	)		(193,615,359	)
Add:	Rent if included in Opex above			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Net Operating Income			278,401,192			280,110,842			309,306,198			324,570,951			335,037,955			344,480,627			351,417,617			367,388,913
Add:	Use of Cash from Loans
Less:	Total Capital Expenses [ADJUSTED!!]			(25,404,073	)		(58,860,519	)		(27,139,972	)		(8,415,534	)		(11,356,628	)		(14,670,730	)		(28,401,233	)		(26,388,018	)
Less:	Total Fixed Rent			(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			247,101,494			215,354,698			276,270,601			310,259,792			317,785,702			323,914,272			317,120,759			335,105,270
	Exclusion			(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage			246,101,494			214,354,698			275,270,601			309,259,792			316,785,702			322,914,272			316,120,759			334,105,270
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			123,050,747			107,177,349			137,635,300			154,629,896			158,392,851			161,457,136			158,060,380			167,052,635
CF of operator				124,050,747			108,177,349			138,635,300			155,629,896			159,392,851			162,457,136			159,060,380			168,052,635
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
	Overage Rent %			123,050,747			107,177,349			137,635,300			154,629,896			158,392,851			161,457,136			158,060,380			167,052,635
	Less: Debt Service			(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)
	Total			128,946,372			113,072,974			143,530,925			160,525,521			164,288,476			167,352,761			163,956,005			172,948,260
		CF to Dist.		252,997,119			221,250,323			282,166,226			316,155,417			323,681,327			329,809,897			323,016,384			341,000,895
		FS CF		252,997,119			221,250,323			282,166,226			316,155,417			323,681,327			329,809,897			323,016,384			341,000,895
		Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	New Borrowing
	Loan Amount/New Debt
	Amount excluded from Rent/DS
	Amount Applicable to Rent/DS
	Interest Rate (I-O)
	Payments
	Rent/Debt Service*			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total debt service			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250
				(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)
*  in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense			158,979,204			163,438,079			168,176,239			172,992,725			177,924,853			183,000,313			188,213,493			193,615,359
	Ground Rents			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
Available for improvements
Borrowed 7/2011
Fee position loan
Repay outstanding loan
Costs
Prior reserve - advanced to ESBC
Prior reserve - held by ESBA
Additional borrowing 2011
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rent
	Rent in Lieu of Debt Service
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			128,946,372			113,072,974			143,530,925			160,525,521			164,288,476			167,352,761			163,956,005			172,948,260
	Variance			—			—			—			—			—			—			—			—
	Rent PSF			43			38			48			54			55			56			55			58
	Average Rent PSF

Bertha

			25			26			27			28			29			30			31			32
			Year 25			Year 26			Year 27			Year 28			Year 29			Year 30			Year 31			Year 32
			Jul-35			Jul-36			Jul-37			Jul-38			Jul-39			Jul-40			Jul-41			Jul-42
			Jun-36			Jun-37			Jun-38			Jun-39			Jun-40			Jun-41			Jun-42			Jun-43
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Rent/Debt Service	see below		4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
Overage Rent
	Total Income			566,733,584			588,679,667			609,799,137			628,787,567			650,377,445			671,230,977			688,335,362			698,113,369
	Total Operating Expense			(199,154,734	)		(204,880,335	)		(210,776,378	)		(216,839,545	)		(223,094,650	)		(229,534,454	)		(236,144,170	)		(242,940,673	)
Add:	Rent if included in Opex above			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Net Operating Income			375,550,475			391,770,957			406,994,384			419,919,647			435,254,420			449,668,148			460,162,817			463,144,321
Add:	Use of Cash from Loans
Less:	Total Capital Expenses [ADJUSTED!!]			(20,085,542	)		(13,887,464	)		(9,027,340	)		(12,453,009	)		(9,238,261	)		(9,274,523	)		(26,201,906	)		(48,833,103	)
Less:	Total Fixed Rent			(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			349,569,308			371,987,868			392,071,419			401,571,013			420,120,534			434,498,000			428,065,286			408,415,593
	Exclusion			(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage			348,569,308			370,987,868			391,071,419			400,571,013			419,120,534			433,498,000			427,065,286			407,415,593
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			174,284,654			185,493,934			195,535,709			200,285,506			209,560,267			216,749,000			213,532,643			203,707,797
CF of operator				175,284,654			186,493,934			196,535,709			201,285,506			210,560,267			217,749,000			214,532,643			204,707,797
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
	Overage Rent %			174,284,654			185,493,934			195,535,709			200,285,506			209,560,267			216,749,000			213,532,643			203,707,797
	Less: Debt Service			(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)
	Total			180,180,279			191,389,559			201,431,334			206,181,131			215,455,892			222,644,625			219,428,268			209,603,422
		CF to Dist.		355,464,933			377,883,493			397,967,044			407,466,638			426,016,159			440,393,625			433,960,911			414,311,218
		FS CF		355,464,933			377,883,493			397,967,044			407,466,638			426,016,159			440,393,625			433,960,911			414,311,218
		Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	New Borrowing
	Loan Amount/New Debt
	Amount excluded from Rent/DS
	Amount Applicable to Rent/DS
	Interest Rate (I-O)
	Payments
	Rent/Debt Service*			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total debt service			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250
				(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)
*  in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense			199,154,734			204,880,335			210,776,378			216,839,545			223,094,650			229,534,454			236,144,170			242,940,673
	Ground Rents			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
Available for improvements
Borrowed 7/2011
Fee position loan
Repay outstanding loan
Costs
Prior reserve - advanced to ESBC
Prior reserve - held by ESBA
Additional borrowing 2011
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rent
	Rent in Lieu of Debt Service
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			180,180,279			191,389,559			201,431,334			206,181,131			215,455,892			222,644,625			219,428,268			209,603,422
	Variance			—			—			—			—			—			—			—			—
	Rent PSF			61			64			68			69			72			75			74			70
	Average Rent PSF

Bertha
			33			34			35			36			37			38			39			40
																						3	%
			Year 33			Year 34			Year 35			Year 36			Year 37			Year 38			Year 39			Year 40
			Jul-43 Jun-44			Jul-44 Jun-45			Jul-45 Jun-46			Jul-46 Jun-47			Jul-47 Jun-48			Jul-48 Jun-49			Jul-49 Jun-50			Jul-50 Jun-51
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Rent/Debt Service	see below		4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
Overage Rent
	Total Income			695,476,203			745,428,167			769,743,399			798,965,830			826,583,056			851,792,551			877,346,328			903,666,718
	Total Operating Expense			(249,846,439	)		(257,198,733	)		(264,650,868	)		(272,369,363	)		(280,285,084	)		(288,431,903	)		(296,845,711	)		(305,511,934	)
Add:	Rent if included in Opex above			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Net Operating Income			453,601,389			496,201,059			513,064,156			534,568,092			554,269,597			571,332,273			588,472,241			606,126,409
Add:	Use of Cash from Loans
Less:	Total Capital Expenses [ADJUSTED!!]			(102,533,732	)		(58,671,383	)		(14,503,562	)		(16,879,905	)		(15,546,692	)		(22,996,632	)		(28,477,252	)		(29,331,569	)
Less:	Total Fixed Rent			(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			345,172,032			431,634,051			492,664,969			511,792,562			532,827,280			542,440,016			554,099,365			570,899,214
	Exclusion			(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage			344,172,032			430,634,051			491,664,969			510,792,562			531,827,280			541,440,016			553,099,365			569,899,214
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			172,086,016			215,317,026			245,832,484			255,396,281			265,913,640			270,720,008			276,549,682			284,949,607
CF of operator				173,086,016			216,317,026			246,832,484			256,396,281			266,913,640			271,720,008			277,549,682			285,949,607
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
	Overage Rent %			172,086,016			215,317,026			245,832,484			255,396,281			265,913,640			270,720,008			276,549,682			284,949,607
	Less: Debt Service			(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)
	Total			177,981,641			221,212,651			251,728,109			261,291,906			271,809,265			276,615,633			282,445,307			290,845,232
		CF to Dist.		351,067,657			437,529,676			498,560,594			517,688,187			538,722,905			548,335,641			559,994,990			576,794,839
		FS CF		351,067,657			437,529,676			498,560,594			517,688,187			538,722,905			548,335,641			559,994,990			576,794,839
		Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	New Borrowing
	Loan Amount/New Debt
	Amount excluded from Rent/DS
	Amount Applicable to Rent/DS
	Interest Rate (I-O)
	Payments
	Rent/Debt Service*			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total debt service			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250
				(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)
*  in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense			249,846,439			257,198,733			264,650,868			272,369,363			280,285,084			288,431,903			296,845,711			305,511,934
	Ground Rents			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
Available for improvements
Borrowed 7/2011
Fee position loan
Repay outstanding loan
Costs
Prior reserve - advanced to ESBC
Prior reserve - held by ESBA
Additional borrowing 2011
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rent
	Rent in Lieu of Debt Service
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			177,981,641			221,212,651			251,728,109			261,291,906			271,809,265			276,615,633			282,445,307			290,845,232
	Variance			—			—			—			—			—			—			—			—
	Rent PSF			60			74			85			88			91			93			95			98
	Average Rent PSF

