Results Summary

Prepared For: State of Oregon

Analysis Start Date 1/1/2017

BUILD-TO-SUIT SUMMARY RESULTS:

Lease-
Term (Years) 50 Private Sector

Net Occupancy Cost $ 160,559,796

Annualized Per Square Foot $ 54.39

Present Value-Net Occupancy Cost $ 52,590,926

Annualized Per Square Foot $ 17.82

GSF 64,939
RSF 59,035
USF 50,180

Average Number of Seats @ 170 USF/Seat 295

Average Cost per Seat $ 10,879

Page 1
 Results Summary

Lease- Savings to Agency:

DAS Owned Building Lease DAS Owned Building

$ 104,059,411 $ 56,500,385
$ 35.25 $ 19.14

$ 35,482,693 $ 17,108,232
$ 12.02 $ 5.80

64,939
59,035
50,180

295
$ 7,051

Page 2
 Lease-Proforma

Prepared For: State of Oregon

Analysis Start Date 1/1/2017

LEASE SCENARIO: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 Year 31 Year 32 Year 33 Year 34 Year 35 Year 36 Year 37 Year 38 Year 39 Year 40 Year 41 Year 42 Year 43 Year 44 Year 45 Year 46 Year 47 Year 48 Year 49 Year 50 TOTAL

Occupancy Cost:

Rent $1,345,455 $1,372,364 $1,399,811 $1,427,807 $1,456,363 $1,485,491 $1,515,200 $1,545,504 $1,576,415 $1,607,943 $1,640,102 $1,672,904 $1,706,362 $1,740,489 $1,775,299 $1,810,805 $1,847,021 $1,883,961 $1,921,641 $1,960,073 $1,999,275 $2,039,260 $2,080,046 $2,121,646 $2,164,079 $2,207,361 $2,251,508 $2,296,538 $2,342,469 $2,389,318 $2,437,105 $2,485,847 $2,535,564 $2,586,275 $2,638,001 $2,690,761 $2,744,576 $2,799,467 $2,855,457 $2,912,566 $2,970,817 $3,030,234 $3,090,838 $3,152,655 $3,215,708 $3,280,022 $3,345,623 $3,412,535 $3,480,786 $3,550,402 $ 113,797,748

Operating Expenses: $455,160 $464,263 $473,548 $483,019 $492,680 $502,533 $512,584 $522,836 $533,292 $543,958 $554,837 $565,934 $577,253 $588,798 $600,574 $612,585 $624,837 $637,334 $650,080 $663,082 $676,344 $689,870 $703,668 $717,741 $732,096 $746,738 $761,673 $776,906 $792,444 $808,293 $824,459 $840,948 $857,767 $874,923 $892,421 $910,269 $928,475 $947,044 $965,985 $985,305 $1,005,011 $1,025,111 $1,045,613 $1,066,526 $1,087,856 $1,109,613 $1,131,806 $1,154,442 $1,177,531 $1,201,081 $ 38,497,148

Build-Out
Gross Build-out Cost $10,626,300 $0 $0 $0 $0 $0 $0 $0 $0 $295,175 $0 $0 $0 $0 $0 $0 $0 $0 $0 $590,350 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 11,511,825
Tenant Improvement Allowance $2,951,750 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $295,175 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 3,246,925
Tenant Build-out Responsibility $7,674,550 $0 $0 $0 $0 $0 $0 $0 $0 $295,175 $0 $0 $0 $0 $0 $0 $0 $0 $0 $295,175 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 8,264,900
$ -
Lease-Private Sector: Gross Occupancy Cost $9,475,164 $1,836,627 $1,873,359 $1,910,827 $1,949,043 $1,988,024 $2,027,784 $2,068,340 $2,109,707 $2,447,076 $2,194,939 $2,238,838 $2,283,615 $2,329,287 $2,375,873 $2,423,390 $2,471,858 $2,521,295 $2,571,721 $2,918,330 $2,675,618 $2,729,131 $2,783,713 $2,839,388 $2,896,175 $2,954,099 $3,013,181 $3,073,445 $3,134,913 $3,197,612 $3,261,564 $3,326,795 $3,393,331 $3,461,198 $3,530,422 $3,601,030 $3,673,051 $3,746,512 $3,821,442 $3,897,871 $3,975,828 $4,055,345 $4,136,452 $4,219,181 $4,303,564 $4,389,636 $4,477,428 $4,566,977 $4,658,316 $4,751,483 $ 160,559,796
Lease-Private Sector: NPV - Gross Occupancy Cost $9,014,522 $1,662,390 $1,613,203 $1,565,471 $1,519,152 $1,474,203 $1,430,585 $1,388,256 $1,347,181 $1,486,644 $1,268,639 $1,231,102 $1,194,677 $1,159,328 $1,125,026 $1,091,739 $1,059,436 $1,028,090 $997,671 $1,077,094 $939,506 $911,708 $884,732 $858,554 $833,151 $808,500 $784,578 $761,364 $738,837 $716,976 $695,762 $675,176 $655,199 $635,813 $617,000 $598,744 $581,029 $563,837 $547,154 $530,965 $515,255 $500,010 $485,215 $470,859 $456,927 $443,407 $430,288 $417,556 $405,202 $393,213 $ 52,590,926

Lease-DAS Owned Building: Gross Occupancy Cost $8,774,738 $1,123,372 $1,147,056 $1,171,250 $1,195,965 $1,221,213 $1,247,006 $1,273,356 $1,300,275 $1,622,951 $1,355,872 $1,384,577 $1,413,902 $1,443,864 $1,474,475 $1,505,750 $1,537,705 $1,570,354 $1,603,712 $1,342,622 $1,672,623 $1,708,208 $1,744,568 $1,781,722 $1,819,687 $1,858,481 $1,898,122 $1,938,631 $1,980,026 $2,022,328 $2,065,557 $2,109,734 $2,154,881 $2,201,019 $2,248,171 $2,296,360 $2,345,609 $2,395,944 $2,447,387 $2,499,965 $2,553,704 $2,608,629 $2,664,769 $2,722,150 $2,780,802 $2,840,753 $2,902,033 $2,964,673 $3,028,703 $3,094,156 $ 104,059,411
Lease-DAS Owned Building: NPV Gross Occupancy Cost $8,348,147 $1,016,800 $987,762 $959,563 $932,177 $905,581 $879,752 $854,668 $830,307 $985,973 $783,672 $761,357 $739,685 $718,637 $698,195 $678,342 $659,059 $640,331 $622,142 $495,533 $587,318 $570,653 $554,466 $538,745 $523,475 $508,643 $494,237 $480,244 $466,653 $453,451 $440,628 $428,172 $416,074 $404,321 $392,905 $381,816 $371,045 $360,581 $350,417 $340,543 $330,952 $321,635 $312,583 $303,791 $295,249 $286,951 $278,890 $271,058 $263,450 $256,059 $ 35,482,693

Lease-Private Sector Totals:

Gross Occupancy Cost $ 160,559,796
Total Per Square Foot $ 54.39

Present Value/Net Occupancy Cost: $52,590,926

Total Per Square Foot $ 17.82

Lease-DAS Owned Building Totals:

Gross Occupancy Cost $ 104,059,411
Total Per Square Foot $ 35.25

Present Value/Net Occupancy Cost: $35,482,693

Total Per Square Foot $ 12.02

Page 3
 Market Lease Assumptions

Prepared For: State of Oregon Hard Inputs NOTE: Cells shaded red indicate a hard input is required
Start Date 1/1/2017

GENERAL ASSUMPTIONS: LEASE ASSUMPTIONS:

