10-Year Private Equity Fund Quarterly Cash Flow Model: Fund-Level
|
|
|
- Maurice Blair
- 7 years ago
- Views:
Transcription
1 10-Year Private Equity Fund Quarterly Cash Flow Model: Fund-Level Fund Start: January 1, 2014 General Assumptions Acquisition Timing Assumptions Waterfall Hurdle Rate Assumptions Operating Assumptions RETURNS SUMMARY Total Capital Commitment $95,000,000 Fund Quarter Acquisition Hold Period Disposition LP Preferred Return (Annual Compounding) 8.00% Acquisition Fee (% of Equity) 1.00% Equity Fund Start-Up Costs $120,000 Investment # of Acquisition Date in Years Date LP Preferred Return (Quarterly Compounding) 7.77% Expense Inflation 3.00% Investment Capital Commitment, Net $94,880,000 #1 0Q 01-Jan-14 1Q Jan-23 1Q2023 Disposition Fees * 1.00% Fund-Level $93,130,113 Limited Partnership Ownership Share 97.00% #2 1Q 31-Mar-14 1Q Mar-23 1Q2023 Tier 2 Reserve for Contingencies (% of Overhead) 10.00% LP $90,379,958 Years #3 2Q 30-Jun-14 2Q Jun-23 2Q2023 LP Share of Net Cash Flow 80.00% * % of Fund Level NCF From Investments GP $2,750,156 Annual Management Fees 1 to % #4 2Q 30-Jun-14 2Q Jun-23 2Q2023 Fund Manager Share of Net Cash Flow 20.00% Fund Manager $0 # of Transactions in Fund 10 #5 3Q 30-Sep-14 3Q Sep-23 3Q2023 Up to 20.00% of Profits #6 3Q 30-Sep-14 3Q Sep-23 3Q2023 Fund Timeline in Years 10 years #7 4Q 31-Dec-14 4Q Dec-23 4Q2023 Fund Timeline in Quarters 40 quarters #8 4Q 31-Dec-14 4Q Dec-23 4Q2023 #9 5Q 31-Mar-15 1Q Mar-24 1Q2024 #10 5Q 31-Mar-15 1Q Mar-24 1Q2024 0Q 1Q 2Q 3Q 4Q 5Q 6Q 7Q 8Q 9Q 10Q 11Q 12Q 13Q 14Q 15Q 16Q 17Q 18Q Year 1 Year 1 Year 1 Year 1 Year 1 Year 2 Year 2 Year 2 Year 2 Year 3 Year 3 Year 3 Year 3 Year 4 Year 4 Year 4 Year 4 Year 5 Year Total Over Data Series NET CASH FLOW TO FUND Life Of Fund Profile Net Cash Flow To Fund From Investments #1 123 Main Street $14,656,061 (9,360,000) 218, , , , , , , , , , , , , , , , , ,313 #2 456 Main Street $22,319,647 0 (13,260,000) 259, , , , , , , , , , , , , , , , ,473 #3 789 Main Street $16,703, (9,880,000) 143, , , , , , , , , , , , , , , ,223 #4 321 Main Street $14,615, (9,048,000) 164, , , , , , , , , , , , , , , ,057 #5 654 Main Street $18,626, (10,863,008) 273, , , , , , , , , , , , , , ,250 #6 987 Main Street $19,726, (8,280,421) 183, , , , , , , , , , , , , , ,445 #7 135 Main Street $20,641, (8,664,719) 191, , , , , , , , , , , , , ,676 #8 246 Main Street $17,769, (7,459,152) 165, , , , , , , , , , , , , ,581 #9 411 Main Street $17,336, (8,951,088) 198, , , , , , , , , , , , ,300 # Main Street $15,943, (7,856,239) 198, , , , , , , , , , , , ,211 Fund Level NCF From Investments IRR $178,339,189 ($9,360,000) ($13,041,678) ($18,450,278) ($18,357,092) ($14,860,596) ($15,170,985) $2,073,171 $2,117,798 $2,143,925 $2,178,924 $2,215,808 $2,236,024 $2,262,935 $2,298,984 $2,336,893 $2,357,715 $2,385,434 $2,422,564 $2,461,528 Cumulative Fund Level NCF 16.15% (9,360,000) (22,401,678) (40,851,956) (59,209,048) (74,069,644) (89,240,629) (87,167,457) (85,049,659) (82,905,734) (80,726,809) (78,511,001) (76,274,977) (74,012,042) (71,713,058) (69,376,165) (67,018,450) (64,633,016) (62,210,452) (59,748,924) Total Over Plus Fund-Level Expenses Life Of Fund Start-up Costs ($120,000) (120,000) Acquisition Fee ($936,226) (93,600) (132,600) (189,280) (191,434) (161,239) (168,073) Disposition Fee ($1,826,834) Fund Level Overhead ($10,250,000) 0-250, , , , , , , , , , , , , , , , , ,000 Reserve for Overhead Contingencies ($1,025,000) 0 (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) Total Fund-Level Expenses ($14,158,060) ($213,600) ($407,600) ($464,280) ($466,434) ($436,239) ($443,073) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) IRR Fund-Level NCF After Expenses 14.68% $164,181,129 ($9,573,600) ($13,449,278) ($18,914,558) ($18,823,527) ($15,296,834) ($15,614,058) $1,798,171 $1,842,798 $1,868,925 $1,903,924 $1,940,808 $1,961,024 $1,987,935 $2,023,984 $2,061,893 $2,082,715 $2,110,434 $2,147,564 $2,186,528 Ownership GP Cash Flow 3.00% 14.68% $4,925,434 (287,208) (403,478) (567,437) (564,706) (458,905) (468,422) 53,945 55,284 56,068 57,118 58,224 58,831 59,638 60,720 61,857 62,481 63,313 64,427 65,596 Remaining Cash Flow for LP and Fund Manager $159,255,695 (9,286,392) (13,045,799) (18,347,121) (18,258,821) (14,837,929) (15,145,636) 1,744,226 1,787,514 1,812,858 1,846,807 1,882,584 1,902,193 1,928,297 1,963,264 2,000,036 2,020,234 2,047,121 2,083,137 2,120,932 Plus Management Fees IRR ($16,308,978) (42,120) (108,420) (203,060) (294,637) (367,194) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) Net Cash Flow For LP And Fund Manager 12.98% $142,946,717 ($9,328,512) ($13,154,219) ($18,550,181) ($18,553,458) ($15,205,124) ($15,588,464) $1,301,399 $1,344,687 $1,370,030 $1,403,979 $1,439,756 $1,459,366 $1,485,470 $1,520,437 $1,557,209 $1,577,407 $1,604,293 $1,640,310 $1,678,105 Cumulative Cash Flow Net of GP Cash Flow (9,328,512) (22,482,731) (41,032,913) (59,586,370) (74,791,494) (90,379,958) (89,078,559) (87,733,872) (86,363,842) (84,959,862) (83,520,106) (82,060,740) (80,575,270) (79,054,833) (77,497,624) (75,920,218) (74,315,924) (72,675,614) (70,997,509) Net Cash Flow To Fund (GP, LP and Fund Manager) 13.03% $147,872,151 ($9,615,720) ($13,557,698) ($19,117,618) ($19,118,164) ($15,664,029) ($16,056,885) $1,355,344 $1,399,971 $1,426,098 $1,461,097 $1,497,981 $1,518,197 $1,545,108 $1,581,157 $1,619,066 $1,639,888 $1,667,606 $1,704,737 $1,743,701 LP CAPITAL ACCOUNT PREFERRED RETURN CALCULATION Total Over Beginning Balance Life Of Fund 0 (9,328,512) (22,663,952) (41,654,416) (61,017,075) (77,407,550) (94,499,775) (95,034,180) (95,535,679) (96,021,577) (96,482,966) (96,917,540) (97,340,947) (97,746,476) (98,124,915) (98,473,935) (98,809,537) (99,124,771) (99,410,113) LP Equity Drawn ($90,379,958) (9,328,512) (13,154,219) (18,550,181) (18,553,458) (15,205,124) (15,588,464) Preferred Return Accrual 7.77% Quarterly ($67,194,384) 0 (181,221) (440,282) (809,201) (1,185,351) (1,503,761) (1,835,804) (1,846,186) (1,855,928) (1,865,368) (1,874,331) (1,882,773) (1,890,998) (1,898,877) (1,906,228) (1,913,009) (1,919,528) (1,925,652) (1,931,195) Pro Rata CF $157,574, ,301,399 1,344,687 1,370,030 1,403,979 1,439,756 1,459,366 1,485,470 1,520,437 1,557,209 1,577,407 1,604,293 1,640,310 1,678,105 Ending Balance (9,328,512) (22,663,952) (41,654,416) (61,017,075) (77,407,550) (94,499,775) (95,034,180) (95,535,679) (96,021,577) (96,482,966) (96,917,540) (97,340,947) (97,746,476) (98,124,915) (98,473,935) (98,809,537) (99,124,771) (99,410,113) (99,663,204) PARTNERSHIP CASH FLOW DISTRIBUTION LP Investments/Distributions $67,194,384 (9,328,512) (13,154,219) (18,550,181) (18,553,458) (15,205,124) (15,588,464) 1,301,399 1,344,687 1,370,030 1,403,979 1,439,756 1,459,366 1,485,470 1,520,437 1,557,209 1,577,407 1,604,293 1,640,310 1,678,105 Net Cash Available To LP and Fund Manager GP Max. Share $75,752,333 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Fund Manager Promote Share 20.00% 20.00% $24,647,671 LP Share 80.00% GP Current Share $51,104,662 GP Cash Flow 20.00% $4,925,434 (287,208) (403,478) (567,437) (564,706) (458,905) (468,422) 53,945 55,284 56,068 57,118 58,224 58,831 59,638 60,720 61,857 62,481 63,313 64,427 65,596 Total Partnership Cash Flow $147,872,151 (9,615,720) (13,557,698) (19,117,618) (19,118,164) (15,664,029) (16,056,885) 1,355,344 1,399,971 1,426,098 1,461,097 1,497,981 1,518,197 1,545,108 1,581,157 1,619,066 1,639,888 1,667,606 1,704,737 1,743,701 OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK SUMMARY OF INVESTOR CASH FLOWS % Total IRR All LP Cash Flow (Distributions + Share of Net Cash) 80.00% 11.60% $118,299,046 (9,328,512) (13,154,219) (18,550,181) (18,553,458) (15,205,124) (15,588,464) 1,301,399 1,344,687 1,370,030 1,403,979 1,439,756 1,459,366 1,485,470 1,520,437 1,557,209 1,577,407 1,604,293 1,640,310 1,678,105 GP Cash Flow 14.68% $4,925,434 (287,208) (403,478) (567,437) (564,706) (458,905) (468,422) 53,945 55,284 56,068 57,118 58,224 58,831 59,638 60,720 61,857 62,481 63,313 64,427 65,596 Fund Manager Share of Net Cash Flow 20.00% $24,647,671 Total Cash Flow % 13.03% $147,872,151 (9,615,720) (13,557,698) (19,117,618) (19,118,164) (15,664,029) (16,056,885) 1,355,344 1,399,971 1,426,098 1,461,097 1,497,981 1,518,197 1,545,108 1,581,157 1,619,066 1,639,888 1,667,606 1,704,737 1,743,701 OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK SUMMARY OF EQUITY INVESTMENT LP Equity Investment % ($90,379,958) (9,328,512) (13,154,219) (18,550,181) (18,553,458) (15,205,124) (15,588,464) GP Equity Investment 2.953% ($2,750,156) (287,208) (403,478) (567,437) (564,706) (458,905) (468,422) Total Equity Investment % ($93,130,113) (9,615,720) (13,557,698) (19,117,618) (19,118,164) (15,664,029) (16,056,885)
2 Net Cash Flow Multiple on Equity IRR $147,872, x 13.03% $118,299, x 11.60% $4,925, x 14.68% $24,647,671 NA NA 200,000, ,000, ,000,000 50,000,000 Cumulative Fund Level NCF Net of GP 0 (50,000,000) (100,000,000) (150,000,000) 19Q 20Q 21Q 22Q 23Q 24Q 25Q 26Q 27Q 28Q 29Q 30Q 31Q 32Q 33Q 34Q 35Q 36Q 37Q 38Q 39Q 40Q 41Q 42Q 43Q 44Q Year 5 Year 5 Year 6 Year 6 Year 6 Year 6 Year 7 Year 7 Year 7 Year 7 Year 8 Year 8 Year 8 Year 8 Year 9 Year 9 Year 9 Year 9 Year 10 Year 10 Year 10 Year 10 Year 11 Year 11 Year 11 Year , , , , , , , , , , , , , , , , ,201 14,738, , , , , , , , , , , , , , , , , , ,589 23,299, , , , , , , , , , , , , , , , , , , ,398 19,471, , , , , , , , , , , , , , , , , , , ,747 16,160, , , , , , , , , , , , , , , , , , , , ,020 17,377, , , , , , , , , , , , , , , , , , , , ,250 19,839, , , , , , , , , , , , , , , , , , , , , ,721 20,760, , , , , , , , , , , , , , , , , , , , , ,463 17,872, , , , , , , , , , , , , , , , , , , , , , ,759 17,459, , , , , , , , , , , , , , , , , , , , , , ,954 15,702, $2,482,975 $2,511,525 $2,549,769 $2,589,818 $2,611,908 $2,641,314 $2,680,706 $2,721,870 $2,744,623 $2,774,912 $2,815,485 $2,857,796 $2,881,232 $2,912,429 $2,954,220 $2,997,711 $3,021,850 $17,474,566 $25,638,909 $37,483,490 $38,364,058 $39,214,678 $33,162,269 $0 $0 $0 (57,265,949) (54,754,424) (52,204,655) (49,614,837) (47,002,929) (44,361,615) (41,680,908) (38,959,039) (36,214,415) (33,439,504) (30,624,018) (27,766,222) (24,884,990) (21,972,561) (19,018,341) (16,020,630) (12,998,781) 4,475,785 30,114,695 67,598, ,962, ,176, ,339, ,339, ,339, ,339, (147,388) (232,999) (356,323) (372,172) (386,330) (331,623) , , , , , , , , , , , , , , , , , , , , , , , (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($422,388) ($507,999) ($631,323) ($647,172) ($661,330) ($606,623) $0 $0 $0 $2,207,975 $2,236,525 $2,274,769 $2,314,818 $2,336,908 $2,366,314 $2,405,706 $2,446,870 $2,469,623 $2,499,912 $2,540,485 $2,582,796 $2,606,232 $2,637,429 $2,679,220 $2,722,711 $2,746,850 $17,052,179 $25,130,910 $36,852,166 $37,716,886 $38,553,349 $32,555,646 $0 $0 $0 66,239 67,096 68,243 69,445 70,107 70,989 72,171 73,406 74,089 74,997 76,215 77,484 78,187 79,123 80,377 81,681 82, , ,927 1,105,565 1,131,507 1,156, , ,141,736 2,169,429 2,206,526 2,245,373 2,266,801 2,295,325 2,333,535 2,373,464 2,395,534 2,424,914 2,464,271 2,505,312 2,528,045 2,558,306 2,598,843 2,641,029 2,664,444 16,540,613 24,376,983 35,746,601 36,585,380 37,396,748 31,578, (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (442,827) (400,707) (334,407) (239,767) (148,190) $1,698,908 $1,726,602 $1,763,699 $1,802,546 $1,823,973 $1,852,498 $1,890,708 $1,930,636 $1,952,707 $1,982,087 $2,021,443 $2,062,485 $2,085,218 $2,115,479 $2,156,016 $2,198,202 $2,221,617 $16,097,786 $23,976,275 $35,412,194 $36,345,612 $37,248,558 $31,578,976 $0 $0 $0 (69,298,601) (67,571,999) (65,808,300) (64,005,755) (62,181,781) (60,329,283) (58,438,576) (56,507,939) (54,555,232) (52,573,145) (50,551,702) (48,489,217) (46,403,999) (44,288,520) (42,132,504) (39,934,302) (37,712,685) (21,614,899) 2,361,376 37,773,570 74,119, ,367, ,946, ,946, ,946, ,946,717 $1,765,148 $1,793,698 $1,831,942 $1,871,990 $1,894,081 $1,923,487 $1,962,879 $2,004,043 $2,026,796 $2,057,084 $2,097,658 $2,139,969 $2,163,405 $2,194,602 $2,236,393 $2,279,883 $2,304,022 $16,609,351 $24,730,203 $36,517,759 $37,477,119 $38,405,158 $32,555,646 $0 $0 $0 (99,663,204) (99,900,407) (100,114,525) (100,295,706) (100,441,560) (100,568,819) (100,670,026) (100,734,989) (100,761,286) (100,766,023) (100,741,471) (100,677,087) (100,570,410) (100,438,928) (100,274,631) (100,066,605) (99,812,351) (99,529,744) (85,365,477) (63,047,558) (28,860,160) (1,936,112) (1,940,720) (1,944,880) (1,948,399) (1,951,233) (1,953,705) (1,955,671) (1,956,933) (1,957,444) (1,957,536) (1,957,059) (1,955,808) (1,953,736) (1,951,182) (1,947,990) (1,943,949) (1,939,009) (1,933,519) (1,658,356) (1,224,796) (560,653) ,698,908 1,726,602 1,763,699 1,802,546 1,823,973 1,852,498 1,890,708 1,930,636 1,952,707 1,982,087 2,021,443 2,062,485 2,085,218 2,115,479 2,156,016 2,198,202 2,221,617 16,097,786 23,976,275 35,412,194 29,420, (99,900,407) (100,114,525) (100,295,706) (100,441,560) (100,568,819) (100,670,026) (100,734,989) (100,761,286) (100,766,023) (100,741,471) (100,677,087) (100,570,410) (100,438,928) (100,274,631) (100,066,605) (99,812,351) (99,529,744) (85,365,477) (63,047,558) (28,860,160) ,698,908 1,726,602 1,763,699 1,802,546 1,823,973 1,852,498 1,890,708 1,930,636 1,952,707 1,982,087 2,021,443 2,062,485 2,085,218 2,115,479 2,156,016 2,198,202 2,221,617 16,097,786 23,976,275 35,412,194 29,420, $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $6,924,799 $37,248,558 $31,578,976 $0 $0 $0 0 1,384,960 7,449,712 15,813, ,539,839 29,798,846 15,765, ,239 67,096 68,243 69,445 70,107 70,989 72,171 73,406 74,089 74,997 76,215 77,484 78,187 79,123 80,377 81,681 82, , ,927 1,105,565 1,131,507 1,156, , ,765,148 1,793,698 1,831,942 1,871,990 1,894,081 1,923,487 1,962,879 2,004,043 2,026,796 2,057,084 2,097,658 2,139,969 2,163,405 2,194,602 2,236,393 2,279,883 2,304,022 16,609,351 24,730,203 36,517,759 37,477,119 38,405,158 32,555, OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK 1,698,908 1,726,602 1,763,699 1,802,546 1,823,973 1,852,498 1,890,708 1,930,636 1,952,707 1,982,087 2,021,443 2,062,485 2,085,218 2,115,479 2,156,016 2,198,202 2,221,617 16,097,786 23,976,275 35,412,194 34,960,653 29,798,846 15,765, ,239 67,096 68,243 69,445 70,107 70,989 72,171 73,406 74,089 74,997 76,215 77,484 78,187 79,123 80,377 81,681 82, , ,927 1,105,565 1,131,507 1,156, , ,384,960 7,449,712 15,813, ,765,148 1,793,698 1,831,942 1,871,990 1,894,081 1,923,487 1,962,879 2,004,043 2,026,796 2,057,084 2,097,658 2,139,969 2,163,405 2,194,602 2,236,393 2,279,883 2,304,022 16,609,351 24,730,203 36,517,759 37,477,119 38,405,158 32,555, OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK
3 Fund Returns Summary GP as Fund GP as GP Manager LPs Fund Ownership 3.00% 0.00% 97.00% % Capital Invested $2,750,156 $0 $90,379,958 $93,130,113 Net Cash Flow $4,925,434 $24,647,671 $118,299,046 $147,872,151 Multiple On Equity 2.79x NA 2.31x 2.59x IRR 14.68% NA 11.60% 13.03% Share of Total Profits 3.33% 16.67% 80.00% 20.00%
4 Transaction 10-Year Quarterly Cash Flow Pro-Forma Property: 123 Main Street Transaction #1 January 1, 2014 Acquisition Assumptions Financing Assumptions Cash Flow Assumptions Purchase Price $20,000,000 LTV 50.00% Unleveraged Annual Yield on All-In Cost 8.00% NOI Acquisition Fee 1.0% $200,000 Mortgage $10,400,000 NOI Annual Growth Rate Year 1 $1,664,000 Loan Fees 1.0% $100,000 Acq. Costs Interest Rate 4.50% Year % Year 2 $1,713,920 Closing Costs & Expenses 2.5% $500,000 $800,000 Term 10.0 Years Year % Year 3 $1,765,338 All-In Cost $20,800,000 Amortization 25.0 Years Year % Year 4 $1,818,298 Interest Only 0.0 Years Year % Year 5 $1,872,847 Transaction Equity Investment $9,360,000 Year % Year 6 $1,929,032 Disposition Assumptions Year % Year 7 $1,986,903 Hold Period 9.00 years Year % Year 8 $2,046,510 Quarter of Sale 36 Year % Year 9 $2,107,905 