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{"sheet":"NOTES","index":0,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Input Sheet","index":1,"n_rows":33,"n_cols":8,"rows_kept":33,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[null,"User Assumptions"]
[null,"1.   Ordinary Income Tax Rate",0]
[null,"2.   Capital Gain Tax Rate",0]
[null,"3.   Cost Recovery Recapture Tax Rate",0]
[null,"4.   After Tax Discount Rate",0]
[null,"Purchase Assumptions"]
[null,"5.   Purchase Price",0]
[null,"6.   Acquisition Costs",0]
[null,"7.   Acquisition Loan Amount",0]
[null,"8.   Interest Rate",0]
[null,"9.   Amortization Period",0]
[null,"10.  Loan Term",0]
[null,"11.  Payments Per Year",12]
[null,"12. Loan Costs (Percent of Loan Amount)",0]
[null,"13. Improvement Allocation ( Percentage)",0]
[null,"14. Useful Life of Improvements",39]
[null,"15. Projected Annual Growth Rate in Value",0]
[null,"16.  Projected EOY 10 Sales Price",{"$f":"ROUND(-FV(C22,G31,0,C12,0),-3)","v":0},"      Rounds Sales Price to Nearest $1,000"]
[null,"17.  Projected Eoy 10 Cost of Sale",0]
[null,"18. EOY 10 Sales Price Sensitivity Range",0,"to:",0]
[null,"Lease Assumptions"]
[null,"19.                                                End of Year",0,1,2,3,4,5]
[null,"20.                                         Lease Payment",0,{"$f":"C28*(1+D29)","v":0},{"$f":"D28*(1+E29)","v":0},{"$f":"E28*(1+F29)","v":0},{"$f":"F28*(1+G29)","v":0},{"$f":"G28*(1+H29)","v":0}]
[null,"21.                                                 Escalation",null,0,{"$f":"D29","v":0},{"$f":"E29","v":0},{"$f":"F29","v":0},{"$f":"G29","v":0}]
[]
[null,"22.                                                End of Year",6,7,8,9,10]
[null,"23.                                         Lease Payment",{"$f":"H28*(1+C33)","v":0},{"$f":"C32*(1+D33)","v":0},{"$f":"D32*(1+E33)","v":0},{"$f":"E32*(1+F33)","v":0},{"$f":"IF(C28>0,0,F32*(1+G33))","v":0}]
[null,"24.                                                 Escalation",{"$f":"H29","v":0},{"$f":"C33","v":0},{"$f":"D33","v":0},{"$f":"E33","v":0},{"$f":"F33","v":0}]

{"sheet":"Assumptions","index":2,"n_rows":55,"n_cols":13,"rows_kept":55,"cut":false,"hidden":true,"merged":[]}
["Ordinary Income Tax Bracket",{"$f":"'Input Sheet'!C7","v":0}]
["Capital Gain Max Tax Rate",{"$f":"'Input Sheet'!C8","v":0}]
["Tax Rate on Straight Line Recapture",{"$f":"'Input Sheet'!C9","v":0}]
["Month Placed in Service:",{"$f":"MONTH(In_Service_date)","v":1}]
["    (from CashFlows Sheet)"]
[null,"Year---->",1,2,3,4,5,6,7,8,9,10,11]
["Vacancy Rates     (enter just year 1, or each year)",null,0,{"$f":"Vac_Yr_1","v":0},{"$f":"Vac_Yr_2","v":0},{"$f":"+E7","v":0},{"$f":"+F7","v":0},{"$f":"Vac_Yr_5","v":0},{"$f":"Vac_Yr_6","v":0},{"$f":"+I7","v":0},0,0,0]
["Rent Income Escalators      (enter just year 2, or each year)",null,null,0,{"$f":"+D8","v":0},0,0,0,{"$f":"+H8","v":0},0,0,0,0]
["Other Income Escalator, with vacancy",null,null,0,{"$f":"+D9","v":0},0,0,0,{"$f":"+H9","v":0},0,0,0,0]
["Other Income Escalator, without vacancy",null,null,0,0,0,0,0,{"$f":"+H10","v":0},0,0,0,0]
["Expense Escalators    (enter just year 2, or each year)",null,null,0,0,0,0,0,{"$f":"+H11","v":0},0,0,0,0]
[]
[null,"Alternative 1",null,"Alternative 2",null,"Alternative 3"]
["Cap rate used in Sale",0,null,0,null,0]
