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{"sheet":"Macros","index":0,"n_rows":26,"n_cols":11,"rows_kept":26,"cut":false,"hidden":false,"merged":[[1,2,1,4],[1,6,1,8],[25,6,26,8],[5,2,6,4],[10,2,11,4],[15,2,16,4],[20,2,21,4],[25,2,26,4],[5,10,6,12],[5,6,6,8],[10,6,11,8],[15,6,16,8],[20,6,21,8]]}
[]
[null,null,"Capital Gain Tax Rate",null,null,null,"Ordinary Income Rate"]
[]
[]
[]
[null,null,"This macro updates Table 1 at \"Sensitivity Results\" tab.",null,null,null,"This macro updates Table 1 at \"Sensitivity Results(OI)\" tab.",null,null,null,"This is the main macro, running all the macros."]
[]
[]
[]
[]
[null,null,"This macro updates Table 2 at \"Sensitivity Results\" tab.",null,null,null,"This macro updates Table 2 at \"Sensitivity Results(OI)\" tab."]
[]
[]
[]
[]
[null,null,"This macro updates Table 3 at \"Sensitivity Results\" tab.",null,null,null,"This macro updates Table 3 at \"Sensitivity Results(OI)\" tab."]
[]
[]
[]
[]
[null,null,"This macro updates Table 4 at \"Sensitivity Results\" tab.",null,null,null,"This macro updates Table 4 at \"Sensitivity Results(OI)\" tab."]
[]
[]
[]
[]
[null,null,"This macro updates the \"Base Case =f(T)\" tab.",null,null,null,"This macro updates the \"Base Case =f(T)(OI)\" tab."]

{"sheet":"Base Case Assumptions","index":1,"n_rows":44,"n_cols":11,"rows_kept":44,"cut":false,"hidden":false,"merged":[[1,0,1,9],[43,0,43,9]]}
[]
["Base-Case Assumptions and Sensitivity Scenarios:"]
[]
[null,null,null,null,null,"Scenario #1","Scenario #2","Scenario #3","Scenario #4","Scenario #5"]
[null,null,null,null,null,null,null,"(Base Case)"]
["Tax Rates:"]
[null,"Ordinary Income",null,null,null,0.4,0.4,0.4,0.4,0.4]
[null,"Capital Gains",null,null,null,0.15,0.2,0.23799999999999999,0.3,0.4]
[null,null,"Differential",null,null,{"$f":"F7-F8","v":0.25},{"$f":"G7-G8","v":0.2},{"$f":"H7-H8","v":0.16200000000000003},{"$f":"I7-I8","v":0.10000000000000003},{"$f":"J7-J8","v":0}," "]
[]
["Leverage Ratio",null,null,null,null,0.25,0.5,0.6,0.7,0.8]
[]
["Real Estate Return:"]
[null,"Initial Cap Rate",null,null,null,6.5000000000000002E-2,7.0000000000000007E-2,0.08,8.5000000000000006E-2,0.09]
[null,"NOI Growth Rate",null,null,null,0.01,0.02,0.03,0.04,0.05]
[null,"Cap Ex (as a percentage of NOI)",null,null,null,0.2,0.2,0.2,0.2,0.2]
[null,"Ending Cap Rate",null,null,null,6.5000000000000002E-2,7.0000000000000007E-2,0.08,8.5000000000000006E-2,0.09]
[null,null,"≈ Unlevered RE Return †",null,null,{"$f":"F14*(1-F16)+F15+(F14/F17)^(1/F27)-1-A.2!$M9/F27","v":6.2000000000000055E-2},{"$f":"G14*(1-G16)+G15+(G14/G17)^(1/G27)-1-A.2!$M9/G27","v":7.6000000000000068E-2},{"$f":"H14*(1-H16)+H15+(H14/H17)^(1/H27)-1-A.2!$M9/H27","v":9.4000000000000083E-2},{"$f":"I14*(1-I16)+I15+(I14/I17)^(1/I27)-1-A.2!$M9/I27","v":0.1080000000000001},{"$f":"J14*(1-J16)+J15+(J14/J17)^(1/J27)-1-A.2!$M9/J27","v":0.12199999999999989}]
[]
["Mortgage Interest Rate ††",null,null,null,null,0.06,6.25E-2,6.5000000000000002E-2,7.0000000000000007E-2,7.7499999999999999E-2]
[null,null,"≈ Levered RE Return †††",null,null,{"$f":"(F18-F20*F11)/(1-F11)","v":6.2666666666666745E-2},{"$f":"(G18-G20*G11)/(1-G11)","v":8.9500000000000135E-2},{"$f":"(H18-H20*H11)/(1-H11)","v":0.13750000000000021},{"$f":"(I18-I20*I11)/(1-I11)","v":0.19666666666666696},{"$f":"(J18-J20*J11)/(1-J11)","v":0.29999999999999949}]
[]
["Preferred Return",null,null,null,null,0.06,6.5000000000000002E-2,7.0000000000000007E-2,7.4999999999999997E-2,0.08]
[]
["Passive-Loss Utilization Rate",null,null,null,null,0,0.25,0.5,0.75,1]
[]
["Holding Period (Years)",null,null,null,null,5,8,10,12,15]
[]
[]
["GP's \"Pure\" Carry Tax Rate ††††",null,null,null,null,0.23799999999999999,0.25,0.3,0.35,0.4]
[]
[]
["Notes:"]
["†  ","Before GP loads/fees and other costs."]
[]
["††  ","Marginal cost of mortgage debt:",null,null,null,null,{"$f":"G11/(G11-F11)*(G20-F11/G11*F20)","v":6.5000000000000002E-2},{"$f":"H11/(H11-G11)*(H20-G11/H11*G20)","v":7.7500000000000013E-2},{"$f":"I11/(I11-H11)*(I20-H11/I11*H20)","v":9.9999999999999992E-2},{"$f":"J11/(J11-I11)*(J20-I11/J11*I20)","v":0.12999999999999989}]
[]
["†††  ","Based upon the initial leverage ratio."]
[]
["††††","Assuming that GP's \"pure\" carry is taxed seperately and at a rate above the current capital-gains rate."]
[]
[]
[]
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{"sheet":"Exhibit 3","index":3,"n_rows":33,"n_cols":11,"rows_kept":33,"cut":false,"hidden":false,"merged":[[1,0,1,9]]}
[]
["Exhibit 3: Base-Case Assumptions and Sensitivity Scenarios:"]
[]
[null,null,null,null,null,"Scenario #1","Scenario #2","Scenario #3","Scenario #4","Scenario #5"]
[null,null,null,null,null,null,null,"(Base Case)"]
["Tax Rates:"]
[null,"Ordinary Income",null,null,null,{"$f":"'Base Case Assumptions'!F7","v":0.4},{"$f":"'Base Case Assumptions'!G7","v":0.4},{"$f":"'Base Case Assumptions'!H7","v":0.4},{"$f":"'Base Case Assumptions'!I7","v":0.4},{"$f":"'Base Case Assumptions'!J7","v":0.4}]
[null,"Capital Gains",null,null,null,{"$f":"'Base Case Assumptions'!F8","v":0.15},{"$f":"'Base Case Assumptions'!G8","v":0.2},{"$f":"'Base Case Assumptions'!H8","v":0.23799999999999999},{"$f":"'Base Case Assumptions'!I8","v":0.3},{"$f":"'Base Case Assumptions'!J8","v":0.4}]
[null,null,"Differential",null,null,{"$f":"F7-F8","v":0.25},{"$f":"G7-G8","v":0.2},{"$f":"H7-H8","v":0.16200000000000003},{"$f":"I7-I8","v":0.10000000000000003},{"$f":"J7-J8","v":0}," "]
[]
["Leverage Ratio",null,null,null,null,{"$f":"'Base Case Assumptions'!F11","v":0.25},{"$f":"'Base Case Assumptions'!G11","v":0.5},{"$f":"'Base Case Assumptions'!H11","v":0.6},{"$f":"'Base Case Assumptions'!I11","v":0.7},{"$f":"'Base Case Assumptions'!J11","v":0.8}]
[]
["Real Estate Return:"]
[null,"Initial Cap Rate",null,null,null,{"$f":"'Base Case Assumptions'!F14","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!G14","v":7.0000000000000007E-2},{"$f":"'Base Case Assumptions'!H14","v":0.08},{"$f":"'Base Case Assumptions'!I14","v":8.5000000000000006E-2},{"$f":"'Base Case Assumptions'!J14","v":0.09}]
[null,"NOI Growth Rate",null,null,null,{"$f":"'Base Case Assumptions'!F15","v":0.01},{"$f":"'Base Case Assumptions'!G15","v":0.02},{"$f":"'Base Case Assumptions'!H15","v":0.03},{"$f":"'Base Case Assumptions'!I15","v":0.04},{"$f":"'Base Case Assumptions'!J15","v":0.05}]
[null,"Cap Ex (as a percentage of NOI)",null,null,null,{"$f":"'Base Case Assumptions'!F16","v":0.2},{"$f":"'Base Case Assumptions'!G16","v":0.2},{"$f":"'Base Case Assumptions'!H16","v":0.2},{"$f":"'Base Case Assumptions'!I16","v":0.2},{"$f":"'Base Case Assumptions'!J16","v":0.2}]
[null,"Ending Cap Rate",null,null,null,{"$f":"'Base Case Assumptions'!F17","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!G17","v":7.0000000000000007E-2},{"$f":"'Base Case Assumptions'!H17","v":0.08},{"$f":"'Base Case Assumptions'!I17","v":8.5000000000000006E-2},{"$f":"'Base Case Assumptions'!J17","v":0.09}]
[null,null,"≈ Unlevered RE Return †",null,null,{"$f":"F14*(1-F16)+F15+(F14/F17)^(1/F27)-1-A.2!$M9/F27","v":6.2000000000000055E-2},{"$f":"G14*(1-G16)+G15+(G14/G17)^(1/G27)-1-A.2!$M9/G27","v":7.6000000000000068E-2},{"$f":"H14*(1-H16)+H15+(H14/H17)^(1/H27)-1-A.2!$M9/H27","v":9.4000000000000083E-2},{"$f":"I14*(1-I16)+I15+(I14/I17)^(1/I27)-1-A.2!$M9/I27","v":0.1080000000000001},{"$f":"J14*(1-J16)+J15+(J14/J17)^(1/J27)-1-A.2!$M9/J27","v":0.12199999999999989}]
[]
["Mortgage Interest Rate ††",null,null,null,null,{"$f":"'Base Case Assumptions'!F20","v":0.06},{"$f":"'Base Case Assumptions'!G20","v":6.25E-2},{"$f":"'Base Case Assumptions'!H20","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!I20","v":7.0000000000000007E-2},{"$f":"'Base Case Assumptions'!J20","v":7.7499999999999999E-2}]
[null,null,"≈ Levered RE Return †††",null,null,{"$f":"'Base Case Assumptions'!F21","v":6.2666666666666745E-2},{"$f":"'Base Case Assumptions'!G21","v":8.9500000000000135E-2},{"$f":"'Base Case Assumptions'!H21","v":0.13750000000000021},{"$f":"'Base Case Assumptions'!I21","v":0.19666666666666696},{"$f":"'Base Case Assumptions'!J21","v":0.29999999999999949}]
[]
["Preferred Return",null,null,null,null,{"$f":"'Base Case Assumptions'!F23","v":0.06},{"$f":"'Base Case Assumptions'!G23","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!H23","v":7.0000000000000007E-2},{"$f":"'Base Case Assumptions'!I23","v":7.4999999999999997E-2},{"$f":"'Base Case Assumptions'!J23","v":0.08}]
[]
["Passive-Loss Utilization Rate",null,null,null,null,{"$f":"'Base Case Assumptions'!F25","v":0},{"$f":"'Base Case Assumptions'!G25","v":0.25},{"$f":"'Base Case Assumptions'!H25","v":0.5},{"$f":"'Base Case Assumptions'!I25","v":0.75},{"$f":"'Base Case Assumptions'!J25","v":1}]
[]
["Holding Period (Years)",null,null,null,null,{"$f":"'Base Case Assumptions'!F27","v":5},{"$f":"'Base Case Assumptions'!G27","v":8},{"$f":"'Base Case Assumptions'!H27","v":10},{"$f":"'Base Case Assumptions'!I27","v":12},{"$f":"'Base Case Assumptions'!J27","v":15}]
[]
["†","Before GP loads/fees and other costs."]
[]
["††","Marginal cost of mortgage debt:",null,null,null,null,{"$f":"'Base Case Assumptions'!G36","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!H36","v":7.7500000000000013E-2},{"$f":"'Base Case Assumptions'!I36","v":9.9999999999999992E-2},{"$f":"'Base Case Assumptions'!J36","v":0.12999999999999989}]
[]
["†††","Based upon the initial leverage ratio."]

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["Exhibit 6: The Effective Tax Rate of the Limited Partner's After-Tax Return, Given Various Sensititivies",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 6 Supplement: The Effective Tax Rate in Comparison to the Statutory Capital-Gains Rate",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 7: The Effective Tax Rate of the General Partner's After-Tax Return, Given Various Sensititivies",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 7 Supplement: The Effective Tax Rate in Comparison to the Statutory Capital-Gains Rate"]
[]
[null,null,null,null,null,null,null,null,null,"Differences in LP's",null,null,"Summary Statitics of",null,null,null,null,null,null,null,null,null,null,null,"Differences in LP's",null,null,"Summary Statitics of",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Differences in GP's",null,null,"Differences in GP's",null,null,null,null,null,null,null,null,null,null,null,"Differences in GP's",null,null,"Summary Statitics of"]
[null,null,null,null,null,null,null,null,null,"Effective Tax Rates",null,null,"Effective Tax Rates",null,null,null,null,null,null,null,null,null,null,null,"Effective Tax Rates",null,null,"Effective Tax Rates",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"After-Tax Returns",null,null,"After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,"Effective Tax Rates",null,null,"Effective Tax Rates"]
["Panel A: The Effective Tax Rate for LPs' After-Tax Returns",null,null,null,null,null,null,null,null,"Given an Increase in",null,null,"Acorss the",null,null,{"$f":"A5","v":"Panel A: The Effective Tax Rate for LPs' After-Tax Returns"},null,null,null,null,null,null,null,null,"Given an Increase in",null,null,"Acorss the",null,null,null,null,null,null,null,"Panel A: The Effective Tax Rate for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,"Given an Increase in",null,null,"Acorss the",null,null,{"$f":"AJ5","v":"Panel A: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,"Given an Increase in",null,null,"Acorss the"]
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[]
["Panel C: The Effective Tax Rate for LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"A23","v":"Panel C: The Effective Tax Rate for LPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Panel C: The Effective Tax Rate for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ23","v":"Panel C: The Effective Tax Rate for GPs' After-Tax Returns"}]
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[]
[]
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[null,{"$f":"A14","v":"Panel B: The Effective Tax Rate for LPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ14","v":"Panel B: The Effective Tax Rate for GPs' After-Tax Returns"}]
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[]
[null,{"$f":"A23","v":"Panel C: The Effective Tax Rate for LPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ23","v":"Panel C: The Effective Tax Rate for GPs' After-Tax Returns"}]
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[]
[null,{"$f":"A32","v":"Panel D: The Effective Tax Rate for LPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ32","v":"Panel D: The Effective Tax Rate for GPs' After-Tax Returns"}]
[null,{"$f":"AVERAGE(C60:G60)","v":4.990098104469258E-2},{"$f":"C34-AVERAGE(C35:C39)","v":-1.7082611631005967E-2},{"$f":"D34-AVERAGE(D35:D39)","v":1.9223803963600322E-2},{"$f":"E34-AVERAGE(E35:E39)","v":4.6693254303706383E-2},{"$f":"F34-AVERAGE(F35:F39)","v":8.6357468411330629E-2},{"$f":"G34-AVERAGE(G$35:G$39)","v":0.11431299017583152},null,"tCG – `x",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(AL60:AP60)","v":0.115491095896706},{"$f":"AL34-AVERAGE(AL35:AL39)","v":5.9730374563359501E-2},{"$f":"AM34-AVERAGE(AM35:AM39)","v":8.8139151448158884E-2},{"$f":"AN34-AVERAGE(AN35:AN39)","v":0.1091828639937043},{"$f":"AO34-AVERAGE(AO35:AO39)","v":0.14110412808990191},{"$f":"AP34-AVERAGE(AP$35:AP$39)","v":0.1792989613884054},null,"tCG – `x"]
[null,{"$f":"AVERAGE(C61:G61)","v":0.84958684202229406},{"$f":"AVERAGE(C35:C39)/C34","v":1.1138840775400398},{"$f":"AVERAGE(D35:D39)/D34","v":0.90388098018199836},{"$f":"AVERAGE(E35:E39)/E34","v":0.80380985586677989},{"$f":"AVERAGE(F35:F39)/F34","v":0.71214177196223127},{"$f":"AVERAGE(G35:G39)/G34","v":0.7142175245604212},null,"`x/tCG",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(AL61:AP61)","v":0.55675114383616209},{"$f":"AVERAGE(AL35:AL39)/AL34","v":0.6017975029109367},{"$f":"AVERAGE(AM35:AM39)/AM34","v":0.55930424275920565},{"$f":"AVERAGE(AN35:AN39)/AN34","v":0.54124847061468773},{"$f":"AVERAGE(AO35:AO39)/AO34","v":0.52965290636699358},{"$f":"AVERAGE(AP35:AP39)/AP34","v":0.55175259652898656},null,"`x/tCG"]
[]
[null,{"$f":"AVERAGE(B46,B51,B56,B61)","v":0.83992904315709127},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(AK46,AK51,AK56,AK61)","v":0.57096209822411303}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E37-AN37","v":6.2242066315099209E-2},{"$f":"F37-AO37","v":5.4507448842396444E-2},6.4775689621371924E-2,{"$f":"AP37-AN37","v":9.1887532268540295E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AP66/AN37","v":0.71565605719097325}]

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[null,"Exhibit 8: The Effective Tax Rate of the Limited Partner's After-Tax Return, Given Various Sensititivies",null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 9: The Effective Tax Rate of the General Partner's After-Tax Return, Given Various Sensititivies"]
[]
[null,"Panel A: Arc Elasticity Estimates for LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Panel A: Arc Elasticity Estimates for GPs' After-Tax Returns"]
[null,null,null,{"$f":"'Sensitivity Results'!C4","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"eReturns, Rates (1)",null,null,null,null,null,null,{"$f":"D4","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"eReturns, Rates (1)"]
[null,null,null,{"$f":"'Sensitivity Results'!S5","v":0.15},{"$f":"'Sensitivity Results'!T5","v":0.2},{"$f":"'Sensitivity Results'!U5","v":0.23799999999999999},{"$f":"'Sensitivity Results'!V5","v":0.3},{"$f":"'Sensitivity Results'!W5","v":0.4},null,null,null,null,null,null,null,null,{"$f":"'Sensitivity Results'!AR5","v":0.15},{"$f":"'Sensitivity Results'!AS5","v":0.2},{"$f":"'Sensitivity Results'!AT5","v":0.23799999999999999},{"$f":"'Sensitivity Results'!AU5","v":0.3},{"$f":"'Sensitivity Results'!AV5","v":0.4},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Standard Deviation of Elasticities"]
[null,{"$f":"'Sensitivity Results'!Q6","v":"Leverage Ratio"},{"$f":"'Sensitivity Results'!R6","v":0.25},{"$f":"'Sensitivity Results'!K6","v":6.9212104515443018E-2},{"$f":"'Sensitivity Results'!L6","v":6.8197926822469723E-2},{"$f":"'Sensitivity Results'!M6","v":6.7420845281934261E-2},{"$f":"'Sensitivity Results'!N6","v":6.5795138474660453E-2},{"$f":"'Sensitivity Results'!O6","v":6.070866030987232E-2},null,{"$f":"((H6-D6)/((H6+D6)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.14399220384369477},null,null,null,null,{"$f":"'Sensitivity Results'!AP6:AP10","v":"Leverage Ratio"},{"$f":"'Sensitivity Results'!AQ6","v":0.25},{"$f":"'Sensitivity Results'!AJ6","v":0.13599633572387515},{"$f":"'Sensitivity Results'!AK6","v":0.13249781897101398},{"$f":"'Sensitivity Results'!AL6","v":0.12976827851663253},{"$f":"'Sensitivity Results'!AM6","v":0.1249534211508756},{"$f":"'Sensitivity Results'!AN6","v":0.11513667251360693},null,{"$f":"((U6-Q6)/((U6+Q6)/2))/((U$5-Q$5)/((U$5+Q$5)/2))","v":-0.18273686674908682},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Limited Partners",null,"General Partner"]
[null,null,{"$f":"'Sensitivity Results'!R7","v":0.5},{"$f":"'Sensitivity Results'!K7","v":8.3089215575734121E-2},{"$f":"'Sensitivity Results'!L7","v":8.1787667770959693E-2},{"$f":"'Sensitivity Results'!M7","v":8.0788221382238401E-2},{"$f":"'Sensitivity Results'!N7","v":7.8674702999250945E-2},{"$f":"'Sensitivity Results'!O7","v":7.191033339804398E-2},null,{"$f":"((H7-D7)/((H7+D7)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.15866846680359631},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ7","v":0.5},{"$f":"'Sensitivity Results'!AJ7","v":0.17575664068679941},{"$f":"'Sensitivity Results'!AK7","v":0.17148321696792679},{"$f":"'Sensitivity Results'!AL7","v":0.16813356573810134},{"$f":"'Sensitivity Results'!AM7","v":0.16220467761448099},{"$f":"'Sensitivity Results'!AN7","v":0.15007406195376549},null,{"$f":"((U7-Q7)/((U7+Q7)/2))/((U$5-Q$5)/((U$5+Q$5)/2))","v":-0.17340806975763598},null,null,null,null,null,null,null,"Summary Statistics for Average Elasticities",null,null,null,null,null,null,null,null,null,"Capital","Key","Capital","Key"]
[null,null,{"$f":"'Sensitivity Results'!R8","v":0.6},{"$f":"'Sensitivity Results'!K8","v":9.1284701012980252E-2},{"$f":"'Sensitivity Results'!L8","v":8.9784576306325414E-2},{"$f":"'Sensitivity Results'!M8","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results'!N8","v":8.6184027418755083E-2},{"$f":"'Sensitivity Results'!O8","v":7.829115230816619E-2},null,{"$f":"((H8-D8)/((H8+D8)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.16857239159194742},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ8","v":0.6},{"$f":"'Sensitivity Results'!AJ8","v":0.19501565263287524},{"$f":"'Sensitivity Results'!AK8","v":0.19038933309284989},{"$f":"'Sensitivity Results'!AL8","v":0.18675610532797182},{"$f":"'Sensitivity Results'!AM8","v":0.18031106061706792},{"$f":"'Sensitivity Results'!AN8","v":0.16706762067436198},null,{"$f":"((U8-Q8)/((U8+Q8)/2))/((U$5-Q$5)/((U$5+Q$5)/2))","v":-0.16981085524090736},null,null,"Differences in Elasticities",null,null,null,null,null,"Limited Partners",null,null,null,"General Partners",null,null,null,null,"Gains Rate","Assumptions","Gains Rate","Assumptions"]
[null,null,{"$f":"'Sensitivity Results'!R9","v":0.7},{"$f":"'Sensitivity Results'!K9","v":0.10024075171736113},{"$f":"'Sensitivity Results'!L9","v":9.8422559576300639E-2},{"$f":"'Sensitivity Results'!M9","v":9.7021217334863241E-2},{"$f":"'Sensitivity Results'!N9","v":9.404655603386769E-2},{"$f":"'Sensitivity Results'!O9","v":8.4401962468998448E-2},null,{"$f":"((H9-D9)/((H9+D9)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.18871763502798472},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ9","v":0.7},{"$f":"'Sensitivity Results'!AJ9","v":0.2126840826457792},{"$f":"'Sensitivity Results'!AK9","v":0.20762135110798341},{"$f":"'Sensitivity Results'!AL9","v":0.20363647689948383},{"$f":"'Sensitivity Results'!AM9","v":0.19655160133249971},{"$f":"'Sensitivity Results'!AN9","v":0.18193638589810557},null,{"$f":"((U9-Q9)/((U9+Q9)/2))/((U$5-Q$5)/((U$5+Q$5)/2))","v":-0.17141769937703924},null,null,"LPs v. GP",null,null,null,null,null,"`eReturns, Rates",null,"`eReturns, Key Assumptions",null,"`eReturns, Rates",null,"`eReturns, Key Assumptions",null,"Panel A",{"$f":"STDEV(J6:J10)","v":2.2876222272027975E-2},{"$f":"STDEV(D12:H12)","v":1.9377863733886811E-2},{"$f":"STDEV(W6:W10)","v":2.3110541852699642E-2},{"$f":"STDEV(Q12:U12)","v":1.8248915447757526E-2}]
[null,null,{"$f":"'Sensitivity Results'!R10","v":0.8},{"$f":"'Sensitivity Results'!K10","v":0.11286576610150179},{"$f":"'Sensitivity Results'!L10","v":0.11085946779782185},{"$f":"'Sensitivity Results'!M10","v":0.10931176584612223},{"$f":"'Sensitivity Results'!N10","v":0.10589121648866606},{"$f":"'Sensitivity Results'!O10","v":9.3970010774260482E-2},null,{"$f":"((H10-D10)/((H10+D10)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.20098390301645278},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ10","v":0.8},{"$f":"'Sensitivity Results'!AJ10","v":0.24156686155521712},{"$f":"'Sensitivity Results'!AK10","v":0.23736171094590341},{"$f":"'Sensitivity Results'!AL10","v":0.23407552819517874},{"$f":"'Sensitivity Results'!AM10","v":0.22821165545980393},{"$f":"'Sensitivity Results'!AN10","v":0.21580913398953538},null,{"$f":"((U10-Q10)/((U10+Q10)/2))/((U$5-Q$5)/((U$5+Q$5)/2))","v":-0.12389587821942255},null,null,"Capital-Gains Rate","Key Assumptions",null,null,null,"`x =",{"$f":"AVERAGE(E16,E36,E55,E75)","v":-0.1744659535926876},null,{"$f":"AVERAGE(J16,J36,J55,J75)","v":0.52621522256427433},null,{"$f":"AVERAGE(R16,R36,R55,R75)","v":-0.17456790039740705},null,{"$f":"AVERAGE(W16,W36,W55,W75)","v":0.60842830915399437},null,"Panel B",{"$f":"STDEV(J26:J30)","v":3.5979299336689786E-2},{"$f":"STDEV(D32:H32)","v":4.4423569846114085E-2},{"$f":"STDEV(W26:W30)","v":4.696255665817968E-2},{"$f":"STDEV(Q32:U32)","v":3.241262476645522E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," s =",{"$f":"STDEV(E75,E55,E36,E16)","v":9.2548575250001805E-3},null,{"$f":"STDEV(J75,J55,J36,J16)","v":0.70906057216586171},null,{"$f":"STDEV(R75,R55,R36,R16)","v":8.3860366415719166E-3},null,{"$f":"STDEV(W75,W55,W36,W16)","v":1.1860413579807989},null,"Panel C",{"$f":"STDEV(J46:J50)","v":2.6863139126709248E-4},{"$f":"STDEV(D52:H52)","v":1.4399976794076672E-3},{"$f":"STDEV(W46:W50)","v":6.2267686979970913E-3},{"$f":"STDEV(Q52:U52)","v":1.9464210624677101E-2}]
[null,"eReturns, LTV (2)",null,{"$f":"((D10-D6)/((D10+D6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.45770970519423471},{"$f":"((E10-E6)/((E10+E6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.45485281530296756},{"$f":"((F10-F6)/((F10+F6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.45251170744370206},{"$f":"((G10-G6)/((G10+G6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.44585405778513387},{"$f":"((H10-H6)/((H10+H6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.41052164044719386},null,null,null,null,null,null,"eReturns, LTV (2)",null,{"$f":"((Q10-Q6)/((Q10+Q6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.53380131481295323},{"$f":"((R10-R6)/((R10+R6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.54127225789240274},{"$f":"((S10-S6)/((S10+S6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.54730084294471482},{"$f":"((T10-T6)/((T10+T6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.55817907676433309},{"$f":"((U10-U6)/((U10+U6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.58073822729545566},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Panel D",{"$f":"STDEV(J65:J69)","v":3.8768964323975132E-4},{"$f":"STDEV(D71:H71)","v":1.7397697388879117E-4},{"$f":"STDEV(W65:W69)","v":4.9262128444346363E-4},{"$f":"STDEV(Q71:U71)","v":2.1779769273991812E-4}]
[]
[]
[]
["\\","`eReturns, Rates (1)",null,"=",{"$f":"AVERAGE(J6:J10)","v":-0.17218692005673519},{"$f":"IF(E16=ABS(J16),\"=\",IF(ABS(E16)>ABS(J16),\">\",\"<\"))","v":"<"},"`eReturns, LTV (2)",null,"=",{"$f":"AVERAGE(D12:H13)","v":0.44428998523464641},{"$f":"J16/E16","v":-2.5802772073991096},null,null,"\\","`eReturns, Rates (1)",null,"=",{"$f":"AVERAGE(W6:W9)","v":-0.17434337278116735},{"$f":"IF(R16=ABS(W16),\"=\",IF(ABS(R16)>ABS(W16),\">\",\"<\"))","v":"<"},"`eReturns, LTV (2)",null,"=",{"$f":"AVERAGE(Q12:U13)","v":0.55225834394197193},{"$f":"W16/R16","v":-3.1676474713791194},null,{"$f":"ABS(R16)-ABS(E16)","v":2.1564527244321563E-3},{"$f":"ABS(W16)-ABS(J16)","v":0.10796835870732552},null,null,null,null,{"$f":"1/AF10","v":-5.7317773434158044}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"1/6","v":0.16666666666666666}]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[null,"Panel B: Arc Elasticity Estimates for LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Panel B: Arc Elasticity Estimates for GPs' After-Tax Returns"]
[null,null,null,{"$f":"D4","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"eReturns, Rates (3)",null,null,null,null,null,null,{"$f":"Q4","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"eReturns, Rates (3)"]
[null,null,null,{"$f":"'Sensitivity Results'!S14","v":0.15},{"$f":"'Sensitivity Results'!T14","v":0.2},{"$f":"'Sensitivity Results'!U14","v":0.23799999999999999},{"$f":"'Sensitivity Results'!V14","v":0.3},{"$f":"'Sensitivity Results'!W14","v":0.4},null,null,null,null,null,null,null,null,{"$f":"'Sensitivity Results'!AR14","v":0.15},{"$f":"'Sensitivity Results'!AS14","v":0.2},{"$f":"'Sensitivity Results'!AT14","v":0.23799999999999999},{"$f":"'Sensitivity Results'!AU14","v":0.3},{"$f":"'Sensitivity Results'!AV14","v":0.4}]
[null,{"$f":"'Sensitivity Results'!Q15","v":"Unlevered RE Return "},{"$f":"'Sensitivity Results'!R15","v":6.2000000000000055E-2},{"$f":"'Sensitivity Results'!K15","v":4.1981396843836949E-2},{"$f":"'Sensitivity Results'!L15","v":4.1810281496955204E-2},{"$f":"'Sensitivity Results'!M15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results'!N15","v":4.0778146532195914E-2},{"$f":"'Sensitivity Results'!O15","v":3.4498986074048554E-2},null,{"$f":"((H26-D26)/((H26+D26)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.21523563383839794},null,null,null,null,{"$f":"B26","v":"Unlevered RE Return "},{"$f":"'Sensitivity Results'!AQ15","v":6.2000000000000055E-2},{"$f":"'Sensitivity Results'!AJ15","v":4.1981396843836949E-2},{"$f":"'Sensitivity Results'!AK15","v":4.1810281496955426E-2},{"$f":"'Sensitivity Results'!AL15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results'!AM15","v":4.0778146532195914E-2},{"$f":"'Sensitivity Results'!AN15","v":3.4498986074048554E-2},null,{"$f":"((U26-Q26)/((U26+Q26)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.21523563383839794}]
[null,null,{"$f":"'Sensitivity Results'!R16","v":7.6000000000000068E-2},{"$f":"'Sensitivity Results'!K16","v":6.7320268091588087E-2},{"$f":"'Sensitivity Results'!L16","v":6.6102302850664652E-2},{"$f":"'Sensitivity Results'!M16","v":6.5167782379037753E-2},{"$f":"'Sensitivity Results'!N16","v":6.3025452851767305E-2},{"$f":"'Sensitivity Results'!O16","v":5.5223662587686517E-2},null,{"$f":"((H27-D27)/((H27+D27)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.21716728002004862},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ16","v":7.6000000000000068E-2},{"$f":"'Sensitivity Results'!AJ16","v":0.10259784345419409},{"$f":"'Sensitivity Results'!AK16","v":9.9884879055642584E-2},{"$f":"'Sensitivity Results'!AL16","v":9.7780238357706883E-2},{"$f":"'Sensitivity Results'!AM16","v":9.3803433133796243E-2},{"$f":"'Sensitivity Results'!AN16","v":8.3762701384983318E-2},null,{"$f":"((U27-Q27)/((U27+Q27)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.22235024365282174}]
[null,null,{"$f":"'Sensitivity Results'!R17","v":9.4000000000000083E-2},{"$f":"'Sensitivity Results'!K17","v":9.1284701012980252E-2},{"$f":"'Sensitivity Results'!L17","v":8.9784576306325414E-2},{"$f":"'Sensitivity Results'!M17","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results'!N17","v":8.6184027418755083E-2},{"$f":"'Sensitivity Results'!O17","v":7.829115230816619E-2},null,{"$f":"((H28-D28)/((H28+D28)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16857239159194742},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ17","v":9.4000000000000083E-2},{"$f":"'Sensitivity Results'!AJ17","v":0.19501565263287524},{"$f":"'Sensitivity Results'!AK17","v":0.19038933309284989},{"$f":"'Sensitivity Results'!AL17","v":0.18675610532797182},{"$f":"'Sensitivity Results'!AM17","v":0.18031106061706792},{"$f":"'Sensitivity Results'!AN17","v":0.16706762067436198},null,{"$f":"((U28-Q28)/((U28+Q28)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.16981085524090736}]
[null,null,{"$f":"'Sensitivity Results'!R18","v":0.1080000000000001},{"$f":"'Sensitivity Results'!K18","v":0.1098267524074128},{"$f":"'Sensitivity Results'!L18","v":0.10798844454372403},{"$f":"'Sensitivity Results'!M18","v":0.1065711583727067},{"$f":"'Sensitivity Results'!N18","v":0.10374731409408722},{"$f":"'Sensitivity Results'!O18","v":9.5669011569120777E-2},null,{"$f":"((H29-D29)/((H29+D29)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.15157017955756624},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ18","v":0.1080000000000001},{"$f":"'Sensitivity Results'!AJ18","v":0.24322123440352517},{"$f":"'Sensitivity Results'!AK18","v":0.23847145439970885},{"$f":"'Sensitivity Results'!AL18","v":0.23474135734603818},{"$f":"'Sensitivity Results'!AM18","v":0.22811815634520149},{"$f":"'Sensitivity Results'!AN18","v":0.21446138768748568},null,{"$f":"((U29-Q29)/((U29+Q29)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.1382435332288085}]
[null,null,{"$f":"'Sensitivity Results'!R19","v":0.12199999999999989},{"$f":"'Sensitivity Results'!K19","v":0.12788933992587803},{"$f":"'Sensitivity Results'!L19","v":0.1257404398806492},{"$f":"'Sensitivity Results'!M19","v":0.12407995319504073},{"$f":"'Sensitivity Results'!N19","v":0.12090341202391919},{"$f":"'Sensitivity Results'!O19","v":0.11262271080502861},null,{"$f":"((H30-D30)/((H30+D30)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.13964615895045762},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ19","v":0.12199999999999989},{"$f":"'Sensitivity Results'!AJ19","v":0.28624696382236525},{"$f":"'Sensitivity Results'!AK19","v":0.28156230307817354},{"$f":"'Sensitivity Results'!AL19","v":0.27788655421573916},{"$f":"'Sensitivity Results'!AM19","v":0.2713576670189366},{"$f":"'Sensitivity Results'!AN19","v":0.25785755187142922},null,{"$f":"((U30-Q30)/((U30+Q30)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.11478806826739883}]
[]
[null,"eReturns, RE Return (4)",null,{"$f":"((D30-D26)/((D30+D26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":1.5508911685521227},{"$f":"((E30-E26)/((E30+E26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":1.5361665824360473},{"$f":"((F30-F26)/((F30+F26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":1.5244509551812846},{"$f":"((G30-G26)/((G30+G26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":1.5197619508102636},{"$f":"((H30-H26)/((H30+H26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":1.6284438501634162},null,null,null,null,null,null,"eReturns, RE Return (4)",null,{"$f":"((Q30-Q26)/((Q30+Q26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.2821948430875549},{"$f":"((R30-R26)/((R30+R26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.273660687145397},{"$f":"((S30-S26)/((S30+S26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.2667154685061899},{"$f":"((T30-T26)/((T30+T26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.2653937766639456},{"$f":"((U30-U26)/((U30+U26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.3429141460590266}]
[]
[]
[]
["\\","`eReturns, Rates (3)",null,"=",{"$f":"AVERAGE(J26:J29)","v":-0.18813637125199004},{"$f":"IF(E36=ABS(J36),\"=\",IF(ABS(E36)>ABS(J36),\">\",\"<\"))","v":"<"},"`eReturns, RE Return (4)",null,"=",{"$f":"AVERAGE(D32:H33)","v":1.5519429014286268},{"$f":"J36/E36","v":-8.2490317587233193},null,null,"\\","`eReturns, Rates (3)",null,"=",{"$f":"AVERAGE(W26:W29)","v":-0.18641006649023389},{"$f":"IF(R36=ABS(W36),\"=\",IF(ABS(R36)>ABS(W36),\">\",\"<\"))","v":"<"},"`eReturns, RE Return (4)",null,"=",{"$f":"AVERAGE(Q32:U33)","v":2.2861757842924226},{"$f":"W36/R36","v":-12.26422921968217},null,{"$f":"ABS(R36)-ABS(E36)","v":-1.7263047617561422E-3},{"$f":"ABS(W36)-ABS(J36)","v":0.73423288286379584}]
[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[null,"Panel C: Arc Elasticity Estimates for LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Panel C: Arc Elasticity Estimates for GPs' After-Tax Returns"]
[null,null,null,{"$f":"D4","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"eReturns, Rates (5)",null,null,null,null,null,null,{"$f":"Q4","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"eReturns, Rates (5)"]
[null,null,null,{"$f":"'Sensitivity Results'!S23","v":0.15},{"$f":"'Sensitivity Results'!T23","v":0.2},{"$f":"'Sensitivity Results'!U23","v":0.23799999999999999},{"$f":"'Sensitivity Results'!V23","v":0.3},{"$f":"'Sensitivity Results'!W23","v":0.4},null,null,null,null,null,null,null,null,{"$f":"'Sensitivity Results'!AR23","v":0.15},{"$f":"'Sensitivity Results'!AS23","v":0.2},{"$f":"'Sensitivity Results'!AT23","v":0.23799999999999999},{"$f":"'Sensitivity Results'!AU23","v":0.3},{"$f":"'Sensitivity Results'!AV23","v":0.4}]
[null,{"$f":"'Base Case Assumptions'!A23","v":"Preferred Return"},{"$f":"'Sensitivity Results'!R24","v":0.06},{"$f":"'Sensitivity Results'!K24","v":9.0057168108162555E-2},{"$f":"'Sensitivity Results'!L24","v":8.8579045300017256E-2},{"$f":"'Sensitivity Results'!M24","v":8.7442522941959977E-2},{"$f":"'Sensitivity Results'!N24","v":8.5025255638317976E-2},{"$f":"'Sensitivity Results'!O24","v":7.7191823061565135E-2},null,{"$f":"((H46-D46)/((H46+D46)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16923126952551296},null,null,null,null,{"$f":"'Base Case Assumptions'!A23","v":"Preferred Return"},{"$f":"'Sensitivity Results'!AQ24","v":0.06},{"$f":"'Sensitivity Results'!AJ24","v":0.20492598909605264},{"$f":"'Sensitivity Results'!AK24","v":0.2003484823190198},{"$f":"'Sensitivity Results'!AL24","v":0.19675557506114472},{"$f":"'Sensitivity Results'!AM24","v":0.19035359913802075},{"$f":"'Sensitivity Results'!AN24","v":0.17697668651887355},null,{"$f":"((U46-Q46)/((U46+Q46)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.16100559015667393}]
[null,null,{"$f":"'Sensitivity Results'!R25","v":6.5000000000000002E-2},{"$f":"'Sensitivity Results'!K25","v":9.0653678578318297E-2},{"$f":"'Sensitivity Results'!L25","v":8.9167314222294403E-2},{"$f":"'Sensitivity Results'!M25","v":8.802438644888011E-2},{"$f":"'Sensitivity Results'!N25","v":8.55954019658558E-2},{"$f":"'Sensitivity Results'!O25","v":7.7734202828024346E-2},null,{"$f":"((H47-D47)/((H47+D47)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16879389664662708},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ25","v":6.5000000000000002E-2},{"$f":"'Sensitivity Results'!AJ25","v":0.20011690793757242},{"$f":"'Sensitivity Results'!AK25","v":0.19549723669296704},{"$f":"'Sensitivity Results'!AL25","v":0.19186985999683825},{"$f":"'Sensitivity Results'!AM25","v":0.18542422362600619},{"$f":"'Sensitivity Results'!AN25","v":0.17209483968159556},null,{"$f":"((U47-Q47)/((U47+Q47)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.16562763146913193}]
[null,null,{"$f":"'Sensitivity Results'!R26","v":7.0000000000000007E-2},{"$f":"'Sensitivity Results'!K26","v":9.1284701012980252E-2},{"$f":"'Sensitivity Results'!L26","v":8.9784576306325414E-2},{"$f":"'Sensitivity Results'!M26","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results'!N26","v":8.6184027418755083E-2},{"$f":"'Sensitivity Results'!O26","v":7.829115230816619E-2},null,{"$f":"((H48-D48)/((H48+D48)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16857239159194742},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ26","v":7.0000000000000007E-2},{"$f":"'Sensitivity Results'!AJ26","v":0.19501565263287524},{"$f":"'Sensitivity Results'!AK26","v":0.19038933309284989},{"$f":"'Sensitivity Results'!AL26","v":0.18675610532797182},{"$f":"'Sensitivity Results'!AM26","v":0.18031106061706792},{"$f":"'Sensitivity Results'!AN26","v":0.16706762067436198},null,{"$f":"((U48-Q48)/((U48+Q48)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.16981085524090736}]
[null,null,{"$f":"'Sensitivity Results'!R27","v":7.4999999999999997E-2},{"$f":"'Sensitivity Results'!K27","v":9.1956512463037265E-2},{"$f":"'Sensitivity Results'!L27","v":9.043693910249706E-2},{"$f":"'Sensitivity Results'!M27","v":8.926818764245148E-2},{"$f":"'Sensitivity Results'!N27","v":8.6796793302604813E-2},{"$f":"'Sensitivity Results'!O27","v":7.8867188371909203E-2},null,{"$f":"((H49-D49)/((H49+D49)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16857445928012968},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ27","v":7.4999999999999997E-2},{"$f":"'Sensitivity Results'!AJ27","v":0.18944202638890495},{"$f":"'Sensitivity Results'!AK27","v":0.184849361561785},{"$f":"'Sensitivity Results'!AL27","v":0.18124283497589766},{"$f":"'Sensitivity Results'!AM27","v":0.17484944960509474},{"$f":"'Sensitivity Results'!AN27","v":0.16174178956146812},null,{"$f":"((U49-Q49)/((U49+Q49)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.1735288423113801}]
[null,null,{"$f":"'Sensitivity Results'!R28","v":0.08},{"$f":"'Sensitivity Results'!K28","v":9.2673905278120472E-2},{"$f":"'Sensitivity Results'!L28","v":9.1129064236539437E-2},{"$f":"'Sensitivity Results'!M28","v":8.9940653641591206E-2},{"$f":"'Sensitivity Results'!N28","v":8.7437997916767207E-2},{"$f":"'Sensitivity Results'!O28","v":7.9465613654381206E-2},null,{"$f":"((H50-D50)/((H50+D50)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16880633658341132},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ28","v":0.08},{"$f":"'Sensitivity Results'!AJ28","v":0.18322649678099179},{"$f":"'Sensitivity Results'!AK28","v":0.1787143390960888},{"$f":"'Sensitivity Results'!AL28","v":0.17517238220772025},{"$f":"'Sensitivity Results'!AM28","v":0.16889071229535757},{"$f":"'Sensitivity Results'!AN28","v":0.15598277773561375},null,{"$f":"((U50-Q50)/((U50+Q50)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.17669381824905728}]
[]
[null,"EReturns, Pref (6)",null,{"$f":"((D50-D46)/((D50+D46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":0.10024108024027192},{"$f":"((E50-E46)/((E50+E46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":9.9328475502237362E-2},{"$f":"((F50-F46)/((F50+F46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":9.8582713615921178E-2},{"$f":"((G50-G46)/((G50+G46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":9.7929243482294426E-2},{"$f":"((H50-H46)/((H50+H46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":0.10160088460130114},null,null,null,null,null,null,"EReturns, Pref (6)",null,{"$f":"((Q50-Q46)/((Q50+Q46)/2))/(($P50-$P46)/(($P50+$P46)/2))","v":-0.39133189077022268},{"$f":"((R50-R46)/((R50+R46)/2))/(($P50-$P46)/(($P50+$P46)/2))","v":-0.39950898374883714},{"$f":"((S50-S46)/((S50+S46)/2))/(($P50-$P46)/(($P50+$P46)/2))","v":-0.40621401812167229},{"$f":"((T50-T46)/((T50+T46)/2))/(($P50-$P46)/(($P50+$P46)/2))","v":-0.41821179380457413},{"$f":"((U50-U46)/((U50+U46)/2))/(($P50-$P46)/(($P50+$P46)/2))","v":-0.44136712500983666}]
[]
[]
["\\","`eReturns, Rates (5)",null,"=",{"$f":"AVERAGE(J46:J49)","v":-0.16879300426105431},{"$f":"IF(E55=ABS(J55),\"=\",IF(ABS(E55)>ABS(J55),\">\",\"<\"))","v":">"},"`eReturns, Pref (6)",null,"=",{"$f":"AVERAGE(D52:H52)","v":9.9536479488405202E-2},{"$f":"E55/J55","v":-1.6957903788501647},null,null,"\\","`eReturns, Rates (5)",null,"=",{"$f":"AVERAGE(W46:W49)","v":-0.16749322979452333},{"$f":"IF(R55=ABS(W55),\"=\",IF(ABS(R55)>ABS(W55),\">\",\"<\"))","v":"<"},"`eReturns, Pref (6)",null,"=",{"$f":"AVERAGE(Q52:U52)","v":-0.41132676229102855},{"$f":"R55/W55","v":0.40720236354573935},null,{"$f":"ABS(R55)-ABS(E55)","v":-1.2997744665309841E-3},{"$f":"ABS(W55)-ABS(J55)","v":0.31179028280262333}]
[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[null,"Panel D: Arc Elasticity Estimates for LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Panel D: Arc Elasticity Estimates for GPs' After-Tax Returns"]
[null,null,null,{"$f":"D24","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"eReturns, Rates (7)",null,null,null,null,null,null,{"$f":"Q24","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"eReturns, Rates (7)"]
[null,null,null,{"$f":"'Sensitivity Results'!S32","v":0.15},{"$f":"'Sensitivity Results'!T32","v":0.2},{"$f":"'Sensitivity Results'!U32","v":0.23799999999999999},{"$f":"'Sensitivity Results'!V32","v":0.3},{"$f":"'Sensitivity Results'!W32","v":0.4},null,null,null,null,null,null,null,null,{"$f":"'Sensitivity Results'!AR32","v":0.15},{"$f":"'Sensitivity Results'!AS32","v":0.2},{"$f":"'Sensitivity Results'!AT32","v":0.23799999999999999},{"$f":"'Sensitivity Results'!AU32","v":0.3},{"$f":"'Sensitivity Results'!AV32","v":0.4}]
[null,{"$f":"'Base Case Assumptions'!A25","v":"Passive-Loss Utilization Rate"},{"$f":"'Sensitivity Results'!R33","v":0},{"$f":"'Sensitivity Results'!K33","v":9.0320788200875191E-2},{"$f":"'Sensitivity Results'!L33","v":8.8830841431244867E-2},{"$f":"'Sensitivity Results'!M33","v":8.7685135323986918E-2},{"$f":"'Sensitivity Results'!N33","v":8.5255281835629582E-2},{"$f":"'Sensitivity Results'!O33","v":7.7420076864750609E-2},null,{"$f":"((H65-D65)/((H65+D65)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16919887070076972},null,null,null,null,{"$f":"'Base Case Assumptions'!A25","v":"Passive-Loss Utilization Rate"},{"$f":"'Sensitivity Results'!AQ33","v":0},{"$f":"'Sensitivity Results'!AJ33","v":0.19358918779305156},{"$f":"'Sensitivity Results'!AK33","v":0.1889758872866012},{"$f":"'Sensitivity Results'!AL33","v":0.18535324662732422},{"$f":"'Sensitivity Results'!AM33","v":0.17892780148034593},{"$f":"'Sensitivity Results'!AN33","v":0.16572815255350526},null,{"$f":"((U65-Q65)/((U65+Q65)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.17058535908087363}]
[null,null,{"$f":"'Sensitivity Results'!R34","v":0.25},{"$f":"'Sensitivity Results'!K34","v":9.0828552046401612E-2},{"$f":"'Sensitivity Results'!L34","v":8.9333359064749596E-2},{"$f":"'Sensitivity Results'!M34","v":8.8183568289257774E-2},{"$f":"'Sensitivity Results'!N34","v":8.5744903873638201E-2},{"$f":"'Sensitivity Results'!O34","v":7.7879861461083832E-2},null,{"$f":"((H66-D66)/((H66+D66)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.1688541709061544},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ34","v":0.25},{"$f":"'Sensitivity Results'!AJ34","v":0.19433023654855575},{"$f":"'Sensitivity Results'!AK34","v":0.18971056956952026},{"$f":"'Sensitivity Results'!AL34","v":0.18608273907653539},{"$f":"'Sensitivity Results'!AM34","v":0.17964765791587123},{"$f":"'Sensitivity Results'!AN34","v":0.16642635792213101},null,{"$f":"((U66-Q66)/((U66+Q66)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.17016607296730246}]
[null,null,{"$f":"'Sensitivity Results'!R35","v":0.5},{"$f":"'Sensitivity Results'!K35","v":9.1284701012980252E-2},{"$f":"'Sensitivity Results'!L35","v":8.9784576306325414E-2},{"$f":"'Sensitivity Results'!M35","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results'!N35","v":8.6184027418755083E-2},{"$f":"'Sensitivity Results'!O35","v":7.829115230816619E-2},null,{"$f":"((H67-D67)/((H67+D67)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16857239159194742},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ35","v":0.5},{"$f":"'Sensitivity Results'!AJ35","v":0.19501565263287524},{"$f":"'Sensitivity Results'!AK35","v":0.19038933309284989},{"$f":"'Sensitivity Results'!AL35","v":0.18675610532797182},{"$f":"'Sensitivity Results'!AM35","v":0.18031106061706792},{"$f":"'Sensitivity Results'!AN35","v":0.16706762067436198},null,{"$f":"((U67-Q67)/((U67+Q67)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.16981085524090736}]
[null,null,{"$f":"'Sensitivity Results'!R36","v":0.75},{"$f":"'Sensitivity Results'!K36","v":9.166752296433911E-2},{"$f":"'Sensitivity Results'!L36","v":9.0163020419075979E-2},{"$f":"'Sensitivity Results'!M36","v":8.9005995427543505E-2},{"$f":"'Sensitivity Results'!N36","v":8.6551767582981665E-2},{"$f":"'Sensitivity Results'!O36","v":7.8634420363794089E-2},null,{"$f":"((H68-D68)/((H68+D68)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16836464200501236},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ36","v":0.75},{"$f":"'Sensitivity Results'!AJ36","v":0.19561350331305705},{"$f":"'Sensitivity Results'!AK36","v":0.19098048255348421},{"$f":"'Sensitivity Results'!AL36","v":0.1873418478744131},{"$f":"'Sensitivity Results'!AM36","v":0.1808868883097674},{"$f":"'Sensitivity Results'!AN36","v":0.16762169990800313},null,{"$f":"((U68-Q68)/((U68+Q68)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.16953744280573113}]
[null,null,{"$f":"'Sensitivity Results'!R37","v":1},{"$f":"'Sensitivity Results'!K37","v":9.195077002619545E-2},{"$f":"'Sensitivity Results'!L37","v":9.0442805298078577E-2},{"$f":"'Sensitivity Results'!M37","v":8.9283096970987685E-2},{"$f":"'Sensitivity Results'!N37","v":8.6823116784576548E-2},{"$f":"'Sensitivity Results'!O37","v":7.8886634221381202E-2},null,{"$f":"((H69-D69)/((H69+D69)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.1682365691352925},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ37","v":1},{"$f":"'Sensitivity Results'!AJ37","v":0.19607834005286695},{"$f":"'Sensitivity Results'!AK37","v":0.19143919276121935},{"$f":"'Sensitivity Results'!AL37","v":0.18779564481250155},{"$f":"'Sensitivity Results'!AM37","v":0.18133174213355718},{"$f":"'Sensitivity Results'!AN37","v":0.16804721798167277},null,{"$f":"((U69-Q69)/((U69+Q69)/2))/((U$25-Q$25)/((U$25+Q$25)/2))","v":-0.16936045052563309}]
[]
[null,"eReturns, Utilization (8)",null,{"$f":"((D69-D65)/((D69+D65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":8.9426010353719429E-3},{"$f":"((E69-E65)/((E69+E65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":8.9916387391144881E-3},{"$f":"((F69-F65)/((F69+F65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":9.0296525329882325E-3},{"$f":"((G69-G65)/((G69+G65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":9.1111665468675811E-3},{"$f":"((H69-H65)/((H69+H65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":9.3825616727515708E-3},null,null,null,null,null,null,"eReturns, Utilization (8)",null,{"$f":"((Q69-Q65)/((Q69+Q65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":6.3878873191600431E-3},{"$f":"((R69-R65)/((R69+R65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":6.4753097440524614E-3},{"$f":"((S69-S65)/((S69+S65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":6.5453716765796503E-3},{"$f":"((T69-T65)/((T69+T65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":6.6728021389701317E-3},{"$f":"((U69-U65)/((U69+U65)/2))/(($P69-$P65)/(($P69+$P65)/2))","v":6.9479824842950599E-3}]
[]
[]
[]
["\\","`eReturns, Rates (7)",null,"=",{"$f":"AVERAGE(J65:J68)","v":-0.16874751880097097},{"$f":"IF(E75=ABS(J75),\"=\",IF(ABS(E75)>ABS(J75),\">\",\"<\"))","v":">"},"`eReturns, Utilization (8)",null,"=",{"$f":"AVERAGE(D71:H72)","v":9.0915241054187641E-3},{"$f":"E75/J75","v":-18.560971388767857},null,null,"\\","`eReturns, Rates (7)",null,"=",{"$f":"AVERAGE(W65:W68)","v":-0.17002493252370365},{"$f":"IF(R75=ABS(W75),\"=\",IF(ABS(R75)>ABS(W75),\">\",\"<\"))","v":">"},"`eReturns, Utilization (8)",null,"=",{"$f":"AVERAGE(Q71:U72)","v":6.6058706726114689E-3},{"$f":"R75/W75","v":-25.738459160068366},null,{"$f":"ABS(R75)-ABS(E75)","v":1.2774137227326843E-3},{"$f":"ABS(W75)-ABS(J75)","v":-2.4856534328072952E-3}]
[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[null,null,null,null,null,"Notes:"]
[]
[null,null,null,null,null,"(1)","For a given LTV ratio, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(2)","For a given capital-gains tax rate, how does the investor's after-tax returns vary with changing LTV ratios?"]
[]
[null,null,null,null,null,"(3)","For a given unlevered real estate return, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(4)","For a given capital-gains tax rate, how does the investor's after-tax returns vary with changing unlevered real estate returns?"]
[]
[null,null,null,null,null,"(5)","For a given preferred return, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(6)","Given a fixed capital-gains tax rate, how does the investor's after-tax returns vary with changing preferred returns?"]
[]
[null,null,null,null,null,"(7)","For a given passive-loss utilization rate, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(8)","Given a fixed capital-gains tax rate, how does the investor's after-tax returns vary with changing passive-loss utilization rates?"]