Hard Inputs
Steph Hardin:
Market Base Rent: Market Opex: Gross Build-Out Costs Market Concessions
Analysis Term (Years): 50 yrs. Year 1 = Hard Input Year 1 = Hard Input All Years = Hard Input Gross Build-Out Costs:
Year 1 $ 22.79 psf Year 1 $ 7.71 psf Year 1 $ 180.00 psf $ 50.00 psf These are the costs associated with
Building Gross Square Feet (GSF): 64,939 sf Year 2 $ 23.25 psf Year 2 $ 7.86 psf Year 2 psf psf building out the interior of the space to
Building Rentable Square Feet (RSF): 59,035 sf Year 3 $ 23.71 psf Year 3 $ 8.02 psf Year 3 psf psf the Agency's specifications.
Building Usable Square Feet (USF): 50,180 sf Year 4 $ 24.19 psf Year 4 $ 8.18 psf Year 4 psf psf
Market Consessions:
Rental Escalator (%): 3% /yr. Year 5 $ 24.67 psf Year 5 $ 8.35 psf Year 5 psf psf
These inputs must include all
Operating Expense Escalator (%): 2% /yr. Year 6 $ 25.16 psf Year 6 $ 8.51 psf Year 6 psf psf concessions a Landlord in the subject
*Lease Type: NNN Year 7 $ 25.67 psf Year 7 $ 8.68 psf Year 7 psf psf market would be expected to give,
First Year's Operating Expense $ 7.71 /yr. Year 8 $ 26.18 psf Year 8 $ 8.86 psf Year 8 psf psf including:
Year 9 $ 26.70 psf Year 9 $ 9.03 psf Year 9 psf psf
*Lease Type Options: Year 10 $ 27.24 psf Year 10 $ 9.21 psf Year 10 $ 5.00 psf psf - Tenant Improvement Allowance
- Free Rent
FSG Year 11 $ 27.78 psf Year 11 $ 9.40 psf Year 11 psf psf
Steph Hardin:
NNN Year 12 $ 28.34 psf Year 12 $ 9.59 psf Year 12 psf psf Inputs must be on a $/rsf basis.
This cell requires the user to select what type of Lease
is being modeled. This is input by selecting either Year 13 $ 28.90 psf Year 13 $ 9.78 psf Year 13 psf psf
"FSG" or "NNN" from the dropdown menu. The Year 14 $ 29.48 psf Year 14 $ 9.97 psf Year 14 psf psf
dropdown menu is using the Lease Type Options listed Year 15 $ 30.07 psf Year 15 $ 10.17 psf Year 15 psf psf
inB18:B19. Year 16 $ 30.67 psf Year 16 $ 10.38 psf Year 16 psf psf
Year 17 $ 31.29 psf Year 17 $ 10.58 psf Year 17 psf psf
Year 18 $ 31.91 psf Year 18 $ 10.80 psf Year 18 psf psf
Year 19 $ 32.55 psf Year 19 $ 11.01 psf Year 19 psf psf
Year 20 $ 33.20 psf Year 20 $ 11.23 psf Year 20 $ 10.00 psf $ 5.00 psf
Year 21 $ 33.87 psf Year 21 $ 11.46 psf Year 21 psf psf
Year 22 $ 34.54 psf Year 22 $ 11.69 psf Year 22 psf psf
Year 23 $ 35.23 psf Year 23 $ 11.92 psf Year 23 psf psf
Year 24 $ 35.94 psf Year 24 $ 12.16 psf Year 24 psf psf
Year 25 $ 36.66 psf Year 25 $ 12.40 psf Year 25 psf psf
Year 26 $ 37.39 psf Year 26 $ 12.65 psf Year 26 psf psf
Year 27 $ 38.14 psf Year 27 $ 12.90 psf Year 27 psf psf
Year 28 $ 38.90 psf Year 28 $ 13.16 psf Year 28 psf psf
Year 29 $ 39.68 psf Year 29 $ 13.42 psf Year 29 psf psf
Year 30 $ 40.47 psf Year 30 $ 13.69 psf Year 30 psf psf
Year 31 $ 41.28 psf Year 31 $ 13.97 psf Year 31 psf psf
Year 32 $ 42.11 psf Year 32 $ 14.24 psf Year 32 psf psf
Year 33 $ 42.95 psf Year 33 $ 14.53 psf Year 33 psf psf
Year 34 $ 43.81 psf Year 34 $ 14.82 psf Year 34 psf psf
Year 35 $ 44.69 psf Year 35 $ 15.12 psf Year 35 psf psf
Year 36 $ 45.58 psf Year 36 $ 15.42 psf Year 36 psf psf
Year 37 $ 46.49 psf Year 37 $ 15.73 psf Year 37 psf psf
Year 38 $ 47.42 psf Year 38 $ 16.04 psf Year 38 psf psf
Year 39 $ 48.37 psf Year 39 $ 16.36 psf Year 39 psf psf
Year 40 $ 49.34 psf Year 40 $ 16.69 psf Year 40 psf psf
Year 41 $ 50.32 psf Year 41 $ 17.02 psf Year 41 psf psf
Year 42 $ 51.33 psf Year 42 $ 17.36 psf Year 42 psf psf
Year 43 $ 52.36 psf Year 43 $ 17.71 psf Year 43 psf psf
Year 44 $ 53.40 psf Year 44 $ 18.07 psf Year 44 psf psf
Year 45 $ 54.47 psf Year 45 $ 18.43 psf Year 45 psf psf
Year 46 $ 55.56 psf Year 46 $ 18.80 psf Year 46 psf psf
Year 47 $ 56.67 psf Year 47 $ 19.17 psf Year 47 psf psf
Year 48 $ 57.81 psf Year 48 $ 19.56 psf Year 48 psf psf
Year 49 $ 58.96 psf Year 49 $ 19.95 psf Year 49 psf psf
Year 50 $ 60.14 psf Year 50 $ 20.35 psf Year 50 psf psf

Page 4
 Own-Proforma

Prepared For: State of Oregon

Analysis Start Date 1/1/2017

OWN SCENARIO: 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 Year 31 Year 32 Year 33 Year 34 Year 35 Year 36 Year 37 Year 38 Year 39 Year 40 Year 41 Year 42 Year 43 Year 44 Year 45 Year 46 Year 47 Year 48 Year 49 Year 50 TOTAL

Down-Payment $0

REIMBURSABLE EXPENSES (from agency)

Expense Reimbursement Revenue
Administration $57,789 $58,945 $60,124 $61,327 $62,553 $63,804 $65,080 $66,382 $67,710 $69,064 $70,445 $71,854 $73,291 $74,757 $76,252 $77,777 $79,333 $80,919 $82,538 $84,188 $85,872 $87,589 $89,341 $91,128 $92,951 $94,810 $96,706 $98,640 $100,613 $102,625 $104,678 $106,771 $108,907 $111,085 $113,306 $115,572 $117,884 $120,242 $122,646 $125,099 $127,601 $130,153 $132,756 $135,412 $138,120 $140,882 $143,700 $146,574 $149,505 $152,495 $4,887,795
Depreciation $217,978 $222,338 $226,785 $231,320 $235,947 $240,666 $245,479 $250,389 $255,396 $260,504 $265,714 $271,029 $276,449 $281,978 $287,618 $293,370 $299,237 $305,222 $311,327 $317,553 $323,904 $330,382 $336,990 $343,730 $350,604 $357,616 $364,769 $372,064 $379,505 $387,096 $394,837 $402,734 $410,789 $419,005 $427,385 $435,932 $444,651 $453,544 $462,615 $471,867 $481,305 $490,931 $500,749 $510,764 $520,980 $531,399 $542,027 $552,868 $563,925 $575,204 $18,436,471
Debt Service $163,477 $166,746 $170,081 $173,483 $176,952 $180,491 $184,101 $187,783 $191,539 $195,370 $199,277 $203,262 $207,328 $211,474 $215,704 $220,018 $224,418 $228,907 $233,485 $238,154 $242,918 $247,776 $252,731 $257,786 $262,942 $268,201 $273,565 $279,036 $284,617 $290,309 $296,115 $302,037 $308,078 $314,240 $320,524 $326,935 $333,474 $340,143 $346,946 $353,885 $360,963 $368,182 $375,546 $383,056 $390,718 $398,532 $406,503 $414,633 $422,925 $431,384 $13,826,746
POPS - Debt Svc $46,106 $47,028 $47,968 $48,928 $49,906 $50,904 $51,922 $52,961 $54,020 $55,101 $56,203 $57,327 $58,473 $59,643 $60,835 $62,052 $63,293 $64,559 $65,850 $67,167 $68,511 $69,881 $71,278 $72,704 $74,158 $75,641 $77,154 $78,697 $80,271 $81,876 $83,514 $85,184 $86,888 $88,626 $90,398 $92,206 $94,050 $95,931 $97,850 $99,807 $101,803 $103,839 $105,916 $108,034 $110,195 $112,399 $114,647 $116,940 $119,279 $121,664 $3,899,589
Custodial Services $170,469 $173,878 $177,356 $180,903 $184,521 $188,211 $191,976 $195,815 $199,731 $203,726 $207,801 $211,957 $216,196 $220,520 $224,930 $229,429 $234,017 $238,698 $243,472 $248,341 $253,308 $258,374 $263,541 $268,812 $274,188 $279,672 $285,266 $290,971 $296,790 $302,726 $308,781 $314,956 $321,256 $327,681 $334,234 $340,919 $347,737 $354,692 $361,786 $369,022 $376,402 $383,930 $391,609 $399,441 $407,430 $415,578 $423,890 $432,368 $441,015 $449,835 $14,418,156
Landscaping Services $22,317 $22,764 $23,219 $23,683 $24,157 $24,640 $25,133 $25,636 $26,148 $26,671 $27,205 $27,749 $28,304 $28,870 $29,447 $30,036 $30,637 $31,250 $31,875 $32,512 $33,163 $33,826 $34,502 $35,192 $35,896 $36,614 $37,346 $38,093 $38,855 $39,632 $40,425 $41,233 $42,058 $42,899 $43,757 $44,632 $45,525 $46,436 $47,364 $48,312 $49,278 $50,263 $51,269 $52,294 $53,340 $54,407 $55,495 $56,605 $57,737 $58,891 $1,887,594
Energy Analyst $2,703 $2,757 $2,812 $2,869 $2,926 $2,985 $3,044 $3,105 $3,167 $3,231 $3,295 $3,361 $3,428 $3,497 $3,567 $3,638 $3,711 $3,785 $3,861 $3,938 $4,017 $4,097 $4,179 $4,263 $4,348 $4,435 $4,524 $4,614 $4,706 $4,800 $4,896 $4,994 $5,094 $5,196 $5,300 $5,406 $5,514 $5,625 $5,737 $5,852 $5,969 $6,088 $6,210 $6,334 $6,461 $6,590 $6,722 $6,856 $6,993 $7,133 $228,636
Building Security $29,805 $30,401 $31,009 $31,629 $32,262 $32,907 $33,565 $34,237 $34,921 $35,620 $36,332 $37,059 $37,800 $38,556 $39,327 $40,114 $40,916 $41,734 $42,569 $43,420 $44,289 $45,175 $46,078 $47,000 $47,940 $48,898 $49,876 $50,874 $51,891 $52,929 $53,988 $55,067 $56,169 $57,292 $58,438 $59,607 $60,799 $62,015 $63,255 $64,520 $65,811 $67,127 $68,470 $69,839 $71,236 $72,660 $74,114 $75,596 $77,108 $78,650 $2,520,894
HVAC $56,699 $57,833 $58,990 $60,170 $61,373 $62,601 $63,853 $65,130 $66,432 $67,761 $69,116 $70,499 $71,909 $73,347 $74,814 $76,310 $77,836 $79,393 $80,981 $82,600 $84,252 $85,937 $87,656 $89,409 $91,197 $93,021 $94,882 $96,779 $98,715 $100,689 $102,703 $104,757 $106,852 $108,989 $111,169 $113,393 $115,660 $117,974 $120,333 $122,740 $125,195 $127,698 $130,252 $132,857 $135,515 $138,225 $140,989 $143,809 $146,685 $149,619 $4,795,601
Electric $41,761 $42,597 $43,449 $44,318 $45,204 $46,108 $47,030 $47,971 $48,930 $49,909 $50,907 $51,925 $52,964 $54,023 $55,103 $56,205 $57,330 $58,476 $59,646 $60,839 $62,055 $63,296 $64,562 $65,854 $67,171 $68,514 $69,884 $71,282 $72,708 $74,162 $75,645 $77,158 $78,701 $80,275 $81,881 $83,518 $85,189 $86,892 $88,630 $90,403 $92,211 $94,055 $95,936 $97,855 $99,812 $101,808 $103,845 $105,921 $108,040 $110,201 $3,532,159
Service & Repair $48,963 $49,942 $50,941 $51,960 $52,999 $54,059 $55,140 $56,243 $57,368 $58,515 $59,686 $60,879 $62,097 $63,339 $64,606 $65,898 $67,216 $68,560 $69,931 $71,330 $72,757 $74,212 $75,696 $77,210 $78,754 $80,329 $81,936 $83,574 $85,246 $86,951 $88,690 $90,464 $92,273 $94,118 $96,001 $97,921 $99,879 $101,877 $103,914 $105,993 $108,112 $110,275 $112,480 $114,730 $117,024 $119,365 $121,752 $124,187 $126,671 $129,204 $4,141,269
Utility Costs $124,049 $126,530 $129,061 $131,642 $134,275 $136,961 $139,700 $142,494 $145,344 $148,251 $151,216 $154,240 $157,325 $160,471 $163,681 $166,954 $170,293 $173,699 $177,173 $180,717 $184,331 $188,018 $191,778 $195,613 $199,526 $203,516 $207,587 $211,738 $215,973 $220,293 $224,698 $229,192 $233,776 $238,452 $243,221 $248,085 $253,047 $258,108 $263,270 $268,535 $273,906 $279,384 $284,972 $290,671 $296,485 $302,414 $308,463 $314,632 $320,925 $327,343 $10,492,026
Total Expense Reimbursement Revenue $982,118 $1,001,760 $1,021,795 $1,042,231 $1,063,076 $1,084,337 $1,106,024 $1,128,145 $1,150,708 $1,173,722 $1,197,196 $1,221,140 $1,245,563 $1,270,474 $1,295,884 $1,321,801 $1,348,237 $1,375,202 $1,402,706 $1,430,760 $1,459,375 $1,488,563 $1,518,334 $1,548,701 $1,579,675 $1,611,268 $1,643,494 $1,676,364 $1,709,891 $1,744,089 $1,778,970 $1,814,550 $1,850,841 $1,887,858 $1,925,615 $1,964,127 $2,003,410 $2,043,478 $2,084,347 $2,126,034 $2,168,555 $2,211,926 $2,256,165 $2,301,288 $2,347,314 $2,394,260 $2,442,145 $2,490,988 $2,540,808 $2,591,624 $83,066,935

