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the mercado
APRIL 6, 2018
DEVELOPMENT PROPOSAL
TEAM MEMBERS!
2 | the mercado
ALEKSANDR DRABOVSKIY
Director of Design
SARINA STRICKLAND
Director of Analytics
MARK MUÑOZ
Director of Operations
LUIS GONZÁLEZ
Director of Investments
OVERVIEW OF PHILADELPHIA MARKET 
MARKET ANALYSIS 

02 05
PROJECT STRATEGY
EXECUTIVE SUMMARY
01 04
PRESENTING HIGHEST AND BEST USE
DEVELOPMENT PROPOSAL
03 13
EVALUATING RISKS AND OPPORTUNITIES
STRATEGY EXECUTION
04 19
ANSWERING CRITICAL THINKING
QUESTIONS 
FINANCIAL IMPLICATIONS 
05 23
AGENDA
3 | the mercado
030201
PROJECT OBJECTIVE!
increase
shareholder
WEALTH through
a long term
development
approach 

strengthen
Brandywine
portfolio by
providing BEST
IN CLASS real
estate
service and
UNIFY local
communities:
center city &
university city 
STRATEGIES
SUMMARY
Zion Capital is pleased to present its land play recommendation for 2120 Market Street: the mercado,
(“THE SUBJECT”). Occupying a site area of 30,500 square feet with a potential maximum density of
884,500 square feet (CMX-5) within the heart of the Philadelphia’s up and coming Market West District, the
mercado offers a unique opportunity to create a destination oriented multi-family, retail, hotel mixed-use
development connecting Center City to University City. 
4 | the mercado
02MARKET ANALYSIS
5 | the mercado
SITE LOCATION & PHILADELPHIA!
Market Street
West district
transit score
100
bike score
98
13%
9%
34%
44%
High School or Less
Some College
Bachelor's Degree
Advanced Degree
6th
largest
metro city in
US
1/2 mile to
City Hall
education attainment
6 | the mercado
1,568,000
total population of Philadelphia
 17%
Population growth
rate in Center City
from 2010 to 2016 
$41,000
$71,000
Median household income
in Philadelphia
 33
Median age
133,000total population of Center City
years
old
Median household income in
Center City
51% of all jobs in
the city are in the
greater Center City
and University Center,
which are leading the
growth
44% of the Center City population
has achieved advanced degrees,
compared to 10% of the total
Philadelphia population
DEMOGRAPHICS!
7 | the mercado
Cost of Debt: 3.95%
Cost of Equity: 4.65%


Projected Office Absorption: 415K SF
Projected Office Deliveries: 480K SF



Development Boom: $15Bn+
•  Comcast: $1.5Bn
•  30th St Station: $6.5Bn
•  Schuylkill Yards: $3.5Bn
•  uCity Square: $1Bn
•  Penn Pavilion: $1.5Bn
•  Navy Yard: $1Bn+



Ordinance 1130: 10-year real estate tax abatement
PAJCTC: $1,000 per-job tax credit



FINANCIAL MARKET INFORMATION
8 | the mercado
BRANDYWINE REALTY
PIPELINE
Under Construction
•  Schuylkill Yards 
•  Drexel Square Park 
•  North Gulph Road - King of
Prussia
•  Lancaster Ave 426 – Devon
•  Metroplex II/III 


Under Construction:
•  Comcast Technology Center
•  30th Street Station District 
•  uCItySquare 
•  Liberty on the River 
•  Penn Medicine Pavilion
•  Navy Yard 
•  East Market 
•  Fashion District of
Philadelphia
•  Penn’s Landing 
•  SLS Philadelphia Hotel 
•  W Hotel & Element by Westin
•  Aramark Headquarters 




PHILADELPHIA
MARKET PIPELINE
DEVELOPMENT PIPELINE!
9 | the mercado
The U.S. must add 4.6 million new apartments by 2030 to meet rising demand.
Philadelphia needs to add 38,407 apartments

MARKET ANALYSIS
From 2010 to 2016
Center City,
Philadelphia
experienced a 17%
growth rate in
population
1,016 Class A
multifamily units
were added in the
past year.
Next year, 1,421
Class A units will be
delivered to the
submarket.
Philadelphia	
  must	
  con1nue	
  to	
  add	
  new	
  apartment	
  supply	
  in	
  
order	
  to	
  meet	
  the	
  growing	
  demand,	
  but	
  Philadelphia	
  needs	
  
apartments	
  at all price points,	
  not	
  just	
  high	
  end	
  
10 | the mercado
6.8%
RESIDENTIAL
10.9%
OFFICE
22% 1.7%
HOTEL RETAIL
CITY CENTER MARKET CONDITIONS!
11 | the mercado
•  918 unit absorption

•  1016 units delivered
•  - 40,500 SF
absorption
•  Zero deliveries
in 12 months
•  $770M sales in
12 months
•  Modest estimated
supply growth. 
•  11,000 rooms in
market
•  Three future luxury
class deliveries
•  894,000 SF Peak
absorption
•  Zero deliveries in
12 months
$144.62
vacancy
 vacancy
 vacancy
 vacancy
RevPAR
$2,535rent
$48.00rent
$33.00rent
Early adulthood
Well-educated
Transit-utilizing 
Affluent
Business
Professionals
Tech-reliant
Visit museums,
opera, theater
and concerts 
25-34
years old
TARGET DEMOGRAPHIC!
LAPTOPS & LATTES METRO RENTERS
Students and
graduates 
Being educated 
Transit-utilizing 
Environmentally
conscious 
Tech-reliant
Trendsetters

20-24
years old
12 | the mercado
03DEVELOPMENT PROPOSAL
13 | the mercado
BIG - VancouverHow can we
re-energize urban
Mixed-Use?
INSPIRATION!
14 | the mercado
We aim to create a convenient interconnected community
between University City and Center City through our
amenities and prime location. the mercado features lively
retail, a destination urban park, and attainable housing to
revitalize the community.
COMPLIMENTARY USES
PROPERTY USES!
15 | the mercado
15% 27% 33% 20% 5%
Retail Micro Std. Resi Hotel Parking
Site Plan
,
INCLUDING 37, MODERATLY
AFFORDABLE UNITS
777
TOTAL
UNITS	
  
