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["Version Number","Lock Workbooks:","BETA"]
[9.42,"Yes","No"]
[{"$f":"CONCATENATE(A2,\" H | © 2022\")","v":"9.42 H | © 2022"}]
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["View Options",1,1]
["Input View",null,"Show Periods"]
["Print View",null,"Show Dates"]
[]
["Summary Chart Data",null,1,2,3,4,5,6,7,8,9,10,null,"Amortizing Rate Structure",null,null,null,"Loan Costs Amortization"]
["Net Operating Income",null,{"$f":"'Sources & Uses'!D11","v":0},{"$f":"'Sources & Uses'!E11","v":942827.8474590003},{"$f":"'Sources & Uses'!F11","v":1048455.0582600001},{"$f":"'Sources & Uses'!G11","v":1090117.5094204997},{"$f":"'Sources & Uses'!H11","v":1186085.8466659591},{"$f":"'Sources & Uses'!I11","v":1225206.4804680652},{"$f":"'Sources & Uses'!J11","v":1251030.074419535},{"$f":"'Sources & Uses'!K11","v":1288561.3432617658},{"$f":"'Sources & Uses'!L11","v":1327219.0593493278},{"$f":"'Sources & Uses'!M11","v":1367036.5680211242},null,"Year","Step ","Rate",null,"Year","Start","End","I/O","Amortizing","Total"]
["Debt Serivce",null,{"$f":"IF('Cash Flows'!F113=0,NA(),'Cash Flows'!F113)","v":{"$error":"#N/A"}},{"$f":"IF('Cash Flows'!G113=0,NA(),'Cash Flows'!G113)","v":673207.02787777514},{"$f":"IF('Cash Flows'!H113=0,NA(),'Cash Flows'!H113)","v":673207.02787777514},{"$f":"IF('Cash Flows'!I113=0,NA(),'Cash Flows'!I113)","v":673207.02787777514},{"$f":"IF('Cash Flows'!J113=0,NA(),'Cash Flows'!J113)","v":673207.02787777525},{"$f":"IF('Cash Flows'!K113=0,NA(),'Cash Flows'!K113)","v":673207.02787777549},{"$f":"IF('Cash Flows'!L113=0,NA(),'Cash Flows'!L113)","v":673207.0278777756},{"$f":"IF('Cash Flows'!M113=0,NA(),'Cash Flows'!M113)","v":673207.02787777572},{"$f":"IF('Cash Flows'!N113=0,NA(),'Cash Flows'!N113)","v":673207.02787777572},{"$f":"IF('Cash Flows'!O113=0,NA(),'Cash Flows'!O113)","v":673207.02787777572},null,1,0,{"$f":"Loan_Amor_Rate+O11","v":0.06},null,1,1,12,{"$f":"IF($R11>Hold,0,IF(Loan_IO_Term<$S11,0,IF(Loan_IO_Term>=$T11,(Loan_IO_Fee*Loan_Amount*12)/Loan_IO_Term,(Loan_IO_Term-S11+1)*((Loan_IO_Fee*Loan_Amount)/Loan_IO_Term))))","v":0},{"$f":"IF(OR(R11>Hold,Loan_IO_Term>=T11),0,IF(T11-Loan_IO_Term<12,((Loan_Amount_Amortizing*Loan_Amor_Fee)/Loan_Amor_Term)*(T11-Loan_IO_Term),IF(T11<=SUM(Loan_IO_Term,Loan_Amor_Term),(Loan_Amount_Amortizing*Loan_Amor_Fee*12)/Loan_Amor_Term,IF(AND(SUM(Loan_IO_Term,Loan_Amor_Term)>=S11,SUM(Loan_IO_Term,Loan_Amor_Term)<T11),((Loan_Amount_Amortizing*Loan_Amor_Fee)/Loan_Amor_Term)*(SUM(Loan_IO_Term,Loan_Amor_Term)-S11+1),0))))","v":0},{"$f":"SUM(U11:V11)","v":0}]
["Cash Flow After Taxes",null,{"$f":"'Return Detail'!F83","v":168257.31031073999},{"$f":"'Return Detail'!G83","v":131670.12921117351},{"$f":"'Return Detail'!H83","v":197276.08445310636},{"$f":"'Return Detail'!I83","v":221134.81682157659},{"$f":"'Return Detail'!J83","v":280112.29569801147},{"$f":"'Return Detail'!K83","v":301948.14011920814},{"$f":"'Return Detail'!L83","v":314939.09986136615},{"$f":"'Return Detail'!M83","v":335326.38557054783},{"$f":"'Return Detail'!N83","v":356219.63201218907},{"$f":"'Return Detail'!O83","v":930935.00697810133},null,2,{"$f":"IF(MOD(N11,Loan_Amor_RateGrowthPeriod)=0,Loan_Amor_RateGrowth,0)","v":0},{"$f":"P11+O12","v":0.06},null,2,{"$f":"T11+1","v":13},{"$f":"T11+12","v":24},0,0,{"$f":"SUM(U12:V12)","v":0}]
["Return on Asset",null,{"$f":"IF(C$9>Hold,NA(),'Return Detail'!F9/Acquisition_Unlevered)","v":0},{"$f":"IF(D$9>Hold,NA(),'Return Detail'!G9/Acquisition_Unlevered)","v":7.5570458551092304E-2},{"$f":"IF(E$9>Hold,NA(),'Return Detail'!H9/Acquisition_Unlevered)","v":8.4036793924211997E-2},{"$f":"IF(F$9>Hold,NA(),'Return Detail'!I9/Acquisition_Unlevered)","v":8.737616340406644E-2},{"$f":"IF(G$9>Hold,NA(),'Return Detail'!J9/Acquisition_Unlevered)","v":9.5068311309509601E-2},{"$f":"IF(H$9>Hold,NA(),'Return Detail'!K9/Acquisition_Unlevered)","v":9.820394656169501E-2},{"$f":"IF(I$9>Hold,NA(),'Return Detail'!L9/Acquisition_Unlevered)","v":0.10027378448768462},{"$f":"IF(J$9>Hold,NA(),'Return Detail'!M9/Acquisition_Unlevered)","v":0.10328202740716949},{"$f":"IF(K$9>Hold,NA(),'Return Detail'!N9/Acquisition_Unlevered)","v":0.10638055842653678},{"$f":"IF(L$9>Hold,NA(),'Return Detail'!O9/Acquisition_Unlevered)","v":0.15397374890437504},null,3,0,0.06,null,3,{"$f":"T12+1","v":25},{"$f":"T12+12","v":36},0,0,0]
["Before Tax Cash on Cash",null,{"$f":"IF(C$9>Hold,NA(),'Return Detail'!F80/Equity_Amount)","v":0},{"$f":"IF(D$9>Hold,NA(),'Return Detail'!G80/Equity_Amount)","v":8.6443645149378356E-2},{"$f":"IF(E$9>Hold,NA(),'Return Detail'!H80/Equity_Amount)","v":0.12030898664185716},{"$f":"IF(F$9>Hold,NA(),'Return Detail'!I80/Equity_Amount)","v":0.13366646456127493},{"$f":"IF(G$9>Hold,NA(),'Return Detail'!J80/Equity_Amount)","v":0.16443505618304755},{"$f":"IF(H$9>Hold,NA(),'Return Detail'!K80/Equity_Amount)","v":0.17697759719178907},{"$f":"IF(I$9>Hold,NA(),'Return Detail'!L80/Equity_Amount)","v":0.18525694889574748},{"$f":"IF(J$9>Hold,NA(),'Return Detail'!M80/Equity_Amount)","v":0.19728992057368694},{"$f":"IF(K$9>Hold,NA(),'Return Detail'!N80/Equity_Amount)","v":0.20968404465115609},{"$f":"IF(L$9>Hold,NA(),'Return Detail'!O80/Equity_Amount)","v":0.40005680656250919},null,4,0,0.06,null,4,{"$f":"T13+1","v":37},{"$f":"T13+12","v":48},0,0,0]
["After Tax Cash on Cash",null,{"$f":"IF(C$9>Hold,NA(),'Return Detail'!F83/Equity_Amount)","v":5.3945297135738181E-2},{"$f":"IF(D$9>Hold,NA(),'Return Detail'!G83/Equity_Amount)","v":4.2215011229407524E-2},{"$f":"IF(E$9>Hold,NA(),'Return Detail'!H83/Equity_Amount)","v":6.3249061654104599E-2},{"$f":"IF(F$9>Hold,NA(),'Return Detail'!I83/Equity_Amount)","v":7.089845533882598E-2},{"$f":"IF(G$9>Hold,NA(),'Return Detail'!J83/Equity_Amount)","v":8.9807337315069721E-2},{"$f":"IF(H$9>Hold,NA(),'Return Detail'!K83/Equity_Amount)","v":9.6808169037244332E-2},{"$f":"IF(I$9>Hold,NA(),'Return Detail'!L83/Equity_Amount)","v":0.10097322541473472},{"$f":"IF(J$9>Hold,NA(),'Return Detail'!M83/Equity_Amount)","v":0.10750963196575988},{"$f":"IF(K$9>Hold,NA(),'Return Detail'!N83/Equity_Amount)","v":0.11420825555211706},{"$f":"IF(L$9>Hold,NA(),'Return Detail'!O83/Equity_Amount)","v":0.29846884793741185},null,5,0,0.06,null,5,49,60,0,0,0]
["Pre Tax",null,{"$f":"IF(C9>Hold,NA(),'Cash Flows'!F116)","v":"-"},{"$f":"IF(D9>Hold,NA(),'Cash Flows'!G116)","v":0.52041297888130766},{"$f":"IF(E9>Hold,NA(),'Cash Flows'!H116)","v":0.53182502462667092},{"$f":"IF(F9>Hold,NA(),'Cash Flows'!I116)","v":0.5446662246708428},{"$f":"IF(G9>Hold,NA(),'Cash Flows'!J116)","v":0.54407930267976212},{"$f":"IF(H9>Hold,NA(),'Cash Flows'!K116)","v":0.53812371530516978},{"$f":"IF(I9>Hold,NA(),'Cash Flows'!L116)","v":0.53586692196453267},{"$f":"IF(J9>Hold,NA(),'Cash Flows'!M116)","v":0.53108997852751427},{"$f":"IF(K9>Hold,NA(),'Cash Flows'!N116)","v":0.52645208368207796},{"$f":"IF(L9>Hold,NA(),'Cash Flows'!O116)","v":0.52194926588925106},null,6,{"$f":"IF(MOD(N15,Loan_Amor_RateGrowthPeriod)=0,Loan_Amor_RateGrowth,0)","v":0.01},{"$f":"P15+O16","v":6.9999999999999993E-2},null,6,{"$f":"T15+1","v":61},{"$f":"T15+12","v":72},0,0,0]
["After Tax",null,{"$f":"IF(C9>Hold,NA(),IFERROR(SUM('Cash Flows'!F152,'Cash Flows'!F113,'Cash Flows'!F76,'Cash Flows'!F35)/SUM('Cash Flows'!F23:F25,'Cash Flows'!F13*'Cash Flows'!F16),\"-\"))","v":6.9727599953989236E-2},{"$f":"IF(D9>Hold,NA(),IFERROR(SUM('Cash Flows'!G152,'Cash Flows'!G113,'Cash Flows'!G76,'Cash Flows'!G35)/SUM('Cash Flows'!G23:G25,'Cash Flows'!G13*'Cash Flows'!G16),\"-\"))","v":0.51756906769303668},{"$f":"IF(E9>Hold,NA(),IFERROR(SUM('Cash Flows'!H152,'Cash Flows'!H113,'Cash Flows'!H76,'Cash Flows'!H35)/SUM('Cash Flows'!H23:H25,'Cash Flows'!H13*'Cash Flows'!H16),\"-\"))","v":0.52542612985786852},{"$f":"IF(F9>Hold,NA(),IFERROR(SUM('Cash Flows'!I152,'Cash Flows'!I113,'Cash Flows'!I76,'Cash Flows'!I35)/SUM('Cash Flows'!I23:I25,'Cash Flows'!I13*'Cash Flows'!I16),\"-\"))","v":0.53623361677384562},{"$f":"IF(G9>Hold,NA(),IFERROR(SUM('Cash Flows'!J152,'Cash Flows'!J113,'Cash Flows'!J76,'Cash Flows'!J35)/SUM('Cash Flows'!J23:J25,'Cash Flows'!J13*'Cash Flows'!J16),\"-\"))","v":0.5327706680644918},{"$f":"IF(H9>Hold,NA(),IFERROR(SUM('Cash Flows'!K152,'Cash Flows'!K113,'Cash Flows'!K76,'Cash Flows'!K35)/SUM('Cash Flows'!K23:K25,'Cash Flows'!K13*'Cash Flows'!K16),\"-\"))","v":0.5260764404337529},{"$f":"IF(I9>Hold,NA(),IFERROR(SUM('Cash Flows'!L152,'Cash Flows'!L113,'Cash Flows'!L76,'Cash Flows'!L35)/SUM('Cash Flows'!L23:L25,'Cash Flows'!L13*'Cash Flows'!L16),\"-\"))","v":0.52328955406895505},{"$f":"IF(J9>Hold,NA(),IFERROR(SUM('Cash Flows'!M152,'Cash Flows'!M113,'Cash Flows'!M76,'Cash Flows'!M35)/SUM('Cash Flows'!M23:M25,'Cash Flows'!M13*'Cash Flows'!M16),\"-\"))","v":0.51782908246117687},{"$f":"IF(K9>Hold,NA(),IFERROR(SUM('Cash Flows'!N152,'Cash Flows'!N113,'Cash Flows'!N76,'Cash Flows'!N35)/SUM('Cash Flows'!N23:N25,'Cash Flows'!N13*'Cash Flows'!N16),\"-\"))","v":0.51250847962886192},{"$f":"IF(L9>Hold,NA(),IFERROR(SUM('Cash Flows'!O152,'Cash Flows'!O113,'Cash Flows'!O76,'Cash Flows'!O35)/SUM('Cash Flows'!O23:O25,'Cash Flows'!O13*'Cash Flows'!O16),\"-\"))","v":0.50720886643009111},null,7,0,6.9999999999999993E-2,null,7,73,84,0,0,0]
["Debt Service Coverage Ratio",null,{"$f":"C10/C11","v":{"$error":"#N/A"}},1.4005020869006384,1.5574036141083683,1.6192901503969699,1.7618441245406904,1.8199549763026366,1.8583140439922239,1.9140640098839117,1.9714872311022449,2.0306332397191151,null,8,0,6.9999999999999993E-2,null,8,85,96,0,0,0]
["LTV",null,{"$f":"'Cash Flows'!F115","v":2.2578267125988455E-2},{"$f":"'Cash Flows'!G115","v":4.4946601745287341E-2},{"$f":"'Cash Flows'!H115","v":4.322881849360935E-2},{"$f":"'Cash Flows'!I115","v":3.9731097107270408E-2},{"$f":"'Cash Flows'!J115","v":3.846248995797126E-2},{"$f":"'Cash Flows'!K115","v":3.766855243133109E-2},{"$f":"'Cash Flows'!L115","v":3.6571399722544022E-2},{"$f":"'Cash Flows'!M115","v":3.550618989343568E-2},{"$f":"'Cash Flows'!N115","v":3.4472005397529433E-2},{"$f":"'Cash Flows'!O115","v":3.3467968825914643E-2},null,9,0,6.9999999999999993E-2,null,9,97,108,0,0,0]
["Debt Yield",null,{"$f":"IF(C9>Hold,NA(),'Cash Flows'!F117)","v":-0.43969456808023977},{"$f":"IF(D9>Hold,NA(),'Cash Flows'!G117)","v":1.4005020869006384},{"$f":"IF(E9>Hold,NA(),'Cash Flows'!H117)","v":1.5574036141083683},{"$f":"IF(F9>Hold,NA(),'Cash Flows'!I117)","v":1.6192901503969699},{"$f":"IF(G9>Hold,NA(),'Cash Flows'!J117)","v":1.7618441245406904},{"$f":"IF(H9>Hold,NA(),'Cash Flows'!K117)","v":1.8199549763026366},{"$f":"IF(I9>Hold,NA(),'Cash Flows'!L117)","v":1.8583140439922239},{"$f":"IF(J9>Hold,NA(),'Cash Flows'!M117)","v":1.9140640098839117},{"$f":"IF(K9>Hold,NA(),'Cash Flows'!N117)","v":1.9714872311022449},{"$f":"IF(L9>Hold,NA(),'Cash Flows'!O117)","v":2.0306332397191151},null,10,0,6.9999999999999993E-2,null,10,109,120,0,0,0]
[]
[]
["Project Level","Unleveraged",{"$f":"'Return Detail'!$C$17","v":0.11685854397673934}]
[null,"Leveraged",{"$f":"'Return Detail'!$C$42","v":0.22200865336552789}]
[null,"Leveraged After Tax",{"$f":"'Return Detail'!$C$91","v":0.18246907353016617}]
["Individual Level","JV Partner",{"$f":"#REF!","v":{"$error":"#REF!"}}]
[null,"Developer",{"$f":"#REF!","v":{"$error":"#REF!"}}]
[]
[]
["I/O Loan Sizing"]
["Loan IO Term",{"$f":"Loan_IO_Term","v":12}]
["At Maturity",{"$f":"Loan_IO_AtMaturity","v":"Amortize Loan Balance"}]
[{"$f":"\"NOI in Year \"&Loan_IO_Year","v":"NOI in Year 2"},{"$f":"HLOOKUP(Loan_IO_Year,$C$9:$L$10,2,FALSE)","v":942827.8474590003}]
["DSCR",{"$f":"Loan_IO_DSCR","v":1.25}]
["Max DS based on NOI",{"$f":"B33/B34","v":754262.27796720027}]
["Max Loan Based on DSCR",{"$f":"PV(Loan_Amor_Rate/12,Loan_Amortization,-B35/12)","v":10483718.58478236}]
[{"$f":"\"Value based on \"&Loan_IO_Cap*100&\"% Cap\"","v":"Value based on 7% Cap"},{"$f":"IFERROR((B33/Loan_IO_Cap),0)","v":13468969.249414289}]
[{"$f":"\"Max Loan based on \"&Loan_IO_LTV*100&\"% LTV\"","v":"Max Loan based on 75% LTV"},{"$f":"B37*Loan_IO_LTV","v":10101726.937060717}]
["Amortizing Loan Amount (Rounded)",{"$f":"ROUND(MIN(B36,B38),-3)","v":10102000}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Project Level IRR Sensitivity"]
[null,null,null,null,1,2,3,4,5,6,7,8,9,10,11]
[null,"Net Operating Income",null,null,{"$f":"'Cash Flows'!F$89","v":-133713.75},{"$f":"'Cash Flows'!G$89","v":942827.8474590003},{"$f":"'Cash Flows'!H$89","v":1048455.0582600001},{"$f":"'Cash Flows'!I$89","v":1090117.5094204997},{"$f":"'Cash Flows'!J$89","v":1186085.8466659591},{"$f":"'Cash Flows'!K$89","v":1225206.4804680652},{"$f":"'Cash Flows'!L$89","v":1251030.074419535},{"$f":"'Cash Flows'!M$89","v":1288561.3432617658},{"$f":"'Cash Flows'!N$89","v":1327219.0593493278},{"$f":"'Cash Flows'!O$89","v":1367036.5680211242},{"$f":"'Cash Flows'!P$89","v":1408047.5632257448}]
[null,"Refinance Proceeds",null,null,{"$f":"'Return Detail'!F26","v":0},{"$f":"'Return Detail'!G26","v":0},{"$f":"'Return Detail'!H26","v":0},{"$f":"'Return Detail'!I26","v":0},{"$f":"'Return Detail'!J26","v":0},{"$f":"'Return Detail'!K26","v":0},{"$f":"'Return Detail'!L26","v":0},{"$f":"'Return Detail'!M26","v":0},{"$f":"'Return Detail'!N26","v":0},{"$f":"'Return Detail'!O26","v":0},{"$f":"'Return Detail'!P26","v":0}]
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[null,"Add: Interest Paid from Budget",null,null,{"$f":"'Cash Flows'!F$112*-1","v":304105.98562500003},{"$f":"'Cash Flows'!G$112*-1","v":0},{"$f":"'Cash Flows'!H$112*-1","v":0},{"$f":"'Cash Flows'!I$112*-1","v":0},{"$f":"'Cash Flows'!J$112*-1","v":0},{"$f":"'Cash Flows'!K$112*-1","v":0},{"$f":"'Cash Flows'!L$112*-1","v":0},{"$f":"'Cash Flows'!M$112*-1","v":0},{"$f":"'Cash Flows'!N$112*-1","v":0},{"$f":"'Cash Flows'!O$112*-1","v":0},{"$f":"'Cash Flows'!P$112*-1","v":0}]
[null,"Cash Flow After Debt Service",null,null,{"$f":"SUM(E51:E54)","v":-133713.75},269620.81958122517,375248.03038222506,416910.48154272465,512878.81878818385,551999.45259028976,577823.04654175928,615354.31538399006,654012.03147155198,693829.54014334839,1408047.5632257448]
[null,"Less: Mortgage Origination Fee",null,null,{"$f":"'Return Detail'!F28","v":0},{"$f":"'Return Detail'!G28","v":0},{"$f":"'Return Detail'!H28","v":0},{"$f":"'Return Detail'!I28","v":0},{"$f":"'Return Detail'!J28","v":0},{"$f":"'Return Detail'!K28","v":0},{"$f":"'Return Detail'!L28","v":0},{"$f":"'Return Detail'!M28","v":0},{"$f":"'Return Detail'!N28","v":0},{"$f":"'Return Detail'!O28","v":0},{"$f":"'Return Detail'!P28","v":0}]
[null,"Less: Capital Expenses",null,null,{"$f":"-'Cash Flows'!F$135","v":0},{"$f":"-'Cash Flows'!G$135","v":0},{"$f":"-'Cash Flows'!H$135","v":0},{"$f":"-'Cash Flows'!I$135","v":0},{"$f":"-'Cash Flows'!J$135","v":0},{"$f":"-'Cash Flows'!K$135","v":0},{"$f":"-'Cash Flows'!L$135","v":0},{"$f":"-'Cash Flows'!M$135","v":0},{"$f":"-'Cash Flows'!N$135","v":0},{"$f":"-'Cash Flows'!O$135","v":0},{"$f":"-'Cash Flows'!P$135","v":0}]
[null,"Non-Regular Income",null,null,{"$f":"'Cash Flows'!F138","v":0},{"$f":"'Cash Flows'!G138","v":0},{"$f":"'Cash Flows'!H138","v":0},{"$f":"'Cash Flows'!I138","v":0},{"$f":"'Cash Flows'!J138","v":0},{"$f":"'Cash Flows'!K138","v":0},{"$f":"'Cash Flows'!L138","v":0},{"$f":"'Cash Flows'!M138","v":0},{"$f":"'Cash Flows'!N138","v":0},{"$f":"'Cash Flows'!O138","v":0},{"$f":"'Cash Flows'!P138","v":0}]
[null,"Distributable Cash Flow",null,null,{"$f":"SUM(E55:E58)","v":-133713.75},{"$f":"SUM(F55:F58)","v":269620.81958122517},375248.03038222506,416910.48154272465,512878.81878818385,551999.45259028976,577823.04654175928,615354.31538399006,654012.03147155198,693829.54014334839,1408047.5632257448]
[]
[null,"Reversion Cash Flow",null,null,{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!G81/Exit_Rate,FV(Exit_Rate,E50,0,-Acquisition_Gross))","v":14246140.677985717},{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!H81/Exit_Rate,FV(Exit_Rate,F50,0,-Acquisition_Gross))","v":15778415.975142857},{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!I81/Exit_Rate,FV(Exit_Rate,G50,0,-Acquisition_Gross))","v":16397608.446007138},{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!J81/Exit_Rate,FV(Exit_Rate,H50,0,-Acquisition_Gross))","v":17793319.727427986},{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!K81/Exit_Rate,FV(Exit_Rate,I50,0,-Acquisition_Gross))","v":18377663.010709789},{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!L81/Exit_Rate,FV(Exit_Rate,J50,0,-Acquisition_Gross))","v":18772812.894422907},{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!M81/Exit_Rate,FV(Exit_Rate,K50,0,-Acquisition_Gross))","v":19336002.518536232},{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!N81/Exit_Rate,FV(Exit_Rate,L50,0,-Acquisition_Gross))","v":19916095.105373878},{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!O81/Exit_Rate,FV(Exit_Rate,M50,0,-Acquisition_Gross))","v":20513591.342696764},{"$f":"IF(Disposition=\"Cap Rate\",'Cash Flows'!P81/Exit_Rate,FV(Exit_Rate,N50,0,-Acquisition_Gross))","v":21128997.628177475}]
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[null,"Less: Mortgage Exit Fee",null,null,{"$f":"E64*Loan_Exit_Fee","v":0},0,0,0,0,0,0,0,0,0]
[null,"Less: Mortgage Balance",null,null,{"$f":"-VLOOKUP(E50*12,Amortization_Schedule_Monthly,8,FALSE)","v":-46785.536249999997},-56100.585656481264,-56100.585656481264,-56100.585656481264,-56100.585656481286,-56100.585656481286,-56100.5856564813,-56100.585656481315,-56100.5856564813,-56100.5856564813]
[null,"Return of Reserve Funds",null,null,{"$f":"'Cash Flows'!F186","v":1286.25},{"$f":"'Cash Flows'!G186","v":55688.25},{"$f":"'Cash Flows'!H186","v":111722.31},{"$f":"'Cash Flows'!I186","v":169437.39180000001},{"$f":"'Cash Flows'!J186","v":228883.92605400001},{"$f":"'Cash Flows'!K186","v":290113.85633562005},{"$f":"'Cash Flows'!L186","v":353180.68452568864},{"$f":"'Cash Flows'!M186","v":418139.51756145933},{"$f":"'Cash Flows'!N186","v":485047.11558830313},{"$f":"'Cash Flows'!O186","v":553961.94155595219}]
[null,"Reversion Balance",null,{"$f":"-Equity_Amount","v":-3119035.75},{"$f":"SUM(E61:E65)","v":13630795.764616286},{"$f":"SUM(F61:F65)","v":15146867.000480661},15797325.832510373,17194923.744474385,17815339.830678914,18255913.649325129,18859642.516663987,19481490.233063899,20121994.218920715,20781699.078949843]
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{"sheet":"Assumptions","index":2,"n_rows":57,"n_cols":8,"rows_kept":57,"cut":false,"hidden":false,"merged":[[54,5,54,7],[55,5,55,7],[56,5,56,7],[1,1,1,7],[36,1,36,3],[3,1,3,7],[36,5,36,7],[50,1,50,3],[30,1,30,3]]}
[]
[null,{"$f":"$D$7","v":"New Hospitality Project"}]
[]
[null,"Project Assumptions"]
[]
[null,"Property Information",null,null,null,"Acquisition Assumptions"]
[null,"Property Name",null,"New Hospitality Project",null,"Project Type",null,"New Construction"]
[null,"Location",null,null,null,{"$f":"IF(Project_Type=\"Acquisition\",\"Acquisition Cost\",\"Land Cost\")","v":"Land Cost"},null,914312]
[null,"Property Use",null,"Hospitality",null,{"$f":"IF(Project_Type=\"Acquisition\",\"Other Costs\",\"Hard Costs\")","v":"Hard Costs"},null,9541703]
[null,"Rooms",null,84,null,{"$f":"IF(Project_Type=\"Acquisition\",\"-\",\"Soft Costs\")","v":"Soft Costs"},null,1885128]
[null,"Analysis Begin",null,"2022-01-01",null,{"$f":"IF(Project_Type=\"Acquisition\",\"Acquisition Cost\",\"Development Cost\")","v":"Development Cost"},null,{"$f":"SUM(H8:H10)","v":12341143}]
[null,"Annual Inflation Rate",null,0.03,null,"Due Diligence/Closing Costs",0,{"$f":"Acquisition_Gross*G12","v":0}]
[null,"Unit of Measure",null,"Square Feet",null,"Reserve Account Initial Deposits"]
[null,"Currency",null,"Dollar",null,"Operating Reserve Account ",null,{"$f":"135000","v":135000}]
[null,null,null,null,null,"Cap Ex Reserve Account",null,0]
[null,null,null,null,null,"Replacement Reserves Account",null,0]
[null,null,null,null,null,{"$f":"IF(Project_Type=\"Acquisition\",\"Unleveraged Acquisition Cost\",\"Unleveraged Development Cost\")","v":"Unleveraged Development Cost"},null,{"$f":"SUM(H11:H16)","v":12476143}]
[null,null,null,null,null,"Initial Loan Origination Fee",{"$f":"IF(Loan_IO_Approval=\"Yes\",Loan_IO_Fee,Loan_Amor_Fee)","v":0},{"$f":"Loan_Fee_Rate*Loan_Amount","v":0}]
[null,null,null,null,null,{"$f":"IF(Project_Type=\"Acquisition\",\"Leveraged Acquisition Cost\",\"Leveraged Development Cost\")","v":"Leveraged Development Cost"},null,{"$f":"SUM(H17:H18)","v":12476143}]
[]
[]
[null,"Initial Capital Structure",null,null,null,"Tax Assumptions"]
[null,{"$f":"IF(Project_Type=\"Acquisition\",\"Debt: (LTV)\",\"Debt: (LTC)\")","v":"Debt: (LTC)"},0.75,{"$f":"C23*Acquisition_Unlevered","v":9357107.25},null,"Ordinary Income Marginal Tax Rate",null,0.35]
[null,"Equity",null,{"$f":"Acquisition_Levered-Loan_Amount","v":3119035.75},null,"Capital Gains Tax Rate",null,0.2]
[null,"Total",null,{"$f":"SUM(D23:D24)","v":12476143},null,"Cost Recovery Recapture Tax Rate",null,0.25]
[]
[null,"Desired Equity Return (Discount Rate)",null,0.08,null,"Cost Recovery Assumptions"]
[null,"Developer",0.10195750000000001,{"$f":"Equity_Amount*Contribution_Developer","v":318009.08748062502},null,"Assessed Value of Land",null,{"$f":"1-Assessed_Value_Prop","v":0.86}]
[null,"Equity Investor",{"$f":"1-C28","v":0.89804249999999997},{"$f":"Equity_Amount*Contribution_JV","v":2801026.6625193749},null,"Assessed Value of Improvements",null,0.14000000000000001]
[null,"Total Equity",{"$f":"SUM(C28:C29)","v":1},{"$f":"SUM(D28:D29)","v":3119035.75},null,"Cost Recovery Method",null,"Straight Line"]
[null,{"$f":"IF(Contribution_Developer<1,\"Please refer to the Equity Investor Returns worksheet for waterfall information.\",\"\")","v":"Please refer to the Equity Investor Returns worksheet for waterfall information."},null,null,null,"Useful Life",null,39]
[null,null,null,null,null,"C.R. 1st & Last Years (11.5 months)",null,{"$f":"ROUND(H33/12*11.5,5)","v":2.4570000000000002E-2}]
[null,null,null,null,null,"C.R. Interim Years (12 Months)",null,{"$f":"ROUND(1/Useful_Life,5)","v":2.564E-2}]
[]
[]
[null,"Debt Structure Assumptions"]
[null,{"$f":"IF(Project_Type=\"New Construction\",\"Development Loan\",\"Interest Only Loan\")","v":"Development Loan"},null,null,null,"Amortizing Debt Service"]
[null,"Will there be an Interest Only Period?",null,"Yes",null,"Amortization Type",null,"American"]
[null,"Loan Amount",null,{"$f":"Loan_Amount","v":9357107.25},null,"Amortizing Loan Amount",null,{"$f":"IF(OR(Loan_IO_Approval=\"no\",Loan_IO_AtMaturity=\"Amortize Loan Balance\"),Loan_Amount,Settings!$B$39)","v":9357107.25}]
[null,"Interest Expense",null,"Included in Budget",null,"Term (Months)",null,360]
[null,"Interest Amount in Budget",null,318760,null,"Amortization (Months)",null,360]
[null,"Term (Months)",null,12,null,"Start Rate",null,0.06]
[null,"Rate",null,0.06,null,"Origination Fee",null,0]
[null,"Origination Fee",null,0,null,"Initial Interest Only Period","No",0]
[null,"Funding Status",null,"Fund Up",null,"Exit Fee",null,0]
[null,"Fully Funded by Month:",null,12,null,"Rate Type",null,"Fixed"]
[null,"Action at Maturity:",null,"Amortize Loan Balance",null,"Grow Rate",0.01,5]
[null,"Minimum DSCR",null,1.25]
[null,"Maximum LTV",null,0.75]
[null,"Based on Cap Rate of",{"$f":"Exit_Rate","v":7.0000000000000007E-2},{"$f":"ROUND(Loan_IO_Term/12,0)+1","v":2}]
[null,{"$f":"IFERROR(IF(Settings!B38=MIN(Settings!B36,Settings!B38),\"Loan is limited based on LTV.\",\"Loan is limited based on DSCR.\"),\"\")","v":"Loan is limited based on LTV."}]
[]
[null,"Sale Assumptions"]
[null,"Year of Sale",null,10]
[null,"Terminal Value Calculation Method",null,"Cap Rate",null,"www.realpropmetrics.com"]
[null,"Cost of Sale",null,0.04,null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"IF(Disposition=\"Cap Rate\",\"Exit Cap Rate\",IF(Disposition=\"Annual Growth Rate\",\"Annual Growth Rate\",\"Sale Price\"))","v":"Exit Cap Rate"},null,7.0000000000000007E-2,null,{"$f":"TODAY()","v":"2022-02-23"}]

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[]
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[null,{"$f":"Project_Name&\" - Schedule of Cash Flows\"","v":"New Hospitality Project - Schedule of Cash Flows"}]
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[null,"Period",null,null,null,1,2,3,4,5,6,7,8,9,10,11]
[null,null,null,null,null,{"$f":"RPMDateSpan(F7,1)","v":"Jan 22 - Dec 22"},{"$f":"RPMDateSpan(G7,1)","v":"Jan 23 - Dec 23"},"Jan 24 - Dec 24","Jan 25 - Dec 25","Jan 26 - Dec 26","Jan 27 - Dec 27","Jan 28 - Dec 28","Jan 29 - Dec 29","Jan 30 - Dec 30","Jan 31 - Dec 31","Jan 32 - Dec 32"]
[]
[null,"Operating Statistics",null,null,"Inflation",null,0,0.03,{"$f":"H10","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,"Rooms",null,null,null,{"$f":"Size_Total","v":84},84,84,84,84,84,84,84,84,84,84]
[null,"Room Nights",null,null,null,{"$f":"Size_Total*365","v":30660},30660,30660,30660,30660,30660,30660,30660,30660,30660,30660]
[null,"Occupancy",null,null,null,0,0.61499999999999999,0.65200000000000002,0.67200000000000004,0.69199999999999995,0.69199999999999995,{"$f":"K14","v":0.69199999999999995},0.69199999999999995,0.69199999999999995,0.69199999999999995,0.69199999999999995]
[null,"Occupied Rooms",null,null,null,{"$f":"F13*F14","v":0},{"$f":"G13*G14","v":18855.900000000001},19990.32,20603.52,21216.719999999998,21216.719999999998,21216.719999999998,21216.719999999998,21216.719999999998,21216.719999999998,21216.719999999998]
[null,"Average Daily Rate (ADR)",null,null,null,141.25,145.49,149.85,154.35,158.97999999999999,{"$f":"+J16*1.03","v":163.74939999999998},{"$f":"IFERROR(RPMGrow($E$16,K16,L$10),\"Please Enable Macros\")","v":168.66188200000002},{"$f":"IFERROR(RPMGrow($E$16,L16,M$10),\"Please Enable Macros\")","v":173.721757},{"$f":"IFERROR(RPMGrow($E$16,M16,N$10),\"Please Enable Macros\")","v":178.93345400000001},{"$f":"IFERROR(RPMGrow($E$16,N16,O$10),\"Please Enable Macros\")","v":184.30150500000002},{"$f":"IFERROR(RPMGrow($E$16,O16,P$10),\"Please Enable Macros\")","v":189.830545}]
[null,"RevPAR",null,null,null,{"$f":"F16*F14","v":0},{"$f":"G16*G14","v":89.476350000000011},97.702200000000005,103.72320000000001,110.01415999999999,113.31458479999998,116.714022344,120.21545584399999,123.821950168,127.53664146,131.36273713999998]
[]
[null,"Income"]
[]
[null,"Revenues"]
[null,"Rooms",null,null,null,{"$f":"F16*F15","v":0},{"$f":"G16*G15","v":2743344.8910000003},2995549.452,3180153.3119999999,3373034.1455999995,3474225.1699679992,3578451.9250670401,3685805.8761770395,3796380.9921508799,3910273.4271636,4027581.5207123994]
[null,"Telecommunications",null,null,null,0,1000,{"$f":"IFERROR(RPMGrow($E23,G23,H$10),\"Please Enable Macros\")","v":1030},{"$f":"IFERROR(RPMGrow($E23,H23,I$10),\"Please Enable Macros\")","v":1060.9000000000001},{"$f":"IFERROR(RPMGrow($E23,I23,J$10),\"Please Enable Macros\")","v":1092.7270000000001},{"$f":"IFERROR(RPMGrow($E23,J23,K$10),\"Please Enable Macros\")","v":1125.50881},{"$f":"IFERROR(RPMGrow($E23,K23,L$10),\"Please Enable Macros\")","v":1159.2740743000002},{"$f":"IFERROR(RPMGrow($E23,L23,M$10),\"Please Enable Macros\")","v":1194.0522965290002},{"$f":"IFERROR(RPMGrow($E23,M23,N$10),\"Please Enable Macros\")","v":1229.8738654248702},{"$f":"IFERROR(RPMGrow($E23,N23,O$10),\"Please Enable Macros\")","v":1266.7700813876163},{"$f":"IFERROR(RPMGrow($E23,O23,P$10),\"Please Enable Macros\")","v":1304.7731838292448}]
[null,"Food & Beverage",null,null,null,0,0,{"$f":"IFERROR(RPMGrow($E24,G24,H$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E24,H24,I$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E24,I24,J$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E24,J24,K$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E24,K24,L$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E24,L24,M$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E24,M24,N$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E24,N24,O$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E24,O24,P$10),\"Please Enable Macros\")","v":0}]
[null,"Other Income",null,null,null,0,55715,{"$f":"IFERROR(RPMGrow($E25,G25,H$10),\"Please Enable Macros\")","v":57386.450000000004},{"$f":"IFERROR(RPMGrow($E25,H25,I$10),\"Please Enable Macros\")","v":59108.043500000007},{"$f":"IFERROR(RPMGrow($E25,I25,J$10),\"Please Enable Macros\")","v":60881.28480500001},{"$f":"IFERROR(RPMGrow($E25,J25,K$10),\"Please Enable Macros\")","v":62707.723349150016},{"$f":"IFERROR(RPMGrow($E25,K25,L$10),\"Please Enable Macros\")","v":64588.955049624521},{"$f":"IFERROR(RPMGrow($E25,L25,M$10),\"Please Enable Macros\")","v":66526.623701113262},{"$f":"IFERROR(RPMGrow($E25,M25,N$10),\"Please Enable Macros\")","v":68522.422412146654},{"$f":"IFERROR(RPMGrow($E25,N25,O$10),\"Please Enable Macros\")","v":70578.095084511049},{"$f":"IFERROR(RPMGrow($E25,O25,P$10),\"Please Enable Macros\")","v":72695.437937046387}]
[null,"Total Revenues",null,null,null,{"$f":"SUM(F22:F25)","v":0},{"$f":"SUM(G22:G25)","v":2800059.8910000003},3053965.9020000002,3240322.2555,3435008.1574049992,3538058.402127149,3644200.154190965,3753526.5521746818,3866133.2884284514,3982118.292329499,4101581.7318332749]
[null,"$ Per Room",null,null,null,{"$f":"IFERROR(F26/Size_Total,\"-\")","v":0},33334.046321428577,36356.73692857143,38575.264946428571,40892.954254821423,42119.74288246606,43383.335168940059,44684.839906841451,46025.396290814897,47406.170146779754,48828.353950396129]
[null,"P.O.R",null,null,null,{"$f":"IFERROR(F26/F$15,\"-\")","v":"-"},{"$f":"IFERROR(G26/G$15,\"-\")","v":148.49781187851019},152.77223686264153,157.27032349326717,161.90099871257195,166.7580286739491,171.76076953416765,176.91361116019263,182.22106378499842,187.68774307854841,193.3183702209048]
[]
[null,"Departmental Expenses"]
[null,"Rooms",null,null,null,0,663090,{"$f":"IFERROR(RPMGrow($E31,G31,H$10),\"Please Enable Macros\")","v":682982.70000000007},{"$f":"IFERROR(RPMGrow($E31,H31,I$10),\"Please Enable Macros\")","v":703472.1810000001},{"$f":"IFERROR(RPMGrow($E31,I31,J$10),\"Please Enable Macros\")","v":724576.34643000015},{"$f":"IFERROR(RPMGrow($E31,J31,K$10),\"Please Enable Macros\")","v":746313.63682290015},{"$f":"IFERROR(RPMGrow($E31,K31,L$10),\"Please Enable Macros\")","v":768703.0459275872},{"$f":"IFERROR(RPMGrow($E31,L31,M$10),\"Please Enable Macros\")","v":791764.13730541489},{"$f":"IFERROR(RPMGrow($E31,M31,N$10),\"Please Enable Macros\")","v":815517.06142457738},{"$f":"IFERROR(RPMGrow($E31,N31,O$10),\"Please Enable Macros\")","v":839982.5732673147},{"$f":"IFERROR(RPMGrow($E31,O31,P$10),\"Please Enable Macros\")","v":865182.05046533421}]
[null,"Telecommunications",null,null,null,0,8000,{"$f":"IFERROR(RPMGrow($E32,G32,H$10),\"Please Enable Macros\")","v":8240},{"$f":"IFERROR(RPMGrow($E32,H32,I$10),\"Please Enable Macros\")","v":8487.2000000000007},{"$f":"IFERROR(RPMGrow($E32,I32,J$10),\"Please Enable Macros\")","v":8741.8160000000007},{"$f":"IFERROR(RPMGrow($E32,J32,K$10),\"Please Enable Macros\")","v":9004.0704800000003},{"$f":"IFERROR(RPMGrow($E32,K32,L$10),\"Please Enable Macros\")","v":9274.1925944000013},{"$f":"IFERROR(RPMGrow($E32,L32,M$10),\"Please Enable Macros\")","v":9552.4183722320013},{"$f":"IFERROR(RPMGrow($E32,M32,N$10),\"Please Enable Macros\")","v":9838.990923398962},{"$f":"IFERROR(RPMGrow($E32,N32,O$10),\"Please Enable Macros\")","v":10134.16065110093},{"$f":"IFERROR(RPMGrow($E32,O32,P$10),\"Please Enable Macros\")","v":10438.185470633958}]
