Exhibit 99.54

Interim Preliminary Work Papers Relating to Property Valuations

Delivered by the Independent Valuer

to the Supervisor on October 15, 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 Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 7.50%		Net Operating Income
Year 1		Jun-2012		$	9,999,569	$	9,301,925			1
Year 2		Jun-2013			17,801,671		15,404,366			2
Year 3		Jun-2014			28,894,913		23,259,266			3
Year 4		Jun-2015			34,600,076		25,908,555			4
Year 5		Jun-2016			39,467,441		27,491,387			5
Year 6		Jun-2017			39,488,140		25,586,795			6
Year 7		Jun-2018			42,376,184		25,542,453			7
Year 8		Jun-2019			43,244,636		24,247,364			8
Year 9		Jun-2020			45,293,158		23,624,163			9
Year 10		Jun-2021			46,113,726		22,374,100			10
Year 11		Jun-2022 NOI							57,135,561	11
Total Cash Flow					347,279,514		222,740,373
Terminal Capitalization Rate @					891,314,746		432,460,503
		6.25	%
Selling Costs @
		2.50	%
Total Property Present						$	655,200,876
Rounded to Thousands						$	655,000,000
Per SqFt							487.54
Leasehold Value						$	341,000,000
Implied Land Value						$	314,000,000
Per Buildable						$	233.72

DUFF & PHELPS

Project Legacy

Real Property Summary of Values

Prepared as of October 15, 2011

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

			Fee Simple (All)							Terminal Capitalization Rate 3			Leased Fee (Land)								Leasehold (Building)
Property	Ownership		Value		Entity		Discount Rate						Value		Entity			Discount Rate			Value		Entity			Discount Rate
112-120 West 34th Street		3rd Party GL		N/A		N/A		N/A			6.75	%		N/A		N/A			N/A		$	187,000,000		112 West 34th Street Company LLC			8.75	%
122 West 34th Street		Intra Party GL		N/A		N/A		N/A			6.75	%	$	197,100,000		112 West 34th Street Associates LLC			8.75	%		N/A		N/A			N/A
OGCP		Intra Party GL		N/A		N/A		N/A			6.25	%	$	334,500,000		60 East 42nd St. Associates LLC			7.50	%	$	320,500,000		Lincoln Building Associates LLC			7.50	%
250 W 57th Street		Intra Party GL		N/A		N/A		N/A			6.25	%	$	160,000,000		250 West 57th St. Associates LLC			7.75	%	$	150,000,000		Fisk Building Associates LLC			7.75	%
501 7th Avenue		Intra Party GL		N/A		N/A		N/A			6.75	%	$	81,500,000		Seventh & 37th Building Associates LLC			8.75	%	$	77,500,000		501 Seventh Avenue Associates LLC			8.75	%
ESB		Intra Party GL		N/A		N/A		N/A			6.00	%	$	1,300,500,000		Empire State Building Associates LLC	1		7.25	%	$	1,219,500,000		Empire State Building Company LLC	2		7.25	%
1333 Broadway		Fee Simple	$	189,000,000		1333 Broadway Associates LLC		8.75	%		6.75	%		N/A		N/A			N/A			N/A		N/A			N/A
1350 Broadway		3rd Party GL		N/A		N/A		N/A			6.75	%		N/A		N/A			N/A		$	186,000,000		1350 Broadway Associates LLC			8.75	%
1359 Broadway		Fee Simple	$	192,000,000		Marlboro Building Associates LLC		8.75	%		6.75	%		N/A		N/A			N/A			N/A		N/A			N/A
1400 Broadway		3rd Party GL		N/A		N/A		N/A			6.75	%		N/A		N/A			N/A		$	331,000,000		1400 Broadway Associates LLC			8.75	%
500 Mamaroneck		Fee Simple	$	44,000,000		500 Mamaroneck Avenue LP		9.25	%		7.25	%		N/A		N/A			N/A			N/A		N/A			N/A
First Stamford Place		Fee Simple	$	97,110,000		First Stamford Place SPE LLC		8.75	%		7.00	%		N/A		N/A			N/A			N/A		N/A			N/A
First Stamford Place		Fee Simple	$	80,440,000		Fairfax First Stamford SPE LLC		8.75	%		7.00	%		N/A		N/A			N/A			N/A		N/A			N/A
First Stamford Place		Fee Simple	$	80,440,000		Merrifield First Stamford SPE LLC		8.75	%		7.00	%		N/A		N/A			N/A			N/A		N/A			N/A
10 Bank		Fee Simple	$	45,000,000		1185 Bank Street LLC		9.00	%		7.25	%		N/A		N/A			N/A			N/A		N/A			N/A
Metro Center		Fee Simple	$	138,000,000		One Station Place, Limited Partnership		8.50	%		7.00	%		N/A		N/A			N/A			N/A		N/A			N/A
Merrittview		Fee Simple	$	40,000,000		Fairfield MerrittView SPE LLC		9.25	%		7.25	%		N/A		N/A			N/A			N/A		N/A			N/A
10 Union Square		Fee Simple	$	51,000,000		New York Union Square Retail LP		7.00	%		6.00	%		N/A		N/A			N/A			N/A		N/A			N/A
East/West Manhattan		Fee Simple	$	59,000,000		East West Manhattan Retail Portfolio SPE LLC		7.00	%		6.00	%		N/A		N/A			N/A			N/A		N/A			N/A
Gotham Retail		Fee Simple	$	33,000,000		1185 Gotham LLC		7.00	%		6.00	%		N/A		N/A			N/A			N/A		N/A			N/A
66-69 Main Street		Fee Simple	$	25,000,000		Westport Retail Co- Investors LLC		7.50	%		6.25	%		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		7.50	%		6.25	%		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

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.

DUFF & PHELPS

Project Legacy

Real Property Summary of Hypothetical Fee Simple Values

Prepared as of October 15, 2011

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

Property	Size (SF)		Fee Simple Value 2		PSF		Discount Rate			Terminal Capitalization
112 W 34th Street		784,026	$	404,000,000	$	515		8.75	%		6.75	%
OGCP		1,343,475		655,000,000		488		7.50	%		6.25	%
250 W 57th Street		560,879		310,000,000		553		7.75	%		6.25	%
501 7th Avenue		503,545		159,000,000		316		8.75	%		6.75	%
ESB		2,974,880		2,520,000,000		847		7.25	%		6.00	%
1333 Broadway		374,368		189,000,000		505		8.75	%		6.75	%
1350 Broadway		430,138		215,000,000		500		8.75	%		6.75	%
1359 Broadway		497,603		192,000,000		386		8.75	%		6.75	%
1400 Broadway		954,615		363,000,000		380		8.75	%		6.75	%
500 Mamaroneck		289,518		44,000,000		152		9.25	%		7.25	%
First Stamford Place		792,427		258,000,000		326		8.75	%		7.00	%
10 Bank		225,343		45,000,000		200		9.00	%		7.25	%
Metro Center		289,192		138,000,000		477		8.50	%		7.00	%
Merrittview		264,371		40,000,000		151		9.25	%		7.25	%
10 Union Square		58,005		51,000,000		879		7.00	%		6.00	%
East/West Manhattan		68,764		59,000,000		858		7.00	%		6.00	%
Gotham Retail		56,250		33,000,000		587		7.00	%		6.00	%
66-69 Main Street		17,406		25,000,000		1,436		7.50	%		6.25	%
103-107 Main Street		4,330		5,000,000		1,155		7.50	%		6.25	%
Stamford, CT Land 1		325,000		14,600,000		45		N/A			N/A

DRAFT-FOR DISCUSSION PURPOSES ONLY

Notes:

[1] Size in SF is gross buildable area.

[2] Assumed regardless of certain ground leases in place.

		OGCP	LXD		9/30/2083
		Year Period Ending	1 Jun-12		2 Jun-13		3 Jun-14		4 Jun-15		5 Jun-16		6 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
		Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
		PV of Fixed Ground Rent Payments	$	14,000,000
		250 W 57th	LXD		9/30/2103
		Year Period Ending	1 Jun-12		2 Jun-13		3 Jun-14		4 Jun-15		5 Jun-16		6 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
		Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
		PV of Fixed Ground Rent Payments	$	10,000,000
$	404,000,000	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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		756,026		756,026		756,026		861,026		861,026		861,026
		PV of Fixed Ground Rent Payments	$	10,000,000
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation	$	100,000
		TOTAL PV to INTRA Ground Lease	$	10,100,000
		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
		PV of Fixed Ground Rent Payments	$	9,000,000
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation	$	10,900,000
		TOTAL PV to INTRA Ground Lease	$	19,900,000
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
		PV of Fixed Ground Rent Payments	$	4,000,000
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		6,018,750		5,957,188		5,895,625		5,895,625		5,895,625		5,895,625
		PV of Fixed Ground Rent Payments	$	81,000,000

		OGCP
		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
		Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
		PV of Fixed Ground Rent Payments
		250 W 57th
		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
		Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
		PV of Fixed Ground Rent Payments
$	404,000,000	112 W 34th (Intra-Party)
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		112 W 34th (3rd Party)
		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
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		501 7th Avenue
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
		PV of Fixed Ground Rent Payments
		ESB
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		PV of Fixed Ground Rent Payments

		OGCP
		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
		Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
		PV of Fixed Ground Rent Payments
		250 W 57th
		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
		Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
		PV of Fixed Ground Rent Payments
$	404,000,000	112 W 34th (Intra-Party)
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		112 W 34th (3rd Party)
		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
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		501 7th Avenue
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
		PV of Fixed Ground Rent Payments
		ESB
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		PV of Fixed Ground Rent Payments

		OGCP
		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
		Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
		PV of Fixed Ground Rent Payments
		250 W 57th
		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
		Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
		PV of Fixed Ground Rent Payments
$	404,000,000	112 W 34th (Intra-Party)
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		112 W 34th (3rd Party)
		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
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		501 7th Avenue
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
		PV of Fixed Ground Rent Payments
		ESB
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		PV of Fixed Ground Rent Payments

		OGCP
		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
		Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
		PV of Fixed Ground Rent Payments
		250 W 57th
		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
		Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
		PV of Fixed Ground Rent Payments
$	404,000,000	112 W 34th (Intra-Party)
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		112 W 34th (3rd Party)
		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
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		501 7th Avenue
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
		PV of Fixed Ground Rent Payments
		ESB
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		PV of Fixed Ground Rent Payments

		OGCP
		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
		Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
		PV of Fixed Ground Rent Payments
		250 W 57th
		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
		Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
		PV of Fixed Ground Rent Payments
$	404,000,000	112 W 34th (Intra-Party)
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		112 W 34th (3rd Party)
		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
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		501 7th Avenue
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
		PV of Fixed Ground Rent Payments
		ESB
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		PV of Fixed Ground Rent Payments

		OGCP
		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
		Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
		PV of Fixed Ground Rent Payments
		250 W 57th
		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
		Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
		PV of Fixed Ground Rent Payments
$	404,000,000	112 W 34th (Intra-Party)
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		112 W 34th (3rd Party)
		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
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		501 7th Avenue
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
		PV of Fixed Ground Rent Payments
		ESB
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		PV of Fixed Ground Rent Payments

		OGCP
		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
		Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
		PV of Fixed Ground Rent Payments
		250 W 57th
		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
		Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
		PV of Fixed Ground Rent Payments
$	404,000,000	112 W 34th (Intra-Party)
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		112 W 34th (3rd Party)
		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
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		501 7th Avenue
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
		PV of Fixed Ground Rent Payments
		ESB
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		PV of Fixed Ground Rent Payments

		OGCP
		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
		Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
		PV of Fixed Ground Rent Payments
		250 W 57th
		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
		Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
		PV of Fixed Ground Rent Payments
$	404,000,000	112 W 34th (Intra-Party)
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		112 W 34th (3rd Party)
		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
		PV of Fixed Ground Rent Payments
		Reversion Based on Terminal		—		—		—		—		—		—
		PV of Reversion Based on Inflation
		TOTAL PV to INTRA Ground Lease
		501 7th Avenue
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
		PV of Fixed Ground Rent Payments
		ESB
		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		—		—		—		—		—		—
		Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
		PV of Fixed Ground Rent Payments

	OGCP
	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
	Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
	PV of Fixed Ground Rent Payments
	250 W 57th
	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
	Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
	PV of Fixed Ground Rent Payments
$404,000,000	112 W 34th (Intra-Party)
	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		—		—		—		—		—		—
	Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal		—		—		—		—		—		—
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	112 W 34th (3rd Party)
	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
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal		—		—		—		—		—		—
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	501 7th Avenue
	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		—		—		—		—		—		—
	Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
	PV of Fixed Ground Rent Payments
	ESB
	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		—		—		—		—		—		—
	Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625		5,895,625
	PV of Fixed Ground Rent Payments

	OGCP
	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
	Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
	PV of Fixed Ground Rent Payments
	250 W 57th
	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
	Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
	PV of Fixed Ground Rent Payments
$404,000,000	112 W 34th (Intra-Party)
	Year	61		62		63		64		65		66
	Period Ending	Jun-72		Jun-73		Jun-74		Jun-75		Jun-76		Jun-77
	Basic rent		861,026		861,026		861,026		861,026		861,026		861,026
	Additional/Primary Rent		—		—		—		—		—		—
	Total Fixed Ground Rent Payments		861,026		861,026		861,026		861,026		861,026		861,026
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal		—		—		—		—		—		28,343,868
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	112 W 34th (3rd Party)
	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
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal		—		—		—		—		—		2,756,409,223
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	501 7th Avenue
	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		—		—		—		—		—		—
	Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
	PV of Fixed Ground Rent Payments
	ESB
	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		—		—		—		—		—
	Total Fixed Ground Rent Payments		5,895,625		5,895,625		5,895,625		5,895,625		2,947,813
	PV of Fixed Ground Rent Payments

	OGCP
	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
	Total Fixed Ground Rent Payments		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800		1,077,800
	PV of Fixed Ground Rent Payments
	250 W 57th
	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
	Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
	PV of Fixed Ground Rent Payments
$404,000,000	112 W 34th (Intra-Party)
	Year
	Period Ending	x
			x
	Basic rent		x
	Additional/Primary Rent		x
	Total Fixed Ground Rent Payments		x
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal		x
	PV of Reversion Based on Inflation		x
	TOTAL PV to INTRA Ground Lease		x
	112 W 34th (3rd Party)
	Year
	Period Ending
	Rent		x
			x
	PV of Fixed Ground Rent Payments		x
	Reversion Based on Terminal		x
	PV of Reversion Based on Inflation		x
	TOTAL PV to INTRA Ground Lease		x
			x
	501 7th Avenue
	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		—		—		—		—		—		—
	Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
	PV of Fixed Ground Rent Payments
	ESB
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments

	OGCP
	Year	72.25
	Period Ending	Sep-83
	Basic rent		6,000
	Additional/Primary Rent		263,450
	Total Fixed Ground Rent Payments		269,450
	PV of Fixed Ground Rent Payments
	250 W 57th
	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
	Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
	PV of Fixed Ground Rent Payments
$404,000,000	112 W 34th (Intra-Party)
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	112 W 34th (3rd Party)
	Year
	Period Ending
	Rent
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	501 7th Avenue
	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		—		—		—		—		—		—
	Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
	PV of Fixed Ground Rent Payments
	ESB
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments

	OGCP
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments
	250 W 57th
	Year	79		80		81		82		83		84
	Period Ending	Jun-90		Jun-91		Jun-92		Jun-93		Jun-94		Jun-95
	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
	Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
	PV of Fixed Ground Rent Payments
$404,000,000	112 W 34th (Intra-Party)
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	112 W 34th (3rd Party)
	Year
	Period Ending
	Rent
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	501 7th Avenue
	Year	79		80		81		82		83		84
	Period Ending	Jun-90		Jun-91		Jun-92		Jun-93		Jun-94		Jun-95
	Basic rent		360,000		360,000		360,000		360,000		360,000		360,000
	Additional/Primary Rent		—		—		—		—		—		—
	Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		360,000		360,000
	PV of Fixed Ground Rent Payments
	ESB
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments

	OGCP
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments
	250 W 57th
	Year	85		86		87		88		89		90
	Period Ending	Jun-96		Jun-97		Jun-98		Jun-99		Jun-00		Jun-01
	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
	Total Fixed Ground Rent Payments		780,000		780,000		780,000		780,000		780,000		780,000
	PV of Fixed Ground Rent Payments
$404,000,000	112 W 34th (Intra-Party)
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	112 W 34th (3rd Party)
	Year
	Period Ending
	Rent
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	501 7th Avenue
	Year	85		86		87		88		88.75
	Period Ending	Jun-96		Jun-97		Jun-98		Jun-99		Mar-00
	Basic rent		360,000		360,000		360,000		360,000		270,000
	Additional/Primary Rent		—		—		—		—		—
	Total Fixed Ground Rent Payments		360,000		360,000		360,000		360,000		270,000
	PV of Fixed Ground Rent Payments
	ESB
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments

	OGCP
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments
	250 W 57th
	Year	91		92		92.25
	Period Ending	Jun-02		Jun-03		Sep-03
	Basic rent		28,000		28,000		7,000
	Additional/Primary Rent		752,000		752,000		188,000
	Total Fixed Ground Rent Payments		780,000		780,000		195,000
	PV of Fixed Ground Rent Payments
$404,000,000	112 W 34th (Intra-Party)
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	112 W 34th (3rd Party)
	Year
	Period Ending
	Rent
	PV of Fixed Ground Rent Payments
	Reversion Based on Terminal
	PV of Reversion Based on Inflation
	TOTAL PV to INTRA Ground Lease
	501 7th Avenue
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments
	ESB
	Year
	Period Ending
	Basic rent
	Additional/Primary Rent
	Total Fixed Ground Rent Payments
	PV of Fixed Ground Rent Payments

For the Years Ending	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10
	Jun-2012			Jun-2013			Jun-2014			Jun-2015			Jun-2016			Jun-2017			Jun-2018			Jun-2019			Jun-2020			Jun-2021
Potential Gross Revenue
Base Rental Revenue	$	111,251,358		$	125,166,614		$	135,492,616		$	144,323,803		$	153,558,583		$	160,846,828		$	166,294,838		$	172,311,034		$	178,328,553		$	187,894,750
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		$	19,569,961		$	19,751,914
Absorption & Turnover Vacancy	($	31,401,511	)	($	15,716,317	)	($	5,115,511	)	($	1,505,369	)	($	2,105,322	)	($	2,882,965	)	($	2,512,701	)	($	2,443,084	)	($	3,161,729	)	($	2,234,203	)
Base Rent Abatements	($	16,723,802	)	($	18,668,669	)	($	12,511,068	)	($	3,654,010	)	($	2,290,343	)	($	1,928,428	)	($	1,808,635	)	($	2,562,061	)	($	3,136,283	)	($	3,465,136	)
Scheduled Base Rental Revenue		79,070,957			107,312,912			134,998,959			156,576,806			166,855,152			174,213,629			180,909,897			186,580,378			191,600,502			201,947,325
Base Rental Step Revenue		—			—			—			162,903			382,086			433,659			428,244			426,642			294,626			100,740
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			2,429,114			1,744,302
Retail Sales Percent Revenue		—			—			—			—			—			—			—			—			—			—
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			9,069,218			9,457,577
Operating expenses		200,659			206,686			212,883			488,278			950,409			2,022,297			3,288,245			4,516,795			5,973,403			7,437,011
Electric Inclusion		2,837,904			2,400,116			1,798,775			1,467,307			913,893			383,994			344,387			97,814			87,077			19,155
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			11,861,724			12,736,413
Escalation		104,781			98,762			101,725			104,776			69,916			32,869			33,856			34,873			35,917			6,167
Common Rent		249,879			257,377			0			0			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			6,209,658			6,223,941
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			35,960,737			37,725,306
Percentage Rent		202,126			216,273			231,412			247,611			264,946			283,490			303,336			324,568			347,289			371,598
Lease Cancellation Fees		815,000			0			0			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			74,044,006			76,265,327
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			2,428,903			2,307,458
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			2,319,571			2,389,159
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			7,813,154			8,281,944
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			3,268,595			3,366,651
Legal Fees		63,868			65,785			67,757			69,792			71,882			74,041			76,261			78,551			80,906			83,333
RF System Reimb.		311,869			316,681			243,351			170,064			175,178			165,373			129,076			57,821			42,999			25,829
Tower Reconfig Reimb		0			0			0			0			0			0			0			0			0			0
Broadcast Backup Power Reimb		0			0			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			445,011			460,585
Cleaning Service		945,679			978,779			1,013,035			1,048,491			1,085,189			1,123,172			1,162,480			1,203,169			1,245,279			1,288,865
Porter/Matron Service		261,061			270,200			279,655			289,442			299,573			310,059			320,912			332,143			343,766			355,801
Rubbish Removal		208,787			216,095			223,658			231,487			239,588			247,972			256,655			265,635			274,934			284,557
Waxing/Floor Maintenance		248,383			257,075			266,074			275,386			285,024			295,000			305,326			316,011			327,073			338,520
Water		120,643			124,262			127,991			131,829			135,784			139,860			144,054			148,375			152,827			157,411
Skyride Security Reimb		198,000			0			0			0			0			0			0			0			0			0
Exterminating		1,710			1,810			1,942			2,032			2,092			2,156			2,221			2,286			2,294			2,265
Elevator Service		81,969			84,429			86,960			89,568			92,257			95,026			97,874			100,812			103,836			106,951
Labor		73,915			76,132			78,417			80,769			83,191			85,688			88,259			90,906			93,633			96,443
Keys		10,028			10,329			10,639			10,956			11,288			11,625			11,974			12,334			12,703			13,084
Lamp Sales		30,283			31,190			32,127			33,092			34,082			35,108			36,158			37,246			38,361			39,513
Captivate		32,127			34,378			37,812			41,595			45,756			50,329			55,364			60,899			66,988			73,690
Window Cleaning		43,400			44,702			46,044			47,424			48,848			50,313			51,820			53,377			54,977			56,628
Trademark Licensing		101,980			107,081			112,435			118,055			123,959			130,156			136,666			143,496			150,673			158,208
Location Agreements		25,000			25,751			26,521			27,319			28,137			28,981			29,853			30,746			31,669			32,619
Event Income		150,000			150,000			150,000			155,000			165,000			175,000			185,000			195,001			200,000			200,000
Extended Lighting		6,249			7,726			7,956			8,196			8,440			8,696			8,954			9,226			9,500			9,784
Interest		0			0			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			216,412			201,265
Miscellaneous Income		208,334			77,250			79,568			81,955			84,412			86,945			89,555			92,241			95,006			97,859
Total Potential Gross Revenue		178,652,155			210,769,211			241,644,222			267,842,540			281,957,667			292,706,579			302,709,018			311,337,121			321,771,604			336,737,978
General Vacancy		0			0			(1,266,324	)		(2,714,725	)		(2,432,725	)		(1,884,588	)		(2,421,884	)		(2,649,386	)		(2,094,037	)		(3,298,687	)
Collection Loss		(1,855,929	)		(2,178,951	)		(2,490,695	)		(2,750,636	)		(2,898,793	)		(3,009,102	)		(3,098,436	)		(3,172,749	)		(3,270,628	)		(3,414,790	)
Effective Gross Revenue		176,796,226			208,590,260			237,887,203			262,377,179			276,626,149			287,812,889			297,188,698			305,514,986			316,406,939			330,024,501
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			43,691,185			45,198,789
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			9,589,450			9,877,132
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			7,448,116			7,671,560
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			7,088,455			7,301,108
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			10,740,192			11,062,400
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			7,536,407			7,762,499
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			11,962,127			12,320,991
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			19,784,568			20,378,104
Management Fee		660,921			766,302			847,671			924,865			979,402			1,011,266			1,048,554			1,082,485			1,120,361			1,169,017
Total Operating Expenses		99,922,444			99,993,007			98,626,094			101,716,066			105,015,722			108,337,037			111,769,217			115,306,887			118,960,861			122,741,600
Net Operating Income		76,873,782			108,597,253			139,261,109			160,661,113			171,610,427			179,475,852			185,419,481			190,208,099			197,446,078			207,282,901
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			5,152,975			3,699,962
Leasing Commissions		14,790,276			12,661,434			5,892,154			3,182,396			3,125,094			3,176,818			2,624,049			4,597,219			7,038,269			5,371,249
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			1,896,735			534,958
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			3,584,959			3,079,264
Li & Fung LC/BB/TI		18,360,716			9,952,896			5,442,181			0			0			0			0			0			0			0
Total Leasing & Capital Costs		142,410,151			117,530,797			63,464,796			19,647,576			18,270,856			13,497,622			9,366,572			12,859,408			17,672,938			12,685,433
Cash Flow Before Debt Service	($	65,536,369	)	($	8,933,544	)	$	75,796,313		$	141,013,537		$	153,339,571		$	165,978,230		$	176,052,909		$	177,348,691		$	179,773,140		$	194,597,468
& Taxes
Fee Simple Value 10 YR Hold	$	2,520,000,000

