Hi,
I'm trying to compute the monthly NPV for two real estate scenarios but my NPV keeps coming out negative, which I am pretty sure isn't right. The first scenario has a cash outlay of -$150m in month 0, then in month 18 there is a payback of $215m. The second scenario is similar but has an initial outlay of $93.75m, with a payback of $121.5m in month 6. I computed the IRRs for both projects and they both seem correct, however the NPVs are showing negative figures. What am I doing wrong?
<TABLE style="WIDTH: 680pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=903 border=0><COLGROUP><COL style="WIDTH: 59pt; mso-width-source: userset; mso-width-alt: 2852" width=78><COL style="WIDTH: 91pt; mso-width-source: userset; mso-width-alt: 4425" width=121><COL style="WIDTH: 98pt; mso-width-source: userset; mso-width-alt: 4754" width=130><COL style="WIDTH: 120pt; mso-width-source: userset; mso-width-alt: 5851" width=160><COL style="WIDTH: 92pt; mso-width-source: userset; mso-width-alt: 4461" width=122><COL style="WIDTH: 71pt; mso-width-source: userset; mso-width-alt: 3437" width=94><COL style="WIDTH: 80pt; mso-width-source: userset; mso-width-alt: 3876" width=106><COL style="WIDTH: 69pt; mso-width-source: userset; mso-width-alt: 3364" width=92><TBODY><TR style="HEIGHT: 15.75pt" height=21><TD class=xl74 style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; WIDTH: 368pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" width=489 colSpan=4 height=21>Development 1</TD><TD class=xl74 style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: windowtext; WIDTH: 312pt; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent" width=414 colSpan=4>Development 2</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Land</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$37,500,000 </TD><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3>Land - Existing 250,000 sqft Building</TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$56,250,000 </TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2 height=20>250k sqft Class A Building cost</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$112,500,000</TD><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2>Renovations @$150sqft to Class A</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$37,500,000</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2 height=20>Total New Construction Cost</TD><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$150,000,000</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3>Total Purchase and Renovation Cost</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$93,750,000</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2 height=20>Construction Time</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl72 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">18 months</TD><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">Renovation Time</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl72 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">6 months</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3 height=20>Triple Net Lease signed at 18 months @$60 sqft</TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$15,000,000</TD><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3>Triple Net Lease signed at 6 months @$36 sqft</TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$9,000,000</TD></TR></TBODY></TABLE>
<TABLE style="WIDTH: 531pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=705 border=0><COLGROUP><COL style="WIDTH: 59pt; mso-width-source: userset; mso-width-alt: 2852" width=78><COL style="WIDTH: 91pt; mso-width-source: userset; mso-width-alt: 4425" width=121><COL style="WIDTH: 98pt; mso-width-source: userset; mso-width-alt: 4754" width=130><COL style="WIDTH: 120pt; mso-width-source: userset; mso-width-alt: 5851" width=160><COL style="WIDTH: 92pt; mso-width-source: userset; mso-width-alt: 4461" width=122><COL style="WIDTH: 71pt; mso-width-source: userset; mso-width-alt: 3437" width=94><TBODY><TR style="HEIGHT: 15.75pt" height=21><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; WIDTH: 460pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" width=611 colSpan=5 height=21>Development 1</TD><TD class=xl63 style="BORDER-RIGHT: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: #ece9d8; WIDTH: 71pt; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent" width=94></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl76 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Valuation</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Purchase</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 6</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 12</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 18</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Total</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Purchase</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($150,000,000)</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>NOI</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$15,000,000 </TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3 height=20>Estimated Value @ 7.5 Cap Rate</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$200,000,000</TD><TD class=xl75 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Total Cash Flows</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($150,000,000)</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl74 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$215,000,000</TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$65,000,000 </TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>IRR</TD><TD class=xl78 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>27.13%</TD><TD class=xl64 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>NPV @ 12%</TD><TD class=xl79 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>($74,999,589.92)</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl75 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt" height=21><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" height=21></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt" height=21><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" colSpan=5 height=21>Development 2</TD><TD class=xl63 style="BORDER-RIGHT: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl76 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Valuation</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Purchase</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 6</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 12</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 18</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Total</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Purchase</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($93,750,000)</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>NOI</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$9,000,000 </TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2 height=20>Estimated Value @ 8.0 Cap Rate</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$112,500,000</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl75 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Total Cash Flows</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($93,750,000)</TD><TD class=xl74 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$121,500,000</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl74 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$0</TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$27,750,000 </TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>IRR</TD><TD class=xl78 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>67.96%</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>NPV @ 12%</TD><TD class=xl79 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>($45,925,781.25)</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl75 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR></TBODY></TABLE>
