Multifamily Construction Example

Transcription

1 Property Information Multifamily Construction Example Project Assumptions Acquisition Assumptions Property Name Multifamily Construction Example Project Type New Construction Location San Antonio, TX Land Cost $2,000,000 Property Use Multifamily Hard Costs $8,000,000 Units 200 Soft Costs $2,000,000 Analysis Year Begin 2016 Development Cost $12,000,000 Annual Inflation Rate 3.0% Due Diligence/Closing Costs 0.00% $0 Unit of Measure Square Feet Unleveraged Development Cost $12,000,000 Currency Dollar Initial Loan Origination Fee 0.50% $45,000 Leveraged Development Cost $12,045,000 Initial Capital Structure Tax Assumptions Debt: (LTC) 75.0% $9,000,000 Ordinary Income Marginal Tax Rate 35.0% Equity $3,045,000 Capital Gains Tax Rate 20.0% Total $12,045,000 Cost Recovery Recapture Tax Rate 25.0% Desired Equity Return (Discount Rate) 10.0% Cost Recovery Assumptions Developer Equity 10.0% $304,500 Assessed Value of Land 17% JV Partner Preferred Equity 90.0% $2,740,500 Assessed Value of Improvements 83% Please refer to the Equity Investor Returns worksheet for waterfall information. Cost Recovery Method Straight Line Useful Life 27.5 C.R. 1st & Last Years (11.5 months) 3.485% C.R. Interim Years (12 Months) 3.636% Debt Structure Assumptions Development Loan Amortizing Debt Service Will there be an Interest Only Period? Yes Amortization Type American Loan Amount $9,000,000 Amortizing Loan Amount $11,446,000 Interest Expense Included in Budget Term (Months) 120 Interest Amount Included in Budget $300,000 Amortization (Months) 360 Term (Months) 36 Start Rate 4.50% Rate 3.50% Origination Fee 1.00% Origination Fee 0.50% Exit Fee 1.00% Funding Status Fund Up Rate Type Fixed Fully Funded by Month: 15 Grow Rate 0.00% every 1 years Action at Maturity: Resize Loan Amount Minimum DSCR 1.25x Maximum LTV 75.0% Based on Cap Rate of 6.50% in year 4 Loan is limited based on LTV. Sale Assumptions Year of Sale 10 Terminal Value Calculation Method Cap Rate Cost of Sale 0.5% Exit Cap Rate 6.50%

2 Multifamily Construction Example Unit Mix Unit Type Beds Baths Number of Units % Unit SF Total SF Monthly Rental Rate $ PSF Total Monthly Rent Eff % 523 8,368 $510 $0.98 $8,160 A % ,800 $610 $0.98 $24,400 B % ,272 $699 $1.00 $22,368 C % ,848 $759 $1.04 $48,576 D % ,976 $789 $0.97 $37,872 Total % ,264 $707 $1.00 $141,376

3 Total Units 200 Beginning Occupancy 0% Stabilized Occupancy 93% Stabilized Units 186 Begin Occupying in Month 10 Units Pre-Leased 20 Units Leased per Month 10 Lease-Up Schedule Project leases in 17 months. Stabilization is achieved in month 26. Annual Summary Year Leased Units Leased Units Average Leased in Period (BOY) (EOY) Occupancy Average Vacancy % 95% % 43% % 7% % 7% % 7% % 7% % 7% % 7% % 7% % 7%

