Modeling Tool

"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL"
By David Batker, Stuart Cowan, Theddi Wright Chappell, and Jason Twill
2011 by Earth Economics
PROTOTYPE VERSION 1.3
This Version October 24, 2011
For Questions or Comments, contact:
Stuart Cowan, Autopoiesis LLC, scowan@apoiesis.com or 503-724-3329
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 context, 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 feedback from users.
This is an experimental and prototype model and under no circumstances should be used
for purposes of appraisal, valuation, real estate investing, or related purpose.
"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL" By David Batker, Stuart Cowan, Theddi Wright-Chappe
REVISION: OCTOBER 24, 2011 - CONTACT Stuart Cowan, Autopoiesis LLC, scowan@apoiesis.com or 503-724-3329 fo
WORKSHEET:
PROJECT OVERVIEW
PROJECT SUMMARY
Project Name:
Building Uses:
Office
Retail
Multi-Family Residential
Industrial
Total Gross Square Footage:
Site size:
Floor-Area Ratio (FAR)
Total Project Budget
Living Building Case Study

150,000
10,000
160,000
40,000
4.0 :1
57,130,870
SOURCES AND USES OF FUNDS

Sources
Owner Equity
Amount Maximum Available

11,000,000
Construction Loan/Permanent Loan
46,130,870
Total Sources
57,130,870
44,081,865
INVESTOR RETURNS (AFTER TAX)

Internal Rate of Return
1 Year
5 Year
10 Year
2.54%
13.07%
14.75%
Net Present Value

(1,310,480)
1,546,808
4,219,681
Stuart Cowan, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
wan@apoiesis.com or 503-724-3329 for Comments or Questions
Uses
Land Costs
Hard Construction Cost
Tenant Improvements
Construction Period Inter
Soft Costs
Total Uses
Amount
9,000,000
36,000,000
1,000,000
2,850,870
8,280,000
57,130,870
WORKSHEET:
ENVIRONMENTAL BENEFITS OF BUILDINGS
Type
Notes
Type within Taxonomy of

Benefits
Definition
Definition of Benefit
PROVISIONING ECOSYSTEM SERVICES
Water Provision
Quantitative models
available
Biological materials used for

medicines, fuel, art and building.
Geological materials used for
construction or other purposes
Materials Provision
Materials Provision
Water supply - capturing and

purifying water from enviornment
Lifecycle analysis for

building materials energy, toxicity,
mutagenicity,
carcinogenicity
Building materials - wood,

concrete, steel, glass
id Batker, Stuart Cowan, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
LLC, scowan@apoiesis.com or 503-724-3329 for Comments or Questions
Pathway to Value in Building
Quantity and/or Quality of

Beneficial Impact Created
Specific Building Feature(s)

Quantitative or Qualitative
Generating this Environmental Assessment of Value
Benefit
Created
Water catchment (cistern or

otherwise) that contributes to
water supply. Reuse of grey
water, or conservation that
reduces water consumption/sq
foot or per occupant.
Fiber or other material

production from the building
Estimated Total Value
Monetary Value Created as

Function of Quantity and/or
Quality or Beneficial Impact
Created
Valuation Methodology
Metadata
Samples Include Avoided

Costs, Replacement Costs,
Factor Income, Travel Cost,
Links to Metadata on
Hedonic Pricing, Marginal
Valuation Methods
Product Estimation,
Contingent Valuation, Group
Valuation, Market Pricing
Monetization Methods and

Application in this Pro Forma
Samples Include Tax credits,

tax deductions, ecosystem
services payments, one-time
incentives, long-term
streams of payments,
FUNDING MECHANISMS,
below-market financing,
grants, reduced capital
costs, direct monetization
through increased rents,
decrease turnover etc.,
impact fees, feebates,
subsidies, loan guarantee,
watershed improvement
district
Market Values of Market

Traded Goods
Estimate units (e.g. ccf) of
water consumption avoided
and decrease projected
water bills accordingly
Market value of materials

produced
Possible incentives based

on low toxicity or low
embodied energy
Value Actually Realized in

Model
Value Realized by Public
Value Realized by Neighbors

/ Adjacent Buildings
Description of Cells Where

Value is Monetized in Pro
Forma
Estimated Monetary Value

Accruing to other species,
watersheds, neighboring
buildings, individuals

Accruing to neighbors /
adjacent buildings
See Water and Wastewater

Incentives Worksheet
See Cash Flow Projected

Worksheet, Materials
Provision Row

Worksheet, Materials
Provision Row
Energy Provision
Upstream calc. of avoided Fossil fuel, electricity, heating

damage on the landscape energy production or cooling
- e.g. avoided coal mining value
Energy Provision
Biomass for human
consumption, provided by a web
of organisms and a functioning
ecosystem
Food Provision
REGULATING ECOSYSTEM SERVICES
Climate Stability and

Carbon Sequestration
$ value per ton - Chicago

Climate Exchange,
Stern's Value $50$100/ton - can calculate
avoided emissions

Shift away from lump sum

payments to value a
negative kilowatt as a
newly generated - Seattle
utility example
Maintaining a climate within a

stable range. This is facilitated
by the capture and long-term
storage of carbon as a part of
the global carbon cycle. Oceans
also play a crucial in role climate
stabilization.

Temperature Regulation:
Local Climate Stability
Temperature decrease
from street trees,
ecoroofs, painting roofs
reflective colors, living
walls
Moderating the local heat-island e
Indoor Air Quality
Human Disease Control
Undisturbed ecosystems keep in

check organisms which can
cause disease in humans
Water Regulation
Water filtration
Water Regulation
Water temperature - average T

emitted by green building
Energy production from the

site or energy consumption
reduction values.
Transportation - Access to
Walking, Biking, Transit
Creates Avoided Energy
Transportation Energy Use
Food produced on a roof-top
garden or elsewhere.
Building carbon budget.

Relation to off-site carbon
sequestration area.
Carbon sequestion on site.
Avoided carbon emissions.
Reduction in heat-island effect

due to building structure.
Air Quality, waterborne

diseases, heat stroke, outside
building/inside buildings
Estimate unitis (e.g. kWh,

therms) of electricity or
natural gas consumption
avoided and decrease
projected energy bills
accordingly; Utility incentives
based on units of energy
efficiency (white tags)
Possible incentives based

on trip reduction
Market value of food

produced
Carbon credits based on

avoided CO2 emissions

Incorporated in energy
models?
Incentives based on
decreased toxic air
emissions
Incentives for water quality

Incentives for water
temperature
See Energy Incentives

Worksheet

Worksheet, Transportation
Demand Reduction
Incentives
Worksheet, Food Provision

Worksheet, Carbon Credits

Worksheet, Energy
Incentives
Worksheet, Indoor Air
Quality Incentives

Worksheet, Water
Regulation Incentives
Worksheet, Water
Water Regulation
Drought recovery and

groundwater recharge value e.g. low flow is dangerous to
salmon, creeks run dry that
never ran dry before
Water Regulation
Recharge aquifier helps

generate drinking water
(production function)
Avoided stormwater; Also

Stormwater infiltration on-site
look at avoided capital
Stormwater Management
reduces amount going to
costs to upgrade
stormwater system
infrastructure
Natural Hazard
Regulation
Waste Absorption and

Breakdown
Could this impact

insurance rates - is this
building more or less
storm resistant; healthy
buildings less impact on
human health should
improve insurance rates
earthquake, fire, flood, winds,

hurricanes,
Detoxification or absorption of
natural or human-made
contaminants

Breakdown

Breakdown

Breakdown
Breakdown
Flood Protection and

Water Flow Regulation
Retention and storage of fresh

water, recharge of groundwater Flood district fee consider exemption from
adopted in 2008, high fee stormwater fee for living
buildings since they don't
contribute to loads
Storm water disposal on site?

