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{"sheet":"APOD","index":0,"n_rows":56,"n_cols":23,"rows_kept":56,"cut":false,"hidden":false,"merged":[[55,12,55,20],[55,10,55,11],[50,12,50,20],[51,12,51,20],[52,12,52,20],[21,12,21,20],[22,12,22,20],[46,12,46,20],[50,1,50,2],[51,1,51,2],[52,1,52,2],[55,1,55,8],[5,2,5,6],[5,12,5,20],[6,12,6,20],[13,4,13,6],[18,8,18,9],[18,6,18,7],[49,1,49,2],[1,9,1,20],[3,8,3,11],[4,8,4,11],[5,8,5,11],[4,12,4,20],[2,12,2,20],[3,12,3,20],[2,8,2,11],[45,1,45,2],[47,1,47,2],[48,1,48,2],[41,1,41,2],[42,1,42,2],[43,1,43,2],[44,1,44,2],[35,1,35,2],[37,1,37,2],[38,1,38,2],[39,1,39,2],[40,1,40,2],[46,1,46,2],[25,12,25,20],[29,1,29,2],[30,1,30,2],[31,1,31,2],[32,1,32,2],[33,1,33,2],[17,12,17,20],[18,12,18,20],[19,12,19,20],[20,12,20,20],[26,1,26,2],[27,1,27,2],[23,12,23,20],[24,12,24,20],[23,1,23,2],[24,1,24,2],[41,12,41,20],[47,12,47,20],[48,12,48,20],[49,12,49,20],[42,12,42,20],[43,12,43,20],[44,12,44,20],[45,12,45,20],[35,12,35,20],[36,12,36,20],[37,12,37,20],[38,12,38,20],[39,12,39,20],[40,12,40,20],[54,12,54,20],[26,12,26,20],[27,12,27,20],[28,12,28,20],[29,12,29,20],[30,12,30,20],[31,12,31,20],[32,12,32,20],[33,12,33,20],[34,12,34,20],[0,2,0,6],[1,2,1,6],[2,2,2,6],[3,2,3,3],[3,4,3,6],[54,10,54,11],[28,1,28,2],[25,1,25,2],[34,1,34,2],[36,1,36,2]]}
[null,"Property Name",null,null,null,null,null,null,"   Annual Property Operating Data"]
[null,"Location"]
[null,"Type of Property"]
[null,"Size of Property",null,null,"(Sq. Ft./Units)"]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(+CashFlows!G5,CashFlows!G5,)","v":0},null,null,null,null,null,null,null,null,"From CashFlows Worksheet"]
[null,"Purpose of analysis",null,null,null,null,null,null,null,null,null,null,{"$f":"Amount_Mtg_1+Amount_Mtg_2","v":0},null,null,null,null,null,null,null,null,"From CashFlows Worksheet"]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+purchase_price+Acquisition_Costs+Loan_Points-Total_Beginning_Mortgages","v":0},null,null,null,null,null,null,null,null,"Automatically Calculated"]
[null,"Assessed/Appraised Values"]
[null,"Land",1.5E-6,null,{"$f":"IF(C9=0,0,C9/C12)","v":0.14999999999985},null,"15% DEFAULT"]
[null,"Improvements",8.4999999999999999E-6,null,{"$f":"IF(C10=0,0,C10/C12)","v":0.8499999999991501},null,"85% DEFAULT",null,null,null,null,null,null,null,null,null,null,null,"Amort",null,"Loan"]
[null,"Personal Property",1.0000000000000001E-17,null,{"$f":"IF(C11=0,0,C11/C12)","v":9.9999999999900013E-13},null,null,null," ",null,"Balance",null,"Periodic Pmt",null,"Pmts/Yr",null,"Interest",null,"Period",null,"Term"]
[null,"Total",{"$f":"SUM(C9:C11)","v":1.0000000000009999E-5},null,1,null,null,null,"1st",null,{"$f":"Amount_Mtg_1","v":0},null,{"$f":"Per_Pmt_Mtg_1","v":0},null,{"$f":"Pmts_Year_Mtg_1","v":12},null,{"$f":"Rate_Mtg_1","v":0},null,{"$f":"Amort_Period_Mtg_1","v":0},null,{"$f":"Loan_Term_Mtg_1","v":0},"Automatically Calculated"]
[null,null,null,null,null,null,null,null,"2nd",null,{"$f":"Amount_Mtg_2","v":0},null,{"$f":"Per_Pmt_Mtg_2","v":0},null,{"$f":"Pmts_Year_Mtg_2","v":12},null,{"$f":"Rate_Mtg_2","v":0},null,{"$f":"Amort_Period_Mtg_2","v":0},null,{"$f":"Loan_Term_Mtg_2","v":0},"Automatically Calculated"]
[null,"Adjusted Basis as of:",{"$f":"TODAY()","v":"2015-01-13"},null,{"$f":"+purchase_price + Acquisition_Costs","v":0}]
[null,null,null,null," ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"ALWAYS fill in these blanks with Text"]
[null,null,null,null,"$/SQ FT",null,"%",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"ALWAYS fill in these blanks with Numbers"]
[null,"ALL FIGURES ARE ANNUAL",null,null,"or $/Unit",null,"of GOI",null,null,null,null,null,"COMMENTS/FOOTNOTES",null,null,null,null,null,null,null,null,null,"OPTIONALLY fill in these blanks with Numbers"]
[1," POTENTIAL RENTAL INCOME",null,null,null,"<--fill in $/sf-or-Potential Rent-->",null,null,null,null,{"$f":"IF(E18,E18*Size_of_Property,)","v":0},null," ",null,null,null,null,null,null,null,null,null,"Normally calculated -- may be filled in BUT"]
[2," Less: Vacancy & Cr. Losses",null,null,null,null,null,null,{"$f":"Vac_Yr_1","v":7.0000000000000007E-2},null,{"$f":"PRI_APOD*I19","v":0},null,null,null,null,null,null,null,null,null,null,null,"you are overwriting a formula (Numbers)"]
[3," EFFECTIVE RENTAL INCOME",null,null,null,null,null,null,null,null,{"$f":"+PRI_APOD-K19","v":0},null,null,null,null,null,null,null,null,null,null,null,"Red Cells contain protected formulas"]
[4," Plus:  Other Income (collectable)",null,null,null,null,null,null,null,null,{"$f":"IF(E21,E21*Size_of_Property,)","v":0},null,null,null,null,null,null,null,null,null,null,null,"Toggle the explanatory highlights and  "]
[5," GROSS OPERATING INCOME",null,null,"$/s.f.",null,"% of GOI",null,"Expense",null,{"$f":"+ERI_APOD+OTHER_APOD","v":0},null,null,null,null,null,null,null,null,null,null,null,"red comments by using the button below."]