16 | the mercado
COMMON LIVINGROOM
TYPICAL BEDROOM
COMMON DINNING ROOM
•  Gym
•  Courtyard park
•  Parking
•  Common kitchen
•  Rooftop dog-run
•  24 /7 Concierge
MICRO DOESN’T MEAN
YOU’RE MISSING OUT
MICRO UNITS!
17 | the mercado
•  Game room
•  Premier rooftop bar
•  Casual dining and
brewery
•  Indego bikes on-site
•  Indoor pool
RETAIL MULTIFAMILY HOTEL
•  Primary location
•  Adding an extended
stay concept hotel.
Benefiting from
amenities and retail 
89,000 SF 356,000 SF
•  Mix of standard units
and micro-units. 
•  5% AFFORDABLE
dedicated to moderate
income 
•  Designated
subterranean parking.
•  All-inclusive amenities



122,000 SF
•  Urban landscape
complimenting retail.
•  360-degree roof top
bar and restaurant.
•  Sustainable 

ASSET TYPES!
18 | the mercado
04STRATEGY
EXECUTION
19 | the mercado
High-Level Steps to Execution:
1.  Form joint venture with a multi-family operator to ensure project success
and maintain flexible exit
2.  Complete entitlement and pre-development for Phase 1
3.  Draw necessary funds from single asset construction loan
4.  Begin Phase 1 construction 
5.  Complete Phase 1 construction and Phase 2 pre-development
6.  Maintain flexibility with Phase 2 site and consider options for development
or disposition
EXECUTION & DEVELOPMENT TIMELINE!
20 | the mercado
Pre-Development (6)
Construction (18)
Lease-Up (10) Stabilized Revenue
Approvals
Pre-Development (20)
Proposed Construction (18+)Approvals
3 MOToday 6 MO 9 MO 12 MO 15 MO 18 MO 21 MO 24 MO 27 MO 30 MO 33 MO 36 MO 39 MO
Phase 1
the mercado
Phase 2
PHASE ONE – 500,000 SF
•  JV Partnership 
•  Residentially focused development
including:
i.  540 Micro-units 
ii.  200 Market-units 
iii.  5% moderately affordable units
•  Hotel featuring 126 keys
•  89,000 SF retail
•  Creating a new life with panoramic
views
PROJECT PHASING!
TODAY 2021 20352018
PHASE 2 EXECUTION
 Completion of PHL 2035
plan
CONSTRUCTION OF the
mercado, PHASE 1
21 | the mercado
TODAY 2021 20352018
Exit:
•  Disposition
Hold Option 1:
•  Ground Lease to Developer
Hold Option 2:
•  Commence Ground-Up Development
•  Maximize FAR
•  Join neighboring parcels

PHASE 2 EXECUTION
 Completion of PHL 2035
plan
CONSTRUCTION OF the
mercado, PHASE 1
PHASE TWO – 798,000 SF
PROJECT PHASING!
22 | the mercado
PHASE ONE – 500,000 SF
•  JV Partnership 
•  Residentially focused development
including:
i.  540 Micro-units 
ii.  200 Market-units 
iii.  5% moderately affordable units
•  Hotel featuring 126 keys
•  89,000 SF retail
•  Creating a new life with panoramic
views
05FINANCIAL IMPLICATIONS
23 | the mercado
Sources & Uses of Capital
Land Cost: $20.8M
Construction Cost: $289.3M
TOD Bonus: $3.1M
Total Basis: $313.2M

Construction Loan Amount: $230.2M
Total Equity Contribution: $83M
•  JV Partner Contribution: $41.5M
•  Brandywine Contribution: $41.5M

Revolving Loan Amount: $143.8M
Total Equity Contribution: $72.2M
•  JV Partner Contribution: $36.1M
•  Brandywine Contribution: $36.1M

$75M
PROPERTY
VALUE
Total	
  Uses	
  
$313	
  M	
  
SOURCES & USES OF CAPITAL
24 | the mercado
Sources & Uses of Capital
Land Cost: $20.8M
Construction Cost: $289.3M
TOD Bonus: $3.1M
Total Basis: $313.2M

Construction Loan Amount: $230.2M
Total Equity Contribution: $83M
•  JV Partner Contribution: $41.5M
•  Brandywine Contribution: $41.5M

Revolving Loan Amount: $143.8M
Total Equity Contribution: $72.2M
•  JV Partner Contribution: $36.1M
•  Brandywine Contribution: $36.1M

$75M
PROPERTY
VALUE
Total	
  Uses	
  
$313	
  M	
  
Total	
  Uses	
  
$216	
  M	
  
25 | the mercado
SOURCES & USES OF CAPITAL
26 | the mercado
DRAW SCHEDULE
TODAY
 SCENARIO ONE
 SCENARIO TWO
 SCENARIO THREE
Current As-Is Base Case Opportunistic
30,500 SF 468,308 SF 594,470 SF Additional 797,530 SF
Total: Total	
  SF:	
  468,308	
  SF	
  
