Welcome to WallStreetOasis' free financial model templates!

Dow
your finance career, and get top interviewing/networking/modeli
can find other services and information at

FREE RESOURCES
Join the WSO Community! >>
Top FAQs & Resources >>
Industry Reports & Company Database >>
WSO Templates (Resume, Networking, Models, etc) >>
The Talent Oasis - Land a Job! >>
odel templates! Download more free templates, master
/networking/modeling tips at WallStreetOasis.com. You
and information at WSO below:

PREMIUM RESOURCES & SERVICES

Elite Modeling Package >>
Interview & Prep Courses (IB, PE, HF, Consulting) >>
Financial Modeling Courses >>
Resume Review Service >>
Find a Mentor >>
GMAT/Series 7 Exam Prep Courses >>
Office Asset
Summary

Acquisition Returns (Unleveraged)

Purchase Price £ 100,000,000 IRR
Size 250,000 Profit
Acquisition date 4/30/2017 Peak Equity
EqM
Capital Expenditure
Common areas £ 5,000,000 Returns (Levered)
Date 4/30/2017 IRR
Profit
Disposition Peak Equity
Hold asset years 5 EqM
Disposition date 4/30/2022
Cap rate on sale 6%
NOI Yield on pu
Debt DSCR
LTV 60% Cash on Cash
Fixed rate 4.50%
Term years 10
Amortization 30
Origination fee at closing 1%

Cap Rate
 3/14/2017

urns (Unleveraged)
18%
£ 124,159,429
£ 108,188,470
2.15

urns (Levered)
28%
£ 110,839,248
£ 58,217,099
2.90

2017 2018 2019 2020 2021

4% 6% -4% 11% 12%
1.77 1.83 - 1.12 3.32 3.49
-75% 5% -30% 14% 14%

Hold Period Years

28% 3 4 5 6
4%
5%
6%
7%
8%
Office Asset
Operational

Rent Roll Occupancy Start rent Annual inc. Start date

Tenant A 100% 40 2% 12/31/2013
Tenant B 100% 63.654 3% 6/30/2019

Time to find new tenant 6

Vacancy factor 5%

2017 2018 2019

Operating expense 2% 15 15.3 15.606
Market rent 3% 60 61.8 63.654

4/30/2017 5/31/2017 6/30/2017 7/31/2017

Rental Revenue
Tenant A £884,340 £884,340 £884,340
Tenant B £0 £0 £0
Total Rental Revenue £884,340 £884,340 £884,340

Free Rent
Tenant B £0 £0 £0

Vacancy -£44,217 -£44,217 -£44,217

TI/LCs
Tenant B £0 £0 £0

Operating Expenses
Operating Expense -£312,500 -£312,500 -£312,500
 3/14/2017

Rent Schedule
Lease length End date Free Rent TI/LCs
5 12/31/2018 0 0
10 6/30/2029 6 40

2020 2021 2022 2023

15.91812 16.2364824 16.561212048 16.892436289
65.56362 67.5305286 69.556444458 71.643137792

8/31/2017 9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018 2/28/2018

£884,340 £884,340 £884,340 £884,340 £902,027 £902,027 £902,027

£0 £0 £0 £0 £0 £0 £0
£884,340 £884,340 £884,340 £884,340 £902,027 £902,027 £902,027

£0 £0 £0 £0 £0 £0 £0

-£44,217 -£44,217 -£44,217 -£44,217 -£45,101 -£45,101 -£45,101

£0 £0 £0 £0 £0 £0 £0

-£312,500 -£312,500 -£312,500 -£312,500 -£312,500 -£318,750 -£318,750

Tenant A Tenant B
12/31/2013 40 6/30/2019 63.654
12/31/2014 40.8 6/30/2020 65.56362
12/31/2015 41.616 6/30/2021 67.5305286
12/31/2016 42.44832 6/30/2022 69.556444458
12/31/2017 43.2972864 6/30/2023 71.643137792
12/31/2018 44.163232128 6/30/2024 73.792431925
6/30/2025 76.006204883
6/30/2026 78.28639103
6/30/2027 80.634982761
6/30/2028 83.054032243
6/30/2029 85.545653211

3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018

£902,027 £902,027 £902,027 £902,027 £902,027 £902,027 £902,027

£0 £0 £0 £0 £0 £0 £0
£902,027 £902,027 £902,027 £902,027 £902,027 £902,027 £902,027