Other $118,070 $121,612 $125,260 $129,018 $132,889 $136,875 $140,982 $145,211 $149,568 $154,055 $158,676 $163,436 $168,340 $173,390 $178,591 $183,949 $189,468 $195,152 $201,006 $207,036 $213,248 $219,645 $226,234 $233,021 $240,012 $247,212 $254,629 $262,268 $270,136 $278,240 $286,587 $295,184 $304,040 $313,161 $322,556 $332,233 $342,200 $352,466 $363,040 $373,931 $385,149 $396,703 $408,604 $420,862 $433,488 $446,493 $459,888 $473,684 $487,895 $502,532 $13,317,926

Effective Gross Income $0 $1,100,188 $1,123,372 $1,147,056 $1,171,250 $1,195,965 $1,221,213 $1,247,006 $1,273,356 $1,300,275 $1,327,776 $1,355,872 $1,384,577 $1,413,902 $1,443,864 $1,474,475 $1,505,750 $1,537,705 $1,570,354 $1,603,712 $1,637,797 $1,672,623 $1,708,208 $1,744,568 $1,781,722 $1,819,687 $1,858,481 $1,898,122 $1,938,631 $1,980,026 $2,022,328 $2,065,557 $2,109,734 $2,154,881 $2,201,019 $2,248,171 $2,296,360 $2,345,609 $2,395,944 $2,447,387 $2,499,965 $2,553,704 $2,608,629 $2,664,769 $2,722,150 $2,780,802 $2,840,753 $2,902,033 $2,964,673 $3,028,703 $3,094,156 $96,384,861

NON-REIMBURSABLE EXPENSES
Other XYZ ($59,035) ($60,216) ($61,420) ($62,648) ($63,901) ($65,179) ($66,483) ($67,813) ($69,169) ($70,552) ($71,963) ($73,403) ($74,871) ($76,368) ($77,895) ($79,453) ($81,042) ($82,663) ($84,317) ($86,003) ($87,723) ($89,477) ($91,267) ($93,092) ($94,954) ($96,853) ($98,790) ($100,766) ($102,781) ($104,837) ($106,934) ($109,072) ($111,254) ($113,479) ($115,749) ($118,063) ($120,425) ($122,833) ($125,290) ($127,796) ($130,352) ($132,959) ($135,618) ($138,330) ($141,097) ($143,919) ($146,797) ($149,733) ($152,728) ($155,782) ($4,993,145)
Othe ABC ($59,035) ($60,216) ($61,420) ($62,648) ($63,901) ($65,179) ($66,483) ($67,813) ($69,169) ($70,552) ($71,963) ($73,403) ($74,871) ($76,368) ($77,895) ($79,453) ($81,042) ($82,663) ($84,317) ($86,003) ($87,723) ($89,477) ($91,267) ($93,092) ($94,954) ($96,853) ($98,790) ($100,766) ($102,781) ($104,837) ($106,934) ($109,072) ($111,254) ($113,479) ($115,749) ($118,063) ($120,425) ($122,833) ($125,290) ($127,796) ($130,352) ($132,959) ($135,618) ($138,330) ($141,097) ($143,919) ($146,797) ($149,733) ($152,728) ($155,782) ($4,993,145)
TBD ($59,035) ($60,216) ($61,420) ($62,648) ($63,901) ($65,179) ($66,483) ($67,813) ($69,169) ($70,552) ($71,963) ($73,403) ($74,871) ($76,368) ($77,895) ($79,453) ($81,042) ($82,663) ($84,317) ($86,003) ($87,723) ($89,477) ($91,267) ($93,092) ($94,954) ($96,853) ($98,790) ($100,766) ($102,781) ($104,837) ($106,934) ($109,072) ($111,254) ($113,479) ($115,749) ($118,063) ($120,425) ($122,833) ($125,290) ($127,796) ($130,352) ($132,959) ($135,618) ($138,330) ($141,097) ($143,919) ($146,797) ($149,733) ($152,728) ($155,782) ($4,993,145)
TBD ($59,035) ($60,216) ($61,420) ($62,648) ($63,901) ($65,179) ($66,483) ($67,813) ($69,169) ($70,552) ($71,963) ($73,403) ($74,871) ($76,368) ($77,895) ($79,453) ($81,042) ($82,663) ($84,317) ($86,003) ($87,723) ($89,477) ($91,267) ($93,092) ($94,954) ($96,853) ($98,790) ($100,766) ($102,781) ($104,837) ($106,934) ($109,072) ($111,254) ($113,479) ($115,749) ($118,063) ($120,425) ($122,833) ($125,290) ($127,796) ($130,352) ($132,959) ($135,618) ($138,330) ($141,097) ($143,919) ($146,797) ($149,733) ($152,728) ($155,782) ($4,993,145)
Total Non-Reimbursable Expenses ($236,140) ($240,863) ($245,680) ($250,594) ($255,606) ($260,718) ($265,932) ($271,251) ($276,676) ($282,209) ($287,853) ($293,610) ($299,483) ($305,472) ($311,582) ($317,813) ($324,170) ($330,653) ($337,266) ($344,011) ($350,892) ($357,909) ($365,068) ($372,369) ($379,816) ($387,413) ($395,161) ($403,064) ($411,125) ($419,348) ($427,735) ($436,290) ($445,015) ($453,916) ($462,994) ($472,254) ($481,699) ($491,333) ($501,160) ($511,183) ($521,406) ($531,835) ($542,471) ($553,321) ($564,387) ($575,675) ($587,188) ($598,932) ($610,911) ($623,129) ($19,972,580)

Net Operating Income $0 $864,048 $882,509 $901,376 $920,656 $940,359 $960,495 $981,074 $1,002,105 $1,023,599 $1,045,567 $1,068,019 $1,090,966 $1,114,420 $1,138,392 $1,162,893 $1,187,937 $1,213,535 $1,239,701 $1,266,446 $1,293,785 $1,321,731 $1,350,298 $1,379,501 $1,409,353 $1,439,870 $1,471,068 $1,502,961 $1,535,567 $1,568,901 $1,602,980 $1,637,822 $1,673,445 $1,709,865 $1,747,103 $1,785,177 $1,824,106 $1,863,910 $1,904,611 $1,946,227 $1,988,782 $2,032,297 $2,076,795 $2,122,298 $2,168,830 $2,216,415 $2,265,078 $2,314,845 $2,365,740 $2,417,792 $2,471,027 $76,412,281