<TABLE style="WIDTH: 263pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=351 border=0><COLGROUP><COL style="WIDTH: 48pt" width=64><COL style="WIDTH: 137pt; mso-width-source: userset; mso-width-alt: 6692" width=183><COL style="WIDTH: 78pt; mso-width-source: userset; mso-width-alt: 3803" width=104><TBODY><TR style="HEIGHT: 15.75pt" height=21><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; WIDTH: 48pt; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" width=64 height=21></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; WIDTH: 137pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=183>Monthly Cash Flows</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; WIDTH: 78pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=104></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">Development 1</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">Development 2</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>0</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($150,000,000)</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($93,750,000)</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>1</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>2</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>3</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>4</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>5</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>6</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$121,500,000</TD></TR><TR style="HEIGHT: 15.75pt" height=21><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" align=right height=21>7</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt" height=21><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" align=right height=21>8</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>9</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>10</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>11</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>12</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>13</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>14</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>15</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>16</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>17</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>18</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$215,000,000</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3 height=20>IRR Formula to take into consideration months vice years:</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: silver" height=20>=IRR(range,0.1)</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: silver" height=20>=figure*12</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: silver" height=20>=(1+figure)^12-1</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR></TBODY></TABLE>
I'm trying to compute the monthly NPV for two real estate scenarios but my NPV keeps coming out negative, which I am pretty sure isn't right. The first scenario has a cash outlay of -$150m in month 0, then in month 18 there is a payback of $215m. The second scenario is similar but has an initial outlay of $93.75m, with a payback of $121.5m in month 6. I computed the IRRs for both projects and they both seem correct, however the NPVs are showing negative figures. What am I doing wrong?
<TABLE style="WIDTH: 680pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=903 border=0><COLGROUP><COL style="WIDTH: 59pt; mso-width-source: userset; mso-width-alt: 2852" width=78><COL style="WIDTH: 91pt; mso-width-source: userset; mso-width-alt: 4425" width=121><COL style="WIDTH: 98pt; mso-width-source: userset; mso-width-alt: 4754" width=130><COL style="WIDTH: 120pt; mso-width-source: userset; mso-width-alt: 5851" width=160><COL style="WIDTH: 92pt; mso-width-source: userset; mso-width-alt: 4461" width=122><COL style="WIDTH: 71pt; mso-width-source: userset; mso-width-alt: 3437" width=94><COL style="WIDTH: 80pt; mso-width-source: userset; mso-width-alt: 3876" width=106><COL style="WIDTH: 69pt; mso-width-source: userset; mso-width-alt: 3364" width=92><TBODY><TR style="HEIGHT: 15.75pt" height=21><TD class=xl74 style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; WIDTH: 368pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" width=489 colSpan=4 height=21>Development 1</TD><TD class=xl74 style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: windowtext; WIDTH: 312pt; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent" width=414 colSpan=4>Development 2</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Land</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$37,500,000 </TD><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3>Land - Existing 250,000 sqft Building</TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$56,250,000 </TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2 height=20>250k sqft Class A Building cost</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$112,500,000</TD><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2>Renovations @$150sqft to Class A</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$37,500,000</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2 height=20>Total New Construction Cost</TD><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$150,000,000</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3>Total Purchase and Renovation Cost</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$93,750,000</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2 height=20>Construction Time</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl72 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">18 months</TD><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">Renovation Time</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl72 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">6 months</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3 height=20>Triple Net Lease signed at 18 months @$60 sqft</TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$15,000,000</TD><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3>Triple Net Lease signed at 6 months @$36 sqft</TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$9,000,000</TD></TR></TBODY></TABLE>
