Rental Income 6,000,000

Manitenance 10%
Price Escilation 5%
Cost of Capital 12% R

1 Year 2 Year 3 Year

Rental Income 6,000,000 6300000 6615000
Less: Maintenance Cost -600000 -630000 -661500

Free Cash Flow 5,400,000 5,670,000 5,953,500

Present Value 4821428.571429 4520089.29 4237583.71

Value of CF 77,142,857

Perpetual Growth Method 77,142,857

 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year
6945750 7293037.5 7657689.375 8040573.8438 8442602.5359 8864732.6627 9307969.2959
-694575 -729303.75 -765768.9375 -804057.38438 -844260.25359 -886473.26627 -930796.92959

6,251,175 6,563,734 6,891,920 7,236,516 7,598,342 7,978,259 8,377,172

3972734.72 3724438.8 3491661.3783 3273432.5422 3068843.0083 2877040.3203 2697225.3003

 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year
9773367.7607 10262036.149 10775137.956 11313894.854 11879589.6 12473569.076 13097247.53
-977336.77607 -1026203.6149 -1077513.7956 -1131389.4854 -1187958.96 -1247356.9076 -1309724.753

8,796,031 9,235,833 9,697,624 10,182,505 10,691,631 11,226,212 11,787,523

2528648.719 2370608.174 2222445.1632 2083542.3405 1953320.944 1831238.3852 1716785.9861

 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year
13752109.907 14439715.4 15161701.172 15919786.231 16715775.542 17551564.32 18429142.536
-1375210.9907 -1443971.54 -1516170.1172 -1591978.6231 -1671577.5542 -1755156.432 -1842914.2536

12,376,899 12,995,744 13,645,531 14,327,808 15,044,198 15,796,408 16,586,228

1609486.862 1508893.933 1414588.0623 1326176.3084 1243290.2891 1165584.646 1092735.6057

 25 Year 26 Year 27 Year 28 Year 29 Year 30 Year 31 Year
19350599.662 20318129.645 21334036.128 22400737.934 23520774.831 24696813.572 25931654.251
-1935059.9662 -2031812.9645 -2133403.6128 -2240073.7934 -2352077.4831 -2469681.3572 -2593165.4251

17,415,540 18,286,317 19,200,633 20,160,664 21,168,697 22,227,132 23,338,489

1024439.6303 960412.15342 900386.39383 844112.24422 791355.22895 741895.52714 695527.0567

 32 Year 33 Year 34 Year 35 Year 36 Year 37 Year 38 Year
27228236.963 28589648.812 30019131.252 31520087.815 33096092.206 34750896.816 36488441.657
-2722823.6963 -2858964.8812 -3001913.1252 -3152008.7815 -3309609.2206 -3475089.6816 -3648844.1657

24,505,413 25,730,684 27,017,218 28,368,079 29,786,483 31,275,807 32,839,597

652056.61565 611303.07717 573096.63485 537278.09517 503698.21422 472217.07584 442703.5086

 39 Year 40 Year 41 Year 42 Year 43 Year 44 Year 45 Year
38312863.739 40228506.926 42239932.273 44351928.886 46569525.331 48898001.6 51342901.677
-3831286.3739 -4022850.6926 -4223993.2273 -4435192.8886 -4656952.5331 -4889800.16 -5134290.1677

34,481,577 36,205,656 38,015,939 39,916,736 41,912,573 44,008,201 46,208,612

415034.53931 389094.8806 364776.45056 341977.9224 320604.30225 300566.5334 281781.12503

 46 Year 47 Year 48 Year 49 Year 50 Year 51 Year 52 Year
53910046.761 56605549.1 59435826.554 62407617.882 65527998.776 68804398.715 72244618.65
-5391004.6761 -5660554.91 -5943582.6554 -6240761.7882 -6552799.8776 -6880439.8715 -7224461.865

48,519,042 50,944,994 53,492,244 56,166,856 58,975,199 61,923,959 65,020,157

264169.80471 247659.1919 232180.49242 217669.21165 204064.88592 191310.83055 179353.90364

 53 Year 54 Year 55 Year 56 Year 57 Year 58 Year 59 Year
75856849.583 79649692.062 83632176.665 87813785.5 92204474.773 96814698.512 101655433.44
-7585684.9583 -7964969.2062 -8363217.6665 -8781378.55 -9220447.4773 -9681469.8512 -10165543.344