["Expenses of Sale",{"$f":"'Input Sheet'!C24","v":0}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
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[null,null,null,"1st","2d"]
[null,"Payment frequency",null,{"$f":"IF(Pmts_Year_Mtg_1=12,\"Monthly\",IF(Pmts_Year_Mtg_1=4,\"Quarterly\",IF(Pmts_Year_Mtg_1=1,\"Annually\",)))","v":"Monthly"},{"$f":"IF(Pmts_Year_Mtg_2=12,\"Monthly\",IF(Pmts_Year_Mtg_2=4,\"Quarterly\",IF(Pmts_Year_Mtg_2=1,\"Annually\",)))","v":"Monthly"}]
[null,null,"(",{"$f":"IF(Pmts_Year_Mtg_1=12,13-Month_Placed_in_Svc,IF(Pmts_Year_Mtg_1=1,1,IF(Pmts_Year_Mtg_1=4,IF(Month_Placed_in_Svc>9,1,IF(Month_Placed_in_Svc>6,2,IF(Month_Placed_in_Svc>3,3,4))))))","v":12},{"$f":"IF(Pmts_Year_Mtg_2=12,13-Month_Placed_in_Svc,IF(Pmts_Year_Mtg_2=1,1,IF(Pmts_Year_Mtg_2=4,IF(Month_Placed_in_Svc>9,1,IF(Month_Placed_in_Svc>6,2,IF(Month_Placed_in_Svc>3,3,4))))))","v":12},"multiplier -- do not erase)"]

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[null,"Property Name",null,null,null,null,null," ","   Annual Property Operating Data"]
[null,"Location"]
[null,"Type of Property",null,null,null,null,null,null,"                             Purchase Price",null,null,null,{"$f":"'Input Sheet'!C12","v":0}]
[null,"Size of Property",null,null,"(Sq. Ft./Units)",null,null,null,"                             Plus Acquisition costs",null,null,null,{"$f":"'Input Sheet'!C13","v":0}]
[null,null,null,null,null,null,null,null,"                             Plus Loan Points",null,null,null,{"$f":"IF(+CashFlows!G5,CashFlows!G5,)","v":0}]
[null,"Purpose of analysis",null,null,null,null,null,null,"                             Less Mortgages",null,null,null,{"$f":"Amount_Mtg_1+Amount_Mtg_2","v":0}]
[null,null,null,null,null,null,null,null,"                             Equals Initial Investment",null,null,null,{"$f":"+purchase_price+Acquisition_Costs+Loan_Points-Total_Beginning_Mortgages","v":0}]
[null,"Assessed/Appraised Values"]
[null,"Land",{"$f":"IF(C10=0,0,100-C10)","v":0},null,{"$f":"IF(C9=0,0,C9/C12)","v":0}]
[null,"Improvements",{"$f":"'Input Sheet'!C20*100","v":0},null,{"$f":"IF(C10=0,0,C10/C12)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,"Amort",null,"Loan"]
[null,"Personal Property",null,null,{"$f":"IF(C11=0,0,C11/C12)","v":0},null,null,null," ",null,"Balance",null,"Periodic Pmt",null,"Pmts/Yr",null,"Interest",null,"Period",null,"Term"]
[null,"Total",{"$f":"SUM(C9:C11)","v":0},null,{"$f":"SUM(E9:E11)","v":0},null,null,null,"1st",null,{"$f":"Amount_Mtg_1","v":0},null,{"$f":"Per_Pmt_Mtg_1","v":0},null,{"$f":"Pmts_Year_Mtg_1","v":12},null,{"$f":"Rate_Mtg_1","v":0},null,{"$f":"Amort_Period_Mtg_1","v":0},null,{"$f":"Loan_Term_Mtg_1","v":0}]
[null,null,null,null,null,null,null,null,"2nd",null,{"$f":"Amount_Mtg_2","v":0},null,{"$f":"Per_Pmt_Mtg_2","v":0},null,{"$f":"Pmts_Year_Mtg_2","v":12},null,{"$f":"Rate_Mtg_2","v":0},null,{"$f":"Amort_Period_Mtg_2","v":0},null,{"$f":"Loan_Term_Mtg_2","v":0}]
[null,"Adjusted Basis as of:",{"$f":"TODAY()","v":"2016-12-04"},null,{"$f":"+purchase_price + Acquisition_Costs","v":0}]
[null,null,null,null," "]
[null,null,null,null,"$/SQ FT",null,"%"]
[null,"ALL FIGURES ARE ANNUAL",null,null,"or $/Unit",null,"of GOI",null,null,null,null,null,"COMMENTS/FOOTNOTES"]
[1," POTENTIAL RENTAL INCOME",null,null,null,null,null,null,null,null,{"$f":"E18*Size_of_Property","v":0},null," "]