<TABLE style="WIDTH: 531pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=705 border=0><COLGROUP><COL style="WIDTH: 59pt; mso-width-source: userset; mso-width-alt: 2852" width=78><COL style="WIDTH: 91pt; mso-width-source: userset; mso-width-alt: 4425" width=121><COL style="WIDTH: 98pt; mso-width-source: userset; mso-width-alt: 4754" width=130><COL style="WIDTH: 120pt; mso-width-source: userset; mso-width-alt: 5851" width=160><COL style="WIDTH: 92pt; mso-width-source: userset; mso-width-alt: 4461" width=122><COL style="WIDTH: 71pt; mso-width-source: userset; mso-width-alt: 3437" width=94><TBODY><TR style="HEIGHT: 15.75pt" height=21><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; WIDTH: 460pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" width=611 colSpan=5 height=21>Development 1</TD><TD class=xl63 style="BORDER-RIGHT: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: #ece9d8; WIDTH: 71pt; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent" width=94></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl76 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Valuation</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Purchase</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 6</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 12</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 18</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Total</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Purchase</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($150,000,000)</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>NOI</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$15,000,000 </TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3 height=20>Estimated Value @ 7.5 Cap Rate</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$200,000,000</TD><TD class=xl75 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Total Cash Flows</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($150,000,000)</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl74 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$215,000,000</TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$65,000,000 </TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>IRR</TD><TD class=xl78 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>27.13%</TD><TD class=xl64 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>NPV @ 12%</TD><TD class=xl79 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>($74,999,589.92)</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl75 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt" height=21><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" height=21></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt" height=21><TD class=xl71 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" colSpan=5 height=21>Development 2</TD><TD class=xl63 style="BORDER-RIGHT: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl76 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Valuation</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Purchase</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 6</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 12</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Month 18</TD><TD class=xl77 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent">Total</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Purchase</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($93,750,000)</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>NOI</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$9,000,000 </TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=2 height=20>Estimated Value @ 8.0 Cap Rate</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>$112,500,000</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl75 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>Total Cash Flows</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($93,750,000)</TD><TD class=xl74 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$121,500,000</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl74 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$0</TD><TD class=xl70 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$27,750,000 </TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl69 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>IRR</TD><TD class=xl78 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>67.96%</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD class=xl73 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl68 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20>NPV @ 12%</TD><TD class=xl79 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right>($45,925,781.25)</TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD><TD class=xl75 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR></TBODY></TABLE>
<TABLE style="WIDTH: 263pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=351 border=0><COLGROUP><COL style="WIDTH: 48pt" width=64><COL style="WIDTH: 137pt; mso-width-source: userset; mso-width-alt: 6692" width=183><COL style="WIDTH: 78pt; mso-width-source: userset; mso-width-alt: 3803" width=104><TBODY><TR style="HEIGHT: 15.75pt" height=21><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; WIDTH: 48pt; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" width=64 height=21></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; WIDTH: 137pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=183>Monthly Cash Flows</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; WIDTH: 78pt; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=104></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">Development 1</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">Development 2</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>0</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($150,000,000)</TD><TD class=xl65 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>($93,750,000)</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>1</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>2</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>3</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>4</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>5</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>6</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$121,500,000</TD></TR><TR style="HEIGHT: 15.75pt" height=21><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" align=right height=21>7</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt" height=21><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" align=right height=21>8</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>9</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>10</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>11</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>12</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>13</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>14</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>15</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>16</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>17</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>0</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" align=right height=20>18</TD><TD class=xl66 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" align=right>$215,000,000</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent" height=20></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: transparent; mso-ignore: colspan" colSpan=3 height=20>IRR Formula to take into consideration months vice years:</TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: silver" height=20>=IRR(range,0.1)</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: silver" height=20>=figure*12</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15pt" height=20><TD class=xl67 style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; HEIGHT: 15pt; BACKGROUND-COLOR: silver" height=20>=(1+figure)^12-1</TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD><TD style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR></TBODY></TABLE>