[null," OPERATING EXPENSES:",null,null,"Column",null,"Column",null,"Column",null,null,null,null,null,null,null,null,null,null,null,null,null,"(Suggest turn off before printing)"]
[6," Real Estate Taxes",null,null,null,null,null,null,{"$f":"IF(E24,E24*Size_of_Property,G24*GOI)","v":0}]
[7," Personal Property  Taxes",null,null,null,null,null,null,{"$f":"IF(E25,E25*Size_of_Property,G25*GOI)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,0]
[8," Property Insurance",null,null,null,null,null,null,0]
[9," Off Site Management",null,null,null,null,null,null,0]
[10," Payroll",null,null,null,null,null,null,0]
[11," Expenses/Benefits",null,null,null,null,null,null,0]
[12," Taxes/Worker's Compensation",null,null,null,null,null,null,0]
[13," Repairs and Maintenance",null,null,null,null,null,null,0]
[14," Utilities:",null,null,null,null,null,null,0]
[15,null,null,null,null,null,null,null,0]
[16,null,null,null,null,null,null,null,0]
[17,null,null,null,null,null,null,null,0]
[18,null,null,null,null,null,null,null,0]
[19," Accounting and Legal",null,null,null,null,null,null,0]
[20," Licenses/Permits",null,null,null,null,null,null,0]
[21," Advertising",null,null,null,null,null,null,0]
[22," Supplies",null,null,null,null,null,null,0]
[23," Miscellaneous Contract Services:",null,null,null,null,null,null,{"$f":"IF(E41,E41*Size_of_Property,G41*GOI)","v":0}]
[24,null,null,null,null,null,null,null,0]
[25,null,null,null,null,null,null,null,0]
[26,null,null,null,null,null,null,null,0]
[27,null,null,null,null,null,null,null,0]
[28,null,null,null,null,null,null,null,0]
[29," TOTAL OPERATING EXPENSES",null,null,null,null,null,null,null,null,{"$f":"IF(E47,E47*Size_of_Property,IF(G47,G47*GOI_APOD,SUM(I24:I46)))","v":0}]
[30," NET OPERATING INCOME",null,null,null,null,null,null,null,null,{"$f":"IF(E48,E48*Size_of_Property,IF(G48,G48*GOI_APOD,K22-K47))","v":0}]
[31," Less: Annual Debt Service",null,null,null,null,null,null,null,null,{"$f":"ADS_Mtg_1+ADS_Mtg_2","v":0}]
[32," Less: Participation Payments",null,null,null,null,null,null,null,null,{"$f":"IF(E50,E50*Size_of_Property,IF(G50,G50*GOI_APOD,))","v":0}]
[33," Less: Leasing Commissions",null,null,null,null,null,null,null,null,{"$f":"IF(E51,E51*Size_of_Property,IF(G51,G51*GOI_APOD,))","v":0}]
[34," Less: Funded Reserves",null,null,null,null,null,null,null,null,{"$f":"IF(E52,E52*Size_of_Property,IF(G52,G52*GOI_APOD,))","v":0}]
[35," CASH FLOW BEFORE TAXES",null,null,null,null,null,null,null,null,{"$f":"+K48-K49-K50-K51-K52","v":0}]
[]
[{"$f":"\"Authored by Gary G. Tharp, CCIM    Copyright\"&CHAR(169)&\" 2002 by the CCIM Institute           \"","v":"Authored by Gary G. Tharp, CCIM    Copyright© 2002 by the CCIM Institute           "},null,null,null,null,null,null,null,null,null,"Prepared for:"]
[null,"The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative.",null,null,null,null,null,null,null,null,"Prepared by:"]

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[null,null,null,null,"   Cash Flow Analysis Worksheet",null,null,null,"."]
[]
[null,"Property Name",{"$f":"APOD!C1","v":0},null,null,null,{"$f":"IF(+purchase_price,purchase_price,)","v":0}]
[null,"Prepared For",{"$f":"Prepared_for","v":0},null,null,null,{"$f":"IF(Acquisition_Costs,Acquisition_Costs,)","v":0}]
[null,"Prepared By",{"$f":"Prepared_by","v":0},null,null,null,{"$f":"+Points_Mtg_1+Points_Mtg_2","v":0}]
[null,"Date Prepared",{"$f":"TODAY()","v":"2015-01-13"},null,null,null,{"$f":"+Amount_Mtg_1+Amount_Mtg_2","v":0}]
[null,null,null,null,null,null,{"$f":"+G3+G4+G5-G6","v":0}]
[]
[null,null,"Mortgage Data",null,null,"Cost Recovery Data",null,null,null,"ALWAYS fill in these blanks with Text"]
[null,null,"1st Mortgage","2nd Mortgage",null,"Improvements","Personal Property",null,null,"ALWAYS fill in these blanks with Numbers"]
[null,null,null,null,null,null,null,null,null,"OPTIONALLY fill in these blanks with Numbers"]
[null,"Amount",null,null,"  Value",{"$f":"Adjusted_Basis*Percent_Improvements","v":0},null,null,null,"Normally calculated -- may be filled in BUT"]
[null,"Interest Rate",null,null,"  C. R. Method","SL",null,null,null,"you are overwriting a formula (Numbers)"]
[null,"Amortization Period",null,null,"  Useful Life",39,null,null,null,"Red Cells contain protected formulas"]
[null,"Loan Term",{"$f":"Amort_Period_Mtg_1","v":0},{"$f":"Amort_Period_Mtg_2","v":0},"  In Service Date","2002-01-01"]
[null,"Payments/Year",12,{"$f":"12","v":12},"  Date of Sale",{"$f":"+In_Service_date+(365*10)","v":"2011-12-30"}]
[null,"Periodic Payment",{"$f":"IF((C14<0.001),0,+C12/((1-((1+(IF(C13=0,0.0000000001,C13)/C16))^(-(C14*C16))))/(IF(C13=0,0.0000000001,C13)/C16)))","v":0},{"$f":"IF((D14<0.001),0,+D12/((1-((1+(IF(D13=0,0.0000000001,D13)/D16))^(-(D14*D16))))/(IF(D13=0,0.0000000001,D13)/D16)))","v":0},"  Recapture"]
[null,"Annual Debt Service",{"$f":"C16*C17","v":0},{"$f":"D16*D17","v":0},"  Investment Tax "]
[null,"Loan Fees/Costs",null,null,"  Credit   ($$ or %)"]
[]
[]
[null,null,null,null,"Taxable Income"]
[null,null,"Year :",1,{"$f":"+D23+1","v":2},3,4,5,6,7,8,9,10,"11th Year"]
[]