Bertha			41			42			43			44			45			46			47			48
			Year 41			Year 42			Year 43			Year 44			Year 45			Year 46			Year 47			Year 48
			Jul-51 Jun-52			Jul-52 Jun-53			Jul-53 Jun-54			Jul-54 Jun-55			Jul-55 Jun-56			Jul-56 Jun-57			Jul-57 Jun-58			Jul-58 Jun-59
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Rent/Debt Service	see below		4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
Overage Rent
	Total Income			930,776,719			958,700,021			987,461,021			1,017,084,852			1,047,597,398			1,079,025,319			1,111,396,079			1,144,737,961
	Total Operating Expense			(314,438,143	)		(323,632,139	)		(333,101,954	)		(342,855,864	)		(352,902,391	)		(363,250,314	)		(373,908,675	)		(384,886,786	)
Add:	Rent if included in Opex above			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Net Operating Income			624,310,201			643,039,507			662,330,692			682,200,613			702,666,631			723,746,630			745,459,029			767,822,800
Add:	Use of Cash from Loans
Less:	Total Capital Expenses [ADJUSTED!!]			(30,211,516	)		(31,117,862	)		(32,051,398	)		(33,012,940	)		(34,003,328	)		(35,023,428	)		(36,074,131	)		(37,156,355	)
Less:	Total Fixed Rent			(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			588,203,059			606,026,020			624,383,669			643,292,048			662,767,678			682,827,577			703,489,274			724,770,820
	Exclusion			(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage			587,203,059			605,026,020			623,383,669			642,292,048			661,767,678			681,827,577			702,489,274			723,770,820
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			293,601,530			302,513,010			311,691,835			321,146,024			330,883,839			340,913,789			351,244,637			361,885,410
CF of operator				294,601,530			303,513,010			312,691,835			322,146,024			331,883,839			341,913,789			352,244,637			362,885,410
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
	Overage Rent %			293,601,530			302,513,010			311,691,835			321,146,024			330,883,839			340,913,789			351,244,637			361,885,410
	Less: Debt Service			(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)
	Total			299,497,155			308,408,635			317,587,460			327,041,649			336,779,464			346,809,414			357,140,262			367,781,035
		CF to Dist.		594,098,684			611,921,645			630,279,294			649,187,673			668,663,303			688,723,202			709,384,899			730,666,445
		FS CF		594,098,684			611,921,645			630,279,294			649,187,673			668,663,303			688,723,202			709,384,899			730,666,445
		Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	New Borrowing
	Loan Amount/New Debt
	Amount excluded from Rent/DS
	Amount Applicable to Rent/DS
	Interest Rate (I-O)
	Payments
	Rent/Debt Service*			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total debt service			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250
				(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)
*  in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense			314,438,143			323,632,139			333,101,954			342,855,864			352,902,391			363,250,314			373,908,675			384,886,786
	Ground Rents			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
Available for improvements
Borrowed 7/2011
Fee position loan
Repay outstanding loan
Costs
Prior reserve - advanced to ESBC
Prior reserve - held by ESBA
Additional borrowing 2011
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rent
	Rent in Lieu of Debt Service
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			299,497,155			308,408,635			317,587,460			327,041,649			336,779,464			346,809,414			357,140,262			367,781,035
	Variance			—			—			—			—			—			—			—			—
	Rent PSF			101			104			107			110			113			117			120			124
	Average Rent PSF

Bertha

			49			50			51			52			53			54			55			56
			Year 49			Year 50			Year 51			Year 52			Year 53			Year 54			Year 55			Year 56
			Jul-59 Jun-60			Jul-60 Jun-61			Jul-61 Jun-62			Jul-62 Jun-63			Jul-63 Jun-64			Jul-64 Jun-65			Jul-65 Jun-66			Jul-66 Jun-67
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	Rent/Debt Service	see below		4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
Overage Rent
	Total Income			1,179,080,100			1,214,452,503			1,250,886,078			1,288,412,661			1,327,065,040			1,366,876,992			1,407,883,301			1,450,119,801
	Total Operating Expense			(396,194,241	)		(407,840,920	)		(419,836,999	)		(432,192,960	)		(444,919,600	)		(458,028,039	)		(471,529,731	)		(485,436,475	)
Add:	Rent if included in Opex above			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Net Operating Income			790,857,484			814,583,209			839,020,705			864,191,326			890,117,066			916,820,578			944,325,195			972,654,951
Add:	Use of Cash from Loans
Less:	Total Capital Expenses [ADJUSTED!!]			(38,271,045	)		(39,419,177	)		(40,601,752	)		(41,819,804	)		(43,074,399	)		(44,366,630	)		(45,697,629	)		(47,068,558	)
Less:	Total Fixed Rent			(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Less:	Interest Income			—			—			—			—			—			—			—			—
	Other			—			—			—			—			—			—			—			—
	Income Subject to Ovg Rent			746,690,814			769,268,407			792,523,328			816,475,897			841,147,042			866,558,322			892,731,941			919,690,768
	Exclusion			(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
	Remainder for Overage			745,690,814			768,268,407			791,523,328			815,475,897			840,147,042			865,558,322			891,731,941			918,690,768
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%
	Overage Rent @ 50%			372,845,407			384,134,203			395,761,664			407,737,948			420,073,521			432,779,161			445,865,970			459,345,384
CF of operator				373,845,407			385,134,203			396,761,664			408,737,948			421,073,521			433,779,161			446,865,970			460,345,384
		Check Operator		—			—			—			—			—			—			—			—
CF to Fee Owner
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938
	Overage Rent %			372,845,407			384,134,203			395,761,664			407,737,948			420,073,521			432,779,161			445,865,970			459,345,384
	Less: Debt Service			(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)
	Total			378,741,032			390,029,828			401,657,289			413,633,573			425,969,146			438,674,786			451,761,595			465,241,009
		CF to Dist.		752,586,439			775,164,032			798,418,953			822,371,522			847,042,667			872,453,947			898,627,566			925,586,393
		FS CF		752,586,439			775,164,032			798,418,953			822,371,522			847,042,667			872,453,947			898,627,566			925,586,393
		Check		—			—			—			—			—			—			—			—
Fixed Rents
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
	New Borrowing
	Loan Amount/New Debt
	Amount excluded from Rent/DS
	Amount Applicable to Rent/DS
	Interest Rate (I-O)
	Payments
	Rent/Debt Service*			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313
	Total debt service			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250
				(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)
*  in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
Argus Dump
	Total Income
	Total Operating Expense			396,194,241			407,840,920			419,836,999			432,192,960			444,919,600			458,028,039			471,529,731			485,436,475
	Ground Rents			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
	Total Capital Expenses
	Net Cash Flow
Check
	Total Rents Variance
	Duff Pro forma check
	Calc Above
	Dump from Pro Forma
	Variance
Available for improvements
Borrowed 7/2011
Fee position loan
Repay outstanding loan
Costs
Prior reserve - advanced to ESBC
Prior reserve - held by ESBA
Additional borrowing 2011
	Net Cash Flow
	Use of Cash from Loans
	Rent if included in Opex above
	Total Fixed Rent
	Overage Rent @ 50%
	Subtotal
	CF to Operator
	Variance
DUFF Argus Dump
	Total Income
	Total Operating Expense
	Ground Rent
	Rent in Lieu of Debt Service
	Total Capital Expenses
	Net Cash Flow
	GROUND RENT FOR LF VALUATION			378,741,032			390,029,828			401,657,289			413,633,573			425,969,146			438,674,786			451,761,595			465,241,009
	Variance			—			—			—			—			—			—			—			—
	Rent PSF			127			131			135			139			143			147			152			156
	Average Rent PSF

