Real Estate Program - psers
Real Estate Program - psers
Real Estate Program - psers
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EXHIBIT II (continued)<br />
ANNUAL OPERATING BUDGET<br />
Income Less Operating Expenses (after Advisor fees)<br />
Debt Service:<br />
Interest expense<br />
Principal repayment<br />
Total Debt Service<br />
Capital Expenditures:<br />
Tenant Improvements $________<br />
Building Improvements<br />
Leasing Commissions ________<br />
Net Cash Flow:<br />
Total Capital Expenditures<br />
$________<br />
$________<br />
________<br />
$________<br />
________<br />
$________<br />
$________<br />
Approved March 13, 2009 V-26
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