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

$1,378,075

Issuance Fees

$75,000

Bond Costs

$1,453,075

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)

($136,890)

($95,569)

($38,675)

($90,378)

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

$69,405

$45,000

$114,405

$2,400

$119,205

80%

$255.00

$48,960

$17,100

$66,060

($53,145)

$190

$22,800

25%

$5,700

$17,100

$210

$50,400

100%

$50,400

0.935

0.943

0.952

$111,407

$61,738

$112,458

$62,321

$113,529

$62,914

($49,668)

($50,137)

($50,615)

2012

$67,903

$45,000

$112,903

$2,448

$117,799

90%

$255.00

$55,080

$17,442

$72,522

($45,277)

($98,422)

$23,256

25%

$5,814

$17,442

$51,408

100%

$51,408

0.873

0.890

0.907

$102,890

$63,344

$104,840

$64,544

$106,847

$65,780

($39,546)

($40,296)

($41,067)

2013

$66,400

$50,000

$116,400

$2,497

$1,000

$122,394

95%

$257.55

$58,721

$17,791

$76,512

($45,882)

($144,304)

$23,721

25%

$5,930

$17,791

$52,436

100%

$52,436

0.816

0.840

0.864

$99,910

$62,457

$102,764

$64,241

$105,729

$66,094

($37,453)

($38,523)

($39,634)

2014

$64,731

$50,000

$114,731

$2,547

$1,000

$120,824

95%

$260.13

$59,309

$18,147

$77,455

($43,369)

($187,673)

$24,196

25%

$6,049

$18,147

$53,485

100%

$53,485

0.763

0.792

0.823

$92,176

$59,090

$95,704

$61,352

$99,403

$63,723

($33,086)

($34,352)

($35,680)

2015

$63,061

$55,000

$118,061

$2,598

$2,000

$125,257

95%

$262.73

$59,902

$18,510

$78,411

($46,846)

($234,518)

$24,679

25%

$6,170

$18,510

$54,555

100%

$54,555

0.713

0.747

0.784

$89,306

$55,906

$93,599

$58,593

$98,142

$61,437

($33,400)

($35,006)

($36,705)

2016

$61,094

$55,000

$116,094

$2,650

$2,000

$123,393

95%

$265.35

$60,501

$17,621

$78,122

($45,271)

($279,790)

$25,173

30%

$7,552

$17,621

$55,646

100%

$55,646

0.666

0.705

0.746

$82,222

$52,056

$86,987

$55,073

$92,078

$58,296

($30,166)

($31,914)

($33,782)

2017

$59,126

$60,000

$119,126

$2,703

$3,000

$127,531

95%

$268.01

$61,106

$17,974

$79,079

($48,452)

($328,242)

$25,677

30%

$7,703

$17,974

$56,759

100%

$56,759

0.623

0.665

0.711

$79,420

$49,247

$84,816

$52,592

$90,634

$56,200

($30,174)

($32,223)

($34,434)

2018

$56,693

$60,000

$116,693

$2,757

$3,000

$125,207

95%

$270.69

$61,717

$18,333

$80,050

($45,157)

($373,399)

$26,190

30%

$7,857

$18,333

$57,894

100%

$57,894

0.582

0.627

0.677

$72,872

$46,590

$78,556

$50,224

$84,745

$54,181

($26,282)

($28,332)

($30,564)

2019

$54,260

$65,000

$119,260

$2,812

$4,000

$128,884

95%

$273.39

$62,334

$18,700

$81,034

($47,851)

($421,250)

$26,714

30%

$8,014

$18,700

$59,052

100%

$59,052

0.544

0.592

0.645

$70,105

$44,077

$76,287

$47,964

$83,080

$52,235

($26,028)

($28,323)

($30,845)

2020

$51,315

$70,000

$121,315

$2,868

$4,000

$131,051

95%

$276.13

$62,957

$19,074

$82,031

($49,020)

($470,270)

$27,248

30%

$8,174

$19,074

$60,233

100%

$60,233

0.508

0.558

0.614

$66,620

$41,700

$73,178

$45,806

$80,454

$50,360

($24,920)

($27,373)

($30,094)

2021

$47,976

$70,000

$117,976

$2,926

$5,000

$128,827

95%

$278.89

$63,587

$18,065

$81,652

($47,175)

($517,445)