£0 £0 £0 £0 £0 £0 £0

-£45,101 -£45,101 -£45,101 -£45,101 -£45,101 -£45,101 -£45,101

£0 £0 £0 £0 £0 £0 £0

-£318,750 -£318,750 -£318,750 -£318,750 -£318,750 -£318,750 -£318,750

10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019

£902,027 £902,027 £920,067 £0 £0 £0 £0

£0 £0 £0 £0 £0 £0 £0
£902,027 £902,027 £920,067 £0 £0 £0 £0

£0 £0 £0 £0 £0 £0 £0

-£45,101 -£45,101 -£46,003 £0 £0 £0 £0

£0 £0 £0 £0 £0 £0 £0

-£318,750 -£318,750 -£318,750 -£325,125 -£325,125 -£325,125 -£325,125

5/31/2019 6/30/2019 7/31/2019 8/31/2019 9/30/2019 10/31/2019

£0 £0 £0 £0 £0 £0
£0 £0 £1,326,125 £1,326,125 £1,326,125 £1,326,125
£0 £0 £1,326,125 £1,326,125 £1,326,125 £1,326,125

£0 £0 -£1,326,125 -£1,326,125 -£1,326,125 -£1,326,125

£0 £0 £0 £0 £0 £0

£0 -£10,000,000 £0 £0 £0 £0

-£325,125 -£325,125 -£325,125 -£325,125 -£325,125 -£325,125

11/30/2019 12/31/2019 1/31/2020 2/29/2020 3/31/2020 4/30/2020

£0 £0 £0 £0 £0 £0
£1,326,125 £1,326,125 £1,326,125 £1,326,125 £1,326,125 £1,326,125
£1,326,125 £1,326,125 £1,326,125 £1,326,125 £1,326,125 £1,326,125

-£1,326,125 -£1,326,125 £0 £0 £0 £0

£0 £0 -£66,306 -£66,306 -£66,306 -£66,306

£0 £0 £0 £0 £0 £0

-£325,125 -£325,125 -£331,627 -£331,627 -£331,627 -£331,627

5/31/2020 6/30/2020 7/31/2020 8/31/2020 9/30/2020 10/31/2020 11/30/2020

£0 £0 £0 £0 £0 £0 £0
£1,326,125 £1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909
£1,326,125 £1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909

£0 £0 £0 £0 £0 £0 £0

-£66,306 -£68,295 -£68,295 -£68,295 -£68,295 -£68,295 -£68,295

£0 £0 £0 £0 £0 £0 £0

-£331,627 -£331,627 -£331,627 -£331,627 -£331,627 -£331,627 -£331,627

12/31/2020 1/31/2021 2/28/2021 3/31/2021 4/30/2021 5/31/2021 6/30/2021

£0 £0 £0 £0 £0 £0 £0
£1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,406,886
£1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,406,886

£0 £0 £0 £0 £0 £0 £0

-£68,295 -£68,295 -£68,295 -£68,295 -£68,295 -£68,295 -£70,344

£0 £0 £0 £0 £0 £0 £0

-£331,627 -£338,260 -£338,260 -£338,260 -£338,260 -£338,260 -£338,260

7/31/2021 8/31/2021 9/30/2021 10/31/2021 11/30/2021 12/31/2021 1/31/2022

£0 £0 £0 £0 £0 £0 £0
£1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,406,886
£1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,406,886

£0 £0 £0 £0 £0 £0 £0

-£70,344 -£70,344 -£70,344 -£70,344 -£70,344 -£70,344 -£70,344

£0 £0 £0 £0 £0 £0 £0

-£338,260 -£338,260 -£338,260 -£338,260 -£338,260 -£338,260 -£345,025

2/28/2022 3/31/2022 4/30/2022 5/31/2022 6/30/2022 7/31/2022 8/31/2022

£0 £0 £0 £0 £0 £0 £0
£1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,449,093 £1,449,093 £1,449,093
£1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,449,093 £1,449,093 £1,449,093

£0 £0 £0 £0 £0 £0 £0

-£70,344 -£70,344 -£70,344 -£70,344 -£72,455 -£72,455 -£72,455

£0 £0 £0 £0 £0 £0 £0

-£345,025 -£345,025 -£345,025 -£345,025 -£345,025 -£345,025 -£345,025

9/30/2022 10/31/2022 11/30/2022 12/31/2022 1/31/2023 2/28/2023 3/31/2023

£0 £0 £0 £0 £0 £0 £0
£1,449,093 £1,449,093 £1,449,093 £1,449,093 £1,449,093 £1,449,093 £1,449,093
£1,449,093 £1,449,093 £1,449,093 £1,449,093 £1,449,093 £1,449,093 £1,449,093

£0 £0 £0 £0 £0 £0 £0

-£72,455 -£72,455 -£72,455 -£72,455 -£72,455 -£72,455 -£72,455

£0 £0 £0 £0 £0 £0 £0

-£345,025 -£345,025 -£345,025 -£345,025 -£351,926 -£351,926 -£351,926

4/30/2023

£0
£1,449,093
£1,449,093

£0

-£72,455

£0

-£351,926
Office Asset
Cash Flows

4/30/2017 5/31/2017 6/30/2017

Gross Rental Revenue £884,340 £884,340
Free Rent £0 £0
Vacancies -£44,217 -£44,217
Net Rental Revenue £840,123 £840,123