[2," Plus:  Other Income (affected by vacancy)"]
[3," Less: Vacancy & Cr. Losses",null,null,null,"(",{"$f":"+Vac_Yr_1","v":0},"of",{"$f":"PRI_APOD+Other_Inc_with_vac","v":0},")",{"$f":"G20*I20","v":0}]
[4," EFFECTIVE RENTAL INCOME",null,null,null,null,null,null,null,null,{"$f":"+PRI_APOD+Other_Inc_with_vac-K20","v":0}]
[5," Plus:  Other Income (not affected by vacancy)"]
[6," GROSS OPERATING INCOME",null,null,null,null,null,null,null,null,{"$f":"+ERI_APOD+OTHER_APOD","v":0}]
[null," OPERATING EXPENSES:"]
[7," Real Estate Taxes",null,null,null,null,null,null,{"$f":"IF(E25,E25*Size_of_Property,G25*GOI_APOD)","v":0}]
[8," Personal Property  Taxes",null,null,null,null,null,null,{"$f":"IF(E26,E26*Size_of_Property,G26*GOI_APOD)","v":0}]
[9," Property Insurance",null,null,null,null,null,null,0]
[10," Off Site Management",null,null,null,null,null,null,0]
[11," Payroll",null,null,null,null,null,null,0]
[12," Expenses/Benefits",null,null,null,null,null,null,0]
[13," Taxes/Worker's Compensation",null,null,null,null,null,null,0]
[14," Repairs and Maintenance",null,null,null,null,null,null,0]
[null," Utilities:",null,null,null,null,null,null,0]
[15,null,null,null,null,null,null,null,0]
[16,null,null,null,null,null,null,null,0]
[17,null,null,null,null,null,null,null,0]
[18,null,null,null,null,null,null,null,0]
[19," Accounting and Legal",null,null,null,null,null,null,0]
[20," Licenses/Permits",null,null,null,null,null,null,0]
[21," Advertising",null,null,null,null,null,null,0]
[22," Supplies",null,null,null,null,null,null,0]
[23," Miscellaneous Contract Services:",null,null,null,null,null,null,0]
[24,null,null,null,null,null,null,null,0]
[25,null,null,null,null,null,null,null,0]
[26,null,null,null,null,null,null,null,0]
[27,null,null,null,null,null,null,null,0]
[28,null,null,null,null,null,null,null,{"$f":"IF(E47,E47*Size_of_Property,G47*GOI_APOD)","v":0}]
[29," TOTAL OPERATING EXPENSES",null,null,null,null,null,null,null,null,{"$f":"IF(E48,E48*Size_of_Property,IF(G48,G48*GOI_APOD,SUM(I25:I47)))","v":0}]
[30," NET OPERATING INCOME",null,null,null,null,null,null,null,null,{"$f":"IF(E49,E49*Size_of_Property,IF(G49,G49*GOI_APOD,K23-K48))","v":0}]
[31," Less: Annual Debt Service",null,null,null,null,null,null,null,null,{"$f":"ADS_Mtg_1+ADS_Mtg_2","v":0}]
[32," Less: Funded Reserves",null,null,null,null,null,null,null,null,{"$f":"IF(E51,E51*Size_of_Property,IF(G51,G51*GOI_APOD,))","v":0}]
[33," Less: Leasing Commissions",null,null,null,null,null,null,null,null,{"$f":"IF(E52,E52*Size_of_Property,IF(G52,G52*GOI_APOD,))","v":0}]
[34," Less: Capital Additions",null,null,null,null,null,null,null,null,{"$f":"IF(E53,E53*Size_of_Property,IF(G53,G53*GOI_APOD,))","v":0}]
[35," CASH FLOW BEFORE TAXES",null,null,null,null,null,null,null,null,{"$f":"+K49-K50-K51-K52-K53","v":0}]
[]
[{"$f":"\"Authored by Gary G. Tharp, CCIM    Copyright\"&CHAR(169)&\" 2000 by the Commercial Investment Real Estate Institute           \"","v":"Authored by Gary G. Tharp, CCIM    Copyright© 2000 by the Commercial Investment Real Estate Institute           "}]
[null,"The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative.",null,null,null,null,null,null,null,null,"Prepared by:"]

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[null,null,null,null,"   Cash Flow Analysis Worksheet",null,null,null,"."]