Check Operator

Bertha

			57			58			59			60			61			62			63			64			64.5
			Year 57			Year 58			Year 59			Year 60			Year 61			Year 62			Year 63			Year 64			Year 64.5
			Jul-67			Jul-68			Jul-69			Jul-70			Jul-71			Jul-72			Jul-73			Jul-74			Jul-75			x
			Jun-68			Jun-69			Jun-70			Jun-71			Jun-72			Jun-73			Jun-74			Jun-75			Dec-75			x
Fixed Rents																														x
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625		x
	Rent/Debt Service	see below		4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313		x
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938		x
																														x
Overage Rent																														x
	Total Income			1,493,623,395			1,538,432,096			1,584,585,059			1,632,122,611			1,681,086,289			1,731,518,878			1,783,464,444			1,836,968,378			1,892,077,429		x
	Total Operating Expense			(499,760,420	)		(514,514,084	)		(529,710,358	)		(545,362,520	)		(561,484,247	)		(578,089,625	)		(595,193,165	)		(612,809,811	)		(630,954,957	)	x
Add:	Rent if included in Opex above			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625		x
	Net Operating Income			1,001,834,599			1,031,889,637			1,062,846,327			1,094,731,716			1,127,573,668			1,161,400,878			1,196,242,904			1,232,130,191			1,269,094,097		x
Add:	Use of Cash from Loans																													x
Less:	Total Capital Expenses [ADJUSTED!!]			(48,480,615	)		(49,935,033	)		(51,433,084	)		(52,976,077	)		(54,565,359	)		(56,202,320	)		(57,888,390	)		(59,625,041	)		(61,413,793	)	x
Less:	Total Fixed Rent			(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)	x
Less:	Interest Income			—			—			—			—			—			—			—			—			—		x
	Other			—			—			—			—			—			—			—			—			—		x
	Income Subject to Ovg Rent			947,458,359			976,058,979			1,005,517,617			1,035,860,014			1,067,112,683			1,099,302,933			1,132,458,889			1,166,609,525			1,201,784,679		x
	Exclusion			(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)	x
	Remainder for Overage			946,458,359			975,058,979			1,004,517,617			1,034,860,014			1,066,112,683			1,098,302,933			1,131,458,889			1,165,609,525			1,200,784,679		x
	Overage Rent %			50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%		50.0	%	x
	Overage Rent @ 50%			473,229,180			487,529,489			502,258,809			517,430,007			533,056,342			549,151,466			565,729,445			582,804,762			600,392,340		x
																														x
																														x
CF of operator				474,229,180			488,529,489			503,258,809			518,430,007			534,056,342			550,151,466			566,729,445			583,804,762			601,392,340		x
		Check Operator		—			—			—			—			—			—			—			—					x
CF to Fee Owner																														x
	Total Fixed Rent			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938			10,450,938		x
	Overage Rent %			473,229,180			487,529,489			502,258,809			517,430,007			533,056,342			549,151,466			565,729,445			582,804,762			600,392,340		x
	Less: Debt Service			(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)		(4,555,313	)	x
	Total			479,124,805			493,425,114			508,154,434			523,325,632			538,951,967			555,047,091			571,625,070			588,700,387			606,287,965		x
		CF to Dist.		953,353,984			981,954,604			1,011,413,242			1,041,755,639			1,073,008,308			1,105,198,558			1,138,354,514			1,172,505,150					x
		FS CF		953,353,984			981,954,604			1,011,413,242			1,041,755,639			1,073,008,308			1,105,198,558			1,138,354,514			1,172,505,150
		Check		—			—			—			—			—			—			—			—
Fixed Rents																														x
	Basic Rent			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625		x
																														x
	New Borrowing																													x
	Loan Amount/New Debt																													x
	Amount excluded from Rent/DS																													x
	Amount Applicable to Rent/DS																													x
	Interest Rate (I-O)																													x
	Payments																													x
	Rent/Debt Service*			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313			4,555,313		x
	Total debt service			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250			6,181,250		x
				(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)		(1,625,938	)	x
*  in the above, future years are same as current and w/ anticipated borrowing. Duff to make any separate assumption.
																														x
																														x
																														x
Argus Dump																														x
	Total Income																													x
	Total Operating Expense			499,760,420			514,514,084			529,710,358			545,362,520			561,484,247			578,089,625			595,193,165			612,809,811			630,954,957		x
	Ground Rents			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625		x
	Total Capital Expenses																													x
	Net Cash Flow																													x
																														x
																														x
Check																														x
	Total Rents Variance																													x
																														x
	Duff Pro forma check																													x
	Calc Above																													x
	Dump from Pro Forma																													x
	Variance																													x
																														x
																														x
																														x
																														x
Available for improvements																														x
Borrowed 7/2011																														x
Fee position loan																														x
Repay outstanding loan																														x
Costs																														x
																														x
Prior reserve - advanced to ESBC																														x
Prior reserve - held by ESBA																														x
																														x
Additional borrowing 2011																														x
																														x
																														x
																														x
																														x
	Net Cash Flow																													x
	Use of Cash from Loans																													x
	Rent if included in Opex above																													x
	Total Fixed Rent																													x
	Overage Rent @ 50%																													x
	Subtotal																													x
																														x
	CF to Operator																													x
	Variance																													x
																														x
DUFF Argus Dump																														x
	Total Income																													x
	Total Operating Expense																													x
	Ground Rent																													x
	Rent in Lieu of Debt Service																													x
	Total Capital Expenses																													x
	Net Cash Flow																													x
																														x
																														x
	GROUND RENT FOR LF VALUATION			479,124,805			493,425,114			508,154,434			523,325,632			538,951,967			555,047,091			571,625,070			588,700,387			303,143,982		x
	Variance			—			—			—			—			—			—			—			—					x
	Rent PSF			161			166			171			176			181			187			192			198					x
	Average Rent PSF																													x

	1			2			3			4			5			6			7			8
	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8
For the Years Ending	Jun-2012			Jun-2013			Jun-2014			Jun-2015			Jun-2016			Jun-2017			Jun-2018			Jun-2019
Potential Gross Revenue
Base Rental Revenue	$	111,251,358		$	125,166,614		$	135,980,917		$	145,427,973		$	155,763,670		$	164,213,204		$	170,696,882		$	177,912,581
Antenna Revenue	$	15,944,912		$	16,531,284		$	17,132,922		$	17,412,382		$	17,692,234		$	18,178,194		$	18,936,395		$	19,274,489
Absorption & Turnover Vacancy		(31,401,511	)		(15,716,317	)		(5,261,662	)		(1,592,618	)		(2,270,591	)		(3,109,281	)		(2,709,960	)		(2,634,868	)
Base Rent Abatements	($	16,723,802	)	($	18,668,669	)	($	12,657,338	)	($	3,767,342	)	($	2,469,392	)	($	2,079,813	)	($	1,950,618	)	($	2,763,190	)
Scheduled Base Rental Revenue		79,070,957			107,312,912			135,194,839			157,480,395			168,715,921			177,202,304			184,972,699			191,789,012
Base Rental Step Revenue		0			0			0			162903			382086			433659			428244			426642
CPI & Other Adjustment Revenue		6,276,077			6,864,798			6,948,116			7,585,970			7,793,166			7,120,459			5,319,390			2,692,578
Retail Sales Percent Revenue		0			0			0			0			0			0			0			0
Expense Reimbursement Revenue
Real Estate Taxes		6,783,023			6,685,147			6,507,426			7,073,449			7,455,124			7,690,530			8,104,359			8,141,206
Operating expenses		200,659			206,686			212,883			488,278			950,409			2,022,297			3,288,245			4,516,795
Electric Inclusion		2,837,904			2,400,116			1,798,775			1,467,307			913,893			383,994			344,387			97,814
Electric Submetering		3,271,290			5,787,407			7,829,656			8,903,739			9,658,641			10,294,207			10,718,049			11,378,029
Escalation		104,781			98,762			101,725			104,776			69,916			32,869			33,856			34,873
Common Rent		249,879			257,377			0			0			0			0			0			0
Additional Broadcasting Revenue		3,679,939			3,796,126			3,929,829			3,964,619			3,994,589			4,177,774			4,699,209			6,010,871
Total Reimbursement Revenue		23,403,552			26,096,419			27,328,410			29,751,041			31,217,824			32,155,789			32,935,739			33,298,808
Percentage Rent		202,126			216,273			231,412			247,611			264,946			283,490			303,336			324,568
Lease Cancellation Fees		815,000			0			0			0			0			0			0			0
Observatory Income		58,451,021			60,204,553			62,010,689			63,871,010			65,787,142			67,760,754			69,793,576			71,887,385
Operating Exp Esc.		3,294,028			3,478,125			3,304,216			3,139,008			2,982,057			2,832,952			2,691,308			2,556,740
Electric Submetering		1,831,091			1,886,023			1,942,605			2,000,882			2,060,909			2,122,738			2,186,418			2,252,011
Submetering - Broadcasters		5,191,788			5,347,538			5,507,966			5,838,445			6,188,750			6,560,076			6,953,679			7,370,902
Electric Retro		2,580,258			2,657,665			2,737,396			2,819,519			2,904,103			2,991,227			3,080,963			3,173,390
Legal Fees		63,868			65,785			67,757			69,792			71,882			74,041			76,261			78,551
RF System Reimb.		311,869			316,681			243,351			170,064			175,178			165,373			129,076			57,821
Tower Reconfig Reimb		0			0			0			0			0			0			0			0
Broadcast Backup Power Reimb		0			0			0			0			0			0			0			0
Carpet Care & Shampoo		302,308			330,379			356,134			374,688			387,801			401,373			415,423			429,960
Cleaning Service		945,679			978,779			1,013,035			1,048,491			1,085,189			1,123,172			1,162,480			1,203,169
Porter/Matron Service		261,061			270,200			279,655			289,442			299,573			310,059			320,912			332,143
Rubbish Removal		208,787			216,095			223,658			231,487			239,588			247,972			256,655			265,635
Waxing/Floor Maintenance		248,383			257,075			266,074			275,386			285,024			295,000			305,326			316,011
Water		120,643			124,262			127,991			131,829			135,784			139,860			144,054			148,375
Skyride Security Reimb		198,000			0			0			0			0			0			0			0
Exterminating		1,710			1,810			1,942			2,032			2,092			2,156			2,221			2,286
Elevator Service		81,969			84,429			86,960			89,568			92,257			95,026			97,874			100,812
Labor		73,915			76,132			78,417			80,769			83,191			85,688			88,259			90,906
Keys		10,028			10,329			10,639			10,956			11,288			11,625			11,974			12,334
Lamp Sales		30,283			31,190			32,127			33,092			34,082			35,108			36,158			37,246
Captivate		32,127			34,378			37,812			41,595			45,756			50,329			55,364			60,899
Window Cleaning		43,400			44,702			46,044			47,424			48,848			50,313			51,820			53,377
Trademark Licensing		101,980			107,081			112,435			118,055			123,959			130,156			136,666			143,496
Location Agreements		25,000			25,751			26,521			27,319			28,137			28,981			29,853			30,746
Event Income		150,000			150,000			150,000			155,000			165,000			175,000			185,000			195,001
Extended Lighting		6,249			7,726			7,956			8,196			8,440			8,696			8,954			9,226
Interest		0			0			0			0			0			0			0			0
Late Payment Charges		386,741			359,669			334,493			311,078			289,303			269,051			250,217			232,704
Miscellaneous Income		208,334			77,250			79,568			81,955			84,412			86,945			89,555			92,241
Total Potential Gross Revenue		178,652,155			210,769,211			241,840,102			268,746,129			283,818,436			295,695,254			306,771,820			316,545,755
General Vacancy		0			0			(1,235,923	)		(2,657,201	)		(2,328,236	)		(1,754,724	)		(2,352,428	)		(2,619,613	)
Collection Loss		(1,855,929	)		(2,178,951	)		(2,492,655	)		(2,759,672	)		(2,917,399	)		(3,038,989	)		(3,139,064	)		(3,224,837	)
Effective Gross Revenue		176,796,226			208,590,260			238,111,524			263,329,256			278,572,801			290,901,541			301,280,328			310,701,305
Operating Expenses
Real Estate Taxes		32,429,994			33,865,031			35,313,628			36,775,884			38,155,615			39,468,641			40,827,821			42,234,777
Cleaning		7,569,999			7,797,101			8,031,012			8,271,944			8,520,101			8,775,706			9,038,975			9,310,145
Security		6,099,999			6,056,000			6,237,680			6,424,811			6,617,555			6,816,081			7,020,564			7,231,180
Professional Fees		9,315,000			6,984,000			6,303,000			6,169,000			6,297,999			6,486,941			6,681,549			6,881,994
Insurance		8,478,408			8,732,760			8,994,744			9,264,585			9,542,522			9,828,800			10,123,663			10,427,372
Repairs & Maintenance		9,950,002			9,794,999			6,311,001			6,500,000			6,695,999			6,896,880			7,103,786			7,316,900
Payroll		9,800,001			9,910,151			10,018,093			10,318,637			10,628,196			10,947,040			11,275,453			11,613,717
Utilities		15,618,120			16,086,663			16,569,265			17,066,340			17,578,333			18,105,682			18,648,852			19,208,317
Ground Rent		8,094,750			8,033,187			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
Overage Rent		0			0			34,471,042			67,438,556			74,069,649			80,956,898			86,516,378			87,632,668
Management Fee		660,921			766,302			848,279			927,632			985,374			1,019,341			1,058,719			1,095,638
Total Operating Expenses		99,922,444			99,993,007			98,626,702			101,718,833			105,021,694			108,345,112			111,779,382			115,320,040
Net Operating Income		76,873,782			92,367,853			101,395,813			90,553,898			95,863,490			97,981,563			99,366,599			104,130,629
Leasing & Capital Costs
Tenant Improvements		24,541,561			14,984,245			8,999,786			1,131,607			3,546,704			3,094,743			1,751,693			3,239,360
Leasing Commissions		14,791,286			12,670,967			6,074,472			3,372,507			3,370,422			3,426,205			2,830,042			4,958,116
Capital Expenditures		81,597,597			77,357,223			40,085,890			13,607,064			9,145,450			5,278,480			2,722,131			2,538,483
Base Building Costs		3,120,001			2,574,999			3,044,785			1,726,509			2,453,608			1,947,581			2,268,699			2,484,346
Li & Fung LC/BB/TI		18,360,716			9,952,896			5,442,181			0			0			0			0			0
Total Leasing & Capital Costs		142,411,161			117,540,330			63,647,114			19,837,687			18,516,184			13,747,009			9,572,565			13,220,305
Cash Flow Before Debt Service	($	65,537,379	)	($	25,172,477	)	$	37,748,699		$	70,716,211		$	77,347,306		$	84,234,554		$	89,794,034		$	90,910,324
& Taxes
Cash Flow to Operator		(71,556,129	)		(14,900,265	)		35,471,042			68,438,556			75,069,649			81,956,898			87,516,378			88,632,668
PV to Building Operator	$	1,081,000,000
Discount Rate		8.75	%
Check		0			0			0			0			0			0			0			0

