Cash Flow for T-Hangars
Inputs   note: derived rate by taking 10 and 15 year muni bond, finding slope, and extrapolating the 12 year
# of T-Hangars              20 Then added .45% for same reason as 20 and 30 year bonds
Project Costs $1,348,075
Issuance Fees $75,000 Yield Years Slope 12 Year Est
Bond Costs $1,423,075 Interest Rate Source: 3.2 10
(see "costs revenues" tab for details) http://finance.yahoo.com/bonds/composite_bond_rates 4.07 15 0.174 0.348 3.548
Interest Rate 4.00% http://www.bloomberg.com/markets/rates-bonds/government-bonds/us/ ($117,120) ($40,366) $59,832 ($32,552)
Cost/Revenue Escalation 2.0% assumes taxable bond yield parallel to AAA Corporate notes
Targeted Rental Rate $255 Discount Rates
Additional Costs 7% 6% 5% 7% 7% 6% 6% 5% 5% 7% 6% 5%
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 Net Net
1 2011 $56,883 $95,000 $151,883 $2,400 $2,400 $0 $156,683 80% $255.00 $48,960 $17,100 $66,060 ($90,623) ($90,623) $190 $22,800 25% 0% $5,700 $17,100 $210 $50,400 0% 100% $50,400 $0      0.935      0.943      0.952 $146,433 $61,738 $147,814 $62,321 $149,222 $62,914 ($84,694) ($85,493) ($86,308)
2 2012 $54,224 $100,000 $154,224 $2,448 $2,448 $0 $159,120 90% $255.00 $55,080 $17,442 $72,522 ($86,598) ($177,221) $23,256 25% 0% $5,814 $17,442 $51,408 0% 100% $51,408 $0      0.873      0.890      0.907 $138,982 $63,344 $141,617 $64,544 $144,327 $65,780 ($75,638) ($77,072) ($78,547)
3 2013 $51,226 $100,000 $151,226 $2,497 $2,497 $1,000 $157,220 95% $257.55 $58,721 $17,791 $76,512 ($80,708) ($257,929) $23,721 25% 0% $5,930 $17,791 $52,436 0% 100% $52,436 $0      0.816      0.840      0.864 $128,338 $62,457 $132,005 $64,241 $135,812 $66,094 ($65,881) ($67,764) ($69,718)
4 2014 $47,828 $105,000 $152,828 $2,547 $2,547 $1,000 $158,921 95% $260.13 $59,309 $18,147 $77,455 ($81,466) ($339,395) $24,196 25% 0% $6,049 $18,147 $53,485 0% 100% $53,485 $0      0.763      0.792      0.823 $121,240 $59,090 $125,881 $61,352 $130,745 $63,723 ($62,150) ($64,529) ($67,022)
5 2015 $44,259 $110,000 $154,259 $2,598 $2,598 $2,000 $161,455 95% $262.73 $59,902 $18,510 $78,411 ($83,044) ($422,439) $24,679 25% 0% $6,170 $18,510 $54,555 0% 100% $54,555 $0      0.713      0.747      0.784 $115,115 $55,906 $120,649 $58,593 $126,504 $61,437 ($59,209) ($62,055) ($65,067)
6 2016 $40,081 $115,000 $155,081 $2,650 $2,650 $2,000 $162,381 95% $265.35 $60,501 $17,621 $78,122 ($84,259) ($506,698) $25,173 30% 0% $7,552 $17,621 $55,646 0% 100% $55,646 $0      0.666      0.705      0.746 $108,201 $52,056 $114,472 $55,073 $121,171 $58,296 ($56,145) ($59,399) ($62,875)
7 2017 $35,714 $120,000 $155,714 $2,703 $2,703 $3,000 $164,119 95% $268.01 $61,106 $17,974 $79,079 ($85,040) ($591,738) $25,677 30% 0% $7,703 $17,974 $56,759 0% 100% $56,759 $0      0.623      0.665      0.711 $102,205 $49,247 $109,149 $52,592 $116,636 $56,200 ($52,959) ($56,556) ($60,436)