[1,"  Potential Rental Income",null,{"$f":"PRI_APOD*((13-Month_Placed_in_Svc)/12)","v":0},{"$f":"PRI_APOD*(1+IncEscal_2)","v":0},{"$f":"+E25*(1+IncEscal_3)","v":0},{"$f":"+F25*(1+IncEscal_4)","v":0},{"$f":"+G25*(1+IncEscal_5)","v":0},{"$f":"+H25*(1+IncEscal_6)","v":0},{"$f":"+I25*(1+IncEscal_7)","v":0},{"$f":"+J25*(1+IncEscal_8)","v":0},{"$f":"+K25*(1+IncEscal_9)","v":0},{"$f":"+L25*(1+IncEscal_10)","v":0},{"$f":"+M25*(1+IncEscal_11)","v":0}]
[2,"-Vacancy & Credit Losses",null,{"$f":"Vac_Yr_1*(D25)","v":0},{"$f":"Vac_Yr_2*(E25)","v":0},{"$f":"Vac_Yr_3*(F25)","v":0},{"$f":"Vac_Yr_4*(G25)","v":0},{"$f":"Vac_Yr_5*(H25)","v":0},{"$f":"Vac_Yr_6*(I25)","v":0},{"$f":"Vac_Yr_7*(J25)","v":0},{"$f":"Vac_Yr_8*(K25)","v":0},{"$f":"Vac_Yr_9*(L25)","v":0},{"$f":"Vac_Yr_10*(M25)","v":0},{"$f":"Vac_Yr_11*N25","v":0}]
[3,"=Effective Rental Income",null,{"$f":"+D25-D26","v":0},{"$f":"+E25-E26","v":0},0,0,0,0,0,0,0,0,0]
[4,"+Other Income (collectable)",null,{"$f":"OTHER_APOD*((13-Month_Placed_in_Svc)/12)","v":0},{"$f":"OTHER_APOD*(1+Assumptions!D9)","v":0},{"$f":"E28*(1+Assumptions!E9)","v":0},{"$f":"F28*(1+Assumptions!F9)","v":0},{"$f":"G28*(1+Assumptions!G9)","v":0},{"$f":"H28*(1+Assumptions!H9)","v":0},{"$f":"I28*(1+Assumptions!I9)","v":0},{"$f":"J28*(1+Assumptions!J9)","v":0},{"$f":"K28*(1+Assumptions!K9)","v":0},{"$f":"L28*(1+Assumptions!L9)","v":0},{"$f":"M28*(1+Assumptions!M9)","v":0}]
[5,"=Gross Operating Income",null,{"$f":"+D27+D28","v":0},{"$f":"+E27+E28","v":0},{"$f":"+F27+F28","v":0},{"$f":"+G27+G28","v":0},{"$f":"+H27+H28","v":0},{"$f":"+I27+I28","v":0},0,0,0,0,0]
[6,"-Operating Expenses",null,{"$f":"OP_EXP_APOD*((13-Month_Placed_in_Svc)/12)","v":0},{"$f":"OP_EXP_APOD*(1+ExpEscal_2)","v":0},{"$f":"+E30*(1+ExpEscal_3)","v":0},{"$f":"+F30*(1+ExpEscal_4)","v":0},{"$f":"+G30*(1+ExpEscal_5)","v":0},{"$f":"+H30*(1+ExpEscal_6)","v":0},{"$f":"+I30*(1+ExpEscal_7)","v":0},{"$f":"+J30*(1+ExpEscal_8)","v":0},{"$f":"+K30*(1+ExpEscal_9)","v":0},{"$f":"+L30*(1+ExpEscal_10)","v":0},{"$f":"+M30*(1+ExpEscal_11)","v":0}]
[7,"=NET OPERATING INCOME",null,{"$f":"+D29-D30","v":0},{"$f":"+E29-E30","v":0},{"$f":"+F29-F30","v":0},{"$f":"+G29-G30","v":0},{"$f":"+H29-H30","v":0},{"$f":"+I29-I30","v":0},0,0,0,0,0]
[8,"-Interest - 1st Mortgage",null,{"$f":"(ADS_Mtg_1-(Amount_Mtg_1+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,Amount_Mtg_1)))","v":0},{"$f":"(ADS_Mtg_1-(Sales!B5+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,Bal_EOY1_Mtg_1)))*(Bal_EOY1_Mtg_1>0)","v":0},{"$f":"(ADS_Mtg_1-(Sales!C5+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,Bal_EOY2_Mtg_1)))*(Bal_EOY2_Mtg_1>0)","v":0},{"$f":"(ADS_Mtg_1-(Sales!D5+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,Bal_EOY3_Mtg_1)))*(Bal_EOY3_Mtg_1>0)","v":0},{"$f":"(ADS_Mtg_1-(Sales!E5+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,Bal_EOY4_Mtg_1)))*(Bal_EOY4_Mtg_1>0)","v":0},{"$f":"(ADS_Mtg_1-(Bal_EOY5_Mtg_1+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,Bal_EOY5_Mtg_1)))*(Bal_EOY5_Mtg_1>0)","v":0},{"$f":"(ADS_Mtg_1-(BAL_EOY6_MTG_1+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,BAL_EOY6_MTG_1)))*(BAL_EOY6_MTG_1>0)","v":0},{"$f":"(ADS_Mtg_1-(BAL_EOY7_MTG_1+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,BAL_EOY7_MTG_1)))*(BAL_EOY7_MTG_1>0)","v":0},{"$f":"(ADS_Mtg_1-(BAL_EOY8_MTG_1+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,BAL_EOY8_MTG_1)))*(BAL_EOY8_MTG_1>0)","v":0},{"$f":"(ADS_Mtg_1-(BAL_EOY9_MTG_1+FV(Rate_Mtg_1/Pmts_Year_Mtg_1,Pmts_Year_Mtg_1,-Per_Pmt_Mtg_1,BAL_EOY9_MTG_1)))*(BAL_EOY9_MTG_1>0)","v":0}]
[9,"-Interest - 2nd Mortgage",null,{"$f":"(ADS_Mtg_2-(Amount_Mtg_2+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,Amount_Mtg_2)))","v":0},{"$f":"(ADS_Mtg_2-(Sales!B6+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,Bal_EOY1_Mtg_2)))*(Bal_EOY1_Mtg_2>0)","v":0},{"$f":"(ADS_Mtg_2-(Sales!C6+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,Bal_EOY2_Mtg_2)))*(Bal_EOY2_Mtg_2>0)","v":0},{"$f":"(ADS_Mtg_2-(Sales!D6+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,Bal_EOY3_Mtg_2)))*(Bal_EOY3_Mtg_2>0)","v":0},{"$f":"(ADS_Mtg_2-(Sales!E6+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,Bal_EOY4_Mtg_2)))*(Bal_EOY4_Mtg_2>0)","v":0},{"$f":"(ADS_Mtg_2-(Bal_EOY5_Mtg_2+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,Bal_EOY5_Mtg_2)))*(Bal_EOY5_Mtg_2>0)","v":0},{"$f":"(ADS_Mtg_2-(BAL_EOY6_MTG_2+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,BAL_EOY6_MTG_2)))*(BAL_EOY6_MTG_2>0)","v":0},{"$f":"(ADS_Mtg_2-(BAL_EOY7_MTG_2+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,BAL_EOY7_MTG_2)))*(BAL_EOY7_MTG_2>0)","v":0},{"$f":"(ADS_Mtg_2-(BAL_EOY8_MTG_2+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,BAL_EOY8_MTG_2)))*(BAL_EOY8_MTG_2>0)","v":0},{"$f":"(ADS_Mtg_2-(BAL_EOY9_MTG_2+FV(Rate_Mtg_2/Pmts_Year_Mtg_2,Pmts_Year_Mtg_2,-Per_Pmt_Mtg_2,BAL_EOY9_MTG_2)))*(BAL_EOY9_MTG_2>0)","v":0}]
[10,"-Participation Payments"]
[11,"-Cost Recovery - Improvements",null,{"$f":"ROUND(Value_Improvements_Real*ROUND(1/Useful_Life_Real*((12.5-Month_Placed_in_Svc)/12),5),0)","v":0},{"$f":"ROUND(Value_Improvements_Real*ROUND(1/Useful_Life_Real,5),0)","v":0},{"$f":"+E35","v":0},0,0,0,0,0,0,{"$f":"ROUND(Value_Improvements_Real*ROUND(1/Useful_Life_Real*(MONTH(Date_of_Sale)-0.5)/12,5),0)","v":0}]
