EFTA01122413.pdf

Summary Investment and Purchase Price Analysis NO1 Before NOI After NO1 After Debt ICY Debt Service Debt Service Service / Capx Exit Debt as of Property Valuation Year 1 Year I NOI Year I Cap Rate Cap Rate Sep-06 Equity Yacht Harbor $ 8,500,000 S 844,463 S 83,234 S 64,734 9.9% 8.5% S 4.060,000 S 4.440,000 [torsi I larbor S 18,000,000 S 1,296,135 647,693 S 586,193 7.2% 8.5% S 6,523,000 S 11,477,000 Simpson Bay S 10,000.000 S 847,829 $ 518.746 S 313,246 8.5% 8.5% S 3,377,000 S 6,623,000 Village Cay S 14,000.000 S 1.117,941 S 219,858 (141,848) 8.0% 8.5% 6,925,000 S 7,075,000 Virgin Gorda Canyon Lake 16,000,000 $ 1,117.926 S 318,926 S (217,949) 7.0% 8.5% S 9,400,000 S 6,600,000 Crane Mills S 10,625,000 S 991,059 S 269,541 S (90,959) 9.3% 8.5% S 7,131,400 S 3.493.600 lakeway 8.000,000 S 827.481 S 313,379 S (305,961) 10.3% 8.5% 3,743,000 $ 4,257,000 Total 85,125,000 S 7,042.834 S 2,371,378 S 207,457 8.3% 8.5% S 41,159,400 S 43,965,600 rktelnal totems Tender Offer Interests wa ICY Total Value Cash (20%) Shares (80%) Total Value Cash (30%1 Shares (70%) Rhoades 1,384,271 $ 276.854 73,828 LPs $ 40,704,699 $ 12,211,410 1,899.553 Powers 1,318.871 $ 263.774 70,340 Olszewski 557,758 S 111.552 29.747 Total 3,260.901 652.180 173,915 Total S 40,704,699 S 12,211,410 1,899,553 Total Payout Total Value Casir ICY Sharel Total $ 43,965,600 S 12,863,590 2,073.467 EFTA01122413  Exhet lo1C bene un Ponta. venge, .119e197066 IGY Sari Preperly end Isarclese Poire Talualroo Ghb.l Model Assumptions Varie Hathor • Cap Raie Mail) 8.5% • Veer / bled on aljtigal 20'. I le/tel 1101Il 1.500.000 I et 1non. TX Haig Iladay 110F II 11..30.016 Coupon poeierdei revenue roc/taled b3 14% aie! exportes eacreaseiby 18.000.0» Lute Triol, TX • Rom Year 2 web 3% psont. nue fer bout Revenueand L>penscs Valise Cin INOF 111 14000.000 744700870n I74.; V9pn Ueda mon ni *unit», i(000.000 • land are loure bain axe Aurd a1 3% Stmeson Luy 11011II 19000.000 /0,009000 Sr Maartca, NA • Odet i fonnaba• hos bon peseta St Sto as ofUme.. 10. 3006 Conon laleCtanes MO MOF III imams» 11500.000 (*Nam, lalle.1X All Ines et amena sole tue...dune ree endof11w boldos po•od • A global toi cap raie dl 5% lakway N'A tempo • Gang =op rte baud ce Yor I NOPFurdee PIKC 8.400.000 Trot* TX • Corail lettnteons wed nie boa on Se. 5)1 Relaie fM all inoprees Tee 85.125010 69000.040 estes VC S to.attli oeaty o 3006 Capital %tete> ba> taled Noir Purcluse Nues Ineed are Mes animes1ot euh property onrollo Roll Up M'Optant') 115 prar Ilel Properly Fud Famine rite Indu& Velfib> UMM." Onan* Prit. IRR IRR IRR Cap Raie Cap Rage 8% Naleeeet. Oteendl (lameleiteel.) Voel. Herbue MW' Il (a3(9.043) 0talarlal .0.1. Base Case NO% 185.123000/ 161% 226% Dag Mea AIOF Il (1S.000.0001 195% 10.9% 85% Yes 93% It0.5611,7501 170% Yllinto Cet 610E III (I4.011.1.0ffl 251% 214% 11.416 15% Yn 90% 176.61?