[]
[null,"Property Name",{"$f":"APOD!C1","v":0},null,"       Purchase Price",null,{"$f":"IF(+purchase_price,purchase_price,)","v":0}]
[null,"Prepared For",null,null,"            Plus:   Acquisition Costs",null,{"$f":"IF(Acquisition_Costs,Acquisition_Costs,)","v":0}]
[null,"Prepared By",{"$f":"Prepared_by","v":0},null,"            Plus:   Loan Points",null,{"$f":"+Points_Mtg_1+Points_Mtg_2","v":0}]
[null,"Date Prepared",{"$f":"TODAY()","v":"2016-12-04"},null,"            Less:  Mortgages",null,{"$f":"+Amount_Mtg_1+Amount_Mtg_2","v":0}]
[null,null,null,null,"        Equals Initial Investment",null,{"$f":"+G3+G4+G5-G6","v":0}]
[]
[null,null,"Mortgage Data",null,null,"Cost Recovery Data"]
[null,null,"1st Mortgage","2nd Mortgage",null,"Improvements","Personal Property"]
[]
[null,"Amount",{"$f":"'Input Sheet'!C14","v":0},null,"  Value",{"$f":"Adjusted_Basis*Percent_Improvements","v":0}]
[null,"Interest Rate",{"$f":"'Input Sheet'!C15","v":0},null,"  C. R. Method","SL"]
[null,"Amortization Period",{"$f":"'Input Sheet'!C16","v":0},null,"  Useful Life",{"$f":"'Input Sheet'!C21","v":39}]
[null,"Loan Term",{"$f":"'Input Sheet'!C17","v":0},{"$f":"IF(Amort_Period_Mtg_2,Amort_Period_Mtg_2,)","v":0},"  In Service Date","2000-01-01"]
[null,"Payments/Year",{"$f":"'Input Sheet'!C18","v":12},12,"  Date of Sale",{"$f":"+In_Service_date+(365*10)","v":"2009-12-29"}]
[null,"Periodic Payment",{"$f":"IF(C12<1,0,+C12/((1-((1+(C13/C16))^(-(C14*C16))))/(C13/C16)))","v":0},{"$f":"IF(D12<1,0,+D12/((1-((1+(D13/D16))^(-(D14*D16))))/(D13/D16)))","v":0},"  Recapture"]
[null,"Annual Debt Service",{"$f":"C16*C17","v":0},{"$f":"D16*D17","v":0},"  Investment Tax "]
[null,"Points",{"$f":"'Input Sheet'!C14*'Input Sheet'!C19","v":0},null,"  Credit   ($$ or %)"]
[]
[]
[null,null,null,null,"Taxable Income"]
[null,null,"Year :",1,{"$f":"+D23+1","v":2},3,4,5,6,7,8,9,10,"11th Year"]
[]
[1,"  Potential Rental Income",null,{"$f":"PRI_APOD*((13-Month_Placed_in_Svc)/12)","v":0},{"$f":"PRI_APOD*(1+IncEscal_2)","v":0},{"$f":"+E25*(1+IncEscal_3)","v":0},{"$f":"+F25*(1+IncEscal_4)","v":0},{"$f":"+G25*(1+IncEscal_5)","v":0},{"$f":"+H25*(1+IncEscal_6)","v":0},{"$f":"+I25*(1+IncEscal_7)","v":0},{"$f":"+J25*(1+IncEscal_8)","v":0},{"$f":"+K25*(1+IncEscal_9)","v":0},{"$f":"+L25*(1+IncEscal_10)","v":0},{"$f":"+M25*(1+IncEscal_11)","v":0}]
[2,"+Other Income affected by vacancy",null,{"$f":"Other_Inc_with_vac*((13-Month_Placed_in_Svc)/12)","v":0},{"$f":"Other_Inc_with_vac*(1+Assumptions!D9)","v":0},{"$f":"E26*(1+Assumptions!E9)","v":0},{"$f":"F26*(1+Assumptions!F9)","v":0},{"$f":"G26*(1+Assumptions!G9)","v":0},{"$f":"H26*(1+Assumptions!H9)","v":0},{"$f":"I26*(1+Assumptions!I9)","v":0},{"$f":"J26*(1+Assumptions!J9)","v":0},{"$f":"K26*(1+Assumptions!K9)","v":0},{"$f":"L26*(1+Assumptions!L9)","v":0},{"$f":"M26*(1+Assumptions!M9)","v":0}]