[12,"-Cost Recovery - Personal Property"]
[13,"-Amortization of Loan Fees/Costs",null,{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>1)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>1)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>2)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>2)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>3)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>3)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>4)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>5)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>6)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>7)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>8)","v":0},{"$f":"IF(Loan_Term_Mtg_1,Points_Mtg_1/Loan_Term_Mtg_1,)*(Loan_Term_Mtg_1>4)+IF(Loan_Term_Mtg_2,Points_Mtg_2/Loan_Term_Mtg_2,)*(Loan_Term_Mtg_2>9)","v":0}]
[14,"-Leasing Commissions",null,{"$f":"+Leasing_Commissions","v":0},{"$f":"D38*(1+IncEscal_2)","v":0},{"$f":"E38*(1+IncEscal_3)","v":0},{"$f":"F38*(1+IncEscal_4)","v":0},{"$f":"G38*(1+IncEscal_5)","v":0},{"$f":"+H38*(1+IncEscal_6)","v":0},{"$f":"+I38*(1+IncEscal_7)","v":0},{"$f":"+J38*(1+IncEscal_8)","v":0},{"$f":"+K38*(1+IncEscal_9)","v":0},{"$f":"+L38*(1+IncEscal_10)","v":0}]
[15,"=Real Estate Taxable Income",null,{"$f":"+D31-D32-D33-D34-D35-D36-D37-D38","v":0},{"$f":"+E31-E32-E33-E34-E35-E36-E37-E38","v":0},0,0,0,0,0,0,0,0]
[16,{"$f":"Ordinary_Income_Tax_Bracket","v":0.36},null,{"$f":"+D39*Ordinary_Income_Tax_Bracket","v":0},0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"CHAR(175)&CHAR(175)&CHAR(175)&CHAR(175)","v":"¯¯¯¯"}]
[null,null,null,null,"Cash Flow"]
[17,"  NET OPERATING INCOME (Line 7)",null,{"$f":"+D31","v":0},0,{"$f":"+F31","v":0},0,0,0,0,0,0,0]
[18," -Annual Debt Service",null,{"$f":"+D32+D33+(CashFlows!C12+CashFlows!D12-Sales!B7)","v":0},{"$f":"+E32+E33+(Sales!B7-Sales!C7)","v":0},{"$f":"+F32+F33+(Sales!C7-Sales!D7)","v":0},{"$f":"+G32+G33+(Sales!D7-Sales!E7)","v":0},{"$f":"+H32+H33+(Sales!E7-Sales!F7)","v":0},{"$f":"+I32+I33+(Sales!F7-Sales!B12)","v":0},{"$f":"+J32+J33+(Sales!B12-Sales!C12)","v":0},{"$f":"+K32+K33+(Sales!C12-Sales!D12)","v":0},{"$f":"+L32+L33+(Sales!D12-Sales!E12)","v":0},{"$f":"+M32+M33+(Sales!E12-Sales!F12)","v":0}]
[19," -Participatipation Payments",null,{"$f":"+D34","v":0},{"$f":"+E34","v":0},0,0,0,0,0,0,0,0]
[20," -Leasing Commissions",null,{"$f":"D38","v":0},{"$f":"E38","v":0},0,0,0,0,0,0,0,0]
[21," -Funded Reserves",null,{"$f":"Reserves*((13-Month_Placed_in_Svc)/12)","v":0},{"$f":"D47/((13-Month_Placed_in_Svc)/12)*(1+ExpEscal_2)","v":0},{"$f":"+E47*(1+ExpEscal_3)","v":0},{"$f":"+F47*(1+ExpEscal_4)","v":0},{"$f":"+G47*(1+ExpEscal_5)","v":0},{"$f":"+H47*(1+ExpEscal_6)","v":0},{"$f":"+I47*(1+ExpEscal_7)","v":0},{"$f":"+J47*(1+ExpEscal_8)","v":0},{"$f":"+K47*(1+ExpEscal_9)","v":0},{"$f":"+L47*(1+ExpEscal_10)","v":0}]
[22," =CASH FLOW BEFORE TAXES",null,{"$f":"D43-D44-D45-D46-D47","v":0},{"$f":"E43-E44-E45-E46-E47","v":0},0,0,0,0,0,0,0,0]
[23," -Tax Liability (Savings)  (Line 16)",null,{"$f":"D40","v":0},{"$f":"E40","v":0},0,0,0,0,0,0,0,0]
[24," =CASH FLOW AFTER TAXES",null,{"$f":"CFBT_1-D49","v":0},{"$f":"CFBT_2-E49","v":0},{"$f":"CFBT_3-F49","v":0},{"$f":"CFBT_4-G49","v":0},{"$f":"CFBT_5-H49","v":0},{"$f":"CFBT_6-I49","v":0},{"$f":"CFBT_7-J49","v":0},{"$f":"CFBT_8-K49","v":0},{"$f":"CFBT_9-L49","v":0},{"$f":"CFBT_10-M49","v":0}]
[]
["Authored by Gary G. Tharp, CCIM    Copyright© 2002 by the CCIM Institute           "]
["        The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative."]

{"sheet":"Sales","index":2,"n_rows":51,"n_cols":8,"rows_kept":51,"cut":false,"hidden":false,"merged":[]}
[null,"         Alternative Cash Sales Worksheet"]
[]
[null,null,"Mortgage Balances"]
["Year:",1,{"$f":"+B4+1","v":2},{"$f":"+C4+1","v":3},{"$f":"+D4+1","v":4},{"$f":"+E4+1","v":5}]
["Principal Balance - 1st Mortgage",{"$f":"FV(CashFlows!C13/CashFlows!C16,Assumptions!D54,CashFlows!C17,-CashFlows!C12)*(Amort_Period_Mtg_1>1)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-B5,0)*(Amort_Period_Mtg_1>2)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-C5,0)*(Amort_Period_Mtg_1>3)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-D5,0)*(Amort_Period_Mtg_1>4)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-E5,0)*(Amort_Period_Mtg_1>5)","v":0}]
["Principal Balance - 2nd Mortgage",{"$f":"FV(CashFlows!D13/CashFlows!D16,Assumptions!E54,CashFlows!D17,-CashFlows!D12)*(Amort_Period_Mtg_2>1)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-B6,0)*(Amort_Period_Mtg_2>2)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-C6,0)*(Amort_Period_Mtg_2>3)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-D6,0)*(Amort_Period_Mtg_2>4)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-E6,0)*(Amort_Period_Mtg_2>5)","v":0}]
["TOTAL UNPAID BALANCE",{"$f":"+B5+B6","v":0},{"$f":"+C5+C6","v":0},{"$f":"+D5+D6","v":0},{"$f":"+E5+E6","v":0},{"$f":"+F5+F6","v":0}]
[]
[null,{"$f":"+F4+1","v":6},{"$f":"+B9+1","v":7},{"$f":"+C9+1","v":8},{"$f":"+D9+1","v":9},{"$f":"+E9+1","v":10}]