[null,"Food & Beverage",null,null,null,0,0,{"$f":"IFERROR(RPMGrow($E33,G33,H$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E33,H33,I$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E33,I33,J$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E33,J33,K$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E33,K33,L$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E33,L33,M$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E33,M33,N$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E33,N33,O$10),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E33,O33,P$10),\"Please Enable Macros\")","v":0}]
[null,"Other Expenses",null,null,null,0,22190,{"$f":"IFERROR(RPMGrow($E34,G34,H$10),\"Please Enable Macros\")","v":22855.7},{"$f":"IFERROR(RPMGrow($E34,H34,I$10),\"Please Enable Macros\")","v":23541.371000000003},{"$f":"IFERROR(RPMGrow($E34,I34,J$10),\"Please Enable Macros\")","v":24247.612130000005},{"$f":"IFERROR(RPMGrow($E34,J34,K$10),\"Please Enable Macros\")","v":24975.040493900007},{"$f":"IFERROR(RPMGrow($E34,K34,L$10),\"Please Enable Macros\")","v":25724.29170871701},{"$f":"IFERROR(RPMGrow($E34,L34,M$10),\"Please Enable Macros\")","v":26496.020459978521},{"$f":"IFERROR(RPMGrow($E34,M34,N$10),\"Please Enable Macros\")","v":27290.901073777877},{"$f":"IFERROR(RPMGrow($E34,N34,O$10),\"Please Enable Macros\")","v":28109.628105991214},{"$f":"IFERROR(RPMGrow($E34,O34,P$10),\"Please Enable Macros\")","v":28952.916949170951}]
[null,"Total Departmental Expenses",null,null,null,{"$f":"SUM(F31:F34)","v":0},{"$f":"SUM(G31:G34)","v":693280},714078.4,735500.75200000009,757565.77456000017,780292.7477968001,803701.53023070423,827812.57613762538,852646.9534217543,878226.36202440679,904573.1528851391]
[null,"Ratio",null,null,null,{"$f":"F35/F26","v":{"$error":"#DIV/0!"}},{"$f":"G35/G26","v":0.24759470403770728},0.23382003038487101,0.22698382876937287,0.22054264206822394,0.22054264206822394,0.22054264206822388,0.22054261895603625,0.22054256535173614,0.22054250967784617,0.22054251555309712]
[null,"$ Per Room",null,null,null,{"$f":"F35/Size_Total","v":0},8253.3333333333339,8500.9333333333343,8755.9613333333346,9018.640173333335,9289.1993785333343,9567.8753598893363,9854.9116206860162,10150.558969306599,10455.075738385794,10768.72801053737]
[null,"P.O.R",null,null,null,{"$f":"F35/F$15","v":{"$error":"#DIV/0!"}},{"$f":"G35/G$15","v":36.767271782306864},35.721209065187551,35.697820178299636,35.70607400955474,36.777256229841377,37.88057391673663,39.016991134238729,40.187500868265893,41.393125894313869,42.634919671143287]
[]
[null,"Gross Operating Income",null,null,null,{"$f":"SUM(F26,-F35)","v":0},{"$f":"SUM(G26,-G35)","v":2106779.8910000003},2339887.5020000003,2504821.5034999996,2677442.382844999,2757765.6543303491,2840498.6239602608,2925713.9760370562,3013486.3350066971,3103891.9303050921,3197008.578948136]
[null,"Ratio",null,null,null,{"$f":"IFERROR(F40/F$26,\"-\")","v":"-"},{"$f":"IFERROR(G40/G$26,\"-\")","v":0.75240529596229266},0.76617996961512902,0.77301617123062705,0.77945735793177606,0.77945735793177606,0.77945735793177617,0.77945738104396367,0.77945743464826389,0.77945749032215383,0.77945748444690288]
[null,"$ Per Room",null,null,null,{"$f":"IFERROR(F40/Size_Total,\"-\")","v":0},25080.712988095242,27855.8035952381,29819.303613095235,31874.314081488083,32830.543503932728,33815.459809050721,34829.928286155431,35874.837321508297,36951.094408393954,38059.625939858764]
[null,"P.O.R.",null,null,null,{"$f":"IFERROR(F40/F$15,\"-\")","v":"-"},{"$f":"IFERROR(G40/G$15,\"-\")","v":111.73054009620331},117.05102779745398,121.57250331496752,126.19492470301721,129.98077244410774,133.88019561743101,137.89662002595389,142.03356291673254,146.29461718423454,150.68345054976152]
[]
[null,"Expenses",null,null,null,null,{"$f":"Inflation","v":0.03},{"$f":"G45","v":0.03},{"$f":"H45","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,"Undistributed Expenses"]
[null,"Credit card commissions-2.8%",null,null,null,{"$f":"+F26*0.028","v":0},{"$f":"+G26*0.028","v":78401.676948000008},85511.045256000012,90729.023153999995,96180.228407339979,99065.635259560178,102037.60431734702,105098.7434608911,108251.73207599664,111499.31218522598,114844.2884913317]
[null,"Administrative & General",null,null,null,{"$f":"222235*0.25","v":55558.75},222235,{"$f":"+H26*0.08","v":244317.27216000002},259225.78044,274800.65259239997,283044.67217017192,291536.01233527722,{"$f":"IFERROR(RPMGrow($E49,L49,M$45),\"Please Enable Macros\")","v":300282.09270533553},{"$f":"IFERROR(RPMGrow($E49,M49,N$45),\"Please Enable Macros\")","v":309290.55548649561},{"$f":"IFERROR(RPMGrow($E49,N49,O$45),\"Please Enable Macros\")","v":318569.2721510905},{"$f":"IFERROR(RPMGrow($E49,O49,P$45),\"Please Enable Macros\")","v":328126.35031562322}]
[null,"Marketing",null,null,null,{"$f":"135950*0.5","v":67975},135950,{"$f":"+H26*0.05","v":152698.29510000002},162016.11277500002,171750.40787024997,176902.92010635746,182210.00770954826,{"$f":"IFERROR(RPMGrow($E50,L50,M$45),\"Please Enable Macros\")","v":187676.3079408347},{"$f":"IFERROR(RPMGrow($E50,M50,N$45),\"Please Enable Macros\")","v":193306.59717905975},{"$f":"IFERROR(RPMGrow($E50,N50,O$45),\"Please Enable Macros\")","v":199105.79509443155},{"$f":"IFERROR(RPMGrow($E50,O50,P$45),\"Please Enable Macros\")","v":205078.96894726451}]
[null,"Franchise Fee",null,null,null,{"$f":"+F26*0.075","v":0},{"$f":"+G26*0.075","v":210004.491825},229047.44265000001,243024.16916249998,257625.61180537494,265354.38015953614,273315.01156432234,{"$f":"IFERROR(RPMGrow($E51,L51,M$45),\"Please Enable Macros\")","v":281514.461911252},{"$f":"IFERROR(RPMGrow($E51,M51,N$45),\"Please Enable Macros\")","v":289959.89576858957},{"$f":"IFERROR(RPMGrow($E51,N51,O$45),\"Please Enable Macros\")","v":298658.69264164724},{"$f":"IFERROR(RPMGrow($E51,O51,P$45),\"Please Enable Macros\")","v":307618.45342089667}]
[null,"Repairs & Maintenance",null,null,null,{"$f":"+F26*0.05","v":0},126720,{"$f":"+H26*0.045","v":137428.46559000001},{"$f":"+I26*0.045","v":145814.50149749999},154575.36708322496,159212.62809572171,163989.00693859343,{"$f":"IFERROR(RPMGrow($E52,L52,M$45),\"Please Enable Macros\")","v":168908.67714675123},{"$f":"IFERROR(RPMGrow($E52,M52,N$45),\"Please Enable Macros\")","v":173975.93746115378},{"$f":"IFERROR(RPMGrow($E52,N52,O$45),\"Please Enable Macros\")","v":179195.21558498839},{"$f":"IFERROR(RPMGrow($E52,O52,P$45),\"Please Enable Macros\")","v":184571.07205253805}]
[null,"Utilities",null,null,null,{"$f":"+F26*0.034","v":0},93145,{"$f":"+H26*0.034","v":103834.84066800002},{"$f":"+I26*0.033","v":106930.6344315},{"$f":"+J26*0.032","v":109920.26103695997},{"$f":"+K26*0.031","v":109679.81046594161},123902.80524249282,{"$f":"IFERROR(RPMGrow($E53,L53,M$45),\"Please Enable Macros\")","v":127619.88939976761},{"$f":"IFERROR(RPMGrow($E53,M53,N$45),\"Please Enable Macros\")","v":131448.48608176064},{"$f":"IFERROR(RPMGrow($E53,N53,O$45),\"Please Enable Macros\")","v":135391.94066421347},{"$f":"IFERROR(RPMGrow($E53,O53,P$45),\"Please Enable Macros\")","v":139453.69888413989}]
[null,"Total Undistributed Expenses",null,null,null,{"$f":"SUM(F48:F53)","v":123533.75},{"$f":"IFERROR(RPMSum(G48:G53),\"Please Enable Macros\")","v":866456.16877300001},{"$f":"IFERROR(RPMSum(H48:H53),\"Please Enable Macros\")","v":952837.36142400012},{"$f":"IFERROR(RPMSum(I48:I53),\"Please Enable Macros\")","v":1007740.2214604999},{"$f":"IFERROR(RPMSum(J48:J53),\"Please Enable Macros\")","v":1064852.5287955499},{"$f":"IFERROR(RPMSum(K48:K53),\"Please Enable Macros\")","v":1093260.0462572891},{"$f":"IFERROR(RPMSum(L48:L53),\"Please Enable Macros\")","v":1136990.4481075811},{"$f":"IFERROR(RPMSum(M48:M53),\"Please Enable Macros\")","v":1171100.172564832},{"$f":"IFERROR(RPMSum(N48:N53),\"Please Enable Macros\")","v":1206233.204053056},{"$f":"IFERROR(RPMSum(O48:O53),\"Please Enable Macros\")","v":1242420.2283215972},{"$f":"IFERROR(RPMSum(P48:P53),\"Please Enable Macros\")","v":1279692.832111794}]
[null,"Ratio",null,null,null,{"$f":"F54/F$26","v":{"$error":"#DIV/0!"}},{"$f":"G54/G$26","v":0.30944201285050293},0.312,0.311,0.31000000000000005,0.309,0.312,0.31199997023767723,0.31199990120966031,0.31199982951656463,0.31199983708231815]
[null,"$ Per Room",null,null,null,{"$f":"F54/Size_Total","v":1470.639880952381},10314.954390154762,11343.301921714286,11996.907398339285,12676.815818994641,13015.000550682013,13535.6005727093,13941.668721009904,14359.919095869715,14790.717003828539,15234.438477521358]
[null,"P.O.R.",null,null,null,{"$f":"F54/F$15","v":{"$error":"#DIV/0!"}},{"$f":"G54/G$15","v":45.951461811581517},47.664937901144164,48.911070606406085,50.18930960089731,51.528230860250275,53.589360094660307,55.19704141662011,56.85295389923872,58.55854384285589,60.31530001394156]
[]
[null,"Gross Operating Profit",null,null,null,{"$f":"SUM(F40,-F54)","v":-123533.75},{"$f":"SUM(G40,-G54)","v":1240323.7222270002},1387050.1405760003,1497081.2820394998,1612589.8540494491,1664505.6080730599,1703508.1758526796,1754613.8034722242,1807253.1309536411,1861471.7019834949,1917315.7468363419]
[null,"Ratio",null,null,null,{"$f":"IFERROR(F59/F$26,\"-\")","v":"-"},{"$f":"IFERROR(G59/G$26,\"-\")","v":0.44296328311178973},0.45417996961512908,0.4620161712306271,0.46945735793177601,0.47045735793177607,0.46745735793177612,0.46745741080628644,0.46745753343860358,0.46745766080558915,0.46745764736458478]
[null,"$ Per Room",null,null,null,{"$f":"IFERROR(F59/Size_Total,\"-\")","v":-1470.639880952381},14765.758597940478,16512.501673523813,17822.39621475595,19197.498262493442,19815.542953250715,20279.859236341425,20888.259565145527,21514.918225638587,22160.377404565417,22825.187462337402]
[null,"P.O.R.",null,null,null,{"$f":"IFERROR(F59/F$15,\"-\")","v":"-"},{"$f":"IFERROR(G59/G$15,\"-\")","v":65.779078284621789},69.386089896309826,72.661432708561435,76.005615102119904,78.452541583857453,80.290835522770706,82.699578609333784,85.180609017493808,87.736073341378642,90.368150535819964]
[]
[null,"Fixed Expenses"]
[null,"Property Taxes",null,null,null,10180,82691,105431,161310,167827,{"$f":"+J65*1.03","v":172861.81},{"$f":"IFERROR(RPMGrow($E65,K65,L$45),\"Please Enable Macros\")","v":178047.6643},{"$f":"IFERROR(RPMGrow($E65,L65,M$45),\"Please Enable Macros\")","v":183389.09422900001},{"$f":"IFERROR(RPMGrow($E65,M65,N$45),\"Please Enable Macros\")","v":188890.76705587},{"$f":"IFERROR(RPMGrow($E65,N65,O$45),\"Please Enable Macros\")","v":194557.49006754611},{"$f":"IFERROR(RPMGrow($E65,O65,P$45),\"Please Enable Macros\")","v":200394.21476957249}]
[null,"Management Fee-3%",null,null,null,{"$f":"+F26*0.03","v":0},{"$f":"+G26*0.03","v":84001.796730000002},91618.977060000005,97209.667665000001,103050.24472214998,106141.75206381446,109326.00462572895,112605.79656524045,115983.99865285354,119463.54876988496,123047.45195499825]
[null,"Administration Fee-1%",null,null,null,{"$f":"+F26*0.01","v":0},{"$f":"+G26*0.01","v":28000.598910000004},30539.659020000003,32403.222555,34350.081574049997,35380.58402127149,36442.001541909653,37535.26552174682,38661.332884284515,39821.182923294989,41015.817318332753]
[null,"Incentive Management Fee-.8%",null,null,null,0,{"$f":"+G26*0.008","v":22400.479128000003},24431.727216000003,25922.578044000002,27480.065259239993,28304.467217017194,29153.601233527719,{"$f":"IFERROR(RPMGrow($E68,L68,M$45),\"Please Enable Macros\")","v":30028.209270533553},{"$f":"IFERROR(RPMGrow($E68,M68,N$45),\"Please Enable Macros\")","v":30929.055548649561},{"$f":"IFERROR(RPMGrow($E68,N68,O$45),\"Please Enable Macros\")","v":31856.927215109048},{"$f":"IFERROR(RPMGrow($E68,O68,P$45),\"Please Enable Macros\")","v":32812.63503156232}]
[null,"Insurance",null,null,null,{"$f":"+F26*0.01","v":0},26000,{"$f":"+H26*0.01","v":30539.659020000003},32403.222555,34350.081574049997,35380.58402127149,36442.001541909653,{"$f":"IFERROR(RPMGrow($E69,L69,M$45),\"Please Enable Macros\")","v":37535.261588166941},{"$f":"IFERROR(RPMGrow($E69,M69,N$45),\"Please Enable Macros\")","v":38661.319435811951},{"$f":"IFERROR(RPMGrow($E69,N69,O$45),\"Please Enable Macros\")","v":39821.159018886312},{"$f":"IFERROR(RPMGrow($E69,O69,P$45),\"Please Enable Macros\")","v":41015.793789452902}]
[null,"Miscellaneous",null,null,null,0,{"$f":"IFERROR(RPMGrow($E70,F70,G$45),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E70,G70,H$45),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E70,H70,I$45),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E70,I70,J$45),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E70,J70,K$45),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E70,K70,L$45),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E70,L70,M$45),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E70,M70,N$45),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E70,N70,O$45),\"Please Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E70,O70,P$45),\"Please Enable Macros\")","v":0}]
[null,"Total Fixed Expenses",null,null,null,{"$f":"SUM(F65:F70)","v":10180},{"$f":"SUM(G65:G70)","v":243093.87476800001},282561.02231600002,349248.69081900001,367057.47312948998,378069.19732337468,389411.27324307594,401093.6271746878,413126.47357746959,425520.30799472146,438285.9128639187]
[null,"Ratio",null,null,null,{"$f":"F71/F$26","v":{"$error":"#DIV/0!"}},{"$f":"G71/G$26","v":8.6817383995733965E-2},9.2522651327231489E-2,0.10778208563243935,0.10685781701513807,0.10685781701513807,0.10685781701513804,0.10685781000864536,0.10685779375842518,0.10685777688080592,0.10685777866189662]
[null,"$ Per Room",null,null,null,{"$f":"F71/Size_Total","v":121.19047619047619},2893.9746996190479,3363.8216942380955,4157.7225097500004,4369.7318229701186,4500.8237776592223,4635.8484909889994,4774.9241330319974,4918.1723044936853,5065.717952318113,5217.689438856175]
[null,"P.O.R.",null,null,null,{"$f":"F71/F$15","v":{"$error":"#DIV/0!"}},{"$f":"G71/G$15","v":12.892191556382882},14.134892403723404,16.950923474192759,17.300387294996117,17.819398913846001,18.353980881261382,18.904601049299224,19.471740852378201,20.055894973149549,20.657571616344033]
[]
[null,"Total Operating Expenses",null,null,null,{"$f":"SUM(F54,F71)","v":133713.75},{"$f":"SUM(G54,G71)","v":1109550.043541},1235398.3837400002,1356988.9122794999,1431910.0019250398,1471329.2435806638,1526401.7213506571,1572193.7997395198,1619359.6776305255,1667940.5363163187,1717978.7449757126]
[null,"Ratio",null,null,null,{"$f":"IFERROR(F76/F$26,\"-\")","v":"-"},{"$f":"IFERROR(G76/G$26,\"-\")","v":0.3962593968462369},0.40452265132723153,0.41878208563243935,0.41685781701513808,0.41585781701513808,0.41885781701513802,0.41885778024632259,0.4188576949680855,0.41885760639737057,0.41885761574421471]
[null,"$ Per Room",null,null,null,{"$f":"IFERROR(F76/Size_Total,\"-\")","v":1591.8303571428571},13208.92908977381,14707.123615952383,16154.629908089284,17046.54764196476,17515.824328341238,18171.449063698299,18716.592854041905,19278.091400363399,19856.434956146652,20452.127916377533]
[null,"P.O.R.",null,null,null,{"$f":"IFERROR(F76/F$15,\"-\")","v":"-"},{"$f":"IFERROR(G76/G$15,\"-\")","v":58.8436533679644},61.799830304867569,65.861994080598848,67.489696895893431,69.347629774096276,71.943340975921686,74.101642465919326,76.324694751616917,78.614438816005432,80.972871630285582]
[]
[null,"NOI Before Reserves",null,null,null,{"$f":"F40-F76","v":-133713.75},{"$f":"G40-G76","v":997229.8474590003},1104489.1182600001,1147832.5912204997,1245532.3809199592,1286436.4107496853,1314096.9026096037,1353520.1762975364,1394126.6573761716,1435951.3939887735,1479029.8339724233]
[]
[null,"Operating Reserves Contributions"]
[null,"Operting Deficit Reserves",null,null,null,0,{"$f":"IFERROR(RPMGrow($E$85,F84,G$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,G84,H$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,H84,I$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,I84,J$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,J84,K$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,K84,L$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,L84,M$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,M84,N$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,N84,O$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,O84,P$45),\"Please  Enable Macros\")","v":0}]
[null,"Cap Ex Reserve",null,null,null,0,{"$f":"IFERROR(RPMGrow($E$85,F85,G$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,G85,H$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,H85,I$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,I85,J$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,J85,K$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,K85,L$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,L85,M$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,M85,N$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,N85,O$45),\"Please  Enable Macros\")","v":0},{"$f":"IFERROR(RPMGrow($E$85,O85,P$45),\"Please  Enable Macros\")","v":0}]
[null,"Replacement Reserves",null,null,null,0,54402,{"$f":"IFERROR(RPMGrow($E$85,G86,H$45),\"Please  Enable Macros\")","v":56034.060000000005},{"$f":"IFERROR(RPMGrow($E$85,H86,I$45),\"Please  Enable Macros\")","v":57715.081800000007},{"$f":"IFERROR(RPMGrow($E$85,I86,J$45),\"Please  Enable Macros\")","v":59446.534254000006},{"$f":"IFERROR(RPMGrow($E$85,J86,K$45),\"Please  Enable Macros\")","v":61229.930281620007},{"$f":"IFERROR(RPMGrow($E$86,K86,L$45),\"Please  Enable Macros\")","v":63066.828190068612},{"$f":"IFERROR(RPMGrow($E$86,L86,M$45),\"Please  Enable Macros\")","v":64958.833035770673},{"$f":"IFERROR(RPMGrow($E$86,M86,N$45),\"Please  Enable Macros\")","v":66907.5980268438},{"$f":"IFERROR(RPMGrow($E$86,N86,O$45),\"Please  Enable Macros\")","v":68914.825967649114},{"$f":"IFERROR(RPMGrow($E$86,O86,P$45),\"Please  Enable Macros\")","v":70982.270746678594}]
[null,"Total Reserves",null,null,null,{"$f":"SUM(F84:F86)","v":0},{"$f":"SUM(G84:G86)","v":54402},56034.060000000005,57715.081800000007,59446.534254000006,61229.930281620007,63066.828190068612,64958.833035770673,66907.5980268438,68914.825967649114,70982.270746678594]
[]
[null,"Net Operating Income",null,null,null,{"$f":"F81-F87","v":-133713.75},{"$f":"G81-G87","v":942827.8474590003},1048455.0582600001,1090117.5094204997,1186085.8466659591,1225206.4804680652,1251030.074419535,1288561.3432617658,1327219.0593493278,1367036.5680211242,1408047.5632257448]
[null,"Ratio",null,null,null,{"$f":"IFERROR(F89/F$26,\"-\")","v":"-"},{"$f":"IFERROR(G89/G$26,\"-\")","v":0.33671702897836348},0.34330935311798383,0.33642256030867784,0.34529345850578586,0.34629345850578597,0.34329345850578602,0.34329352020041304,0.34329366328930438,0.34329381190266489,0.34329379621953621]
[null,"$ Per Room",null,null,null,{"$f":"IFERROR(F89/Size_Total,\"-\")","v":-1591.8303571428571},11224.141041178575,12481.607836428573,12977.589397863092,14120.069603166179,14585.791434143634,14893.215171661132,15340.015991211498,15800.226897015807,16274.244857394337,16762.470990782676]
[null,"P.O.R.",null,null,null,{"$f":"IFERROR(F89/F$15,\"-\")","v":"-"},{"$f":"IFERROR(G89/G$15,\"-\")","v":50.001742025519874},52.448137811700867,52.909284890178945,55.903355781004755,57.747214483108856,58.964348608999657,60.733296346549608,62.555336515226102,64.432040768842896,66.364997192108149]
[null,{"$f":"IF(Project_Type=\"Acquisition\",\"Cap Rate based on Acquisition Cost\",\"Cap Rate based on Development Cost\")","v":"Cap Rate based on Development Cost"},null,null,null,{"$f":"IFERROR(F89/Acquisition_Gross,\"-\")","v":-1.0834794637741415E-2},7.6397125246745815E-2,8.4956074024910011E-2,8.8331972931559075E-2,9.6108265390487668E-2,9.9278201416843251E-2,0.1013706813396081,0.10441183148609215,0.10754425739571512,0.11077066103367607,0.11409377261293745]
[null,{"$f":"IF(Disposition=\"Cap Rate\",\"Value based on \"&ROUND(Exit_Rate*100,2)&\"% Exit Cap Rate\",\"Value based on \"&ROUND(Exit_Rate*100,2)&\"% Annual Growth Rate\")","v":"Value based on 7% Exit Cap Rate"},null,null,null,{"$f":"IFERROR(IF(F$7<=Hold,IF(Disposition=\"Cap Rate\",G$89/Exit_Rate,FV(Exit_Rate,F$7,0,-Acquisition_Gross)),0),\"-\")","v":13468969.249414289},14977929.403714286,15573107.277435709,16944083.523799416,17502949.720972359,17871858.205993354,18408019.189453796,18960272.276418965,19529093.828873202,20114965.18893921]
[]
[]
[]
[null,"www.realpropmetrics.com"]
[null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"TODAY()","v":"2022-02-23"}]
[]
[null,"Schedule of Prospective Cash Flows"]
[]
[null,"Period",null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,{"$f":"RPMDateSpan(F104,1)","v":"Jan 22 - Dec 22"},{"$f":"RPMDateSpan(G104,1)","v":"Jan 23 - Dec 23"},"Jan 24 - Dec 24","Jan 25 - Dec 25","Jan 26 - Dec 26","Jan 27 - Dec 27","Jan 28 - Dec 28","Jan 29 - Dec 29","Jan 30 - Dec 30","Jan 31 - Dec 31"]
[]
[null,"Net Operating Income",null,null,null,{"$f":"F89","v":-133713.75},{"$f":"G89","v":942827.8474590003},1048455.0582600001,1090117.5094204997,1186085.8466659591,1225206.4804680652,1251030.074419535,1288561.3432617658,1327219.0593493278,1367036.5680211242]
[]
[null,"Debt Service"]
[null,"Interest",null,null,null,{"$f":"VLOOKUP(F$7,Amortization_Schedule_Annual,6,FALSE)","v":304105.98562500003},558300.65491748124,551213.48126400413,543689.18624727696,535700.80917809508,527219.72649093764,518215.5491813944,508656.01391775854,498506.86743661994,487731.74380823242]
[null,"Principal",null,null,null,{"$f":"VLOOKUP(F$7,Amortization_Schedule_Annual,7,FALSE)","v":0},114906.37296029393,121993.54661377097,129517.84163049821,137506.21869968018,145987.30138683779,154991.47869638124,164551.01396001721,174700.16044115578,185475.28406954336]
[null,"Less: Interest in Development Budget",null,null,null,{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(F$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":-304105.98562500003},{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(G$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":0},{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(H$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":0},{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(I$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":0},{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(J$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":0},{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(K$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":0},{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(L$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":0},{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(M$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":0},{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(N$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":0},{"$f":"IF(Loan_IO_Interest=\"Pass to Cash Flow\",0,VLOOKUP(O$7,'Loan Amortization'!$B$13:$O$24,13,FALSE))","v":0}]
[null,"Total Debt Service",null,null,null,{"$f":"SUM(F110:F112)","v":0},{"$f":"SUM(G110:G112)","v":673207.02787777514},673207.02787777514,673207.02787777514,673207.02787777525,673207.02787777549,673207.0278777756,673207.02787777572,673207.02787777572,673207.02787777572]
[null,"DSCR",null,null,null,{"$f":"IFERROR(F89/F113,\"-\")","v":"-"},1.4005020869006384,1.5574036141083683,1.6192901503969699,1.7618441245406904,1.8199549763026366,1.8583140439922239,1.9140640098839117,1.9714872311022449,2.0306332397191151]
[null,"LTV",null,null,null,{"$f":"IFERROR(F118/F94,\"-\")","v":2.2578267125988455E-2},4.4946601745287341E-2,4.322881849360935E-2,3.9731097107270408E-2,3.846248995797126E-2,3.766855243133109E-2,3.6571399722544022E-2,3.550618989343568E-2,3.4472005397529433E-2,3.3467968825914643E-2]
[null,"Break Even Occupancy",null,null,null,{"$f":"IFERROR(SUM(F122,F113,F76)/(F40/F14),\"-\")","v":"-"},0.52041297888130766,0.53182502462667092,0.5446662246708428,0.54407930267976212,0.53812371530516978,0.53586692196453267,0.53108997852751427,0.52645208368207796,0.52194926588925106]
[null,"Debt Yield",null,null,null,{"$f":"IFERROR(F107/F118,\"-\")","v":-0.43969456808023977},{"$f":"IFERROR(G107/G118,\"-\")","v":1.4005020869006384},1.5574036141083683,1.6192901503969699,1.7618441245406904,1.8199549763026366,1.8583140439922239,1.9140640098839117,1.9714872311022449,2.0306332397191151]
[null,"Mortgage Balance",null,null,null,{"$f":"IF(F30<=Hold,VLOOKUP(F$7,Amortization_Schedule_Annual,8,FALSE),0)","v":304105.98562500003},673207.02787777514,673207.02787777514,673207.02787777514,673207.02787777525,673207.02787777549,673207.0278777756,673207.02787777572,673207.02787777572,673207.02787777572]
[null,"Equity ",null,null,null,{"$f":"IFERROR(IF(F$7<=Hold,F94-F118,0),\"-\")","v":13164863.263789289},14304722.37583651,14899900.249557933,16270876.49592164,16829742.693094585,17198651.17811558,17734812.161576021,18287065.248541191,18855886.800995428,19441758.161061436]
[]
[null,"Refinance Proceeds",null,null,null,{"$f":"'Return Detail'!F26","v":0},{"$f":"'Return Detail'!G26","v":0},{"$f":"'Return Detail'!H26","v":0},{"$f":"'Return Detail'!I26","v":0},{"$f":"'Return Detail'!J26","v":0},{"$f":"'Return Detail'!K26","v":0},{"$f":"'Return Detail'!L26","v":0},{"$f":"'Return Detail'!M26","v":0},{"$f":"'Return Detail'!N26","v":0},{"$f":"'Return Detail'!O26","v":0}]
[null,"Less: Mortgage Origination Fee",null,null,null,{"$f":"'Return Detail'!F28","v":0},{"$f":"'Return Detail'!G28","v":0},{"$f":"'Return Detail'!H28","v":0},{"$f":"'Return Detail'!I28","v":0},{"$f":"'Return Detail'!J28","v":0},{"$f":"'Return Detail'!K28","v":0},{"$f":"'Return Detail'!L28","v":0},{"$f":"'Return Detail'!M28","v":0},{"$f":"'Return Detail'!N28","v":0},{"$f":"'Return Detail'!O28","v":0}]
[]
[null,"Cash Flow After Debt Service",null,null,null,{"$f":"SUM(F107,-F113,F121:F122)","v":-133713.75},{"$f":"SUM(G107,-G113,G121:G122)","v":269620.81958122517},375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,693829.54014334851]
[null,"CFADS/Month",null,null,null,{"$f":"F124/12","v":-11142.8125},{"$f":"G124/12","v":22468.401631768764},31270.669198518746,34742.54012856038,42739.90156568199,45999.954382524149,48151.920545146619,51279.526281999169,54501.002622629341,57819.128345279045]
[]
[null,"Capital Expenses"]
[null,"Capital Expenditures",null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"B86&\" Expenditures\"","v":"Replacement Reserves Expenditures"},null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Total Capital Expenses",null,null,null,{"$f":"SUM(F128:F129)","v":0},{"$f":"SUM(G128:G129)","v":0},0,0,0,0,0,0,0,0]
[]
[null,"Expenses Paid from Reserves"]
[null,"Less: Cap Ex Paid from Reserves",null,null,null,{"$f":"F$177","v":0},{"$f":"G$177","v":0},0,0,0,0,0,0,0,0]
[null,"Less: User Defined Paid from Reserves",null,null,null,{"$f":"F$183","v":0},{"$f":"G$183","v":0},0,0,0,0,0,0,0,0]
[null,"Net Capital Expenses",null,null,null,{"$f":"SUM(F130,F133:F134)","v":0},{"$f":"SUM(G130,G133:G134)","v":0},0,0,0,0,0,0,0,0]
[]
[null,"Other Non-Regular Income"]
[null,"Other Non-Regular Income",null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Other Non-Regular Expenses",null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Operating Deficit Reserve Draw",null,null,null,{"$f":"-F$169","v":133713.75},{"$f":"-G$169","v":0},0,0,0,0,0,0,0,0]
[null,"Return of Reserve Funds",null,null,null,{"$f":"IF(F$7=Hold,F$186,0)","v":0},0,0,0,0,0,0,0,0,553961.94155595219]
[null,"Total Non-Regular Income",null,null,null,{"$f":"SUM(F138:F141)","v":133713.75},{"$f":"SUM(G138:G141)","v":0},0,0,0,0,0,0,0,553961.94155595219]
[]
[null,"Cash Flow Before Taxes",null,null,null,{"$f":"SUM(F124,-F135,F142)","v":0},{"$f":"SUM(G124,-G135,G142)","v":269620.81958122517},375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,1247791.4816993007]
[null,"CFBT/Month",null,null,null,{"$f":"F144/12","v":0},{"$f":"G144/12","v":22468.401631768764},31270.669198518746,34742.54012856038,42739.90156568199,45999.954382524149,48151.920545146619,51279.526281999169,54501.002622629341,103982.62347494172]
[null,"Cash on Cash Return",null,null,null,{"$f":"IFERROR(F144/Equity_Amount,\"-\")","v":0},8.6443645149378356E-2,0.12030898664185716,0.13366646456127493,0.16443505618304755,0.17697759719178907,0.18525694889574748,0.19728992057368694,0.20968404465115609,0.40005680656250919]
[]
[null,"Tax Liability*"]
[null,"Cost Recovery Improvements",null,null,null,{"$f":"Acquisition_Unlevered*Assessed_Value_Prop*Cost_Recovery_11M","v":42915.436691400006},{"$f":"IF(G$7<Hold,Acquisition_Unlevered*Cost_Recovery_12M*Assessed_Value_Prop,IF(G$7=Hold,Acquisition_Unlevered*Cost_Recovery_11M*Assessed_Value_Prop,0))","v":44784.362912800003},44784.362912800003,44784.362912800003,44784.362912800003,44784.362912800003,44784.362912800003,44784.362912800003,44784.362912800003,42915.436691400006]
[null,"Loan Costs Amortization",null,null,null,{"$f":"VLOOKUP(F7,Loan_Cost_Table,6,FALSE)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Taxable Income",null,null,null,{"$f":"F81-SUM(F110,F149:F150)","v":-480735.17231640004},{"$f":"G81-SUM(G110,G149:G150)","v":394144.82962871902},508491.27408319595,559359.04206042271,665047.20882906404,714432.32134594757,751096.99051540927,800079.79946697783,850835.42702675157,905304.21348914108]
[null,{"$f":"\"Less: Tax Liability at \" & ROUND(Tax_Ordinary*100,0)&\"%\"","v":"Less: Tax Liability at 35%"},null,null,null,{"$f":"-F151*Tax_Ordinary","v":168257.31031073999},-137950.69037005166,-177971.94592911858,-195775.66472114794,-232766.52309017238,-250051.31247108162,-262883.94668039324,-280027.92981344223,-297792.39945936302,-316856.47472119937]
[]
[null,"Operating Deficit Reserve Draw for Taxes",null,null,null,{"$f":"-F170","v":0},{"$f":"-G170","v":0},0,0,0,0,0,0,0,0]
[]
[null,"Cash Flow After Taxes",null,null,null,{"$f":"SUM(F144,F152,F154)","v":168257.31031073999},{"$f":"SUM(G144,G152,G154)","v":131670.12921117351},197276.08445310636,221134.81682157659,280112.29569801147,301948.14011920814,314939.09986136615,335326.38557054783,356219.63201218907,930935.00697810133]
[null,"CFAT/Month",null,null,null,{"$f":"F156/12","v":14021.442525895},{"$f":"G156/12","v":10972.510767597792},16439.673704425531,18427.901401798048,23342.691308167621,25162.345009934012,26244.924988447179,27943.865464212318,29684.969334349091,77577.917248175116]
[null,"After Tax Cash on Cash Return",null,null,null,{"$f":"IFERROR(F156/Equity_Amount,\"-\")","v":5.3945297135738181E-2},4.2215011229407524E-2,6.3249061654104599E-2,7.089845533882598E-2,8.9807337315069721E-2,9.6808169037244332E-2,0.10097322541473472,0.10750963196575988,0.11420825555211706,0.29846884793741185]
[null,"*Does not include Capital Expenses as they are often subject to separate tax treatment."]