[3,"-Vacancy & Credit Losses",null,{"$f":"Vac_Yr_1*(D25+D26)","v":0},{"$f":"Vac_Yr_2*(E25+E26)","v":0},{"$f":"Vac_Yr_3*(F25+F26)","v":0},{"$f":"Vac_Yr_4*(G25+G26)","v":0},{"$f":"Vac_Yr_5*(H25+H26)","v":0},{"$f":"Vac_Yr_6*(I25+I26)","v":0},{"$f":"Vac_Yr_7*(J25+J26)","v":0},{"$f":"Vac_Yr_8*(K25+K26)","v":0},{"$f":"Vac_Yr_9*(L25+L26)","v":0},{"$f":"Vac_Yr_10*(M25+M26)","v":0},{"$f":"Vac_Yr_11*(N25+N26)","v":0}]
[4,"=Effective Rental Income",null,{"$f":"+D25+D26-D27","v":0},{"$f":"+E25+E26-E27","v":0},{"$f":"+F25+F26-F27","v":0},{"$f":"+G25+G26-G27","v":0},{"$f":"+H25+H26-H27","v":0},{"$f":"+I25+I26-I27","v":0},0,0,0,0,0]
[5,"+Other Income not affected by vacancy",null,{"$f":"OTHER_APOD*((13-Month_Placed_in_Svc)/12)","v":0},{"$f":"OTHER_APOD*(1+Assumptions!D10)","v":0},{"$f":"E29*(1+Assumptions!E10)","v":0},{"$f":"F29*(1+Assumptions!F10)","v":0},{"$f":"G29*(1+Assumptions!G10)","v":0},{"$f":"H29*(1+Assumptions!H10)","v":0},{"$f":"I29*(1+Assumptions!I10)","v":0},{"$f":"J29*(1+Assumptions!J10)","v":0},{"$f":"K29*(1+Assumptions!K10)","v":0},{"$f":"L29*(1+Assumptions!L10)","v":0},{"$f":"M29*(1+Assumptions!M10)","v":0}]
[6,"=Gross Operating Income",null,{"$f":"+D28+D29","v":0},{"$f":"+E28+E29","v":0},{"$f":"+F28+F29","v":0},{"$f":"+G28+G29","v":0},{"$f":"+H28+H29","v":0},{"$f":"+I28+I29","v":0},0,0,0,0,0]
[7,"-Operating Expenses",null,{"$f":"OP_EXP_APOD*((13-Month_Placed_in_Svc)/12)","v":0},{"$f":"OP_EXP_APOD*(1+ExpEscal_2)","v":0},{"$f":"+E31*(1+ExpEscal_3)","v":0},{"$f":"+F31*(1+ExpEscal_4)","v":0},{"$f":"+G31*(1+ExpEscal_5)","v":0},{"$f":"+H31*(1+ExpEscal_6)","v":0},{"$f":"+I31*(1+ExpEscal_7)","v":0},{"$f":"+J31*(1+ExpEscal_8)","v":0},{"$f":"+K31*(1+ExpEscal_9)","v":0},{"$f":"+L31*(1+ExpEscal_10)","v":0},{"$f":"+M31*(1+ExpEscal_11)","v":0}]
[8,"=NET OPERATING INCOME",null,{"$f":"+D30-D31","v":0},{"$f":"+E30-E31","v":0},{"$f":"+F30-F31","v":0},{"$f":"+G30-G31","v":0},{"$f":"+H30-H31","v":0},{"$f":"+I30-I31","v":0},0,0,0,0,0]
[9,"-Interest - 1st Mortgage",null,{"$f":"Assumptions!D55*C17-(C12-Sale!C5)","v":0},{"$f":"($C$16*$C$17-(Sale!C5-Sale!D5))*(Sale!C5>0)","v":0},{"$f":"($C$16*$C$17-(Sale!D5-Sale!E5))*(Sale!D5>0)","v":0},{"$f":"($C$16*$C$17-(Sale!E5-Sale!F5))*(Sale!E5>0)","v":0},{"$f":"($C$16*$C$17-(Sale!F5-Sale!G5))*(Sale!F5>0)","v":0},{"$f":"($C$16*$C$17-(Sale!G5-Sale!C10))*(Sale!G5>0)","v":0},{"$f":"($C$16*$C$17-(Sale!C10-Sale!D10))*(Sale!C10>0)","v":0},{"$f":"($C$16*$C$17-(Sale!D10-Sale!E10))*(Sale!D10>0)","v":0},{"$f":"($C$16*$C$17-(Sale!E10-Sale!F10))*(Sale!E10>0)","v":0},{"$f":"($C$16*$C$17-(Sale!F10-Sale!G10))*(Sale!F10>0)","v":0}]
[10,"-Interest - 2nd Mortgage",null,{"$f":"Assumptions!E55*D17-(D12-Sale!C6)","v":0},{"$f":"($D$16*$D$17-(Sale!C6-Sale!D6))*(Sale!C6>0)","v":0},{"$f":"($D$16*$D$17-(Sale!D6-Sale!E6))*(Sale!D6>0)","v":0},{"$f":"($D$16*$D$17-(Sale!E6-Sale!F6))*(Sale!E6>0)","v":0},{"$f":"($D$16*$D$17-(Sale!F6-Sale!G6))*(Sale!F6>0)","v":0},{"$f":"($D$16*$D$17-(Sale!G6-Sale!C11))*(Sale!G6>0)","v":0},{"$f":"($D$16*$D$17-(Sale!C11-Sale!D11))*(Sale!C11>0)","v":0},{"$f":"($D$16*$D$17-(Sale!D11-Sale!E11))*(Sale!D11>0)","v":0},{"$f":"($D$16*$D$17-(Sale!E11-Sale!F11))*(Sale!E11>0)","v":0},{"$f":"($D$16*$D$17-(Sale!F11-Sale!G11))*(Sale!F11>0)","v":0}]