[null,{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-F5,0)*(Amort_Period_Mtg_1>6)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-B10,0)*(Amort_Period_Mtg_1>7)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-C10,0)*(Amort_Period_Mtg_1>8)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-D10,0)*(Amort_Period_Mtg_1>9)","v":0},{"$f":"FV(CashFlows!$C$13/CashFlows!$C$16,CashFlows!$C$16,CashFlows!$C$17,-E10,0)*(Amort_Period_Mtg_1>10)","v":0}]
[null,{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-F6,0)*(Amort_Period_Mtg_2>6)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-B11,0)*(Amort_Period_Mtg_2>7)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-C11,0)*(Amort_Period_Mtg_2>8)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-D11,0)*(Amort_Period_Mtg_2>9)","v":0},{"$f":"FV(CashFlows!$D$13/CashFlows!$D$16,CashFlows!$D$16,CashFlows!$D$17,-E11,0)*(Amort_Period_Mtg_2>10)","v":0}]
[null,{"$f":"+B10+B11","v":0},{"$f":"+C10+C11","v":0},{"$f":"+D10+D11","v":0},{"$f":"+E10+E11","v":0},{"$f":"+F10+F11","v":0}]
[]
[null,null,"Calculation of Sale Proceeds"]
[]
["PROJECTED SALES PRICE",{"$f":"+NOI_Yr_11/Cap_rate_used_in_Sale_1","v":0},null,{"$f":"+NOI_Yr_11/Cap_rate_used_in_Sale_2","v":0},null,{"$f":"+NOI_Yr_11/Cap_rate_used_in_Sale_3","v":0}]
[null,{"$f":"Cap_rate_used_in_Sale_1","v":0.09},null,{"$f":"Cap_rate_used_in_Sale_2","v":0.1},null,{"$f":"Cap_rate_used_in_Sale_3","v":0.11}]
[]
["CALCULATION OF ADJUSTED BASIS:"]
["1       Basis at Acquisition",{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,{"$f":"+Adjusted_Basis","v":0},null,"ALWAYS fill in these blanks with Text"]
["2      +Capital Additions",null,null,null,null,null,null,"ALWAYS fill in these blanks with Numbers"]
["3      -Cost Recovery (Depreciation) Taken",{"$f":"SUM(Cost_recovery_10_Years)","v":0},null,{"$f":"B22","v":0},null,{"$f":"D22","v":0},null,"OPTIONALLY fill in these blanks with Numbers"]
["4      -Basis in Partial Sales",null,null,null,null,null,null,"Normally calculated -- may be filled in BUT"]
["5      =Adjusted Basis at Sale",{"$f":"+B20+B21-B22-B23","v":0},null,{"$f":"+D20+D21-D22-D23","v":0},null,{"$f":"+F20+F21-F22-F23","v":0},null,"you are overwriting a formula (Numbers)"]
["CALCULATION OF CAPITAL GAIN ON SALE:",null,null,null,null,null,null,"Red Cells contain protected formulas"]
["6     Sale Price",{"$f":"+B16","v":0},null,{"$f":"+D16","v":0},null,{"$f":"+F16","v":0}]
["7    -Costs of Sale",{"$f":"+B26*Expenses_of_Sale","v":0},null,{"$f":"+D26*Expenses_of_Sale","v":0},null,{"$f":"+F26*Expenses_of_Sale","v":0}]
["8    -Adjusted Basis at Sale (Line 5)",{"$f":"+B24","v":0},null,{"$f":"+D24","v":0},null,{"$f":"+F24","v":0}]
["9    -Participation Payment on Sale"]
["10   =Gain or (Loss)",{"$f":"+B26-B27-B28-B29","v":0},null,{"$f":"+D26-D27-D28-D29","v":0},null,{"$f":"+F26-F27-F28-F29","v":0}]
["11   -Straight Line Cost Recovery (limited to gain)",{"$f":"IF(B30<0,0,IF(B22>B30,B30,B22))","v":0},null,{"$f":"IF(D30<0,0,IF(D22>D30,D30,D22))","v":0},null,{"$f":"IF(F30<0,0,IF(F22>F30,F30,F22))","v":0}]
["12   -Suspended Losses"]
["13   =Capital Gain from Appreciation",{"$f":"B30-B31-B32","v":0},null,{"$f":"D30-D31-D32","v":0},null,{"$f":"F30-F31-F32","v":0}]
["ITEMS TAXED AS ORDINARY INCOME:"]
["14   Unamortized  Loan Fees/Costs (negative)",{"$f":"-(Points_Mtg_1+Points_Mtg_2-SUM(LoanPointsAmortized))","v":0},null,{"$f":"B35","v":0},null,{"$f":"B35","v":0}]
["15   +"]
["16   =Ordinary Taxable Income",{"$f":"B35+B36","v":0},null,{"$f":"D35+D36","v":0},null,{"$f":"F35+F36","v":0}]
["CALCULATION OF SALES PROCEEDS AFTER TAX:"]
["17    Sale Price ",{"$f":"B16","v":0},null,{"$f":"D16","v":0},null,{"$f":"F16","v":0}]
["18  -Cost of Sale",{"$f":"B27","v":0},null,{"$f":"D27","v":0},null,{"$f":"F27","v":0}]
["19  +Balance of Funded Reserves",{"$f":"SUM(FundedReserves)","v":0},null,{"$f":"B41","v":0},null,{"$f":"D41","v":0}]
["20  -Mortgage Balance(s)",{"$f":"F12","v":0},null,{"$f":"B42","v":0},null,{"$f":"B42","v":0}]
["21  -Participaiton Payments on Sale",{"$f":"B29","v":0},null,{"$f":"B43","v":0},null,{"$f":"B43","v":0}]
["22  =SALE PROCEEDS BEFORE TAX",{"$f":"B39-B40-B41-B42+B43","v":0},null,{"$f":"D39-D40-D41-D42+D43","v":0},null,{"$f":"F39-F40-F41-F42+F43","v":0}]
[{"$f":"Ordinary_Income_Tax_Bracket","v":0.36},{"$f":"B37*Ordinary_Income_Tax_Bracket","v":0},null,{"$f":"D37*Ordinary_Income_Tax_Bracket","v":0},null,{"$f":"F37*Ordinary_Income_Tax_Bracket","v":0}]
[{"$f":"RecaptureSL","v":0.25},{"$f":"B31*RecaptureSL","v":0},null,{"$f":"D31*RecaptureSL","v":0},null,{"$f":"F31*RecaptureSL","v":0}]
[{"$f":"Capital_Gain_Max_Tax_Rate","v":0.15},{"$f":"B33*Capital_Gain_Max_Tax_Rate","v":0},null,{"$f":"D33*Capital_Gain_Max_Tax_Rate","v":0},null,{"$f":"F33*Capital_Gain_Max_Tax_Rate","v":0}]
["26  =SALE PROCEEDS AFTER TAX",{"$f":"SPBT1-B45-B46-B47","v":0},null,{"$f":"SPBT2-D45-D46-D47","v":0},null,{"$f":"SPBT3-F45-F46-F47","v":0}]
[]
[{"$f":"\"Authored by Gary G. Tharp, CCIM    Copyright\"&CHAR(169)&\" 2002 by the CCIM Institute           \"","v":"Authored by Gary G. Tharp, CCIM    Copyright© 2002 by the CCIM Institute           "}]
["        The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative."]