-301/ 180% Ouvr. Garda MOF 111 28.1% 231% 12.1% 15% 116.000.0601 Yes lb% Sommai Bey MOM III I72.156.2501 190% 319% 268% 121% 85% IIOs/30.000i Yes 8161 168.100.01. Conon Ltnoteaties Mil M01111 202% 372% 30.6% 13.6% 8 5% 110.625.00)1 Yes 75% (61.843.750/ 21a 457% 761% 145% 15% lakenny 18600.00)i l'es Yser lied rend Iseremeats Purehase Prim IRR 1RR IRR 5% __ Cap Rite Cap Rn. le.e ana I d >irae>) (golug.14) 1 !Lai- IRYTI1IROI-- 1721%— — 2/4!: — 21 5% 10 Ra 95% 1111; 1? 110.81775.7571 184% 707% 24 1% II a 8 5% 00% (74.6i...5047) 190% 346r. 271!í 15% 01156.250> 121% 15% 209% 40.01 3125i 128% 8 5% tel insocisno) 221% 4711'. 3611'. 13 6% 85% 75% 161/43.807 23.0% 51ri 47.Y.: 14.5% 85% ber I lold Perred laotien. hecto, l'Ose 1RR IRR IRR 5% iap Cap Raie r me aie li e • 93% 90% 115125 «01 180.8.5.750/ 174612.504 0ealertra. 18 Sy% 405% 219% 3u15: (lorette mtCapEs) 7421. t I 9% Ree) eag4a 9%. I14% re II5% 441!: 12 3% 12 1% t3% 85% 171156.2911 231K 400% 3772',. 8011 (G8.700.005) 12.8% 5% 254% 471% 44.81: 13.6% 85% 75% (61141750) 274% 57p: 34 9% Il NI 85% III IIMd retend latrenicos Percluse Prie IRR IRR IRR Y. Ce Raie Ibbetasit IDA- holetten11 Rotent a/C•08,1 ) 9M. 05 125).+An 1502:68./50) 43 P. 23.K Teli) 42 6% 199% d61% ‘VI. tue I 90% 114% 8 514 176..42.5001 261% 31.2% 437µ 121% SN/ 85% 172-756.2501 288% 62.I% 53 4% 80% 128% 55% 164.100.0001 31 7% 768% 6675: 136% 15% 75% 161841.7501 149% 965% 149: 14.5% 85% 28410 EFTA01122414  Raab IC Unna .384 83.8do Viseber»84 13032008 Yacht narber 61F I1 1.4433.94:4 Putchne Prim IRR IRR IRR 3% (wMosiag regt) fair Rate Cap Rar 1144t411940/ 11event9) (In«ad 9/CapEal trat (ø11l Bar en. I(% IN )17,,.0.10) 136% 1271. 124% 9 8 Sei 95% (6915.[09) 145% I4 ei 1181. 90% IU 3% 8.3% 0650.0101 154% IS 5% 153% I I 0% 85% 1' 225.0001 8.5% 164% 173% 170% 11 7% 80% 168000001 8.5% rra 1751i 194% 191% 124% 75% (6.355.0m 8.514 187% 220% 21 6% 13.2% meront.hz ier 8.5% Harm Mutet MOP 11 setiversTne mi2R6windRip _ IRR wend %dt. eaRP;Ratee,.. 931i C.:89P‘5il55ietEalt 7 n. ere. 0 5..to.wür 138% 79% 04.2200CA» +es 19 3% 72% 15 8% 100 let; 94:01 :(0, :»1 5% 183% 65% 8 51: 6% 226 474 21 4% II I% VIllar (ui 510F 111 lacroomat. ruaaaaae Pikt 111R IRR IRR ('ap Mut (åp Rate 5% 1efelesia ) (Sine«!) Ilwe(404 (levered) 41851(44413r8PIXI (d01 -8» .3 14 ) 0) 11 9% 114% 128% 8uk i , ee j • . •. 90% 112.4000501 136% 165% 157% 89% Km 0 1.00051781 143% 1801% 115% 94% 85% ein 0 1.:03.Ccel 153% 20.7% 19.6% 100% 85% 55es oo.sooxesze 8.5% 169% 235% 222% 1008% ('iap 851% %WSGott MCW III latreenteti rumhast rrke IRR MR IRR 5% (u/41Sn ca.%) Rate ('ap Rate Rare t.au. I(nei 9)% 90% c In ui) tu.» °Via/ 001 114.441.0031 (uallIm41 92r. 100% 108% ginend1 94.% 110% 11419,941 a/CaPEI) 8.6% 10U% 1 118.14) 801 74% re 5% 129% 11.8% 7.8% 85% 85% (13500.01101 117% 153% 131% 80% 82% 85% (12 403.003) 126% 182% 164% 87% 7544 (1251000051 85% 13.7% 221% 19.8% 9.3% 85% Slcuptun Ila) WW III lacnevate hrcluwPrke IRR IRR IRR Cap Rate cap Rad 5% . valtetreel Wend uh% 'Et j 4al 0_9.10.034 127% 144% 13.5•.% 894. 90% 19000004 85% 130% 158% 146.