[null,"This pro forma does not constitute tax advice.  Please consult a professional tax advisor."]
[]
[null,"Reserve Account Balances"]
[]
[null,"Period",null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,{"$f":"RPMDateSpan(F164,1)","v":"Jan 22 - Dec 22"},{"$f":"RPMDateSpan(G164,1)","v":"Jan 23 - Dec 23"},"Jan 24 - Dec 24","Jan 25 - Dec 25","Jan 26 - Dec 26","Jan 27 - Dec 27","Jan 28 - Dec 28","Jan 29 - Dec 29","Jan 30 - Dec 30","Jan 31 - Dec 31"]
[null,"Operating Deficit Reserve"]
[null,"Beginning Balance",null,null,null,{"$f":"Reserve_Operating","v":135000},{"$f":"F171","v":1286.25},{"$f":"G171","v":1286.25},1286.25,1286.25,1286.25,1286.25,1286.25,1286.25,1286.25]
[null,"Contributions",null,null,null,{"$f":"F$84","v":0},{"$f":"G$84","v":0},0,0,0,0,0,0,0,0]
[null,"Expenses Paid",null,null,null,{"$f":"IF(SUM(F124,F138:F139)>0,0,MAX(SUM(F124,F138:F139),-SUM(F167:F168)))","v":-133713.75},0,0,0,0,0,0,0,0,0]
[null,"Taxes Paid",null,null,null,{"$f":"IF(F$7>=Hold,0,IF(SUM(F144,F152)>0,0,MAX(SUM(F144,F152),-SUM(F167:F169))))","v":0},0,0,0,0,0,0,0,0,0]
[null,"Ending Balance",null,null,null,{"$f":"SUM(F167:F170)","v":1286.25},{"$f":"SUM(G167:G170)","v":1286.25},1286.25,1286.25,1286.25,1286.25,1286.25,1286.25,1286.25,1286.25]
[]
[]
[null,"Cap Ex Reserve"]
[null,"Beginning Balance",null,null,null,{"$f":"Reserve_CapEx","v":0},{"$f":"F178","v":0},{"$f":"G178","v":0},0,0,0,0,0,0,0]
[null,"Contributions",null,null,null,{"$f":"F$85","v":0},{"$f":"G$85","v":0},0,0,0,0,0,0,0,0]
[null,"Expenses Paid",null,null,null,{"$f":"IF(F$128<SUM(F175:F176),-F$128,-SUM(F175:F176))","v":0},{"$f":"IF(G$128<SUM(G175:G176),-G$128,-SUM(G175:G176))","v":0},0,0,0,0,0,0,0,0]
[null,"Ending Balance",null,null,null,{"$f":"SUM(F175:F177)","v":0},{"$f":"SUM(G175:G177)","v":0},0,0,0,0,0,0,0,0]
[]
[null,{"$f":"B86","v":"Replacement Reserves"}]
[null,"Beginning Balance",null,null,null,{"$f":"Reserve_Replacement","v":0},{"$f":"F184","v":0},{"$f":"G184","v":54402},110436.06,168151.14180000001,227597.67605400001,288827.60633562005,351894.43452568864,416853.26756145933,483760.86558830313]
[null,"Contributions",null,null,null,{"$f":"F$86","v":0},{"$f":"G$86","v":54402},56034.060000000005,57715.081800000007,59446.534254000006,61229.930281620007,63066.828190068612,64958.833035770673,66907.5980268438,68914.825967649114]
[null,"Expenses Paid",null,null,null,{"$f":"IF(F$129<SUM(F181:F182),-F$129,-SUM(F181:F182))","v":0},{"$f":"IF(G$129<SUM(G181:G182),-G$129,-SUM(G181:G182))","v":0},0,0,0,0,0,0,0,0]
[null,"Ending Balance",null,null,null,{"$f":"SUM(F181:F183)","v":0},{"$f":"SUM(G181:G183)","v":54402},110436.06,168151.14180000001,227597.67605400001,288827.60633562005,351894.43452568864,416853.26756145933,483760.86558830313,552675.69155595219]
[]
[null,"Total Reserve Balances",null,null,null,{"$f":"SUM(F171,F178,F184)","v":1286.25},{"$f":"SUM(G171,G178,G184)","v":55688.25},111722.31,169437.39180000001,228883.92605400001,290113.85633562005,353180.68452568864,418139.51756145933,485047.11558830313,553961.94155595219]
[]
[]
[]
[null,"www.realpropmetrics.com"]
[null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"TODAY()","v":"2022-02-23"}]

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[]
[]
[null,{"$f":"Project_Name","v":"New Hospitality Project"}]
[]
[null,"Project Return Summary"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Summary Chart Data",{"$f":"IF(DateView=1,P7,RPMDateSpan(P7,2))","v":1},2,3,4,5,6,7,8,9,10]
[null,"Summary",null,null,"Sale Analysis",null,null,"Cash Flows",null,null,null,"IRR & Present Value",null,null,"Period",1,2,3,4,5,6,7,8,9,10]
[null,"Units",{"$f":"Size_Total","v":84},null,{"$f":"IF(Project_Type=\"Acquisition\",\"Acquisition Price\",\"Development Cost\")","v":"Development Cost"},{"$f":"Acquisition_Gross","v":12341143},null,null,"Before Tax","After Tax",null,"Unleveraged IRR",{"$f":"'Return Detail'!$C$17","v":0.11685854397673934},null,"Net Operating Income",{"$f":"'Summary & Ratios'!D$10","v":-133713.75},{"$f":"'Summary & Ratios'!E$10","v":942827.8474590003},{"$f":"'Summary & Ratios'!F$10","v":1048455.0582600001},{"$f":"'Summary & Ratios'!G$10","v":1090117.5094204997},{"$f":"'Summary & Ratios'!H$10","v":1186085.8466659591},{"$f":"'Summary & Ratios'!I$10","v":1225206.4804680652},{"$f":"'Summary & Ratios'!J$10","v":1251030.074419535},{"$f":"'Summary & Ratios'!K$10","v":1288561.3432617658},{"$f":"'Summary & Ratios'!L$10","v":1327219.0593493278},{"$f":"'Summary & Ratios'!M$10","v":1367036.5680211242}]
[null,{"$f":"IF(Project_Type=\"Acquisition\",\"Acquisition Price\",\"Development Costs\")","v":"Development Costs"},{"$f":"Acquisition_Gross","v":12341143},null,"Per Unit",{"$f":"IFERROR(Acquisition_Gross/Size_Total,0)","v":146918.36904761905},null,"Operating Cash Flows",{"$f":"SUM('Return Detail'!$F$32:$O$32)","v":5221638.4779812507},{"$f":"SUM('Return Detail'!F83:O83)","v":3237818.9010360204},null,{"$f":"\"Unleveraged PV at \" &(Equity_Rate*100)&\"%\"","v":"Unleveraged PV at 8%"},{"$f":"'Return Detail'!$C$20","v":16400000},null,"Debt Serivce",{"$f":"IF(-'Summary & Ratios'!D$11=0,NA(),-'Summary & Ratios'!D$11)","v":{"$error":"#N/A"}},{"$f":"IF(-'Summary & Ratios'!E$11=0,NA(),-'Summary & Ratios'!E$11)","v":673207.02787777514},{"$f":"IF(-'Summary & Ratios'!F$11=0,NA(),-'Summary & Ratios'!F$11)","v":673207.02787777514},{"$f":"IF(-'Summary & Ratios'!G$11=0,NA(),-'Summary & Ratios'!G$11)","v":673207.02787777514},{"$f":"IF(-'Summary & Ratios'!H$11=0,NA(),-'Summary & Ratios'!H$11)","v":673207.02787777525},{"$f":"IF(-'Summary & Ratios'!I$11=0,NA(),-'Summary & Ratios'!I$11)","v":673207.02787777549},{"$f":"IF(-'Summary & Ratios'!J$11=0,NA(),-'Summary & Ratios'!J$11)","v":673207.0278777756},{"$f":"IF(-'Summary & Ratios'!K$11=0,NA(),-'Summary & Ratios'!K$11)","v":673207.02787777572},{"$f":"IF(-'Summary & Ratios'!L$11=0,NA(),-'Summary & Ratios'!L$11)","v":673207.02787777572},{"$f":"IF(-'Summary & Ratios'!M$11=0,NA(),-'Summary & Ratios'!M$11)","v":673207.02787777572}]
[null,"Other Costs",{"$f":"'Sources & Uses'!C19","v":0},null,"Sale Price",{"$f":"SUM('Return Detail'!F10:O10)","v":21128997.628177475},null,"Net Sale Proceeds",{"$f":"SUM('Return Detail'!$F$33:$O$36)","v":12256359.691508546},{"$f":"SUM('Return Detail'!F84:O84)","v":10583794.30272717},null,"Leveraged IRR",{"$f":"'Return Detail'!C42","v":0.22200865336552789},null,"Cash Flow After Taxes",{"$f":"'Return Detail'!F$83","v":168257.31031073999},{"$f":"'Return Detail'!G$83","v":131670.12921117351},{"$f":"'Return Detail'!H$83","v":197276.08445310636},{"$f":"'Return Detail'!I$83","v":221134.81682157659},{"$f":"'Return Detail'!J$83","v":280112.29569801147},{"$f":"'Return Detail'!K$83","v":301948.14011920814},{"$f":"'Return Detail'!L$83","v":314939.09986136615},{"$f":"'Return Detail'!M$83","v":335326.38557054783},{"$f":"'Return Detail'!N$83","v":356219.63201218907},{"$f":"'Return Detail'!O$83","v":930935.00697810133}]
[null,"Equity",{"$f":"Equity_Amount","v":3119035.75},null,"Per Unit",{"$f":"IFERROR(F10/Size_Total,0)","v":251535.68604973186},null,"Total Cash Flow",{"$f":"SUM(I9:I10)","v":17477998.169489797},{"$f":"SUM(J9:J10)","v":13821613.203763191},null,{"$f":"\"Leveraged PV at \" &(Equity_Rate*100)&\"%\"","v":"Leveraged PV at 8%"},{"$f":"'Return Detail'!$C$48","v":18140000},null,"Mortgage Balance (EOY)",{"$f":"'Summary & Ratios'!D$27","v":9357107.25},{"$f":"'Summary & Ratios'!E$27","v":9242200.8770397063},{"$f":"'Summary & Ratios'!F$27","v":9120207.3304259349},{"$f":"'Summary & Ratios'!G$27","v":8990689.4887954369},{"$f":"'Summary & Ratios'!H$27","v":8853183.27009576},{"$f":"'Summary & Ratios'!I$27","v":8707195.9687089231},{"$f":"'Summary & Ratios'!J$27","v":8552204.4900125433},{"$f":"'Summary & Ratios'!K$27","v":8387653.4760525273},{"$f":"'Summary & Ratios'!L$27","v":8212953.3156113708},{"$f":"'Summary & Ratios'!M$27","v":8027478.031541829}]
[null,"Debt",{"$f":"Loan_Amount","v":9357107.25},null,"Appreciation ",{"$f":"IFERROR((F10/F8)-1,\"-\")","v":0.71207785439140237},null,"Profit",{"$f":"SUM('Return Detail'!$E$37:$O$37)","v":14358962.419489795},{"$f":"SUM('Return Detail'!E85:O85)","v":10702577.453763191},null,"After Tax IRR (Leveraged)",{"$f":"'Return Detail'!$C$91","v":0.18246907353016617},null,"Equity (EOY)",{"$f":"'Summary & Ratios'!D$28","v":4111861.9994142894},{"$f":"'Summary & Ratios'!E$28","v":5735728.5266745798},{"$f":"'Summary & Ratios'!F$28","v":6452899.9470097739},{"$f":"'Summary & Ratios'!G$28","v":7953394.0350039788},{"$f":"'Summary & Ratios'!H$28","v":8649766.4508765992},{"$f":"'Summary & Ratios'!I$28","v":9164662.2372844312},{"$f":"'Summary & Ratios'!J$28","v":9855814.6994412523},{"$f":"'Summary & Ratios'!K$28","v":10572618.800366439},{"$f":"'Summary & Ratios'!L$28","v":11316140.513261832},{"$f":"'Summary & Ratios'!M$28","v":12087487.157397382}]
[null,{"$f":"IF(Project_Type=\"Acquisition\",\"LTV\",\"LTC\")","v":"LTC"},{"$f":"LTV","v":0.75},null,"Avg. App/Year",{"$f":"IFERROR(F12/Hold,\"-\")","v":7.1207785439140234E-2},null,"Equity Multiple",{"$f":"IFERROR(I12/Equity_Amount,\"-\")","v":4.6036543247347499},{"$f":"IFERROR(J12/Equity_Amount,\"-\")","v":3.4313737679227274},null,{"$f":"\"After Tax PV at \" &(Equity_Rate*100)&\"%\"","v":"After Tax PV at 8%"},{"$f":"'Return Detail'!$C$97","v":16200000},null,"Before Tax Cash on Cash",{"$f":"IFERROR('Summary & Ratios'!D$33,NA())","v":0},{"$f":"IFERROR('Summary & Ratios'!E$33,NA())","v":8.6443645149378356E-2},{"$f":"IFERROR('Summary & Ratios'!F$33,NA())","v":0.12030898664185716},{"$f":"IFERROR('Summary & Ratios'!G$33,NA())","v":0.13366646456127493},{"$f":"IFERROR('Summary & Ratios'!H$33,NA())","v":0.16443505618304755},{"$f":"IFERROR('Summary & Ratios'!I$33,NA())","v":0.17697759719178907},{"$f":"IFERROR('Summary & Ratios'!J$33,NA())","v":0.18525694889574748},{"$f":"IFERROR('Summary & Ratios'!K$33,NA())","v":0.19728992057368694},{"$f":"IFERROR('Summary & Ratios'!L$33,NA())","v":0.20968404465115609},{"$f":"IFERROR('Summary & Ratios'!M$33,NA())","v":0.40005680656250919}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"After Tax Cash on Cash",{"$f":"IFERROR('Summary & Ratios'!D$34,NA())","v":5.3945297135738181E-2},{"$f":"IFERROR('Summary & Ratios'!E$34,NA())","v":4.2215011229407524E-2},{"$f":"IFERROR('Summary & Ratios'!F$34,NA())","v":6.3249061654104599E-2},{"$f":"IFERROR('Summary & Ratios'!G$34,NA())","v":7.089845533882598E-2},{"$f":"IFERROR('Summary & Ratios'!H$34,NA())","v":8.9807337315069721E-2},{"$f":"IFERROR('Summary & Ratios'!I$34,NA())","v":9.6808169037244332E-2},{"$f":"IFERROR('Summary & Ratios'!J$34,NA())","v":0.10097322541473472},{"$f":"IFERROR('Summary & Ratios'!K$34,NA())","v":0.10750963196575988},{"$f":"IFERROR('Summary & Ratios'!L$34,NA())","v":0.11420825555211706},{"$f":"IFERROR('Summary & Ratios'!M$34,NA())","v":0.29846884793741185}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"After Tax",{"$f":"IFERROR('Summary & Ratios'!D$42,NA())","v":"-"},{"$f":"IFERROR('Summary & Ratios'!E$42,NA())","v":0.48014314578673034},{"$f":"IFERROR('Summary & Ratios'!F$42,NA())","v":0.48223387605794571},{"$f":"IFERROR('Summary & Ratios'!G$42,NA())","v":0.49214302231539342},{"$f":"IFERROR('Summary & Ratios'!H$42,NA())","v":0.48391948934056916},{"$f":"IFERROR('Summary & Ratios'!I$42,NA())","v":0.47537889579583931},{"$f":"IFERROR('Summary & Ratios'!J$42,NA())","v":0.4718233454007803},{"$f":"IFERROR('Summary & Ratios'!K$42,NA())","v":0.46485680296146648},{"$f":"IFERROR('Summary & Ratios'!L$42,NA())","v":0.45806871720319159},{"$f":"IFERROR('Summary & Ratios'!M$42,NA())","v":0.45130741191029572}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt Service Coverage Ratio",{"$f":"IFERROR('Summary & Ratios'!D$40,NA())","v":"-"},{"$f":"IFERROR('Summary & Ratios'!E$40,NA())","v":1.4005020869006384},{"$f":"IFERROR('Summary & Ratios'!F$40,NA())","v":1.5574036141083683},{"$f":"IFERROR('Summary & Ratios'!G$40,NA())","v":1.6192901503969699},{"$f":"IFERROR('Summary & Ratios'!H$40,NA())","v":1.7618441245406904},{"$f":"IFERROR('Summary & Ratios'!I$40,NA())","v":1.8199549763026366},{"$f":"IFERROR('Summary & Ratios'!J$40,NA())","v":1.8583140439922239},{"$f":"IFERROR('Summary & Ratios'!K$40,NA())","v":1.9140640098839117},{"$f":"IFERROR('Summary & Ratios'!L$40,NA())","v":1.9714872311022449},{"$f":"IFERROR('Summary & Ratios'!M$40,NA())","v":2.0306332397191151}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt Yield",{"$f":"IFERROR('Summary & Ratios'!D$43,NA())","v":-1.4290073462607794E-2},{"$f":"IFERROR('Summary & Ratios'!E$43,NA())","v":0.1020133472538188},{"$f":"IFERROR('Summary & Ratios'!F$43,NA())","v":0.11495956399612187},{"$f":"IFERROR('Summary & Ratios'!G$43,NA())","v":0.12124960057613474},{"$f":"IFERROR('Summary & Ratios'!H$43,NA())","v":0.13397281073716322},{"$f":"IFERROR('Summary & Ratios'!I$43,NA())","v":0.14071194502467771},{"$f":"IFERROR('Summary & Ratios'!J$43,NA())","v":0.14628159042274025},{"$f":"IFERROR('Summary & Ratios'!K$43,NA())","v":0.15362596308260937},{"$f":"IFERROR('Summary & Ratios'!L$43,NA())","v":0.16160070663332754},{"$f":"IFERROR('Summary & Ratios'!M$43,NA())","v":0.17029465077945022}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Development Cost",{"$f":"Acquisition_Levered","v":12476143},12476143,12476143,12476143,12476143,12476143,12476143,12476143,12476143,12476143]
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[null,"www.realpropmetrics.com"]
[null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"TODAY()","v":"2022-02-23"}]
[null,"This pro forma does not constitute tax advice.  Please consult a professional tax advisor."]

{"sheet":"Summary & Ratios","index":5,"n_rows":59,"n_cols":14,"rows_kept":59,"cut":false,"hidden":false,"merged":[[58,1,58,12]]}
[]
[null,{"$f":"Project_Name&\" - Summary & Ratios\"","v":"New Hospitality Project - Summary & Ratios"}]
[]
[null,null,null,1,2,3,4,5,6,7,8,9,10,"Total"]
[null,null,null,{"$f":"RPMDateSpan(D4,1)","v":"Jan 22 - Dec 22"},{"$f":"RPMDateSpan(E4,1)","v":"Jan 23 - Dec 23"},"Jan 24 - Dec 24","Jan 25 - Dec 25","Jan 26 - Dec 26","Jan 27 - Dec 27","Jan 28 - Dec 28","Jan 29 - Dec 29","Jan 30 - Dec 30","Jan 31 - Dec 31"]
[null,"Operating Summary"]
[null,"Effective Gross Income",null,{"$f":"'Cash Flows'!F40","v":0},{"$f":"'Cash Flows'!G40","v":2106779.8910000003},{"$f":"'Cash Flows'!H40","v":2339887.5020000003},{"$f":"'Cash Flows'!I40","v":2504821.5034999996},{"$f":"'Cash Flows'!J40","v":2677442.382844999},{"$f":"'Cash Flows'!K40","v":2757765.6543303491},{"$f":"'Cash Flows'!L40","v":2840498.6239602608},{"$f":"'Cash Flows'!M40","v":2925713.9760370562},{"$f":"'Cash Flows'!N40","v":3013486.3350066971},{"$f":"'Cash Flows'!O40","v":3103891.9303050921},{"$f":"SUM(D7:M7)","v":24270287.798984453}]
[null,"Operating Expenses",null,{"$f":"-'Cash Flows'!F76","v":-133713.75},{"$f":"-'Cash Flows'!G76","v":-1109550.043541},{"$f":"-'Cash Flows'!H76","v":-1235398.3837400002},{"$f":"-'Cash Flows'!I76","v":-1356988.9122794999},{"$f":"-'Cash Flows'!J76","v":-1431910.0019250398},{"$f":"-'Cash Flows'!K76","v":-1471329.2435806638},{"$f":"-'Cash Flows'!L76","v":-1526401.7213506571},{"$f":"-'Cash Flows'!M76","v":-1572193.7997395198},{"$f":"-'Cash Flows'!N76","v":-1619359.6776305255},{"$f":"-'Cash Flows'!O76","v":-1667940.5363163187},{"$f":"SUM(D8:M8)","v":-13124786.070103224}]
[null,"Operating Reserves",null,{"$f":"-'Cash Flows'!F87","v":0},{"$f":"-'Cash Flows'!G87","v":-54402},{"$f":"-'Cash Flows'!H87","v":-56034.060000000005},{"$f":"-'Cash Flows'!I87","v":-57715.081800000007},{"$f":"-'Cash Flows'!J87","v":-59446.534254000006},{"$f":"-'Cash Flows'!K87","v":-61229.930281620007},{"$f":"-'Cash Flows'!L87","v":-63066.828190068612},{"$f":"-'Cash Flows'!M87","v":-64958.833035770673},{"$f":"-'Cash Flows'!N87","v":-66907.5980268438},{"$f":"-'Cash Flows'!O87","v":-68914.825967649114},-552675.69155595219]
[null,"Net Operating Income",null,{"$f":"'Cash Flows'!F89","v":-133713.75},{"$f":"'Cash Flows'!G89","v":942827.8474590003},{"$f":"'Cash Flows'!H89","v":1048455.0582600001},{"$f":"'Cash Flows'!I89","v":1090117.5094204997},{"$f":"'Cash Flows'!J89","v":1186085.8466659591},{"$f":"'Cash Flows'!K89","v":1225206.4804680652},{"$f":"'Cash Flows'!L89","v":1251030.074419535},{"$f":"'Cash Flows'!M89","v":1288561.3432617658},{"$f":"'Cash Flows'!N89","v":1327219.0593493278},{"$f":"'Cash Flows'!O89","v":1367036.5680211242},10592826.037325278]
[null,"Less: Debt Service",null,{"$f":"-'Cash Flows'!F113","v":0},{"$f":"-'Cash Flows'!G113","v":-673207.02787777514},{"$f":"-'Cash Flows'!H113","v":-673207.02787777514},{"$f":"-'Cash Flows'!I113","v":-673207.02787777514},{"$f":"-'Cash Flows'!J113","v":-673207.02787777525},{"$f":"-'Cash Flows'!K113","v":-673207.02787777549},{"$f":"-'Cash Flows'!L113","v":-673207.0278777756},{"$f":"-'Cash Flows'!M113","v":-673207.02787777572},{"$f":"-'Cash Flows'!N113","v":-673207.02787777572},{"$f":"-'Cash Flows'!O113","v":-673207.02787777572},-6058863.2508999798]
[null,"Less: Fees",null,{"$f":"'Cash Flows'!F122","v":0},{"$f":"'Cash Flows'!G122","v":0},{"$f":"'Cash Flows'!H122","v":0},{"$f":"'Cash Flows'!I122","v":0},{"$f":"'Cash Flows'!J122","v":0},{"$f":"'Cash Flows'!K122","v":0},{"$f":"'Cash Flows'!L122","v":0},{"$f":"'Cash Flows'!M122","v":0},{"$f":"'Cash Flows'!N122","v":0},{"$f":"'Cash Flows'!O122","v":0},0]
[null,"Refinance Proceeds",null,{"$f":"'Cash Flows'!F121","v":0},{"$f":"'Cash Flows'!G121","v":0},{"$f":"'Cash Flows'!H121","v":0},{"$f":"'Cash Flows'!I121","v":0},{"$f":"'Cash Flows'!J121","v":0},{"$f":"'Cash Flows'!K121","v":0},{"$f":"'Cash Flows'!L121","v":0},{"$f":"'Cash Flows'!M121","v":0},{"$f":"'Cash Flows'!N121","v":0},{"$f":"'Cash Flows'!O121","v":0},0]
[null,"Cash Flow After Debt Service",null,{"$f":"'Cash Flows'!F124","v":-133713.75},{"$f":"'Cash Flows'!G124","v":269620.81958122517},{"$f":"'Cash Flows'!H124","v":375248.03038222494},{"$f":"'Cash Flows'!I124","v":416910.48154272453},{"$f":"'Cash Flows'!J124","v":512878.81878818385},{"$f":"'Cash Flows'!K124","v":551999.45259028976},{"$f":"'Cash Flows'!L124","v":577823.0465417594},{"$f":"'Cash Flows'!M124","v":615354.31538399006},{"$f":"'Cash Flows'!N124","v":654012.03147155209},{"$f":"'Cash Flows'!O124","v":693829.54014334851},4533962.7864252981]
[null,"Capital Expenses",null,{"$f":"-'Cash Flows'!F135","v":0},{"$f":"-'Cash Flows'!G135","v":0},{"$f":"-'Cash Flows'!H135","v":0},{"$f":"-'Cash Flows'!I135","v":0},{"$f":"-'Cash Flows'!J135","v":0},{"$f":"-'Cash Flows'!K135","v":0},{"$f":"-'Cash Flows'!L135","v":0},{"$f":"-'Cash Flows'!M135","v":0},{"$f":"-'Cash Flows'!N135","v":0},{"$f":"-'Cash Flows'!O135","v":0},0]
[null,"Non-Regular Income",null,{"$f":"'Cash Flows'!F142","v":133713.75},{"$f":"'Cash Flows'!G142","v":0},{"$f":"'Cash Flows'!H142","v":0},{"$f":"'Cash Flows'!I142","v":0},{"$f":"'Cash Flows'!J142","v":0},{"$f":"'Cash Flows'!K142","v":0},{"$f":"'Cash Flows'!L142","v":0},{"$f":"'Cash Flows'!M142","v":0},{"$f":"'Cash Flows'!N142","v":0},{"$f":"'Cash Flows'!O142","v":553961.94155595219},687675.69155595219]
[null,{"$f":"IF(Disposition=\"Cap Rate\",\"Sale Price Based on \"&ROUND(Exit_Rate*100,2)&\"% Exit Cap Rate\",\"Sale Price Based on \"&ROUND(Exit_Rate*100,2)&\"% Annual Growth Rate\")","v":"Sale Price Based on 7% Exit Cap Rate"},null,{"$f":"'Return Detail'!F$33","v":0},{"$f":"'Return Detail'!G$33","v":0},{"$f":"'Return Detail'!H$33","v":0},{"$f":"'Return Detail'!I$33","v":0},{"$f":"'Return Detail'!J$33","v":0},{"$f":"'Return Detail'!K$33","v":0},{"$f":"'Return Detail'!L$33","v":0},{"$f":"'Return Detail'!M$33","v":0},{"$f":"'Return Detail'!N$33","v":0},{"$f":"'Return Detail'!O$33","v":21128997.628177475},21128997.628177475]
[null,"Less: Mortgage Balance",null,{"$f":"'Return Detail'!F$35","v":0},{"$f":"'Return Detail'!G$35","v":0},{"$f":"'Return Detail'!H$35","v":0},{"$f":"'Return Detail'!I$35","v":0},{"$f":"'Return Detail'!J$35","v":0},{"$f":"'Return Detail'!K$35","v":0},{"$f":"'Return Detail'!L$35","v":0},{"$f":"'Return Detail'!M$35","v":0},{"$f":"'Return Detail'!N$35","v":0},{"$f":"'Return Detail'!O$35","v":-8027478.031541829},-8027478.031541829]
[null,"Less: Cost of Sale",null,{"$f":"SUM('Return Detail'!F$34,'Return Detail'!F$36)","v":0},{"$f":"SUM('Return Detail'!G$34,'Return Detail'!G$36)","v":0},{"$f":"SUM('Return Detail'!H$34,'Return Detail'!H$36)","v":0},{"$f":"SUM('Return Detail'!I$34,'Return Detail'!I$36)","v":0},{"$f":"SUM('Return Detail'!J$34,'Return Detail'!J$36)","v":0},{"$f":"SUM('Return Detail'!K$34,'Return Detail'!K$36)","v":0},{"$f":"SUM('Return Detail'!L$34,'Return Detail'!L$36)","v":0},{"$f":"SUM('Return Detail'!M$34,'Return Detail'!M$36)","v":0},{"$f":"SUM('Return Detail'!N$34,'Return Detail'!N$36)","v":0},{"$f":"SUM('Return Detail'!O$34,'Return Detail'!O$36)","v":-845159.90512709902},-845159.90512709902]
[null,"Cash Flow Before Taxes",null,{"$f":"SUM(D14:D19)","v":0},{"$f":"SUM(E14:E19)","v":269620.81958122517},375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,13504151.173207847,17477998.169489797]
[null,"Less: Taxes",null,{"$f":"SUM('Return Detail'!F74:F76,'Return Detail'!F81:F82)","v":168257.31031073999},{"$f":"SUM('Return Detail'!G74:G76,'Return Detail'!G81:G82)","v":-137950.69037005166},{"$f":"SUM('Return Detail'!H74:H76,'Return Detail'!H81:H82)","v":-177971.94592911858},{"$f":"SUM('Return Detail'!I74:I76,'Return Detail'!I81:I82)","v":-195775.66472114794},{"$f":"SUM('Return Detail'!J74:J76,'Return Detail'!J81:J82)","v":-232766.52309017238},{"$f":"SUM('Return Detail'!K74:K76,'Return Detail'!K81:K82)","v":-250051.31247108162},{"$f":"SUM('Return Detail'!L74:L76,'Return Detail'!L81:L82)","v":-262883.94668039324},{"$f":"SUM('Return Detail'!M74:M76,'Return Detail'!M81:M82)","v":-280027.92981344223},{"$f":"SUM('Return Detail'!N74:N76,'Return Detail'!N81:N82)","v":-297792.39945936302},{"$f":"SUM('Return Detail'!O74:O76,'Return Detail'!O81:O82)","v":-1989421.8635025744},{"$f":"SUM(D21:M21)","v":-3656384.9657266047}]
[null,"Cash Flow After Taxes",null,{"$f":"SUM(D20:D21)","v":168257.31031073999},{"$f":"SUM(E20:E21)","v":131670.12921117351},197276.08445310636,221134.81682157659,280112.29569801147,301948.14011920814,314939.09986136615,335326.38557054783,356219.63201218907,11514729.309705272,{"$f":"SUM(D22:M22)","v":13821613.203763191}]
[]
[null,"Value Summary"]
[null,{"$f":"IF(Project_Type=\"Acquisition\",\"Cap Rate Based on Acquisition Cost\",\"Cap Rate Based on Development Cost\")","v":"Cap Rate Based on Development Cost"},null,{"$f":"IFERROR(SUM(D7:D8)/Acquisition_Levered,\"-\")","v":-1.0717555096955846E-2},7.9930940793080066E-2,8.85280906334594E-2,9.2002199014591265E-2,9.9833127988350173E-2,0.1031117077409008,0.10532877850226659,0.1084886712421889,0.11174340157660677,0.11509577871853292]
[null,{"$f":"IF(Disposition=\"Cap Rate\",\"Value Based on \"&ROUND(Exit_Rate*100,2)&\"% Exit Cap Rate\",\"Value Based on \"&ROUND(Exit_Rate*100,2)&\"% Annual Growth Rate\")","v":"Value Based on 7% Exit Cap Rate"},null,{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!G$89/Exit_Rate,FV(Exit_Rate,D$4,0,-Acquisition_Gross)),\"-\")","v":13468969.249414289},{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!H$89/Exit_Rate,FV(Exit_Rate,E$4,0,-Acquisition_Gross)),\"-\")","v":14977929.403714286},{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!I$89/Exit_Rate,FV(Exit_Rate,F$4,0,-Acquisition_Gross)),\"-\")","v":15573107.277435709},{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!J$89/Exit_Rate,FV(Exit_Rate,G$4,0,-Acquisition_Gross)),\"-\")","v":16944083.523799416},{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!K$89/Exit_Rate,FV(Exit_Rate,H$4,0,-Acquisition_Gross)),\"-\")","v":17502949.720972359},{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!L$89/Exit_Rate,FV(Exit_Rate,I$4,0,-Acquisition_Gross)),\"-\")","v":17871858.205993354},{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!M$89/Exit_Rate,FV(Exit_Rate,J$4,0,-Acquisition_Gross)),\"-\")","v":18408019.189453796},{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!N$89/Exit_Rate,FV(Exit_Rate,K$4,0,-Acquisition_Gross)),\"-\")","v":18960272.276418965},{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!O$89/Exit_Rate,FV(Exit_Rate,L$4,0,-Acquisition_Gross)),\"-\")","v":19529093.828873202},{"$f":"IFERROR(IF(Disposition=\"Cap Rate\",'Cash Flows'!P$89/Exit_Rate,FV(Exit_Rate,M$4,0,-Acquisition_Gross)),\"-\")","v":20114965.18893921}]
[null,"Mortgage Balance (EOY)",null,{"$f":"IFERROR(VLOOKUP(D$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":9357107.25},{"$f":"IFERROR(VLOOKUP(E$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":9242200.8770397063},{"$f":"IFERROR(VLOOKUP(F$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":9120207.3304259349},{"$f":"IFERROR(VLOOKUP(G$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":8990689.4887954369},{"$f":"IFERROR(VLOOKUP(H$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":8853183.27009576},{"$f":"IFERROR(VLOOKUP(I$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":8707195.9687089231},{"$f":"IFERROR(VLOOKUP(J$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":8552204.4900125433},{"$f":"IFERROR(VLOOKUP(K$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":8387653.4760525273},{"$f":"IFERROR(VLOOKUP(L$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":8212953.3156113708},{"$f":"IFERROR(VLOOKUP(M$4,'Loan Amortization'!$B$14:$J$23,9,FALSE),\"-\")","v":8027478.031541829},{"$f":"IFERROR(VLOOKUP(N$4,'Loan Amortization'!$B$14:$J$23,8,FALSE),\"-\")","v":"-"}]
[null,"Equity (EOY)",null,{"$f":"IFERROR(D26-D27,\"-\")","v":4111861.9994142894},{"$f":"IFERROR(E26-E27,\"-\")","v":5735728.5266745798},6452899.9470097739,7953394.0350039788,8649766.4508765992,9164662.2372844312,9855814.6994412523,10572618.800366439,11316140.513261832,12087487.157397382]
[]
[null,"Operating Ratios"]
[null,"Net Income Multiplier*",null,{"$f":"IFERROR(Acquisition_Levered/D10,\"-\")","v":-93.304862065419599},13.232684029883341,11.899549629437828,11.444768928289434,10.518752108095674,10.18289014863335,9.9726963045143435,9.6822266671595507,9.4002138622967468,9.1264149707860707]
[null,"Operating Expense Ratio",null,{"$f":"IFERROR(-D8/D7,\"-\")","v":"-"},0.52665684169519156,0.52797341012508214,0.5417507436691088,0.53480515999134959,0.53352221617174989,0.53737104763054855,0.5373709845242941,0.53737083816141706,0.5373706861476879]
[null,"Cash on Cash Return (Pre Tax)",null,{"$f":"IFERROR('Return Detail'!F32/Equity_Amount,\"-\")","v":0},{"$f":"IFERROR('Return Detail'!G32/Equity_Amount,\"-\")","v":8.6443645149378356E-2},{"$f":"IFERROR('Return Detail'!H32/Equity_Amount,\"-\")","v":0.12030898664185716},{"$f":"IFERROR('Return Detail'!I32/Equity_Amount,\"-\")","v":0.13366646456127493},{"$f":"IFERROR('Return Detail'!J32/Equity_Amount,\"-\")","v":0.16443505618304755},{"$f":"IFERROR('Return Detail'!K32/Equity_Amount,\"-\")","v":0.17697759719178907},{"$f":"IFERROR('Return Detail'!L32/Equity_Amount,\"-\")","v":0.18525694889574748},{"$f":"IFERROR('Return Detail'!M32/Equity_Amount,\"-\")","v":0.19728992057368694},{"$f":"IFERROR('Return Detail'!N32/Equity_Amount,\"-\")","v":0.20968404465115609},{"$f":"IFERROR('Return Detail'!O32/Equity_Amount,\"-\")","v":0.40005680656250919},{"$f":"'Cash Flows'!P146","v":0}]