Return	
  on	
  Cost:	
  5.94%	
  
Cash-­‐On-­‐Cash:	
  9.60%	
  
Addi6onal	
  FFO:	
  $0.04	
  
Total	
  SF:	
  594,470	
  SF	
  
Return	
  on	
  Cost:	
  6.92%	
  
Cash-­‐On-­‐Cash:	
  12.44%	
  
Addi6onal	
  FFO:	
  $0.05	
  
27 | the mercado
ALTERNATIVES
28 | the mercado
SENSITIVITY ANALYSIS
$313M
Total Phase 1 Cost
6.92%
Return on Cost
12.4%
Cash-On-Cash
$0.05
Additional FFO
1.39 Million SF
Maximum allowable development with bonuses
PROJECT SUMMARY
29 | the mercado
THANK YOU
06APPENDIX
Property Information:
•  Regional Map
•  Site Map
•  Stacking Plan
Zoning:
•  CMX-4 & CMX-5 Definition
•  2035 Zoning Plan
•  Affordable Housing Requirements
•  Zoning Bonuses
•  Open Space
Development Plan:
•  Construction Timeline
Financials:
•  Sensitivity Analysis
•  Sources & Uses of Cash
Miscellaneous:
•  BDN Development Timeline
Appendix Master List
Appendix
Regional Map
Appendix
Site Map
Appendix
Stacking Plan
Appendix
CMX-4 & CMX-5 Definition
Zoning Code QuiCk RefeRenCe guide
Quick Reference Guide
ZONING DISTRICT TYPICAL PLAN/BUILDING FORM TYPICAL BUILDING DIMENSIONAL STANDARDS
Description: Center City commercial mixed use
Uses permitted as of right: Household Living; Group Living; Personal Care
Home; Single-Room Residence; Passive Recreation; Active Recreation; Family
Day Care; Group Day Care; Day Care Center; Educational Facilities; Fraternal
Organization; Hospital;Libraries and Cultural Exhibits; Religious Assembly; Safety
Services; Transit Station; Utilities and Services, Basic; Wireless Service Facility;
Wireless Freestanding Tower; Building or Tower-Mounted Antenna; Business and
Professional Office; Medical, Dental, Health Sole or Group Practitioner; Government
Office; Building Supplies and Equipment; Consumer Goods (except Drug
Paraphernalia and Guns); Food, Beverages, and Groceries; Pets and Pet Supplies;
Sundries, Pharmaceuticals, and Convenience Sales; Wearing Apparel and
Accessories; Animal Services; Assembly and Entertainment (except Amusement
Arcade, Casino, and Pool or Billiards Room); Nightclubs and Private Clubs;
Building Services; Business Support; Prepared Food Shop; Take-Out Restaurant;
Sit Down Restaurant; Financial Services (except Personal Credit Establishments);
Funeral and Mortuary Services; Maintenance and Repair of Consumer Goods;
On-Premise Dry Cleaning; Marina; Non-Accessory Underground Parking; Personal
Services (except Body Art Services); Fortune Telling Service; Radio, Television,
and Recording Services; Visitor Accommodations; Commissaries and Catering
Services; Personal Vehicle Repair and Maintenance; Personal Vehicle Repair Sales
and Rental; Gasoline Station; Vehicle Equipment and Supplies Sales and Rental;
Moving and Storage Facilities; Artist Studios and Artisan Industrial; Research and
Development; Community Garden
Uses requiring special exception approval: Non-Accessory Above-ground
Structured Parking
Max. Occupied
Area
Buildings ≤ 5 stories
with 1 or more
dwelling units:
90%; Others:
100%
Min. Front Yard
Depth
N/A
Min. Side Yard
Width
If used: Buildings
≤ 4 stories with 3
or fewer dwelling
units: 5’; Others:
8’
Max. FAR
500%; 750% for
certain lots within
University City
FAR Map; up
to 700% with
bonuses.
Description: Center City core commercial mixed use
Uses permitted as of right: Household Living; Group Living; Personal Care Home; Single-
Room Residence; Passive Recreation; Active Recreation; Family Day Care; Group Day
Care; Day Care Center; Educational Facilities; Fraternal Organization; Hospital;Libraries
and Cultural Exhibits; Religious Assembly; Safety Services; Transit Station; Utilities and
Services, Basic; Wireless Service Facility; Wireless Freestanding Tower; Building or
Tower-Mounted Antenna; Business and Professional Office; Medical, Dental, Health Sole
or Group Practitioner; Government Office; Building Supplies and Equipment; Consumer
Goods (except Drug Paraphernalia and Guns); Food, Beverages, and Groceries; Pets
and Pet Supplies; Sundries, Pharmaceuticals, and Convenience Sales; Wearing Apparel
and Accessories; Animal Services; Assembly and Entertainment (except Amusement
Arcade, Casino, and Pool or Billiards Room); Nightclubs and Private Clubs; Building
Services; Business Support; Prepared Food Shop; Take-Out Restaurant; Sit Down
Restaurant; Financial Services (except Personal Credit Establishments); Funeral and
Mortuary Services; Maintenance and Repair of Consumer Goods; On-Premise Dry
Cleaning; Marina; Non-Accessory Underground Parking; Personal Services (except
Body Art Services); Fortune Telling Service; Radio, Television, and Recording Services;
Visitor Accommodations; Commissaries and Catering Services; Personal Vehicle Repair
and Maintenance; Personal Vehicle Repair Sales and Rental; Gasoline Station; Vehicle
Equipment and Supplies Sales and Rental; Moving and Storage Facilities; Artist Studios
and Artisan Industrial; Research and Development; Community Garden
Uses requiring special exception approval: Non-Accessory Above-ground Structured
Parking
Min. District Area N/A
Max. Occupied
Area
Buildings ≤ 5 stories
with 1 or more
dwelling units:
90%; Others:
100%
Min. Side Yard
Width
Buildings ≤ 4 stories
with 3 or fewer
dwelling units: 5’;
Others: 8’
Max. FAR
1200%; 1600%
for certain lots
within Center
City/ University
City FAR Map; up
to an additional
800% with
bonuses
Commercial Districts
CMX-4*
CMX-5*
FAR
= 500%
of lot area
Max. height 65’
if 100% lot coverage
Bonus FAR =
Up to 700% Lot
Area
*See §14-702(1):
Floor Area Bonus Summary
Lot
Line
Building Setback:
*See §14-701(5):
Bulk and Massing Controls
FAR = 1200% or 1600%
for certain lots within
Center City/University City.
See Table §14-701-3
Bonus FAR =
Up to 800% Lot Area
*See §14-702(1)
Floor Area Bonus Summary
Lot
Line Building Setback:
*See §14-701(5)
Bulk and Massing Controls
Appendix
Philadelphia 2035: Zoning Overlay
Appendix
Zoning Bonuses
Appendix
Public Space
Appendix
Affordable Housing Requirements
Appendix
Construction Timeline
Pre-Development (6)
Construction (18)
Lease-Up (10) Stabilized Revenue
Approvals
Pre-Development (20)
Proposed Construction (18+)Approvals
3 MOToday 6 MO 9 MO 12 MO 15 MO 18 MO 21 MO 24 MO 27 MO 30 MO 33 MO 36 MO 39 MO
Phase 1
the mercado
Phase 2
Appendix
Multifamily Retail Hospitality
Avg.	
  Rent	
  
