How To Calculate Cash Flow From Property Tax To Property Tax

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1 SECTION II FINANCIAL ANALYSIS

2 Stabilized Cash Flow Projections Year 1 Year 1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 For the Years Ending Assumptions Per Sq Ft Apr-2012 Apr-2013 Apr-2014 Apr-2015 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2021 POTENTIAL GROSS REVENUE Sq Ftg Inflation/Yr $ / PSF Base Rental Revenue 0.00% Inflation/Yr $68.75 $3,922,531 $3,922,531 $3,922,531 $3,922,531 $3,922,531 $3,922,531 $3,922,531 $3,922,531 $3,922,531 $3,922,531 CPI Increase to Operating Cost Base $268, % CPI $ ,045 16,331 24,866 33,656 42,711 52,037 61,643 71,537 81,728 Real Estate Tax Increases $425,630 Base Amount $ ,769 25,921 39,467 53,420 67,792 82,595 97, , ,721 EFFECTIVE GROSS REVENUE $ ,922,531 3,943,345 3,964,783 3,986,864 4,009,608 4,033,034 4,057,163 4,082,015 4,107,613 4,133,980 OPERATING EXPENSES Management Fee 2.00% of EGR $ ,451 78,867 79,296 79,737 80,192 80,661 81,143 81,640 82,152 82,680 Cleaning Costs 3.00% Inflation/Yr $ ,595 79,923 82,320 84,790 87,334 89,954 92,652 95,432 98, ,244 Exterior Electric & Water 3.00% Inflation/Yr $0.03 1,712 1,763 1,816 1,870 1,926 1,984 2,044 2,105 2,168 2,233 Repairs & Maintenance 3.00% Inflation/Yr $ ,024 79,335 81,715 84,166 86,691 89,292 91,971 94,730 97, ,499 Exterior Security 3.00% Inflation/Yr $0.05 2,853 2,938 3,026 3,117 3,211 3,307 3,406 3,509 3,614 3,722 Personnel 3.00% Inflation/Yr $ ,423 99, , , , , , , , ,810 Business Park Fees 3.00% Inflation/Yr $ ,957 28,796 29,660 30,549 31,466 32,410 33,382 34,384 35,415 36,477 Insurance 3.00% Inflation/Yr $ , , , , , , , , , ,332 Taxes 3.00% Inflation/Yr $ , , , , , , , , , ,351 Professional Fees & Consultants 3.00% Inflation/Yr $0.07 3,994 4,114 4,237 4,364 4,495 4,630 4,769 4,912 5,059 5,211 Contingency 3.00% Inflation/Yr $ TOTAL OPERATING EXPENSES $ , , , ,982 1,017,744 1,046,339 1,075,792 1,106,129 1,137,376 1,169,560 NET OPERATING INCOME $ ,011,078 3,006,485 3,001,754 2,996,882 2,991,864 2,986,694 2,981,370 2,975,886 2,970,238 2,964,420 CAPITAL COSTS Painting (after every 5th year) 3.00% Inflation/Yr $ ,427 Capital Reserve 3.00% Inflation/Yr $0.10 TOTAL CAPITAL COSTS $ , CASH FLOW BEFORE DEBT SERVICE $ ,011,078 3,006,485 3,001,754 2,996,882 2,991,864 2,788,267 2,981,370 2,975,886 2,970,238 2,964,420 ========= ========== ======== ========== ========== ========== ========== ========== ========== ========== ========== ========== ========== DEBT SERVICE Principal 30 Year Amort $ , , , , , , , , , ,534 Interest 6.25% Interest $ ,454,734 1,437,097 1,418,325 1,398,346 1,377,082 1,354,451 1,330,363 1,304,726 1,277,440 1,248,400 TOTAL DEBT SERVICE 7.39% loan constant $ ,728,934 1,728,934 1,728,934 1,728,934 1,728,934 1,728,934 1,728,934 1,728,934 1,728,934 1,728,934 CASH FLOW AFTER DEBT SERVICE $ ,282,144 1,277,551 1,272,821 1,267,948 1,262,930 1,059,333 1,252,436 1,246,952 1,241,304 1,235,486 ========= ========== ======== ========== ========== ========== ========== ========== ========== ========== ========== ========== ========== 6