Operating Expenses -£312,500 -£312,500

Net Operating Income £527,623 £527,623

Capex and TI/LCs

Capex -£5,000,000
TI/LCs £0 £0
Total Capex and TI/LCs -£5,000,000 £0 £0

Operational Cash Flows -£5,000,000 £527,623 £527,623

Unlevered Returns
Acquisition -£100,000,000
Disposition £0 £0

Total Unlevered Project CF -£105,000,000 £527,623 £527,623

-£105,000,000 -£104,472,377 -£103,944,754
IRR 18%
Profit £ 124,159,429
Peak Equity £ 108,188,470
EqM 2.15

Levered Returns
Loan Addition £ 60,000,000
Interest Paid -£ 220,489 -£ 220,193
Amortization -£ 80,314 -£ 80,207
Baloon £ - £ -
Origination fees -£ 600,000

Total Levered Project CF -£ 45,600,000 £ 226,820 £ 227,223

-£ 45,600,000 -£ 45,373,180 -£ 45,145,957
IRR 28%
Profit £ 110,839,248
Peak Equity £ 58,217,099
EqM 2.90
 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017
£884,340 £884,340 £884,340 £884,340 £884,340
£0 £0 £0 £0 £0
-£44,217 -£44,217 -£44,217 -£44,217 -£44,217
£840,123 £840,123 £840,123 £840,123 £840,123

-£312,500 -£312,500 -£312,500 -£312,500 -£312,500

£527,623 £527,623 £527,623 £527,623 £527,623

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£527,623 £527,623 £527,623 £527,623 £527,623

£0 £0 £0 £0 £0

£527,623 £527,623 £527,623 £527,623 £527,623

-£103,417,131 -£102,889,508 -£102,361,885 -£101,834,262 -£101,306,639

-£ 219,899 -£ 219,604 -£ 219,310 -£ 219,017 -£ 218,724

-£ 80,100 -£ 79,992 -£ 79,885 -£ 79,778 -£ 79,672
£ - £ - £ - £ - £ -

£ 227,625 £ 228,026 £ 228,427 £ 228,828 £ 229,228

-£ 44,918,332 -£ 44,690,306 -£ 44,461,879 -£ 44,233,051 -£ 44,003,823
 3/14/2017

12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018

£902,027 £902,027 £902,027 £902,027 £902,027
£0 £0 £0 £0 £0
-£45,101 -£45,101 -£45,101 -£45,101 -£45,101
£856,925 £856,925 £856,925 £856,925 £856,925

-£312,500 -£318,750 -£318,750 -£318,750 -£318,750

£544,425 £538,175 £538,175 £538,175 £538,175

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£544,425 £538,175 £538,175 £538,175 £538,175

£0 £0 £0 £0 £0

£544,425 £538,175 £538,175 £538,175 £538,175

-£100,762,214 -£100,224,038 -£99,685,863 -£99,147,687 -£98,609,512

-£ 218,431 -£ 218,138 -£ 217,846 -£ 217,555 -£ 217,264

-£ 79,565 -£ 79,458 -£ 79,352 -£ 79,246 -£ 79,140
£ - £ - £ - £ - £ -

£ 246,430 £ 240,579 £ 240,977 £ 241,375 £ 241,772

-£ 43,757,393 -£ 43,516,815 -£ 43,275,838 -£ 43,034,463 -£ 42,792,691
 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018
£902,027 £902,027 £902,027 £902,027 £902,027
£0 £0 £0 £0 £0
-£45,101 -£45,101 -£45,101 -£45,101 -£45,101
£856,925 £856,925 £856,925 £856,925 £856,925

-£318,750 -£318,750 -£318,750 -£318,750 -£318,750

£538,175 £538,175 £538,175 £538,175 £538,175

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£538,175 £538,175 £538,175 £538,175 £538,175

£0 £0 £0 £0 £0

£538,175 £538,175 £538,175 £538,175 £538,175

-£98,071,336 -£97,533,161 -£96,994,985 -£96,456,810 -£95,918,634

-£ 216,973 -£ 216,682 -£ 216,392 -£ 216,103 -£ 215,813

-£ 79,034 -£ 78,928 -£ 78,822 -£ 78,717 -£ 78,611
£ - £ - £ - £ - £ -

£ 242,169 £ 242,565 £ 242,961 £ 243,356 £ 243,751

-£ 42,550,522 -£ 42,307,957 -£ 42,064,996 -£ 41,821,640 -£ 41,577,890
 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019
£902,027 £902,027 £920,067 £0 £0
£0 £0 £0 £0 £0
-£45,101 -£45,101 -£46,003 £0 £0
£856,925 £856,925 £874,064 £0 £0

-£318,750 -£318,750 -£318,750 -£325,125 -£325,125

£538,175 £538,175 £555,314 -£325,125 -£325,125

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£538,175 £538,175 £555,314 -£325,125 -£325,125