[null,"Cash on Cash Return (Post Tax)",null,{"$f":"IFERROR('Return Detail'!F$83/Equity_Amount,\"-\")","v":5.3945297135738181E-2},{"$f":"'Cash Flows'!G158","v":4.2215011229407524E-2},{"$f":"'Cash Flows'!H158","v":6.3249061654104599E-2},{"$f":"'Cash Flows'!I158","v":7.089845533882598E-2},{"$f":"'Cash Flows'!J158","v":8.9807337315069721E-2},{"$f":"'Cash Flows'!K158","v":9.6808169037244332E-2},{"$f":"'Cash Flows'!L158","v":0.10097322541473472},{"$f":"'Cash Flows'!M158","v":0.10750963196575988},{"$f":"'Cash Flows'!N158","v":0.11420825555211706},{"$f":"'Cash Flows'!O158","v":0.29846884793741185},{"$f":"'Cash Flows'!P158","v":0}]
[null,{"$f":"IF(Project_Type=\"Acquisition\",\"*Based on Acquisition Cost\",\"*Based on Development Cost\")","v":"*Based on Development Cost"}]
[]
[null,"Lender Ratios"]
[null,"Loan to Value Ratio (EOY)",null,{"$f":"IFERROR(D27/D26,\"-\")","v":0.69471591156887547},{"$f":"IFERROR(E27/E26,\"-\")","v":0.61705464272970789},0.58563825240197553,0.53060937029537447,0.50581092965648589,0.48720149121309342,0.46459124156673076,0.44238043387616938,0.42054963674088947,0.39907988684742879]
[null,"Debt to Equity Ratio (EOY)",null,{"$f":"IFERROR(D27/D28,\"-\")","v":2.275637473079803},{"$f":"IFERROR(E27/E28,\"-\")","v":1.6113386179380571},1.4133501844627503,1.1304217355793236,1.0235170302428855,0.95008367392805748,0.86773186700612248,0.79333735892963597,0.72577335938753029,0.66411471027947433]
[null,"Debt Service Coverage Ratio",null,{"$f":"IFERROR(D$10/-D$11,\"-\")","v":"-"},{"$f":"IFERROR(E$10/-E$11,\"-\")","v":1.4005020869006384},1.5574036141083683,1.6192901503969699,1.7618441245406904,1.8199549763026366,1.8583140439922239,1.9140640098839117,1.9714872311022449,2.0306332397191151]
[null,"Break Even Occupancy (Pre Tax)",null,{"$f":"IFERROR(SUM('Cash Flows'!F122,'Cash Flows'!F113,'Cash Flows'!F76)/('Cash Flows'!F40/'Cash Flows'!F14),\"-\")","v":"-"},{"$f":"IFERROR(SUM('Cash Flows'!G122,'Cash Flows'!G113,'Cash Flows'!G76)/('Cash Flows'!G40/'Cash Flows'!G14),\"-\")","v":0.52041297888130766},{"$f":"IFERROR(SUM('Cash Flows'!H122,'Cash Flows'!H113,'Cash Flows'!H76)/('Cash Flows'!H40/'Cash Flows'!H14),\"-\")","v":0.53182502462667092},{"$f":"IFERROR(SUM('Cash Flows'!I122,'Cash Flows'!I113,'Cash Flows'!I76)/('Cash Flows'!I40/'Cash Flows'!I14),\"-\")","v":0.5446662246708428},{"$f":"IFERROR(SUM('Cash Flows'!J122,'Cash Flows'!J113,'Cash Flows'!J76)/('Cash Flows'!J40/'Cash Flows'!J14),\"-\")","v":0.54407930267976212},{"$f":"IFERROR(SUM('Cash Flows'!K122,'Cash Flows'!K113,'Cash Flows'!K76)/('Cash Flows'!K40/'Cash Flows'!K14),\"-\")","v":0.53812371530516978},{"$f":"IFERROR(SUM('Cash Flows'!L122,'Cash Flows'!L113,'Cash Flows'!L76)/('Cash Flows'!L40/'Cash Flows'!L14),\"-\")","v":0.53586692196453267},{"$f":"IFERROR(SUM('Cash Flows'!M122,'Cash Flows'!M113,'Cash Flows'!M76)/('Cash Flows'!M40/'Cash Flows'!M14),\"-\")","v":0.53108997852751427},{"$f":"IFERROR(SUM('Cash Flows'!N122,'Cash Flows'!N113,'Cash Flows'!N76)/('Cash Flows'!N40/'Cash Flows'!N14),\"-\")","v":0.52645208368207796},{"$f":"IFERROR(SUM('Cash Flows'!O122,'Cash Flows'!O113,'Cash Flows'!O76)/('Cash Flows'!O40/'Cash Flows'!O14),\"-\")","v":0.52194926588925106}]
[null,"Break Even Occupancy (Post Tax)",null,{"$f":"IFERROR(SUM('Cash Flows'!F122,'Cash Flows'!F113,'Cash Flows'!F76,'Cash Flows'!F152)/('Cash Flows'!F40/'Cash Flows'!F14),\"-\")","v":"-"},{"$f":"IFERROR(SUM('Cash Flows'!G122,'Cash Flows'!G113,'Cash Flows'!G76,'Cash Flows'!G152)/('Cash Flows'!G40/'Cash Flows'!G14),\"-\")","v":0.48014314578673034},{"$f":"IFERROR(SUM('Cash Flows'!H122,'Cash Flows'!H113,'Cash Flows'!H76,'Cash Flows'!H152)/('Cash Flows'!H40/'Cash Flows'!H14),\"-\")","v":0.48223387605794571},{"$f":"IFERROR(SUM('Cash Flows'!I122,'Cash Flows'!I113,'Cash Flows'!I76,'Cash Flows'!I152)/('Cash Flows'!I40/'Cash Flows'!I14),\"-\")","v":0.49214302231539342},{"$f":"IFERROR(SUM('Cash Flows'!J122,'Cash Flows'!J113,'Cash Flows'!J76,'Cash Flows'!J152)/('Cash Flows'!J40/'Cash Flows'!J14),\"-\")","v":0.48391948934056916},{"$f":"IFERROR(SUM('Cash Flows'!K122,'Cash Flows'!K113,'Cash Flows'!K76,'Cash Flows'!K152)/('Cash Flows'!K40/'Cash Flows'!K14),\"-\")","v":0.47537889579583931},{"$f":"IFERROR(SUM('Cash Flows'!L122,'Cash Flows'!L113,'Cash Flows'!L76,'Cash Flows'!L152)/('Cash Flows'!L40/'Cash Flows'!L14),\"-\")","v":0.4718233454007803},{"$f":"IFERROR(SUM('Cash Flows'!M122,'Cash Flows'!M113,'Cash Flows'!M76,'Cash Flows'!M152)/('Cash Flows'!M40/'Cash Flows'!M14),\"-\")","v":0.46485680296146648},{"$f":"IFERROR(SUM('Cash Flows'!N122,'Cash Flows'!N113,'Cash Flows'!N76,'Cash Flows'!N152)/('Cash Flows'!N40/'Cash Flows'!N14),\"-\")","v":0.45806871720319159},{"$f":"IFERROR(SUM('Cash Flows'!O122,'Cash Flows'!O113,'Cash Flows'!O76,'Cash Flows'!O152)/('Cash Flows'!O40/'Cash Flows'!O14),\"-\")","v":0.45130741191029572}]
[null,"Debt Yield",null,{"$f":"IFERROR(D10/D27,\"-\")","v":-1.4290073462607794E-2},0.1020133472538188,0.11495956399612187,0.12124960057613474,0.13397281073716322,0.14071194502467771,0.14628159042274025,0.15362596308260937,0.16160070663332754,0.17029465077945022]
[]
[null,{"$f":"\"Performance Summary over \" & Hold & \" Years\"","v":"Performance Summary over 10 Years"},null,"Pre Tax","Post Tax"]
[null,"Initial Equity",null,{"$f":"-Equity_Amount","v":-3119035.75},{"$f":"-Equity_Amount","v":-3119035.75}]
[null,"Operating Cash Flows",null,{"$f":"SUM('Return Detail'!$F$32:$O$32)","v":5221638.4779812507},{"$f":"SUM('Return Detail'!$F$83:$O$83)","v":3237818.9010360204}]
[null,"Net Reversion Proceeds",null,{"$f":"SUM('Return Detail'!$F$33:$O$36)","v":12256359.691508546},{"$f":"SUM('Return Detail'!$F$84:$O$84)","v":10583794.30272717}]
[null,"Net Cash Flow",null,{"$f":"SUM(D46:D48)","v":14358962.419489797},{"$f":"SUM(E46:E48)","v":10702577.453763191}]
[null,{"$f":"\"Net Present Value at \"&ROUND(Equity_Rate*100,2)&\"%\"","v":"Net Present Value at 8%"},null,{"$f":"'Return Detail'!$C$41","v":5665170.99156362},{"$f":"'Return Detail'!$C$89","v":3726383.5341366492}]
[null,"Leveraged IRR",null,{"$f":"'Return Detail'!$C$42","v":0.22200865336552789},{"$f":"'Return Detail'!C91","v":0.18246907353016617}]
[]
[]
[]
[]
[null,"www.realpropmetrics.com"]
[null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"TODAY()","v":"2022-02-23"}]
[null,"This pro forma does not constitute tax advice.  Please consult a professional tax advisor."]

{"sheet":"Return Detail","index":6,"n_rows":105,"n_cols":15,"rows_kept":105,"cut":false,"hidden":false,"merged":[[1,1,1,14],[104,1,104,14]]}
[]
[null,{"$f":"Project_Name&\" - Project Return Details\"","v":"New Hospitality Project - Project Return Details"}]
[]
[null,"Unlevered Returns"]
[null,null,null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,"Net Operating Income",null,null,null,{"$f":"IF(F$5<=Hold,'Cash Flows'!F$89,0)","v":-133713.75},{"$f":"IF(G$5<=Hold,'Cash Flows'!G$89,0)","v":942827.8474590003},{"$f":"IF(H$5<=Hold,'Cash Flows'!H$89,0)","v":1048455.0582600001},{"$f":"IF(I$5<=Hold,'Cash Flows'!I$89,0)","v":1090117.5094204997},{"$f":"IF(J$5<=Hold,'Cash Flows'!J$89,0)","v":1186085.8466659591},{"$f":"IF(K$5<=Hold,'Cash Flows'!K$89,0)","v":1225206.4804680652},{"$f":"IF(L$5<=Hold,'Cash Flows'!L$89,0)","v":1251030.074419535},{"$f":"IF(M$5<=Hold,'Cash Flows'!M$89,0)","v":1288561.3432617658},{"$f":"IF(N$5<=Hold,'Cash Flows'!N$89,0)","v":1327219.0593493278},{"$f":"IF(O$5<=Hold,'Cash Flows'!O$89,0)","v":1367036.5680211242}]
[null,"Less: Net Capital Expenses",null,null,null,{"$f":"IF(F$5<=Hold,'Cash Flows'!F$135*-1,0)","v":0},{"$f":"IF(G$5<=Hold,'Cash Flows'!G$135*-1,0)","v":0},{"$f":"IF(H$5<=Hold,'Cash Flows'!H$135*-1,0)","v":0},{"$f":"IF(I$5<=Hold,'Cash Flows'!I$135*-1,0)","v":0},{"$f":"IF(J$5<=Hold,'Cash Flows'!J$135*-1,0)","v":0},{"$f":"IF(K$5<=Hold,'Cash Flows'!K$135*-1,0)","v":0},{"$f":"IF(L$5<=Hold,'Cash Flows'!L$135*-1,0)","v":0},{"$f":"IF(M$5<=Hold,'Cash Flows'!M$135*-1,0)","v":0},{"$f":"IF(N$5<=Hold,'Cash Flows'!N$135*-1,0)","v":0},{"$f":"IF(O$5<=Hold,'Cash Flows'!O$135*-1,0)","v":0}]
[null,"Non-Regular Income",null,null,null,{"$f":"IF(F5>Hold,0,'Cash Flows'!F142)","v":133713.75},{"$f":"IF(G5>Hold,0,'Cash Flows'!G142)","v":0},{"$f":"IF(H5>Hold,0,'Cash Flows'!H142)","v":0},{"$f":"IF(I5>Hold,0,'Cash Flows'!I142)","v":0},{"$f":"IF(J5>Hold,0,'Cash Flows'!J142)","v":0},{"$f":"IF(K5>Hold,0,'Cash Flows'!K142)","v":0},{"$f":"IF(L5>Hold,0,'Cash Flows'!L142)","v":0},{"$f":"IF(M5>Hold,0,'Cash Flows'!M142)","v":0},{"$f":"IF(N5>Hold,0,'Cash Flows'!N142)","v":0},{"$f":"IF(O5>Hold,0,'Cash Flows'!O142)","v":553961.94155595219}]
[null,"Operating Cash Flow",null,null,null,{"$f":"SUM(F6:F8)","v":0},{"$f":"SUM(G6:G8)","v":942827.8474590003},1048455.0582600001,1090117.5094204997,1186085.8466659591,1225206.4804680652,1251030.074419535,1288561.3432617658,1327219.0593493278,1920998.5095770764]
[null,"Reversion Cash Flow",null,null,null,{"$f":"IFERROR(IF(F$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!G$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":0},{"$f":"IFERROR(IF(G$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!H$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":0},{"$f":"IFERROR(IF(H$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!I$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":0},{"$f":"IFERROR(IF(I$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!J$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":0},{"$f":"IFERROR(IF(J$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!K$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":0},{"$f":"IFERROR(IF(K$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!L$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":0},{"$f":"IFERROR(IF(L$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!M$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":0},{"$f":"IFERROR(IF(M$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!N$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":0},{"$f":"IFERROR(IF(N$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!O$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":0},{"$f":"IFERROR(IF(O$5=Hold,IF(Disposition=\"Cap Rate\",'Cash Flows'!P$81/Exit_Rate,FV(Exit_Rate,Hold,0,-Acquisition_Gross)),0),0)","v":21128997.628177475}]
[null,"Less: Cost of Sale",null,null,null,{"$f":"F10*-Sale_Cost","v":0},0,0,0,0,0,0,0,0,-845159.90512709902]
[null,"Net Cash Flow",null,null,{"$f":"-Acquisition_Unlevered","v":-12476143},{"$f":"SUM(F9:F11)","v":0},942827.8474590003,1048455.0582600001,1090117.5094204997,1186085.8466659591,1225206.4804680652,1251030.074419535,1288561.3432617658,1327219.0593493278,22204836.232627451]
[null,"Cash on Cash Return",null,null,null,{"$f":"IFERROR(F9/Acquisition_Unlevered,\"-\")","v":0},7.5570458551092304E-2,8.4036793924211997E-2,8.737616340406644E-2,9.5068311309509601E-2,9.820394656169501E-2,0.10027378448768462,0.10328202740716949,0.10638055842653678,0.15397374890437504]
[]
[null,"Net Cash Flow",{"$f":"SUM(E12:O12)","v":19088196.451931603}]
[null,{"$f":"\"Net Present Value at \"&ROUND(Equity_Rate*100,2)&\"%\"","v":"Net Present Value at 8%"},{"$f":"SUM(E12,NPV(Equity_Rate,F12:O12))","v":3920273.4062883966}]
[null,"Unleveraged IRR",{"$f":"IFERROR(IRR(E12:O12),\"-\")","v":0.11685854397673934}]
[null,"Avg. Operating Cash on Cash",{"$f":"IFERROR(((SUM($F$9:$O$9)/Hold)/Acquisition_Unlevered),\"-\")","v":9.0416579297634136E-2}]
[null,"Avg. Cash on Cash",{"$f":"IFERROR(((SUM($F$12:$O$12)/Hold)/Acquisition_Unlevered),\"-\")","v":0.25299757667038286}]
[null,{"$f":"\"Unleveraged PV at \" & TEXT(Equity_Rate,\"#%\") & IF(LEN(C20)>=7,\" Rounded ($10,000's)\",\" Rounded ($1,000's)\")","v":"Unleveraged PV at 8% Rounded ($10,000's)"},{"$f":"IF(LEN(INT(NPV(Equity_Rate,F12:O12)))>=7,ROUND(NPV(Equity_Rate,F12:O12),-4),ROUND(NPV(Equity_Rate,F12:O12),-3))","v":16400000}]
[null,{"$f":"IF(Property_Use=\"Commercial\",\"Per Square Feet\",\"Per Unit\")","v":"Per Unit"},{"$f":"IFERROR(C20/Size_Total,0)","v":195238.09523809524}]
[]
[null,"Levered Cash Flow"]
[null,null,null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,"Net Operating Income",null,null,null,{"$f":"F6","v":-133713.75},{"$f":"G6","v":942827.8474590003},1048455.0582600001,1090117.5094204997,1186085.8466659591,1225206.4804680652,1251030.074419535,1288561.3432617658,1327219.0593493278,1367036.5680211242]
[null,"Refinance Proceeds",null,null,null,{"$f":"IF(Hold<F24,0,IF(ROUNDUP((Loan_IO_Term+1)/12,0)=F24,Loan_Amount_Amortizing-Loan_Amount,0))","v":0},0,0,0,0,0,0,0,0,0]
[null,"Less: Debt Service",null,null,null,{"$f":"IF(F24<=Hold,-'Cash Flows'!F$113,0)","v":0},{"$f":"IF(G24<=Hold,-'Cash Flows'!G$113,0)","v":-673207.02787777514},{"$f":"IF(H24<=Hold,-'Cash Flows'!H$113,0)","v":-673207.02787777514},{"$f":"IF(I24<=Hold,-'Cash Flows'!I$113,0)","v":-673207.02787777514},{"$f":"IF(J24<=Hold,-'Cash Flows'!J$113,0)","v":-673207.02787777525},{"$f":"IF(K24<=Hold,-'Cash Flows'!K$113,0)","v":-673207.02787777549},{"$f":"IF(L24<=Hold,-'Cash Flows'!L$113,0)","v":-673207.0278777756},{"$f":"IF(M24<=Hold,-'Cash Flows'!M$113,0)","v":-673207.02787777572},{"$f":"IF(N24<=Hold,-'Cash Flows'!N$113,0)","v":-673207.02787777572},{"$f":"IF(O24<=Hold,-'Cash Flows'!O$113,0)","v":-673207.02787777572}]
[null,"Less: Mortgage Origination Fee",null,null,null,{"$f":"IF(OR(F24>Hold,Loan_IO_Approval=\"No\"),0,IF(AND(Loan_IO_Term<>0,(Loan_IO_Term+1)/12<=F24,(Loan_IO_Term+1)/12>F24-1),Loan_Amor_Fee*-Loan_Amount_Amortizing,0))","v":0},0,0,0,0,0,0,0,0,0]
[null,"Cash Flow After Debt Service",null,null,null,{"$f":"SUM(F25:F28)","v":-133713.75},{"$f":"SUM(G25:G28)","v":269620.81958122517},375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,693829.54014334851]
[null,"Less: Net Capital Expenses",null,null,null,{"$f":"F$7","v":0},{"$f":"G$7","v":0},0,0,0,0,0,0,0,0]
[null,"Non-Regular Income",null,null,null,{"$f":"F8","v":133713.75},{"$f":"G8","v":0},0,0,0,0,0,0,0,553961.94155595219]
[null,"Distributable Cash Flow",null,null,null,{"$f":"SUM(F29:F31)","v":0},{"$f":"SUM(G29:G31)","v":269620.81958122517},375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,1247791.4816993007]
[null,"Reversion Cash Flow",null,null,null,{"$f":"F10","v":0},{"$f":"G10","v":0},0,0,0,0,0,0,0,21128997.628177475]
[null,"Less: Cost of Sale",null,null,null,{"$f":"F33*-Sale_Cost","v":0},0,0,0,0,0,0,0,0,-845159.90512709902]
[null,"Less: Mortgage Balance",null,null,null,{"$f":"IF(F$24=Hold,-VLOOKUP(F$24,Amortization_Schedule_Annual,9,FALSE),0)","v":0},0,0,0,0,0,0,0,0,-8027478.031541829]
[null,"Less: Mortgage Exit Fee",null,null,null,{"$f":"F35*Loan_Exit_Fee","v":0},{"$f":"G35*Loan_Exit_Fee","v":0},0,0,0,0,0,0,0,0]
[null,"Net Cash Flow",null,null,{"$f":"-Equity_Amount","v":-3119035.75},{"$f":"SUM(F32:F36)","v":0},269620.81958122517,375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,13504151.173207846]
[null,"Cash on Cash Return",null,null,null,{"$f":"IFERROR(F32/Equity_Amount,\"-\")","v":0},8.6443645149378356E-2,0.12030898664185716,0.13366646456127493,0.16443505618304755,0.17697759719178907,0.18525694889574748,0.19728992057368694,0.20968404465115609,0.40005680656250919]
[]
[null,"Net Leveraged Cash Flow",{"$f":"SUM(E37:O37)","v":14358962.419489795}]
[null,{"$f":"\"Net Present Value at \"&ROUND(Equity_Rate*100,2)&\"%\"","v":"Net Present Value at 8%"},{"$f":"SUM(E37,NPV(Equity_Rate,F37:O37))","v":5665170.99156362}]
[null,"Leveraged IRR",{"$f":"IFERROR(IRR(E37:O37),\"-\")","v":0.22200865336552789}]
[null,"Avg. Operating Cash on Cash",{"$f":"IFERROR(((SUM($F$32:$O$32)/Hold)/-E37),\"-\")","v":0.16741194704104467}]
[null,"Avg. Cash on Cash",{"$f":"IFERROR(((SUM($F$37:$O$37)/Hold)/-E37),\"-\")","v":0.56036543247347503}]
[null,{"$f":"\"Present Value of Cash Flows at \"&ROUND(Equity_Rate*100,0)&\"%\"","v":"Present Value of Cash Flows at 8%"},{"$f":"NPV(Equity_Rate,F37:O37)","v":8784206.74156362}]
[null,"Plus: Original Loan Amount",{"$f":"Loan_Amount","v":9357107.25}]
[null,"Total Leveraged Present Value",{"$f":"SUM(C45:C46)","v":18141313.991563618}]
[null,{"$f":"IF(LEN(C48)>=7,\"Rounded ($10,000's)\",\"Rounded ($1,000's)\")","v":"Rounded ($10,000's)"},{"$f":"IF(LEN(INT(C47))>=7,ROUND(C47,-4),ROUND(C47,-3))","v":18140000}]
[null,{"$f":"IF(Property_Use=\"Commercial\",\"Per Square Feet\",\"Per Unit\")","v":"Per Unit"},{"$f":"IFERROR(C48/Size_Total,0)","v":215952.38095238095}]
[]
[null,"After Tax Returns"]
[null,null,null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,"Basis Calculation"]
[null,"Basis at Acquisition",null,null,null,{"$f":"IF(F52=Hold,Acquisition_Unlevered,0)","v":0},0,0,0,0,0,0,0,0,12476143]
[null,"+ Capital Additions",null,null,null,{"$f":"IF(F52=Hold,SUM('Cash Flows'!$F$130:F$130),0)","v":0},{"$f":"IF(G52=Hold,SUM('Cash Flows'!$F$130:G$130),0)","v":0},{"$f":"IF(H52=Hold,SUM('Cash Flows'!$F$130:H$130),0)","v":0},{"$f":"IF(I52=Hold,SUM('Cash Flows'!$F$130:I$130),0)","v":0},{"$f":"IF(J52=Hold,SUM('Cash Flows'!$F$130:J$130),0)","v":0},{"$f":"IF(K52=Hold,SUM('Cash Flows'!$F$130:K$130),0)","v":0},{"$f":"IF(L52=Hold,SUM('Cash Flows'!$F$130:L$130),0)","v":0},{"$f":"IF(M52=Hold,SUM('Cash Flows'!$F$130:M$130),0)","v":0},{"$f":"IF(N52=Hold,SUM('Cash Flows'!$F$130:N$130),0)","v":0},{"$f":"IF(O52=Hold,SUM('Cash Flows'!$F$130:O$130),0)","v":0}]
[null,"Cost Recovery (Depreciation) Taken",null,null,null,{"$f":"IF(F52=Hold,SUM('Cash Flows'!$F$149:F$149)*-1,0)","v":0},{"$f":"IF(G52=Hold,SUM('Cash Flows'!$F$149:G$149)*-1,0)","v":0},{"$f":"IF(H52=Hold,SUM('Cash Flows'!$F$149:H$149)*-1,0)","v":0},{"$f":"IF(I52=Hold,SUM('Cash Flows'!$F$149:I$149)*-1,0)","v":0},{"$f":"IF(J52=Hold,SUM('Cash Flows'!$F$149:J$149)*-1,0)","v":0},{"$f":"IF(K52=Hold,SUM('Cash Flows'!$F$149:K$149)*-1,0)","v":0},{"$f":"IF(L52=Hold,SUM('Cash Flows'!$F$149:L$149)*-1,0)","v":0},{"$f":"IF(M52=Hold,SUM('Cash Flows'!$F$149:M$149)*-1,0)","v":0},{"$f":"IF(N52=Hold,SUM('Cash Flows'!$F$149:N$149)*-1,0)","v":0},{"$f":"IF(O52=Hold,SUM('Cash Flows'!$F$149:O$149)*-1,0)","v":-444105.77668519993}]
[null,"Adjusted Basis at Sale",null,null,null,{"$f":"SUM(F54:F56)","v":0},{"$f":"SUM(G54:G56)","v":0},0,0,0,0,0,0,0,12032037.223314799]
[]
[null,"Capital Gain Calculation"]
[null,"Sale Price",null,null,null,{"$f":"F10","v":0},0,0,0,0,0,0,0,0,21128997.628177475]
[null,"Less Cost of Sale",null,null,null,{"$f":"F11","v":0},0,0,0,0,0,0,0,0,-845159.90512709902]
[null,"Less Adjusted Basis at Sale",null,null,null,{"$f":"IF(F52=Hold,SUM($F$57:F57)*-1,0)","v":0},{"$f":"IF(G52=Hold,SUM($F$57:G57)*-1,0)","v":0},{"$f":"IF(H52=Hold,SUM($F$57:H57)*-1,0)","v":0},{"$f":"IF(I52=Hold,SUM($F$57:I57)*-1,0)","v":0},{"$f":"IF(J52=Hold,SUM($F$57:J57)*-1,0)","v":0},{"$f":"IF(K52=Hold,SUM($F$57:K57)*-1,0)","v":0},{"$f":"IF(L52=Hold,SUM($F$57:L57)*-1,0)","v":0},{"$f":"IF(M52=Hold,SUM($F$57:M57)*-1,0)","v":0},{"$f":"IF(N52=Hold,SUM($F$57:N57)*-1,0)","v":0},{"$f":"IF(O52=Hold,SUM($F$57:O57)*-1,0)","v":-12032037.223314799}]
[null,"Gain (Loss)",null,null,null,{"$f":"SUM(F60:F62)","v":0},{"$f":"SUM(G60:G62)","v":0},0,0,0,0,0,0,0,8251800.4997355752]
[null,"Straight Line Cost Recovery (Limited to Gain)",null,null,null,{"$f":"IF(F63<=0,0,IF(F63<SUM($F$56:F56)*-1,F63,SUM($F$56:F56)*-1))","v":0},{"$f":"IF(G63<=0,0,IF(G63<SUM($F$56:G56)*-1,G63,SUM($F$56:G56)*-1))","v":0},{"$f":"IF(H63<=0,0,IF(H63<SUM($F$56:H56)*-1,H63,SUM($F$56:H56)*-1))","v":0},{"$f":"IF(I63<=0,0,IF(I63<SUM($F$56:I56)*-1,I63,SUM($F$56:I56)*-1))","v":0},{"$f":"IF(J63<=0,0,IF(J63<SUM($F$56:J56)*-1,J63,SUM($F$56:J56)*-1))","v":0},{"$f":"IF(K63<=0,0,IF(K63<SUM($F$56:K56)*-1,K63,SUM($F$56:K56)*-1))","v":0},{"$f":"IF(L63<=0,0,IF(L63<SUM($F$56:L56)*-1,L63,SUM($F$56:L56)*-1))","v":0},{"$f":"IF(M63<=0,0,IF(M63<SUM($F$56:M56)*-1,M63,SUM($F$56:M56)*-1))","v":0},{"$f":"IF(N63<=0,0,IF(N63<SUM($F$56:N56)*-1,N63,SUM($F$56:N56)*-1))","v":0},{"$f":"IF(O63<=0,0,IF(O63<SUM($F$56:O56)*-1,O63,SUM($F$56:O56)*-1))","v":444105.77668519993}]
[null,"Capital Gain from Appreciation",null,null,null,{"$f":"IF(F63<=0,0,F63-F64)","v":0},{"$f":"IF(G63<=0,0,G63-G64)","v":0},0,0,0,0,0,0,0,7807694.7230503755]
[null,"Unamortized Loan Fees (Costs)",null,null,null,{"$f":"IF(F52=Hold,SUM('Cash Flows'!G$150:$P$150)*-1,0)","v":0},{"$f":"IF(G52=Hold,SUM('Cash Flows'!H$150:$P$150)*-1,0)","v":0},{"$f":"IF(H52=Hold,SUM('Cash Flows'!I$150:$P$150)*-1,0)","v":0},{"$f":"IF(I52=Hold,SUM('Cash Flows'!J$150:$P$150)*-1,0)","v":0},{"$f":"IF(J52=Hold,SUM('Cash Flows'!K$150:$P$150)*-1,0)","v":0},{"$f":"IF(K52=Hold,SUM('Cash Flows'!L$150:$P$150)*-1,0)","v":0},{"$f":"IF(L52=Hold,SUM('Cash Flows'!M$150:$P$150)*-1,0)","v":0},{"$f":"IF(M52=Hold,SUM('Cash Flows'!N$150:$P$150)*-1,0)","v":0},{"$f":"IF(N52=Hold,SUM('Cash Flows'!O$150:$P$150)*-1,0)","v":0},{"$f":"IF(O52=Hold,SUM('Cash Flows'!P$150:$P$150)*-1,0)","v":0}]
[]
[null,"Sale Proceeds Calculation"]
[null,"Sale Price",null,null,null,{"$f":"F60","v":0},{"$f":"G60","v":0},0,0,0,0,0,0,0,21128997.628177475]
[null,"Less Cost of Sale",null,null,null,{"$f":"F61","v":0},{"$f":"G61","v":0},0,0,0,0,0,0,0,-845159.90512709902]
[null,"Less Mortgage Exit Fee",null,null,null,{"$f":"F72*Loan_Exit_Fee","v":0},0,0,0,0,0,0,0,0,0]
[null,"Less Mortgage Balance",null,null,null,{"$f":"F35","v":0},0,0,0,0,0,0,0,0,-8027478.031541829]
[null,"Sale Proceeds Before Tax",null,null,null,{"$f":"SUM(F69:F72)","v":0},{"$f":"SUM(G69:G72)","v":0},0,0,0,0,0,0,0,12256359.691508546]
[null,{"$f":"\"Less Tax on Ordinary Income at \"&ROUND(Tax_Ordinary*100,0)&\"%\"","v":"Less Tax on Ordinary Income at 35%"},null,null,null,{"$f":"-F66*Tax_Ordinary","v":0},0,0,0,0,0,0,0,0,0]
[null,{"$f":"\"Less Tax on Cost Recovery Recapture at \"&ROUND(Tax_CR*100,0)&\"%\"","v":"Less Tax on Cost Recovery Recapture at 25%"},null,null,null,{"$f":"-F64*Tax_CR","v":0},0,0,0,0,0,0,0,0,-111026.44417129998]
[null,{"$f":"\"Less Tax on Capital Gain at \"&ROUND(Tax_CG*100,0)&\"%\"","v":"Less Tax on Capital Gain at 20%"},null,null,null,{"$f":"-F65*Tax_CG","v":0},0,0,0,0,0,0,0,0,-1561538.9446100751]
[null,"Sale Proceeds After Tax",null,null,null,{"$f":"SUM(F73:F76)","v":0},{"$f":"SUM(G73:G76)","v":0},0,0,0,0,0,0,0,10583794.30272717]
[]
[null,"Proceeds After Taxes"]
[null,"Cash Flow Before Taxes",null,null,null,{"$f":"IF(F$52<=Hold,'Cash Flows'!F$144,0)","v":0},{"$f":"IF(G$52<=Hold,'Cash Flows'!G$144,0)","v":269620.81958122517},{"$f":"IF(H$52<=Hold,'Cash Flows'!H$144,0)","v":375248.03038222494},{"$f":"IF(I$52<=Hold,'Cash Flows'!I$144,0)","v":416910.48154272453},{"$f":"IF(J$52<=Hold,'Cash Flows'!J$144,0)","v":512878.81878818385},{"$f":"IF(K$52<=Hold,'Cash Flows'!K$144,0)","v":551999.45259028976},{"$f":"IF(L$52<=Hold,'Cash Flows'!L$144,0)","v":577823.0465417594},{"$f":"IF(M$52<=Hold,'Cash Flows'!M$144,0)","v":615354.31538399006},{"$f":"IF(N$52<=Hold,'Cash Flows'!N$144,0)","v":654012.03147155209},{"$f":"IF(O$52<=Hold,'Cash Flows'!O$144,0)","v":1247791.4816993007}]
[null,"Less: Annual Operating Tax Liability ",null,null,null,{"$f":"IF(F$52<=Hold,'Cash Flows'!F152,0)","v":168257.31031073999},{"$f":"IF(G$52<=Hold,'Cash Flows'!G152,0)","v":-137950.69037005166},{"$f":"IF(H$52<=Hold,'Cash Flows'!H152,0)","v":-177971.94592911858},{"$f":"IF(I$52<=Hold,'Cash Flows'!I152,0)","v":-195775.66472114794},{"$f":"IF(J$52<=Hold,'Cash Flows'!J152,0)","v":-232766.52309017238},{"$f":"IF(K$52<=Hold,'Cash Flows'!K152,0)","v":-250051.31247108162},{"$f":"IF(L$52<=Hold,'Cash Flows'!L152,0)","v":-262883.94668039324},{"$f":"IF(M$52<=Hold,'Cash Flows'!M152,0)","v":-280027.92981344223},{"$f":"IF(N$52<=Hold,'Cash Flows'!N152,0)","v":-297792.39945936302},{"$f":"IF(O$52<=Hold,'Cash Flows'!O152,0)","v":-316856.47472119937}]
[null,"Draw from Operating Reserve",null,null,null,{"$f":"IF(F$52<=Hold,'Cash Flows'!F154,0)","v":0},{"$f":"IF(G$52<=Hold,'Cash Flows'!G154,0)","v":0},{"$f":"IF(H$52<=Hold,'Cash Flows'!H154,0)","v":0},{"$f":"IF(I$52<=Hold,'Cash Flows'!I154,0)","v":0},{"$f":"IF(J$52<=Hold,'Cash Flows'!J154,0)","v":0},{"$f":"IF(K$52<=Hold,'Cash Flows'!K154,0)","v":0},{"$f":"IF(L$52<=Hold,'Cash Flows'!L154,0)","v":0},{"$f":"IF(M$52<=Hold,'Cash Flows'!M154,0)","v":0},{"$f":"IF(N$52<=Hold,'Cash Flows'!N154,0)","v":0},{"$f":"IF(O$52<=Hold,'Cash Flows'!O154,0)","v":0}]
[null,"Cash Flow After Taxes",null,null,null,{"$f":"SUM(F80:F82)","v":168257.31031073999},{"$f":"SUM(G80:G82)","v":131670.12921117351},197276.08445310636,221134.81682157659,280112.29569801147,301948.14011920814,314939.09986136615,335326.38557054783,356219.63201218907,930935.00697810133]
[null,"Sale Proceeds After Taxes",null,null,null,{"$f":"F77","v":0},{"$f":"G77","v":0},0,0,0,0,0,0,0,10583794.30272717]
[null,"Annual Proceeds After Taxes",null,null,{"$f":"-Equity_Amount","v":-3119035.75},{"$f":"SUM(F83:F84)","v":168257.31031073999},{"$f":"SUM(G83:G84)","v":131670.12921117351},197276.08445310636,221134.81682157659,280112.29569801147,301948.14011920814,314939.09986136615,335326.38557054783,356219.63201218907,11514729.309705272]
[null,"Cash on Cash Return",null,null,null,{"$f":"IFERROR(F83/Equity_Amount,\"-\")","v":5.3945297135738181E-2},4.2215011229407524E-2,6.3249061654104599E-2,7.089845533882598E-2,8.9807337315069721E-2,9.6808169037244332E-2,0.10097322541473472,0.10750963196575988,0.11420825555211706,0.29846884793741185]
[]
[null,"Net Cash Flows",{"$f":"SUM(E85:O85)","v":10702577.453763191}]
[null,{"$f":"\"Net Present Value at \"&ROUND(Equity_Rate*100,2)&\"%\"","v":"Net Present Value at 8%"},{"$f":"SUM(E85,NPV(Equity_Rate,F85:O85))","v":3726383.5341366492}]
[null,"Effective Tax Rate",{"$f":"IFERROR(IF(C42=0,0,(C42-C91)/C42),\"-\")","v":0.17809927332094333}]
[null,"After Tax Leveraged IRR",{"$f":"IFERROR(IRR(E85:O85),\"-\")","v":0.18246907353016617}]
[null,"Avg. Operating Cash on Cash",{"$f":"IFERROR((SUM(F83:O83)/Hold)/Equity_Amount,\"-\")","v":0.10380832925804137}]
[null,"Avg. Cash on Cash",{"$f":"IFERROR((SUM(F85:O85)/Hold)/Equity_Amount,\"-\")","v":0.44313737679227277}]
[null,{"$f":"\"Present Value of Cash Flows at \"&ROUND(Equity_Rate*100,0)&\"%\"","v":"Present Value of Cash Flows at 8%"},{"$f":"NPV(Equity_Rate,F85:O85)","v":6845419.2841366492}]
[null,"Plus: Original Loan Amount",{"$f":"Loan_Amount","v":9357107.25}]
[null,"Total After Tax Leveraged Present Value",{"$f":"SUM(C94:C95)","v":16202526.534136649}]
[null,{"$f":"IF(LEN(C97)>=7,\"Rounded ($10,000's)\",\"Rounded ($1,000's)\")","v":"Rounded ($10,000's)"},{"$f":"IF(LEN(INT(C96))>=7,ROUND(C96,-4),ROUND(C96,-3))","v":16200000}]
[null,{"$f":"IF(Property_Use=\"Commercial\",\"Per Square Feet\",\"Per Unit\")","v":"Per Unit"},{"$f":"IFERROR(C97/Size_Total,0)","v":192857.14285714287}]
[]
[]
[]
[null,"www.realpropmetrics.com"]
[null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"TODAY()","v":"2022-02-23"}]
[null,"This pro forma does not constitute tax advice.  Please consult a professional tax advisor."]