Contribution or reduction of
waters flowing into storm
water systems?
Air quality: contribution to

indoor and outdoor air quality.
Water quality removal of
human-made contamination:
Building and site impact on
water quality measurably
reduced. Are waters from
other properties improved by
this property.
Sewage treatment / greywater
treatment - biological
decontamination, nutrient
removal, chemical removal endocrine disruptors
Soil quality: impact on overall
soil quality?
Waste recycling, nutrient
removal, waste disposal.
Reduction and attenuation of
floodwaters. Water redirection
to increase low-flow waters
and reduce high flow waters.
Reduction of floodwaters
downstream (down street).
Recharge of groundwater.
Incentives for water quantity

with seasonal schedule
Incentives for water quantity

with seasonal schedule
Estimate units (e.g. ccf) of
stormwater discharge
avoided and decrease
projected stormwater bills
accordingly
Decreased insurance rates?

Worksheet, Water
Worksheet, Water
See Water and Wastewater
Incentives Worksheet

Worksheet, Waste

Worksheet, Waste

Worksheet, Waste
Worksheet, Waste
Worksheet, Waste
Shoreline Stabilization
Keeping shorelines in a state of

equilibrium with ocean waters,
especially in the face of rising
sea levels
Providing Shade and

Shelter
Insect Pest Control
SUPPORTING ECOSYSTEM SERVICES
Soil Formation &
Retention
Maintenance of Soil
Health
Nutrient Regulation and

Cycling
Transfer of nutrients from one

place to another; transformation
of critical nutrients from
unusable to usable forms
Pollination
Maintenance of
Biodiversity
The number and types of

species and the ecosystems
they comprise. Measured at
gene, population, species,
ecosystem, and regional levels.
Biodiversity provides resilience
to ecosystems and economies.
Biodiversity is the infrastructure
provisioning other ecosystem
services
Maintenance of
Biodiversity
Habitat
Providing for the life history

needs of plants and animals.
Value of natural shoreline

protection or stabilization with
the construction, for example,
conservation sea grass area
or natural beach conserved
Nutrient movements and loads

outside wastes discussed
above. Nitrogen, phosphorus,
potassium, etc.
Biodiversity support in area

around building, or rural
acquisition land related to the
building.
Contribution to salmon
restoration or other habitat
benefits with storm water
recharging of groundwater on
site, wastewater treatment or
other actions that have
biodiversity implications.
Habitat contribution, on and
off-site.

Worksheet, Soil and Nutrient
Incentives
Incentives
Incentives

Worksheet, Biodiversity and
Habitat Incentives

Habitat Incentives

Habitat Incentives
WORKSHEET:
SOCIAL BENEFITS OF BUILDINGS
Type
Human Health
Definition
Pathway to Value in
Building
Quantity and/or Quality of

Beneficial Impact Created
Definition of Benefit
Specific Building
Feature(s) Generating
this Environmental
Benefit
Quantitative or Qualitative
Assessment of Value
Created
Enhanced health
Indoor Air Quality
Human Health
Healthy Materials
Human Health
Asthma Avoidance
Human Health
Bioaccumulation
Avoidance
Natural Ventilation; Ability
to Control Thermal
Comfort; Natural Light;
Presence of Plants;
Views, etc.
Worker Productivity
Increased worker
productivity (work
accomplished up;
absenteeism down)
Comfort

Enhanced perceived
to Control Thermal
comfort (thermal, fresh air Comfort; Natural Light;
flow, visual stimuli)
Presence of Plants;
Views, etc.
owan, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
iesis.com or 503-724-3329 for Comments or Questions
Estimated Total Value
Valuation Methodology
Metadata
Monetary Value Created as

Function of Quantity and/or
Quality or Beneficial Impact
Created
Samples Include Avoided

Costs, Replacement Costs,
Factor Income, Travel Cost,
Links to Metadata on
Hedonic Pricing, Marginal
Valuation Methods
Product Estimation,
Contingent Valuation, Group
Valuation, Market Pricing
Monetization Methods and

Value Actually Realized in
Application in this Pro Forma Model
Value Realized by Public
Samples Include Tax credits,

tax deductions, ecosystem
services payments, one-time
incentives, long-term
streams of payments,
FUNDING MECHANISMS,
below-market financing,
Description of Cells Where
grants, reduced capital
Value is Monetized in Pro
costs, direct monetization
Forma
through increased rents,
decrease turnover etc.,
impact fees, feebates,
subsidies, loan guarantee,
watershed improvement
district

Accruing to other species,
watersheds, neighboring
buildings, individuals
Avoided costs of health

issues caused by poor
Indoor Air Quality

Quality Incentives

issues caused by toxic
building materials

Worksheet, Healthy
Materials Incentives

issues caused by asthma

Quality Incentives and
Healthy Materials Incentives

issues caused by
bioaccumulation of toxi
materials

Worksheet, Healthy
Materials Incentives
Incremental value of work

accomplished in high
Worksheet, Worker
performance building versus
Productivity Incentives
conventional buildings
Incremental value of
increased worker
productivity, decreased
employee turnover, etc.

Worksheet, Comfort
Incentives
Value Realized by Neighbors

/ Adjacent Buildings

Accruing to neighbors /
adjacent buildings
Enhanced day-to-day
satisfaction

to Control Thermal
Presence of Plants;
Views, etc.
Well-Being
Enhanced well-being

to Control Thermal
Presence of Plants;
Views, etc.
Transportation
Opportunities for multiple

transportation choices can decrease cost,
Pedestrian access
decrease stress, enhance
proximity to desired
activities
Satisfaction
Transportation
Biking access
Transportation
Streetcar
Transportation
Carpooling
increased worker

Worksheet, Satisfaction
Incentives
increased worker

Worksheet, Well-Being
Incentives
Howard Frumkin working to

quantify health benefits of
smart growth communities;
Additional benefits from
decreased need to invest in
conventional transportation
infrastructure (roads,
parking, etc.); Decreased
commuting expense versus
driving

Options Social Incentives

driving


driving


driving

Transportation
Carshare
Transportation
Bus
Transportation
Light Rail
Placemaking
Plaza or "Third Space"
Placemaking
Beauty
Placemaking
Safety
Placemaking
Nature Deficit Disorder

Cure
Placemaking
Places for Children

driving


driving


driving

Hedonic value created for

workers, residents, visitors,
and general public by
effective placemaking

Worksheet, Placemaking
Incentives

workers, residents, visitors,
and general public by
effective placemaking

Incentives
Avoided costs of crime,

conventional security, etc.

Incentives

issues related to Nature
Deficit Disorder

Incentives

children, workers, residents,
visitors, and general public
Incentives
by effective placemaking
Placemaking
Places for Elders
Placemaking
Psychological Value of
Proximity to Between
Family and Work
Placemaking
Collaborative
Consumption: Sharing
Resources Reduces
Costs
Biophilia
Living Wall
Biophilia
Filtering Plants
Biophilia
Imagery and Artwork
Biophilia
Ecoroof
Biophilia
Gardens
Ecosystem Services:
Aesthetic Values
Does this building

contribute a net aesthetic
improvement to the
community, does it fit with
The role which natural
natural systems. Does it
beauty plays in attracting raise property values in
people to live, work and
the area? Does it have a
recreate in an area
view of natural assets like
the Cascade Mountains
or Puget Sound? Is the
building a blight to
neighboring residents?

elders, workers, residents,
visitors, and general public
by effective placemaking

Incentives

workers and their families
through proximity between
family and work

Incentives
Avoided costs of each

individual owning their own
car, tools, appliances, etc.