£0 £0 £0 £0 £0

£538,175 £538,175 £555,314 -£325,125 -£325,125

-£95,380,459 -£94,842,283 -£94,286,970 -£94,612,095 -£94,937,220

-£ 215,525 -£ 215,236 -£ 214,948 -£ 214,660 -£ 214,373

-£ 78,506 -£ 78,401 -£ 78,296 -£ 78,191 -£ 78,087
£ - £ - £ - £ - £ -

£ 244,145 £ 244,538 £ 262,070 -£ 617,977 -£ 617,585

-£ 41,333,745 -£ 41,089,207 -£ 40,827,137 -£ 41,445,113 -£ 42,062,698
 3/31/2019 4/30/2019 5/31/2019 6/30/2019 7/31/2019
£0 £0 £0 £0 £1,326,125
£0 £0 £0 £0 -£1,326,125
£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

-£325,125 -£325,125 -£325,125 -£325,125 -£325,125

-£325,125 -£325,125 -£325,125 -£325,125 -£325,125

£0 £0 £0 -£10,000,000 £0
£0 £0 £0 -£10,000,000 £0

-£325,125 -£325,125 -£325,125 -£10,325,125 -£325,125

£0 £0 £0 £0 £0

-£325,125 -£325,125 -£325,125 -£10,325,125 -£325,125

-£95,262,345 -£95,587,470 -£95,912,595 -£106,237,720 -£106,562,845

-£ 214,086 -£ 213,799 -£ 213,513 -£ 213,227 -£ 212,942

-£ 77,982 -£ 77,878 -£ 77,774 -£ 77,669 -£ 77,565
£ - £ - £ - £ - £ -

-£ 617,193 -£ 616,802 -£ 616,412 -£ 10,616,022 -£ 615,632

-£ 42,679,891 -£ 43,296,693 -£ 43,913,105 -£ 54,529,127 -£ 55,144,759
 8/31/2019 9/30/2019 10/31/2019 11/30/2019 12/31/2019
£1,326,125 £1,326,125 £1,326,125 £1,326,125 £1,326,125
-£1,326,125 -£1,326,125 -£1,326,125 -£1,326,125 -£1,326,125
£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

-£325,125 -£325,125 -£325,125 -£325,125 -£325,125

-£325,125 -£325,125 -£325,125 -£325,125 -£325,125

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

-£325,125 -£325,125 -£325,125 -£325,125 -£325,125

£0 £0 £0 £0 £0

-£325,125 -£325,125 -£325,125 -£325,125 -£325,125

-£106,887,970 -£107,213,095 -£107,538,220 -£107,863,345 -£108,188,470

-£ 212,657 -£ 212,372 -£ 212,088 -£ 211,804 -£ 211,521

-£ 77,462 -£ 77,358 -£ 77,254 -£ 77,151 -£ 77,048
£ - £ - £ - £ - £ -

-£ 615,244 -£ 614,855 -£ 614,467 -£ 614,080 -£ 613,693

-£ 55,760,003 -£ 56,374,858 -£ 56,989,326 -£ 57,603,406 -£ 58,217,099
 1/31/2020 2/29/2020 3/31/2020 4/30/2020 5/31/2020
£1,326,125 £1,326,125 £1,326,125 £1,326,125 £1,326,125
£0 £0 £0 £0 £0
-£66,306 -£66,306 -£66,306 -£66,306 -£66,306
£1,259,819 £1,259,819 £1,259,819 £1,259,819 £1,259,819

-£331,627 -£331,627 -£331,627 -£331,627 -£331,627

£928,191 £928,191 £928,191 £928,191 £928,191

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£928,191 £928,191 £928,191 £928,191 £928,191

£0 £0 £0 £0 £0

£928,191 £928,191 £928,191 £928,191 £928,191

-£107,260,278 -£106,332,087 -£105,403,896 -£104,475,705 -£103,547,513

-£ 211,237 -£ 210,955 -£ 210,672 -£ 210,390 -£ 210,109

-£ 76,945 -£ 76,842 -£ 76,739 -£ 76,636 -£ 76,533
£ - £ - £ - £ - £ -

£ 640,009 £ 640,395 £ 640,780 £ 641,165 £ 641,549

-£ 57,577,090 -£ 56,936,695 -£ 56,295,915 -£ 55,654,750 -£ 55,013,201
 6/30/2020 7/31/2020 8/31/2020 9/30/2020 10/31/2020
£1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909
£0 £0 £0 £0 £0
-£68,295 -£68,295 -£68,295 -£68,295 -£68,295
£1,297,613 £1,297,613 £1,297,613 £1,297,613 £1,297,613

-£331,627 -£331,627 -£331,627 -£331,627 -£331,627

£965,986 £965,986 £965,986 £965,986 £965,986

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£965,986 £965,986 £965,986 £965,986 £965,986

