appendix a. modeling tool

7/24/2019 Appendix a. Modeling Tool

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"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL"

By David Batker, Stuart Cowan, Teddi !rit Ca##e$$, and %a&on Twi$$

' ()** +y Eart Eono-i&

.ROTOT/.E VERSION *01

Ti& Ver&ion Oto+er (2, ()**

3or 4ue&tion& or Co--ent&, ontat5

Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie&i&0o- or 7)189(2811(:

This model was created with grant support from the Bullitt Foundation.

This prototype EXCEL model is designed to show the basic structure of an integrated

real estate investment model that could systematically incorporate the many

social and environmental benefits (and costs of green buildings.

For a discussion of model assumptions and fuller conte!t" please see the Earth Economics

website (www.eartheconomics.org" where an accompanying report is also available

for download.

This model will be continually revised and updated to incorporate ongoing research

and comments and feedbac# from users.

This is an e!perimental and prototype model and under no circumstances should be used

for purposes of appraisal" valuation" real estate investing" or related purpose.


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"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cow

.ROTOT/.E VERSION *0)

REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie

!ORMMAR/

.ro?et Na-e5 Living Building Case $tudyBui$din >&e&5

O;;ie %&'"'''

Retai$ %'"'''

Mu$ti83a-i$y Re&identia$

Indu&tria$

Tota$ Gro&& S@uare 3ootae5 %)'"'''

Site &ie5 *'"'''

3$oor8Area Ratio 3AR *.' +%

Tota$ .ro?et Budet &,"%-'",'

SO>RCES AND >SES O3 3>NDS

$ources /mount a!imum /vailable

1wner E2uity %%"'''"'''

Construction Loan34ermanent Loan *)"%-'",' **"'%")&

Total $ources &,"%-'",'

INVESTOR RET>RNS A3TER TA

5nternal 6ate of 6eturn 7et 4resent 8alue% 9ear :.&*; (%"-%'"*'

& 9ear %-.',; %"&*)"'

%' 9ear %*.,&; *":%


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n, Teddi !rit8Ca##e$$, and %a&on Twi$$ ' ()** +y Eart Eono-i&

i&0o- or 7)189(2811(: ;or Co--ent& or 4ue&tion&

=ses /mount

Land Costs


4/89

"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, S


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owa

!ORILDINGS

Type 7otes ?efinition

?efinition of Benefit

46185$51757@ EC1$9$TE0 $E685CE$

Aater 4rovision

0aterials 4rovision

0aterials 4rovision

Type within Ta!onomy ofBenefits

uantitative modelsavailable Aater supply capturing andpurifying water from enviornment

Biological materials used formedicines" fuel" art and building.@eological materials used forconstruction or other purposes

Lifecycle analysis forbuilding materials energy" to!icity"

mutagenicity"carcinogenicity

Building materials wood"

concrete" steel" glass


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uart Cowan, Teddi !rit8Ca##e$$, and %a&on Twi$$ ' ()** +y Eart Eono-i&

n6a#oie&i&0o- or 7)189(2811(: ;or Co--ent& or 4ue&tion&

4athway to 8alue in Building Estimated Total 8alueuantity and3or uality ofBeneficial 5mpact Created

$pecific Building Feature(s@enerating this EnvironmentalBenefit

uantitative or ualitative/ssessment of 8alueCreated

0onetary 8alue Created asFunction of uantity and3oruality or Beneficial 5mpact

Created

Aater catchment (cistern orotherwise that contributes to

water supply. 6euse of greywater" or conservation thatreduces water consumption3s2foot or per occupant.

