Cash Flow for T-Hangars

Inputs

note: derived rate by taking 20 year muni bond at bloombeg and adding .4%- Ed said in 2003 AMT sold at 30 basis points above muni, assume this one might be a little higher

# of T-Hangars

Project Costs

$1,348,075

Issuance Fees

$75,000

Bond Costs

$1,423,075

Interest Rate Source:

(see "costs revenues" tab for details)

http://finance.yahoo.com/bonds/composite_bond_rates

Interest Rate

4.77%

http://www.bloomberg.com/markets/rates-bonds/government-bonds/us/

(for 30 year)

($111,519)

($67,565)

($7,645)

($62,243)

Cost/Revenue Escalation

2.0%

assumes taxable bond yield parallel to AAA Corporat

Targeted Rental Rate

$255

Discount Rates

Additional Costs

Period

Year

Interest

Principal

Total

Utilities

Insurance

Maintenance

Total Costs

Occupancy Rate

Base Rental Rate (per Month)*

Rent Revenues

Other Hangar Revenues

Total Revenues

Profit (Loss)

Net Cash Flow

Hangar A Revenues

Share for Maintenance

Bond Payments

Expenses

New Hangars

Hangar B Revenues

Share for Maintenance

Bond Payments

Expenses

New Hangars

Discount Factor

Costs

Revenues

Costs

Revenues

Costs

Revenues

Net

2011

$67,819

$45,000

$112,819

$2,400

$117,619

80%

$255.00

$48,960

$17,100

$66,060

($51,559)

$190

$22,800

25%

$5,700

$17,100

$210

$50,400

100%

$50,400

0.935

0.943

0.952

$109,924

$61,738

$110,962

$62,321

$112,018

$62,914

($48,186)

($48,641)

($49,104)

2012

$66,317

$45,000

$111,317

$2,448

$116,213

90%

$255.00

$55,080

$17,442

$72,522

($43,691)

($95,250)

$23,256

25%

$5,814

$17,442

$51,408

100%

$51,408

0.873

0.890

0.907

$101,505

$63,344

$103,429

$64,544

$105,408

$65,780

($38,161)

($38,885)

($39,629)

2013

$64,814

$50,000

$114,814

$2,497

$1,000

$120,808

95%

$257.55

$58,721

$17,791

$76,512

($44,296)

($139,546)

$23,721

25%

$5,930

$17,791

$52,436

100%

$52,436

0.816

0.840

0.864

$98,615

$62,457

$101,433

$64,241

$104,359

$66,094

($36,159)

($37,192)

($38,264)

2014

$63,145

$50,000

$113,145

$2,547

$1,000

$119,238

95%

$260.13

$59,309

$18,147

$77,455

($41,783)

($181,329)

$24,196

25%

$6,049

$18,147

$53,485

100%

$53,485

0.763

0.792

0.823

$90,966

$59,090

$94,448

$61,352

$98,098

$63,723

($31,876)

($33,096)

($34,375)

2015

$61,475

$55,000

$116,475

$2,598

$2,000

$123,671

95%

$262.73

$59,902

$18,510

$78,411

($45,259)

($226,588)

$24,679

25%

$6,170

$18,510

$54,555

100%

$54,555

0.713

0.747

0.784

$88,176

$55,906

$92,414

$58,593

$96,899

$61,437

($32,269)

($33,821)

($35,462)

2016

$59,507

$55,000

$114,507

$2,650

$2,000

$121,807

95%

$265.35

$60,501

$17,621

$78,122

($43,685)

($270,273)

$25,173

30%

$7,552

$17,621

$55,646

100%

$55,646

0.666

0.705

0.746

$81,165

$52,056

$85,869

$55,073

$90,894

$58,296

($29,109)

($30,796)

($32,599)

2017

$57,540

$60,000

$117,540

$2,703

$3,000

$125,945

95%

$268.01

$61,106

$17,974

$79,079

($46,866)

($317,140)

$25,677

30%

$7,703

$17,974

$56,759

100%

$56,759

0.623

0.665

0.711

$78,432

$49,247

$83,761

$52,592

$89,507

$56,200

($29,186)

($31,169)

($33,307)

2018

$55,107

$60,000

$115,107

$2,757

$3,000

$123,621

95%

$270.69

$61,717

$18,333

$80,050

($43,571)

($360,711)

$26,190

30%

$7,857

$18,333

$57,894

100%

$57,894

0.582

0.627

0.677

$71,948

$46,590

$77,561

$50,224

$83,671

$54,181

($25,359)