4 Schedule of Prospective Cash Flows Period 11 Operating Income Inflation 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Base Rental Revenue 1,696,512 1,747,407 1,799,830 1,853,824 1,909,439 1,966,722 2,025,724 2,086,496 2,149,091 2,213,563 2,279,970 Other Potential Gross Revenue Less: Concessions Storage Income 60,000 61,800 63,654 65,564 67,531 69,556 71,643 73,792 76,006 78,286 80,635 Total Other Potential Gross Revenue 60,000 61,800 63,654 65,564 67,531 69,556 71,643 73,792 76,006 78,286 80,635 Total Potential Gross Revenue 1,756,512 1,809,207 1,863,484 1,919,388 1,976,970 2,036,279 2,097,367 2,160,288 2,225,097 2,291,850 2,360,605 General Vacancy Rate 95.0% 42.5% 7.3% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% Vacancy & Collection Loss (1,668,686) (768,913) (135,103) (134,357) (138,388) (142,540) (146,816) (151,220) (155,757) (160,429) (165,242) Effective Gross Income 87,826 1,040,294 1,728,381 1,785,031 1,838,582 1,893,739 1,950,551 2,009,068 2,069,340 2,131,420 2,195,363 Operating Expenses Inflation 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Property Management Fee 3.0% 2,635 31,209 51,851 53,551 55,157 56,812 58,517 60,272 62,080 63,943 65,861 Ad Valorem Taxes 0 185, , , , , , , , , ,922 Insurance 0 26,399 27,191 28,007 28,847 29,712 30,604 31,522 32,467 33,441 34,445 Utilities 0 83,213 85,709 88,281 90,929 93,657 96,467 99, , , ,574 Repairs & Maintenance 0 40,109 41,312 42,552 43,828 45,143 46,497 47,892 49,329 50,809 52,333 Contract Services 0 37,290 38,409 39,561 40,748 41,970 43,229 44,526 45,862 47,238 48,655 General & Administrative 0 12,005 12,365 12,736 13,118 13,512 13,917 14,335 14,765 15,208 15,664 Marketing 0 35,530 36,596 37,694 38,825 39,989 41,189 42,425 43,697 45,008 46,359 Miscellaneous 0 225, , , , , , , , , ,904 Total Operating Expenses $2,635 $676,421 $716,420 $738,056 $760,198 $783,004 $806,494 $830,689 $855,610 $881,278 $907,716 Operating Reserves Cap Ex Reserves Replacement Reserves 0.0% 0 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 Total Reserves $0 $55,000 $55,000 $55,000 $55,000 $55,000 $55,000 $55,000 $55,000 $55,000 $55,000 Net Operating Income $85,191 $308,873 $956,961 $991,975 $1,023,384 $1,055,735 $1,089,057 $1,123,379 $1,158,730 $1,195,142 $1,232,647

5 Schedule of Prospective Cash Flows Period Net Operating Income 85, , , ,975 1,023,384 1,055,735 1,089,057 1,123,379 1,158,730 1,195,142 Debt Service Interest 136, , , , , , , , , ,180 Principal , , , , , , ,763 Less: Interest in Development Budget (136,500) (163,500) Total Debt Service 0 146, , , , , , , , ,942 Refinance Proceeds ,446, Less: Mortgage Origination Fee (114,460) Cash Flow After Debt Service 85, , ,961 2,627, , , , , , ,200 Capital Expenses Capital Expenditures Replacement Reserve Expenses Total Capital Expenses Expenses Paid from Reserves Less: Cap Ex Paid from Reserves Less: User Defined Paid from Reserves Net Capital Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Non-Regular Income Other Non-Regular Income Return of Reserve Funds ,000 Total Non-Regular Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $495,000 Cash Flow Before Taxes 85, , ,961 2,627, , , , , , ,200 Tax Liability* Cost Recovery Improvements 348, , , , , , , , , ,500 Loan Costs Amortization 15,000 15,000 15,000 11,446 11,446 11,446 11,446 11,446 11,446 11,446 Taxable Income (414,809) (324,477) 318, , , , , , , ,017 Tax Liability (Savings) at 35% (145,183) (113,567) 111,426 56,223 70,185 84,613 99, , , ,606 Cash Flow After Taxes 230, , ,535 2,571, , , , , , ,594 *Does not include Capital Expenses as they are often subject to separate tax treatment. This pro forma does not constitute tax advice. Please consult a professional tax advisor Reserve Account Balances Period Cap Ex Reserve Beginning Balance Contributions Expenses Paid Ending Balance Replacement Reserves Beginning Balance , , , , , , , ,000 Contributions 0 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 Expenses Paid Ending Balance 0 55, , , , , , , , ,000 Total Reserve Balances 0 55, , , , , , , , ,000