Incentives
Hedonic value created

through enhanced
experiences of biophilia

Worksheet, Biophilia
Incentives

through enhanced

Incentives

through enhanced

Incentives

through enhanced

Incentives

through enhanced

Incentives

through enhanced aesthetic See Cash Flow Projected
experiences derived from
Worksheet, Aesthetic Values
ecosystem serices in the
- Incentives
built environment
Ecosystem Services:
Spiritual Values
The roles which

ecosystems and their
components play in the
spiritual beliefs of people.
This is especially
Building contribution to
important for indigenous spiritual values
cultures. These values do
not lend themselves well
to economic
quantification.
Ecosystem Services:
Recreational Values
The contribution of
ecosystem features like
biological diversity and
clean water in attracting
people to engage in
recreational activities.
Recreational and health

benefits of the Green
building and the
interactions with the
landscape?
Ecosystems are the

subject of much scientific
study for both basic
Ecosystem Services:
knowledge and for
Scientific and Educational understanding the
contribution of functioning
ecosystems to human
well-being.
Building contribution to
scientific understanding of
the connection between
ecosystem services and
the built environment.
Ecosystem Services:
Scientific and Educational
Educational value for

connecting ecosystem
services and the built
environment.
Ecosystem Services:
Tourism
The explicit role that

Creation of building that is
innovative green buildings
an ecotourism destination
play in attracting visitors

through enhanced spiritual
ecosystem services in the
built environment

Worksheet, Spiritual Values Incentives

through enhanced spiritual
ecosystem services in the
built environment

Worksheet, Recreational
Values - Incentives
Intellectual property and

innovation value derived
from project's contributions
to enhanced scientific
understanding of connection
between ecosystem services
and the built environment

Worksheet, Scientific and
Educational Values Incentives
Educational value derived

from connecting ecosystem
services to the built
environment

Worksheet, Scientific and
Educational Values Incentives

through ecological tourism to Worksheet, Ecotourism
living buildings
Opportunities Incentives
WORKSHEET:
CASH FLOW PROJECTED
Year Number
Design &
Design &
Construction 1 Construction 2
2012
2013
1
2014
Design & Construction
Revenue
Owner Equity
Construction Draw
11,000,000
12,366,578
29,759,885
ENVIRONMENTAL BENEFITS
Energy Incentives
Transportation Demand Reduction Incentives
Materials Provision (Value)
Food Provision (Value)
Carbon Credits
Water Regulation Incentives
Stormwater Regulation Incentives
Waste Absorption and Breakdown Incentives
Biodiversity and Habitat Incentives
Soil and Nutrient Incentives
Additional Environmental Benefit 1
Additional Environmental Benefit 2
421,600
37,000
SOCIAL BENEFITS
Indoor Air Quality Incentives
Healthy Materials Incentives
Worker Productivity Incentives
Comfort Incentives
Satisfaction Incentives
Well-Being Incentives
Transportation Options Social Incentives
Placemaking Incentives
Biophilia Incentives
Aesthetic Values - Incentives
Spiritual Values - Incentives
Recreational Values - Incentives
Scientific and Educational Values - Incentives
Ecotourism Opportunities Incentives
Additional Social Benefit 1
Additional Social Benefit 2
Gross Operating Income
Operating Expenses Charge (Inc. Util.)
4,995,945
864,960
2
2015
3
2016
4
2017
5
2018
6
2019
7
2020
8
2021
Operations
5,138,299
890,909
5,284,923
917,636
5,435,946
945,165
5,591,500
973,520
5,751,720
1,002,726
5,916,747
1,032,807
6,086,725
1,063,792
9
2022
6,261,802
1,095,705
10
2023
6,442,132
1,128,577
Total
Expenses
Construction Costs Incl. Interest
Land Cost
Draws Against Owner Equity
Operating Expenses
Total
Net Cash Flow Prior to Debt Service
Debt Service
Debt Coverage Ratio
Pre-Tax Earnings
Add Back Principal Payment
Depreciation
Deduction for High Performance Bldg.
Tax Basis
Taxes @ 35% Rate Before Credits
Tax Credits for Green Features
Taxes
Post-Tax Earnings
Tax Rate
23,366,578
29,759,885
12,366,578
9,000,000
2,000,000
29,759,885
23,366,578
29,759,885
0
0
0
0
35%
0
-
864,960
864,960
5,454,545
3,870,645
1.41
1,583,900
Construction Loan Period

-
6,319,505
425,250
(1,234,125)
(288,000)
487,025
170,459
170,459
1,413,441
6,029,207
6,202,559
6,381,111
6,565,020
6,754,446
6,949,555
7,150,517
890,909
890,909
917,636
917,636
945,165
945,165
973,520
973,520
1,002,726
1,002,726
1,032,807
1,032,807
1,063,792
1,063,792
5,138,299
3,870,645
1.33
1,267,654
5,284,923
3,870,645
1.37
1,414,278
5,435,946
3,870,645
1.40
1,565,301
5,591,500
3,870,645
1.44
1,720,855
5,751,720
3,870,645
1.49
1,881,075
5,916,747
3,870,645
1.53
2,046,102
6,086,725
3,870,645
1.57
2,216,080
458,264
(1,234,125)
493,840
(1,234,125)
532,178
(1,234,125)
573,492
(1,234,125)
618,014
(1,234,125)
665,992
(1,234,125)
717,694
(1,234,125)
491,792
172,127
673,993
235,898
863,354
302,174
1,060,222
371,078
1,264,964
442,737
1,477,969
517,289
1,699,650
594,877
172,127
1,095,526
235,898
1,178,381
302,174
1,263,127
371,078
1,349,777
442,737
1,438,338
517,289
1,528,813
594,877
1,621,203
7,357,508
7,570,708
1,095,705
1,095,705
1,128,577
1,128,577
6,261,802
3,870,645
1.62
2,391,157
6,442,132
3,870,645
1.66
2,571,487
773,411
(1,234,125)
833,453
(1,234,125)
1,930,443
675,655
2,170,815
759,785
675,655
1,715,502
759,785
1,811,702
WORKSHEET:
INVESTOR RETURNS
Year
DC1
DC2
1
2
3
4
5
6
7
8
9
10
Total - Assuming Total - Assuming Total - Assuming

Project Sold at
Project Sold at
Project Sold at
Equity Investment After-Tax Profits
End of Year 1
End of Year 5
End of Year 10
(11,000,000)
(11,000,000)
(11,000,000)
(11,000,000)
1,413,441
11,565,751
1,413,441
1,413,441
1,095,526
1,095,526
1,095,526
1,178,381
1,178,381
1,178,381
1,263,127
1,263,127
1,263,127
1,349,777
16,158,618
1,349,777
1,438,338
1,438,338
1,528,813
1,528,813
1,621,203
1,621,203
1,715,502
1,715,502
1,811,702
24,248,978
Internal Rate of Return - After-Tax Profits

Net Present Value
10.00%
Investor Return - Assumed Sale
Net Operating Income
Terminal Cap Rate
Fair Market Value
Cost of Sale
Sale Price Realized
Remaining Principal
Project Equity
Tax Basis for Building
Capital Gain on Sale
Tax Payment
Net Project Equity
2.54%
(1,310,480)
13.07%
1,546,808
14.75%
4,219,681
Year 1
4,995,945
Year 5
5,591,500
Year 10
6,442,132
58,775,821
(2,938,791)
55,837,030
(45,705,620)
10,131,410
55,896,745
(59,716)
20,900
10,152,310
65,782,350
(3,289,117)
62,493,232
(43,647,847)
18,845,386
50,960,246
11,532,987
(4,036,545)
14,808,840
75,789,784
(3,789,489)
72,000,294
(40,039,283)
31,961,012
44,789,621
27,210,673
(9,523,736)
22,437,276
8.50%
5.00%
35%
n, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
s.com or 503-724-3329 for Comments or Questions
WORKSHEET:
TENANT COSTS - OFFICE TENANT
Year
1
2
3
4
5
6
7
8
9
10
Base Rent
Green Payment
Utilities
4,462,500
235,881
4,596,375
235,881
4,734,266
235,881
4,876,294
235,881
5,022,583
235,881
5,173,261
235,881
5,328,458
235,881
5,488,312
235,881
5,652,961
235,881
5,822,550
235,881
Net Present Value of Payments During Course of 10 Year Lease

Assume Office Tenant Discount Rate of:
Utilities escalation rate:
Other Operating Expense esc rate:
3.00%
3.00%
Utilities and Operating Expenses - Year One - per s.f.