{"sheet":"Exhibit 10_Elasticties Summary","index":8,"n_rows":57,"n_cols":24,"rows_kept":57,"cut":false,"hidden":false,"merged":[[29,19,30,19],[31,0,32,1],[31,2,32,2],[31,3,32,3],[31,4,32,4],[31,5,32,6],[31,19,32,19],[34,0,34,19],[56,3,57,3],[56,8,57,8],[56,14,57,14],[56,19,57,19],[31,11,32,12],[31,13,32,13],[31,14,32,14],[31,15,32,15],[31,18,32,18],[31,7,32,7],[31,8,32,8],[29,7,30,7],[29,8,30,8],[29,11,30,12],[29,13,30,13],[31,16,32,17],[29,16,30,17],[29,18,30,18],[29,0,30,1],[29,2,30,2],[29,3,30,3],[29,4,30,4],[29,5,30,6],[29,14,30,14],[29,15,30,15],[27,14,28,14],[27,15,28,15],[25,14,26,14],[25,15,26,15],[25,16,26,17],[25,18,26,18],[25,19,26,19],[27,0,28,1],[27,2,28,2],[27,3,28,3],[27,4,28,4],[27,5,28,6],[27,7,28,7],[27,8,28,8],[27,11,28,12],[27,13,28,13],[27,19,28,19],[27,16,28,17],[27,18,28,18],[25,0,26,1],[25,2,26,2],[25,3,26,3],[25,4,26,4],[25,5,26,6],[25,7,26,7],[25,8,26,8],[25,11,26,12],[25,13,26,13],[24,0,24,8],[24,11,24,19],[20,7,21,7],[20,8,21,8],[20,11,21,12],[20,4,21,4],[20,5,21,6],[20,14,21,14],[20,15,21,15],[20,16,21,17],[20,18,21,18],[20,19,21,19],[20,13,21,13],[23,0,23,19],[15,19,16,19],[20,0,21,1],[20,2,21,2],[20,3,21,3],[15,0,16,1],[15,2,16,2],[15,3,16,3],[15,4,16,4],[15,5,16,6],[15,7,16,7],[15,16,16,17],[15,18,16,18],[10,19,11,19],[10,18,11,18],[15,8,16,8],[15,11,16,12],[5,11,6,12],[5,13,6,13],[10,16,11,17],[10,11,11,12],[10,13,11,13],[10,14,11,14],[10,15,11,15],[5,16,6,17],[5,15,6,15],[15,13,16,13],[15,14,16,14],[15,15,16,15],[10,7,11,7],[10,8,11,8],[5,7,6,7],[5,8,6,8],[5,4,6,4],[5,5,6,6],[10,0,11,1],[10,2,11,2],[10,3,11,3],[10,4,11,4],[10,5,11,6],[5,3,6,3],[0,21,0,23],[0,0,0,19],[2,0,2,19],[3,0,3,8],[3,11,3,19],[5,0,6,1],[5,19,6,19],[5,18,6,18],[5,2,6,2],[5,14,6,14]]}
["Exhibit 10: Summary of Average (Modified) Arc Elasticities, Based on Investor's After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"LPs v. GPs"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Capital-","Other"]
["Based Upon After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Preserves","Gains","Key"]
["For Limited Partners",null,null,null,null,null,null,null,null,null,null,"For General Partners",null,null,null,null,null,null,null,null,null,"Sign?","Rate","Assumptions"]
["Panel A:"]
["`eReturns, Rates (1)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!E16","v":-0.17218692005673519},{"$f":"'Elasticity_Post-Tax Returns'!F16","v":"<"},"`eReturns, LTV (2)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!J16","v":0.44428998523464641},null,null,"`eReturns, Rates (1)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!R16","v":-0.17434337278116735},{"$f":"'Elasticity_Post-Tax Returns'!S16","v":"<"},"`eReturns, LTV (2)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!W16","v":0.55225834394197193},null,{"$f":"IF(E6=P6,\"Yes\",\"No\")","v":"Yes"},{"$f":"ABS(D6)-ABS(O6)","v":-2.1564527244321563E-3},{"$f":"ABS(I6)-ABS(T6)","v":-0.10796835870732552}]
[]
[]
[]
["Panel B:"]
["`eReturns, Rates (3)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!E37","v":-0.18813637125199004},{"$f":"'Elasticity_Post-Tax Returns'!F37","v":"<"},"`eReturns, RE Return (4)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!J37","v":1.5519429014286268},null,null,"`eReturns, Rates (3)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!R37","v":-0.18641006649023389},{"$f":"'Elasticity_Post-Tax Returns'!S37","v":"<"},"`eReturns, RE Return (4)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!W37","v":2.2861757842924226},null,{"$f":"IF(E11=P11,\"Yes\",\"No\")","v":"Yes"},{"$f":"ABS(D11)-ABS(O11)","v":1.7263047617561422E-3},{"$f":"ABS(I11)-ABS(T11)","v":-0.73423288286379584}]
[]
[]
[]
["Panel C:"]
["`eReturns, Rates (5)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!E58","v":-0.16879300426105431},{"$f":"'Elasticity_Post-Tax Returns'!F58","v":">"},"`eReturns, Pref (6)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!J58","v":9.9536479488405202E-2},null,null,"`eReturns, Rates (5)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!R58","v":-0.16749322979452333},{"$f":"'Elasticity_Post-Tax Returns'!S58","v":"<"},"`eReturns, Pref (6)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!W58","v":-0.41132676229102855},null,{"$f":"IF(E16=P16,\"Yes\",\"No\")","v":"No"},{"$f":"ABS(D16)-ABS(O16)","v":1.2997744665309841E-3},{"$f":"ABS(I16)-ABS(T16)","v":-0.31179028280262333}]
[]
[]
[]
["Panel D:"]
["`eReturns, Rates (7)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!E79","v":-0.16874751880097097},{"$f":"'Elasticity_Post-Tax Returns'!F79","v":">"},"`eReturns, Utilization (8)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!J79","v":9.0915241054187641E-3},null,null,"`eReturns, Rates (7)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!R79","v":-0.17002493252370365},{"$f":"'Elasticity_Post-Tax Returns'!S79","v":">"},"`eReturns, Utilization (8)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!W79","v":6.6058706726114689E-3},null,{"$f":"IF(E21=P21,\"Yes\",\"No\")","v":"Yes"},{"$f":"ABS(D21)-ABS(O21)","v":-1.2774137227326843E-3},{"$f":"ABS(I21)-ABS(T21)","v":2.4856534328072952E-3}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(ABS(W6),ABS(W11),ABS(W16),ABS(W21))","v":1.6149864188629917E-3},{"$f":"AVERAGE(ABS(X6),ABS(X11),ABS(X16),ABS(X21))","v":0.28911929445163798}]
["Based Upon Before- Minus After-Tax Returns"]
["For Limited Partners",null,null,null,null,null,null,null,null,null,null,"For General Partners"]
["`EDReturns, Rates (1)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!E16","v":0.65557316040672109},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!F16","v":">"},"`EDReturns, LTV (2)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!J16","v":-0.42974543514065788},null,null,"`EDReturns, Rates (1)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!R16","v":0.88664227662225636},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!S16","v":">"},"`EDReturns, LTV (2)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!W16","v":-0.61168867066046317}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E26=P26,\"Yes\",\"No\")","v":"Yes"}]
["`EDReturns, Rates (3)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!E37","v":0.6310308260790638},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!F37","v":"<"},"`EDReturns, RE Return (4)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!J37","v":1.6011685228544805},null,null,"`EDReturns, Rates (3)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!R37","v":0.83126951468251742},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!S37","v":"<"},"`EDReturns, RE Return (4)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!W37","v":1.9070465806215164}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E28=P28,\"Yes\",\"No\")","v":"Yes"}]
["`EDReturns, Rates (5)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!E58","v":0.57834814876122098},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!F58","v":">"},"`EDReturns, Pref (6)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!J58","v":5.7695331830574605E-2},null,null,"`EDReturns, Rates (5)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!R58","v":0.91487926808321762},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!S58","v":">"},"`EDReturns, Pref (6)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!W58","v":-0.29335336158144515}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E30=P30,\"Yes\",\"No\")","v":"Yes"}]
["`EDReturns, Rates (7)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!E79","v":0.57165758589294036},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!F79","v":">"},"`EDReturns, Utilization (8)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!J79","v":-3.5943903972361371E-2},null,null,"`EDReturns, Rates (7)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!R79","v":0.91490480281353159},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!S79","v":">"},"`EDReturns, Utilization (8)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!W79","v":-4.380315815437371E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E32=P32,\"Yes\",\"No\")","v":"Yes"}]
[]
["Inequalities are based on the absolute value of the estimated elasticity coefficients."]
[]
["Additional Notes:"]
[]
["(1)","For a given LTV ratio, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
["(2)","For a given capital-gains tax rate, how does the investor's after-tax returns vary with changing LTV ratios?"]
[]
["(3)","For a given unlevered real estate return, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
["(4)","For a given capital-gains tax rate, how does the investor's after-tax returns vary with changing unlevered real estate returns?"]
[]
["(5)","For a given preferred return, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
["(6)","Given a fixed capital-gains tax rate, how does the investor's after-tax returns vary with changing preferred returns?"]
[]
["(7)","For a given passive-loss utilization rate, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
["(8)","Given a fixed capital-gains tax rate, how does the investor's after-tax returns vary with changing passive-loss utilization rates?"]
[]
[null,null,null,{"$f":"AVERAGE(D6:D22)","v":-0.1744659535926876},null,null,null,null,{"$f":"AVERAGE(I6:I22)","v":0.52621522256427433},null,null,null,null,null,{"$f":"AVERAGE(O6:O22)","v":-0.17456790039740705},null,null,null,null,{"$f":"AVERAGE(T6:T22)","v":0.60842830915399437}]
[null,null,null,{"$f":"STDEV(D6:D22)","v":9.2548575250001805E-3},null,null,null,null,{"$f":"STDEV(I6:I22)","v":0.70906057216586171},null,null,null,null,null,{"$f":"STDEV(O6:O22)","v":8.3860366415719166E-3},null,null,null,null,{"$f":"STDEV(T6:T22)","v":1.1860413579807989}]
[null,null,null,{"$f":"D56/D55","v":-5.3046782678337304E-2},null,null,null,null,{"$f":"I56/I55","v":1.3474725583014731},null,null,null,null,null,{"$f":"O56/O55","v":-4.8038823990441251E-2},null,null,null,null,{"$f":"T56/T55","v":1.9493526848380252}]

{"sheet":"Exhibit 11(OI)","index":9,"n_rows":40,"n_cols":11,"rows_kept":40,"cut":false,"hidden":false,"merged":[[1,0,1,9]]}
[]
["Exhibit 11: Base-Case Assumptions and Sensitivity Scenarios:"]
[]
[null,null,null,null,null,"Scenario #1","Scenario #2","Scenario #3","Scenario #4","Scenario #5"]
[null,null,null,null,null,null,null,"(Base Case)"]
["Tax Rates:"]
[null,"Ordinary Income",null,null,null,{"$f":"'Base Case Assumptions'!F7","v":0.4},{"$f":"'Base Case Assumptions'!G7","v":0.4},{"$f":"'Base Case Assumptions'!H7","v":0.4},{"$f":"'Base Case Assumptions'!I7","v":0.4},{"$f":"'Base Case Assumptions'!J7","v":0.4}]
[null,"Capital Gains",null,null,null,{"$f":"'Base Case Assumptions'!H8","v":0.23799999999999999},{"$f":"'Base Case Assumptions'!H8","v":0.23799999999999999},{"$f":"'Base Case Assumptions'!H8","v":0.23799999999999999},{"$f":"'Base Case Assumptions'!H8","v":0.23799999999999999},{"$f":"'Base Case Assumptions'!H8","v":0.23799999999999999}]
[null,null,"Differential",null,null,{"$f":"F7-F8","v":0.16200000000000003},{"$f":"G7-G8","v":0.16200000000000003},{"$f":"H7-H8","v":0.16200000000000003},{"$f":"I7-I8","v":0.16200000000000003},{"$f":"J7-J8","v":0.16200000000000003}," "]
[]
["Leverage Ratio",null,null,null,null,{"$f":"'Base Case Assumptions'!F11","v":0.25},{"$f":"'Base Case Assumptions'!G11","v":0.5},{"$f":"'Base Case Assumptions'!H11","v":0.6},{"$f":"'Base Case Assumptions'!I11","v":0.7},{"$f":"'Base Case Assumptions'!J11","v":0.8}]
[]
["Real Estate Return:"]
[null,"Initial Cap Rate",null,null,null,{"$f":"'Base Case Assumptions'!F14","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!G14","v":7.0000000000000007E-2},{"$f":"'Base Case Assumptions'!H14","v":0.08},{"$f":"'Base Case Assumptions'!I14","v":8.5000000000000006E-2},{"$f":"'Base Case Assumptions'!J14","v":0.09}]
[null,"NOI Growth Rate",null,null,null,{"$f":"'Base Case Assumptions'!F15","v":0.01},{"$f":"'Base Case Assumptions'!G15","v":0.02},{"$f":"'Base Case Assumptions'!H15","v":0.03},{"$f":"'Base Case Assumptions'!I15","v":0.04},{"$f":"'Base Case Assumptions'!J15","v":0.05}]
[null,"Cap Ex (as a percentage of NOI)",null,null,null,{"$f":"'Base Case Assumptions'!F16","v":0.2},{"$f":"'Base Case Assumptions'!G16","v":0.2},{"$f":"'Base Case Assumptions'!H16","v":0.2},{"$f":"'Base Case Assumptions'!I16","v":0.2},{"$f":"'Base Case Assumptions'!J16","v":0.2}]
[null,"Ending Cap Rate",null,null,null,{"$f":"'Base Case Assumptions'!F17","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!G17","v":7.0000000000000007E-2},{"$f":"'Base Case Assumptions'!H17","v":0.08},{"$f":"'Base Case Assumptions'!I17","v":8.5000000000000006E-2},{"$f":"'Base Case Assumptions'!J17","v":0.09}]
[null,null,"≈ Unlevered RE Return †",null,null,{"$f":"F14*(1-F16)+F15+(F14/F17)^(1/F27)-1-A.2!$M9/F27","v":6.2000000000000055E-2},{"$f":"G14*(1-G16)+G15+(G14/G17)^(1/G27)-1-A.2!$M9/G27","v":7.6000000000000068E-2},{"$f":"H14*(1-H16)+H15+(H14/H17)^(1/H27)-1-A.2!$M9/H27","v":9.4000000000000083E-2},{"$f":"I14*(1-I16)+I15+(I14/I17)^(1/I27)-1-A.2!$M9/I27","v":0.1080000000000001},{"$f":"J14*(1-J16)+J15+(J14/J17)^(1/J27)-1-A.2!$M9/J27","v":0.12199999999999989}]
[]
["Mortgage Interest Rate ††",null,null,null,null,{"$f":"'Base Case Assumptions'!F20","v":0.06},{"$f":"'Base Case Assumptions'!G20","v":6.25E-2},{"$f":"'Base Case Assumptions'!H20","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!I20","v":7.0000000000000007E-2},{"$f":"'Base Case Assumptions'!J20","v":7.7499999999999999E-2}]
[null,null,"≈ Levered RE Return †††",null,null,{"$f":"'Base Case Assumptions'!F21","v":6.2666666666666745E-2},{"$f":"'Base Case Assumptions'!G21","v":8.9500000000000135E-2},{"$f":"'Base Case Assumptions'!H21","v":0.13750000000000021},{"$f":"'Base Case Assumptions'!I21","v":0.19666666666666696},{"$f":"'Base Case Assumptions'!J21","v":0.29999999999999949}]
[]
["Preferred Return",null,null,null,null,{"$f":"'Base Case Assumptions'!F23","v":0.06},{"$f":"'Base Case Assumptions'!G23","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!H23","v":7.0000000000000007E-2},{"$f":"'Base Case Assumptions'!I23","v":7.4999999999999997E-2},{"$f":"'Base Case Assumptions'!J23","v":0.08}]
[]
["Passive-Loss Utilization Rate",null,null,null,null,{"$f":"'Base Case Assumptions'!F25","v":0},{"$f":"'Base Case Assumptions'!G25","v":0.25},{"$f":"'Base Case Assumptions'!H25","v":0.5},{"$f":"'Base Case Assumptions'!I25","v":0.75},{"$f":"'Base Case Assumptions'!J25","v":1}]
[]
["Holding Period (Years)",null,null,null,null,{"$f":"'Base Case Assumptions'!F27","v":5},{"$f":"'Base Case Assumptions'!G27","v":8},{"$f":"'Base Case Assumptions'!H27","v":10},{"$f":"'Base Case Assumptions'!I27","v":12},{"$f":"'Base Case Assumptions'!J27","v":15}]
[]
[]
["GP's \"Pure\" Carry Tax Rate ††††",null,null,null,null,0.23799999999999999,0.25,0.3,0.35,0.4]
[]
[]
["Notes:"]
["†  ","Before GP loads/fees and other costs."]
[]
["††  ","Marginal cost of mortgage debt:",null,null,null,null,{"$f":"'Base Case Assumptions'!G36","v":6.5000000000000002E-2},{"$f":"'Base Case Assumptions'!H36","v":7.7500000000000013E-2},{"$f":"'Base Case Assumptions'!I36","v":9.9999999999999992E-2},{"$f":"'Base Case Assumptions'!J36","v":0.12999999999999989}]
[]
["†††  ","Based upon the initial leverage ratio."]
[]
["††††","Assuming that GP's \"pure\" carry is taxed seperately and at a rate above the current capital-gains rate."]