	9			10			11			12			13			14			15			16
	Year 9			Year 10			Year 11			Year 12			Year 13			Year 14			Year 15			Year 16
For the Years Ending	Jun-2020			Jun-2021			Jun-2022			Jun-2023			Jun-2024			Jun-2025			Jun-2026			Jun-2027
Potential Gross Revenue
Base Rental Revenue	$	184,790,475		$	195,710,129		$	205,528,261		$	212,663,419		$	220,881,902		$	228,872,342		$	235,822,716		$	245,910,502
Antenna Revenue	$	19,569,961		$	19,751,914		$	20,344,471		$	20,954,806		$	21,583,450		$	22,230,953		$	22,897,882		$	23,584,818
Absorption & Turnover Vacancy		(3,409,939	)		(2,409,601	)		(4,250,700	)		(4,969,422	)		(4,782,040	)		(2,727,679	)		(3,471,864	)		(4,077,501	)
Base Rent Abatements	($	3,382,490	)	($	3,737,150	)	($	3,901,539	)	($	4,005,783	)	($	4,534,788	)	($	2,650,323	)	($	3,871,226	)	($	5,191,393	)
Scheduled Base Rental Revenue		197,568,007			209,315,292			217,720,493			224,643,020			233,148,524			245,725,293			251,377,508			260,226,426
Base Rental Step Revenue		294626			100740			5214			0			0			0			0			0
CPI & Other Adjustment Revenue		2,429,114			1,744,302			1,488,815			1,459,103			1,503,079			1,548,375			1,595,028			1,643,083
Retail Sales Percent Revenue		0			0			0			0			0			0			0			0
Expense Reimbursement Revenue
Real Estate Taxes		9,069,218			9,457,577			9,744,519			8,477,532			8,505,088			8,816,691			9,447,860			9,893,735
Operating expenses		5,973,403			7,437,011			8,621,598			9,551,966			10,227,867			11,524,497			13,011,647			13,874,099
Electric Inclusion		87,077			19,155			646			664			684			235			0			0
Electric Submetering		11,861,724			12,736,413			13,122,286			13,490,856			13,956,410			14,537,799			14,942,603			15,414,402
Escalation		35,917			6,167			0			0			0			0			0			0
Common Rent		0			0			0			0			0			0			0			0
Additional Broadcasting Revenue		6,209,658			6,223,941			6,410,659			6,602,979			6,801,068			7,005,100			7,215,253			7,431,711
Total Reimbursement Revenue		35,960,737			37,725,306			39,393,737			39,583,100			40,994,196			43,432,697			46,212,391			48,257,030
Percentage Rent		347,289			371,598			397,610			425,444			455,224			487,090			521,186			557,669
Lease Cancellation Fees		0			0			0			0			0			0			0			0
Observatory Income		74,044,006			76,265,327			78,553,284			80,909,885			83,337,181			85,837,297			88,412,415			91,064,788
Operating Exp Esc.		2,428,903			2,307,458			2,192,086			2,082,480			1,978,357			1,879,440			1,785,467			1,696,195
Electric Submetering		2,319,571			2,389,159			2,460,832			2,534,660			2,610,696			2,689,020			2,769,688			2,852,782
Submetering - Broadcasters		7,813,154			8,281,944			8,778,861			9,305,592			9,863,928			10,455,764			11,083,109			11,748,097
Electric Retro		3,268,595			3,366,651			3,467,652			3,571,680			3,678,831			3,789,195			3,902,872			4,019,958
Legal Fees		80,906			83,333			85,834			88,408			91,060			93,792			96,607			99,503
RF System Reimb.		42,999			25,829			26,604			27,402			28,224			29,071			29,943			30,841
Tower Reconfig Reimb		0			0			0			0			0			0			0			0
Broadcast Backup Power Reimb		0			0			0			0			0			0			0			0
Carpet Care & Shampoo		445,011			460,585			476,708			493,391			510,659			528,532			547,032			566,177
Cleaning Service		1,245,279			1,288,865			1,333,975			1,380,662			1,428,987			1,479,001			1,530,768			1,584,343
Porter/Matron Service		343,766			355,801			368,253			381,141			394,480			408,289			422,579			437,367
Rubbish Removal		274,934			284,557			294,516			304,823			315,492			326,534			337,964			349,790
Waxing/Floor Maintenance		327,073			338,520			350,367			362,631			375,324			388,459			402,055			416,126
Water		152,827			157,411			162,134			166,999			172,007			177,168			182,484			187,957
Skyride Security Reimb		0			0			0			0			0			0			0			0
Exterminating		2,294			2,265			2,265			2,265			2,265			2,265			2,265			2,265
Elevator Service		103,836			106,951			110,159			113,464			116,868			120,374			123,985			127,705
Labor		93,633			96,443			99,335			102,315			105,385			108,548			111,803			115,156
Keys		12,703			13,084			13,477			13,882			14,296			14,727			15,168			15,624
Lamp Sales		38,361			39,513			40,696			41,919			43,177			44,472			45,805			47,181
Captivate		66,988			73,690			81,057			89,162			98,079			107,888			118,675			130,544
Window Cleaning		54,977			56,628			58,326			60,075			61,879			63,734			65,647			67,615
Trademark Licensing		150,673			158,208			166,116			174,423			183,144			192,300			201,915			212,013
Location Agreements		31,669			32,619			33,599			34,606			35,644			36,713			37,815			38,950
Event Income		200,000			200,000			200,000			200,000			200,000			200,000			200,000			200,000
Extended Lighting		9,500			9,784			10,081			10,381			10,693			11,016			11,343			11,686
Interest		0			0			0			0			0			0			0			0
Late Payment Charges		216,412			201,265			187,176			174,073			161,890			150,555			140,017			130,217
Miscellaneous Income		95,006			97,859			100,793			103,818			106,933			110,140			113,445			116,846
Total Potential Gross Revenue		327,739,109			344,105,945			357,166,026			367,381,701			380,523,423			398,889,374			410,801,951			425,310,852
General Vacancy		(2,032,301	)		(3,349,587	)		(2,099,177	)		(1,828,104	)		(1,977,616	)		(4,058,981	)		(3,486,683	)		(3,144,071	)
Collection Loss		(3,330,303	)		(3,488,470	)		(3,621,277	)		(3,742,726	)		(3,881,019	)		(4,064,570	)		(4,183,056	)		(4,330,279	)
Effective Gross Revenue		322,376,505			337,267,888			351,445,572			361,810,871			374,664,788			390,765,824			403,132,212			417,836,501
Operating Expenses
Real Estate Taxes		43,691,185			45,198,789			46,643,083			48,018,356			49,434,886			50,893,915			52,396,712			53,944,594
Cleaning		9,589,450			9,877,132			10,173,447			10,478,652			10,793,009			11,116,800			11,450,304			11,793,814
Security		7,448,116			7,671,560			7,901,707			8,138,757			8,382,921			8,634,407			8,893,440			9,160,244
Professional Fees		7,088,455			7,301,108			7,520,140			7,745,746			7,978,117			8,217,462			8,463,985			8,717,905
Insurance		10,740,192			11,062,400			11,394,271			11,736,098			12,088,184			12,450,827			12,824,352			13,209,084
Repairs & Maintenance		7,536,407			7,762,499			7,995,374			8,235,236			8,482,293			8,736,760			8,998,865			9,268,829
Payroll		11,962,127			12,320,991			12,690,622			13,071,339			13,463,482			13,867,383			14,283,406			14,711,908
Utilities		19,784,568			20,378,104			20,989,448			21,619,130			22,267,705			22,935,735			23,623,809			24,332,522
Ground Rent		7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
Overage Rent		89,139,564			97,252,017			103,018,263			106,668,928			110,464,212			119,141,812			119,823,479			125,079,042
Management Fee		1,135,795			1,188,559			1,240,425			1,287,104			1,333,592			1,390,712			1,436,640			1,492,100
Total Operating Expenses		118,976,295			122,761,142			126,548,517			130,330,418			134,224,189			138,244,001			142,371,513			146,631,000
Net Operating Income		110,642,677			113,670,924			118,646,251			223,508,828			232,468,974			244,550,198			252,789,074			263,233,876
Leasing & Capital Costs
Tenant Improvements		5,152,975			3,699,962			5,508,479			5,475,254			5,963,424			2,965,185			6,379,389			6,164,962
Leasing Commissions		7,590,788			5,792,903			6,456,426			5,771,718			6,653,126			4,377,388			7,838,728			7,986,831
Capital Expenditures		1,896,735			534,958			0			0			0			0			0			0
Base Building Costs		3,584,959			3,079,264			0			0			0			0			0			0
Li & Fung LC/BB/TI		0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		18,225,457			13,107,087			11,964,905			11,246,972			12,616,550			7,342,573			14,218,117			14,151,793
Cash Flow Before Debt Service	$	92,417,220		$	100,563,837		$	106,681,346		$	212,261,856		$	219,852,424		$	237,207,625		$	238,570,957		$	249,082,083
& Taxes
Cash Flow to Operator		90,139,564			98,252,017			104,018,263			107,668,928			111,464,212			120,141,812			120,823,479			126,079,042
PV to Building Operator
Discount Rate
Check		0			0			0			0			0			0			0			0