Growth
Unlevered	
  
ROC
Unlevered	
  
CoC
Levered	
  
ROC
Levered	
  
CoC JV	
  ROC JV	
  CoC
Avg.	
  Rent	
  
Growth
Unlevered	
  
ROC
Unlevered	
  
CoC
Levered	
  
ROC
Levered	
  
CoC JV	
  ROC JV	
  CoC
Avg.	
  Rent	
  
Growth
Unlevered	
  
ROC
Unlevered	
  
CoC
Levered	
  
ROC
Levered	
  
CoC JV	
  ROC JV	
  CoC
2.00% 31.42% 7.30% 96.81% 11.58% 96.81% 11.58% 2.00% 22.25% 6.79% 95.16% 11.48% 95.16% 11.48% 2.00% 24.08% 6.89% 69.17% 9.95% 69.17% 9.95%
1.75% 27.94% 7.11% 89.64% 11.16% 89.64% 11.16% 1.75% 18.37% 6.58% 78.23% 10.48% 78.23% 10.48% 1.75% 20.34% 6.69% 61.90% 9.52% 61.90% 9.52%
1.50% 21.24% 6.74% 75.94% 10.35% 75.94% 10.35% 1.50% 10.93% 6.16% 46.53% 8.62% 46.53% 8.62% 1.50% 13.17% 6.29% 48.01% 8.71% 48.01% 8.71%
1.25% 11.85% 6.21% 56.89% 9.23% 56.89% 9.23% 1.25% 0.48% 5.58% 3.88% 6.11% 3.88% 6.11% 1.25% 3.10% 5.73% 28.71% 7.57% 28.71% 7.57%
1.00% 0.44% 5.58% 34.04% 7.88% 34.04% 7.88% 1.00% -­‐12.21% 4.88% -­‐44.93% 3.24% -­‐44.93% 3.24% 1.00% -­‐9.12% 5.05% 5.61% 6.21% 5.61% 6.21%
0.75% -­‐12.22% 4.88% 9.09% 6.42% 9.09% 6.42% 0.75% -­‐26.28% 4.10% -­‐95.02% 0.29% -­‐95.02% 0.29% 0.75% -­‐22.68% 4.30% -­‐19.54% 4.73% -­‐19.54% 4.73%
0.50% -­‐25.36% 4.15% -­‐16.29% 4.92% -­‐16.29% 4.92% 0.50% -­‐40.90% 3.28% -­‐142.17% -­‐2.48% -­‐142.17% -­‐2.48% 0.50% -­‐36.76% 3.51% -­‐45.03% 3.23% -­‐45.03% 3.23%
Avg.	
  Rent	
  
Growth
Unlevered	
  
ROC
Unlevered	
  
CoC
Levered	
  
ROC
Levered	
  
CoC JV	
  ROC JV	
  CoC
Avg.	
  Rent	
  
Growth
Unlevered	
  
ROC
Unlevered	
  
CoC
Levered	
  
ROC
Levered	
  
CoC JV	
  ROC JV	
  CoC
Avg.	
  Rent	
  
Growth
Unlevered	
  
ROC
Unlevered	
  
CoC
Levered	
  
ROC
Levered	
  
CoC JV	
  ROC JV	
  CoC
2.00% 31.42% 7.30% 96.81% 11.58% 96.81% 11.58% 2.00% 22.25% 6.79% 95.16% 11.48% 95.16% 11.48% 2.00% 24.08% 6.89% 69.17% 9.95% 69.17% 9.95%
1.00% 18.03% 6.56% 69.40% 9.96% 69.40% 9.96% 1.00% 7.35% 5.96% 31.68% 7.75% 31.68% 7.75% 1.00% 9.72% 6.10% 41.37% 8.32% 41.37% 8.32%
0.00% -­‐4.82% 5.29% 23.60% 7.27% 23.60% 7.27% 0.00% -­‐18.06% 4.55% -­‐66.30% 1.98% -­‐66.30% 1.98% 0.00% -­‐14.76% 4.74% -­‐4.92% 5.59% -­‐4.92% 5.59%
-­‐1.00% -­‐31.20% 3.82% -­‐27.37% 4.27% -­‐27.37% 4.27% -­‐1.00% -­‐47.39% 2.92% -­‐161.39% -­‐3.61% -­‐161.39% -­‐3.61% -­‐1.00% -­‐43.01% 3.17% -­‐56.11% 2.58% -­‐56.11% 2.58%
-­‐2.00% -­‐55.77% 2.46% -­‐72.28% 1.63% -­‐72.28% 1.63% -­‐2.00% -­‐74.72% 1.40% -­‐228.86% -­‐7.58% -­‐228.86% -­‐7.58% -­‐2.00% -­‐69.33% 1.70% -­‐100.65% -­‐0.04% -­‐100.65% -­‐0.04%
-­‐3.00% -­‐75.51% 1.36% -­‐105.47% -­‐0.32% -­‐105.47% -­‐0.32% -­‐3.00% -­‐96.67% 0.19% -­‐262.94% -­‐9.58% -­‐262.94% -­‐9.58% -­‐3.00% -­‐90.48% 0.53% -­‐132.72% -­‐1.92% -­‐132.72% -­‐1.92%
-­‐4.00% -­‐89.82% 0.57% -­‐126.58% -­‐1.56% -­‐126.58% -­‐1.56% -­‐4.00% -­‐112.59% -­‐0.70% -­‐270.48% -­‐10.03% -­‐270.48% -­‐10.03% -­‐4.00% -­‐105.81% -­‐0.32% -­‐152.05% -­‐3.06% -­‐152.05% -­‐3.06%
Avg.	
  
Vacancy
Unlevered	
  
ROC
Unlevered	
  
CoC
Levered	
  
ROC
Levered	
  
CoC JV	
  ROC JV	
  CoC
Avg.	
  
Vacancy
Unlevered	
  
ROC
Unlevered	
  
CoC
Levered	
  
ROC
Levered	
  
CoC JV	
  ROC JV	
  CoC
Avg.	
  