{"sheet":"Exhibit 12(OI)","index":10,"n_rows":69,"n_cols":60,"rows_kept":69,"cut":false,"hidden":false,"merged":[[0,46,1,52],[4,46,4,52],[5,48,5,52],[7,46,11,46],[13,46,13,52],[16,46,20,46],[22,46,22,52],[23,48,23,52],[25,46,29,46],[14,48,14,52],[31,46,31,52],[32,48,32,52],[34,46,38,46],[0,31,1,37],[4,31,4,37],[5,33,5,37],[7,31,11,31],[31,31,31,37],[32,33,32,37],[34,31,38,31],[13,31,13,37],[14,33,14,37],[16,31,20,31],[22,31,22,37],[23,33,23,37],[25,31,29,31],[34,16,38,16],[16,1,20,1],[16,16,20,16],[22,1,22,7],[22,16,22,22],[25,16,29,16],[31,1,31,7],[31,16,31,22],[32,3,32,7],[32,18,32,22],[23,3,23,7],[23,18,23,22],[43,2,43,7],[48,2,48,7],[53,2,53,7],[58,2,58,7],[25,1,29,1],[34,1,38,1],[7,1,11,1],[7,16,11,16],[13,1,13,7],[13,16,13,22],[14,3,14,7],[14,18,14,22],[0,1,1,7],[0,16,1,22],[4,1,4,7],[4,16,4,22],[5,3,5,7],[5,18,5,22]]}
[null,"Exhibit 12: The Effective Tax Rate of the General Partner's After-Tax Return, Given Various Sensititivies",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 12 Supplement #1: The Effective Tax Rate in Comparison to the Statutory Ordinary-Income Rate",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 12 Supplement #2: The Effective Tax Rate in Comparison to the Current Capital-Gains Environment",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 12 Supplement #3: The Effective Tax Rate in Comparison to the Current Capital-Gains Environment | Controlling for Rate"]
[]
[null,null,null,null,null,null,null,null,null,null,"Differences in GP's",null,null,"Differences in GP's",null,null,null,null,null,null,null,null,null,null,null,"Differences in GP's",null,null,"Summary Statitics of",null,null,null,null,null,null,null,null,null,null,null,"Differences in GP's",null,null,"Summary Statitics of",null,null,null,null,null,null,null,null,null,null,null,"Differences in GP's",null,null,"Summary Statitics of"]
[null,null,null,null,null,null,null,null,null,null,"After-Tax Returns",null,null,"After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,"Effective Tax Rates",null,null,"Effective Tax Rates",null,null,null,null,null,null,null,null,null,null,null,"Effective Tax Rates",null,null,"Effective Tax Rates",null,null,null,null,null,null,null,null,null,null,null,"Effective Tax Rates",null,null,"Effective Tax Rates"]
[null,"Panel A: The Effective Tax Rate for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,"Given an Increase in",null,null,"Across the",null,null,{"$f":"B5","v":"Panel A: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,"Given an Increase in",null,null,"Acorss the",null,null,{"$f":"Q5","v":"Panel A: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,"Given a Change to",null,null,"Across the",null,null,{"$f":"AF5","v":"Panel A: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,"Given a Change to",null,null,"Acorss the"]
[null,null,null,"Pure Carry Taxed at Ordinary-Income Rate",null,null,null,null,null,null,"the Capital-Gains Rate",null,null,"Sensitivity Matrix",null,null,null,null,{"$f":"D6","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,"the Capital-Gains Rate",null,null,"Sensitivity Matrix",null,null,null,null,{"$f":"S6","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,"Ordinary Income",null,null,"Sensitivity Matrix",null,null,null,null,{"$f":"AH6","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,"Ordinary Income",null,null,"Sensitivity Matrix"]
[null,null,null,{"$f":"'Sensitivity Results(OI)'!C5","v":0.23799999999999999},{"$f":"'Sensitivity Results(OI)'!D5","v":0.25},{"$f":"'Sensitivity Results(OI)'!E5","v":0.3},{"$f":"'Sensitivity Results(OI)'!F5","v":0.35},{"$f":"'Sensitivity Results(OI)'!G5","v":0.4},null,null,null,null,null,null,null,null,null,null,{"$f":"D7","v":0.23799999999999999},{"$f":"E7","v":0.25},{"$f":"F7","v":0.3},{"$f":"G7","v":0.35},{"$f":"H7","v":0.4},null,null,null,null,null,null,null,null,null,null,{"$f":"S7","v":0.23799999999999999},{"$f":"T7","v":0.25},{"$f":"U7","v":0.3},{"$f":"V7","v":0.35},{"$f":"W7","v":0.4},null,null,null,null,null,null,null,null,null,null,{"$f":"AH7","v":0.23799999999999999},{"$f":"AI7","v":0.25},{"$f":"AJ7","v":0.3},{"$f":"AK7","v":0.35},{"$f":"AL7","v":0.4}]
[null,{"$f":"'Sensitivity Results(OI)'!AP6","v":"Leverage Ratio"},{"$f":"'Sensitivity Results(OI)'!AQ6","v":0.25},{"$f":"1-'Sensitivity Results(OI)'!AJ6/'Sensitivity Results(OI)'!AB6","v":0.17851961525020643},{"$f":"1-'Sensitivity Results(OI)'!AK6/'Sensitivity Results(OI)'!AC6","v":0.18321781299939943},{"$f":"1-'Sensitivity Results(OI)'!AL6/'Sensitivity Results(OI)'!AD6","v":0.20311759310732658},{"$f":"1-'Sensitivity Results(OI)'!AM6/'Sensitivity Results(OI)'!AE6","v":0.22356276195553948},{"$f":"1-'Sensitivity Results(OI)'!AN6/'Sensitivity Results(OI)'!AF6","v":0.24458626567807684},null,null,{"$f":"H8-D8","v":6.606665042787041E-2},null,null,null,null,null,{"$f":"B8","v":"Leverage Ratio"},{"$f":"C8","v":0.25},{"$f":"D$7-D8","v":5.9480384749793558E-2},6.6782187000600568E-2,9.6882406892673412E-2,0.1264372380444605,0.15541373432192318,null,null,{"$f":"W8-S8","v":9.5933349572129623E-2},null,null,null,null,null,{"$f":"Q8","v":"Leverage Ratio"},{"$f":"R8","v":0.25},{"$f":"D8-'Exhibits 6 & 7'!AL8","v":3.9425866547144084E-2},{"$f":"E8-'Exhibits 6 & 7'!AM8","v":2.1977181244130839E-2},{"$f":"F8-'Exhibits 6 & 7'!AN8","v":2.4597977857120146E-2},{"$f":"G8-'Exhibits 6 & 7'!AO8","v":1.4563348972403745E-2},{"$f":"H8-'Exhibits 6 & 7'!AP8","v":-2.6556735396981224E-2},null,null,{"$f":"AL8-AH8","v":-6.5982601944125308E-2},null,null,null,null,null,{"$f":"AF8","v":"Leverage Ratio"},{"$f":"AG8","v":0.25},null,null,{"$f":"F8-'Exhibits 6 & 7'!AO8","v":-5.8818198758091578E-3},null,{"$f":"H8-'Exhibits 6 & 7'!AP8","v":-2.6556735396981224E-2},null,null,{"$f":"BA8-AY8","v":-2.0674915521172066E-2}]
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[]
[null,"Panel B: The Effective Tax Rate for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"B14","v":"Panel B: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q14","v":"Panel B: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AF14","v":"Panel B: The Effective Tax Rate for GPs' After-Tax Returns"}]
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[]
[null,"Panel C: The Effective Tax Rate for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"B23","v":"Panel C: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q23","v":"Panel C: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AF23","v":"Panel C: The Effective Tax Rate for GPs' After-Tax Returns"}]
[null,null,null,{"$f":"D6","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"D24","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S24","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AH24","v":"Pure Carry Taxed at Ordinary-Income Rate"}]
[null,null,null,{"$f":"D16","v":0.23799999999999999},{"$f":"E16","v":0.25},{"$f":"F16","v":0.3},{"$f":"G16","v":0.35},{"$f":"H16","v":0.4},null,null,null,null,null,null,null,null,null,null,{"$f":"D25","v":0.23799999999999999},{"$f":"E25","v":0.25},{"$f":"F25","v":0.3},{"$f":"G25","v":0.35},{"$f":"H25","v":0.4},null,null,null,null,null,null,null,null,null,null,{"$f":"S25","v":0.23799999999999999},{"$f":"T25","v":0.25},{"$f":"U25","v":0.3},{"$f":"V25","v":0.35},{"$f":"W25","v":0.4},null,null,null,null,null,null,null,null,null,null,{"$f":"AH25","v":0.23799999999999999},{"$f":"AI25","v":0.25},{"$f":"AJ25","v":0.3},{"$f":"AK25","v":0.35},{"$f":"AL25","v":0.4}]
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[null,null,{"$f":"'Sensitivity Results(OI)'!AQ25","v":6.5000000000000002E-2},{"$f":"1-'Sensitivity Results(OI)'!AJ25/'Sensitivity Results(OI)'!AB25","v":0.12779502957469568},{"$f":"1-'Sensitivity Results(OI)'!AK25/'Sensitivity Results(OI)'!AC25","v":0.13262810582657558},{"$f":"1-'Sensitivity Results(OI)'!AL25/'Sensitivity Results(OI)'!AD25","v":0.1532179755875156},{"$f":"1-'Sensitivity Results(OI)'!AM25/'Sensitivity Results(OI)'!AE25","v":0.17458064776586801},{"$f":"1-'Sensitivity Results(OI)'!AN25/'Sensitivity Results(OI)'!AF25","v":0.19678071874436831},null,null,{"$f":"H27-D27","v":6.8985689169672626E-2},{"$f":"AVERAGE(K26:K30)","v":6.857687871602898E-2}," =`x",{"$f":"AVERAGE(D26:H30)","v":0.15791716234791495}," =`x",null,null,{"$f":"C27","v":6.5000000000000002E-2},0.1102049704253043,0.11737189417342442,0.14678202441248439,0.17541935223413196,0.20321928125563171,null,null,{"$f":"W27-S27","v":9.3014310830327407E-2},{"$f":"AVERAGE(Z26:Z30)","v":9.3423121283971053E-2}," =`x",{"$f":"AVERAGE(S26:W30)","v":0.14968283765208507}," =`x",null,null,{"$f":"R27","v":6.5000000000000002E-2},{"$f":"D27-'Exhibits 6 & 7'!AL27","v":3.7489557793822459E-2},{"$f":"E27-'Exhibits 6 & 7'!AM27","v":2.1322461213231114E-2},{"$f":"F27-'Exhibits 6 & 7'!AN27","v":2.5422946012819914E-2},{"$f":"G27-'Exhibits 6 & 7'!AO27","v":1.748494491040542E-2},{"$f":"H27-'Exhibits 6 & 7'!AP27","v":-2.0907903338813427E-2},null,null,{"$f":"AL27-AH27","v":-5.8397461132635886E-2},{"$f":"AVERAGE(AO26:AO30)","v":-6.1408143322096653E-2}," =`x",{"$f":"AVERAGE(AH26:AL30)","v":1.5760764251279907E-2}," =`x",null,null,{"$f":"AG27","v":6.5000000000000002E-2},null,null,{"$f":"F27-'Exhibits 6 & 7'!AO27","v":-3.8777272679469954E-3},null,{"$f":"H27-'Exhibits 6 & 7'!AP27","v":-2.0907903338813427E-2},null,null,{"$f":"BA27-AY27","v":-1.7030176070866432E-2},{"$f":"AVERAGE(BD26:BD30)","v":-1.8462311885878525E-2}," =`x",{"$f":"AVERAGE(AW26:BA30)","v":-1.3857791506428786E-2}," =`x"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ26","v":7.0000000000000007E-2},{"$f":"1-'Sensitivity Results(OI)'!AJ26/'Sensitivity Results(OI)'!AB26","v":0.12839621958795222},{"$f":"1-'Sensitivity Results(OI)'!AK26/'Sensitivity Results(OI)'!AC26","v":0.13324558052443236},{"$f":"1-'Sensitivity Results(OI)'!AL26/'Sensitivity Results(OI)'!AD26","v":0.15389596052014043},{"$f":"1-'Sensitivity Results(OI)'!AM26/'Sensitivity Results(OI)'!AE26","v":0.17530570383020017},{"$f":"1-'Sensitivity Results(OI)'!AN26/'Sensitivity Results(OI)'!AF26","v":0.19753691927460215},null,null,{"$f":"H28-D28","v":6.9140699686649931E-2},{"$f":"STDEV(K26:K30)","v":5.7905815073436566E-4}," = s",{"$f":"STDEV(D26:H30)","v":2.6305278657487871E-2}," = s",null,null,{"$f":"C28","v":7.0000000000000007E-2},0.10960378041204777,0.11675441947556764,0.14610403947985956,0.17469429616979981,0.20246308072539787,null,null,{"$f":"W28-S28","v":9.2859300313350102E-2},{"$f":"STDEV(Z26:Z30)","v":5.7905815073436566E-4}," = s",{"$f":"STDEV(S26:W30)","v":3.592936210569031E-2}," = s",null,null,{"$f":"R28","v":7.0000000000000007E-2},{"$f":"D28-'Exhibits 6 & 7'!AL28","v":3.8547883844564756E-2},{"$f":"E28-'Exhibits 6 & 7'!AM28","v":2.1805888539176088E-2},{"$f":"F28-'Exhibits 6 & 7'!AN28","v":2.5499740932188208E-2},{"$f":"G28-'Exhibits 6 & 7'!AO28","v":1.6830010668501649E-2},{"$f":"H28-'Exhibits 6 & 7'!AP28","v":-2.2746832581890364E-2},null,null,{"$f":"AL28-AH28","v":-6.129471642645512E-2},{"$f":"STDEV(AO26:AO30)","v":4.6616658876194785E-3}," = s",{"$f":"STDEV(AH26:AL30)","v":2.1195229764053764E-2}," = s",null,null,{"$f":"AG28","v":7.0000000000000007E-2},null,null,{"$f":"F28-'Exhibits 6 & 7'!AO28","v":-4.5797326415580875E-3},null,{"$f":"H28-'Exhibits 6 & 7'!AP28","v":-2.2746832581890364E-2},null,null,{"$f":"BA28-AY28","v":-1.8167099940332276E-2},{"$f":"STDEV(BD26:BD30)","v":2.0617143599599309E-3}," = s",{"$f":"STDEV(AW26:BA30)","v":9.9913067855148339E-3}," = s"]
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[]
[null,"Panel D: The Effective Tax Rate for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"B32","v":"Panel D: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q32","v":"Panel D: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AF32","v":"Panel D: The Effective Tax Rate for GPs' After-Tax Returns"}]
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[]
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[null,null,{"$f":"B5","v":"Panel A: The Effective Tax Rate for GPs' After-Tax Returns"}]
[null,null,{"$f":"AVERAGE(D45:H45)","v":0.15356982532391739},{"$f":"D7-AVERAGE(D8:D12)","v":0.11404927470225043},{"$f":"E7-AVERAGE(E8:E12)","v":0.12124897827527886},{"$f":"F7-AVERAGE(F8:F12)","v":0.1508252207793544},{"$f":"G7-AVERAGE(G8:G12)","v":0.17968115160889314},{"$f":"H7-AVERAGE(H$35:H$39)","v":0.20204450125381004},null,"tCG – `x"]
[null,null,{"$f":"AVERAGE(D46:H46)","v":0.50005620926703975},{"$f":"AVERAGE(D8:D12)/D7","v":0.52080136679726707},{"$f":"AVERAGE(E8:E12)/E7","v":0.51500408689888455},{"$f":"AVERAGE(F8:F12)/F7","v":0.49724926406881864},{"$f":"AVERAGE(G8:G12)/G7","v":0.48662528111744813},{"$f":"AVERAGE(H8:H12)/H7","v":0.48060104745277998},null,"`x/tCG"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"H28-'Exhibits 6 & 7'!AP37","v":-2.2746832581890364E-2}]
[null,null,{"$f":"B14","v":"Panel B: The Effective Tax Rate for GPs' After-Tax Returns"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"F37-'Exhibits 6 & 7'!AN37","v":2.5499740932188208E-2}]
[null,null,{"$f":"AVERAGE(D50:H50)","v":0.14340521799957279},{"$f":"D16-AVERAGE(D17:D21)","v":9.5416392340998746E-2},{"$f":"E16-AVERAGE(E17:E21)","v":0.10410087540932206},{"$f":"F16-AVERAGE(F17:F21)","v":0.14001133258561022},{"$f":"G16-AVERAGE(G17:G21)","v":0.1754529884081229},{"$f":"H16-AVERAGE(H$35:H$39)","v":0.20204450125381004},null,"tCG – `x",null,null,null,null,null,null,null,null,{"$f":"H37/F37-1","v":0.2835744265604061}]
[null,null,{"$f":"AVERAGE(D51:H51)","v":0.53774359845691455},{"$f":"AVERAGE(D17:D21)/D16","v":0.59909078848319852},{"$f":"AVERAGE(E17:E21)/E16","v":0.58359649836271177},{"$f":"AVERAGE(F17:F21)/F16","v":0.53329555804796591},{"$f":"AVERAGE(G17:G21)/G16","v":0.49870574740536311},{"$f":"AVERAGE(H17:H21)/H16","v":0.47402939998533361},null,"`x/tCG"]
[]
[]
[null,null,{"$f":"B23","v":"Panel C: The Effective Tax Rate for GPs' After-Tax Returns"}]
[null,null,{"$f":"AVERAGE(D55:H55)","v":0.14958161179707891},{"$f":"D25-AVERAGE(D26:D30)","v":0.10912750924486986},{"$f":"E25-AVERAGE(E26:E30)","v":0.11631545921625361},{"$f":"F25-AVERAGE(F26:F30)","v":0.14582765698112699},{"$f":"G25-AVERAGE(G26:G30)","v":0.17459293228933398},{"$f":"H25-AVERAGE(H$35:H$39)","v":0.20204450125381004},null,"tCG – `x"]
[null,null,{"$f":"AVERAGE(D56:H56)","v":0.51698270021413606},{"$f":"AVERAGE(D26:D30)/D25","v":0.54148105359298382},{"$f":"AVERAGE(E26:E30)/E25","v":0.53473816313498557},{"$f":"AVERAGE(F26:F30)/F25","v":0.51390781006291009},{"$f":"AVERAGE(G26:G30)/G25","v":0.50116305060190292},{"$f":"AVERAGE(H26:H30)/H25","v":0.4936234236778978},null,"`x/tCG"]
[]
[]
[null,null,{"$f":"B32","v":"Panel D: The Effective Tax Rate for GPs' After-Tax Returns"}]
[null,null,{"$f":"AVERAGE(D60:H60)","v":0.14950387909930818},{"$f":"D34-AVERAGE(D35:D39)","v":0.1091828639937043},{"$f":"E34-AVERAGE(E35:E39)","v":0.11633359451891517},{"$f":"F34-AVERAGE(F35:F39)","v":0.14568372172889094},{"$f":"G34-AVERAGE(G35:G39)","v":0.17427471400122044},{"$f":"H34-AVERAGE(H$35:H$39)","v":0.20204450125381004},null,"tCG – `x"]
[null,null,{"$f":"AVERAGE(D61:H61)","v":0.51745253587046613},{"$f":"AVERAGE(D35:D39)/D34","v":0.54124847061468773},{"$f":"AVERAGE(E35:E39)/E34","v":0.53466562192433931},{"$f":"AVERAGE(F35:F39)/F34","v":0.51438759423703018},{"$f":"AVERAGE(G35:G39)/G34","v":0.50207224571079867},{"$f":"AVERAGE(H35:H39)/H34","v":0.4948887468654749},null,"`x/tCG"]
[]
[null,null,{"$f":"AVERAGE(C46,C51,C56,C61)","v":0.5180587609521391}]
[]
[]
[null,null,null,null,{"$f":"F37","v":0.15389596052014043}]
[null,null,null,null,0.12321665901898438]
[null,null,null,null,{"$f":"E66-E67","v":3.0679301501156053E-2}]
[null,null,null,null,{"$f":"E68/E67","v":0.24898663659131673}]

{"sheet":"Exhibit 13(OI)","index":11,"n_rows":46,"n_cols":38,"rows_kept":46,"cut":false,"hidden":false,"merged":[[39,22,40,22],[39,23,40,23],[0,25,0,27],[39,26,40,26],[39,27,40,27],[43,37,44,37],[45,37,46,37],[39,32,40,32],[41,32,42,32],[43,32,44,32],[45,32,46,32],[2,29,2,37],[36,32,37,32],[36,37,37,37],[39,37,40,37],[41,37,42,37],[20,29,21,30],[20,31,21,31],[20,32,21,32],[20,33,21,33],[20,34,21,35],[20,36,21,36],[10,37,11,37],[15,29,16,30],[15,31,16,31],[15,32,16,32],[15,33,16,33],[15,34,16,35],[15,36,16,36],[15,37,16,37],[20,37,21,37],[3,29,3,37],[5,29,6,30],[5,31,6,31],[5,32,6,32],[5,33,6,33],[5,34,6,35],[5,36,6,36],[5,37,6,37],[10,29,11,30],[10,31,11,31],[10,32,11,32],[10,33,11,33],[10,34,11,35],[10,36,11,36],[34,0,34,19],[39,3,40,3],[39,8,40,8],[39,14,40,14],[39,19,40,19],[31,13,32,13],[31,14,32,14],[31,15,32,15],[31,16,32,17],[31,18,32,18],[31,19,32,19],[39,0,40,0],[29,18,30,18],[29,19,30,19],[31,0,32,1],[31,2,32,2],[31,3,32,3],[31,4,32,4],[31,5,32,6],[31,7,32,7],[31,8,32,8],[29,16,30,17],[29,0,30,1],[29,2,30,2],[29,3,30,3],[29,4,30,4],[29,5,30,6],[29,7,30,7],[31,11,32,12],[29,8,30,8],[29,11,30,12],[29,13,30,13],[29,14,30,14],[29,15,30,15],[27,14,28,14],[27,15,28,15],[27,16,28,17],[27,18,28,18],[27,19,28,19],[25,0,26,1],[25,2,26,2],[25,3,26,3],[25,4,26,4],[25,5,26,6],[27,0,28,1],[27,2,28,2],[27,3,28,3],[27,4,28,4],[27,5,28,6],[27,7,28,7],[27,8,28,8],[27,11,28,12],[27,13,28,13],[25,7,26,7],[25,8,26,8],[25,11,26,12],[25,13,26,13],[24,0,24,8],[24,11,24,19],[20,7,21,7],[20,8,21,8],[20,11,21,12],[20,4,21,4],[20,5,21,6],[20,14,21,14],[20,15,21,15],[20,16,21,17],[20,18,21,18],[20,19,21,19],[20,13,21,13],[25,14,26,14],[25,15,26,15],[25,16,26,17],[25,18,26,18],[25,19,26,19],[23,0,23,19],[15,19,16,19],[20,0,21,1],[20,2,21,2],[20,3,21,3],[15,0,16,1],[15,2,16,2],[15,3,16,3],[15,4,16,4],[15,5,16,6],[15,7,16,7],[15,16,16,17],[15,18,16,18],[10,19,11,19],[10,18,11,18],[15,8,16,8],[15,11,16,12],[5,11,6,12],[5,13,6,13],[10,16,11,17],[10,11,11,12],[10,13,11,13],[10,14,11,14],[10,15,11,15],[5,16,6,17],[5,15,6,15],[15,13,16,13],[15,14,16,14],[15,15,16,15],[10,7,11,7],[10,8,11,8],[5,7,6,7],[5,8,6,8],[5,4,6,4],[5,5,6,6],[10,0,11,1],[10,2,11,2],[10,3,11,3],[10,4,11,4],[10,5,11,6],[5,3,6,3],[0,0,0,19],[0,21,0,23],[2,0,2,19],[3,0,3,8],[3,11,3,19],[5,0,6,1],[5,19,6,19],[5,18,6,18],[5,2,6,2],[5,14,6,14]]}
["Exhibit 13: Summary of Average (Modified) Arc Elasticities, Based on General Partner's After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Differences in GP's Tax Differential",null,null,null,"% Differences in GP's Tax Differential"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Capital-","Other",null,null,"Capital-","Other"]
["Based Upon General Partner's After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Preserves","Gains","Key",null,"Preserves","Gains","Key",null,"Differnce between Exhibits 10 and 13"]
["Assuming Wholesale Changes to Capital-Gains Rate",null,null,null,null,null,null,null,null,null,null,"Assuming Change to Only Pure Carry as Ordinary Income",null,null,null,null,null,null,null,null,null,"Sign?","Rate","Assumptions",null,"Sign?","Rate","Assumptions",null,"Assuming Change to Only Pure Carry as Ordinary Income"]
["Panel A:"]
["`eReturns, Rates (1)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!R16","v":-0.17434337278116735},{"$f":"'Elasticity_Post-Tax Returns'!S16","v":"<"},"`eReturns, LTV (2)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!W16","v":0.55225834394197193},null,null,"`eReturns, Rates (1)",null,"=",{"$f":"'Elasticity_Post-Tax Returns(OI)'!R16","v":-0.16345234210251808},{"$f":"'Elasticity_Post-Tax Returns(OI)'!S16","v":"<"},"`eReturns, LTV (2)",null,"=",{"$f":"'Elasticity_Post-Tax Returns(OI)'!W16","v":0.55089287647570095},null,{"$f":"IF(E6=P6,\"Yes\",\"No\")","v":"Yes"},{"$f":"ABS(D6)-ABS(O6)","v":1.0891030678649272E-2},{"$f":"ABS(I6)-ABS(T6)","v":1.3654674662709754E-3},null,{"$f":"V6","v":"Yes"},{"$f":"W6/D6","v":-6.2468853876765922E-2},{"$f":"X6/I6","v":2.4725157731875767E-3},null,"`eReturns, Rates (1)",null,"=",{"$f":"ABS(O6)-ABS('Exhibit 10_Elasticties Summary'!O6:O7)","v":-1.0891030678649272E-2},null,"`eReturns, LTV (2)",null,"=",{"$f":"ABS(T6)-ABS('Exhibit 10_Elasticties Summary'!T6:T7)","v":-1.3654674662709754E-3}]
[]
[]
[]
["Panel B:"]
["`eReturns, Rates (3)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!R37","v":-0.18641006649023389},{"$f":"'Elasticity_Post-Tax Returns'!S37","v":"<"},"`eReturns, RE Return (4)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!W37","v":2.2861757842924226},null,null,"`eReturns, Rates (3)",null,"=",{"$f":"'Elasticity_Post-Tax Returns(OI)'!R37","v":-0.10825061748379669},{"$f":"'Elasticity_Post-Tax Returns(OI)'!S37","v":"<"},"`eReturns, RE Return (4)",null,"=",{"$f":"'Elasticity_Post-Tax Returns(OI)'!W37","v":2.2485269305776994},null,{"$f":"IF(E11=P11,\"Yes\",\"No\")","v":"Yes"},{"$f":"ABS(D11)-ABS(O11)","v":7.8159449006437204E-2},{"$f":"ABS(I11)-ABS(T11)","v":3.7648853714723263E-2},null,{"$f":"V11","v":"Yes"},{"$f":"W11/D11","v":-0.41928770520840952},{"$f":"X11/I11","v":1.6468048508516454E-2},null,"`eReturns, Rates (3)",null,"=",{"$f":"ABS(O11)-ABS('Exhibit 10_Elasticties Summary'!O11:O12)","v":-7.8159449006437204E-2},null,"`eReturns, RE Return (4)",null,"=",{"$f":"ABS(T11)-ABS('Exhibit 10_Elasticties Summary'!T11:T12)","v":-3.7648853714723263E-2}]
[]
[]
[]
["Panel C:"]
["`eReturns, Rates (5)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!R58","v":-0.16749322979452333},{"$f":"'Elasticity_Post-Tax Returns'!S58","v":"<"},"`eReturns, Pref (6)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!W58","v":-0.41132676229102855},null,null,"`eReturns, Rates (5)",null,"=",{"$f":"'Elasticity_Post-Tax Returns(OI)'!R58","v":-0.16178660877317386},{"$f":"'Elasticity_Post-Tax Returns(OI)'!S58","v":"<"},"`eReturns, Pref (6)",null,"=",{"$f":"'Elasticity_Post-Tax Returns(OI)'!W58","v":-0.40582109820825912},null,{"$f":"IF(E16=P16,\"Yes\",\"No\")","v":"Yes"},{"$f":"ABS(D16)-ABS(O16)","v":5.7066210213494728E-3},{"$f":"ABS(I16)-ABS(T16)","v":5.5056640827694237E-3},null,{"$f":"V16","v":"Yes"},{"$f":"W16/D16","v":-3.4070756342511388E-2},{"$f":"X16/I16","v":-1.3385134611965674E-2},null,"`eReturns, Rates (5)",null,"=",{"$f":"ABS(O16)-ABS('Exhibit 10_Elasticties Summary'!O16:O17)","v":-5.7066210213494728E-3},null,"`eReturns, Pref (6)",null,"=",{"$f":"ABS(T16)-ABS('Exhibit 10_Elasticties Summary'!T16:T17)","v":-5.5056640827694237E-3}]
[]
[]
[]
["Panel D:"]
["`eReturns, Rates (7)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!R79","v":-0.17002493252370365},{"$f":"'Elasticity_Post-Tax Returns'!S79","v":">"},"`eReturns, Utilization (8)",null,"=",{"$f":"'Elasticity_Post-Tax Returns'!W79","v":6.6058706726114689E-3},null,null,"`eReturns, Rates (7)",null,"=",{"$f":"'Elasticity_Post-Tax Returns(OI)'!R79","v":-0.1628604117641049},{"$f":"'Elasticity_Post-Tax Returns(OI)'!S79","v":">"},"`eReturns, Utilization (8)",null,"=",{"$f":"'Elasticity_Post-Tax Returns(OI)'!W79","v":6.6709224216048649E-3},null,{"$f":"IF(E21=P21,\"Yes\",\"No\")","v":"Yes"},{"$f":"ABS(D21)-ABS(O21)","v":7.1645207595987526E-3},{"$f":"ABS(I21)-ABS(T21)","v":-6.5051748993395948E-5},null,{"$f":"V21","v":"Yes"},{"$f":"W21/D21","v":-4.2138059714271182E-2},{"$f":"X21/I21","v":-9.8475662357584929E-3},null,"`eReturns, Rates (7)",null,"=",{"$f":"ABS(O21)-ABS('Exhibit 10_Elasticties Summary'!O21:O22)","v":-7.1645207595987526E-3},null,"`eReturns, Utilization (8)",null,"=",{"$f":"ABS(T21)-ABS('Exhibit 10_Elasticties Summary'!T21:T22)","v":6.5051748993395948E-5}]
[]
[]
["Based Upon Before- Minus After-Tax Returns"]
["For Limited Partners",null,null,null,null,null,null,null,null,null,null,"For General Partners"]
["`EDReturns, Rates (1)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!E16","v":0.65557316040672109},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!F16","v":">"},"`EDReturns, LTV (2)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!J16","v":-0.42974543514065788},null,null,"`EDReturns, Rates (1)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!R16","v":0.88664227662225636},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!S16","v":">"},"`EDReturns, LTV (2)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!W16","v":-0.61168867066046317}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E26=P26,\"Yes\",\"No\")","v":"Yes"},null,null,null,{"$f":"IF(I26=T26,\"Yes\",\"No\")","v":"No"}]
["`EDReturns, Rates (3)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!E37","v":0.6310308260790638},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!F37","v":"<"},"`EDReturns, RE Return (4)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!J37","v":1.6011685228544805},null,null,"`EDReturns, Rates (3)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!R37","v":0.83126951468251742},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!S37","v":"<"},"`EDReturns, RE Return (4)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!W37","v":1.9070465806215164}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E28=P28,\"Yes\",\"No\")","v":"Yes"},null,null,null,{"$f":"IF(I28=T28,\"Yes\",\"No\")","v":"No"}]
["`EDReturns, Rates (5)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!E58","v":0.57834814876122098},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!F58","v":">"},"`EDReturns, Pref (6)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!J58","v":5.7695331830574605E-2},null,null,"`EDReturns, Rates (5)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!R58","v":0.91487926808321762},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!S58","v":">"},"`EDReturns, Pref (6)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!W58","v":-0.29335336158144515}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E30=P30,\"Yes\",\"No\")","v":"Yes"},null,null,null,{"$f":"IF(I30=T30,\"Yes\",\"No\")","v":"No"}]
["`EDReturns, Rates (7)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!E79","v":0.57165758589294036},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!F79","v":">"},"`EDReturns, Utilization (8)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!J79","v":-3.5943903972361371E-2},null,null,"`EDReturns, Rates (7)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!R79","v":0.91490480281353159},{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!S79","v":">"},"`EDReturns, Utilization (8)",null,"=",{"$f":"'Elasticity_Pre- v. Post-Tax Rt`'!W79","v":-4.380315815437371E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E32=P32,\"Yes\",\"No\")","v":"Yes"},null,null,null,{"$f":"IF(I32=T32,\"Yes\",\"No\")","v":"No"}]
[]
["Inequalities are based on the absolute value of the estimated elasticity coefficients.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(AG6:AG22)","v":-2.5480405366508675E-2},null,null,null,null,{"$f":"AVERAGE(AL6:AL22)","v":-1.1113733378692566E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"STDEV(AG6:AG22)","v":3.5187145706269636E-2},null,null,null,null,{"$f":"STDEV(AL6:AL22)","v":1.7847100396663498E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AG36/AG35","v":-1.3809492117625199},null,null,null,null,{"$f":"AL36/AL35","v":-1.6058600461731658}]
["`x =",null,null,{"$f":"AVERAGE(D6:D22)","v":-0.17456790039740705},null,null,null,null,{"$f":"AVERAGE(I6:I22)","v":0.60842830915399437},null,null,null,null,null,{"$f":"AVERAGE(O6:O22)","v":-0.14908749503089838},null,null,null,null,{"$f":"AVERAGE(T6:T22)","v":0.60006740781668655},null,null,{"$f":"AVERAGE(W6:W22)","v":2.5480405366508675E-2},{"$f":"AVERAGE(X6:X22)","v":1.1113733378692566E-2},null,null,{"$f":"AVERAGE(AA6:AA22)","v":-0.13949134378548952},{"$f":"AVERAGE(AB6:AB22)","v":-1.0730341415050339E-3}]
["s =",null,null,{"$f":"STDEV(D6:D22)","v":8.3860366415719166E-3},null,null,null,null,{"$f":"STDEV(I6:I22)","v":1.1860413579807989},null,null,null,null,null,{"$f":"STDEV(O6:O22)","v":2.7233313694610004E-2},null,null,null,null,{"$f":"STDEV(T6:T22)","v":1.1667287614160662},null,null,{"$f":"STDEV(W6:W22)","v":3.5187145706269636E-2},{"$f":"STDEV(X6:X22)","v":1.7847100396663498E-2},null,null,{"$f":"STDEV(AA6:AA22)","v":0.18691319731675685},{"$f":"STDEV(AB6:AB22)","v":1.3525786929667135E-2}]
["`x/s =",null,null,{"$f":"D39/D38","v":-4.8038823990441251E-2},null,null,null,null,{"$f":"I39/I38","v":1.9493526848380252},null,null,null,null,null,{"$f":"O39/O38","v":-0.18266665281998265},null,null,null,null,{"$f":"T39/T38","v":1.9443294973495511},null,null,{"$f":"W39/W38","v":1.3809492117625199},{"$f":"X39/X38","v":1.6058600461731658},null,null,{"$f":"AA39/AA38","v":-1.339962697643754},{"$f":"AB39/AB38","v":-12.605178536720103},null,null,null,null,{"$f":"AG6/O6","v":6.6631230477066927E-2},null,null,null,null,{"$f":"AL6/T6","v":-2.4786442602170843E-3}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AG11/O11","v":0.72202312396173041},null,null,null,null,{"$f":"AL11/T11","v":-1.6743785988389468E-2}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AG16/O16","v":3.5272517698607564E-2},null,null,null,null,{"$f":"AL16/T16","v":1.3566727080177652E-2}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AG21/O21","v":4.3991788317324164E-2},null,null,null,null,{"$f":"AL21/T21","v":9.7515373260398438E-3}]