6 Value Multifamily Construction Example Project Return Summary Summary Sale Analysis Cash Flows IRR & Present Value Units 200 Development Cost $12,000,000 Before Tax After Tax Unleveraged IRR 10.5% Development Costs $12,000,000 Per Unit $60,000 Operating Cash Flows $6,482,122 $5,920,501 Unleveraged PV at 10% $12,460,000 Other Costs $45,000 Sale Price $18,963,795 Net Sale Proceeds $8,808,337 $6,533,092 Leveraged IRR 25.0% Equity $3,045,000 Per Unit $94,819 Total Cash Flow $15,290,459 $12,453,593 Leveraged PV at 10% $16,270,000 Debt $9,000,000 Appreciation 58.0% Profit $12,245,459 $9,408,593 After Tax IRR (Leveraged) 23.1% LTC 75% Avg. App/Year 5.8% Equity Multiple 4.02x 3.09x After Tax PV at 10% $15,190,000 Annual Income Projections Net Operating Income Cash Flow After Taxes Debt Serivce Debt vs. Equity Mortgage Balance (EOY) Equity (EOY) $3,000,000 $20,000,000 $2,500,000 $18,000,000 $16,000,000 $2,000,000 $1,500,000 $14,000,000 $12,000,000 $10,000,000 $1,000,000 $8,000,000 $6,000,000 $500,000 $0 $4,000,000 $2,000,000 $0 Debt Service Coverage Ratio Annual Cash on Cash Return 3.25x Before Tax Cash on Cash After Tax Cash on Cash 3.00x 2.75x 2.50x 2.25x 2.00x 100% 90% 80% 70% 60% 1.75x 50% 1.50x 40% 1.25x 30% 1.00x 20% 0.75x 0.50x 10% 0% Break Even Occupancy Value Sensitivity After Tax Pre Tax *Excludes Capital Expenses 5.5% Cap Rate 6.5% Cap Rate 7.5% Cap Rate Development Cost 90% $25,000,000 80% 70% $20,000,000 60% 50% $15,000,000 40% 30% $10,000,000 20% 10% $5,000,000 0% $0 This pro forma does not constitute tax advice. Please consult a professional tax advisor.

7 Summary & Ratios Operating Summary Effective Gross Income 87,826 1,040,294 1,728,381 1,785,031 1,838,582 1,893,739 1,950,551 2,009,068 2,069,340 2,131,420 Operating Expenses (2,635) (676,421) (716,420) (738,056) (760,198) (783,004) (806,494) (830,689) (855,610) (881,278) Operating Reserves (55,000) (55,000) (55,000) (55,000) (55,000) (55,000) (55,000) (55,000) (55,000) Net Operating Income 85, , , ,975 1,023,384 1,055,735 1,089,057 1,123,379 1,158,730 1,195,142 Less: Debt Service (146,250) (315,000) (695,942) (695,942) (695,942) (695,942) (695,942) (695,942) (695,942) Less: Fees (114,460) Refinance Proceeds 2,446,000 Cash Flow After Debt Service 85, , ,961 2,627, , , , , , ,200 Non-Regular Income 495,000 Sale Price Based on 6.5% Exit Cap Rate 18,963,795 Less: Mortgage Balance (9,961,028) Less: Cost of Sale (194,429) Cash Flow Before Taxes 85, , ,961 2,627, , , , , ,788 9,802,537 Less: Taxes 145, ,567 (111,426) (56,223) (70,185) (84,613) (99,524) (114,934) (130,860) (2,427,851) Cash Flow After Taxes 230, , ,535 2,571, , , , , ,928 7,374,686 Value Summary Cap Rate Based on Development Cost 0.71% 2.56% 7.94% 8.24% 8.50% 8.76% 9.04% 9.33% 9.62% 9.92% Value Based on 6.5% Exit Cap Rate 4,751,899 14,722,480 15,261,147 15,744,366 16,242,082 16,754,729 17,282,756 17,826,623 18,386,806 18,963,795 Mortgage Balance (EOY) 7,200,000 9,000,000 9,000,000 11,261,350 11,068,217 10,866,212 10,654,927 10,433,935 10,202,791 9,961,028 Equity (EOY) (2,448,101) 5,722,480 6,261,147 4,483,016 5,173,865 5,888,517 6,627,829 7,392,688 8,184,015 9,002,767 Operating Ratios Net Income Multiplier* Operating Expense Ratio 3% 65% 41% 41% 41% 41% 41% 41% 41% 41% Cash on Cash Return (Pre Tax) 2.8% 5.3% 21.1% 86.3% 10.8% 11.8% 12.9% 14.0% 15.2% 16.4% Cash on Cash Return (Post Tax) 7.6% 9.1% 17.4% 84.4% 8.4% 9.0% 9.6% 10.3% 10.9% 27.6% *Based on Development Cost Lender Ratios Loan to Value Ratio 152% 61% 59% 72% 68% 65% 62% 59% 55% 53% Debt to Equity Ratio (2.94) Debt Service Coverage Ratio x 3.04x 1.43x 1.47x 1.52x 1.56x 1.61x 1.66x 1.72x Break Even Occupancy (Pre Tax) 0% 45% 55% 69% 74% 73% 72% 71% 70% 69% Break Even Occupancy (Post Tax) -8% 39% 61% 72% 77% 77% 76% 76% 76% 75% Debt Yield 1.2% 3.4% 10.6% 8.8% 9.2% 9.7% 10.2% 10.8% 11.4% 12.0% Performance Summary over 10 Years Pre Tax Post Tax Initial Equity (3,045,000) (3,045,000) Operating Cash Flows 6,482,122 5,920,501 Net Reversion Proceeds 8,808,337 6,533,092 Net Cash Flow 12,245,459 9,408,593 Net Present Value at 10% 4,226,939 3,143,094 Leveraged IRR 25.0% 23.1% This pro forma does not constitute tax advice. Please consult a professional tax advisor.