8 2018 $30,676 $125,000 $155,676 $2,757 $2,757 $3,000 $164,190 95% $270.69 $61,717 $18,333 $80,050 ($84,140) ($675,878) $26,190 30% 0% $7,857 $18,333 $57,894 0% 100% $57,894 $0      0.582      0.627      0.677 $95,560 $46,590 $103,015 $50,224 $111,130 $54,181 ($48,970) ($52,790) ($56,949)
9 2019 $25,429 $130,000 $155,429 $2,812 $2,812 $4,000 $165,053 95% $273.39 $62,334 $18,700 $81,034 ($84,019) ($759,897) $26,714 30% 0% $8,014 $18,700 $59,052 0% 100% $59,052 $0      0.544      0.592      0.645 $89,778 $44,077 $97,694 $47,964 $106,394 $52,235 ($45,701) ($49,731) ($54,159)
10 2020 $19,452 $135,000 $154,452 $2,868 $2,868 $4,000 $164,188 95% $276.13 $62,957 $19,074 $82,031 ($82,157) ($842,054) $27,248 30% 0% $8,174 $19,074 $60,233 0% 100% $60,233 $0      0.508      0.558      0.614 $83,465 $41,700 $91,682 $45,806 $100,797 $50,360 ($41,765) ($45,876) ($50,437)
11 2021 $13,245 $140,000 $153,245 $2,926 $2,926 $5,000 $164,096 95% $278.89 $63,587 $18,065 $81,652 ($82,444) ($924,497) $27,793 35% 0% $9,728 $18,065 $61,437 0% 100% $61,437 $0      0.475      0.527      0.585 $77,961 $38,792 $86,444 $43,013 $95,944 $47,740 ($39,168) ($43,430) ($48,203)
12 2022 $6,808 $148,075 $154,883 $2,984 $2,984 $5,000 $165,851 95% $281.68 $64,223 $18,427 $82,650 ($83,202) ($1,007,699) $28,349 35% 0% $9,922 $18,427 $62,666 0% 100% $62,666 $0      0.444      0.497      0.557 $73,640 $36,697 $82,423 $41,074 $92,352 $46,022 ($36,943) ($41,349) ($46,330)
13 2023 $0 $3,044 $3,044 $6,000 $12,088 95% $284.50 $64,865 $66,735 $131,600 $119,512 ($888,187) $28,916 35% 0% $10,121 $18,795 $63,919 25% 0% $15,980 $47,940      0.415      0.469      0.530 $5,016 $54,609 $5,667 $61,699 $6,410 $69,790 $49,593 $56,032 $63,380
14 2024 $0 $3,105 $3,105 $6,000 $12,209 95% $287.34 $65,514 $68,070 $133,583 $121,374 ($766,813) $29,494 35% 0% $10,323 $19,171 $65,198 25% 0% $16,299 $48,898      0.388      0.442      0.505 $4,735 $51,806 $5,400 $59,084 $6,167 $67,469 $47,071 $53,684 $61,302
15 2025 $0 $3,167 $3,167 $7,000 $13,333 95% $290.21 $66,169 $69,431 $135,600 $122,266 ($644,547) $30,084 35% 0% $10,529 $19,555 $66,502 25% 0% $16,625 $49,876      0.362      0.417      0.481 $4,833 $49,148 $5,564 $56,581 $6,414 $65,226 $44,315 $51,017 $58,812
16 2026 $0 $3,230 $3,230 $7,000 $13,460 95% $293.12 $66,830 $69,285 $136,116 $122,656 ($521,891) $30,686 40% 0% $12,274 $18,411 $67,832 25% 0% $16,958 $50,874      0.339      0.394      0.458 $4,559 $46,107 $5,299 $53,581 $6,166 $62,356 $41,548 $48,283 $56,190
17 2027 $0 $3,295 $3,295 $8,000 $14,589 95% $296.05 $67,499 $70,671 $138,170 $123,580 ($398,311) $31,300 40% 0% $12,520 $18,780 $69,188 25% 0% $17,297 $51,891      0.317      0.371      0.436 $4,619 $43,741 $5,418 $51,311 $6,365 $60,283 $39,122 $45,893 $53,918