Fiber or other materialproduction from the building


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8aluation 0ethodology 0etadata0onetiation 0ethods and

/pplication in this 4ro Forma

$amples 5nclude /voidedCosts" 6eplacement Costs"Factor 5ncome" Travel Cost">edonic 4ricing" 0arginal4roduct Estimation"Contingent 8aluation" @roup8aluation" 0ar#et 4ricing

Lin#s to 0etadata on8aluation 0ethods

$amples 5nclude Ta! credits"ta! deductions" ecosystemservices payments" onetimeincentives" longtermstreams of payments"F=7?57@ 0EC>/75$0$"belowmar#et financing"grants" reduced capitalcosts" direct monetiationthrough increased rents"decrease turnover etc."impact fees" feebates"subsidies" loan guarantee"watershed improvementdistrict

0ar#et 8alues of 0ar#etTraded @oods

Estimate units (e.g. ccf of

water consumption avoidedand decrease proDectedwater bills accordingly

0ar#et value of materialsproduced

4ossible incentives basedon low to!icity or low

embodied energy


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8alue 6ealied by 4ublic8alue /ctually 6ealied in0odel

8alue 6ealied by 7eighbors3 /dDacent Buildings

?escription of Cells Ahere8alue is 0onetied in 4roForma

Estimated 0onetary 8alue/ccruing to other species"watersheds" neighboring

buildings" individuals

Estimated 0onetary 8alue/ccruing to neighbors 3adDacent buildings

$ee Aater and Aastewater5ncentives Aor#sheet

$ee Cash Flow 4roDectedAor#sheet" 0aterials4rovision 6ow

$ee Cash Flow 4roDectedAor#sheet" 0aterials

4rovision 6ow


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Energy 4rovision

Energy 4rovision

Food 4rovision

6E@=L/T57@ EC1$9$TE0 $E685CE$

0oderating the local heatisland e

5ndoor /ir uality

>uman ?isease Control

Aater 6egulation Aater filtration

Aater 6egulation

=pstream calc. of avoideddamage on the landscape e.g. avoided coal mining

Fossil fuel" electricity" heatingenergy production or coolingvalue

Biomass for humanconsumption" provided by a webof organisms and a functioningecosystem

Climate $tability andCarbon $e2uestration

value per ton ChicagoClimate E!change"$terns 8alue &'%''3ton can calculateavoided emissions

0aintaining a climate within astable range. This is facilitatedby the capture and longtermstorage of carbon as a part ofthe global carbon cycle. 1ceansalso play a crucial in role climatestabiliation.


$hift away from lump sumpayments to value anegative #ilowatt as anewly generated $eattleutility e!ample


Temperature 6egulation+Local Climate $tability

Temperature decreasefrom street trees"ecoroofs" painting roofsreflective colors" livingwalls

=ndisturbed ecosystems #eep in

chec# organisms which cancause disease in humans

Aater temperature average Temitted by green building


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Carbon se2uestion on site.

/voided carbon emissions.

Energy production from thesite or energy consumptionreduction values.

Transportation /ccess toAal#ing" Bi#ing" TransitCreates /voided EnergyTransportation Energy =se

Food produced on a rooftopgarden or elsewhere.

Building carbon budget.6elation to offsite carbonse2uestration area.

6eduction in heatisland effectdue to building structure.

/ir uality" waterborne

diseases" heat stro#e" outsidebuilding3inside buildings


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5ncentives for water 2uality

Estimate unitis (e.g. #Ah"therms of electricity ornatural gas consumptionavoided and decreaseproDected energy billsaccordinglyG =tility incentivesbased on units of energyefficiency (white tags

4ossible incentives basedon trip reduction

0ar#et value of foodproduced

Carbon credits based onavoided C1: emissions



5ncorporated in energymodelsH

5ncentives based ondecreased to!ic airemissions

5ncentives for watertemperature


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$ee Energy 5ncentivesAor#sheet

$ee Cash Flow 4roDectedAor#sheet" Transportation?emand 6eduction5ncentives

$ee Cash Flow 4roDectedAor#sheet" Food 4rovision

$ee Cash Flow 4roDectedAor#sheet" Carbon Credits



$ee Cash Flow 4roDectedAor#sheet" Energy5ncentives

$ee Cash Flow 4roDectedAor#sheet" 5ndoor /iruality 5ncentives

$ee Cash Flow 4roDectedAor#sheet" Aater6egulation 5ncentives



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Aater 6egulation

Aater 6egulation

$tormwater 0anagement

?rought recovery andgroundwater recharge value e.g. low flow is dangerous tosalmon" cree#s run dry thatnever ran dry before