For the Years Ending	Year 11			Year 12			Year 13			Year 14			Year 15			Year 16			Year 17			Year 18			Year 19			Year 20
	Jun-2022			Jun-2023			Jun-2024			Jun-2025			Jun-2026			Jun-2027			Jun-2028			Jun-2029			Jun-2030			Jun-2031
Potential Gross Revenue
Base Rental Revenue	$	196,733,520		$	202,664,663		$	209,738,132		$	216,540,191		$	222,697,969		$	231,801,922		$	241,636,277		$	259,287,894		$	272,933,804		$	282,469,121
Antenna Revenue	$	20,344,471		$	20,954,806		$	21,583,450		$	22,230,953		$	22,897,882		$	23,584,818		$	24,292,363		$	25,021,134		$	25,771,768		$	26,544,921
Absorption & Turnover Vacancy	($	3,941,297	)	($	4,607,711	)	($	4,433,962	)	($	2,529,134	)	($	3,219,159	)	($	3,780,706	)	($	6,059,728	)	($	11,736,018	)	($	4,903,955	)	($	3,052,174	)
Base Rent Abatements	($	3,617,554	)	($	3,714,204	)	($	4,204,717	)	($	2,457,406	)	($	3,589,456	)	($	4,813,521	)	($	7,926,370	)	($	16,523,227	)	($	6,671,704	)	($	3,552,120	)
Scheduled Base Rental Revenue		209,519,140			215,297,554			222,682,903			233,784,604			238,787,236			246,792,513			251,942,542			256,049,783			287,129,913			302,409,748
Base Rental Step Revenue		5,214			—			—			—			—			—			—			—			—			—
CPI & Other Adjustment Revenue		1,488,815			1,459,103			1,503,079			1,548,375			1,595,028			1,643,083			1,692,580			1,743,560			1,796,069			1,850,157
Retail Sales Percent Revenue		—			—			—			—			—			—			—			—			—			—
Expense Reimbursement Revenue
Real Estate Taxes		9,744,519			8,477,532			8,505,088			8,816,691			9,447,860			9,893,735			9,546,555			7,350,271			5,550,155			4,910,804
Operating expenses		8,621,598			9,551,966			10,227,867			11,524,497			13,011,647			13,874,099			13,564,234			10,345,085			9,384,749			10,772,068
Electric Inclusion		646			664			684			235			0			0			0			0			0			0
Electric Submetering		13,122,286			13,490,856			13,956,410			14,537,799			14,942,603			15,414,402			15,738,737			15,800,025			16,894,424			17,713,427
Escalation		0			0			0			0			0			0			0			0			0			0
Common Rent		0			0			0			0			0			0			0			0			0			0
Additional Broadcasting Revenue		6,410,659			6,602,979			6,801,068			7,005,100			7,215,253			7,431,711			7,654,662			7,884,302			8,120,831			8,364,456
Total Reimbursement Revenue		39,393,737			39,583,100			40,994,196			43,432,697			46,212,391			48,257,030			48,196,768			43,123,244			41,746,228			43,610,913
Percentage Rent		397,610			425,444			455,224			487,090			521,186			557,669			596,707			638,475			683,170			730,991
Lease Cancellation Fees		0			0			0			0			0			0			0			0			0			0
Observatory Income		78,553,284			80,909,885			83,337,181			85,837,297			88,412,415			91,064,788			93,796,732			96,610,633			99,508,954			102,494,220
Operating Exp Esc.		2,192,086			2,082,480			1,978,357			1,879,440			1,785,467			1,696,195			1,611,383			1,530,816			1,454,275			1,381,560
Electric Submetering		2,460,832			2,534,660			2,610,696			2,689,020			2,769,688			2,852,782			2,938,363			3,026,515			3,117,309			3,210,828
Submetering - Broadcasters		8,778,861			9,305,592			9,863,928			10,455,764			11,083,109			11,748,097			12,452,981			13,200,161			13,992,170			14,831,700
Electric Retro		3,467,652			3,571,680			3,678,831			3,789,195			3,902,872			4,019,958			4,140,557			4,264,774			4,392,717			4,524,498
Legal Fees		85,834			88,408			91,060			93,792			96,607			99,503			102,490			105,564			108,732			111,993
RF System Reimb.		26,604			27,402			28,224			29,071			29,943			30,841			31,766			32,719			33,701			34,712
Tower Reconfig Reimb		0			0			0			0			0			0			0			0			0			0
Broadcast Backup Power Reimb		0			0			0			0			0			0			0			0			0			0
Carpet Care & Shampoo		476,708			493,391			510,659			528,532			547,032			566,177			585,995			606,504			627,731			649,702
Cleaning Service		1,333,975			1,380,662			1,428,987			1,479,001			1,530,768			1,584,343			1,639,795			1,697,187			1,756,590			1,818,072
Porter/Matron Service		368,253			381,141			394,480			408,289			422,579			437,367			452,676			468,520			484,919			501,889
Rubbish Removal		294,516			304,823			315,492			326,534			337,964			349,790			362,036			374,704			387,821			401,395
Waxing/Floor Maintenance		350,367			362,631			375,324			388,459			402,055			416,126			430,692			445,765			461,368			477,517
Water		162,134			166,999			172,007			177,168			182,484			187,957			193,597			199,405			205,388			211,547
Skyride Security Reimb		0			0			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			2,265			2,265
Elevator Service		110,159			113,464			116,868			120,374			123,985			127,705			131,537			135,482			139,548			143,733
Labor		99,335			102,315			105,385			108,548			111,803			115,156			118,612			122,172			125,834			129,612
Keys		13,477			13,882			14,296			14,727			15,168			15,624			16,092			16,574			17,072			17,584
Lamp Sales		40,696			41,919			43,177			44,472			45,805			47,181			48,596			50,052			51,555			53,101
Captivate		81,057			89,162			98,079			107,888			118,675			130,544			143,598			157,957			173,753			191,129
Window Cleaning		58,326			60,075			61,879			63,734			65,647			67,615			69,645			71,733			73,885			76,104
Trademark Licensing		166,116			174,423			183,144			192,300			201,915			212,013			222,612			233,744			245,428			257,702
Location Agreements		33,599			34,606			35,644			36,713			37,815			38,950			40,116			41,321			42,562			43,836
Event Income		200,000			200,000			200,000			200,000			200,000			200,000			200,000			200,000			200,000			200,000
Extended Lighting		10,081			10,381			10,693			11,016			11,343			11,686			12,035			12,396			12,768			13,152
Interest		0			0			0			0			0			0			0			0			0			0
Late Payment Charges		187,176			174,073			161,890			150,555			140,017			130,217			121,102			112,623			104,741			97,408
Miscellaneous Income		100,793			103,818			106,933			110,140			113,445			116,846			120,353			123,963			127,683			131,513
Total Potential Gross Revenue		348,964,673			358,036,235			370,057,802			386,948,685			398,211,679			411,876,939			420,721,644			423,655,051			457,408,080			478,758,424
General Vacancy		(2,095,586	)		(1,831,303	)		(1,961,806	)		(3,893,350	)		(3,354,095	)		(3,028,945	)		(1,550,283	)		(407,509	)		(3,083,908	)		(5,315,335	)
Collection Loss		(3,539,264	)		(3,649,272	)		(3,776,360	)		(3,945,165	)		(4,057,155	)		(4,195,938	)		(4,289,214	)		(4,323,029	)		(4,659,133	)		(4,872,658	)
Effective Gross Revenue		343,329,823			352,555,660			364,319,636			379,110,171			390,800,429			404,652,055			414,882,147			418,924,513			449,665,039			468,570,430
Operating Expenses
Real Estate Taxes		46,643,083			48,018,356			49,434,886			50,893,915			52,396,712			53,944,594			55,538,912			57,181,059			58,872,472			60,614,628
Cleaning		10,173,447			10,478,652			10,793,009			11,116,800			11,450,304			11,793,814			12,147,627			12,512,057			12,887,419			13,274,040
Security		7,901,707			8,138,757			8,382,921			8,634,407			8,893,440			9,160,244			9,435,050			9,718,103			10,009,644			10,309,935
Professional Fees		7,520,140			7,745,746			7,978,117			8,217,462			8,463,985			8,717,905			8,979,444			9,248,824			9,526,292			9,812,078
Insurance		11,394,271			11,736,098			12,088,184			12,450,827			12,824,352			13,209,084			13,605,356			14,013,516			14,433,923			14,866,939
Repairs & Maintenance		7,995,374			8,235,236			8,482,293			8,736,760			8,998,865			9,268,829			9,546,896			9,833,301			10,128,300			10,432,150
Payroll		12,690,622			13,071,339			13,463,482			13,867,383			14,283,406			14,711,908			15,153,265			15,607,863			16,076,100			16,558,382
Utilities		20,989,448			21,619,130			22,267,705			22,935,735			23,623,809			24,332,522			25,062,497			25,814,374			26,588,803			27,386,468
Management Fee		1,218,149			1,261,004			1,304,483			1,356,873			1,400,057			1,452,493			1,493,774			1,484,959			1,614,711			1,694,210
Total Operating Expenses		126,526,241			130,304,318			134,195,080			138,210,162			142,334,930			146,591,393			150,962,821			155,414,056			160,137,664			164,948,830
Net Operating Income		216,803,582			222,251,342			230,124,556			240,900,009			248,465,499			258,060,662			263,919,326			263,510,457			289,527,375			303,621,600
Leasing & Capital Costs
Tenant Improvements		5,508,479			5,475,254			5,963,424			2,965,185			6,379,389			6,164,962			10,663,746			25,828,868			11,280,284			3,315,770
Leasing Commissions		5,986,482			5,351,605			6,168,851			4,058,763			7,268,157			7,405,485			13,667,413			30,627,344			14,705,292			4,728,559
Capital Expenditures		0			0			0			0			0			0			0			0			0			0
Base Building Costs		0			0			0			0			0			0			0			0			0			0
Li & Fung LC/BB/TI		0			0			0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		11,494,961			10,826,859			12,132,275			7,023,948			13,647,546			13,570,447			24,331,159			56,456,212			25,985,576			8,044,329
Cash Flow Before Debt Service	$	205,308,621		$	211,424,483		$	217,992,281		$	233,876,061		$	234,817,953		$	244,490,215		$	239,588,167		$	207,054,245		$	263,541,799		$	295,577,271
& Taxes
Fee Simple Value 10 YR Hold

For the Years Ending	Year 21			Year 22			Year 23			Year 24			Year 25			Year 26			Year 27			Year 28			Year 29			Year 30
	Jun-2032			Jun-2033			Jun-2034			Jun-2035			Jun-2036			Jun-2037			Jun-2038			Jun-2039			Jun-2040			Jun-2041
Potential Gross Revenue
Base Rental Revenue	$	289,550,400		$	297,363,201		$	307,327,610		$	316,502,975		$	325,829,121		$	334,571,109		$	343,046,821		$	352,348,350		$	361,245,491		$	369,555,626
Antenna Revenue	$	27,341,268		$	28,161,506		$	29,006,352		$	29,876,542		$	30,772,838		$	31,696,024		$	32,646,904		$	33,626,311		$	34,635,101		$	35,674,154
Absorption & Turnover Vacancy	($	4,283,228	)	($	5,574,749	)	($	8,547,597	)	($	5,897,984	)	($	5,796,362	)	($	4,430,229	)	($	4,102,794	)	($	6,341,097	)	($	3,224,500	)	($	4,192,974	)
Base Rent Abatements	($	3,860,717	)	($	5,033,364	)	($	8,915,156	)	($	5,448,426	)	($	8,282,748	)	($	4,929,309	)	($	3,083,625	)	($	4,176,007	)	($	2,968,856	)	($	2,662,260	)
Scheduled Base Rental Revenue		308,747,723			314,916,594			318,871,209			335,033,107			342,522,849			356,907,595			368,507,306			375,457,557			389,687,236			398,374,546
Base Rental Step Revenue		—			—			—			—			—			—			—			—			—			—
CPI & Other Adjustment Revenue		1,905,863			1,963,243			2,022,345			2,083,218			2,145,919			2,210,497			2,277,017			2,340,707			2,406,086			2,478,268
Retail Sales Percent Revenue		—			—			—			—			—			—			—			—			—			—
Expense Reimbursement Revenue
Real Estate Taxes		5,791,845			6,425,750			6,589,508			6,886,521			7,070,739			7,785,901			8,768,297			9,704,669			10,624,267			11,728,907
Operating expenses		12,418,792			13,529,243			13,530,257			14,068,615			14,394,417			15,572,237			17,660,515			19,737,709			21,883,681			24,591,731
Electric Inclusion		0			0			0			0			0			0			0			0			0			0
Electric Submetering		18,175,165			18,657,188			19,027,017			19,776,588			20,405,544			21,085,367			21,754,888			22,262,651			23,157,019			23,793,868
Escalation		0			0			0			0			0			0			0			0			0			0
Common Rent		0			0			0			0			0			0			0			0			0			0
Additional Broadcasting Revenue		8,615,390			8,873,852			9,140,067			9,414,269			9,696,697			9,987,598			10,287,226			10,595,843			10,913,718			11,241,130
Total Reimbursement Revenue		46,907,055			49,449,276			50,309,194			52,229,211			53,713,316			56,641,600			60,747,944			64,641,579			68,984,771			73,833,904
Percentage Rent		782,159			836,912			895,495			958,178			1,025,254			1,097,018			1,173,813			1,255,978			1,343,896			1,437,970
Lease Cancellation Fees		0			0			0			0			0			0			0			0			0			0
Observatory Income		105,569,048			108,736,118			111,998,204			115,358,148			118,818,893			122,383,461			126,054,963			129,836,614			133,731,710			137,743,664
Operating Exp Esc.		1,312,484			1,246,859			1,184,515			1,125,289			1,069,026			1,015,575			964,796			916,555			870,728			827,192
Electric Submetering		3,307,155			3,406,368			3,508,560			3,613,816			3,722,232			3,833,897			3,948,914			4,067,383			4,189,403			4,315,085
Submetering - Broadcasters		15,721,604			16,664,899			17,664,792			18,724,680			19,848,161			21,039,051			22,301,393			23,639,478			25,057,848			26,561,315
Electric Retro		4,660,232			4,800,038			4,944,042			5,092,364			5,245,132			5,402,487			5,564,562			5,731,500			5,903,443			6,080,546
Legal Fees		115,353			118,812			122,377			126,049			129,831			133,726			137,736			141,869			146,125			150,509
RF System Reimb.		35,753			36,826			37,931			39,069			40,241			41,448			42,691			43,972			45,291			46,650
Tower Reconfig Reimb		0			0			0			0			0			0			0			0			0			0
Broadcast Backup Power Reimb		0			0			0			0			0			0			0			0			0			0
Carpet Care & Shampoo		672,442			695,976			720,336			745,548			771,641			798,650			826,604			855,532			885,478			916,468
Cleaning Service		1,881,702			1,947,562			2,015,726			2,086,277			2,159,297			2,234,873			2,313,094			2,394,050			2,477,844			2,564,567
Porter/Matron Service		519,456			537,637			556,455			575,931			596,089			616,952			638,544			660,893			684,025			707,967
Rubbish Removal		415,442			429,984			445,032			460,609			476,732			493,415			510,685			528,560			547,058			566,208
Waxing/Floor Maintenance		494,229			511,526			529,429			547,960			567,140			586,989			607,533			628,797			650,805			673,583
Water		217,895			224,431			231,165			238,099			245,243			252,599			260,177			267,984			276,023			284,303
Skyride Security Reimb		0			0			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			2,265			2,265
Elevator Service		148,044			152,487			157,061			161,773			166,628			171,623			176,773			182,077			187,539			193,165
Labor		133,499			137,503			141,628			145,877			150,254			154,763			159,405			164,186			169,113			174,184
Keys		18,111			18,656			19,214			19,791			20,386			20,997			21,625			22,275			22,944			23,630
Lamp Sales		54,696			56,335			58,024			59,768			61,559			63,405			65,308			67,268			69,285			71,364
Captivate		210,241			231,265			254,393			279,831			307,815			338,595			372,457			409,701			450,671			495,738
Window Cleaning		78,384			80,737			83,160			85,653			88,223			90,870			93,597			96,403			99,297			102,275
Trademark Licensing		270,588			284,114			298,322			313,238			328,900			345,346			362,611			380,743			399,779			419,769
Location Agreements		45,154			46,507			47,903			49,339			50,820			52,344			53,916			55,533			57,198			58,914
Event Income		200,000			200,000			200,000			200,000			200,000			200,000			200,000			200,000			200,000			200,000
Extended Lighting		13,546			13,953			14,370			14,800			15,246			15,705			16,175			16,658			17,161			17,675
Interest		0			0			0			0			0			0			0			0			0			0
Late Payment Charges		90,589			84,250			78,350			72,867			67,765			63,024			58,610			54,508			50,692			47,144
Miscellaneous Income		135,459			139,523			143,707			148,019			152,459			157,032			161,746			166,596			171,596			176,742
Total Potential Gross Revenue		492,760,309			506,007,413			515,532,858			538,507,556			552,563,398			575,155,305			596,345,243			612,886,515			637,379,224			657,067,342
General Vacancy		(4,287,463	)		(3,366,972	)		(1,062,260	)		(3,433,653	)		(4,101,878	)		(5,459,026	)		(6,096,101	)		(4,104,074	)		(7,523,799	)		(6,813,827	)
Collection Loss		(5,014,670	)		(5,152,029	)		(5,254,639	)		(5,487,099	)		(5,633,696	)		(5,862,042	)		(6,072,998	)		(6,238,622	)		(6,480,929	)		(6,675,656	)
Effective Gross Revenue		483,458,176			497,488,413			509,215,959			529,586,804			542,827,823			563,834,237			584,176,144			602,543,819			623,374,496			643,577,859
Operating Expenses
Real Estate Taxes		62,409,047			64,257,298			66,160,998			68,121,807			70,141,442			72,221,666			74,364,298			76,571,206			78,844,321			81,185,634
Cleaning		13,672,263			14,082,430			14,504,903			14,940,048			15,388,252			15,849,900			16,325,395			16,815,157			17,319,613			17,839,201
Security		10,619,233			10,937,809			11,265,945			11,603,923			11,952,038			12,310,601			12,679,920			13,060,317			13,452,126			13,855,689
Professional Fees		10,106,441			10,409,636			10,721,923			11,043,580			11,374,889			11,716,136			12,067,619			12,429,648			12,802,537			13,186,613
Insurance		15,312,948			15,772,336			16,245,506			16,732,872			17,234,857			17,751,904			18,284,461			18,832,995			19,397,985			19,979,923
Repairs & Maintenance		10,745,114			11,067,468			11,399,492			11,741,476			12,093,721			12,456,533			12,830,229			13,215,134			13,611,589			14,019,937
Payroll		17,055,133			17,566,789			18,093,792			18,636,604			19,195,704			19,771,574			20,364,721			20,975,664			21,604,932			22,253,081
Utilities		28,208,062			29,054,304			29,925,933			30,823,711			31,748,423			32,700,875			33,681,900			34,692,360			35,733,129			36,805,123
Management Fee		1,750,981			1,804,972			1,846,562			1,919,557			1,971,927			2,044,840			2,118,998			2,186,270			2,264,916			2,343,351
Total Operating Expenses		169,879,222			174,953,042			180,165,054			185,563,578			191,101,253			196,824,029			202,717,541			208,778,751			215,031,148			221,468,552
Net Operating Income		313,578,954			322,535,371			329,050,905			344,023,226			351,726,570			367,010,208			381,458,603			393,765,068			408,343,348			422,109,307
Leasing & Capital Costs
Tenant Improvements		4,797,012			7,185,098			13,519,731			11,548,511			8,486,993			6,633,646			3,772,195			5,345,667			3,253,985			3,955,965
Leasing Commissions		6,082,153			6,940,768			13,798,309			13,759,365			10,754,311			6,725,830			4,872,632			6,590,015			5,548,688			4,931,432
Capital Expenditures		0			0			0			0			0			0			0			0			0			0
Base Building Costs		0			0			0			0			0			0			0			0			0			0
Li & Fung LC/BB/TI		0			0			0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		10,879,165			14,125,866			27,318,040			25,307,876			19,241,304			13,359,476			8,644,827			11,935,682			8,802,673			8,887,397
Cash Flow Before Debt Service	$	302,699,789		$	308,409,505		$	301,732,865		$	318,715,350		$	332,485,266		$	353,650,732		$	372,813,776		$	381,829,386		$	399,540,675		$	413,221,910
& Taxes
Fee Simple Value 10 YR Hold

																									3.0%
For the Years Ending	Year 31			Year 32			Year 33			Year 34			Year 35			Year 36			Year 37			Year 38			Year 39	Year 40
	Jun-2042			Jun-2043			Jun-2044			Jun-2045			Jun-2046			Jun-2047			Jun-2048			Jun-2049			Jun-2050	Jun-2051
Potential Gross Revenue
Base Rental Revenue	$	379,645,029		$	393,869,726		$	411,980,239		$	430,007,141		$	442,307,160		$	453,355,239		$	465,303,768		$	478,039,535
Antenna Revenue	$	36,744,378		$	37,846,710		$	38,982,111		$	40,151,574		$	41,356,122		$	42,596,805		$	43,874,709		$	45,190,951
Absorption & Turnover Vacancy	($	6,693,709	)	($	11,740,344	)	($	21,041,072	)	($	11,453,229	)	($	5,459,385	)	($	4,992,763	)	($	5,695,363	)	($	7,516,441	)
Base Rent Abatements	($	6,354,284	)	($	15,669,937	)	($	29,984,375	)	($	11,573,514	)	($	10,037,288	)	($	5,980,871	)	($	5,291,911	)	($	7,322,367	)
Scheduled Base Rental Revenue		403,341,414			404,306,155			399,936,903			447,131,972			468,166,609			484,978,410			498,191,203			508,391,678
Base Rental Step Revenue		—			—			—			—			—			—			—			—
CPI & Other Adjustment Revenue		2,552,616			2,629,195			2,708,071			2,789,313			2,872,992			2,959,182			3,047,957			3,139,396
Retail Sales Percent Revenue		—			—			—			—			—			—			—			—
Expense Reimbursement Revenue
Real Estate Taxes		12,348,831			12,034,417			9,922,230			7,055,595			6,616,648			7,984,767			9,243,240			10,175,342
Operating expenses		26,079,162			24,741,480			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			0			0
Electric Submetering		24,370,844			24,793,165			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			0			0
Common Rent		0			0			0			0			0			0			0			0
Additional Broadcasting Revenue		11,578,364			11,925,715			12,283,486			12,651,991			13,031,550			13,422,497			13,825,172			14,239,927
Total Reimbursement Revenue		76,929,817			76,123,971			69,563,597			63,235,529			64,713,852			69,436,545			74,747,762			79,270,650
Percentage Rent		1,538,627			1,646,330			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			0			0
Observatory Income		141,875,972			146,132,251			150,516,218			155,031,706			159,682,656			164,473,137			169,407,330			174,489,550
Operating Exp Esc.		785,832			746,541			709,212			673,753			640,066			608,061			577,658			548,775
Electric Submetering		4,444,539			4,577,875			4,715,210			4,856,667			5,002,368			5,152,439			5,307,011			5,466,220
Submetering - Broadcasters		28,154,996			29,844,296			31,634,952			33,533,052			35,545,032			37,677,735			39,938,400			42,334,704
Electric Retro		6,262,964			6,450,852			6,644,377			6,843,710			7,049,021			7,260,492			7,478,304			7,702,656
Legal Fees		155,026			159,674			164,465			169,400			174,480			179,716			185,109			190,660
RF System Reimb.		48,050			49,491			50,976			52,505			54,080			55,703			57,374			59,095
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		948,545			981,745			1,016,105			1,051,669			1,088,477			1,126,574			1,166,005			1,206,815
Cleaning Service		2,654,328			2,747,229			2,843,380			2,942,902			3,045,900			3,152,509			3,262,847			3,377,044
Porter/Matron Service		732,744			758,391			784,935			812,408			840,840			870,272			900,731			932,255
Rubbish Removal		586,022			606,535			627,763			649,735			672,475			696,012			720,372			745,585
Waxing/Floor Maintenance		697,158			721,558			746,812			772,952			800,004			828,005			856,985			886,981
Water		292,833			301,617			310,665			319,985			329,585			339,473			349,657			360,147
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		198,961			204,929			211,078			217,408			223,932			230,650			237,568			244,697
Labor		179,412			184,792			190,337			196,047			201,929			207,987			214,226			220,654
Keys		24,341			25,071			25,824			26,596			27,397			28,216			29,065			29,936
Lamp Sales		73,504			75,709			77,982			80,321			82,730			85,212			87,768			90,401
Captivate		545,312			599,844			659,827			725,810			798,392			878,231			966,053			1,062,659
Window Cleaning		105,343			108,503			111,758			115,112			118,564			122,122			125,784			129,560
Trademark Licensing		440,757			462,794			485,936			510,230			535,743			562,531			590,656			620,189
Location Agreements		60,681			62,502			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			200,000			200,000
Extended Lighting		18,203			18,752			19,312			19,894			20,488			21,105			21,737			22,390
Interest		0			0			0			0			0			0			0			0
Late Payment Charges		43,844			40,775			37,920			35,267			32,796			30,503			28,367			26,380
Miscellaneous Income		182,044			187,507			193,130			198,925			204,893			211,040			217,370			223,893
Total Potential Gross Revenue		671,523,534			678,327,954			674,306,892			722,357,013			752,339,695			781,643,296			808,249,127			831,381,168
General Vacancy		(4,505,014	)		(1,660,343	)		0			(1,099,780	)		(7,508,711	)		(8,428,467	)		(8,104,993	)		(6,605,072	)
Collection Loss		(6,820,351	)		(6,904,045	)		(6,883,029	)		(7,372,020	)		(7,668,579	)		(7,967,985	)		(8,232,948	)		(8,463,627	)
Effective Gross Revenue		660,198,170			669,763,566			667,423,863			713,885,213			737,162,406			765,246,844			791,911,187			816,312,469
Operating Expenses
Real Estate Taxes		83,597,183			86,081,077			88,639,492			91,274,656			93,988,876			96,784,524			99,664,040			102,629,940
Cleaning		18,374,377			18,925,609			19,493,376			20,078,177			20,680,525			21,300,938			21,939,968			22,598,166
Security		14,271,360			14,699,501			15,140,487			15,594,701			16,062,543			16,544,419			17,040,751			17,551,972
Professional Fees		13,582,213			13,989,679			14,409,368			14,841,648			15,286,899			15,745,507			16,217,871			16,704,408
Insurance		20,579,321			21,196,702			21,832,603			22,487,579			23,162,208			23,857,073			24,572,787			25,309,969
Repairs & Maintenance		14,440,536			14,873,750			15,319,964			15,779,563			16,252,948			16,740,539			17,242,754			17,760,036
Payroll		22,920,673			23,608,295			24,316,543			25,046,039			25,797,419			26,571,343			27,368,483			28,189,536
Utilities		37,909,276			39,046,556			40,217,951			41,424,491			42,667,223			43,947,241			45,265,659			46,623,629
Management Fee		2,401,970			2,450,824			2,411,473			2,592,646			2,669,786			2,790,446			2,882,815			2,971,759
Total Operating Expenses		228,076,909			234,871,993			241,781,257			249,119,500			256,568,427			264,282,030			272,195,128			280,339,415
Net Operating Income		432,121,261			434,891,573			425,642,606			464,765,713			480,593,979			500,964,814			519,716,059			535,973,054
Leasing & Capital Costs
Tenant Improvements		11,413,782			20,881,563			46,365,745			26,795,291			5,662,371			8,389,135			6,393,193			9,358,189
Leasing Commissions		13,711,722			25,916,999			52,079,633			29,555,892			8,197,653			7,872,746			8,487,238			12,645,730
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		25,125,504			46,798,562			98,445,378			56,351,183			13,860,024			16,261,881			14,880,431			22,003,919
Cash Flow Before Debt Service	$	406,995,757		$	388,093,011		$	327,197,228		$	408,414,530		$	466,733,955		$	484,702,933		$	504,835,628		$	513,969,135
& Taxes
Fee Simple Value 10 YR Hold

For the Years Ending	Year 41	Year 42	Year 43	Year 44	Year 45	Year 46	Year 47	Year 48	Year 49	Year 50
	Jun-2052	Jun-2053	Jun-2054	Jun-2055	Jun-2056	Jun-2057	Jun-2058	Jun-2059	Jun-2060	Jun-2061
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
Operating Expenses
Real Estate Taxes
Cleaning
Security
Professional Fees
Insurance
Repairs & Maintenance
Payroll
Utilities
Management Fee
Total Operating Expenses
Net Operating Income
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building Costs
Li & Fung LC/BB/TI
Total Leasing & Capital Costs
Cash Flow Before Debt Service
& Taxes
Fee Simple Value 10 YR Hold

For the Years Ending	Year 51	Year 52	Year 53	Year 54	Year 55	Year 56	Year 57	Year 58	Year 59	Year 60
	Jun-2062	Jun-2063	Jun-2064	Jun-2065	Jun-2066	Jun-2067	Jun-2068	Jun-2069	Jun-2070	Jun-2071
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
Operating Expenses
Real Estate Taxes
Cleaning
Security
Professional Fees
Insurance
Repairs & Maintenance
Payroll
Utilities
Management Fee
Total Operating Expenses
Net Operating Income
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building Costs
Li & Fung LC/BB/TI
Total Leasing & Capital Costs
Cash Flow Before Debt Service
& Taxes
Fee Simple Value 10 YR Hold

	Year 61	Year 62	Year 63	Year 64
For the Years Ending	Jun-2072	Jun-2073	Jun-2074	Jun-2075
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
Operating Expenses
Real Estate Taxes
Cleaning
Security
Professional Fees
Insurance
Repairs & Maintenance
Payroll
Utilities
Management Fee
Total Operating Expenses
Net Operating Income
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building Costs
Li & Fung LC/BB/TI
Total Leasing & Capital Costs
Cash Flow Before Debt Service
& Taxes
Fee Simple Value 10 YR Hold

	1			2			3			4			5			6			7			8
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	$	24,772,655		$	26,985,779		$	27,914,584		$	29,464,258		$	31,305,535		$	32,639,760		$	33,793,373		$	35,137,546
Absorption & Turnover V		(3,860,884	)		(1,245,637	)		(531,215	)		(692,052	)		(508,885	)		(699,394	)		(861,617	)		(1,117,429	)
Base Rent Abatements		(998,006	)		(1,004,351	)		(569,824	)		(676,202	)		(478,529	)		(627,842	)		(653,229	)		(1,065,725	)
Scheduled Base Rental R		19,913,765			24,735,791			26,813,545			28,096,004			30,318,121			31,312,524			32,278,527			32,954,392
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			32,613,506			33,964,110			36,374,169			37,480,549			38,566,676			38,984,840
General Vacancy		0			0			(463,127	)		(347,632	)		(597,608	)		(446,003	)		(321,231	)		(85,640	)
Collection Loss		(249,479	)		(302,344	)		(326,136	)		(339,640	)		(363,742	)		(374,806	)		(385,667	)		(389,848	)
Effective Gross Revenue		24,698,288			29,932,150			31,824,243			33,276,838			35,412,819			36,659,740			37,859,778			38,509,352
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
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			358,022			374,364			398,395			412,421			425,923			433,229
Licenses and Permits		129,780			133,673			137,685			141,815			146,067			150,452			154,964			159,612
Total Operating Expenses		12,355,648			12,688,756			12,816,838			13,274,827			13,732,135			14,173,500			14,628,114			15,090,768
Net Operating Income		12,342,640			17,243,394			19,007,405			20,002,011			21,680,684			22,486,240			23,231,664			23,418,584
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			664,773			657,130			687,406			674,966			871,670			1,092,081
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			3,379,417			2,561,006			2,712,501			2,993,823			3,115,279			4,108,919
Cash Flow Before Debt Ser	($	1,723,380	)	$	8,803,793		$	15,627,988		$	17,441,005		$	18,968,183		$	19,492,417		$	20,116,385		$	19,309,665
& Taxes

	9			10			11			12			13			14			15			16
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	$	36,307,348		$	38,481,751		$	40,299,634		$	41,852,956		$	43,175,497		$	44,627,634		$	45,885,525		$	47,099,478
Absorption & Turnover V		(529,482	)		(1,171,212	)		(1,244,415	)		(1,104,831	)		(847,617	)		(930,872	)		(813,098	)		(740,035	)
Base Rent Abatements		(917,776	)		(865,315	)		(869,460	)		(1,038,299	)		(691,863	)		(1,104,306	)		(662,947	)		(761,495	)
Scheduled Base Rental R		34,860,090			36,445,224			38,185,759			39,709,826			41,636,017			42,592,456			44,409,480			45,597,948
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		40,963,447			42,745,468			44,724,752			46,268,731			48,427,561			49,512,199			51,617,743			53,135,660
General Vacancy		(715,305	)		(146,289	)		(134,660	)		(316,375	)		(630,638	)		(582,420	)		(759,828	)		(876,236	)
Collection Loss		(409,634	)		(427,455	)		(447,248	)		(462,686	)		(484,275	)		(495,122	)		(516,179	)		(531,357	)
Effective Gross Revenue		39,838,508			42,171,724			44,142,844			45,489,670			47,312,648			48,434,657			50,341,736			51,728,067
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
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		448,183			474,432			496,607			511,758			532,268			544,891			566,343			581,942
Licenses and Permits		164,401			169,333			174,413			179,646			185,037			190,586			196,304			202,192
Total Operating Expenses		15,575,749			16,087,196			16,593,703			17,091,780			17,609,685			18,134,631			18,683,776			19,242,896
Net Operating Income		24,262,759			26,084,528			27,549,141			28,397,890			29,702,963			30,300,026			31,657,960			32,485,171
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		935,110			2,257,927			1,992,586			1,225,337			827,889			1,150,591			864,434			877,643
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		5,586,169			5,563,613			2,838,709			2,652,122			1,677,278			2,802,800			1,690,472			1,981,723
Cash Flow Before Debt Ser	$	18,676,590		$	20,520,915		$	24,710,432		$	25,745,768		$	28,025,685		$	27,497,226		$	29,967,488		$	30,503,448
& Taxes

