Page 20 - Advancial Federal Credit Union - February 2020

Bank of Texas Sensitivity Analysis
New Build or Existing Class AA
Sherry Lane Place
Existing SF
78,250 RSF
Initial Rental Rate
$26.50 NNN
Opex
$15.00
$41.50 + E
Initial Rental Rate + E
15 Years
Term
$25.00 / SF
Construction Costs psf
LL Improvement psf
$.00 / SF
Estimated Total out of Pocket psf ($25.00 /SF)
Est Total out of Pocket Aggregate $0
HYPOTHETICAL SENSITIVITY ANALYSIS
$4,121,691
Annual Rent & Capex
New Build Efficiency & Costs Assumptions
Break Even Efficiency Gained 27.43%
Existing SF 56,787 RSF 27.4% Efficiency or
Initial Rental Rate $40.00 NNN 56,787 RSF for break
Opex $18.00 even 27.4% Efficiency or
Initial Rental Rate + ETING CLASS AA
NEW BUILD OR EXIS $58.00 + E 56,787 RSF for break even
SHERRY LANE PLACE 50.94%
% Higher
EXISTING SF 78,250 RSF
Annual Rent & CapEx
$4,121,701
Initial Rental Rate $26.50 NNN Efficiency Gained
OPEX $15.00 40% 0.0% 7.5% 15.0% 22.5% 27.4% 30.0% 35.0%
INITIAL RENTAL RATE + E $41.50 + E
78,250 RSF 72,381 RSF 66,513 RSF 60,644 RSF 56,787 RSF 54,775 RSF 50,863 RSF
ANNUAL RENT & OPEX $4,121,691 13.21% $30.00 NNN $ 4,728,295 $ 4,383,415 $ 4,038,535 $ 3,693,656 $ 3,467,007 $ 3,348,776 $ 3,118,857
22.64%
$
$
4,953,830
$32.50 NNN $
3,630,681
$
4,230,240
$
3,868,445
4,592,035
3,506,651
$
3,265,454
$
41.51%
$
$
3,558,650
3,958,027
$
4,218,025
$
3,822,400
4,613,650
5,404,899
$37.50 NNN $
$
$
5,009,275
NEW BUILD EFFICIENCY & COSTS ASSUMPTIONS 32.08% $35.00 NNN $ 5,179,365 $ 4,800,655 $ 4,421,945 $ 4,043,235 $ 3,794,354 $ 3,664,525 $ 3,412,052
Break Even Efficiency Gained 27.43% Rental Rate Growth 50.94% $40.00 NNN $ 5,630,434 $ 5,217,894 $ 4,805,354 $ 4,392,814 $ 4,121,701 $ 3,980,274 $ 3,705,248
EXISTING SF 56,787 RSF 60.38% $42.50 NNN $ 5,855,969 $ 5,426,514 $ 4,997,059 $ 4,567,604 $ 4,285,374 $ 4,138,149 $ 3,851,845
Rent $40.00 NNN 69.81% $45.00 NNN $ 6,081,504 $ 5,635,134 $ 5,188,764 $ 4,742,393 $ 4,449,047 $ 4,296,023 $ 3,998,443
OPEX $18.00 79.25% $47.50 NNN $ 6,307,039 $ 5,843,754 $ 5,380,469 $ 4,917,183 $ 4,612,721 $ 4,453,898 $ 4,145,041
INITIAL RENTAL RATE + E $58.00 + E
Avg Rent & Capex <= Sherry Lane Place
Furniture and Technology costs not included
ANNUAL RENT & OPEX $4,121,701 Avg Rent & OpEx <= Sherry Lane Place
Furniture and Technology costs not included
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