3 Financial Assumptions Introduction The following assumptions outline a stabilized proforma effective April 2011 and continuing for a 10-year term. In general, the Property will generate base rent of $3,922,531, or $68.75 psf, which is the maximum annual rental rate that can be charged to the U.S. Government per the Solicitation For Offers dated October 9, The lease is a modified full service lease whereby the tenant reimburses landlord for real estate taxes that exceed its base year stop amount and also pays to landlord the annual CPI increases to its annual operating costs. The lease is net of interior utilities and security (landlord is responsible for exterior utilities and exterior security). Revenue Base Rental Revenue Effective upon delivery of the premises to tenant, tenant will pay to landlord a base rental rate of $68.75 psf. Said base rent amount does not escalate during the lease term. CPI Increase to Base Operating Costs Effective Year 2 of the lease, tenant will pay to landlord the CPI increase to its base operating expenses ($268,158.50) per the Lessor s Annual Cost Statement dated April 16, Real Estate Tax Increases Miscellaneous Income Operating Expenses Effective Year 2 of the lease, the tenant will reimburse the landlord for increases in real estate taxes that exceed its base year stop amount. Miscellaneous Income has been excluded from this analysis; however, the DEA Laboratory in Sterling, Virginia periodically engages landlord to perform special projects on an as needed basis. Thus, it is likely that the facility will generate some miscellaneous income in the future. Operating Expenses are in accordance with the Sponsor s estimates to operate the Property. The Property s Operating Costs, excluding Taxes, are not reimbursed by the tenant. In lieu of reimbursing landlord for actual operating costs, the U.S. Government pays the CPI increases to its base operating costs per the amount specified in the Lessor s Annual Cost Statement dated April 16, 2009 ($268,158.50). In regard to Taxes, the tenant reimburses landlord the increase in taxes that exceed its base year stop amount. Operating Expenses have primarily been underwritten based on the actual costs to operate the Sterling, Virginia facility. Operating Expenses were then adjusted by inflation (3% per annum) to reflect the anticipated start of the lease. Effective Year 2 of the proforma, operating expenses increase annually by 3.0% per year. On the following page, please find a comparison chart illustrating the actual operating expenses at the Sterling, Virginia facility and those included in the subject Property s proforma. Below is a brief description of several property specific expenses at the subject Property. Management Fees Business Park Fees Insurance 2% of Effective Gross Revenue Business Park Fees are specific to the facility. The association fees are for the Beacon Lakes Business Park and reflect $0.07 per gross square foot of land. Insurance has been underwritten based on preliminary estimates for the Miami-Dade County area. 7

4 Taxes Taxes are based the 2008 Tax Rate of $18.62 / $1,000 of assessed value times an assumed 2011 Property assessment of $23 million. The assumed property assessment is a conservative estimate that reflects replacement cost of the base building and excludes the specialty equipment that the project includes that approximates the sale price. This estimate equates to $403.12/psf in comparison to the Sterling Property at $408.50/psf. Furthermore, the average assessed value in the Beacon Business Park is $ / psf. Taxes are assessed as of August 1 each year and sent to the property owners by November 1. The subject Property is taxed by Miami-Dade County. Miami-Dade County s tax year is January to December. Each August, assessment notices are mailed to each property owner reflecting the property s value as of January 1 of that year. Actual tax bills are mailed to property owners no later than November 1 of each year. Taxes are collected on an annual basis no later than April 1. A graduated discount payment schedule is available for those that pay early; from November (4% discount) to February (1%). Real property taxes are ad valorem assessments on parcels of land, buildings and improvements to land and buildings within Miami-Dade County. The real property tax notice also includes non-ad valorem assessments levied against the property. Nonad valorem assessments are fees for services such as Solid Waste, Fire, Lighting, Guard and other special assessments. Capital Expense Painting every 5 years estimated at $3/ psf. Operating Expense Analysis Base Analysis 1 Proforma 2 Expenses Sterling, VA Miami, FL Miami, FL (PSF) (PSF) (PSF) Management Fee * (2%) $1.59 $1.38 $1.38 Cleaning $1.41 $1.21 $1.36 Exterior Electric & Water 3 $0.03 $0.03 $0.03 Repairs & Maintenance $1.29 $1.20 $1.35 Exterior Security $0.04 $0.04 $0.05 Personnel $1.67 $1.50 $1.69 Business Park Fees * - $0.49 $0.49 Insurance * $0.20 $2.10 $2.10 Taxes * $5.18 $7.46 $7.46 Professional Fees & Consultants $0.06 $0.06 $ Base Analysis reflects the actual operating costs at the DEA laboratory located in Sterling, Virginia for FY The facility has primarily been underwritten based on the Sterling, Virginia facility s actual operating costs. 2 Proforma reflects the non-highlighted Base Analysis costs increased by inflation through April * The highlighted costs are specific to the facility and have been underwritten separately. 3 Exterior Electric & Water represent the cost to operate all exterior electric (parking lot lights) and water services (lawn sprinkler system). The tenant is responsible for all interior utilities (electric and water) and will contract directly with the service providers. 8