£0 £0 £0 £0 £0

£965,986 £965,986 £965,986 £965,986 £965,986

-£102,581,527 -£101,615,542 -£100,649,556 -£99,683,570 -£98,717,584

-£ 209,827 -£ 209,547 -£ 209,266 -£ 208,986 -£ 208,706

-£ 76,431 -£ 76,329 -£ 76,227 -£ 76,124 -£ 76,023
£ - £ - £ - £ - £ -

£ 679,727 £ 680,111 £ 680,493 £ 680,875 £ 681,257

-£ 54,333,473 -£ 53,653,363 -£ 52,972,869 -£ 52,291,994 -£ 51,610,737
 11/30/2020 12/31/2020 1/31/2021 2/28/2021 3/31/2021
£1,365,909 £1,365,909 £1,365,909 £1,365,909 £1,365,909
£0 £0 £0 £0 £0
-£68,295 -£68,295 -£68,295 -£68,295 -£68,295
£1,297,613 £1,297,613 £1,297,613 £1,297,613 £1,297,613

-£331,627 -£331,627 -£338,260 -£338,260 -£338,260

£965,986 £965,986 £959,353 £959,353 £959,353

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£965,986 £965,986 £959,353 £959,353 £959,353

£0 £0 £0 £0 £0

£965,986 £965,986 £959,353 £959,353 £959,353

-£97,751,598 -£96,785,613 -£95,826,259 -£94,866,906 -£93,907,553

-£ 208,427 -£ 208,148 -£ 207,869 -£ 207,591 -£ 207,313

-£ 75,921 -£ 75,819 -£ 75,718 -£ 75,616 -£ 75,515
£ - £ - £ - £ - £ -

£ 681,638 £ 682,019 £ 675,766 £ 676,146 £ 676,525

-£ 50,929,099 -£ 50,247,080 -£ 49,571,314 -£ 48,895,168 -£ 48,218,643
 4/30/2021 5/31/2021 6/30/2021 7/31/2021 8/31/2021
£1,365,909 £1,365,909 £1,406,886 £1,406,886 £1,406,886
£0 £0 £0 £0 £0
-£68,295 -£68,295 -£70,344 -£70,344 -£70,344
£1,297,613 £1,297,613 £1,336,542 £1,336,542 £1,336,542

-£338,260 -£338,260 -£338,260 -£338,260 -£338,260

£959,353 £959,353 £998,282 £998,282 £998,282

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£959,353 £959,353 £998,282 £998,282 £998,282

£0 £0 £0 £0 £0

£959,353 £959,353 £998,282 £998,282 £998,282

-£92,948,200 -£91,988,846 -£90,990,565 -£89,992,283 -£88,994,001

-£ 207,036 -£ 206,758 -£ 206,482 -£ 206,205 -£ 205,929

-£ 75,414 -£ 75,313 -£ 75,212 -£ 75,112 -£ 75,011
£ - £ - £ - £ - £ -

£ 676,904 £ 677,282 £ 716,588 £ 716,965 £ 717,341

-£ 47,541,739 -£ 46,864,458 -£ 46,147,870 -£ 45,430,905 -£ 44,713,564
 9/30/2021 10/31/2021 11/30/2021 12/31/2021 1/31/2022
£1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,406,886
£0 £0 £0 £0 £0
-£70,344 -£70,344 -£70,344 -£70,344 -£70,344
£1,336,542 £1,336,542 £1,336,542 £1,336,542 £1,336,542

-£338,260 -£338,260 -£338,260 -£338,260 -£345,025

£998,282 £998,282 £998,282 £998,282 £991,516

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£998,282 £998,282 £998,282 £998,282 £991,516

£0 £0 £0 £0 £0

£998,282 £998,282 £998,282 £998,282 £991,516

-£87,995,720 -£86,997,438 -£85,999,156 -£85,000,875 -£84,009,358

-£ 205,654 -£ 205,378 -£ 205,103 -£ 204,829 -£ 204,555

-£ 74,911 -£ 74,810 -£ 74,710 -£ 74,610 -£ 74,510
£ - £ - £ - £ - £ -

£ 717,717 £ 718,093 £ 718,468 £ 718,843 £ 712,451

-£ 43,995,847 -£ 43,277,754 -£ 42,559,286 -£ 41,840,443 -£ 41,127,992
 2/28/2022 3/31/2022 4/30/2022 5/31/2022 6/30/2022
£1,406,886 £1,406,886 £1,406,886 £1,406,886 £1,449,093
£0 £0 £0 £0 £0
-£70,344 -£70,344 -£70,344 -£70,344 -£72,455
£1,336,542 £1,336,542 £1,336,542 £1,336,542 £1,376,638

