United Bank for Africa- Analysis- 2019-11-07 for Real Estate

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Analysis Summary United Bank for Africa | New York

Printed: Nov 7, 2019 at 3:13 PM

Assumptions

Notes

1 Rockefeller Plaza E8 Remaining Obligation

1 Rockefeller Plaza

200 Park Avenue

575 Fifth Avenue E30 LL Offer - 10/15/2019

50 Rockefeller Plaza

Analysis is truncated to Dec. 31, 2039 for common term comparison purposes.

Jan. 1, 2020 Analysis Commencement

E8 Renewal

P12

E14

LL Offer - 10/28/2019

Pro Forma Relocation

Rentable Area Lease Commencement Lease Term Lease Expiration

20,085 SF

20,085 SF Nov 1, 2021

16,500 SF Jan 1, 2020

Dec 31, 2039 15,475 SF Jan 1, 2020 20 Years

18,601 SF Feb 1, 2021

200 Park proposal was for 10 years, but analysis assumes 20-year term.

Jan 1, 2020 1 Year, 10 Months

Square Footage & Key Dates

18 Years, 2 Months Dec 31, 2039

20 Years

18 Years, 11 Months

Oct 31, 2021

Dec 31, 2039

Start

Duratio n

R ent

Start

Duratio n

R ent

Start

Duratio n

R ent

Start

Duratio n

R ent

Start

Duratio n

R ent

Base Rent

Free

12 Mo.

22 Mo.

12 Mo.

Jan 2020

Feb 2021

$75.00/SF

$86.00/SF $92.00/SF $98.00/SF

$84.00/SF $92.00/SF

$83.00/SF $88.00/SF $93.00/SF $98.00/SF

$92.00/SF $99.00/SF

22 Mo.

60 Mo.

48 Mo.

38 Mo.

48 Mo.

Jan 2020

Nov 2021

Jan 2021

Nov 2021

Feb 2022

Current Escalated Rent $93.94/SF

Base Rent

60 Mo.

Nov 2026

Jan 2025

Feb 2026

60 Mo. $102.00/SF 60 Mo. $112.00/SF

60 Mo. $106.00/SF 47 Mo. $113.00/SF

60 Mo.

Nov 2031

Jan 2030

Feb 2031

38 Mo. $104.00/SF

Nov 2036

Jan 2035

60 Mo.

Feb 2036

Required Capital

- - $0.00/SF

- -

$337.68/SF -$90.00/SF $247.68/SF

$6,782K -$1,808K

$329.93/SF -$95.00/SF

$5,444K -$1,568K

$329.93/SF -$131.43/SF

$5,106K -$2,034K

$329.93/SF -$110.00/SF

$6,137K -$2,046K

Landlord Contribution

1X Costs

Net Capital

$0K

$4,975K

$234.93/SF

$3,876K

$198.50/SF

$3,072K

$219.93/SF

$4,091K

Summary | Cash Flow Impact

12 Mos.

240 Mos.

Total

NPV Annuity

2020 2021

2022

2023

2024 2025

2026

2027

2028

2029 2030

2031

2032 2033 2034 2035

2036 2037

2038

2039

Jan. 1, 2020 Analysis Commencement

Remaining Obligation

$2,026K $1,719K

$3,745K $3,524K

$326K

Fixed Rent

- $288K $1,727K $1,727K $1,727K $1,727K $1,747K $1,848K $1,848K $1,848K $1,848K $1,868K $1,968K $1,968K $1,968K $1,968K $1,988K $2,089K $2,089K $2,089K

$34,332K $16,775K $1,552K

1 Rockefeller Plaza E8 Renewal

Escalations & Utilities

$1K

$42K $81K $122K $164K $208K $257K $304K $352K $402K $455K $512K $567K $625K $684K $746K $814K $880K $948K

$8,162K $3,195K

$296K

Net Capital

$4,975K

$4,975K $4,972K

$460K

Total $7,001K $2,007K $1,769K $1,808K $1,849K $1,891K $1,955K $2,105K $2,152K $2,200K $2,250K $2,322K $2,480K $2,536K $2,593K $2,652K $2,735K $2,903K $2,969K $3,037K $51,214K $28,466K $2,633K 20,085 SF $349/SF $100/SF $88/SF $90/SF $92/SF $94/SF $97/SF $105/SF $107/SF $110/SF $112/SF $116/SF $123/SF $126/SF $129/SF $132/SF $136/SF $145/SF $148/SF $151/SF $2,550/SF $1,417/SF $131/SF

