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POTENTIAL GROSS REVENUE

Year1/SF

FY2000

FY2001

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

FY2009

FY2010

Base Rental Revenue

$15.14

$1,078,372

$1,047,785

$1,053,982

$1,051,522

$1,104,102

$1,128,183

$1,167,402

$1,174,675

$1,220,762

$1,297,863

$1,323,440

Absorption & Turnover Vacancy

($0.05)

($3,401)

($7,586)

($10,966)

($28,611)

($38,406)

($11,624)

($11,403)

($13,599)

($41,562)

($34,935)

($9,772)

Base Rent Abatements

($0.15)

($10,739)

($6,250)

Scheduled Base Rental Revenue

$14.94

$1,064,232

$1,033,949

$1,043,016

$1,022,911

$1,065,696

$1,116,559

$1,155,999

$1,161,076

$1,179,200

$1,262,928

$1,313,668

Base Rental Step Revenue

$0.54

$38,266

$69,829

$102,080

$80,781

$21,542

$9,000

$11,083

$15,583

$7,333

$13,083

$9,667

Porter Wage Revenue

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

Miscellaneous Rental Revenue

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

CPI & Other Adjustment Revenue

$0.13

$9,513

$17,437

$26,812

$33,617

$25,452

$35,184

$32,442

$51,782

$51,379

$23,718

$33,009

Retail Sales percentage rent

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

Parking revenue

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

Overtime HVAC

$0.30

$21,424

$22,281

$23,172

$24,099

$25,063

$26,066

$27,108

$28,193

$29,320

$30,493

$31,713

Other

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

Additional Rent

$0.97

$69,203

$109,547

$152,064

$138,497

$72,057

$70,250

$70,633

$95,558

$88,032

$67,294

$74,389

Repairs & Maintenance

$0.32

$23,119

$19,010

$25,188

$31,559

$38,338

$26,086

$7,704

$13,271

$20,444

$28,248

$24,403

Utilities

$0.33

$23,789

$19,560

$25,913

$32,466

$39,444

$26,838

$7,929

$13,649

$21,036

$29,062

$25,105

Utilities (Variable)

$0.17

$12,345

$9,963

$13,444

$16,849

$20,469

$13,233

$3,974

$7,090

$10,918

$15,081

$12,483

Janitorial/Cleaning

$0.08

$5,375

$4,418

$5,854

$7,348

$8,919

$6,069

$1,799

$3,088

$4,760

$6,578

$5,680

Janitorial/Cleaning (Variabl

$0.16

$11,576

$9,354

$12,607

$15,799

$19,197

$12,408

$3,726

$6,643

$10,230

$14,142

$11,703

Security

$0.06

$4,009

$3,289

$4,367

$5,473

$6,650

$4,523

$1,332

$2,301

$3,537

$4,900

$4,225

Personnel

$0.15

$10,596

$8,714

$11,547

$14,466

$17,574

$11,958

$3,536

$6,085

$9,370

$12,945

$11,186

Property Management Fee

$0.12

$8,573

$7,145

$9,963

$12,580

$15,603

$9,499

$2,708

$5,021

$7,692

$10,823

$8,625

Electric

$3.64

$259,134

$260,747

$270,303

$270,303

$270,303

$248,429

$247,117

$270,303

$270,303

$270,303

$251,255

Real Estate Taxes

$0.28

$20,047

$19,471

$22,681

$22,972

$17,156

$19,044

$21,377

$25,986

$26,193

$19,719

$21,921

Administrative & General

$0.05

$3,453

$3,416

$4,055

$4,188

$3,188

$3,613

$4,133

$5,120

$5,262

$4,037

$4,578

Insurance

$0.07

$5,328

$5,269

$6,260

$6,459

$4,919

$5,574

$6,380

$7,903

$8,114

$6,232

$7,068

Expense Reimbursement Revenue

$5.44

$387,344

$370,356

$412,182

$440,462

$461,760

$387,274

$311,715

$366,460

$397,859

$422,070

$388,232

TOTAL POTENTIAL GROSS REVENUE

$21.35

$1,520,779

$1,513,852

$1,607,262

$1,601,870

$1,599,513

$1,574,083

$1,538,347

$1,623,094

$1,665,091

$1,752,292

$1,776,289

General Vacancy

($1.66)

($118,278)

($115,421)

($118,902)

($99,908)

($86,523)

($116,432)

($121,750)

($124,844)

($100,992)

($110,637)

($140,176)

Collection Loss

($0.17)

($12,134)

($12,225)

($12,877)

($12,566)

($12,109)

($12,689)

($13,201)

($13,708)

($13,840)

($14,208)

($14,897)

EFFECTIVE GROSS REVENUE

$19.52

$1,390,367

$1,386,206

$1,475,483

$1,489,396

$1,500,881

$1,444,962

$1,403,396

$1,484,542

$1,550,259

$1,627,447

$1,621,216

EXPENSES

Repairs & Maintenance

$1.46

103,906

108,063

112,385

116,881

121,556

126,418

131,475

136,734

142,203

147,891

153,807

Utilities

$2.26

160,843

166,880

173,410

178,725

185,165

195,056

202,808

210,920

216,725

226,046

237,654

Real Estate Taxes

$2.19

156,060

159,181

162,365

165,612

168,924

172,303

175,749

179,264

182,849

186,506

190,236

Administrative & General

$0.38

26,780

27,851

28,965

30,124

31,329

32,582

33,885

35,241

36,650

38,116

39,641

Insurance

$0.58

41,316

42,969

44,688

46,475

48,334

50,267

52,278

54,369

56,544

58,806

61,158

Utilities (Variable)

$1.47

105,016

104,815

111,412

114,754

118,197

111,894

114,640

129,157

133,032

137,022

131,190

Janitorial/Cleaning

$0.64

45,755

47,127

48,541

49,997

51,497

53,042

54,633

56,272

57,961

59,699

61,490

Janitorial/Cleaning (Variable)

$1.38

98,453

98,264

104,449

107,582

110,809

104,900

107,475

121,085

124,717

128,459

122,991

Security

$0.23

16,068

16,711

17,379

18,074

18,797

19,549

20,331

21,144

21,990

22,870

23,785

Personnel

$1.27

90,150

92,854

95,640

98,509

101,465

104,509

107,644

110,873

114,199

117,625

121,154

Property Management Fee

$1.02

72,955

76,154

82,576

85,664

90,067

83,013

82,492

91,481

93,793

98,309

93,424

TOTAL OPERATING EXPENSES

$12.88

$917,302

$940,869

$981,810

$1,012,397

$1,046,140

$1,053,533

$1,083,410

$1,146,540

$1,180,663

$1,221,349

$1,236,530

NET OPERATING INCOME

$6.64

$473,065

$445,337

$493,673

$476,999

$454,741

$391,429

$319,986

$338,002

$369,596

$406,098

$384,686