-£345,025 -£345,025 -£345,025 -£345,025 -£345,025

£991,516 £991,516 £991,516 £991,516 £1,031,613

£0 £0 £0 £0 £0
£0 £0 £0 £0 £0

£991,516 £991,516 £991,516 £991,516 £1,031,613

£0 £0 £205,194,238 £0 £0

£991,516 £991,516 £206,185,754 £0 £0

-£83,017,842 -£82,026,325 £124,159,429 £124,159,429 £124,159,429

-£ 204,281 -£ 204,007 -£ 203,734 £ - £ -

-£ 74,411 -£ 74,311 -£ 74,212 £ - £ -
£ - £ - -£ 55,366,591 £ - £ -

£ 712,825 £ 713,198 £ 150,541,217 £ - £ -

-£ 40,415,167 -£ 39,701,969 £ 110,839,248 £ 110,839,248 £ 110,839,248
 7/31/2022 8/31/2022 9/30/2022 10/31/2022 11/30/2022 12/31/2022
£1,449,093 £1,449,093 £1,449,093 £1,449,093 £1,449,093 £1,449,093
£0 £0 £0 £0 £0 £0
-£72,455 -£72,455 -£72,455 -£72,455 -£72,455 -£72,455
£1,376,638 £1,376,638 £1,376,638 £1,376,638 £1,376,638 £1,376,638

-£345,025 -£345,025 -£345,025 -£345,025 -£345,025 -£345,025

£1,031,613 £1,031,613 £1,031,613 £1,031,613 £1,031,613 £1,031,613

£0 £0 £0 £0 £0 £0
£0 £0 £0 £0 £0 £0

£1,031,613 £1,031,613 £1,031,613 £1,031,613 £1,031,613 £1,031,613

£0 £0 £0 £0 £0 £0

£0 £0 £0 £0 £0 £0
£124,159,429 £124,159,429 £124,159,429 £124,159,429 £124,159,429 £124,159,429

£ - £ - £ - £ - £ - £ -
£ - £ - £ - £ - £ - £ -
£ - £ - £ - £ - £ - £ -

£ - £ - £ - £ - £ - £ -
£ 110,839,248 £ 110,839,248 £ 110,839,248 £ 110,839,248 £ 110,839,248 £ 110,839,248
 1/31/2023 2/28/2023 3/31/2023 4/30/2023
£1,449,093 £1,449,093 £1,449,093 £1,449,093
£0 £0 £0 £0
-£72,455 -£72,455 -£72,455 -£72,455
£1,376,638 £1,376,638 £1,376,638 £1,376,638

-£351,926 -£351,926 -£351,926 -£351,926

£1,024,712 £1,024,712 £1,024,712 £1,024,712

£0 £0 £0 £0
£0 £0 £0 £0

£1,024,712 £1,024,712 £1,024,712 £1,024,712

£0 £0 £0 £0

£0 £0 £0 £0
£124,159,429 £124,159,429 £124,159,429 £124,159,429

£ - £ - £ - £ -
£ - £ - £ - £ -
£ - £ - £ - £ -

£ - £ - £ - £ -
£ 110,839,248 £ 110,839,248 £ 110,839,248 £ 110,839,248
Office Asset
Cash Flows Yearly

2016 2017 2018

Gross Rental Revenue £7,092,407 £10,842,362
Free Rent £0 £0
Vacancies -£354,620 -£542,118
Net Rental Revenue £6,737,786 £10,300,244

Operating Expenses -£2,500,000 -£3,825,000

Net Operating Income £4,237,786 £6,475,244

Capex and TI/LCs

Capex £0 -£5,000,000 £0
TI/LCs £0 £0 £0
Total Capex and TI/LCs £0 -£5,000,000 £0

Operational Cash Flows £0 -£762,214 £6,475,244

Unlevered Returns
Acquisition £0 -£100,000,000 £0
Disposition £0 £0 £0

Total Unlevered Project CF £0 -£100,762,214 £6,475,244

£0 -£925,988,770 -£1,167,151,738
IRR 18%
Profit £124,159,429
Peak Equity £108,188,470
EqM 2.15

Levered Returns
Loan Addition £0 £60,000,000 £0
Interest Paid £0 -£1,755,667 -£2,598,476
Amortization £0 -£639,513 -£946,512
Baloon £0 £0 £0
Origination fees £0 -£600,000 £0

Total Levered Project CF £0 -£43,757,393 £2,930,256

£0 -£402,183,922 -£506,192,898
IRR 28%
Profit £110,839,248
Peak Equity £58,217,099
EqM 2.90
 2019 2020 2021 2022
£7,956,750 £16,191,986 £16,677,746 £17,178,078
-£7,956,750 £0 £0 £0
£0 -£809,599 -£833,887 -£858,904
£0 £15,382,387 £15,843,859 £16,319,174