($27,337)

($29,491)

2019

$52,674

$65,000

$117,674

$2,812

$4,000

$127,298

95%

$273.39

$62,334

$18,700

$81,034

($46,265)

($406,975)

$26,714

30%

$8,014

$18,700

$59,052

100%

$59,052

0.544

0.592

0.645

$69,242

$44,077

$75,348

$47,964

$82,058

$52,235

($25,165)

($27,384)

($29,823)

2020

$49,729

$65,000

$114,729

$2,868

$4,000

$124,465

95%

$276.13

$62,957

$19,074

$82,031

($42,434)

($449,410)

$27,248

30%

$8,174

$19,074

$60,233

100%

$60,233

0.508

0.558

0.614

$63,272

$41,700

$69,501

$45,806

$76,411

$50,360

($21,572)

($23,695)

($26,051)

2021

$46,628

$70,000

$116,628

$2,926

$5,000

$127,480

95%

$278.89

$63,587

$18,065

$81,652

($45,827)

($495,237)

$27,793

35%

$9,728

$18,065

$61,437

100%

$61,437

0.475

0.527

0.585

$60,565

$38,792

$67,155

$43,013

$74,535

$47,740

($21,772)

($24,141)

($26,794)

2022

$43,123

$75,000

$118,123

$2,984

$5,000

$129,091

95%

$281.68

$64,223

$18,427

$82,650

($46,441)

($541,678)

$28,349

35%

$9,922

$18,427

$62,666

100%

$62,666

0.444

0.497

0.557

$57,318

$36,697

$64,154

$41,074

$71,883

$46,022

($20,620)

($23,080)

($25,860)

2023

$39,366

$75,000

$114,366

$3,044

$6,000

$126,454

95%

$284.50

$64,865

$66,735

$131,600

$5,146

($536,532)

$28,916

35%

$10,121

$18,795

$63,919

25%

$15,980

$47,940

0.415

0.469

0.530

$52,474

$54,609

$59,286

$61,699

$67,061

$69,790

$2,135

$2,413

$2,729

2024

$35,431

$80,000

$115,431

$3,105

$6,000

$127,640

95%

$287.34

$65,514

$68,070

$133,583

$5,943

($530,589)

$29,494

35%

$10,323

$19,171

$65,198

25%

$16,299

$48,898

0.388

0.442

0.505

$49,501

$51,806

$56,455

$59,084

$64,467

$67,469

$2,305

$2,629

$3,002

2025

$31,233

$85,000

$116,233

$3,167

$7,000

$129,567

95%

$290.21

$66,169

$69,431

$135,600

$6,033

($524,556)

$30,084

35%

$10,529

$19,555

$66,502

25%

$16,625

$49,876

0.362

0.417

0.481

$46,961

$49,148

$54,064

$56,581

$62,324

$65,226

$2,187

$2,517

$2,902

2026

$26,773

$90,000

$116,773

$3,230

$7,000

$130,234

95%

$293.12

$66,830

$69,285

$136,116

$5,882

($518,674)

$30,686

40%

$12,274

$18,411

$67,832

25%

$16,958

$50,874

0.339

0.394

0.458

$44,115

$46,107

$51,266

$53,581

$59,661

$62,356

$1,993

$2,316

$2,695

2027

$21,836

$95,000

$116,836

$3,295

$8,000

$131,426

95%

$296.05

$67,499

$70,671

$138,170

$6,744

($511,930)

$31,300

40%

$12,520

$18,780

$69,188

25%

$17,297

$51,891

0.317

0.371

0.436

$41,606

$43,741

$48,807

$51,311

$57,341

$60,283

$2,135

$2,504

$2,942

2028

$16,625

$95,000

$111,625

$3,361

$8,000

$126,346

95%

$299.01

$68,174

$68,556

$136,730

$10,383

($501,547)

$31,926

40%

$12,770

$19,155

$70,572

30%

$21,172

$49,401

0.296

0.350

0.416

$37,381

$40,453

$44,265

$47,902

$52,500

$56,814

$3,072

$3,638

$4,314

2029

$11,414

$100,000

$111,414

$3,428

$9,000

$127,270

95%

$302.00

$68,855

$69,927

$138,782

$11,513

($490,034)