68,271,165 71,684,723 75,268,959 79,032,407 82,984,027 87,133,229 91,489,890

168144.28466 157635.26687 147783.06269 138546.6213 129887.45744 121769.49135 114158.89814

 60 Year 61 Year 62 Year 63 Year 64 Year 65 Year 66 Year
106738205.11 112075115.36 117678871.13 123562814.69 129740955.42 136228003.2 143039403.36
-10673820.511 -11207511.536 -11767887.113 -12356281.469 -12974095.542 -13622800.32 -14303940.336

96,064,385 100,867,604 105,910,984 111,206,533 116,766,860 122,605,203 128,735,463

107023.96701 100334.96907 94064.033505 88185.031411 82673.466948 77506.375264 72662.22681

 67 Year 68 Year 69 Year 70 Year 71 Year 72 Year 73 Year
150191373.52 157700942.2 165585989.31 173865288.77 182558553.21 191686480.87 201270804.92
-15019137.352 -15770094.22 -16558598.931 -17386528.877 -18255855.321 -19168648.087 -20127080.492

135,172,236 141,930,848 149,027,390 156,478,760 164,302,698 172,517,833 181,143,724

68120.837634 63863.285282 59871.829952 56129.84058 52621.725544 49332.867697 46249.563466

 74 Year 75 Year 76 Year 77 Year 78 Year 79 Year 80 Year
211334345.16 221901062.42 232996115.54 244645921.32 256878217.39 269722128.25 283208234.67
-21133434.516 -22190106.242 -23299611.554 -24464592.132 -25687821.739 -26972212.825 -28320823.467

190,200,911 199,710,956 209,696,504 220,181,329 231,190,396 242,749,915 254,887,411

43358.965749 40649.03039 38108.465991 35726.686866 33493.768937 31400.408379 29437.882855

 81 Year 82 Year 83 Year 84 Year 85 Year 86 Year 87 Year
297368646.4 312237078.72 327848932.66 344241379.29 361453448.25 379526120.67 398502426.7
-29736864.64 -31223707.872 -32784893.266 -34424137.929 -36145344.825 -37952612.067 -39850242.67

267,631,782 281,013,371 295,064,039 309,817,241 325,308,103 341,573,509 358,652,184

27598.015176 25873.139228 24256.068026 22740.063775 21318.809789 19986.384177 18737.235166

 88 Year 89 Year 90 Year 91 Year 92 Year 93 Year 94 Year
418427548.04 439348925.44 461316371.71 484382190.29 508601299.81 534031364.8 560732933.04
-41842754.8 -43934892.544 -46131637.171 -48438219.029 -50860129.981 -53403136.48 -56073293.3

376,584,793 395,414,033 415,184,735 435,943,971 457,741,170 480,628,228 504,659,640

17566.157968 16468.273095 15439.006026 14474.06815 13569.43889 12721.34896 11926.26465

 95 Year 96 Year 97 Year 98 Year 99 Year 100 Year 101 Year
588769579.69 618208058.68 649118461.61 681574384.69 715653103.93 751435759.12 789007547.08
-58876957.969 -61820805.868 -64911846.161 -68157438.469 -71565310.393 -75143575.912 -78900754.708

529,892,622 556,387,253 584,206,615 613,416,946 644,087,794 676,292,183 710,106,792

11180.873109 10482.06854 9826.9392561 9212.7555526 8636.9583306 8097.1484349 7591.0766577

 102 Year 103 Year 104 Year 105 Year 106 Year 107 Year 108 Year
828457924.43 869880820.65 913374861.69 959043604.77 1006995785 1057345574.3 1110212853
-82845792.443 -86988082.065 -91337486.169 -95904360.477 -100699578.5 -105734557.43 -111021285.3

745,612,132 782,892,739 822,037,376 863,139,244 906,296,207 951,611,017 999,191,568

7116.6343666 6671.8447187 6254.8544238 5863.9260223 5497.4306459 5153.8412306 4831.7261536

 109 Year 110 Year 111 Year 112 Year 113 Year 114 Year
1165723495.621 1224009670.402 1285210153.922 1349470661.618 1416944194.699 1487791404.434
-116572349.562 -122400967.04 -128521015.392 -134947066.162 -141694419.47 -148779140.443

1,049,151,146 1,101,608,703 1,156,689,139 1,214,523,595 1,275,249,775 1,339,012,264

4529.743269039 4246.634314724 3981.219670054 3732.393440676 3499.118850633 3280.423922469