DEBT SERVICE
Annual Debt Service ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($957,648) ($47,882,391)
Principal ($216,336) ($222,869) ($229,600) ($236,534) ($243,677) ($251,036) ($258,617) ($266,428) ($274,474) ($282,763) ($291,302) ($300,100) ($309,163) ($318,499) ($328,118) ($338,027) ($348,236) ($358,752) ($369,587) ($380,748) ($392,247) ($404,093) ($416,296) ($428,868) ($441,820) ($455,163) ($468,909) ($483,070) ($497,659) ($512,688) ($528,171) ($544,122) ($560,555) ($577,483) ($594,923) ($612,890) ($631,399) ($650,468) ($670,112) ($690,349) ($711,198) ($732,676) ($754,803) ($777,598) ($801,081) ($825,274) ($850,197) ($875,873) ($902,324) ($929,575) ($24,546,753)
Interest ($741,312) ($734,779) ($728,048) ($721,114) ($713,971) ($706,612) ($699,030) ($691,220) ($683,174) ($674,885) ($666,345) ($657,548) ($648,485) ($639,148) ($629,530) ($619,621) ($609,412) ($598,895) ($588,061) ($576,900) ($565,401) ($553,555) ($541,352) ($528,779) ($515,828) ($502,485) ($488,739) ($474,578) ($459,989) ($444,960) ($429,476) ($413,526) ($397,093) ($380,164) ($362,724) ($344,758) ($326,248) ($307,180) ($287,536) ($267,299) ($246,450) ($224,972) ($202,845) ($180,050) ($156,567) ($132,374) ($107,451) ($81,775) ($55,323) ($28,073) ($23,335,638)

Debt Balance ($24,330,417) ($24,107,548) ($23,877,948) ($23,641,414) ($23,397,737) ($23,146,701) ($22,888,084) ($22,621,656) ($22,347,182) ($22,064,419) ($21,773,117) ($21,473,017) ($21,163,854) ($20,845,355) ($20,517,237) ($20,179,210) ($19,830,974) ($19,472,222) ($19,102,635) ($18,721,887) ($18,329,640) ($17,925,547) ($17,509,251) ($17,080,382) ($16,638,562) ($16,183,399) ($15,714,490) ($15,231,419) ($14,733,760) ($14,221,072) ($13,692,901) ($13,148,778) ($12,588,224) ($12,010,740) ($11,415,817) ($10,802,927) ($10,171,527) ($9,521,060) ($8,850,948) ($8,160,599) ($7,449,401) ($6,716,725) ($5,961,922) ($5,184,324) ($4,383,243) ($3,557,969) ($2,707,772) ($1,831,899) ($929,575) ($0)

Cash Flow After Debt $0 ($93,600) ($75,138) ($56,272) ($36,992) ($17,289) $2,847 $23,426 $44,457 $65,952 $87,919 $110,371 $133,318 $156,772 $180,744 $205,246 $230,289 $255,888 $282,053 $308,798 $336,137 $364,083 $392,651 $421,853 $451,705 $482,223 $513,420 $545,314 $577,919 $611,253 $645,333 $680,175 $715,797 $752,218 $789,455 $827,529 $866,458 $906,263 $946,963 $988,580 $1,031,135 $1,074,650 $1,119,147 $1,164,650 $1,211,182 $1,258,767 $1,307,430 $1,357,197 $1,408,093 $1,460,144 $1,513,379 $28,529,890

BUILD-OUT COSTS AND CAPITAL RESERVES

Build-Out Costs
Gross Build-Out Costs (Agency Responsibility) $10,626,300 $0 $0 $0 $0 $0 $0 $0 $0 $295,175 $0 $0 $0 $0 $0 $0 $0 $0 $0 $590,350 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $11,511,825
Tenant Improvements (State Contribution) ($2,951,750) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($885,525) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($3,837,275)
Net Build-Out Costs (Agency Responsibility) $7,674,550 $0 $0 $0 $0 $0 $0 $0 $0 $295,175 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($295,175) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $15,349,100

Capital Reserves ($59,035) ($60,216) ($61,420) ($62,648) ($63,901) ($65,179) ($66,483) ($67,813) ($69,169) ($70,552) ($71,963) ($73,403) ($74,871) ($76,368) ($77,895) ($79,453) ($81,042) ($82,663) ($84,317) ($86,003) ($87,723) ($89,477) ($91,267) ($93,092) ($94,954) ($96,853) ($98,790) ($100,766) ($102,781) ($104,837) ($106,934) ($109,072) ($111,254) ($113,479) ($115,749) ($118,063) ($120,425) ($122,833) ($125,290) ($127,796) ($130,352) ($132,959) ($135,618) ($138,330) ($141,097) ($143,919) ($146,797) ($149,733) ($152,728) ($155,782) ($4,993,145)

Total Tenant Improvements and Capital Reserves ($3,010,785) ($60,216) ($61,420) ($62,648) ($63,901) ($65,179) ($66,483) ($67,813) ($69,169) ($70,552) ($71,963) ($73,403) ($74,871) ($76,368) ($77,895) ($79,453) ($81,042) ($82,663) ($84,317) ($971,528) ($87,723) ($89,477) ($91,267) ($93,092) ($94,954) ($96,853) ($98,790) ($100,766) ($102,781) ($104,837) ($106,934) ($109,072) ($111,254) ($113,479) ($115,749) ($118,063) ($120,425) ($122,833) ($125,290) ($127,796) ($130,352) ($132,959) ($135,618) ($138,330) ($141,097) ($143,919) ($146,797) ($149,733) ($152,728) ($155,782) ($8,830,420)

Cash Flow After Debt & Capital Costs $0 ($3,104,385) ($135,354) ($117,692) ($99,640) ($81,190) ($62,332) ($43,057) ($23,355) ($3,217) $17,367 $38,408 $59,916 $81,901 $104,376 $127,350 $150,836 $174,845 $199,390 $224,482 ($635,390) $276,361 $303,173 $330,586 $358,613 $387,269 $416,567 $446,523 $477,153 $508,472 $540,496 $573,241 $606,724 $640,964 $675,976 $711,781 $748,395 $785,838 $824,130 $863,290 $903,339 $944,298 $986,188 $1,029,032 $1,072,852 $1,117,670 $1,163,512 $1,210,400 $1,258,360 $1,307,417 $1,357,597 $30,055,426

EQUITY INVESTMENT
Investor Down Payment ($5,844,465) ($5,844,465)
Sale Proceeds $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $90,064,319 $90,064,319
Less: Remaining Bond Balance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($0) ($0)
Less: Cost of Sale $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($2,701,930) ($2,701,930)
Net Proceeds from Sale ($5,844,465) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $87,362,390 $81,517,925

Cash Flow After Debt and Reversion ($5,844,465) ($3,104,385) ($135,354) ($117,692) ($99,640) ($81,190) ($62,332) ($43,057) ($23,355) ($3,217) $17,367 $38,408 $59,916 $81,901 $104,376 $127,350 $150,836 $174,845 $199,390 $224,482 ($635,390) $276,361 $303,173 $330,586 $358,613 $387,269 $416,567 $446,523 $477,153 $508,472 $540,496 $573,241 $606,724 $640,964 $675,976 $711,781 $748,395 $785,838 $824,130 $863,290 $903,339 $944,298 $986,188 $1,029,032 $1,072,852 $1,117,670 $1,163,512 $1,210,400 $1,258,360 $1,307,417 $88,719,986 $101,217,395

Debt Coverage Ratio 0.90 0.92 0.94 0.96 0.98 1.00 1.02 1.05 1.07 1.09 1.12 1.14 1.16 1.19 1.21 1.24 1.27 1.29 1.32 1.35 1.38 1.41 1.44 1.47 1.50 1.54 1.57 1.60 1.64 1.67 1.71 1.75 1.79 1.82 1.86 1.90 1.95 1.99 2.03 2.08 2.12 2.17 2.22 2.26 2.31 2.37 2.42 2.47 2.52 2.58

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
Property Cash Flows ($29,222,325) $864,048 $882,509 $901,376 $920,656 $940,359 $960,495 $981,074 $1,002,105 $1,023,599 $1,045,567 $1,068,019 $1,090,966 $1,114,420 $1,138,392 $1,162,893 $1,187,937 $1,213,535 $1,239,701 $1,266,446 $1,293,785 $1,321,731 $1,350,298 $1,379,501 $1,409,353 $1,439,870 $1,471,068 $1,502,961 $1,535,567 $1,568,901 $1,602,980 $1,637,822 $1,673,445 $1,709,865 $1,747,103 $1,785,177 $1,824,106 $1,863,910 $1,904,611 $1,946,227 $1,988,782 $2,032,297 $2,076,795 $2,122,298 $2,168,830 $2,216,415 $2,265,078 $2,314,845 $2,365,740 $2,417,792 $89,833,417 $134,552,346
Cumulative Property Cash Flows $864,048 $1,746,557 $2,647,933 $3,568,589 $4,508,948 $5,469,443 $6,450,517 $7,452,622 $8,476,222 $9,521,789 $10,589,808 $11,680,774 $12,795,194 $13,933,585 $15,096,479 $16,284,416 $17,497,951 $18,737,652 $20,004,098 $21,297,883 $22,619,615 $23,969,913 $25,349,414 $26,758,767 $28,198,638 $29,669,706 $31,172,667 $32,708,234 $34,277,135 $35,880,115 $37,517,938 $39,191,383 $40,901,248 $42,648,351 $44,433,528 $46,257,634 $48,121,544 $50,026,155 $51,972,382 $53,961,165 $55,993,462 $58,070,257 $60,192,555 $62,361,384 $64,577,799 $66,842,877 $69,157,722 $71,523,462 $73,941,254 $163,774,671
Payback Period - Property Cash Flows 25.7 Years