[11,"-Cost Recovery - Improvements",null,{"$f":"ROUND(Value_Improvements_Real*ROUND(1/Useful_Life_Real*((12.5-Month_Placed_in_Svc)/12),5),0)","v":0},{"$f":"ROUND(Value_Improvements_Real*ROUND(1/Useful_Life_Real,5),0)","v":0},{"$f":"+E35","v":0},0,0,0,0,0,0,{"$f":"ROUND(Value_Improvements_Real*ROUND(1/Useful_Life_Real*(MONTH(Date_of_Sale)-0.5)/12,5),0)","v":0}]
[12,"-Cost Recovery - Personal Property"]
[13,"-Amortization of Loan Points",null,{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>1)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>1)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>2)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>2)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>3)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>3)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>4)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>5)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>6)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>7)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>8)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>9)","v":0}]
[14,"-Leasing Commissions",null,{"$f":"+Leasing_Commissions","v":0},{"$f":"D38*(1+IncEscal_2)","v":0},{"$f":"E38*(1+IncEscal_3)","v":0},{"$f":"F38*(1+IncEscal_4)","v":0},{"$f":"G38*(1+IncEscal_5)","v":0},{"$f":"+H38*(1+IncEscal_6)","v":0},{"$f":"+I38*(1+IncEscal_7)","v":0},{"$f":"+J38*(1+IncEscal_8)","v":0},{"$f":"+K38*(1+IncEscal_9)","v":0},{"$f":"+L38*(1+IncEscal_10)","v":0}]
[15,"=Real Estate Taxable Income",null,{"$f":"+D32-D33-D34-D35-D36-D37-D38","v":0},0,0,0,0,0,0,0,0,0]
[16,{"$f":"\"Tax Liability (Savings) at   \"&TEXT(Ordinary_Income_Tax_Bracket,\"00.0%\")","v":"Tax Liability (Savings) at   00.0%"},null,{"$f":"+D39*Ordinary_Income_Tax_Bracket","v":0},0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"CHAR(175)&CHAR(175)&CHAR(175)&CHAR(175)","v":"¯¯¯¯"}]
[null,null,null,null,"Cash Flow"]
[17,"  NET OPERATING INCOME (Line 8)",null,{"$f":"+D32","v":0},0,0,0,0,0,0,0,0,0]
[18," -Annual Debt Service",null,{"$f":"+D33+D34+(CashFlows!C12+CashFlows!D12-Sale!C7)","v":0},{"$f":"+E33+E34+(Sale!C7-Sale!D7)","v":0},{"$f":"+F33+F34+(Sale!D7-Sale!E7)","v":0},{"$f":"+G33+G34+(Sale!E7-Sale!F7)","v":0},{"$f":"+H33+H34+(Sale!F7-Sale!G7)","v":0},{"$f":"+I33+I34+(Sale!G7-Sale!C12)","v":0},{"$f":"+J33+J34+(Sale!C12-Sale!D12)","v":0},{"$f":"+K33+K34+(Sale!D12-Sale!E12)","v":0},{"$f":"+L33+L34+(Sale!E12-Sale!F12)","v":0},{"$f":"+M33+M34+(Sale!F12-Sale!G12)","v":0}]
[19," -Reserves for Replacements"]
[20," - "]
[21," =CASH FLOW BEFORE TAXES",null,{"$f":"+D43-D44-D45-D46","v":0},0,0,0,0,0,0,0,0,0]
[22," -Tax Liability (Savings)  (Line 16)",null,{"$f":"+D40","v":0},0,0,0,0,0,0,0,0,0]
[23," +Investment Tax Credit"]
[24," =CASH FLOW AFTER TAXES",null,{"$f":"+D47-D48+D49","v":0},0,0,0,0,0,0,0,0,0]
[]
[]
["        The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative."]