 115 Year 116 Year 117 Year 118 Year 119 Year 120 Year
1562180974.656 1640290023.388 1722304524.558 1808419750.786 1898840738.325 1993782775.241
-156218097.466 -164029002.339 -172230452.456 -180841975.079 -189884073.832 -199378277.524

1,405,962,877 1,476,261,021 1,550,074,072 1,627,577,776 1,708,956,664 1,794,404,498

3075.397427315 2883.185088107 2702.986020101 2534.049393844 2375.671306729 2227.191850059

 121 Year 122 Year 123 Year 124 Year 125 Year 126 Year
2093471914 2198145509.703 2308052785.189 2423455424.448 2544628195.67 2671859605.454
-209347191.4 -219814550.97 -230805278.519 -242345542.445 -254462819.567 -267185960.545

1,884,124,723 1,978,330,959 2,077,247,507 2,181,109,882 2,290,165,376 2,404,673,645

2087.99235943 1957.492836966 1835.149534655 1720.452688739 1612.924395693 1512.116620962

 127 Year 128 Year 129 Year 130 Year 131 Year 132 Year
2805452585.727 2945725215.013 3093011475.764 3247662049.552 3410045152.029 3580547409.631
-280545258.573 -294572521.501 -309301147.576 -324766204.955 -341004515.203 -358054740.963

2,524,907,327 2,651,152,694 2,783,710,328 2,922,895,845 3,069,040,637 3,222,492,669

1417.609332152 1329.008748893 1245.945702087 1168.074095706 1095.069464725 1026.627623179

 133 Year 134 Year 135 Year 136 Year 137 Year 138 Year
3759574780.112 3947553519.118 4144931195.074 4352177754.828 4569786642.569 4798275974.697
-375957478.011 -394755351.912 -414493119.507 -435217775.483 -456978664.257 -479827597.47

3,383,617,302 3,552,798,167 3,730,438,076 3,916,959,979 4,112,807,978 4,318,448,377

962.4633967307 902.309434435 845.9150947828 793.0454013589 743.480063774 697.0125597881

 139 Year 140 Year 141 Year 142 Year 143 Year 144 Year
5038189773.432 5290099262.104 5554604225.209 5832334436.469 6123951158.293 6430148716.208
-503818977.343 -529009926.21 -555460422.521 -583233443.647 -612395115.829 -643014871.621

4,534,370,796 4,761,089,336 4,999,143,803 5,249,100,993 5,511,556,042 5,787,133,845

653.4492748013 612.6086951263 574.3206516809 538.4256109508 504.7740102664 473.2256346247

 145 Year 146 Year 147 Year 148 Year 149 Year 150 Year 151 Year 152 Year 153 Year
6751656152.018 7.09E+09 7.44E+09 7.82E+09 8.21E+09 8.62E+09 9.05E+09 9.5E+09 9.98E+09
-675165615.202 -7.09E+08 -7.44E+08 -7.82E+08 -8.21E+08 -8.62E+08 -9E+08 -9.5E+08 -1E+09

6,076,490,537 ### ### ### ### ### ### ### ###

443.6490324607 415.921 389.9259 365.5555 342.7083 321.289 301.2085 282.383 264.734

154 Year 155 Year 156 Year 157 Year 158 Year 159 Year 160 Year 161 Year 162 Year 163 Year
1.05E+10 1.1E+10 1.15E+10 1.21E+10 1.27E+10 1.34E+10 1.4E+10 1.47E+10 1.55E+10 1.62E+10
-1E+09 -1.1E+09 -1.15E+09 -1.21E+09 -1.27E+09 -1.34E+09 -1.4E+09 -1.47E+09 -1.55E+09 -1.62E+09

### ### ### ### ### ### ### ### ### ###

248.1881 232.6764 218.1341 204.5007 191.7194 179.737 168.5034 157.9719 148.0987 138.8425
 164 Year 165 Year 166 Year 167 Year 168 Year 169 Year 170 Year 171 Year 172 Year 173 Year
1.71E+10 1.79E+10 1.88E+10 1.98E+10 2.07E+10 2.18E+10 2.29E+10 2.4E+10 2.52E+10 2.65E+10
-1.71E+09 -1.79E+09 -1.88E+09 -2E+09 -2.07E+09 -2.18E+09 -2.29E+09 -2.4E+09 -2.52E+09 -2.65E+09