{"sheet":"Loan Amortization","index":7,"n_rows":170,"n_cols":15,"rows_kept":170,"cut":false,"hidden":false,"merged":[[45,8,45,9],[2,1,2,9],[4,7,4,8],[43,8,43,9],[44,8,44,9],[4,2,4,3]]}
[]
[]
[null,{"$f":"Project_Name&\" - Loan Amortization Schedule\"","v":"New Hospitality Project - Loan Amortization Schedule"}]
[]
[null,null,"Interest Only Loan",null,null,null,null,"Amortizing Loan"]
[null,null,"Loan Amount",{"$f":"IF(Loan_IO_Approval=\"no\",\"-\",Loan_Amount)","v":9357107.25},null,null,null,"Loan Amount",{"$f":"Loan_Amount_Amortizing","v":9357107.25}]
[null,null,"Term",{"$f":"IF(Loan_IO_Approval=\"no\",\"-\",Loan_IO_Term)","v":12},null,null,null,"Term",{"$f":"Loan_Amor_Term","v":360}]
[null,null,"Rate",{"$f":"IF(Loan_IO_Approval=\"no\",\"-\",Loan_IO_Rate)","v":0.06},null,null,null,"Amortization",{"$f":"Loan_Amortization","v":360}]
[null,null,"Funding Status",{"$f":"IF(Loan_IO_Approval=\"no\",\"-\",IF(Loan_IO_Status=0,\"Fund Up (Default)\",Loan_IO_Status))","v":"Fund Up"},null,null,null,"Rate",{"$f":"Loan_Amor_Rate","v":0.06}]
[null,null,null,null,null,null,null,"Rate Type",{"$f":"Loan_Amor_Type","v":"Fixed"}]
[]
[null,"Annual Summary"]
[null,"Year","Dates","Loan Type","Effective Rate","Beginning Balance","Interest","Principal","Total Payments","Ending Balance",null,"IO Interest Due","I/O Interest Due","Spent","Ending Budget"]
[null,1,{"$f":"RPMDateSpan(B14,1)","v":"Jan 22 - Dec 22"},{"$f":"IFERROR(RPMAnnualLoanType(B14),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMAnnualRate(B14,D14,F14,I14,J14),\"Enable Macros\")","v":0.06},{"$f":"VLOOKUP((B14*12)-11,Amortization_Schedule_Monthly,5,FALSE)","v":779758.9375},{"$f":"SUM(OFFSET($G$51:$G$62,(B14-1)*12,0))","v":304105.98562500003},{"$f":"SUM(OFFSET($H$51:$H$62,(B14-1)*12,0))","v":0},{"$f":"SUM(G14:H14)","v":304105.98562500003},{"$f":"VLOOKUP(B14*12,Amortization_Schedule_Monthly,9,FALSE)","v":9357107.25},null,{"$f":"SUM(IF(B14>Hold,0,IF($B$51:$B$170>($B14-1)*12,IF($B$51:$B$170<=$B14*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":304105.98562500003},{"$f":"Loan_IO_IntCarry","v":318760},{"$f":"IF(M14>=L14,L14,M14)*-1","v":-304105.98562500003},{"$f":"SUM(M14:N14)","v":14654.01437499997}]
[null,2,{"$f":"RPMDateSpan(B15,1)","v":"Jan 23 - Dec 23"},{"$f":"IFERROR(RPMAnnualLoanType(B15),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMAnnualRate(B15,D15,F15,I15,J15),\"Enable Macros\")","v":6.0000000000000067E-2},{"$f":"VLOOKUP((B15*12)-11,Amortization_Schedule_Monthly,5,FALSE)","v":9357107.25},{"$f":"SUM(OFFSET($G$51:$G$62,(B15-1)*12,0))","v":558300.65491748124},{"$f":"SUM(OFFSET($H$51:$H$62,(B15-1)*12,0))","v":114906.37296029393},{"$f":"SUM(G15:H15)","v":673207.02787777514},{"$f":"VLOOKUP(B15*12,Amortization_Schedule_Monthly,9,FALSE)","v":9242200.8770397063},null,{"$f":"SUM(IF(B15>Hold,0,IF($B$51:$B$170>($B15-1)*12,IF($B$51:$B$170<=$B15*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":0},{"$f":"O14","v":14654.01437499997},{"$f":"IF(M15>=L15,L15,M15)*-1","v":0},{"$f":"SUM(M15:N15)","v":14654.01437499997}]
[null,3,"Jan 24 - Dec 24",{"$f":"IFERROR(RPMAnnualLoanType(B16),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMAnnualRate(B16,D16,F16,I16,J16),\"Enable Macros\")","v":5.9999999999999554E-2},9242200.8770397063,551213.48126400413,121993.54661377097,673207.02787777514,9120207.3304259349,null,{"$f":"SUM(IF(B16>Hold,0,IF($B$51:$B$170>($B16-1)*12,IF($B$51:$B$170<=$B16*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":0},{"$f":"O15","v":14654.01437499997},0,14654.01437499997]
[null,4,"Jan 25 - Dec 25",{"$f":"IFERROR(RPMAnnualLoanType(B17),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMAnnualRate(B17,D17,F17,I17,J17),\"Enable Macros\")","v":0.06},9120207.3304259349,543689.18624727696,129517.84163049821,673207.02787777514,8990689.4887954369,null,{"$f":"SUM(IF(B17>Hold,0,IF($B$51:$B$170>($B17-1)*12,IF($B$51:$B$170<=$B17*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":0},14654.01437499997,0,14654.01437499997]
[null,5,"Jan 26 - Dec 26",{"$f":"IFERROR(RPMAnnualLoanType(B18),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMAnnualRate(B18,D18,F18,I18,J18),\"Enable Macros\")","v":6.0000000000000039E-2},8990689.4887954369,535700.80917809508,137506.21869968018,673207.02787777525,8853183.27009576,null,{"$f":"SUM(IF(B18>Hold,0,IF($B$51:$B$170>($B18-1)*12,IF($B$51:$B$170<=$B18*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":0},14654.01437499997,0,14654.01437499997]
[null,6,"Jan 27 - Dec 27",{"$f":"IFERROR(RPMAnnualLoanType(B19),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMAnnualRate(B19,D19,F19,I19,J19),\"Enable Macros\")","v":5.9999999999999956E-2},8853183.27009576,527219.72649093764,145987.30138683779,673207.02787777549,8707195.9687089231,null,{"$f":"SUM(IF(B19>Hold,0,IF($B$51:$B$170>($B19-1)*12,IF($B$51:$B$170<=$B19*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":0},14654.01437499997,0,14654.01437499997]
[null,7,"Jan 28 - Dec 28",{"$f":"IFERROR(RPMAnnualLoanType(B20),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMAnnualRate(B20,D20,F20,I20,J20),\"Enable Macros\")","v":6.0000000000000303E-2},8707195.9687089231,518215.5491813944,154991.47869638124,673207.0278777756,8552204.4900125433,null,{"$f":"SUM(IF(B20>Hold,0,IF($B$51:$B$170>($B20-1)*12,IF($B$51:$B$170<=$B20*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":0},14654.01437499997,0,14654.01437499997]
[null,8,"Jan 29 - Dec 29",{"$f":"IFERROR(RPMAnnualLoanType(B21),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMAnnualRate(B21,D21,F21,I21,J21),\"Enable Macros\")","v":5.9999999999999783E-2},8552204.4900125433,508656.01391775854,164551.01396001721,673207.02787777572,8387653.4760525273,null,{"$f":"SUM(IF(B21>Hold,0,IF($B$51:$B$170>($B21-1)*12,IF($B$51:$B$170<=$B21*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":0},14654.01437499997,0,14654.01437499997]
[null,9,"Jan 30 - Dec 30",{"$f":"IFERROR(RPMAnnualLoanType(B22),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMAnnualRate(B22,D22,F22,I22,J22),\"Enable Macros\")","v":5.9999999999999554E-2},8387653.4760525273,498506.86743661994,174700.16044115578,673207.02787777572,8212953.3156113708,null,{"$f":"SUM(IF(B22>Hold,0,IF($B$51:$B$170>($B22-1)*12,IF($B$51:$B$170<=$B22*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":0},14654.01437499997,0,14654.01437499997]
[null,10,"Jan 31 - Dec 31",{"$f":"IFERROR(RPMAnnualLoanType(B23),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMAnnualRate(B23,D23,F23,I23,J23),\"Enable Macros\")","v":5.9999999999999991E-2},8212953.3156113708,487731.74380823242,185475.28406954336,673207.02787777572,8027478.031541829,null,{"$f":"SUM(IF(B23>Hold,0,IF($B$51:$B$170>($B23-1)*12,IF($B$51:$B$170<=$B23*12,IF($D$51:$D$170=\"I/O\",$G$51:$G$170,0),0),0)))","v":0},14654.01437499997,0,14654.01437499997]
[null,"Total",null,null,{"$f":"IFERROR(RATE(Hold*12,-I24/(Hold*12),Loan_Amount,-VLOOKUP(Hold,Amortization_Schedule_Annual,9,FALSE))*12,\"-\")","v":5.7451730663988343E-2},"-",{"$f":"SUMPRODUCT(--($B$14:$B$23<=Hold),G14:G23)","v":5033340.0180668011},{"$f":"SUMPRODUCT(--($B$14:$B$23<=Hold),H14:H23)","v":1329629.2184581785},{"$f":"SUMPRODUCT(--($B$14:$B$23<=Hold),I14:I23)","v":6362969.2365249796},"-"]
[]
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[null,null,null,null,null,null,null,null,"www.realpropmetrics.com"]
[null,null,null,null,null,null,null,null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,null,null,null,null,null,null,null,{"$f":"TODAY()","v":"2022-02-23"}]
[]
[]
[null,"Monthly Summary"]
[null,"Month","Date","Loan Type","Interest Rate","Beginning Balance","Interest","Principal","Total Payment","Ending Balance"]
[null,1,{"$f":"RPMDateSpan(B51,3)","v":"Jan 2022"},{"$f":"IFERROR(RPMLoanType(B51),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B51),\"Enable Macros\")","v":0.06},{"$f":"IFERROR(RPMBeginningBalance(B51,D51),\"Enable Macros\")","v":779758.9375},{"$f":"F51*(RPMCanadian(D51,E51)/12)","v":3898.7946875000002},{"$f":"I51-G51","v":0},{"$f":"IFERROR(RPMTotalPayment(B51,D51,E51,F51),\"Enable Macros\")","v":3898.7946875000002},{"$f":"IF(B51<=SUM(Loan_Amortization,Loan_IO_Term),F51-H51,0)","v":779758.9375}]
[null,2,{"$f":"RPMDateSpan(B52,3)","v":"Feb 2022"},{"$f":"IFERROR(RPMLoanType(B52),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B52),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B52,D52,J51)","v":1559517.875},{"$f":"F52*(RPMCanadian(D52,E52)/12)","v":7797.5893750000005},{"$f":"I52-G52","v":0},{"$f":"IFERROR(RPMTotalPayment(B52,D52,E52,F52),\"Enable Macros\")","v":7797.5893750000005},{"$f":"IF(B52<=SUM(Loan_Amortization,Loan_IO_Term),F52-H52,0)","v":1559517.875}]
[null,3,{"$f":"RPMDateSpan(B53,3)","v":"Mar 2022"},{"$f":"IFERROR(RPMLoanType(B53),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B53),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B53,D53,J52)","v":2339276.8125},{"$f":"F53*(RPMCanadian(D53,E53)/12)","v":11696.384062499999},{"$f":"I53-G53","v":0},{"$f":"IFERROR(RPMTotalPayment(B53,D53,E53,F53),\"Enable Macros\")","v":11696.384062499999},{"$f":"IF(B53<=SUM(Loan_Amortization,Loan_IO_Term),F53-H53,0)","v":2339276.8125}]
[null,4,"Apr 2022",{"$f":"IFERROR(RPMLoanType(B54),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B54),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B54,D54,J53)","v":3119035.75},15595.178750000001,0,{"$f":"IFERROR(RPMTotalPayment(B54,D54,E54,F54),\"Enable Macros\")","v":15595.178750000001},3119035.75]
[null,5,"May 2022",{"$f":"IFERROR(RPMLoanType(B55),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B55),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B55,D55,J54)","v":3898794.6875},19493.973437500001,0,{"$f":"IFERROR(RPMTotalPayment(B55,D55,E55,F55),\"Enable Macros\")","v":19493.973437500001},3898794.6875]
[null,6,"Jun 2022",{"$f":"IFERROR(RPMLoanType(B56),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B56),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B56,D56,J55)","v":4678553.625},23392.768124999999,0,{"$f":"IFERROR(RPMTotalPayment(B56,D56,E56,F56),\"Enable Macros\")","v":23392.768124999999},4678553.625]
[null,7,"Jul 2022",{"$f":"IFERROR(RPMLoanType(B57),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B57),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B57,D57,J56)","v":5458312.5625},27291.5628125,0,{"$f":"IFERROR(RPMTotalPayment(B57,D57,E57,F57),\"Enable Macros\")","v":27291.5628125},5458312.5625]
[null,8,"Aug 2022",{"$f":"IFERROR(RPMLoanType(B58),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B58),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B58,D58,J57)","v":6238071.5},31190.357500000002,0,{"$f":"IFERROR(RPMTotalPayment(B58,D58,E58,F58),\"Enable Macros\")","v":31190.357500000002},6238071.5]
[null,9,"Sep 2022",{"$f":"IFERROR(RPMLoanType(B59),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B59),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B59,D59,J58)","v":7017830.4375},35089.152187500003,0,{"$f":"IFERROR(RPMTotalPayment(B59,D59,E59,F59),\"Enable Macros\")","v":35089.152187500003},7017830.4375]
[null,10,"Oct 2022",{"$f":"IFERROR(RPMLoanType(B60),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B60),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B60,D60,J59)","v":7797589.375},38987.946875000001,0,{"$f":"IFERROR(RPMTotalPayment(B60,D60,E60,F60),\"Enable Macros\")","v":38987.946875000001},7797589.375]
[null,11,"Nov 2022",{"$f":"IFERROR(RPMLoanType(B61),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B61),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B61,D61,J60)","v":8577348.3125},42886.741562499999,0,{"$f":"IFERROR(RPMTotalPayment(B61,D61,E61,F61),\"Enable Macros\")","v":42886.741562499999},8577348.3125]
[null,12,"Dec 2022",{"$f":"IFERROR(RPMLoanType(B62),\"Enable Macros\")","v":"I/O"},{"$f":"IFERROR(RPMInterestRate(B62),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B62,D62,J61)","v":9357107.25},46785.536249999997,0,{"$f":"IFERROR(RPMTotalPayment(B62,D62,E62,F62),\"Enable Macros\")","v":46785.536249999997},9357107.25]
[null,13,"Jan 2023",{"$f":"IFERROR(RPMLoanType(B63),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B63),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B63,D63,J62)","v":9357107.25},46785.536249999997,9315.0494064812665,{"$f":"IFERROR(RPMTotalPayment(B63,D63,E63,F63),\"Enable Macros\")","v":56100.585656481264},9347792.2005935181]
[null,14,"Feb 2023",{"$f":"IFERROR(RPMLoanType(B64),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B64),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B64,D64,J63)","v":9347792.2005935181},46738.96100296759,9361.624653513667,{"$f":"IFERROR(RPMTotalPayment(B64,D64,E64,F64),\"Enable Macros\")","v":56100.585656481257},9338430.5759400036]
[null,15,"Mar 2023",{"$f":"IFERROR(RPMLoanType(B65),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B65),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B65,D65,J64)","v":9338430.5759400036},46692.152879700021,9408.4327767812356,{"$f":"IFERROR(RPMTotalPayment(B65,D65,E65,F65),\"Enable Macros\")","v":56100.585656481257},9329022.1431632228]
[null,16,"Apr 2023",{"$f":"IFERROR(RPMLoanType(B66),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B66),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B66,D66,J65)","v":9329022.1431632228},46645.110715816118,9455.474940665139,{"$f":"IFERROR(RPMTotalPayment(B66,D66,E66,F66),\"Enable Macros\")","v":56100.585656481257},9319566.6682225578]
[null,17,"May 2023",{"$f":"IFERROR(RPMLoanType(B67),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B67),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B67,D67,J66)","v":9319566.6682225578},46597.83334111279,9502.752315368467,{"$f":"IFERROR(RPMTotalPayment(B67,D67,E67,F67),\"Enable Macros\")","v":56100.585656481257},9310063.9159071892]
[null,18,"Jun 2023",{"$f":"IFERROR(RPMLoanType(B68),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B68),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B68,D68,J67)","v":9310063.9159071892},46550.31957953595,9550.2660769453068,{"$f":"IFERROR(RPMTotalPayment(B68,D68,E68,F68),\"Enable Macros\")","v":56100.585656481257},9300513.6498302445]
[null,19,"Jul 2023",{"$f":"IFERROR(RPMLoanType(B69),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B69),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B69,D69,J68)","v":9300513.6498302445},46502.56824915122,9598.0174073300441,{"$f":"IFERROR(RPMTotalPayment(B69,D69,E69,F69),\"Enable Macros\")","v":56100.585656481264},9290915.6324229147]
[null,20,"Aug 2023",{"$f":"IFERROR(RPMLoanType(B70),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B70),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B70,D70,J69)","v":9290915.6324229147},46454.578162114572,9646.0074943666914,{"$f":"IFERROR(RPMTotalPayment(B70,D70,E70,F70),\"Enable Macros\")","v":56100.585656481264},9281269.6249285489]
[null,21,"Sep 2023",{"$f":"IFERROR(RPMLoanType(B71),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B71),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B71,D71,J70)","v":9281269.6249285489},46406.348124642747,9694.2375318385166,{"$f":"IFERROR(RPMTotalPayment(B71,D71,E71,F71),\"Enable Macros\")","v":56100.585656481264},9271575.38739671]
[null,22,"Oct 2023",{"$f":"IFERROR(RPMLoanType(B72),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B72),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B72,D72,J71)","v":9271575.38739671},46357.87693698355,9742.7087194977139,{"$f":"IFERROR(RPMTotalPayment(B72,D72,E72,F72),\"Enable Macros\")","v":56100.585656481264},9261832.6786772124]
[null,23,"Nov 2023",{"$f":"IFERROR(RPMLoanType(B73),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B73),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B73,D73,J72)","v":9261832.6786772124},46309.163393386065,9791.4222630952063,{"$f":"IFERROR(RPMTotalPayment(B73,D73,E73,F73),\"Enable Macros\")","v":56100.585656481271},9252041.2564141173]
[null,24,"Dec 2023",{"$f":"IFERROR(RPMLoanType(B74),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B74),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B74,D74,J73)","v":9252041.2564141173},46260.206282070591,9840.3793744106733,{"$f":"IFERROR(RPMTotalPayment(B74,D74,E74,F74),\"Enable Macros\")","v":56100.585656481264},9242200.8770397063]
[null,25,"Jan 2024",{"$f":"IFERROR(RPMLoanType(B75),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B75),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B75,D75,J74)","v":9242200.8770397063},46211.004385198532,9889.5812712827319,{"$f":"IFERROR(RPMTotalPayment(B75,D75,E75,F75),\"Enable Macros\")","v":56100.585656481264},9232311.295768423]
[null,26,"Feb 2024",{"$f":"IFERROR(RPMLoanType(B76),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B76),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B76,D76,J75)","v":9232311.295768423},46161.556478842118,9939.0291776391387,{"$f":"IFERROR(RPMTotalPayment(B76,D76,E76,F76),\"Enable Macros\")","v":56100.585656481257},9222372.2665907834]
[null,27,"Mar 2024",{"$f":"IFERROR(RPMLoanType(B77),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B77),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B77,D77,J76)","v":9222372.2665907834},46111.861332953915,9988.724323527349,{"$f":"IFERROR(RPMTotalPayment(B77,D77,E77,F77),\"Enable Macros\")","v":56100.585656481264},9212383.5422672555]
[null,28,"Apr 2024",{"$f":"IFERROR(RPMLoanType(B78),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B78),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B78,D78,J77)","v":9212383.5422672555},46061.917711336275,10038.667945144982,{"$f":"IFERROR(RPMTotalPayment(B78,D78,E78,F78),\"Enable Macros\")","v":56100.585656481257},9202344.8743221108]
[null,29,"May 2024",{"$f":"IFERROR(RPMLoanType(B79),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B79),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B79,D79,J78)","v":9202344.8743221108},46011.724371610551,10088.861284870705,{"$f":"IFERROR(RPMTotalPayment(B79,D79,E79,F79),\"Enable Macros\")","v":56100.585656481257},9192256.0130372401]
[null,30,"Jun 2024",{"$f":"IFERROR(RPMLoanType(B80),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B80),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B80,D80,J79)","v":9192256.0130372401},45961.280065186198,10139.305591295059,{"$f":"IFERROR(RPMTotalPayment(B80,D80,E80,F80),\"Enable Macros\")","v":56100.585656481257},9182116.7074459456]
[null,31,"Jul 2024",{"$f":"IFERROR(RPMLoanType(B81),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B81),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B81,D81,J80)","v":9182116.7074459456},45910.58353722973,10190.002119251534,{"$f":"IFERROR(RPMTotalPayment(B81,D81,E81,F81),\"Enable Macros\")","v":56100.585656481264},9171926.7053266931]
[null,32,"Aug 2024",{"$f":"IFERROR(RPMLoanType(B82),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B82),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B82,D82,J81)","v":9171926.7053266931},45859.633526633464,10240.952129847792,{"$f":"IFERROR(RPMTotalPayment(B82,D82,E82,F82),\"Enable Macros\")","v":56100.585656481257},9161685.7531968448]
[null,33,"Sep 2024",{"$f":"IFERROR(RPMLoanType(B83),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B83),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B83,D83,J82)","v":9161685.7531968448},45808.428765984223,10292.156890497034,{"$f":"IFERROR(RPMTotalPayment(B83,D83,E83,F83),\"Enable Macros\")","v":56100.585656481257},9151393.5963063482]
[null,34,"Oct 2024",{"$f":"IFERROR(RPMLoanType(B84),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B84),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B84,D84,J83)","v":9151393.5963063482},45756.967981531743,10343.617674949513,{"$f":"IFERROR(RPMTotalPayment(B84,D84,E84,F84),\"Enable Macros\")","v":56100.585656481257},9141049.9786313996]
[null,35,"Nov 2024",{"$f":"IFERROR(RPMLoanType(B85),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B85),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B85,D85,J84)","v":9141049.9786313996},45705.249893157001,10395.335763324256,{"$f":"IFERROR(RPMTotalPayment(B85,D85,E85,F85),\"Enable Macros\")","v":56100.585656481257},9130654.6428680755]
[null,36,"Dec 2024",{"$f":"IFERROR(RPMLoanType(B86),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B86),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B86,D86,J85)","v":9130654.6428680755},45653.273214340377,10447.312442140887,{"$f":"IFERROR(RPMTotalPayment(B86,D86,E86,F86),\"Enable Macros\")","v":56100.585656481264},9120207.3304259349]
[null,37,"Jan 2025",{"$f":"IFERROR(RPMLoanType(B87),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B87),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B87,D87,J86)","v":9120207.3304259349},45601.036652129675,10499.549004351589,{"$f":"IFERROR(RPMTotalPayment(B87,D87,E87,F87),\"Enable Macros\")","v":56100.585656481264},9109707.7814215831]
[null,38,"Feb 2025",{"$f":"IFERROR(RPMLoanType(B88),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B88),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B88,D88,J87)","v":9109707.7814215831},45548.538907107919,10552.046749373345,{"$f":"IFERROR(RPMTotalPayment(B88,D88,E88,F88),\"Enable Macros\")","v":56100.585656481264},9099155.7346722092]
[null,39,"Mar 2025",{"$f":"IFERROR(RPMLoanType(B89),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B89),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B89,D89,J88)","v":9099155.7346722092},45495.778673361048,10604.806983120208,{"$f":"IFERROR(RPMTotalPayment(B89,D89,E89,F89),\"Enable Macros\")","v":56100.585656481257},9088550.9276890885]
[null,40,"Apr 2025",{"$f":"IFERROR(RPMLoanType(B90),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B90),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B90,D90,J89)","v":9088550.9276890885},45442.75463844544,10657.831018035817,{"$f":"IFERROR(RPMTotalPayment(B90,D90,E90,F90),\"Enable Macros\")","v":56100.585656481257},9077893.0966710523]
[null,41,"May 2025",{"$f":"IFERROR(RPMLoanType(B91),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B91),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B91,D91,J90)","v":9077893.0966710523},45389.465483355263,10711.120173125986,{"$f":"IFERROR(RPMTotalPayment(B91,D91,E91,F91),\"Enable Macros\")","v":56100.585656481249},9067181.9764979258]
[null,42,"Jun 2025",{"$f":"IFERROR(RPMLoanType(B92),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B92),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B92,D92,J91)","v":9067181.9764979258},45335.909882489628,10764.675773991621,{"$f":"IFERROR(RPMTotalPayment(B92,D92,E92,F92),\"Enable Macros\")","v":56100.585656481249},9056417.3007239345]
[null,43,"Jul 2025",{"$f":"IFERROR(RPMLoanType(B93),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B93),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B93,D93,J92)","v":9056417.3007239345},45282.08650361967,10818.499152861586,{"$f":"IFERROR(RPMTotalPayment(B93,D93,E93,F93),\"Enable Macros\")","v":56100.585656481257},9045598.801571073]
[null,44,"Aug 2025",{"$f":"IFERROR(RPMLoanType(B94),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B94),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B94,D94,J93)","v":9045598.801571073},45227.994007855363,10872.591648625894,{"$f":"IFERROR(RPMTotalPayment(B94,D94,E94,F94),\"Enable Macros\")","v":56100.585656481257},9034726.2099224478]
[null,45,"Sep 2025",{"$f":"IFERROR(RPMLoanType(B95),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B95),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B95,D95,J94)","v":9034726.2099224478},45173.631049612239,10926.954606869018,{"$f":"IFERROR(RPMTotalPayment(B95,D95,E95,F95),\"Enable Macros\")","v":56100.585656481257},9023799.2553155795]
[null,46,"Oct 2025",{"$f":"IFERROR(RPMLoanType(B96),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B96),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B96,D96,J95)","v":9023799.2553155795},45118.996276577898,10981.589379903366,{"$f":"IFERROR(RPMTotalPayment(B96,D96,E96,F96),\"Enable Macros\")","v":56100.585656481264},9012817.6659356765]
[null,47,"Nov 2025",{"$f":"IFERROR(RPMLoanType(B97),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B97),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B97,D97,J96)","v":9012817.6659356765},45064.088329678387,11036.497326802877,{"$f":"IFERROR(RPMTotalPayment(B97,D97,E97,F97),\"Enable Macros\")","v":56100.585656481264},9001781.1686088741]
[null,48,"Dec 2025",{"$f":"IFERROR(RPMLoanType(B98),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B98),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B98,D98,J97)","v":9001781.1686088741},45008.905843044369,11091.679813436895,{"$f":"IFERROR(RPMTotalPayment(B98,D98,E98,F98),\"Enable Macros\")","v":56100.585656481264},8990689.4887954369]
[null,49,"Jan 2026",{"$f":"IFERROR(RPMLoanType(B99),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B99),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B99,D99,J98)","v":8990689.4887954369},44953.447443977188,11147.138212504076,{"$f":"IFERROR(RPMTotalPayment(B99,D99,E99,F99),\"Enable Macros\")","v":56100.585656481264},8979542.3505829331]
[null,50,"Feb 2026",{"$f":"IFERROR(RPMLoanType(B100),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B100),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B100,D100,J99)","v":8979542.3505829331},44897.711752914664,11202.8739035666,{"$f":"IFERROR(RPMTotalPayment(B100,D100,E100,F100),\"Enable Macros\")","v":56100.585656481264},8968339.4766793661]
[null,51,"Mar 2026",{"$f":"IFERROR(RPMLoanType(B101),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B101),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B101,D101,J100)","v":8968339.4766793661},44841.69738339683,11258.888273084434,{"$f":"IFERROR(RPMTotalPayment(B101,D101,E101,F101),\"Enable Macros\")","v":56100.585656481264},8957080.5884062815]
[null,52,"Apr 2026",{"$f":"IFERROR(RPMLoanType(B102),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B102),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B102,D102,J101)","v":8957080.5884062815},44785.402942031411,11315.182714449853,{"$f":"IFERROR(RPMTotalPayment(B102,D102,E102,F102),\"Enable Macros\")","v":56100.585656481264},8945765.4056918323]
[null,53,"May 2026",{"$f":"IFERROR(RPMLoanType(B103),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B103),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B103,D103,J102)","v":8945765.4056918323},44728.827028459164,11371.7586280221,{"$f":"IFERROR(RPMTotalPayment(B103,D103,E103,F103),\"Enable Macros\")","v":56100.585656481264},8934393.6470638104]
[null,54,"Jun 2026",{"$f":"IFERROR(RPMLoanType(B104),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B104),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B104,D104,J103)","v":8934393.6470638104},44671.968235319051,11428.61742116222,{"$f":"IFERROR(RPMTotalPayment(B104,D104,E104,F104),\"Enable Macros\")","v":56100.585656481271},8922965.029642649]
[null,55,"Jul 2026",{"$f":"IFERROR(RPMLoanType(B105),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B105),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B105,D105,J104)","v":8922965.029642649},44614.825148213247,11485.760508268024,{"$f":"IFERROR(RPMTotalPayment(B105,D105,E105,F105),\"Enable Macros\")","v":56100.585656481271},8911479.2691343818]
[null,56,"Aug 2026",{"$f":"IFERROR(RPMLoanType(B106),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B106),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B106,D106,J105)","v":8911479.2691343818},44557.396345671907,11543.189310809379,{"$f":"IFERROR(RPMTotalPayment(B106,D106,E106,F106),\"Enable Macros\")","v":56100.585656481286},8899936.0798235722]
[null,57,"Sep 2026",{"$f":"IFERROR(RPMLoanType(B107),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B107),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B107,D107,J106)","v":8899936.0798235722},44499.68039911786,11600.905257363411,{"$f":"IFERROR(RPMTotalPayment(B107,D107,E107,F107),\"Enable Macros\")","v":56100.585656481271},8888335.1745662093]
[null,58,"Oct 2026",{"$f":"IFERROR(RPMLoanType(B108),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B108),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B108,D108,J107)","v":8888335.1745662093},44441.675872831045,11658.909783650241,{"$f":"IFERROR(RPMTotalPayment(B108,D108,E108,F108),\"Enable Macros\")","v":56100.585656481286},8876676.2647825591]