-£3,901,500 -£3,979,530 -£4,059,121 -£4,140,303

-£3,901,500 £11,402,857 £11,784,738 £12,178,871

£0 £0 £0 £0
-£10,000,000 £0 £0 £0
-£10,000,000 £0 £0 £0

-£13,901,500 £11,402,857 £11,784,738 £12,178,871

£0 £0 £0 £0
£0 £0 £0 £205,194,238

-£13,901,500 £11,402,857 £11,784,738 £209,160,304

-£1,226,803,384 -£1,224,804,469 -£1,085,507,801 £868,381,337

£0 £0 £0 £0
-£2,557,043 -£2,516,270 -£2,476,148 -£816,577
-£931,419 -£916,568 -£901,953 -£297,444
£0 £0 £0 -£55,366,591
£0 £0 £0 £0

-£17,389,962 £7,970,019 £8,406,637 £152,679,691

-£608,016,078 -£647,516,265 -£549,056,990 £876,308,105
3/14/2017
Office Asset
Debt

Debt
LTV 60%
Fixed rate 5%
Term years 10
Amortization 30
Origination fee at closing 1%

4/30/2017 5/31/2017 6/30/2017

Beginning Balance £ 60,000,000 £ 59,919,686
Interest Payable £ 220,489 £ 220,193
Interest Paid -£ 220,489 -£ 220,193
Amortization -£ 80,314 -£ 80,207
Loan Addition £ 60,000,000
Baloon £ - £ -
Ending Balance £ 60,000,000 £ 59,919,686 £ 59,839,479

Origination fees -£ 600,000

 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017
£ 59,839,479 £ 59,759,379 £ 59,679,387 £ 59,599,502 £ 59,519,723
£ 219,899 £ 219,604 £ 219,310 £ 219,017 £ 218,724
-£ 219,899 -£ 219,604 -£ 219,310 -£ 219,017 -£ 218,724
-£ 80,100 -£ 79,992 -£ 79,885 -£ 79,778 -£ 79,672

£ - £ - £ - £ - £ -
£ 59,759,379 £ 59,679,387 £ 59,599,502 £ 59,519,723 £ 59,440,052
 3/14/2017

12/31/2017 1/31/2018 2/28/2018 3/31/2018 4/30/2018

£ 59,440,052 £ 59,360,487 £ 59,281,029 £ 59,201,677 £ 59,122,431
£ 218,431 £ 218,138 £ 217,846 £ 217,555 £ 217,264
-£ 218,431 -£ 218,138 -£ 217,846 -£ 217,555 -£ 217,264
-£ 79,565 -£ 79,458 -£ 79,352 -£ 79,246 -£ 79,140

£ - £ - £ - £ - £ -
£ 59,360,487 £ 59,281,029 £ 59,201,677 £ 59,122,431 £ 59,043,291
 5/31/2018 6/30/2018 7/31/2018 8/31/2018 9/30/2018
£ 59,043,291 £ 58,964,257 £ 58,885,329 £ 58,806,507 £ 58,727,790
£ 216,973 £ 216,682 £ 216,392 £ 216,103 £ 215,813
-£ 216,973 -£ 216,682 -£ 216,392 -£ 216,103 -£ 215,813
-£ 79,034 -£ 78,928 -£ 78,822 -£ 78,717 -£ 78,611

£ - £ - £ - £ - £ -
£ 58,964,257 £ 58,885,329 £ 58,806,507 £ 58,727,790 £ 58,649,179
 10/31/2018 11/30/2018 12/31/2018 1/31/2019 2/28/2019
£ 58,649,179 £ 58,570,673 £ 58,492,271 £ 58,413,975 £ 58,335,784
£ 215,525 £ 215,236 £ 214,948 £ 214,660 £ 214,373
-£ 215,525 -£ 215,236 -£ 214,948 -£ 214,660 -£ 214,373
-£ 78,506 -£ 78,401 -£ 78,296 -£ 78,191 -£ 78,087

£ - £ - £ - £ - £ -
£ 58,570,673 £ 58,492,271 £ 58,413,975 £ 58,335,784 £ 58,257,697
 3/31/2019 4/30/2019 5/31/2019 6/30/2019 7/31/2019
£ 58,257,697 £ 58,179,715 £ 58,101,837 £ 58,024,064 £ 57,946,394
£ 214,086 £ 213,799 £ 213,513 £ 213,227 £ 212,942
-£ 214,086 -£ 213,799 -£ 213,513 -£ 213,227 -£ 212,942
-£ 77,982 -£ 77,878 -£ 77,774 -£ 77,669 -£ 77,565

£ - £ - £ - £ - £ -
£ 58,179,715 £ 58,101,837 £ 58,024,064 £ 57,946,394 £ 57,868,829
 8/31/2019 9/30/2019 10/31/2019 11/30/2019 12/31/2019
£ 57,868,829 £ 57,791,367 £ 57,714,009 £ 57,636,755 £ 57,559,604
£ 212,657 £ 212,372 £ 212,088 £ 211,804 £ 211,521
-£ 212,657 -£ 212,372 -£ 212,088 -£ 211,804 -£ 211,521
-£ 77,462 -£ 77,358 -£ 77,254 -£ 77,151 -£ 77,048