### ### ### ### ### ### ### ### ### ###

130.1649 122.0296 114.4027 107.2525 100.5493 94.26493 88.37338 82.85004 77.67191 72.81742
 174 Year 175 Year 176 Year 177 Year 178 Year 179 Year 180 Year 181 Year 182 Year 183 Year
2.78E+10 2.92E+10 3.06E+10 3.22E+10 3.38E+10 3.55E+10 3.72E+10 3.91E+10 4.11E+10 4.31E+10
-2.78E+09 -2.92E+09 -3.06E+09 -3.22E+09 -3.38E+09 -3.55E+09 -3.72E+09 -3.91E+09 -4.11E+09 -4.31E+09

### ### ### ### ### ### ### ### ### ###

68.26633 63.99968 59.9997 56.24972 52.73411 49.43823 46.34834 43.45157 40.73585 38.18986
 184 Year 185 Year 186 Year 187 Year 188 Year 189 Year 190 Year 191 Year 192 Year 193 Year
4.53E+10 4.75E+10 4.99E+10 5.24E+10 5.5E+10 5.78E+10 6.07E+10 6.37E+10 6.69E+10 7.02E+10
-4.53E+09 -4.75E+09 -5E+09 -5.24E+09 -5.5E+09 -5.78E+09 -6.07E+09 -6.37E+09 -6.69E+09 -7E+09

### ### ### ### ### ### ### ### ### ###

35.80299 33.5653 31.46747 29.50076 27.65696 25.9284 24.30787 22.78863 21.36434 20.02907
 194 Year 195 Year 196 Year 197 Year 198 Year 199 Year 200 Year 201 Year 202 Year 203 Year
7.37E+10 7.74E+10 8.13E+10 8.54E+10 8.96E+10 9.41E+10 9.88E+10 1.04E+11 1.09E+11 1.14E+11
-7.37E+09 -7.74E+09 -8.13E+09 -8.54E+09 -9E+09 -9.41E+09 -9.88E+09 -1E+10 -1.09E+10 -1.14E+10

### ### ### ### ### ### ### ### ### ###

18.77725 17.60368 16.50345 15.47198 14.50498 13.59842 12.74852 11.95174 11.20475 10.50446
204 Year 205 Year 206 Year 207 Year 208 Year 209 Year 210 Year 211 Year 212 Year 213 Year
1.2E+11 1.26E+11 1.32E+11 1.39E+11 1.46E+11 1.53E+11 1.61E+11 1.69E+11 1.77E+11 1.86E+11
-1.2E+10 -1.26E+10 -1.32E+10 -1.39E+10 -1.46E+10 -1.53E+10 -1.61E+10 -1.69E+10 -1.77E+10 -1.86E+10

### ### ### ### ### ### ### ### ### ###

9.847928 9.232432 8.655405 8.114442 7.60729 7.131834 6.686094 6.268214 5.87645 5.509172
214 Year 215 Year 216 Year 217 Year 218 Year 219 Year 220 Year 221 Year 222 Year 223 Year
1.96E+11 2.05E+11 2.16E+11 2.26E+11 2.38E+11 2.5E+11 2.62E+11 2.75E+11 2.89E+11 3.04E+11
-2E+10 -2.05E+10 -2.16E+10 -2.26E+10 -2.38E+10 -2.5E+10 -2.62E+10 -2.75E+10 -2.89E+10 -3E+10

### ### ### ### ### ### ### ### ### ###

5.164849 4.842046 4.539418 4.255704 3.989723 3.740365 3.506592 3.28743 3.081966 2.889343
 224 Year 225 Year 226 Year 227 Year 228 Year 229 Year 230 Year 231 Year 232 Year 233 Year
3.19E+11 3.35E+11 3.51E+11 3.69E+11 3.87E+11 4.07E+11 4.27E+11 4.48E+11 4.71E+11 4.94E+11
-3.19E+10 -3.35E+10 -3.51E+10 -3.69E+10 -3.87E+10 -4.07E+10 -4.27E+10 -4.48E+10 -4.71E+10 -4.94E+10

### ### ### ### ### ### ### ### ### ###

2.708759 2.539462 2.380745 2.231949 2.092452 1.961674 1.839069 1.724127 1.616369 1.515346
 234 Year 235 Year 236 Year 237 Year 238 Year 239 Year 240 Year 241 Year 242 Year 243 Year
5.19E+11 5.45E+11 5.72E+11 6.01E+11 6.31E+11 6.63E+11 6.96E+11 7.3E+11 7.67E+11 8.05E+11
-5.19E+10 -5.45E+10 -5.72E+10 -6E+10 -6.31E+10 -6.63E+10 -7E+10 -7.3E+10 -7.67E+10 -8.05E+10