18 2028 $0 $3,361 $3,361 $8,000 $14,721 95% $299.01 $68,174 $68,556 $136,730 $122,008 ($276,302) $31,926 40% 0% $12,770 $19,155 $70,572 30% 0% $21,172 $49,401      0.296      0.350      0.416 $4,355 $40,453 $5,157 $47,902 $6,117 $56,814 $36,098 $42,745 $50,697
19 2029 $0 $3,428 $3,428 $9,000 $15,856 95% $302.00 $68,855 $69,927 $138,782 $122,927 ($153,376) $32,564 40% 0% $13,026 $19,538 $71,984 30% 0% $21,595 $50,389      0.277      0.331      0.396 $4,384 $38,374 $5,240 $45,869 $6,275 $54,921 $33,990 $40,629 $48,646
20 2030 $0 $3,496 $3,496 $9,000 $15,993 95% $305.02 $69,544 $71,325 $140,869 $124,877 ($28,499) $33,215 40% 0% $13,286 $19,929 $73,423 30% 0% $22,027 $51,396      0.258      0.312      0.377 $4,133 $36,403 $4,987 $43,924 $6,027 $53,092 $32,271 $38,937 $47,065
21 2031 $0 $3,566 $3,566 $10,000 $17,133 95% $308.07 $70,239 $71,058 $141,297 $124,165 $95,666 $33,880 45% 0% $15,246 $18,634 $74,892 30% 0% $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
22 2032 $0 $3,638 $3,638 $10,000 $17,275 95% $311.15 $70,942 $72,479 $143,421 $126,146 $221,812 $34,557 45% 0% $15,551 $19,006 $76,390 30% 0% $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
23 2033 $0 $3,710 $3,710 $11,000 $18,421 95% $314.26 $71,651 $70,033 $141,684 $123,263 $345,075 $35,248 45% 0% $15,862 $19,387 $77,917 35% 0% $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
24 2034 $0 $3,785 $3,785 $11,000 $18,569 95% $317.40 $72,368 $71,434 $143,801 $125,232 $470,307 $35,953 45% 0% $16,179 $19,774 $79,476 35% 0% $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
25 2035 $0 $3,860 $3,860 $12,000 $19,720 95% $320.58 $73,091 $72,862 $145,954 $126,233 $596,541 $36,672 45% 0% $16,503 $20,170 $81,065 35% 0% $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
26 2036 $0 $3,937 $3,937 $12,000 $19,875 95% $323.78 $73,822 $72,449 $146,272 $126,397 $722,937 $37,406 50% 0% $18,703 $18,703 $82,687 35% 0% $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
27 2037 $0 $4,016 $4,016 $13,000 $21,032 95% $327.02 $74,561 $73,898 $148,459 $127,426 $850,364 $38,154 50% 0% $19,077 $19,077 $84,340 35% 0% $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
28 2038 $0 $4,097 $4,097 $13,000 $21,193 95% $330.29 $75,306 $71,075 $146,381 $125,188 $975,552 $38,917 50% 0% $19,459 $19,459 $86,027 40% 0% $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
29 2039 $0 $4,178 $4,178 $14,000 $22,357 95% $333.59 $76,059 $72,496 $148,556 $126,199 $1,101,750 $39,695 50% 0% $19,848 $19,848 $87,748 40% 0% $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
30 2040 $0 $4,262 $4,262 $14,000 $22,524 95% $336.93 $76,820 $73,946 $150,766 $128,242 $1,229,992 $40,489 50% 0% $20,245 $20,245 $89,503 40% 0% $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 $425,824 $1,423,075 $1,848,899 $97,363 $97,363 $210,000 $2,253,626 $1,990,706 $1,492,913 $3,483,618 $1,229,992
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.