	17			18			19			20			21			22			23			24
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	$	48,435,144		$	50,113,666		$	51,799,113		$	53,215,686		$	54,524,706		$	56,353,530		$	58,126,122		$	60,448,376
Absorption & Turnover V		(1,256,153	)		(1,315,703	)		(1,181,985	)		(1,580,901	)		(1,415,566	)		(1,430,118	)		(1,117,128	)		(1,467,147	)
Base Rent Abatements		(772,201	)		(1,560,463	)		(1,237,689	)		(1,315,193	)		(597,691	)		(1,867,651	)		(959,938	)		(1,483,326	)
Scheduled Base Rental R		46,406,790			47,237,500			49,379,439			50,319,592			52,511,449			53,055,761			56,049,056			57,497,903
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		54,189,159			55,094,895			57,380,163			58,604,568			61,202,638			61,833,374			65,139,759			66,807,785
General Vacancy		(407,207	)		(376,615	)		(574,879	)		(224,663	)		(462,981	)		(467,785	)		(870,579	)		(581,101	)
Collection Loss		(541,891	)		(550,948	)		(573,802	)		(586,045	)		(612,027	)		(618,334	)		(651,397	)		(668,078	)
Effective Gross Revenue		53,240,061			54,167,332			56,231,482			57,793,860			60,127,630			60,747,255			63,617,783			65,558,606
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
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		598,949			609,384			632,604			650,180			676,436			683,407			715,700			737,534
Licenses and Permits		208,260			214,507			220,941			227,570			234,397			241,429			248,672			256,132
Total Operating Expenses		19,819,735			20,406,795			21,023,931			21,653,248			22,309,600			22,965,564			23,666,321			24,376,677
Net Operating Income		33,420,326			33,760,537			35,207,551			36,140,612			37,818,030			37,781,691			39,951,462			41,181,929
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		1,022,079			1,627,685			1,400,346			3,147,283			817,723			3,366,330			1,177,563			1,635,471
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		2,093,845			3,841,482			3,333,689			4,036,819			1,621,768			5,414,422			2,456,253			3,824,955
Cash Flow Before Debt Ser	$	31,326,481		$	29,919,055		$	31,873,862		$	32,103,793		$	36,196,262		$	32,367,269		$	37,495,209		$	37,356,974
& Taxes

	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	$	62,258,853		$	63,944,580		$	65,745,829		$	67,969,161		$	70,333,623		$	72,267,441		$	74,129,620		$	76,296,006
Absorption & Turnover V		(1,281,783	)		(995,021	)		(1,547,461	)		(1,791,059	)		(1,743,523	)		(2,042,593	)		(995,057	)		(2,750,627	)
Base Rent Abatements		(932,957	)		(925,977	)		(1,098,566	)		(2,078,770	)		(1,577,941	)		(1,870,283	)		(790,873	)		(2,310,464	)
Scheduled Base Rental R		60,044,113			62,023,582			63,099,802			64,099,332			67,012,159			68,354,565			72,343,690			71,234,915
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		69,747,761			72,162,560			73,645,278			74,737,068			77,811,084			79,538,656			84,028,364			83,147,818
General Vacancy		(849,104	)		(1,199,707	)		(708,321	)		(504,784	)		(643,116	)		(404,844	)		(1,555,646	)		0
Collection Loss		(697,478	)		(721,626	)		(736,453	)		(747,372	)		(778,111	)		(795,386	)		(840,284	)		(831,479	)
Effective Gross Revenue		68,201,179			70,241,227			72,200,504			73,484,912			76,389,857			78,338,426			81,632,434			82,316,339
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
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		767,264			790,213			812,256			826,705			859,385			881,307			918,366			926,058
Licenses and Permits		263,817			271,729			279,883			288,278			296,928			305,834			315,012			324,459
Total Operating Expenses		25,115,580			25,868,973			26,643,382			27,432,764			28,263,628			29,107,671			29,991,527			30,871,414
Net Operating Income		43,085,599			44,372,254			45,557,122			46,052,148			48,126,229			49,230,755			51,640,907			51,444,925
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		1,139,293			1,008,053			1,470,839			2,207,149			2,143,896			3,928,198			997,211			4,348,174
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		2,290,479			2,288,532			3,023,182			5,232,718			4,815,257			4,947,416			2,050,111			6,763,278
Cash Flow Before Debt Ser	$	40,795,120		$	42,083,722		$	42,533,940		$	40,819,430		$	43,310,972		$	44,283,339		$	49,590,796		$	44,681,647
& Taxes

	33			34			35			36			37		38		39		40
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	$	78,677,865		$	81,325,372		$	83,661,459		$	86,091,228
Absorption & Turnover V		(1,595,713	)		(2,179,772	)		(1,343,868	)		(1,350,980	)
Base Rent Abatements		(1,491,239	)		(2,069,573	)		(974,197	)		(1,642,699	)
Scheduled Base Rental R		75,590,913			77,076,027			81,343,394			83,097,549
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		87,833,916			89,634,747			94,352,541			96,616,696
General Vacancy		(1,087,176	)		(574,664	)		(1,527,024	)		(1,588,051	)
Collection Loss		(878,339	)		(896,347	)		(943,524	)		(966,168	)
Effective Gross Revenue		85,868,401			88,163,736			91,881,993			94,062,477			96,884,351		99,790,882		102,784,608		105,868,147
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
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		966,020			991,842			1,033,674			1,058,202
Licenses and Permits		334,195			344,219			354,547			365,183
Total Operating Expenses		31,809,736			32,760,865			33,755,775			34,761,965			35,804,824		36,878,969		37,985,338		39,124,898
Net Operating Income		54,058,665			55,402,871			58,126,218			59,300,512			61,079,527		62,911,913		64,799,271		66,743,249
Leasing & Capital Costs
Tenant Improvements		2,058,070			2,826,306			1,371,735			2,238,763
Leasing Commissions		1,832,287			2,358,581			1,067,236			1,965,389
PB PIO		0			0			0			0
Capital Improvements		0			0			0			0
Base Building Costs		0			0			0			0
Total Leasing & Capital C		3,890,357			5,184,887			2,438,971			4,204,152			3,886,723		4,003,325		4,123,424		4,247,127
Cash Flow Before Debt Ser	$	50,168,308		$	50,217,984		$	55,687,247		$	55,096,360			57,192,804		58,908,589		60,675,846		62,496,122
& Taxes

	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 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		109,044,191		112,315,517		115,684,982		119,155,532		122,730,198		126,412,104		130,204,467		134,110,601
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		40,298,645		41,507,604		42,752,832		44,035,417		45,356,480		46,717,174		48,118,689		49,562,250
Net Operating Income		68,745,546		70,807,913		72,932,150		75,120,114		77,373,718		79,694,929		82,085,777		84,548,351
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		4,374,541		4,505,777		4,640,950		4,780,179		4,923,584		5,071,292		5,223,431		5,380,134
Cash Flow Before Debt Ser		64,371,005		66,302,135		68,291,199		70,339,935		72,450,134		74,623,638		76,862,347		79,168,217
& Taxes

	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 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		138,133,919		142,277,936		146,546,274		150,942,663		155,470,942		160,135,071		164,939,123		169,887,296
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		51,049,118		52,580,591		54,158,009		55,782,749		57,456,232		59,179,918		60,955,316		62,783,976
Net Operating Income		87,084,801		89,697,345		92,388,265		95,159,913		98,014,711		100,955,152		103,983,807		107,103,321
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		5,541,538		5,707,784		5,879,017		6,055,388		6,237,049		6,424,161		6,616,886		6,815,392
Cash Flow Before Debt Ser		81,543,264		83,989,561		86,509,248		89,104,526		91,777,662		94,530,991		97,366,921		100,287,929
& Taxes

	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 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		174,983,915		180,233,433		185,640,436		191,209,649		196,945,938		202,854,317		208,939,946		215,208,144
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		64,667,495		66,607,520		68,605,745		70,663,918		72,783,835		74,967,350		77,216,371		79,532,862
Net Operating Income		110,316,421		113,625,913		117,034,691		120,545,731		124,162,103		127,886,966		131,723,575		135,675,283
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		7,019,854		7,230,450		7,447,363		7,670,784		7,900,907		8,137,935		8,382,073		8,633,535
Cash Flow Before Debt Ser		103,296,567		106,395,464		109,587,328		112,874,947		116,261,196		119,749,032		123,341,503		127,041,748
& Taxes

	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
Miscellaneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		221,664,389		228,314,320		235,163,750		242,218,662		249,485,222		256,969,779		264,678,872		272,619,239
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		81,918,848		84,376,413		86,907,705		89,514,937		92,200,385		94,966,396		97,815,388		100,749,850
Net Operating Income		139,745,541		143,937,907		148,256,045		152,703,726		157,284,838		162,003,383		166,863,484		171,869,389
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		8,892,541		9,159,317		9,434,097		9,717,120		10,008,633		10,308,892		10,618,159		10,936,704
Cash Flow Before Debt Ser		130,853,000		134,778,590		138,821,948		142,986,606		147,276,204		151,694,491		156,245,325		160,932,685
& Taxes

	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
Miscellaneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		280,797,816		289,221,750		297,898,403		306,835,355		316,040,415		325,521,628		335,287,277		345,345,895
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		103,772,345		106,885,516		110,092,081		113,394,844		116,796,689		120,300,590		123,909,607		127,626,895
Net Operating Income		177,025,470		182,336,235		187,806,322		193,440,511		199,243,727		205,221,038		211,377,670		217,719,000
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		11,264,805		11,602,749		11,950,831		12,309,356		12,678,637		13,058,996		13,450,766		13,854,289
Cash Flow Before Debt Ser		165,760,666		170,733,486		175,855,490		181,131,155		186,565,090		192,162,042		197,926,903		203,864,711
& Taxes

	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
Miscellaneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		355,706,272		366,377,460		377,368,784		388,689,847		400,350,543		412,361,059		424,731,891		437,473,848
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		131,455,702		135,399,373		139,461,355		143,645,195		147,954,551		152,393,188		156,964,983		161,673,933
Net Operating Income		224,250,570		230,978,087		237,907,429		245,044,652		252,395,992		259,967,871		267,766,908		275,799,915
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		14,269,918		14,698,015		15,138,956		15,593,124		16,060,918		16,542,746		17,039,028		17,550,199
Cash Flow Before Debt Ser		209,980,652		216,280,071		222,768,474		229,451,528		236,335,074		243,425,126		250,727,880		258,249,716
& Taxes

	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
Miscellaneous
Total Potential Gross Rev
General Vacancy
Collection Loss
Effective Gross Revenue		450,598,063		464,116,005		478,039,485		492,380,670		507,152,090
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Total Operating Expenses		166,524,151		171,519,875		176,665,471		181,965,436		187,424,399
Net Operating Income		284,073,912		292,596,130		301,374,014		310,415,234		319,727,691
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital C		18,076,705		18,619,006		19,177,576		19,752,903		20,345,490
Cash Flow Before Debt Ser		265,997,207		273,977,124		282,196,437		290,662,331		74,845,550
& Taxes
										4,738,006,726

Analysis Period	For Year Ending			Annual Cash Flow			P.V. of Cash Flow @ 7.75%			Net Operating Income
Year 1		Jun-2012		($	1,723,380	)	($	1,599,425	)			1
Year 2		Jun-2013			8,803,793			7,582,899				2
Year 3		Jun-2014			15,627,988			12,492,554				3
Year 4		Jun-2015			17,441,005			12,939,050				4
Year 5		Jun-2016			18,968,183			13,059,885				5
Year 6		Jun-2017			19,492,417			12,455,525				6
Year 7		Jun-2018			20,116,385			11,929,685				7
Year 8		Jun-2019			19,309,665			10,627,632				8
Year 9		Jun-2020			18,676,590			9,539,862				9
Year 10		Jun-2021			20,520,915			9,728,008				10
Year 11		Jun-2022 NOI									28,549,998	11
Total Cash Flow					157,233,561			98,755,675
Terminal Capitalization Rate @					445,379,969			211,133,862
		6.25	%
Selling Costs @
		2.50	%
Total Property Present							$	309,889,537
Rounded to Thousands							$	310,000,000
Per SqFt							$	552.70
Percentage Value Distribu
Leasehold Value							$	145,000,000
Implied Land Value							$	165,000,000
Per Buildable							$	294.18

For the Years Ending	1 Year 1 Jun-2012			2 Year 2 Jun-2013			3 Year 3 Jun-2014			4 Year 4 Jun-2015			5 Year 5 Jun-2016			6 Year 6 Jun-2017			7 Year 7 Jun-2018			8 Year 8 Jun-2019
Potential Gross Revenue
Base Rental Revenue	$	17,182,894		$	17,417,179		$	17,720,218		$	18,022,214		$	18,414,741		$	21,329,468		$	22,576,700		$	22,871,666
Absorption & Turnover Vacanc		(2,329,681	)		(970,634	)		(70,045	)		(177,762	)		(46,748	)		(1,648,829	)		(272,577	)		(92,228	)
Base Rent Abatements		(619,933	)		(882,470	)		(365,639	)		(104,870	)		(62,636	)		(2,867,624	)		(174,987	)		(73,026	)
Scheduled Base Rental Revenu		14,233,280			15,564,075			17,284,534			17,739,582			18,305,357			16,813,015			22,129,136			22,706,412
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			460,159			520,502			603,491			671,591			770,244			839,512
OPEX		57,663			74,017			126,432			180,675			239,907			281,448			414,625			518,432
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			1,930,951			2,138,436			2,385,792			1,694,603			1,659,946			1,874,590
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			21,125,653			21,738,613			22,543,463			20,342,969			25,812,562			26,677,330
General Vacancy		0			0			(565,825	)		(479,730	)		(630,959	)		0			(509,977	)		(710,859	)
Collection Loss		(175,780	)		(190,887	)		(211,258	)		(217,386	)		(225,433	)		(203,429	)		(258,126	)		(266,773	)
Effective Gross Revenue		17,402,146			18,897,776			20,348,570			21,041,497			21,687,071			20,139,540			25,044,459			25,699,698
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			254,356			263,020			271,088			251,744			313,056			321,246
Total		5,962,979			6,096,984			6,290,940			6,480,706			6,675,301			6,848,083			7,107,288			7,319,305
Total Operating Expenses		8,912,121			9,127,692			9,463,309			9,796,079			10,184,646			10,604,491			11,055,581			11,403,868
Net Operating Income		8,490,025			9,770,084			10,885,261			11,245,418			11,502,425			9,535,049			13,988,878			14,295,830
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			66,074			148,821			172,932			2,457,807			269,197			103,632
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			2,498,278			408,311			272,436			9,224,607			1,144,064			275,857
Cash Flow Before Debt Service	$	5,067,662		$	4,711,223		$	8,386,983		$	10,837,107		$	11,229,989		$	310,442		$	12,844,814		$	14,019,973
& Taxes
Total CF	$	5,067,662		$	4,711,223		$	8,386,983		$	10,837,107		$	11,229,989		$	310,442		$	12,844,814		$	14,019,973

For the Years Ending	9 Year 9 Jun-2020			10 Year 10 Jun-2021			11 Year 11 Jun-2022			12 Year 12 Jun-2023			13 Year 13 Jun-2024			14 Year 14 Jun-2025			15 Year 15 Jun-2026			16 Year 16 Jun-2027
Potential Gross Revenue
Base Rental Revenue	$	24,097,550		$	25,155,748		$	26,377,119		$	27,499,110		$	28,005,850		$	28,641,036		$	29,353,371		$	31,127,844
Absorption & Turnover Vacanc		(858,560	)		(442,666	)		(439,264	)		(591,723	)		(208,944	)		(273,164	)		(209,833	)		(2,177,863	)
Base Rent Abatements		(1,194,001	)		(853,375	)		(420,637	)		(885,873	)		(314,129	)		(155,542	)		(211,706	)		(3,827,923	)
Scheduled Base Rental Revenu		22,044,989			23,859,707			25,517,218			26,021,514			27,482,777			28,212,330			28,931,832			25,122,058
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		912,711			705,742			663,966			628,884			667,497			792,159			900,527			666,051
OPEX		645,820			794,581			953,908			951,888			1,051,233			1,268,969			1,462,138			1,073,424
OPEX w/adjustments		174,773			37,735			0			0			0			0			0			0
Total Reimbursement Revenue		1,787,737			1,562,564			1,644,971			1,610,539			1,750,131			2,074,340			2,362,665			1,739,475
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		25,976,941			27,684,596			29,491,849			30,027,491			31,728,915			32,839,467			33,923,265			29,408,543
General Vacancy		0			(401,151	)		(458,670	)		(326,854	)		(749,192	)		(720,215	)		(814,159	)		0
Collection Loss		(259,769	)		(276,846	)		(294,920	)		(300,275	)		(317,289	)		(328,394	)		(339,233	)		(294,085	)
Effective Gross Revenue		25,717,172			27,006,599			28,738,259			29,400,362			30,662,434			31,790,858			32,769,873			29,114,458
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		321,465			337,582			359,228			367,504			383,281			397,385			409,624			363,930
Total		7,529,466			7,761,820			8,006,194			8,243,880			8,495,946			8,753,430			9,016,353			9,228,860
Total Operating Expenses		11,755,087			12,133,458			12,518,791			12,891,853			13,283,359			13,684,466			14,095,319			14,460,196
Net Operating Income		13,962,085			14,873,141			16,219,468			16,508,509			17,379,075			18,106,392			18,674,554			14,654,262
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		1,195,873			693,004			505,443			749,996			367,995			429,953			535,407			3,273,194
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		4,034,280			2,028,092			1,522,900			1,999,204			856,604			534,156			696,535			10,159,624
Cash Flow Before Debt Service	$	9,927,805		$	12,845,049		$	14,696,568		$	14,509,305		$	16,522,471		$	17,572,236		$	17,978,019		$	4,494,638
& Taxes
Total CF	$	9,927,805		$	12,845,049		$	14,696,568		$	14,509,305		$	16,522,471		$	17,572,236		$	17,978,019		$	4,494,638

For the Years Ending	17 Year 17 Jun-2028			18 Year 18 Jun-2029			19 Year 19 Jun-2030			20 Year 20 Jun-2031			21 Year 21 Jun-2032			22 Year 22 Jun-2033			23 Year 23 Jun-2034			24 Year 24 Jun-2035
Potential Gross Revenue
Base Rental Revenue	$	32,553,598		$	33,017,230		$	33,748,645		$	34,770,330		$	35,969,518		$	37,591,509		$	38,345,126		$	38,801,792
Absorption & Turnover Vacanc		(372,293	)		(169,361	)		(1,022,906	)		(729,758	)		(461,721	)		(723,666	)		(490,958	)		(271,046	)
Base Rent Abatements		(215,699	)		(144,862	)		(1,322,979	)		(1,442,468	)		(249,622	)		(1,284,005	)		(638,227	)		(229,187	)
Scheduled Base Rental Revenu		31,965,606			32,703,007			31,402,760			32,598,104			35,258,175			35,583,838			37,215,941			38,301,559
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		958,100			1,153,123			1,163,980			1,089,880			1,238,528			1,244,086			1,323,737			1,610,638
OPEX w/adjustments		0			0			0			0			0			0			0			0
Total Reimbursement Revenue		1,507,447			1,819,076			1,851,572			1,735,947			1,962,438			1,983,406			2,111,740			2,551,361
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		36,241,558			37,389,689			36,142,434			37,336,235			40,333,200			40,753,291			42,630,994			44,282,094
General Vacancy		(726,122	)		(957,411	)		(92,054	)		(412,222	)		(762,127	)		(520,643	)		(802,701	)		(1,065,548	)
Collection Loss		(362,416	)		(373,897	)		(361,426	)		(373,362	)		(403,331	)		(407,532	)		(426,310	)		(442,821	)
Effective Gross Revenue		35,153,020			36,058,381			35,688,954			36,550,651			39,167,742			39,825,116			41,401,983			42,773,725
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		439,414			450,730			446,111			456,883			489,597			497,815			517,524			534,672
Total		9,570,289			9,855,537			10,133,058			10,434,439			10,766,484			11,083,003			11,420,269			11,764,501
Total Operating Expenses		14,958,565			15,405,461			15,849,479			16,322,355			16,831,034			17,329,493			17,854,151			18,391,400
Net Operating Income		20,194,455			20,652,920			19,839,475			20,228,296			22,336,708			22,495,623			23,547,832			24,382,325
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		359,654			173,172			1,164,880			1,386,881			266,838			1,151,928			746,601			616,127
Capital Expenditures		0			0			0			0			0			0			0			0
Base Building		0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		687,586			321,469			3,509,556			3,862,141			790,397			3,440,896			1,652,451			774,261
Cash Flow Before Debt Service	$	19,506,869		$	20,331,451		$	16,329,919		$	16,366,155		$	21,546,311		$	19,054,727		$	21,895,381		$	23,608,064
& Taxes
Total CF	$	19,506,869		$	20,331,451		$	16,329,919		$	16,366,155		$	21,546,311		$	19,054,727		$	21,895,381		$	23,608,064

For the Years Ending	25 Year 25 Jun-2036			26 Year 26 Jun-2037			27 Year 27 Jun-2038			28 Year 28 Jun-2039			29 Year 29 Jun-2040			30 Year 30 Jun-2041			31 Year 31 Jun-2042			32 Year 32 Jun-2043
Potential Gross Revenue
Base Rental Revenue	$	39,524,302		$	41,403,531		$	43,805,389		$	44,463,351		$	45,286,152		$	46,689,260		$	48,053,567		$	50,467,575
Absorption & Turnover Vacanc		(380,944	)		(2,883,316	)		(216,245	)		(519,675	)		(1,112,865	)		(1,300,015	)		(262,111	)		(1,054,748	)
Base Rent Abatements		(229,765	)		(4,338,647	)		(963,238	)		(351,898	)		(1,753,250	)		(1,481,225	)		(645,025	)		(1,585,451	)
Scheduled Base Rental Revenu		38,913,593			34,181,568			42,625,906			43,591,778			42,420,037			43,908,020			47,146,431			47,827,376
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		1,888,872			1,616,155			1,263,522			1,518,081			1,616,598			1,494,732			1,656,301			1,708,125
OPEX w/adjustments		0			0			0			0			0			0			0			0
Total Reimbursement Revenue		2,982,130			2,570,095			1,987,005			2,390,147			2,566,448			2,377,859			2,628,317			2,720,946
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		45,420,462			40,178,108			48,356,527			49,812,302			48,888,023			50,295,622			53,985,656			54,824,425
General Vacancy		(993,097	)		0			(1,240,939	)		(990,284	)		(387,160	)		(247,856	)		(1,365,322	)		(621,626	)
Collection Loss		(454,204	)		(401,782	)		(483,564	)		(498,123	)		(488,881	)		(502,956	)		(539,856	)		(548,244	)
Effective Gross Revenue		43,973,161			39,776,326			46,632,024			48,323,895			48,011,982			49,544,810			52,080,478			53,654,555
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		549,665			497,205			582,900			604,048			600,150			619,311			651,006			670,682
Total		12,116,383			12,410,934			12,854,034			13,243,317			13,618,596			14,028,314			14,462,278			14,896,292
Total Operating Expenses		18,942,090			19,441,410			20,095,426			20,701,952			21,300,988			21,941,178			22,612,529			23,291,048
Net Operating Income		25,031,071			20,334,916			26,536,598			27,621,943			26,710,994			27,603,632			29,467,949			30,363,507
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		485,716			4,599,571			202,035			521,976			1,507,823			1,969,007			326,403			1,512,765
Capital Expenditures		0			0			0			0			0			0			0			0
Base Building		0			0			0			0			0			0			0			0
Total Leasing & Capital Costs		685,646			13,823,341			363,390			1,039,707			4,592,955			5,385,049			991,439			4,561,526
Cash Flow Before Debt Service	$	24,345,425		$	6,511,575		$	26,173,208		$	26,582,236		$	22,118,039		$	22,218,583		$	28,476,510		$	25,801,981
& Taxes
Total CF	$	24,345,425		$	6,511,575		$	26,173,208		$	26,582,236		$	22,118,039		$	22,218,583		$	28,476,510		$	25,801,981

For the Years Ending	33 Year 33 Jun-2044			34 Year 34 Jun-2045			35 Year 35 Jun-2046			36 Year 36 Jun-2047			37 Year 37 Jun-2048			3.0% 38 Year 38 Jun-2049			39 Year 39 Jun-2050		40 Year 40 Jun-2051
Potential Gross Revenue
Base Rental Revenue	$	51,445,435		$	52,094,502		$	53,036,913		$	54,954,009		$	58,847,095		$	59,706,313
Absorption & Turnover Vacanc		(839,658	)		(355,145	)		(552,132	)		(3,910,088	)		(235,754	)		(657,076	)
Base Rent Abatements		(1,137,124	)		(282,389	)		(264,831	)		(2,148,572	)		(5,087,479	)		(415,535	)
Scheduled Base Rental Revenu		49,468,653			51,456,968			52,219,950			48,895,349			53,523,862			58,633,702
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		1,815,438			2,158,484			2,539,461			2,471,553			1,624,191			2,050,827
OPEX w/adjustments		0			0			0			0			0			0
Total Reimbursement Revenue		2,897,794			3,421,493			4,012,801			3,901,681			2,588,708			3,236,065
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		56,791,551			59,487,743			60,958,965			57,406,594			61,148,162			67,020,627
General Vacancy		(889,280	)		(1,440,141	)		(1,293,200	)		0			(1,605,764	)		(1,373,255	)
Collection Loss		(567,915	)		(594,877	)		(609,590	)		(574,067	)		(611,482	)		(670,207	)
Effective Gross Revenue		55,334,356			57,452,725			59,056,175			56,832,527			58,930,916			64,977,165			66,926,480		68,934,274
Operating Expenses
Real Estate Taxes		8,646,601			8,905,999			9,173,178			9,448,372			9,731,825			10,023,780
OPEX
Utilities		5,251,512			5,409,060			5,571,330			5,738,470			5,910,623			6,087,944
Cleaning		2,982,342			3,071,812			3,163,968			3,258,887			3,356,651			3,457,353
Payroll		1,828,309			1,883,159			1,939,652			1,997,843			2,057,776			2,119,512
R&M		2,113,571			2,176,979			2,242,286			2,309,557			2,378,844			2,450,208
Security Expense		648,337			667,787			687,818			708,456			729,707			751,599
Professional Fees		1,374,472			1,415,705			1,458,178			1,501,920			1,546,981			1,593,388
Insurance		453,836			467,450			481,474			495,917			510,796			526,119
Management Fees		691,680			718,159			738,203			710,407			736,636			812,213
Total		15,344,059			15,810,111			16,282,909			16,721,457			17,228,014			17,798,336
Total Operating Expenses		23,990,660			24,716,110			25,456,087			26,169,829			26,959,839			27,822,116			28,656,779		29,516,483
Net Operating Income		31,343,696			32,736,615			33,600,088			30,662,698			31,971,077			37,155,049			38,269,700		39,417,791
Leasing & Capital Costs
Tenant Improvements		1,150,580			186,286			332,171			12,420,052			228,553			564,431
Leasing Commissions		960,418			771,860			382,113			6,571,237			266,872			589,686
Capital Expenditures		0			0			0			0			0			0
Base Building		0			0			0			0			0			0
Total Leasing & Capital Costs		2,110,998			958,146			714,284			18,991,289			495,425			1,154,117			3,027,427		3,118,250
Cash Flow Before Debt Service	$	29,232,698		$	31,778,469		$	32,885,804		$	11,671,409		$	31,475,652		$	36,000,932			35,242,273		36,299,541
& Taxes
Total CF	$	29,232,698		$	31,778,469		$	32,885,804		$	11,671,409		$	31,475,652		$	36,000,932			35,242,273		36,299,541

For the Years Ending	41 Year 41 Jun-2052		42 Year 42 Jun-2053		43 Year 43 Jun-2054		44 Year 44 Jun-2055		45 Year 45 Jun-2056		46 Year 46 Jun-2057		47 Year 47 Jun-2058		48 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		71,002,303		73,132,372		75,326,343		77,586,133		79,913,717		82,311,129		84,780,462		87,323,876
Operating Expenses
Real Estate Taxes
OPEX
Utilities
Cleaning
Payroll
R&M
Security Expense
Professional Fees
Insurance
Management Fees
Total
Total Operating Expenses		30,401,977		31,314,037		32,253,458		33,221,062		34,217,693		35,244,224		36,301,551		37,390,597
Net Operating Income		40,600,325		41,818,335		43,072,885		44,365,072		45,696,024		47,066,904		48,478,912		49,933,279
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		3,211,798		3,308,152		3,407,396		3,509,618		3,614,907		3,723,354		3,835,054		3,950,106
Cash Flow Before Debt Service		37,388,528		38,510,183		39,665,489		40,855,453		42,081,117		43,343,551		44,643,857		45,983,173
& Taxes
Total CF		37,388,528		38,510,183		39,665,489		40,855,453		42,081,117		43,343,551		44,643,857		45,983,173

For the Years Ending	49 Year 49 Jun-2060		50 Year 50 Jun-2061		51 Year 51 Jun-2062		52 Year 52 Jun-2063		53 Year 53 Jun-2064		54 Year 54 Jun-2065		55 Year 55 Jun-2066		56 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		89,943,593		92,641,900		95,421,157		98,283,792		101,232,306		104,269,275		107,397,353		110,619,274
Operating Expenses
Real Estate Taxes
OPEX
Utilities
Cleaning
Payroll
R&M
Security Expense
Professional Fees
Insurance
Management Fees
Total
Total Operating Expenses		38,512,315		39,667,685		40,857,715		42,083,447		43,345,950		44,646,329		45,985,719		47,365,290
Net Operating Income		51,431,277		52,974,216		54,563,442		56,200,345		57,886,356		59,622,946		61,411,635		63,253,984
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		4,068,609		4,190,668		4,316,388		4,445,879		4,579,256		4,716,633		4,858,132		5,003,876
Cash Flow Before Debt Service		47,362,668		48,783,548		50,247,055		51,754,466		53,307,100		54,906,313		56,553,503		58,250,108
& Taxes
Total CF		47,362,668		48,783,548		50,247,055		51,754,466		53,307,100		54,906,313		56,553,503		58,250,108