6echarge a2uifier helps

generate drin#ing water(production function

/voided stormwaterG /lsoloo# at avoided capitalcosts to upgradeinfrastructure

$tormwater infiltration onsitereduces amount going tostormwater system

7atural >aard6egulation

Could this impactinsurance rates is thisbuilding more or lessstorm resistantG healthybuildings less impact on

human health shouldimprove insurance rates

earth2ua#e" fire" flood" winds"hurricanes"

Aaste /bsorption andBrea#down

?eto!ification or absorption ofnatural or humanmadecontaminants





Flood 4rotection andAater Flow 6egulation

Flood district fee adopted in :''" high fee

6etention and storage of freshwater" recharge of groundwater consider e!emption fromstormwater fee for livingbuildings since they dontcontribute to loads


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$torm water disposal on siteHContribution or reduction ofwaters flowing into stormwater systemsH

/ir 2uality+ contribution toindoor and outdoor air 2uality.

Aater 2uality removal ofhumanmade contamination+Building and site impact onwater 2uality measurablyreduced. /re waters fromother properties improved bythis property.

$ewage treatment 3 greywatertreatment biologicaldecontamination" nutrientremoval" chemical removal endocrine disruptors

$oil 2uality+ impact on overallsoil 2ualityH

Aaste recycling" nutrientremoval" waste disposal.

6eduction and attenuation offloodwaters. Aater redirectionto increase lowflow watersand reduce high flow waters.6eduction of floodwatersdownstream (down street.6echarge of groundwater.


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?ecreased insurance ratesH

5ncentives for water 2uantitywith seasonal schedule

5ncentives for water 2uantitywith seasonal schedule

Estimate units (e.g. ccf ofstormwater dischargeavoided and decreaseproDected stormwater billsaccordingly


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$ee Cash Flow 4roDected

Aor#sheet" Aater6egulation 5ncentives

$ee Aater and Aastewater5ncentives Aor#sheet

$ee Cash Flow 4roDectedAor#sheet" Aaste6egulation 5ncentives






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$horeline $tabiliation

5nsect 4est Control

$=4416T57@ EC1$9$TE0 $E685CE$

4ollination

>abitat

Ieeping shorelines in a state ofe2uilibrium with ocean waters"especially in the face of risingsea levels

4roviding $hade and$helter

$oil Formation J6etention

0aintenance of $oil>ealth

7utrient 6egulation andCycling

Transfer of nutrients from one

place to anotherG transformationof critical nutrients fromunusable to usable forms

0aintenance ofBiodiversity

The number and types ofspecies and the ecosystemsthey comprise. 0easured atgene" population" species"ecosystem" and regional levels.Biodiversity provides resilienceto ecosystems and economies.Biodiversity is the infrastructure

provisioning other ecosystemservices

0aintenance ofBiodiversity

4roviding for the life historyneeds of plants and animals.


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8alue of natural shorelineprotection or stabiliation withthe construction" for e!ample"conservation sea grass areaor natural beach conserved

7utrient movements and loads

outside wastes discussedabove. 7itrogen" phosphorus"potassium" etc.

Biodiversity support in areaaround building" or ruralac2uisition land related to thebuilding.

Contribution to salmonrestoration or other habitatbenefits with storm waterrecharging of groundwater onsite" wastewater treatment orother actions that havebiodiversity implications.

>abitat contribution" on andoffsite.