Year of Sale NOI $2,107,905 Year % Year 10 $2,171,143 Exit Cap Rate 8.00% Year % Year 11 $0 Selling Costs 3.00% General Expense Inflation 2.00% Capex (as a % of All-in Cost) 4.81% $1,000,000 Year 1 Year 1 Year 1 Year 1 Year 1 Year 2 Year 2 Year 2 Year 2 Year 3 Year 3 Year 3 Year 3 Data Series Time 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total Profile Q0 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 NET OPERATING INCOME $16,904,753 $416,000 $416,000 $416,000 $416,000 $428,480 $428,480 $428,480 $428,480 $441,334 $441,334 $441,334 $441,334 Unlevered Annual Yield 8.0% 8.2% 8.5% CAPITAL EXPENDITURES $1,000, , , , , NET CASH FLOW ($4,895,247) ($20,800,000) $166,000 $166,000 $166,000 $166,000 $428,480 $428,480 $428,480 $428,480 $441,334 $441,334 $441,334 $441,334 FINANCING Beginning Balance $10,400,000 10,400,000 10,226,580 10,053,161 9,879,741 9,706,321 9,532,901 9,359,482 9,186,062 9,012,642 8,839,222 8,665,803 8,492,383 Interest Payment 116, , , , , , , , , , , ,343 Principal Payment 56,632 57,271 57,918 58,572 59,233 59,902 60,579 61,263 61,954 62,654 63,361 64,077 Draw Ending Balance $10,400,000 10,226,580 10,053,161 9,879,741 9,706,321 9,532,901 9,359,482 9,186,062 9,012,642 8,839,222 8,665,803 8,492,383 8,318,963 Total TOTAL DEBT SERVICE $6,243, , , , , , , , , , , , ,420 DSCR 0.96x 0.96x 0.96x 0.96x 2.47x 2.47x 2.47x 2.47x 2.54x 2.54x 2.54x 2.54x NET DISTRIBUTABLE CASH FLOW ($738,358) ($10,400,000) ($7,420) ($7,420) ($7,420) ($7,420) $255,060 $255,060 $255,060 $255,060 $267,915 $267,915 $267,915 $267,915 Levered Yield On Original Equity Investment -0.3% 9.8% 10.3% Residual Proceeds Total Sale Amount $26,348, Less: Debt $4,156, Less: Cost of Sale $790, Net Sales Proceeds to Equity $21,401,464 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 IRR UNLEVERED CASH FLOW 8.64% $16,506,216 ($20,800,000) $166,000 $166,000 $166,000 $166,000 $428,480 $428,480 $428,480 $428,480 $441,334 $441,334 $441,334 $441,334 LEVERED CASH FLOW 15.73% $20,663,106 ($10,400,000) ($7,420) ($7,420) ($7,420) ($7,420) $255,060 $255,060 $255,060 $255,060 $267,915 $267,915 $267,915 $267,915 PARTNER LINES BELOW Total Manager/Fund Cash Flow $15,078,100 $15,078,100 ($9,360,000) ($6,678) ($6,678) ($6,678) ($6,678) $229,554 $229,554 $229,554 $229,554 $241,123 $241,123 $241,123 $241,123 POST-PROMOTE CASH FLOW (from Promote Tab) Partner $5,585,006 $5,585,006 ($1,040,000) ($742) ($742) ($742) ($742) $25,506 $25,506 $25,506 $25,506 $26,791 $26,791 $26,791 $26,791 Transaction $20,663,106 $20,663,106 ($10,400,000) ($7,420) ($7,420) ($7,420) ($7,420) $255,060 $255,060 $255,060 $255,060 $267,915 $267,915 $267,915 $267,915 Check on Cash Flow Generated vs. Cash Flow Distributed $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
5 Year 4 Year 4 Year 4 Year 4 Year 5 Year 5 Year 5 Year 5 Year 6 Year 6 Year 6 Year 6 Year 7 Year 7 Year 7 Year 7 Year 8 Year 8 Year 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q13 Q14 Q15 Q16 Q17 Q18 Q19 Q20 Q21 Q22 Q23 Q24 Q25 Q26 Q27 Q28 Q29 Q30 Q31 $454,574 $454,574 $454,574 $454,574 $468,212 $468,212 $468,212 $468,212 $482,258 $482,258 $482,258 $482,258 $496,726 $496,726 $496,726 $496,726 $511,628 $511,628 $511, % 9.0% 9.3% 9.6% $454,574 $454,574 $454,574 $454,574 $468,212 $468,212 $468,212 $468,212 $482,258 $482,258 $482,258 $482,258 $496,726 $496,726 $496,726 $496,726 $511,628 $511,628 $511,628 8,318,963 8,145,543 7,972,124 7,798,704 7,625,284 7,451,865 7,278,445 7,105,025 6,931,605 6,758,186 6,584,766 6,411,346 6,237,926 6,064,507 5,891,087 5,717,667 5,544,247 5,370,828 5,197, , , , , , , , , , , , ,100 99,272 98,435 97,588 96,731 95,865 94,990 94,104 64,801 65,532 66,272 67,021 67,777 68,543 69,317 70,100 70,891 71,692 72,501 73,320 74,148 74,985 75,832 76,688 77,554 78,430 79,316 8,145,543 7,972,124 7,798,704 7,625,284 7,451,865 7,278,445 7,105,025 6,931,605 6,758,186 6,584,766 6,411,346 6,237,926 6,064,507 5,891,087 5,717,667 5,544,247 5,370,828 5,197,408 5,023, , , , , , , , , , , , , , , , , , , , x 2.62x 2.62x 2.62x 2.70x 2.70x 2.70x 2.70x 2.78x 2.78x 2.78x 2.78x 2.86x 2.86x 2.86x 2.86x 2.95x 2.95x 2.95x $281,155 $281,155 $281,155 $281,155 $294,792 $294,792 $294,792 $294,792 $308,838 $308,838 $308,838 $308,838 $323,306 $323,306 $323,306 $323,306 $338,208 $338,208 $338, % 11.3% 11.9% 12.4% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $454,574 $454,574 $454,574 $454,574 $468,212 $468,212 $468,212 $468,212 $482,258 $482,258 $482,258 $482,258 $496,726 $496,726 $496,726 $496,726 $511,628 $511,628 $511,628 $281,155 $281,155 $281,155 $281,155 $294,792 $294,792 $294,792 $294,792 $308,838 $308,838 $308,838 $308,838 $323,306 $323,306 $323,306 $323,306 $338,208 $338,208 $338,208 $253,039 $253,039 $253,039 $253,039 $265,313 $265,313 $265,313 $265,313 $277,954 $277,954 $277,954 $277,954 $290,975 $290,975 $290,975 $290,975 $304,387 $304,387 $304,387 $28,115 $28,115 $28,115 $28,115 $29,479 $29,479 $29,479 $29,479 $30,884 $30,884 $30,884 $30,884 $32,331 $32,331 $32,331 $32,331 $33,821 $33,821 $33,821 $281,155 $281,155 $281,155 $281,155 $294,792 $294,792 $294,792 $294,792 $308,838 $308,838 $308,838 $308,838 $323,306 $323,306 $323,306 $323,306 $338,208 $338,208 $338,208 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