For the Years Ending	57 Year 57 Jun-2068		58 Year 58 Jun-2069		59 Year 59 Jun-2070		60 Year 60 Jun-2071		61 Year 61 Jun-2072		62 Year 62 Jun-2073		63 Year 63 Jun-2074		64 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		113,937,852		117,355,988		120,876,667		124,502,967		128,238,056		132,085,198		136,047,754		140,129,187
Operating Expenses
Real Estate Taxes
OPEX
Utilities
Cleaning
Payroll
R&M
Security Expense
Professional Fees
Insurance
Management Fees
Total
Total Operating Expenses		48,786,249		50,249,836		51,757,331		53,310,051		54,909,353		56,556,633		58,253,332		60,000,932
Net Operating Income		65,151,603		67,106,151		69,119,336		71,192,916		73,328,704		75,528,565		77,794,422		80,128,254
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		5,153,992		5,308,612		5,467,871		5,631,907		5,800,864		5,974,890		6,154,137		6,338,761
Cash Flow Before Debt Service		59,997,611		61,797,539		63,651,465		65,561,009		67,527,840		69,553,675		71,640,285		73,789,494
& Taxes
Total CF		59,997,611		61,797,539		63,651,465		65,561,009		67,527,840		69,553,675		71,640,285		73,789,494

For the Years Ending	65 Year 65 Jun-2076		66 Year 66 Jun-2077		67 Year 67 Jun-2078		68 Year 68 Jun-2079		69 Year 69 Jun-2080		70 Year 70 Jun-2081		71 Year 71 Jun-2082		72 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		144,333,062		148,663,054		153,122,946		157,716,634		162,448,133		167,321,577		172,341,224		177,511,461
Operating Expenses
Real Estate Taxes
OPEX
Utilities
Cleaning
Payroll
R&M
Security Expense
Professional Fees
Insurance
Management Fees
Total
Total Operating Expenses		61,800,960		63,654,989		65,564,639		67,531,578		69,557,525		71,644,251		73,793,579		76,007,386
Net Operating Income		82,532,102		85,008,065		87,558,307		90,185,056		92,890,608		95,677,326		98,547,646		101,504,075
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		6,528,923		6,724,791		6,926,535		7,134,331		7,348,361		7,568,812		7,795,876		8,029,752
Cash Flow Before Debt Service		76,003,178		78,283,274		80,631,772		83,050,725		85,542,247		88,108,514		90,751,770		93,474,323
& Taxes
Total CF		76,003,178		78,283,274		80,631,772		83,050,725		85,542,247		88,108,514		90,751,770		93,474,323

For the Years Ending	73 Year 73 Jun-2084		74 Year 74 Jun-2085		75 Year 75 Jun-2086		76 Year 76 Jun-2087		77 Year 77 Jun-2088		78 Year 78 Jun-2089		79 Year 79 Jun-2090		80 Year 80 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		182,836,805		188,321,909		193,971,566		199,790,713		205,784,435		211,957,968		218,316,707		224,866,208
Operating Expenses
Real Estate Taxes
OPEX
Utilities
Cleaning
Payroll
R&M
Security Expense
Professional Fees
Insurance
Management Fees
Total
Total Operating Expenses		78,287,608		80,636,236		83,055,323		85,546,983		88,113,392		90,756,794		93,479,498		96,283,883
Net Operating Income		104,549,197		107,685,673		110,916,243		114,243,731		117,671,043		121,201,174		124,837,209		128,582,325
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		8,270,645		8,518,764		8,774,327		9,037,557		9,308,684		9,587,944		9,875,583		10,171,850
Cash Flow Before Debt Service		96,278,552		99,166,909		102,141,916		105,206,174		108,362,359		111,613,230		114,961,627		118,410,475
& Taxes
Total CF		96,278,552		99,166,909		102,141,916		105,206,174		108,362,359		111,613,230		114,961,627		118,410,475

For the Years Ending	81 Year 81 Jun-2092		82 Year 82 Jun-2093		83 Year 83 Jun-2094		84 Year 84 Jun-2095		85 Year 85 Jun-2096		86 Year 86 Jun-2097		87 Year 87 Jun-2098		88 Year 88 Jun-2099		88.75 Year 88.75 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		231,612,194		238,560,560		245,717,377		253,088,898		260,681,565		268,502,012		276,557,073		284,853,785		293,399,398
Operating Expenses
Real Estate Taxes
OPEX
Utilities
Cleaning
Payroll
R&M
Security Expense
Professional Fees
Insurance
Management Fees
Total
Total Operating Expenses		99,172,399		102,147,571		105,211,998		108,368,358		111,619,409		114,967,991		118,417,031		121,969,542		125,628,628
Net Operating Income		132,439,795		136,412,989		140,505,379		144,720,540		149,062,156		153,534,021		158,140,042		162,884,243		167,770,770
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building
Total Leasing & Capital Costs		10,477,006		10,791,316		11,115,055		11,448,507		11,791,962		12,145,721		12,510,093		12,885,395		13,271,957
Cash Flow Before Debt Service		121,962,790		125,621,673		129,390,324		133,272,033		137,270,194		141,388,300		145,629,949		149,998,848		115,874,110
& Taxes																	$	2,191,294,844
Total CF		121,962,790		125,621,673		129,390,324		133,272,033		137,270,194		141,388,300		145,629,949		149,998,848		2,307,168,954

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 8.75%		Net Operating Income
Year 1		Jun-2012		$	5,067,662	$	4,659,919			1
Year 2		Jun-2013			4,711,223		3,983,595			2
Year 3		Jun-2014			8,386,983		6,521,057			3
Year 4		Jun-2015			10,837,107		7,748,119			4
Year 5		Jun-2016			11,229,989		7,383,002			5
Year 6		Jun-2017			310,442		187,674			6
Year 7		Jun-2018			12,844,814		7,140,407			7
Year 8		Jun-2019			14,019,973		7,166,598			8
Year 9		Jun-2020			9,927,805		4,666,485			9
Year 10		Jun-2021			12,845,049		5,551,919			10
Year 11		Jun-2022 NOI							16,702,351	11
Total Cash Flow					90,181,047		55,008,775
Terminal Capitalization Rate @					241,256,176		104,276,341
		6.75	%
Selling Costs @
		2.50	%
Total Property Present Value						$	159,285,116
Rounded to Thousands						$	159,000,000
Per SqFt							315.76
Percentage Value Distribution
Leasehold Value						$	74,000,000
Implied Land Value						$	85,000,000
Per Buildable						$	168.80

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).	1			2			3			4			5			6			7			8
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		$	29,074,851		$	31,205,707		$	35,152,742		$	50,037,546		$	52,198,479		$	53,634,293
Absorption & Turnover Vacancy		(2,584,107	)		(1,293,788	)		(406,658	)		(552,712	)		(2,776,648	)		(673,448	)		(1,645,884	)		(126,960	)
Base Rent Abatements		(1,446,480	)		(1,110,443	)		(529,570	)		(1,179,648	)		(2,186,395	)		(2,378,483	)		(2,222,270	)		(307,502	)
Scheduled Base Rental Revenue		23,163,963			26,049,077			28,138,623			29,473,347			30,189,699			46,985,615			48,330,325			53,199,831
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			33,177,245			34,964,010			35,941,158			52,725,537			53,360,517			58,371,003
General Vacancy		0			0			(600,860	)		(512,789	)		0			(928,522	)		(4,308	)		(1,627,979	)
Collection Loss		(269,367	)		(303,709	)		(331,774	)		(349,640	)		(359,411	)		(527,255	)		(533,604	)		(583,712	)
Effective Gross Revenue		26,667,305			30,067,247			32,244,611			34,101,581			35,581,747			51,269,760			52,822,605			56,159,312
Operating Expenses
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			403,057			426,271			444,772			640,872			660,282			701,992
Total Operating Expenses		13,560,428			13,718,968			13,916,233			14,511,168			15,051,216			15,762,449			16,354,112			16,984,809
Net Operating Income		13,106,877			16,348,279			18,328,378			19,590,413			20,530,531			35,507,311			36,468,493			39,174,503
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			668,072			697,278			5,774,405			2,075,111			2,227,646			324,559
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			2,775,963			2,995,488			11,133,123			10,894,671			8,098,630			1,090,472
Cash Flow Before Debt Service		3,390,579			11,667,603			15,552,415			16,594,925			9,397,408			24,612,640			28,369,863			38,084,031
& Taxes
Total CF		3,390,579			11,667,603			15,552,415			16,594,925			9,397,408			24,612,640			28,369,863			38,084,031

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).	9			10			11			12			13			14			15			16
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	$	54,798,012		$	56,027,985		$	58,590,971		$	60,598,162		$	62,247,540		$	64,082,049		$	65,553,216		$	69,220,822
Absorption & Turnover Vacancy		(318,995	)		(245,212	)		(817,204	)		(988,261	)		(520,032	)		(834,663	)		(2,816,552	)		(1,835,748	)
Base Rent Abatements		(318,092	)		(320,415	)		(1,130,563	)		(1,198,317	)		(433,727	)		(1,793,148	)		(939,217	)		(5,026,844	)
Scheduled Base Rental Revenue		54,160,925			55,462,358			56,643,204			58,411,584			61,293,781			61,454,238			61,797,447			62,358,230
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		59,953,661			61,867,633			62,997,418			64,855,009			68,052,454			68,225,676			68,863,831			68,562,727
General Vacancy		(1,489,185	)		(1,618,173	)		(1,097,234	)		(987,037	)		(1,537,143	)		(1,237,148	)		0			(276,206	)
Collection Loss		(599,535	)		(618,676	)		(629,975	)		(648,550	)		(680,523	)		(682,258	)		(688,639	)		(685,627	)
Effective Gross Revenue		57,864,941			59,630,784			61,270,209			63,219,422			65,834,788			66,306,270			68,175,192			67,600,894
Operating Expenses
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		723,311			745,385			765,878			790,243			822,934			828,829			852,190			845,011
Total Operating Expenses		17,612,366			18,258,457			18,859,545			19,419,962			20,004,780			20,579,369			21,188,481			21,784,634
Net Operating Income		40,252,575			41,372,327			42,410,664			43,799,460			45,830,008			45,726,901			46,986,711			45,816,260
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		429,843			232,865			1,079,311			1,315,850			369,528			1,537,580			1,101,363			9,614,671
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		1,456,327			771,833			3,191,953			3,239,090			917,904			4,747,982			3,050,272			15,500,158
Cash Flow Before Debt Service		38,796,248			40,600,494			39,218,711			40,560,370			44,912,104			40,978,919			43,936,439			30,316,102
& Taxes
Total CF		38,796,248			40,600,494			39,218,711			40,560,370			44,912,104			40,978,919			43,936,439			30,316,102

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).	17			18			19			20			21			22			23			24
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	$	71,884,200		$	74,181,587		$	75,718,281		$	77,314,061		$	79,964,963		$	82,516,141		$	84,920,110		$	87,210,787
Absorption & Turnover Vacancy		(2,192,462	)		(395,573	)		(299,639	)		(368,511	)		(1,056,586	)		(1,400,762	)		(556,387	)		(1,340,132	)
Base Rent Abatements		(2,982,858	)		(709,687	)		(312,102	)		(475,527	)		(1,398,200	)		(1,458,285	)		(999,462	)		(2,214,898	)
Scheduled Base Rental Revenue		66,708,880			73,076,327			75,106,540			76,470,023			77,510,177			79,657,094			83,364,261			83,655,757
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		72,731,070			79,277,043			81,953,669			83,888,311			85,302,043			87,734,805			91,849,407			92,300,868
General Vacancy		(55,244	)		(1,994,605	)		(2,167,961	)		(2,159,194	)		(1,534,173	)		(1,273,305	)		(2,215,787	)		(1,469,097	)
Collection Loss		(727,310	)		(792,771	)		(819,538	)		(838,883	)		(853,020	)		(877,348	)		(918,494	)		(923,008	)
Effective Gross Revenue		71,948,516			76,489,667			78,966,170			80,890,234			82,914,850			85,584,152			88,715,126			89,908,763
Operating Expenses
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		899,356			956,122			987,078			1,011,127			1,036,435			1,069,803			1,108,939			1,123,860
Total Operating Expenses		22,460,404			23,157,242			23,847,466			24,550,564			25,275,297			26,029,071			26,810,221			27,589,414
Net Operating Income		49,488,112			53,332,425			55,118,704			56,339,670			57,639,553			59,555,081			61,904,905			62,319,349
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		3,037,598			529,771			287,232			498,536			1,258,694			1,759,782			891,151			2,001,552
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		8,236,749			1,294,548			833,046			1,241,116			3,632,533			4,305,673			2,280,221			6,240,247
Cash Flow Before Debt Service		41,251,363			52,037,877			54,285,658			55,098,554			54,007,020			55,249,408			59,624,684			56,079,102
& Taxes
Total CF		41,251,363			52,037,877			54,285,658			55,098,554			54,007,020			55,249,408			59,624,684			56,079,102

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).	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	$	89,166,585		$	93,026,773		$	96,385,884		$	99,683,261		$	101,699,788		$	103,764,515		$	107,069,743		$	110,523,310
Absorption & Turnover Vacancy		(1,093,555	)		(5,211,222	)		(2,844,902	)		(743,853	)		(215,819	)		(586,007	)		(1,181,029	)		(1,648,582	)
Base Rent Abatements		(659,652	)		(6,627,469	)		(3,416,009	)		(2,398,979	)		(486,826	)		(589,938	)		(1,897,649	)		(1,272,931	)
Scheduled Base Rental Revenue		87,413,378			81,188,082			90,124,973			96,540,429			100,997,143			102,588,570			103,991,065			107,601,797
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		96,593,392			89,471,541			98,315,203			104,754,896			110,061,069			112,437,968			114,444,654			118,504,193
General Vacancy		(1,837,054	)		0			(189,901	)		(2,421,109	)		(3,092,488	)		(2,804,713	)		(2,287,741	)		(1,956,001	)
Collection Loss		(965,933	)		(894,717	)		(983,152	)		(1,047,549	)		(1,100,611	)		(1,124,378	)		(1,144,448	)		(1,185,040	)
Effective Gross Revenue		93,790,405			88,576,824			97,142,150			101,286,238			105,867,970			108,508,877			111,012,465			115,363,152
Operating Expenses
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		1,172,380			1,107,210			1,214,278			1,266,078			1,323,349			1,356,360			1,387,657			1,442,039
Total Operating Expenses		28,425,150			29,170,787			30,113,014			31,025,006			31,968,283			32,913,886			33,885,141			34,907,683
Net Operating Income		65,365,255			59,406,037			67,029,136			70,261,232			73,899,687			75,594,991			77,127,324			80,455,469
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		1,210,929			13,107,528			3,937,877			894,777			468,462			613,452			1,717,953			1,593,557
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		3,283,881			21,533,116			10,802,944			2,019,369			1,303,922			1,551,428			5,002,153			3,844,833
Cash Flow Before Debt Service		62,081,374			37,872,921			56,226,192			68,241,863			72,595,765			74,043,563			72,125,171			76,610,636
& Taxes
Total CF		62,081,374			37,872,921			56,226,192			68,241,863			72,595,765			74,043,563			72,125,171			76,610,636

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).	33			34			35			36			37		38		39		40
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	$	114,079,697		$	116,976,580		$	119,619,194		$	124,544,541
Absorption & Turnover Vacancy		(1,183,019	)		(1,940,539	)		(737,722	)		(7,115,784	)
Base Rent Abatements		(1,981,423	)		(2,868,570	)		(586,231	)		(8,955,199	)
Scheduled Base Rental Revenue		110,915,255			112,167,471			118,295,241			108,473,558
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		122,205,002			123,783,673			130,626,329			119,744,039
General Vacancy		(2,518,621	)		(1,831,188	)		(3,203,199	)		0
Collection Loss		(1,222,052	)		(1,237,835	)		(1,306,263	)		(1,197,442	)
Effective Gross Revenue		118,464,329			120,714,650			126,116,867			118,546,597			122,102,995		125,766,085		129,539,067		133,425,239
Operating Expenses
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		1,480,804			1,508,933			1,576,461			1,481,832
Total Operating Expenses		35,943,663			36,998,915			38,124,380			39,119,423			40,293,006		41,501,796		42,746,850		44,029,255
Net Operating Income		82,520,666			83,715,735			87,992,487			79,427,174			81,809,989		84,264,289		86,792,218		89,395,984
Leasing & Capital Costs
Tenant Improvements		2,923,234			5,080,580			1,043,304			10,497,934
Leasing Commissions		1,933,221			2,469,610			572,242			17,390,376
PB PIO		0			0			0			0
Capital Improvements		0			0			0			0
Base Building Costs		0			0			0			0
Total Leasing & Capital Costs		4,856,455			7,550,190			1,615,546			27,888,310			5,654,920		5,824,568		5,999,305		6,179,284
Cash Flow Before Debt Service		77,664,211			76,165,545			86,376,941			51,538,864			76,155,069		78,439,721		80,792,913		83,216,700
& Taxes
Total CF		77,664,211			76,165,545			86,376,941			51,538,864			76,155,069		78,439,721		80,792,913		83,216,700

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).	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 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		137,427,996		141,550,836		145,797,361		150,171,282		154,676,421		159,316,713		164,096,215		169,019,101
Operating Expenses
Insurance
Real Estate Taxes
Repairs and Maintenance
Security
Utilities
Payroll
Professional Fees
Cleaning
Management Fee
Total Operating Expenses		45,350,133		46,710,637		48,111,956		49,555,315		51,041,974		52,573,233		54,150,430		55,774,943
Net Operating Income		92,077,864		94,840,200		97,685,406		100,615,968		103,634,447		106,743,480		109,945,785		113,244,158
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital Costs		6,364,662		6,555,602		6,752,270		6,954,838		7,163,483		7,378,388		7,599,740		7,827,732
Cash Flow Before Debt Service		85,713,201		88,284,597		90,933,135		93,661,129		96,470,963		99,365,092		102,346,045		105,416,426
& Taxes
Total CF		85,713,201		88,284,597		90,933,135		93,661,129		96,470,963		99,365,092		102,346,045		105,416,426

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).	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 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		174,089,674		179,312,365		184,691,735		190,232,488		195,939,462		201,817,646		207,872,175		214,108,341
Operating Expenses
Insurance
Real Estate Taxes
Repairs and Maintenance
Security
Utilities
Payroll
Professional Fees
Cleaning
Management Fee
Total Operating Expenses		57,448,192		59,171,637		60,946,786		62,775,190		64,658,446		66,598,199		68,596,145		70,654,029
Net Operating Income		116,641,483		120,140,727		123,744,949		127,457,298		131,281,016		135,219,447		139,276,030		143,454,311
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital Costs		8,062,564		8,304,441		8,553,574		8,810,181		9,074,487		9,346,721		9,627,123		9,915,936
Cash Flow Before Debt Service		108,578,919		111,836,287		115,191,375		118,647,116		122,206,530		125,872,726		129,648,908		133,538,375
& Taxes
Total CF		108,578,919		111,836,287		115,191,375		118,647,116		122,206,530		125,872,726		129,648,908		133,538,375

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).	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 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		220,531,591		227,147,539		233,961,965		240,980,824		248,210,248		255,656,556		263,326,253		271,226,040
Operating Expenses
Insurance
Real Estate Taxes
Repairs and Maintenance
Security
Utilities
Payroll
Professional Fees
Cleaning
Management Fee
Total Operating Expenses		72,773,650		74,956,860		77,205,566		79,521,733		81,907,384		84,364,606		86,895,544		89,502,411
Net Operating Income		147,757,941		152,190,679		156,756,399		161,459,091		166,302,864		171,291,950		176,430,708		181,723,630
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Total Leasing & Capital Costs		10,213,415		10,519,817		10,835,411		11,160,474		11,495,288		11,840,147		12,195,351		12,561,212
Cash Flow Before Debt Service		137,544,526		141,670,862		145,920,988		150,298,617		154,807,576		159,451,803		164,235,357		169,162,418
& Taxes
Total CF		137,544,526		141,670,862		145,920,988		150,298,617		154,807,576		159,451,803		164,235,357		169,162,418

2/10/11 Final 2011-2020 Draft Based on 2011 Budget Draft#2 (Includes RET, CPI & OPX Recover).	65		66
For the Years Ending	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		279,362,821		287,743,706	x
Operating Expenses					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
Total Operating Expenses		92,187,483		94,953,107	x
Net Operating Income		187,175,338		192,790,599	x	4.16	%
Leasing & Capital Costs					x
Tenant Improvements					x
Leasing Commissions					x
PB PIO					x
Capital Improvements					x
Base Building Costs					x
Total Leasing & Capital Costs		12,938,048		13,326,189	x
Cash Flow Before Debt Service		174,237,291		179,464,409	x
& Taxes					x
				2,842,092,416	x
Total CF		174,237,291		3,021,556,825	x

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 8.75%		Net Operating Income
Year 1		Jun-2012		$	3,390,579	$	3,117,774			1
Year 2		Jun-2013			11,667,603		9,865,591			2
Year 3		Jun-2014			15,552,415		12,092,331			3
Year 4		Jun-2015			16,594,925		11,864,740			4
Year 5		Jun-2016			9,397,408		6,178,197			5
Year 6		Jun-2017			24,612,640		14,879,304			6
Year 7		Jun-2018			28,369,863		15,770,751			7
Year 8		Jun-2019			38,084,031		19,467,437			8
Year 9		Jun-2020			38,796,248		18,235,864			9
Year 10		Jun-2021			40,600,494		17,548,446			10
Year 11		Jun-2022 NOI							44,013,377	11
Total Cash Flow					227,066,206		129,020,435
Terminal Capitalization Rate @					635,748,784		274,784,911
		6.75	%
Selling Costs @
		2.50	%
Total Property Present Value						$	403,805,347
Rounded to Thousands						$	404,000,000
Per SqFt							515.29
Leasehold Value						$	195,000,000
Implied Land Value						$	209,000,000
Per Buildable						$	266.57

	6/30/2012			6/30/2013			6/30/2014			6/30/2015			6/30/2016			6/30/2017			6/30/2018			6/30/2019
	1			2			3			4			5			6			7			8
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	$	57,630,132		$	60,494,216		$	63,507,032		$	65,783,617		$	68,096,442		$	71,405,165		$	76,071,153		$	78,155,547
Absorption & Turnover V		(6,390,133	)		(4,396,781	)		(2,795,508	)		(2,154,123	)		(864,779	)		(1,648,699	)		(1,814,931	)		(1,657,649	)
Base Rent Abatements		(3,135,083	)		(2,350,223	)		(1,464,571	)		(1,287,453	)		(756,801	)		(1,306,547	)		(1,226,051	)		(1,327,047	)
Scheduled Base Rental R		48,104,916			53,747,212			59,246,953			62,342,041			66,474,862			68,449,919			73,030,171			75,170,851
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			70,346,400			73,237,430			77,617,476			80,138,941			84,777,160			86,803,214
General Vacancy											(107,624	)		(1,489,689	)		(804,930	)		(782,832	)		(996,177	)
Collection Loss		(593,871	)		(650,381	)		(703,464	)		(732,374	)		(776,175	)		(801,389	)		(847,772	)		(868,032	)
Effective Gross Revenue		58,793,219			64,387,731			69,642,936			72,397,432			75,351,612			78,532,622			83,146,556			84,939,005
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			696,429			723,974			753,516			785,326			831,466			849,390
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
Total Operating Expenses		29,118,734			29,318,952			30,093,337			30,859,866			31,745,490			32,757,319			33,815,050			34,877,164
Net Operating Income		29,674,485			35,068,779			39,549,599			41,537,566			43,606,122			45,775,303			49,331,506			50,061,841
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			2,238,673			1,712,171			1,029,474			2,487,327			1,741,413			1,858,651
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			10,654,686			6,937,490			4,138,681			6,287,163			6,955,322			6,817,205
Cash Flow Before Debt Ser	$	9,999,569		$	17,801,671		$	28,894,913		$	34,600,076		$	39,467,441		$	39,488,140		$	42,376,184		$	43,244,636
& Taxes
Total CF	$	9,999,569		$	17,801,671		$	28,894,913		$	34,600,076		$	39,467,441		$	39,488,140		$	42,376,184		$	43,244,636

	6/30/2020			6/30/2021			6/30/2022			6/30/2023			6/30/2024			6/30/2025			6/30/2026			6/30/2027
	9			10			11			12			13			14			15			16
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	$	80,133,679		$	83,031,393		$	88,805,105		$	92,725,581		$	95,778,280		$	98,365,541		$	101,141,263		$	104,168,094
Absorption & Turnover V		(1,887,306	)		(1,833,899	)		(2,895,264	)		(3,068,806	)		(2,242,004	)		(2,290,575	)		(1,972,047	)		(2,267,031	)
Base Rent Abatements		(1,318,043	)		(1,376,557	)		(2,967,768	)		(2,634,255	)		(1,706,106	)		(1,628,131	)		(1,737,668	)		(1,464,657	)
Scheduled Base Rental R		76,928,330			79,820,937			82,942,073			87,022,520			91,830,170			94,446,835			97,431,548			100,436,406
Porters’ Wage Revenue
CPI & Other Adjustment		958,135			811,524			306,562			222,030			277,836			335,316			394,520			242,676
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		88,580,309			91,539,962			93,727,063			97,357,017			102,428,576			105,423,227			108,803,445			112,398,891
General Vacancy		(826,722	)		(967,317	)		-3,406						(898,113	)		(940,839	)		(1,351,218	)		(1,172,947	)
Collection Loss		(885,803	)		(915,400	)		(937,271	)		(973,570	)		(1,024,286	)		(1,054,232	)		(1,088,034	)		(1,123,989	)
Effective Gross Revenue		86,867,784			89,657,245			92,786,386			96,383,447			100,506,177			103,428,156			106,364,193			110,101,955
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		868,678			896,572			927,864			963,834			1,005,062			1,034,282			1,063,642			1,101,020
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
Total Operating Expenses		35,974,294			37,114,774			38,260,049			39,410,215			40,599,064			41,810,333			43,057,202			44,348,618
Net Operating Income		50,893,490			52,542,471			54,526,337			56,973,232			59,907,113			61,617,823			63,306,991			65,753,337
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		1,874,236			2,085,560			4,791,464			3,699,467			3,221,129			2,477,491			2,257,908			2,071,844
PB Work
Capital Improvements		265,197			145,846
Base Building		1,456,786			1,774,492
Total Leasing & Capital C		5,600,332			6,428,745			10,884,437			8,916,171			5,711,417			5,927,438			4,866,803			4,710,815
Cash Flow Before Debt Ser	$	45,293,158		$	46,113,726		$	43,641,900		$	48,057,061		$	54,195,696		$	55,690,385		$	58,440,188		$	61,042,522
& Taxes
Total CF	$	45,293,158		$	46,113,726		$	43,641,900		$	48,057,061		$	54,195,696		$	55,690,385		$	58,440,188		$	61,042,522

	6/30/2028			6/30/2029			6/30/2030			6/30/2031			6/30/2032			6/30/2033			6/30/2034			6/30/2035
	17			18			19			20			21			22			23			24
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	$	107,542,606		$	110,755,559		$	113,576,548		$	116,973,507		$	121,109,251		$	125,612,963		$	129,669,162		$	132,876,422
Absorption & Turnover V		(2,302,468	)		(2,437,631	)		(2,325,550	)		(2,602,191	)		(3,989,877	)		(3,831,044	)		(3,202,338	)		-2,959,101
Base Rent Abatements		(1,841,205	)		(1,919,902	)		(1,921,574	)		(2,000,379	)		(3,813,723	)		(3,161,824	)		(2,656,980	)		-2,170,147
Scheduled Base Rental R		103,398,933			106,398,026			109,329,424			112,370,937			113,305,651			118,620,095			123,809,844			127,747,174
Porters’ Wage Revenue
CPI & Other Adjustment		243,233			285,431			328,896			210,395			20,857			63,152			111,951			162,214
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		115,862,719			119,347,767			122,825,886			126,209,959			127,015,735			132,188,048			137,559,374			142,044,606
General Vacancy		(1,242,488	)		(1,215,931	)		(1,428,993	)		(1,262,174	)					(249,529	)		(1,020,513	)		-1,391,010
Collection Loss		(1,158,627	)		(1,193,478	)		(1,228,259	)		(1,262,100	)		(1,270,157	)		(1,321,880	)		(1,375,594	)		-1,420,446
Effective Gross Revenue		113,461,604			116,938,358			120,168,634			123,685,685			125,745,578			130,616,639			135,163,267			139,233,150
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		1,134,616			1,169,384			1,201,686			1,236,857			1,257,456			1,306,166			1,351,633			1,392,332
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
Total Operating Expenses		45,673,872			47,039,046			48,441,668			49,888,268			51,362,639			52,908,734			54,496,506			56,125,780
Net Operating Income		67,787,732			69,899,312			71,726,966			73,797,417			74,382,939			77,707,905			80,666,761			83,107,370
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		3,500,469			2,717,905			2,711,344			3,059,063			6,207,212			4,657,423			4,594,270			3,048,807
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		5,814,984			6,111,426			6,259,370			6,366,060			14,605,828			11,397,061			7,772,800			7,464,446
Cash Flow Before Debt Ser	$	61,972,748		$	63,787,886		$	65,467,596		$	67,431,357		$	59,777,111		$	66,310,844		$	72,893,961		$	75,642,924
& Taxes
Total CF	$	61,972,748		$	63,787,886		$	65,467,596		$	67,431,357		$	59,777,111		$	66,310,844		$	72,893,961		$	75,642,924

