Construct the cash flow proforma statement for the following project by filling out the white cells of the following table.

• A 2-year levered equity investment between t=0 and t=2.
• The first NOI is 10 at t=1, and NOI grows at 5%/yr until t=3.
• The cap rate is 5% (going-in) at t=0 and increases by 0.5%/yr to 6% (going-out) at t=2.
• Capital Expenditures are 10% of NOI.
• The investment is levered with a two-year interest-only loan at a 5% interest rate with the face value of 80 (i.e., the initial loan amount is 80).

	T=0	T=1	T=2	T=3
	Today	1 year later	2 years later	3 years later
	Cash flow at the beginning of the project	Cash flows for the first period (between t=0 and t=1)	Cash flows for the second period (between t=1 and t=2) and the last CF	Cash flows for the third period (between t=2 and t=3) and the last CF
[Cap Rate]