	17			18			19			20			21			22			23			24
	Year 17			Year 18			Year 19			Year 20			Year 21			Year 22			Year 23			Year 24
For the Years Ending	Jun-2028			Jun-2029			Jun-2030			Jun-2031			Jun-2032			Jun-2033			Jun-2034			Jun-2035
Potential Gross Revenue
Base Rental Revenue	$	257,442,778		$	278,358,365		$	294,126,216		$	304,642,999		$	312,280,184		$	320,706,277		$	331,452,930		$	341,348,614
Antenna Revenue	$	24,292,363		$	25,021,134		$	25,771,768		$	26,544,921		$	27,341,268		$	28,161,506		$	29,006,352		$	29,876,542
Absorption & Turnover Vacancy		(6,535,438	)		(12,657,318	)		(5,288,920	)		(3,291,776	)		(4,619,468	)		(6,012,376	)		(9,218,600	)		(6,360,989	)
Base Rent Abatements	($	8,548,615	)	($	17,820,339	)	($	7,195,448	)	($	3,830,970	)	($	4,163,790	)	($	5,428,491	)	($	9,615,015	)	($	5,876,137	)
Scheduled Base Rental Revenue		266,651,088			272,901,842			307,413,616			324,065,174			330,838,194			337,426,916			341,625,667			358,988,030
Base Rental Step Revenue		0			0			0			0			0			0			0			0
CPI & Other Adjustment Revenue		1,692,580			1,743,560			1,796,069			1,850,157			1,905,863			1,963,243			2,022,345			2,083,218
Retail Sales Percent Revenue		0			0			0			0			0			0			0			0
Expense Reimbursement Revenue
Real Estate Taxes		9,546,555			7,350,271			5,550,155			4,910,804			5,791,845			6,425,750			6,589,508			6,886,521
Operating expenses		13,564,234			10,345,085			9,384,749			10,772,068			12,418,792			13,529,243			13,530,257			14,068,615
Electric Inclusion		0			0			0			0			0			0			0			0
Electric Submetering		15,738,737			15,800,025			16,894,424			17,713,427			18,175,165			18,657,188			19,027,017			19,776,588
Escalation		0			0			0			0			0			0			0			0
Common Rent		0			0			0			0			0			0			0			0
Additional Broadcasting Revenue		7,654,662			7,884,302			8,120,831			8,364,456			8,615,390			8,873,852			9,140,067			9,414,269
Total Reimbursement Revenue		48,196,768			43,123,244			41,746,228			43,610,913			46,907,055			49,449,276			50,309,194			52,229,211
Percentage Rent		596,707			638,475			683,170			730,991			782,159			836,912			895,495			958,178
Lease Cancellation Fees		0			0			0			0			0			0			0			0
Observatory Income		93,796,732			96,610,633			99,508,954			102,494,220			105,569,048			108,736,118			111,998,204			115,358,148
Operating Exp Esc.		1,611,383			1,530,816			1,454,275			1,381,560			1,312,484			1,246,859			1,184,515			1,125,289
Electric Submetering		2,938,363			3,026,515			3,117,309			3,210,828			3,307,155			3,406,368			3,508,560			3,613,816
Submetering - Broadcasters		12,452,981			13,200,161			13,992,170			14,831,700			15,721,604			16,664,899			17,664,792			18,724,680
Electric Retro		4,140,557			4,264,774			4,392,717			4,524,498			4,660,232			4,800,038			4,944,042			5,092,364
Legal Fees		102,490			105,564			108,732			111,993			115,353			118,812			122,377			126,049
RF System Reimb.		31,766			32,719			33,701			34,712			35,753			36,826			37,931			39,069
Tower Reconfig Reimb		0			0			0			0			0			0			0			0
Broadcast Backup Power Reimb		0			0			0			0			0			0			0			0
Carpet Care & Shampoo		585,995			606,504			627,731			649,702			672,442			695,976			720,336			745,548
Cleaning Service		1,639,795			1,697,187			1,756,590			1,818,072			1,881,702			1,947,562			2,015,726			2,086,277
Porter/Matron Service		452,676			468,520			484,919			501,889			519,456			537,637			556,455			575,931
Rubbish Removal		362,036			374,704			387,821			401,395			415,442			429,984			445,032			460,609
Waxing/Floor Maintenance		430,692			445,765			461,368			477,517			494,229			511,526			529,429			547,960
Water		193,597			199,405			205,388			211,547			217,895			224,431			231,165			238,099
Skyride Security Reimb		0			0			0			0			0			0			0			0
Exterminating		2,265			2,265			2,265			2,265			2,265			2,265			2,265			2,265
Elevator Service		131,537			135,482			139,548			143,733			148,044			152,487			157,061			161,773
Labor		118,612			122,172			125,834			129,612			133,499			137,503			141,628			145,877
Keys		16,092			16,574			17,072			17,584			18,111			18,656			19,214			19,791
Lamp Sales		48,596			50,052			51,555			53,101			54,696			56,335			58,024			59,768
Captivate		143,598			157,957			173,753			191,129			210,241			231,265			254,393			279,831
Window Cleaning		69,645			71,733			73,885			76,104			78,384			80,737			83,160			85,653
Trademark Licensing		222,612			233,744			245,428			257,702			270,588			284,114			298,322			313,238
Location Agreements		40,116			41,321			42,562			43,836			45,154			46,507			47,903			49,339
Event Income		200,000			200,000			200,000			200,000			200,000			200,000			200,000			200,000
Extended Lighting		12,035			12,396			12,768			13,152			13,546			13,953			14,370			14,800
Interest		0			0			0			0			0			0			0			0
Late Payment Charges		121,102			112,623			104,741			97,408			90,589			84,250			78,350			72,867
Miscellaneous Income		120,353			123,963			127,683			131,513			135,459			139,523			143,707			148,019
Total Potential Gross Revenue		435,430,190			440,507,110			477,691,783			500,413,850			514,850,780			528,517,735			538,287,316			562,462,479
General Vacancy		(1,585,118	)		(438,264	)		(3,319,004	)		(5,732,585	)		(4,624,023	)		(3,631,288	)		(1,145,648	)		(3,703,185	)
Collection Loss		(4,436,301	)		(4,491,550	)		(4,861,967	)		(5,089,213	)		(5,235,574	)		(5,377,133	)		(5,482,183	)		(5,726,647	)
Effective Gross Revenue		429,408,771			435,577,296			469,510,812			489,592,051			504,991,183			519,509,315			531,659,485			553,032,647
Operating Expenses
Real Estate Taxes		55,538,912			57,181,059			58,872,472			60,614,628			62,409,047			64,257,298			66,160,998			68,121,807
Cleaning		12,147,627			12,512,057			12,887,419			13,274,040			13,672,263			14,082,430			14,504,903			14,940,048
Security		9,435,050			9,718,103			10,009,644			10,309,935			10,619,233			10,937,809			11,265,945			11,603,923
Professional Fees		8,979,444			9,248,824			9,526,292			9,812,078			10,106,441			10,409,636			10,721,923			11,043,580
Insurance		13,605,356			14,013,516			14,433,923			14,866,939			15,312,948			15,772,336			16,245,506			16,732,872
Repairs & Maintenance		9,546,896			9,833,301			10,128,300			10,432,150			10,745,114			11,067,468			11,399,492			11,741,476
Payroll		15,153,265			15,607,863			16,076,100			16,558,382			17,055,133			17,566,789			18,093,792			18,636,604
Utilities		25,062,497			25,814,374			26,588,803			27,386,468			28,208,062			29,054,304			29,925,933			30,823,711
Ground Rent		7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
Overage Rent		123,050,747			107,177,349			137,635,300			154,629,896			158,392,851			161,457,136			158,060,380			167,052,635
Management Fee		1,538,532			1,537,357			1,681,661			1,766,480			1,824,987			1,880,618			1,923,376			1,999,713
Total Operating Expenses		151,007,579			155,466,454			160,204,614			165,021,100			169,953,228			175,028,688			180,241,868			185,643,734
Net Operating Income		270,429,567			272,139,217			301,334,573			316,599,326			327,066,330			336,509,002			343,445,992			359,417,288
Leasing & Capital Costs
Tenant Improvements		10,663,746			25,828,868			11,280,284			3,315,770			4,797,012			7,185,098			13,519,731			11,548,511
Leasing Commissions		14,740,327			33,031,651			15,859,688			5,099,764			6,559,616			7,485,632			14,881,502			14,839,507
Capital Expenditures		0			0			0			0			0			0			0			0
Base Building Costs		0			0			0			0			0			0			0			0
Li & Fung LC/BB/TI		0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		25,404,073			58,860,519			27,139,972			8,415,534			11,356,628			14,670,730			28,401,233			26,388,018
Cash Flow Before Debt Service	$	245,025,494		$	213,278,698		$	274,194,601		$	308,183,792		$	315,709,702		$	321,838,272		$	315,044,759		$	333,029,270
& Taxes
Cash Flow to Operator		124,050,747			108,177,349			138,635,300			155,629,896			159,392,851			162,457,136			159,060,380			168,052,635
PV to Building Operator
Discount Rate
Check		0			0			0			0			0			0			0			0