For the Years Ending	6/30/2036 25 Year 25 Jun-2036		6/30/2037 26 Year 26 Jun-2037		6/30/2038 27 Year 27 Jun-2038		6/30/2039 28 Year 28 Jun-2039		6/30/2040 29 Year 29 Jun-2040		6/30/2041 30 Year 30 Jun-2041		6/30/2042 31 Year 31 Jun-2042		6/30/2043 32 Year 32 Jun-2043
Potential Gross Revenue
Base Rental Revenue	$	136,584,184	$	140,266,231	$	144,633,978	$	148,896,781	$	152,633,272	$	156,860,768	$	162,161,878	$	168,334,192
Absorption & Turnover V		-3,143,269		-2,336,302		-3,270,671		-3,506,037		-3,432,545		-3,699,740		-5,271,936		-4,817,048
Base Rent Abatements		-2,691,075		-1,965,606		-2,326,393		-2,538,585		-2,221,483		-2,829,365		-4,521,033		-3,259,796
Scheduled Base Rental R		130,749,840		135,964,323		139,036,914		142,852,159		146,979,244		150,331,663		152,368,909		160,257,348
Porters’ Wage Revenue
CPI & Other Adjustment		213,986		267,310		322,234		378,806		437,074		321,184		24,505		79,493
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		145,509,809		151,752,099		155,649,200		160,155,008		165,039,048		168,983,589		170,948,797		178,670,135
General Vacancy		-1,316,323		-2,286,350		-1,496,925		-1,403,794		-1,621,603		-1,480,760		-14,686		-687,567
Collection Loss		-1,455,098		-1,517,521		-1,556,492		-1,601,550		-1,650,390		-1,689,836		-1,709,488		-1,786,701
Effective Gross Revenue		142,738,388		147,948,228		152,595,783		157,149,664		161,767,055		165,812,993		169,224,623		176,195,867
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		1,427,384		1,479,482		1,525,958		1,571,497		1,617,671		1,658,130		1,692,246		1,761,959
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
Total Operating Expenses		57,797,064		59,534,484		61,316,839		63,150,334		65,038,103		66,975,405		68,963,268		71,045,341
Net Operating Income		84,941,324		88,413,744		91,278,944		93,999,330		96,728,952		98,837,588		100,261,355		105,150,526
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		3,781,540		2,746,531		4,538,321		3,687,096		3,241,549		4,116,548		8,607,709		3,416,815
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		8,138,411		6,448,378		7,395,670		8,119,742		8,039,775		8,918,779		19,365,309		12,140,793
Cash Flow Before Debt Ser	$	76,802,913	$	81,965,366	$	83,883,274	$	85,879,588	$	88,689,177	$	89,918,809		80,896,046		93,009,733
& Taxes
Total CF	$	76,802,913	$	81,965,366	$	83,883,274	$	85,879,588	$	88,689,177	$	89,918,809	$	80,896,046	$	93,009,733

For the Years Ending	6/30/2044 33 Year 33 Jun-2044		6/30/2045 34 Year 34 Jun-2045		6/30/2046 35 Year 35 Jun-2046		6/30/2047 36 Year 36 Jun-2047		6/30/2048 37 Year 37 Jun-2048		6/30/2049 38 Year 38 Jun-2049		6/30/2050 39 Year 39 Jun-2050		6/30/2051 40 Year 40 Jun-2051
Potential Gross Revenue
Base Rental Revenue	$	174,346,952	$	178,857,360	$	183,697,679	$	188,585,487	$	194,591,722	$	200,256,045	$	205,553,094	$	211,374,731
Absorption & Turnover V		-4,439,258		-3,642,958		-4,642,489		-3,449,802		-3,668,548		-4,664,427		-4,202,484		-5,102,046
Base Rent Abatements		-5,087,755		-3,130,352		-3,644,645		-2,445,959		-3,276,951		-3,036,814		-3,466,040		-3,433,433
Scheduled Base Rental R		164,819,939		172,084,050		175,410,545		182,689,726		187,646,223		192,554,804		197,884,570		202,839,252
Porters’ Wage Revenue
CPI & Other Adjustment		144,913		212,297		281,702		353,189		426,820		502,660		580,776		482,166
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		183,185,921		191,186,613		195,082,705		203,578,953		209,766,786		215,698,307		221,989,616		227,827,422
General Vacancy		-1,189,497		-2,201,929		-1,349,267		-2,761,061		-2,734,512		-1,946,455		-2,583,279		-1,885,838
Collection Loss		-1,831,859		-1,911,866		-1,950,827		-2,035,790		-2,097,668		-2,156,983		-2,219,896		-2,278,274
Effective Gross Revenue		180,164,565		187,072,818		191,782,611		198,782,102		204,934,606		211,594,869		217,186,441		223,663,310
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		1,801,646		1,870,728		1,917,826		1,987,821		2,049,346		2,115,949		2,171,864		2,236,633
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
Total Operating Expenses		73,157,758		75,361,752		77,607,811		79,942,735		82,337,137		84,806,602		87,337,466		89,951,434
Net Operating Income		107,006,807		111,711,066		114,174,800		118,839,367		122,597,469		126,788,267		129,848,975		133,711,876
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		8,603,550		4,422,440		5,102,461		4,205,934		5,689,489		4,164,388		4,912,975		5,026,492
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		13,188,418		9,909,458		11,682,268		9,679,918		9,092,984		9,790,435		10,218,162		11,003,790
Cash Flow Before Debt Ser		93,818,389		101,801,608		102,492,532		109,159,449		113,504,485		116,997,832		119,630,813		122,708,086
& Taxes
Total CF	$	93,818,389	$	101,801,608	$	102,492,532	$	109,159,449	$	113,504,485	$	116,997,832	$	119,630,813	$	122,708,086

For the Years Ending	3.0% 6/30/2052 41 Year 41 Jun-2052		6/30/2053 42 Year 42 Jun-2053		6/30/2054 43 Year 43 Jun-2054		6/30/2055 44 Year 44 Jun-2055		6/30/2056 45 Year 45 Jun-2056		6/30/2057 46 Year 46 Jun-2057		6/30/2058 47 Year 47 Jun-2058		6/30/2059 48 Year 48 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		230,373,209		237,284,406		244,402,938		251,735,026		259,287,077		267,065,689		275,077,660		283,329,989
Operating Expenses
Payroll
Cleaning
Utilities
Security
Repairs & Maintenance
Management Fee
Professional Fees/Admin
Real Estate Taxes
Bid Tax
Insurance
Total Operating Expenses		92,649,977		95,429,476		98,292,361		101,241,131		104,278,365		107,406,716		110,628,918		113,947,785
Net Operating Income		137,723,232		141,854,929		146,110,577		150,493,894		155,008,711		159,658,973		164,448,742		169,382,204
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		9,017,575		9,288,102		9,566,745		9,853,748		10,149,360		10,453,841		10,767,456		11,090,480
Cash Flow Before Debt Ser		128,705,657		132,566,827		136,543,832		140,640,147		144,859,351		149,205,132		153,681,286		158,291,724
& Taxes
Total CF	$	128,705,657	$	132,566,827	$	136,543,832	$	140,640,147	$	144,859,351	$	149,205,132	$	153,681,286	$	158,291,724

For the Years Ending	6/30/2060 49 Year 49 Jun-2060		6/30/2061 50 Year 50 Jun-2061		6/30/2062 51 Year 51 Jun-2062		6/30/2063 52 Year 52 Jun-2063		6/30/2064 53 Year 53 Jun-2064		6/30/2065 54 Year 54 Jun-2065		6/30/2066 55 Year 55 Jun-2066		6/30/2067 56 Year 56 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		291,829,889		300,584,786		309,602,329		318,890,399		328,457,111		338,310,825		348,460,149		358,913,954
Operating Expenses
Payroll
Cleaning
Utilities
Security
Repairs & Maintenance
Management Fee
Professional Fees/Admin
Real Estate Taxes
Bid Tax
Insurance
Total Operating Expenses		117,366,219		120,887,205		124,513,822		128,249,236		132,096,713		136,059,615		140,141,403		144,345,645
Net Operating Income		174,463,670		179,697,580		185,088,508		190,641,163		196,360,398		202,251,210		208,318,746		214,568,308
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		11,423,194		11,765,890		12,118,867		12,482,433		12,856,906		13,242,613		13,639,891		14,049,088
Cash Flow Before Debt Ser		163,040,476		167,931,690		172,969,641		178,158,730		183,503,492		189,008,597		194,678,855		200,519,221
& Taxes
Total CF	$	163,040,476	$	167,931,690	$	172,969,641	$	178,158,730	$	183,503,492	$	189,008,597	$	194,678,855	$	200,519,221

For the Years Ending	6/30/2068 57 Year 57 Jun-2068		6/30/2069 58 Year 58 Jun-2069		6/30/2070 59 Year 59 Jun-2070		6/30/2071 60 Year 60 Jun-2071		6/30/2072 61 Year 61 Jun-2072		6/30/2073 62 Year 62 Jun-2073		6/30/2074 63 Year 63 Jun-2074		6/30/2075 64 Year 64 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		369,681,372		380,771,814		392,194,968		403,960,817		416,079,641		428,562,031		441,418,892		454,661,458
Operating Expenses
Payroll
Cleaning
Utilities
Security
Repairs & Maintenance
Management Fee
Professional Fees/Admin
Real Estate Taxes
Bid Tax
Insurance
Total Operating Expenses		148,676,015		153,136,295		157,730,384		162,462,296		167,336,164		172,356,249		177,526,937		182,852,745
Net Operating Income		221,005,358		227,635,518		234,464,584		241,498,521		248,743,477		256,205,781		263,891,955		271,808,713
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		14,470,560		14,904,677		15,351,818		15,812,372		16,286,743		16,775,346		17,278,606		17,796,964
Cash Flow Before Debt Ser		206,534,797		212,730,841		219,112,766		225,686,149		232,456,734		239,430,436		246,613,349		254,011,749
& Taxes
Total CF	$	206,534,797	$	212,730,841	$	219,112,766	$	225,686,149	$	232,456,734	$	239,430,436	$	246,613,349	$	254,011,749

For the Years Ending	6/30/2076 65 Year 65 Jun-2076		6/30/2077 66 Year 66 Jun-2077		6/30/2078 67 Year 67 Jun-2078		6/30/2079 68 Year 68 Jun-2079		6/30/2080 69 Year 69 Jun-2080		6/30/2081 70 Year 70 Jun-2081		6/30/2082 71 Year 71 Jun-2082		6/30/2083 72 Year 72 Jun-2083		9/30/2083 72.25 Year 72.25 Sep-2083
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		468,301,302		482,350,341		496,820,851		511,725,477		527,077,241		542,889,559		559,176,245		575,951,533		593,230,079
Operating Expenses
Payroll
Cleaning
Utilities
Security
Repairs & Maintenance
Management Fee
Professional Fees/Admin
Real Estate Taxes
Bid Tax
Insurance
Total Operating Expenses		188,338,327		193,988,477		199,808,131		205,802,375		211,976,447		218,335,740		224,885,812		231,632,387		238,581,358
Net Operating Income		279,962,975		288,361,864		297,012,720		305,923,102		315,100,795		324,553,819		334,290,433		344,319,146		354,648,721
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB Work
Capital Improvements
Base Building
Total Leasing & Capital C		18,330,873		18,880,799		19,447,223		20,030,640		20,631,559		21,250,506		21,888,021		22,544,662		23,221,001
Cash Flow Before Debt Ser		261,632,102		269,481,065		277,565,497		285,892,462		294,469,236		303,303,313		312,402,412		321,774,484		82,856,930
& Taxes
																		5,542,820,122
Total CF	$	261,632,102	$	269,481,065	$	277,565,497	$	285,892,462	$	294,469,236	$	303,303,313	$	312,402,412	$	321,774,484	$	5,625,677,052

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 8.75%		Net Operating Income
Year 1		Jun-2012		$	3,477,096	$	3,197,330			1
Year 2		Jun-2013			10,251,300		8,668,030			2
Year 3		Jun-2014			14,126,795		10,983,882			3
Year 4		Jun-2015			14,458,352		10,337,172			4
Year 5		Jun-2016			16,524,047		10,863,508			5
Year 6		Jun-2017			15,164,486		9,167,525			6
Year 7		Jun-2018			16,333,667		9,079,853			7
Year 8		Jun-2019			17,159,700		8,771,534			8
Year 9		Jun-2020			18,236,143		8,571,752			9
Year 10		Jun-2021			16,271,822		7,033,047			10
Year 11		Jun-2022 NOI							20,522,991	11
Total Cash Flow					142,003,408		86,673,633
Terminal Cap Rate @					296,443,208		128,129,416
		6.75	%
Selling Costs @
		2.50	%
Total Property Present Value						$	214,803,050
Rounded to Thousands						$	215,000,000
Per SqFt						$	499.84

	1			2			3			4			5			6			7			8
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		$	21,823,366		$	23,236,463		$	24,217,160		$	25,060,580		$	25,816,207		$	26,325,000
Absorption & Turnover Vacancy		(3,827,028	)		(1,255,007	)		(456,664	)		(324,707	)		(222,801	)		(688,718	)		(628,979	)		(354,671	)
Base Rent Abatements		(1,006,968	)		(916,751	)		(254,240	)		(360,586	)		(230,669	)		(605,960	)		(382,099	)		(353,880	)
Scheduled Base Rental Revenue		16,114,093			19,147,176			21,112,462			22,551,170			23,763,690			23,765,902			24,805,129			25,616,449
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			24,682,701			26,109,149			27,415,464			27,549,613			28,657,125			29,562,807
General Vacancy								(297,516	)		(468,310	)		(606,347	)		(158,431	)		(249,604	)		(542,854	)
Collection Loss		(191,713	)		(225,130	)		(246,827	)		(261,091	)		(274,154	)		(275,496	)		(286,572	)		(295,629	)
Effective Gross Revenue		18,979,672			22,287,756			24,138,358			25,379,748			26,534,963			27,115,686			28,120,949			28,724,324
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			241,383			253,798			265,349			271,158			281,208			287,244
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
Total Operating Expenses		8,713,334			8,710,522			8,816,190			9,063,978			9,340,312			9,662,586			10,019,114			10,381,924
Net Operating Income		10,266,338			13,577,234			15,322,168			16,315,770			17,194,651			17,453,100			18,101,835			18,342,400
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			230,730			525,820			224,680			676,794			571,411			418,678
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			1,195,373			1,857,418			670,604			2,288,614			1,768,168			1,182,700
Cash Flow Before Debt Service	$	3,477,096		$	10,251,300		$	14,126,795		$	14,458,352		$	16,524,047		$	15,164,486		$	16,333,667		$	17,159,700
& Taxes

	9			10			11			12			13			14			15			16
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	$	27,205,870		$	28,432,378		$	29,403,934		$	30,700,089		$	31,446,821		$	32,902,925		$	38,073,093		$	39,333,356
Absorption & Turnover Vacancy		(367,571	)		(816,285	)		(815,948	)		(1,079,808	)		(592,638	)		(1,270,381	)		(551,078	)		(816,250	)
Base Rent Abatements		(240,334	)		(966,337	)		(612,730	)		(1,270,743	)		(522,628	)		(603,720	)		(1,015,754	)		(713,810	)
Scheduled Base Rental Revenue		26,597,965			26,649,756			27,975,256			28,349,538			30,331,555			31,028,824			36,506,261			37,803,296
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		30,841,301			30,874,905			32,131,878			32,274,583			34,361,559			35,034,872			40,227,754			41,630,089
General Vacancy		(568,694	)		(134,451	)		(172,487	)					(455,988	)					(672,287	)		(457,140	)
Collection Loss		(308,412	)		(308,749	)		(321,320	)		(322,744	)		(343,617	)		(350,349	)		(402,276	)		(416,302	)
Effective Gross Revenue		29,964,195			30,431,705			31,638,071			31,951,839			33,561,954			34,684,523			39,153,191			40,756,647
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		299,642			304,318			316,381			319,518			335,620			346,844			391,532			407,567
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
Total Operating Expenses		10,761,711			11,144,737			11,514,210			11,853,285			12,215,395			12,583,015			12,994,789			13,388,920
Net Operating Income		19,202,484			19,286,968			20,123,861			20,098,554			21,346,559			22,101,508			26,158,402			27,367,727
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		351,857			1,362,403			710,853			1,334,665			677,123			1,408,738			2,648,655			810,189
Capital Improvements
Base Building		70,000			410,000			600,000			520,000
Total Leasing & Capital Costs		966,341			3,015,146			2,181,825			3,878,780			1,465,310			1,948,901			3,427,464			1,944,142
Cash Flow Before Debt Service	$	18,236,143		$	16,271,822		$	17,942,036		$	16,219,774		$	19,881,249		$	20,152,607		$	22,730,938		$	25,423,585
& Taxes

	17			18			19			20			21			22			23			24
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	$	40,565,788		$	41,658,969		$	42,611,159		$	43,982,034		$	45,490,312		$	47,298,501		$	48,608,420		$	49,813,494
Absorption & Turnover Vacancy		(765,106	)		(843,864	)		(377,159	)		(1,243,450	)		(838,479	)		(1,532,108	)		(1,121,984	)		(1,211,700	)
Base Rent Abatements		(493,650	)		(685,856	)		(208,820	)		(1,068,413	)		(1,009,120	)		(1,830,547	)		(726,899	)		(730,778	)
Scheduled Base Rental Revenue		39,307,032			40,129,249			42,025,180			41,670,171			43,642,713			43,935,846			46,759,537			47,871,016
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		43,279,147			44,216,126			46,412,499			46,125,326			48,229,945			48,314,640			51,226,822			52,586,070
General Vacancy		(556,222	)		(507,936	)		(1,026,530	)		(177,613	)		(633,574	)					(448,480	)		(402,233	)
Collection Loss		(432,791	)		(442,161	)		(464,124	)		(461,254	)		(482,299	)		(483,146	)		(512,268	)		(525,861	)
Effective Gross Revenue		42,290,134			43,266,029			44,921,845			45,486,459			47,114,072			47,831,494			50,266,074			51,657,976
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		422,901			432,661			449,218			454,864			471,142			478,315			502,661			516,580
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
Total Operating Expenses		13,793,698			14,204,580			14,634,289			15,065,489			15,520,089			15,978,725			16,468,091			16,960,970
Net Operating Income		28,496,436			29,061,449			30,287,556			30,420,970			31,593,983			31,852,769			33,797,983			34,697,006
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		683,566			921,282			245,147			1,644,706			1,146,786			1,870,112			1,064,494			1,818,659
Capital Improvements
Base Building
Total Leasing & Capital Costs		1,367,836			1,967,457			513,073			3,224,588			2,896,912			4,671,524			2,230,445			2,272,282
Cash Flow Before Debt Service	$	27,128,600		$	27,093,992		$	29,774,483		$	27,196,382		$	28,697,071		$	27,181,245		$	31,567,538		$	32,424,724
& Taxes

	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	$	51,193,013		$	52,821,883		$	54,534,778		$	55,964,937		$	57,339,059		$	58,987,189		$	60,951,627		$	63,343,229
Absorption & Turnover Vacancy		(1,500,721	)		(971,343	)		(1,168,375	)		(1,272,914	)		(719,224	)		(1,769,081	)		(1,192,084	)		(2,965,809	)
Base Rent Abatements		(1,594,914	)		(1,004,523	)		(733,850	)		(732,292	)		(663,316	)		(1,045,320	)		(1,416,582	)		(1,939,520	)
Scheduled Base Rental Revenue		48,097,378			50,846,017			52,632,553			53,959,731			55,956,519			56,172,788			58,342,961			58,437,900
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		53,040,486			55,971,759			57,943,366			59,454,211			61,767,706			62,166,385			64,527,769			64,377,469
General Vacancy		(135,516	)		(736,951	)		(604,977	)		(548,899	)		(1,155,384	)		(148,982	)		(779,512	)
Collection Loss		(530,404	)		(559,717	)		(579,434	)		(594,543	)		(617,677	)		(621,663	)		(645,278	)		(643,776	)
Effective Gross Revenue		52,374,566			54,675,091			56,758,955			58,310,769			59,994,645			61,395,740			63,102,979			63,733,693
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		523,745			546,751			567,590			583,107			599,947			613,958			631,030			637,337
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
Total Operating Expenses		17,461,465			17,992,607			18,536,818			19,091,413			19,663,502			20,249,422			20,855,552			21,468,603
Net Operating Income		34,913,101			36,682,484			38,222,137			39,219,356			40,331,143			41,146,318			42,247,427			42,265,090
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		3,672,523			1,111,782			1,037,160			1,031,087			819,076			2,202,440			1,420,021			2,098,282
Capital Improvements
Base Building
Total Leasing & Capital Costs		5,529,706			2,690,267			2,050,632			2,054,367			2,013,586			4,642,482			3,468,136			5,406,181
Cash Flow Before Debt Service	$	29,383,395		$	33,992,217		$	36,171,505		$	37,164,989		$	38,317,557		$	36,503,836		$	38,779,291		$	36,858,909
& Taxes

	33			34			35			36			37		38		39		40
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																					x
Base Rental Revenue	$	65,293,071		$	66,894,746		$	68,612,770		$	70,820,472										x
Absorption & Turnover Vacancy		(1,756,236	)		(1,304,204	)		(1,886,251	)		(1,149,922	)									x
Base Rent Abatements		(2,112,623	)		(1,112,887	)		(1,891,992	)		(1,289,389	)									x
																					x
Scheduled Base Rental Revenue		61,424,212			64,477,655			64,834,527			68,381,161										x
CPI & Other Adjustment Revenue																					x
																					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
																					x
Total Reimbursement Revenue		4,859,215			5,172,133			5,410,656			5,651,060										x
																					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
																					x
Total Potential Gross Revenue		67,438,518			70,839,535			71,470,622			75,294,418										x
General Vacancy		(319,607	)		(860,108	)		(314,455	)		(1,143,408	)									x
Collection Loss		(674,385	)		(708,395	)		(714,707	)		(752,943	)									x
																					x
Effective Gross Revenue		66,444,526			69,271,032			70,441,460			73,398,067			75,600,009		77,868,009		80,204,050		82,610,171	x
																					x
Operating Expenses																					x
Real Estate Taxes		8,657,955			8,917,695			9,185,224			9,460,781										x
Payroll & Fringes		1,218,405			1,254,958			1,292,606			1,331,386										x
Cleaning		2,547,574			2,624,001			2,702,721			2,783,802										x
Utilities		4,707,475			4,848,699			4,994,161			5,143,985										x
Security		498,436			513,393			528,792			544,657										x
Repairs & Maintenance		1,881,128			1,937,562			1,995,688			2,055,561										x
Management Fee		664,445			692,709			704,415			733,981										x
Professional Fees		1,279,167			1,317,543			1,357,068			1,397,782										x
BID Taxes		278,383			286,732			295,336			304,197										x
Insurance		387,674			399,303			411,284			423,621										x
																					x
Total Operating Expenses		22,120,642			22,792,595			23,467,295			24,179,753			24,905,146		25,652,300		26,421,869		27,214,525	x
																					x
Net Operating Income		44,323,884			46,478,437			46,974,165			49,218,314			50,694,863		52,215,709		53,782,181		55,395,646	x
																					x
Leasing & Capital Costs																					x
Tenant Improvements		3,417,363			946,368			1,666,788			1,983,361										x
Leasing Commissions		2,230,742			2,635,085			4,718,699			1,377,030										x
Capital Improvements																					x
Base Building																					x
																					x
Total Leasing & Capital Costs		5,648,105			3,581,453			6,385,487			3,360,391			2,885,580		2,972,147		3,061,312		3,153,151	x
																					x
Cash Flow Before Debt Service	$	38,675,779		$	42,896,984		$	40,588,678		$	45,857,923		$	47,809,284	$	49,243,562	$	50,720,869	$	52,242,495	x
& Taxes																					x
																				701,338,125

Analysis Period	For the Year Ending			Annual Cash Flow			P.V. of Cash Flow @ 8.75%			Net Operating Income
Year 1		Jun-2012		($	2,627,063	)	($	2,415,690	)			1
Year 2		Jun-2013			15,929,937			13,469,626				2
Year 3		Jun-2014			14,566,605			11,325,843				3
Year 4		Jun-2015			26,921,615			19,247,931				4
Year 5		Jun-2016			26,957,391			17,722,767				5
Year 6		Jun-2017			29,434,267			17,794,166				6
Year 7		Jun-2018			24,882,178			13,831,954				7
Year 8		Jun-2019			30,355,648			15,516,915				8
Year 9		Jun-2020			31,213,287			14,671,554				9
Year 10		Jun-2021			30,531,427			13,196,369				10
Year 11		Jun-2022 NOI									36,542,713	11
Total Cash Flow					228,165,292			134,361,434
Terminal Cap Rate @					527,839,188			228,143,959
		6.75	%
Selling Costs @
		2.50	%
Total Property Present Value							$	362,505,393
Rounded to Thousands							$	363,000,000
Per SqFt							$	380.26
Percentage Value Distribution

	1			2		3		4		5		6		7		8
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	$	31,468,813		$	33,959,941	$	36,956,483	$	39,057,009	$	41,326,569	$	42,807,597	$	44,828,408	$	46,600,871
Absorption & Turnover Vacancy		-3,971,512			-1,588,916		-1,170,181		-354,798		-692,561		-991,195		-1,067,053		-533,613
Base Rent Abatements		-2,405,649			-1,782,127		-3,014,751		-209,650		-959,770		-535,749		-1,281,796		-1,090,377
Scheduled Base Rental Revenue		25,091,652			30,588,898		32,771,551		38,492,561		39,674,238		41,280,653		42,479,559		44,976,881
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		2,749
Professional Fees		38,273			31,676		6,688
Insurance		7,848			8,085		2,082
Total Reimbursement Revenue		5,605,446			6,202,737		6,244,642		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		40,387,286		46,414,911		47,741,370		49,461,631		50,384,264		52,213,190
General Vacancy							-76,544		-1,048,293		-760,456		-522,389		-476,487		-1,048,791
Collection Loss		-317,913			-380,411		-403,872		-464,149		-477,413		-494,617		-503,843		-522,131
Effective Gross Revenue		31,473,478			37,660,614		39,906,870		44,902,469		46,503,501		48,444,625		49,403,934		50,642,268
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		399,069		449,025		465,034		484,446		494,040		506,423
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
Total Operating Expenses		14,737,397			15,094,341		15,423,724		15,812,806		16,173,907		16,628,552		17,167,065		17,724,820
Net Operating Income		16,736,081			22,566,273		24,483,146		29,089,663		30,329,594		31,816,073		32,236,869		32,917,448
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		2,510,549		391,988		1,048,372		571,526		2,043,536		472,468
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		9,916,541		2,168,048		3,372,203		2,381,806		7,354,691		2,561,800
Cash Flow Before Debt Service	($	2,627,063	)	$	15,929,937	$	14,566,605	$	26,921,615	$	26,957,391	$	29,434,267	$	24,882,178	$	30,355,648
& Taxes

	9		10		11		12		13		14		15		16
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	$	47,927,790	$	49,622,415	$	51,299,014	$	53,621,714	$	55,864,295	$	57,402,509	$	59,275,078	$	60,536,528
Absorption & Turnover Vacancy		-491,791		-934,401		-1,308,825		-1,515,964		-1,937,070		-496,899		-1,453,133		-559,765
Base Rent Abatements		-762,349		-1,121,956		-1,300,802		-2,247,282		-2,695,035		-819,305		-2,003,766		-460,022
Scheduled Base Rental Revenue		46,673,650		47,566,058		48,689,387		49,858,468		51,232,190		56,086,305		55,818,179		59,516,741
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		54,001,560		54,867,544		56,156,465		57,334,513		58,748,607		63,946,895		63,862,848		68,065,288
General Vacancy		-1,143,010		-739,656		-415,134		-249,551				-1,436,414		-506,348		-1,498,987
Collection Loss		-540,015		-548,677		-561,564		-573,346		-587,486		-639,469		-638,629		-680,653
Effective Gross Revenue		52,318,535		53,579,211		55,179,767		56,511,616		58,161,121		61,871,012		62,717,871		65,885,648
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		523,185		535,791		551,799		565,116		581,611		618,711		627,179		658,856
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
Total Operating Expenses		18,303,952		18,896,449		19,486,688		20,068,047		20,669,630		21,309,373		21,938,558		22,609,576
Net Operating Income		34,014,583		34,682,762		35,693,079		36,443,569		37,491,491		40,561,639		40,779,313		43,276,072
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		759,078		1,246,464		1,583,036		1,887,331		2,817,940		657,994		2,001,111		679,332
Capital Improvements		228,252		211,217
Base Building		620,000		830,000
Total Leasing & Capital Costs		2,801,296		4,151,335		4,439,670		4,737,660		8,083,048		1,035,766		5,249,613		1,728,543
Cash Flow Before Debt Service	$	31,213,287	$	30,531,427	$	31,253,409	$	31,705,909	$	29,408,443	$	39,525,873	$	35,529,700	$	41,547,529
& Taxes

