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

Remaining Obligation 1 Rockefeller Plaza - E8

United Bank for Africa | New York

Analysis Detail (Lessee Perspective)

Printed: Nov 7, 2019 at 3:13 PM

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

Key Assumptions

Required Capital

Hard Construction Soft Costs

- - - - - - - - -

- - - - - - - - -

Analysis Period

Jan. 1, 2020 - Oct. 31, 2021

Analysis Term 1 Yr, 10 Mos

Discount Rate 7.00%/Yr.

2007 2007

Lease Type

Direct

OpEx Base ReTax Base

$18.32/SF $9.80/SF

0.280% Pro Rata

FF&E IT & Security Moving

Total Rentable Area Lease Commencement

20,085 SF Jan. 1, 2020 1 Yr, 10 Mos Oct. 31, 2021 Dec. 31, 2039

0.280% Pro Rata

Submetered Electric Fixed Annual Increase Landlord Contribution Commissions (1.5X)

5% Mark-Up $3.00/SF

Lease Term

None None

Lease Expiration Analysis Truncation

$0K

$0.00/SF

Rent Schedule Initial Free Rent:

Start

End

$/SF/Year

$/Year

None

Total

Tranche 1: Tranche 2: Tranche 3: Tranche 4: Tranche 5: Tranche 6: Tranche 7: Tranche 8:

22 Mos. (1 - 22)

Jan. 1, 2020 Oct. 31, 2021

$75.00/SF

$1,506K

Direct Expenses

- - - - -

- - - - -

Total

12 Mos

10 Mos

22 Mos

Cash Flow | $/SF

2020

2021

2022

2023

2024

2025

2026

2027

2028 2029 2030 2031 2035 2036 2039

Total

NPV @ 7.0% Annuity

Base Rent Free Rent

75.00

62.50

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -

137.50

129.44

75.00

1

-

-

-

-

-

2

$18.32/SF, 2007 Base $9.80/SF, 2007 Base

Operating Expense Real Estate Tax Miscellaneous 1

8.03

7.46 9.69

15.49 20.60

14.56 19.37

8.43

3

10.91

11.23

4

-

-

-

-

-

5

6 Gross Rent SubTotal

$93.94

$79.65

$173.59 $163.37

$94.66

Commercial Rent Tax Submetered Electric

5% Mark-Up 3.90% of the Gross Rent

3.79 3.15

3.21 2.72

7.00 5.87

6.59 5.52

3.82 3.20

7

8

9 Additional Cost SubTotal

$6.94

$5.93

$12.87

$12.11

$7.01

Required Capital

- - -

- - -

- - -

- - -

- - -

10

Landlord Contribution

11

12 Net Capital

13 Total | $/SF

$100.87 $100.87

$85.58

$186.46 $175.48 $101.67

$102.70

-

-

-

-

-

-

-

-

-

-

-

-

-

Annualized Cost (Omitting 1X Costs)

12 Mos

10 Mos

22 Mos

Cash Flow | $K

2020

2021

2022

2023

2024

2025

2026

2027

2028 2029 2030 2031 2035 2036 2039

Total

NPV @ 7.0% Annuity

1,506K

1,255K

2,762K 2,600K 1,506K

Base Rent Free Rent

14

-

-

-

-

-

15

161K 219K

150K 195K

311K 414K

292K 389K

169K 225K

Operating Expense Real Estate Tax Miscellaneous 1

16

17

-

-

-

-

-

18

19 Gross Rent SubTotal

$1,887K $1,600K

$3,487K $3,281K $1,901K

76K 63K

65K 55K

141K 118K

132K 111K

77K 64K

Commercial Rent Tax Submetered Electric

20

21

22 Additional Cost SubTotal

$139K

$119K

$258K $243K $141K

- -

- -

- -

- -

- -

Required Capital

23

Landlord Contribution

24

25 Net Capital

-

-

-

-

-

26 Total | $K

$2,026K $1,719K $2,026K $2,063K

$3,745K $3,524K $2,042K

Annualized Cost (Omitting 1X Costs)

-

-

-

-

-

-

-

-

-

-

-

-

-

Strategic Advisory Group © 2019 Cushman & Wakefield

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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