8 Unlevered Returns Net Operating Income 85, , , ,975 1,023,384 1,055,735 1,089,057 1,123,379 1,158,730 1,195,142 Less: Capital Expenses Non-Regular Income ,000 Operating Cash Flow 85, , , ,975 1,023,384 1,055,735 1,089,057 1,123,379 1,158,730 1,690,142 Reversion Cash Flow ,963,795 Less: Cost of Sale (94,819) Net Cash Flow (12,000,000) 85, , , ,975 1,023,384 1,055,735 1,089,057 1,123,379 1,158,730 20,559,118 Cash on Cash Return 0.7% 2.6% 8.0% 8.3% 8.5% 8.8% 9.1% 9.4% 9.7% 171.3% Net Cash Flow $16,352,405 Net Present Value at 10% $461,369 Unleveraged IRR 10.5% Avg. Operating Cash on Cash 7.9% Avg. Cash on Cash 23.6% Unleveraged PV at 10% Rounded ($10,000's) $12,460,000 Per Unit $62,300 Levered Cash Flow Net Operating Income 85, , , ,975 1,023,384 1,055,735 1,089,057 1,123,379 1,158,730 1,195,142 Refinance Proceeds ,446, Less: Debt Service - (146,250) (315,000) (695,942) (695,942) (695,942) (695,942) (695,942) (695,942) (695,942) Less: Mortgage Origination Fee (114,460) Cash Flow After Debt Service 85, , ,961 2,627, , , , , , ,200 Less: Capital Expenses Non-Regular Income ,000 Distributable Cash Flow 85, , ,961 2,627, , , , , , ,200 Reversion Cash Flow ,963,795 Less: Cost of Sale (94,819) Less: Mortgage Balance (9,961,028) Less: Mortgage Exit Fee (99,610) Net Cash Flow (3,045,000) 85, , ,961 2,627, , , , , ,788 9,802,537 Cash on Cash Return 2.8% 5.3% 21.1% 86.3% 10.8% 11.8% 12.9% 14.0% 15.2% 321.9% Net Leveraged Cash Flow $12,245,459 Net Present Value at 10% $4,226,939 Leveraged IRR 25.0% Avg. Operating Cash on Cash 21.3% Avg. Cash on Cash 50.2% Present Value of Cash Flows at 10% $7,271,939 Plus: Original Loan Amount $9,000,000 Total Leveraged Present Value $16,271,939 Rounded ($10,000's) $16,270,000 Per Unit $81,350 After Tax Returns Project Return Details Basis Calculation Basis at Acquisition ,000,000 + Capital Additions Cost Recovery (Depreciation) Taken (3,605,800) Adjusted Basis at Sale ,394,200 Capital Gain Calculation Sale Price ,963,795 Less Cost of Sale (94,819) Less Adjusted Basis at Sale (8,394,200) Gain (Loss) ,474,776 Straight Line Cost Recovery (Limited to Gain) ,605,800 Capital Gain from Appreciation ,868,976 Unamortized Loan Fees (Costs) Sale Proceeds Calculation Sale Price ,963,795 Less Cost of Sale (94,819) Less Mortgage Exit Fee (99,610) Less Mortgage Balance (9,961,028) Sale Proceeds Before Tax ,808,337 Less Tax on Ordinary Income at 35% Less Tax on Cost Recovery Recapture at 25% (901,450) Less Tax on Capital Gain at 20% (1,373,795) Sale Proceeds After Tax ,533,092 Proceeds After Taxes Cash Flow Before Taxes 85, , ,961 2,627, , , , , , ,200 Less: Annual Operating Tax Liability 145, ,567 (111,426) (56,223) (70,185) (84,613) (99,524) (114,934) (130,860) (152,606) Cash Flow After Taxes 230, , ,535 2,571, , , , , , ,594 Sale Proceeds After Taxes ,533,092 Annual Proceeds After Taxes (3,045,000) 230, , ,535 2,571, , , , , ,928 7,374,686 Cash on Cash Return 7.6% 9.1% 17.4% 84.4% 8.4% 9.0% 9.6% 10.3% 10.9% 242.2% Net Cash Flows $9,408,593 Net Present Value at 10% $3,143,094 Effective Tax Rate 7.6% After Tax Leveraged IRR 23.1% Avg. Operating Cash on Cash 19.4% Avg. Cash on Cash 40.9% Present Value of Cash Flows at 10% $6,188,094 Plus: Original Loan Amount $9,000,000 Total After Tax Leveraged Present Value $15,188,094 Rounded ($10,000's) $15,190,000 Per Unit $75,950 This pro forma does not constitute tax advice. Please consult a professional tax advisor.