$32,564

40%

$13,026

$19,538

$71,984

30%

$21,595

$50,389

0.277

0.331

0.396

$35,191

$38,374

$42,064

$45,869

$50,365

$54,921

$3,183

$3,805

$4,556

2030

$5,928

$108,075

$114,003

$3,496

$9,000

$129,996

95%

$305.02

$69,544

$71,325

$140,869

$10,873

($479,161)

$33,215

40%

$13,286

$19,929

$73,423

30%

$22,027

$51,396

0.258

0.312

0.377

$33,593

$36,403

$40,533

$43,924

$48,994

$53,092

$2,810

$3,390

$4,098

2031

$3,566

$10,000

$17,133

95%

$308.07

$70,239

$71,058

$141,297

$124,165

($354,996)

$33,880

45%

$15,246

$18,634

$74,892

30%

$22,468

$52,424

0.242

0.294

0.359

$4,138

$34,125

$5,040

$41,563

$6,150

$50,718

$29,987

$36,524

$44,568

2032

$3,638

$10,000

$17,275

95%

$311.15

$70,942

$72,479

$143,421

$126,146

($228,850)

$34,557

45%

$15,551

$19,006

$76,390

30%

$22,917

$53,473

0.226

0.278

0.342

$3,899

$32,372

$4,794

$39,800

$5,906

$49,028

$28,473

$35,006

$43,123

2033

$3,710

$11,000

$18,421

95%

$314.26

$71,651

$70,033

$141,684

$123,263

($105,587)

$35,248

45%

$15,862

$19,387

$77,917

35%

$27,271

$50,646

0.211

0.262

0.326

$3,886

$29,888

$4,822

$37,093

$5,997

$46,128

$26,002

$32,270

$40,131

2034

$3,785

$11,000

$18,569

95%

$317.40

$72,368

$71,434

$143,801

$125,232

$19,646

$35,953

45%

$16,179

$19,774

$79,476

35%

$27,817

$51,659

0.197

0.247

0.310

$3,661

$28,350

$4,586

$35,516

$5,758

$44,588

$24,689

$30,930

$38,830

2035

$3,860

$12,000

$19,720

95%

$320.58

$73,091

$72,862

$145,954

$126,233

$145,879

$36,672

45%

$16,503

$20,170

$81,065

35%

$28,373

$52,692

0.184

0.233

0.295

$3,633

$26,892

$4,595

$34,007

$5,824

$43,101

$23,258

$29,412

$37,277

2036

$3,937

$12,000

$19,875

95%

$323.78

$73,822

$72,449

$146,272

$126,397

$272,275

$37,406

50%

$18,703

$82,687

35%

$28,940

$53,746

0.172

0.220

0.281

$3,422

$25,187

$4,369

$32,152

$5,590

$41,138

$21,765

$27,783

$35,548

2037

$4,016

$13,000

$21,032

95%

$327.02

$74,561

$73,898

$148,459

$127,426

$399,702

$38,154

50%

$19,077

$84,340

35%

$29,519

$54,821

0.161

0.207

0.268

$3,385

$23,892

$4,361

$30,786

$5,633

$39,764

$20,507

$26,424

$34,131

2038

$4,097

$13,000

$21,193

95%

$330.29

$75,306

$71,075

$146,381

$125,188

$524,890

$38,917

50%

$19,459

$86,027

40%

$34,411

$51,616

0.150

0.196

0.255

$3,187

$22,016

$4,146

$28,637

$5,406

$37,341

$18,829

$24,491

$31,935

2039

$4,178

$14,000

$22,357

95%

$333.59

$76,059

$72,496

$148,556

$126,199

$651,088

$39,695

50%

$19,848

$87,748

40%

$35,099

$52,649

0.141

0.185

0.243

$3,143

$20,881

$4,126

$27,417

$5,432

$36,091

$17,739

$23,291

$30,659

2040

$4,262

$14,000

$22,524

95%

$336.93

$76,820

$73,946

$150,766

$128,242

$779,330

$40,489

50%

$20,245

$89,503

40%

$35,801

$53,702

0.131

0.174

0.231

$2,959

$19,806

$3,922

$26,250

$5,212

$34,884

$16,847

$22,328

$29,672

Total

$876,486

$1,423,075

$2,299,561

$97,363

$210,000

$2,704,288

$1,990,706

$1,492,913

$3,483,618

$779,330

Rental Rate assumes a 2 year contract, half of all contracts renew each year

*Does not include utilities or insurance. Includes maintenance as this is the "additional costs" line that rent is expected to cover.