	17		18		19		20		21		22		23		24
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	$	62,356,736	$	67,260,246	$	69,947,054	$	71,317,207	$	72,926,826	$	75,451,976	$	78,450,217	$	81,211,982
Absorption & Turnover Vacancy		-1,813,657		-2,296,879		-1,004,265		-1,239,977		-1,359,090		-2,283,137		-2,601,882		-924,523
Base Rent Abatements		-1,309,827		-4,619,134		-1,189,652		-1,249,217		-1,470,016		-3,371,294		-2,437,262		-2,653,183
Scheduled Base Rental Revenue		59,233,252		60,344,233		67,753,137		68,828,013		70,097,720		69,797,545		73,411,073		77,634,276
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		67,968,763		68,541,460		76,262,504		77,815,194		79,465,785		79,165,615		82,947,201		87,464,198
General Vacancy		-279,815				-1,313,738		-1,131,679		-1,065,656		-160,325				-1,727,138
Collection Loss		-679,688		-685,415		-762,624		-778,152		-794,657		-791,657		-829,473		-874,641
Effective Gross Revenue		67,009,260		67,856,045		74,186,142		75,905,363		77,605,472		78,213,633		82,117,728		84,862,419
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		670,092		678,560		741,862		759,054		776,053		782,137		821,176		848,625
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
Total Operating Expenses		23,279,335		23,966,081		24,728,011		25,464,782		26,222,952		26,992,449		27,817,796		28,655,144
Net Operating Income		43,729,925		43,889,964		49,458,131		50,440,581		51,382,520		51,221,184		54,299,932		56,207,275
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		1,370,601		3,987,404		1,278,350		1,558,234		1,408,808		3,443,084		3,123,272		1,694,889
Capital Improvements
Base Building
Total Leasing & Capital Costs		3,291,035		11,502,250		3,020,457		3,999,720		3,638,100		9,047,182		8,927,975		3,652,887
Cash Flow Before Debt Service	$	40,438,890	$	32,387,714	$	46,437,674	$	46,440,861	$	47,744,420	$	42,174,002	$	45,371,957	$	52,554,388
& Taxes

	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	$	82,835,964	$	84,616,736	$	86,832,277	$	90,894,488	$	94,096,662	$	95,666,379	$	98,061,901	$	101,148,727
Absorption & Turnover Vacancy		-1,881,597		-806,391		-1,746,505		-3,777,536		-1,537,146		-1,299,607		-1,639,372		-3,550,816
Base Rent Abatements		-2,351,069		-596,469		-1,977,675		-6,401,364		-1,485,017		-1,445,978		-1,764,794		-4,236,689
Scheduled Base Rental Revenue		78,603,298		83,213,876		83,108,097		80,715,588		91,074,499		92,920,794		94,657,735		93,361,222
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		88,836,581		94,063,540		94,391,601		91,651,872		102,497,343		105,035,988		107,266,113		106,010,669
General Vacancy		-839,949		-2,039,707		-1,137,638				-1,583,889		-1,890,460		-1,627,793
Collection Loss		-888,365		-940,636		-943,918		-916,518		-1,024,972		-1,050,361		-1,072,661		-1,060,107
Effective Gross Revenue		87,108,267		91,083,197		92,310,045		90,735,354		99,888,482		102,095,167		104,565,659		104,950,562
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		871,084		910,832		923,100		907,353		998,885		1,020,951		1,045,657		1,049,506
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
Total Operating Expenses		29,511,797		30,410,762		31,308,036		32,203,833		33,234,257		34,223,386		35,244,170		36,273,965
Net Operating Income		57,596,470		60,672,435		61,002,009		58,531,521		66,654,225		67,871,781		69,321,489		68,676,597
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		2,605,103		465,100		2,162,719		5,655,290		1,565,072		1,521,193		2,222,763		4,563,533
Capital Improvements
Base Building
Total Leasing & Capital Costs		6,915,190		917,185		5,340,308		16,315,104		3,748,834		3,884,531		5,618,193		12,015,132
Cash Flow Before Debt Service	$	50,681,280	$	59,755,250	$	55,661,701	$	42,216,417	$	62,905,391	$	63,987,250	$	63,703,296	$	56,661,465
& Taxes

	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	$	104,893,329	$	109,470,122	$	111,280,887	$	114,122,184
Absorption & Turnover Vacancy		-2,446,392		-2,193,208		-2,388,251		-861,354
Base Rent Abatements		-2,868,670		-4,746,005		-2,361,315		-1,756,927
Scheduled Base Rental Revenue		99,578,267		102,530,909		106,531,321		111,503,903
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		112,594,665		115,586,864		120,292,105		125,989,462
General Vacancy		-1,004,840		-1,340,195		-1,292,159		-2,944,171
Collection Loss		-1,125,948		-1,155,868		-1,202,921		-1,259,895
Effective Gross Revenue		110,463,877		113,090,801		117,797,025		121,785,396		125,438,958		129,202,127		133,078,190		137,070,536
Operating Expenses
Real Estate Taxes		11,547,778		11,894,208		12,251,038		12,618,566
BID Tax		284,149		292,674		301,455		310,498
Payroll		2,098,693		2,161,654		2,226,503		2,293,296
Cleaning		4,634,422		4,773,453		4,916,656		5,064,157
Utilities		9,341,209		9,621,444		9,910,088		10,207,391
Security		1,352,017		1,392,576		1,434,353		1,477,385
Repairs and Maintenance		3,932,165		4,050,132		4,171,633		4,296,783
Management Fee		1,104,639		1,130,907		1,177,970		1,217,854
Professional Fees		2,356,872		2,427,577		2,500,406		2,575,417
Insurance		733,898		755,916		778,593		801,950
Total Operating Expenses		37,385,842		38,500,541		39,668,695		40,863,297		42,089,196		43,351,872		44,652,428		45,992,001
Net Operating Income		73,078,035		74,590,260		78,128,330		80,922,099		83,349,762		85,850,255		88,425,762		91,078,535
Leasing & Capital Costs
Tenant Improvements		5,047,339		6,033,800		4,484,062		2,108,157
Leasing Commissions		2,881,581		3,875,375		2,479,123		1,862,438
Capital Improvements
Base Building
Total Leasing & Capital Costs		7,928,920		9,909,175		6,963,185		3,970,595		6,016,318		6,196,808		6,382,712		6,574,193
Cash Flow Before Debt Service	$	65,149,115	$	64,681,085	$	71,165,145	$	76,951,504		77,333,444		79,653,447		82,043,050		84,504,342
& Taxes

	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 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		141,182,652		145,418,132		149,780,676		154,274,096		158,902,319		163,669,388		168,579,470		173,636,854
Operating Expenses
Real Estate Taxes
BID Tax
Payroll
Cleaning
Utilities
Security
Repairs and Maintenance
Management Fee
Professional Fees
Insurance
Total Operating Expenses		47,371,761		48,792,914		50,256,701		51,764,402		53,317,334		54,916,854		56,564,360		58,261,291
Net Operating Income		93,810,891		96,625,218		99,523,975		102,509,694		105,584,985		108,752,534		112,015,110		115,375,564
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Improvements
Base Building
Total Leasing & Capital Costs		6,771,419		6,974,562		7,183,799		7,399,313		7,621,292		7,849,931		8,085,429		8,327,992
Cash Flow Before Debt Service		87,039,472		89,650,656		92,340,176		95,110,381		97,963,693		100,902,604		103,929,682		107,047,572
& Taxes

	49		50		51		52
For the Years Ending	Year 49 Jun-2060		Year 50 Jun-2061		Year 51 Jun-2062		Year 52 Jun-2063		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
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		178,845,960		184,211,339		189,737,679		195,429,809		x
Operating Expenses										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 Operating Expenses		60,009,129		61,809,403		63,663,685		65,573,596		x
Net Operating Income		118,836,831		122,401,935		126,073,994		129,856,213		x
Leasing & Capital Costs										x
Tenant Improvements										x
Leasing Commissions										x
Capital Improvements										x
Base Building										x
Total Leasing & Capital Costs		8,577,831		8,835,166		9,100,221		9,373,228		x
Cash Flow Before Debt Service		110,258,999		113,566,769		116,973,772		120,482,985		x
& Taxes										x
								1,688,271,580

Analysis Period	For the Year Ending			Annual Cash Flow			P.V. of Cash Flow @ 8.75%			Net Operating Income
Year 1		Jun-2012		($	6,245,714	)	($	5,743,185	)			1
Year 2		Jun-2013			11,989,139			10,137,467				2
Year 3		Jun-2014			15,160,295			11,787,450				3
Year 4		Jun-2015			15,626,636			11,172,450				4
Year 5		Jun-2016			16,105,319			10,588,221				5
Year 6		Jun-2017			16,154,869			9,766,250				6
Year 7		Jun-2018			16,192,696			9,001,488				7
Year 8		Jun-2019			13,231,583			6,763,596				8
Year 9		Jun-2020			14,345,109			6,742,803				9
Year 10		Jun-2021			16,327,986			7,057,322				10
Year 11		Jun-2022 NOI									17,910,279	11
Total Cash Flow					128,887,918			77,273,863
Terminal Cap @					258,704,030			111,817,696
		6.75	%
Selling Costs @
		2.50	%
Total Property Present Value							$	189,091,559
Rounded to Thousands							$	189,000,000
Per SqFt								504.85
Percentage Value Distribution
Cash Flow								40.9	%
Reversion								59.1	%

1333 Broadway

1333 Broadway

Schedule Of Prospective Cash Flow

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

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	$	20,432,854		$	20,623,345		$	21,008,104		$	21,639,196		$	22,291,833		$	22,608,530		$	22,958,999		$	23,318,641
Absorption & Turnover Vacancy		(7,651,037	)		(24,363	)					(46,308	)					(31,632	)		(6,468	)		(534,417	)
Base Rent Abatements		(737,282	)		(1,543,483	)					(17,756	)		(17,606	)		(19,200	)		(5,606	)		(688,651	)
Scheduled Base Rental Revenue		12,044,535			19,055,499			21,008,104			21,575,132			22,274,227			22,557,698			22,946,925			22,095,573
CPI & Other Adjustment Revenue		26,363			44,684			69,894			92,185			73,432			94,937			117,067			139,831
Expense Reimbursement Revenue
Real Estate Tax 1		5,016			21,848			39,918			59,314			81,085			111,329			166,489			294,403
Operating Expense Escalation		165,789			238,566			313,618			389,022			468,269			547,306			629,679			575,738
Electric		1,119,301			1,216,891			1,235,167			1,256,787			1,270,271			1,293,877			1,322,392			928,846
Total Reimbursement Revenue		1,290,106			1,477,305			1,588,703			1,705,123			1,819,625			1,952,512			2,118,560			1,798,987
Misc Income		66,724			68,726			70,788			72,911			75,098			77,352			79,671			82,063
Total Potential Gross Revenue		13,427,728			20,646,214			22,737,489			23,445,351			24,242,382			24,682,499			25,262,223			24,116,454
General Vacancy					(595,753	)		(682,126	)		(658,441	)		(727,272	)		(709,791	)		(751,594	)		(205,109	)
Collection Loss		(134,277	)		(206,461	)		(227,376	)		(234,453	)		(242,424	)		(246,825	)		(252,623	)		(241,164	)
Effective Gross Revenue		13,293,451			19,844,000			21,827,987			22,552,457			23,272,686			23,725,883			24,258,006			23,670,181
Operating Expenses
Payroll & Finges		335,001			345,049			355,402			366,063			377,046			388,357			400,008			412,008
Cleaning		785,001			808,549			832,808			857,791			883,524			910,031			937,331			965,450
Utilities		1,591,064			1,638,795			1,687,960			1,738,599			1,790,757			1,844,480			1,899,814			1,956,806
Security		99,998			103,000			106,091			109,272			112,551			115,929			119,404			122,988
Repairs & Maintenance		598,989			616,958			635,468			654,530			674,169			694,391			715,224			736,681
Professional Fees		550,000			451,071			450,083			463,583			477,492			491,817			506,571			521,769
Real Estate Taxes		2,056,016			2,137,903			2,222,731			2,310,605			2,401,631			2,538,482			2,721,706			2,909,279
Insurance		149,747			154,239			158,868			163,632			168,541			173,598			178,806			184,170
Management Fee		132,933			198,440			218,281			225,524			232,727			237,259			242,580			236,702
Total Operating Expenses		6,298,749			6,454,004			6,667,692			6,889,599			7,118,438			7,394,344			7,721,444			8,045,853
Net Operating Income		6,994,702			13,389,996			15,160,295			15,662,858			16,154,248			16,331,539			16,536,562			15,624,328
Leasing & Capital Costs
Tenant Improvements		968,735			1,210						11,051			1,477			11,950			3,490			960,136
Leasing Commissions		3,608,565			34,348						25,171			37,453			27,219			7,948			710,181
Capital Improvements		8,263,117			1,355,298												87,501			332,428			382,429
Base Building		399,999			10,001									9,999			50,000						339,999
Total Leasing & Capital Costs		13,240,416			1,400,857						36,222			48,929			176,670			343,866			2,392,745
Cash Flow Before Debt Service	($	6,245,714	)	$	11,989,139		$	15,160,295		$	15,626,636		$	16,105,319		$	16,154,869		$	16,192,696		$	13,231,583
& Taxes

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022		Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	24,116,106		$	25,095,254		$	25,685,829	$	27,123,302	$	29,401,492
Absorption & Turnover Vacancy		(340,186	)		(85,051	)		-1,018,342		-99,184		-1,582,486
Base Rent Abatements		(341,262	)		(278,309	)		-90,300		-1,120,807		-2,569,317
Scheduled Base Rental Revenue		23,434,658			24,731,894			24,577,187		25,903,311		25,249,689
CPI & Other Adjustment Revenue		68,946
Expense Reimbursement Revenue
Real Estate Tax 1		460,066			650,630			869,721		660,315		505,240
Operating Expense Escalation		649,158			699,507			769,324		829,917		571,267
Electric		945,064			1,000,313			1,021,172		1,041,461		1,073,985
Total Reimbursement Revenue		2,054,288			2,350,450			2,660,217		2,531,693		2,150,492
Misc Income		84,524			87,059			89,672		92,362		95,132
Total Potential Gross Revenue		25,642,416			27,169,403			27,327,076		28,527,366		27,495,313
General Vacancy		(439,293	)		(732,582	)				-759,612
Collection Loss		(256,425	)		(271,693	)		-273,272		-285,274		-274,952
Effective Gross Revenue		24,946,698			26,165,128			27,053,804		27,482,480		27,220,361
Operating Expenses
Payroll & Finges		424,368			437,099			450,212		463,717		477,630
Cleaning		994,415			1,024,247			1,054,974		1,086,623		1,119,222
Utilities		2,015,512			2,075,978			2,138,257		2,202,405		2,268,477
Security		126,677			130,477			134,392		138,423		142,576
Repairs & Maintenance		758,782			781,545			804,991		829,140		854,016
Professional Fees		537,420			553,545			570,150		587,255		604,872
Real Estate Taxes		3,101,332			3,298,003			3,448,470		3,551,924		3,658,481
Insurance		189,696			195,385			201,249		207,284		213,503
Management Fee		249,467			261,651			270,538		274,824		272,203
Total Operating Expenses		8,397,669			8,757,930			9,073,233		9,341,595		9,610,980
Net Operating Income		16,549,029			17,407,198			17,980,571		18,140,885		17,609,381
Leasing & Capital Costs
Tenant Improvements		909,350			275,255			13,853		572,179		4,145,024
Leasing Commissions		485,025			131,912			31,554		3,546,214		2,301,593
Capital Improvements		709,545			572,044
Base Building		100,000			100,001
Total Leasing & Capital Costs		2,203,920			1,079,212			45,407		4,118,393		6,446,617
Cash Flow Before Debt Service	$	14,345,109		$	16,327,986		$	17,935,164	$	14,022,492	$	11,162,764
& Taxes

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 8.75%			Net Operating Income
Year 1		Jun-2012		$	9,455,111	$	8,694,355				1
Year 2		Jun-2013			10,396,336		8,790,666				2
Year 3		Jun-2014			12,534,419		9,745,776				3
Year 4		Jun-2015			9,248,249		6,612,146				4
Year 5		Jun-2016			11,424,310		7,510,756				5
Year 6		Jun-2017			14,996,028		9,065,686				6
Year 7		Jun-2018			14,730,142		8,188,457				7
Year 8		Jun-2019			14,828,977		7,580,137				8
Year 9		Jun-2020			15,679,852		7,370,188				9
Year 10		Jun-2021			12,455,316		5,383,467				10
Year 11		Jun-2022 NOI								18,069,913	11
Total Cash Flow					125,748,740		78,941,634
Terminal Cap @					261,009,850		112,814,323
		6.75	%
Selling Costs @
		2.50	%
Total Property Present Value						$	191,755,957
Rounded to Thousands						$	192,000,000
Per SqFt						$	385.85
Percentage Value Distribution
Cash Flow							41.17	%
Reversion							58.83	%

MARLBORO BUILDING ASSOC. LLC 1359 BROADWAY NEW YORK, NY 10018

Schedule Of Prospective Cash Flow

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

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	$	18,698,745		$	18,941,017		$	19,201,967		$	20,060,800		$	22,105,522		$	22,750,813		$	23,108,061		$	23,606,288
Absorption & Turnover Vacancy		(1,078,747	)		(480,167	)		(197,637	)		(718,404	)		(385,406	)		(114,540	)		(250,384	)		(261,473	)
Base Rent Abatements		(201,571	)		(340,917	)		(226,981	)		(786,543	)		(1,075,736	)		(42,678	)		(178,321	)		(341,646	)
Scheduled Base Rental Revenue		17,418,427			18,119,933			18,777,349			18,555,853			20,644,380			22,593,595			22,679,356			23,003,169
CPI & Other Adjustment Revenue		136,255			140,441			103,847			49,278			33,103			28,662			35,637
Expense Reimbursement Revenue		2,594,644			3,150,411			3,254,119			3,170,720			2,795,588			3,027,856			3,346,268			3,662,778
Miscellaneous Income		200,600			200,600			200,600			200,600			200,600			200,600			200,600			200,600
Electric Additional		137,501			112,500			87,500			62,501			37,499			12,500
Total Potential Gross Revenue		20,487,427			21,723,885			22,423,415			22,038,952			23,711,170			25,863,213			26,261,861			26,866,547
General Vacancy					(185,954	)		(480,995	)					(337,491	)		(664,793	)		(544,983	)		(552,368	)
Collection Loss		(204,875	)		(217,238	)		(224,234	)		(220,390	)		(237,111	)		(258,634	)		(262,618	)		(268,665	)
Effective Gross Revenue		20,282,552			21,320,693			21,718,186			21,818,562			23,136,568			24,939,786			25,454,260			26,045,514
Operating Expenses
Payroll & Fringes		415,000			427,451			440,272			453,482			467,088			481,098			495,530			510,398
Cleaning		795,000			818,850			843,416			868,717			894,781			921,623			949,271			977,749
Utilities		2,537,775			2,613,910			2,692,324			2,773,095			2,856,289			2,941,977			3,030,236			3,121,142
Security		195,000			200,850			206,876			213,082			219,475			226,057			232,840			239,825
Repairs & Maintenance		959,999			871,000			897,131			924,043			951,766			980,318			1,009,728			1,040,019
Management Fees		253,533			266,507			271,478			272,732			289,207			311,748			318,179			325,569
Professional Fees		579,999			419,000			431,569			444,518			457,853			471,588			485,736			500,307
Real Estate Taxes		2,402,421			2,504,052			2,606,637			2,710,185			2,820,996			3,009,370			3,271,408			3,539,288
Bid Taxes		65,283			71,482			78,111			85,497			90,033			90,033			90,033			90,033
Insurance		174,161			179,386			184,767			190,311			196,020			201,900			207,958			214,197
Total Operating Expenses		8,378,171			8,372,488			8,652,581			8,935,662			9,243,508			9,635,712			10,090,919			10,558,527
Net Operating Income		11,904,381			12,948,205			13,065,605			12,882,900			13,893,060			15,304,074			15,363,341			15,486,987
Leasing & Capital Costs
Tenant Improvements		70,760			82,507			63,902			1,963,786			772,819			25,354			105,230			107,057
Leasing Commissions		169,327			602,052			174,004			1,057,837			480,281			60,566			253,053			248,385
Capital Improvements		1,999,182			1,737,310			113,280			553,028			495,650			142,126			154,916			32,568
Base Building		210,001			130,000			180,000			60,000			720,000			80,000			120,000			270,000
Total Leasing & Capital Costs		2,449,270			2,551,869			531,186			3,634,651			2,468,750			308,046			633,199			658,010
Cash Flow Before Debt Service	$	9,455,111		$	10,396,336		$	12,534,419		$	9,248,249		$	11,424,310		$	14,996,028		$	14,730,142		$	14,828,977
& Taxes

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022		Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	24,047,866		$	25,226,412		$	28,422,937	$	29,679,195	$	30,376,007
Absorption & Turnover Vacancy		(159,565	)		(939,398	)		-1,270,942		-484,450		-561,201
Base Rent Abatements		(90,839	)		(710,827	)		-2,905,558		-231,636		-830,145
Scheduled Base Rental Revenue		23,797,462			23,576,187			24,246,437		28,963,109		28,984,661
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue		4,014,953			4,143,337			3,505,485		3,417,485		3,361,019
Miscellaneous Income		200,600			200,600			200,600		200,600		200,600
Electric Additional
Total Potential Gross Revenue		28,013,015			27,920,124			27,952,522		32,581,194		32,546,280
General Vacancy		(685,612	)							-507,519		-432,024
Collection Loss		(280,130	)		(279,202	)		-279,525		-325,812		-325,463
Effective Gross Revenue		27,047,273			27,640,922			27,672,997		31,747,863		31,788,793
Operating Expenses
Payroll & Fringes		525,710			541,481			557,725		574,457		591,692
Cleaning		1,007,084			1,037,293			1,068,413		1,100,466		1,133,481
Utilities		3,214,777			3,311,221			3,410,557		3,512,876		3,618,260
Security		247,021			254,431			262,063		269,926		278,023
Repairs & Maintenance		1,071,221			1,103,356			1,136,458		1,170,551		1,205,667
Management Fees		338,090			345,512			345,913		396,847		397,360
Professional Fees		515,318			530,777			546,699		563,101		579,994
Real Estate Taxes		3,813,176			4,093,247			4,298,371		4,427,324		4,560,143
Bid Taxes		90,033			90,033			90,033		90,033		90,033
Insurance		220,620			227,242			234,057		241,080		248,312
Total Operating Expenses		11,043,050			11,534,593			11,950,289		12,346,661		12,702,965
Net Operating Income		16,004,223			16,106,329			15,722,708		19,401,202		19,085,828
Leasing & Capital Costs
Tenant Improvements		58,395			2,190,116			3,634,791		107,756		1,009,636
Leasing Commissions		155,600			1,250,521			2,042,133		517,454		1,069,037
Capital Improvements		20,376			20,376
Base Building		90,000			190,000
Total Leasing & Capital Costs		324,371			3,651,013			5,676,924		625,210		2,078,673
Cash Flow Before Debt Service	$	15,679,852		$	12,455,316		$	10,045,784	$	18,775,992	$	17,007,155
& Taxes

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								4,732,922	11
Total Cash Flow					28,118,339		17,959,339
Terminal Cap @					63,649,636		26,277,344
		7.25	%
Selling Costs @
		2.50	%
Total Property Present Value						$	44,236,684
Rounded to Thousands						$	44,000,000
Per SqFt						$	151.98
Percentage Value Distrib
Cash Flow							40.60	%
Reversion							59.40	%

500 Mamaroneck Avenue

Harrison, NY

Schedule Of Prospective Cash Flow

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

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	$	7,913,094		$	8,038,386		$	8,137,380		$	8,345,882		$	8,450,757		$	8,558,834		$	8,625,913		$	8,904,417
Absorption & Turnover		(605,930	)		(123,467	)		(21,140	)		(44,119	)		(245,553	)		(302,178	)		(247,480	)		(223,043	)
Base Rent Abatements		(117,893	)		(167,124	)		(30,889	)		(35,165	)		(133,057	)		(196,226	)		(170,052	)		(155,449	)
Scheduled Base Rental		7,189,271			7,747,795			8,085,351			8,266,598			8,072,147			8,060,430			8,208,381			8,525,925
Expense Reimbursement		992,079			1,163,716			1,313,020			1,448,945			1,446,839			1,471,525			1,470,235			1,509,743
Other Income		340,000			350,200			360,707			371,526			382,673			394,153			405,978			418,157
Total Potential Gross Re		8,521,350			9,261,711			9,759,078			10,087,069			9,901,659			9,926,108			10,084,594			10,453,825
General Vacancy		(169,889	)		(674,273	)		(810,179	)		(817,031	)		(616,959	)		(567,228	)		(630,745	)		(684,492	)
Collection Loss		(127,821	)		(138,924	)		(146,388	)		(151,306	)		(148,524	)		(148,893	)		(151,268	)		(156,807	)
Effective Gross Revenue		8,223,640			8,448,514			8,802,511			9,118,732			9,136,176			9,209,987			9,302,581			9,612,526
Operating Expenses
Real Estate Taxes		1,004,332			1,034,462			1,065,496			1,097,461			1,130,385			1,164,296			1,199,224			1,235,201
Insurance		55,000			56,651			58,348			60,100			61,904			63,759			65,674			67,643
Payroll/ Labor Costs		740,000			762,200			785,064			808,620			832,875			857,864			883,598			910,107
Cleaning		410,000			422,300			434,968			448,019			461,458			475,302			489,561			504,249
Utilities		870,000			896,100			922,983			950,673			979,191			1,008,569			1,038,826			1,069,991
Repairs & Maintenance		390,000			401,700			413,751			426,165			438,947			452,117			465,681			479,651
Sanitation/ Trash		30,000			30,900			31,827			32,783			33,764			34,777			35,822			36,897
Management Fee		267,269			274,576			286,081			296,359			296,926			299,325			302,334			312,408
Professional Fees		210,000			216,300			222,789			229,473			236,356			243,447			250,752			258,273
Security		145,000			149,352			153,830			158,446			163,199			168,095			173,136			178,332
Miscellaneous/ Other		220,000			226,600			233,399			240,398			247,612			255,040			262,693			270,573
Total Operating Expenses		4,341,601			4,471,141			4,608,536			4,748,497			4,882,617			5,022,591			5,167,301			5,323,325
Net Operating Income		3,882,039			3,977,373			4,193,975			4,370,235			4,253,559			4,187,396			4,135,280			4,289,201
Leasing & Capital Costs
Tenant Improvements		288,900			703,473			104,003			127,451			811,397			1,012,626			1,040,694			1,019,641
Leasing Commissions		98,849			290,410			47,738			58,399			290,603			418,208			368,735			370,824
Reserve		62,825			64,711			66,651			40,047						30,346			75,018			45,073
Capital Expenditures		621,303			561,303			42,501			350,000			812,499			887,500			500,001			254,666
Total Leasing & Capital		1,071,877			1,619,897			260,893			575,897			1,914,499			2,348,680			1,984,448			1,690,204
Cash Flow Before Debt Se	$	2,810,162		$	2,357,476		$	3,933,082		$	3,794,338		$	2,339,060		$	1,838,716		$	2,150,832		$	2,598,997
& INCOME TAX
Fee Simple Value	$	44,000,000
Implied Cap Rate		8.8	%		9.0	%		9.5	%		9.9	%		9.7	%		9.5	%		9.4	%		9.7	%

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	9,167,663		$	9,392,454		$	9,662,362		$	9,939,907	$	10,247,496
Absorption & Turnover		(207,924	)		(157,327	)		(206,650	)		-514,028		-217,378
Base Rent Abatements		(126,180	)		(97,855	)		(118,136	)		-278,101		-138,109
Scheduled Base Rental		8,833,559			9,137,272			9,337,576			9,147,778		9,892,009
Expense Reimbursement		1,505,808			1,602,855			1,646,297			1,633,813		1,719,461
Other Income		430,703			443,622			456,932			470,639		484,759
Total Potential Gross Re		10,770,070			11,183,749			11,440,805			11,252,230		12,096,229
General Vacancy		(725,205	)		(806,664	)		(783,384	)		-486,104		-829,278
Collection Loss		(161,552	)		(167,757	)		(171,611	)		-168,783		-181,443
Effective Gross Revenue		9,883,313			10,209,328			10,485,810			10,597,343		11,085,508
Operating Expenses
Real Estate Taxes		1,272,258			1,310,425			1,349,738			1,390,232		1,431,936
Insurance		69,672			71,763			73,916			76,132		78,417
Payroll/ Labor Costs		937,410			965,533			994,499			1,024,332		1,055,064
Cleaning		519,375			534,958			551,005			567,537		584,561
Utilities		1,102,090			1,135,152			1,169,208			1,204,283		1,240,412
Repairs & Maintenance		494,040			508,861			524,128			539,853		556,046
Sanitation/ Trash		38,003			39,143			40,317			41,527		42,773
Management Fee		321,208			331,802			340,789			344,414		360,279
Professional Fees		266,021			274,003			282,222			290,688		299,411
Security		183,683			189,191			194,868			200,713		206,736
Miscellaneous/ Other		278,688			287,051			295,660			304,533		313,667
Total Operating Expenses		5,482,448			5,647,882			5,816,350			5,984,244		6,169,302
Net Operating Income		4,400,865			4,561,446			4,669,460			4,613,099		4,916,206
Leasing & Capital Costs
Tenant Improvements		868,606			524,151			729,991			1,913,180		815,124
Leasing Commissions		290,742			236,836			276,335			639,480		366,872
Reserve		33,160			81,974			84,433			86,965		89,576
Capital Expenditures		321,833			309,333			154,667
Total Leasing & Capital		1,514,341			1,152,294			1,245,426			2,639,625		1,271,572
Cash Flow Before Debt Se	$	2,886,524		$	3,409,152		$	3,424,034		$	1,973,474	$	3,644,634
& INCOME TAX
Fee Simple Value
Implied Cap Rate		10.0	%		10.4	%		10.6	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 9.00%			Net Operating Income
Year 1		Jun-2012		$	1,166,393	$	1,070,085				1
Year 2		Jun-2013			2,043,437		1,719,920				2
Year 3		Jun-2014			3,141,220		2,425,598				3
Year 4		Jun-2015			3,961,915		2,806,720				4
Year 5		Jun-2016			3,505,279		2,278,191				5
Year 6		Jun-2017			2,785,531		1,660,921				6
Year 7		Jun-2018			3,086,588		1,688,469				7
Year 8		Jun-2019			3,340,681		1,676,575				8
Year 9		Jun-2020			2,379,857		1,095,752				9
Year 10		Jun-2021			3,690,493		1,558,904				10
Year 11		Jun-2022 NOI								4,803,401	11
Total Cash Flow					29,101,394		17,981,137
Terminal Cap @					64,597,462		27,286,666
		7.25	%
Selling Costs @
		2.50	%
Total Property Present Value						$	45,267,803
Rounded to Thousands						$	45,000,000
Per SqFt						$	199.70
Percentage Value Distribu
Cash Flow							39.72	%
Reversion							60.28	%