{"sheet":"Sale","index":5,"n_rows":57,"n_cols":25,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
[null,null,"         Alternative Cash Sales Worksheet"]
[]
[null,null,null,"Mortgage Balances"]
[null,"Year:",1,{"$f":"+C4+1","v":2},{"$f":"+D4+1","v":3},{"$f":"+E4+1","v":4},{"$f":"+F4+1","v":5}]
[null,"Principal Balance - 1st Mortgage",{"$f":"FV(CashFlows!C13/CashFlows!C16,Assumptions!D55,CashFlows!C17,-CashFlows!C12)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-C5,0)*(Loan_Term_Mtg_1>1)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-D5,0)*(Loan_Term_Mtg_1>2)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-E5,0)*(Loan_Term_Mtg_1>3)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-F5,0)*(Loan_Term_Mtg_1>4)","v":0}]
[null,"Principal Balance - 2nd Mortgage",{"$f":"FV(CashFlows!D13/CashFlows!D16,Assumptions!E55,CashFlows!D17,-CashFlows!D12)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-C6,0)*(Loan_Term_Mtg_2>1)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-D6,0)*(Loan_Term_Mtg_2>2)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-E6,0)*(Loan_Term_Mtg_2>3)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-F6,0)*(Loan_Term_Mtg_2>4)","v":0}]
[null,"TOTAL UNPAID BALANCE",{"$f":"+C5+C6","v":0},{"$f":"+D5+D6","v":0},{"$f":"+E5+E6","v":0},{"$f":"+F5+F6","v":0},{"$f":"+G5+G6","v":0}]
[]
[null,"Year:",{"$f":"+G4+1","v":6},{"$f":"+C9+1","v":7},{"$f":"+D9+1","v":8},{"$f":"+E9+1","v":9},{"$f":"+F9+1","v":10}]
[null,"Principal Balance - 1st Mortgage",{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-G5,0)*(Loan_Term_Mtg_1>4)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-C10,0)*(Loan_Term_Mtg_1>4)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-D10,0)*(Loan_Term_Mtg_1>4)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-E10,0)*(Loan_Term_Mtg_1>4)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-F10,0)*(Loan_Term_Mtg_1>4)","v":0}]
[null,"Principal Balance - 2nd Mortgage",{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-G6,0)*(Loan_Term_Mtg_2>4)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-C11,0)*(Loan_Term_Mtg_2>4)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-D11,0)*(Loan_Term_Mtg_2>4)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-E11,0)*(Loan_Term_Mtg_2>4)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-F11,0)*(Loan_Term_Mtg_2>4)","v":0}]
[null,"TOTAL UNPAID BALANCE",{"$f":"+C10+C11","v":0},{"$f":"+D10+D11","v":0},{"$f":"+E10+E11","v":0},{"$f":"+F10+F11","v":0},{"$f":"+G10+G11","v":0}]
[]
[null,null,null,"Calculation of Sale Proceeds"]
[null,null,null,null,1,null,2,null,3,null,4,null,5,null,6,null,7,null,8,null,9,null,10,null,11]
[null,"PROJECTED SALES PRICE",{"$f":"'Input Sheet'!C23","v":0},null,{"$f":"'Data Points for Charts'!B6","v":0},null,{"$f":"'Data Points for Charts'!B7","v":0},null,{"$f":"'Data Points for Charts'!B8","v":0},null,{"$f":"'Data Points for Charts'!B9","v":0},null,{"$f":"'Data Points for Charts'!B10","v":0},null,{"$f":"'Data Points for Charts'!B11","v":0},null,{"$f":"'Data Points for Charts'!B12","v":0},null,{"$f":"'Data Points for Charts'!B13","v":0},null,{"$f":"'Data Points for Charts'!B14","v":0},null,{"$f":"'Data Points for Charts'!B15","v":0},null,{"$f":"'Data Points for Charts'!B16","v":0}]
[null,null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_1,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"'Data Points for Charts'!B10","v":0},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"},null,{"$f":"\"(At \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")&\" cap)\"","v":"(At .% cap)"}]
[]
[null,"CALCULATION OF ADJUSTED BASIS:"]
[null,"1       Basis at Acquisition",{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0}]
[null,"2     +Capital Additions"]
[null,"3      -Cost Recovery (Depreciation) Taken",{"$f":"SUM(CashFlows!D35:M35)","v":0},null,{"$f":"C22","v":0},null,{"$f":"E22","v":0},null,{"$f":"G22","v":0},null,{"$f":"I22","v":0},null,{"$f":"K22","v":0},null,{"$f":"M22","v":0},null,{"$f":"O22","v":0},null,{"$f":"Q22","v":0},null,{"$f":"S22","v":0},null,{"$f":"U22","v":0},null,{"$f":"W22","v":0}]
[null,"4      -Basis in Partial Sales"]