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$ee Cash Flow 4roDectedAor#sheet" $oil and 7utrient5ncentives

$ee Cash Flow 4roDectedAor#sheet" $oil and 7utrient5ncentives


Aor#sheet" $oil and 7utrient5ncentives

$ee Cash Flow 4roDectedAor#sheet" Biodiversity and>abitat 5ncentives




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"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cowan, Ted


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie&i&0o- o

!ORILDINGS

Type ?efinition

?efinition of Benefit

>uman >ealth Enhanced health 5ndoor /ir uality

>uman >ealth >ealthy 0aterials

>uman >ealth /sthma /voidance

>uman >ealth

Aor#er 4roductivity

Comfort

4athway to 8alue inBuilding uantity and3or uality ofBeneficial 5mpact Created

$pecific BuildingFeature(s @eneratingthis EnvironmentalBenefit

uantitative or ualitative/ssessment of 8alueCreated

Bioaccumulation/voidance

5ncreased wor#erproductivity (wor#

accomplished upGabsenteeism down

7atural 8entilationG /bilityto Control ThermalComfortG 7atural LightG

4resence of 4lantsG8iews" etc.

Enhanced perceivedcomfort (thermal" fresh airflow" visual stimuli

7atural 8entilationG /bilityto Control ThermalComfortG 7atural LightG4resence of 4lantsG8iews" etc.


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i !rit8Ca##e$$, and %a&on Twi$$ ' ()** +y Eart Eono-i&

7)189(2811(: ;or Co--ent& or 4ue&tion&

Estimated Total 8alue 8aluation 0ethodology 0etadata

0onetary 8alue Created asFunction of uantity and3oruality or Beneficial 5mpactCreated

$amples 5nclude /voidedCosts" 6eplacement Costs"Factor 5ncome" Travel Cost">edonic 4ricing" 0arginal4roduct Estimation"Contingent 8aluation" @roup8aluation" 0ar#et 4ricing

Lin#s to 0etadata on8aluation 0ethods


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8alue 6ealied by 4ublic0onetiation 0ethods and/pplication in this 4ro Forma 8alue /ctually 6ealied in0odel

$amples 5nclude Ta! credits"ta! deductions" ecosystemservices payments" onetimeincentives" longtermstreams of payments"F=7?57@ 0EC>/75$0$"belowmar#et financing"grants" reduced capitalcosts" direct monetiationthrough increased rents"decrease turnover etc."impact fees" feebates"subsidies" loan guarantee"watershed improvementdistrict

?escription of Cells Ahere8alue is 0onetied in 4roForma

Estimated 0onetary 8alue/ccruing to other species"watersheds" neighboringbuildings" individuals

/voided costs of healthissues caused by poor5ndoor /ir uality

$ee Cash Flow 4roDectedAor#sheet" 5ndoor /iruality 5ncentives

/voided costs of healthissues caused by to!icbuilding materials

$ee Cash Flow 4roDectedAor#sheet" >ealthy0aterials 5ncentives

/voided costs of healthissues caused by asthma

$ee Cash Flow 4roDectedAor#sheet" 5ndoor /iruality 5ncentives and>ealthy 0aterials 5ncentives

/voided costs of healthissues caused bybioaccumulation of to!imaterials

$ee Cash Flow 4roDectedAor#sheet" >ealthy0aterials 5ncentives

5ncremental value of wor#accomplished in high

performance building versusconventional buildings

$ee Cash Flow 4roDectedAor#sheet" Aor#er

4roductivity 5ncentives

5ncremental value ofincreased wor#erproductivity" decreasedemployee turnover" etc.