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[null,"O",null,"8",{"$f":"CFBT_8","v":0},null,"8",{"$f":"CFBT_8","v":0},null,"8",{"$f":"CFBT_8","v":0},null,"R"]
[null,null,null,"9",{"$f":"CFBT_9","v":0},null,"9",{"$f":"CFBT_9","v":0},null,"9",{"$f":"CFBT_9","v":0},null,"A"]
[null,null,null,10,{"$f":"IF(CFBT_10<0,TEXT(-CFBT_10,\"(#,###)\"),TEXT(CFBT_10,\"#,###\"))&\" + \"&IF(SPBT1<0,TEXT(-SPBT1,\"(#,###)\"),TEXT(SPBT1,\"#,###\"))","v":" + "},null,10,{"$f":"IF(CFBT_10<0,TEXT(-CFBT_10,\"(#,###)\"),TEXT(CFBT_10,\"#,###\"))&\" + \"&IF(SPBT2<0,TEXT(-SPBT2,\"(#,###)\"),TEXT(SPBT2,\"#,###\"))","v":" + "},null,10,{"$f":"IF(CFBT_10<0,TEXT(-CFBT_10,\"(#,###)\"),TEXT(CFBT_10,\"#,###\"))&\" + \"&IF(SPBT3<0,TEXT(-SPBT3,\"(#,###)\"),TEXT(SPBT3,\"#,###\"))","v":" + "},null,"T"]
[null,null,null,"IRR=",{"$f":"IF(SUM(E169:E179)<0,\"  Negative!\",IF(ISERROR(E180),\" Zero\",E180))","v":0},null,"IRR=",{"$f":"IF(SUM(H169:H179)<0,\"  Negative!\",IF(ISERROR(H180),\" Zero\",H180))","v":0},null,"IRR=",{"$f":"IF(SUM(K169:K179)<0,\"  Negative!\",IF(ISERROR(K180),\" Zero\",K180))","v":0},null,"E"]
[null,"S",null,"NPV=",{"$f":"NPV(E17,E170:E179)+E169+0.00001","v":1.0000000000000001E-5},null,"NPV=",{"$f":"NPV(H17,H170:H179)+H169+0.00001","v":1.0000000000000001E-5},null,"NPV=",{"$f":"NPV(K17,K170:K179)+K169+0.00001","v":1.0000000000000001E-5},null,"S"]
[null,"E",null,"@",{"$f":"E180","v":0},null,"@",{"$f":"H180","v":0},null,"@",{"$f":"K180","v":0}]
[null,"T"]
[null,"A"]
[null,"R",null,null,null,null,"AFTER TAX"]
[null,null,null,"Alternative 1",null,null,"Alternative 2",null,null,"Alternative 3",null,null,"O"]
[null,null,null,"n","$",null,"n","$",null,"n","$",null,"F"]
[null,"L",null,"0",{"$f":"-Initial_Investment","v":0},null,"0",{"$f":"-Initial_Investment","v":0},null,"0",{"$f":"-Initial_Investment","v":0}]
[null,"A",null,"1",{"$f":"CFAT_1","v":0},null,"1",{"$f":"CFAT_1","v":0},null,"1",{"$f":"CFAT_1","v":0},null," "]
[null,"N",null,"2",{"$f":"CFAT_2","v":0},null,"2",{"$f":"CFAT_2","v":0},null,"2",{"$f":"CFAT_2","v":0}]
[null,"R",null,"3",{"$f":"CFAT_3","v":0},null,"3",{"$f":"CFAT_3","v":0},null,"3",{"$f":"CFAT_3","v":0},null,"R"]
[null,"E",null,"4",{"$f":"CFAT_4","v":0},null,"4",{"$f":"CFAT_4","v":0},null,"4",{"$f":"CFAT_4","v":0},null,"E"]
[null,"T",null,"5",{"$f":"CFAT_5","v":0},null,"5",{"$f":"CFAT_5","v":0},null,"5",{"$f":"CFAT_5","v":0},null,"T"]
[null,"N",null,"6",{"$f":"CFAT_6","v":0},null,"6",{"$f":"CFAT_6","v":0},null,"6",{"$f":"CFAT_6","v":0},null,"U"]
[null,"I",null,"7",{"$f":"CFAT_7","v":0},null,"7",{"$f":"CFAT_7","v":0},null,"7",{"$f":"CFAT_7","v":0},null,"R"]
[null,null,null,"8",{"$f":"CFAT_8","v":0},null,"8",{"$f":"CFAT_8","v":0},null,"8",{"$f":"CFAT_8","v":0},null,"N"]
[null,null,null,"9",{"$f":"CFAT_9","v":0},null,"9",{"$f":"CFAT_9","v":0},null,"9",{"$f":"CFAT_9","v":0}]
[null,null,null,10,{"$f":"IF(CFAT_10<0,TEXT(-CFAT_10,\"(#,###)\"),TEXT(CFAT_10,\"#,###\"))&\" + \"&IF(SPAT1<0,TEXT(-SPAT1,\"(#,###)\"),TEXT(SPAT1,\"#,###\"))","v":" + "},null,"5",{"$f":"IF(CFAT_10<0,TEXT(-CFAT_10,\"(#,###)\"),TEXT(CFAT_10,\"#,###\"))&\" + \"&IF(SPAT2<0,TEXT(-SPAT2,\"(#,###)\"),TEXT(SPAT2,\"#,###\"))","v":" + "},null,"5",{"$f":"IF(CFAT_10<0,TEXT(-CFAT_10,\"(#,###)\"),TEXT(CFAT_10,\"#,###\"))&\" + \"&IF(SPAT3<0,TEXT(-SPAT3,\"(#,###)\"),TEXT(SPAT3,\"#,###\"))","v":" + "}]
[null,null,null,"IRR=",{"$f":"IF(SUM(E186:E196)<0,\"  Negative!\",IF(ISERROR(E197),\" Zero\",E197))","v":0},null,"IRR=",{"$f":"IF(SUM(H186:H196)<0,\"  Negative!\",IF(ISERROR(H197),\" Zero\",H197))","v":0},null,"IRR=",{"$f":"IF(SUM(K186:K196)<0,\"  Negative!\",IF(ISERROR(K197),\" Zero\",K197))","v":0}]
[null,null,null,"NPV=",{"$f":"NPV(E36,E187:E196)+E186+0.00001","v":1.0000000000000001E-5},null,"NPV=",{"$f":"NPV(H36,H187:H196)+H186+0.00001","v":1.0000000000000001E-5},null,"NPV=",{"$f":"NPV(K36,K187:K196)+K186+0.00001","v":1.0000000000000001E-5}]
[null,null,null,"@",{"$f":"E197","v":0},null,"@",{"$f":"H197","v":0},null,"@",{"$f":"K197","v":0}]
[]
[null,null,null,null,{"$f":"\"Cap rate used on Sale = \"&TEXT(Cap_rate_used_in_Sale_1,\"#.##%\")","v":"Cap rate used on Sale = 9.%"},null,null,{"$f":"\"Cap rate on Sale = \"&TEXT(Cap_rate_used_in_Sale_2,\"#.##%\")","v":"Cap rate on Sale = 10.%"},null,null,{"$f":"\"Cap rate on Sale = \"&TEXT(Cap_rate_used_in_Sale_3,\"#.##%\")","v":"Cap rate on Sale = 11.%"}]
[]
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[null,"Authored by Gary G. Tharp, CCIM    Copyright© 2002 by the CCIM Institute           "]
[null,"        The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative."]