6 Year 8 Year 9 Year 9 Year 9 Year 9 Year 10 Year 10 Year 10 Year 10 Year 11 Year 11 Year 11 Year 11 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q32 Q33 Q34 Q35 Q36 Q37 Q38 Q39 Q40 Q41 Q42 Q43 Q44 $511,628 $526,976 $526,976 $526,976 $526,976 $542,786 $542,786 $542,786 $542,786 $0 $0 $0 $0 9.8% 10.1% 10.4% 0.0% $511,628 $526,976 $526,976 $526,976 $526,976 $0 $0 $0 $0 $0 $0 $0 $0 5,023,988 4,850,569 4,677,149 4,503,729 4,330, ,208 92,303 91,387 90,460 89, ,211 81,117 82,033 82,959 83, ,850,569 4,677,149 4,503,729 4,330,309 4,156, , , , , , x 3.04x 3.04x 3.04x 3.04x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x $338,208 $353,557 $353,557 $353,557 $353,557 $0 $0 $0 $0 $0 $0 $0 $0 13.0% 13.6% 0.0% 0.0% ,348, ,156, , $0 $0 $0 $0 $21,401,464 $0 $0 $0 $0 $0 $0 $0 $0 $511,628 $526,976 $526,976 $526,976 $21,928,440 $0 $0 $0 $0 $0 $0 $0 $0 $338,208 $353,557 $353,557 $353,557 $21,755,020 $0 $0 $0 $0 $0 $0 $0 $0 $304,387 $318,201 $318,201 $318,201 $16,060,823 $0 $0 $0 $0 $0 $0 $0 $0 $33,821 $35,356 $35,356 $35,356 $5,694,198 $0 $0 $0 $0 $0 $0 $0 $0 $338,208 $353,557 $353,557 $353,557 $21,755,020 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
7 Joint Venture Return Detail 123 Main Street Transaction #1 Fund Total Project Share of Total Equity Investment Fund 10% Share of Total Profit Fund Equity Investment $1,040,000 $9,360,000 $10,400,000 Share of Equity Investment 10.00% 90.00% % Gross Return $6,625,006 $24,438,100 $31,063,106 Net Profit (Return on Equity) $5,585,006 $15,078,100 $20,663,106 Multiple on Equity 6.37x 2.61x 2.99x Internal Rate of Return 25.79% 13.95% 15.73% Time from Equity Investment to Final Return (years) % 61% 39% Waterfall #1 Summary - and Fund Tier Cashflow Share Fund Cashflow Fund Share Total Cashflow Waterfall Structure - Developer and Third Party Investor IRR Hurdle Ranges Equity Pro-Rata Share Promote Fund Profit Share Total (must be 100%) Tier 1 $1,751,857 16% $9,360,000 84% $11,111,857 Preferred Return From 0% through 8% 10% 0% 90% 100% Tier 2 $2,334,581 25% $7,003,743 75% $9,338,324 Tier 1 Above 8% through 13% 10% 15% 75% 100% Tier 3 $2,541,536 60% $1,694,358 40% $4,235,894 Tier 2 Above 13% 10% 50% 40% 100% Total $6,627,974 27% $18,058,101 73% $24,686,075 Less Equity Investment ($1,040,000) 10% ($9,360,000) 90% ($10,400,000) Net Profit (Return on Equity) $5,587,974 39% $8,698,101 61% $14,286,075
Sample Property 930 LaVergne Ln La Vergne, TN 37086
Property Report Sample Property Presented by: My Company 123 Main St Anywhere, CA 12345 Office: Mobile: Fax: You can customize the footer too! 1 Overview Sample Property Purchase Info Square Feet (2 Units)
Cash Flow Analysis Multi-Family Building For Sale Boston, Massachusetts 02215
Property Report Cash Flow Analysis Presented by: Pantheon Property Group 665 Beacon Street, Suite #305 Boston, Massachusetts 02131 Office: Mobile: (830) 660-5265 Data Analysis Provided by Pantheon Property
= How investment (asset ownership) is financed... = Use of debt vs equity (how much of each) as sources of financial capital.
Capital Structure = How investment (asset ownership) is financed... = Use of debt vs equity (how much of each) as sources of financial capital. Traditionally this question has focused on publiclytraded
Discretionary Capital Expenditures. Discretionary Capital Expenditure. Presented by Byron Smith, CCIM
Discretionary Capital Expenditures Discretionary Capital Expenditure Presented by Byron Smith, CCIM Discretionary Capital Expenditure Case Study Overview During the holding period of a commercial real
Beyond Debt Funding Projects Through Equity
N O R T H M A R Q C A P I TA L Beyond Debt Funding Projects Through Equity JULY 2013 Presented by: Melissa Marcolini Quinn The Nature of Equity vs. Debt Debt vs. Equity Most developers want to maximize
Revisiting Return Profiles of Real Estate Investment Vehicles
Revisiting Return Profiles of Real Estate Investment Vehicles Assessing alternative real investment vehicles over time. PETER LINNEMAN DEBORAH C. MOY IN UNDERSTANDING THE Return Profiles of Real Estate
Equity Analysis and Capital Structure. A New Venture s Perspective
Equity Analysis and Capital Structure A New Venture s Perspective 1 Venture s Capital Structure ASSETS Short- term Assets Cash A/R Inventories Long- term Assets Plant and Equipment Intellectual Property
Commercial Mortgage Types and Decisions
Commercial Loans vs Home Loans Fin 5413 Commercial Mortgage Types and Decisions Commercial mortgages and notes are not as standardized as home loans Although this is changing with growth in commercial
Step 1: Determine the Size, Parameters and Construction Timeline for the Property
The Real Estate Development Process While real estate development models may look complex, the actual concepts are simpler than what you see for normal companies. Real estate development modeling is different
Project Cash Flow 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000. Investor and Developer Cash 1,000,000 500,000. Sep-00. Sep-99. Dec-99.
Project Cash Flow 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 Jan-99 Feb-99 Mar-99 Apr-99 May-99 Jun-99 Investor and Developer Cash Jul-99 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99 Jan-00
Before you develop or acquire a property, you must know how big it is size is the key metric for real estate.