$ee Cash Flow 4roDectedAor#sheet" Comfort5ncentives


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8alue 6ealied by 7eighbors3 /dDacent Buildings

Estimated 0onetary 8alue/ccruing to neighbors 3adDacent buildings


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$atisfaction

AellBeing Enhanced wellbeing

Transportation 4edestrian access

Transportation Bi#ing access

Transportation $treetcar

Transportation Carpooling

Enhanced daytodaysatisfaction



1pportunities for multipletransportation choices can decrease cost"decrease stress" enhancepro!imity to desiredactivities


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$ee Cash Flow 4roDectedAor#sheet" $atisfaction5ncentives


$ee Cash Flow 4roDectedAor#sheet" AellBeing5ncentives

>oward Frum#in wor#ing to2uantify health benefits ofsmart growth communitiesG

/dditional benefits fromdecreased need to invest inconventional transportationinfrastructure (roads"par#ing" etc.G ?ecreased

commuting e!pense versusdriving

$ee Cash Flow 4roDectedAor#sheet" Transportation1ptions $ocial 5ncentives


/dditional benefits fromdecreased need to invest inconventional transportationinfrastructure (roads"par#ing" etc.G ?ecreasedcommuting e!pense versusdriving





>oward Frum#in wor#ing to

2uantify health benefits ofsmart growth communitiesG/dditional benefits fromdecreased need to invest inconventional transportationinfrastructure (roads"par#ing" etc.G ?ecreasedcommuting e!pense versusdriving



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Transportation Carshare

Transportation Bus

Transportation Light 6ail

4lacema#ing 4laa or KThird $paceK

4lacema#ing Beauty

4lacema#ing $afety

4lacema#ing

4lacema#ing 4laces for Children

7ature ?eficit ?isorderCure


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/dditional benefits fromdecreased need to invest inconventional transportation

infrastructure (roads"par#ing" etc.G ?ecreasedcommuting e!pense versusdriving



/dditional benefits fromdecreased need to invest inconventional transportationinfrastructure (roads"par#ing" etc.G ?ecreased

commuting e!pense versusdriving





>edonic value created forwor#ers" residents" visitors"and general public byeffective placema#ing

$ee Cash Flow 4roDectedAor#sheet" 4lacema#ing5ncentives

>edonic value created forwor#ers" residents" visitors"and general public byeffective placema#ing


/voided costs of crime"conventional security" etc.


/voided costs of health

issues related to 7ature?eficit ?isorder


Aor#sheet" 4lacema#ing5ncentives

>edonic value created forchildren" wor#ers" residents"visitors" and general publicby effective placema#ing



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4lacema#ing 4laces for Elders

4lacema#ing

4lacema#ing

Biophilia Living Aall

Biophilia Filtering 4lants

Biophilia 5magery and /rtwor#

Biophilia Ecoroof

Biophilia @ardens

4sychological 8alue of

4ro!imity to BetweenFamily and Aor#

CollaborativeConsumption+ $haring6esources 6educesCosts

Ecosystem $ervices+/esthetic 8alues

The role which naturalbeauty plays in attractingpeople to live" wor# andrecreate in an area

?oes this building

contribute a net aestheticimprovement to thecommunity" does it fit withnatural systems. ?oes itraise property values inthe areaH ?oes it have aview of natural assets li#ethe Cascade 0ountainsor 4uget $oundH 5s thebuilding a blight toneighboring residentsH


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>edonic value created forelders" wor#ers" residents"visitors" and general publicby effective placema#ing


>edonic value created forwor#ers and their families

through pro!imity betweenfamily and wor#


Aor#sheet" 4lacema#ing5ncentives

/voided costs of eachindividual owning their owncar" tools" appliances" etc.


>edonic value createdthrough enhancede!periences of biophilia

$ee Cash Flow 4roDectedAor#sheet" Biophilia5ncentives









>edonic value createdthrough enhanced aesthetice!periences derived fromecosystem serices in thebuilt environment

$ee Cash Flow 4roDectedAor#sheet" /esthetic 8alues 5ncentives


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Ecosystem $ervices+$piritual 8alues

The roles whichecosystems and theircomponents play in thespiritual beliefs of people.This is especiallyimportant for indigenous

cultures. These values donot lend themselves wellto economic2uantification.

Building contribution tospiritual values

Ecosystem $ervices+6ecreational 8alues

The contribution ofecosystem features li#ebiological diversity andclean water in attractingpeople to engage inrecreational activities.