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
NPV Property Cash Flows ($29,222,325) $822,041 $798,788 $776,200 $754,260 $732,949 $712,248 $692,139 $672,606 $653,633 $635,202 $617,298 $599,905 $583,010 $566,598 $550,655 $535,166 $520,120 $505,504 $491,304 $477,509 $464,107 $451,088 $438,439 $426,150 $414,212 $402,613 $391,344 $380,396 $369,759 $359,424 $349,383 $339,627 $330,148 $320,938 $311,990 $303,295 $294,846 $286,637 $278,661 $270,910 $263,379 $256,061 $248,950 $242,040 $235,326 $228,801 $222,460 $216,298 $210,311 $7,434,232 $216,637
Cumulative NPV Property Cash Flows $864,048 $1,662,835 $2,439,036 $3,193,296 $3,926,244 $4,638,492 $5,330,631 $6,003,238 $6,656,870 $7,292,072 $7,909,370 $8,509,275 $9,092,285 $9,658,884 $10,209,538 $10,744,705 $11,264,825 $11,770,329 $12,261,632 $12,739,141 $13,203,249 $13,654,336 $14,092,775 $14,518,926 $14,933,138 $15,335,751 $15,727,095 $16,107,491 $16,477,249 $16,836,673 $17,186,056 $17,525,683 $17,855,831 $18,176,770 $18,488,759 $18,792,054 $19,086,900 $19,373,537 $19,652,198 $19,923,109 $20,186,488 $20,442,550 $20,691,500 $20,933,540 $21,168,866 $21,397,667 $21,620,127 $21,836,425 $22,046,736 $29,480,968
Payback Period - NPV Property Cash Flows 49.97 Years

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
Equity Cash Flows ($5,844,465) ($3,104,385) ($135,354) ($117,692) ($99,640) ($81,190) ($62,332) ($43,057) ($23,355) ($3,217) $17,367 $38,408 $59,916 $81,901 $104,376 $127,350 $150,836 $174,845 $199,390 $224,482 ($635,390) $276,361 $303,173 $330,586 $358,613 $387,269 $416,567 $446,523 $477,153 $508,472 $540,496 $573,241 $606,724 $640,964 $675,976 $711,781 $748,395 $785,838 $824,130 $863,290 $903,339 $944,298 $986,188 $1,029,032 $1,072,852 $1,117,670 $1,163,512 $1,210,400 $1,258,360 $1,307,417 $88,719,986 $101,217,395
Cumulative Equity Cash Flows ($3,104,385) ($3,239,739) ($3,357,431) ($3,457,072) ($3,538,262) ($3,600,594) ($3,643,650) ($3,667,006) ($3,670,223) ($3,652,856) ($3,614,448) ($3,554,532) ($3,472,631) ($3,368,255) ($3,240,905) ($3,090,069) ($2,915,224) ($2,715,835) ($2,491,353) ($3,126,743) ($2,850,383) ($2,547,209) ($2,216,623) ($1,858,010) ($1,470,742) ($1,054,175) ($607,651) ($130,498) $377,974 $918,469 $1,491,710 $2,098,435 $2,739,399 $3,415,375 $4,127,156 $4,875,550 $5,661,388 $6,485,517 $7,348,807 $8,252,146 $9,196,444 $10,182,632 $11,211,664 $12,284,516 $13,402,186 $14,565,698 $15,776,098 $17,034,457 $18,341,874 $107,061,860
Equity Cash Flows - Payback Period 49.12 Years

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
NPV Equity Cash Flows ($5,844,465) ($2,953,463) ($122,513) ($101,348) ($81,632) ($63,282) ($46,222) ($30,376) ($15,676) ($2,054) $10,551 $22,199 $32,947 $42,847 $51,950 $60,303 $67,952 $74,938 $81,304 $87,085 ($234,509) $97,040 $101,280 $105,068 $108,435 $111,407 $114,009 $116,267 $118,202 $119,837 $121,191 $122,285 $123,135 $123,760 $124,175 $124,396 $124,436 $124,309 $124,029 $123,606 $123,052 $122,378 $121,593 $120,708 $119,730 $118,668 $117,529 $116,321 $115,051 $113,725 $7,342,089 $1,794,244
Cumulative NPV Equity Cash Flows ($2,953,463) ($3,075,976) ($3,177,324) ($3,258,956) ($3,322,238) ($3,368,460) ($3,398,836) ($3,414,512) ($3,416,567) ($3,406,016) ($3,383,817) ($3,350,870) ($3,308,023) ($3,256,074) ($3,195,771) ($3,127,819) ($3,052,881) ($2,971,577) ($2,884,492) ($3,119,001) ($3,021,961) ($2,920,681) ($2,815,613) ($2,707,178) ($2,595,771) ($2,481,762) ($2,365,495) ($2,247,293) ($2,127,457) ($2,006,265) ($1,883,981) ($1,760,846) ($1,637,086) ($1,512,910) ($1,388,515) ($1,264,079) ($1,139,770) ($1,015,741) ($892,135) ($769,083) ($646,705) ($525,112) ($404,404) ($284,674) ($166,006) ($48,477) $67,844 $182,895 $296,620 $7,638,709
Payback Period - NPV Equity Cash Flows Payback Outside of Analysis Term!

Property Cash Flows $134,552,346

Total Per Square Foot per Year $45.58
IRR 5.1%

NPV Property Cash Flows $216,637

Total NPV per Square Foot per Year $0.07
IRR 0.0%

Equity Cash Flows $101,217,395

Total Per Square Foot per Year $34.29
IRR -3.0%

NPV Equity Cash Flows $1,794,244

Total NPV per Square Foot per Year $0.61
IRR -8%

Page 5
 Own Assumptions

Prepared For: State of Oregon Hard Inputs NOTE: Cells shaded red indicate a hard input is required
Start Date 1/1/2017
GENERAL ASSUMPTIONS: Build-Out Assumptions:
Building Gross Square Feet (GSF): 64,939 sf
Building Rentable Square Feet (RSF): 59,035 sf Gross Capex TI Allowance
Building Usable Square Feet (USF): 50,180 sf Year 1 $ 180.00 psf $ 50.00 psf
Land Size (SF): 20,400 sf Year 2 $ - psf psf Steph Hardin:
These are the costs
Analysis Term (Years): (This must be <= D23) 50 yrs. Year 3 $ - psf psf associated with building
Rental Escalator (%): 3% % /yr. Year 4 $ - psf psf out the interior of the
Operating Expense Escalator (%): 2% % /yr. Year 5 $ - psf psf space to the Agency's
Year 6 $ - psf psf specifications.
OWN ASSUMPTIONS: Year 7 $ - psf psf
For an apple's to apple's
Opportunity Cost of Capital (%): 5.11% % Year 8 $ - psf psf comparison, these inputs
Year 9 $ - psf psf should closely match, if
Purchase Price/Development Costs: $ 29,222,325 $ 450.00 psf Year 10 $ 5.00 psf psf not be exactly equal to,
Down Payment $ 5,844,465 20% 1-BTV Year 11 $ - psf psf the "Lease From Private
Land Value: $ 4,080,000 $ 200.00 psf Year 12 $ - psf psf Sector Scenario".
Bond Data: Year 13 $ - psf psf
As such, currently they are
Bond Value $ 23,377,860 80% LTV Year 14 $ - psf psf auto-populated from
Cost of Issuance $ 1,168,893 5% % Year 15 $ - psf psf "Market Lease
Bond Par Value $ 24,546,753 Year 16 $ - psf psf Assumptions" Sheet
Annual Interest Rate 3.02% apr Year 17 $ - psf psf
Amortization Term (Years) 50 yrs. Year 18 $ - psf psf
Annual Payment $ 957,648 $ 16.22 $ 1.35 Year 19 $ - psf psf
Aggregate $/SF/Yr $/SF/Mo Year 20 $ 10.00 psf $ 15.00 psf
Terminal Cap Rate 7.0% % Year 21 $ - psf psf
Cost of Sale (%): 3.0% % Year 22 $ - psf psf
Estimated Sale Price at end of Term: $ 90,064,319 $ 1,387 psf Year 23 $ - psf psf
Year 24 $ - psf psf
Expenses (charged to agencies): Year 25 $ - psf psf
Sub-total of Total Cash Needed for 15-17 $ 83,808 $ 1.42 psf Year 26 $ - psf psf
Administration $ 57,789 $ 0.98 psf Year 27 $ - psf psf
Depreciation $ 217,978 $ 3.69 psf Year 28 $ - psf psf
Debt Service $ 163,477 $ 2.77 psf Year 29 $ - psf psf
POPS - Debt Svc $ 46,106 $ 0.78 psf Year 30 $ - psf psf
Custodial Services $ 170,469 $ 2.89 psf Year 31 $ - psf psf
Landscaping Services $ 22,317 $ 0.38 psf Year 32 $ - psf psf
Energy Analyst $ 2,703 $ 0.05 psf Year 33 $ - psf psf
Building Security $ 29,805 $ 0.50 psf Year 34 $ - psf psf
HVAC $ 56,699 $ 0.96 psf Year 35 $ - psf psf
Electric $ 41,761 $ 0.71 psf Year 36 $ - psf psf
Service & Repair $ 48,963 $ 0.83 psf Year 37 $ - psf psf
Utility Costs $ 124,049 $ 2.10 psf Year 38 $ - psf psf
$ 982,118 $ 18.06 $ 1.50 Year 39 $ - psf psf
Aggregate $/SF/Yr $/SF/Mo Year 40 $ - psf psf
Other $ 118,070 $ 2.00 psf Year 41 $ - psf psf
Year 42 $ - psf psf
Non-Reimbursable Expenses: Year 43 $ - psf psf
Other XYZ $ 59,035 $ 1.00 psf Year 44 $ - psf psf
Othe ABC $ 59,035 $ 1.00 psf Year 45 $ - psf psf
TBD $ 59,035 $ 1.00 psf Year 46 $ - psf psf
TBD $ 59,035 $ 1.00 psf Year 47 $ - psf psf
$ 236,140 $ 4.00 Year 48 $ - psf psf
Year 49 $ - psf psf
Capital Reserves $ 59,035 $ 1.00 psf Year 50 $ - psf psf