Real Estate Development Key Terms If you want to understand real estate development, you need to know the key terms used to describe properties whether you re developing the properties from the ground
Real Estate Investment Analysis using Excel
Graduate Certificate in Real Estate Finance (GCREF) course Real Estate Investment Analysis using Excel Sing Tien Foo Department of Real Estate 22 August 2014 2 Lecture Outline Investing in real estate
White Paper. LIHTC Apartments Mortgage Risk Why They Do Not Default. By George Vine, CFA
White Paper LIHTC Apartments Mortgage Risk Why They Do Not Default By George Vine, CFA Introduction People generally know that LIHTC mortgages (first mortgages on low income housing tax creditfinanced
Peeling The Onion on Capitalization Rates
The compression in cap rates during the 2005-2007 commercial real estate (CRE) bubble led to miscalculations on the part of many sophisticated investors in regards to exit valuations. As we quantitatively
INCOME APPROACH Gross Income Estimate - $198,000 Vacancy and Rent Loss - $9,900
INCOME APPROACH The Income Approach considers the return on Investment and is similar to the method that investors typically use to make their investment decisions. It is most directly applicable to income
All Information Contained in the Document is intended for the purpose of education and may not be reproduced without prior consent.
All Information Contained in the Document is intended for the purpose of education and may not be reproduced without prior consent. Copyright 2013 CohnReznick, LLP Maximizing Opportunities in Year 15 2
Regulation G Reconciliations
Regulation G Reconciliations Reconciliation of Global Rolled Products Adjusted EBITDA to ATOI ($ in millions, except per metric ton amounts) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
As of December 31, 2014. As of December 31, 2015. Assets Current assets:
Assets Current assets: Alphabet Inc. CONSOLIDATED BALANCE SHEETS (In millions, except share and par value amounts which are reflected in thousands, and par value per share amounts) As of December 31, 2014
Investit Software Inc. www.investitsoftware.com. HOLD vs. SELL OFFICE BUILDING USA EXAMPLE
INTRODUCTION This example illustrates Hold versus Sell Analysis. HOLD vs. SELL OFFICE BUILDING USA EXAMPLE The Investit Pro Template used is Hold vs. Sell Office Monthly This practice example consists
ENTREPRENEURIAL FINANCE: Strategy Valuation and Deal Structure
ENTREPRENEURIAL FINANCE: Strategy Valuation and Deal Structure Chapter 9 Valuation Questions and Problems 1. You are considering purchasing shares of DeltaCad Inc. for $40/share. Your analysis of the company
Debt Service Coverage Ratio (DSCR) Calculations and Examples
April 15, 2014 Debt Service Coverage Ratio (DSCR) Calculations and Examples This document provides product-specific information and sample calculations for the debt service coverage ratio that is disclosed
Property Report : House in Dallas
Property Report : House in Dallas Generated on: Jul 6, 2016 Author: Guest Page 1 of 11 Table of Contents Executive Summary 3 Property Description 4 Operational Effectivness 5 Financial Effectivness 6 Financing
Lecture Notes. Dollars and Sense of Building Rehabilitation. Attracting Equity and Debt. National Development Council
1 Dollars and Sense of Building Rehabilitation Attracting Equity and Debt 2 Lecture Notes 927 Dudley Road Edgewood, KY 41017 ph: 859-578-4850 fax: 859-578-4860 2006 All rights reserved. Version: August
Affordable Housing: LIHTC Accounting Overview. July 30, 2014
Affordable Housing: LIHTC Accounting Overview July 30, 2014 Tax Credits 101 TOPIC Welcome and Overview Project Proforma Roles, Motivations and Responsibilities of Developer and Investor 10% Test 50% Test
Cash Flow Analysis Venture Business Perspective
Cash Flow Analysis Venture Business Perspective Cash Flow (CF) Analysis What is CF and how is determined? CF Free CF Managing CF Cash Conversion Cyclical CF Break-even Valuing venture businesses based
1. What is the difference between nominal returns and real returns?
End of Chapter 11 Questions and Answers 1. What is the difference between nominal returns and real returns? Answer: Nominal returns include inflation while real returns have inflation netted out. For example,
Consolidated Balance Sheet
Consolidated Balance Sheet -Pro forma Dec. 31, 2013 Dec. 31, 2012 Dec. 31, 2012 Assets Non-current assets Investment properties $ 34,153 $ 30,956 $ 31,696 accounted investments 9,281 7,470 8,038 Other
Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment
Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Prepared by Keith H. Reep, CCIM Real Estate Investment Consultant In this white paper 1 Advantages of investing
GENERAL GROWTH PROPERTIES REPORTS THIRD QUARTER RESULTS Mall NOI Increases 4.0%
GENERAL GROWTH PROPERTIES REPORTS THIRD QUARTER RESULTS Mall NOI Increases 4.0% Chicago, Illinois, October 31, 2012 General Growth Properties, Inc. (the Company ) (NYSE: GGP) today reported results for
Membership 54% 18% 28% Bank Captive Independent & Mult Line
Membership Bank Captive Independent & Mult Line 54% 18% 28% Business Fixed Investment & Equipment Financing Volume ($ Billions) New Business by Equipment Type Source: 2012 SEFA $14.0 $12.0 $10.0 $8.0 $6.0
Investit Software Inc. www.investitsoftware.com. Developer Pro USA 21000 SQ. FT RETAIL CENTER DEVELOPMENT EXAMPLE
Developer Pro USA 21000 SQ. FT RETAIL CENTER DEVELOPMENT EXAMPLE INTRODUCTION This example uses the Quick Proforma Retail template. This practice example consists of three Sections; 1. The input information
Equity Financings and Structures
Equity Financings and Structures November 2011 Table of Contents C:\Documents and Settings\friedara\Local Settings\Temporary Internet Files\OLK9E4\Equity Overview 11 14 11.ppt\A2XP\15 NOV 2011\9:27 AM\2
CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)
CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED) STATEMENTS OF FINANCIAL POSITION (Unaudited; in thousands of Canadian dollars) ($000s) Note September
So, now I would like to pass the floor to Mr. Carlos Medeiros. Mr. Carlos, you have the floor.
