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Estimate each propertys current value by calculating the present discounted value of expected future cash flows given to you in Exhibit 11 (Screenshot below). To complete your valuation, you will need to make an exit cap and discount rate assumption. For Columbus Festival, assume that the exit cap rate on the property if JC Penney does not renew would be 0.50% higher than if JC Penney does renew.

Pro forma Brookline Road Shopping Center Expense growth assumption 2.00% Exit cap rate assumption CapEx reserve Discount rate assumption 17% 2016 2017 $1,590,772.76 $1,607,869.37 2018 2019 2020 2021 $1,625,375.14 $1,643,300.28 $1,766,655.25 $1,785,450.79 $68,118.23 $1,625,375.14 $1,643,300.28 $1,698,537.03 $1,785,450.79 $708,622.37 $722,794.82 $737,250.72 $751,995.73 $916,752.77 $920,505.46 $961,286.31 $1,033,455.06 $1,590,772.76 $1,607,869.37 $681,105.70 $694,727.82 $909,667.06 $913,141.55 Gross rental revenue Vacancy Net rental revenue Total operating expenses Net operating income Capital costs Tenant improvements Leasing commissions Capital reserves Total capital costs Operating cash flow $154,643.40 $154,643.40 $755,023.66 $155,234.06 $155,234.06 $757,907.49 $155,847.97 $155,847.97 $760,904.80 $156,485.93 $156,485.93 $764,019.53 $179,470.25 $9,500.00 $163,418.67 $352,388.92 $608,897.39 $175,687.36 $175,687.36 $857,767.70 Property sale Total property cash flow $755,023.66 $757,907.49 $760,904.80 $764,019.53 Current property valuation Please include work, calculations, and reasoning. Thank you! Pro forma Brookline Road Shopping Center Expense growth assumption 2.00% Exit cap rate assumption CapEx reserve Discount rate assumption 17% 2016 2017 $1,590,772.76 $1,607,869.37 2018 2019 2020 2021 $1,625,375.14 $1,643,300.28 $1,766,655.25 $1,785,450.79 $68,118.23 $1,625,375.14 $1,643,300.28 $1,698,537.03 $1,785,450.79 $708,622.37 $722,794.82 $737,250.72 $751,995.73 $916,752.77 $920,505.46 $961,286.31 $1,033,455.06 $1,590,772.76 $1,607,869.37 $681,105.70 $694,727.82 $909,667.06 $913,141.55 Gross rental revenue Vacancy Net rental revenue Total operating expenses Net operating income Capital costs Tenant improvements Leasing commissions Capital reserves Total capital costs Operating cash flow $154,643.40 $154,643.40 $755,023.66 $155,234.06 $155,234.06 $757,907.49 $155,847.97 $155,847.97 $760,904.80 $156,485.93 $156,485.93 $764,019.53 $179,470.25 $9,500.00 $163,418.67 $352,388.92 $608,897.39 $175,687.36 $175,687.36 $857,767.70 Property sale Total property cash flow $755,023.66 $757,907.49 $760,904.80 $764,019.53 Current property valuation Please include work, calculations, and reasoning. Thank you