Ten Bank 10 Bank Street White Plains, NY   Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 7/1/2011

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	$	7,405,253		$	7,487,224		$	7,559,547		$	7,710,666		$	7,900,589		$	8,071,547		$	8,227,732		$	8,405,197
Absorption & Turnover V		(887,591	)		(200,142	)		(177,475	)		(49,159	)		(131,991	)		(241,830	)		(167,890	)		(134,087	)
Base Rent Abatements		(286,265	)		(418,723	)		(186,057	)		(19,510	)		(74,575	)		(127,981	)		(94,213	)		(54,026	)
Scheduled Base Rental R		6,231,397			6,868,359			7,196,015			7,641,997			7,694,023			7,701,736			7,965,629			8,217,084
Expense Reimbursement R		645,296			803,486			874,205			994,967			1,058,742			1,098,851			1,174,721			1,285,421
Other Income		625,000			643,752			663,062			682,955			703,442			724,547			746,282			768,672
Total Potential Gross Rev		7,501,693			8,315,597			8,733,282			9,319,919			9,456,207			9,525,134			9,886,632			10,271,177
General Vacancy					(12,752	)		(45,293	)		(185,068	)		(107,714	)		(2,344	)		(83,473	)		(126,045	)
Collection Loss		(112,525	)		(124,734	)		(131,001	)		(139,798	)		(141,842	)		(142,877	)		(148,299	)		(154,068	)
Effective Gross Revenue		7,389,168			8,178,111			8,556,988			8,995,053			9,206,651			9,379,913			9,654,860			9,991,064
Operating Expenses
Real Estate Taxes		1,441,282			1,484,519			1,529,056			1,574,929			1,622,175			1,670,842			1,720,967			1,772,594
Insurance		50,000			51,500			53,044			54,636			56,276			57,962			59,703			61,493
Payroll/ Labor Costs		585,000			602,551			620,627			639,244			658,423			678,176			698,519			719,476
Cleaning		356,000			366,680			377,679			389,012			400,681			412,702			425,083			437,835
Utilities		860,000			885,800			912,373			939,746			967,938			996,975			1,026,886			1,057,691
Repairs & Maintenance		265,000			272,951			281,138			289,572			298,260			307,208			316,424			325,916
Sanitation/Trash		4,000			4,120			4,245			4,370			4,501			4,638			4,776			4,920
Miscellaneous/ Other		165,000			169,951			175,047			180,301			185,709			191,280			197,019			202,929
Professional Fees		205,000			211,151			217,484			224,008			230,729			237,651			244,780			252,124
Security		130,000			133,900			137,917			142,056			146,315			150,707			155,226			159,884
Management Fee		240,148			265,789			278,102			292,338			299,217			304,848			313,782			324,709
Total Operating Expenses		4,301,430			4,448,912			4,586,712			4,730,212			4,870,224			5,012,989			5,163,165			5,319,571
Net Operating Income		3,087,738			3,729,199			3,970,276			4,264,841			4,336,427			4,366,924			4,491,695			4,671,493
Leasing & Capital Costs
Tenant Improvements		756,298			623,253			523,015			126,127			396,936			755,883			530,821			349,265
Leasing Commissions		292,219			196,705			257,705			56,088			208,678			319,699			218,283			154,678
Reserves		26,579			19,555			48,336			29,044			21,367			30,812			22,669			56,037
Cap Ex		846,249			846,249						91,667			204,167			474,999			633,334			770,832
Total Leasing & Capital C		1,921,345			1,685,762			829,056			302,926			831,148			1,581,393			1,405,107			1,330,812
Cash Flow Before Debt Ser	$	1,166,393		$	2,043,437		$	3,141,220		$	3,961,915		$	3,505,279		$	2,785,531		$	3,086,588		$	3,340,681
& INCOME TAX

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	8,628,179		$	8,792,007		$	8,966,558		$	9,195,339	$	9,746,093
Absorption & Turnover V		(362,432	)		(207,937	)		(171,355	)		-237,045		-556,392
Base Rent Abatements		(188,705	)		(111,214	)		(77,854	)		-128,878		-335,791
Scheduled Base Rental R		8,077,042			8,472,856			8,717,349			8,829,416		8,853,910
Expense Reimbursement R		1,266,796			1,308,816			1,354,146			1,409,027		1,217,990
Other Income		791,732			815,483			839,948			865,146		891,099
Total Potential Gross Rev		10,135,570			10,597,155			10,911,443			11,103,589		10,962,999
General Vacancy					(62,191	)		(105,715	)		-46,471
Collection Loss		(152,033	)		(158,957	)		(163,671	)		-166,554		-164,446
Effective Gross Revenue		9,983,537			10,376,007			10,642,057			10,890,564		10,798,553
Operating Expenses
Real Estate Taxes		1,825,773			1,880,545			1,936,964			1,995,071		2,054,924
Insurance		63,339			65,239			67,196			69,212		71,288
Payroll/ Labor Costs		741,061			763,293			786,191			809,776		834,071
Cleaning		450,971			464,498			478,435			492,788		507,570
Utilities		1,089,421			1,122,106			1,155,768			1,190,441		1,226,155
Repairs & Maintenance		335,694			345,765			356,137			366,822		377,827
Sanitation/Trash		5,067			5,220			5,375			5,537		5,703
Miscellaneous/ Other		209,016			215,289			221,746			228,398		235,251
Professional Fees		259,689			267,478			275,502			283,767		292,282
Security		164,679			169,621			174,709			179,952		185,349
Management Fee		324,466			337,219			345,867			353,944		350,953
Total Operating Expenses		5,469,176			5,636,273			5,803,890			5,975,708		6,141,373
Net Operating Income		4,514,361			4,739,734			4,838,167			4,914,856		4,657,180
Leasing & Capital Costs
Tenant Improvements		1,095,898			665,664			392,875			780,664		1,802,963
Leasing Commissions		480,888			324,129			204,733			383,393		730,141
Reserves		57,718			59,448			61,234			63,071		64,961
Cap Ex		500,000
Total Leasing & Capital C		2,134,504			1,049,241			658,842			1,227,128		2,598,065
Cash Flow Before Debt Ser	$	2,379,857		$	3,690,493		$	4,179,325		$	3,687,728	$	2,059,115
& INCOME TAX

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 8.50%			Net Operating Income
Year 1		Jun-2012		$	9,565,905	$	8,816,502				1
Year 2		Jun-2013			9,783,790		8,310,892				2
Year 3		Jun-2014			8,733,769		6,837,738				3
Year 4		Jun-2015			10,168,082		7,337,026				4
Year 5		Jun-2016			9,407,156		6,256,186				5
Year 6		Jun-2017			9,234,006		5,659,939				6
Year 7		Jun-2018			10,666,306		6,025,677				7
Year 8		Jun-2019			10,205,729		5,313,811				8
Year 9		Jun-2020			10,356,012		4,969,640				9
Year 10		Jun-2021			9,397,104		4,156,202				10
Year 11		Jun-2022 NOI								12,095,851	11
Total Cash Flow					97,517,859		63,683,614
Terminal Cap @					168,477,929		74,515,331
		7.00	%
Selling Costs @
		2.50	%
Total Property Present Value						$	138,198,945
Rounded to Thousands						$	138,000,000
Per SqFt						$	477.19
Percentage Value Distribution
Cash Flow							46.08	%
Reversion							53.92	%

Metro Center

One Station Place

Stamford, CT 06902

Schedule Of Prospective Cash Flow

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

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	$	12,899,087		$	13,198,387		$	13,660,127		$	14,036,898		$	14,361,653		$	14,600,184		$	14,941,551		$	15,531,299
Absorption & Turnover Vacanc		(8,500	)		(273,166	)		(209,072	)		(71,199	)		(288,062	)		(369,868	)		(225,596	)		(371,656	)
Base Rent Abatements					(11,734	)		(180,903	)		(16,323	)		(118,420	)		(133,015	)		(25,191	)		(134,884	)
Scheduled Base Rental Revenu		12,890,587			12,913,487			13,270,152			13,949,376			13,955,171			14,097,301			14,690,764			15,024,759
Expense Reimbursement Revenu		2,017,954			2,106,093			2,070,860			2,242,582			2,268,529			2,317,646			2,407,691			2,451,484
Miscellaneous Income		1,100,000			1,133,000			1,166,989			1,202,001			1,238,060			1,275,201			1,313,458			1,352,861
Total Potential Gross Revenue		16,008,541			16,152,580			16,508,001			17,393,959			17,461,760			17,690,148			18,411,913			18,829,104
General Vacancy		(151,670	)								(103,452	)
Collection Loss		(160,085	)		(161,526	)		(165,081	)		(173,939	)		(174,617	)		(176,902	)		(184,119	)		(188,292	)
Effective Gross Revenue		15,696,786			15,991,054			16,342,920			17,116,568			17,287,143			17,513,246			18,227,794			18,640,812
Operating Expenses
Real Estate Taxes		1,652,622			1,702,200			1,753,267			1,805,865			1,860,039			1,915,842			1,973,317			2,032,516
Insurance		70,000			72,100			74,264			76,491			78,785			81,149			83,583			86,091
Payroll/ Labor Costs		775,000			798,252			822,196			846,864			872,269			898,438			925,391			953,151
Cleaning		535,000			551,052			567,580			584,609			602,148			620,211			638,819			657,982
Utilities		1,000,000			1,030,000			1,060,900			1,092,728			1,125,509			1,159,273			1,194,052			1,229,874
Repairs & Maintenance		510,000			525,300			541,059			557,292			574,008			591,230			608,967			627,237
Sanitation/ Trash		30,000			30,900			31,827			32,783			33,764			34,777			35,822			36,897
Management Fee		510,145			519,709			531,145			556,288			561,832			569,180			592,404			605,825
Professional Fees		220,000			226,600			233,399			240,398			247,612			255,040			262,693			270,573
Security		155,000			159,648			164,440			169,372			174,456			179,687			185,077			190,632
Miscellaneous/ Other		400,000			412,000			424,360			437,091			450,204			463,709			477,622			491,949
Total Operating Expenses		5,857,767			6,027,761			6,204,437			6,399,781			6,580,626			6,768,536			6,977,747			7,182,727
Net Operating Income		9,839,019			9,963,293			10,138,483			10,716,787			10,706,517			10,744,710			11,250,047			11,458,085
Leasing & Capital Costs
Tenant Improvements		100,581			30,010			476,199			41,608			322,104			401,582			15,523			353,051
Leasing Commissions					49,494			646,014			70,430			484,757			528,289			26,205			493,652
Jefferies- 2012 TI allowance		122,532
Reserves																				23,680			33,152
Capital Expenditures		50,001			99,999			282,501			436,667			492,500			580,833			518,333			372,501
Total Leasing & Capital Costs		273,114			179,503			1,404,714			548,705			1,299,361			1,510,704			583,741			1,252,356
Cash Flow Before Debt Service	$	9,565,905		$	9,783,790		$	8,733,769		$	10,168,082		$	9,407,156		$	9,234,006		$	10,666,306		$	10,205,729
& INCOME TAX

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	16,296,792		$	16,992,414		$	17,487,631		$	17,877,792	$	18,504,158
Absorption & Turnover Vacanc		(694,351	)		(561,843	)		(473,640	)		-332,596		-1,014,968
Base Rent Abatements		(149,499	)		(345,432	)		(278,035	)		-139,013		-388,460
Scheduled Base Rental Revenu		15,452,942			16,085,139			16,735,956			17,406,183		17,100,730
Expense Reimbursement Revenu		2,362,601			2,133,555			1,803,375			1,835,016		1,626,462
Miscellaneous Income		1,393,447			1,435,250			1,478,307			1,522,657		1,568,338
Total Potential Gross Revenue		19,208,990			19,653,944			20,017,638			20,763,856		20,295,530
General Vacancy
Collection Loss		(192,089	)		(196,539	)		(200,176	)		-207,639		-202,956
Effective Gross Revenue		19,016,901			19,457,405			19,817,462			20,556,217		20,092,574
Operating Expenses
Real Estate Taxes		2,093,494			2,156,296			2,220,985			2,287,617		2,356,244
Insurance		88,674			91,334			94,075			96,896		99,803
Payroll/ Labor Costs		981,747			1,011,200			1,041,534			1,072,781		1,104,964
Cleaning		677,722			698,052			718,996			740,566		762,781
Utilities		1,266,770			1,304,774			1,343,917			1,384,235		1,425,760
Repairs & Maintenance		646,052			665,435			685,396			705,960		727,139
Sanitation/ Trash		38,003			39,143			40,317			41,527		42,773
Management Fee		618,049			632,366			644,067			668,077		653,009
Professional Fees		278,688			287,051			295,660			304,533		313,667
Security		196,348			202,239			208,308			214,556		220,992
Miscellaneous/ Other		506,709			521,908			537,567			553,693		570,304
Total Operating Expenses		7,392,256			7,609,798			7,830,822			8,070,441		8,277,436
Net Operating Income		11,624,645			11,847,607			11,986,640			12,485,776		11,815,138
Leasing & Capital Costs
Tenant Improvements		395,108			928,142			735,656			364,098		1,026,948
Leasing Commissions		517,258			1,259,081			949,355			496,759		1,353,529
Jefferies- 2012 TI allowance
Reserves					23,680			56,832			56,832		56,832
Capital Expenditures		356,267			239,600			29,999
Total Leasing & Capital Costs		1,268,633			2,450,503			1,771,842			917,689		2,437,309
Cash Flow Before Debt Service	$	10,356,012		$	9,397,104		$	10,214,798		$	11,568,087	$	9,377,829
& INCOME TAX

First Stamford Place Stamford, CT   Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 7/1/2011

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
Gross Revenue
Potential Rental Revenue	$	30,513,340		$	30,780,761		$	31,450,160		$	31,976,401		$	32,481,608		$	33,414,411		$	34,026,754		$	34,933,511
Absorption & Turnover Vacancy		(1,244,902	)		(852,513	)		(13,600	)		(82,907	)		(70,481	)		(704,638	)		(238,347	)		(1,817,768	)
Base Rent Abatements		(1,050,457	)		(575,917	)		(38,518	)		(37,162	)		(41,670	)		(301,995	)		(185,735	)		(795,944	)
Scheduled Base Rental Revenue		28,217,981			29,352,331			31,398,042			31,856,332			32,369,457			32,407,778			33,602,672			32,319,799
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
Miscellaneous Revenue		904,825			931,968			959,931			988,723			1,018,389			1,048,941			1,080,403			1,112,821
Total Gross Revenue		32,976,640			34,205,858			36,405,838			37,343,296			38,301,228			38,663,112			40,172,382			38,498,689
General Vacancy		(453,733	)		(512,882	)		(1,306,509	)		(1,276,426	)		(1,326,881	)		(727,823	)		(1,234,560	)		(639,649	)
Collection Loss		(261,920	)		(273,296	)		(293,221	)		(301,246	)		(309,821	)		(311,278	)		(324,928	)		(307,097	)
Effective Gross Revenue		32,260,987			33,419,680			34,806,108			35,765,624			36,664,526			37,624,011			38,612,894			37,551,943
Net Operating Income		32,260,987			33,419,680			34,806,108			35,765,624			36,664,526			37,624,011			38,612,894			37,551,943
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
Leasing Commissions		1,489,224			1,234,148			111,159			114,848			122,252			798,067			478,750			2,036,216
Capital Costs & Reserves		890,635			947,941			544,811			166,667			399,999			850,000			1,016,001			787,199
Total Leasing & Capital Costs		5,242,468			4,511,843			857,487			475,931			692,398			3,063,862			2,394,885			6,320,539
Cash Flow Before Debt Service	$	27,018,519		$	28,907,837		$	33,948,621		$	35,289,693		$	35,972,128		$	34,560,149		$	36,218,009		$	31,231,404
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
Insurance		176,000			181,280			186,718			192,320			198,090			204,032			210,153			216,458
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
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
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
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
Sanitation/Trash		45,000			46,350			47,741			49,173			50,648			52,167			53,732			55,344
Management Fee		1,048,482			1,086,140			1,131,199			1,162,383			1,191,597			1,222,780			1,254,919			1,220,438
Professional Fees		460,000			473,800			488,014			502,654			517,734			533,266			549,264			565,742
Security		500,000			515,000			530,450			546,363			562,754			579,637			597,026			614,937
Miscellaneous/Other		522,000			537,660			553,790			570,403			587,516			605,141			623,295			641,994
Cash Flow After	$	13,119,600		$	14,585,747		$	19,184,392		$	20,085,293		$	20,317,250		$	18,440,191		$	19,618,997		$	14,206,550
Portfolio Expenses
	1			2			3			4			5			6			7			8
Total CF	$	13,119,600		$	14,585,747		$	19,184,392		$	20,085,293		$	20,317,250		$	18,440,191		$	19,618,997		$	14,206,550
PV of CFs	$	12,064,000		$	12,333,040		$	14,916,270		$	14,360,221		$	13,357,297		$	11,147,817		$	10,906,162		$	7,261,971
Total PV of CFs	$	258,000,000
First Stamford Place SPE LLC					37.64	%				$	97,110,000			37.64	%
Fairfax First Stamford SPE LLC					31.18	%				$	80,440,000			31.18	%
Merrifield First Stamford SPE LLC					31.18	%				$	80,440,000			31.18	%
					100.00	%				$	257,990,000

Software: ARGUS Ver. 15.0.0.54

File: FIRST STAMFORD PLACE CONSOLIDATED DUFF VALUATION FS 9_8_11v0

Property Type: Portfolio

Portfolio:

Date: 9/13/11

Time: 2:12 pm

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023		Year 13 Jun-2024
Gross Revenue
Potential Rental Revenue	$	36,083,273		$	37,266,612		$	38,295,121		$	40,397,068	$	41,820,497
Absorption & Turnover Vacancy		(574,823	)		(596,038	)		(825,672	)		-2,104,700		-1,326,183
Base Rent Abatements		(507,916	)		(448,359	)		(464,087	)		-1,146,790		-781,248
Scheduled Base Rental Revenue		35,000,534			36,222,215			37,005,362			37,145,578		39,713,066
Expense Reimbursement Revenue		4,860,227			5,187,653			5,484,356			4,962,272		4,921,822
Miscellaneous Revenue		1,146,203			1,180,591			1,216,008			1,252,489		1,290,060
Total Gross Revenue		41,006,964			42,590,459			43,705,726			43,360,339		45,924,948
General Vacancy		(935,689	)		(979,754	)		(1,129,216	)		-707,299		-630,763
Collection Loss		(329,920	)		(344,215	)		(354,168	)		-347,229		-370,847
Effective Gross Revenue		39,741,355			41,266,490			42,222,342			42,305,811		44,923,338
Net Operating Income		39,741,355			41,266,490			42,222,342			42,305,811		44,923,338
Leasing & Capital Costs
Tenant Improvements		2,331,609			1,993,558			2,119,911			5,225,680		3,604,507
Leasing Commissions		1,249,034			1,056,277			1,105,141			2,717,415		1,951,926
Capital Costs & Reserves		437,199			235,213			148,380
Total Leasing & Capital Costs		4,017,842			3,285,048			3,373,432			7,943,095		5,556,433
Cash Flow Before Debt Service	$	35,723,513		$	37,981,442		$	38,848,910		$	34,362,716	$	39,366,905
Portfolio Expenses
Real Estate Taxes		4,911,821			5,059,176			5,210,951			5,367,280		5,528,298
Insurance		222,952			229,640			236,529			243,625		250,934
Payroll/ Labor Costs		2,577,877			2,655,213			2,734,870			2,816,916		2,901,423
Cleaning		1,539,126			1,585,299			1,632,858			1,681,844		1,732,299
Utilities		3,572,292			3,679,460			3,789,844			3,903,540		4,020,646
Repairs & Maintenance		1,520,124			1,565,728			1,612,700			1,661,081		1,710,913
Sanitation/Trash		57,005			58,715			60,476			62,291		64,159
Management Fee		1,291,594			1,341,161			1,372,226			1,374,939		1,460,008
Professional Fees		582,714			600,196			618,202			636,748		655,850
Security		633,385			652,387			671,958			692,117		712,880
Miscellaneous/Other		661,254			681,092			701,524			722,570		744,247
Cash Flow After	$	18,153,369		$	19,873,375		$	20,206,772		$	15,199,765		19,585,248
Portfolio Expenses
					333,657,745
	9			10			Year 11 True NOI			Year 12 True NOI		Year 13 True NOI
Total CF	$	18,153,369		$	353,531,120		$	23,580,204		$	23,142,860	$	25,141,681
PV of CFs	$	8,532,845		$	152,804,095
Total PV of CFs
First Stamford Place SPE LLC
Fairfax First Stamford SPE LLC
Merrifield First Stamford SPE LLC

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 9.25%			Net Operating Income
Year 1		Jun-2012		$	1,744,643	$	1,596,927				1
Year 2		Jun-2013			1,897,947		1,590,161				2
Year 3		Jun-2014			2,433,800		1,866,468				3
Year 4		Jun-2015			2,019,065		1,417,309				4
Year 5		Jun-2016			3,886,422		2,497,139				5
Year 6		Jun-2017			3,082,160		1,812,702				6
Year 7		Jun-2018			3,437,530		1,850,531				7
Year 8		Jun-2019			3,844,757		1,894,512				8
Year 9		Jun-2020			-890,849		-401,801				9
Year 10		Jun-2021			3,434,251		1,417,809				10
Year 11		Jun-2022 NOI								4,457,016	11
Total Cash Flow					24,889,726		15,541,757
Terminal Cap @					59,939,176		24,745,505
		7.25	%
Selling Costs @
		2.50	%
Total Property Present Value						$	40,287,262
Rounded to Thousands						$	40,000,000
Per SqFt						$	151.30
Percentage Value Distribu
Cash Flow							38.58	%
Reversion							61.42	%

MerrittView 383 Main Avenue   Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 7/1/2011

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	$	7,322,571		$	7,445,590		$	7,561,556		$	7,701,075		$	7,796,607		$	7,971,764		$	8,145,822		$	8,296,825
Absorption & Turnover V		(1,041,796	)		(236,906	)		(82,864	)		(195,659	)					(139,977	)		(88,140	)		(46,966	)
Base Rent Abatements		(236,091	)		(481,140	)		(158,398	)		(107,918	)		(22,611	)		(88,462	)		(55,502	)		(39,933	)
Scheduled Base Rental R		6,044,684			6,727,544			7,320,294			7,397,498			7,773,996			7,743,325			8,002,180			8,209,926
Expense Reimbursement R		935,431			1,072,411			1,128,268			1,199,077			1,283,064			1,359,236			1,469,738			1,570,076
Other Income		270,000			278,100			286,443			295,036			303,888			313,004			322,393			332,066
Total Potential Gross Rev		7,250,115			8,078,055			8,735,005			8,891,611			9,360,948			9,415,565			9,794,311			10,112,068
General Vacancy					(303,566	)		(490,297	)		(395,014	)		(608,461	)		(481,134	)		(554,220	)		(613,371	)
Collection Loss		(108,752	)		(121,170	)		(131,025	)		(133,374	)		(140,413	)		(141,234	)		(146,916	)		(151,680	)
Effective Gross Revenue		7,141,363			7,653,319			8,113,683			8,363,223			8,612,074			8,793,197			9,093,175			9,347,017
Operating Expenses
Real Estate Taxes		725,219			746,975			769,385			792,467			816,240			840,729			865,948			891,928
Electric
Insurance		50,000			51,500			53,044			54,636			56,276			57,962			59,703			61,493
Payroll/ Labor Costs		705,000			726,151			747,935			770,372			793,484			817,287			841,808			867,060
Cleaning		470,000			484,100			498,623			513,581			528,989			544,859			561,204			578,041
Utilities		644,000			663,320			683,219			703,716			724,827			746,572			768,972			792,038
Repairs & Maintenance		415,000			427,452			440,272			453,481			467,088			481,098			495,531			510,398
Sanitation/ Trash		25,000			25,752			26,522			27,319			28,138			28,980			29,853			30,746
Management Fee		232,095			248,732			263,695			271,804			279,892			285,780			295,527			303,779
Professional Fees		295,000			303,851			312,964			322,355			332,025			341,987			352,245			362,812
Security		115,000			118,452			122,003			125,664			129,433			133,318			137,316			141,435
Miscellaneous/Other		180,000			185,400			190,963			196,691			202,592			208,668			214,930			221,377
Total Operating Expenses		3,856,314			3,981,685			4,108,625			4,232,086			4,358,984			4,487,240			4,623,037			4,761,107
Net Operating Income		3,285,049			3,671,634			4,005,058			4,131,137			4,253,090			4,305,957			4,470,138			4,585,910
Leasing & Capital Costs
Tenant Improvements		928,890			1,215,092			469,622			737,055						465,061			330,367			140,906
Leasing Commissions		259,627			530,727			176,637			300,017						208,737			148,073			61,546
Reserves		2,390			2,868
Capital Expenditures		349,499			25,000			924,999			1,075,000			366,668			549,999			554,168			538,701
Total Leasing & Capital C		1,540,406			1,773,687			1,571,258			2,112,072			366,668			1,223,797			1,032,608			741,153
Cash Flow Before Debt Ser	$	1,744,643		$	1,897,947		$	2,433,800		$	2,019,065		$	3,886,422		$	3,082,160		$	3,437,530		$	3,844,757
& INCOME TAX

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023			Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	8,583,085		$	8,850,505		$	9,067,428		$	9,238,344		$	9,448,985
Absorption & Turnover V		(816,582	)		(171,747	)		(190,085	)		(372,573	)		(153,085	)
Base Rent Abatements		(504,459	)		(108,693	)		(115,537	)		(238,560	)		(100,713	)
Scheduled Base Rental R		7,262,044			8,570,065			8,761,806			8,627,211			9,195,187
Expense Reimbursement R		1,290,716			1,131,088			1,176,603			1,105,029			1,220,624
Other Income		342,028			352,288			362,858			373,743			384,957
Total Potential Gross Rev		8,894,788			10,053,441			10,301,267			10,105,983			10,800,768
General Vacancy					(492,889	)		(491,854	)		(308,532	)		(558,915	)
Collection Loss		(133,422	)		(150,803	)		(154,518	)		(151,589	)		(162,012	)
Effective Gross Revenue		8,761,366			9,409,749			9,654,895			9,645,862			10,079,841
Operating Expenses
Real Estate Taxes		918,686			946,248			974,633			1,003,873			1,033,989
Electric
Insurance		63,339			65,239			67,196			69,212			71,288
Payroll/ Labor Costs		893,074			919,865			947,461			975,886			1,005,161
Cleaning		595,381			613,245			631,640			650,590			670,106
Utilities		815,799			840,275			865,482			891,446			918,191
Repairs & Maintenance		525,710			541,482			557,725			574,457			591,691
Sanitation/ Trash		31,669			32,619			33,599			34,606			35,642
Management Fee		284,744			305,817			313,784			313,490			327,596
Professional Fees		373,698			384,909			396,455			408,348			420,600
Security		145,680			150,048			154,550			159,188			163,963
Miscellaneous/Other		228,019			234,859			241,905			249,162			256,636
Total Operating Expenses		4,875,799			5,034,606			5,184,430			5,330,258			5,494,863
Net Operating Income		3,885,567			4,375,143			4,470,465			4,315,604			4,584,978
Leasing & Capital Costs
Tenant Improvements		3,302,979			668,546			702,374			1,475,898			609,202
Leasing Commissions		1,155,570			247,226			271,802			534,961			229,113
Reserves					25,120			55,265			55,265			60,289
Capital Expenditures		317,867
Total Leasing & Capital C		4,776,416			940,892			1,029,441			2,066,124			898,604
Cash Flow Before Debt Ser	($	890,849	)	$	3,434,251		$	3,441,024		$	2,249,480		$	3,686,374
& INCOME TAX

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 7.00%			Net Operating Income
Year 1		Jun-2012		$	2,732,789	$	2,554,008				1
Year 2		Jun-2013			2,664,133		2,326,957				2
Year 3		Jun-2014			2,981,683		2,433,942				3
Year 4		Jun-2015			3,080,875		2,350,385				4
Year 5		Jun-2016			3,167,740		2,258,555				5
Year 6		Jun-2017			2,944,388		1,961,970				6
Year 7		Jun-2018			3,305,485		2,058,490				7
Year 8		Jun-2019			3,443,225		2,003,988				8
Year 9		Jun-2020			3,302,461		1,796,320				9
Year 10		Jun-2021			3,379,400		1,717,916				10
Year 11		Jun-2022 NOI								3,578,693	11
Total Cash Flow					31,002,179		21,462,530
Terminal Cap Rate @					58,153,767		29,562,426
		6.00	%
Selling Costs @
		2.50	%
Total Property Present Value						$	51,024,956
Rounded to Thousands						$	51,000,000
Per SqFt						$	879.23
Percentage Value Distribution
Cash Flow							42.06	%
Reversion							57.94	%