Remaining Obligation

$2,026K $1,719K

$3,745K $3,524K

$326K

Fixed Rent

- $1,386K $1,386K $1,386K $1,386K $1,518K $1,518K $1,518K $1,518K $1,518K $1,683K $1,683K $1,683K $1,683K $1,683K $1,848K $1,848K $1,848K $1,848K $1,848K

$30,789K $15,348K $1,420K

200 Park Avenue

Escalations & Utilities

$54K $128K $156K $185K $214K $248K $277K $307K $338K $370K $410K $445K $481K $518K $556K $602K $643K $686K $730K $776K

$8,124K $3,524K

$326K

P12 LL Offer - 10/28/2019

Net Capital

$3,876K

$3,876K $3,876K

$359K

Total $5,956K $3,233K $1,542K $1,571K $1,600K $1,766K $1,795K $1,825K $1,856K $1,888K $2,093K $2,128K $2,164K $2,201K $2,239K $2,450K $2,491K $2,534K $2,578K $2,624K $46,534K $26,273K $2,430K 16,500 SF $361/SF $196/SF $93/SF $95/SF $97/SF $107/SF $109/SF $111/SF $112/SF $114/SF $127/SF $129/SF $131/SF $133/SF $136/SF $149/SF $151/SF $154/SF $156/SF $159/SF $2,820/SF $1,592/SF $147/SF

Remaining Obligation

$2,026K $1,719K

$3,745K $3,524K

$326K

Fixed Rent

- $214K $1,284K $1,284K $1,284K $1,362K $1,362K $1,362K $1,362K $1,362K $1,439K $1,439K $1,439K $1,439K $1,439K $1,517K $1,517K $1,517K $1,517K $1,517K

$25,655K $12,571K $1,163K

575 Fifth Avenue E30 LL Offer - 10/15/2019

Escalations & Utilities

$51K $67K $117K $123K $134K $154K $177K $200K $224K $249K $278K $305K $332K $361K $391K $424K $456K $489K $523K $558K

$5,613K $2,406K

$223K

Net Capital

$3,072K

$3,072K $3,072K

$284K

Total $5,149K $2,000K $1,402K $1,407K $1,418K $1,516K $1,538K $1,562K $1,586K $1,611K $1,717K $1,744K $1,772K $1,800K $1,830K $1,941K $1,973K $2,006K $2,040K $2,075K $38,084K $21,574K $1,996K 15,475 SF $333/SF $129/SF $91/SF $91/SF $92/SF $98/SF $99/SF $101/SF $102/SF $104/SF $111/SF $113/SF $114/SF $116/SF $118/SF $125/SF $127/SF $130/SF $132/SF $134/SF $2,461/SF $1,394/SF $129/SF

Remaining Obligation

$2,026K $1,719K

$3,745K $3,524K

$326K

Fixed Rent

- $1,569K $1,711K $1,711K $1,711K $1,831K $1,841K $1,841K $1,841K $1,841K $1,961K $1,972K $1,972K $1,972K $1,972K $2,091K $2,102K $2,102K $2,102K

$34,144K $16,479K $1,524K

50 Rockefeller Plaza E14 Pro Forma Relocation

Escalations & Utilities

- $87K $191K $233K $271K $310K $355K $397K $440K $485K $531K $584K $634K $685K $738K $793K $855K $914K $975K $1,038K

$10,515K $4,457K

$412K

Net Capital

$4,091K

$4,091K $4,091K

$378K

Total $6,117K $1,806K $1,760K $1,944K $1,982K $2,021K $2,185K $2,238K $2,282K $2,326K $2,373K $2,545K $2,605K $2,657K $2,710K $2,765K $2,946K $3,016K $3,077K $3,140K $52,494K $28,552K $2,641K 18,601 SF $329/SF $97/SF $95/SF $105/SF $107/SF $109/SF $117/SF $120/SF $123/SF $125/SF $128/SF $137/SF $140/SF $143/SF $146/SF $149/SF $158/SF $162/SF $165/SF $169/SF $2,822/SF $1,535/SF $142/SF

All information furnished is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change in price, rental or other conditions, prior sale, lease, or financing or withdrawal without notice.

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