[null,59,"Nov 2026",{"$f":"IFERROR(RPMLoanType(B109),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B109),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B109,D109,J108)","v":8876676.2647825591},44383.381323912799,11717.204332568472,{"$f":"IFERROR(RPMTotalPayment(B109,D109,E109,F109),\"Enable Macros\")","v":56100.585656481271},8864959.0604499914]
[null,60,"Dec 2026",{"$f":"IFERROR(RPMLoanType(B110),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B110),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B110,D110,J109)","v":8864959.0604499914},44324.795302249957,11775.790354231329,{"$f":"IFERROR(RPMTotalPayment(B110,D110,E110,F110),\"Enable Macros\")","v":56100.585656481286},8853183.27009576]
[null,61,"Jan 2027",{"$f":"IFERROR(RPMLoanType(B111),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B111),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B111,D111,J110)","v":8853183.27009576},44265.916350478801,11834.669306002485,{"$f":"IFERROR(RPMTotalPayment(B111,D111,E111,F111),\"Enable Macros\")","v":56100.585656481286},8841348.6007897574]
[null,62,"Feb 2027",{"$f":"IFERROR(RPMLoanType(B112),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B112),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B112,D112,J111)","v":8841348.6007897574},44206.743003948788,11893.842652532498,{"$f":"IFERROR(RPMTotalPayment(B112,D112,E112,F112),\"Enable Macros\")","v":56100.585656481286},8829454.7581372242]
[null,63,"Mar 2027",{"$f":"IFERROR(RPMLoanType(B113),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B113),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B113,D113,J112)","v":8829454.7581372242},44147.273790686122,11953.311865795164,{"$f":"IFERROR(RPMTotalPayment(B113,D113,E113,F113),\"Enable Macros\")","v":56100.585656481286},8817501.4462714288]
[null,64,"Apr 2027",{"$f":"IFERROR(RPMLoanType(B114),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B114),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B114,D114,J113)","v":8817501.4462714288},44087.507231357144,12013.078425124142,{"$f":"IFERROR(RPMTotalPayment(B114,D114,E114,F114),\"Enable Macros\")","v":56100.585656481286},8805488.3678463046]
[null,65,"May 2027",{"$f":"IFERROR(RPMLoanType(B115),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B115),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B115,D115,J114)","v":8805488.3678463046},44027.44183923152,12073.143817249751,{"$f":"IFERROR(RPMTotalPayment(B115,D115,E115,F115),\"Enable Macros\")","v":56100.585656481271},8793415.2240290549]
[null,66,"Jun 2027",{"$f":"IFERROR(RPMLoanType(B116),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B116),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B116,D116,J115)","v":8793415.2240290549},43967.076120145277,12133.509536336009,{"$f":"IFERROR(RPMTotalPayment(B116,D116,E116,F116),\"Enable Macros\")","v":56100.585656481286},8781281.7144927196]
[null,67,{"$f":"RPMDateSpan(B117,3)","v":"Jul 2027"},{"$f":"IFERROR(RPMLoanType(B117),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B117),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B117,D117,J116)","v":8781281.7144927196},{"$f":"F117*(RPMCanadian(D117,E117)/12)","v":43906.408572463602},{"$f":"I117-G117","v":12194.177084017683},{"$f":"IFERROR(RPMTotalPayment(B117,D117,E117,F117),\"Enable Macros\")","v":56100.585656481286},{"$f":"IF(B117<=SUM(Loan_Amortization,Loan_IO_Term),F117-H117,0)","v":8769087.5374087021}]
[null,68,"Aug 2027",{"$f":"IFERROR(RPMLoanType(B118),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B118),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B118,D118,J117)","v":8769087.5374087021},43845.437687043508,12255.147969437778,{"$f":"IFERROR(RPMTotalPayment(B118,D118,E118,F118),\"Enable Macros\")","v":56100.585656481286},8756832.3894392643]
[null,69,"Sep 2027",{"$f":"IFERROR(RPMLoanType(B119),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B119),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B119,D119,J118)","v":8756832.3894392643},43784.16194719632,12316.423709284965,{"$f":"IFERROR(RPMTotalPayment(B119,D119,E119,F119),\"Enable Macros\")","v":56100.585656481286},8744515.9657299798]
[null,70,"Oct 2027",{"$f":"IFERROR(RPMLoanType(B120),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B120),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B120,D120,J119)","v":8744515.9657299798},43722.579828649898,12378.005827831395,{"$f":"IFERROR(RPMTotalPayment(B120,D120,E120,F120),\"Enable Macros\")","v":56100.585656481293},8732137.9599021487]
[null,71,"Nov 2027",{"$f":"IFERROR(RPMLoanType(B121),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B121),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B121,D121,J120)","v":8732137.9599021487},43660.689799510743,12439.89585697055,{"$f":"IFERROR(RPMTotalPayment(B121,D121,E121,F121),\"Enable Macros\")","v":56100.585656481293},8719698.0640451778]
[null,72,"Dec 2027",{"$f":"IFERROR(RPMLoanType(B122),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B122),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B122,D122,J121)","v":8719698.0640451778},43598.490320225887,12502.095336255399,{"$f":"IFERROR(RPMTotalPayment(B122,D122,E122,F122),\"Enable Macros\")","v":56100.585656481286},8707195.9687089231]
[null,73,"Jan 2028",{"$f":"IFERROR(RPMLoanType(B123),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B123),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B123,D123,J122)","v":8707195.9687089231},43535.979843544614,12564.605812936679,{"$f":"IFERROR(RPMTotalPayment(B123,D123,E123,F123),\"Enable Macros\")","v":56100.585656481293},8694631.3628959861]
[null,74,"Feb 2028",{"$f":"IFERROR(RPMLoanType(B124),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B124),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B124,D124,J123)","v":8694631.3628959861},43473.156814479931,12627.428842001354,{"$f":"IFERROR(RPMTotalPayment(B124,D124,E124,F124),\"Enable Macros\")","v":56100.585656481286},8682003.9340539854]
[null,75,"Mar 2028",{"$f":"IFERROR(RPMLoanType(B125),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B125),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B125,D125,J124)","v":8682003.9340539854},43410.019670269925,12690.565986211368,{"$f":"IFERROR(RPMTotalPayment(B125,D125,E125,F125),\"Enable Macros\")","v":56100.585656481293},8669313.3680677749]
[null,76,"Apr 2028",{"$f":"IFERROR(RPMLoanType(B126),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B126),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B126,D126,J125)","v":8669313.3680677749},43346.566840338877,12754.018816142423,{"$f":"IFERROR(RPMTotalPayment(B126,D126,E126,F126),\"Enable Macros\")","v":56100.5856564813},8656559.3492516316]
[null,77,"May 2028",{"$f":"IFERROR(RPMLoanType(B127),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B127),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B127,D127,J126)","v":8656559.3492516316},43282.796746258158,12817.788910223135,{"$f":"IFERROR(RPMTotalPayment(B127,D127,E127,F127),\"Enable Macros\")","v":56100.585656481293},8643741.5603414085]
[null,78,"Jun 2028",{"$f":"IFERROR(RPMLoanType(B128),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B128),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B128,D128,J127)","v":8643741.5603414085},43218.707801707045,12881.877854774255,{"$f":"IFERROR(RPMTotalPayment(B128,D128,E128,F128),\"Enable Macros\")","v":56100.5856564813},8630859.6824866347]
[null,79,"Jul 2028",{"$f":"IFERROR(RPMLoanType(B129),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B129),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B129,D129,J128)","v":8630859.6824866347},43154.298412433178,12946.287244048122,{"$f":"IFERROR(RPMTotalPayment(B129,D129,E129,F129),\"Enable Macros\")","v":56100.5856564813},8617913.3952425867]
[null,80,"Aug 2028",{"$f":"IFERROR(RPMLoanType(B130),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B130),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B130,D130,J129)","v":8617913.3952425867},43089.566976212933,13011.018680268367,{"$f":"IFERROR(RPMTotalPayment(B130,D130,E130,F130),\"Enable Macros\")","v":56100.5856564813},8604902.3765623178]
[null,81,"Sep 2028",{"$f":"IFERROR(RPMLoanType(B131),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B131),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B131,D131,J130)","v":8604902.3765623178},43024.511882811588,13076.073773669712,{"$f":"IFERROR(RPMTotalPayment(B131,D131,E131,F131),\"Enable Macros\")","v":56100.5856564813},8591826.3027886488]
[null,82,"Oct 2028",{"$f":"IFERROR(RPMLoanType(B132),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B132),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B132,D132,J131)","v":8591826.3027886488},42959.131513943248,13141.454142538052,{"$f":"IFERROR(RPMTotalPayment(B132,D132,E132,F132),\"Enable Macros\")","v":56100.5856564813},8578684.8486461099]
[null,83,"Nov 2028",{"$f":"IFERROR(RPMLoanType(B133),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B133),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B133,D133,J132)","v":8578684.8486461099},42893.424243230547,13207.161413250746,{"$f":"IFERROR(RPMTotalPayment(B133,D133,E133,F133),\"Enable Macros\")","v":56100.585656481293},8565477.6872328594]
[null,84,"Dec 2028",{"$f":"IFERROR(RPMLoanType(B134),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B134),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B134,D134,J133)","v":8565477.6872328594},42827.388436164299,13273.197220317001,{"$f":"IFERROR(RPMTotalPayment(B134,D134,E134,F134),\"Enable Macros\")","v":56100.5856564813},8552204.4900125433]
[null,85,"Jan 2029",{"$f":"IFERROR(RPMLoanType(B135),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B135),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B135,D135,J134)","v":8552204.4900125433},42761.022450062716,13339.563206418585,{"$f":"IFERROR(RPMTotalPayment(B135,D135,E135,F135),\"Enable Macros\")","v":56100.5856564813},8538864.9268061239]
[null,86,"Feb 2029",{"$f":"IFERROR(RPMLoanType(B136),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B136),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B136,D136,J135)","v":8538864.9268061239},42694.324634030621,13406.261022450679,{"$f":"IFERROR(RPMTotalPayment(B136,D136,E136,F136),\"Enable Macros\")","v":56100.5856564813},8525458.6657836735]
[null,87,"Mar 2029",{"$f":"IFERROR(RPMLoanType(B137),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B137),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B137,D137,J136)","v":8525458.6657836735},42627.293328918371,13473.292327562929,{"$f":"IFERROR(RPMTotalPayment(B137,D137,E137,F137),\"Enable Macros\")","v":56100.5856564813},8511985.3734561112]
[null,88,"Apr 2029",{"$f":"IFERROR(RPMLoanType(B138),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B138),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B138,D138,J137)","v":8511985.3734561112},42559.926867280556,13540.658789200745,{"$f":"IFERROR(RPMTotalPayment(B138,D138,E138,F138),\"Enable Macros\")","v":56100.5856564813},8498444.7146669105]
[null,89,"May 2029",{"$f":"IFERROR(RPMLoanType(B139),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B139),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B139,D139,J138)","v":8498444.7146669105},42492.223573334551,13608.362083146741,{"$f":"IFERROR(RPMTotalPayment(B139,D139,E139,F139),\"Enable Macros\")","v":56100.585656481293},8484836.3525837641]
[null,90,"Jun 2029",{"$f":"IFERROR(RPMLoanType(B140),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B140),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B140,D140,J139)","v":8484836.3525837641},42424.181762918823,13676.403893562478,{"$f":"IFERROR(RPMTotalPayment(B140,D140,E140,F140),\"Enable Macros\")","v":56100.5856564813},8471159.9486902021]
[null,91,"Jul 2029",{"$f":"IFERROR(RPMLoanType(B141),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B141),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B141,D141,J140)","v":8471159.9486902021},42355.799743451011,13744.78591303029,{"$f":"IFERROR(RPMTotalPayment(B141,D141,E141,F141),\"Enable Macros\")","v":56100.5856564813},8457415.1627771724]
[null,92,"Aug 2029",{"$f":"IFERROR(RPMLoanType(B142),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B142),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B142,D142,J141)","v":8457415.1627771724},42287.075813885866,13813.509842595457,{"$f":"IFERROR(RPMTotalPayment(B142,D142,E142,F142),\"Enable Macros\")","v":56100.585656481322},8443601.6529345773]
[null,93,"Sep 2029",{"$f":"IFERROR(RPMLoanType(B143),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B143),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B143,D143,J142)","v":8443601.6529345773},42218.008264672884,13882.577391808431,{"$f":"IFERROR(RPMTotalPayment(B143,D143,E143,F143),\"Enable Macros\")","v":56100.585656481315},8429719.0755427685]
[null,94,"Oct 2029",{"$f":"IFERROR(RPMLoanType(B144),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B144),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B144,D144,J143)","v":8429719.0755427685},42148.595377713842,13951.990278767473,{"$f":"IFERROR(RPMTotalPayment(B144,D144,E144,F144),\"Enable Macros\")","v":56100.585656481315},8415767.085264001]
[null,95,"Nov 2029",{"$f":"IFERROR(RPMLoanType(B145),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B145),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B145,D145,J144)","v":8415767.085264001},42078.835426320009,14021.750230161306,{"$f":"IFERROR(RPMTotalPayment(B145,D145,E145,F145),\"Enable Macros\")","v":56100.585656481315},8401745.3350338396]
[null,96,"Dec 2029",{"$f":"IFERROR(RPMLoanType(B146),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B146),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B146,D146,J145)","v":8401745.3350338396},42008.7266751692,14091.858981312114,{"$f":"IFERROR(RPMTotalPayment(B146,D146,E146,F146),\"Enable Macros\")","v":56100.585656481315},8387653.4760525273]
[null,97,"Jan 2030",{"$f":"IFERROR(RPMLoanType(B147),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B147),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B147,D147,J146)","v":8387653.4760525273},41938.267380262638,14162.318276218663,{"$f":"IFERROR(RPMTotalPayment(B147,D147,E147,F147),\"Enable Macros\")","v":56100.5856564813},8373491.1577763082]
[null,98,"Feb 2030",{"$f":"IFERROR(RPMLoanType(B148),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B148),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B148,D148,J147)","v":8373491.1577763082},41867.45578888154,14233.12986759976,{"$f":"IFERROR(RPMTotalPayment(B148,D148,E148,F148),\"Enable Macros\")","v":56100.5856564813},8359258.0279087089]
[null,99,"Mar 2030",{"$f":"IFERROR(RPMLoanType(B149),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B149),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B149,D149,J148)","v":8359258.0279087089},41796.290139543547,14304.295516937753,{"$f":"IFERROR(RPMTotalPayment(B149,D149,E149,F149),\"Enable Macros\")","v":56100.5856564813},8344953.7323917709]
[null,100,"Apr 2030",{"$f":"IFERROR(RPMLoanType(B150),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B150),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B150,D150,J149)","v":8344953.7323917709},41724.768661958857,14375.816994522444,{"$f":"IFERROR(RPMTotalPayment(B150,D150,E150,F150),\"Enable Macros\")","v":56100.5856564813},8330577.9153972482]
[null,101,"May 2030",{"$f":"IFERROR(RPMLoanType(B151),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B151),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B151,D151,J150)","v":8330577.9153972482},41652.889576986243,14447.696079495072,{"$f":"IFERROR(RPMTotalPayment(B151,D151,E151,F151),\"Enable Macros\")","v":56100.585656481315},8316130.2193177529]
[null,102,"Jun 2030",{"$f":"IFERROR(RPMLoanType(B152),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B152),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B152,D152,J151)","v":8316130.2193177529},41580.651096588765,14519.934559892536,{"$f":"IFERROR(RPMTotalPayment(B152,D152,E152,F152),\"Enable Macros\")","v":56100.5856564813},8301610.28475786]
[null,103,"Jul 2030",{"$f":"IFERROR(RPMLoanType(B153),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B153),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B153,D153,J152)","v":8301610.28475786},41508.0514237893,14592.534232692,{"$f":"IFERROR(RPMTotalPayment(B153,D153,E153,F153),\"Enable Macros\")","v":56100.5856564813},8287017.7505251681]
[null,104,"Aug 2030",{"$f":"IFERROR(RPMLoanType(B154),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B154),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B154,D154,J153)","v":8287017.7505251681},41435.088752625845,14665.496903855455,{"$f":"IFERROR(RPMTotalPayment(B154,D154,E154,F154),\"Enable Macros\")","v":56100.5856564813},8272352.2536213128]
[null,105,"Sep 2030",{"$f":"IFERROR(RPMLoanType(B155),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B155),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B155,D155,J154)","v":8272352.2536213128},41361.761268106566,14738.824388374735,{"$f":"IFERROR(RPMTotalPayment(B155,D155,E155,F155),\"Enable Macros\")","v":56100.5856564813},8257613.4292329382]
[null,106,"Oct 2030",{"$f":"IFERROR(RPMLoanType(B156),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B156),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B156,D156,J155)","v":8257613.4292329382},41288.067146164693,14812.518510316608,{"$f":"IFERROR(RPMTotalPayment(B156,D156,E156,F156),\"Enable Macros\")","v":56100.5856564813},8242800.9107226217]
[null,107,"Nov 2030",{"$f":"IFERROR(RPMLoanType(B157),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B157),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B157,D157,J156)","v":8242800.9107226217},41214.004553613107,14886.581102868193,{"$f":"IFERROR(RPMTotalPayment(B157,D157,E157,F157),\"Enable Macros\")","v":56100.5856564813},8227914.3296197532]
[null,108,"Dec 2030",{"$f":"IFERROR(RPMLoanType(B158),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B158),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B158,D158,J157)","v":8227914.3296197532},41139.571648098768,14961.014008382532,{"$f":"IFERROR(RPMTotalPayment(B158,D158,E158,F158),\"Enable Macros\")","v":56100.5856564813},8212953.3156113708]
[null,109,"Jan 2031",{"$f":"IFERROR(RPMLoanType(B159),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B159),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B159,D159,J158)","v":8212953.3156113708},41064.766578056857,15035.819078424458,{"$f":"IFERROR(RPMTotalPayment(B159,D159,E159,F159),\"Enable Macros\")","v":56100.585656481315},8197917.4965329468]
[null,110,"Feb 2031",{"$f":"IFERROR(RPMLoanType(B160),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B160),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B160,D160,J159)","v":8197917.4965329468},40989.587482664734,15110.998173816566,{"$f":"IFERROR(RPMTotalPayment(B160,D160,E160,F160),\"Enable Macros\")","v":56100.5856564813},8182806.4983591307]
[null,111,"Mar 2031",{"$f":"IFERROR(RPMLoanType(B161),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B161),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B161,D161,J160)","v":8182806.4983591307},40914.032491795653,15186.553164685662,{"$f":"IFERROR(RPMTotalPayment(B161,D161,E161,F161),\"Enable Macros\")","v":56100.585656481315},8167619.9451944446]
[null,112,"Apr 2031",{"$f":"IFERROR(RPMLoanType(B162),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B162),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B162,D162,J161)","v":8167619.9451944446},40838.099725972221,15262.485930509094,{"$f":"IFERROR(RPMTotalPayment(B162,D162,E162,F162),\"Enable Macros\")","v":56100.585656481315},8152357.4592639357]
[null,113,"May 2031",{"$f":"IFERROR(RPMLoanType(B163),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B163),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B163,D163,J162)","v":8152357.4592639357},40761.787296319679,15338.798360161636,{"$f":"IFERROR(RPMTotalPayment(B163,D163,E163,F163),\"Enable Macros\")","v":56100.585656481315},8137018.6609037742]
[null,114,"Jun 2031",{"$f":"IFERROR(RPMLoanType(B164),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B164),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B164,D164,J163)","v":8137018.6609037742},40685.093304518872,15415.492351962443,{"$f":"IFERROR(RPMTotalPayment(B164,D164,E164,F164),\"Enable Macros\")","v":56100.585656481315},8121603.1685518119]
[null,115,"Jul 2031",{"$f":"IFERROR(RPMLoanType(B165),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B165),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B165,D165,J164)","v":8121603.1685518119},40608.015842759058,15492.569813722257,{"$f":"IFERROR(RPMTotalPayment(B165,D165,E165,F165),\"Enable Macros\")","v":56100.585656481315},8106110.5987380901]
[null,116,"Aug 2031",{"$f":"IFERROR(RPMLoanType(B166),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B166),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B166,D166,J165)","v":8106110.5987380901},40530.55299369045,15570.032662790873,{"$f":"IFERROR(RPMTotalPayment(B166,D166,E166,F166),\"Enable Macros\")","v":56100.585656481322},8090540.5660752989]
[null,117,"Sep 2031",{"$f":"IFERROR(RPMLoanType(B167),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B167),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B167,D167,J166)","v":8090540.5660752989},40452.702830376496,15647.882826104818,{"$f":"IFERROR(RPMTotalPayment(B167,D167,E167,F167),\"Enable Macros\")","v":56100.585656481315},8074892.6832491942]
[null,118,"Oct 2031",{"$f":"IFERROR(RPMLoanType(B168),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B168),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B168,D168,J167)","v":8074892.6832491942},40374.46341624597,15726.122240235345,{"$f":"IFERROR(RPMTotalPayment(B168,D168,E168,F168),\"Enable Macros\")","v":56100.585656481315},8059166.5610089591]
[null,119,"Nov 2031",{"$f":"IFERROR(RPMLoanType(B169),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B169),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B169,D169,J168)","v":8059166.5610089591},40295.832805044796,15804.752851436519,{"$f":"IFERROR(RPMTotalPayment(B169,D169,E169,F169),\"Enable Macros\")","v":56100.585656481315},8043361.8081575222]
[null,120,"Dec 2031",{"$f":"IFERROR(RPMLoanType(B170),\"Enable Macros\")","v":"Amortizing"},{"$f":"IFERROR(RPMInterestRate(B170),\"Enable Macros\")","v":0.06},{"$f":"RPMBeginningBalance(B170,D170,J169)","v":8043361.8081575222},40216.809040787615,15883.776615693685,{"$f":"IFERROR(RPMTotalPayment(B170,D170,E170,F170),\"Enable Macros\")","v":56100.5856564813},8027478.031541829]

{"sheet":"Sources & Uses","index":8,"n_rows":39,"n_cols":14,"rows_kept":39,"cut":false,"hidden":false,"merged":[[36,1,36,13],[37,1,37,13],[38,1,38,13]]}
[]
[null,{"$f":"Project_Name&\" - Sources & Uses\"","v":"New Hospitality Project - Sources & Uses"}]
[]
[null,"Period",0,1,2,3,4,5,6,7,8,9,10,"Total"]
[null,null,null,{"$f":"RPMDateSpan(D4,1)","v":"Jan 22 - Dec 22"},{"$f":"RPMDateSpan(E4,1)","v":"Jan 23 - Dec 23"},"Jan 24 - Dec 24","Jan 25 - Dec 25","Jan 26 - Dec 26","Jan 27 - Dec 27","Jan 28 - Dec 28","Jan 29 - Dec 29","Jan 30 - Dec 30","Jan 31 - Dec 31"]
[]
[null,"Sources Of Capital"]
[null,"Debt Proceeds",{"$f":"IF(AND(Loan_IO_Status=\"Fund Up\",Loan_IO_Term>0,Loan_IO_Approval=\"Yes\"),0,Loan_Amount)","v":0},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(D4*12<=Loan_IO_MonthFunded,VLOOKUP(D4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:C8),IF(AND(Loan_IO_MonthFunded>C4*12,Loan_IO_MonthFunded<=D4*12),Loan_Amount-SUM($C$8:C8),0)))","v":9357107.25},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(E4*12<=Loan_IO_MonthFunded,VLOOKUP(E4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:D8),IF(AND(Loan_IO_MonthFunded>D4*12,Loan_IO_MonthFunded<=E4*12),Loan_Amount-SUM($C$8:D8),0)))","v":0},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(F4*12<=Loan_IO_MonthFunded,VLOOKUP(F4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:E8),IF(AND(Loan_IO_MonthFunded>E4*12,Loan_IO_MonthFunded<=F4*12),Loan_Amount-SUM($C$8:E8),0)))","v":0},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(G4*12<=Loan_IO_MonthFunded,VLOOKUP(G4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:F8),IF(AND(Loan_IO_MonthFunded>F4*12,Loan_IO_MonthFunded<=G4*12),Loan_Amount-SUM($C$8:F8),0)))","v":0},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(H4*12<=Loan_IO_MonthFunded,VLOOKUP(H4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:G8),IF(AND(Loan_IO_MonthFunded>G4*12,Loan_IO_MonthFunded<=H4*12),Loan_Amount-SUM($C$8:G8),0)))","v":0},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(I4*12<=Loan_IO_MonthFunded,VLOOKUP(I4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:H8),IF(AND(Loan_IO_MonthFunded>H4*12,Loan_IO_MonthFunded<=I4*12),Loan_Amount-SUM($C$8:H8),0)))","v":0},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(J4*12<=Loan_IO_MonthFunded,VLOOKUP(J4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:I8),IF(AND(Loan_IO_MonthFunded>I4*12,Loan_IO_MonthFunded<=J4*12),Loan_Amount-SUM($C$8:I8),0)))","v":0},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(K4*12<=Loan_IO_MonthFunded,VLOOKUP(K4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:J8),IF(AND(Loan_IO_MonthFunded>J4*12,Loan_IO_MonthFunded<=K4*12),Loan_Amount-SUM($C$8:J8),0)))","v":0},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(L4*12<=Loan_IO_MonthFunded,VLOOKUP(L4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:K8),IF(AND(Loan_IO_MonthFunded>K4*12,Loan_IO_MonthFunded<=L4*12),Loan_Amount-SUM($C$8:K8),0)))","v":0},{"$f":"IF(OR(Loan_IO_Status<>\"Fund Up\",Loan_IO_Approval=\"No\"),0,IF(M4*12<=Loan_IO_MonthFunded,VLOOKUP(M4,Amortization_Schedule_Annual,9,FALSE)-SUM($C$8:L8),IF(AND(Loan_IO_MonthFunded>L4*12,Loan_IO_MonthFunded<=M4*12),Loan_Amount-SUM($C$8:L8),0)))","v":0},{"$f":"SUM(C8:M8)","v":9357107.25}]
[null,"Refinance Proceeds",0,{"$f":"IF(Hold<D4,0,IF(ROUNDUP((Loan_IO_Term+1)/12,0)=D4,Loan_Amount_Amortizing-Loan_Amount,0))","v":0},0,0,0,0,0,0,0,0,0,0]
[null,"Equity Contributions",{"$f":"Equity_Amount","v":3119035.75},{"$f":"IF('Return Detail'!F85<0,-'Return Detail'!F85,0)","v":0},{"$f":"IF('Return Detail'!G85<0,-'Return Detail'!G85,0)","v":0},{"$f":"IF('Return Detail'!H85<0,-'Return Detail'!H85,0)","v":0},{"$f":"IF('Return Detail'!I85<0,-'Return Detail'!I85,0)","v":0},{"$f":"IF('Return Detail'!J85<0,-'Return Detail'!J85,0)","v":0},{"$f":"IF('Return Detail'!K85<0,-'Return Detail'!K85,0)","v":0},{"$f":"IF('Return Detail'!L85<0,-'Return Detail'!L85,0)","v":0},{"$f":"IF('Return Detail'!M85<0,-'Return Detail'!M85,0)","v":0},{"$f":"IF('Return Detail'!N85<0,-'Return Detail'!N85,0)","v":0},{"$f":"IF('Return Detail'!O85<0,-'Return Detail'!O85,0)","v":0},3119035.75]
[null,"Net Operating Income",0,{"$f":"IF('Return Detail'!F$6>0,'Return Detail'!F$6,0)","v":0},{"$f":"IF('Return Detail'!G$6>0,'Return Detail'!G$6,0)","v":942827.8474590003},{"$f":"IF('Return Detail'!H$6>0,'Return Detail'!H$6,0)","v":1048455.0582600001},{"$f":"IF('Return Detail'!I$6>0,'Return Detail'!I$6,0)","v":1090117.5094204997},{"$f":"IF('Return Detail'!J$6>0,'Return Detail'!J$6,0)","v":1186085.8466659591},{"$f":"IF('Return Detail'!K$6>0,'Return Detail'!K$6,0)","v":1225206.4804680652},{"$f":"IF('Return Detail'!L$6>0,'Return Detail'!L$6,0)","v":1251030.074419535},{"$f":"IF('Return Detail'!M$6>0,'Return Detail'!M$6,0)","v":1288561.3432617658},{"$f":"IF('Return Detail'!N$6>0,'Return Detail'!N$6,0)","v":1327219.0593493278},{"$f":"IF('Return Detail'!O$6>0,'Return Detail'!O$6,0)","v":1367036.5680211242},10726539.787325278]
[null,"Non-Regular Income",0,{"$f":"'Return Detail'!F8","v":133713.75},{"$f":"'Return Detail'!G8","v":0},{"$f":"'Return Detail'!H8","v":0},{"$f":"'Return Detail'!I8","v":0},{"$f":"'Return Detail'!J8","v":0},{"$f":"'Return Detail'!K8","v":0},{"$f":"'Return Detail'!L8","v":0},{"$f":"'Return Detail'!M8","v":0},{"$f":"'Return Detail'!N8","v":0},{"$f":"'Return Detail'!O8","v":553961.94155595219},687675.69155595219]