10 Union Square East New York, NY   Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 7/1/2011

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	$	4,200,064		$	4,309,119		$	4,448,156		$	4,555,756		$	4,651,120		$	4,726,468		$	4,846,038		$	5,000,010
Absorption & Turnover Vacancy					(60,139	)											(56,832	)
Base Rent Abatements					(72,167	)											(70,312	)
Scheduled Base Rental Revenue		4,200,064			4,176,813			4,448,156			4,555,756			4,651,120			4,599,324			4,846,038			5,000,010
Expense Reimbursement Revenue
CAM		142,335			124,468			77,608			91,118			105,042			105,642			114,153			128,619
Real Estate Taxes		498,110			486,095			447,313			447,739			455,044			467,354			496,485			531,885
Total Reimbursement Revenue		640,445			610,563			524,921			538,857			560,086			572,996			610,638			660,504
Condenser Water		54,384			56,016			57,696			59,427			61,211			63,046			64,936			66,886
Total Potential Gross Revenue		4,894,893			4,843,392			5,030,773			5,154,040			5,272,417			5,235,366			5,521,612			5,727,400
General Vacancy		(146,846	)		(86,967	)		(150,924	)		(154,620	)		(158,173	)		(101,934	)		(165,649	)		(171,823	)
Effective Gross Revenue		4,748,047			4,756,425			4,879,849			4,999,420			5,114,244			5,133,432			5,355,963			5,555,577
Operating Expenses
Insurance		15,840			16,317			16,804			17,309			17,829			18,362			18,914			19,482
Real Estate Taxes		1,194,718			1,204,418			1,204,870			1,205,322			1,213,026			1,238,358			1,274,599			1,311,929
Marketing/Advertising		21,321			21,960			22,620			23,298			23,997			24,717			25,458			26,221
Professional Fees		90,641			93,359			96,161			99,047			102,017			105,079			108,229			111,477
Management Fees		154,311			154,583			158,595			162,481			166,213			166,836			174,069			180,557
Repairs and Maintenance		32,445			33,419			34,420			35,453			36,517			37,612			38,742			39,903
Payroll/Labor Costs		37,851			38,989			40,157			41,363			42,602			43,882			45,197			46,554
Miscellaneous		186,225			24,721			25,464			26,226			27,013			27,825			28,658			29,519
CAM		266,978			274,989			283,236			291,734			300,487			309,501			318,785			328,350
Reserves		14,928			15,377			15,839			16,312			16,803			17,307			17,827			18,360
Total Operating Expenses		2,015,258			1,878,132			1,898,166			1,918,545			1,946,504			1,989,479			2,050,478			2,112,352
Net Operating Income		2,732,789			2,878,293			2,981,683			3,080,875			3,167,740			3,143,953			3,305,485			3,443,225
Leasing & Capital Costs
Tenant Improvements					9,425												4,793
Leasing Commissions					204,735												194,772
Total Leasing & Capital Costs					214,160												199,565
Cash Flow Before Debt Service	$	2,732,789		$	2,664,133		$	2,981,683		$	3,080,875		$	3,167,740		$	2,944,388		$	3,305,485		$	3,443,225
& INCOME TAX

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	5,150,665		$	5,340,808		$	5,447,477		$	5,630,282	$	6,140,085
Absorption & Turnover Vacancy		(51,562	)		(47,829	)					-323,480
Base Rent Abatements		(61,874	)		(57,395	)					-140,115		-193,057
Scheduled Base Rental Revenue		5,037,229			5,235,584			5,447,477			5,166,687		5,947,028
Expense Reimbursement Revenue
CAM		122,901			77,070			86,161			93,405		92,222
Real Estate Taxes		555,289			532,362			566,714			534,699		94,890
Total Reimbursement Revenue		678,190			609,432			652,875			628,104		187,112
Condenser Water		68,892			70,959			73,089			75,279		77,540
Total Potential Gross Revenue		5,784,311			5,915,975			6,173,441			5,870,070		6,211,680
General Vacancy		(123,514	)		(131,085	)		(185,203	)				-186,349
Effective Gross Revenue		5,660,797			5,784,890			5,988,238			5,870,070		6,025,331
Operating Expenses
Insurance		20,066			20,668			21,289			21,927		22,584
Real Estate Taxes		1,350,377			1,389,979			1,430,959			1,498,639		1,543,142
Marketing/Advertising		27,010			27,818			28,655			29,512		30,399
Professional Fees		114,823			118,266			121,814			125,469		129,229
Management Fees		183,975			188,010			194,618			190,777		195,823
Repairs and Maintenance		41,101			42,334			43,604			44,911		46,258
Payroll/Labor Costs		47,951			49,389			50,870			52,396		53,969
Miscellaneous		30,404			31,316			32,255			33,223		34,220
CAM		338,199			348,347			358,796			369,560		380,646
Reserves		18,912			19,479			20,064			20,665		21,286
Total Operating Expenses		2,172,818			2,235,606			2,302,924			2,387,079		2,457,556
Net Operating Income		3,487,979			3,549,284			3,685,314			3,482,991		3,567,775
Leasing & Capital Costs
Tenant Improvements		9,981			7,056						17,522		96,214
Leasing Commissions		175,537			162,828						415,327		350,718
Total Leasing & Capital Costs		185,518			169,884						432,849		446,932
Cash Flow Before Debt Service	$	3,302,461		$	3,379,400		$	3,685,314		$	3,050,142	$	3,120,843
& INCOME TAX

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 7.00%			Net Operating Income
Year 1		Jun-2012		$	3,425,987	$	3,201,857				1
Year 2		Jun-2013			3,456,308		3,018,873				2
Year 3		Jun-2014			2,677,541		2,185,671				3
Year 4		Jun-2015			3,023,063		2,306,280				4
Year 5		Jun-2016			3,056,575		2,179,296				5
Year 6		Jun-2017			3,090,349		2,059,230				6
Year 7		Jun-2018			3,044,883		1,896,200				7
Year 8		Jun-2019			3,697,307		2,151,866				8
Year 9		Jun-2020			3,760,201		2,045,300				9
Year 10		Jun-2021			3,824,989		1,944,430				10
Year 11		Jun-2022 NOI								4,337,693	11
Total Cash Flow					33,057,203		22,989,004
Terminal Cap Rate @					70,487,506		35,832,274
		6.00	%
Selling Costs @
		2.50	%
Total Property Present Value						$	58,821,278
Rounded to Thousands						$	59,000,000
Per SqFt						$	858.01
Percentage Value Distribution
Cash Flow							39.08	%
Reversion							60.92	%

East-West Manhattan Retail New York, NY   Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 7/1/2011

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	$	4,963,179		$	5,191,446		$	5,057,415		$	5,060,538		$	5,127,194		$	5,195,629		$	5,839,194		$	6,017,736
Absorption & Turnover Vacancy					(63,044	)		(176,742	)
Base Rent Abatements					(47,283	)		(132,557	)											(230,871	)
Scheduled Base Rental Revenue		4,963,179			5,081,119			4,748,116			5,060,538			5,127,194			5,195,629			5,608,323			6,017,736
Expense Reimbursement Revenue
CAM		102,412			108,512			31,195			5,639			8,059			10,554			12,021			19,793
Real Estate Taxes		379,511			410,394			187,461			144,520			177,057			206,154			151,783			150,622
Total Reimbursement Revenue		481,923			518,906			218,656			150,159			185,116			216,708			163,804			170,415
Total Potential Gross Revenue		5,445,102			5,600,025			4,966,772			5,210,697			5,312,310			5,412,337			5,772,127			6,188,151
General Vacancy		(163,353	)		(106,848	)					(156,321	)		(159,369	)		(162,371	)		(173,162	)		(185,644	)
Effective Gross Revenue		5,281,749			5,493,177			4,966,772			5,054,376			5,152,941			5,249,966			5,598,965			6,002,507
Operating Expenses
Insurance		10,558			10,874			11,201			11,537			11,883			12,240			12,607			12,984
Payroll/Labor Costs		31,113			32,046			33,008			33,996			35,018			36,070			37,151			38,265
Management Fees		171,657			178,528			161,420			164,267			167,471			170,624			181,966			195,081
Professional Fees		48,994			50,465			51,978			53,537			55,142			56,797			58,502			60,255
Marketing/Advertising		6,400			6,592			6,791			6,993			7,203			7,419			7,643			7,871
Utilities		1,907			1,964			2,023			2,085			2,146			2,210			2,277			2,345
Repairs and Maintenance		1,000			1,031			1,060			1,092			1,126			1,160			1,194			1,229
Common Area Maintenance		358,327			369,077			380,149			391,554			403,300			415,401			427,860			440,698
Real Estate Taxes		1,200,881			1,249,644			1,293,340			1,339,018			1,385,023			1,428,803			1,471,667			1,515,819
Miscellaneous/Other		7,868			8,103			8,348			8,597			8,856			9,120			9,396			9,675
Reserves		17,057			17,569			18,096			18,637			19,198			19,773			20,365			20,978
Total Operating Expenses		1,855,762			1,925,893			1,967,414			2,031,313			2,096,366			2,159,617			2,230,628			2,305,200
Net Operating Income		3,425,987			3,567,284			2,999,358			3,023,063			3,056,575			3,090,349			3,368,337			3,697,307
Leasing & Capital Costs
Tenant Improvements					4,048			22,046
Leasing Commissions					106,928			299,771												323,454
Total Leasing & Capital Costs					110,976			321,817												323,454
Cash Flow Before Debt Service	$	3,425,987		$	3,456,308		$	2,677,541		$	3,023,063		$	3,056,575		$	3,090,349		$	3,044,883		$	3,697,307
& INCOME TAX

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	6,113,299		$	6,211,722		$	6,313,107		$	8,004,933	$	8,469,930
Absorption & Turnover Vacancy											-1,233,188		-253,894
Base Rent Abatements											-455,291		-263,776
Scheduled Base Rental Revenue		6,113,299			6,211,722			6,313,107			6,316,454		7,952,260
Expense Reimbursement Revenue
CAM		31,245			43,044			55,187			24,795		21,393
Real Estate Taxes		178,084			206,372			235,506			83,644		74,213
Total Reimbursement Revenue		209,329			249,416			290,693			108,439		95,606
Total Potential Gross Revenue		6,322,628			6,461,138			6,603,800			6,424,893		8,047,866
General Vacancy		(189,680	)		(193,835	)		(198,113	)
Effective Gross Revenue		6,132,948			6,267,303			6,405,687			6,424,893		8,047,866
Operating Expenses
Insurance		13,375			13,776			14,189			14,615		15,052
Payroll/Labor Costs		39,413			40,596			41,813			43,068		44,360
Management Fees		199,320			203,688			208,186			208,808		261,555
Professional Fees		62,065			63,926			65,843			67,820		69,852
Marketing/Advertising		8,108			8,350			8,601			8,859		9,125
Utilities		2,415			2,488			2,564			2,640		2,719
Repairs and Maintenance		1,267			1,305			1,344			1,383		1,427
Common Area Maintenance		453,917			467,535			481,561			496,009		510,889
Real Estate Taxes		1,561,292			1,608,130			1,656,374			1,735,556		1,787,620
Miscellaneous/Other		9,968			10,265			10,574			10,892		11,219
Reserves		21,607			22,255			22,922			23,611		24,318
Total Operating Expenses		2,372,747			2,442,314			2,513,971			2,613,261		2,738,136
Net Operating Income		3,760,201			3,824,989			3,891,716			3,811,632		5,309,730
Leasing & Capital Costs
Tenant Improvements											132,828		35,231
Leasing Commissions											1,291,653		596,518
Total Leasing & Capital Costs											1,424,481		631,749
Cash Flow Before Debt Service	$	3,760,201		$	3,824,989		$	3,891,716		$	2,387,151	$	4,677,981
& INCOME TAX

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 7.00%			Net Operating Income
Year 1		Jun-2012		$	2,053,822	$	1,919,460				1
Year 2		Jun-2013			1,455,607		1,271,384				2
Year 3		Jun-2014			1,398,205		1,141,352				3
Year 4		Jun-2015			2,026,386		1,545,920				4
Year 5		Jun-2016			2,082,329		1,484,672				5
Year 6		Jun-2017			2,140,611		1,426,379				6
Year 7		Jun-2018			2,201,027		1,370,689				7
Year 8		Jun-2019			2,263,271		1,317,244				8
Year 9		Jun-2020			2,327,364		1,265,932				9
Year 10		Jun-2021			2,393,394		1,216,680				10
Year 11		Jun-2022 NOI								2,363,610	11
Total Cash Flow					20,342,016		13,959,712
Terminal Cap Rate @					38,408,657		19,525,014
		6.00	%
Selling Costs @
		2.50	%
Total Property Present Value						$	33,484,726
Rounded to Thousands						$	33,000,000
Per SqFt						$	586.67
Percentage Value Distribution
Cash Flow							41.69	%
Reversion							58.31	%

Gotham Retail Condominium 1540 Third Avenue New York, NY   Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 7/1/2011

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	$	2,764,276		$	2,502,401		$	2,930,201		$	3,063,928		$	3,132,434		$	3,202,994		$	3,275,674		$	3,350,536
Absorption & Turnover Vacancy		(158,650	)					(199,868	)
Base Rent Abatements					(99,950	)		(119,921	)
Scheduled Base Rental Revenue		2,605,626			2,402,451			2,610,412			3,063,928			3,132,434			3,202,994			3,275,674			3,350,536
Expense Reimbursement Revenue
Real Estate Taxes		434,940			466,777			221,773			209,027			251,724			285,126			313,045			341,801
CAM		8,537			10,836			10,445			12,046			12,408			12,782			13,164			13,558
Total Reimbursement Revenue		443,477			477,613			232,218			221,073			264,132			297,908			326,209			355,359
Condenser Water		62,315			64,185			66,109			68,094			70,137			72,239			74,408			76,639
Total Potential Gross Revenue		3,111,418			2,944,249			2,908,739			3,353,095			3,466,703			3,573,141			3,676,291			3,782,534
General Vacancy					(88,327	)					(100,593	)		(104,001	)		(107,195	)		(110,288	)		(113,475	)
Effective Gross Revenue		3,111,418			2,855,922			2,908,739			3,252,502			3,362,702			3,465,946			3,566,003			3,669,059
Operating Expenses
Common Area Maintenance		78,769			81,134			83,568			86,075			88,656			91,317			94,055			96,877
Insurance		14,301			14,729			15,171			15,627			16,095			16,579			17,075			17,588
Payroll/Labor Costs		34,710			35,751			36,825			37,928			39,066			40,237			41,447			42,689
Utilities		54,075			55,697			57,369			59,088			60,863			62,687			64,569			66,504
Marketing/Advertising		6,076			6,260			6,446			6,640			6,841			7,044			7,257			7,474
Management Fees		101,122			92,817			94,535			105,705			109,289			112,642			115,896			119,245
Real Estate Taxes		713,219			768,339			810,012			854,600			897,298			930,696			958,617			987,374
Repairs and Maintenance		1,545			1,592			1,638			1,689			1,739			1,790			1,845			1,899
Professional Fees		36,520			37,614			38,740			39,904			41,101			42,334			43,605			44,910
Miscellaneous/Other		2,775			2,859			2,945			3,033			3,123			3,218			3,315			3,414
Reserves		14,484			14,919			15,367			15,827			16,302			16,791			17,295			17,814
Total Operating Expenses		1,057,596			1,111,711			1,162,616			1,226,116			1,280,373			1,325,335			1,364,976			1,405,788
Net Operating Income		2,053,822			1,744,211			1,746,123			2,026,386			2,082,329			2,140,611			2,201,027			2,263,271
Leasing & Capital Costs
Tenant Improvements					5,049			7,706
Leasing Commissions					283,555			340,212
Total Leasing & Capital Costs					288,604			347,918
Cash Flow Before Debt Service	$	2,053,822		$	1,455,607		$	1,398,205		$	2,026,386		$	2,082,329		$	2,140,611		$	2,201,027		$	2,263,271
& INCOME TAX
Implied Cap		6.2	%		5.3	%		5.3	%		6.1	%		6.3	%		6.5	%		6.7	%		6.9	%

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	3,427,638		$	3,507,058		$	3,588,854		$	3,835,366	$	3,993,517
Absorption & Turnover Vacancy											-250,915		-287,113
Base Rent Abatements											-150,549		-172,268
Scheduled Base Rental Revenue		3,427,638			3,507,058			3,588,854			3,433,902		3,534,136
Expense Reimbursement Revenue
Real Estate Taxes		371,422			401,935			433,359			390,004		301,932
CAM		13,966			14,385			14,817			14,236		14,155
Total Reimbursement Revenue		385,388			416,320			448,176			404,240		316,087
Condenser Water		78,938			81,307			83,747			86,258		88,847
Total Potential Gross Revenue		3,891,964			4,004,685			4,120,777			3,924,400		3,939,070
General Vacancy		(116,760	)		(120,141	)		(123,623	)
Effective Gross Revenue		3,775,204			3,884,544			3,997,154			3,924,400		3,939,070
Operating Expenses
Common Area Maintenance		99,784			102,778			105,861			109,035		112,309
Insurance		18,116			18,658			19,218			19,796		20,388
Payroll/Labor Costs		43,969			45,289			46,647			48,048		49,488
Utilities		68,500			70,557			72,671			74,853		77,098
Marketing/Advertising		7,698			7,929			8,167			8,412		8,664
Management Fees		122,693			126,248			129,908			127,544		128,019
Real Estate Taxes		1,016,996			1,047,507			1,078,932			1,130,507		1,164,423
Repairs and Maintenance		1,957			2,016			2,076			2,139		2,203
Professional Fees		46,261			47,646			49,077			50,548		52,066
Miscellaneous/Other		3,517			3,623			3,730			3,842		3,959
Reserves		18,349			18,899			19,465			20,051		20,651
Total Operating Expenses		1,447,840			1,491,150			1,535,752			1,594,775		1,639,268
Net Operating Income		2,327,364			2,393,394			2,461,402			2,329,625		2,299,802
Leasing & Capital Costs
Tenant Improvements											6,786		10,355
Leasing Commissions											427,105		488,721
Total Leasing & Capital Costs											433,891		499,076
Cash Flow Before Debt Service	$	2,327,364		$	2,393,394		$	2,461,402		$	1,895,734	$	1,800,726
& INCOME TAX
Implied Cap		7.1	%		7.3	%

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 7.50%			Net Operating Income
Year 1		Jun-2012		$	218,556	$	203,308				1
Year 2		Jun-2013			1,205,239		1,042,933				2
Year 3		Jun-2014			1,259,134		1,013,553				3
Year 4		Jun-2015			1,222,141		915,140				4
Year 5		Jun-2016			1,546,299		1,077,088				5
Year 6		Jun-2017			1,694,329		1,097,860				6
Year 7		Jun-2018			1,705,821		1,028,192				7
Year 8		Jun-2019			1,522,551		853,698				8
Year 9		Jun-2020			1,488,558		776,407				9
Year 10		Jun-2021			1,661,147		805,978				10
Year 11		Jun-2022 NOI								2,129,095	11
Total Cash Flow					13,523,775		8,814,157
Terminal Cap Rate @					33,213,877		16,115,171
		6.25	%
Selling Costs @
		2.50	%
Total Property Present Value						$	24,929,328
Rounded to Thousands						$	25,000,000
Per SqFt							1,436.29
Percentage Value Distribution
Cash Flow							35.36	%
Reversion							64.64	%

Westport Retail Westport, CT   Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 7/1/2011

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	$	1,522,511		$	1,522,510		$	1,601,609		$	1,876,120		$	1,884,597		$	2,043,122		$	2,056,491		$	1,928,983
Absorption & Turnover Vacancy								(68,604	)		(141,327	)											(60,735	)
Base Rent Abatements		(314,125	)								(105,995	)											(31,886	)
Scheduled Base Rental Revenue		1,208,386			1,522,510			1,533,005			1,628,798			1,884,597			2,043,122			2,056,491			1,836,362
Expense Reimbursement Revenue
CAM less RET		5,372			5,953			5,598			9,259			14,067			14,902			15,772			24,367
Real Estate Taxes		60,134			67,613			65,135			60,861			89,222			97,571			106,175			142,928
Total Reimbursement Revenue		65,506			73,566			70,733			70,120			103,289			112,473			121,947			167,295
Total Potential Gross Revenue		1,273,892			1,596,076			1,603,738			1,698,918			1,987,886			2,155,595			2,178,438			2,003,657
General Vacancy		(44,587	)		(55,862	)								(69,576	)		(75,445	)		(76,246	)		(11,518	)
Collection Loss		(19,108	)		(23,941	)		(24,057	)		(25,484	)		(29,818	)		(32,333	)		(32,677	)		(30,055	)
Effective Gross Revenue		1,210,197			1,516,273			1,579,681			1,673,434			1,888,492			2,047,817			2,069,515			1,962,084
Operating Expenses
Insurance		9,103			9,375			9,658			9,947			10,245			10,553			10,870			11,196
Real Estate Taxes		247,692			255,123			262,776			270,660			278,780			287,142			295,757			304,631
Payroll/Labor Costs		5,535			5,701			5,872			6,049			6,229			6,418			6,609			6,807
Management Fees		12,103			15,163			15,797			16,734			18,884			20,478			20,695			19,622
Professional Fees		9,623			9,911			10,209			10,515			10,831			11,156			11,490			11,834
Repairs and Maintenance		7,400			7,620			7,851			8,087			8,328			8,580			8,835			9,102
Utilities		1,571			1,618			1,666			1,716			1,768			1,822			1,875			1,933
Miscellaneous/Other		2,012			2,072			2,135			2,198			2,265			2,331			2,403			2,474
Reserves		4,320			4,451			4,583			4,721			4,863			5,008			5,160			5,314
Total Operating Expenses		299,359			311,034			320,547			330,627			342,193			353,488			363,694			372,913
Net Operating Income		910,838			1,205,239			1,259,134			1,342,807			1,546,299			1,694,329			1,705,821			1,589,171
Leasing & Capital Costs
Tenant Improvements		398,871									21,199												6,377
Leasing Commissions		293,411									99,467												60,243
Total Leasing & Capital Costs		692,282									120,666												66,620
Cash Flow Before Debt Service	$	218,556		$	1,205,239		$	1,259,134		$	1,222,141		$	1,546,299		$	1,694,329		$	1,705,821		$	1,522,551
& INCOME TAX

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	1,938,516		$	1,961,838		$	2,328,731		$	2,391,488	$	2,463,239
Absorption & Turnover Vacancy		(81,918	)					(236,597	)				-70,409
Base Rent Abatements		(43,007	)					(124,212	)				-36,965
Scheduled Base Rental Revenue		1,813,591			1,961,838			1,967,922			2,391,488		2,355,865
Expense Reimbursement Revenue
CAM less RET		25,858			29,429			59,291			67,946		68,001
Real Estate Taxes		152,345			173,489			301,358			345,322		345,593
Total Reimbursement Revenue		178,203			202,918			360,649			413,268		413,594
Total Potential Gross Revenue		1,991,794			2,164,756			2,328,571			2,804,756		2,769,459
General Vacancy					(75,766	)					-98,167		-28,986
Collection Loss		(29,877	)		(32,471	)		(34,929	)		-42,071		-41,542
Effective Gross Revenue		1,961,917			2,056,519			2,293,642			2,664,518		2,698,931
Operating Expenses
Insurance		11,531			11,877			12,233			12,601		12,979
Real Estate Taxes		313,768			323,183			332,877			342,864		353,149
Payroll/Labor Costs		7,011			7,223			7,438			7,661		7,893
Management Fees		19,620			20,564			22,938			26,643		26,990
Professional Fees		12,191			12,554			12,934			13,320		13,720
Repairs and Maintenance		9,373			9,657			9,944			10,244		10,550
Utilities		1,991			2,050			2,111			2,174		2,241
Miscellaneous/Other		2,548			2,626			2,703			2,785		2,869
Reserves		5,472			5,638			5,807			5,979		6,160
Total Operating Expenses		383,505			395,372			408,985			424,271		436,551
Net Operating Income		1,578,412			1,661,147			1,884,657			2,240,247		2,262,380
Leasing & Capital Costs
Tenant Improvements		8,601						24,843					7,393
Leasing Commissions		81,253						234,677					69,838
Total Leasing & Capital Costs		89,854						259,520					77,231
Cash Flow Before Debt Service	$	1,488,558		$	1,661,147		$	1,625,137		$	2,240,247	$	2,185,149
& INCOME TAX

Analysis Period	For the Year Ending			Annual Cash Flow		P.V. of Cash Flow @ 7.50%			Net Operating Income
Year 1		Jun-2012		$	347,376	$	323,140				1
Year 2		Jun-2013			305,392		264,266				2
Year 3		Jun-2014			324,277		261,030				3
Year 4		Jun-2015			372,704		279,081				4
Year 5		Jun-2016			384,727		267,985				5
Year 6		Jun-2017			396,271		256,768				6
Year 7		Jun-2018			313,754		189,117				7
Year 8		Jun-2019			382,873		214,678				8
Year 9		Jun-2020			309,334		161,344				9
Year 10		Jun-2021			376,146		182,504				10
Year 11		Jun-2022 NOI								371,768	11
Total Cash Flow					3,512,854		2,399,912
Terminal Cap Rate @					5,799,576		2,813,919
		6.25	%
Selling Costs @
		2.50	%
Total Property Present Value						$	5,213,831
Rounded to Thousands						$	5,000,000
Per SqFt							1,154.73
Percentage Value Distribution
Cash Flow							46.03	%
Reversion							53.97	%

103-107 Main Street 103-107 Main Street Westport, CT   Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 7/1/2011

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	$	423,702		$	459,015		$	469,977		$	443,661		$	456,970		$	470,679		$	474,253		$	463,412
Absorption & Turnover Vacancy					(38,282	)		(37,131	)											(44,380	)		(21,523	)
Base Rent Abatements					(19,512	)		(17,500	)		(875	)								(19,512	)
Scheduled Base Rental Revenue		423,702			401,221			415,346			442,786			456,970			470,679			410,361			441,889
Expense Reimbursement Revenue
Real Estate Taxes		72,806			68,556			70,994			79,555			81,943			84,400			79,472			85,922
Insurance		3,676			4,262			3,977			1,953			2,009			2,072			1,948			2,110
CAM					3,615			8,026			14,879			15,327			15,788			14,863			16,073
Total Reimbursement Revenue		76,482			76,433			82,997			96,387			99,279			102,260			96,283			104,105
Condenser Water		299			308			316			327			336			347			357			368
Total Potential Gross Revenue		500,483			477,962			498,659			539,500			556,585			573,286			507,001			546,362
General Vacancy		(25,025	)								(26,975	)		(27,828	)		(28,664	)					(6,872	)
Effective Gross Revenue		475,458			477,962			498,659			512,525			528,757			544,622			507,001			539,490
Operating Expenses
Insurance		1,786			1,838			1,896			1,952			2,010			2,070			2,133			2,196
Payroll/Labor Costs		5,263			5,421			5,583			5,751			5,925			6,100			6,285			6,472
Professional Fees		21,281			21,919			22,577			23,255			23,952			24,670			25,411			26,172
Management Fees		9,510			9,559			9,973			10,251			10,574			10,893			10,140			10,789
Marketing/Advertising		8,000			8,240			8,486			8,742			9,004			9,276			9,551			9,840
Repairs and Maintenance		5,500			5,665			5,835			6,011			6,190			6,375			6,568			6,765
Utilities		300			309			318			327			338			349			359			368
Real Estate Taxes		72,805			74,989			77,239			79,557			81,942			84,401			86,933			89,541
Miscellaneous/Other		2,555			2,631			2,712			2,792			2,876			2,962			3,050			3,143
Reserves		1,082			1,115			1,148			1,183			1,219			1,255			1,293			1,331
Total Operating Expenses		128,082			131,686			135,767			139,821			144,030			148,351			151,723			156,617
Net Operating Income		347,376			346,276			362,892			372,704			384,727			396,271			355,278			382,873
Leasing & Capital Costs
Tenant Improvements					4,019			3,899												4,659
Leasing Commissions					36,865			34,716												36,865
Total Leasing & Capital Costs					40,884			38,615												41,524
Cash Flow Before Debt Service	$	347,376		$	305,392		$	324,277		$	372,704		$	384,727		$	396,271		$	313,754		$	382,873
& Taxes

For the Years Ending	Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023		Year 13 Jun-2024
Potential Gross Revenue
Base Rental Revenue	$	446,656		$	454,722		$	468,364		$	484,856	$	459,898
Absorption & Turnover Vacancy		(22,168	)								-51,448
Base Rent Abatements		(18,375	)								-19,512
Scheduled Base Rental Revenue		406,113			454,722			468,364			413,896		459,898
Expense Reimbursement Revenue
Real Estate Taxes		88,499			94,994			97,842			92,131		103,801
Insurance		2,171			2,329			2,401			2,260		2,546
CAM		16,555			17,768			18,302			17,227		19,416
Total Reimbursement Revenue		107,225			115,091			118,545			111,618		125,763
Condenser Water		378			390			401			414		427
Total Potential Gross Revenue		513,716			570,203			587,310			525,928		586,088
General Vacancy		(4,626	)		(28,511	)		(29,365	)				-29,304
Effective Gross Revenue		509,090			541,692			557,945			525,928		556,784
Operating Expenses
Insurance		2,263			2,329			2,401			2,472		2,547
Payroll/Labor Costs		6,667			6,867			7,073			7,285		7,504
Professional Fees		26,958			27,768			28,599			29,459		30,342
Management Fees		10,181			10,836			11,159			10,519		11,134
Marketing/Advertising		10,134			10,439			10,751			11,074		11,406
Repairs and Maintenance		6,968			7,175			7,392			7,613		7,842
Utilities		380			392			402			416		428
Real Estate Taxes		92,227			94,993			97,845			100,778		103,803
Miscellaneous/Other		3,236			3,334			3,432			3,538		3,643
Reserves		1,371			1,413			1,454			1,499		1,544
Total Operating Expenses		160,385			165,546			170,508			174,653		180,193
Net Operating Income		348,705			376,146			387,437			351,275		376,591
Leasing & Capital Costs
Tenant Improvements		4,655									5,402
Leasing Commissions		34,716									36,865
Total Leasing & Capital Costs		39,371									42,267
Cash Flow Before Debt Service	$	309,334		$	376,146		$	387,437		$	309,008	$	376,591
& Taxes