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Length: 3456 (0xd80)
Types: TextFile
Names: »REAL2.MOD«
└─⟦6ae1c04a5⟧ Bits:30004364 SW1656 IFPS/Personal Version 2.10 release 1.1
└─ ⟦this⟧ »REAL2.MOD«
columns 1 thru 4
periods 1
potential gross income=monthly pgi*12,previous*growth factor
vacancy and collection=potential gross income*vacancy collection pct
effective gross income=potential gross income-vacancy and collection
operating expense=0
net operating income=effective gross income-operating expense
before tax cash flow=net operating income-payment 1-payment 2
tax=mtr*(net operating income-interest 1-interest 2-depr)
after tax cash flow=before tax cash flow-tax
reversion=0 for 3,sale price-cap gain tax-recapture'
-sales comm-total mortgage balance
ØØ
loan to value ratio=total loans/sale price,'
previous total mortgage balance/sale price
ØØ
debt coverage ratio=net operating income/(payment 1+payment 2)
"all equity irr"=irr(all equity cash flow,purchase price)
ØØ
"after tax irr"=irr(after tax cash flow+reversion,gp equity investment+'
part investment)
ØØ
leverage factor=0 for 3,"after tax irr" /"all equity irr"
ØØ
effective interest rate=irr(net loan payments,total loans)
ØØ
ØØ
Ø statement for general partnership
ØØ
gp btcf=before tax cash flow-income distrib
gp tax=mtr*(net operating income-interest 1-interest 2-depr)*'
(1-part residual pct)
gp atcf=gp btcf-gp tax
gp reversion=0 for 3,sale price-sales comm-total mortgage balance'
-recapture-cap gain distrib-.4*mtr*(sale price-sales comm'
-cap gain distrib-book value)
"gp irr"=irr(gp atcf+gp reversion,gp equity investment)
ØØ
Ø statement for limited partnership
ØØ
income distrib=if(part residual pct*before tax cash flow>0)'
then (part residual pct*before tax cash flow) else 0
part tax=mtr*(net operating income-interest 1-interest 2-depr)'
*part residual pct
part atcf=income distrib-part tax
part reversion=0 for 3,(1-mtr*.4)*cap gain distrib
"part irr"=irr(part atcf+part reversion,part investment)
ØØ
Ø depreciation and book value
ØØ
depr=basis*acrs rate
cum depr=depr,previous+depr
recapture=0 for 3,mtr*(cum depr-(basis/18)*year)
acrs rate=.09,.09,.08,.07
book value=purchase price-depr,previous-depr
ØØ
Ø loan information
amort(loan 1,0,rate 1,30,1,12;payment 1,interest 1,,balance 1)
loan 1=0
rate 1=0
ØØ
amort(loan 2,0,rate 2,30,1,12;payment 2x,interest 2x,,balance 2x)
loan 2=0
rate 2=0
lender share=0
lender reversion=0
payment 2=payment 2x+lender share
year 1 egi=effective gross income,previous
interest 2=interest 2x+lender share+lender reversion
balance 2=balance 2x+lender reversion
ØØ
total mortgage balance= balance 1+balance 2
total loans=loan 1+loan 2,0
ØØ
Ø notes to pro forma
ØØ
gp equity investment=0
part investment=0
basis=0
mtr=.5
purchase price=0
sale price=purchase price,previous*growth factor
cap gain tax=00 for 3,.4*mtr*(sale price-sales comm-book value)
sales comm=0 for 3,.06*sale price
year=1,previous+1
growth factor=1.0
all equity cash flow=net operating income-mtr*(net operating income-depr)'
for 3,net operating income-mtr*(net operating income-depr)'
+reversion+total mortgage balance
net loan payments=payment 1+payment 2-mtr*(interest 1+interest 2) for 3,'
payment 1+payment 2-mtr*(interest 1+interest 2)+total mortgage balance
monthly pgi=0
vacancy collection pct=0
part residual pct=part investment/(part investment+gp equity investment)'
,previous
cap gain distrib=0
«eof»