Real estate development case competition for students from the top undergraduate real estate programs. The Challenge will gather 16 teams comprised of the next generation of real estate leaders together with judges and sponsors representing leading real estate firms. The case will be a development project which incorporates all aspects of development from financing to design. Each participating team will be comprised of four undergraduate real estate students and a faculty or staff advisor.

1. the mercado
APRIL 6, 2018
REDEVELOPMENT PROPOSAL

2. TEAM MEMBERS
2 | the mercado
ALEKSANDR DRABOVSKIY
Team Captain | Design Strategist
SARINA STRICKLAND
Analytic Expert
MARK MUÑOZ
Writer | Master Researcher
LUIS GONZÁLEZ
Director of Finance

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

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
788,000 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

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

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
133,000
total 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: 4.70%
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 continue 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 | ZION CAPITAL
• 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
$2,535
rent
$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

13. 03DEVELOPMENT PROPOSAL

14. BIG - Vancouver
How 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

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.
• 10% 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

19. 04STRATEGY EXECUTION

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. 237 Market size units
iii. 10% moderately affordable
units
• Hotel featuring 109 keys
• 89,000 SF retail
• Creating a new life with panoramic
views
PROJECT PHASING
TODAY 2021 20352018
PHASE 2 EXECUTION Completion of 2035 planCONSTRUCTION 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. 237 Market size units
iii. 10% moderately affordable
units
• Hotel featuring 109 keys
• 89,000 SF retail
• Creating a new life with panoramic
views

23. 05FINANCIAL IMPLICATIONS

24. Sources 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 OF CAPITAL
24 | the mercado

25. Sources 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
USES OF CAPITAL
25 | the mercado

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
Yield on Cost: 5.94%
Return on Cost: 98.16%
Additional FFO: $0.04
Total SF: 594,470 SF
Yield on Cost: 7.33%
Return on Cost: 90.19%
Additional FFO: $0.05
27 | the mercado
ALTERNATIVES

28. 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%
28 | the mercado
SENSITIVITY ANALYSIS

29. $313M
Total Phase 1 Cost
90.1%
Return on Cost , over
20-year hold
11.2%
Yield On Cost
$0.05
Additional FFO
1.39 Million SF
Maximum allowable development with bonuses
PROJECT SUMMARY
29 | the mercado

30. THANK YOU

31. 06APPENDIX

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

33. Appendix
Regional Map

34. Appendix
Site Map

35. Appendix
Stacking Plan

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

37. Appendix
Philadelphia 2035: Zoning Overlay

38. Appendix
Zoning Bonuses

39. Appendix
Public Space

40. Appendix
Affordable Housing Requirements

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

44. Appendix
BDN Development Timeline