Baseline
Green Building
Energy
1.60
0.00
Water
0.05
0.00
Wastewater
0.20
0.00
Other Utilities
0.16
0.16
Utilities
2.01
0.16
Repairs & Maintenance
1.70
1.70
Security
0.50
0.50
Garage Operations
0.90
0.90
Management Fee
0.40
0.40
Real Estate Taxes
2.25
2.25
Insurance
0.45
0.45
Total
8.21
6.36
Green Payment
0.00
1.85
Total
8.21
8.21
20,400
21,012
21,642
22,292
22,960
23,649
24,359
25,089
25,842
26,617
10.00%
Other OpEx
790,500
814,215
838,641
863,801
889,715
916,406
943,898
972,215
1,001,382
1,031,423
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apoiesis.com or 503-724-3329 for Comments or Questions
Total
5,509,281
5,667,483
5,830,431
5,998,267
6,171,139
6,349,197
6,532,596
6,721,497
6,916,066
7,116,472
37,750,118
Base Rent
35.00
36.05
37.13
38.25
39.39
40.57
41.79
43.05
44.34
45.67
WORKSHEET:
TENANT COSTS - RETAIL TENANT
Year
1
2
3
4
5
6
7
8
9
10
Base Rent
Green Payment
Utilities
297,500
15,725
306,425
15,725
315,618
15,725
325,086
15,725
334,839
15,725
344,884
15,725
355,231
15,725
365,887
15,725
376,864
15,725
388,170
15,725
Net Present Value of Payments During Course of 10 Year Lease

Assume Retail Tenant Discount Rate of:
Utilities escalation rate:
Other Operating Expense esc rate:
3.00%
3.00%
Utilities and Operating Expenses - Year One - per s.f.

Baseline
Green Building
Energy
1.60
0.00
Water
0.05
0.00
Wastewater
0.20
0.00
Other Utilities
0.16
0.16
Utilities
2.01
0.16
Repairs & Maintenance
1.70
1.70
Security
0.50
0.50
Garage Operations
0.90
0.90
Management Fee
0.40
0.40
Real Estate Taxes
2.25
2.25
Insurance
0.45
0.45
Total
8.21
6.36
Green Payment
0.00
1.85
Total
8.21
8.21
1,360
1,401
1,443
1,486
1,531
1,577
1,624
1,673
1,723
1,774
10.00%
Other OpEx
52,700
54,281
55,909
57,587
59,314
61,094
62,927
64,814
66,759
68,762
t Cowan, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
apoiesis.com or 503-724-3329 for Comments or Questions
Total
367,285
377,832
388,695
399,884
411,409
423,280
435,506
448,100
461,071
474,431
2,516,675
Base Rent
35.00
36.05
37.13
38.25
39.39
40.57
41.79
43.05
44.34
45.67
WORKSHEET:
SCHEDULE OF DEVELOPMENT COSTS
Typical Incremental Costs
Silver LEED
Gold LEED
Platinum LEED
Living Building
0%
2%
5%
20%
Project Costs
Land
Hard Construction Costs - Baseline Building
Baseline Buildings
Incremental Costs for Green Building Features
Construction Total
Tenant Improvements
Construction Period Interest Costs
Soft Costs
Architecture and Engineering
Sub-Consultants
Leasing and Marketing
Development Fees, Insurance, Financing Fees, etc.
Soft Costs Total
Total
9,000,000
20.00%
30,000,000
6,000,000
36,000,000
1,000,000
2,850,870
7.00%
2.00%
3.00%
9.00%
2,590,000
740,000
1,110,000
3,330,000
8,280,000
57,130,870
owan, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
iesis.com or 503-724-3329 for Comments or Questions
WORKSHEET:
OPERATING INCOME
Office Space
$/ft green
Area
$/ft NNN
lease
Rentable s.f Annual Rent
Main Tenant
35.00
1.85
127,500
4,698,381
127,500
4,698,381
Vacancy
0%
Gross Operating Income Excl. OpEx
4,698,381
Area
Vacancy
Gross Operating Income
Retail Space
$/ft green
$/ft NNN
lease
Rentable s.f. Annual Rent
35.00
1.85
8,500
313,225
8,500
313,225
5%
(15,661)
297,564
Total
4,995,945
Fair Market Value - As Completed

Net Operating Income
Cap Rate
Fair Market Value
4,995,945
8.50%
58,775,821
Operating Income - History

Office -Base
Office - Green Lease
Retail - Base
Retail - Green Lease
Retail - Vacancy @ 5%
Operating Income
Base Rent Escalator
1
4,462,500
235,881
297,500
15,725
(15,661)
4,995,945
3%
2
4,596,375
235,881
306,425
15,725
(16,108)
5,138,299
3
4,734,266
235,881
315,618
15,725
(16,567)
5,284,923
4
4,876,294
235,881
325,086
15,725
(17,041)
5,435,946
5
5,022,583
235,881
334,839
15,725
(17,528)
5,591,500
6
5,173,261
235,881
344,884
15,725
(18,030)
5,751,720
7
5,328,458
235,881
355,231
15,725
(18,548)
5,916,747
8
5,488,312
235,881
365,887
15,725
(19,081)
6,086,725
9
5,652,961
235,881
376,864
15,725
(19,629)
6,261,802
10
5,822,550
235,881
388,170
15,725
(20,195)
6,442,132
11
5,997,227
235,881
399,815
15,725
(20,777)
6,627,871
12
6,177,144
235,881
411,810
15,725
(21,377)
6,819,183
13
6,362,458
235,881
424,164
15,725
(21,994)
7,016,233
14
6,553,332
235,881
436,889
15,725
(22,631)
7,219,196
WORKSHEET:
ENERGY INCENTIVES
Assumed Efficiency
100%
Typical Energy Savings

Silver LEED
Gold LEED
Platinum LEED
Living Building
33%
40%
55%
100%
Baseline Energy Usage

ELECTRICITY
Seattle City Light Large Network General Services Schedule
Building Square Footage
160,000
Electricity Use (kWh/sf/year)
15.5
Annual Use (kWh)
2,480,000
Cost per kWh
0.0594
Energy Charges
147,312
Average Demand (kW)
1,240
Demand Charge per KW Peak
1.68
Demand Charges
24,998
Total
172,310
NATURAL GAS
Puget Sound Energy Schedule 31. Commercial and Industrial General Service
Building Square Footage
160,000
Natural Gas Use (therms/sf/year
0.27
Annual Use (therms)
43,200
Cost per therm
1.043260
Total
45,069
Total Energy Cost
Efficiency Savings
Total Cost with Efficiency
217,379
100%
-
Energy Incentives Calculation - Available from Seattle City Light