6ecreational and healthbenefits of the @reenbuilding and theinteractions with thelandscapeH

Ecosystem $ervices+$cientific and Educational

Ecosystems are thesubDect of much scientificstudy for both basic#nowledge and forunderstanding thecontribution of functioningecosystems to humanwellbeing.

Building contribution toscientific understanding ofthe connection betweenecosystem services andthe built environment.

Ecosystem $ervices+$cientific and Educational

Educational value forconnecting ecosystemservices and the builtenvironment.

Ecosystem $ervices+

Tourism

The e!plicit role that

innovative green buildingsplay in attracting visitors

Creation of building that is

an ecotourism destination


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>edonic value createdthrough enhanced spirituale!periences derived fromecosystem services in thebuilt environment

$ee Cash Flow 4roDectedAor#sheet" $piritual 8alues 5ncentives

>edonic value createdthrough enhanced spirituale!periences derived fromecosystem services in thebuilt environment

$ee Cash Flow 4roDectedAor#sheet" 6ecreational8alues 5ncentives

5ntellectual property and

innovation value derivedfrom proDects contributionsto enhanced scientificunderstanding of connectionbetween ecosystem servicesand the built environment

$ee Cash Flow 4roDectedAor#sheet" $cientific andEducational 8alues 5ncentives

Educational value derivedfrom connecting ecosystemservices to the builtenvironment

$ee Cash Flow 4roDectedAor#sheet" $cientific andEducational 8alues 5ncentives

>edonic value created

through ecological tourism toliving buildings


Aor#sheet" Ecotourism1pportunities 5ncentives


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"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cow


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie

!OR


41/89

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: - * & ) ,

:'%& :'%) :'%, :'% :'%< :':' :':%

O#eration&

&"%-":


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)":)%"': )"**:"%-:

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46/89

"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cowan, Teddi !


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie&i&0o- or 7)

!ORRNS

/ear E@uity Inve&t-ent A;ter8TaF .ro;it&

?C% (%%"'''"''' (%%"'''"''' (%%"'''"''' (%%"'''"'''

?C:

% %"*%-"**% %%"&)&",&% %"*%-"**% %"*%-"**%

: %"'


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48/89

"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cowan, T


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie&i&0o

!OR


49/89

eddi !rit8Ca##e$$, and %a&on Twi$$ ' ()** +y Eart Eono-i&

or 7)189(2811(: ;or Co--ent& or 4ue&tion&

Total Base 6ent

&"&'


50/89

"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cowan, T


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie&i&0o

!OR


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eddi !rit8Ca##e$$, and %a&on Twi$$ ' ()** +y Eart Eono-i&

or 7)189(2811(: ;or Co--ent& or 4ue&tion&

Total Base 6ent

-),":& -&.''-,,"-: -).'&

-")


52/89

"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cowan, Ted


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie&i&0o- o

!ORLE O3 DEVELO.MENT COSTS

Ty#ia$ Inre-enta$ Co&t&

$ilver LEE? ';@old LEE? :;

4latinum LEE? &;

Living Building :';

4roDect Costs

Land :,))),)))

=ard Con&trution Co&t& 8 Ba&e$ine Bui$din

Baseline Buildings -'"'''"'''

5ncremental Costs for @reen Building Features :'.''; )"'''"'''

Con&trution Tota$ 1H,))),)))

Tenant I-#rove-ent& *,))),)))

Con&trution .eriod Intere&t Co&t& (,7),9)

So;t Co&t&

/rchitecture and Engineering ,.''; :"&


53/89

i !rit8Ca##e$$, and %a&on Twi$$ ' ()** +y Eart Eono-i&

7)189(2811(: ;or Co--ent& or 4ue&tion&


54/89

"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cowa


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie&

!OR


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n, Teddi !rit8Ca##e$$, and %a&on Twi$$ ' ()** +y Eart Eono-i&



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Tota$ *"


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) , < %' %% %:

&"%,-":)% &"-:"*& &"*"-%: &")&:"


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%- %*

)"-):"*& )"&&-"--:

:-&"% :-&"%

*:*"%)* *-)"MMAR/

?escription 1ffered By /mount /vailable

:"''' to &"''' per proDect

=$ @reen Building Council

Commissioning 4lan Funding $eattle City Light &"''' to %'"'''

ENERG/ E33ICIENC/

$eattle City Light

4uget $ound Energy

=.$. Treasury ?ept.