Page 6
 Own-Debt Amortization

Prepared For: State of Oregon

Date Prepared: 1/1/2017

Steph Hardin:
DEBT AMORTIZATION: This sheet calculates the
amortization of debt.
Annual Payment $957,648
The Beginning Balance
represents:
Beginning Ending
Payment Interest Principal
Balance Balance
Total Bond Value
Less Down Payment
1 Year 1 $ 24,546,753 $957,648 $ 741,312 $ 216,336 $ 24,330,417 Plus Cost of Issuance
2 Year 2 $ 24,330,417 $957,648 $ 734,779 $ 222,869 $ 24,107,548
3 Year 3 $ 24,107,548 $957,648 $ 728,048 $ 229,600 $ 23,877,948 No manual inputs are
required on this sheet. All
4 Year 4 $ 23,877,948 $957,648 $ 721,114 $ 236,534 $ 23,641,414
inputs used to calculate
5 Year 5 $ 23,641,414 $957,648 $ 713,971 $ 243,677 $ 23,397,737 these figures are input on
6 Year 6 $ 23,397,737 $957,648 $ 706,612 $ 251,036 $ 23,146,701 the "Own Assumptions"
7 Year 7 $ 23,146,701 $957,648 $ 699,030 $ 258,617 $ 22,888,084 Sheet
8 Year 8 $ 22,888,084 $957,648 $ 691,220 $ 266,428 $ 22,621,656
9 Year 9 $ 22,621,656 $957,648 $ 683,174 $ 274,474 $ 22,347,182
10 Year 10 $ 22,347,182 $957,648 $ 674,885 $ 282,763 $ 22,064,419
11 Year 11 $ 22,064,419 $957,648 $ 666,345 $ 291,302 $ 21,773,117
12 Year 12 $ 21,773,117 $957,648 $ 657,548 $ 300,100 $ 21,473,017
13 Year 13 $ 21,473,017 $957,648 $ 648,485 $ 309,163 $ 21,163,854
14 Year 14 $ 21,163,854 $957,648 $ 639,148 $ 318,499 $ 20,845,355
15 Year 15 $ 20,845,355 $957,648 $ 629,530 $ 328,118 $ 20,517,237
16 Year 16 $ 20,517,237 $957,648 $ 619,621 $ 338,027 $ 20,179,210
17 Year 17 $ 20,179,210 $957,648 $ 609,412 $ 348,236 $ 19,830,974
18 Year 18 $ 19,830,974 $957,648 $ 598,895 $ 358,752 $ 19,472,222
19 Year 19 $ 19,472,222 $957,648 $ 588,061 $ 369,587 $ 19,102,635
20 Year 20 $ 19,102,635 $957,648 $ 576,900 $ 380,748 $ 18,721,887
21 Year 21 $ 18,721,887 $957,648 $ 565,401 $ 392,247 $ 18,329,640
22 Year 22 $ 18,329,640 $957,648 $ 553,555 $ 404,093 $ 17,925,547
23 Year 23 $ 17,925,547 $957,648 $ 541,352 $ 416,296 $ 17,509,251
24 Year 24 $ 17,509,251 $957,648 $ 528,779 $ 428,868 $ 17,080,382
25 Year 25 $ 17,080,382 $957,648 $ 515,828 $ 441,820 $ 16,638,562
26 Year 26 $ 16,638,562 $957,648 $ 502,485 $ 455,163 $ 16,183,399
27 Year 27 $ 16,183,399 $957,648 $ 488,739 $ 468,909 $ 15,714,490
28 Year 28 $ 15,714,490 $957,648 $ 474,578 $ 483,070 $ 15,231,419
29 Year 29 $ 15,231,419 $957,648 $ 459,989 $ 497,659 $ 14,733,760
30 Year 30 $ 14,733,760 $957,648 $ 444,960 $ 512,688 $ 14,221,072
31 Year 31 $ 14,221,072 $ 957,648 $ 429,476 $ 528,171 $ 13,692,901
32 Year 32 $ 13,692,901 $ 957,648 $ 413,526 $ 544,122 $ 13,148,778
33 Year 33 $ 13,148,778 $ 957,648 $ 397,093 $ 560,555 $ 12,588,224
34 Year 34 $ 12,588,224 $ 957,648 $ 380,164 $ 577,483 $ 12,010,740
35 Year 35 $ 12,010,740 $ 957,648 $ 362,724 $ 594,923 $ 11,415,817
36 Year 36 $ 11,415,817 $ 957,648 $ 344,758 $ 612,890 $ 10,802,927
37 Year 37 $ 10,802,927 $ 957,648 $ 326,248 $ 631,399 $ 10,171,527
38 Year 38 $ 10,171,527 $ 957,648 $ 307,180 $ 650,468 $ 9,521,060
39 Year 39 $ 9,521,060 $ 957,648 $ 287,536 $ 670,112 $ 8,850,948
40 Year 40 $ 8,850,948 $ 957,648 $ 267,299 $ 690,349 $ 8,160,599
41 Year 41 $ 8,160,599 $ 957,648 $ 246,450 $ 711,198 $ 7,449,401
42 Year 42 $ 7,449,401 $ 957,648 $ 224,972 $ 732,676 $ 6,716,725
43 Year 43 $ 6,716,725 $ 957,648 $ 202,845 $ 754,803 $ 5,961,922
44 Year 44 $ 5,961,922 $ 957,648 $ 180,050 $ 777,598 $ 5,184,324
45 Year 45 $ 5,184,324 $ 957,648 $ 156,567 $ 801,081 $ 4,383,243
46 Year 46 $ 4,383,243 $ 957,648 $ 132,374 $ 825,274 $ 3,557,969
47 Year 47 $ 3,557,969 $ 957,648 $ 107,451 $ 850,197 $ 2,707,772
48 Year 48 $ 2,707,772 $ 957,648 $ 81,775 $ 875,873 $ 1,831,899
49 Year 49 $ 1,831,899 $ 957,648 $ 55,323 $ 902,324 $ 929,575
50 Year 50 $ 929,575 $ 957,648 $ 28,073 $ 929,575 $ 0
$ 28,729,434 $18,403,754 $ 10,325,681

Page 7
 Hard Inputs Required NOTE: Cells shaded red indicate a hard input is required
HARD COST SCHEDULE
Type ($/sf) SF
Step 1: Land Costs Land Costs 20,400
Demolition
Entitlement Work
Pre-development Work $0
Appraisal
Environmental Assessment
Boundary / Topography Survey
Hazmat Survey
Geotechnical Studies
Contingency
Step 2: Improvement Costs Improvement Costs
Building (GSF) 64,939
Site Work
Off-site Work
Parking
Surface
Above-ground Structure
Underground Structure
Landscaping
Tenant Improvements (of RSF) 59,035
Other Improvements N/A
Contingency
Total Land & Improvement Costs

Step 3: Fixed Soft Costs SOFT COST SCHEDULE - Fixed

Components Item Costs
Insurance
Title & Recording
Legal & Organizational
Other
Contingency
Total Soft Costs - Known Fixed $s

Step 4: Variable Soft Costs SOFT COST SCHEDULE - Variable

as % of Improvements Components Fee % Item Costs
Architect/Engineer Design Fee $ -
Testing and Inspection $ -
Development Manager $ -
Utility Fees $ -
Building Permit Fees $ -
FF&E $ -
IT&AV $ -
Move Costs $ -
Contingency $ -
Total Variable Soft Costs

Combined Hard & Soft Costs

Combined Hard & Soft Costs / GSF:
 Steph Hardin:
OST SCHEDULE This sheet can be used to
Total Aggregate Cost % of Total Cost input costs associated with
$ - $ - #DIV/0! the development of a
building (vs. purchasing a
2nd Generation Building).

If this sheet is utilized, be

sure to link the following
cells:

"Own Assumptions" Sheet,

Cell D15="Development
Assumptions" Sheet, Cell
G51 below.

$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -

$ - $ - #DIV/0!
$0 #DIV/0!

SCHEDULE - Fixed
Aggregate Cost % of Total Cost

$0 #DIV/0!

CHEDULE - Variable
Aggregate Cost % of Total Cost

$0 #DIV/0!

$0 #DIV/0!
ined Hard & Soft Costs / GSF: $ -
 Hard Inputs NOTE: Cells shaded red indicate a hard input is required

Agency Building
Type Building Name Building Address City
Number Code

Uniform Rent
UR 110101 Perry House 880 Winter Street NE Salem
UR 110102 Ford House 810 D Street NE Salem
UR 110103 Huntington House 830 D Street NE Salem
UR 110104 Commerce 158 12th Street NE Salem
UR 110105 Stiff Jarmen House 796 Winter St NE Salem
UR 110106 Justice 1162 Court Street NE Salem
UR 110107 State Library 250 Winter Street NE Salem
UR 110109 Real Estate 1175 Center Street NE Salem
UR 110110 Public Service Building 255 Capitol Street NE Salem
UR 110111 General Services Building 1225 Ferry Street SE Salem
UR 110112 Labor & Industries Building 350 Winter Street NE Salem
UR 110113 Agriculture 635 Capitol Street NE Salem
UR 110115 Executive Building 155 Cottage Street Salem
UR 110117 Revenue Building 955 Center Street NE Salem
UR 110118 Archives 800 Summer Street NE Salem
UR 110119 Human Services Building 500 Summer Street NE Salem
UR 110120 Public Utility Commission 550 Capitol Street NE Salem
UR 110121 Irwin Huse 850 D Street NE Salem
UR 110122 North Mall Office Building 725 Summer St NE Salem
UR 110123 Adolphson House 870 D Street NE Salem
UR 110200 Eugene State Office 165 East 7th Eugene
UR 110201 Pendleton State Office (Old) - The portio 403 SE 8th Pendleton
UR 110202 Pendleton State Office (New) 700 SE Emigrant Pendleton
UR 110203 Portland State Office Building (New) 800 NE Oregon Avenue Portland
UR 110301 McGilchrist 885 Summer Salem
NEW BUILDING
New Building Costs (Using current avg. $/SF/Yr costs)
Upon Adding Debt for New Building, Adjusted Uniform Rent:
New Grand Totals For Spreading Proportionately $/SF/Mo
New Uniform Rent Upon Spreading Proportionately $/SF/Yr
 Rent & Office + Storage
State Office SF Storage SF Storage Rent
Expenses (per mo.) SF
(per mo.)

