Sensitivity Analysis

planEASe Office Development

Land Purchase Development Cost
versus
Rate of Return After Tax

Assumption IRR
$1,600,000.00 21.6%
$1,760,000.00 20.2%
$1,920,000.00 18.9%
$2,080,000.00 17.7%
$2,240,000.00 16.6%
$2,400,000.00 15.5%


     


Sensitivity Analysis

planEASe Office Development

Architects Development Cost
versus
Rate of Return After Tax

Assumption IRR
$52,000.00 18.4%
$57,200.00 18.4%
$62,400.00 18.3%
$67,600.00 18.3%
$72,800.00 18.2%
$78,000.00 18.2%


     


Sensitivity Analysis

planEASe Office Development

2nd-Fl Local New Months Vacant
versus
Rate of Return After Tax

Assumption IRR
None 19.1%
1.00 Months 19.1%
2.00 Months 19.0%
3.00 Months 19.0%
4.00 Months 19.0%
5.00 Months 18.3%
6.00 Months 18.3%
7.00 Months 18.3%
8.00 Months 18.3%
9.00 Months 17.8%
10.00 Months 17.8%


     


Sensitivity Analysis

planEASe Office Development

Net Capitalization Rate at Sale
versus
Rate of Return After Tax

Assumption IRR
6.5% Net Cap Rate 20.4%
7% Net Cap Rate 19.3%
7.5% Net Cap Rate 18.3%
8% Net Cap Rate 17.3%
8.5% Net Cap Rate 16.4%
9% Net Cap Rate 15.5%
9.5% Net Cap Rate 14.7%