{"sheet":"Exhibit 16(OI)","index":12,"n_rows":79,"n_cols":28,"rows_kept":79,"cut":false,"hidden":false,"merged":[[15,0,16,0],[35,0,36,0],[54,0,55,0],[74,0,75,0],[64,14,68,14],[74,14,75,15],[74,5,75,5],[74,6,75,7],[74,8,75,8],[74,9,75,9],[62,3,62,7],[54,8,55,8],[54,9,55,9],[57,1,57,7],[58,1,58,7],[61,1,61,7],[23,16,23,20],[74,16,74,20],[25,14,29,14],[42,14,42,20],[43,16,43,20],[45,14,49,14],[61,14,61,20],[62,16,62,20],[0,14,1,20],[2,14,2,20],[3,16,3,20],[5,14,9,14],[22,14,22,20],[77,1,77,7],[78,1,78,7],[64,1,68,1],[70,1,70,2],[71,1,71,2],[74,1,75,2],[74,3,75,3],[74,4,75,4],[54,1,55,2],[54,3,55,3],[54,4,55,4],[54,5,55,5],[54,6,55,7],[39,1,39,7],[42,1,42,7],[43,3,43,7],[45,1,49,1],[51,1,51,2],[35,5,36,5],[35,6,36,7],[35,8,36,8],[35,9,36,9],[38,1,38,7],[31,1,31,2],[32,1,32,2],[35,1,36,2],[35,3,36,3],[35,4,36,4],[25,1,29,1],[15,1,16,2],[15,3,16,3],[15,4,16,4],[15,5,16,5],[15,9,16,9],[18,1,18,7],[19,1,19,7],[22,1,22,7],[23,3,23,7],[15,6,16,7],[15,8,16,8],[12,1,12,2],[0,1,1,7],[2,1,2,7],[3,3,3,7],[5,1,9,1],[11,1,11,2]]}
[null,"Exhibit 16: The Effective Tax Rate of the General Partner's After-Tax Return, Given Various Sensititivies",null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 16 Supplement: Comparisons of General Partner's Before- and After-Tax Return, Given Capital-Gain v. Ordinary-Income Treatment",null,null,null,null,null,null,null,null,"Differences in GP's",null,null,"Summary Statitics of"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"After-Tax Returns",null,null,"After-Tax Returns"]
[null,"Panel A: Arc Elasticity Estimates for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Panel A: Sensitivity Matrix of GPs' Before- Minus After-Tax Returns",null,null,null,null,null,null,null,null,"Given an Increase in",null,null,"Across the"]
[null,null,null,{"$f":"'Exhibit 12(OI)'!D6","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,"EReturns, Rates",null,null,null,null,null,null,{"$f":"D4","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,"the Capital-Gains Rate",null,null,"Sensitivity Matrix"]
[null,null,null,{"$f":"'Exhibit 12(OI)'!D7","v":0.23799999999999999},{"$f":"'Exhibit 12(OI)'!E7","v":0.25},{"$f":"'Exhibit 12(OI)'!F7","v":0.3},{"$f":"'Exhibit 12(OI)'!G7","v":0.35},{"$f":"'Exhibit 12(OI)'!H7","v":0.4},null,null,null,null,null,null,null,null,{"$f":"D5","v":0.23799999999999999},{"$f":"E5","v":0.25},{"$f":"F5","v":0.3},{"$f":"G5","v":0.35},{"$f":"H5","v":0.4}]
[null,{"$f":"'Sensitivity Results(OI)'!AP6:AP10","v":"Leverage Ratio"},{"$f":"'Sensitivity Results(OI)'!AQ6","v":0.25},{"$f":"'Sensitivity Results(OI)'!AJ6","v":0.12976827851663253},{"$f":"'Sensitivity Results(OI)'!AK6","v":0.12902610981076723},{"$f":"'Sensitivity Results(OI)'!AL6","v":0.12588256523513897},{"$f":"'Sensitivity Results(OI)'!AM6","v":0.12265286624941996},{"$f":"'Sensitivity Results(OI)'!AN6","v":0.11933180839203406},null,{"$f":"((H6-D6)/((H6+D6)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.16500056044766781},null,null,null,null,{"$f":"B6","v":"Leverage Ratio"},{"$f":"C6","v":0.25},{"$f":"D6-'Sensitivity Results'!AJ6","v":-6.228057207242621E-3},{"$f":"E6-'Sensitivity Results'!AK6","v":-3.4717091602467498E-3},{"$f":"F6-'Sensitivity Results'!AL6","v":-3.8857132814935635E-3},{"$f":"G6-'Sensitivity Results'!AM6","v":-2.3005549014556426E-3},{"$f":"H6-'Sensitivity Results'!AN6","v":4.1951358784271253E-3},null,null,{"$f":"U6-Q6","v":1.0423193085669746E-2}]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ7","v":0.5},{"$f":"'Sensitivity Results(OI)'!AJ7","v":0.16813356573810134},{"$f":"'Sensitivity Results(OI)'!AK7","v":0.16718219670300449},{"$f":"'Sensitivity Results(OI)'!AL7","v":0.16313683909513221},{"$f":"'Sensitivity Results(OI)'!AM7","v":0.15895316017423333},{"$f":"'Sensitivity Results(OI)'!AN7","v":0.15462066479748704},null,{"$f":"((H7-D7)/((H7+D7)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.16488544235796457},null,null,null,null,null,{"$f":"C7","v":0.5},{"$f":"D7-'Sensitivity Results'!AJ7","v":-7.623074948698072E-3},{"$f":"E7-'Sensitivity Results'!AK7","v":-4.3010202649222951E-3},{"$f":"F7-'Sensitivity Results'!AL7","v":-4.9967266429691293E-3},{"$f":"G7-'Sensitivity Results'!AM7","v":-3.2515174402476532E-3},{"$f":"H7-'Sensitivity Results'!AN7","v":4.5466028437215478E-3},null,null,{"$f":"U7-Q7","v":1.216967779241962E-2},{"$f":"AVERAGE(X6:X10)","v":1.1888087158889693E-2}," =`x",{"$f":"AVERAGE(Q6:U10)","v":-3.3885886155831722E-3}," =`x"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ8","v":0.6},{"$f":"'Sensitivity Results(OI)'!AJ8","v":0.18675610532797182},{"$f":"'Sensitivity Results(OI)'!AK8","v":0.18571704631723818},{"$f":"'Sensitivity Results(OI)'!AL8","v":0.18129234712683551},{"$f":"'Sensitivity Results(OI)'!AM8","v":0.17670494128198233},{"$f":"'Sensitivity Results(OI)'!AN8","v":0.17194152089945391},null,{"$f":"((H8-D8)/((H8+D8)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.16265470671612661},null,null,null,null,null,{"$f":"C8","v":0.6},{"$f":"D8-'Sensitivity Results'!AJ8","v":-8.259547304903414E-3},{"$f":"E8-'Sensitivity Results'!AK8","v":-4.6722867756117115E-3},{"$f":"F8-'Sensitivity Results'!AL8","v":-5.4637582011363151E-3},{"$f":"G8-'Sensitivity Results'!AM8","v":-3.6061193350855891E-3},{"$f":"H8-'Sensitivity Results'!AN8","v":4.8739002250919317E-3},null,null,{"$f":"U8-Q8","v":1.3133447529995346E-2},{"$f":"STDEV(X6:X10)","v":2.2496189477342085E-3}," = s",{"$f":"STDEV(Q6:U10)","v":4.218110242082556E-3}," = s"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ9","v":0.7},{"$f":"'Sensitivity Results(OI)'!AJ9","v":0.20363647689948383},{"$f":"'Sensitivity Results(OI)'!AK9","v":0.20251611841590833},{"$f":"'Sensitivity Results(OI)'!AL9","v":0.19773975201757787},{"$f":"'Sensitivity Results(OI)'!AM9","v":0.19277807208493769},{"$f":"'Sensitivity Results(OI)'!AN9","v":0.18761507966131297},null,{"$f":"((H9-D9)/((H9+D9)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.16126865888831329},null,null,null,null,null,{"$f":"C9","v":0.7},{"$f":"D9-'Sensitivity Results'!AJ9","v":-9.047605746295373E-3},{"$f":"E9-'Sensitivity Results'!AK9","v":-5.105232692075079E-3},{"$f":"F9-'Sensitivity Results'!AL9","v":-5.896724881905957E-3},{"$f":"G9-'Sensitivity Results'!AM9","v":-3.7735292475620241E-3},{"$f":"H9-'Sensitivity Results'!AN9","v":5.6786937632073986E-3},null,null,{"$f":"U9-Q9","v":1.4726299509502772E-2},{"$f":"Y8/Y7","v":0.18923304629811574}," = s /`x",{"$f":"AA8/AA7","v":-1.2447985638282102}," = s /`x"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ10","v":0.8},{"$f":"'Sensitivity Results(OI)'!AJ10","v":0.23407552819517874},{"$f":"'Sensitivity Results(OI)'!AK10","v":0.23290307255625176},{"$f":"'Sensitivity Results(OI)'!AL10","v":0.22790417676423758},{"$f":"'Sensitivity Results(OI)'!AM10","v":0.2227106240554364},{"$f":"'Sensitivity Results(OI)'!AN10","v":0.21730561850635799},null,{"$f":"((H10-D10)/((H10+D10)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":-0.14631638832831453},null,null,null,null,null,{"$f":"C10","v":0.8},{"$f":"D10-'Sensitivity Results'!AJ10","v":-7.4913333600383769E-3},{"$f":"E10-'Sensitivity Results'!AK10","v":-4.458638389651659E-3},{"$f":"F10-'Sensitivity Results'!AL10","v":-6.1713514309411632E-3},{"$f":"G10-'Sensitivity Results'!AM10","v":-5.501031404367529E-3},{"$f":"H10-'Sensitivity Results'!AN10","v":1.4964845168226049E-3},null,null,{"$f":"U10-Q10","v":8.9878178768609818E-3}]
[]
[null,"EReturns, LTV",null,{"$f":"((D10-D6)/((D10+D6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.54730084294471482},{"$f":"((E10-E6)/((E10+E6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.54792643119968187},{"$f":"((F10-F6)/((F10+F6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.55052524014975568},{"$f":"((G10-G6)/((G10+G6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.55309655239721767},{"$f":"((H10-H6)/((H10+H6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.55561531568713463}]
[]
[]
[]
["\\","`EReturns, Rates",null,"=",{"$f":"AVERAGE(J6:J9)","v":-0.16345234210251808},{"$f":"IF(E16=ABS(J16),\"=\",IF(ABS(E16)>ABS(J16),\">\",\"<\"))","v":"<"},"`EReturns, LTV",null,"=",{"$f":"AVERAGE(D12:H13)","v":0.55089287647570095},{"$f":"J16/E16","v":-3.3703578020936424}]
[]
[]
[null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]"]
[]
[]
[null,"Panel B: Arc Elasticity Estimates for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Panel B: Sensitivity Matrix of GPs' Before- Minus After-Tax Returns"]
[null,null,null,{"$f":"D4","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,"EReturns, Rates",null,null,null,null,null,null,{"$f":"Q4","v":"Pure Carry Taxed at Ordinary-Income Rate"}]
[null,null,null,{"$f":"D5","v":0.23799999999999999},{"$f":"E5","v":0.25},{"$f":"F5","v":0.3},{"$f":"G5","v":0.35},{"$f":"H5","v":0.4},null,null,null,null,null,null,null,null,{"$f":"Q5","v":0.23799999999999999},{"$f":"R5","v":0.25},{"$f":"S5","v":0.3},{"$f":"T5","v":0.35},{"$f":"U5","v":0.4}]
[null,{"$f":"'Sensitivity Results(OI)'!A15","v":"Unlevered RE Return "},{"$f":"'Sensitivity Results(OI)'!AQ15","v":6.2000000000000055E-2},{"$f":"'Sensitivity Results(OI)'!AJ15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!AK15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!AL15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!AM15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!AN15","v":4.1680058987628499E-2},null,{"$f":"((H26-D26)/((H26+D26)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":0},null,null,null,null,{"$f":"B26","v":"Unlevered RE Return "},{"$f":"C26","v":6.2000000000000055E-2},{"$f":"D26-'Sensitivity Results'!AJ15","v":-3.0133785620845011E-4},{"$f":"E26-'Sensitivity Results'!AK15","v":-1.3022250932692714E-4},{"$f":"F26-'Sensitivity Results'!AL15","v":0},{"$f":"G26-'Sensitivity Results'!AM15","v":9.0191245543258525E-4},{"$f":"H26-'Sensitivity Results'!AN15","v":7.1810729135799445E-3},null,null,{"$f":"U26-Q26","v":7.4824107697883946E-3}]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ16","v":7.6000000000000068E-2},{"$f":"'Sensitivity Results(OI)'!AJ16","v":9.7780238357706883E-2},{"$f":"'Sensitivity Results(OI)'!AK16","v":9.7331859997313863E-2},{"$f":"'Sensitivity Results(OI)'!AL16","v":9.5444882983387602E-2},{"$f":"'Sensitivity Results(OI)'!AM16","v":9.3526899897875992E-2},{"$f":"'Sensitivity Results(OI)'!AN16","v":9.1576805573628572E-2},null,{"$f":"((H27-D27)/((H27+D27)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.12901977491546532},null,null,null,null,null,{"$f":"C27","v":7.6000000000000068E-2},{"$f":"D27-'Sensitivity Results'!AJ16","v":-4.8176050964872097E-3},{"$f":"E27-'Sensitivity Results'!AK16","v":-2.5530190583287204E-3},{"$f":"F27-'Sensitivity Results'!AL16","v":-2.3353553743192812E-3},{"$f":"G27-'Sensitivity Results'!AM16","v":-2.7653323592025103E-4},{"$f":"H27-'Sensitivity Results'!AN16","v":7.8141041886452545E-3},null,null,{"$f":"U27-Q27","v":1.2631709285132464E-2},{"$f":"AVERAGE(X26:X30)","v":1.1526174021147906E-2}," =`x",{"$f":"AVERAGE(Q26:U30)","v":-2.0694946700415516E-3}," =`x"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ17","v":9.4000000000000083E-2},{"$f":"'Sensitivity Results(OI)'!AJ17","v":0.18675610532797182},{"$f":"'Sensitivity Results(OI)'!AK17","v":0.18571704631723818},{"$f":"'Sensitivity Results(OI)'!AL17","v":0.18129234712683551},{"$f":"'Sensitivity Results(OI)'!AM17","v":0.17670494128198233},{"$f":"'Sensitivity Results(OI)'!AN17","v":0.17194152089945391},null,{"$f":"((H28-D28)/((H28+D28)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16265470671612661},null,null,null,null,null,{"$f":"C28","v":9.4000000000000083E-2},{"$f":"D28-'Sensitivity Results'!AJ17","v":-8.259547304903414E-3},{"$f":"E28-'Sensitivity Results'!AK17","v":-4.6722867756117115E-3},{"$f":"F28-'Sensitivity Results'!AL17","v":-5.4637582011363151E-3},{"$f":"G28-'Sensitivity Results'!AM17","v":-3.6061193350855891E-3},{"$f":"H28-'Sensitivity Results'!AN17","v":4.8739002250919317E-3},null,null,{"$f":"U28-Q28","v":1.3133447529995346E-2},{"$f":"STDEV(X26:X30)","v":2.3037044129090409E-3}," = s",{"$f":"STDEV(Q26:U30)","v":4.6964844934224009E-3}," = s"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ18","v":0.1080000000000001},{"$f":"'Sensitivity Results(OI)'!AJ18","v":0.23474135734603818},{"$f":"'Sensitivity Results(OI)'!AK18","v":0.23360492540039024},{"$f":"'Sensitivity Results(OI)'!AL18","v":0.22875860288848404},{"$f":"'Sensitivity Results(OI)'!AM18","v":0.22372164302330177},{"$f":"'Sensitivity Results(OI)'!AN18","v":0.21847724953490477},null,{"$f":"((H29-D29)/((H29+D29)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.14132798830359483},null,null,null,null,null,{"$f":"C29","v":0.1080000000000001},{"$f":"D29-'Sensitivity Results'!AJ18","v":-8.4798770574869842E-3},{"$f":"E29-'Sensitivity Results'!AK18","v":-4.8665289993186089E-3},{"$f":"F29-'Sensitivity Results'!AL18","v":-5.9827544575541403E-3},{"$f":"G29-'Sensitivity Results'!AM18","v":-4.3965133218997199E-3},{"$f":"H29-'Sensitivity Results'!AN18","v":4.0158618474190888E-3},null,null,{"$f":"U29-Q29","v":1.2495738904906073E-2},{"$f":"Y28/Y27","v":0.19986722469071416}," = s /`x",{"$f":"AA28/AA27","v":-2.2693870930955837}," = s /`x"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ19","v":0.12199999999999989},{"$f":"'Sensitivity Results(OI)'!AJ19","v":0.27788655421573916},{"$f":"'Sensitivity Results(OI)'!AK19","v":0.27673367165838347},{"$f":"'Sensitivity Results(OI)'!AL19","v":0.27181696544596079},{"$f":"'Sensitivity Results(OI)'!AM19","v":0.26670638300821969},{"$f":"'Sensitivity Results(OI)'!AN19","v":0.26138470588072038},null,{"$f":"((H30-D30)/((H30+D30)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.12051219031249277},null,null,null,null,null,{"$f":"C30","v":0.12199999999999989},{"$f":"D30-'Sensitivity Results'!AJ19","v":-8.3604096066260958E-3},{"$f":"E30-'Sensitivity Results'!AK19","v":-4.8286314197900637E-3},{"$f":"F30-'Sensitivity Results'!AL19","v":-6.0695887697783668E-3},{"$f":"G30-'Sensitivity Results'!AM19","v":-4.6512840107169051E-3},{"$f":"H30-'Sensitivity Results'!AN19","v":3.5271540092911557E-3},null,null,{"$f":"U30-Q30","v":1.1887563615917252E-2}]
[]
[null,"EReturns, RE Return",null,{"$f":"((D30-D26)/((D30+D26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.2667154685061899},{"$f":"((E30-E26)/((E30+E26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.2638190802718512},{"$f":"((F30-F26)/((F30+F26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.2512276825614967},{"$f":"((G30-G26)/((G30+G26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.2377142215797283},{"$f":"((H30-H26)/((H30+H26)/2))/(($C30-$C26)/(($C30+$C26)/2))","v":2.2231581999692311}]
[]
[]
[]
["\\","`EReturns, Rates",null,"=",{"$f":"AVERAGE(J26:J29)","v":-0.10825061748379669},{"$f":"IF(E36=ABS(J36),\"=\",IF(ABS(E36)>ABS(J36),\">\",\"<\"))","v":"<"},"`EReturns, RE Return",null,"=",{"$f":"AVERAGE(D32:H33)","v":2.2485269305776994},{"$f":"J36/E36","v":-20.771492882377935}]
[]
[]
[null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]"]
[]
[]
[null,"Panel C: Arc Elasticity Estimates for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Panel C: Sensitivity Matrix of GPs' Before- Minus After-Tax Returns"]
[null,null,null,{"$f":"D4","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,"EReturns, Rates",null,null,null,null,null,null,{"$f":"Q4","v":"Pure Carry Taxed at Ordinary-Income Rate"}]
[null,null,null,{"$f":"D25","v":0.23799999999999999},{"$f":"E25","v":0.25},{"$f":"F25","v":0.3},{"$f":"G25","v":0.35},{"$f":"H25","v":0.4},null,null,null,null,null,null,null,null,{"$f":"Q25","v":0.23799999999999999},{"$f":"R25","v":0.25},{"$f":"S25","v":0.3},{"$f":"T25","v":0.35},{"$f":"U25","v":0.4}]
[null,{"$f":"'Base Case Assumptions'!A23","v":"Preferred Return"},{"$f":"'Sensitivity Results(OI)'!AQ24","v":0.06},{"$f":"'Sensitivity Results(OI)'!AJ24","v":0.19675557506114472},{"$f":"'Sensitivity Results(OI)'!AK24","v":0.19567708938392547},{"$f":"'Sensitivity Results(OI)'!AL24","v":0.1910812751825941},{"$f":"'Sensitivity Results(OI)'!AM24","v":0.18631074151443316},{"$f":"'Sensitivity Results(OI)'!AN24","v":0.18135067630515378},null,{"$f":"((H46-D46)/((H46+D46)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16045403938295091},null,null,null,null,{"$f":"B46","v":"Preferred Return"},{"$f":"C46","v":0.06},{"$f":"D46-'Sensitivity Results'!AJ24","v":-8.1704140349079246E-3},{"$f":"E46-'Sensitivity Results'!AK24","v":-4.6713929350943317E-3},{"$f":"F46-'Sensitivity Results'!AL24","v":-5.6742998785506149E-3},{"$f":"G46-'Sensitivity Results'!AM24","v":-4.0428576235875813E-3},{"$f":"H46-'Sensitivity Results'!AN24","v":4.3739897862802302E-3},null,null,{"$f":"U46-Q46","v":1.2544403821188155E-2}]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ25","v":6.5000000000000002E-2},{"$f":"'Sensitivity Results(OI)'!AJ25","v":0.19186985999683825},{"$f":"'Sensitivity Results(OI)'!AK25","v":0.1908066676335225},{"$f":"'Sensitivity Results(OI)'!AL25","v":0.1862772558985053},{"$f":"'Sensitivity Results(OI)'!AM25","v":0.18157784112903874},{"$f":"'Sensitivity Results(OI)'!AN25","v":0.17669421324912915},null,{"$f":"((H47-D47)/((H47+D47)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16215855806757068},null,null,null,null,null,{"$f":"C47","v":6.5000000000000002E-2},{"$f":"D47-'Sensitivity Results'!AJ25","v":-8.2470479407341646E-3},{"$f":"E47-'Sensitivity Results'!AK25","v":-4.6905690594445382E-3},{"$f":"F47-'Sensitivity Results'!AL25","v":-5.5926040983329539E-3},{"$f":"G47-'Sensitivity Results'!AM25","v":-3.8463824969674487E-3},{"$f":"H47-'Sensitivity Results'!AN25","v":4.5993735675335934E-3},null,null,{"$f":"U47-Q47","v":1.2846421508267758E-2},{"$f":"AVERAGE(X46:X50)","v":1.3101081396348446E-2}," =`x",{"$f":"AVERAGE(Q46:U50)","v":-3.3750586664743664E-3}," =`x"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ26","v":7.0000000000000007E-2},{"$f":"'Sensitivity Results(OI)'!AJ26","v":0.18675610532797182},{"$f":"'Sensitivity Results(OI)'!AK26","v":0.18571704631723818},{"$f":"'Sensitivity Results(OI)'!AL26","v":0.18129234712683551},{"$f":"'Sensitivity Results(OI)'!AM26","v":0.17670494128198233},{"$f":"'Sensitivity Results(OI)'!AN26","v":0.17194152089945391},null,{"$f":"((H48-D48)/((H48+D48)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16265470671612661},null,null,null,null,null,{"$f":"C48","v":7.0000000000000007E-2},{"$f":"D48-'Sensitivity Results'!AJ26","v":-8.259547304903414E-3},{"$f":"E48-'Sensitivity Results'!AK26","v":-4.6722867756117115E-3},{"$f":"F48-'Sensitivity Results'!AL26","v":-5.4637582011363151E-3},{"$f":"G48-'Sensitivity Results'!AM26","v":-3.6061193350855891E-3},{"$f":"H48-'Sensitivity Results'!AN26","v":4.8739002250919317E-3},null,null,{"$f":"U48-Q48","v":1.3133447529995346E-2},{"$f":"STDEV(X46:X50)","v":4.1829481756550026E-4}," = s",{"$f":"STDEV(Q46:U50)","v":4.5185500587350373E-3}," = s"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ27","v":7.4999999999999997E-2},{"$f":"'Sensitivity Results(OI)'!AJ27","v":0.18124283497589766},{"$f":"'Sensitivity Results(OI)'!AK27","v":0.18023747446060412},{"$f":"'Sensitivity Results(OI)'!AL27","v":0.17595888764709722},{"$f":"'Sensitivity Results(OI)'!AM27","v":0.17152758007700153},{"$f":"'Sensitivity Results(OI)'!AN27","v":0.1669314427844657},null,{"$f":"((H49-D49)/((H49+D49)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16187913092604719},null,null,null,null,null,{"$f":"C49","v":7.4999999999999997E-2},{"$f":"D49-'Sensitivity Results'!AJ27","v":-8.1991914130072896E-3},{"$f":"E49-'Sensitivity Results'!AK27","v":-4.6118871011808782E-3},{"$f":"F49-'Sensitivity Results'!AL27","v":-5.2839473288004424E-3},{"$f":"G49-'Sensitivity Results'!AM27","v":-3.3218695280932131E-3},{"$f":"H49-'Sensitivity Results'!AN27","v":5.1896532229975811E-3},null,null,{"$f":"U49-Q49","v":1.3388844636004871E-2},{"$f":"Y48/Y47","v":3.1928266446927658E-2}," = s /`x",{"$f":"AA48/AA47","v":-1.3388063750178238}," = s /`x"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ28","v":0.08},{"$f":"'Sensitivity Results(OI)'!AJ28","v":0.17517238220772025},{"$f":"'Sensitivity Results(OI)'!AK28","v":0.1742113369197027},{"$f":"'Sensitivity Results(OI)'!AL28","v":0.1701247062718807},{"$f":"'Sensitivity Results(OI)'!AM28","v":0.16589812165951612},{"$f":"'Sensitivity Results(OI)'!AN28","v":0.16152095264862831},null,{"$f":"((H50-D50)/((H50+D50)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.15967954168835843},null,null,null,null,null,{"$f":"C50","v":0.08},{"$f":"D50-'Sensitivity Results'!AJ28","v":-8.0541145732715425E-3},{"$f":"E50-'Sensitivity Results'!AK28","v":-4.5030021763861061E-3},{"$f":"F50-'Sensitivity Results'!AL28","v":-5.0476759358395462E-3},{"$f":"G50-'Sensitivity Results'!AM28","v":-2.9925906358414522E-3},{"$f":"H50-'Sensitivity Results'!AN28","v":5.5381749130145597E-3},null,null,{"$f":"U50-Q50","v":1.3592289486286102E-2}]
[]
[null,"EReturns, Pref",null,{"$f":"((D50-D46)/((D50+D46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":-0.40621401812167229},{"$f":"((E50-E46)/((E50+E46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":-0.40623132967727987},{"$f":"((F50-F46)/((F50+F46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":-0.40612833094371908},{"$f":"((G50-G46)/((G50+G46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":-0.40569205924227253},{"$f":"((H50-H46)/((H50+H46)/2))/(($C50-$C46)/(($C50+$C46)/2))","v":-0.40483975305635184}]
[]
[]
["\\","`EReturns, Rates",null,"=",{"$f":"AVERAGE(J46:J49)","v":-0.16178660877317386},{"$f":"IF(E55=ABS(J55),\"=\",IF(ABS(E55)>ABS(J55),\">\",\"<\"))","v":"<"},"`EReturns, Pref",null,"=",{"$f":"AVERAGE(D52:H52)","v":-0.40582109820825912},{"$f":"E55/J55","v":0.39866485376802235}]
[]
[]
[null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]"]
[]
[]
[null,"Panel D: Arc Elasticity Estimates for GPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Panel D: Sensitivity Matrix of GPs' Before- Minus After-Tax Returns"]
[null,null,null,{"$f":"D24","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,"EReturns, Rates",null,null,null,null,null,null,{"$f":"Q44","v":"Pure Carry Taxed at Ordinary-Income Rate"}]
[null,null,null,{"$f":"D45","v":0.23799999999999999},{"$f":"E45","v":0.25},{"$f":"F45","v":0.3},{"$f":"G45","v":0.35},{"$f":"H45","v":0.4},null,null,null,null,null,null,null,null,{"$f":"Q45","v":0.23799999999999999},{"$f":"R45","v":0.25},{"$f":"S45","v":0.3},{"$f":"T45","v":0.35},{"$f":"U45","v":0.4}]
[null,{"$f":"'Base Case Assumptions'!A25","v":"Passive-Loss Utilization Rate"},{"$f":"'Sensitivity Results(OI)'!AQ33","v":0},{"$f":"'Sensitivity Results(OI)'!AJ33","v":0.18535324662732422},{"$f":"'Sensitivity Results(OI)'!AK33","v":0.18431727565894951},{"$f":"'Sensitivity Results(OI)'!AL33","v":0.17990603449443388},{"$f":"'Sensitivity Results(OI)'!AM33","v":0.1753331237361484},{"$f":"'Sensitivity Results(OI)'!AN33","v":0.17058536245203859},null,{"$f":"((H65-D65)/((H65+D65)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16339879245742861},null,null,null,null,{"$f":"B65","v":"Passive-Loss Utilization Rate"},{"$f":"C65","v":0},{"$f":"D65-'Sensitivity Results'!AJ33","v":-8.2359411657273451E-3},{"$f":"E65-'Sensitivity Results'!AK33","v":-4.6586116276516876E-3},{"$f":"F65-'Sensitivity Results'!AL33","v":-5.4472121328903444E-3},{"$f":"G65-'Sensitivity Results'!AM33","v":-3.5946777441975275E-3},{"$f":"H65-'Sensitivity Results'!AN33","v":4.8572098985333323E-3},null,null,{"$f":"U65-Q65","v":1.3093151064260677E-2}]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ34","v":0.25},{"$f":"'Sensitivity Results(OI)'!AJ34","v":0.18608273907653539},{"$f":"'Sensitivity Results(OI)'!AK34","v":0.1850452522823447},{"$f":"'Sensitivity Results(OI)'!AL34","v":0.18062739449589271},{"$f":"'Sensitivity Results(OI)'!AM34","v":0.17604733886249213},{"$f":"'Sensitivity Results(OI)'!AN34","v":0.17129183857761476},null,{"$f":"((H66-D66)/((H66+D66)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16299587908219507},null,null,null,null,null,{"$f":"C66","v":0.25},{"$f":"D66-'Sensitivity Results'!AJ34","v":-8.2474974720203598E-3},{"$f":"E66-'Sensitivity Results'!AK34","v":-4.6653172871755633E-3},{"$f":"F66-'Sensitivity Results'!AL34","v":-5.4553445806426737E-3},{"$f":"G66-'Sensitivity Results'!AM34","v":-3.6003190533790974E-3},{"$f":"H66-'Sensitivity Results'!AN34","v":4.865480655483756E-3},null,null,{"$f":"U66-Q66","v":1.3112978127504116E-2},{"$f":"AVERAGE(X65:X69)","v":1.3133090562676619E-2}," =`x",{"$f":"AVERAGE(Q65:U69)","v":-3.425536248482608E-3}," =`x"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ35","v":0.5},{"$f":"'Sensitivity Results(OI)'!AJ35","v":0.18675610532797182},{"$f":"'Sensitivity Results(OI)'!AK35","v":0.18571704631723818},{"$f":"'Sensitivity Results(OI)'!AL35","v":0.18129234712683551},{"$f":"'Sensitivity Results(OI)'!AM35","v":0.17670494128198233},{"$f":"'Sensitivity Results(OI)'!AN35","v":0.17194152089945391},null,{"$f":"((H67-D67)/((H67+D67)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16265470671612661},null,null,null,null,null,{"$f":"C67","v":0.5},{"$f":"D67-'Sensitivity Results'!AJ35","v":-8.259547304903414E-3},{"$f":"E67-'Sensitivity Results'!AK35","v":-4.6722867756117115E-3},{"$f":"F67-'Sensitivity Results'!AL35","v":-5.4637582011363151E-3},{"$f":"G67-'Sensitivity Results'!AM35","v":-3.6061193350855891E-3},{"$f":"H67-'Sensitivity Results'!AN35","v":4.8739002250919317E-3},null,null,{"$f":"U67-Q67","v":1.3133447529995346E-2},{"$f":"STDEV(X65:X69)","v":3.1421274532961424E-5}," = s",{"$f":"STDEV(Q65:U69)","v":4.5181171175734921E-3}," = s"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ36","v":0.75},{"$f":"'Sensitivity Results(OI)'!AJ36","v":0.1873418478744131},{"$f":"'Sensitivity Results(OI)'!AK36","v":0.18630121869596117},{"$f":"'Sensitivity Results(OI)'!AL36","v":0.181869711693605},{"$f":"'Sensitivity Results(OI)'!AM36","v":0.17727503482181906},{"$f":"'Sensitivity Results(OI)'!AN36","v":0.17250382717612234},null,{"$f":"((H68-D68)/((H68+D68)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16239226880066934},null,null,null,null,null,{"$f":"C68","v":0.75},{"$f":"D68-'Sensitivity Results'!AJ36","v":-8.2716554386439434E-3},{"$f":"E68-'Sensitivity Results'!AK36","v":-4.6792638575230416E-3},{"$f":"F68-'Sensitivity Results'!AL36","v":-5.472136180808107E-3},{"$f":"G68-'Sensitivity Results'!AM36","v":-3.6118534879483466E-3},{"$f":"H68-'Sensitivity Results'!AN36","v":4.8821272681192074E-3},null,null,{"$f":"U68-Q68","v":1.3153782706763151E-2},{"$f":"Y67/Y66","v":2.3925270585020272E-3}," = s /`x",{"$f":"AA67/AA66","v":-1.3189517756744973}," = s /`x"]
[null,null,{"$f":"'Sensitivity Results(OI)'!AQ37","v":1},{"$f":"'Sensitivity Results(OI)'!AJ37","v":0.18779564481250155},{"$f":"'Sensitivity Results(OI)'!AK37","v":0.18675359369678857},{"$f":"'Sensitivity Results(OI)'!AL37","v":0.18231594627622116},{"$f":"'Sensitivity Results(OI)'!AM37","v":0.17771475421619098},{"$f":"'Sensitivity Results(OI)'!AN37","v":0.17293661612616718},null,{"$f":"((H69-D69)/((H69+D69)/2))/((H$25-D$25)/((H$25+D$25)/2))","v":-0.16222250430299939},null,null,null,null,null,{"$f":"C69","v":1},{"$f":"D69-'Sensitivity Results'!AJ37","v":-8.2826952403654008E-3},{"$f":"E69-'Sensitivity Results'!AK37","v":-4.6855990644307788E-3},{"$f":"F69-'Sensitivity Results'!AL37","v":-5.4796985362803863E-3},{"$f":"G69-'Sensitivity Results'!AM37","v":-3.616987917366199E-3},{"$f":"H69-'Sensitivity Results'!AN37","v":4.8893981444944057E-3},null,null,{"$f":"U69-Q69","v":1.3172093384859807E-2}]
[]
[null,"EReturns, Utilization",null,{"$f":"((D69-D65)/((D69+D65)/2))/(($C69-$C65)/(($C69+$C65)/2))","v":6.5453716765796503E-3},{"$f":"((E69-E65)/((E69+E65)/2))/(($C69-$C65)/(($C69+$C65)/2))","v":6.5656407954336341E-3},{"$f":"((F69-F65)/((F69+F65)/2))/(($C69-$C65)/(($C69+$C65)/2))","v":6.653135120789788E-3},{"$f":"((G69-G65)/((G69+G65)/2))/(($C69-$C65)/(($C69+$C65)/2))","v":6.7459135963539177E-3},{"$f":"((H69-H65)/((H69+H65)/2))/(($C69-$C65)/(($C69+$C65)/2))","v":6.8445509188673368E-3}]
[]
[]
[]
["\\","`EReturns, Rates",null,"=",{"$f":"AVERAGE(J65:J68)","v":-0.1628604117641049},{"$f":"IF(E75=ABS(J75),\"=\",IF(ABS(E75)>ABS(J75),\">\",\"<\"))","v":">"},"`EReturns, Utilization",null,"=",{"$f":"AVERAGE(D71:H72)","v":6.6709224216048649E-3},{"$f":"E75/J75","v":-24.413477098257811},null,null,null,"Note on alternative tax-rate scenarios:",null,"Capital-Gains Tax Rate",null,null,null,null,null,"`x =",{"$f":"AVERAGE(X6:X69)","v":1.2412108284765666E-2},null,"`x =",{"$f":"(AA7+AA27+AA47+AA66)/4","v":-3.0646695501454243E-3}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Base Case Assumptions'!F8","v":0.15},{"$f":"'Base Case Assumptions'!G8","v":0.2},{"$f":"'Base Case Assumptions'!H8","v":0.23799999999999999},{"$f":"'Base Case Assumptions'!I8","v":0.3},{"$f":"'Base Case Assumptions'!J8","v":0.4},null," s =",{"$f":"STDEV(X6:X69)","v":1.6614051503508948E-3}]
[]
[null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]"]

{"sheet":"Paper's Appendices","index":13,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"A.1","index":14,"n_rows":23,"n_cols":10,"rows_kept":23,"cut":false,"hidden":false,"merged":[[1,0,1,9]]}
[]
["Appendix A.1: Sources & Uses Statement – Acquisition"]
[]
["Sources of Funds:"]
["Mortgage Loan",null,null,null,null,null,{"$f":"G13*I5","v":6000000},null,0.6,"Loan-to-Value Ratio"]
["Equity Capital:"]
[null,"Limited Partners",null,null,null,null,{"$f":"G9-G8","v":3800000}]
[null,"General Partner",null,null,null,null,{"$f":"I8*G9","v":200000},null,0.05,"Co-Investment Requirement"]
[null,null,"Total Equity",null,null,null,{"$f":"G10-G5","v":4000000}]
[null,"Total Sources",null,null,null,null,{"$f":"G17","v":10000000}]
[]
["Uses of Funds:"]
["Purchase Price",null,null,null,null,null,10000000]
["Acquisition Fees & Costs",null,null,null,null,null,{"$f":"I14*G13","v":0},null,0," of Purchase Price"]
["Loan Origination Fees & Costs",null,null,null,null,null,{"$f":"I15*G5","v":0},null,0," of Loan Amount"]
["Organization & Offering Costs ",null,null,null,null,null,{"$f":"ROUND((G13+G14-G5+G15)*(1/(1-I16)-1),-4)","v":0},null,0," of Equity Capital "]
[null,"Total Uses",null,null,null,null,{"$f":"SUM(G13:G16)","v":10000000}]
[]
["Ongoing General Partner Fees:"]
["Asset Management Fee",null,null,null,null,null,0.01," of Equity Capital"]
[]
[]
["†"," Rounded (payable on Total Equity – assumes Acquisition Fees exceed GP's portion), when applicable."]

{"sheet":"A.2","index":15,"n_rows":43,"n_cols":14,"rows_kept":43,"cut":false,"hidden":false,"merged":[[1,0,1,13],[35,12,35,13],[34,12,34,13],[33,12,33,13]]}
[]
["Appendix A.2: Major Assumptions – Acquisition"]
[]
["Property Assumptions:"]
["Going-In Capitalization Rate (NOI1/P0) ",null,null,null,null,null,null,null,null,null,null,null,0.08]
["Ongoing Cap Ex (including tenant improvements & leasing commissions)",null,null,null,null,null,null,null,null,null,null,null,0.2,"  (as a percentage of NOI)"]
["Growth in Cash Flow (g)",null,null,null,null,null,null,null,null,"Recall: ka = CF1/P0 + g + D",null,null,0.03]
["Going-Out Capitalization Rate (NOIN+1/PN) ",null,null,null,null,null,null,null,null," ka ≈",{"$f":"M5*(1-M6)+M7+(M5/M8)^(1/M15)-1-M9/M15","v":9.4000000000000083E-2},null,0.08]
["Disposition Fees & Costs",null,null,null,null,null,null,null,null,null,null,null,0]
[]
[]
["Mortgage Loan Assumptions:"]
["Interest Rate",null,null,null,null,null,null,null,"Recall: ke = [ka - kd(LTV)]/[1- LTV]",null,null,null,6.5000000000000002E-2]
["Amortization Period",null,null,null,null,null,null,null,null,"ke ≈ ",{"$f":"(K8-(M13+M16/M15)*A.1!G5/A.1!G10)/(1-A.1!G5/A.1!G10)","v":0.13750000000000021},null,30,"Years"]
["Loan Maturity",null,null,null,null,null,null,null,null,null,null,null,15,"Years"]
["Loan Origination Fees & Costs",null,null,null,null,null,null,null,null,null,null,null,{"$f":"A.1!I15","v":0}]
["Loan Payment-Annual",null,null,null,null,null,null,null,null,null,null,null,{"$f":"-PMT(M13/12,M14*12,A.1!G5)*12","v":455088.97691493388}," "]
["Loan Constant",null,null,null,null,null,null,null,null,null,null,null,{"$f":"PMT(M13/12,M14*12,1)*-12","v":7.5848162819155657E-2}]
[]
[]
["Tax Considerations:"]
[null,"Depreciable Components:"]
[null,null,"Land",null,null,null,null,null,null,null,null,null,{"$f":"M26*N23","v":1000000},0.1]
[null,null,"Building",null,null,null,null,null,null,null,null,null,{"$f":"M26*N24","v":7750000},{"$f":"1-N23-N25","v":0.77500000000000002}]
[null,null,"Personal Property",null,null,null,null,null,null,null,null,null,{"$f":"M26*N25","v":1250000},0.125]
[null,null,null,"Total",null,null,null,null,null,null,null,null,{"$f":"A.1!G13+A.1!G14","v":10000000}]
[]
[null,"Depreciable Lives:"]
[null,null,"Land",null,null,null,null,null,null,null,null,null,0,"Years"]
[null,null,"Building",null,null,null,null,null,null,null,null,null,30,"Years"]
[null,null,"Personal Property",null,null,null,null,null,null,null,null,null,7,"Years"]
[]
[null,"Depreciation Methods:"]
[null,null,"Land",null,null,null,null,null,null,null,null,null,"NA"]
[null,null,"Building",null,null,null,null,null,null,null,null,null,"Straight Line"]
[null,null,"Personal Property",null,null,null,null,null,null,null,null,null,"200% Declining Balance"]
[]
[null,"Tax Rates:"]
[null,null,"Ordinary Income",null,null,null,null,null,null,null,null,null,0.3]
[null,null,"Capital Gains",null,null,null,null,null,null,null,null,null,0.23799999999999999]
[null,null,"Depreciation Recapture (1231 Gain)†",null,null,null,null,null,null,null,null,null,0.28799999999999998]
[]
[null,null,"† Includes the Net Investment Income Tax (NIIT) of 3.8%"]

{"sheet":"A.2 (continued)","index":16,"n_rows":76,"n_cols":15,"rows_kept":76,"cut":false,"hidden":false,"merged":[[9,14,9,15],[56,2,57,13],[1,0,1,13],[75,0,75,13],[59,2,60,13],[62,2,62,13],[67,2,69,7],[72,3,72,9]]}
[]
["Appendix A.2: Major Assumptions – Acquisition (continued)"]
[]
["Equity Considerations:"]
[null,"Minimum Investment Size",null,null,null,null,null,null,null,null,null,null,null,40000]
[null,"Number of Units",null,null,null,null,null,null,null,null,null,null,null,{"$f":"A.1!G9/'A.2 (continued)'!N5","v":100}]
[]
[null,"Cash Flow Allocations:"]
[null,null,"Operating Cash Flow:"]
[null,null,1,".","LPs & GP receive a preferred return of",null,null,null,null,null,null,null,null,7.0000000000000007E-2,"on invested capital (cumulative)"]
[null,null,2,".","Balance is split:"]
[null,null,null,null,null,"Real Estate Profit:"]
[null,null,null,null,null,null,"Limited Partners †",null,null,null,null,null,null,{"$f":"(1-N65)*(1-A.1!I8)","v":0.76}]
[null,null,null,null,null,null,"General Partner ††",null,null,null,null,null,null,{"$f":"1-N13-N15","v":3.999999999999998E-2}]
[null,null,null,null,null,"General Partner's Carried Interest †††",null,null,null,null,null,null,null,{"$f":"N65","v":0.2}]
[]
[null,null,"Capital Events (after retiring debts, establishing reserves, etc.):"]
[null,null,1,".","LPs & GP receive their invested capital"]
[null,null,2,".","LPs & GP receive a (cumulative, compounding) preferred return",null,null,null,null,null,null,null,null,7.0000000000000007E-2]
[null,null,3,".","Balance is split:"]
[null,null,null,null,null,"Real Estate Profit:"]
[null,null,null,null,null,null,"Limited Partners †",null,null,null,null,null,null,{"$f":"N13","v":0.76}]
[null,null,null,null,null,null,"General Partner ††",null,null,null,null,null,null,{"$f":"N14","v":3.999999999999998E-2}]
[null,null,null,null,null,"General Partner's Carried Interest †††",null,null,null,null,null,null,null,{"$f":"N15","v":0.2}]
[]
[null,"Tax Allocations:"]
[null,null,"Operating Income/<Loss> :"]
[null,null,1,".","Operating Income:"]
[null,null,null,null,"a)","If cash flow distrubution, then in proportion to such distributions"]
[null,null,null,null,"b)","If no cash flow distrubution, then in the following proportion:"]
[null,null,null,null,null,null,"Limited Partners",null,null,null,null,null,null,{"$f":"1-A.1!I8","v":0.95}]
[null,null,null,null,null,null,"General Partner",null,null,null,null,null,null,{"$f":"1-N31","v":5.0000000000000044E-2}]
[]
[null,null,2,".","Operating <Loss> :"]
[null,null,null,null,null,"Limited Partners",null,null,null,null,null,null,null,{"$f":"N31","v":0.95}]
[null,null,null,null,null,"General Partner",null,null,null,null,null,null,null,{"$f":"1-N35","v":5.0000000000000044E-2}]
[]
[null,null,"Capital Gain/<Loss> :"]
[null,null,3,".","Capital Gain:"]
[null,null,null,null,"a)","In proportion to negative balances (if any) in capital accounts "]
[null,null,null,null,"b)","To the (limited and general) partners, such that their capital accounts"]
[null,null,null,null,null,"are brought up to the amount of their (returned) invested capital"]
[null,null,null,null,"c)","LPs & GP to the extent of their preferred return"]
[null,null,null,null,"d)","Balance is split:"]
[null,null,null,null,null,null,"Real Estate Profit:"]
[null,null,null,null,null,null,null,"Limited Partners †",null,null,null,null,null,{"$f":"N22","v":0.76}]
[null,null,null,null,null,null,null,"General Partner ††",null,null,null,null,null,{"$f":"N23","v":3.999999999999998E-2}]
[null,null,null,null,null,null,"General Partner's Carried Interest †††",null,null,null,null,null,null,{"$f":"N24","v":0.2}]
[]
[null,null,4,".","Capital <Loss> :"]
[null,null,null,null,"a)","In proportion to positive balances in capital accounts "]
[null,null,null,null,"b)","Balance is split:"]
[null,null,null,null,null,null,"Limited Partners",null,null,null,null,null,null,{"$f":"N35","v":0.95}]
[null,null,null,null,null,null,"General Partner",null,null,null,null,null,null,{"$f":"N36","v":5.0000000000000044E-2}]
[]
[null,"Notes:"]
[null,"†",{"$f":"\"Represents the limited partner's share of the residual profits after the general partner's 'pure' \" &TEXT(N65,\"0%\") &\" carried interest (i.e., (100% – \" &TEXT(N65,\"0%)\") &\" x \" &TEXT(N31,\"0%).\")","v":"Represents the limited partner's share of the residual profits after the general partner's 'pure' 20% carried interest (i.e., (100% – 20%) x 95%)."}]
[]
[]
[null,"††",{"$f":"\"Represents the general partner's share of the residual profits after the general partner's 'pure' \" &TEXT(N68,\"0%\") &\" carried interest (i.e., (100% – \" &TEXT(N65,\"0%)\") &\" x \" &TEXT(N32,\"0%).\")","v":"Represents the general partner's share of the residual profits after the general partner's 'pure' 0% carried interest (i.e., (100% – 20%) x 5%)."}]
[]
[]
[null,"†††",{"$f":"\"Represents the general partner's 'pure' \" &TEXT(N65,\"0%\") &\" carried interest.\"","v":"Represents the general partner's 'pure' 20% carried interest."}]
[]
[null,null,"GP's \"Pure\" Carry (i.e., in the absence of any co-investment capital)",null,null,null,null,null,null,null,null,null,null,0.2]
[]
[]
[null,null,"GP's \"Pure\" Carry Taxed at Ordinary Income Rates?"]
[null,null,null,null,null,null,null,null,"Yes",{"$f":"IF(I69=\"No\",\"GP's Pure Carry Is Taxed at the Capital-Gains Rate.\",\"GP's Pure Carry Is Taxed at ≈ the Ordinary-Income Rate.\")","v":"GP's Pure Carry Is Taxed at ≈ the Ordinary-Income Rate."}]
[]
[]
[]
[null,null,null,"{Enter either \"No\" or \"Yes\" in cell I69.}"]
[]
[]
[{"$f":"\"[ Sheet Name: \" &RIGHT(CELL(\"filename\",A32),LEN(CELL(\"filename\",A32))-FIND(\"]\",CELL(\"filename\",A32),1)) &\" ]\"","v":"[ Sheet Name: A.2 (continued) ]"}]