$1.43 $0.50
OR 2,005 $68,986.84 $0.00 2,005
OR 2,708 $93,175.24 $0.00 2,708
OR 1,722 $59,249.54 $0.00 1,722
OR 30,673 $1,055,378.17 0 $0.00 30,673
OR 3,010 $103,566.27 0 $0.00 3,010
OR 85,171 $2,930,512.63 6,155 $73,860.00 91,326
OR 30,005 $1,032,394.02 45,786 $549,432.00 75,791
OR 11,142 $383,367.25 1,610 $19,320.00 12,752
OR 146,074 $5,026,026.48 17,278 $207,336.00 163,352
OR 61,327 $2,110,102.59 9,398 $112,776.00 70,725
OR 165,345 $5,689,091.48 6,044 $72,528.00 171,389
OR 75,976 $2,614,136.59 841 $10,092.00 76,817
OR 53,652 $1,846,025.80 5,304 $63,648.00 58,956
OR 234,604 $8,072,113.57 9,098 $109,176.00 243,702
OR 46,612 $1,603,797.71 546 $6,552.00 47,158
OR 268,566 $9,240,657.67 2,624 $31,488.00 271,190
OR 95,863 $3,298,396.54 1,570 $18,840.00 97,433
OR 1,912 $65,786.95 0 $0.00 1,912
OR 105,873 $3,642,814.61 $0.00 105,873
OR 1,791 $61,623.65 $0.00 1,791
OR 25,993 $894,351.54 1,319 $15,828.00 27,312
OR 9,339 $321,330.70 285 $3,420.00 9,624
OR 33,384 $1,148,656.63 $0.00 33,384
OR 255,508 $8,791,365.85 1,844 $22,128.00 257,352
OR 2,384 $82,027.24 $0.00 2,384
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
$0.00 $0.00 0
1,750,639 $60,234,935.56 109,702 $1,316,424.00 1,860,341
$0.03
$1.43
Office Rent Less Storage Rent $60,234,935.56 Office Rent Plus Storage Rent
 64,939 $2,234,364.92 $1,316,424.00 64,939
1,815,578
$1.42
Office Rent Less Storage Rent $62,029,213.52 Office Rent Plus Storage Rent
Total Uniform
Rent Pre-Collected
Total - EM Variance Net Change 60 days WCB
(Denominator = Debt Service
Column I)

$68,987.00 $141,808.92 $72,821.92 $1.06 $2,889.49 $2,467.57

$93,175.00 $82,458.12 -$10,716.88 -$0.12 $3,902.61 $3,332.76
$59,250.00 $87,165.96 $27,915.96 $0.47 $2,481.65 $2,119.28
$1,055,378.00 $823,588.57 -$231,789.43 -$0.22 $44,204.17 $37,749.55
$103,566.00 $106,019.53 $2,453.53 $0.02 $4,337.84 $3,704.44
$3,004,373.00 $3,078,041.03 $73,668.03 $0.02 $131,613.81 $112,395.76
$1,581,826.00 $1,737,050.39 $155,224.39 $0.10 $109,225.65 $93,276.69
$402,687.00 $410,530.34 $7,843.34 $0.02 $18,377.45 $15,694.01
$5,233,362.00 $4,242,960.34 -$990,401.66 -$0.19 $235,413.56 $201,038.83
$2,222,879.00 $2,070,424.54 -$152,454.46 -$0.07 $101,924.82 $87,041.92
$5,761,619.00 $4,645,789.77 -$1,115,829.23 -$0.19 $246,996.02 $210,930.04
$2,624,229.00 $3,013,546.55 $389,317.55 $0.15 $110,704.26 $94,539.40
$1,909,674.00 $4,552,748.15 $2,643,074.15 $1.38 $84,964.01 $72,557.70
$8,181,290.00 $6,851,406.15 -$1,329,883.85 -$0.16 $351,209.38 $299,926.32
$1,610,350.00 $1,781,160.08 $170,810.08 $0.11 $67,961.41 $58,037.79
$9,272,146.00 $8,433,411.53 -$838,734.47 -$0.09 $390,823.51 $333,756.06
$3,317,237.00 $4,161,495.57 $844,258.57 $0.25 $140,414.86 $119,911.70
$65,787.00 $89,165.69 $23,378.69 $0.36 $2,755.46 $2,353.12
$3,642,815.00 $4,651,938.84 $1,009,123.84 $0.28 $152,578.11 $130,298.89
$61,624.00 $74,696.36 $13,072.36 $0.21 $2,581.09 $2,204.20
$910,180.00 $1,728,363.44 $818,183.44 $0.90 $39,360.49 $33,613.13
$324,751.00 $473,035.39 $148,284.39 $0.46 $13,869.56 $11,844.35
$1,148,657.00 $945,687.58 -$202,969.42 -$0.18 $48,111.11 $41,086.00
$8,813,494.00 $7,278,028.35 -$1,535,465.65 -$0.17 $370,880.98 $316,725.50
$82,027.00 $90,838.38 $8,811.38 $0.11 $3,435.68 $2,934.01
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$61,551,363.00 $61,551,359.56 -$3.44 $4.50 $2,681,017.00 $2,289,539.00
Rent/SF/Mo
$1.46 Rent/SF/Yr
$61,551,363.00
 $3,550,789.00 $63,345,637.52 $59,794,848.52 $16.84 $2,681,017.00 $2,289,539.00
Rent/SF/Mo
$1.45 Rent/SF/Yr
$63,345,637.52
 Sub-total of
Total Cash POPS - Debt Custodial
Administration Depreciation Debt Service
Needed for 15- Svc Services
17

$5,357.06 $3,761.00 $26,994.00 $0.00 $16,153.00

$7,235.38 $5,079.00 $26,994.00 $0.00 $3,418.00
$4,600.93 $3,230.00 $26,994.00 $0.00 $8,701.25
$81,953.72 $57,541.00 $205,614.00 $0.00 $179,824.34
$8,042.27 $5,646.00 $27,279.00 $0.00 $17,112.70
$244,009.56 $171,319.00 $1,113,081.69 $0.00 $583,831.60
$202,502.34 $142,177.00 $547,489.90 $0.00 $290,290.00
$34,071.46 $23,922.00 $68,088.00 $0.00 $81,645.85
$436,452.38 $306,432.00 $594,179.00 $696,429.00 $955,151.40
$188,966.74 $132,674.00 $679,137.69 $0.00 $338,201.10
$457,926.06 $321,508.00 $1,082,892.93 $0.00 $1,032,931.25
$205,243.66 $144,101.00 $258,949.00 $906,525.00 $484,918.50
$157,521.71 $110,595.00 $319,840.00 $0.00 $2,734,458.00 $398,886.00
$651,135.70 $457,160.00 $1,889,656.00 $0.00 $1,477,182.50
$125,999.20 $88,463.00 $590,529.00 $0.00 $199,465.00
$724,579.57 $508,726.00 $1,794,875.00 $3,235,452.00 $39,982.00
$260,326.57 $182,774.00 $591,869.00 $871,320.00 $1,262,020.40
$5,108.58 $3,587.00 $23,179.00 $0.00 $2,506.00
$282,877.00 $198,608.00 $106,228.00 $2,220,709.00 $775,463.00
$4,785.29 $3,359.00 $22,412.00 $0.00 $2,502.30
$72,973.62 $51,236.00 $380,529.00 $807,466.00 $38,799.00
$25,713.90 $18,053.00 $128,917.00 $0.00 $29,319.00
$89,197.11 $62,625.00 $235,243.00 $0.00 $69,113.00
$687,606.48 $482,768.00 $1,921,792.00 $0.00 $1,620,411.80
$6,369.70 $4,472.00 $29,794.00 $0.00 $18,325.32
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$4,970,556.00 $3,489,816.00 $12,692,556.21 $8,737,901.00 $2,734,458.00 $9,926,154.31
$0.12 $0.08 $0.30 $0.21 $0.07 $0.24
$1.42 $1.00 $3.63 $2.50 $0.78 $2.84
 64,726 235,410 957,648 184,101
$4,970,556.00 $3,554,541.91 $12,927,966.13 $9,695,548.82 $2,734,458.00 $10,110,255.54
$0.12 $0.08 $0.31 $0.23 $0.07 $0.24
$1.42 $0.98 $3.69 $2.77 $0.78 $2.89
Landscaping Building Service &
Energy Analyst HVAC Electric
Services Security Repair