	25			26			27			28			29			30			31			32
	Year 25			Year 26			Year 27			Year 28			Year 29			Year 30			Year 31			Year 32
For the Years Ending	Jun-2036			Jun-2037			Jun-2038			Jun-2039			Jun-2040			Jun-2041			Jun-2042			Jun-2043
Potential Gross Revenue
Base Rental Revenue	$	351,406,852		$	360,835,109		$	369,976,147		$	380,008,226		$	389,603,990		$	398,566,520		$	409,447,956		$	424,789,310
Antenna Revenue	$	30,772,838		$	31,696,024		$	32,646,904		$	33,626,311		$	34,635,101		$	35,674,154		$	36,744,378		$	37,846,710
Absorption & Turnover Vacancy		(6,251,386	)		(4,778,013	)		(4,424,874	)		(6,838,891	)		(3,477,632	)		(4,522,136	)		(7,219,176	)		(12,661,979	)
Base Rent Abatements	($	8,932,962	)	($	5,316,273	)	($	3,325,691	)	($	4,503,832	)	($	3,201,921	)	($	2,871,251	)	($	6,853,108	)	($	16,900,059	)
Scheduled Base Rental Revenue		366,995,342			382,436,847			394,872,486			402,291,814			417,559,538			426,847,287			432,120,050			433,073,982
Base Rental Step Revenue		0			0			0			0			0			0			0			0
CPI & Other Adjustment Revenue		2,145,919			2,210,497			2,277,017			2,340,707			2,406,086			2,478,268			2,552,616			2,629,195
Retail Sales Percent Revenue		0			0			0			0			0			0			0			0
Expense Reimbursement Revenue
Real Estate Taxes		7,070,739			7,785,901			8,768,297			9,704,669			10,624,267			11,728,907			12,348,831			12,034,417
Operating expenses		14,394,417			15,572,237			17,660,515			19,737,709			21,883,681			24,591,731			26,079,162			24,741,480
Electric Inclusion		0			0			0			0			0			0			0			0
Electric Submetering		20,405,544			21,085,367			21,754,888			22,262,651			23,157,019			23,793,868			24,370,844			24,793,165
Escalation		0			0			0			0			0			0			0			0
Common Rent		0			0			0			0			0			0			0			0
Additional Broadcasting Revenue		9,696,697			9,987,598			10,287,226			10,595,843			10,913,718			11,241,130			11,578,364			11,925,715
Total Reimbursement Revenue		53,713,316			56,641,600			60,747,944			64,641,579			68,984,771			73,833,904			76,929,817			76,123,971
Percentage Rent		1,025,254			1,097,018			1,173,813			1,255,978			1,343,896			1,437,970			1,538,627			1,646,330
Lease Cancellation Fees		0			0			0			0			0			0			0			0
Observatory Income		118,818,893			122,383,461			126,054,963			129,836,614			133,731,710			137,743,664			141,875,972			146,132,251
Operating Exp Esc.		1,069,026			1,015,575			964,796			916,555			870,728			827,192			785,832			746,541
Electric Submetering		3,722,232			3,833,897			3,948,914			4,067,383			4,189,403			4,315,085			4,444,539			4,577,875
Submetering - Broadcasters		19,848,161			21,039,051			22,301,393			23,639,478			25,057,848			26,561,315			28,154,996			29,844,296
Electric Retro		5,245,132			5,402,487			5,564,562			5,731,500			5,903,443			6,080,546			6,262,964			6,450,852
Legal Fees		129,831			133,726			137,736			141,869			146,125			150,509			155,026			159,674
RF System Reimb.		40,241			41,448			42,691			43,972			45,291			46,650			48,050			49,491
Tower Reconfig Reimb		0			0			0			0			0			0			0			0
Broadcast Backup Power Reimb		0			0			0			0			0			0			0			0
Carpet Care & Shampoo		771,641			798,650			826,604			855,532			885,478			916,468			948,545			981,745
Cleaning Service		2,159,297			2,234,873			2,313,094			2,394,050			2,477,844			2,564,567			2,654,328			2,747,229
Porter/Matron Service		596,089			616,952			638,544			660,893			684,025			707,967			732,744			758,391
Rubbish Removal		476,732			493,415			510,685			528,560			547,058			566,208			586,022			606,535
Waxing/Floor Maintenance		567,140			586,989			607,533			628,797			650,805			673,583			697,158			721,558
Water		245,243			252,599			260,177			267,984			276,023			284,303			292,833			301,617
Skyride Security Reimb		0			0			0			0			0			0			0			0
Exterminating		2,265			2,265			2,265			2,265			2,265			2,265			2,265			2,265
Elevator Service		166,628			171,623			176,773			182,077			187,539			193,165			198,961			204,929
Labor		150,254			154,763			159,405			164,186			169,113			174,184			179,412			184,792
Keys		20,386			20,997			21,625			22,275			22,944			23,630			24,341			25,071
Lamp Sales		61,559			63,405			65,308			67,268			69,285			71,364			73,504			75,709
Captivate		307,815			338,595			372,457			409,701			450,671			495,738			545,312			599,844
Window Cleaning		88,223			90,870			93,597			96,403			99,297			102,275			105,343			108,503
Trademark Licensing		328,900			345,346			362,611			380,743			399,779			419,769			440,757			462,794
Location Agreements		50,820			52,344			53,916			55,533			57,198			58,914			60,681			62,502
Event Income		200,000			200,000			200,000			200,000			200,000			200,000			200,000			200,000
Extended Lighting		15,246			15,705			16,175			16,658			17,161			17,675			18,203			18,752
Interest		0			0			0			0			0			0			0			0
Late Payment Charges		67,765			63,024			58,610			54,508			50,692			47,144			43,844			40,775
Miscellaneous Income		152,459			157,032			161,746			166,596			171,596			176,742			182,044			187,507
Total Potential Gross Revenue		577,035,891			600,684,557			622,710,423			639,720,772			665,251,526			685,540,083			700,302,170			707,095,781
General Vacancy		(4,423,884	)		(5,887,555	)		(6,574,638	)		(4,426,240	)		(8,114,430	)		(7,348,723	)		(4,858,670	)		(1,790,688	)
Collection Loss		(5,878,422	)		(6,117,335	)		(6,336,648	)		(6,506,965	)		(6,759,651	)		(6,960,383	)		(7,108,139	)		(7,191,724	)
Effective Gross Revenue		566,733,584			588,679,667			609,799,137			628,787,567			650,377,445			671,230,977			688,335,362			698,113,369
Operating Expenses
Real Estate Taxes		70,141,442			72,221,666			74,364,298			76,571,206			78,844,321			81,185,634			83,597,183			86,081,077
Cleaning		15,388,252			15,849,900			16,325,395			16,815,157			17,319,613			17,839,201			18,374,377			18,925,609
Security		11,952,038			12,310,601			12,679,920			13,060,317			13,452,126			13,855,689			14,271,360			14,699,501
Professional Fees		11,374,889			11,716,136			12,067,619			12,429,648			12,802,537			13,186,613			13,582,213			13,989,679
Insurance		17,234,857			17,751,904			18,284,461			18,832,995			19,397,985			19,979,923			20,579,321			21,196,702
Repairs & Maintenance		12,093,721			12,456,533			12,830,229			13,215,134			13,611,589			14,019,937			14,440,536			14,873,750
Payroll		19,195,704			19,771,574			20,364,721			20,975,664			21,604,932			22,253,081			22,920,673			23,608,295
Utilities		31,748,423			32,700,875			33,681,900			34,692,360			35,733,129			36,805,123			37,909,276			39,046,556
Ground Rent		7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
Overage Rent		174,284,654			185,493,934			195,535,709			200,285,506			209,560,267			216,749,000			213,532,643			203,707,797
Management Fee		2,053,783			2,129,521			2,206,210			2,275,439			2,356,793			2,437,628			2,497,606			2,547,879
Total Operating Expenses		191,183,109			196,908,710			202,804,753			208,867,920			215,123,025			221,562,829			228,172,545			234,969,048
Net Operating Income		367,578,850			383,799,332			399,022,759			411,948,022			427,282,795			441,696,523			452,191,192			455,172,696
Leasing & Capital Costs
Tenant Improvements		8,486,993			6,633,646			3,772,195			5,345,667			3,253,985			3,955,965			11,413,782			20,881,563
Leasing Commissions		11,598,549			7,253,818			5,255,145			7,107,342			5,984,276			5,318,558			14,788,124			27,951,540
Capital Expenditures		0			0			0			0			0			0			0			0
Base Building Costs		0			0			0			0			0			0			0			0
Li & Fung LC/BB/TI		0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		20,085,542			13,887,464			9,027,340			12,453,009			9,238,261			9,274,523			26,201,906			48,833,103
Cash Flow Before Debt Service	$	347,493,308		$	369,911,868		$	389,995,419		$	399,495,013		$	418,044,534		$	432,422,000		$	425,989,286		$	406,339,593
& Taxes
Cash Flow to Operator		175,284,654			186,493,934			196,535,709			201,285,506			210,560,267			217,749,000			214,532,643			204,707,797
PV to Building Operator
Discount Rate
Check		0			0			0			0			0			0			0			0