Operator: Good Morning. Welcome to conference call on the results of the 1Q07. Today we have here with us Mr. Carlos Medeiros, CEO, and Mr. Leandro Bousquet, CFO and IR Officer. We inform you that the
Business Plan Planning Service Financial Analyses and Projections
Business Plan Planning Service Financial Analyses and Projections Financials Included With Every Ceo Resource Plan These are the financial analyses and projections that are included with all plans developed
Need to know finance
Need to know finance You can t hide from it Every decision has financial implications Estimating sales and cost of sales (aka direct costs) Gross Profit and Gross Profit Margin (GPM) Sales cost of sales
NN GROUP FINANCIAL SUPPLEMENT 4Q2014
NN GROUP FINANCIAL SUPPLEMENT 4Q2014 NN GROUP FINANCIAL SUPPLEMENT 4Q2014 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Rounding could
Scott s Real Estate Investment Trust. Interim Consolidated Financial Statements (Unaudited) March 31, 2009 and 2008
Interim Consolidated Financial Statements March 31, and Interim Consolidated Balance Sheets (in thousands of dollars) Assets March 31, December 31, Income-producing properties (note 3) 172,404 174,135
Investment Analyst Case Study Iron Bank Real Estate Investors The Lyric (215 10 th Ave E) Seattle-Tacoma-Bellevue Metro
Investment Analyst Case Study Iron Bank Real Estate Investors The Lyric (215 10 th Ave E) Seattle-Tacoma-Bellevue Metro OVERVIEW The Lyric ( Property ) is being offered for sale with an asking price of
Innovative Technology Solutions for Sustainability ABENGOA. Market Update
Innovative Technology Solutions for Sustainability ABENGOA Market Update November, 2014 Forward-looking Statement This presentation contains forward-looking statements (within the meaning of the U.S. Private
Calculation Manual. April 25, 2011
April 25, 2011 ARGUS Valuation - DCF The contents of this document are considered proprietary by ARGUS Software, the information enclosed and any portion thereof may not be utilized for any purpose other
LYDIAN ANNOUNCES $325 MILLION CONSTRUCTION FINANCING FOR AMULSAR GOLD PROJECT
LYDIAN ANNOUNCES $325 MILLION CONSTRUCTION FINANCING FOR AMULSAR GOLD PROJECT Conference Call December 1, 2015 Lydianinternational.co.uk TSX:LYD Cautionary Statements Forward Looking Statements & Other
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
Real Estate Investment Analysis and Advanced Income Appraisal BUSI 331
Real Estate Division Real Estate Investment Analysis and Advanced Income Appraisal BUSI 331 Presentation by Graham McIntosh Outline 1. Introduction 2. Investment Analysis vs. Appraisal 3. The After Tax
Lease-Versus-Buy. By Steven R. Price, CCIM
Lease-Versus-Buy Cost Analysis By Steven R. Price, CCIM Steven R. Price, CCIM, Benson Price Commercial, Colorado Springs, Colorado, has a national tenant representation and consulting practice. He was
Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements
Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements TABLE OF CONTENTS 1.0
TFR Industry Aggregate Report
Page 1 of 40 Description Dec 2010 Value Sep 2010 Value Jun 2010 Value Mar 2010 Value Dec 2009 Value Number of Regulated Institutions 38 38 38 38 38 Schedule NS --- Optional Narrative Statement Dec 2010
First Quarter 2016 Earnings Release and Supplemental Information
First Quarter 2016 Earnings Release and Supplemental Information CH2 Data Center Elk Grove Village, IL DuPont Fabros Technology, Inc. 1212 New York Avenue, NW Suite 900 Washington, D.C. 20005 (202) 728-0044
Page 69. Sutton Living Business Plan and Loan Agreement. Mary Morrissey, Strategic Director of Environment, Housing and Regeneration
Page 69 Agenda Item 5b Report to: Opportunity Sutton Limited Sub- Committee Date: 4 August 2015 Report title: Report from: Ward/Areas affected: Chair of Committee/Lead Member: Author(s)/Contact Number(s):
Private Equity and Venture Capital Funds
ALTERNATIVE INVESTMENT SOLUTIONS hedge fund ELEMENTS Private Equity and Venture Capital Funds Private Equity and Venture Capital funds (abbreviated PE and VC in this discussion) operate much differently
Model is used to calculate Financial Statements on a Quarterly Basis for a One Year period. Model provides the ability to:
ADDITIONAL REFERENCES AND FINANCIAL MODELS: For more information about financial statements and terms refer to e book, How to Read Financial Statements. Advanced financial models providing 5 year projections
Strategic and Operational Overview May 11, 2016
Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,
Financial Translation. Pierre Courduroux Senior Vice President and Chief Financial Officer
Financial Translation Pierre Courduroux Senior Vice President and Chief Financial Officer Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements, such
Solid Financial Position Improving Efficiency
Solid Financial Position Improving Efficiency Kim Ignatius CFO, Sanoma Group Sanoma Capital Markets Day 12 October 2009 Solid financial performance improving efficiency Cost reductions Reshaping operations
NUVISTA ENERGY LTD. Consolidated Statements of Financial Position (unaudited)
NUVISTA ENERGY LTD. Consolidated Statements of Financial Position (unaudited) ($Cdn thousands) Assets Current assets Cash and cash equivalents $ - $ - Accounts receivable and prepaids 42,980 30,317 Assets
Kimco Realty Announces First Quarter 2016 Operating Results
Listed on the New York Stock Exchange (KIM) NEWS RELEASE Kimco Realty Announces First Quarter 2016 Operating Results Company Remains Focused on 2020 Vision: Sustaining High Occupancy, Reducing Joint Venture
AIMS Financial Group s SIV Funds
AIMS Financial Group s SIV Funds Contents AIMS Financial Group Why Invest with AIMS AIMS SIV Funds AIMS Investment Management Team AIMS Track Record Summary Disclaimer 2 About AIMS Financial Group AIMS
NN GROUP FINANCIAL SUPPLEMENT 1Q2016
NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are
The Nature of Accounting Systems
Basic Accounting & Budgeting February 4, 2009 The Nature of Accounting Systems Accounting is the process of recording, classifying, summarizing, reporting and interpreting information about the economic
Investment Presentation of a Non-Gap Fund
Understanding Carlyle s Financial Statements April 2012 Notice to Recipients This presentation has been prepared by The Carlyle Group L.P. (together with its affiliates, Carlyle ) and may only be used
www.commercialloansinalaska.com
Financial Corporation 5313 Arctic Blvd., Suite 206 Anchorage, Alaska 99518 (907)279-8551 www.commercialloansinalaska.com CHAPTER 1 INTRODUCTION TO COMMERCIAL LOANS Commercial Loans are defined as: "Any
Flextronics International, Ltd. GAAP Reconciliation - Gross Profit and Gross Margins
GAAP Reconciliation - Gross Profit and Gross Margins GAAP Gross Profit $ 263,883 $ 456,767 $ 417,461 $ 297,339 $ 108,863 Stock-based compensation expense 2,400 2,298 2,290 2,803 2,662 Distressed customer
Financing a New Venture
Financing a New Venture A Canadian Innovation Centre How-To Guide 1 Financing a new venture New ventures require financing to fund growth Forms of financing include equity (personal, family & friends,
Preliminary Presentation
Preliminary Results Presentation Year ended 31 December 2012 February 2013 1 Executive Summary Very good progress during 2012 despite no improvement in market transaction levels - Underlying Group Operating
NUVISTA ENERGY LTD. Consolidated Statements of Financial Position (unaudited)
NUVISTA ENERGY LTD. Consolidated Statements of Financial Position (unaudited) ($Cdn thousands) Assets Current assets Cash and cash equivalents $ - $ - Accounts receivable and prepaids 35,443 30,317 Assets
About Our Private Investment Benchmarks
1. What is a benchmark? FREQUENTLY ASKED QUESTIONS A benchmark is a standard of measurement for investment performance. One of the more common types of benchmarks is an index which, in this case, measures
Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010
Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010 Overall trading conditions continue to improve GROUP Operating income 251 million ( 163 million in Q1 20); quarter benefited from four
Financial Overview & Strategy
Financial Overview & Strategy Conservative approach to financial management Risk Management Unhedged gold production Leverage Target Internal Net Debt : EBITDA threshold of 1 times Funding Strategy Combination
There is a common problem:
Cost to Acquire the Customer (CAC) Profit from that Customer (LTV) For subscription revenue businesses = the value of that customer over their lifetime This number takes into account the COGS or cost to
Real Estate Debt Market Overview
Real Estate Debt Market Overview 1 Quarterly Transaction Volumes: 1Q2008 1Q2010* $50 $44 2008 Annual Total: $136 bn 2009 Annual Total: $49 bn $40 $30 $8 $14 $39 $6 $34 $4 0 $10 $0 $8 $14 $17 $14 $6 $5
THE ARLA REVIEW & INDEX
THE ARLA REVIEW & INDEX for Residential Investment FOURTH Quarter 2014 Fourth Quarter 2014 Compared with three months ago, the average weighted rental return for houses is up from 5.0% to 5.1%, its second
FINANCIAL RESULTS Q1 2016
FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets
Fingerprint Cards Q1 2015 Results
Fingerprint Cards Q1 2015 Results May 21, 2015 Q1 Summary Key numbers from Q1 2015 results Revenues Margins & profitability Market development Revenue of SEK 140 million, an increase of 33% q o q and an
4th QUARTER FY 2016 EARNINGS PRESENTATION
4th QUARTER FY 2016 EARNINGS PRESENTATION 1 Forward-Looking Statements All written or oral statements made by CSC at this meeting or in these presentation materials that do not directly and exclusively
Building a Financing Plan For the Entrepreneur For the Investor
Building a Financing Plan For the Entrepreneur For the Investor Founded by: Sections B asics Entrepreneur vs. Investor Fund Raising Environment Sources of information Questions Where do you start? You
Interim Results H1 of FY2014
Interim Results H1 of FY2014 30 January 2014 Thomas Beregi Chief Executive Officer Michael Eadie Chief Financial Officer Leveraging our leadership in the credit-impaired consumer segment Core Australian
Partnership Flip Structure
Accounting for Investments in Alternative Energy Projects Maria Davis Deloitte & Touche LLP Partnership Flip Structure Developer Tax Equity Investor Cash distributions Period 1: 100% Period 2: 0% Period
Société Générale The Premium Review Conference. 02 December 2009
Société Générale The Premium Review Conference 02 December 2009 Chris Lucas Group Finance Director Group performance Nine months ended September 2009 m 2008 m % change Income 23,786 18,830 26 Operating
Financing UK Microhydro
Financing UK Microhydro What are the options available? raising the finance on hydro projects is slow, tedious, and uncertain unlike on wind and AD etc, where they can see brand names, quick installation
Financing Entrepreneurial Ventures Part 1 Financial Plan & Statements
Financing Entrepreneurial Ventures Part 1 Financial Plan & Statements Barbara Peitsch Program Director, Univ. of Michigan Peter Scott Professor of Entrepreneurship/Consultant August 2015 Economic Empowerment
Educational Efforts With FAST Tools
Educational Efforts With FAST Tools By Paul N. Ellinger 1 farmdoc companion project initiated in 1999 FAST Tools Development of spreadsheet-based tools to aid decisions for producers, lenders, consultants
Q3 2015 Investor Presentation
Firm Capital Mortgage Investment Corporation Firm Capital Mortgage Investment Corporation is a non-bank lender providing residential and commercial real estate financing. Q3 2015 Investor Presentation
Understanding the APOD How to Crunch the Numbers on Your Investment Transaction
Understanding the APOD How to Crunch the Numbers on Your Investment Transaction Commercial Investment Education Alliance Commercial Success Series 105 1 Commercial Investment Education Alliance Please
Welcome! Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard
Welcome! HUD 202 refinancing: i Preserving multifamily il properties Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard
Noble Royalties, Inc.
Noble Royalties, Inc. { America s Leader for Private Royalty Ownership Welcome } For over a century, sophisticated investors have understood the benefits of More Diversification Means Reduced Portfolio
Reverse Mortgage. by Jeffrey D. Smith
There are finance companies that are offering the "Reverse Mortgage" to seniors (at least age 62). Seniors with a substantial amount of equity in their residence are targets of this aggressive predatory
THE EMPIRE LIFE INSURANCE COMPANY
THE EMPIRE LIFE INSURANCE COMPANY Condensed Interim Consolidated Financial Statements For the nine months ended September 30, 2013 Unaudited Issue Date: November 6, 2013 These condensed interim consolidated
Real Estate Investment Newsletter May 2004
Pooled Investment: A Primer This month I will explain the benefits of pooling your money to invest in real estate along with other investors as an alternative to direct ownership of real estate. We ll
Cerberus PSERS Levered Loan Opportunities Fund, L.P.
High Yield Commitment Cerberus PSERS Levered Loan Opportunities Fund, L.P. June 11, 2015 Charles J. Spiller, Managing Director Private Markets & Real Estate Overview Cerberus Business Finance, LLC ( CBF
Financial Plan. A) Estimated One-Time Financial Requirements. Part One
Financial Plan The Financial Plan is perhaps one of the most important components of your Business Plan (see Business Plan Handout). Not only is it essential if you are seeking external financing it is
YTD Highlights. 1 st Half 2013 Results Presentation
1H/13 Results Presentation August 30 th, 2013 YTD Highlights Sales resilience, backlog impacted by forex Sustainable net results Working capital control remains top priority Disposals program under way
Prospective Analysis REVIEW
Prospective Analysis REVIEW Prospective analysis is the final step in the financial statement analysis process. It includes forecasting of the balance sheet, income statement and statement of cash flows.
Financial Statement Analysis!
Financial Statement Analysis! The raw data for investing Aswath Damodaran! 1! Questions we would like answered! Assets Liabilities What are the assets in place? How valuable are these assets? How risky
Small Business Lending *
Reserve Small Business Bank of Lending Australia Bulletin Small Business Lending * These notes were prepared in response to a request from the House of Representatives Standing Committee on Financial Institutions
Pro Forma Projections How to prepare reasonable projections based on your market and customers
Pro Forma Projections How to prepare reasonable projections based on your market and customers Dennis Beard, Serra Ventures, LLC EnterpriseWorks EIR Workshop Series, February 16, 2011 Workshop Agenda 2
Tuesday, July 8th 08:30 12:00 Scandic Berlin Potsdamer Platz, Berlin, Germany
ICSC European Retail Property School Shopping Centre Finance Tuesday, July 8th 08:30 12:00 Scandic Berlin Potsdamer Platz, Berlin, Germany Jan Kubíček, MRICS Heitman Europe, Czech Republic Bernd Huber,
Deutsche Wohnen AG.» Full Year Results 2009. Conference Call, 26 March 2010
Deutsche Wohnen AG» Full Year Results 2009 Conference Call, 26 March 2010 1 » Agenda 1. Results of the financial year 2009 2. Financial highlights 2009 3. Strategic objectives 4. Forecast 2 » 1 Results
Non-Recourse Financing for a Self-Directed IRA Investment
Non-Recourse Financing for a Self-Directed IRA Investment Transaction Summary Date: September 2012 Property Description: 12,720 SF retail building built in 2001 in good condition. The property is 100%
INTERIM REPORT TO SHAREHOLDERS JUNE 30, 2002
Q2.qxd 8/20/2002 4:22 PM Page 1 INTERIM REPORT TO SHAREHOLDERS JUNE 30, 2002 FINANCIAL HIGHLIGHTS Three months ended June 30 Six months ended June 30 (Millions, except per share amounts) 2002 2001 2002