[null,"Reserve Draw for Taxes",0,{"$f":"'Return Detail'!F$82","v":0},{"$f":"'Return Detail'!G$82","v":0},{"$f":"'Return Detail'!H$82","v":0},{"$f":"'Return Detail'!I$82","v":0},{"$f":"'Return Detail'!J$82","v":0},{"$f":"'Return Detail'!K$82","v":0},{"$f":"'Return Detail'!L$82","v":0},{"$f":"'Return Detail'!M$82","v":0},{"$f":"'Return Detail'!N$82","v":0},{"$f":"'Return Detail'!O$82","v":0},0]
[null,"Gross Proceeds from Sale",0,{"$f":"'Return Detail'!F$10","v":0},{"$f":"'Return Detail'!G$10","v":0},{"$f":"'Return Detail'!H$10","v":0},{"$f":"'Return Detail'!I$10","v":0},{"$f":"'Return Detail'!J$10","v":0},{"$f":"'Return Detail'!K$10","v":0},{"$f":"'Return Detail'!L$10","v":0},{"$f":"'Return Detail'!M$10","v":0},{"$f":"'Return Detail'!N$10","v":0},{"$f":"'Return Detail'!O$10","v":21128997.628177475},21128997.628177475]
[null,"Total Sources Of Capital",{"$f":"SUM(C8:C14)","v":3119035.75},9490821,942827.8474590003,1048455.0582600001,1090117.5094204997,1186085.8466659591,1225206.4804680652,1251030.074419535,1288561.3432617658,1327219.0593493278,23049996.137754552,45019356.107058704]
[]
[null,"Uses Of Capital"]
[null,{"$f":"IF(Project_Type=\"Acquisition\",\"Acquisition Price\",\"Development Costs\")","v":"Development Costs"},{"$f":"IF(AND(Loan_IO_Status=\"Fund Up\",Loan_IO_Term>0,Loan_IO_Approval=\"yes\"),Equity_Amount-SUM(C19:C32),Acquisition_Gross)","v":2984035.75},{"$f":"D8","v":9357107.25},0,0,0,0,0,0,0,0,0,{"$f":"SUM(C18:M18)","v":12341143}]
[null,"Costs and Fees",{"$f":"SUM(Due_Diligence_Cost,Loan_Fee)","v":0},{"$f":"-SUM('Return Detail'!F34,'Return Detail'!F28)","v":0},{"$f":"-SUM('Return Detail'!G34,'Return Detail'!G28)","v":0},{"$f":"-SUM('Return Detail'!H34,'Return Detail'!H28)","v":0},{"$f":"-SUM('Return Detail'!I34,'Return Detail'!I28)","v":0},{"$f":"-SUM('Return Detail'!J34,'Return Detail'!J28)","v":0},{"$f":"-SUM('Return Detail'!K34,'Return Detail'!K28)","v":0},{"$f":"-SUM('Return Detail'!L34,'Return Detail'!L28)","v":0},{"$f":"-SUM('Return Detail'!M34,'Return Detail'!M28)","v":0},{"$f":"-SUM('Return Detail'!N34,'Return Detail'!N28)","v":0},{"$f":"-SUM('Return Detail'!O34,'Return Detail'!O28)","v":845159.90512709902},{"$f":"SUM(C19:M19)","v":845159.90512709902}]
[null,"Initial Reserve Accounts",{"$f":"SUM(Reserve_CapEx,Reserve_Operating,Reserve_Replacement)","v":135000},0,0,0,0,0,0,0,0,0,0,135000]
[null,"Operating Requirements",0,{"$f":"IF('Return Detail'!F$6<0,-'Return Detail'!F$6,0)","v":133713.75},{"$f":"IF('Return Detail'!G$6<0,-'Return Detail'!G$6,0)","v":0},{"$f":"IF('Return Detail'!H$6<0,-'Return Detail'!H$6,0)","v":0},{"$f":"IF('Return Detail'!I$6<0,-'Return Detail'!I$6,0)","v":0},{"$f":"IF('Return Detail'!J$6<0,-'Return Detail'!J$6,0)","v":0},{"$f":"IF('Return Detail'!K$6<0,-'Return Detail'!K$6,0)","v":0},{"$f":"IF('Return Detail'!L$6<0,-'Return Detail'!L$6,0)","v":0},{"$f":"IF('Return Detail'!M$6<0,-'Return Detail'!M$6,0)","v":0},{"$f":"IF('Return Detail'!N$6<0,-'Return Detail'!N$6,0)","v":0},{"$f":"IF('Return Detail'!O$6<0,-'Return Detail'!O$6,0)","v":0},{"$f":"SUM(C21:M21)","v":133713.75}]
[null,"Mortgage Balance",0,{"$f":"-'Return Detail'!F$35","v":0},{"$f":"-'Return Detail'!G$35","v":0},{"$f":"-'Return Detail'!H$35","v":0},{"$f":"-'Return Detail'!I$35","v":0},{"$f":"-'Return Detail'!J$35","v":0},{"$f":"-'Return Detail'!K$35","v":0},{"$f":"-'Return Detail'!L$35","v":0},{"$f":"-'Return Detail'!M$35","v":0},{"$f":"-'Return Detail'!N$35","v":0},{"$f":"-'Return Detail'!O$35","v":8027478.031541829},{"$f":"SUM(C22:M22)","v":8027478.031541829}]
[null,"Mortgage Exit Fee",0,{"$f":"-'Return Detail'!F36","v":0},{"$f":"-'Return Detail'!G36","v":0},{"$f":"-'Return Detail'!H36","v":0},{"$f":"-'Return Detail'!I36","v":0},{"$f":"-'Return Detail'!J36","v":0},{"$f":"-'Return Detail'!K36","v":0},{"$f":"-'Return Detail'!L36","v":0},{"$f":"-'Return Detail'!M36","v":0},{"$f":"-'Return Detail'!N36","v":0},{"$f":"-'Return Detail'!O36","v":0},{"$f":"SUM(C23:M23)","v":0}]
[null,"Annual Interest Expense",0,{"$f":"IF(D4>Hold,0,VLOOKUP(D$4,Amortization_Schedule_Annual,6,FALSE))","v":304105.98562500003},558300.65491748124,551213.48126400413,543689.18624727696,535700.80917809508,527219.72649093764,518215.5491813944,508656.01391775854,498506.86743661994,487731.74380823242,5033340.0180668011]
[null,"Less: Budgeted Interest",0,{"$f":"IF(D4>Hold,0,'Cash Flows'!F112)","v":-304105.98562500003},{"$f":"IF(E4>Hold,0,'Cash Flows'!G112)","v":0},{"$f":"IF(F4>Hold,0,'Cash Flows'!H112)","v":0},{"$f":"IF(G4>Hold,0,'Cash Flows'!I112)","v":0},{"$f":"IF(H4>Hold,0,'Cash Flows'!J112)","v":0},{"$f":"IF(I4>Hold,0,'Cash Flows'!K112)","v":0},{"$f":"IF(J4>Hold,0,'Cash Flows'!L112)","v":0},{"$f":"IF(K4>Hold,0,'Cash Flows'!M112)","v":0},{"$f":"IF(L4>Hold,0,'Cash Flows'!N112)","v":0},{"$f":"IF(M4>Hold,0,'Cash Flows'!O112)","v":0},-304105.98562500003]
[null,"Annual Principal Paydown",0,{"$f":"IF(D4>Hold,0,VLOOKUP(D$4,Amortization_Schedule_Annual,7,FALSE))","v":0},114906.37296029393,121993.54661377097,129517.84163049821,137506.21869968018,145987.30138683779,154991.47869638124,164551.01396001721,174700.16044115578,185475.28406954336,1329629.2184581785]
[null,"Capital Expenses",0,{"$f":"-'Return Detail'!F$7","v":0},{"$f":"-'Return Detail'!G$7","v":0},{"$f":"-'Return Detail'!H$7","v":0},{"$f":"-'Return Detail'!I$7","v":0},{"$f":"-'Return Detail'!J$7","v":0},{"$f":"-'Return Detail'!K$7","v":0},{"$f":"-'Return Detail'!L$7","v":0},{"$f":"-'Return Detail'!M$7","v":0},{"$f":"-'Return Detail'!N$7","v":0},{"$f":"-'Return Detail'!O$7","v":0},0]
[null,"Operating Tax Liability",0,{"$f":"-'Return Detail'!F81","v":-168257.31031073999},{"$f":"-'Return Detail'!G81","v":137950.69037005166},{"$f":"-'Return Detail'!H81","v":177971.94592911858},{"$f":"-'Return Detail'!I81","v":195775.66472114794},{"$f":"-'Return Detail'!J81","v":232766.52309017238},{"$f":"-'Return Detail'!K81","v":250051.31247108162},{"$f":"-'Return Detail'!L81","v":262883.94668039324},{"$f":"-'Return Detail'!M81","v":280027.92981344223},{"$f":"-'Return Detail'!N81","v":297792.39945936302},{"$f":"-'Return Detail'!O81","v":316856.47472119937},1983819.5769452299]
[null,"Ordinary Income Tax Liability",0,{"$f":"-'Return Detail'!F74","v":0},{"$f":"-'Return Detail'!G74","v":0},{"$f":"-'Return Detail'!H74","v":0},{"$f":"-'Return Detail'!I74","v":0},{"$f":"-'Return Detail'!J74","v":0},{"$f":"-'Return Detail'!K74","v":0},{"$f":"-'Return Detail'!L74","v":0},{"$f":"-'Return Detail'!M74","v":0},{"$f":"-'Return Detail'!N74","v":0},{"$f":"-'Return Detail'!O74","v":0},0]
[null,"Cost Recovery Tax Liability",0,{"$f":"-'Return Detail'!F75","v":0},{"$f":"-'Return Detail'!G75","v":0},{"$f":"-'Return Detail'!H75","v":0},{"$f":"-'Return Detail'!I75","v":0},{"$f":"-'Return Detail'!J75","v":0},{"$f":"-'Return Detail'!K75","v":0},{"$f":"-'Return Detail'!L75","v":0},{"$f":"-'Return Detail'!M75","v":0},{"$f":"-'Return Detail'!N75","v":0},{"$f":"-'Return Detail'!O75","v":111026.44417129998},111026.44417129998]
[null,"Capital Gains Tax Liability",0,{"$f":"-'Return Detail'!F76","v":0},{"$f":"-'Return Detail'!G76","v":0},{"$f":"-'Return Detail'!H76","v":0},{"$f":"-'Return Detail'!I76","v":0},{"$f":"-'Return Detail'!J76","v":0},{"$f":"-'Return Detail'!K76","v":0},{"$f":"-'Return Detail'!L76","v":0},{"$f":"-'Return Detail'!M76","v":0},{"$f":"-'Return Detail'!N76","v":0},{"$f":"-'Return Detail'!O76","v":1561538.9446100751},1561538.9446100751]
[null,"Equity Returns",0,{"$f":"IF('Return Detail'!F$85>0,'Return Detail'!F$85,0)","v":168257.31031073999},{"$f":"IF('Return Detail'!G$85>0,'Return Detail'!G$85,0)","v":131670.12921117351},{"$f":"IF('Return Detail'!H$85>0,'Return Detail'!H$85,0)","v":197276.08445310636},{"$f":"IF('Return Detail'!I$85>0,'Return Detail'!I$85,0)","v":221134.81682157659},{"$f":"IF('Return Detail'!J$85>0,'Return Detail'!J$85,0)","v":280112.29569801147},{"$f":"IF('Return Detail'!K$85>0,'Return Detail'!K$85,0)","v":301948.14011920814},{"$f":"IF('Return Detail'!L$85>0,'Return Detail'!L$85,0)","v":314939.09986136615},{"$f":"IF('Return Detail'!M$85>0,'Return Detail'!M$85,0)","v":335326.38557054783},{"$f":"IF('Return Detail'!N$85>0,'Return Detail'!N$85,0)","v":356219.63201218907},{"$f":"IF('Return Detail'!O$85>0,'Return Detail'!O$85,0)","v":11514729.309705272},13821613.203763191]
[null,"Total Uses Of Capital",{"$f":"SUM(C18:C32)","v":3119035.75},{"$f":"SUM(D18:D32)","v":9490821},942827.8474590003,1048455.0582600001,1090117.5094204997,1186085.8466659591,1225206.4804680652,1251030.074419535,1288561.3432617658,1327219.0593493278,23049996.137754552,45019356.107058704]
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[null,"www.realpropmetrics.com"]
[null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"TODAY()","v":"2022-02-23"}]

{"sheet":"Equity Investor Returns","index":9,"n_rows":188,"n_cols":27,"rows_kept":188,"cut":false,"hidden":false,"merged":[[187,1,187,13],[1,1,1,13],[5,4,5,5],[58,1,58,13],[59,1,59,13],[60,1,60,13],[61,1,61,13],[65,1,65,13],[67,1,67,13],[184,1,184,13],[185,1,185,13],[186,1,186,13]]}
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[null,{"$f":"Project_Name&\" - \"&IF(LEFT(B21,3)=\"Pre\",\"Pre-Tax Equity Investor Returns\",\"Post-Tax Equity Investor Returns\")","v":"New Hospitality Project - Pre-Tax Equity Investor Returns"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Year",1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Name_Partner","v":"Equity Investor"},{"$f":"E32","v":0},{"$f":"F32","v":242130.95486877239},336988.67932452925,361790.4218672206,381102.73458034103,400663.05148139398,413574.8484571288,432340.48287824413,451669.34092202515,6876738.9117901726]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Name_Developer","v":"Developer"},{"$f":"E47","v":0},{"$f":"F47","v":25440.726998450002},25440.726998450002,44547.094450302429,131776.08420784282,151336.40110889578,164248.1980846306,183013.83250574593,202342.69054952695,6627412.2614176748]
[null,null,null,null,"Cash Flow Distribution"]
[null,null,"Method","Basis","Rate",{"$f":"Name_Partner& \"Split\"","v":"Equity InvestorSplit"},{"$f":"Name_Developer&\" Split\"","v":"Developer Split"}]
[null,"Initial Equity Contribution",null,null,null,{"$f":"Contribution_JV","v":0.89804249999999997},{"$f":"Contribution_Developer","v":0.10195750000000001}]
[null,"Preferred Return","Cumulative","Cash on Cash",{"$f":"Equity_Rate","v":0.08},{"$f":"Contribution_JV","v":0.89804249999999997},{"$f":"1-Pref_Investor","v":0.10195750000000003}]
[null,"Hurdle 1",null,{"$f":"D9","v":"Cash on Cash"},{"$f":"Preferred_Return_Rate+0.02","v":0.1},0.7,{"$f":"1-F10","v":0.30000000000000004}]
[null,"Hurdle 2",null,{"$f":"D10","v":"Cash on Cash"},{"$f":"Hurdle1_Rate+0.02","v":0.12000000000000001},0.6,{"$f":"1-F11","v":0.4}]
[null,"Hurdle 3",null,{"$f":"D11","v":"Cash on Cash"},0,0.5,0.5]
[null,"Final Split",null,null,null,0.5,0.5]
[null,"Reversion (Sale) Proceeds","Independent",null,null,0.5,{"$f":"1-F14","v":0.5}]
[]
[]
[]
[]
[null,"Cash Flow Waterfall Summary"]
[null,"Period",null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Pre-Tax Net Cash Flow",null,{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!E37,'Return Detail'!E85)","v":-3119035.75},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!F$32,'Return Detail'!F$83)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!G$32,'Return Detail'!G$83)","v":269620.81958122517},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!H$32,'Return Detail'!H$83)","v":375248.03038222494},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!I$32,'Return Detail'!I$83)","v":416910.48154272453},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!J$32,'Return Detail'!J$83)","v":512878.81878818385},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!K$32,'Return Detail'!K$83)","v":551999.45259028976},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!L$32,'Return Detail'!L$83)","v":577823.0465417594},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!M$32,'Return Detail'!M$83)","v":615354.31538399006},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!N$32,'Return Detail'!N$83)","v":654012.03147155209},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!O$32,'Return Detail'!O$83)","v":1247791.4816993007}]
[null,{"$f":"IF(LEFT($B$21,3)=\"Pre\",\"Pre-Tax Sale Proceeds\",\"Post-Tax Sale Proceeds\")","v":"Pre-Tax Sale Proceeds"},null,0,{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!F$73,'Return Detail'!F$77)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!G$73,'Return Detail'!G$77)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!H$73,'Return Detail'!H$77)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!I$73,'Return Detail'!I$77)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!J$73,'Return Detail'!J$77)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!K$73,'Return Detail'!K$77)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!L$73,'Return Detail'!L$77)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!M$73,'Return Detail'!M$77)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!N$73,'Return Detail'!N$77)","v":0},{"$f":"IF(LEFT($B$21,3)=\"Pre\",'Return Detail'!O$73,'Return Detail'!O$77)","v":12256359.691508546}]
[null,"Total Cash Flow",null,{"$f":"SUM(D21:D22)","v":-3119035.75},{"$f":"SUM(E21:E22)","v":0},269620.81958122517,375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,13504151.173207847]
[]
[null,{"$f":"Name_Partner","v":"Equity Investor"}]
[null,"Cash Flow Paid at Preferred Return",null,{"$f":"D80","v":-2801026.6625193749},{"$f":"E88","v":0},{"$f":"F88","v":242130.95486877239},336988.67932452925,317208.89781289827,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998]
[null,"Cash Flow Paid at Hurdle 1",null,{"$f":"D113","v":0},{"$f":"SUM(E113:E114)","v":0},{"$f":"SUM(F113:F114)","v":0},0,44581.524054322326,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525]
[null,"Cash Flow Paid at Hurdle 2",null,{"$f":"D134","v":0},{"$f":"SUM(E134:E135)","v":0},{"$f":"SUM(F134:F135)","v":0},0,0,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525]
[null,"Cash Flow Paid at Hurdle 3",null,{"$f":"D155","v":0},{"$f":"SUM(E155:E156)","v":0},{"$f":"SUM(F155:F156)","v":0},0,0,0,0,0,0,0,0]
[null,"Cash Flow Paid at Final Split",null,{"$f":"D175","v":0},{"$f":"E175","v":0},0,0,0,44979.535078015993,64539.851979068946,77451.648954803764,96217.283375919098,115546.14141970011,412435.86653357442]
[null,"Cash Flow Paid at Reversion (Sale)",null,0,{"$f":"IF(Reversion_Method=\"Independent\",E$22*Reversion_Split_Equity,0)","v":0},0,0,0,0,0,0,0,0,6128179.8457542732]
[null,"Total Cash Flow to Equity Investor",null,{"$f":"SUM(D26:D31)","v":-2801026.6625193749},{"$f":"SUM(E26:E31)","v":0},242130.95486877239,336988.67932452925,361790.4218672206,381102.73458034103,400663.05148139398,413574.8484571288,432340.48287824413,451669.34092202515,6876738.9117901726]
[null,"Annual Cash on Cash",null,null,{"$f":"IFERROR(E32/(Equity_Amount*Contribution_JV),\"-\")","v":0},8.6443645149378356E-2,0.12030898664185717,0.12916350519198891,0.1360582316762238,0.14304149862001628,0.14765116447879156,0.15435072027817714,0.16125135364322898,2.4550779911551825]
[]
[null,"Net Cash Flow",{"$f":"SUM(D32:N32)","v":7095972.7636504527}]
[null,"IRR",{"$f":"IFERROR(IRR(D32:N32),\"-\")","v":0.16508843342898083}]
[null,"Equity Multiple",{"$f":"IFERROR(SUM(E32:N32)/(Equity_Amount*Contribution_JV),\"-\")","v":3.5333470968348446}]
[null,"Average Annual Cash on Cash Return",{"$f":"IFERROR((SUM(E32:N32)/Hold)/(Equity_Amount*Contribution_JV),\"-\")","v":0.35333470968348446}]
[]
[null,{"$f":"Name_Developer","v":"Developer"}]
[null,"Cash Flow Paid at Preferred Return",null,{"$f":"D96","v":-318009.08748062502},{"$f":"E96","v":0},25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002]
[null,"Cash Flow Paid at Hurdle 1",null,{"$f":"D122","v":0},{"$f":"E122","v":0},0,0,19106.367451852428,24008.799964451802,24008.799964451802,24008.799964451802,24008.799964451802,24008.799964451802,24008.799964451802]
[null,"Cash Flow Paid at Hurdle 2",null,{"$f":"D143","v":0},{"$f":"E143","v":0},0,0,0,37347.022166925017,37347.022166925017,37347.022166925017,37347.022166925017,37347.022166925017,37347.022166925017]
[null,"Cash Flow Paid at Hurdle 3",null,{"$f":"D164","v":0},{"$f":"E164","v":0},0,0,0,0,0,0,0,0,0]
[null,"Cash Flow Paid at Final Split",null,{"$f":"D180","v":0},{"$f":"E180","v":0},0,0,0,44979.535078015993,64539.851979068946,77451.648954803764,96217.283375919098,115546.14141970011,412435.86653357442]
[null,"Cash Flow Paid at Reversion (Sale)",null,0,{"$f":"IF(Reversion_Method=\"Independent\",E$22*Reversion_Split_Dev,0)","v":0},0,0,0,0,0,0,0,0,6128179.8457542732]
[null,"Total Cash Flow to Developer",null,{"$f":"SUM(D41:D46)","v":-318009.08748062502},{"$f":"SUM(E41:E46)","v":0},25440.726998450002,25440.726998450002,44547.094450302429,131776.08420784282,151336.40110889578,164248.1980846306,183013.83250574593,202342.69054952695,6627412.2614176748]
[null,"Annual Cash on Cash",null,null,{"$f":"IFERROR(E47/(Equity_Amount*Contribution_Developer),\"-\")","v":0},0.08,0.08,0.14008119957583445,0.41437836022805918,0.4758870330022128,0.51648900786408358,0.57549875054088262,0.63627958607269308,20.840323507489249]
[]
[null,"Net Cash Flow",{"$f":"SUM(D47:N47)","v":7237548.9288408943}]
[null,"IRR",{"$f":"IFERROR(IRR(D47:N47),\"-\")","v":0.41371669994551574}]
[null,"Equity Multiple",{"$f":"IFERROR(SUM(E47:N47)/(Equity_Amount*Contribution_Developer),\"-\")","v":23.758937444773014}]
[null,"Average Annual Cash on Cash Return",{"$f":"IFERROR((SUM(E47:N47)/Hold)/(Equity_Amount*Contribution_Developer),\"-\")","v":2.3758937444773016}]
[]
[]
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[]
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[null,"www.realpropmetrics.com"]
[null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"TODAY()","v":"2022-02-23"}]
[null,"This pro forma does not constitute tax advice.  Please consult a professional tax advisor."]
[]
[]
[]
[null,{"$f":"B2","v":"New Hospitality Project - Pre-Tax Equity Investor Returns"}]
[]
[null,"Cash Flow Waterfall Detail Analysis"]
[]
[null,{"$f":"B20","v":"Period"},null,{"$f":"D20","v":0},1,2,3,4,5,6,7,8,9,10]
[null,{"$f":"B21","v":"Pre-Tax Net Cash Flow"},null,{"$f":"IF(Reversion_Method=\"Independent\",D$21,D$23)","v":-3119035.75},0,269620.81958122517,375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,1247791.4816993007]
[]
[null,"Preferred Return"]
[null,{"$f":"Name_Partner","v":"Equity Investor"}]
[null,{"$f":"\"CF Allocation at \"&ROUND(Pref_Investor*100,1)&\"%\"","v":"CF Allocation at 89.8%"},null,{"$f":"D$71*Contribution_JV","v":-2801026.6625193749},{"$f":"E$71*Pref_Investor","v":0},242130.95486877239,336988.67932452925,374403.33112083218,460586.97662158759,495718.96840281528,518909.65327397792,552614.32777322689,587330.59977279126,1120569.7817039443]
[null,"Amount Paid at Preferred Return (IRR)",null,{"$f":"IF($D$9=\"IRR\",$D$21*Contribution_JV,0)","v":0},{"$f":"IF(OR(E$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\"),0,IF(NPV(Preferred_Return_Rate,$E$75:E$75)+$D$75<0,E75,FV(Preferred_Return_Rate,E$20,,D75)))","v":0},{"$f":"IF(OR(F$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$75:E$75),$D$75)>0),0,IF(NPV(Preferred_Return_Rate,$E$75:F$75)+$D$75<0,F75,FV(Preferred_Return_Rate,F$20,,NPV(Preferred_Return_Rate,$E$75:E$75)+$D75)))","v":0},{"$f":"IF(OR(G$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$75:F$75),$D$75)>0),0,IF(NPV(Preferred_Return_Rate,$E$75:G$75)+$D$75<0,G75,FV(Preferred_Return_Rate,G$20,,NPV(Preferred_Return_Rate,$E$75:F$75)+$D75)))","v":0},{"$f":"IF(OR(H$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$75:G$75),$D$75)>0),0,IF(NPV(Preferred_Return_Rate,$E$75:H$75)+$D$75<0,H75,FV(Preferred_Return_Rate,H$20,,NPV(Preferred_Return_Rate,$E$75:G$75)+$D75)))","v":0},{"$f":"IF(OR(I$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$75:H$75),$D$75)>0),0,IF(NPV(Preferred_Return_Rate,$E$75:I$75)+$D$75<0,I75,FV(Preferred_Return_Rate,I$20,,NPV(Preferred_Return_Rate,$E$75:H$75)+$D75)))","v":0},{"$f":"IF(OR(J$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$75:I$75),$D$75)>0),0,IF(NPV(Preferred_Return_Rate,$E$75:J$75)+$D$75<0,J75,FV(Preferred_Return_Rate,J$20,,NPV(Preferred_Return_Rate,$E$75:I$75)+$D75)))","v":0},{"$f":"IF(OR(K$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$75:J$75),$D$75)>0),0,IF(NPV(Preferred_Return_Rate,$E$75:K$75)+$D$75<0,K75,FV(Preferred_Return_Rate,K$20,,NPV(Preferred_Return_Rate,$E$75:J$75)+$D75)))","v":0},{"$f":"IF(OR(L$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$75:K$75),$D$75)>0),0,IF(NPV(Preferred_Return_Rate,$E$75:L$75)+$D$75<0,L75,FV(Preferred_Return_Rate,L$20,,NPV(Preferred_Return_Rate,$E$75:K$75)+$D75)))","v":0},{"$f":"IF(OR(M$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$75:L$75),$D$75)>0),0,IF(NPV(Preferred_Return_Rate,$E$75:M$75)+$D$75<0,M75,FV(Preferred_Return_Rate,M$20,,NPV(Preferred_Return_Rate,$E$75:L$75)+$D75)))","v":0},{"$f":"IF(OR(N$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$75:M$75),$D$75)>0),0,IF(NPV(Preferred_Return_Rate,$E$75:N$75)+$D$75<0,N75,FV(Preferred_Return_Rate,N$20,,NPV(Preferred_Return_Rate,$E$75:M$75)+$D75)))","v":0}]
[null,"Amount Paid at Preferred Return (COC)",null,{"$f":"IF($D$9=\"Cash on Cash\",$D$21*Contribution_JV,0)","v":-2801026.6625193749},{"$f":"IF(OR(E$70>Hold,Preferred_Return_Rate=0,$D$9<>\"Cash on Cash\"),0,MIN(-$D$75*Preferred_Return_Rate,E75))","v":0},224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D75-SUM(D76:D77)","v":0},0,18048.821867222403,112906.54632297927,150321.1981192822,236504.8436200376,271636.8354012653,294827.52027242794,328532.19477167691,363248.46677124128,896487.64870239433]
[]
[null,{"$f":"\"Cash Flow Received by \"&Name_Partner","v":"Cash Flow Received by Equity Investor"},null,{"$f":"SUM(D76:D77)","v":-2801026.6625193749},0,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998]
[null,{"$f":"Name_Partner&\" IRR at \"&B73","v":"Equity Investor IRR at Preferred Return"},{"$f":"IFERROR(IRR(D80:N80),\"-\")","v":-5.179294584024241E-2}]
[]
[null,"Cumulative Preferred Return Catchup"]
[null,"Cumulative Amount Due as Preferred Return",null,null,{"$f":"IF(OR(Hold<E70,$D$9<>\"Cash on Cash\",Preferred_Return_Method<>\"Cumulative\"),0,(Equity_Amount*Contribution_JV)*Preferred_Return_Rate*E$70)","v":224082.13300154998},448164.26600309997,672246.39900464995,896328.53200619994,1120410.66500775,1344492.7980092999,1568574.9310108498,1792657.0640123999,2016739.19701395,2240821.3300155001]
[null,"Cumulative Amount Paid as Preferred Return",null,null,{"$f":"IF(OR(Hold<E70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:E77,$D$87:D87))","v":0},{"$f":"IF(OR(Hold<F70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:F77,$D$87:E87))","v":224082.13300154998},{"$f":"IF(OR(Hold<G70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:G77,$D$87:F87))","v":466213.0878703224},{"$f":"IF(OR(Hold<H70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:H77,$D$87:G87))","v":803201.76719485165},{"$f":"IF(OR(Hold<I70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:I77,$D$87:H87))","v":1120410.66500775},{"$f":"IF(OR(Hold<J70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:J77,$D$87:I87))","v":1344492.7980093001},{"$f":"IF(OR(Hold<K70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:K77,$D$87:J87))","v":1568574.9310108502},{"$f":"IF(OR(Hold<L70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:L77,$D$87:K87))","v":1792657.0640124003},{"$f":"IF(OR(Hold<M70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:M77,$D$87:L87))","v":2016739.1970139504},{"$f":"IF(OR(Hold<N70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$77:N77,$D$87:M87))","v":2240821.3300155001}]
[null,"Balance Remaining",null,null,{"$f":"E84-E85","v":224082.13300154998},{"$f":"F84-F85","v":224082.13300154998},206033.31113432755,93126.764811348286,0,0,0,0,0,0]
[null,"Catch Up Paid",null,null,{"$f":"IF(AND(E86>0,E75>(Equity_Amount*Contribution_JV*Preferred_Return_Rate)),MIN(E78,E86),0)","v":0},18048.821867222403,112906.54632297927,93126.764811348286,0,0,0,0,0,0]
[null,{"$f":"\"Total Annual Cash Flow to \"&Name_Partner","v":"Total Annual Cash Flow to Equity Investor"},null,null,{"$f":"SUM(E80,E87)","v":0},{"$f":"SUM(F80,F87)","v":242130.95486877239},336988.67932452925,317208.89781289827,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998,224082.13300154998]
[]
[null,{"$f":"Name_Developer","v":"Developer"}]
[null,{"$f":"\"CF Allocation at \"&ROUND(Pref_Developer*100,1)&\"%\"","v":"CF Allocation at 10.2%"},null,{"$f":"D$71*Contribution_Developer","v":-318009.08748062502},{"$f":"E$71*Pref_Developer","v":0},27489.864712452774,38259.351057695712,42507.150421892351,52291.842166596274,56280.484187474489,58913.393267781452,62739.987610763186,66681.431698760789,127221.6999953565]
[null,"Amount Paid at Preferred Return (IRR)",null,{"$f":"IF($D$9=\"IRR\",$D$21*Contribution_Developer,0)","v":0},{"$f":"IF(OR(E$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\"),0,IF(NPV(Preferred_Return_Rate,$E$91:E$91)+$D$91<0,E91,FV(Preferred_Return_Rate,E$20,,D91)))","v":0},{"$f":"IF(OR(F$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$91:E$91),$D$91)>0),0,IF(NPV(Preferred_Return_Rate,$E$91:F$91)+$D$91<0,F91,FV(Preferred_Return_Rate,F$20,,NPV(Preferred_Return_Rate,$E$91:E$91)+$D91)))","v":0},{"$f":"IF(OR(G$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$91:F$91),$D$91)>0),0,IF(NPV(Preferred_Return_Rate,$E$91:G$91)+$D$91<0,G91,FV(Preferred_Return_Rate,G$20,,NPV(Preferred_Return_Rate,$E$91:F$91)+$D91)))","v":0},{"$f":"IF(OR(H$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$91:G$91),$D$91)>0),0,IF(NPV(Preferred_Return_Rate,$E$91:H$91)+$D$91<0,H91,FV(Preferred_Return_Rate,H$20,,NPV(Preferred_Return_Rate,$E$91:G$91)+$D91)))","v":0},{"$f":"IF(OR(I$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$91:H$91),$D$91)>0),0,IF(NPV(Preferred_Return_Rate,$E$91:I$91)+$D$91<0,I91,FV(Preferred_Return_Rate,I$20,,NPV(Preferred_Return_Rate,$E$91:H$91)+$D91)))","v":0},{"$f":"IF(OR(J$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$91:I$91),$D$91)>0),0,IF(NPV(Preferred_Return_Rate,$E$91:J$91)+$D$91<0,J91,FV(Preferred_Return_Rate,J$20,,NPV(Preferred_Return_Rate,$E$91:I$91)+$D91)))","v":0},{"$f":"IF(OR(K$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$91:J$91),$D$91)>0),0,IF(NPV(Preferred_Return_Rate,$E$91:K$91)+$D$91<0,K91,FV(Preferred_Return_Rate,K$20,,NPV(Preferred_Return_Rate,$E$91:J$91)+$D91)))","v":0},{"$f":"IF(OR(L$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$91:K$91),$D$91)>0),0,IF(NPV(Preferred_Return_Rate,$E$91:L$91)+$D$91<0,L91,FV(Preferred_Return_Rate,L$20,,NPV(Preferred_Return_Rate,$E$91:K$91)+$D91)))","v":0},{"$f":"IF(OR(M$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$91:L$91),$D$91)>0),0,IF(NPV(Preferred_Return_Rate,$E$91:M$91)+$D$91<0,M91,FV(Preferred_Return_Rate,M$20,,NPV(Preferred_Return_Rate,$E$91:L$91)+$D91)))","v":0},{"$f":"IF(OR(N$20>Hold,Preferred_Return_Rate=0,$D$9<>\"IRR\",SUM(NPV(Preferred_Return_Rate,$E$91:M$91),$D$91)>0),0,IF(NPV(Preferred_Return_Rate,$E$91:N$91)+$D$91<0,N91,FV(Preferred_Return_Rate,N$20,,NPV(Preferred_Return_Rate,$E$91:M$91)+$D91)))","v":0}]
[null,"Amount Paid at Preferred Return (COC)",null,{"$f":"IF($D$9=\"Cash on Cash\",$D$21*Contribution_Developer,0)","v":-318009.08748062502},{"$f":"IF(OR(E$70>Hold,Preferred_Return_Rate=0,$D$9<>\"Cash on Cash\"),0,MIN(-$D$91*Preferred_Return_Rate,E91))","v":0},25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D91-SUM(D92:D93)","v":0},{"$f":"E91-SUM(E92:E93)","v":0},2049.1377140027726,12818.624059245711,17066.423423442349,26851.115168146272,30839.757189024487,33472.66626933145,37299.260612313185,41240.704700310787,101780.97299690649]
[]
[null,{"$f":"\"Total CF Received by \"&Name_Developer","v":"Total CF Received by Developer"},null,{"$f":"SUM(D92:D93)","v":-318009.08748062502},{"$f":"SUM(E92:E93)","v":0},{"$f":"SUM(F92:F93)","v":25440.726998450002},25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002]
[null,{"$f":"Name_Developer&\" IRR at Preferred Return\"","v":"Developer IRR at Preferred Return"},{"$f":"IFERROR(IRR(D96:N96),\"-\")","v":-5.179294584024241E-2}]
[]
[null,"Cumulative Preferred Return Catchup"]