	33			34			35			36			37			38			39		40
																			3.0%
	Year 33			Year 34			Year 35			Year 36			Year 37			Year 38			Year 39		Year 40
For the Years Ending	Jun-2044			Jun-2045			Jun-2046			Jun-2047			Jun-2048			Jun-2049			Jun-2050		Jun-2051
Potential Gross Revenue
Base Rental Revenue	$	444,321,540		$	463,763,571		$	477,029,177		$	488,944,618		$	501,831,065		$	515,566,625
Antenna Revenue	$	38,982,111		$	40,151,574		$	41,356,122		$	42,596,805		$	43,874,709		$	45,190,951
Absorption & Turnover Vacancy		(22,692,844	)		(12,352,331	)		(5,887,952	)		(5,384,707	)		(6,142,461	)		(8,106,499	)
Base Rent Abatements	($	32,338,209	)	($	12,482,062	)	($	10,825,235	)	($	6,450,390	)	($	5,707,334	)	($	7,897,181	)
Scheduled Base Rental Revenue		428,272,598			479,080,752			501,672,112			519,706,326			533,855,979			544,753,896
Base Rental Step Revenue		0			0			0			0			0			0
CPI & Other Adjustment Revenue		2,708,071			2,789,313			2,872,992			2,959,182			3,047,957			3,139,396
Retail Sales Percent Revenue		0			0			0			0			0			0
Expense Reimbursement Revenue
Real Estate Taxes		9,922,230			7,055,595			6,616,648			7,984,767			9,243,240			10,175,342
Operating expenses		19,770,450			14,397,283			14,626,558			16,676,507			19,405,714			21,714,927
Electric Inclusion		0			0			0			0			0			0
Electric Submetering		24,879,360			26,341,348			27,566,103			28,393,593			29,225,679			30,001,058
Escalation		0			0			0			0			0			0
Common Rent		0			0			0			0			0			0
Additional Broadcasting Revenue		12,283,486			12,651,991			13,031,550			13,422,497			13,825,172			14,239,927
Total Reimbursement Revenue		69,563,597			63,235,529			64,713,852			69,436,545			74,747,762			79,270,650
Percentage Rent		1,761,576			1,884,884			2,016,826			2,158,004			2,309,063			2,470,699
Lease Cancellation Fees		0			0			0			0			0			0
Observatory Income		150,516,218			155,031,706			159,682,656			164,473,137			169,407,330			174,489,550
Operating Exp Esc.		709,212			673,753			640,066			608,061			577,658			548,775
Electric Submetering		4,715,210			4,856,667			5,002,368			5,152,439			5,307,011			5,466,220
Submetering - Broadcasters		31,634,952			33,533,052			35,545,032			37,677,735			39,938,400			42,334,704
Electric Retro		6,644,377			6,843,710			7,049,021			7,260,492			7,478,304			7,702,656
Legal Fees		164,465			169,400			174,480			179,716			185,109			190,660
RF System Reimb.		50,976			52,505			54,080			55,703			57,374			59,095
Tower Reconfig Reimb		0			0			0			0			0			0
Broadcast Backup Power Reimb		0			0			0			0			0			0
Carpet Care & Shampoo		1,016,105			1,051,669			1,088,477			1,126,574			1,166,005			1,206,815
Cleaning Service		2,843,380			2,942,902			3,045,900			3,152,509			3,262,847			3,377,044
Porter/Matron Service		784,935			812,408			840,840			870,272			900,731			932,255
Rubbish Removal		627,763			649,735			672,475			696,012			720,372			745,585
Waxing/Floor Maintenance		746,812			772,952			800,004			828,005			856,985			886,981
Water		310,665			319,985			329,585			339,473			349,657			360,147
Skyride Security Reimb		0			0			0			0			0			0
Exterminating		2,265			2,265			2,265			2,265			2,265			2,265
Elevator Service		211,078			217,408			223,932			230,650			237,568			244,697
Labor		190,337			196,047			201,929			207,987			214,226			220,654
Keys		25,824			26,596			27,397			28,216			29,065			29,936
Lamp Sales		77,982			80,321			82,730			85,212			87,768			90,401
Captivate		659,827			725,810			798,392			878,231			966,053			1,062,659
Window Cleaning		111,758			115,112			118,564			122,122			125,784			129,560
Trademark Licensing		485,936			510,230			535,743			562,531			590,656			620,189
Location Agreements		64,378			66,309			68,296			70,347			72,457			74,631
Event Income		200,000			200,000			200,000			200,000			200,000			200,000
Extended Lighting		19,312			19,894			20,488			21,105			21,737			22,390
Interest		0			0			0			0			0			0
Late Payment Charges		37,920			35,267			32,796			30,503			28,367			26,380
Miscellaneous Income		193,130			198,925			204,893			211,040			217,370			223,893
Total Potential Gross Revenue		702,642,587			754,305,793			785,845,198			816,371,212			843,913,903			867,743,386
General Vacancy		0			(1,186,115	)		(8,098,166	)		(9,090,120	)		(8,741,251	)		(7,123,585	)
Collection Loss		(7,166,384	)		(7,691,511	)		(8,003,634	)		(8,315,262	)		(8,589,597	)		(8,827,250	)
Effective Gross Revenue		695,476,203			745,428,167			769,743,399			798,965,830			826,583,056			851,792,551			877,346,328		903,666,718
Operating Expenses
Real Estate Taxes		88,639,492			91,274,656			93,988,876			96,784,524			99,664,040			102,629,940
Cleaning		19,493,376			20,078,177			20,680,525			21,300,938			21,939,968			22,598,166
Security		15,140,487			15,594,701			16,062,543			16,544,419			17,040,751			17,551,972
Professional Fees		14,409,368			14,841,648			15,286,899			15,745,507			16,217,871			16,704,408
Insurance		21,832,603			22,487,579			23,162,208			23,857,073			24,572,787			25,309,969
Repairs & Maintenance		15,319,964			15,779,563			16,252,948			16,740,539			17,242,754			17,760,036
Payroll		24,316,543			25,046,039			25,797,419			26,571,343			27,368,483			28,189,536
Utilities		40,217,951			41,424,491			42,667,223			43,947,241			45,265,659			46,623,629
Ground Rent		7,971,625			7,971,625			7,971,625			7,971,625			7,971,625			7,971,625
Overage Rent		172,086,016			215,317,026			245,832,484			255,396,281			265,913,640			270,720,008
Management Fee		2,505,030			2,700,254			2,780,602			2,906,154			3,001,146			3,092,622
Total Operating Expenses		241,874,814			249,227,108			256,679,243			264,397,738			272,313,459			280,460,278			288,874,086		297,540,309
Net Operating Income		445,629,764			488,229,434			505,092,531			526,596,467			546,297,972			563,360,648			588,472,241		606,126,409
Leasing & Capital Costs
Tenant Improvements		46,365,745			26,795,291			5,662,371			8,389,135			6,393,193			9,358,189
Leasing Commissions		56,167,987			31,876,092			8,841,191			8,490,770			9,153,499			13,638,443
Capital Expenditures		0			0			0			0			0			0
Base Building Costs		0			0			0			0			0			0
Li & Fung LC/BB/TI		0			0			0			0			0			0
Total Leasing & Capital Costs		102,533,732			58,671,383			14,503,562			16,879,905			15,546,692			22,996,632			28,477,252		29,331,569
Cash Flow Before Debt Service	$	343,096,032		$	429,558,051		$	490,588,969		$	509,716,562		$	530,751,280		$	540,364,016			559,994,990		576,794,839
& Taxes
Cash Flow to Operator		173,086,016			216,317,026			246,832,484			256,396,281			266,913,640			271,720,008			277,549,682		285,949,607
PV to Building Operator
Discount Rate
Check		0			0			0			0			0			0			0		0

41

42

43

44

45

46

47

48

Year 41

Year 42

Year 43

Year 44

Year 45

Year 46

Year 47

Year 48

For the Years Ending

Jun-2052

Jun-2053

Jun-2054

Jun-2055

Jun-2056

Jun-2057

Jun-2058

Jun-2059

Potential Gross Revenue

Base Rental Revenue

Antenna Revenue

Absorption & Turnover Vacancy

Base Rent Abatements

Scheduled Base Rental Revenue

Base Rental Step Revenue

CPI & Other Adjustment Revenue

Retail Sales Percent Revenue

Expense Reimbursement Revenue

Real Estate Taxes

Operating expenses

Electric Inclusion

Electric Submetering

Escalation

Common Rent

Additional Broadcasting Revenue

Total Reimbursement Revenue

Percentage Rent

Lease Cancellation Fees

Observatory Income

Operating Exp Esc.