{"sheet":"A.3","index":17,"n_rows":39,"n_cols":21,"rows_kept":39,"cut":false,"hidden":false,"merged":[[1,0,1,20]]}
[]
[{"$f":"\"Appendix A.3: \" &TEXT(E39,\"0\") &\"-Year Operating Cash Flow Pro Forma\"","v":"Appendix A.3: 10-Year Operating Cash Flow Pro Forma"}]
[]
[null,null,null,null,null,1,{"$f":"F4+1","v":2},{"$f":"G4+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,"Total"]
["Net Operating Income",null,null,null,null,{"$f":"A.1!G13*A.2!M5","v":800000},{"$f":"IF(ISNUMBER(G39),F5*(1+A.2!$M7),0)","v":824000},{"$f":"IF(ISNUMBER(H39),G5*(1+A.2!$M7),0)","v":848720},{"$f":"IF(ISNUMBER(I39),H5*(1+A.2!$M7),0)","v":874181.6},{"$f":"IF(ISNUMBER(J39),I5*(1+A.2!$M7),0)","v":900407.04799999995},{"$f":"IF(ISNUMBER(K39),J5*(1+A.2!$M7),0)","v":927419.25943999994},{"$f":"IF(ISNUMBER(L39),K5*(1+A.2!$M7),0)","v":955241.83722320001},{"$f":"IF(ISNUMBER(M39),L5*(1+A.2!$M7),0)","v":983899.09233989601},{"$f":"IF(ISNUMBER(N39),M5*(1+A.2!$M7),0)","v":1013416.0651100929},{"$f":"IF(ISNUMBER(O39),N5*(1+A.2!$M7),0)","v":1043818.5470633957},{"$f":"IF(ISNUMBER(P39),O5*(1+A.2!$M7),0)","v":0},{"$f":"IF(ISNUMBER(Q39),P5*(1+A.2!$M7),0)","v":0},{"$f":"IF(ISNUMBER(R39),Q5*(1+A.2!$M7),0)","v":0},{"$f":"IF(ISNUMBER(S39),R5*(1+A.2!$M7),0)","v":0},{"$f":"IF(ISNUMBER(T39),S5*(1+A.2!$M7),0)","v":0},{"$f":"SUM(F5:T5)","v":9171103.4491765853}]
["Mortgage Debt Service:"]
[null,"Interest (see A.4)",null,null,null,{"$f":"A.4!D19","v":388025.44877733476},{"$f":"IF(ISNUMBER(G39),A.4!D33,0)","v":383534.08009613497},{"$f":"IF(ISNUMBER(H39),A.4!D47,0)","v":378741.91613632906},{"$f":"IF(ISNUMBER(I39),A.4!D61,0)","v":373628.81208103511},{"$f":"IF(ISNUMBER(J39),A.4!D75,0)","v":368173.27397767635},{"$f":"IF(ISNUMBER(K39),A.4!D89,0)","v":362352.36838386534},{"$f":"IF(ISNUMBER(L39),A.4!D103,0)","v":356141.62596210476},{"$f":"IF(ISNUMBER(M39),A.4!D117,0)","v":349514.93861804815},{"$f":"IF(ISNUMBER(N39),A.4!D131,0)","v":342444.44974991819},{"$f":"IF(ISNUMBER(O39),A.4!D145,0)","v":334900.43714772613},{"$f":"IF(ISNUMBER(P39),A.4!D159,0)","v":0},{"$f":"IF(ISNUMBER(Q39),A.4!D173,0)","v":0},{"$f":"IF(ISNUMBER(R39),A.4!D187,0)","v":0},{"$f":"IF(ISNUMBER(S39),A.4!D201,0)","v":0},{"$f":"IF(ISNUMBER(T39),A.4!D215,0)","v":0},{"$f":"SUM(F7:T7)","v":3637457.350930173}]
[null,"Principal (see A.4)",null,null,null,{"$f":"A.4!E19","v":67063.528137599176},{"$f":"IF(ISNUMBER(G39),A.4!E33,0)","v":71554.896818798923},{"$f":"IF(ISNUMBER(H39),A.4!E47,0)","v":76347.060778604849},{"$f":"IF(ISNUMBER(I39),A.4!E61,0)","v":81460.164833898831},{"$f":"IF(ISNUMBER(J39),A.4!E75,0)","v":86915.70293725752},{"$f":"IF(ISNUMBER(K39),A.4!E89,0)","v":92736.608531068618},{"$f":"IF(ISNUMBER(L39),A.4!E103,0)","v":98947.350952829162},{"$f":"IF(ISNUMBER(M39),A.4!E117,0)","v":105574.03829688582},{"$f":"IF(ISNUMBER(N39),A.4!E131,0)","v":112644.52716501578},{"$f":"IF(ISNUMBER(O39),A.4!E145,0)","v":120188.53976720774},{"$f":"IF(ISNUMBER(P39),A.4!E159,0)","v":0},{"$f":"IF(ISNUMBER(Q39),A.4!E173,0)","v":0},{"$f":"IF(ISNUMBER(R39),A.4!E187,0)","v":0},{"$f":"IF(ISNUMBER(S39),A.4!E201,0)","v":0},{"$f":"IF(ISNUMBER(T39),A.4!E215,0)","v":0},913432.41821916634]
[null,null,"Total Debt Service",null,null,{"$f":"F7+F8","v":455088.97691493394},455088.97691493388,455088.97691493388,455088.97691493394,455088.97691493388,455088.97691493394,455088.97691493394,455088.976914934,455088.976914934,{"$f":"O7+O8","v":455088.97691493388},0,0,0,0,0,4550889.7691493388]
["Capital Expenditures",null,null,null,null,{"$f":"A.2!$M6*A.3!F5","v":160000},{"$f":"A.2!$M6*A.3!G5","v":164800},{"$f":"A.2!$M6*A.3!H5","v":169744},{"$f":"A.2!$M6*A.3!I5","v":174836.32},{"$f":"A.2!$M6*A.3!J5","v":180081.40960000001},{"$f":"A.2!$M6*A.3!K5","v":185483.851888},{"$f":"A.2!$M6*A.3!L5","v":191048.36744464003},{"$f":"A.2!$M6*A.3!M5","v":196779.8184679792},{"$f":"A.2!$M6*A.3!N5","v":202683.21302201858},{"$f":"A.2!$M6*A.3!O5","v":208763.70941267916},{"$f":"A.2!$M6*A.3!P5","v":0},{"$f":"A.2!$M6*A.3!Q5","v":0},{"$f":"A.2!$M6*A.3!R5","v":0},{"$f":"A.2!$M6*A.3!S5","v":0},{"$f":"A.2!$M6*A.3!T5","v":0},1834220.6898353172]
["Asset Manangement Fee",null,null,null,null,{"$f":"A.1!G20*A.1!G9","v":40000},{"$f":"IF(ISNUMBER(G39),F11,0)","v":40000},40000,40000,40000,40000,40000,40000,40000,40000,0,0,0,0,0,400000]
["Before-Tax Cash Flow",null,null,null,null,{"$f":"MAX(F5-SUM(F9:F11),0)","v":144911.02308506612},{"$f":"MAX(G5-SUM(G9:G11),0)","v":164111.02308506612},183887.02308506612,204256.30308506603,225236.66148506606,246846.43063706602,269104.4928636261,292030.29695698281,315643.87517314032,{"$f":"MAX(O5-SUM(O9:O11),0)","v":339965.86073578265},0,0,0,0,0,2385992.9901919281]
[]
[]
["Allocation of Cash Flow:"]
[null,{"$f":"\"Preferred Return @ \" &TEXT('A.2 (continued)'!N19,\"0.0%\")&\":\"","v":"Preferred Return @ 7.0%:"}]
[null,null,{"$f":"\"Limited Partners @ \" &TEXT(1-A.1!I8,\"0%\")","v":"Limited Partners @ 95%"},null,null,{"$f":"F19-F18","v":137665.47193081281},{"$f":"G19-G18","v":155905.47193081281},174692.67193081282,194043.48793081273,213974.82841081274,234504.10910521273,255649.26822044479,266000,266000,266000,0,0,0,0,0,{"$f":"SUM(F17:T17)","v":2164435.3094597212}]
[null,null,{"$f":"\"General Partner @ \" &TEXT(A.1!I8,\"0%\")","v":"General Partner @ 5%"},null,null,{"$f":"A.1!$I8*A.3!F19","v":7245.5511542533059},{"$f":"A.1!$I8*A.3!G19","v":8205.5511542533059},{"$f":"A.1!$I8*A.3!H19","v":9194.351154253307},{"$f":"A.1!$I8*A.3!I19","v":10212.815154253301},{"$f":"A.1!$I8*A.3!J19","v":11261.833074253303},{"$f":"A.1!$I8*A.3!K19","v":12342.321531853302},{"$f":"A.1!$I8*A.3!L19","v":13455.224643181306},{"$f":"A.1!$I8*A.3!M19","v":14000},{"$f":"A.1!$I8*A.3!N19","v":14000},{"$f":"A.1!$I8*A.3!O19","v":14000},{"$f":"A.1!$I8*A.3!P19","v":0},{"$f":"A.1!$I8*A.3!Q19","v":0},{"$f":"A.1!$I8*A.3!R19","v":0},{"$f":"A.1!$I8*A.3!S19","v":0},{"$f":"A.1!$I8*A.3!T19","v":0},{"$f":"SUM(F18:T18)","v":113917.64786630114}]
[null,null,null,"Total Prefence Payments",null,{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!F12))","v":144911.02308506612},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!G12))","v":164111.02308506612},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!H12))","v":183887.02308506612},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!I12))","v":204256.30308506603},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!J12))","v":225236.66148506606},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!K12))","v":246846.43063706602},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!L12))","v":269104.4928636261},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!M12))","v":280000},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!N12))","v":280000},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!O12))","v":280000},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!P12))","v":0},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!Q12))","v":0},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!R12))","v":0},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!S12))","v":0},{"$f":"MIN(A.1!$G9*'A.2 (continued)'!$N10,MAX(0,A.3!T12))","v":0},{"$f":"SUM(F19:T19)","v":2278352.9573260224}]
[]
[null,"Residual Profits:"]
[null,null,"Real Estate Profits:"]
[null,null,null,{"$f":"\"Limited Partners @ \" &TEXT('A.2 (continued)'!N22,\"0%\")","v":"Limited Partners @ 76%"},null,{"$f":"(F12-F19)*'A.2 (continued)'!$N13","v":0},{"$f":"(G12-G19)*'A.2 (continued)'!$N13","v":0},{"$f":"(H12-H19)*'A.2 (continued)'!$N13","v":0},{"$f":"(I12-I19)*'A.2 (continued)'!$N13","v":0},{"$f":"(J12-J19)*'A.2 (continued)'!$N13","v":0},{"$f":"(K12-K19)*'A.2 (continued)'!$N13","v":0},{"$f":"(L12-L19)*'A.2 (continued)'!$N13","v":0},{"$f":"(M12-M19)*'A.2 (continued)'!$N13","v":9143.0256873069375},{"$f":"(N12-N19)*'A.2 (continued)'!$N13","v":27089.34513158664},{"$f":"(O12-O19)*'A.2 (continued)'!$N13","v":45574.05415919482},{"$f":"(P12-P19)*'A.2 (continued)'!$N13","v":0},{"$f":"(Q12-Q19)*'A.2 (continued)'!$N13","v":0},{"$f":"(R12-R19)*'A.2 (continued)'!$N13","v":0},{"$f":"(S12-S19)*'A.2 (continued)'!$N13","v":0},{"$f":"(T12-T19)*'A.2 (continued)'!$N13","v":0},{"$f":"SUM(F23:T23)","v":81806.424978088398}]
[null,null,null,{"$f":"\"General Partner @ \" &TEXT('A.2 (continued)'!N14,\"0%\")","v":"General Partner @ 4%"},null,{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*F31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*G31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*H31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*I31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*J31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*K31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*L31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*M31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*N31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*O31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*P31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*Q31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*R31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*S31","v":0},{"$f":"(1-'A.2 (continued)'!$N65/'A.2 (continued)'!$N24)*T31","v":0},{"$f":"SUM(F24:T24)","v":0}]
[null,null,"Carried Interest:"]
[null,null,null,{"$f":"\"General Partner @ \" &TEXT('A.2 (continued)'!N65,\"0%\")","v":"General Partner @ 20%"},null,{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*F31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*G31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*H31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*I31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*J31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*K31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*L31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*M31","v":2887.2712696758754},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*N31","v":8554.5300415536767},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*O31","v":14391.806576587835},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*P31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*Q31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*R31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*S31","v":0},{"$f":"'A.2 (continued)'!$N65/'A.2 (continued)'!$N24*T31","v":0},{"$f":"SUM(F26:T26)","v":25833.607887817387}]
[null,null,null,"  Total Residual Payments",null,{"$f":"F23+F24+F26","v":0},{"$f":"G23+G24+G26","v":0},0,0,0,0,0,12030.296956982813,35643.875173140317,59965.860735782655,0,0,0,0,0,{"$f":"SUM(F27:T27)","v":107640.03286590579}]
[]
[]
["Various Return Metrics:"]
[null,"Total Residual Payments to GP",null,null,null,{"$f":"F12-F19-F23","v":0},0,0,0,0,0,0,2887.2712696758754,8554.5300415536767,14391.806576587835,0,0,0,0,0,{"$f":"SUM(F31:T31)","v":25833.607887817387}]
[]
[null,"LPs' Cash-on-Cash Yield",null,null,null,{"$f":"(F19*(1-A.1!$I8)+F23)/A.1!$G7","v":3.622775577126653E-2},{"$f":"(G19*(1-A.1!$I8)+G23)/A.1!$G7","v":4.1027755771266529E-2},{"$f":"(H19*(1-A.1!$I8)+H23)/A.1!$G7","v":4.5971755771266526E-2},{"$f":"(I19*(1-A.1!$I8)+I23)/A.1!$G7","v":5.1064075771266509E-2},{"$f":"(J19*(1-A.1!$I8)+J23)/A.1!$G7","v":5.6309165371266512E-2},{"$f":"(K19*(1-A.1!$I8)+K23)/A.1!$G7","v":6.1711607659266497E-2},{"$f":"(L19*(1-A.1!$I8)+L23)/A.1!$G7","v":6.7276123215906522E-2},{"$f":"(M19*(1-A.1!$I8)+M23)/A.1!$G7","v":7.2406059391396563E-2},{"$f":"(N19*(1-A.1!$I8)+N23)/A.1!$G7","v":7.7128775034628061E-2},{"$f":"(O19*(1-A.1!$I8)+O23)/A.1!$G7","v":8.1993172147156526E-2},{"$f":"(P19*(1-A.1!$I8)+P23)/A.1!$G7","v":0},{"$f":"(Q19*(1-A.1!$I8)+Q23)/A.1!$G7","v":0},{"$f":"(R19*(1-A.1!$I8)+R23)/A.1!$G7","v":0},{"$f":"(S19*(1-A.1!$I8)+S23)/A.1!$G7","v":0},{"$f":"(T19*(1-A.1!$I8)+T23)/A.1!$G7","v":0},{"$f":"SUMIF(F33:T33,\">0\")/COUNTIF(F33:T33,\">0\")","v":5.9111624590468682E-2}]
[null,"Equity Build-Up Yield",null,null,null,{"$f":"F8/A.1!$G7","v":1.7648296878315574E-2},{"$f":"G8/A.1!$G7","v":1.8830236004947085E-2},{"$f":"H8/A.1!$G7","v":2.0091331783843383E-2},{"$f":"I8/A.1!$G7","v":2.1436885482604955E-2},{"$f":"J8/A.1!$G7","v":2.2872553404541453E-2},{"$f":"K8/A.1!$G7","v":2.440437066607069E-2},{"$f":"L8/A.1!$G7","v":2.6038776566533989E-2},{"$f":"M8/A.1!$G7","v":2.7782641657075214E-2},{"$f":"N8/A.1!$G7","v":2.9643296622372573E-2},{"$f":"O8/A.1!$G7","v":3.1628563096633616E-2},{"$f":"P8/A.1!$G7","v":0},{"$f":"Q8/A.1!$G7","v":0},{"$f":"R8/A.1!$G7","v":0},{"$f":"S8/A.1!$G7","v":0},{"$f":"T8/A.1!$G7","v":0},{"$f":"SUMIF(F34:T34,\">0\")/COUNTIF(F34:T34,\">0\")","v":2.4037695216293856E-2}]
[null,"LPs' Total Current Yield",null,null,null,{"$f":"F33+F34*(1-A.1!$I8)","v":5.2993637805666322E-2},{"$f":"G33+G34*(1-A.1!$I8)","v":5.891647997596626E-2},{"$f":"H33+H34*(1-A.1!$I8)","v":6.5058520965917743E-2},{"$f":"I33+I34*(1-A.1!$I8)","v":7.142911697974122E-2},{"$f":"J33+J34*(1-A.1!$I8)","v":7.8038091105580895E-2},{"$f":"K33+K34*(1-A.1!$I8)","v":8.4895759792033648E-2},{"$f":"L33+L34*(1-A.1!$I8)","v":9.2012960954113807E-2},{"$f":"M33+M34*(1-A.1!$I8)","v":9.8799568965618006E-2},{"$f":"N33+N34*(1-A.1!$I8)","v":0.105289906825882},{"$f":"O33+O34*(1-A.1!$I8)","v":0.11204030708895846},{"$f":"P33+P34*(1-A.1!$I8)","v":0},{"$f":"Q33+Q34*(1-A.1!$I8)","v":0},{"$f":"R33+R34*(1-A.1!$I8)","v":0},{"$f":"S33+S34*(1-A.1!$I8)","v":0},{"$f":"T33+T34*(1-A.1!$I8)","v":0},{"$f":"SUMIF(F35:T35,\">0\")/COUNTIF(F35:T35,\">0\")","v":8.1947435045947842E-2}]
[]
[]
[]
["Holding Period (Yrs)",null,null,null,10,1,{"$f":"IF(ISNUMBER(F39),IF(F39+1>$E39,\" \",1+F39),\" \")","v":2},3,4,5,6,7,8,9,10," "," "," "," "," "]

{"sheet":"A.4","index":18,"n_rows":215,"n_cols":8,"rows_kept":215,"cut":false,"hidden":false,"merged":[[1,0,1,5]]}
[]
["Appendix A.4: Mortgage Loan Amortization Schedule"]
[]
[null,"Beginning","Debt","Interest","Prinicpal","Ending"," "]
["Time Period","Balance","Service","Expense","Amortization","Balance",null,{"$f":"IRR(H8:H128)*12","v":6.4999999999999503E-2}]
[]
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["Month 37",{"$f":"F46","v":5785034.5142649952},{"$f":"C46","v":37924.081409577826},{"$f":"A.2!M$13/12*A.4!B49","v":31335.603618935391},6588.4777906424351,5778446.0364743527,null,37924.081409577826]
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["Month 39",5771821.8710956778,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B51","v":31264.035135101589},6660.0462744762372,5765161.8248212012,null,37924.081409577826]
["Month 40",5765161.8248212012,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B52","v":31227.959884448173},6696.1215251296526,5758465.7032960718,null,37924.081409577826]
["Month 41",5758465.7032960718,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B53","v":31191.689226187056},6732.3921833907698,5751733.3111126814,null,37924.081409577826]
["Month 42",5751733.3111126814,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B54","v":31155.22210186036},6768.8593077174664,5744964.4518049639,null,37924.081409577826]
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["Month 45",5731316.5406255657,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B57","v":31044.631261721814},6879.4501478560123,5724437.0904777097,null,{"$f":"C63","v":37924.081409577826}]
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[]
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[]
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[]
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["Month 136",4924950.2531264294,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B164","v":26676.813871101494},11247.267538476332,4913702.9855879527]
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["Month 139",4891025.3524155458,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B167","v":26493.053992250876},11431.02741732695,4879594.3249982186]
["Month 140",4879594.3249982186,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B168","v":26431.135927073687},11492.945482504139,4868101.379515714]
["Month 141",4868101.379515714,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B169","v":26368.882472376787},11555.198937201039,4856546.1805785131]
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[]
["Month 145",{"$f":"F172","v":4821503.6818340374},{"$f":"C172","v":37924.081409577826},{"$f":"A.2!M$13/12*A.4!B175","v":26116.478276601036},{"$f":"C175-D175","v":11807.60313297679},{"$f":"B175-E175","v":4809696.0787010603}]
["Month 146",{"$f":"F175","v":4809696.0787010603},37924.081409577826,{"$f":"A.2!M$13/12*A.4!B176","v":26052.520426297411},11871.560983280415,4797824.5177177796]
["Month 147",4797824.5177177796,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B177","v":25988.216137637974},11935.865271939852,4785888.6524458397]
["Month 148",4785888.6524458397,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B178","v":25923.563534081633},12000.517875496193,4773888.1345703434]
["Month 149",4773888.1345703434,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B179","v":25858.560728922694},12065.520680655132,4761822.6138896886]
["Month 150",4761822.6138896886,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B180","v":25793.205825235815},12130.875584342011,4749691.738305347]
["Month 151",4749691.738305347,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B181","v":25727.49691582063},12196.584493757196,4737495.1538115898]
["Month 152",4737495.1538115898,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B182","v":25661.432083146112},12262.649326431714,4725232.5044851582]
["Month 153",4725232.5044851582,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B183","v":25595.009399294609},12329.072010283217,4712903.4324748749]
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["Month 155",4700507.5779912025,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B185","v":25461.082714119013},12462.998695458813,4688044.5792957433]
["Month 156",4688044.5792957433,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B186","v":25393.574804518612},12530.506605059214,4675514.0726906843]
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[]
["Month 157",{"$f":"F186","v":4675514.0726906843},{"$f":"C186","v":37924.081409577826},{"$f":"A.2!M$13/12*A.4!B189","v":25325.70122707454},{"$f":"C189-D189","v":12598.380182503286},{"$f":"B189-E189","v":4662915.6925081806}]
["Month 158",{"$f":"F189","v":4662915.6925081806},37924.081409577826,{"$f":"A.2!M$13/12*A.4!B190","v":25257.460001085979},12666.621408491847,4650249.0710996892]
["Month 159",4650249.0710996892,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B191","v":25188.849135123317},12735.232274454509,4637513.8388252351]
["Month 160",4637513.8388252351,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B192","v":25119.866626970026},12804.2147826078,4624709.6240426274]
["Month 161",4624709.6240426274,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B193","v":25050.510463564231},12873.570946013595,4611836.0530966138]
["Month 162",4611836.0530966138,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B194","v":24980.778620939993},12943.302788637833,4598892.7503079763]
["Month 163",4598892.7503079763,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B195","v":24910.669064168207},13013.412345409619,4585879.3379625669]
["Month 164",4585879.3379625669,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B196","v":24840.179747297239},13083.901662280587,4572795.4363002861]
["Month 165",4572795.4363002861,37924.081409577826,{"$f":"A.2!M$13/12*A.4!B197","v":24769.308613293219},13154.772796284607,4559640.6635040017]
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[]
["Month 169",{"$f":"F200","v":4519747.2690498745},{"$f":"C200","v":37924.081409577826},{"$f":"A.2!M$13/12*A.4!B203","v":24481.964374020154},{"$f":"C203-D203","v":13442.117035557672},{"$f":"B203-E203","v":4506305.152014317}]
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[]
["Appendix A.4: Mortgage Loan Amortization Schedule"]
[]
[null,"Beginning","Debt","Interest","Prinicpal","Ending"]
["Year","Balance","Service","Expense","Amortization","Balance"]
[]
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[null,{"$f":"B7","v":6000000},{"$f":"SUM(C7:C21)","v":6826334.6537240073},{"$f":"SUM(D7:D21)","v":5179883.1278127348},{"$f":"SUM(E7:E21)","v":1646451.5259112734},{"$f":"F21","v":4353548.4740887247}]

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[]
[{"$f":"\"Appendix A.5: \" &TEXT(A.3!E39,\"0\") &\"-Year Pro Forma of Taxable Income/<Loss>\"","v":"Appendix A.5: 10-Year Pro Forma of Taxable Income/<Loss>"}]
[]
[null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Total"]
["Net Operating Income",null,null,null,null,{"$f":"A.3!F5","v":800000},{"$f":"A.3!G5","v":824000},{"$f":"A.3!H5","v":848720},{"$f":"A.3!I5","v":874181.6},{"$f":"A.3!J5","v":900407.04799999995},{"$f":"A.3!K5","v":927419.25943999994},{"$f":"A.3!L5","v":955241.83722320001},{"$f":"A.3!M5","v":983899.09233989601},{"$f":"A.3!N5","v":1013416.0651100929},{"$f":"A.3!O5","v":1043818.5470633957},{"$f":"A.3!P5","v":0},{"$f":"A.3!Q5","v":0},{"$f":"A.3!R5","v":0},{"$f":"A.3!S5","v":0},{"$f":"A.3!T5","v":0},{"$f":"SUM(F5:T5)","v":9171103.4491765853}]
["Interest Expense (see A.4)",null,null,null,null,{"$f":"A.3!F7","v":388025.44877733476},{"$f":"A.3!G7","v":383534.08009613497},{"$f":"A.3!H7","v":378741.91613632906},{"$f":"A.3!I7","v":373628.81208103511},{"$f":"A.3!J7","v":368173.27397767635},{"$f":"A.3!K7","v":362352.36838386534},{"$f":"A.3!L7","v":356141.62596210476},{"$f":"A.3!M7","v":349514.93861804815},{"$f":"A.3!N7","v":342444.44974991819},{"$f":"A.3!O7","v":334900.43714772613},{"$f":"A.3!P7","v":0},{"$f":"A.3!Q7","v":0},{"$f":"A.3!R7","v":0},{"$f":"A.3!S7","v":0},{"$f":"A.3!T7","v":0},{"$f":"SUM(F6:T6)","v":3637457.350930173}]
["Depreciation:"]
[null,"Real Property (see A.6)",null,null,null,{"$f":"A.6!G10","v":258333.33333333334},{"$f":"IF(ISNUMBER(G37),A.6!H10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(H37),A.6!I10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(I37),A.6!J10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(J37),A.6!K10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(K37),A.6!L10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(L37),A.6!M10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(M37),A.6!N10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(N37),A.6!O10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(O37),A.6!P10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(P37),A.6!Q10,0)","v":0},{"$f":"IF(ISNUMBER(Q37),A.6!R10,0)","v":0},{"$f":"IF(ISNUMBER(R37),A.6!S10,0)","v":0},{"$f":"IF(ISNUMBER(S37),A.6!T10,0)","v":0},{"$f":"IF(ISNUMBER(T37),A.6!U10,0)","v":0},{"$f":"SUM(F8:T8)","v":2583333.3333333335}]
[null,"Personal Property (see A.6)",null,null,null,{"$f":"A.6!G11","v":357142.8571428571},{"$f":"IF(ISNUMBER(G37),A.6!H11,0)","v":255102.04081632651},{"$f":"IF(ISNUMBER(H37),A.6!I11,0)","v":182215.74344023323},{"$f":"IF(ISNUMBER(I37),A.6!J11,0)","v":113884.83965014579},{"$f":"IF(ISNUMBER(J37),A.6!K11,0)","v":113884.8396501458},{"$f":"IF(ISNUMBER(K37),A.6!L11,0)","v":113884.83965014579},{"$f":"IF(ISNUMBER(L37),A.6!M11,0)","v":113884.83965014573},{"$f":"IF(ISNUMBER(M37),A.6!N11,0)","v":0},{"$f":"IF(ISNUMBER(N37),A.6!O11,0)","v":0},{"$f":"IF(ISNUMBER(O37),A.6!P11,0)","v":0},{"$f":"IF(ISNUMBER(P37),A.6!Q11,0)","v":0},{"$f":"IF(ISNUMBER(Q37),A.6!R11,0)","v":0},{"$f":"IF(ISNUMBER(R37),A.6!S11,0)","v":0},{"$f":"IF(ISNUMBER(S37),A.6!T11,0)","v":0},{"$f":"IF(ISNUMBER(T37),A.6!U11,0)","v":0},{"$f":"SUM(F9:T9)","v":1250000}]
[null,"Capital Expenditures (see A.6)",null,null,null,{"$f":"A.6!G31","v":5333.333333333333},{"$f":"IF(ISNUMBER(G37),A.6!H31,0)","v":16160},{"$f":"IF(ISNUMBER(H37),A.6!I31,0)","v":27311.466666666667},{"$f":"IF(ISNUMBER(I37),A.6!J31,0)","v":38797.477333333329},{"$f":"IF(ISNUMBER(J37),A.6!K31,0)","v":50628.068319999998},{"$f":"IF(ISNUMBER(K37),A.6!L31,0)","v":62813.577036266666},{"$f":"IF(ISNUMBER(L37),A.6!M31,0)","v":75364.651014021336},{"$f":"IF(ISNUMBER(M37),A.6!N31,0)","v":88292.257211108648},{"$f":"IF(ISNUMBER(N37),A.6!O31,0)","v":101607.69159410856},{"$f":"IF(ISNUMBER(O37),A.6!P31,0)","v":115322.5890085985},{"$f":"IF(ISNUMBER(P37),A.6!Q31,0)","v":0},{"$f":"IF(ISNUMBER(Q37),A.6!R31,0)","v":0},{"$f":"IF(ISNUMBER(R37),A.6!S31,0)","v":0},{"$f":"IF(ISNUMBER(S37),A.6!T31,0)","v":0},{"$f":"IF(ISNUMBER(T37),A.6!U31,0)","v":0},{"$f":"SUM(F10:T10)","v":581631.11151743692}]
[null,null,"Total Depreciation",null,null,{"$f":"F8+F9+F10","v":620809.52380952379},{"$f":"G8+G9+G10","v":529595.37414965988},467860.54344023322,411015.65031681245,422846.24130347918,435031.75001974578,447582.82399750047,346625.59054444201,359941.0249274419,373655.92234193184,0,0,0,0,0,{"$f":"SUM(F11:T11)","v":4414964.4448507708}]
["Amortization:"]
[null,{"$f":"A.1!A15","v":"Loan Origination Fees & Costs"},null,null,null,{"$f":"A.1!G15/A.2!M15","v":0},{"$f":"IF(ISNUMBER(G37),F13,0)","v":0},{"$f":"IF(ISNUMBER(H37),G13,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(F13:T13)","v":0}]
[null,{"$f":"A.1!A16","v":"Organization & Offering Costs "},null,null,null,{"$f":"A.1!G16/5","v":0},{"$f":"IF(AND(G37<=5,ISNUMBER(G37)),F14,0)","v":0},{"$f":"IF(AND(H37<=5,ISNUMBER(H37)),G14,0)","v":0},0,0,0,0,0,0,{"$f":"IF(AND(O37<=5,ISNUMBER(O37)),N14,0)","v":0},0,0,0,0,0,{"$f":"SUM(F14:T14)","v":0}]
[null,null,"Total Amortization",null,null,{"$f":"F13+F14","v":0},{"$f":"G13+G14","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(F15:T15)","v":0}]
[{"$f":"A.3!A11","v":"Asset Manangement Fee"},null,null,null,null,{"$f":"A.3!F11","v":40000},{"$f":"A.3!G11","v":40000},{"$f":"A.3!H11","v":40000},{"$f":"A.3!I11","v":40000},{"$f":"A.3!J11","v":40000},{"$f":"A.3!K11","v":40000},{"$f":"A.3!L11","v":40000},{"$f":"A.3!M11","v":40000},{"$f":"A.3!N11","v":40000},{"$f":"A.3!O11","v":40000},{"$f":"A.3!P11","v":0},{"$f":"A.3!Q11","v":0},{"$f":"A.3!R11","v":0},{"$f":"A.3!S11","v":0},{"$f":"A.3!T11","v":0},{"$f":"SUM(F16:T16)","v":400000}]
["Taxable Income/<Loss>",null,null,null,null,{"$f":"F5-F6-F11-F15-F16","v":-248834.97258685855},{"$f":"G5-G6-G11-G15-G16","v":-129129.45424579486},-37882.45957656228,49537.137602152419,69387.532718844363,90035.141036388814,111517.38726359478,247758.5631774058,271030.59043273277,295262.1875737377,0,0,0,0,0,{"$f":"SUM(F17:T17)","v":718681.6533956409}]
[]
[]
["Allocation of Taxable Income/<Loss>:"]
[null,"Limited Partners",null,null,null,{"$f":"IF(F17<0,F17*'A.2 (continued)'!$N35,IF(A.3!F17>0,(A.3!F17+A.3!F23)/A.3!F12*A.5!F17,'A.2 (continued)'!$N31*A.5!F17))","v":-236393.22395751561},{"$f":"IF(G17<0,G17*'A.2 (continued)'!$N35,IF(A.3!G17>0,(A.3!G17+A.3!G23)/A.3!G12*A.5!G17,'A.2 (continued)'!$N31*A.5!G17))","v":-122672.98153350511},{"$f":"IF(H17<0,H17*'A.2 (continued)'!$N35,IF(A.3!H17>0,(A.3!H17+A.3!H23)/A.3!H12*A.5!H17,'A.2 (continued)'!$N31*A.5!H17))","v":-35988.336597734167},{"$f":"IF(I17<0,I17*'A.2 (continued)'!$N35,IF(A.3!I17>0,(A.3!I17+A.3!I23)/A.3!I12*A.5!I17,'A.2 (continued)'!$N31*A.5!I17))","v":47060.280722044794},{"$f":"IF(J17<0,J17*'A.2 (continued)'!$N35,IF(A.3!J17>0,(A.3!J17+A.3!J23)/A.3!J12*A.5!J17,'A.2 (continued)'!$N31*A.5!J17))","v":65918.156082902147},{"$f":"IF(K17<0,K17*'A.2 (continued)'!$N35,IF(A.3!K17>0,(A.3!K17+A.3!K23)/A.3!K12*A.5!K17,'A.2 (continued)'!$N31*A.5!K17))","v":85533.383984569373},{"$f":"IF(L17<0,L17*'A.2 (continued)'!$N35,IF(A.3!L17>0,(A.3!L17+A.3!L23)/A.3!L12*A.5!L17,'A.2 (continued)'!$N31*A.5!L17))","v":105941.51790041503},{"$f":"IF(M17<0,M17*'A.2 (continued)'!$N35,IF(A.3!M17>0,(A.3!M17+A.3!M23)/A.3!M12*A.5!M17,'A.2 (continued)'!$N31*A.5!M17))","v":233431.3988065861},{"$f":"IF(N17<0,N17*'A.2 (continued)'!$N35,IF(A.3!N17>0,(A.3!N17+A.3!N23)/A.3!N12*A.5!N17,'A.2 (continued)'!$N31*A.5!N17))","v":251663.93048806585},{"$f":"IF(O17<0,O17*'A.2 (continued)'!$N35,IF(A.3!O17>0,(A.3!O17+A.3!O23)/A.3!O12*A.5!O17,'A.2 (continued)'!$N31*A.5!O17))","v":270603.75010348554},{"$f":"IF(P17<0,P17*'A.2 (continued)'!$N35,IF(A.3!P17>0,(A.3!P17+A.3!P23)/A.3!P12*A.5!P17,'A.2 (continued)'!$N31*A.5!P17))","v":0},{"$f":"IF(Q17<0,Q17*'A.2 (continued)'!$N35,IF(A.3!Q17>0,(A.3!Q17+A.3!Q23)/A.3!Q12*A.5!Q17,'A.2 (continued)'!$N31*A.5!Q17))","v":0},{"$f":"IF(R17<0,R17*'A.2 (continued)'!$N35,IF(A.3!R17>0,(A.3!R17+A.3!R23)/A.3!R12*A.5!R17,'A.2 (continued)'!$N31*A.5!R17))","v":0},{"$f":"IF(S17<0,S17*'A.2 (continued)'!$N35,IF(A.3!S17>0,(A.3!S17+A.3!S23)/A.3!S12*A.5!S17,'A.2 (continued)'!$N31*A.5!S17))","v":0},{"$f":"IF(T17<0,T17*'A.2 (continued)'!$N35,IF(A.3!T17>0,(A.3!T17+A.3!T23)/A.3!T12*A.5!T17,'A.2 (continued)'!$N31*A.5!T17))","v":0},{"$f":"SUM(F21:T21)","v":665097.87599931401}]
[null,"General Partner",null,null,null,{"$f":"F17-F21","v":-12441.748629342939},{"$f":"G17-G21","v":-6456.4727122897457},-1894.1229788281125,2476.8568801076253,3469.3766359422152,4501.7570518194407,5575.8693631797505,14327.164370819693,19366.659944666928,{"$f":"O17-O21","v":24658.43747025216},0,0,0,0,0,{"$f":"SUM(F22:T22)","v":53583.777396327016}]
[]
[]
["Tax <Liability>/Savings :"]
[null,"Limited Partners",null,null,null,{"$f":"-'A.5 (Passive Losses)'!B12","v":47278.644791503124},{"$f":"-'A.5 (Passive Losses)'!C12","v":24534.596306701023},{"$f":"-'A.5 (Passive Losses)'!D12","v":7197.6673195468338},{"$f":"-'A.5 (Passive Losses)'!E12","v":0},{"$f":"-'A.5 (Passive Losses)'!F12","v":0},{"$f":"-'A.5 (Passive Losses)'!G12","v":-393.81989805554622},{"$f":"-'A.5 (Passive Losses)'!H12","v":-42376.607160166015},{"$f":"-'A.5 (Passive Losses)'!I12","v":-93372.559522634445},{"$f":"-'A.5 (Passive Losses)'!J12","v":-100665.57219522634},{"$f":"-'A.5 (Passive Losses)'!K12","v":-108241.50004139422},{"$f":"-'A.5 (Passive Losses)'!L12","v":0},{"$f":"-'A.5 (Passive Losses)'!M12","v":0},{"$f":"-'A.5 (Passive Losses)'!N12","v":0},{"$f":"-'A.5 (Passive Losses)'!O12","v":0},{"$f":"-'A.5 (Passive Losses)'!P12","v":0},{"$f":"SUM(F26:T26)","v":-266039.15039972559}]
[null,"General Partner",null,null,null,{"$f":"-'A.5 (Passive Losses)'!B27","v":2488.3497258685879},{"$f":"-'A.5 (Passive Losses)'!C27","v":1291.2945424579493},{"$f":"-'A.5 (Passive Losses)'!D27","v":378.82459576562252},{"$f":"-'A.5 (Passive Losses)'!E27","v":0},{"$f":"-'A.5 (Passive Losses)'!F27","v":0},{"$f":"-'A.5 (Passive Losses)'!G27","v":-20.727363055552999},{"$f":"-'A.5 (Passive Losses)'!H27","v":-2230.3477452719003},{"$f":"-'A.5 (Passive Losses)'!I27","v":-5730.8657483278776},{"$f":"-'A.5 (Passive Losses)'!J27","v":-7746.6639778667713},{"$f":"-'A.5 (Passive Losses)'!K27","v":-9863.3749881008644},{"$f":"-'A.5 (Passive Losses)'!L27","v":0},{"$f":"-'A.5 (Passive Losses)'!M27","v":0},{"$f":"-'A.5 (Passive Losses)'!N27","v":0},{"$f":"-'A.5 (Passive Losses)'!O27","v":0},{"$f":"-'A.5 (Passive Losses)'!P27","v":0},{"$f":"SUM(F27:T27)","v":-21433.510958530809}]
[]
["Note: Taxable loss from rental activities is considered a \"passive\" loss by the IRS."]
[]
["Unless the investor is active in the real estate business, these losses can only be used to offset passive income."]
[]
[null,null,null,null,null,null,{"$f":"\"This particular illustration assumes that both the general and limited partners can utilize \" &TEXT('Base Case Assumptions'!H25,\"0%\") &\" of the passive losses; any passive loss not currently deducted can be used to offset future taxable income and the capital gain associated with the project's disposition.\"","v":"This particular illustration assumes that both the general and limited partners can utilize 50% of the passive losses; any passive loss not currently deducted can be used to offset future taxable income and the capital gain associated with the project's disposition."}]
[]
[]
[]
["Holding Period (Years)",null,null,null,{"$f":"A.3!E39","v":10},1,{"$f":"IF(ISNUMBER(F37),IF(F37+1>$E37,\" \",1+F37),\" \")","v":2},3,4,5,6,7,8,9,10," "," "," "," "," "]

{"sheet":"A.5 (Passive Losses)","index":21,"n_rows":37,"n_cols":20,"rows_kept":37,"cut":false,"hidden":false,"merged":[[1,0,1,16],[1,18,2,20],[36,0,38,16]]}
[]
[{"$f":"\"Appendix A.5 (continued): Ten-Year Pro Forma of Income-Tax Liability – Based Upon Assumed Passive-Loss Utilization Rate of \" &TEXT(B7,\"0%\")","v":"Appendix A.5 (continued): Ten-Year Pro Forma of Income-Tax Liability – Based Upon Assumed Passive-Loss Utilization Rate of 50%"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Assumed Passive-Loss Utilization Rate"]
[]
[null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Total",null,null,0.5]
["Limited Partners:"]
["     Initial Income/(Loss)",{"$f":"A.5!F21","v":-236393.22395751561},{"$f":"A.5!G21","v":-122672.98153350511},{"$f":"A.5!H21","v":-35988.336597734167},{"$f":"A.5!I21","v":47060.280722044794},{"$f":"A.5!J21","v":65918.156082902147},{"$f":"A.5!K21","v":85533.383984569373},{"$f":"A.5!L21","v":105941.51790041503},{"$f":"A.5!M21","v":233431.3988065861},{"$f":"A.5!N21","v":251663.93048806585},{"$f":"A.5!O21","v":270603.75010348554},{"$f":"A.5!P21","v":0},{"$f":"A.5!Q21","v":0},{"$f":"A.5!R21","v":0},{"$f":"A.5!S21","v":0},{"$f":"A.5!T21","v":0},{"$f":"SUM(B6:P6)","v":665097.87599931401}]
["     Passive-Loss Utilization Rate",{"$f":"IF(B6<0,T4,1)","v":0.5},{"$f":"IF(C6<0,$T4,1)","v":0.5},0.5,1,1,1,1,1,1,{"$f":"IF(K6<0,$T4,1)","v":1},1,1,1,1,1,{"$f":"AVERAGE(B7:P7)","v":0.9}]
["     Currently Deductible",{"$f":"B6*B7","v":-118196.61197875781},{"$f":"C6*C7","v":-61336.490766752555},{"$f":"D6*D7","v":-17994.168298867084},47060.280722044794,65918.156082902147,85533.383984569373,105941.51790041503,233431.3988065861,251663.93048806585,270603.75010348554,0,0,0,0,0,{"$f":"SUM(B8:P8)","v":862625.14704369137}]
["     Offset Due to Prior Years",0,{"$f":"IF(C8<0,0,MAX(-C8,C15))","v":0},0,-47060.280722044794,-65918.156082902147,-84548.834239430507,0,0,0,{"$f":"IF(K8<0,0,MAX(-K8,K15))","v":0},0,0,0,0,0,{"$f":"SUM(B9:P9)","v":-197527.27104437747}]
["     Current-Year Income",{"$f":"B8+B9","v":-118196.61197875781},{"$f":"C8+C9","v":-61336.490766752555},{"$f":"D8+D9","v":-17994.168298867084},0,0,984.54974513886555,105941.51790041503,233431.3988065861,251663.93048806585,{"$f":"K8+K9","v":270603.75010348554},0,0,0,0,0,{"$f":"SUM(B10:P10)","v":665097.87599931401}]
["     Ordinary Income Tax Rate",{"$f":"'Base Case Assumptions'!H7","v":0.4},{"$f":"B11","v":0.4},{"$f":"C11","v":0.4},0.4,0.4,0.4,0.4,0.4,0.4,{"$f":"J11","v":0.4},0.4,0.4,0.4,0.4,0.4,{"$f":"AVERAGE(B11:P11)","v":0.40000000000000008}]
["     Tax Liability/(Savings)",{"$f":"B10*B11","v":-47278.644791503124},{"$f":"C10*C11","v":-24534.596306701023},-7197.6673195468338,0,0,393.81989805554622,42376.607160166015,93372.559522634445,100665.57219522634,{"$f":"K10*K11","v":108241.50004139422},0,0,0,0,0,{"$f":"SUM(B12:P12)","v":266039.15039972559}]
[]
["     \"Suspended\" Passive Losses:"]
["            Initial Balance",0,{"$f":"B17","v":-118196.61197875781},{"$f":"C17","v":-179533.10274551035},-197527.27104437744,-150466.99032233265,-84548.834239430507,0,0,0,{"$f":"J17","v":0},0,0,0,0,0,{"$f":"B15","v":0}]
["            Current Year Useage",{"$f":"B6-B8","v":-118196.61197875781},{"$f":"IF(C6<0,C6-C8,-C9)","v":-61336.490766752555},{"$f":"IF(D6<0,D6-D8,-D9)","v":-17994.168298867084},47060.280722044794,65918.156082902147,84548.834239430507,0,0,0,{"$f":"IF(K6<0,K6-K8,-K9)","v":0},0,0,0,0,0,{"$f":"SUM(B16:P16)","v":0}]
["            Ending Balance",{"$f":"B15+B16","v":-118196.61197875781},{"$f":"C15+C16","v":-179533.10274551035},{"$f":"D15+D16","v":-197527.27104437744},-150466.99032233265,-84548.834239430507,0,0,0,0,{"$f":"K15+K16","v":0},0,0,0,0,0,{"$f":"P17","v":0}]
[]
[]
["General Partner:"]
["     Initial Income/(Loss)",{"$f":"A.5!F22","v":-12441.748629342939},{"$f":"A.5!G22","v":-6456.4727122897457},{"$f":"A.5!H22","v":-1894.1229788281125},{"$f":"A.5!I22","v":2476.8568801076253},{"$f":"A.5!J22","v":3469.3766359422152},{"$f":"A.5!K22","v":4501.7570518194407},{"$f":"A.5!L22","v":5575.8693631797505},{"$f":"A.5!M22","v":14327.164370819693},{"$f":"A.5!N22","v":19366.659944666928},{"$f":"A.5!O22","v":24658.43747025216},{"$f":"A.5!P22","v":0},{"$f":"A.5!Q22","v":0},{"$f":"A.5!R22","v":0},{"$f":"A.5!S22","v":0},{"$f":"A.5!T22","v":0},{"$f":"A.5!U22","v":53583.777396327016}]
["     Passive-Loss Utilization Rate",{"$f":"IF(B21<0,T4,1)","v":0.5},{"$f":"IF(C21<0,$T4,1)","v":0.5},0.5,1,1,1,1,1,1,{"$f":"IF(K21<0,$T4,1)","v":1},1,1,1,1,1,{"$f":"AVERAGE(B22:P22)","v":0.9}]
["     Currently Deductible",{"$f":"B21*B22","v":-6220.8743146714696},-3228.2363561448728,-947.06148941405627,2476.8568801076253,3469.3766359422152,4501.7570518194407,5575.8693631797505,14327.164370819693,19366.659944666928,{"$f":"K21*K22","v":24658.43747025216},0,0,0,0,0,{"$f":"SUM(B23:P23)","v":63979.949556557418}]
["     Offset Due to Prior Years",0,{"$f":"IF(C23<0,0,MAX(-C23,C30))","v":0},0,-2476.8568801076253,-3469.3766359422152,-4449.9386441805582,0,0,0,{"$f":"IF(K23<0,0,MAX(-K23,K30))","v":0},0,0,0,0,0,{"$f":"SUM(B24:P24)","v":-10396.172160230399}]
["     Current-Year Income",{"$f":"B23+B24","v":-6220.8743146714696},-3228.2363561448728,-947.06148941405627,0,0,51.818407638882491,5575.8693631797505,14327.164370819693,19366.659944666928,{"$f":"K23+K24","v":24658.43747025216},0,0,0,0,0,{"$f":"SUM(B25:P25)","v":53583.777396327016}]
["     Ordinary Income Tax Rate",{"$f":"B11","v":0.4},{"$f":"B26","v":0.4},{"$f":"C26","v":0.4},0.4,0.4,0.4,0.4,0.4,0.4,{"$f":"J26","v":0.4},0.4,0.4,0.4,0.4,0.4,{"$f":"AVERAGE(B26:P26)","v":0.40000000000000008}]
["     Tax Liability/(Savings)",{"$f":"B25*B26","v":-2488.3497258685879},-1291.2945424579493,-378.82459576562252,0,0,20.727363055552999,2230.3477452719003,5730.8657483278776,7746.6639778667713,{"$f":"K25*K26","v":9863.3749881008644},0,0,0,0,0,{"$f":"SUM(B27:P27)","v":21433.510958530809}]
[]
["     \"Suspended\" Passive Losses:"]
["            Initial Balance",0,{"$f":"B32","v":-6220.8743146714696},{"$f":"C32","v":-9449.1106708163425},-10396.172160230399,-7919.3152801227734,-4449.9386441805582,0,0,0,{"$f":"J32","v":0},0,0,0,0,0,{"$f":"B30","v":0}]
["            Current Year Useage",{"$f":"B21-B23","v":-6220.8743146714696},{"$f":"IF(C21<0,C21-C23,-C24)","v":-3228.2363561448728},{"$f":"IF(D21<0,D21-D23,-D24)","v":-947.06148941405627},2476.8568801076253,3469.3766359422152,4449.9386441805582,0,0,0,{"$f":"IF(K21<0,K21-K23,-K24)","v":0},0,0,0,0,0,{"$f":"SUM(B31:P31)","v":0}]
["            Ending Balance",{"$f":"B30+B31","v":-6220.8743146714696},-9449.1106708163425,-10396.172160230399,-7919.3152801227734,-4449.9386441805582,0,0,0,0,{"$f":"K30+K31","v":0},0,0,0,0,0,{"$f":"P32","v":0}]
[]
[]
[]
[]
[{"$f":"\"This particular illustration assumes that both the general and limited partners can utilize \" &TEXT('Base Case Assumptions'!H25,\"0%\") &\" of the passive losses; any passive loss not currently deducted can be used to offset future taxable income and the capital gain associated with the project's disposition.\"","v":"This particular illustration assumes that both the general and limited partners can utilize 50% of the passive losses; any passive loss not currently deducted can be used to offset future taxable income and the capital gain associated with the project's disposition."}]