[null,"Cumulative Amount Due as Preferred Return",null,null,{"$f":"IF(OR(Hold<E70,$D$9<>\"Cash on Cash\",Preferred_Return_Method<>\"Cumulative\"),0,(Equity_Amount*Contribution_Developer)*Preferred_Return_Rate*E$70)","v":25440.726998450002},50881.453996900003,76322.180995350005,101762.90799380001,127203.63499225001,152644.36199070001,178085.08898915001,203525.81598760001,228966.54298605002,254407.26998450002]
[null,"Cumulative Amount Paid as Preferred Return",null,null,{"$f":"IF(OR(Hold<E70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:E93,$D$103:D103))","v":0},{"$f":"IF(OR(Hold<F70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:F93,$D$103:E103))","v":25440.726998450002},{"$f":"IF(OR(Hold<G70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:G93,$D$103:F103))","v":52930.59171090278},{"$f":"IF(OR(Hold<H70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:H93,$D$103:G103))","v":91189.942768598499},{"$f":"IF(OR(Hold<I70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:I93,$D$103:H103))","v":127203.63499225001},{"$f":"IF(OR(Hold<J70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:J93,$D$103:I103))","v":152644.36199070001},{"$f":"IF(OR(Hold<K70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:K93,$D$103:J103))","v":178085.08898915001},{"$f":"IF(OR(Hold<L70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:L93,$D$103:K103))","v":203525.81598760001},{"$f":"IF(OR(Hold<M70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:M93,$D$103:L103))","v":228966.54298605002},{"$f":"IF(OR(Hold<N70,Preferred_Return_Method<>\"Cumulative\",$D$9<>\"Cash on Cash\"),0,SUM($E$93:N93,$D$103:M103))","v":254407.26998450002}]
[null,"Balance Remaining",null,null,{"$f":"E100-E101","v":25440.726998450002},{"$f":"F100-F101","v":25440.726998450002},23391.589284447226,10572.965225201508,0,0,0,0,0,0]
[null,"Catch Up Paid",null,null,{"$f":"IF(AND(E102>0,E91>(Equity_Amount*Contribution_Developer*Preferred_Return_Rate)),MIN(E94,E102),0)","v":0},2049.1377140027726,12818.624059245711,10572.965225201508,0,0,0,0,0,0]
[null,{"$f":"\"Total Annual Cash Flow to \"&Name_Partner","v":"Total Annual Cash Flow to Equity Investor"},null,null,{"$f":"SUM(E96,E103)","v":0},{"$f":"SUM(F96,F103)","v":27489.864712452774},38259.351057695712,36013.692223651509,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002,25440.726998450002]
[]
[]
[null,"Total CF Paid at Preferred Return",null,{"$f":"SUM(D80,D96)","v":-3119035.75},{"$f":"SUM(E88,E104)","v":0},269620.81958122517,375248.03038222494,353222.59003654978,249522.86,249522.86,249522.86,249522.86,249522.86,249522.86]
[null,"CF Remaining for Next Hurdle",null,{"$f":"SUM(D78,D94)","v":0},{"$f":"E$71-E$107","v":0},0,0,63687.891506174754,263355.95878818387,302476.59259028977,328300.18654175941,365831.45538399008,404489.17147155211,998268.62169930071]
[]
[null,"Hurdle 1"]
[null,{"$f":"Name_Partner","v":"Equity Investor"}]
[null,{"$f":"\"CF Allocation at \"&ROUND(Hurdle1_Investor*100,1)&\"%\"","v":"CF Allocation at 70%"},null,{"$f":"D108*Hurdle1_Investor","v":0},0,0,0,44581.524054322326,184349.17115172869,211733.61481320282,229810.13057923157,256082.01876879303,283142.42003008648,698788.03518951044]
[null,"Amount Paid at Hurdle 1 (IRR)",null,0,{"$f":"IF(OR(E$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\"),0,MAX(0,MIN(E112,FV(Hurdle1_Rate,E$20,,NPV(Hurdle1_Rate,$E$80:E$80)+$D$80))))","v":0},{"$f":"IF(OR(F$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\",SUM(NPV(Hurdle1_Rate,$E$117:E$117),$D$117)>=0),0,MAX(0,MIN(F112,FV(Hurdle1_Rate,F$20,,SUM(NPV(Hurdle1_Rate,$E$117:E$117,F80),$D$117)))))","v":0},{"$f":"IF(OR(G$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\",SUM(NPV(Hurdle1_Rate,$E$117:F$117),$D$117)>=0),0,MAX(0,MIN(G112,FV(Hurdle1_Rate,G$20,,SUM(NPV(Hurdle1_Rate,$E$117:F$117,G80),$D$117)))))","v":0},{"$f":"IF(OR(H$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\",SUM(NPV(Hurdle1_Rate,$E$117:G$117),$D$117)>=0),0,MAX(0,MIN(H112,FV(Hurdle1_Rate,H$20,,SUM(NPV(Hurdle1_Rate,$E$117:G$117,H80),$D$117)))))","v":0},{"$f":"IF(OR(I$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\",SUM(NPV(Hurdle1_Rate,$E$117:H$117),$D$117)>=0),0,MAX(0,MIN(I112,FV(Hurdle1_Rate,I$20,,SUM(NPV(Hurdle1_Rate,$E$117:H$117,I80),$D$117)))))","v":0},{"$f":"IF(OR(J$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\",SUM(NPV(Hurdle1_Rate,$E$117:I$117),$D$117)>=0),0,MAX(0,MIN(J112,FV(Hurdle1_Rate,J$20,,SUM(NPV(Hurdle1_Rate,$E$117:I$117,J80),$D$117)))))","v":0},{"$f":"IF(OR(K$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\",SUM(NPV(Hurdle1_Rate,$E$117:J$117),$D$117)>=0),0,MAX(0,MIN(K112,FV(Hurdle1_Rate,K$20,,SUM(NPV(Hurdle1_Rate,$E$117:J$117,K80),$D$117)))))","v":0},{"$f":"IF(OR(L$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\",SUM(NPV(Hurdle1_Rate,$E$117:K$117),$D$117)>=0),0,MAX(0,MIN(L112,FV(Hurdle1_Rate,L$20,,SUM(NPV(Hurdle1_Rate,$E$117:K$117,L80),$D$117)))))","v":0},{"$f":"IF(OR(M$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\",SUM(NPV(Hurdle1_Rate,$E$117:L$117),$D$117)>=0),0,MAX(0,MIN(M112,FV(Hurdle1_Rate,M$20,,SUM(NPV(Hurdle1_Rate,$E$117:L$117,M80),$D$117)))))","v":0},{"$f":"IF(OR(N$20>Hold,Hurdle1_Rate=0,$D$10<>\"IRR\",SUM(NPV(Hurdle1_Rate,$E$117:M$117),$D$117)>=0),0,MAX(0,MIN(N112,FV(Hurdle1_Rate,N$20,,SUM(NPV(Hurdle1_Rate,$E$117:M$117,N80),$D$117)))))","v":0}]
[null,"Amount Paid at Hurdle 1 (COC)",null,0,{"$f":"IF(OR(E$70>Hold,Hurdle1_Rate=0,$D$10<>\"Cash on Cash\"),0,MIN(-$D$80*Hurdle1_Rate-E80,E112))","v":0},0,0,44581.524054322326,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D112-SUM(D113:D114)","v":0},{"$f":"E112-SUM(E113:E114)","v":0},0,0,0,128328.63790134116,155713.08156281529,173789.59732884404,200061.4855184055,227121.88677969895,642767.50193912291]
[]
[null,{"$f":"\"Cash Flow Received by \"&Name_Partner","v":"Cash Flow Received by Equity Investor"},null,{"$f":"SUM(D80,D113:D114)","v":-2801026.6625193749},0,224082.13300154998,224082.13300154998,268663.65705587232,280102.66625193751,280102.66625193751,280102.66625193751,280102.66625193751,280102.66625193751,280102.66625193751]
[null,{"$f":"Name_Partner&\" IRR at \"&B110","v":"Equity Investor IRR at Hurdle 1"},{"$f":"IFERROR(IRR(D117:N117),\"-\")","v":-2.4577040809965478E-2}]
[]
[null,{"$f":"Name_Developer","v":"Developer"}]
[null,{"$f":"\"CF Allocation at \"&ROUND(Hurdle1_Developer*100,1)&\"%\"","v":"CF Allocation at 30%"},null,{"$f":"D108*Hurdle1_Developer","v":0},0,0,0,19106.367451852428,79006.787636455178,90742.97777708694,98490.05596252784,109749.43661519705,121346.75144146565,299480.58650979027]
[null,"Amount Paid at Hurdle 1",null,0,{"$f":"IF(OR(E$20>Hold,Hurdle1_Investor=0),0,(SUM(E113:E114)/Hurdle1_Investor)*Hurdle1_Developer)","v":0},0,0,19106.367451852428,24008.799964451802,24008.799964451802,24008.799964451802,24008.799964451802,24008.799964451802,24008.799964451802]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D121-D122","v":0},{"$f":"E121-E122","v":0},0,0,0,54997.987672003379,66734.177812635142,74481.255998076042,85740.636650745248,97337.951477013848,275471.78654533846]
[]
[null,{"$f":"\"Total CF Received by \"&Name_Developer","v":"Total CF Received by Developer"},null,{"$f":"SUM(D93,D122)","v":-318009.08748062502},0,25440.726998450002,25440.726998450002,44547.094450302429,49449.5269629018,49449.5269629018,49449.5269629018,49449.5269629018,49449.5269629018,49449.5269629018]
[null,{"$f":"Name_Developer&\" IRR at \"&B110","v":"Developer IRR at Hurdle 1"},{"$f":"IFERROR(IRR(D125:N125),\"-\")","v":3.349986987383069E-2}]
[]
[null,"Total CF Paid at Hurdle 1",null,{"$f":"SUM(D113,D122)","v":0},{"$f":"SUM(E113:E114,E122)","v":0},{"$f":"SUM(F113:F114,F122)","v":0},0,63687.891506174754,80029.333214839324,80029.333214839324,80029.333214839324,80029.333214839324,80029.333214839324,80029.333214839324]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D108-D128","v":0},{"$f":"E108-E128","v":0},0,0,0,183326.62557334453,222447.25937545043,248270.85332692007,285802.12216915074,324459.83825671277,918239.28848446137]
[]
[null,"Hurdle 2"]
[null,{"$f":"Name_Partner","v":"Equity Investor"}]
[null,{"$f":"\"CF Allocation at \"&ROUND(Hurdle2_Investor*100,1)&\"%\"","v":"CF Allocation at 60%"},null,{"$f":"D129*Hurdle2_Investor","v":0},0,0,0,0,109995.97534400671,133468.35562527025,148962.51199615202,171481.27330149044,194675.90295402767,550943.5730906768]
[null,"Amount Paid at Hurdle 2 (IRR)",null,0,{"$f":"IF(OR(E$20>Hold,Hurdle2_Rate=0,$D$11<>\"IRR\"),0,MAX(0,MIN(E133,FV(Hurdle2_Rate,E$20,,NPV(Hurdle2_Rate,$E$117:E$117)+$D$117))))","v":0},{"$f":"IF(OR(F$20>Hold,$D$11<>\"IRR\",Hurdle2_Rate=0,SUM(NPV(Hurdle2_Rate,$E$138:E$138),$D$138)>=0),0,MAX(0,MIN(F133,FV(Hurdle2_Rate,F$20,,SUM(NPV(Hurdle2_Rate,$E$138:E$138,F117),$D$138)))))","v":0},{"$f":"IF(OR(G$20>Hold,$D$11<>\"IRR\",Hurdle2_Rate=0,SUM(NPV(Hurdle2_Rate,$E$138:F$138),$D$138)>=0),0,MAX(0,MIN(G133,FV(Hurdle2_Rate,G$20,,SUM(NPV(Hurdle2_Rate,$E$138:F$138,G117),$D$138)))))","v":0},{"$f":"IF(OR(H$20>Hold,$D$11<>\"IRR\",Hurdle2_Rate=0,SUM(NPV(Hurdle2_Rate,$E$138:G$138),$D$138)>=0),0,MAX(0,MIN(H133,FV(Hurdle2_Rate,H$20,,SUM(NPV(Hurdle2_Rate,$E$138:G$138,H117),$D$138)))))","v":0},{"$f":"IF(OR(I$20>Hold,$D$11<>\"IRR\",Hurdle2_Rate=0,SUM(NPV(Hurdle2_Rate,$E$138:H$138),$D$138)>=0),0,MAX(0,MIN(I133,FV(Hurdle2_Rate,I$20,,SUM(NPV(Hurdle2_Rate,$E$138:H$138,I117),$D$138)))))","v":0},{"$f":"IF(OR(J$20>Hold,$D$11<>\"IRR\",Hurdle2_Rate=0,SUM(NPV(Hurdle2_Rate,$E$138:I$138),$D$138)>=0),0,MAX(0,MIN(J133,FV(Hurdle2_Rate,J$20,,SUM(NPV(Hurdle2_Rate,$E$138:I$138,J117),$D$138)))))","v":0},{"$f":"IF(OR(K$20>Hold,$D$11<>\"IRR\",Hurdle2_Rate=0,SUM(NPV(Hurdle2_Rate,$E$138:J$138),$D$138)>=0),0,MAX(0,MIN(K133,FV(Hurdle2_Rate,K$20,,SUM(NPV(Hurdle2_Rate,$E$138:J$138,K117),$D$138)))))","v":0},{"$f":"IF(OR(L$20>Hold,$D$11<>\"IRR\",Hurdle2_Rate=0,SUM(NPV(Hurdle2_Rate,$E$138:K$138),$D$138)>=0),0,MAX(0,MIN(L133,FV(Hurdle2_Rate,L$20,,SUM(NPV(Hurdle2_Rate,$E$138:K$138,L117),$D$138)))))","v":0},{"$f":"IF(OR(M$20>Hold,$D$11<>\"IRR\",Hurdle2_Rate=0,SUM(NPV(Hurdle2_Rate,$E$138:L$138),$D$138)>=0),0,MAX(0,MIN(M133,FV(Hurdle2_Rate,M$20,,SUM(NPV(Hurdle2_Rate,$E$138:L$138,M117),$D$138)))))","v":0},{"$f":"IF(OR(N$20>Hold,$D$11<>\"IRR\",Hurdle2_Rate=0,SUM(NPV(Hurdle2_Rate,$E$138:M$138),$D$138)>=0),0,MAX(0,MIN(N133,FV(Hurdle2_Rate,N$20,,SUM(NPV(Hurdle2_Rate,$E$138:M$138,N117),$D$138)))))","v":0}]
[null,"Amount Paid at Hurdle 2 (COC)",null,0,{"$f":"IF(OR(E$70>Hold,Hurdle2_Rate=0,$D$11<>\"Cash on Cash\"),0,MIN(-$D$80*Hurdle2_Rate-E117,E133))","v":0},0,0,0,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525,56020.533250387525]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D133-SUM(D134:D135)","v":0},{"$f":"E133-SUM(E134:E135)","v":0},0,0,0,53975.442093619189,77447.822374882729,92941.9787457645,115460.74005110291,138655.36970364014,494923.03984028928]
[]
[null,{"$f":"\"Cash Flow Received by \"&Name_Partner","v":"Cash Flow Received by Equity Investor"},null,{"$f":"SUM(D117,D134:D135)","v":-2801026.6625193749},{"$f":"SUM(E117,E134:E135)","v":0},224082.13300154998,224082.13300154998,268663.65705587232,336123.19950232503,336123.19950232503,336123.19950232503,336123.19950232503,336123.19950232503,336123.19950232503]
[null,{"$f":"Name_Partner&\" IRR at \"&B131","v":"Equity Investor IRR at Hurdle 2"},{"$f":"IFERROR(IRR(D138:N138),\"-\")","v":-3.8329660288555223E-3}]
[]
[null,{"$f":"Name_Developer","v":"Developer"}]
[null,{"$f":"\"CF Allocation at \"&ROUND(Hurdle2_Developer*100,1)&\"%\"","v":"CF Allocation at 40%"},null,{"$f":"D129*Hurdle2_Developer","v":0},0,0,0,0,73330.650229337814,88978.903750180179,99308.341330768031,114320.8488676603,129783.93530268512,367295.71539378457]
[null,"Amount Paid at Hurdle 2",null,0,{"$f":"IF(OR(E$20>Hold,Hurdle2_Investor=0),0,(SUM(E134:E135)/Hurdle2_Investor)*Hurdle2_Developer)","v":0},0,0,0,37347.022166925017,37347.022166925017,37347.022166925017,37347.022166925017,37347.022166925017,37347.022166925017]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D142-D143","v":0},{"$f":"E142-E143","v":0},0,0,0,35983.628062412798,51631.881583255163,61961.319163843014,76973.826700735284,92436.9131357601,329948.69322685956]
[]
[null,{"$f":"\"Total CF Received by \"&Name_Developer","v":"Total CF Received by Developer"},null,{"$f":"SUM(D125,D143)","v":-318009.08748062502},{"$f":"SUM(E125,E143)","v":0},25440.726998450002,25440.726998450002,44547.094450302429,86796.549129826817,86796.549129826817,86796.549129826817,86796.549129826817,86796.549129826817,86796.549129826817]
[null,{"$f":"Name_Developer&\" IRR at \"&B131","v":"Developer IRR at Hurdle 2"},{"$f":"IFERROR(IRR(D146:N146),\"-\")","v":0.10579091294707355}]
[]
[null,"Total CF Paid at Hurdle 2",null,{"$f":"SUM(D134:D135,D143)","v":0},{"$f":"SUM(E134:E135,E143)","v":0},0,0,0,93367.555417312542,93367.555417312542,93367.555417312542,93367.555417312542,93367.555417312542,93367.555417312542]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D129-D149","v":0},{"$f":"E129-E149","v":0},0,0,0,89959.070156031987,129079.70395813789,154903.29790960753,192434.5667518382,231092.28283940023,824871.73306714883]
[]
[null,"Hurdle 3"]
[null,{"$f":"Name_Partner","v":"Equity Investor"}]
[null,{"$f":"\"CF Allocation at \"&ROUND(Hurdle3_Investor*100,1)&\"%\"","v":"CF Allocation at 50%"},null,{"$f":"D150*Hurdle3_Investor","v":0},0,0,0,0,44979.535078015993,64539.851979068946,77451.648954803764,96217.283375919098,115546.14141970011,412435.86653357442]
[null,"Amount Paid at Hurdle 3 (IRR)",null,0,{"$f":"IF(OR(E$20>Hold,Hurdle3_Rate=0,$D$12<>\"IRR\"),0,MAX(0,MIN(E154,FV(Hurdle3_Rate,E$20,,NPV(Hurdle3_Rate,$E$138:E$138)+$D$138))))","v":0},{"$f":"IF(OR(F$20>Hold,$D$12<>\"IRR\",Hurdle3_Rate=0,SUM(NPV(Hurdle3_Rate,$E$159:E$159),$D$159)>=0),0,MAX(0,MIN(F154,FV(Hurdle3_Rate,F$20,,SUM(NPV(Hurdle3_Rate,$E$159:E$159,F138),$D$159)))))","v":0},{"$f":"IF(OR(G$20>Hold,$D$12<>\"IRR\",Hurdle3_Rate=0,SUM(NPV(Hurdle3_Rate,$E$159:F$159),$D$159)>=0),0,MAX(0,MIN(G154,FV(Hurdle3_Rate,G$20,,SUM(NPV(Hurdle3_Rate,$E$159:F$159,G138),$D$159)))))","v":0},{"$f":"IF(OR(H$20>Hold,$D$12<>\"IRR\",Hurdle3_Rate=0,SUM(NPV(Hurdle3_Rate,$E$159:G$159),$D$159)>=0),0,MAX(0,MIN(H154,FV(Hurdle3_Rate,H$20,,SUM(NPV(Hurdle3_Rate,$E$159:G$159,H138),$D$159)))))","v":0},{"$f":"IF(OR(I$20>Hold,$D$12<>\"IRR\",Hurdle3_Rate=0,SUM(NPV(Hurdle3_Rate,$E$159:H$159),$D$159)>=0),0,MAX(0,MIN(I154,FV(Hurdle3_Rate,I$20,,SUM(NPV(Hurdle3_Rate,$E$159:H$159,I138),$D$159)))))","v":0},{"$f":"IF(OR(J$20>Hold,$D$12<>\"IRR\",Hurdle3_Rate=0,SUM(NPV(Hurdle3_Rate,$E$159:I$159),$D$159)>=0),0,MAX(0,MIN(J154,FV(Hurdle3_Rate,J$20,,SUM(NPV(Hurdle3_Rate,$E$159:I$159,J138),$D$159)))))","v":0},{"$f":"IF(OR(K$20>Hold,$D$12<>\"IRR\",Hurdle3_Rate=0,SUM(NPV(Hurdle3_Rate,$E$159:J$159),$D$159)>=0),0,MAX(0,MIN(K154,FV(Hurdle3_Rate,K$20,,SUM(NPV(Hurdle3_Rate,$E$159:J$159,K138),$D$159)))))","v":0},{"$f":"IF(OR(L$20>Hold,$D$12<>\"IRR\",Hurdle3_Rate=0,SUM(NPV(Hurdle3_Rate,$E$159:K$159),$D$159)>=0),0,MAX(0,MIN(L154,FV(Hurdle3_Rate,L$20,,SUM(NPV(Hurdle3_Rate,$E$159:K$159,L138),$D$159)))))","v":0},{"$f":"IF(OR(M$20>Hold,$D$12<>\"IRR\",Hurdle3_Rate=0,SUM(NPV(Hurdle3_Rate,$E$159:L$159),$D$159)>=0),0,MAX(0,MIN(M154,FV(Hurdle3_Rate,M$20,,SUM(NPV(Hurdle3_Rate,$E$159:L$159,M138),$D$159)))))","v":0},{"$f":"IF(OR(N$20>Hold,$D$12<>\"IRR\",Hurdle3_Rate=0,SUM(NPV(Hurdle3_Rate,$E$159:M$159),$D$159)>=0),0,MAX(0,MIN(N154,FV(Hurdle3_Rate,N$20,,SUM(NPV(Hurdle3_Rate,$E$159:M$159,N138),$D$159)))))","v":0}]
[null,"Amount Paid at Hurdle 3 (COC)",null,0,{"$f":"IF(OR(E$70>Hold,Hurdle3_Rate=0,$D$12<>\"Cash on Cash\"),0,MIN(-$D$80*Hurdle3_Rate-E138,E154))","v":0},0,0,0,0,0,0,0,0,0]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D154-D155","v":0},{"$f":"E154-E155","v":0},0,0,0,44979.535078015993,64539.851979068946,77451.648954803764,96217.283375919098,115546.14141970011,412435.86653357442]
[]
[null,{"$f":"\"Cash Flow Received by \"&Name_Partner","v":"Cash Flow Received by Equity Investor"},null,{"$f":"SUM(D138,D155:D156)","v":-2801026.6625193749},{"$f":"SUM(E138,E155:E156)","v":0},224082.13300154998,224082.13300154998,268663.65705587232,336123.19950232503,336123.19950232503,336123.19950232503,336123.19950232503,336123.19950232503,336123.19950232503]
[null,{"$f":"Name_Partner&\" IRR at \"&B152","v":"Equity Investor IRR at Hurdle 3"},{"$f":"IFERROR(IRR(D159:N159),\"-\")","v":-3.8329660288555223E-3}]
[]
[null,{"$f":"Name_Developer","v":"Developer"}]
[null,{"$f":"\"CF Allocation at \"&ROUND(Hurdle3_Developer*100,1)&\"%\"","v":"CF Allocation at 50%"},null,{"$f":"D150*Hurdle3_Developer","v":0},0,0,0,0,44979.535078015993,64539.851979068946,77451.648954803764,96217.283375919098,115546.14141970011,412435.86653357442]
[null,"Amount Paid at Hurdle 3",null,0,{"$f":"IF(OR(E$20>Hold,Hurdle3_Investor=0),0,(SUM(E155:E156)/Hurdle3_Investor)*Hurdle3_Developer)","v":0},0,0,0,0,0,0,0,0,0]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D163-D164","v":0},{"$f":"E163-E164","v":0},0,0,0,44979.535078015993,64539.851979068946,77451.648954803764,96217.283375919098,115546.14141970011,412435.86653357442]
[]
[null,{"$f":"\"Total CF Received by \"&Name_Developer","v":"Total CF Received by Developer"},null,{"$f":"SUM(D146,D164)","v":-318009.08748062502},{"$f":"SUM(E146,E164)","v":0},25440.726998450002,25440.726998450002,44547.094450302429,86796.549129826817,86796.549129826817,86796.549129826817,86796.549129826817,86796.549129826817,86796.549129826817]
[null,{"$f":"Name_Developer&\" IRR at \"&B152","v":"Developer IRR at Hurdle 3"},{"$f":"IFERROR(IRR(D167:N167),\"-\")","v":0.10579091294707355}]
[]
[null,"Total CF Paid at Hurdle 3",null,{"$f":"SUM(D155:D156,D164)","v":0},{"$f":"SUM(E155:E156,E164)","v":0},0,0,0,0,0,0,0,0,0]
[null,"CF Remaining for Next Hurdle",null,{"$f":"D150-D170","v":0},{"$f":"E150-E170","v":0},0,0,0,89959.070156031987,129079.70395813789,154903.29790960753,192434.5667518382,231092.28283940023,824871.73306714883]
[]
[null,"Final Split"]
[null,{"$f":"Name_Partner","v":"Equity Investor"}]
[null,{"$f":"\"CF Paid at \"&ROUND(Hurdle_Final_Investor*100,1)&\"%\"","v":"CF Paid at 50%"},null,{"$f":"D171*Hurdle_Final_Investor","v":0},0,0,0,0,44979.535078015993,64539.851979068946,77451.648954803764,96217.283375919098,115546.14141970011,412435.86653357442]
[null,{"$f":"\"Total CF Received by \"&Name_Partner","v":"Total CF Received by Equity Investor"},null,{"$f":"SUM(D159,D175)","v":-2801026.6625193749},{"$f":"SUM(E159,E175)","v":0},224082.13300154998,224082.13300154998,268663.65705587232,381102.73458034103,400663.05148139398,413574.8484571288,432340.48287824413,451669.34092202515,748559.06603589945]
[null,{"$f":"\"Final \"&Name_Partner&\" IRR\"","v":"Final Equity Investor IRR"},{"$f":"IFERROR(IRR(D176:N176),\"-\")","v":3.5369504647763339E-2}]
[]
[null,{"$f":"Name_Developer","v":"Developer"}]
[null,{"$f":"\"CF Paid at \"&ROUND(Hurdle_Final_Developer*100,1)&\"%\"","v":"CF Paid at 50%"},null,{"$f":"D171*Hurdle_Final_Developer","v":0},0,0,0,0,44979.535078015993,64539.851979068946,77451.648954803764,96217.283375919098,115546.14141970011,412435.86653357442]
[null,{"$f":"\"Total CF Received by \"&Name_Developer","v":"Total CF Received by Developer"},null,{"$f":"SUM(D167,D180)","v":-318009.08748062502},{"$f":"SUM(E167,E180)","v":0},25440.726998450002,25440.726998450002,44547.094450302429,131776.08420784282,151336.40110889578,164248.1980846306,183013.83250574593,202342.69054952695,499232.41566340125]
[null,{"$f":"\"Final \"&Name_Developer&\" IRR\"","v":"Final Developer IRR"},{"$f":"IFERROR(IRR(D181:N181),\"-\")","v":0.2244768641256436}]
[]
[]
[null,"www.realpropmetrics.com"]
[null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"TODAY()","v":"2022-02-23"}]
[null,"This pro forma does not constitute tax advice.  Please consult a professional tax advisor."]

{"sheet":"Holding Period Sensitivity","index":10,"n_rows":89,"n_cols":15,"rows_kept":89,"cut":false,"hidden":false,"merged":[[88,1,88,2],[2,1,2,14],[3,1,3,14]]}
[]
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[null,{"$f":"Project_Name&\" - Holding Period Sensitivity Analysis\"","v":"New Hospitality Project - Holding Period Sensitivity Analysis"}]
[null,"These charts show the project's perfomanced based on Disposition year.  They assume continued financing regardless of term."]
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[null,"Project Level IRR Sensitivity"]
[]
[null,"Period",null,1,{"$f":"D49+1","v":2},{"$f":"E49+1","v":3},4,5,6,7,8,9,10,11]
[]
[]
[null,"NOI (exlcuding Reserves)",null,{"$f":"'Cash Flows'!F81","v":-133713.75},{"$f":"'Cash Flows'!G81","v":997229.8474590003},{"$f":"'Cash Flows'!H81","v":1104489.1182600001},{"$f":"'Cash Flows'!I81","v":1147832.5912204997},{"$f":"'Cash Flows'!J81","v":1245532.3809199592},{"$f":"'Cash Flows'!K81","v":1286436.4107496853},{"$f":"'Cash Flows'!L81","v":1314096.9026096037},{"$f":"'Cash Flows'!M81","v":1353520.1762975364},{"$f":"'Cash Flows'!N81","v":1394126.6573761716},{"$f":"'Cash Flows'!O81","v":1435951.3939887735},{"$f":"'Cash Flows'!P81","v":1479029.8339724233}]
[null,"Refinance Proceeds",null,{"$f":"'Cash Flows'!F121","v":0},{"$f":"'Cash Flows'!G121","v":0},{"$f":"'Cash Flows'!H121","v":0},{"$f":"'Cash Flows'!I121","v":0},{"$f":"'Cash Flows'!J121","v":0},{"$f":"'Cash Flows'!K121","v":0},{"$f":"'Cash Flows'!L121","v":0},{"$f":"'Cash Flows'!M121","v":0},{"$f":"'Cash Flows'!N121","v":0},{"$f":"'Cash Flows'!O121","v":0},{"$f":"'Cash Flows'!P121","v":0}]
[null,"Less: Reserves",null,{"$f":"-'Cash Flows'!F87","v":0},{"$f":"-'Cash Flows'!G87","v":-54402},{"$f":"-'Cash Flows'!H87","v":-56034.060000000005},{"$f":"-'Cash Flows'!I87","v":-57715.081800000007},{"$f":"-'Cash Flows'!J87","v":-59446.534254000006},{"$f":"-'Cash Flows'!K87","v":-61229.930281620007},{"$f":"-'Cash Flows'!L87","v":-63066.828190068612},{"$f":"-'Cash Flows'!M87","v":-64958.833035770673},{"$f":"-'Cash Flows'!N87","v":-66907.5980268438},{"$f":"-'Cash Flows'!O87","v":-68914.825967649114},{"$f":"-'Cash Flows'!P87","v":-70982.270746678594}]
[null,"Less: Debt Service",null,{"$f":"-'Cash Flows'!F113","v":0},{"$f":"-'Cash Flows'!G113","v":-673207.02787777514},{"$f":"-'Cash Flows'!H113","v":-673207.02787777514},{"$f":"-'Cash Flows'!I113","v":-673207.02787777514},{"$f":"-'Cash Flows'!J113","v":-673207.02787777525},{"$f":"-'Cash Flows'!K113","v":-673207.02787777549},{"$f":"-'Cash Flows'!L113","v":-673207.0278777756},{"$f":"-'Cash Flows'!M113","v":-673207.02787777572},{"$f":"-'Cash Flows'!N113","v":-673207.02787777572},{"$f":"-'Cash Flows'!O113","v":-673207.02787777572},0]
[null,"Cash Flow After Debt Service",null,{"$f":"SUM(D52:D55)","v":-133713.75},269620.81958122517,375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,693829.54014334851,1408047.5632257448]
[null,"Less: Mortgage Origination Fee",null,{"$f":"'Cash Flows'!F122","v":0},{"$f":"'Cash Flows'!G122","v":0},{"$f":"'Cash Flows'!H122","v":0},{"$f":"'Cash Flows'!I122","v":0},{"$f":"'Cash Flows'!J122","v":0},{"$f":"'Cash Flows'!K122","v":0},{"$f":"'Cash Flows'!L122","v":0},{"$f":"'Cash Flows'!M122","v":0},{"$f":"'Cash Flows'!N122","v":0},{"$f":"'Cash Flows'!O122","v":0},0]
[null,"Less: Capital Expenses",null,{"$f":"-'Cash Flows'!F135","v":0},{"$f":"-'Cash Flows'!G135","v":0},{"$f":"-'Cash Flows'!H135","v":0},{"$f":"-'Cash Flows'!I135","v":0},{"$f":"-'Cash Flows'!J135","v":0},{"$f":"-'Cash Flows'!K135","v":0},{"$f":"-'Cash Flows'!L135","v":0},{"$f":"-'Cash Flows'!M135","v":0},{"$f":"-'Cash Flows'!N135","v":0},{"$f":"-'Cash Flows'!O135","v":0},0]
[null,"Other Non-Regular Income",null,{"$f":"SUM('Cash Flows'!F138:F141)","v":133713.75},{"$f":"SUM('Cash Flows'!G138:G141)","v":0},{"$f":"SUM('Cash Flows'!H138:H141)","v":0},{"$f":"SUM('Cash Flows'!I138:I141)","v":0},{"$f":"SUM('Cash Flows'!J138:J141)","v":0},{"$f":"SUM('Cash Flows'!K138:K141)","v":0},{"$f":"SUM('Cash Flows'!L138:L141)","v":0},{"$f":"SUM('Cash Flows'!M138:M141)","v":0},{"$f":"SUM('Cash Flows'!N138:N141)","v":0},{"$f":"SUM('Cash Flows'!O138:O141)","v":553961.94155595219},0]
[null,"Distributable Cash Flow",null,{"$f":"SUM(D56:D59)","v":0},{"$f":"SUM(E56:E59)","v":269620.81958122517},375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,1247791.4816993007,1408047.5632257448]
[]
[null,"Reversion Analysis (if sold in this year)"]
[null,"Reversion Cash Flow",null,{"$f":"IF(Disposition=\"Cap Rate\",E52/Exit_Rate,FV(Exit_Rate,D49,0,-Acquisition_Gross))","v":14246140.677985717},{"$f":"IF(Disposition=\"Cap Rate\",F52/Exit_Rate,FV(Exit_Rate,E49,0,-Acquisition_Gross))","v":15778415.975142857},16397608.446007138,17793319.727427986,18377663.010709789,18772812.894422907,19336002.518536232,19916095.105373878,20513591.342696764,21128997.628177475]
[null,"Less: Cost of Sale",null,{"$f":"-D63*Sale_Cost","v":-569845.62711942871},-631136.63900571433,-655904.3378402855,-711732.78909711947,-735106.52042839152,-750912.51577691629,-773440.10074144928,-796643.80421495519,-820543.65370787052,-845159.90512709902]
[null,"Less: Mortgage Exit Fee",null,{"$f":"D66*Loan_Exit_Fee","v":0},0,0,0,0,0,0,0,0,0]
[null,"Less: Mortgage Balance",null,{"$f":"-VLOOKUP(D$49*12,Amortization_Schedule_Monthly,9,FALSE)","v":-9357107.25},-9242200.8770397063,-9120207.3304259349,-8990689.4887954369,-8853183.27009576,-8707195.9687089231,-8552204.4900125433,-8387653.4760525273,-8212953.3156113708,-8027478.031541829]
[null,"Return of Reserve Funds",null,{"$f":"'Cash Flows'!F186","v":1286.25},{"$f":"'Cash Flows'!G186","v":55688.25},{"$f":"'Cash Flows'!H186","v":111722.31},{"$f":"'Cash Flows'!I186","v":169437.39180000001},{"$f":"'Cash Flows'!J186","v":228883.92605400001},{"$f":"'Cash Flows'!K186","v":290113.85633562005},{"$f":"'Cash Flows'!L186","v":353180.68452568864},{"$f":"'Cash Flows'!M186","v":418139.51756145933},{"$f":"'Cash Flows'!N186","v":485047.11558830313},{"$f":"'Cash Flows'!O186","v":553961.94155595219}]
[null,"Reversion Balance",null,{"$f":"SUM(D63:D67)","v":4320474.0508662872},{"$f":"SUM(E63:E67)","v":5960766.7090974357},6733219.0877409177,8260334.8413354298,9018257.1462396365,9604818.2662726864,10363538.612307929,11149937.342667857,11965141.488965828,12810321.633064499]
[]
[]
[null,"Periods",0,{"$f":"C71+1","v":1},{"$f":"D71+1","v":2},3,4,5,6,7,{"$f":"J71+1","v":8},9,10,"IRR","NPV"]
[null,1,{"$f":"-Equity_Amount","v":-3119035.75},{"$f":"IF($B72<D$49,0,IF($B72=D$49,SUM($D$60,D$68),D$60))","v":4320474.0508662872},0,0,0,0,0,0,0,0,0,{"$f":"IFERROR(IRR(C72:M72),\"-\")","v":0.38519542485727754},{"$f":"SUM(C72,NPV(Equity_Rate,D72:M72))","v":881403.18598730257}]
[null,2,-3119035.75,{"$f":"IF($B73<D$49,0,IF($B73=D$49,SUM(D$60,D$68),D$60))","v":0},{"$f":"IF($B73<E$49,0,IF($B73=E$49,SUM(E$60,E$68),E$60))","v":6230387.5286786612},0,0,0,0,0,0,0,0,{"$f":"IFERROR(IRR(C73:M73),\"-\")","v":0.41334228950416008},2222517.3438603058]
[null,3,-3119035.75,{"$f":"IF($B74<D$49,0,IF($B74=D$49,SUM(D$60,D$68),D$60))","v":0},269620.81958122517,7108467.118123143,0,0,0,0,0,0,0,0.33788158631670573,2755051.0279864483]
[null,4,-3119035.75,0,269620.81958122517,375248.03038222494,8677245.322878154,0,0,0,0,0,0,0.32622444058193012,3788038.9826391367]
[null,5,-3119035.75,0,269620.81958122517,375248.03038222494,416910.48154272453,9531135.9650278203,0,0,0,0,0,0.29319791415560359,4203177.266604959]
[null,6,-3119035.75,0,269620.81958122517,375248.03038222494,416910.48154272453,512878.81878818385,10156817.718862977,0,0,0,0,0.26756173884754864,4466021.0185602857]
[null,7,-3119035.75,0,269620.81958122517,375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,10941361.658849688,0,0,0,0.25153928513741719,4797535.7144513605]
[null,8,-3119035.75,0,269620.81958122517,375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,11765291.658051847,0,0,0.23937696981505274,5106931.4731774926]
[null,9,-3119035.75,0,269620.81958122517,375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,12619153.52043738,0,0.22978712649647104,5395685.7774595208]
[null,10,-3119035.75,0,269620.81958122517,375248.03038222494,416910.48154272453,512878.81878818385,551999.45259028976,577823.0465417594,615354.31538399006,654012.03147155209,14058113.1147638,0.22563014918910596,5921762.5555390865]
[]
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[]
[null,"www.realpropmetrics.com/"]
[null,{"$f":"\"Version: \"&Version","v":"Version: 9.42 H | © 2022"}]
[null,{"$f":"TODAY()","v":"2022-02-23"}]