Electric Submetering

Submetering - Broadcasters

Electric Retro

Legal Fees

RF System Reimb.

Tower Reconfig Reimb

Broadcast Backup Power Reimb

Carpet Care & Shampoo

Cleaning Service

Porter/Matron Service

Rubbish Removal

Waxing/Floor Maintenance

Water

Skyride Security Reimb

Exterminating

Elevator Service

Labor

Keys

Lamp Sales

Captivate

Window Cleaning

Trademark Licensing

Location Agreements

Event Income

Extended Lighting

Interest

Late Payment Charges

Miscellaneous Income

Total Potential Gross Revenue

General Vacancy

Collection Loss

Effective Gross Revenue

930,776,719

958,700,021

987,461,021

1,017,084,852

1,047,597,398

1,079,025,319

1,111,396,079

1,144,737,961

Operating Expenses

Real Estate Taxes

Cleaning

Security

Professional Fees

Insurance

Repairs & Maintenance

Payroll

Utilities

Ground Rent

Overage Rent

Management Fee

Total Operating Expenses

306,466,518

315,660,514

325,130,329

334,884,239

344,930,766

355,278,689

365,937,050

376,915,161

Net Operating Income

624,310,201

643,039,507

662,330,692

682,200,613

702,666,631

723,746,630

745,459,029

767,822,800

Leasing & Capital Costs

Tenant Improvements

Leasing Commissions

Capital Expenditures

Base Building Costs

Li & Fung LC/BB/TI

Total Leasing & Capital Costs

30,211,516

31,117,862

32,051,398

33,012,940

34,003,328

35,023,428

36,074,131

37,156,355

Cash Flow Before Debt Service

594,098,684

611,921,645

630,279,294

649,187,673

668,663,303

688,723,202

709,384,899

730,666,445

& Taxes

Cash Flow to Operator

294,601,530

303,513,010

312,691,835

322,146,024

331,883,839

341,913,789

352,244,637

362,885,410

PV to Building Operator

Discount Rate

Check

0

0

0

0

0

0

0

0

49

50

51

52

53

54

55

56

Year 49

Year 50

Year 51

Year 52

Year 53

Year 54

Year 55

Year 56

For the Years Ending

Jun-2060

Jun-2061

Jun-2062

Jun-2063

Jun-2064

Jun-2065

Jun-2066

Jun-2067

Potential Gross Revenue

Base Rental Revenue

Antenna Revenue

Absorption & Turnover Vacancy

Base Rent Abatements

Scheduled Base Rental Revenue

Base Rental Step Revenue

CPI & Other Adjustment Revenue

Retail Sales Percent Revenue

Expense Reimbursement Revenue

Real Estate Taxes

Operating expenses

Electric Inclusion

Electric Submetering

Escalation

Common Rent

Additional Broadcasting Revenue

Total Reimbursement Revenue

Percentage Rent

Lease Cancellation Fees

Observatory Income

Operating Exp Esc.

Electric Submetering

Submetering - Broadcasters

Electric Retro

Legal Fees

RF System Reimb.

Tower Reconfig Reimb

Broadcast Backup Power Reimb

Carpet Care & Shampoo

Cleaning Service

Porter/Matron Service

Rubbish Removal

Waxing/Floor Maintenance

Water

Skyride Security Reimb

Exterminating

Elevator Service

Labor

Keys

Lamp Sales

Captivate

Window Cleaning

Trademark Licensing

Location Agreements

Event Income

Extended Lighting

Interest

Late Payment Charges

Miscellaneous Income

Total Potential Gross Revenue

General Vacancy

Collection Loss

Effective Gross Revenue

1,179,080,100

1,214,452,503

1,250,886,078

1,288,412,661

1,327,065,040

1,366,876,992

1,407,883,301

1,450,119,801

Operating Expenses

Real Estate Taxes

Cleaning

Security

Professional Fees

Insurance

Repairs & Maintenance

Payroll

Utilities

Ground Rent

Overage Rent

Management Fee

Total Operating Expenses

388,222,616

399,869,295

411,865,374

424,221,335

436,947,975

450,056,414

463,558,106

477,464,850

Net Operating Income

790,857,484

814,583,209

839,020,705

864,191,326

890,117,066

916,820,578

944,325,195

972,654,951

Leasing & Capital Costs

Tenant Improvements

Leasing Commissions

Capital Expenditures

Base Building Costs

Li & Fung LC/BB/TI

Total Leasing & Capital Costs

38,271,045

39,419,177

40,601,752

41,819,804

43,074,399

44,366,630

45,697,629

47,068,558

Cash Flow Before Debt Service

752,586,439

775,164,032

798,418,953

822,371,522

847,042,667

872,453,947

898,627,566

925,586,393

& Taxes

Cash Flow to Operator

373,845,407

385,134,203

396,761,664

408,737,948

421,073,521

433,779,161

446,865,970

460,345,384

PV to Building Operator

Discount Rate

Check

0

0

0

0

0

0

0

0

57

58

59

60

61

62

63

64

64.5

Year 57

Year 58

Year 59

Year 60

Year 61

Year 62

Year 63

Year 64

Year 64.5

For the Years Ending

Jun-2068

Jun-2069

Jun-2070

Jun-2071

Jun-2072

Jun-2073

Jun-2074

Jun-2075

Dec-2075

x

Potential Gross Revenue

x

Base Rental Revenue

x

Antenna Revenue

x

Absorption & Turnover Vacancy

x

Base Rent Abatements

x

x

Scheduled Base Rental Revenue

x

Base Rental Step Revenue

x

CPI & Other Adjustment Revenue

x

Retail Sales Percent Revenue

x

x

Expense Reimbursement Revenue

x

Real Estate Taxes

x

Operating expenses

x

Electric Inclusion

x

Electric Submetering

x

Escalation

x

Common Rent

x

Additional Broadcasting Revenue

x

x

Total Reimbursement Revenue

x

x

Percentage Rent

x

Lease Cancellation Fees

x

Observatory Income

x

Operating Exp Esc.

x

Electric Submetering

x

Submetering - Broadcasters

x

Electric Retro

x

Legal Fees

x

RF System Reimb.

x

Tower Reconfig Reimb

x

Broadcast Backup Power Reimb

x

Carpet Care & Shampoo

x

Cleaning Service

x

Porter/Matron Service

x

Rubbish Removal

x

Waxing/Floor Maintenance

x

Water

x

Skyride Security Reimb

x

Exterminating

x

Elevator Service

x

Labor

x

Keys

x

Lamp Sales

x

Captivate

x

Window Cleaning

x

Trademark Licensing

x

Location Agreements

x

Event Income

x

Extended Lighting

x

Interest

x

Late Payment Charges

x

Miscellaneous Income

x

x

Total Potential Gross Revenue

x

General Vacancy

x

Collection Loss

x

x

Effective Gross Revenue

1,493,623,395

1,538,432,096

1,584,585,059

1,632,122,611

1,681,086,289

1,731,518,878

1,783,464,444

1,836,968,378

1,892,077,429

x

x

Operating Expenses

x

Real Estate Taxes

x

Cleaning

x

Security

x

Professional Fees

x

Insurance

x

Repairs & Maintenance

x

Payroll

x

Utilities

x

Ground Rent

x

Overage Rent

x

Management Fee

x

x

Total Operating Expenses

491,788,795

506,542,459

521,738,733

537,390,895

553,512,622

570,118,000

587,221,540

604,838,186

622,983,332

x

x

Net Operating Income

1,001,834,599

1,031,889,637

1,062,846,327

1,094,731,716

1,127,573,668

1,161,400,878

1,196,242,904

1,232,130,191

1,269,094,097

x

x

Leasing & Capital Costs

x

Tenant Improvements

x

Leasing Commissions

x

Capital Expenditures

x

Base Building Costs

x

Li & Fung LC/BB/TI

x

x

Total Leasing & Capital Costs

48,480,615

49,935,033

51,433,084

52,976,077

54,565,359

56,202,320

57,888,390

59,625,041

61,413,793

x

x

Cash Flow Before Debt Service

953,353,984

981,954,604

1,011,413,242

1,041,755,639

1,073,008,308

1,105,198,558

1,138,354,514

1,172,505,150

1,207,680,304

x

& Taxes

x

x

x

Cash Flow to Operator

474,229,180

488,529,489

503,258,809

518,430,007

534,056,342

550,151,466

566,729,445

583,804,762

300,696,170

x

PV to Building Operator

x

Discount Rate

x

x

x

x

Check

0

0

0

0

0

0

0

0