Vacancy
Unlevered	
  
ROC
Unlevered	
  
CoC
Levered	
  
ROC
Levered	
  
CoC JV	
  ROC JV	
  CoC
6.80% 31.42% 7.30% 96.81% 11.58% 96.81% 11.58% 1.70% 22.25% 6.79% 95.16% 11.48% 95.16% 11.48% 22.00% 24.08% 6.89% 69.17% 9.95% 69.17% 9.95%
9.30% 27.09% 7.06% 84.10% 10.83% 84.10% 10.83% 4.20% 13.97% 6.33% 45.50% 8.56% 45.50% 8.56% 24.50% 13.29% 6.29% 48.34% 8.73% 48.34% 8.73%
11.80% 18.41% 6.58% 60.70% 9.45% 60.70% 9.45% 6.70% -­‐2.60% 5.41% -­‐16.28% 4.92% -­‐16.28% 4.92% 27.00% -­‐7.22% 5.15% 9.79% 6.46% 9.79% 6.46%
14.30% 5.40% 5.86% 29.92% 7.64% 29.92% 7.64% 9.20% -­‐27.44% 4.03% -­‐66.58% 1.97% -­‐66.58% 1.97% 29.50% -­‐35.36% 3.59% -­‐40.88% 3.48% -­‐40.88% 3.48%
16.80% -­‐11.93% 4.89% -­‐4.70% 5.61% -­‐4.70% 5.61% 11.70% -­‐60.57% 2.19% -­‐102.21% -­‐0.13% -­‐102.21% -­‐0.13% 32.00% -­‐67.95% 1.78% -­‐96.48% 0.21% -­‐96.48% 0.21%
19.30% -­‐33.57% 3.69% -­‐40.12% 3.52% -­‐40.12% 3.52% 14.20% -­‐101.98% -­‐0.11% -­‐126.65% -­‐1.57% -­‐126.65% -­‐1.57% 34.50% -­‐100.80% -­‐0.04% -­‐147.69% -­‐2.81% -­‐147.69% -­‐2.81%
21.80% -­‐59.51% 2.25% -­‐74.23% 1.52% -­‐74.23% 1.52% 16.70% -­‐151.67% -­‐2.87% -­‐143.53% -­‐2.56% -­‐143.53% -­‐2.56% 37.00% -­‐128.62% -­‐1.59% -­‐195.64% -­‐5.63% -­‐195.64% -­‐5.63%
Sensitivity Analysis
Appendix
Sources & Uses of Cash
Total Uses
$313 M
Total Uses
$216 M
Appendix
BDN Development Timeline

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2018 Villanova Real Estate Challenge (2nd Place) - University of Southern California