Description
unit
Incentive per unit Units qualifying
New Lighting Fixtures
T-8 fluorescent with electronic
ballasts
kWh
0.13
Metal halide
kWh
0.13
High-pressure sodium
kWh
0.13
Exit signs
sign
30.00
Controls
HVAC controls
kWh
0.17
Central lighting controls
kWh
0.21
Daylighting controls
kWh
0.17
Occupancy sensors - wall
unit
30.00
Occupancy sensors - ceiling
unit
90.00
Incentive at Occupancy
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
an, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
sis.com or 503-724-3329 for Comments or Questions
ve at Occupancy
HVAC Equipment
Chillers
Air Conditioners
Air-to-air heat pumps
Hydronic heat pumps
Variable speed drives for fans
Efficient Transformers
Efficient Transformers
Motors
Process Loads
Non-process loads
Total
kWh
kWh
kWh
kWh
kWh
0.29
0.20
0.20
0.23
0.23
0
0
0
0
0
0
0
0
0
0
kWh
0.23
kWh
kWh
0.15
0.23
0
0
0
0
0
0
Alternative: Generic Incentives Calculation

Total Savings first year (kWh)
2,480,000
Average Savings per KWh
0.17
Total Incentive
421,600
Federal Tax Deduction for High Performance Buildings (At least 50% beyond code)
Square Footage
160,000
Deduction per s.f. (>50% eff)
1.80
Total Deduction
288,000
WORKSHEET:
WATER AND WASTEWATER INCENTIVES
Number of Employees
Assumed Efficiency
800
100%
Typical Water/Wastewater Savings

Silver LEED
30%
Gold LEED
32%
Platinum LEED
34%
Living Building
100%
Baseline Water Usage (Based on LEED-NC 2.2 WEC 3 Calculation Template)

Full Time EquivalenStudent/Visitor
Retail Customer
Residential
Occupancy
800
800
400
Flush Fixture Data
Conventional WC (Female)
1,920
320
64
Conventional WC (Male)
640
64
32
Conventional Urinal
800
160
20
Flow Fixture Data
Conventional Lavatory
1,500
250
50
Conventional Shower
1,000
Kitchen Sink
500
Janitor Sink
50
Total
6,410
794
166
0
-
Annual Days in Operation

Total Annual Water Usage
Baseline Water Cost

Charge/100 cu.ft.
Gallons Used
Total Cost
Efficiency Savings
Peak (May 16Off-Peak

Total
September 15)
3.35
2.62
614,167
1,228,333
2,751
4,302
* Conversion Factor 100 cu.ft. =

1,842,500
7,053
100%
-
Fixture Count for King County Sewer Capacity Charge (Baseline)

Public Units
Private Units
Fixture Units
Shower, Per Head
0
4
8
Dishwasher
0
3
6
Drinking Fountain (Heads)
1
3
2.5
Sink, Lavatory
2
18
22
Sink, Clinic Flushing
0
0
0
Sink, Kitchen
0
3
6
Urinal, flush valve, 1 GPF
2
18
46
Water Closet, 1.6 GPF
3
27
99
Total
189.5
Charge/100 cu.ft.
7.45
an, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
sis.com or 503-724-3329 for Comments or Questions
Water Usage/Day
2,304
736
980
1,800
1,000
500
50
7,370
250
1,842,500
version Factor 100 cu.ft. = 748 gallons
Gallons Used
Wastewater Charge
Basic Service Charge
Residential Customer
Equivalents (RCEs)
Capacity Charge
Total
Efficiency Savings
Water Efficiency Incentives
Description
High-efficiency toilet
High-efficiency urinal
General efficiency measures
Total
1,842,500
18,351
3,564
9.48
5,259
27,174
100%
-
* Assumes 10" pipe
* Payable for 15 year period, based
unit
Incentive per unit Units qualifying
Incentive at Occupancy
unit
50.00
30
1,500
unit
100.00
20
2,000
gallons/day saved
10.00
3,350
33,500
37,000
mes 10" pipe
ble for 15 year period, based on $46.25/RCE/month
ve at Occupancy
* Assume all toilets high-efficiency if Water Efficiency at least 20%
* Assume all urinals high-efficiency if Water Efficiency at least 20%
WORKSHEET:
GREEN BUILDING INCENTIVES SUMMARY
Description
DESIGN, COMMISSIONING,
AND LEED COSTS
Energy Scenario Analysis
Dearly Design Assistance
Free Platinum LEED
Certication
Commissioning Plan Funding
ENERGY EFFICIENCY
Energy Efficiency Incentives
for Electricity
Energy Efficiency Incentives

for Natural Gas
US Energy Policy Act of 2005
High Performance Buildings
Tax Deduction
WATER EFFICIENCY
Water Efficiency Incentives
Wastewater Efficiency
Incentives
OPERATIONAL COST
SAVINGS
Green Triple Net Lease

SOLAR ENERGY
Federal Tax Credit
Offered By
City of Seattle Department of

Planning and Development
Amount Available
US Green Building Council

Seattle City Light
2,000 to 5,000 per project

Rebate of certification fees for
LEED Platinum building
5,000 to 10,000
Seattle City Light
See "Energy Incentives"

Worksheet
Puget Sound Energy
Up to 70% of incremental cost

for specific components
providing increased natural
gas efficiency
U.S. Treasury Dept.
Tax deduction of $1.80/sf for

buildings with 50% below code
energy performance
Saving Water Partnership
See "Water and Wastewater

Incentives" Worksheet
Incorporated Into Financial

Model
Annual rent up to first year

demonstrable cost savings
from green building features
U.S. Treasury Dept.
Tax credit of 30% of eligible

costs for PV system
Sales Tax Exemption
Washington State
Green Tags
Cascade Solar Consulting
Waived sales tax for sales and

installation of PV and solar hot
water systems
5/kWh to 10/kWh for solar
energy production
U.S. Treasury Dept.
Solar and wind installations

can be depreciated over a 5year period
Accelerated Depreciation
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owan@apoiesis.com or 503-724-3329 for Comments or Questions
Type (Cash,
Deduction, or Tax
Amount Projected Credit)
Payable
Cash
Occupancy
Cash
Cash
Occupancy
Occupancy
421,600 Cash
Occupancy
Cash
Federal Tax
288,000 Deduction
37,000 Cash
251,606 Cash (Rent)
Occupancy
Tax Year of
Occupancy
Occupancy
With Rent
Payments for
entire term of
lease
Tax Year of
Federal Tax Credit Occupancy
State Sales Tax

Waiver
Cash
Occupancy
Occupancy and
ongoing
Federal Tax
Deduction
Five Tax Years

from Occupancy
WORKSHEET:
LOANS AND TAX DEDUCTIONS
Permanent Loan - Maximum Available

Total Project Costs
Loan to Cost Ratio
Available by Loan to Cost Test
Fair Market Value - As Completed
Loan to Value Ratio
Available by Loan to Value Test
Amount Available
Permanent Loan - Debt Service
Amount of Permanent Loan
Rate
Term of Loan (Years)
Monthly Payment
Construction Loan - Debt Service
Per Amount of Construction Loan
Rate
Term of Loan (Years)
Monthly Payment
57,130,870
80%
45,704,696
58,775,821
75%
44,081,865
44,081,865
46,130,870
7.50%
30
$322,553.74
1,000,000
7.25%
Interest Only
$6,041.67
Federal Tax Deduction for High Performance Buildings