% 94% 8514 tu% 01.1000Uui 145% 17.3% 163% 811% 100% 85% (8000.00CI 155% 191% 179% 106% 75% c enoinini 212% 854 100% 19915 113% 854 (*na)on 1.4144Crnoes 51111 %UR' III hwitataIs rearcliaw hic, IRR IRR IRR 5% Cp Rate Cp Rate (Webtim MIO (..bland) PIteerte Ilnaud w/CapF4) I Bote (Ase 101% (10.6.15,WV7 189108-0 . 11 Rain 124% 39 43. 134% 93,4 II 5% 95,4 00005)90 Ines 2211t 1)11.• 90% 98% i5% (9.562.5101 142!' 25.4% 176% 104% 85% 303% 85% (9011.2%)) 1311% 205% 11 014 8.13 (15160009) 85% 161% 37.61% 24.5% 11.7% 75% (7,963.7971 i5% 173% 51 2% 307% 124% 85% 1-4:rehay WA latrema% rerchete Pikt IltR IRR IRR r= ( jr,..ap ../4131wu.6 2.2 Cap Rote Cp Rar i_ tt prgr_nh . tt:1 ing In e.tedi im lev ith r ipi .." ett!‘ ar! 95% (7,tagi,tVul 167% .. (01. /7 20u 0.K.) 177% 229% 155% 115% ES% 85% 16.800.(.)0G) 18.7% 251% 16953 (64005xx» 122% 8514 198% 27.2% 184% 129% 75% (65905XX» 85% 210% 31.2% 10.)% 118% 85% 3d10 EFTA01122415  [item IC Rome • SinPortia* vaur6.6 th 9,97006 Asioetpi oat 1aliudsoom Dew Roitioe Properly lafecouila• 36p Rriet Mciatiot Worn See Rao 21) Purchase Pnio 10500.000) Ilabse 4460.000 Un(nit.1Stan lArtme (Rooth 34% Cap KM(Goingiall 21$ S164 • SIT pet WM! goo 99% 1,1V 4$% Coined Slips 190 5272 . $312 per ?dome COGS 64% Cop Rale (so LS% Rae Myr lot (SRA% Wine Dry Dxk tardily S26 590 per Monii 6AX ORR (uallaeled) 130% law 17 Rod Reilei Mpn Foe so 61' IRR (reeted) 12 1% Aeon IS CBHane Saks CoatiR Yea) 10 391. 1RR Dented w/Csoliel 1.721 SF 124% Maras 07112017 Slam nida 562 SF lemma Yea 10 Calealis clopiatn1 Form& Rae 80% Nom lawn I loran. an4 l.ad Icamsan 0.80 64 3% wadi Rov.16 Aeon IS 2 Lon B rubies la 2038 Ataatily 101/20:0 3 ltiard 00in - Ray fen. Smite Dora Iltotetage, Boat la Year 0 1'ett I Year 2 Year) Year 4 year %or Vtar II Vest 1 1'mrI ler 9 Yes 10 MIK 2017 MOS 2000 IMO 2011 (sod Rotate taller 7011 NI) 2014 2013 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Sips 70% 1,178.10) 1311.443 3.0% 3,0% JAX 1 ac1 1.240,546 1357.142 1.175.962 1.165,741 1,444 717 1.441,914 1492,112 1.517,153 MateriCat4611ctoii • • Reath • Uplaof talus 2% 29410 30,797 31,711 Deft, 37673 1141.1 34,662 35.703 36.77) 37.810 39,013 Deed OtX•t . - • • • • MetiRe 7% 108.100 111349 114.895 115,142 • 110.6610acr 121.91 124.149 119.316 113,195 137,191 141.101 12% 183.766 IS9,275 191.956 203/05 206429 Gros, Receipts Ta. • 213.0)4 219,425 226,000 2)2.75 239.772 Tom,Inane 1.300415 • • 1.545467 1491,419 1.639.162 14511.336 1,724.744 I.7111.1136 1144441 14011157 1.15/345 Col ofWeds S.4.1 6% 96.004 921.554 101,551 101406 108.DM 111.295 114434 115171 111111 125.261 'teed Gross kOTIMI 1.441.144 I.414113- 1.4715,665 1.5.1.114 1,530.10 1417.691 421 %of lemma TO tip 11.11•1. 3.4% 3.0% 3.11% 41% 204626 210.971 217.300 223.119 Aftin 3% 230334 237,450 244,573 251.911 259.464 267,252 15,605 16.073 14155 17,02 17,544 µoo. 4% 18.705 15611 19.192 10.701 20,161 19,231) 19141 70.444 21.057 21.669 22339 11% 57415 59,137 21.010 23,703 24,411 4% 21,797 22.451 60.912 62.739 64.621 66440 *557 70613 72.732 74,914 CAM Ro