  • 1. the mercado APRIL 6, 2018 DEVELOPMENT PROPOSAL
  • 2. TEAM MEMBERS! 2 | the mercado ALEKSANDR DRABOVSKIY Director of Design SARINA STRICKLAND Director of Analytics MARK MUÑOZ Director of Operations LUIS GONZÁLEZ Director of Investments
  • 3. OVERVIEW OF PHILADELPHIA MARKET MARKET ANALYSIS 02 05 PROJECT STRATEGY EXECUTIVE SUMMARY 01 04 PRESENTING HIGHEST AND BEST USE DEVELOPMENT PROPOSAL 03 13 EVALUATING RISKS AND OPPORTUNITIES STRATEGY EXECUTION 04 19 ANSWERING CRITICAL THINKING QUESTIONS FINANCIAL IMPLICATIONS 05 23 AGENDA 3 | the mercado
  • 4. 030201 PROJECT OBJECTIVE! increase shareholder WEALTH through a long term development approach strengthen Brandywine portfolio by providing BEST IN CLASS real estate service and UNIFY local communities: center city & university city STRATEGIES SUMMARY Zion Capital is pleased to present its land play recommendation for 2120 Market Street: the mercado, (“THE SUBJECT”). Occupying a site area of 30,500 square feet with a potential maximum density of 884,500 square feet (CMX-5) within the heart of the Philadelphia’s up and coming Market West District, the mercado offers a unique opportunity to create a destination oriented multi-family, retail, hotel mixed-use development connecting Center City to University City. 4 | the mercado
  • 5. 02MARKET ANALYSIS 5 | the mercado
  • 6. SITE LOCATION & PHILADELPHIA! Market Street West district transit score 100 bike score 98 13% 9% 34% 44% High School or Less Some College Bachelor's Degree Advanced Degree 6th largest metro city in US 1/2 mile to City Hall education attainment 6 | the mercado
  • 7. 1,568,000 total population of Philadelphia 17% Population growth rate in Center City from 2010 to 2016 $41,000 $71,000 Median household income in Philadelphia 33 Median age 133,000total population of Center City years old Median household income in Center City 51% of all jobs in the city are in the greater Center City and University Center, which are leading the growth 44% of the Center City population has achieved advanced degrees, compared to 10% of the total Philadelphia population DEMOGRAPHICS! 7 | the mercado
  • 8. Cost of Debt: 3.95% Cost of Equity: 4.65% Projected Office Absorption: 415K SF Projected Office Deliveries: 480K SF Development Boom: $15Bn+ •  Comcast: $1.5Bn •  30th St Station: $6.5Bn •  Schuylkill Yards: $3.5Bn •  uCity Square: $1Bn •  Penn Pavilion: $1.5Bn •  Navy Yard: $1Bn+ Ordinance 1130: 10-year real estate tax abatement PAJCTC: $1,000 per-job tax credit FINANCIAL MARKET INFORMATION 8 | the mercado
  • 9. BRANDYWINE REALTY PIPELINE Under Construction •  Schuylkill Yards •  Drexel Square Park •  North Gulph Road - King of Prussia •  Lancaster Ave 426 – Devon •  Metroplex II/III Under Construction: •  Comcast Technology Center •  30th Street Station District •  uCItySquare •  Liberty on the River •  Penn Medicine Pavilion •  Navy Yard •  East Market •  Fashion District of Philadelphia •  Penn’s Landing •  SLS Philadelphia Hotel •  W Hotel & Element by Westin •  Aramark Headquarters PHILADELPHIA MARKET PIPELINE DEVELOPMENT PIPELINE! 9 | the mercado
  • 10. The U.S. must add 4.6 million new apartments by 2030 to meet rising demand. Philadelphia needs to add 38,407 apartments MARKET ANALYSIS From 2010 to 2016 Center City, Philadelphia experienced a 17% growth rate in population 1,016 Class A multifamily units were added in the past year. Next year, 1,421 Class A units will be delivered to the submarket. Philadelphia  must  con1nue  to  add  new  apartment  supply  in   order  to  meet  the  growing  demand,  but  Philadelphia  needs   apartments  at all price points,  not  just  high  end   10 | the mercado
  • 11. 6.8% RESIDENTIAL 10.9% OFFICE 22% 1.7% HOTEL RETAIL CITY CENTER MARKET CONDITIONS! 11 | the mercado •  918 unit absorption •  1016 units delivered •  - 40,500 SF absorption •  Zero deliveries in 12 months •  $770M sales in 12 months •  Modest estimated supply growth. •  11,000 rooms in market •  Three future luxury class deliveries •  894,000 SF Peak absorption •  Zero deliveries in 12 months $144.62 vacancy vacancy vacancy vacancy RevPAR $2,535rent $48.00rent $33.00rent
  • 12. Early adulthood Well-educated Transit-utilizing Affluent Business Professionals Tech-reliant Visit museums, opera, theater and concerts 25-34 years old TARGET DEMOGRAPHIC! LAPTOPS & LATTES METRO RENTERS Students and graduates Being educated Transit-utilizing Environmentally conscious Tech-reliant Trendsetters 20-24 years old 12 | the mercado
  • 14. BIG - VancouverHow can we re-energize urban Mixed-Use? INSPIRATION! 14 | the mercado
  • 15. We aim to create a convenient interconnected community between University City and Center City through our amenities and prime location. the mercado features lively retail, a destination urban park, and attainable housing to revitalize the community. COMPLIMENTARY USES PROPERTY USES! 15 | the mercado 15% 27% 33% 20% 5% Retail Micro Std. Resi Hotel Parking Site Plan , INCLUDING 37, MODERATLY AFFORDABLE UNITS 777 TOTAL UNITS  
  • 16. 16 | the mercado
  • 17. COMMON LIVINGROOM TYPICAL BEDROOM COMMON DINNING ROOM •  Gym •  Courtyard park •  Parking •  Common kitchen •  Rooftop dog-run •  24 /7 Concierge MICRO DOESN’T MEAN YOU’RE MISSING OUT MICRO UNITS! 17 | the mercado •  Game room •  Premier rooftop bar •  Casual dining and brewery •  Indego bikes on-site •  Indoor pool
  • 18. RETAIL MULTIFAMILY HOTEL •  Primary location •  Adding an extended stay concept hotel. Benefiting from amenities and retail 89,000 SF 356,000 SF •  Mix of standard units and micro-units. •  5% AFFORDABLE dedicated to moderate income •  Designated subterranean parking. •  All-inclusive amenities 122,000 SF •  Urban landscape complimenting retail. •  360-degree roof top bar and restaurant. •  Sustainable ASSET TYPES! 18 | the mercado