Eligible Square Feet (Office + Retail GSF)
160,000
Amount per square foot
1.80
Total Deduction
288,000
Threshold Energy Efficiency
50%
uart Cowan, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
n@apoiesis.com or 503-724-3329 for Comments or Questions
WORKSHEET:
CONSTRUCTION PERIOD INTEREST
Assume 20 month construction period
Construction Loan Excluding Interest
Month
Starting
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
0
1,741,659
3,493,841
5,692,024
7,903,487
10,128,312
12,366,578
14,618,367
16,883,760
19,598,255
22,329,150
25,076,545
27,840,538
30,185,815
32,545,262
34,918,964
37,307,007
39,709,477
42,126,463
44,122,636
43,280,000
Percentage of
Construction Loan Loan Draw This
Interest This
This Month
Month
Period
Loan at End
4%
1,731,200
10,459
1,741,659
4%
1,731,200
20,982
3,493,841
5%
2,164,000
34,183
5,692,024
5%
2,164,000
47,463
7,903,487
5%
2,164,000
60,824
10,128,312
5%
2,164,000
74,266
12,366,578
5%
2,164,000
87,789
14,618,367
5%
2,164,000
101,393
16,883,760
6%
2,596,800
117,695
19,598,255
6%
2,596,800
134,095
22,329,150
6%
2,596,800
150,594
25,076,545
6%
2,596,800
167,193
27,840,538
5%
2,164,000
181,277
30,185,815
5%
2,164,000
195,447
32,545,262
5%
2,164,000
209,702
34,918,964
5%
2,164,000
224,043
37,307,007
5%
2,164,000
238,471
39,709,477
5%
2,164,000
252,986
42,126,463
4%
1,731,200
264,973
44,122,636
4%
1,731,200
277,034
46,130,870
100%
2,850,870
Construction Loan Excluding Interest