[null,"5      =Adjusted Basis at Sale",{"$f":"+C20+C21-C22-C23","v":0},null,{"$f":"+E20+E21-E22-E23","v":0},null,{"$f":"+G20+G21-G22-G23","v":0},null,{"$f":"+I20+I21-I22-I23","v":0},null,{"$f":"+K20+K21-K22-K23","v":0},null,{"$f":"+M20+M21-M22-M23","v":0},null,{"$f":"+O20+O21-O22-O23","v":0},null,{"$f":"+Q20+Q21-Q22-Q23","v":0},null,{"$f":"+S20+S21-S22-S23","v":0},null,{"$f":"+U20+U21-U22-U23","v":0},null,{"$f":"+W20+W21-W22-W23","v":0},null,{"$f":"+Y20+Y21-Y22-Y23","v":0}]
[null,"CALCULATION OF EXCESS COST RECOVERY"]
[null,"6       Total Cost Recovery Taken (Line 3)",{"$f":"+C22","v":0},null,{"$f":"+E22","v":0},null,{"$f":"+G22","v":0},null,{"$f":"+I22","v":0},null,{"$f":"+K22","v":0},null,{"$f":"+M22","v":0},null,{"$f":"+O22","v":0},null,{"$f":"+Q22","v":0},null,{"$f":"+S22","v":0},null,{"$f":"+U22","v":0},null,{"$f":"+W22","v":0},null,{"$f":"+Y22","v":0}]
[null,"7     -Straight Line Cost Recovery",{"$f":"(8)*ROUND(ROUND(1/Useful_Life_Real,5)*Value_Improvements_Real,0)+ROUND(ROUND((12.5-Month_Placed_in_Svc)/12*ROUND(1/Useful_Life_Real,5),5)*Value_Improvements_Real,0)+ROUND(ROUND((MONTH(Date_of_Sale)-0.5)/12*ROUND(1/Useful_Life_Real,5),5)*Value_Improvements_Real,0)","v":0},null,{"$f":"+C27","v":0},null,{"$f":"+E27","v":0},null,{"$f":"+G27","v":0},null,{"$f":"+I27","v":0},null,{"$f":"+K27","v":0},null,{"$f":"+M27","v":0},null,{"$f":"+O27","v":0},null,{"$f":"+Q27","v":0},null,{"$f":"+S27","v":0},null,{"$f":"+U27","v":0},null,{"$f":"+W27","v":0}]
[null,"8      =Excess Cost Recovery",{"$f":"+C26-C27","v":0},null,{"$f":"+E26-E27","v":0},null,{"$f":"+G26-G27","v":0},null,{"$f":"+I26-I27","v":0},null,{"$f":"+K26-K27","v":0},null,{"$f":"+M26-M27","v":0},null,{"$f":"+O26-O27","v":0},null,{"$f":"+Q26-Q27","v":0},null,{"$f":"+S26-S27","v":0},null,{"$f":"+U26-U27","v":0},null,{"$f":"+W26-W27","v":0},null,{"$f":"+Y26-Y27","v":0}]
[null,"CALCULATION OF CAPITAL GAIN ON SALE:"]
[null,"9       Sale Price",{"$f":"+C16","v":0},null,{"$f":"+E16","v":0},null,{"$f":"+G16","v":0},null,{"$f":"+I16","v":0},null,{"$f":"+K16","v":0},null,{"$f":"+M16","v":0},null,{"$f":"+O16","v":0},null,{"$f":"+Q16","v":0},null,{"$f":"+S16","v":0},null,{"$f":"+U16","v":0},null,{"$f":"+W16","v":0},null,{"$f":"+Y16","v":0}]
[null,"10   -Costs of Sale",{"$f":"+C30*Expenses_of_Sale","v":0},null,{"$f":"+E30*Expenses_of_Sale","v":0},null,{"$f":"+G30*Expenses_of_Sale","v":0},null,{"$f":"+I30*Expenses_of_Sale","v":0},null,{"$f":"+K30*Expenses_of_Sale","v":0},null,{"$f":"+M30*Expenses_of_Sale","v":0},null,{"$f":"+O30*Expenses_of_Sale","v":0},null,{"$f":"+Q30*Expenses_of_Sale","v":0},null,{"$f":"+S30*Expenses_of_Sale","v":0},null,{"$f":"+U30*Expenses_of_Sale","v":0},null,{"$f":"+W30*Expenses_of_Sale","v":0},null,{"$f":"+Y30*Expenses_of_Sale","v":0}]
[null,"11    -Adjusted Basis at Sale (Line 5)",{"$f":"+C24","v":0},null,{"$f":"+E24","v":0},null,{"$f":"+G24","v":0},null,{"$f":"+I24","v":0},null,{"$f":"+K24","v":0},null,{"$f":"+M24","v":0},null,{"$f":"+O24","v":0},null,{"$f":"+Q24","v":0},null,{"$f":"+S24","v":0},null,{"$f":"+U24","v":0},null,{"$f":"+W24","v":0},null,{"$f":"+Y24","v":0}]
[null,"12   -Participation Payments"]
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[null,"15   -Suspended Losses"]
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[null,"ITEMS TAXED AS ORDINARY INCOME:"]
[null,"19     Excess Cost Recovery (Line 8)",{"$f":"+C28","v":0},null,{"$f":"+E28","v":0},null,{"$f":"+G28","v":0},null,{"$f":"+I28","v":0},null,{"$f":"+K28","v":0},null,{"$f":"+M28","v":0},null,{"$f":"+O28","v":0},null,{"$f":"+Q28","v":0},null,{"$f":"+S28","v":0},null,{"$f":"+U28","v":0},null,{"$f":"+W28","v":0},null,{"$f":"+Y28","v":0}]
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[null,"CALCULATION OF SALES PROCEEDS AFTER TAX:"]
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[null,"        The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative."]
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[{"$f":"\"Authored by Gary G. Tharp, CCIM    Copyright\"&CHAR(169)&\" 2000 by the Commercial Investment Real Estate Institute           \"","v":"Authored by Gary G. Tharp, CCIM    Copyright© 2000 by the Commercial Investment Real Estate Institute           "}]
["        The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative."]
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