5 Lease Abstract Tenant United States of America (Lease No. GS-04B-59824) Lease Date June 9, 2009 Rentable Area 57,055 Rentable Square Feet Proportionate Share 100% Lease Term Commencement Date Expiration 20-years April 7, 2011 (Anticipated Term) (upon CO) April 6, 2031 (Anticipated Term) Base Rent TERM $ / RSF MONTHLY ANNUAL TBD - 20 years $68.75 $326, $3,922, Type Modified Gross Lease Recoveries Real Estate Taxes Tenant pays its prorata share of Real Estate Taxes that exceed its Base Year Stop amount of $TBD. Tenant s Base Year Stop amount will reflect: (i) the real estate taxes for the first 12-months of the lease or (ii) a negotiated amount between the parties. The Base Year Stop amount shall reflect full assessment. Option to Renew Cancellation Option Right of First Option Security Deposit Comments Operating Costs Tenant pays the annual CPI increase to the Base Rate of $268,158.50, as stated in the Lessor s Annual Cost Statement dated April 16, Beginning in Year 2 of the lease and continuing each year thereafter, the Base Rate is multiplied by the percent of change in CPI. Utilities: Tenant will be responsible for all indoor utilities (elect & water) Landlord will be responsible for all outdoor utilities (elect & water) Separate meters are required as part of initial build-out. Parking: 194 parking spaces (none for general public). However, the DEA has need for only 90 spaces and this may be reduced by a variance. Painting: All painted surfaces, including partitioning, must be painted every 5 years at landlord s expense. Solicitation For Offers (SFO No. 7FL2034) dated: 10/09/2008 Lessor s Annual Cost Statement dated: 04/16/2009 Establishes the Base Rate for Operating Costs ($268,158.50) Amendment Number 1 to SFO No. 7FL2034 dated: 06/08/2009 Re-establishes bid due date and alternative bid forms that are allowed Lease Status Report dated: 07/07/2009 Re-affirms the basic terms of the lease. 9

6 Tenant Description- DEA Below is a brief description of the Property s tenant that represents 100% of the Property s net rentable area. The Drug Enforcement Agency (DEA) 57,077 SF % NRA Exp 2031 The Drug Enforcement Agency (DEA) will occupy the entire 57,055 square foot mission critical laboratory for drug testing, office and administrative uses in Beacon Lakes Business Park. The 80 employee on-site staff will be performing forensic analysis from the Property. The build-to-suit Property is being specifically designed and built out for the DEA. The extensive build-out will include evidence rooms, computer labs, organic and gas chronograph labs and library to name a few. The DEA s commitment to the site is evidenced by the 20 year lease it signed. The DEA objective is to enforce controlled substance laws and regulations of the United States. In doing so they seek to reduce the availability of illicit controlled substances on the domestic and international markets. The DEA s broad scope of responsibilities include: investigation and preparation of major violators of controlled substances, management of national drug intelligence program that works with federal, state, local level officials to disseminate intelligence information, seizure and forfeiture of assets intended to be used for illicit drug trafficking. Former President Richard Nixon created the Drug Enforcement Agency through a mandated executive order in 1973 to combat the rapid rise of drug trafficking. Today, the DEA has 5,235 special agents, a budget of $2.3 billion and 87 foreign offices in 63 different countries. 10

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