9 Interest Only Loan Loan Amortization Schedule Amortizing Loan Loan Amount $9,000,000 Loan Amount $11,446,000 Term 36 Term 120 Rate 3.50% Amortization 360 Funding Status Fund Up Rate 4.50% Rate Type Fixed Annual Summary Year Loan Type Effective Rate Beginning Balance Interest Principal Total Payments Ending Balance 1 I/O 3.50% 600, , ,500 7,200,000 2 I/O 3.50% 7,800, , ,750 9,000,000 3 I/O 3.50% 9,000, , ,000 9,000,000 4 Amortizing 4.50% 11,446, , , ,942 11,261,350 5 Amortizing 4.50% 11,261, , , ,942 11,068,217 6 Amortizing 4.50% 11,068, , , ,942 10,866,212 7 Amortizing 4.50% 10,866, , , ,942 10,654,927 8 Amortizing 4.50% 10,654, , , ,942 10,433,935 9 Amortizing 4.50% 10,433, , , ,942 10,202, Amortizing 4.50% 10,202, , , ,942 9,961,028 Total 7.00% - 4,147,875 1,484,972 5,632,847 - Annual Interest vs. Principal Interest Principal 600, , , , , ,000 0

10 Sources & Uses Period - Total Sources Of Capital Debt Proceeds - 7,200,000 1,800, ,000,000 Refinance Proceeds ,446, ,446,000 Equity Contributions 3,045, ,045,000 Net Operating Income - 85, , , ,975 1,023,384 1,055,735 1,089,057 1,123,379 1,158,730 1,195,142 8,988,429 Non-Regular Income , ,000 Gross Proceeds from Sale ,963,795 18,963,795 Total Sources Of Capital 3,045,000 7,285,191 2,108, ,961 3,437,975 1,023,384 1,055,735 1,089,057 1,123,379 1,158,730 20,653,937 42,938,224 Uses Of Capital Development Costs 3,000,000 7,200,000 1,800, ,000,000 Costs and Fees 45, , , ,279 Mortgage Balance ,961,028 9,961,028 Mortgage Exit Fee ,610 99,610 Annual Interest Expense - 136, , , , , , , , , ,180 4,147,875 Less: Budgeted Interest - (136,500) (163,500) (300,000) Annual Principal Paydown , , , , , , ,763 1,484,972 Operating Tax Liability - (145,183) (113,567) 111,426 56,223 70,185 84,613 99, , , , ,621 Cost Recovery Tax Liability , ,450 Capital Gains Tax Liability ,373,795 1,373,795 Equity Returns - 230, , ,535 2,571, , , , , ,928 7,374,686 12,453,593 Total Uses Of Capital 3,045,000 7,285,191 2,108, ,961 3,437,975 1,023,384 1,055,735 1,089,057 1,123,379 1,158,730 20,653,937 42,938,224