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[]
[null,null,null,"Alternative 1",null,null,"Alternative 2",null,null,"Alternative 3"]
[null,null,null,"n"]
[null,null,null,"0",{"$f":"-Initial_Investment-0.000001","v":-9.9999999999999995E-7}," ","0",{"$f":"-Initial_Investment-0.000001","v":-9.9999999999999995E-7},null,"0",{"$f":"-Initial_Investment-0.000001","v":-9.9999999999999995E-7}]
[null,null,null,"1",{"$f":"CFBT_1+0.000001","v":9.9999999999999995E-7},null,"1",{"$f":"CFBT_1+0.000001","v":9.9999999999999995E-7},null,"1",{"$f":"CFBT_1+0.000001","v":9.9999999999999995E-7}]
[null,null,null,"2",{"$f":"CFBT_2","v":0},null,"2",{"$f":"CFBT_2","v":0},null,"2",{"$f":"CFBT_2","v":0}]
[null,null,null,"3",{"$f":"CFBT_3","v":0},null,"3",{"$f":"CFBT_3","v":0},null,"3",{"$f":"CFBT_3","v":0}]
[null,null,null,"4",{"$f":"CFBT_4","v":0},null,"4",{"$f":"CFBT_4","v":0},null,"4",{"$f":"CFBT_4","v":0}]
[null,null,null,"5",{"$f":"CFBT_5","v":0},null,"5",{"$f":"CFBT_5","v":0},null,5,{"$f":"CFBT_5","v":0}]
[null,null,null,"6",{"$f":"CFBT_6","v":0},null,"6",{"$f":"CFBT_6","v":0},null,6,{"$f":"CFBT_6","v":0}]
[null,null,null,"7",{"$f":"CFBT_7","v":0},null,"7",{"$f":"CFBT_7","v":0},null,7,{"$f":"CFBT_7","v":0}]
[null,null,null,"8",{"$f":"CFBT_8","v":0},null,"8",{"$f":"CFBT_8","v":0},null,8,{"$f":"CFBT_8","v":0}]
[null,null,null,"9",{"$f":"CFBT_9","v":0},null,"9",{"$f":"CFBT_9","v":0},null,9,{"$f":"CFBT_9","v":0}]
[null,null,null,10,{"$f":"CFBT_10+SPBT1","v":0},null,10,{"$f":"CFBT_10+SPBT2","v":0},null,10,{"$f":"CFBT_10+SPBT3","v":0}]
[null,null,null,"IRR=",{"$f":"IF(AND(E169>=0,SUM(E170:E179)>0)=TRUE,\"Infinite!\",IRR(E169:E179))","v":0},null,"IRR=",{"$f":"IF(AND(H169>=0,SUM(H170:H179)>0)=TRUE,\"Infinite!\",IRR(H169:H179))","v":0},null,null,{"$f":"IF(AND(K169>=0,SUM(K170:K179)>0)=TRUE,\"Infinite!\",IRR(K169:K179))","v":0}]
[]
[]
[]
[]
[]
[null,null,null,"0",{"$f":"-Initial_Investment-0.000001","v":-9.9999999999999995E-7},null,"0",{"$f":"-Initial_Investment-0.000001","v":-9.9999999999999995E-7},null,"0",{"$f":"-Initial_Investment-0.000001","v":-9.9999999999999995E-7}]
[null,null,null,"1",{"$f":"CFAT_1+0.000001","v":9.9999999999999995E-7},null,"1",{"$f":"CFAT_1+0.000001","v":9.9999999999999995E-7},null,"1",{"$f":"CFAT_1+0.000001","v":9.9999999999999995E-7}]
[null,null,null,"2",{"$f":"CFAT_2","v":0},null,"2",{"$f":"CFAT_2","v":0},null,"2",{"$f":"CFAT_2","v":0}]
[null,null,null,"3",{"$f":"CFAT_3","v":0},null,"3",{"$f":"CFAT_3","v":0},null,"3",{"$f":"CFAT_3","v":0}]
[null,null,null,"4",{"$f":"CFAT_4","v":0},null,"4",{"$f":"CFAT_4","v":0},null,"4",{"$f":"CFAT_4","v":0}]
[null,null,null,"5",{"$f":"CFAT_5","v":0},null,"5",{"$f":"CFAT_5","v":0},null,"5",{"$f":"CFAT_5","v":0}]
[null,null,null,"6",{"$f":"CFAT_6","v":0},null,"6",{"$f":"CFAT_6","v":0},null,"6",{"$f":"CFAT_6","v":0}]
[null,null,null,"7",{"$f":"CFAT_7","v":0},null,"7",{"$f":"CFAT_7","v":0},null,"7",{"$f":"CFAT_7","v":0}]
[null,null,null,"8",{"$f":"CFAT_8","v":0},null,"8",{"$f":"CFAT_8","v":0},null,"8",{"$f":"CFAT_8","v":0}]
[null,null,null,"9",{"$f":"CFAT_9","v":0},null,"9",{"$f":"CFAT_9","v":0},null,"9",{"$f":"CFAT_9","v":0}]
[null,null,null,10,{"$f":"CFAT_10+SPAT1","v":0},null,10,{"$f":"CFAT_10+SPAT2","v":0},null,10,{"$f":"CFAT_10+SPAT3","v":0}]
[null,null,null,"IRR=",{"$f":"IF(AND(E186>=0,SUM(E187:E196)>0)=TRUE,\"Infinite!\",IRR(E186:E196))","v":0},null,"IRR=",{"$f":"IF(AND(H186>=0,SUM(H187:H196)>0)=TRUE,\"Infinite!\",IRR(H186:H196))","v":0},null,"IRR=",{"$f":"IF(AND(K186>=0,SUM(K187:K196)>0)=TRUE,\"Infinite!\",IRR(K186:K196))","v":0}]

{"sheet":"Assumptions","index":4,"n_rows":57,"n_cols":13,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
["Ordinary Income Tax Bracket",0.36]
["Capital Gain Max Tax Rate",0.15]
["Tax Rate on Straight Line Recapture",0.25]
["Month Placed in Service:",{"$f":"MONTH(In_Service_date)","v":1}]
["    (from CashFlows Sheet)"]
[null,"Year---->",1,2,3,4,5,6,7,8,9,10,11]
["Vacancy Rates     (enter just year 1, or each year)",null,7.0000000000000007E-2,{"$f":"Vac_Yr_1","v":7.0000000000000007E-2},{"$f":"Vac_Yr_2","v":7.0000000000000007E-2},{"$f":"+E7","v":7.0000000000000007E-2},{"$f":"+F7","v":7.0000000000000007E-2},{"$f":"Vac_Yr_5","v":7.0000000000000007E-2},{"$f":"Vac_Yr_6","v":7.0000000000000007E-2},{"$f":"+I7","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
["Rent Income Escalators      (enter just year 2, or each year)",null,null,0.03,{"$f":"+D8","v":0.03},0.03,0.03,0.03,{"$f":"+H8","v":0.03},0.03,0.03,0.03,0.03]
["Other Income Escalator",null,null,0.03,{"$f":"+D9","v":0.03},{"$f":"+E9","v":0.03},{"$f":"+F9","v":0.03},{"$f":"+G9","v":0.03},{"$f":"+H9","v":0.03},0.03,0.03,0.03,0.03]
["Expense Escalators    (enter just year 2, or each year)",null,null,0.03,0.03,0.03,0.03,0.03,{"$f":"+H10","v":0.03},0.03,0.03,0.03,0.03]
[]
[null,"Alternative 1",null,"Alternative 2",null,"Alternative 3"]
["Cap rate used in Sale",0.09,null,0.1,null,0.11]
["Expenses of Sale",7.0000000000000007E-2]
[]
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[null,null,null,"1st","2d"]
[null,"Payment frequency",null,{"$f":"IF(Pmts_Year_Mtg_1=12,\"Monthly\",IF(Pmts_Year_Mtg_1=4,\"Quarterly\",IF(Pmts_Year_Mtg_1=1,\"Annually\",)))","v":"Monthly"},{"$f":"IF(Pmts_Year_Mtg_2=12,\"Monthly\",IF(Pmts_Year_Mtg_2=4,\"Quarterly\",IF(Pmts_Year_Mtg_2=1,\"Annually\",)))","v":"Monthly"}]
[null,null,"(",{"$f":"IF(Pmts_Year_Mtg_1=12,13-Month_Placed_in_Svc,IF(Pmts_Year_Mtg_1=1,1,IF(Pmts_Year_Mtg_1=4,IF(Month_Placed_in_Svc>9,1,IF(Month_Placed_in_Svc>6,2,IF(Month_Placed_in_Svc>3,3,4))))))","v":12},{"$f":"IF(Pmts_Year_Mtg_2=12,13-Month_Placed_in_Svc,IF(Pmts_Year_Mtg_2=1,1,IF(Pmts_Year_Mtg_2=4,IF(Month_Placed_in_Svc>9,1,IF(Month_Placed_in_Svc>6,2,IF(Month_Placed_in_Svc>3,3,4))))))","v":12},"multiplier -- do not erase)"]
[]
[]
[null,1,"Highlighting Flag"]

{"sheet":"ReadMeFirst","index":5,"n_rows":40,"n_cols":1,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
["LICENSE:           (page down for instructions on use)"]
[]
["This Template was developed by Gary G. Tharp, CCIM,  for the CCIM Institute which holds copyright to the CCIM Business Forms.  The business form template streamlines calculations that can otherwise be achieved  through the use of a financial calculator with the 'paper' forms published by the Institute."]