{"sheet":"A.6","index":22,"n_rows":53,"n_cols":22,"rows_kept":53,"cut":false,"hidden":false,"merged":[[1,0,1,21],[37,0,37,21]]}
[]
["Appendix A.6: Depreciation Schedule"]
[]
[null,null,"Initial","Depreciable","Depreciation",null,1,{"$f":"1+G4","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,"Basis","Life (Years)","Method",null,{"$f":"A.5!F4","v":"Year 1"},{"$f":"A.5!G4","v":"Year 2"},{"$f":"A.5!H4","v":"Year 3"},{"$f":"A.5!I4","v":"Year 4"},{"$f":"A.5!J4","v":"Year 5"},{"$f":"A.5!K4","v":"Year 6"},{"$f":"A.5!L4","v":"Year 7"},{"$f":"A.5!M4","v":"Year 8"},{"$f":"A.5!N4","v":"Year 9"},{"$f":"A.5!O4","v":"Year 10"},{"$f":"A.5!P4","v":"Year 11"},{"$f":"A.5!Q4","v":"Year 12"},{"$f":"A.5!R4","v":"Year 13"},{"$f":"A.5!S4","v":"Year 14"},{"$f":"A.5!T4","v":"Year 15"},{"$f":"A.5!U4","v":"Total"}]
[]
["Initial Acquisition:"]
["Land",null,{"$f":"A.2!M23","v":1000000},{"$f":"A.2!M29","v":0},{"$f":"A.2!M34","v":"NA"},null,{"$f":"D8","v":0},{"$f":"G8","v":0},{"$f":"H8","v":0},0,0,0,0,0,0,{"$f":"O8","v":0},0,0,0,0,0,{"$f":"SUM(G8:U8)","v":0}]
[]
["Building",null,{"$f":"A.2!M24","v":7750000},{"$f":"A.2!M30","v":30},{"$f":"A.2!M35","v":"Straight Line"},null,{"$f":"C10/D10","v":258333.33333333334},{"$f":"IF(ISNUMBER(H42),G10,0)","v":258333.33333333334},{"$f":"IF(ISNUMBER(I42),H10,0)","v":258333.33333333334},258333.33333333334,258333.33333333334,258333.33333333334,258333.33333333334,258333.33333333334,258333.33333333334,258333.33333333334,0,{"$f":"IF(ISNUMBER(R42),Q10,0)","v":0},0,0,0,{"$f":"SUM(G10:U10)","v":2583333.3333333335}]
["Personalty",null,{"$f":"A.2!M25","v":1250000},{"$f":"A.2!M31","v":7},{"$f":"A.2!M36&\" (w/shift to straight line)\"","v":"200% Declining Balance (w/shift to straight line)"},null,{"$f":"MAX(DDB($C11,0,$D11,G4),SLN($C11,0,$D11))","v":357142.8571428571},{"$f":"IF(ISNUMBER(H42),MAX(DDB($C11,0,$D11,H4),SLN($C11,0,$D11)),0)","v":255102.04081632651},{"$f":"IF(ISNUMBER(I42),IF(I4>$D11,0,IF(DDB($C11,0,$D11,I4)>SLN($C11,0,$D11),DDB($C11,0,$D11,I4),($C11-SUM($G11:H11))/($D11-H4))),0)","v":182215.74344023323},{"$f":"IF(ISNUMBER(J42),IF(J4>$D11,0,IF(DDB($C11,0,$D11,J4)>SLN($C11,0,$D11),DDB($C11,0,$D11,J4),($C11-SUM($G11:I11))/($D11-I4))),0)","v":113884.83965014579},{"$f":"IF(ISNUMBER(K42),IF(K4>$D11,0,IF(DDB($C11,0,$D11,K4)>SLN($C11,0,$D11),DDB($C11,0,$D11,K4),($C11-SUM($G11:J11))/($D11-J4))),0)","v":113884.8396501458},{"$f":"IF(ISNUMBER(L42),IF(L4>$D11,0,IF(DDB($C11,0,$D11,L4)>SLN($C11,0,$D11),DDB($C11,0,$D11,L4),($C11-SUM($G11:K11))/($D11-K4))),0)","v":113884.83965014579},{"$f":"IF(ISNUMBER(M42),IF(M4>$D11,0,IF(DDB($C11,0,$D11,M4)>SLN($C11,0,$D11),DDB($C11,0,$D11,M4),($C11-SUM($G11:L11))/($D11-L4))),0)","v":113884.83965014573},{"$f":"IF(ISNUMBER(N42),IF(N4>$D11,0,IF(DDB($C11,0,$D11,N4)>SLN($C11,0,$D11),DDB($C11,0,$D11,N4),($C11-SUM($G11:M11))/($D11-M4))),0)","v":0},{"$f":"IF(ISNUMBER(O42),IF(O4>$D11,0,IF(DDB($C11,0,$D11,O4)>SLN($C11,0,$D11),DDB($C11,0,$D11,O4),($C11-SUM($G11:N11))/($D11-N4))),0)","v":0},{"$f":"IF(ISNUMBER(P42),IF(P4>$D11,0,IF(DDB($C11,0,$D11,P4)>SLN($C11,0,$D11),DDB($C11,0,$D11,P4),($C11-SUM($G11:O11))/($D11-O4))),0)","v":0},{"$f":"IF(ISNUMBER(Q42),IF(Q4>$D11,0,IF(DDB($C11,0,$D11,Q4)>SLN($C11,0,$D11),DDB($C11,0,$D11,Q4),($C11-SUM($G11:P11))/($D11-P4))),0)","v":0},{"$f":"IF(ISNUMBER(R42),IF(R4>$D11,0,IF(DDB($C11,0,$D11,R4)>SLN($C11,0,$D11),DDB($C11,0,$D11,R4),($C11-SUM($G11:Q11))/($D11-Q4))),0)","v":0},{"$f":"IF(ISNUMBER(S42),IF(S4>$D11,0,IF(DDB($C11,0,$D11,S4)>SLN($C11,0,$D11),DDB($C11,0,$D11,S4),($C11-SUM($G11:R11))/($D11-R4))),0)","v":0},{"$f":"IF(ISNUMBER(T42),IF(T4>$D11,0,IF(DDB($C11,0,$D11,T4)>SLN($C11,0,$D11),DDB($C11,0,$D11,T4),($C11-SUM($G11:S11))/($D11-S4))),0)","v":0},{"$f":"IF(ISNUMBER(U42),IF(U4>$D11,0,IF(DDB($C11,0,$D11,U4)>SLN($C11,0,$D11),DDB($C11,0,$D11,U4),($C11-SUM($G11:T11))/($D11-T4))),0)","v":0},{"$f":"SUM(G11:U11)","v":1250000}]
[null,"Total",{"$f":"A.2!M26","v":10000000},null,null,null,{"$f":"SUM(G8:G11)","v":615476.19047619042},{"$f":"SUM(H8:H11)","v":513435.37414965988},440549.07677356654,372218.1729834791,372218.17298347916,372218.1729834791,372218.1729834791,258333.33333333334,258333.33333333334,258333.33333333334,0,0,0,0,0,{"$f":"SUM(G12:U12)","v":3833333.3333333344}]
[]
[]
["Subsequent Capital Improvements/Replacements: *"]
["Year 1",null,{"$f":"A.3!F10","v":160000},15,{"$f":"E10","v":"Straight Line"},null,{"$f":"C16/D16/2","v":5333.333333333333},{"$f":"IF(ISNUMBER(H42),C16/D16,0)","v":10666.666666666666},{"$f":"IF(ISNUMBER(I42),H16,0)","v":10666.666666666666},{"$f":"IF(ISNUMBER(J42),I16,0)","v":10666.666666666666},10666.666666666666,10666.666666666666,10666.666666666666,10666.666666666666,10666.666666666666,10666.666666666666,0,0,0,0,0,{"$f":"SUM(G16:U16)","v":101333.33333333334}]
["Year 2",null,{"$f":"A.3!G10","v":164800},{"$f":"D16","v":15},{"$f":"E16","v":"Straight Line"},null,null,{"$f":"IF(ISNUMBER(H42),C17/D17/2,0)","v":5493.333333333333},{"$f":"IF(ISNUMBER(I42),C17/D17,0)","v":10986.666666666666},{"$f":"IF(ISNUMBER(J42),I17,0)","v":10986.666666666666},{"$f":"IF(ISNUMBER(K42),J17,0)","v":10986.666666666666},10986.666666666666,10986.666666666666,10986.666666666666,10986.666666666666,10986.666666666666,0,0,0,0,0,{"$f":"SUM(G17:U17)","v":93386.666666666672}]
["Year 3",null,{"$f":"A.3!H10","v":169744},{"$f":"D17","v":15},{"$f":"E17","v":"Straight Line"},null,null,null,{"$f":"IF(ISNUMBER(I42),C18/D18/2,0)","v":5658.1333333333332},{"$f":"IF(ISNUMBER(J42),C18/D18,0)","v":11316.266666666666},{"$f":"IF(ISNUMBER(K42),J18,0)","v":11316.266666666666},{"$f":"IF(ISNUMBER(L42),K18,0)","v":11316.266666666666},11316.266666666666,11316.266666666666,11316.266666666666,11316.266666666666,0,0,0,0,0,84871.999999999985]
["Year 4",null,{"$f":"A.3!I10","v":174836.32},{"$f":"D18","v":15},"Straight Line",null,null,null,null,{"$f":"IF(ISNUMBER(J42),C19/D19/2,0)","v":5827.8773333333338},{"$f":"IF(ISNUMBER(K42),C19/D19,0)","v":11655.754666666668},{"$f":"IF(ISNUMBER(L42),K19,0)","v":11655.754666666668},{"$f":"IF(ISNUMBER(M42),L19,0)","v":11655.754666666668},11655.754666666668,11655.754666666668,11655.754666666668,0,0,0,0,0,75762.405333333329]
["Year 5",null,{"$f":"A.3!J10","v":180081.40960000001},{"$f":"D19","v":15},"Straight Line",null,null,null,null,null,{"$f":"IF(ISNUMBER(K42),C20/D20/2,0)","v":6002.7136533333342},{"$f":"IF(ISNUMBER(L42),C20/D20,0)","v":12005.427306666668},{"$f":"IF(ISNUMBER(M42),L20,0)","v":12005.427306666668},{"$f":"IF(ISNUMBER(N42),M20,0)","v":12005.427306666668},12005.427306666668,12005.427306666668,0,0,0,0,0,66029.850186666677]
["Year 6",null,{"$f":"A.3!K10","v":185483.851888},15,"Straight Line",null,null,null,null,null,null,{"$f":"IF(ISNUMBER(L42),C21/D21/2,0)","v":6182.7950629333336},{"$f":"IF(ISNUMBER(M42),C21/D21,0)","v":12365.590125866667},{"$f":"IF(ISNUMBER(N42),M21,0)","v":12365.590125866667},{"$f":"IF(ISNUMBER(O42),N21,0)","v":12365.590125866667},12365.590125866667,0,0,0,0,0,55645.155566400004]
["Year 7",null,{"$f":"A.3!L10","v":191048.36744464003},15,"Straight Line",null,null,null,null,null,null,null,{"$f":"IF(ISNUMBER(M42),C22/D22/2,0)","v":6368.2789148213342},{"$f":"IF(ISNUMBER(N42),C22/D22,0)","v":12736.557829642668},{"$f":"IF(ISNUMBER(O42),N22,0)","v":12736.557829642668},{"$f":"IF(ISNUMBER(P42),O22,0)","v":12736.557829642668},0,0,0,0,0,44577.952403749339]
["Year 8",null,{"$f":"A.3!M10","v":196779.8184679792},15,"Straight Line",null,null,null,null,null,null,null,null,{"$f":"IF(ISNUMBER(N42),C23/D23/2,0)","v":6559.3272822659737},{"$f":"IF(ISNUMBER(O42),C23/D23,0)","v":13118.654564531947},{"$f":"IF(ISNUMBER(P42),O23,0)","v":13118.654564531947},0,0,0,0,0,32796.63641132987]
["Year 9",null,{"$f":"A.3!N10","v":202683.21302201858},15,"Straight Line",null,null,null,null,null,null,null,null,null,{"$f":"IF(ISNUMBER(O42),C24/D24/2,0)","v":6756.1071007339524},{"$f":"IF(ISNUMBER(P42),C24/D24,0)","v":13512.214201467905},{"$f":"IF(ISNUMBER(Q42),P24,0)","v":0},{"$f":"IF(ISNUMBER(R42),Q24,0)","v":0},{"$f":"IF(ISNUMBER(S42),R24,0)","v":0},{"$f":"IF(ISNUMBER(T42),S24,0)","v":0},{"$f":"IF(ISNUMBER(U42),T24,0)","v":0},20268.321302201857]
["Year 10",null,{"$f":"A.3!O10","v":208763.70941267916},15,"Straight Line",null,null,null,null,null,null,null,null,null,null,{"$f":"IF(ISNUMBER(P42),C25/D25/2,0)","v":6958.7903137559724},{"$f":"IF(ISNUMBER(Q42),C25/D25,0)","v":0},{"$f":"IF(ISNUMBER(R42),Q25,0)","v":0},{"$f":"IF(ISNUMBER(S42),R25,0)","v":0},{"$f":"IF(ISNUMBER(T42),S25,0)","v":0},{"$f":"IF(ISNUMBER(U42),T25,0)","v":0},6958.7903137559724]
["Year 11",null,{"$f":"A.3!P10","v":0},15,"Straight Line",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(ISNUMBER(Q42),C26/D26/2,0)","v":0},{"$f":"IF(ISNUMBER(R42),C26/D26,0)","v":0},{"$f":"IF(ISNUMBER(S42),R26,0)","v":0},{"$f":"IF(ISNUMBER(T42),S26,0)","v":0},{"$f":"IF(ISNUMBER(U42),T26,0)","v":0},0]
["Year 12",null,{"$f":"A.3!Q10","v":0},15,"Straight Line",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(ISNUMBER(R42),C27/D27/2,0)","v":0},{"$f":"IF(ISNUMBER(S42),C27/D27,0)","v":0},{"$f":"IF(ISNUMBER(T42),S27,0)","v":0},{"$f":"IF(ISNUMBER(U42),T27,0)","v":0},0]
["Year 13",null,{"$f":"A.3!R10","v":0},15,"Straight Line",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(ISNUMBER(S42),C28/D28/2,0)","v":0},{"$f":"IF(ISNUMBER(T42),C28/D28,0)","v":0},{"$f":"IF(ISNUMBER(U42),T28,0)","v":0},0]
["Year 14",null,{"$f":"A.3!S10","v":0},15,"Straight Line",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(ISNUMBER(T42),C29/D29/2,0)","v":0},{"$f":"IF(ISNUMBER(U42),C29/D29,0)","v":0},0]
["Year 15",null,{"$f":"A.3!T10","v":0},15,"Straight Line",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(ISNUMBER(U42),C30/D30/2,0)","v":0},0]
["Total",null,{"$f":"SUM(C16:C30)","v":1834220.6898353172},null,null,null,{"$f":"SUM(G16:G30)","v":5333.333333333333},{"$f":"SUM(H16:H30)","v":16160},27311.466666666667,38797.477333333329,50628.068319999998,62813.577036266666,75364.651014021336,88292.257211108648,101607.69159410856,{"$f":"SUM(P16:P30)","v":115322.5890085985},0,0,0,0,0,581631.11151743704]
[]
["Total Depreciation",null,null,null,null,null,{"$f":"G12+G31","v":620809.52380952379},{"$f":"H12+H31","v":529595.37414965988},467860.54344023322,411015.65031681245,422846.24130347918,435031.75001974578,447582.82399750047,346625.59054444201,359941.0249274419,{"$f":"P12+P31","v":373655.92234193184},0,0,0,0,0,{"$f":"V12+V31","v":4414964.4448507717}]
[]
["* Assumes subsequent improvements/replacements, a combination of real and personal property, are put in place at mid-year."]
[]
[]
["Note: These depreciation estimates are crude approximations of the IRS-proscribed depreciation schedules."]
[]
[]
[]
["Holding Period (Years)",null,null,null,{"$f":"A.3!E39","v":10},null,{"$f":"A.3!F39","v":1},{"$f":"A.3!G39","v":2},{"$f":"A.3!H39","v":3},{"$f":"A.3!I39","v":4},{"$f":"A.3!J39","v":5},{"$f":"A.3!K39","v":6},{"$f":"A.3!L39","v":7},{"$f":"A.3!M39","v":8},{"$f":"A.3!N39","v":9},{"$f":"A.3!O39","v":10},{"$f":"A.3!P39","v":" "},{"$f":"A.3!Q39","v":" "},{"$f":"A.3!R39","v":" "},{"$f":"A.3!S39","v":" "},{"$f":"A.3!T39","v":" "}]
[]
[]
[]
[]
[null,"Total Real-Property Depreciation",null,null,null,null,{"$f":"G33-G11","v":263666.66666666669},{"$f":"H33-H11","v":274493.33333333337},285644.79999999999,297130.81066666666,308961.40165333339,321146.91036959999,333697.98434735474,346625.59054444201,359941.0249274419,373655.92234193184,0,0,0,0,0,{"$f":"SUM(G47:U47)","v":3164964.4448507708}]
[null,"Limited Partners' Share of Taxable Income/<Loss>",null,null,null,null,{"$f":"IF(ISNUMBER(A.9!$R6),A.9!$R6,'A.2 (continued)'!$N35)","v":0.95},{"$f":"IF(ISNUMBER(A.9!$R7),A.9!$R7,'A.2 (continued)'!$N35)","v":0.95},{"$f":"IF(ISNUMBER(A.9!$R8),A.9!$R8,'A.2 (continued)'!$N35)","v":0.95000000000000007},{"$f":"IF(ISNUMBER(A.9!$R9),A.9!$R9,'A.2 (continued)'!$N35)","v":0.95},{"$f":"IF(ISNUMBER(A.9!$R10),A.9!$R10,'A.2 (continued)'!$N35)","v":0.95000000000000007},{"$f":"IF(ISNUMBER(A.9!$R11),A.9!$R11,'A.2 (continued)'!$N35)","v":0.95},{"$f":"IF(ISNUMBER(A.9!$R12),A.9!$R12,'A.2 (continued)'!$N35)","v":0.94999999999999984},{"$f":"IF(ISNUMBER(A.9!$R13),A.9!$R13,'A.2 (continued)'!$N35)","v":0.94217287916478254},{"$f":"IF(ISNUMBER(A.9!$R14),A.9!$R14,'A.2 (continued)'!$N35)","v":0.92854437606564733},{"$f":"IF(ISNUMBER(A.9!R15),A.9!$R15,'A.2 (continued)'!$N35)","v":0.91648630096227934},{"$f":"IF(ISNUMBER(A.9!R16),A.9!$R16,'A.2 (continued)'!$N35)","v":0.95},{"$f":"IF(ISNUMBER(A.9!S16),A.9!$R16,'A.2 (continued)'!$N35)","v":0.95},{"$f":"IF(ISNUMBER(A.9!T16),A.9!$R16,'A.2 (continued)'!$N35)","v":0.95},{"$f":"IF(ISNUMBER(A.9!U16),A.9!$R16,'A.2 (continued)'!$N35)","v":0.95},{"$f":"IF(ISNUMBER(A.9!V16),A.9!$R16,'A.2 (continued)'!$N35)","v":0.95},{"$f":"V49/V47","v":0.9427460696079728}]
[null,"Limited Partners' Share of Real-Property Depreciation",null,null,null,null,{"$f":"G47*G48","v":250483.33333333334},{"$f":"H47*H48","v":260768.66666666669},271362.56,282274.27013333334,293513.33157066675,305089.56485112,317013.08512998692,326581.23063544993,334221.21441168117,342450.53409980581,0,0,0,0,0,{"$f":"SUM(G49:U49)","v":2983757.7908320436}]
[]
[null,"Total Real-Property Depreciation",null,null,null,null,{"$f":"G47","v":263666.66666666669},{"$f":"H47","v":274493.33333333337},285644.79999999999,297130.81066666666,308961.40165333339,321146.91036959999,333697.98434735474,346625.59054444201,359941.0249274419,373655.92234193184,0,0,0,0,0,{"$f":"SUM(G51:U51)","v":3164964.4448507708}]
[null,"General Partner's Share of Taxable Income/<Loss>",null,null,null,null,{"$f":"1-G48","v":5.0000000000000044E-2},{"$f":"1-H48","v":5.0000000000000044E-2},4.9999999999999933E-2,5.0000000000000044E-2,4.9999999999999933E-2,5.0000000000000044E-2,5.0000000000000155E-2,5.782712083521746E-2,7.1455623934352674E-2,8.3513699037720657E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,{"$f":"V53/V51","v":5.7253930392027065E-2}]
[null,"General Partner's Share of Real-Property Depreciation",null,null,null,null,{"$f":"G51*G52","v":13183.333333333347},13724.666666666681,14282.23999999998,14856.540533333346,15448.070082666649,16057.345518480013,16684.899217367787,20044.359908992057,25719.81051576075,31205.388242126017,0,0,0,0,0,{"$f":"SUM(G53:U53)","v":181206.65401872661}]

{"sheet":"A.7","index":23,"n_rows":91,"n_cols":17,"rows_kept":91,"cut":false,"hidden":false,"merged":[[90,0,90,14],[87,0,87,1],[1,0,1,14],[4,7,4,8],[77,0,77,1],[79,0,79,1],[84,0,84,1],[84,2,85,14]]}
[]
[{"$f":"\"Appendix A.7: Illustration of Reversionary Proceeds at End of Year \" &A.3!E39","v":"Appendix A.7: Illustration of Reversionary Proceeds at End of Year 10"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Limited",null,null,"General"]
[null,null,null,null,null,null,null,"Partnership",null,null,null,"Partners",null,null,"Partner"]
["Before-Tax Cash Flow:"]
[{"$f":"\"Next Year's Forecasted Cash Flow (Year \" &TEXT(A.3!E39+1,\"0)\")","v":"Next Year's Forecasted Cash Flow (Year 11)"},null,null,null,null,null,null,null,{"$f":"A.3!F5*(1+A.2!M7)^(A.3!E39)","v":1075133.1034752973}]
["Forecasted Capitalization Rate",null,null,null,null,null,null,null,{"$f":"A.2!M8","v":0.08}]
["Forecasted Disposition Price – Gross (rounded)",null,null,null,null,null,null,null,{"$f":"ROUND(I7/I8,-4)","v":13440000}]
["Estimated Dispostion Fees & Costs",null,null,null,null,null,null,null,{"$f":"-I9*A.2!M9","v":0}]
["Forecasted Disposition Price – Net",null,null,null,null,null,null,null,{"$f":"I9+I10","v":13440000}]
["Mortgage Loan Balance (see A.4)",null,null,null,null,null,null,null,{"$f":"-VLOOKUP(A.3!E39,'A.4 (Summary)'!A7:F21,6)","v":-5086567.5817808332}]
[null,"Distributable Sale Proceeds",null,null,null,null,null,null,{"$f":"MAX(0,I11+I12)","v":8353432.4182191668}]
["Allocation of Proceeds (see A.2):"]
[null,"Return of LPs' Invested Capital",null,null,null,null,null,null,{"$f":"MIN(I13*A.1!G7/A.1!G9,A.1!G7)","v":3800000},null,null,{"$f":"I15","v":3800000}]
[null,"Return of GP's Invested Capital",null,null,null,null,null,null,{"$f":"MIN(I13-I15,A.1!G8)","v":200000},null,null,null,null,null,{"$f":"I16","v":200000}]
[null,"Preferred Return on Invested Capital (see A.8)",null,null,null,null,null,null,{"$f":"MIN(I13-I15-I16,A.8!E22)","v":849095.16193655471},null,null,{"$f":"I17*(1-A.1!I8)","v":806640.40383972693},null,null,{"$f":"I17*A.1!I8","v":42454.75809682774}]
[null,"Residual Proceeds:"]
[null,null,"Real Estate Profits:"]
[null,null,null,{"$f":"A.3!D23","v":"Limited Partners @ 76%"},null,null,null,null,{"$f":"(I13-I15-I16-I17)*'A.2 (continued)'!N22","v":2663296.3147747852},null,null,{"$f":"I20","v":2663296.3147747852}]
[null,null,null,{"$f":"A.3!D24","v":"General Partner @ 4%"},null,null,null,null,{"$f":"(I13-I15-I16-I17)*'A.2 (continued)'!N23","v":140173.49025130441},null,null,null,null,null,{"$f":"I21","v":140173.49025130441}]
[null,null,"Carried Interest:"]
[null,null,null,{"$f":"A.3!D26","v":"General Partner @ 20%"},null,null,null,null,{"$f":"I13-SUM(I15:I21)","v":700867.45125652198},null,null,null,null,null,{"$f":"I23","v":700867.45125652198}]
[null,null,null,"Total",null,null,null,null,{"$f":"SUM(I15:I23)","v":8353432.4182191668},null,null,{"$f":"SUM(L15:L23)","v":7269936.7186145121},null,null,{"$f":"SUM(O15:O23)","v":1083495.6996046542},null,"(CF from sale is being allocated per the fund documents, leaving the allocated CG to \"fall out\" based on the CABs just prior to the CF distribution from sale) "]
[]
["Capital Gain/<Loss> :"]
[{"$f":"A9","v":"Forecasted Disposition Price – Gross (rounded)"},null,null,null,null,null,null,null,{"$f":"MAX(I9,-I12)","v":13440000}]
[{"$f":"A10","v":"Estimated Dispostion Fees & Costs"},null,null,null,null,null,null,null,{"$f":"I29-I27","v":0}]
[{"$f":"A11","v":"Forecasted Disposition Price – Net"},null,null,null,null,null,null,null,{"$f":"MAX(I11,-I12)","v":13440000}]
["Adjusted Basis:"]
[null,"Initial Basis, O&O Costs and Capital Expenditures",null,null,null,null,null,{"$f":"A.2!M26+A.3!U10+A.1!G15+A.1!G16","v":11834220.689835317}]
[null,"Accumulated Depreciation and Amortization",null,null,null,null,null,{"$f":"-A.6!V33-A.5!U13-A.5!U14","v":-4414964.4448507717}]
[null,null,"Adjusted Basis",null,null,null,null,{"$f":"H31+H32","v":7419256.2449845457},{"$f":"-H33","v":-7419256.2449845457}]
["Capital Gain Before Recapture",null,null,null,null,null,null,null,{"$f":"I29+I33","v":6020743.7550154543},null,null,{"$f":"L71","v":5051080.5770530067},null,null,{"$f":"I34-L34","v":969663.17796244752}]
[null,"Recapture of Depreciation:"]
[null,null,"Real Property (§1250 Gain)",null,null,null,null,null,{"$f":"A.6!V33-A.6!V11","v":3164964.4448507717},null,null,{"$f":"A.6!V49","v":2983757.7908320436},null,null,{"$f":"A.6!V53","v":181206.65401872661}]
[null,null,"Personal Property (§1245 Gain) †",null,null,null,null,null,0,null,null,0,null,null,0]
["Unrecaptured Gain Before Carried Interest",null,null,null,null,null,null,null,{"$f":"I34-I36-I37","v":2855779.3101646826},null,null,{"$f":"L34-L36-L37","v":2067322.7862209631},null,null,{"$f":"I38-L38","v":788456.52394371945}]
[null,"Pure Carried Interest as ≈ Ordinary Income",null,null,null,null,null,null,{"$f":"IF(H66=\"No\",0,I23)","v":700867.45125652198},null,null,0,null,null,{"$f":"I39","v":700867.45125652198}]
["Capital Gain/<Loss> After Carried Interest",null,null,null,null,null,null,null,{"$f":"I38-I39","v":2154911.8589081606},null,null,{"$f":"L38-L39","v":2067322.7862209631},null,null,{"$f":"I40-L40","v":87589.072687197477}]
[]
["Allocation of Capital Gain/<Loss> :"]
[null,"Negative Capital Account Balances",null,null,null,null,null,null,{"$f":"L43+O43","v":0},null,null,{"$f":"IF(I40<=0,IF(A.9!L37>0,MAX(I40*A.9!L37/(A.9!L37+A.9!O37),-A.9!L37)),IF(A.9!K37>0,A.9!K37,0))","v":0},null,null,{"$f":"IF(I40<=0,IF(A.9!O37>0,MAX(I40*A.9!O37/(A.9!L37+A.9!O37)),-A.9!O37),IF(A.9!N37>0,A.9!N37,0))","v":0},null,"(Initial equity – CF distributions + taxable incme)"]
[null,"Return of Invested Capital ††",null,null,null,null,null,null,{"$f":"L44+O44","v":1667311.3367962865},null,null,{"$f":"IF(I40>0,A.7!L15-A.9!L37,-A.9!N37)","v":1581143.8584384951},null,null,{"$f":"IF(I40>0,A.7!O16-A.9!O37,A.9!N37)","v":86167.478357791551}]
[null,"Preferred Return on Invested Capital",null,null,null,null,null,null,{"$f":"I17","v":849095.16193655471},null,null,{"$f":"I45*(1-A.1!I8)","v":806640.40383972693},null,null,{"$f":"I45-L45","v":42454.758096827776}]
[null,"Residual Proceeds",null,null,null,null,null,null,{"$f":"IF($H66=\"No\",I20+I21+I23,I20+I21)","v":2803469.8050260898},null,null,{"$f":"L20+L21+L23","v":2663296.3147747852},null,null,{"$f":"I46-L46","v":140173.49025130458}]
[null,null,"Total Gain – Unadjusted",null,null,null,null,null,{"$f":"SUM(I43:I46)","v":5319876.3037589304},null,null,{"$f":"SUM(L43:L46)","v":5051080.5770530067},null,null,{"$f":"SUM(O43:O46)","v":268795.72670592391}]
[]
[null,"Real Property Depreciation Recapture",null,null,null,null,null,null,{"$f":"I36","v":3164964.4448507717},null,null,{"$f":"L36","v":2983757.7908320436},null,null,{"$f":"O36","v":181206.65401872661}]
[null,"Applicable Tax Rate †††",null,null,null,null,null,null,{"$f":"MAX(A.2!$M41,I56)","v":0.28799999999999998},null,null,{"$f":"MAX(A.2!$M41,L56)","v":0.28799999999999998},null,null,{"$f":"MAX(A.2!$M41,O56)","v":0.28799999999999998}]
[null,"Tax Liability Due to Real-Property Recapture",null,null,null,null,null,null,{"$f":"I49*I50","v":911509.7601170222},null,null,{"$f":"L49*L50","v":859322.2437596285},null,null,{"$f":"O49*O50","v":52187.516357393259}]
[]
[null,"Real Property Price Appreciation (§1231 Gain) ",null,null,null,null,null,null,{"$f":"I40","v":2154911.8589081606},null,null,{"$f":"L38","v":2067322.7862209631},null,null,{"$f":"O40","v":87589.072687197477}]
[null,"Unused Passive Losses",null,null,null,null,null,null,{"$f":"L54+O54","v":0},null,null,{"$f":"IF('A.5 (Passive Losses)'!P17<0,'A.5 (Passive Losses)'!P17,0)","v":0},null,null,{"$f":"IF('A.5 (Passive Losses)'!P32<0,'A.5 (Passive Losses)'!P32,0)","v":0}]
[null,null,"Total Capital Gain – Adjusted",null,null,null,null,null,{"$f":"I53+I54","v":2154911.8589081606},null,null,{"$f":"L53+L54","v":2067322.7862209631},null,null,{"$f":"O53+O54","v":87589.072687197477}]
[null,"Capital Gain Tax Rate",null,null,null,null,null,null,{"$f":"A.2!M40","v":0.23799999999999999},null,null,{"$f":"I56","v":0.23799999999999999},null,null,{"$f":"I56","v":0.23799999999999999}]
[null,"Capital Gain Tax Liability",null,null,null,null,null,null,{"$f":"I55*I56","v":512869.0224201422},null,null,{"$f":"L55*L56","v":492022.82312058919},null,null,{"$f":"O55*O56","v":20846.199299552998}]
[]
[null,"Pure Carried Interest",null,null,null,null,null,null,{"$f":"I39","v":700867.45125652198},null,null,null,null,null,{"$f":"O39","v":700867.45125652198}]
[null,"Applicable Tax Rate",null,null,null,null,null,null,0.3,null,null,null,null,null,{"$f":"I60","v":0.3}]
[null,"Tax Liability on Carried Interest",null,null,null,null,null,null,{"$f":"I59*I60","v":210260.23537695658},null,null,null,null,null,{"$f":"O59*O60","v":210260.23537695658}]
[]
[null,"Total Tax Liability from Sale",null,null,null,null,null,null,{"$f":"I51+I57+I61","v":1634639.017914121},null,null,{"$f":"L51+L57+L61","v":1351345.0668802178},null,null,{"$f":"O51+O57+O61","v":283293.95103390282}]
[]
[]
[null,{"$f":"'A.2 (continued)'!C68","v":"GP's \"Pure\" Carry Taxed at Ordinary Income Rates?"},null,null,null,null,null,{"$f":"'A.2 (continued)'!I69","v":"Yes"}]
[]
["Double Check:"]
[null,{"$f":"B13","v":"Distributable Sale Proceeds"},null,null,null,null,null,null,{"$f":"I13-I39","v":7652564.9669626448},null,null,{"$f":"L24","v":7269936.7186145121},null,null,{"$f":"O24-O23","v":382628.24834813224},null,"(Based on pre-specified allocations of CF from sale)"]
[null,"Less: Capital Account Balance (see A.9)",null,null,null,null,null,null,{"$f":"A.9!I37-A.9!H37","v":2332688.6632037126},null,null,{"$f":"A.9!L37-A.9!K37","v":2218856.1415615049},null,null,{"$f":"A.9!O37-A.9!N37","v":113832.52164220845},null,"(These are the CABs prior to the distribution of CF from sale)"]
[null,{"$f":"A40","v":"Capital Gain/<Loss> After Carried Interest"},null,null,null,null,null,null,{"$f":"I69-I70","v":5319876.3037589323},null,null,{"$f":"L69-L70","v":5051080.5770530067},null,null,{"$f":"O69-O70","v":268795.72670592379}]
[]
[null,"Difference from Above",null,null,null,null,null,null,{"$f":"I47-I71+0.005","v":4.9999981373548509E-3},null,null,{"$f":"L47-L71+0.005","v":5.0000000000000001E-3},null,null,{"$f":"O47-O71+0.005","v":5.0000001164153219E-3}]
[]
["After-Tax Cash Flow",null,null,null,null,null,null,null,{"$f":"I13-I57","v":7840563.395799025},null,null,{"$f":"L24-L57","v":6777913.8954939228},null,null,{"$f":"O24-O57","v":1062649.5003051013}]
[]
[]
["†  ",null,"Assumes that personal property is sold for its book value (and, therefore, no gain is recognized)."]
[]
["††  ",null,"To the extent repaid, equals Invested Capital less positive (if any) capital account balance:"]
[null,null,null,{"$f":"\"Partnership: \" &TEXT(I15+I16,\"$0,000\") &\" – \" &TEXT(A.9!I37,\"0,000\") &\" = \" &TEXT(I15+I16-A.9!I37,\"$0,000.\")","v":"Partnership: $4,000,000 – 2,332,689 = $1,667,311."}]
[null,null,null,{"$f":"\"Limited Partners: \" &TEXT(L15,\"$0,000\") &\" – \" &TEXT(A.9!L37,\"0,000\") &\" = \" &TEXT(L15-A.9!L37,\"$0,000.\")","v":"Limited Partners: $3,800,000 – 2,218,856 = $1,581,144."}]
[null,null,null,{"$f":"\"General Partner: \" &TEXT(O16,\"$0,000\") &\" – \" &TEXT(A.9!O37,\"0,000\") &\" = \" &TEXT(O16-A.9!O37,\"$0,000.\")","v":"General Partner: $200,000 – 113,833 = $86,167."}]
[]
["†††  ",null,"Assumes that the recapture of depreciation to real property is taxed at the greater of: i) 25% or ii) the then-prevailing long-term capital gains rate."]
[]
[]
[]
[]
[]
[{"$f":"\"[ Sheet Name: \" &RIGHT(CELL(\"filename\",A47),LEN(CELL(\"filename\",A47))-FIND(\"]\",CELL(\"filename\",A47),1)) &\" ]\"","v":"[ Sheet Name: A.7 ]"}]

{"sheet":"A.8","index":24,"n_rows":27,"n_cols":8,"rows_kept":27,"cut":false,"hidden":false,"merged":[[1,0,1,5],[23,1,23,4],[26,1,27,4]]}
[]
["Appendix A.8: Unpaid Preferred Return"]
[]
[null,null,null,"Paid","Unpaid",null,null,"Holding"]
[null,"Beginning","Preferred","Preferred","Preferred","Ending",null,"Period"]
["Year","Balance","Return","Return","Return","Balance",null,{"$f":"A.3!E39","v":10}]
[1,{"$f":"A.1!G9","v":4000000},{"$f":"B7*'A.2 (continued)'!N$10","v":280000},{"$f":"A.3!F19","v":144911.02308506612},{"$f":"C7-D7","v":135088.97691493388},{"$f":"B7+E7","v":4135088.9769149339},null,{"$f":"A.3!F39","v":1}]
[{"$f":"1+A7","v":2},{"$f":"IF(ISNUMBER(H8),F7,F7)","v":4135088.9769149339},{"$f":"IF(ISNUMBER(H8),B8*'A.2 (continued)'!N$10,0)","v":289456.22838404542},{"$f":"IF(ISNUMBER(H8),A.3!G$19,0)","v":164111.02308506612},{"$f":"C8-D8","v":125345.2052989793},{"$f":"B8+E8","v":4260434.1822139136},null,{"$f":"A.3!G39","v":2}]
[{"$f":"1+A8","v":3},{"$f":"IF(ISNUMBER(H9),F8,F8)","v":4260434.1822139136},{"$f":"IF(ISNUMBER(H9),B9*'A.2 (continued)'!N$10,0)","v":298230.39275497396},{"$f":"IF(ISNUMBER(H9),A.3!H$19,0)","v":183887.02308506612},{"$f":"C9-D9","v":114343.36966990784},{"$f":"B9+E9","v":4374777.5518838214},null,{"$f":"A.3!H39","v":3}]
[4,4374777.5518838214,{"$f":"IF(ISNUMBER(H10),B10*'A.2 (continued)'!N$10,0)","v":306234.42863186751},{"$f":"IF(ISNUMBER(H10),A.3!I$19,0)","v":204256.30308506603},101978.12554680149,4476755.6774306232,null,{"$f":"A.3!I39","v":4}]
[5,4476755.6774306232,{"$f":"IF(ISNUMBER(H11),B11*'A.2 (continued)'!N$10,0)","v":313372.89742014365},{"$f":"IF(ISNUMBER(H11),A.3!J$19,0)","v":225236.66148506606},88136.235935077595,4564891.9133657012,null,{"$f":"A.3!J39","v":5}]
[6,4564891.9133657012,{"$f":"IF(ISNUMBER(H12),B12*'A.2 (continued)'!N$10,0)","v":319542.43393559911},{"$f":"IF(ISNUMBER(H12),A.3!K$19,0)","v":246846.43063706602},72696.003298533091,4637587.9166642344,null,{"$f":"A.3!K39","v":6}]
[7,4637587.9166642344,{"$f":"IF(ISNUMBER(H13),B13*'A.2 (continued)'!N$10,0)","v":324631.15416649642},{"$f":"IF(ISNUMBER(H13),A.3!L$19,0)","v":269104.4928636261},55526.661302870314,4693114.5779671045,null,{"$f":"A.3!L39","v":7}]
[8,4693114.5779671045,{"$f":"IF(ISNUMBER(H14),B14*'A.2 (continued)'!N$10,0)","v":328518.02045769733},{"$f":"IF(ISNUMBER(H14),A.3!M$19,0)","v":280000},48518.020457697334,4741632.5984248016,null,{"$f":"A.3!M39","v":8}]
[9,4741632.5984248016,{"$f":"IF(ISNUMBER(H15),B15*'A.2 (continued)'!N$10,0)","v":331914.28188973613},{"$f":"IF(ISNUMBER(H15),A.3!N$19,0)","v":280000},51914.281889736129,4793546.8803145373,null,{"$f":"A.3!N39","v":9}]
[10,4793546.8803145373,{"$f":"IF(ISNUMBER(H16),B16*'A.2 (continued)'!N$10,0)","v":335548.28162201762},{"$f":"IF(ISNUMBER(H16),A.3!O$19,0)","v":280000},55548.281622017617,4849095.1619365551,null,{"$f":"A.3!O39","v":10}]
[11,4849095.1619365551,{"$f":"IF(ISNUMBER(H17),B17*'A.2 (continued)'!N$10,0)","v":0},{"$f":"IF(ISNUMBER(H17),A.3!P$19,0)","v":0},0,4849095.1619365551,null,{"$f":"A.3!P39","v":" "}]
[12,4849095.1619365551,{"$f":"IF(ISNUMBER(H18),B18*'A.2 (continued)'!N$10,0)","v":0},{"$f":"IF(ISNUMBER(H18),A.3!Q$19,0)","v":0},0,4849095.1619365551,null,{"$f":"A.3!Q39","v":" "}]
[13,4849095.1619365551,{"$f":"IF(ISNUMBER(H19),B19*'A.2 (continued)'!N$10,0)","v":0},{"$f":"IF(ISNUMBER(H19),A.3!R$19,0)","v":0},0,4849095.1619365551,null,{"$f":"A.3!R39","v":" "}]
[14,4849095.1619365551,{"$f":"IF(ISNUMBER(H20),B20*'A.2 (continued)'!N$10,0)","v":0},{"$f":"IF(ISNUMBER(H20),A.3!S$19,0)","v":0},0,4849095.1619365551,null,{"$f":"A.3!S39","v":" "}]
[15,4849095.1619365551,{"$f":"IF(ISNUMBER(H21),B21*'A.2 (continued)'!N$10,0)","v":0},{"$f":"IF(ISNUMBER(H21),A.3!T$19,0)","v":0},0,4849095.1619365551,null,{"$f":"A.3!T39","v":" "}]
[null,{"$f":"B7","v":4000000},{"$f":"SUM(C7:C21)","v":3127448.1192625775},{"$f":"SUM(D7:D21)","v":2278352.9573260224},{"$f":"SUM(E7:E21)","v":849095.16193655471},{"$f":"F21","v":4849095.1619365551}]
[]
[null,"Note: Cumulative, annually compounding preference."]
[]
[]
[null,"[The Beginning Balance includes both the GP's and LPs' capital contributions, treated on a pari passu basis.]"]