  • 20. High-Level Steps to Execution: 1.  Form joint venture with a multi-family operator to ensure project success and maintain flexible exit 2.  Complete entitlement and pre-development for Phase 1 3.  Draw necessary funds from single asset construction loan 4.  Begin Phase 1 construction 5.  Complete Phase 1 construction and Phase 2 pre-development 6.  Maintain flexibility with Phase 2 site and consider options for development or disposition EXECUTION & DEVELOPMENT TIMELINE! 20 | the mercado Pre-Development (6) Construction (18) Lease-Up (10) Stabilized Revenue Approvals Pre-Development (20) Proposed Construction (18+)Approvals 3 MOToday 6 MO 9 MO 12 MO 15 MO 18 MO 21 MO 24 MO 27 MO 30 MO 33 MO 36 MO 39 MO Phase 1 the mercado Phase 2
  • 21. PHASE ONE – 500,000 SF •  JV Partnership •  Residentially focused development including: i.  540 Micro-units ii.  200 Market-units iii.  5% moderately affordable units •  Hotel featuring 126 keys •  89,000 SF retail •  Creating a new life with panoramic views PROJECT PHASING! TODAY 2021 20352018 PHASE 2 EXECUTION Completion of PHL 2035 plan CONSTRUCTION OF the mercado, PHASE 1 21 | the mercado
  • 22. TODAY 2021 20352018 Exit: •  Disposition Hold Option 1: •  Ground Lease to Developer Hold Option 2: •  Commence Ground-Up Development •  Maximize FAR •  Join neighboring parcels PHASE 2 EXECUTION Completion of PHL 2035 plan CONSTRUCTION OF the mercado, PHASE 1 PHASE TWO – 798,000 SF PROJECT PHASING! 22 | the mercado PHASE ONE – 500,000 SF •  JV Partnership •  Residentially focused development including: i.  540 Micro-units ii.  200 Market-units iii.  5% moderately affordable units •  Hotel featuring 126 keys •  89,000 SF retail •  Creating a new life with panoramic views
  • 24. Sources & Uses of Capital Land Cost: $20.8M Construction Cost: $289.3M TOD Bonus: $3.1M Total Basis: $313.2M Construction Loan Amount: $230.2M Total Equity Contribution: $83M •  JV Partner Contribution: $41.5M •  Brandywine Contribution: $41.5M Revolving Loan Amount: $143.8M Total Equity Contribution: $72.2M •  JV Partner Contribution: $36.1M •  Brandywine Contribution: $36.1M $75M PROPERTY VALUE Total  Uses   $313  M   SOURCES & USES OF CAPITAL 24 | the mercado
  • 25. Sources & Uses of Capital Land Cost: $20.8M Construction Cost: $289.3M TOD Bonus: $3.1M Total Basis: $313.2M Construction Loan Amount: $230.2M Total Equity Contribution: $83M •  JV Partner Contribution: $41.5M •  Brandywine Contribution: $41.5M Revolving Loan Amount: $143.8M Total Equity Contribution: $72.2M •  JV Partner Contribution: $36.1M •  Brandywine Contribution: $36.1M $75M PROPERTY VALUE Total  Uses   $313  M   Total  Uses   $216  M   25 | the mercado SOURCES & USES OF CAPITAL
  • 26. 26 | the mercado DRAW SCHEDULE
  • 27. TODAY SCENARIO ONE SCENARIO TWO SCENARIO THREE Current As-Is Base Case Opportunistic 30,500 SF 468,308 SF 594,470 SF Additional 797,530 SF Total: Total  SF:  468,308  SF   Return  on  Cost:  5.94%   Cash-­‐On-­‐Cash:  9.60%   Addi6onal  FFO:  $0.04   Total  SF:  594,470  SF   Return  on  Cost:  6.92%   Cash-­‐On-­‐Cash:  12.44%   Addi6onal  FFO:  $0.05   27 | the mercado ALTERNATIVES
  • 28. 28 | the mercado SENSITIVITY ANALYSIS
  • 29. $313M Total Phase 1 Cost 6.92% Return on Cost 12.4% Cash-On-Cash $0.05 Additional FFO 1.39 Million SF Maximum allowable development with bonuses PROJECT SUMMARY 29 | the mercado
  • 32. Property Information: •  Regional Map •  Site Map •  Stacking Plan Zoning: •  CMX-4 & CMX-5 Definition •  2035 Zoning Plan •  Affordable Housing Requirements •  Zoning Bonuses •  Open Space Development Plan: •  Construction Timeline Financials: •  Sensitivity Analysis •  Sources & Uses of Cash Miscellaneous: •  BDN Development Timeline Appendix Master List
  • 36. Appendix CMX-4 & CMX-5 Definition Zoning Code QuiCk RefeRenCe guide Quick Reference Guide ZONING DISTRICT TYPICAL PLAN/BUILDING FORM TYPICAL BUILDING DIMENSIONAL STANDARDS Description: Center City commercial mixed use Uses permitted as of right: Household Living; Group Living; Personal Care Home; Single-Room Residence; Passive Recreation; Active Recreation; Family Day Care; Group Day Care; Day Care Center; Educational Facilities; Fraternal Organization; Hospital;Libraries and Cultural Exhibits; Religious Assembly; Safety Services; Transit Station; Utilities and Services, Basic; Wireless Service Facility; Wireless Freestanding Tower; Building or Tower-Mounted Antenna; Business and Professional Office; Medical, Dental, Health Sole or Group Practitioner; Government Office; Building Supplies and Equipment; Consumer Goods (except Drug Paraphernalia and Guns); Food, Beverages, and Groceries; Pets and Pet Supplies; Sundries, Pharmaceuticals, and Convenience Sales; Wearing Apparel and Accessories; Animal Services; Assembly and Entertainment (except Amusement Arcade, Casino, and Pool or Billiards Room); Nightclubs and Private Clubs; Building Services; Business Support; Prepared Food Shop; Take-Out Restaurant; Sit Down Restaurant; Financial Services (except Personal Credit Establishments); Funeral and Mortuary Services; Maintenance and Repair of Consumer Goods; On-Premise Dry Cleaning; Marina; Non-Accessory Underground Parking; Personal Services (except Body Art Services); Fortune Telling Service; Radio, Television, and Recording Services; Visitor Accommodations; Commissaries and Catering Services; Personal Vehicle Repair and Maintenance; Personal Vehicle Repair Sales and Rental; Gasoline Station; Vehicle Equipment and Supplies Sales and Rental; Moving and Storage Facilities; Artist Studios and Artisan Industrial; Research and Development; Community Garden Uses requiring special exception approval: Non-Accessory Above-ground Structured Parking Max. Occupied Area Buildings ≤ 5 stories with 1 or more dwelling units: 90%; Others: 100% Min. Front Yard Depth N/A Min. Side Yard Width If used: Buildings ≤ 4 stories with 3 or fewer dwelling units: 5’; Others: 8’ Max. FAR 500%; 750% for certain lots within University City FAR Map; up to 700% with bonuses. Description: Center City core commercial mixed use Uses permitted as of right: Household Living; Group Living; Personal Care Home; Single- Room Residence; Passive Recreation; Active Recreation; Family Day Care; Group Day Care; Day Care Center; Educational Facilities; Fraternal Organization; Hospital;Libraries and Cultural Exhibits; Religious Assembly; Safety Services; Transit Station; Utilities and Services, Basic; Wireless Service Facility; Wireless Freestanding Tower; Building or