Delray Central OM

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Discounted Cash Flow

DELRAY CENTRAL | DISCOUNTED CASH FLOW

Total Square Feet Years Ending:

175,719

PSF Jul-2018 Jul-2019 Jul-2020 Jul-2021 Jul-2022 Jul-2023 Jul-2024 Jul-2025 Jul-2026 Jul-2027 Jul-2028

REVENUE

BASE RENT

$2,545,177 $2,637,791 $2,747,956 $2,953,750 $3,047,052

$3,157,636 $3,263,773 $3,457,003 $3,587,120

$3,697,792 $3,812,959

$

14.48

RENT ABATEMENTS

(49,540)

(6,965)

(19,126)

-

-

-

-

-

-

-

-

(0.28)

EXPENSE REIMBURSEMENTS

1,529,191 4,024,828

1,633,866 4,264,692

1,591,414 4,320,244

1,713,435 4,667,185

1,794,466 4,841,518

1,813,697 4,971,333

1,900,042 5,163,815

1,841,032 5,298,035

1,924,359 5,511,479

2,084,841 5,782,633

2,106,724 5,919,683

8.70

TOTAL REVENUE

$

22.90

$

$

$

$

$

$

$

$

$

$

$

REVENUE ADJUSTMENTS ABSORPTION/TURNOVER GENERAL VACANCY TOTAL ADJUSTMENTS

$

(119,147) (193,308) (312,455) 3,712,373 $441,507 132,528 111,371 37,579 85,000 107,497 147,660 55,500 25,716 126,044 312,900 33,120 1,625,482 2,086,891 9,060

$

(27,860) (311,087) (338,947) 3,925,745 $454,753 136,504 117,773 38,706 87,550 110,722 152,090 57,165 26,487 129,825 322,287 34,114 1,677,036 2,248,709 9,060

$

(188,469) (142,073) (330,542) 3,989,702 $468,395 140,599 119,691 39,867 90,177 114,044 156,652 58,880 27,282 133,720 331,955 35,137 1,725,459 2,264,243 9,060

$

(73,627) (293,857) (367,484) 4,299,701 $482,446 144,816 128,991 41,064 92,882 117,464 161,352 60,646 28,100 137,732 341,914 36,191 1,782,658 2,517,043 9,060

$

(24,332) (361,043) (385,375) 4,456,143 $496,920 149,162 133,685 42,295 95,668 120,989 166,193 62,466 28,943 141,863 352,172 37,277 1,836,693 2,619,450 9,060

$

(85,610) (305,248) (390,858) 4,580,475 $511,827 153,636 137,415 43,564 98,538 124,618 171,178 64,340 29,812 146,120 362,737 38,395 1,891,240 2,689,235 9,060

$

(32,611) (377,885) (410,496) 4,753,319 $527,183 158,245 142,599 44,872 101,494 128,357 176,314 66,270 30,707 150,503 373,619 39,547 1,948,770 2,804,549 9,060

$

(242,207) (162,259) (404,466) 4,893,569 $542,998 162,993 146,807 46,217 104,539 132,208 181,603 68,258 31,627 155,018 384,827 40,734 2,006,889 2,886,680 9,060

$

(199,268) (225,709) (424,977) 5,086,502 $559,288 167,883 152,595 47,604 107,675 136,174 187,051 70,305 32,576 159,668 396,373 41,956 2,068,208 3,018,294 9,060

$

(28,207) (432,147) (460,354) 5,322,279 $576,067 172,918 159,668 49,032 110,906 140,259 192,663 72,415 33,553 164,459 408,263 43,214 2,132,477 3,189,802 9,060

$

(99,245) (366,390) (465,635) 5,454,048 $593,349 178,107 163,621 50,503 114,232 144,467 198,443 74,587 34,560 169,393 420,511 44,511 2,195,344 3,258,704 9,060

$

(0.68) (1.10) (1.78)

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

EFFECTIVE GROSS REVENUE

21.13

EXPENSES

Real Estate Taxes

$

2.51 0.75 0.63 0.21 0.48 0.61 0.84 0.32 0.15 0.72 1.78 0.19 0.05 9.25

Insurance

Management Fee

Administrative

Payroll

Repairs & Maintenance

Janitorial

Landscaping

Trash

Contract Services

Electric

Water & Sewer Non-Recoverable TOTAL EXPENSES

$

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

NET OPERATING INCOME CAPITAL EXPENDITURES TENANT IMPROVEMENTS LEASING COMMISSIONS

$

11.88

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

359,820 72,654 432,474

76,864 35,220 112,084

418,089 194,200 612,289

300,969 140,351 441,320

66,484 31,003 97,487

233,918 109,083 343,001

89,106 41,553 130,659

471,930 220,074 692,004

602,880 281,140 884,020

141,287 65,886 207,173

2.05 0.41 2.46

CAPITAL RESERVES

TOTAL CAPITAL EXPENDITURES

$

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

OPERATING CASH FLOW

1,654,417

2,136,625

1,651,954

2,075,723

2,521,963

2,346,234

2,673,890

2,194,676

2,134,274

2,982,629

$

9.42

Financials // Page 43

Arbors Portfolio Valuation - GTM - 32817

4/12/20173:19 PM

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