{"sheet":"A.9","index":25,"n_rows":45,"n_cols":21,"rows_kept":45,"cut":false,"hidden":false,"merged":[[1,1,1,14],[3,7,3,8],[3,10,3,11],[3,13,3,14],[40,0,44,0],[39,7,39,8],[39,10,39,11],[39,13,39,14],[4,0,34,0]]}
[]
[null,"Appendix A.9: Partnership Capital Accounts"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"LP's Share of"]
[null,null,null,null,null,null,null,"Partnership",null,null,"Limited Partners",null,null,"General Partner",null,null,null,"Taxable"]
["Activity Prior to Sale","Invested Capital",null,null,null,null,null,null,{"$f":"A.1!G9","v":4000000},null,null,{"$f":"A.1!G7","v":3800000},null,null,{"$f":"A.1!G8","v":200000},null,null,"Income/<Loss>"]
[null,"Taxable Income/<Loss> - Year 1",null,null,null,null,null,{"$f":"IF(A.5!F17<0,-A.5!F17,0)","v":248834.97258685855},{"$f":"IF(A.5!F17<0,0,A.5!F17)","v":0},null,{"$f":"IF(A.5!F21<0,-A.5!F21,0)","v":236393.22395751561},{"$f":"IF(A.5!F21<0,0,A.5!F21)","v":0},null,{"$f":"IF(A.5!F22<0,-A.5!F22,0)","v":12441.748629342939},{"$f":"IF(A.5!F22<0,0,A.5!F22)","v":0},null,null,{"$f":"IF(H6>0,K6/H6,IF(I6=0,\" \",L6/I6))","v":0.95}]
[null,"Taxable Income/<Loss> - Year 2",null,null,null,null,null,{"$f":"IF(A.5!G17<0,-A.5!G17,0)","v":129129.45424579486},{"$f":"IF(A.5!G17<0,0,A.5!G17)","v":0},null,{"$f":"IF(A.5!G21<0,-A.5!G21,0)","v":122672.98153350511},{"$f":"IF(A.5!G21<0,0,A.5!G21)","v":0},null,{"$f":"IF(A.5!G22<0,-A.5!G22,0)","v":6456.4727122897457},{"$f":"IF(A.5!G22<0,0,A.5!G22)","v":0},null,null,{"$f":"IF(H7>0,K7/H7,IF(I7=0,\" \",L7/I7))","v":0.95}]
[null,"Taxable Income/<Loss> - Year 3",null,null,null,null,null,{"$f":"IF(A.5!H17<0,-A.5!H17,0)","v":37882.45957656228},{"$f":"IF(A.5!H17<0,0,A.5!H17)","v":0},null,{"$f":"IF(A.5!H21<0,-A.5!H21,0)","v":35988.336597734167},{"$f":"IF(A.5!H21<0,0,A.5!H21)","v":0},null,{"$f":"IF(A.5!H22<0,-A.5!H22,0)","v":1894.1229788281125},{"$f":"IF(A.5!H22<0,0,A.5!H22)","v":0},null,null,0.95000000000000007]
[null,"Taxable Income/<Loss> - Year 4",null,null,null,null,null,{"$f":"IF(A.5!I17<0,-A.5!I17,0)","v":0},{"$f":"IF(A.5!I17<0,0,A.5!I17)","v":49537.137602152419},null,{"$f":"IF(A.5!I21<0,-A.5!I21,0)","v":0},{"$f":"IF(A.5!I21<0,0,A.5!I21)","v":47060.280722044794},null,{"$f":"IF(A.5!I22<0,-A.5!I22,0)","v":0},{"$f":"IF(A.5!I22<0,\" \",A.5!I22)","v":2476.8568801076253},null,null,0.95]
[null,"Taxable Income/<Loss> - Year 5",null,null,null,null,null,{"$f":"IF(A.5!J17<0,-A.5!J17,0)","v":0},{"$f":"IF(A.5!J17<0,0,A.5!J17)","v":69387.532718844363},null,{"$f":"IF(A.5!J21<0,-A.5!J21,0)","v":0},{"$f":"IF(A.5!J21<0,0,A.5!J21)","v":65918.156082902147},null,{"$f":"IF(A.5!J22<0,-A.5!J22,0)","v":0},{"$f":"IF(A.5!J22<0,\" \",A.5!J22)","v":3469.3766359422152},null,null,0.95000000000000007]
[null,"Taxable Income/<Loss> - Year 6",null,null,null,null,null,{"$f":"IF(A.5!K17<0,-A.5!K17,0)","v":0},{"$f":"IF(A.5!K17<0,0,A.5!K17)","v":90035.141036388814},null,{"$f":"IF(A.5!K21<0,-A.5!K21,0)","v":0},{"$f":"IF(A.5!K21<0,0,A.5!K21)","v":85533.383984569373},null,{"$f":"IF(A.5!K22<0,-A.5!K22,0)","v":0},{"$f":"IF(A.5!K22<0,\" \",A.5!K22)","v":4501.7570518194407},null,null,0.95]
[null,"Taxable Income/<Loss> - Year 7",null,null,null,null,null,{"$f":"IF(A.5!L17<0,-A.5!L17,0)","v":0},{"$f":"IF(A.5!L17<0,0,A.5!L17)","v":111517.38726359478},null,{"$f":"IF(A.5!L21<0,-A.5!L21,0)","v":0},{"$f":"IF(A.5!L21<0,0,A.5!L21)","v":105941.51790041503},null,{"$f":"IF(A.5!L22<0,-A.5!L22,0)","v":0},{"$f":"IF(A.5!L22<0,\" \",A.5!L22)","v":5575.8693631797505},null,null,0.94999999999999984]
[null,"Taxable Income/<Loss> - Year 8",null,null,null,null,null,{"$f":"IF(A.5!M17<0,-A.5!M17,0)","v":0},{"$f":"IF(A.5!M17<0,0,A.5!M17)","v":247758.5631774058},null,{"$f":"IF(A.5!M21<0,-A.5!M21,0)","v":0},{"$f":"IF(A.5!M21<0,0,A.5!M21)","v":233431.3988065861},null,{"$f":"IF(A.5!M22<0,-A.5!M22,0)","v":0},{"$f":"IF(A.5!M22<0,\" \",A.5!M22)","v":14327.164370819693},null,null,0.94217287916478254]
[null,"Taxable Income/<Loss> - Year 9",null,null,null,null,null,{"$f":"IF(A.5!N17<0,-A.5!N17,0)","v":0},{"$f":"IF(A.5!N17<0,0,A.5!N17)","v":271030.59043273277},null,{"$f":"IF(A.5!N21<0,-A.5!N21,0)","v":0},{"$f":"IF(A.5!N21<0,0,A.5!N21)","v":251663.93048806585},null,{"$f":"IF(A.5!N22<0,-A.5!N22,0)","v":0},{"$f":"IF(A.5!N22<0,\" \",A.5!N22)","v":19366.659944666928},null,null,0.92854437606564733]
[null,"Taxable Income/<Loss> - Year 10",null,null,null,null,null,{"$f":"IF(A.5!O17<0,-A.5!O17,0)","v":0},{"$f":"IF(A.5!O17<0,0,A.5!O17)","v":295262.1875737377},null,{"$f":"IF(A.5!O21<0,-A.5!O21,0)","v":0},{"$f":"IF(A.5!O21<0,0,A.5!O21)","v":270603.75010348554},null,{"$f":"IF(A.5!O22<0,-A.5!O22,0)","v":0},{"$f":"IF(A.5!O22<0,\" \",A.5!O22)","v":24658.43747025216},null,null,0.91648630096227934]
[null,"Taxable Income/<Loss> - Year 11",null,null,null,null,null,{"$f":"IF(A.5!P17<0,-A.5!P17,0)","v":0},{"$f":"IF(A.5!P17<0,0,A.5!P17)","v":0},null,{"$f":"IF(A.5!P21<0,-A.5!P21,0)","v":0},{"$f":"IF(A.5!P21<0,0,A.5!P21)","v":0},null,{"$f":"IF(A.5!P22<0,-A.5!P22,0)","v":0},{"$f":"IF(A.5!P22<0,\" \",A.5!P22)","v":0},null,null," ",null,null,{"$f":"ISNUMBER(R16)","v":false}]
[null,"Taxable Income/<Loss> - Year 12",null,null,null,null,null,{"$f":"IF(A.5!Q17<0,-A.5!Q17,0)","v":0},{"$f":"IF(A.5!Q17<0,0,A.5!Q17)","v":0},null,{"$f":"IF(A.5!Q21<0,-A.5!Q21,0)","v":0},{"$f":"IF(A.5!Q21<0,0,A.5!Q21)","v":0},null,{"$f":"IF(A.5!Q22<0,-A.5!Q22,0)","v":0},{"$f":"IF(A.5!Q22<0,\" \",A.5!Q22)","v":0},null,null," "]
[null,"Taxable Income/<Loss> - Year 13",null,null,null,null,null,{"$f":"IF(A.5!R17<0,-A.5!R17,0)","v":0},{"$f":"IF(A.5!R17<0,0,A.5!R17)","v":0},null,{"$f":"IF(A.5!R21<0,-A.5!R21,0)","v":0},{"$f":"IF(A.5!R21<0,0,A.5!R21)","v":0},null,{"$f":"IF(A.5!R22<0,-A.5!R22,0)","v":0},{"$f":"IF(A.5!R22<0,\" \",A.5!R22)","v":0},null,null," ","LP's Share of"]
[null,"Taxable Income/<Loss> - Year 14",null,null,null,null,null,{"$f":"IF(A.5!S17<0,-A.5!S17,0)","v":0},{"$f":"IF(A.5!S17<0,0,A.5!S17)","v":0},null,{"$f":"IF(A.5!S21<0,-A.5!S21,0)","v":0},{"$f":"IF(A.5!S21<0,0,A.5!S21)","v":0},null,{"$f":"IF(A.5!S22<0,-A.5!S22,0)","v":0},{"$f":"IF(A.5!S22<0,\" \",A.5!S22)","v":0},null,null," ","Distributed"]
[null,"Taxable Income/<Loss> - Year 15",null,null,null,null,null,{"$f":"IF(A.5!T17<0,-A.5!T17,0)","v":0},{"$f":"IF(A.5!T17<0,0,A.5!T17)","v":0},null,{"$f":"IF(A.5!T21<0,-A.5!T21,0)","v":0},{"$f":"IF(A.5!T21<0,0,A.5!T21)","v":0},null,{"$f":"IF(A.5!T22<0,-A.5!T22,0)","v":0},{"$f":"IF(A.5!T22<0,\" \",A.5!T22)","v":0},null,null," ","Cash"]
[null,"Cash Distribution - Year 1",null,null,null,null,null,{"$f":"A.3!F12","v":144911.02308506612},null,null,{"$f":"A.3!F19*(1-A.1!I8)+A.3!F23","v":137665.47193081281},null,null,{"$f":"H21-K21","v":7245.5511542533059},null,null,null,null,{"$f":"K21/H21","v":0.95}]
[null,"Cash Distribution - Year 2",null,null,null,null,null,{"$f":"A.3!G12","v":164111.02308506612},null,null,{"$f":"A.3!G19*(1-A.1!I8)+A.3!G23","v":155905.47193081281},null,null,{"$f":"H22-K22","v":8205.5511542533059},null,null,null,null,{"$f":"IF(H22>0,K22/H22,\" \")","v":0.95}]
[null,"Cash Distribution - Year 3",null,null,null,null,null,{"$f":"A.3!H12","v":183887.02308506612},null,null,{"$f":"A.3!H19*(1-A.1!I8)+A.3!H23","v":174692.67193081279},null,null,9194.3511542533233,null,null,null,null,0.95]
[null,"Cash Distribution - Year 4",null,null,null,null,null,{"$f":"A.3!I12","v":204256.30308506603},null,null,{"$f":"A.3!I19*(1-A.1!I8)+A.3!I23","v":194043.48793081273},null,null,10212.815154253301,null,null,null,null,0.95]
[null,"Cash Distribution - Year 5",null,null,null,null,null,{"$f":"A.3!J12","v":225236.66148506606},null,null,{"$f":"A.3!J19*(1-A.1!I8)+A.3!J23","v":213974.82841081274},null,null,11261.833074253314,null,null,null,null,0.95]
[null,"Cash Distribution - Year 6",null,null,null,null,null,{"$f":"A.3!K12","v":246846.43063706602},null,null,{"$f":"A.3!K19*(1-A.1!I8)+A.3!K23","v":234504.1091052127},null,null,12342.321531853318,null,null,null,null,0.95]
[null,"Cash Distribution - Year 7",null,null,null,null,null,{"$f":"A.3!L12","v":269104.4928636261},null,null,{"$f":"A.3!L19*(1-A.1!I8)+A.3!L23","v":255649.26822044479},null,null,13455.224643181311,null,null,null,null,0.95]
[null,"Cash Distribution - Year 8",null,null,null,null,null,{"$f":"A.3!M12","v":292030.29695698281},null,null,{"$f":"A.3!M19*(1-A.1!I8)+A.3!M23","v":275143.02568730694},null,null,16887.271269675868,null,null,null,null,0.94217287916478254]
[null,"Cash Distribution - Year 9",null,null,null,null,null,{"$f":"A.3!N12","v":315643.87517314032},null,null,{"$f":"A.3!N19*(1-A.1!I8)+A.3!N23","v":293089.34513158666},null,null,22554.530041553662,null,null,null,null,0.92854437606564733]
[null,"Cash Distribution - Year 10",null,null,null,null,null,{"$f":"A.3!O12","v":339965.86073578265},null,null,{"$f":"A.3!O19*(1-A.1!I8)+A.3!O23","v":311574.05415919481},null,null,28391.806576587842,null,null,null,null,0.91648630096227923]
[null,"Cash Distribution - Year 11",null,null,null,null,null,{"$f":"A.3!P12","v":0},null,null,{"$f":"A.3!P19*(1-A.1!I8)+A.3!P23","v":0},null,null,0,null,null,null,null," "]
[null,"Cash Distribution - Year 12",null,null,null,null,null,{"$f":"A.3!Q12","v":0},null,null,{"$f":"A.3!Q19*(1-A.1!I8)+A.3!Q23","v":0},null,null,0,null,null,null,null," "]
[null,"Cash Distribution - Year 13",null,null,null,null,null,{"$f":"A.3!R12","v":0},null,null,{"$f":"A.3!R19*(1-A.1!I8)+A.3!R23","v":0},null,null,0,null,null,null,null," "]
[null,"Cash Distribution - Year 14",null,null,null,null,null,{"$f":"A.3!S12","v":0},null,null,{"$f":"A.3!S19*(1-A.1!I8)+A.3!S23","v":0},null,null,0,null,null,null,null," "]
[null,"Cash Distribution - Year 15",null,null,null,null,null,{"$f":"A.3!T12","v":0},null,null,{"$f":"A.3!T19*(1-A.1!I8)+A.3!T23","v":0},null,null,0,null,null,null,null," "]
[null,null,"Subtotals",null,null,null,null,{"$f":"SUM(H6:H35)","v":2801839.8766011437},{"$f":"SUM(I5:I35)","v":5134528.5398048563},null,{"$f":"SUM(K6:K35)","v":2641296.2765265643},{"$f":"SUM(L5:L35)","v":4860152.4180880692},null,{"$f":"SUM(N6:N35)","v":160543.60007457936},{"$f":"SUM(O5:O35)","v":274376.12171678781}]
[null,null,null,"Capital Account Balance",null,null,null,{"$f":"IF(SUM(H5:H35)>SUM(I5:I35),SUM(H5:H35)-SUM(I5:I35),0)","v":0},{"$f":"IF(SUM(I5:I35)>SUM(H5:H35),SUM(I5:I35)-SUM(H5:H35),0)","v":2332688.6632037126},null,{"$f":"IF(SUM(K5:K35)>SUM(L5:L35),SUM(K5:K35)-SUM(L5:L35),0)","v":0},{"$f":"IF(SUM(L5:L35)>SUM(K5:K35),SUM(L5:L35)-SUM(K5:K35),0)","v":2218856.1415615049},null,{"$f":"IF(SUM(N5:N35)>SUM(O5:O35),SUM(N5:N35)-SUM(O5:O35),0)","v":0},{"$f":"IF(SUM(O5:O35)>SUM(N5:N35),SUM(O5:O35)-SUM(N5:N35),0)","v":113832.52164220845}]
[]
[]
[null,null,null,null,null,null,null,{"$f":"H4","v":"Partnership"},null,null,{"$f":"K4","v":"Limited Partners"},null,null,{"$f":"N4","v":"General Partner"}]
["After Sale",{"$f":"D37","v":"Capital Account Balance"},null,null,null,null,null,{"$f":"IF(H37>0,H37,\" \")","v":" "},{"$f":"IF(I37>0,I37,\" \")","v":2332688.6632037126},null,{"$f":"IF(K37>0,K37,\" \")","v":" "},{"$f":"IF(L37>0,L37,\" \")","v":2218856.1415615049},null,{"$f":"IF(N37>0,N37,\" \")","v":" "},{"$f":"IF(O37>0,O37,\" \")","v":113832.52164220845}]
[null,"Capital Gain/<Loss>",null,null,null,null,null,{"$f":"IF(A.7!I34<0,-A.7!I34,\" \")","v":" "},{"$f":"IF(A.7!I34>0,A.7!I34,\" \")","v":6020743.7550154543},null,{"$f":"IF(A.7!L34<0,-A.7!L34,\" \")","v":" "},{"$f":"IF(A.7!L34>0,A.7!L34,\" \")","v":5051080.5770530067},null,{"$f":"IF(A.7!O34<0,-A.7!O34,\" \")","v":" "},{"$f":"IF(A.7!O34>0,A.7!O34,0)","v":969663.17796244752}]
[null,"Reversionary Proceeds",null,null,null,null,null,{"$f":"A.7!I13","v":8353432.4182191668},null,null,{"$f":"A.7!L24","v":7269936.7186145121},null,null,{"$f":"A.7!O24","v":1083495.6996046542}]
[null,null,"Subtotals",null,null,null,null,{"$f":"SUM(H41:H43)","v":8353432.4182191668},{"$f":"SUM(I41:I43)","v":8353432.4182191668},null,{"$f":"SUM(K41:K43)","v":7269936.7186145121},{"$f":"SUM(L41:L43)","v":7269936.7186145112},null,{"$f":"SUM(N41:N43)","v":1083495.6996046542},{"$f":"SUM(O41:O43)","v":1083495.6996046561}]
[null,null,null,"Ending Capital Account",null,null,null,{"$f":"IF(H44>I44,H44-I44,\" \")","v":" "},{"$f":"IF(I44>H44,I44-H44,0)","v":0},null,{"$f":"IF(K44>L44,K44-L44,\" \")","v":" "},{"$f":"IF(L44>K44,L44-K44,0)","v":0},null,{"$f":"IF(N44>O44,N44-O44,\" \")","v":" "},{"$f":"IF(O44>N44,O44-N44,0)","v":1.862645149230957E-9}]

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[]
[null,{"$f":"\"This particular illustration assumes that both the general and limited partners can utilize \" &TEXT('A.5 (Passive Losses)'!T4,\"0%\") &\" of the passive losses; any passive loss not currently deducted can be used to offset future taxable income and the capital gain associated with the project's disposition. There are no other sources of passive income assumed here.\"","v":"This particular illustration assumes that both the general and limited partners can utilize 50% of the passive losses; any passive loss not currently deducted can be used to offset future taxable income and the capital gain associated with the project's disposition. There are no other sources of passive income assumed here."}]

{"sheet":"Supporting Materials","index":28,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Base Case =f(T)(OI)","index":29,"n_rows":31,"n_cols":25,"rows_kept":31,"cut":false,"hidden":false,"merged":[[26,10,27,10],[26,11,27,11],[26,23,27,23],[26,24,27,24],[26,25,27,25],[26,12,27,12],[26,16,27,16],[26,17,27,17],[26,18,27,18],[26,19,27,19],[26,22,27,22],[26,5,27,5],[26,6,27,6],[26,7,27,7],[26,8,27,8],[26,9,27,9],[26,0,27,0],[26,1,27,1],[26,2,27,2],[26,3,27,3],[26,4,27,4],[2,1,2,12],[2,15,2,19],[2,21,2,24],[3,1,3,4],[3,5,3,8],[3,9,3,12],[3,21,3,24]]}
[]
[]
[null,"Summary of Pre- & Post-Tax Returns, as f(Holding Period)",null,null,null,null,null,null,null,null,null,null,null,null,null,"Illustration of Effective Tax Rate on a Non-Dividend-Paying Stock",null,null,null,null,null,"Holding Pre-Tax Returns Identical:"]
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[8,0.11929723730977515,9.6449437336021182E-2,-2.2847799973753968E-2,0.19151994202871481,0.11066129094808175,8.9329915743431521E-2,-2.1331375204650227E-2,0.19276275400273554,0.22952609106176003,0.19161082374155414,-3.7915267320205892E-2,0.16518935666448392,null,null,8,0.11929723730977515,0.23799999999999999,9.817057787493022E-2,0.17709261263097015,null,8,0.19151994202871481,0.17709261263097015,-1.4427329397744659E-2]
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[10,0.11756444891943429,9.5479641117735436E-2,-2.2084807801698858E-2,0.18785277356110733,0.10950721899174809,8.8630950469151148E-2,-2.0876268522596941E-2,0.19063828590305149,0.21426720434792457,0.18129234712683551,-3.297485722108906E-2,0.15389596052014043,null,null,10,0.11756444891943429,0.23799999999999999,9.8289540172582512E-2,0.16395184874349794,null,10,0.18785277356110733,0.16395184874349794,-2.3900924817609387E-2]
[11,0.11677035950600434,9.505555614296024E-2,-2.17148033630441E-2,0.18596160408264842,0.10897142129266446,8.834545332870003E-2,-2.0625967963964431E-2,0.18927869086491297,0.20799875251256017,0.17686298823696145,-3.1135764275598721E-2,0.14969207218547412,null,null,11,0.11677035950600434,0.23799999999999999,9.8328194621249754E-2,0.15793532676249308,null,11,0.18596160408264842,0.15793532676249308,-2.8026277320155335E-2]
[12,0.11609678689331093,9.4732636125868241E-2,-2.1364150767442691E-2,0.1840201726433276,0.10852684101754972,8.8138292677808039E-2,-2.0388548339741686E-2,0.18786641303274165,0.20261469173150015,0.17310272059673926,-2.9511971134760895E-2,0.14565563278041757,null,null,12,0.11609678689331093,0.23799999999999999,9.8425178726956553E-2,0.15221444657718217,null,12,0.1840201726433276,0.15221444657718217,-3.1805726066145429E-2]
[13,0.11544275571802443,9.4414089017563541E-2,-2.1028666700460885E-2,0.18215665911358364,0.10808747269344243,8.7936011048312501E-2,-2.0151461645129931E-2,0.18643660678683352,0.19780142463379446,0.1696614616021308,-2.8139963031663662E-2,0.14226370251762047,null,null,13,0.11544275571802443,0.23799999999999999,9.8494069379195359E-2,0.14681463755272101,null,13,0.18215665911358364,0.14681463755272101,-3.5342021560862635E-2]
[{"$f":"1+A19","v":14},0.11481208393518494,9.4101372295096741E-2,-2.0710711640088197E-2,0.18038790805138638,0.10765734877994193,8.7738241845160214E-2,-1.9919106934781716E-2,0.18502319777071199,0.19348837721092482,0.16651369197473254,-2.6974685236192286E-2,0.13941243202834216,null,null,14,0.11481208393518494,0.23799999999999999,9.8541725640968636E-2,0.14171294289372394,null,14,0.18038790805138638,0.14171294289372394,-3.8674965157662444E-2]
[15,0.11420682894203349,9.3795453475079338E-2,-2.0411375466954151E-2,0.17872289823679541,0.10723905283072899,8.7544767160610659E-2,-1.9694285670118328E-2,0.18364844849203105,0.18961379826718794,0.16363292608285684,-2.5980872184331094E-2,0.13701994486562111,null,null,15,0.11420682894203349,0.23799999999999999,9.8573248263948754E-2,0.13688831765059928,null,15,0.17872289823679541,0.13688831765059928,-4.183458058619613E-2]
[]
["For Years 2 - 15:"]
[]
["Average",{"$f":"AVERAGE(B8:B21)","v":0.11941166135031263},{"$f":"AVERAGE(C8:C21)","v":9.6031896693576396E-2},-2.3379764656736222E-2,0.19534265903215181,0.1107275645901208,8.8959991113412448E-2,-2.1767573476708355E-2,0.19633560986129922,0.23571967956968759,0.193498202083003,-4.2221477486684575E-2,0.17356576412891606,null,null,null,{"$f":"AVERAGE(Q8:Q21)","v":0.11941166135031263},null,{"$f":"AVERAGE(S8:S21)","v":9.8178613955470562E-2},{"$f":"AVERAGE(T8:T21)","v":0.17692714064551224},null,null,{"$f":"AVERAGE(W8:W21)","v":0.19534265903215181},{"$f":"AVERAGE(X8:X21)","v":0.17692714064551224},{"$f":"AVERAGE(Y8:Y21)","v":-1.8415518386639563E-2}]
["Volatility",{"$f":"STDEV(B8:B21)","v":3.9283711281153785E-3},{"$f":"STDEV(C8:C21)","v":1.430158428935596E-3},2.579863200523507E-3,1.4955597730518919E-2,2.6164669538132203E-3,8.8680806944445149E-4,1.829525076694707E-3,1.1795958124461282E-2,4.0362406098198758E-2,2.4137207749764047E-2,1.6381309744597509E-2,3.4982333261721697E-2,null,null,null,{"$f":"STDEV(Q8:Q21)","v":3.9283711281153785E-3},null,{"$f":"STDEV(S8:S21)","v":2.8003742186691945E-4},{"$f":"STDEV(T8:T21)","v":2.9053453293281059E-2},null,null,{"$f":"STDEV(W8:W21)","v":1.4955597730518919E-2},{"$f":"STDEV(X8:X21)","v":2.9053453293281059E-2},{"$f":"STDEV(Y8:Y21)","v":1.4870534142149972E-2}]
["Coefficient of Variation",{"$f":"B26/B25","v":3.2897717724493361E-2},{"$f":"C26/C25","v":1.489253548223691E-2},-0.11034598672832201,7.6560838296244091E-2,2.362977063117546E-2,9.9686168843462035E-3,-8.4048186567617547E-2,6.0080584122230836E-2,0.17123053184138626,0.12474125077095108,-0.38798523215497838,0.20155088439986674,null,null,null,{"$f":"Q26/Q25","v":3.2897717724493361E-2},null,{"$f":"S26/S25","v":2.8523260879801371E-3},{"$f":"T26/T25","v":0.16421139903850021},null,null,{"$f":"W26/W25","v":7.6560838296244091E-2},{"$f":"X26/X25","v":0.16421139903850021},{"$f":"Y26/Y25","v":-0.80750016534633784}]
[]
["Maximum",{"$f":"MAX(B8:B21)","v":0.12649579517877441},{"$f":"MAX(C8:C21)","v":9.8027722282774343E-2},-2.0411375466954151E-2,0.22505153515788101,0.11542935779343866,9.0041159006849725E-2,-1.9694285670118328E-2,0.21994576832023294,0.3189926213462273,0.23984251253269284,-2.5980872184331094E-2,0.24812520264419138,null,null,null,{"$f":"MAX(Q8:Q21)","v":0.12649579517877441},null,9.8573248263948754E-2,0.22754434686050648,null,null,0.22505153515788101,0.22754434686050648,2.4928117026254693E-3]
["Minimum",{"$f":"MIN(B8:B21)","v":0.11420682894203349},{"$f":"MIN(C8:C21)","v":9.3795453475079338E-2},-2.8468072896000063E-2,0.17872289823679541,0.10723905283072899,8.7544767160610659E-2,-2.5388198786588934E-2,0.18364844849203105,0.18961379826718794,0.16363292608285684,-7.9150108813534459E-2,0.13701994486562111,null,null,null,{"$f":"MIN(Q8:Q21)","v":0.11420682894203349},null,9.7712392084219779E-2,0.13688831765059928,null,null,0.17872289823679541,0.13688831765059928,-4.183458058619613E-2]
["Range",{"$f":"B29-B30","v":1.2288966236740917E-2},{"$f":"C29-C30","v":4.2322688076950055E-3},8.0566974290459115E-3,4.6328636921085603E-2,8.1903049627096713E-3,2.4963918462390655E-3,5.6939131164706058E-3,3.6297319828201891E-2,0.12937882307903936,7.6209586449835998E-2,5.3169236629203365E-2,0.11110525777857028,null,null,null,{"$f":"Q29-Q30","v":1.2288966236740917E-2},null,{"$f":"S29-S30","v":8.6085617972897488E-4},{"$f":"T29-T30","v":9.0656029209907202E-2},null,null,{"$f":"W29-W30","v":4.6328636921085603E-2},{"$f":"X29-X30","v":9.0656029209907202E-2},{"$f":"Y29-Y30","v":4.4327392288821599E-2}]

{"sheet":"Base Case =f(T)","index":30,"n_rows":31,"n_cols":25,"rows_kept":31,"cut":false,"hidden":false,"merged":[[3,21,3,24],[2,21,2,24],[3,1,3,4],[3,5,3,8],[3,9,3,12],[2,1,2,12],[2,15,2,19],[26,11,27,11],[26,0,27,0],[26,1,27,1],[26,2,27,2],[26,3,27,3],[26,4,27,4],[26,5,27,5],[26,6,27,6],[26,7,27,7],[26,8,27,8],[26,9,27,9],[26,10,27,10],[26,23,27,23],[26,24,27,24],[26,25,27,25],[26,12,27,12],[26,16,27,16],[26,17,27,17],[26,18,27,18],[26,19,27,19],[26,22,27,22]]}
[]
[]
[null,"Summary of Pre- & Post-Tax Returns, as f(Holding Period)",null,null,null,null,null,null,null,null,null,null,null,null,null,"Illustration of Effective Tax Rate on a Non-Dividend-Paying Stock",null,null,null,null,null,"Holding Pre-Tax Returns Identical:"]
["Holding","Partnership Level",null,null,null,"Limited Partners",null,null,null,"General Partners",null,null,null,null,null,null,"Before-Tax",null,null,"Effective",null,"Differences in Effective Tax Rates"]
["Period in",null,null,null,"Effective",null,null,null,"Effective",null,null,null,"Effective",null,null,"Holding","Return","Capital Gains","After-Tax","Tax Rate",null,"Holding","Real","Common"]
["Year(s)","Pre-Tax","Post-Tax","Difference","Tax Rate","Pre-Tax","Post-Tax","Difference","Tax Rate","Pre-Tax","Post-Tax","Difference","Tax Rate",null,null,"Period",{"$f":"\"at \" &TEXT(Q7,\"0%\")","v":"at 13%"},"Tax Rate","Return","Given Pre-Tax k",null,"Period","Estate","Stock","Difference"]
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[4,0.12381529184225015,9.8090186672405322E-2,{"$f":"C10-B10","v":-2.5725105169844831E-2},0.20777001602209619,0.11368175072153974,8.9711510900619462E-2,-2.397023982092028E-2,0.21085389403999161,0.27795284017134736,0.22910450167198726,-4.88483384993601E-2,0.17574326086845149,null,null,4,0.12381529184225015,0.23799999999999999,9.7992887826343189E-2,0.20855585470659488,null,4,0.20777001602209619,0.20855585470659488,7.8583868449869088E-4]
[5,0.12227543863227397,9.7783459830174335E-2,-2.4491978802099634E-2,0.20030170470911812,0.11261076892855093,8.9620231895537694E-2,-2.2990537033013236E-2,0.20415931133194046,0.26188389866335804,0.21918250674747886,-4.2701391915879183E-2,0.16305466710181454,null,null,5,0.12227543863227397,0.23799999999999999,9.7818205534431879E-2,0.20001754539923383,null,5,0.20030170470911812,0.20001754539923383,-2.8415930988429094E-4]
[6,0.12123376017848519,9.7909990160923499E-2,-2.3323770017561696E-2,0.19238675747764902,0.11193402134733277,8.9902190227595158E-2,-2.203183111973761E-2,0.19682872869699322,0.24949130074077086,0.21159022278136086,-3.7901077959410001E-2,0.15191342482434042,null,null,6,0.12123376017848519,0.23799999999999999,9.796853434782582E-2,0.19190385414431901,null,6,0.19238675747764902,0.19190385414431901,-4.8290333333000923E-4]
[7,0.1202398177181232,9.7650405284543051E-2,-2.2589412433580147E-2,0.18786964969072262,0.11128265842317675,8.9783701525737669E-2,-2.1498956897439081E-2,0.19319233744115435,0.23881985712467024,0.20463334344360629,-3.4186513681063957E-2,0.1431477017558791,null,null,7,0.1202398177181232,0.23799999999999999,9.8082779553728017E-2,0.18427371718358446,null,7,0.18786964969072262,0.18427371718358446,-3.5959325071381609E-3]
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[9,0.11840598370571276,9.6533697585748257E-2,-2.1872286119964501E-2,0.18472281075191324,0.11007002446358305,8.8953934954900005E-2,-2.1116089508683045E-2,0.19184232593379097,0.22139426616913105,0.19215786368164745,-2.9236402487483604E-2,0.13205582508242947,null,null,9,0.11840598370571276,0.23799999999999999,9.8238068045016114E-2,0.170328517440657,null,9,0.18472281075191324,0.170328517440657,-1.4394293311256245E-2]
[10,0.11756444891943429,9.6051694180732783E-2,-2.1512754738701512E-2,0.1829869057902358,0.10950721899174809,8.8630950469151148E-2,-2.0876268522596941E-2,0.19063828590305149,0.21426720434792457,0.18675610532797182,-2.7511099019952745E-2,0.12839621958795219,null,null,10,0.11756444891943429,0.23799999999999999,{"$f":"(1+((1+Q16)^P16-1)*(1-R16))^(1/P16)-1","v":9.8289540172582512E-2},{"$f":"(Q16-S16)/Q16","v":0.16395184874349794},null,10,0.1829869057902358,0.16395184874349794,-1.9035057046737858E-2]
[11,0.11677035950600434,9.5605465131475276E-2,-2.1164894374529064E-2,0.18125228409047386,0.10897142129266446,8.834545332870003E-2,-2.0625967963964431E-2,0.18927869086491297,0.20799875251256017,0.18187901775041948,-2.6119734762140689E-2,0.12557640104386408,null,null,11,0.11677035950600434,0.23799999999999999,9.8328194621249754E-2,0.15793532676249308,null,11,0.18125228409047386,0.15793532676249308,-2.3316957327980781E-2]
[12,0.11609678689331093,9.5260797959005883E-2,-2.083598893430505E-2,0.17947084921008732,0.10852684101754972,8.8138292677808039E-2,-2.0388548339741686E-2,0.18786641303274165,0.20261469173150015,0.17771507759693117,-2.4899614134568981E-2,0.12289145432536214,null,null,12,0.11609678689331093,0.23799999999999999,9.8425178726956553E-2,0.15221444657718217,null,12,0.17947084921008732,0.15221444657718217,-2.7256402632905158E-2]
[13,0.11544275571802443,9.4920332998464696E-2,-2.052242271955973E-2,0.17777142092559647,0.10808747269344243,8.7936011048312501E-2,-2.0151461645129931E-2,0.18643660678683352,0.19780142463379446,0.17390913389565488,-2.3892290738139588E-2,0.12078927531676421,null,null,13,0.11544275571802443,0.23799999999999999,9.8494069379195359E-2,0.14681463755272101,null,13,0.17777142092559647,0.14681463755272101,-3.0956783372875468E-2]
[{"$f":"1+A19","v":14},0.11481208393518494,9.4585893313567038E-2,-2.0226190621617901E-2,0.17616778590166718,0.10765734877994193,8.7738241845160214E-2,-1.9919106934781716E-2,0.18502319777071199,0.19348837721092482,0.17043154831385965,-2.3056828897065174E-2,0.11916389619584514,null,null,14,0.11481208393518494,0.23799999999999999,9.8541725640968636E-2,0.14171294289372394,null,14,0.17616778590166718,0.14171294289372394,-3.4454843007943242E-2]
[15,0.11420682894203349,9.425868349886013E-2,-1.994814544317336E-2,0.17466683584480036,0.10723905283072899,8.7544767160610659E-2,-1.9694285670118328E-2,0.18364844849203105,0.18961379826718794,0.16725192211348139,-2.236187615370655E-2,0.11793380206537533,null,null,15,0.11420682894203349,0.23799999999999999,9.8573248263948754E-2,0.13688831765059928,null,15,0.17466683584480036,0.13688831765059928,-3.7778518194201083E-2]
[]
["For Years 2 - 15:"]
[]
["Average",{"$f":"AVERAGE(B8:B21)","v":0.11941166135031263},{"$f":"AVERAGE(C8:C21)","v":9.6624721955846635E-2},-2.2786939394465983E-2,0.19039249273016015,0.1107275645901208,8.8959991113412448E-2,-2.1767573476708355E-2,0.19633560986129922,0.23571967956968759,0.20033204813556987,-3.5387631434117717E-2,0.14554740847496797,null,null,null,{"$f":"AVERAGE(Q8:Q21)","v":0.11941166135031263},null,{"$f":"AVERAGE(S8:S21)","v":9.8178613955470562E-2},{"$f":"AVERAGE(T8:T21)","v":0.17692714064551224},null,null,{"$f":"AVERAGE(W8:W21)","v":0.19039249273016015},{"$f":"AVERAGE(X8:X21)","v":0.17692714064551224},{"$f":"AVERAGE(Y8:Y21)","v":-1.3465352084647924E-2}]
["Volatility",{"$f":"STDEV(B8:B21)","v":3.9283711281153785E-3},{"$f":"STDEV(C8:C21)","v":1.5072887858530539E-3},2.5072630974061704E-3,1.4520387237690816E-2,2.6164669538132203E-3,8.8680806944445149E-4,1.829525076694707E-3,1.1795958124461282E-2,4.0362406098198758E-2,2.6840413988887219E-2,1.3699613260711672E-2,2.8980329555807611E-2,null,null,null,{"$f":"STDEV(Q8:Q21)","v":3.9283711281153785E-3},null,{"$f":"STDEV(S8:S21)","v":2.8003742186691945E-4},{"$f":"STDEV(T8:T21)","v":2.9053453293281059E-2},null,null,{"$f":"STDEV(W8:W21)","v":1.4520387237690816E-2},{"$f":"STDEV(X8:X21)","v":2.9053453293281059E-2},{"$f":"STDEV(Y8:Y21)","v":1.5361941196142195E-2}]
["Coefficient of Variation",{"$f":"B26/B25","v":3.2897717724493361E-2},{"$f":"C26/C25","v":1.5599411365362794E-2},-0.11003070899530641,7.62655450825485E-2,2.362977063117546E-2,9.9686168843462035E-3,-8.4048186567617547E-2,6.0080584122230836E-2,0.17123053184138626,0.13397963151019959,-0.38712998597311266,0.19911264555968927,null,null,null,{"$f":"Q26/Q25","v":3.2897717724493361E-2},null,{"$f":"S26/S25","v":2.8523260879801371E-3},{"$f":"T26/T25","v":0.16421139903850021},null,null,{"$f":"W26/W25","v":7.62655450825485E-2},{"$f":"X26/X25","v":0.16421139903850021},{"$f":"Y26/Y25","v":-1.1408495744910083}]
[]
["Maximum",{"$f":"MAX(B8:B21)","v":0.12649579517877441},{"$f":"MAX(C8:C21)","v":9.8732241566790613E-2},-1.994814544317336E-2,0.21948202762586713,0.11542935779343866,9.0041159006849725E-2,-1.9694285670118328E-2,0.21994576832023294,0.3189926213462273,0.25222991811565687,-2.236187615370655E-2,0.20929231199397469,null,null,null,{"$f":"MAX(Q8:Q21)","v":0.12649579517877441},null,9.8573248263948754E-2,0.22754434686050648,null,null,0.21948202762586713,0.22754434686050648,8.062319234639348E-3]
["Minimum",{"$f":"MIN(B8:B21)","v":0.11420682894203349},{"$f":"MIN(C8:C21)","v":9.425868349886013E-2},-2.7763553611983793E-2,0.17466683584480036,0.10723905283072899,8.7544767160610659E-2,-2.5388198786588934E-2,0.18364844849203105,0.18961379826718794,0.16725192211348139,-6.676270323057043E-2,0.11793380206537533,null,null,null,{"$f":"MIN(Q8:Q21)","v":0.11420682894203349},null,9.7712392084219779E-2,0.13688831765059928,null,null,0.17466683584480036,0.13688831765059928,-3.7778518194201083E-2]
["Range",{"$f":"B29-B30","v":1.2288966236740917E-2},{"$f":"C29-C30","v":4.4735580679304832E-3},7.8154081688104338E-3,4.4815191781066771E-2,8.1903049627096713E-3,2.4963918462390655E-3,5.6939131164706058E-3,3.6297319828201891E-2,0.12937882307903936,8.4977996002175482E-2,4.440082707686388E-2,9.1358509928599355E-2,null,null,null,{"$f":"Q29-Q30","v":1.2288966236740917E-2},null,{"$f":"S29-S30","v":8.6085617972897488E-4},{"$f":"T29-T30","v":9.0656029209907202E-2},null,null,{"$f":"W29-W30","v":4.4815191781066771E-2},{"$f":"X29-X30","v":9.0656029209907202E-2},{"$f":"Y29-Y30","v":4.5840837428840431E-2}]