[]
["This CCIM Business Forms template is provided at no cost for the use of the members of the CCIM Institute and others who may wish to use them.  They may be used in the course of doing business, including giving copies of reports generated by the template to clients, their agents and consultants, etc., but the templates themselves may not be sold, rented or in any way become in and of themselves a source of income.  "]
[]
["This CCIM Business Forms template is presented on an 'as-is' basis.  Neither the Institute nor the author accept any liability that may arise as a result of reliance on any conclusion indicated by the Template or any report generated by the template, even if  the Template is defective.  No warranty is given concerning the suitability of the Template for any application.                                                                             "]
[]
["Forms may be copied with inclusion of the following:  "]
["                                    \"Reprinted with permission of the CCIM Institute / Copyright 2002\" "]
[]
["Please direct all comments and questions regarding calculations and operation of the template to:"]
[]
["                 Gary G. Tharp, CCIM                                               G T Commercial, Inc."]
["Home:     2083 Biltmore Point                                Bus:       14 E. Washington Street, Suite 404"]
["                 Longwood, FL 32779                                              Orlando, FL 32801"]
["                 407/862-9206 Fax: 407/862-3666                         407/206-2246  Fax: 240/331-0676"]
["                 email: gary@garytharp.com                                    website: www.garytharp.com"]
[]
["____________________________________________________________________________________"]
["Overview:    (Down  for more)"]
["The template consists of five worksheets, plus this documentation worksheet.  The active sheets are called APOD, CashFlows, Sales, IRR~NPV, and Assumptions.  The Assumptions worksheet is where you set the \"global\" assumptions that permeate all the sheets: tax rates, escalation rates for income and expenses, cap rates and vacancy rates, and expenses on sale."]
[]
["There are macros that allow you to view highlights that help new users fill in the blanks and avoid erasing important formulas.   If you wish a template unencumbered by the macros, you may erase them, or simply go and get the \"Un\"-macro version from my website:  www.garytharp.com   All the sheets are protected, so as to protect certain formulae that are more critical, but the protection for each sheet may be removed (except for this ReadMe sheet, which is password protected) using the drop-down menu:   Tools | Protection | Unprotect Sheet "]
["The APOD worksheet:   "]
["Much of the data that must be input to the template resides here, and is carried over to the CashFlows worksheet.  All the computations are automated.  Note that if you put no number in the 'Size of Property' blank, you won't have any answers that depend on dollars-per-units information.  "]
["There are three ways to enter each expense category:  dollars per unit (such as dollars per square foot), percentage of GOI, in the \"%\" column, or by just plugging in the number in the third, \"Expense\",  column.  The Mortgage information may not be entered on the  APOD, but only on the CashFlows sheet, and will carry back to the APOD."]
["At the minimum, entries you must make on the APOD are Purchase Price, Size of Property, INCOME and EXPENSE information."]
[]
["DO NOT enter on the APOD:   % of vacancy (derived from the Assumptions sheet), and mortgage information (derived from CashFlows sheet)."]
[]
["CashFlows"]
["The CashFlows worksheet derives much of its input from the APOD, although you can override that by plugging in numbers just about wherever you want.  You enter the mortgage info on this sheet -- amount, rate, and term, and then the payments will calculate automatically, and be posted to the APOD and SALES worksheets.  Income and expenses on this worksheet will escalate in accordance with percentages you enter in the Assumptions worksheet (default is 3%), which is also where the tax  brackets come from (default ordinary income is 36%).  CFBT and CFAT numbers, of course, will carry over into the IRR worksheet, and the cost recovery and mortgage information, etc., is carried over to the Sales worksheet.  The date you use in the \"In Service Date\" blank in the Cost Recovery  Data box on this worksheet is used by the Assumptions worksheet to extract the \"month placed in service\" for amortization and cost recovery purposes.  You may, of course, over-ride that number, but the two should agree always."]
["The Sales worksheet  is pretty self-documenting.  The sales price for each of the three scenarios is calculated by capping the 6th year's NOI (the sixth NOI is in a hidden cell at the end of line 7 on the CashFlows sheet.)  The cap rates for each alternative are entered in the Assumptions worksheet, as is the  'cost of sale'   percentage."]
[]
["The IRR~NPV worksheet is just the frosting on the cake -- before and after tax IRRs on the three alternative cash sales.  All the numbers derive from the CashFlows and Sales sheets, and there is nothing to input to get the IRR.  The NPV for each T-bar is zero, because the default NPV formula is looking at the IRR as its discount rate.  In order to discover the NPV at a different discount rate, enter that rate in the light-green box under the T-bar.  (Doing so, of course, erases the formula that has it looking at the IRR, but you always know what that NPV is!)"]
[]
["None of the worksheets are password-protected, except this 'readme' sheet.  That means you can modify anything you like, but it also means that if you plug numbers into cells that contain formulae you will destroy the formulae.  It is a good idea to save this workbook as an .xlt (i.e., excel template) file before you use it for the first time, so that you will avoid corrupting your \"model\" by accidentally saving it with data in place.  "]
[]
["If you want to reformat to add gridlines, column and row headers, etc, just click on Tools and then Options, to customize your model (in unprotected mode)."]