$41,411.00 $169.64 $1,388.00 $1,349.46 $0.00 $40,542.75

$18,353.00 $229.12 $2,082.00 $2,539.00 $383.37 $11,462.25
$18,426.51 $145.70 $2,082.00 $1,590.19 $72.13 $16,640.25
$21,262.00 $2,595.25 $45,375.00 $41,551.01 $48,292.50 $37,206.75
$24,129.00 $254.68 $2,776.00 $5,594.64 $1,985.74 $7,873.50
$77,030.00 $7,727.11 $166,904.00 $169,214.02 $86,972.04 $73,703.00
$148.00 $6,412.69 $75,678.00 $121,491.35 $93,110.35 $91,811.75
$2,588.00 $1,078.95 $8,270.00 $59,568.63 $12,485.70 $43,125.75
$493.00 $13,821.25 $110,026.00 $252,936.94 $263,564.87 $189,340.50
$26,674.00 $5,984.06 $57,888.00 $171,730.52 $129,786.93 $124,240.50
$2,434.70 $14,501.26 $175,113.00 $400,476.84 $139,093.47 $273,787.25
$116,365.00 $6,499.50 $151,237.00 $164,169.61 $116,766.27 $135,242.00
$123,308.70 $4,988.28 $41,527.00 $153,956.27 $123,605.44 $124,218.75
$87,092.00 $20,619.68 $219,873.00 $326,607.03 $332,909.24 $359,594.00
$111,504.00 $3,990.05 $32,464.00 $186,002.53 $83,653.80 $81,673.50
$153,099.00 $22,945.45 $117,998.00 $315,842.85 $183,643.41 $290,625.25
$110,985.00 $8,243.83 $89,659.00 $155,694.75 $94,080.53 $172,047.50
$18,435.00 $161.77 $1,666.00 $1,650.90 $1,138.68 $27,049.75
$79,701.00 $8,957.94 $117,919.00 $200,482.63 $136,171.52 $140,448.75
$18,969.00 $151.54 $2,082.00 $1,750.00 $1,137.49 $12,864.75
$20,993.00 $2,310.87 $72,346.00 $60,962.27 $66,012.67 $51,515.00
$2,833.00 $814.29 $19,257.00 $65,684.77 $35,878.43 $67,495.00
$189,310.00 $2,824.63 $25,682.00 $41,501.00 $40,333.09 $45,916.75
$15,152.00 $21,774.61 $193,437.00 $396,726.00 $440,560.96 $429,742.50
$18,815.00 $201.71 $2,776.00 $2,449.75 $70.15 $2,881.75

$1,299,510.91 $157,403.89 $1,735,505.00 $3,301,522.96 $2,431,708.78 $2,851,049.50

$0.03 $0.00 $0.04 $0.08 $0.06 $0.07
$0.37 $0.04 $0.50 $0.94 $0.69 $0.81
 24,102 2,919 32,189 61,234 45,101 52,879
$1,323,613.05 $160,323.27 $1,767,693.56 $3,362,756.59 $2,476,809.89 $2,903,928.16
$0.03 $0.00 $0.04 $0.08 $0.06 $0.07
$0.38 $0.05 $0.50 $0.96 $0.71 $0.83
 Adjustments
Sub-Total Utility Costs OSP Security
from 11-13

$137,125.92 $4,683.00 $0.00 4,172

$77,775.12 $4,683.00 $0.00 5,635
$82,482.96 $4,683.00 $0.00 3,583
$721,215.57 $102,373.00 $0.00 63,831
$100,693.53 $5,326.00 $0.00 6,264
$2,693,792.03 $384,249.00 $0.00 190,050
$1,571,111.39 $165,939.00 $0.00 148,042
$334,844.34 $75,686.00 $0.00 26,537
$3,818,826.34 $424,134.00 $0.00 331,237
$1,855,283.54 $215,141.00 $0.00 91,373
$3,900,664.77 $745,125.00 $0.00 327,980
$2,690,016.55 $323,530.00 $0.00 159,238
$4,292,905.15 $259,843.00 $0.00 122,688
$5,821,829.15 $1,029,577.00 $0.00 455,843
$1,503,744.08 $277,416.00 $0.00 98,136
$7,387,768.53 $1,045,643.00 $0.00 564,347
$3,799,020.57 $362,475.00 $0.00 202,758
$84,482.69 $4,683.00 $0.00 3,979
$4,267,565.84 $384,373.00 $0.00 220,322
$70,013.36 $4,683.00 $0.00 3,727
$1,625,143.44 $103,220.00 $0.00 -
$393,965.39 $79,070.00 $0.00 -
$801,745.58 $143,942.00 $0.00 -
$6,209,971.35 $1,068,057.00 $0.00 -
$86,155.38 $4,683.00 $0.00 4,961
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$54,328,142.56 $7,223,217.00 $0.00 3,034,703
$1.29 $0.17
$15.52 $2.06
 $1,660,308.34 133,970
$55,988,450.91 $7,357,186.62
$1.33 $0.18
$15.99 $2.10
 Own-Estimated Sale Price Table

Prepared For: State of Oregon

Start Date: 1/1/2017
ESTIMATED SALE PRICE TABLE
*Lease Type: NNN 1st Yr Opex: $ 7.71
Market Base Rent: Market Opex: Potential Gross Income Opex PV of Estimated Sale Price
Year 1 $ 22.79 psf $ 7.71 psf $ 30.50 psf $ 4.00 $ 22,349,636
Year 2 $ 23.47 psf $ 7.86 psf $ 31.34 psf $ 4.08 $ 22,988,836
Year 3 $ 24.18 psf $ 8.02 psf $ 32.20 psf $ 4.16 $ 23,646,587 Steph Hardin:
Year 4 $ 24.90 psf $ 8.18 psf $ 33.09 psf $ 4.24 $ 24,323,432 This sheet is used to calculate the residual value of the building.
Year 5 $ 25.65 psf $ 8.35 psf $ 34.00 psf $ 4.33 $ 25,019,931
Residual value should be based on the estimated market rates in
Year 6 $ 26.42 psf $ 8.51 psf $ 34.93 psf $ 4.42 $ 25,736,661 the projected exit year vs. the income rec'd from Agencies in
Year 7 $ 27.21 psf $ 8.68 psf $ 35.90 psf $ 4.50 $ 26,474,216 occupancy. This is because the State does Uniform Rent may not
Year 8 $ 28.03 psf $ 8.86 psf $ 36.89 psf $ 4.59 $ 27,233,207 be comparable to market rates.
Year 9 $ 28.87 psf $ 9.03 psf $ 37.90 psf $ 4.69 $ 28,014,262
Year 10 $ 29.74 psf $ 9.21 psf $ 38.95 psf $ 4.78 $ 28,818,030 The Market Base Rent + Market Opex = Potential Gross Income
Year 11 $ 30.63 psf $ 9.40 psf $ 40.03 psf $ 4.88 $ 29,645,179
From this figure, the cost to operate a building, costs which cannot
Year 12 $ 31.55 psf $ 9.59 psf $ 41.13 psf $ 4.97 $ 30,496,393 be passed onto tenant occupancts, is subtracted. The result is
Year 13 $ 32.49 psf $ 9.78 psf $ 42.27 psf $ 5.07 $ 31,372,382 NOI/sf/yr.
Year 14 $ 33.47 psf $ 9.97 psf $ 43.44 psf $ 5.17 $ 32,273,872
Year 15 $ 34.47 psf $ 10.17 psf $ 44.65 psf $ 5.28 $ 33,201,613 Potential Gross Income - Opex = NOI.
Year 16 $ 35.51 psf $ 10.38 psf $ 45.88 psf $ 5.38 $ 34,156,377
The formula will auto-calculate the Estimated Sale Price (Column O)
Year 17 $ 36.57 psf $ 10.58 psf $ 47.16 psf $ 5.49 $ 35,138,958
using the NOI, on a Present Value basis, by applying the Terminal
Year 18 $ 37.67 psf $ 10.80 psf $ 48.47 psf $ 5.60 $ 36,150,174 Cap Rate from the "Own Assumptions" Sheet (cell D26) and the
Year 19 $ 38.80 psf $ 11.01 psf $ 49.81 psf $ 5.71 $ 37,190,868 Opportunity Cost of Capital from the "Own Assumptions" Sheet,
Year 20 $ 39.96 psf $ 11.23 psf $ 51.20 psf $ 5.83 $ 38,261,906 (cell D13).
Year 21 $ 41.16 psf $ 11.46 psf $ 52.62 psf $ 5.94 $ 39,364,182
Year 22 $ 42.40 psf $ 11.69 psf $ 54.08 psf $ 6.06 $ 40,498,614 No manual inputs are required on this sheet. All inputs used to
calculate these figures are input on the "Own Assumptions and
Year 23 $ 43.67 psf $ 11.92 psf $ 55.59 psf $ 6.18 $ 41,666,149
Market Lease Assumptions" Sheets
Year 24 $ 44.98 psf $ 12.16 psf $ 57.14 psf $ 6.31 $ 42,867,762
Year 25 $ 46.33 psf $ 12.40 psf $ 58.73 psf $ 6.43 $ 44,104,456
Year 26 $ 47.72 psf $ 12.65 psf $ 60.37 psf $ 6.56 $ 45,377,264
Year 27 $ 49.15 psf $ 12.90 psf $ 62.05 psf $ 6.69 $ 46,687,250
Year 28 $ 50.62 psf $ 13.16 psf $ 63.79 psf $ 6.83 $ 48,035,509
Year 29 $ 52.14 psf $ 13.42 psf $ 65.57 psf $ 6.96 $ 49,423,168
Year 30 $ 53.71 psf $ 13.69 psf $ 67.40 psf $ 7.10 $ 50,851,389
Year 31 $ 55.32 psf $ 13.97 psf $ 69.28 psf $ 7.25 $ 52,321,367
Year 32 $ 56.98 psf $ 14.24 psf $ 71.22 psf $ 7.39 $ 53,834,333
Year 33 $ 58.69 psf $ 14.53 psf $ 73.22 psf $ 7.54 $ 55,391,555
Year 34 $ 60.45 psf $ 14.82 psf $ 75.27 psf $ 7.69 $ 56,994,337
Year 35 $ 62.26 psf $ 15.12 psf $ 77.38 psf $ 7.84 $ 58,644,023
Year 36 $ 64.13 psf $ 15.42 psf $ 79.55 psf $ 8.00 $ 60,341,997
Year 37 $ 66.05 psf $ 15.73 psf $ 81.78 psf $ 8.16 $ 62,089,683
Year 38 $ 68.04 psf $ 16.04 psf $ 84.08 psf $ 8.32 $ 63,888,549

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