11 Pre-Tax Equity Investor Returns Cash Flow Distribution Method Basis Rate Equity Investor Split Developer Split Initial Equity Contribution 90.0% 10.0% Preferred Return Cumulative Cash on Cash 10.0% 100.0% 0.0% Hurdle 1 Cash on Cash 12.0% 90.0% 10.0% Hurdle 2 Cash on Cash 14.0% 80.0% 20.0% Hurdle 3 Cash on Cash 16.0% 70.0% 30.0% Final Split 60.0% 40.0% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Annual Cash Flow Waterrfall Summary Cash Flow Waterfall Summary Period 0 Pre-Tax Net Cash Flow (3,045,000) 85, , ,961 2,627, , , , , ,788 9,802,537 Equity Investor Cash Flow Paid at Preferred Return (2,740,500) 85, , , , , , , , , ,050 Cash Flow Paid at Hurdle ,810 54,810 48,052 54,810 54,810 54,810 54,810 54,810 Cash Flow Paid at Hurdle ,380 54,810-19,874 46,532 54,810 54,810 54,810 Cash Flow Paid at Hurdle , ,782 41,528 54,810 Cash Flow Paid at Final Split ,287, ,592,465 Total Cash Flow to Equity Investor (2,740,500) 85, , ,526 1,725, , , , , ,198 6,030,945 Annual Cash on Cash 3.1% 5.9% 23.2% 63.0% 11.8% 12.7% 13.7% 14.6% 15.5% 220.1% Net Cash Flow 7,770,630 IRR 21.0% Average Annual Cash on Cash Return 38.4% Developer Cash Flow Paid at Preferred Return (304,500) Cash Flow Paid at Hurdle ,090 6,090 5,339 6,090 6,090 6,090 6,090 6,090 Cash Flow Paid at Hurdle ,345 13,703-4,969 11,633 13,703 13,703 13,703 Cash Flow Paid at Hurdle , ,192 17,798 23,490 Cash Flow Paid at Final Split , ,728,310 Total Cash Flow to Developer (304,500) - - 7, ,606 5,339 11,059 17,723 26,985 37,590 3,771,592 Annual Cash on Cash 0.0% 0.0% 2.4% 296.1% 1.8% 3.6% 5.8% 8.9% 12.3% % Net Cash Flow 4,474,830 IRR 45.0% Average Annual Cash on Cash Return 157.0% Equity Investor Developer This pro forma does not constitute tax advice. Please consult a professional tax advisor.

12 Holding Period Sensitivity Analysis These charts show the project's perfomanced based on Disposition year. They assume continued financing regardless of term. IRR Based on Hold Period 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Project Level 0.0% 39.1% 33.3% 28.7% 28.1% 27.5% 26.8% 26.2% 25.6% 25.0% $6,000,000 NPV Based on Hold Period $4,000,000 $2,000,000 $0 ($2,000,000) ($4,000,000) ($6,000,000) Project Level at 10% ($5,280,154) $1,806,409 $2,310,955 $2,487,809 $2,877,169 $3,220,771 $3,523,430 $3,789,483 $4,022,827 $4,226,968 Average Annual Cash on Cash Return Based on Hold Period 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% -20.0% -40.0% -60.0% -80.0% % Project Level -80.7% 96.3% 77.7% 65.5% 59.4% 55.7% 53.3% 51.8% 50.8% 50.2%