Tower-Mounted Antenna; Business and Professional Office; Medical, Dental, Health Sole or Group Practitioner; Government Office; Building Supplies and Equipment; Consumer Goods (except Drug Paraphernalia and Guns); Food, Beverages, and Groceries; Pets and Pet Supplies; Sundries, Pharmaceuticals, and Convenience Sales; Wearing Apparel and Accessories; Animal Services; Assembly and Entertainment (except Amusement Arcade, Casino, and Pool or Billiards Room); Nightclubs and Private Clubs; Building Services; Business Support; Prepared Food Shop; Take-Out Restaurant; Sit Down Restaurant; Financial Services (except Personal Credit Establishments); Funeral and Mortuary Services; Maintenance and Repair of Consumer Goods; On-Premise Dry Cleaning; Marina; Non-Accessory Underground Parking; Personal Services (except Body Art Services); Fortune Telling Service; Radio, Television, and Recording Services; Visitor Accommodations; Commissaries and Catering Services; Personal Vehicle Repair and Maintenance; Personal Vehicle Repair Sales and Rental; Gasoline Station; Vehicle Equipment and Supplies Sales and Rental; Moving and Storage Facilities; Artist Studios and Artisan Industrial; Research and Development; Community Garden Uses requiring special exception approval: Non-Accessory Above-ground Structured Parking Min. District Area N/A Max. Occupied Area Buildings ≤ 5 stories with 1 or more dwelling units: 90%; Others: 100% Min. Side Yard Width Buildings ≤ 4 stories with 3 or fewer dwelling units: 5’; Others: 8’ Max. FAR 1200%; 1600% for certain lots within Center City/ University City FAR Map; up to an additional 800% with bonuses Commercial Districts CMX-4* CMX-5* FAR = 500% of lot area Max. height 65’ if 100% lot coverage Bonus FAR = Up to 700% Lot Area *See §14-702(1): Floor Area Bonus Summary Lot Line Building Setback: *See §14-701(5): Bulk and Massing Controls FAR = 1200% or 1600% for certain lots within Center City/University City. See Table §14-701-3 Bonus FAR = Up to 800% Lot Area *See §14-702(1) Floor Area Bonus Summary Lot Line Building Setback: *See §14-701(5) Bulk and Massing Controls
  • 41. Appendix Construction Timeline Pre-Development (6) Construction (18) Lease-Up (10) Stabilized Revenue Approvals Pre-Development (20) Proposed Construction (18+)Approvals 3 MOToday 6 MO 9 MO 12 MO 15 MO 18 MO 21 MO 24 MO 27 MO 30 MO 33 MO 36 MO 39 MO Phase 1 the mercado Phase 2
  • 42. Appendix Multifamily Retail Hospitality Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC 2.00% 31.42% 7.30% 96.81% 11.58% 96.81% 11.58% 2.00% 22.25% 6.79% 95.16% 11.48% 95.16% 11.48% 2.00% 24.08% 6.89% 69.17% 9.95% 69.17% 9.95% 1.75% 27.94% 7.11% 89.64% 11.16% 89.64% 11.16% 1.75% 18.37% 6.58% 78.23% 10.48% 78.23% 10.48% 1.75% 20.34% 6.69% 61.90% 9.52% 61.90% 9.52% 1.50% 21.24% 6.74% 75.94% 10.35% 75.94% 10.35% 1.50% 10.93% 6.16% 46.53% 8.62% 46.53% 8.62% 1.50% 13.17% 6.29% 48.01% 8.71% 48.01% 8.71% 1.25% 11.85% 6.21% 56.89% 9.23% 56.89% 9.23% 1.25% 0.48% 5.58% 3.88% 6.11% 3.88% 6.11% 1.25% 3.10% 5.73% 28.71% 7.57% 28.71% 7.57% 1.00% 0.44% 5.58% 34.04% 7.88% 34.04% 7.88% 1.00% -­‐12.21% 4.88% -­‐44.93% 3.24% -­‐44.93% 3.24% 1.00% -­‐9.12% 5.05% 5.61% 6.21% 5.61% 6.21% 0.75% -­‐12.22% 4.88% 9.09% 6.42% 9.09% 6.42% 0.75% -­‐26.28% 4.10% -­‐95.02% 0.29% -­‐95.02% 0.29% 0.75% -­‐22.68% 4.30% -­‐19.54% 4.73% -­‐19.54% 4.73% 0.50% -­‐25.36% 4.15% -­‐16.29% 4.92% -­‐16.29% 4.92% 0.50% -­‐40.90% 3.28% -­‐142.17% -­‐2.48% -­‐142.17% -­‐2.48% 0.50% -­‐36.76% 3.51% -­‐45.03% 3.23% -­‐45.03% 3.23% Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC 2.00% 31.42% 7.30% 96.81% 11.58% 96.81% 11.58% 2.00% 22.25% 6.79% 95.16% 11.48% 95.16% 11.48% 2.00% 24.08% 6.89% 69.17% 9.95% 69.17% 9.95% 1.00% 18.03% 6.56% 69.40% 9.96% 69.40% 9.96% 1.00% 7.35% 5.96% 31.68% 7.75% 31.68% 7.75% 1.00% 9.72% 6.10% 41.37% 8.32% 41.37% 8.32% 0.00% -­‐4.82% 5.29% 23.60% 7.27% 23.60% 7.27% 0.00% -­‐18.06% 4.55% -­‐66.30% 1.98% -­‐66.30% 1.98% 0.00% -­‐14.76% 4.74% -­‐4.92% 5.59% -­‐4.92% 5.59% -­‐1.00% -­‐31.20% 3.82% -­‐27.37% 4.27% -­‐27.37% 4.27% -­‐1.00% -­‐47.39% 2.92% -­‐161.39% -­‐3.61% -­‐161.39% -­‐3.61% -­‐1.00% -­‐43.01% 3.17% -­‐56.11% 2.58% -­‐56.11% 2.58% -­‐2.00% -­‐55.77% 2.46% -­‐72.28% 1.63% -­‐72.28% 1.63% -­‐2.00% -­‐74.72% 1.40% -­‐228.86% -­‐7.58% -­‐228.86% -­‐7.58% -­‐2.00% -­‐69.33% 1.70% -­‐100.65% -­‐0.04% -­‐100.65% -­‐0.04% -­‐3.00% -­‐75.51% 1.36% -­‐105.47% -­‐0.32% -­‐105.47% -­‐0.32% -­‐3.00% -­‐96.67% 0.19% -­‐262.94% -­‐9.58% -­‐262.94% -­‐9.58% -­‐3.00% -­‐90.48% 0.53% -­‐132.72% -­‐1.92% -­‐132.72% -­‐1.92% -­‐4.00% -­‐89.82% 0.57% -­‐126.58% -­‐1.56% -­‐126.58% -­‐1.56% -­‐4.00% -­‐112.59% -­‐0.70% -­‐270.48% -­‐10.03% -­‐270.48% -­‐10.03% -­‐4.00% -­‐105.81% -­‐0.32% -­‐152.05% -­‐3.06% -­‐152.05% -­‐3.06% Avg.   Vacancy Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.   Vacancy Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.   Vacancy Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC 6.80% 31.42% 7.30% 96.81% 11.58% 96.81% 11.58% 1.70% 22.25% 6.79% 95.16% 11.48% 95.16% 11.48% 22.00% 24.08% 6.89% 69.17% 9.95% 69.17% 9.95% 9.30% 27.09% 7.06% 84.10% 10.83% 84.10% 10.83% 4.20% 13.97% 6.33% 45.50% 8.56% 45.50% 8.56% 24.50% 13.29% 6.29% 48.34% 8.73% 48.34% 8.73% 11.80% 18.41% 6.58% 60.70% 9.45% 60.70% 9.45% 6.70% -­‐2.60% 5.41% -­‐16.28% 4.92% -­‐16.28% 4.92% 27.00% -­‐7.22% 5.15% 9.79% 6.46% 9.79% 6.46% 14.30% 5.40% 5.86% 29.92% 7.64% 29.92% 7.64% 9.20% -­‐27.44% 4.03% -­‐66.58% 1.97% -­‐66.58% 1.97% 29.50% -­‐35.36% 3.59% -­‐40.88% 3.48% -­‐40.88% 3.48% 16.80% -­‐11.93% 4.89% -­‐4.70% 5.61% -­‐4.70% 5.61% 11.70% -­‐60.57% 2.19% -­‐102.21% -­‐0.13% -­‐102.21% -­‐0.13% 32.00% -­‐67.95% 1.78% -­‐96.48% 0.21% -­‐96.48% 0.21% 19.30% -­‐33.57% 3.69% -­‐40.12% 3.52% -­‐40.12% 3.52% 14.20% -­‐101.98% -­‐0.11% -­‐126.65% -­‐1.57% -­‐126.65% -­‐1.57% 34.50% -­‐100.80% -­‐0.04% -­‐147.69% -­‐2.81% -­‐147.69% -­‐2.81% 21.80% -­‐59.51% 2.25% -­‐74.23% 1.52% -­‐74.23% 1.52% 16.70% -­‐151.67% -­‐2.87% -­‐143.53% -­‐2.56% -­‐143.53% -­‐2.56% 37.00% -­‐128.62% -­‐1.59% -­‐195.64% -­‐5.63% -­‐195.64% -­‐5.63% Sensitivity Analysis
  • 43. Appendix Sources & Uses of Cash Total Uses $313 M Total Uses $216 M