!ATER E33ICIENC/

Aater Efficiency 5ncentives $aving Aater 4artnership

@reen Triple 7et Lease

SOLAR ENERG/

Federal Ta! Credit =.$. Treasury ?ept.

$ales Ta! E!emption Aashington $tate

@reen Tags Cascade $olar Consulting

/ccelerated ?epreciation =.$. Treasury ?ept.

DESIGN, COMMISSIONING,AND LEED COSTS

Energy $cenario /nalysis?early ?esign /ssistance

City of $eattle ?epartment of4lanning and ?evelopment

Free 4latinum LEE?Certication

6ebate of certification fees forLEE? 4latinum building

Energy Efficiency 5ncentives

for Electricity

$ee KEnergy 5ncentivesK

Aor#sheet

Energy Efficiency 5ncentivesfor 7atural @as

=p to ,'; of incremental costfor specific componentsproviding increased naturalgas efficiency

=$ Energy 4olicy /ct of :''&>igh 4erformance BuildingsTa! ?eduction

Ta! deduction of %.'3sf forbuildings with &'; below codeenergy performance

$ee KAater and Aastewater5ncentivesK Aor#sheet

Aastewater Efficiency

5ncentivesO.ERATIONAL COSTSAVINGS

5ncorporated 5nto Financial0odel

/nnual rent up to first yeardemonstrable cost savingsfrom green building features

Ta! credit of -'; of eligiblecosts for 48 system

Aaived sales ta! for sales andinstallation of 48 and solar hot

water systems&P3#Ah to %'P3#Ah for solarenergy production

$olar and wind installationscan be depreciated over a &year period


69/89

wan, Teddi !rit8Ca##e$$, and %a&on Twi$$ ' ()** +y Eart Eono-i&

e&i&0o- or 7)189(2811(: ;or Co--ent& or 4ue&tion&

/mount 4roDected 4ayable

Cash 1ccupancy

Cash 1ccupancy

Cash 1ccupancy

*:%")'' Cash 1ccupancy

Cash 1ccupancy

:"'''

-,"''' Cash 1ccupancy

:&%")') Cash (6ent

Federal Ta! Credit

1ccupancy

Cash

Type (Cash"

?eduction" or Ta!Credit

Federal Ta!?eduction

Ta! 9ear of1ccupancy

Aith 6ent4ayments forentire term oflease

Ta! 9ear of1ccupancy

$tate $ales Ta!

Aaiver1ccupancy andongoing

Federal Ta!?eduction

Five Ta! 9earsfrom 1ccupancy


70/89

"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cowan,


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie&i&0

!ORCTIONS

4ermanent Loan 0a!imum /vailableTotal 4roDect Costs &,"%-'",'

Loan to Cost 6atio ';

/vailable by Loan to Cost Test *&",'*")


71/89

Teddi !rit8Ca##e$$, and %a&on Twi$$ ' ()** +y Eart Eono-i&

o- or 7)189(2811(: ;or Co--ent& or 4ue&tion&


72/89

"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cowan, Tedd


REVISION5 OCTOBER (2, ()** 8 CONTACT Stuart Cowan, Auto#oie&i& LLC, &owan6a#oie&i&0o- or

!ORCTION .ERIOD INTEREST

/ssume :' month construction period

Construction Loan E!cluding 5nterest *-":'"'''

0onth $tarting Loan at End

% ' *; %",-%":'' %'"*&< %",*%")&

appendix a. modeling tool

Documents