### ### ### ### ### ### ### ### ### ###

1.420637 1.331847 1.248607 1.170569 1.097408 1.02882 0.964519 0.904237 0.847722 0.794739
 244 Year 245 Year 246 Year 247 Year 248 Year 249 Year 250 Year 251 Year 252 Year 253 Year
8.46E+11 8.88E+11 9.32E+11 9.79E+11 1.03E+12 1.08E+12 1.13E+12 1.19E+12 1.25E+12 1.31E+12
-8.46E+10 -8.88E+10 -9.32E+10 -9.79E+10 -1E+11 -1.08E+11 -1.13E+11 -1.19E+11 -1.25E+11 -1.31E+11

### ### ### ### ### ### ### ### ### ###

0.745068 0.698501 0.654845 0.613917 0.575547 0.539576 0.505852 0.474236 0.444597 0.416809
 254 Year 255 Year 256 Year 257 Year 258 Year 259 Year 260 Year 261 Year 262 Year 263 Year
1.38E+12 1.45E+12 1.52E+12 1.59E+12 1.67E+12 1.76E+12 1.85E+12 1.94E+12 2.03E+12 2.14E+12
-1.38E+11 -1.45E+11 -1.52E+11 -1.59E+11 -1.67E+11 -1.76E+11 -1.85E+11 -1.94E+11 -2E+11 -2.14E+11

### ### ### ### ### ### ### ### ### ###

0.390759 0.366336 0.34344 0.321975 0.301852 0.282986 0.265299 0.248718 0.233173 0.2186
 264 Year 265 Year 266 Year 267 Year 268 Year 269 Year 270 Year 271 Year 272 Year 273 Year
2.24E+12 2.36E+12 2.47E+12 2.6E+12 2.73E+12 2.86E+12 3.01E+12 3.16E+12 3.31E+12 3.48E+12
-2.24E+11 -2.36E+11 -2.47E+11 -2.6E+11 -2.73E+11 -2.86E+11 -3E+11 -3.16E+11 -3.31E+11 -3.48E+11

### ### ### ### ### ### ### ### ### ###

0.204937 0.192129 0.180121 0.168863 0.158309 0.148415 0.139139 0.130443 0.12229 0.114647
 274 Year 275 Year 276 Year 277 Year 278 Year 279 Year 280 Year 281 Year 282 Year 283 Year
3.65E+12 3.84E+12 4.03E+12 4.23E+12 4.44E+12 4.66E+12 4.9E+12 5.14E+12 5.4E+12 5.67E+12
-3.65E+11 -3.84E+11 -4E+11 -4.23E+11 -4.44E+11 -4.66E+11 -4.9E+11 -5.14E+11 -5.4E+11 -5.67E+11

### ### ### ### ### ### ### ### ### ###

0.107482 0.100764 0.094466 0.088562 0.083027 0.077838 0.072973 0.068412 0.064136 0.060128
284 Year 285 Year 286 Year 287 Year 288 Year 289 Year 290 Year 291 Year 292 Year 293 Year
5.95E+12 6.25E+12 6.56E+12 6.89E+12 7.24E+12 7.6E+12 7.98E+12 8.38E+12 8.8E+12 9.23E+12
-6E+11 -6.25E+11 -6.56E+11 -6.89E+11 -7.24E+11 -7.6E+11 -8E+11 -8.38E+11 -8.8E+11 -9.23E+11

### ### ### ### ### ### ### ### ### ###

0.05637 0.052847 0.049544 0.046447 0.043544 0.040823 0.038271 0.035879 0.033637 0.031535
294 Year 295 Year 296 Year 297 Year 298 Year 299 Year 300 Year
9.7E+12 1.02E+13 1.07E+13 1.12E+13 1.18E+13 1.24E+13 1.3E+13
-9.7E+11 -1E+12 -1.07E+12 -1.12E+12 -1.18E+12 -1.24E+12 -1.3E+12

### ### ### ### ### ### ###

0.029564 0.027716 0.025984 0.02436 0.022837 0.02141 0.020072

Book Value of Debt 500
Book Interest Rate 10%
Current Cost of Debt 8%
Remaing Maturity 5 Years
Reinvestemnt rate 6%
1 2 3 4 5
Interest 50 50 50 50 50
Redemption 500
50 50 50 50 550

NPV 539.9

-539.9 50 50 50 50 550

8.0%

-539.9 0 0 0 0 781.8546

7.7%