Construction Period Interest
Construction Loan Total
43,280,000
2,850,870
46,130,870
wan, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
esis.com or 503-724-3329 for Comments or Questions
WORKSHEET:
LOAN AMORTIZATION SCHEDULE
Month
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Starting Principal
Payment
$
46,130,870 $
$
46,096,634 $
$
46,062,184 $
$
46,027,519 $
$
45,992,638 $
$
45,957,538 $
$
45,922,219 $
$
45,886,679 $
$
45,850,917 $
$
45,814,931 $
$
45,778,721 $
$
45,742,284 $
$
45,705,620 $
$
45,668,726 $
$
45,631,602 $
$
45,594,246 $
$
45,556,656 $
$
45,518,831 $
$
45,480,770 $
$
45,442,471 $
$
45,403,933 $
$
45,365,154 $
$
45,326,132 $
$
45,286,867 $
$
45,247,356 $
$
45,207,599 $
$
45,167,592 $
$
45,127,336 $
$
45,086,828 $
$
45,046,067 $
$
45,005,051 $
$
44,963,779 $
$
44,922,249 $
$
44,880,459 $
$
44,838,408 $
$
44,796,095 $
$
44,753,517 $
$
44,710,672 $
$
44,667,560 $
$
44,624,179 $
$
44,580,526 $
$
44,536,601 $
$
44,492,401 $
$
44,447,924 $
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
Principal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
34,236
34,450
34,665
34,882
35,100
35,319
35,540
35,762
35,986
36,210
36,437
36,664
36,894
37,124
37,356
37,590
37,825
38,061
38,299
38,538
38,779
39,022
39,265
39,511
39,758
40,006
40,256
40,508
40,761
41,016
41,272
41,530
41,790
42,051
42,314
42,578
42,844
43,112
43,381
43,653
43,925
44,200
44,476
44,754
d Batker, Stuart Cowan, Theddi Wright-Chappell, and Jason Twill 2011 by Earth Economics
LLC, scowan@apoiesis.com or 503-724-3329 for Comments or Questions
Interest
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
288,318
288,104
287,889
287,672
287,454
287,235
287,014
286,792
286,568
286,343
286,117
285,889
285,660
285,430
285,198
284,964
284,729
284,493
284,255
284,015
283,775
283,532
283,288
283,043
282,796
282,547
282,297
282,046
281,793
281,538
281,282
281,024
280,764
280,503
280,240
279,976
279,709
279,442
279,172
278,901
278,628
278,354
278,078
277,800
Remaining Principal
$
46,096,634
$
46,062,184
$
46,027,519
$
45,992,638
$
45,957,538
$
45,922,219
$
45,886,679
$
45,850,917
$
45,814,931
$
45,778,721
$
45,742,284
$
45,705,620
$
45,668,726
$
45,631,602
$
45,594,246
$
45,556,656
$
45,518,831
$
45,480,770
$
45,442,471
$
45,403,933
$
45,365,154
$
45,326,132
$
45,286,867
$
45,247,356
$
45,207,599
$
45,167,592
$
45,127,336
$
45,086,828
$
45,046,067
$
45,005,051
$
44,963,779
$
44,922,249
$
44,880,459
$
44,838,408
$
44,796,095
$
44,753,517
$
44,710,672
$
44,667,560
$
44,624,179
$
44,580,526
$
44,536,601
$
44,492,401
$
44,447,924
$
44,403,170
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
44,403,170
44,358,136
44,312,821
44,267,222
44,221,339
44,175,168
44,128,709
44,081,960
44,034,919
43,987,583
43,939,952
43,892,023
43,843,794
43,795,264
43,746,431
43,697,292
43,647,847
43,598,092
43,548,026
43,497,648
43,446,954
43,395,944
43,344,615
43,292,965
43,240,992
43,188,695
43,136,070
43,083,117
43,029,833
42,976,216
42,922,263
42,867,974
42,813,345
42,758,374
42,703,060
42,647,401
42,591,393
42,535,036
42,478,326
42,421,262
42,363,841
42,306,061
42,247,920
42,189,416
42,130,546
42,071,309
42,011,700
41,951,720
41,891,364
41,830,632
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
45,034
45,315
45,599
45,884
46,170
46,459
46,749
47,041
47,335
47,631
47,929
48,229
48,530
48,833
49,139
49,446
49,755
50,066
50,379
50,693
51,010
51,329
51,650
51,973
52,298
52,624
52,953
53,284
53,617
53,952
54,290
54,629
54,970
55,314
55,660
56,007
56,358
56,710
57,064
57,421
57,780
58,141
58,504
58,870
59,238
59,608
59,981
60,355
60,733
61,112
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
277,520
277,238
276,955
276,670
276,383
276,095
275,804
275,512
275,218
274,922
274,625
274,325
274,024
273,720
273,415
273,108
272,799
272,488
272,175
271,860
271,543
271,225
270,904
270,581
270,256
269,929
269,600
269,269
268,936
268,601
268,264
267,925
267,583
267,240
266,894
266,546
266,196
265,844
265,490
265,133
264,774
264,413
264,050
263,684
263,316
262,946
262,573
262,198
261,821
261,441
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
44,358,136
44,312,821
44,267,222
44,221,339
44,175,168
44,128,709
44,081,960
44,034,919
43,987,583
43,939,952
43,892,023
43,843,794
43,795,264
43,746,431
43,697,292
43,647,847
43,598,092
43,548,026
43,497,648
43,446,954
43,395,944
43,344,615
43,292,965
43,240,992
43,188,695
43,136,070
43,083,117
43,029,833
42,976,216
42,922,263
42,867,974
42,813,345
42,758,374
42,703,060
42,647,401
42,591,393
42,535,036
42,478,326
42,421,262
42,363,841
42,306,061
42,247,920
42,189,416
42,130,546
42,071,309
42,011,700
41,951,720
41,891,364
41,830,632
41,769,519
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
41,769,519
41,708,025
41,646,147
41,583,881
41,521,227
41,458,181
41,394,741
41,330,904
41,266,668
41,202,031
41,136,990
41,071,543
41,005,686
40,939,418
40,872,736
40,805,636
40,738,118
40,670,177
40,601,812
40,533,020
40,463,798
40,394,143
40,324,052
40,253,524
40,182,555
40,111,142
40,039,283
39,966,974
39,894,214
39,820,999
39,747,327
39,673,194
39,598,598
39,523,535
39,448,004
39,372,000
39,295,521
39,218,564
39,141,127
39,063,205
38,984,796
38,905,898
38,826,506
38,746,618
38,666,230
38,585,340
38,503,945
38,422,041
38,339,625
38,256,694
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
61,494
61,879
62,265
62,654
63,046
63,440
63,837
64,236
64,637
65,041
65,448
65,857
66,268
66,682
67,099
67,519
67,940
68,365
68,792
69,222
69,655
70,090
70,528
70,969
71,413
71,859
72,308
72,760
73,215
73,672
74,133
74,596
75,063
75,532
76,004
76,479
76,957
77,438
77,922
78,409
78,899
79,392
79,888
80,387
80,890
81,395
81,904
82,416
82,931
83,449
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
261,059
260,675
260,288
259,899
259,508
259,114
258,717
258,318
257,917
257,513
257,106
256,697
256,286
255,871
255,455
255,035
254,613
254,189
253,761
253,331
252,899
252,463
252,025
251,585
251,141
250,695
250,246
249,794
249,339
248,881
248,421
247,957
247,491
247,022
246,550
246,075
245,597
245,116
244,632
244,145
243,655
243,162
242,666
242,166
241,664
241,158
240,650
240,138
239,623
239,104
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
41,708,025
41,646,147
41,583,881
41,521,227
41,458,181
41,394,741
41,330,904
41,266,668
41,202,031
41,136,990
41,071,543
41,005,686
40,939,418
40,872,736
40,805,636
40,738,118
40,670,177
40,601,812
40,533,020
40,463,798
40,394,143
40,324,052
40,253,524
40,182,555
40,111,142
40,039,283
39,966,974
39,894,214
39,820,999
39,747,327
39,673,194
39,598,598
39,523,535
39,448,004
39,372,000
39,295,521
39,218,564
39,141,127
39,063,205
38,984,796
38,905,898
38,826,506
38,746,618
38,666,230
38,585,340
38,503,945
38,422,041
38,339,625
38,256,694
38,173,245
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
38,173,245
38,089,274
38,004,778
37,919,754
37,834,199
37,748,109
37,661,481
37,574,311
37,486,597
37,398,334
37,309,520
37,220,151
37,130,223
37,039,733
36,948,678
36,857,053
36,764,856
36,672,083
36,578,730
36,484,793
36,390,269
36,295,155
36,199,446
36,103,138
36,006,229
35,908,714
35,810,590
35,711,853
35,612,498
35,512,522
35,411,922
35,310,693
35,208,831
35,106,332
35,003,193
34,899,409
34,794,977
34,689,892
34,584,150
34,477,747
34,370,679
34,262,942
34,154,532
34,045,444
33,935,674
33,825,218
33,714,072
33,602,232
33,489,692
33,376,449
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
83,971
84,496
85,024
85,555
86,090
86,628
87,169
87,714
88,263
88,814
89,369
89,928
90,490
91,055
91,624
92,197
92,773
93,353
93,937
94,524
95,115
95,709
96,307
96,909
97,515
98,124
98,738
99,355
99,976
100,600
101,229
101,862
102,499
103,139
103,784
104,432
105,085
105,742
106,403
107,068
107,737
108,410
109,088
109,770
110,456
111,146
111,841
112,540
113,243
113,951
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
238,583
238,058
237,530
236,998
236,464
235,926
235,384
234,839
234,291
233,740
233,185
232,626
232,064
231,498
230,929
230,357
229,780
229,201
228,617
228,030
227,439
226,845
226,247
225,645
225,039
224,429
223,816
223,199
222,578
221,953
221,325
220,692
220,055
219,415
218,770
218,121
217,469
216,812
216,151
215,486
214,817
214,143
213,466
212,784
212,098
211,408
210,713
210,014
209,311
208,603
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
38,089,274
38,004,778
37,919,754
37,834,199
37,748,109
37,661,481
37,574,311
37,486,597
37,398,334
37,309,520
37,220,151
37,130,223
37,039,733
36,948,678
36,857,053
36,764,856
36,672,083
36,578,730
36,484,793
36,390,269
36,295,155
36,199,446
36,103,138
36,006,229
35,908,714
35,810,590
35,711,853
35,612,498
35,512,522
35,411,922
35,310,693
35,208,831
35,106,332
35,003,193
34,899,409
34,794,977
34,689,892
34,584,150
34,477,747
34,370,679
34,262,942
34,154,532
34,045,444
33,935,674
33,825,218
33,714,072
33,602,232
33,489,692
33,376,449
33,262,498
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
33,262,498
33,147,835
33,032,455
32,916,354
32,799,527
32,681,971
32,563,679
32,444,649
32,324,874
32,204,351
32,083,074
31,961,039
31,838,242
31,714,678
31,590,341
31,465,226
31,339,330
31,212,647
31,085,173
30,956,901
30,827,828
30,697,948
30,567,257
30,435,748
30,303,418
30,170,261
30,036,271
29,901,444
29,765,774
29,629,257
29,491,886
29,353,656
29,214,563
29,074,600
28,933,763
28,792,045
28,649,442
28,505,947
28,361,555
28,216,261
28,070,059
27,922,943
27,774,908
27,625,948
27,476,056
27,325,228
27,173,457
27,020,737
26,867,063
26,712,428
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
114,663
115,380
116,101
116,827
117,557
118,291
119,031
119,775
120,523
121,277
122,035
122,797
123,565
124,337
125,114
125,896
126,683
127,475
128,271
129,073
129,880
130,692
131,508
132,330
133,157
133,990
134,827
135,670
136,518
137,371
138,229
139,093
139,963
140,837
141,718
142,603
143,495
144,392
145,294
146,202
147,116
148,035
148,961
149,892
150,828
151,771
152,720
153,674
154,635
155,601
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
207,891
207,174
206,453
205,727
204,997
204,262
203,523
202,779
202,030
201,277
200,519
199,756
198,989
198,217
197,440
196,658
195,871
195,079
194,282
193,481
192,674
191,862
191,045
190,223
189,396
188,564
187,727
186,884
186,036
185,183
184,324
183,460
182,591
181,716
180,836
179,950
179,059
178,162
177,260
176,352
175,438
174,518
173,593
172,662
171,725
170,783
169,834
168,880
167,919
166,953
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
33,147,835
33,032,455
32,916,354
32,799,527
32,681,971
32,563,679
32,444,649
32,324,874
32,204,351
32,083,074
31,961,039
31,838,242
31,714,678
31,590,341
31,465,226
31,339,330
31,212,647
31,085,173
30,956,901
30,827,828
30,697,948
30,567,257
30,435,748
30,303,418
30,170,261
30,036,271
29,901,444
29,765,774
29,629,257
29,491,886
29,353,656
29,214,563
29,074,600
28,933,763
28,792,045
28,649,442
28,505,947
28,361,555
28,216,261
28,070,059
27,922,943
27,774,908
27,625,948
27,476,056
27,325,228
27,173,457
27,020,737
26,867,063
26,712,428
26,556,827
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
26,556,827
26,400,254
26,242,701
26,084,165
25,924,637
25,764,112
25,602,584
25,440,046
25,276,493
25,111,917
24,946,313
24,779,674
24,611,993
24,443,264
24,273,481
24,102,636
23,930,724
23,757,737
23,583,670
23,408,514
23,232,263
23,054,911
22,876,451
22,696,875
22,516,176
22,334,349
22,151,385
21,967,277
21,782,019
21,595,603
21,408,022
21,219,268
21,029,335
20,838,214
20,645,899
20,452,383
20,257,656
20,061,713
19,864,545
19,666,144
19,466,504
19,265,616
19,063,472
18,860,065
18,655,387
18,449,429
18,242,185
18,033,645
17,823,801
17,612,646
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
156,574
157,552
158,537
159,528
160,525
161,528
162,538
163,553
164,576
165,604
166,639
167,681
168,729
169,783
170,844
171,912
172,987
174,068
175,156
176,251
177,352
178,461
179,576
180,698
181,828
182,964
184,108
185,258
186,416
187,581
188,754
189,933
191,120
192,315
193,517
194,726
195,943
197,168
198,400
199,640
200,888
202,144
203,407
204,678
205,958
207,245
208,540
209,843
211,155
212,475
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
165,980
165,002
164,017
163,026
162,029
161,026
160,016
159,000
157,978
156,949
155,914
154,873
153,825
152,770
151,709
150,641
149,567
148,486
147,398
146,303
145,202
144,093
142,978
141,855
140,726
139,590
138,446
137,295
136,138
134,973
133,800
132,620
131,433
130,239
129,037
127,827
126,610
125,386
124,153
122,913
121,666
120,410
119,147
117,875
116,596
115,309
114,014
112,710
111,399
110,079
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
26,400,254
26,242,701
26,084,165
25,924,637
25,764,112
25,602,584
25,440,046
25,276,493
25,111,917
24,946,313
24,779,674
24,611,993
24,443,264
24,273,481
24,102,636
23,930,724
23,757,737
23,583,670
23,408,514
23,232,263
23,054,911
22,876,451
22,696,875
22,516,176
22,334,349
22,151,385
21,967,277
21,782,019
21,595,603
21,408,022
21,219,268
21,029,335
20,838,214
20,645,899
20,452,383
20,257,656
20,061,713
19,864,545
19,666,144
19,466,504
19,265,616
19,063,472
18,860,065
18,655,387
18,449,429
18,242,185
18,033,645
17,823,801
17,612,646
17,400,171
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
17,400,171
17,186,369
16,971,230
16,754,746
16,536,910
16,317,712
16,097,144
15,875,197
15,651,863
15,427,134
15,201,000
14,973,452
14,744,482
14,514,082
14,282,241
14,048,951
13,814,203
13,577,988
13,340,297
13,101,120
12,860,449
12,618,273
12,374,583
12,129,370
11,882,625
11,634,338
11,384,499
11,133,098
10,880,126
10,625,573
10,369,429
10,111,685
9,852,329
9,591,352
9,328,745
9,064,495
8,798,595
8,531,032
8,261,797
7,990,880
7,718,269
7,443,955
7,167,926
6,890,171
6,610,681
6,329,444
6,046,450
5,761,686
5,475,143
5,186,809
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
213,803
215,139
216,484
217,837
219,198
220,568
221,947
223,334
224,730
226,134
227,547
228,970
230,401
231,841
233,290
234,748
236,215
237,691
239,177
240,672
242,176
243,690
245,213
246,745
248,287
249,839
251,401
252,972
254,553
256,144
257,745
259,356
260,977
262,608
264,249
265,901
267,563
269,235
270,918
272,611
274,315
276,029
277,754
279,490
281,237
282,995
284,763
286,543
288,334
290,136
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
108,751
107,415
106,070
104,717
103,356
101,986
100,607
99,220
97,824
96,420
95,006
93,584
92,153
90,713
89,264
87,806
86,339
84,862
83,377
81,882
80,378
78,864
77,341
75,809
74,266
72,715
71,153
69,582
68,001
66,410
64,809
63,198
61,577
59,946
58,305
56,653
54,991
53,319
51,636
49,943
48,239
46,525
44,800
43,064
41,317
39,559
37,790
36,011
34,220
32,418
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
17,186,369
16,971,230
16,754,746
16,536,910
16,317,712
16,097,144
15,875,197
15,651,863
15,427,134
15,201,000
14,973,452
14,744,482
14,514,082
14,282,241
14,048,951
13,814,203
13,577,988
13,340,297
13,101,120
12,860,449
12,618,273
12,374,583
12,129,370
11,882,625
11,634,338
11,384,499
11,133,098
10,880,126
10,625,573
10,369,429
10,111,685
9,852,329
9,591,352
9,328,745
9,064,495
8,798,595
8,531,032
8,261,797
7,990,880
7,718,269
7,443,955
7,167,926
6,890,171
6,610,681
6,329,444
6,046,450
5,761,686
5,475,143
5,186,809
4,896,673
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
4,896,673
4,604,723
4,310,949
4,015,339
3,717,881
3,418,564
3,117,376
2,814,306
2,509,342
2,202,471
1,893,683
1,582,965
1,270,305
955,690
639,110
320,550
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
322,554
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
291,950
293,774
295,610
297,458
299,317
301,188
303,070
304,964
306,870
308,788
310,718
312,660
314,614
316,581
318,559
320,550
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
30,604
28,780
26,943
25,096
23,237
21,366
19,484
17,589
15,683
13,765
11,836
9,894
7,939
5,973
3,994
2,003
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
4,604,723
4,310,949
4,015,339
3,717,881
3,418,564
3,117,376
2,814,306
2,509,342
2,202,471
1,893,683
1,582,965
1,270,305
955,690
639,110
320,550
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"INTEGRATED REAL ESTATE INVESTMENT MODELING TOOL"