$27,793

35%

$9,728

$18,065

$61,437

100%

$61,437

0.475

0.527

0.585

$61,205

$38,792

$67,865

$43,013

$75,323

$47,740

($22,412)

($24,851)

($27,582)

2022

$44,470

$75,000

$119,470

$2,984

$5,000

$130,438

95%

$281.68

$64,223

$18,427

$82,650

($47,789)

($565,234)

$28,349

35%

$9,922

$18,427

$62,666

100%

$62,666

0.444

0.497

0.557

$57,916

$36,697

$64,824

$41,074

$72,633

$46,022

($21,219)

($23,750)

($26,611)

2023

$40,714

$80,000

$120,714

$3,044

$6,000

$132,801

95%

$284.50

$64,865

$66,735

$131,600

($1,201)

($566,435)

$28,916

35%

$10,121

$18,795

$63,919

25%

$15,980

$47,940

0.415

0.469

0.530

$55,108

$54,609

$62,262

$61,699

$70,427

$69,790

($499)

($563)

($637)

2024

$36,516

$85,000

$121,516

$3,105

$6,000

$133,725

95%

$287.34

$65,514

$68,070

$133,583

($142)

($566,577)

$29,494

35%

$10,323

$19,171

$65,198

25%

$16,299

$48,898

0.388

0.442

0.505

$51,861

$51,806

$59,147

$59,084

$67,540

$67,469

($55)

($63)

($72)

2025

$32,056

$85,000

$117,056

$3,167

$7,000

$130,390

95%

$290.21

$66,169

$69,431

$135,600

$5,210

($561,367)

$30,084

35%

$10,529

$19,555

$66,502

25%

$16,625

$49,876

0.362

0.417

0.481

$47,259

$49,148

$54,407

$56,581

$62,720

$65,226

$1,888

$2,174

$2,506

2026

$27,596

$90,000

$117,596

$3,230

$7,000

$131,056

95%

$293.12

$66,830

$69,285

$136,116

$5,059

($556,308)

$30,686

40%

$12,274

$18,411

$67,832

25%

$16,958

$50,874

0.339

0.394

0.458

$44,393

$46,107

$51,590

$53,581

$60,038

$62,356

$1,714

$1,992

$2,318

2027

$22,659

$95,000

$117,659

$3,295

$8,000

$132,249

95%

$296.05

$67,499

$70,671

$138,170

$5,921

($550,387)

$31,300

40%

$12,520

$18,780

$69,188

25%

$17,297

$51,891

0.317

0.371

0.436

$41,867

$43,741

$49,112

$51,311

$57,700

$60,283

$1,874

$2,199

$2,583

2028

$17,448

$100,000

$117,448

$3,361

$8,000

$132,169

95%

$299.01

$68,174

$68,556

$136,730

$4,560

($545,826)

$31,926

40%

$12,770

$19,155

$70,572

30%

$21,172

$49,401

0.296

0.350

0.416

$39,104

$40,453

$46,305

$47,902

$54,919

$56,814

$1,349

$1,598

$1,895

2029

$11,963

$105,000

$116,963

$3,428

$9,000

$132,818

95%

$302.00

$68,855

$69,927

$138,782

$5,964

($539,862)

$32,564

40%

$13,026

$19,538

$71,984

30%

$21,595

$50,389

0.277

0.331

0.396

$36,725

$38,374

$43,898

$45,869

$52,561

$54,921

$1,649

$1,971

$2,360

2030

$6,203

$113,075

$119,278

$3,496

$9,000

$135,270

95%

$305.02

$69,544

$71,325

$140,869

$5,599

($534,263)

$33,215

40%

$13,286

$19,929

$73,423

30%

$22,027

$51,396

0.258

0.312

0.377

$34,956

$36,403

$42,178

$43,924

$50,982

$53,092

$1,447

$1,746

$2,110

2031

$3,566

$10,000

$17,133

95%

$308.07

$70,239

$71,058

$141,297

$124,165

($410,098)

$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

($283,952)

$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

($160,689)

$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

($35,457)

$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

$90,777

$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

$217,173

$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

$344,600

$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

$469,787

$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

$595,986

$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

$724,228

$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

$901,588

$1,453,075

$2,354,663

$97,363

$210,000

$2,759,390

$1,990,706

$1,492,913

$3,483,618

$724,228

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.