£ - £ - £ - £ - £ -
£ 57,791,367 £ 57,714,009 £ 57,636,755 £ 57,559,604 £ 57,482,556
 1/31/2020 2/29/2020 3/31/2020 4/30/2020 5/31/2020
£ 57,482,556 £ 57,405,611 £ 57,328,770 £ 57,252,031 £ 57,175,395
£ 211,237 £ 210,955 £ 210,672 £ 210,390 £ 210,109
-£ 211,237 -£ 210,955 -£ 210,672 -£ 210,390 -£ 210,109
-£ 76,945 -£ 76,842 -£ 76,739 -£ 76,636 -£ 76,533

£ - £ - £ - £ - £ -
£ 57,405,611 £ 57,328,770 £ 57,252,031 £ 57,175,395 £ 57,098,861
 6/30/2020 7/31/2020 8/31/2020 9/30/2020 10/31/2020
£ 57,098,861 £ 57,022,430 £ 56,946,102 £ 56,869,875 £ 56,793,751
£ 209,827 £ 209,547 £ 209,266 £ 208,986 £ 208,706
-£ 209,827 -£ 209,547 -£ 209,266 -£ 208,986 -£ 208,706
-£ 76,431 -£ 76,329 -£ 76,227 -£ 76,124 -£ 76,023

£ - £ - £ - £ - £ -
£ 57,022,430 £ 56,946,102 £ 56,869,875 £ 56,793,751 £ 56,717,728
 11/30/2020 12/31/2020 1/31/2021 2/28/2021 3/31/2021
£ 56,717,728 £ 56,641,807 £ 56,565,988 £ 56,490,270 £ 56,414,654
£ 208,427 £ 208,148 £ 207,869 £ 207,591 £ 207,313
-£ 208,427 -£ 208,148 -£ 207,869 -£ 207,591 -£ 207,313
-£ 75,921 -£ 75,819 -£ 75,718 -£ 75,616 -£ 75,515

£ - £ - £ - £ - £ -
£ 56,641,807 £ 56,565,988 £ 56,490,270 £ 56,414,654 £ 56,339,139
 4/30/2021 5/31/2021 6/30/2021 7/31/2021 8/31/2021
£ 56,339,139 £ 56,263,725 £ 56,188,412 £ 56,113,199 £ 56,038,088
£ 207,036 £ 206,758 £ 206,482 £ 206,205 £ 205,929
-£ 207,036 -£ 206,758 -£ 206,482 -£ 206,205 -£ 205,929
-£ 75,414 -£ 75,313 -£ 75,212 -£ 75,112 -£ 75,011

£ - £ - £ - £ - £ -
£ 56,263,725 £ 56,188,412 £ 56,113,199 £ 56,038,088 £ 55,963,077
 9/30/2021 10/31/2021 11/30/2021 12/31/2021 1/31/2022
£ 55,963,077 £ 55,888,166 £ 55,813,355 £ 55,738,645 £ 55,664,035
£ 205,654 £ 205,378 £ 205,103 £ 204,829 £ 204,555
-£ 205,654 -£ 205,378 -£ 205,103 -£ 204,829 -£ 204,555
-£ 74,911 -£ 74,810 -£ 74,710 -£ 74,610 -£ 74,510

£ - £ - £ - £ - £ -
£ 55,888,166 £ 55,813,355 £ 55,738,645 £ 55,664,035 £ 55,589,525
 2/28/2022 3/31/2022 4/30/2022 5/31/2022 6/30/2022 7/31/2022
£ 55,589,525 £ 55,515,114 £ 55,440,803 £ - £ - £ -
£ 204,281 £ 204,007 £ 203,734 £ - £ - £ -
-£ 204,281 -£ 204,007 -£ 203,734 £ - £ - £ -
-£ 74,411 -£ 74,311 -£ 74,212 £ - £ - £ -

£ - £ - -£ 55,366,591 £ - £ - £ -
£ 55,515,114 £ 55,440,803 £ - £ - £ - £ -
 8/31/2022 9/30/2022 10/31/2022 11/30/2022 12/31/2022 1/31/2023
£ - £ - £ - £ - £ - £ -
£ - £ - £ - £ - £ - £ -
£ - £ - £ - £ - £ - £ -
£ - £ - £ - £ - £ - £ -

£ - £ - £ - £ - £ - £ -
£ - £ - £ - £ - £ - £ -
 2/28/2023 3/31/2023 4/30/2023
£ - £ - £ -
£ - £ - £ -
£ - £ - £ -
£ - £ - £ -

£ - £ - £ -
£ - £ - £ -