Living Building Case Study

SOURCES AND USES OF FUNDS

Amount Maximum Available

Construction Loan/Permanent Loan

INVESTOR RETURNS (AFTER TAX)

Net Present Value

wan@apoiesis.com or 503-724-3329 for Comments or Questions

Type within Taxonomy of

PROVISIONING ECOSYSTEM SERVICES

Biological materials used for

Water supply - capturing and

Lifecycle analysis for

Building materials - wood,

LLC, scowan@apoiesis.com or 503-724-3329 for Comments or Questions

Pathway to Value in Building

Quantity and/or Quality of

Specific Building Feature(s)

Water catchment (cistern or

Fiber or other material

Estimated Total Value

Monetary Value Created as

Samples Include Avoided

Monetization Methods and

Samples Include Tax credits,

Market Values of Market

Market value of materials

Possible incentives based

Value Actually Realized in

Value Realized by Public

Value Realized by Neighbors

Description of Cells Where

Estimated Monetary Value

Estimated Monetary Value

See Water and Wastewater

See Cash Flow Projected

See Cash Flow Projected

Upstream calc. of avoided Fossil fuel, electricity, heating

Climate Stability and

$ value per ton - Chicago

Climate Stability and

Shift away from lump sum

Maintaining a climate within a

Climate Stability and

Moderating the local heat-island e

Indoor Air Quality

Human Disease Control

Undisturbed ecosystems keep in

Water temperature - average T

Energy production from the

Building carbon budget.

Carbon sequestion on site.

Avoided carbon emissions.

Reduction in heat-island effect

Air Quality, waterborne

Estimate unitis (e.g. kWh,

Possible incentives based

Market value of food

Carbon credits based on

Carbon credits based on

Incentives for water quality

See Energy Incentives

See Cash Flow Projected

See Cash Flow Projected