{"sheet":"Sensitivity Results(OI)","index":31,"n_rows":37,"n_cols":48,"rows_kept":37,"cut":false,"hidden":false,"merged":[[30,43,30,47],[32,0,36,0],[32,8,36,8],[32,16,36,16],[32,25,36,25],[32,33,36,33],[32,41,36,41],[30,2,30,6],[30,10,30,14],[30,18,30,22],[30,27,30,31],[30,35,30,39],[23,41,27,41],[29,0,29,6],[29,8,29,14],[29,16,29,22],[29,25,29,31],[29,33,29,39],[29,41,29,47],[23,0,27,0],[23,8,27,8],[23,16,27,16],[23,25,27,25],[23,33,27,33],[20,41,20,47],[21,2,21,6],[21,10,21,14],[21,18,21,22],[21,27,21,31],[21,35,21,39],[21,43,21,47],[20,0,20,6],[20,8,20,14],[20,16,20,22],[20,25,20,31],[20,33,20,39],[12,43,12,47],[14,0,18,0],[14,8,18,8],[14,16,18,16],[14,25,18,25],[14,33,18,33],[14,41,18,41],[12,2,12,6],[12,10,12,14],[12,18,12,22],[12,27,12,31],[12,35,12,39],[5,41,9,41],[11,0,11,6],[11,8,11,14],[11,16,11,22],[11,25,11,31],[11,33,11,39],[11,41,11,47],[5,0,9,0],[5,8,9,8],[5,16,9,16],[5,25,9,25],[5,33,9,33],[2,33,2,39],[2,41,2,47],[3,2,3,6],[3,10,3,14],[3,18,3,22],[3,27,3,31],[3,35,3,39],[3,43,3,47],[0,16,1,22],[2,0,2,6],[2,8,2,14],[2,16,2,22],[2,25,2,31]]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 6: Comparisons of Limited Partner's Before- and After-Tax Return, Given Various Sensititivies"]
[]
["Sensitivity Tables: LPs' Before-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: LPs' After-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: LPs' Before- v. After-Tax Returns",null,null,null,null,null,null,null,null,"Sensitivity Tables: GP's Before-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: GP's After-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: GP's Before- v. After-Tax Returns"]
[null,null,"Pure Carry Taxed at Ordinary-Income Rate",null,null,null,null,null,null,null,{"$f":"C4","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,null,{"$f":"K4","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,null,null,{"$f":"C4","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,null,{"$f":"AB4","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,null,null,{"$f":"AJ4","v":"Pure Carry Taxed at Ordinary-Income Rate"}]
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[]
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[]
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[]
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["\\","`EReturns, Rates (1)",null,"=",{"$f":"AVERAGE(J6:J10)","v":0},{"$f":"IF(E16=ABS(J16),\"=\",IF(ABS(E16)>ABS(J16),\">\",\"<\"))","v":"<"},"`EReturns, LTV (2)",null,"=",{"$f":"AVERAGE(D12:H13)","v":0.45251170744370206},null,null,null,"\\","`EReturns, Rates (1)",null,"=",{"$f":"AVERAGE(W6:W9)","v":-0.16345234210251808},{"$f":"IF(R16=ABS(W16),\"=\",IF(ABS(R16)>ABS(W16),\">\",\"<\"))","v":"<"},"`EReturns, LTV (2)",null,"=",{"$f":"AVERAGE(Q12:U13)","v":0.55089287647570095}]
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[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
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[null,{"$f":"'Base Case Assumptions'!C18","v":"≈ Unlevered RE Return †"},{"$f":"'Sensitivity Results(OI)'!R15","v":6.2000000000000055E-2},{"$f":"'Sensitivity Results(OI)'!K15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!L15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!M15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!N15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!O15","v":4.1680058987628499E-2},null,{"$f":"((H27-D27)/((H27+D27)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,{"$f":"'Base Case Assumptions'!C18","v":"≈ Unlevered RE Return †"},{"$f":"'Sensitivity Results(OI)'!AQ15","v":6.2000000000000055E-2},{"$f":"'Sensitivity Results(OI)'!AJ15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!AK15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!AL15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!AM15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results(OI)'!AN15","v":4.1680058987628499E-2},null,{"$f":"((U27-Q27)/((U27+Q27)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":0}]
[null,null,{"$f":"'Sensitivity Results(OI)'!R16","v":7.6000000000000068E-2},{"$f":"'Sensitivity Results(OI)'!K16","v":6.5167782379037753E-2},{"$f":"'Sensitivity Results(OI)'!L16","v":6.5167782379037753E-2},{"$f":"'Sensitivity Results(OI)'!M16","v":6.5167782379037753E-2},{"$f":"'Sensitivity Results(OI)'!N16","v":6.5167782379037753E-2},{"$f":"'Sensitivity Results(OI)'!O16","v":6.5167782379037753E-2},null,{"$f":"((H28-D28)/((H28+D28)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ16","v":7.6000000000000068E-2},{"$f":"'Sensitivity Results(OI)'!AJ16","v":9.7780238357706883E-2},{"$f":"'Sensitivity Results(OI)'!AK16","v":9.7331859997313863E-2},{"$f":"'Sensitivity Results(OI)'!AL16","v":9.5444882983387602E-2},{"$f":"'Sensitivity Results(OI)'!AM16","v":9.3526899897875992E-2},{"$f":"'Sensitivity Results(OI)'!AN16","v":9.1576805573628572E-2},null,{"$f":"((U28-Q28)/((U28+Q28)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.12901977491546532}]
[null,null,{"$f":"'Sensitivity Results(OI)'!R17","v":9.4000000000000083E-2},{"$f":"'Sensitivity Results(OI)'!K17","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results(OI)'!L17","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results(OI)'!M17","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results(OI)'!N17","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results(OI)'!O17","v":8.8630950469151148E-2},null,{"$f":"((H29-D29)/((H29+D29)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ17","v":9.4000000000000083E-2},{"$f":"'Sensitivity Results(OI)'!AJ17","v":0.18675610532797182},{"$f":"'Sensitivity Results(OI)'!AK17","v":0.18571704631723818},{"$f":"'Sensitivity Results(OI)'!AL17","v":0.18129234712683551},{"$f":"'Sensitivity Results(OI)'!AM17","v":0.17670494128198233},{"$f":"'Sensitivity Results(OI)'!AN17","v":0.17194152089945391},null,{"$f":"((U29-Q29)/((U29+Q29)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16265470671612661}]
[null,null,{"$f":"'Sensitivity Results(OI)'!R18","v":0.1080000000000001},{"$f":"'Sensitivity Results(OI)'!K18","v":0.1065711583727067},{"$f":"'Sensitivity Results(OI)'!L18","v":0.1065711583727067},{"$f":"'Sensitivity Results(OI)'!M18","v":0.1065711583727067},{"$f":"'Sensitivity Results(OI)'!N18","v":0.1065711583727067},{"$f":"'Sensitivity Results(OI)'!O18","v":0.1065711583727067},null,{"$f":"((H30-D30)/((H30+D30)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ18","v":0.1080000000000001},{"$f":"'Sensitivity Results(OI)'!AJ18","v":0.23474135734603818},{"$f":"'Sensitivity Results(OI)'!AK18","v":0.23360492540039024},{"$f":"'Sensitivity Results(OI)'!AL18","v":0.22875860288848404},{"$f":"'Sensitivity Results(OI)'!AM18","v":0.22372164302330177},{"$f":"'Sensitivity Results(OI)'!AN18","v":0.21847724953490477},null,{"$f":"((U30-Q30)/((U30+Q30)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.14132798830359483}]
[null,null,{"$f":"'Sensitivity Results(OI)'!R19","v":0.12199999999999989},{"$f":"'Sensitivity Results(OI)'!K19","v":0.12407995319504073},{"$f":"'Sensitivity Results(OI)'!L19","v":0.12407995319504073},{"$f":"'Sensitivity Results(OI)'!M19","v":0.12407995319504073},{"$f":"'Sensitivity Results(OI)'!N19","v":0.12407995319504073},{"$f":"'Sensitivity Results(OI)'!O19","v":0.12407995319504073},null,{"$f":"((H31-D31)/((H31+D31)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ19","v":0.12199999999999989},{"$f":"'Sensitivity Results(OI)'!AJ19","v":0.27788655421573916},{"$f":"'Sensitivity Results(OI)'!AK19","v":0.27673367165838347},{"$f":"'Sensitivity Results(OI)'!AL19","v":0.27181696544596079},{"$f":"'Sensitivity Results(OI)'!AM19","v":0.26670638300821969},{"$f":"'Sensitivity Results(OI)'!AN19","v":0.26138470588072038},null,{"$f":"((U31-Q31)/((U31+Q31)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.12051219031249277}]
[]
[null,"EReturns, RE Return (4)",null,{"$f":"((D31-D27)/((D31+D27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.5244509551812846},{"$f":"((E31-E27)/((E31+E27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.5244509551812846},{"$f":"((F31-F27)/((F31+F27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.5244509551812846},{"$f":"((G31-G27)/((G31+G27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.5244509551812846},{"$f":"((H31-H27)/((H31+H27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.5244509551812846},null,null,null,null,null,null,"EReturns, RE Return (4)",null,{"$f":"((Q31-Q27)/((Q31+Q27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.2667154685061899},{"$f":"((R31-R27)/((R31+R27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.2638190802718512},{"$f":"((S31-S27)/((S31+S27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.2512276825614967},{"$f":"((T31-T27)/((T31+T27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.2377142215797283},{"$f":"((U31-U27)/((U31+U27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.2231581999692311}]
[]
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[]
["\\","`EReturns, Rates (3)",null,"=",{"$f":"AVERAGE(J27:J30)","v":0},{"$f":"IF(E37=ABS(J37),\"=\",IF(ABS(E37)>ABS(J37),\">\",\"<\"))","v":"<"},"`EReturns, RE Return (4)",null,"=",{"$f":"AVERAGE(D33:H34)","v":1.5244509551812846},null,null,null,"\\","`EReturns, Rates (3)",null,"=",{"$f":"AVERAGE(W27:W30)","v":-0.10825061748379669},{"$f":"IF(R37=ABS(W37),\"=\",IF(ABS(R37)>ABS(W37),\">\",\"<\"))","v":"<"},"`EReturns, RE Return (4)",null,"=",{"$f":"AVERAGE(Q33:U34)","v":2.2485269305776994}]
[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[]
[null,"Sensitivity Tables: LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O3","v":"Sensitivity Tables: GP's After-Tax Returns"}]
[null,null,null,{"$f":"D4","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,"EReturns, Rates (5)",null,null,null,null,null,null,{"$f":"Q4","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,"EReturns, Rates (5)"]
[null,null,null,{"$f":"'Sensitivity Results(OI)'!S23","v":0.23799999999999999},{"$f":"'Sensitivity Results(OI)'!T23","v":0.25},{"$f":"'Sensitivity Results(OI)'!U23","v":0.3},{"$f":"'Sensitivity Results(OI)'!V23","v":0.35},{"$f":"'Sensitivity Results(OI)'!W23","v":0.4},null,null,null,null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AR23","v":0.23799999999999999},{"$f":"'Sensitivity Results(OI)'!AS23","v":0.25},{"$f":"'Sensitivity Results(OI)'!AT23","v":0.3},{"$f":"'Sensitivity Results(OI)'!AU23","v":0.35},{"$f":"'Sensitivity Results(OI)'!AV23","v":0.4}]
[null,{"$f":"'Base Case Assumptions'!A23","v":"Preferred Return"},{"$f":"'Sensitivity Results(OI)'!R24","v":0.06},{"$f":"'Sensitivity Results(OI)'!K24","v":8.7442522941959977E-2},{"$f":"'Sensitivity Results(OI)'!L24","v":8.7442522941959977E-2},{"$f":"'Sensitivity Results(OI)'!M24","v":8.7442522941959977E-2},{"$f":"'Sensitivity Results(OI)'!N24","v":8.7442522941959977E-2},{"$f":"'Sensitivity Results(OI)'!O24","v":8.7442522941959977E-2},null,{"$f":"((H48-D48)/((H48+D48)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,{"$f":"'Base Case Assumptions'!A23","v":"Preferred Return"},{"$f":"'Sensitivity Results(OI)'!AQ24","v":0.06},{"$f":"'Sensitivity Results(OI)'!AJ24","v":0.19675557506114472},{"$f":"'Sensitivity Results(OI)'!AK24","v":0.19567708938392547},{"$f":"'Sensitivity Results(OI)'!AL24","v":0.1910812751825941},{"$f":"'Sensitivity Results(OI)'!AM24","v":0.18631074151443316},{"$f":"'Sensitivity Results(OI)'!AN24","v":0.18135067630515378},null,{"$f":"((U48-Q48)/((U48+Q48)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16045403938295091}]
[null,null,{"$f":"'Sensitivity Results(OI)'!R25","v":6.5000000000000002E-2},{"$f":"'Sensitivity Results(OI)'!K25","v":8.802438644888011E-2},{"$f":"'Sensitivity Results(OI)'!L25","v":8.802438644888011E-2},{"$f":"'Sensitivity Results(OI)'!M25","v":8.802438644888011E-2},{"$f":"'Sensitivity Results(OI)'!N25","v":8.802438644888011E-2},{"$f":"'Sensitivity Results(OI)'!O25","v":8.802438644888011E-2},null,{"$f":"((H49-D49)/((H49+D49)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ25","v":6.5000000000000002E-2},{"$f":"'Sensitivity Results(OI)'!AJ25","v":0.19186985999683825},{"$f":"'Sensitivity Results(OI)'!AK25","v":0.1908066676335225},{"$f":"'Sensitivity Results(OI)'!AL25","v":0.1862772558985053},{"$f":"'Sensitivity Results(OI)'!AM25","v":0.18157784112903874},{"$f":"'Sensitivity Results(OI)'!AN25","v":0.17669421324912915},null,{"$f":"((U49-Q49)/((U49+Q49)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16215855806757068}]
[null,null,{"$f":"'Sensitivity Results(OI)'!R26","v":7.0000000000000007E-2},{"$f":"'Sensitivity Results(OI)'!K26","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results(OI)'!L26","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results(OI)'!M26","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results(OI)'!N26","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results(OI)'!O26","v":8.8630950469151148E-2},null,{"$f":"((H50-D50)/((H50+D50)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ26","v":7.0000000000000007E-2},{"$f":"'Sensitivity Results(OI)'!AJ26","v":0.18675610532797182},{"$f":"'Sensitivity Results(OI)'!AK26","v":0.18571704631723818},{"$f":"'Sensitivity Results(OI)'!AL26","v":0.18129234712683551},{"$f":"'Sensitivity Results(OI)'!AM26","v":0.17670494128198233},{"$f":"'Sensitivity Results(OI)'!AN26","v":0.17194152089945391},null,{"$f":"((U50-Q50)/((U50+Q50)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16265470671612661}]
[null,null,{"$f":"'Sensitivity Results(OI)'!R27","v":7.4999999999999997E-2},{"$f":"'Sensitivity Results(OI)'!K27","v":8.926818764245148E-2},{"$f":"'Sensitivity Results(OI)'!L27","v":8.926818764245148E-2},{"$f":"'Sensitivity Results(OI)'!M27","v":8.926818764245148E-2},{"$f":"'Sensitivity Results(OI)'!N27","v":8.926818764245148E-2},{"$f":"'Sensitivity Results(OI)'!O27","v":8.926818764245148E-2},null,{"$f":"((H51-D51)/((H51+D51)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ27","v":7.4999999999999997E-2},{"$f":"'Sensitivity Results(OI)'!AJ27","v":0.18124283497589766},{"$f":"'Sensitivity Results(OI)'!AK27","v":0.18023747446060412},{"$f":"'Sensitivity Results(OI)'!AL27","v":0.17595888764709722},{"$f":"'Sensitivity Results(OI)'!AM27","v":0.17152758007700153},{"$f":"'Sensitivity Results(OI)'!AN27","v":0.1669314427844657},null,{"$f":"((U51-Q51)/((U51+Q51)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16187913092604719}]
[null,null,{"$f":"'Sensitivity Results(OI)'!R28","v":0.08},{"$f":"'Sensitivity Results(OI)'!K28","v":8.9940653641591206E-2},{"$f":"'Sensitivity Results(OI)'!L28","v":8.9940653641591206E-2},{"$f":"'Sensitivity Results(OI)'!M28","v":8.9940653641591206E-2},{"$f":"'Sensitivity Results(OI)'!N28","v":8.9940653641591206E-2},{"$f":"'Sensitivity Results(OI)'!O28","v":8.9940653641591206E-2},null,{"$f":"((H52-D52)/((H52+D52)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ28","v":0.08},{"$f":"'Sensitivity Results(OI)'!AJ28","v":0.17517238220772025},{"$f":"'Sensitivity Results(OI)'!AK28","v":0.1742113369197027},{"$f":"'Sensitivity Results(OI)'!AL28","v":0.1701247062718807},{"$f":"'Sensitivity Results(OI)'!AM28","v":0.16589812165951612},{"$f":"'Sensitivity Results(OI)'!AN28","v":0.16152095264862831},null,{"$f":"((U52-Q52)/((U52+Q52)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.15967954168835843}]
[]
[null,"EReturns, Pref (6)",null,{"$f":"((D52-D48)/((D52+D48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":9.8582713615921178E-2},{"$f":"((E52-E48)/((E52+E48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":9.8582713615921178E-2},{"$f":"((F52-F48)/((F52+F48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":9.8582713615921178E-2},{"$f":"((G52-G48)/((G52+G48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":9.8582713615921178E-2},{"$f":"((H52-H48)/((H52+H48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":9.8582713615921178E-2},null,null,null,null,null,null,"EReturns, Pref (6)",null,{"$f":"((Q52-Q48)/((Q52+Q48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.40621401812167229},{"$f":"((R52-R48)/((R52+R48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.40623132967727987},{"$f":"((S52-S48)/((S52+S48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.40612833094371908},{"$f":"((T52-T48)/((T52+T48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.40569205924227253},{"$f":"((U52-U48)/((U52+U48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.40483975305635184}]
[]
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[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[]
[null,"Sensitivity Tables: LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O24","v":"Sensitivity Tables: GP's After-Tax Returns"}]
[null,null,null,{"$f":"D25","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,"EReturns, Rates (7)",null,null,null,null,null,null,{"$f":"Q25","v":"Pure Carry Taxed at Ordinary-Income Rate"},null,null,null,null,null,"EReturns, Rates (7)"]
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[null,{"$f":"'Base Case Assumptions'!A25","v":"Passive-Loss Utilization Rate"},{"$f":"'Sensitivity Results(OI)'!R33","v":0},{"$f":"'Sensitivity Results(OI)'!K33","v":8.7685135323986918E-2},{"$f":"'Sensitivity Results(OI)'!L33","v":8.7685135323986918E-2},{"$f":"'Sensitivity Results(OI)'!M33","v":8.7685135323986918E-2},{"$f":"'Sensitivity Results(OI)'!N33","v":8.7685135323986918E-2},{"$f":"'Sensitivity Results(OI)'!O33","v":8.7685135323986918E-2},null,{"$f":"((H69-D69)/((H69+D69)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,{"$f":"'Base Case Assumptions'!A25","v":"Passive-Loss Utilization Rate"},{"$f":"'Sensitivity Results(OI)'!AQ33","v":0},{"$f":"'Sensitivity Results(OI)'!AJ33","v":0.18535324662732422},{"$f":"'Sensitivity Results(OI)'!AK33","v":0.18431727565894951},{"$f":"'Sensitivity Results(OI)'!AL33","v":0.17990603449443388},{"$f":"'Sensitivity Results(OI)'!AM33","v":0.1753331237361484},{"$f":"'Sensitivity Results(OI)'!AN33","v":0.17058536245203859},null,{"$f":"((U69-Q69)/((U69+Q69)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16339879245742861}]
[null,null,{"$f":"'Sensitivity Results(OI)'!R34","v":0.25},{"$f":"'Sensitivity Results(OI)'!K34","v":8.8183568289257774E-2},{"$f":"'Sensitivity Results(OI)'!L34","v":8.8183568289257774E-2},{"$f":"'Sensitivity Results(OI)'!M34","v":8.8183568289257774E-2},{"$f":"'Sensitivity Results(OI)'!N34","v":8.8183568289257774E-2},{"$f":"'Sensitivity Results(OI)'!O34","v":8.8183568289257774E-2},null,{"$f":"((H70-D70)/((H70+D70)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ34","v":0.25},{"$f":"'Sensitivity Results(OI)'!AJ34","v":0.18608273907653539},{"$f":"'Sensitivity Results(OI)'!AK34","v":0.1850452522823447},{"$f":"'Sensitivity Results(OI)'!AL34","v":0.18062739449589271},{"$f":"'Sensitivity Results(OI)'!AM34","v":0.17604733886249213},{"$f":"'Sensitivity Results(OI)'!AN34","v":0.17129183857761476},null,{"$f":"((U70-Q70)/((U70+Q70)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16299587908219507}]
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[null,null,{"$f":"'Sensitivity Results(OI)'!R37","v":1},{"$f":"'Sensitivity Results(OI)'!K37","v":8.9283096970987685E-2},{"$f":"'Sensitivity Results(OI)'!L37","v":8.9283096970987685E-2},{"$f":"'Sensitivity Results(OI)'!M37","v":8.9283096970987685E-2},{"$f":"'Sensitivity Results(OI)'!N37","v":8.9283096970987685E-2},{"$f":"'Sensitivity Results(OI)'!O37","v":8.9283096970987685E-2},null,{"$f":"((H73-D73)/((H73+D73)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0},null,null,null,null,null,{"$f":"'Sensitivity Results(OI)'!AQ37","v":1},{"$f":"'Sensitivity Results(OI)'!AJ37","v":0.18779564481250155},{"$f":"'Sensitivity Results(OI)'!AK37","v":0.18675359369678857},{"$f":"'Sensitivity Results(OI)'!AL37","v":0.18231594627622116},{"$f":"'Sensitivity Results(OI)'!AM37","v":0.17771475421619098},{"$f":"'Sensitivity Results(OI)'!AN37","v":0.17293661612616718},null,{"$f":"((U73-Q73)/((U73+Q73)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16222250430299939}]
[]
[null,"EReturns, Utilization (8)",null,{"$f":"((D73-D69)/((D73+D69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":9.0296525329882325E-3},{"$f":"((E73-E69)/((E73+E69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":9.0296525329882325E-3},{"$f":"((F73-F69)/((F73+F69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":9.0296525329882325E-3},{"$f":"((G73-G69)/((G73+G69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":9.0296525329882325E-3},{"$f":"((H73-H69)/((H73+H69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":9.0296525329882325E-3},null,null,null,null,null,null,"EReturns, Utilization (8)",null,{"$f":"((Q73-Q69)/((Q73+Q69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.5453716765796503E-3},{"$f":"((R73-R69)/((R73+R69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.5656407954336341E-3},{"$f":"((S73-S69)/((S73+S69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.653135120789788E-3},{"$f":"((T73-T69)/((T73+T69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.7459135963539177E-3},{"$f":"((U73-U69)/((U73+U69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.8445509188673368E-3}]
[]
[]
[]
["\\","`EReturns, Rates (7)",null,"=",{"$f":"AVERAGE(J69:J72)","v":0},{"$f":"IF(E79=ABS(J79),\"=\",IF(ABS(E79)>ABS(J79),\">\",\"<\"))","v":"<"},"`EReturns, Utilization (8)",null,"=",{"$f":"AVERAGE(D75:H76)","v":9.0296525329882325E-3},null,null,null,"\\","`EReturns, Rates (7)",null,"=",{"$f":"AVERAGE(W69:W72)","v":-0.1628604117641049},{"$f":"IF(R79=ABS(W79),\"=\",IF(ABS(R79)>ABS(W79),\">\",\"<\"))","v":">"},"`EReturns, Utilization (8)",null,"=",{"$f":"AVERAGE(Q75:U76)","v":6.6709224216048649E-3}]
[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[null,null,null,null,null,"Notes:"]
[]
[null,null,null,null,null,"(1)","For a given LTV ratio, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(2)","For a given capital-gains tax rate, how does the investor's after-tax returns vary with changing LTV ratios?"]
[]
[null,null,null,null,null,"(3)","For a given unlevered real estate return, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(4)","For a given capital-gains tax rate, how does the investor's after-tax returns vary with changing unlevered real estate returns?"]
[]
[null,null,null,null,null,"(5)","For a given preferred return, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(6)","Given a fixed capital-gains tax rate, how does the investor's after-tax returns vary with changing preferred returns?"]
[]
[null,null,null,null,null,"(7)","For a given passive-loss utilization rate, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(8)","Given a fixed capital-gains tax rate, how does the investor's after-tax returns vary with changing passive-loss utilization rates?"]

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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exhibit 6: Comparisons of Limited Partner's Before- and After-Tax Return, Given Various Sensititivies"]
[]
["Sensitivity Tables: LPs' Before-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: LPs' After-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: LPs' Before- v. After-Tax Returns",null,null,null,null,null,null,null,null,"Sensitivity Tables: GP's Before-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: GP's After-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: GP's Before- v. After-Tax Returns"]
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[]
["Sensitivity Tables: LPs' Before-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: LPs' After-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: LPs' Before- v. After-Tax Returns",null,null,null,null,null,null,null,null,"Sensitivity Tables: GP's Before-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: GP's After-Tax Returns",null,null,null,null,null,null,null,"Sensitivity Tables: GP's Before- v. After-Tax Returns"]
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[]
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[]
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[null,"Sensitivity Tables: LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Sensitivity Tables: GP's After-Tax Returns"]
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[]
[null,"EReturns, LTV (2)",null,{"$f":"((D10-D6)/((D10+D6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.45770970519423471},{"$f":"((E10-E6)/((E10+E6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.45485281530296756},{"$f":"((F10-F6)/((F10+F6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.45251170744370206},{"$f":"((G10-G6)/((G10+G6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.44585405778513387},{"$f":"((H10-H6)/((H10+H6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":0.41052164044719386},null,null,null,null,null,null,"EReturns, LTV (2)",null,{"$f":"((Q10-Q6)/((Q10+Q6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.53380131481295323},{"$f":"((R10-R6)/((R10+R6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.54127225789240274},{"$f":"((S10-S6)/((S10+S6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.54730084294471482},{"$f":"((T10-T6)/((T10+T6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.55817907676433309},{"$f":"((U10-U6)/((U10+U6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":0.58073822729545566}]
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["\\","`EReturns, Rates (1)",null,"=",{"$f":"AVERAGE(J6:J10)","v":-0.17218692005673519},{"$f":"IF(E16=ABS(J16),\"=\",IF(ABS(E16)>ABS(J16),\">\",\"<\"))","v":"<"},"`EReturns, LTV (2)",null,"=",{"$f":"AVERAGE(D12:H13)","v":0.44428998523464641},null,null,null,"\\","`EReturns, Rates (1)",null,"=",{"$f":"AVERAGE(W6:W9)","v":-0.17434337278116735},{"$f":"IF(R16=ABS(W16),\"=\",IF(ABS(R16)>ABS(W16),\">\",\"<\"))","v":"<"},"`EReturns, LTV (2)",null,"=",{"$f":"AVERAGE(Q12:U13)","v":0.55225834394197193}]
[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
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[]
[null,"Sensitivity Tables: LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O3","v":"Sensitivity Tables: GP's After-Tax Returns"}]
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[null,{"$f":"'Base Case Assumptions'!C18","v":"≈ Unlevered RE Return †"},{"$f":"'Sensitivity Results'!R15","v":6.2000000000000055E-2},{"$f":"'Sensitivity Results'!K15","v":4.1981396843836949E-2},{"$f":"'Sensitivity Results'!L15","v":4.1810281496955204E-2},{"$f":"'Sensitivity Results'!M15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results'!N15","v":4.0778146532195914E-2},{"$f":"'Sensitivity Results'!O15","v":3.4498986074048554E-2},null,{"$f":"((H27-D27)/((H27+D27)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.21523563383839794},null,null,null,null,{"$f":"'Base Case Assumptions'!C18","v":"≈ Unlevered RE Return †"},{"$f":"'Sensitivity Results'!AQ15","v":6.2000000000000055E-2},{"$f":"'Sensitivity Results'!AJ15","v":4.1981396843836949E-2},{"$f":"'Sensitivity Results'!AK15","v":4.1810281496955426E-2},{"$f":"'Sensitivity Results'!AL15","v":4.1680058987628499E-2},{"$f":"'Sensitivity Results'!AM15","v":4.0778146532195914E-2},{"$f":"'Sensitivity Results'!AN15","v":3.4498986074048554E-2},null,{"$f":"((U27-Q27)/((U27+Q27)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.21523563383839794}]
[null,null,{"$f":"'Sensitivity Results'!R16","v":7.6000000000000068E-2},{"$f":"'Sensitivity Results'!K16","v":6.7320268091588087E-2},{"$f":"'Sensitivity Results'!L16","v":6.6102302850664652E-2},{"$f":"'Sensitivity Results'!M16","v":6.5167782379037753E-2},{"$f":"'Sensitivity Results'!N16","v":6.3025452851767305E-2},{"$f":"'Sensitivity Results'!O16","v":5.5223662587686517E-2},null,{"$f":"((H28-D28)/((H28+D28)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.21716728002004862},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ16","v":7.6000000000000068E-2},{"$f":"'Sensitivity Results'!AJ16","v":0.10259784345419409},{"$f":"'Sensitivity Results'!AK16","v":9.9884879055642584E-2},{"$f":"'Sensitivity Results'!AL16","v":9.7780238357706883E-2},{"$f":"'Sensitivity Results'!AM16","v":9.3803433133796243E-2},{"$f":"'Sensitivity Results'!AN16","v":8.3762701384983318E-2},null,{"$f":"((U28-Q28)/((U28+Q28)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.22235024365282174}]
[null,null,{"$f":"'Sensitivity Results'!R17","v":9.4000000000000083E-2},{"$f":"'Sensitivity Results'!K17","v":9.1284701012980252E-2},{"$f":"'Sensitivity Results'!L17","v":8.9784576306325414E-2},{"$f":"'Sensitivity Results'!M17","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results'!N17","v":8.6184027418755083E-2},{"$f":"'Sensitivity Results'!O17","v":7.829115230816619E-2},null,{"$f":"((H29-D29)/((H29+D29)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.16857239159194742},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ17","v":9.4000000000000083E-2},{"$f":"'Sensitivity Results'!AJ17","v":0.19501565263287524},{"$f":"'Sensitivity Results'!AK17","v":0.19038933309284989},{"$f":"'Sensitivity Results'!AL17","v":0.18675610532797182},{"$f":"'Sensitivity Results'!AM17","v":0.18031106061706792},{"$f":"'Sensitivity Results'!AN17","v":0.16706762067436198},null,{"$f":"((U29-Q29)/((U29+Q29)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16981085524090736}]
[null,null,{"$f":"'Sensitivity Results'!R18","v":0.1080000000000001},{"$f":"'Sensitivity Results'!K18","v":0.1098267524074128},{"$f":"'Sensitivity Results'!L18","v":0.10798844454372403},{"$f":"'Sensitivity Results'!M18","v":0.1065711583727067},{"$f":"'Sensitivity Results'!N18","v":0.10374731409408722},{"$f":"'Sensitivity Results'!O18","v":9.5669011569120777E-2},null,{"$f":"((H30-D30)/((H30+D30)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.15157017955756624},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ18","v":0.1080000000000001},{"$f":"'Sensitivity Results'!AJ18","v":0.24322123440352517},{"$f":"'Sensitivity Results'!AK18","v":0.23847145439970885},{"$f":"'Sensitivity Results'!AL18","v":0.23474135734603818},{"$f":"'Sensitivity Results'!AM18","v":0.22811815634520149},{"$f":"'Sensitivity Results'!AN18","v":0.21446138768748568},null,{"$f":"((U30-Q30)/((U30+Q30)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.1382435332288085}]
[null,null,{"$f":"'Sensitivity Results'!R19","v":0.12199999999999989},{"$f":"'Sensitivity Results'!K19","v":0.12788933992587803},{"$f":"'Sensitivity Results'!L19","v":0.1257404398806492},{"$f":"'Sensitivity Results'!M19","v":0.12407995319504073},{"$f":"'Sensitivity Results'!N19","v":0.12090341202391919},{"$f":"'Sensitivity Results'!O19","v":0.11262271080502861},null,{"$f":"((H31-D31)/((H31+D31)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.13964615895045762},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ19","v":0.12199999999999989},{"$f":"'Sensitivity Results'!AJ19","v":0.28624696382236525},{"$f":"'Sensitivity Results'!AK19","v":0.28156230307817354},{"$f":"'Sensitivity Results'!AL19","v":0.27788655421573916},{"$f":"'Sensitivity Results'!AM19","v":0.2713576670189366},{"$f":"'Sensitivity Results'!AN19","v":0.25785755187142922},null,{"$f":"((U31-Q31)/((U31+Q31)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.11478806826739883}]
[]
[null,"EReturns, RE Return (4)",null,{"$f":"((D31-D27)/((D31+D27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.5508911685521227},{"$f":"((E31-E27)/((E31+E27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.5361665824360473},{"$f":"((F31-F27)/((F31+F27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.5244509551812846},{"$f":"((G31-G27)/((G31+G27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.5197619508102636},{"$f":"((H31-H27)/((H31+H27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":1.6284438501634162},null,null,null,null,null,null,"EReturns, RE Return (4)",null,{"$f":"((Q31-Q27)/((Q31+Q27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.2821948430875549},{"$f":"((R31-R27)/((R31+R27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.273660687145397},{"$f":"((S31-S27)/((S31+S27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.2667154685061899},{"$f":"((T31-T27)/((T31+T27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.2653937766639456},{"$f":"((U31-U27)/((U31+U27)/2))/(($C31-$C27)/(($C31+$C27)/2))","v":2.3429141460590266}]
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[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[]
[null,"Sensitivity Tables: LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O3","v":"Sensitivity Tables: GP's After-Tax Returns"}]
[null,null,null,{"$f":"D4","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"EReturns, Rates (5)",null,null,null,null,null,null,{"$f":"Q4","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"EReturns, Rates (5)"]
[null,null,null,{"$f":"'Sensitivity Results'!S23","v":0.15},{"$f":"'Sensitivity Results'!T23","v":0.2},{"$f":"'Sensitivity Results'!U23","v":0.23799999999999999},{"$f":"'Sensitivity Results'!V23","v":0.3},{"$f":"'Sensitivity Results'!W23","v":0.4},null,null,null,null,null,null,null,null,{"$f":"'Sensitivity Results'!AR23","v":0.15},{"$f":"'Sensitivity Results'!AS23","v":0.2},{"$f":"'Sensitivity Results'!AT23","v":0.23799999999999999},{"$f":"'Sensitivity Results'!AU23","v":0.3},{"$f":"'Sensitivity Results'!AV23","v":0.4}]
[null,{"$f":"'Base Case Assumptions'!A23","v":"Preferred Return"},{"$f":"'Sensitivity Results'!R24","v":0.06},{"$f":"'Sensitivity Results'!K24","v":9.0057168108162555E-2},{"$f":"'Sensitivity Results'!L24","v":8.8579045300017256E-2},{"$f":"'Sensitivity Results'!M24","v":8.7442522941959977E-2},{"$f":"'Sensitivity Results'!N24","v":8.5025255638317976E-2},{"$f":"'Sensitivity Results'!O24","v":7.7191823061565135E-2},null,{"$f":"((H48-D48)/((H48+D48)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.16923126952551296},null,null,null,null,{"$f":"'Base Case Assumptions'!A23","v":"Preferred Return"},{"$f":"'Sensitivity Results'!AQ24","v":0.06},{"$f":"'Sensitivity Results'!AJ24","v":0.20492598909605264},{"$f":"'Sensitivity Results'!AK24","v":0.2003484823190198},{"$f":"'Sensitivity Results'!AL24","v":0.19675557506114472},{"$f":"'Sensitivity Results'!AM24","v":0.19035359913802075},{"$f":"'Sensitivity Results'!AN24","v":0.17697668651887355},null,{"$f":"((U48-Q48)/((U48+Q48)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16100559015667393}]
[null,null,{"$f":"'Sensitivity Results'!R25","v":6.5000000000000002E-2},{"$f":"'Sensitivity Results'!K25","v":9.0653678578318297E-2},{"$f":"'Sensitivity Results'!L25","v":8.9167314222294403E-2},{"$f":"'Sensitivity Results'!M25","v":8.802438644888011E-2},{"$f":"'Sensitivity Results'!N25","v":8.55954019658558E-2},{"$f":"'Sensitivity Results'!O25","v":7.7734202828024346E-2},null,{"$f":"((H49-D49)/((H49+D49)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.16879389664662708},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ25","v":6.5000000000000002E-2},{"$f":"'Sensitivity Results'!AJ25","v":0.20011690793757242},{"$f":"'Sensitivity Results'!AK25","v":0.19549723669296704},{"$f":"'Sensitivity Results'!AL25","v":0.19186985999683825},{"$f":"'Sensitivity Results'!AM25","v":0.18542422362600619},{"$f":"'Sensitivity Results'!AN25","v":0.17209483968159556},null,{"$f":"((U49-Q49)/((U49+Q49)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16562763146913193}]
[null,null,{"$f":"'Sensitivity Results'!R26","v":7.0000000000000007E-2},{"$f":"'Sensitivity Results'!K26","v":9.1284701012980252E-2},{"$f":"'Sensitivity Results'!L26","v":8.9784576306325414E-2},{"$f":"'Sensitivity Results'!M26","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results'!N26","v":8.6184027418755083E-2},{"$f":"'Sensitivity Results'!O26","v":7.829115230816619E-2},null,{"$f":"((H50-D50)/((H50+D50)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.16857239159194742},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ26","v":7.0000000000000007E-2},{"$f":"'Sensitivity Results'!AJ26","v":0.19501565263287524},{"$f":"'Sensitivity Results'!AK26","v":0.19038933309284989},{"$f":"'Sensitivity Results'!AL26","v":0.18675610532797182},{"$f":"'Sensitivity Results'!AM26","v":0.18031106061706792},{"$f":"'Sensitivity Results'!AN26","v":0.16706762067436198},null,{"$f":"((U50-Q50)/((U50+Q50)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16981085524090736}]
[null,null,{"$f":"'Sensitivity Results'!R27","v":7.4999999999999997E-2},{"$f":"'Sensitivity Results'!K27","v":9.1956512463037265E-2},{"$f":"'Sensitivity Results'!L27","v":9.043693910249706E-2},{"$f":"'Sensitivity Results'!M27","v":8.926818764245148E-2},{"$f":"'Sensitivity Results'!N27","v":8.6796793302604813E-2},{"$f":"'Sensitivity Results'!O27","v":7.8867188371909203E-2},null,{"$f":"((H51-D51)/((H51+D51)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.16857445928012968},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ27","v":7.4999999999999997E-2},{"$f":"'Sensitivity Results'!AJ27","v":0.18944202638890495},{"$f":"'Sensitivity Results'!AK27","v":0.184849361561785},{"$f":"'Sensitivity Results'!AL27","v":0.18124283497589766},{"$f":"'Sensitivity Results'!AM27","v":0.17484944960509474},{"$f":"'Sensitivity Results'!AN27","v":0.16174178956146812},null,{"$f":"((U51-Q51)/((U51+Q51)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.1735288423113801}]
[null,null,{"$f":"'Sensitivity Results'!R28","v":0.08},{"$f":"'Sensitivity Results'!K28","v":9.2673905278120472E-2},{"$f":"'Sensitivity Results'!L28","v":9.1129064236539437E-2},{"$f":"'Sensitivity Results'!M28","v":8.9940653641591206E-2},{"$f":"'Sensitivity Results'!N28","v":8.7437997916767207E-2},{"$f":"'Sensitivity Results'!O28","v":7.9465613654381206E-2},null,{"$f":"((H52-D52)/((H52+D52)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.16880633658341132},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ28","v":0.08},{"$f":"'Sensitivity Results'!AJ28","v":0.18322649678099179},{"$f":"'Sensitivity Results'!AK28","v":0.1787143390960888},{"$f":"'Sensitivity Results'!AL28","v":0.17517238220772025},{"$f":"'Sensitivity Results'!AM28","v":0.16889071229535757},{"$f":"'Sensitivity Results'!AN28","v":0.15598277773561375},null,{"$f":"((U52-Q52)/((U52+Q52)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.17669381824905728}]
[]
[null,"EReturns, Pref (6)",null,{"$f":"((D52-D48)/((D52+D48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":0.10024108024027192},{"$f":"((E52-E48)/((E52+E48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":9.9328475502237362E-2},{"$f":"((F52-F48)/((F52+F48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":9.8582713615921178E-2},{"$f":"((G52-G48)/((G52+G48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":9.7929243482294426E-2},{"$f":"((H52-H48)/((H52+H48)/2))/(($C52-$C48)/(($C52+$C48)/2))","v":0.10160088460130114},null,null,null,null,null,null,"EReturns, Pref (6)",null,{"$f":"((Q52-Q48)/((Q52+Q48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.39133189077022268},{"$f":"((R52-R48)/((R52+R48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.39950898374883714},{"$f":"((S52-S48)/((S52+S48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.40621401812167229},{"$f":"((T52-T48)/((T52+T48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.41821179380457413},{"$f":"((U52-U48)/((U52+U48)/2))/(($P52-$P48)/(($P52+$P48)/2))","v":-0.44136712500983666}]
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[]
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[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[]
[null,"Sensitivity Tables: LPs' After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O24","v":"Sensitivity Tables: GP's After-Tax Returns"}]
[null,null,null,{"$f":"D25","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"EReturns, Rates (7)",null,null,null,null,null,null,{"$f":"Q25","v":"Capital-Gains Tax Rate"},null,null,null,null,null,"EReturns, Rates (7)"]
[null,null,null,{"$f":"'Sensitivity Results'!S32","v":0.15},{"$f":"'Sensitivity Results'!T32","v":0.2},{"$f":"'Sensitivity Results'!U32","v":0.23799999999999999},{"$f":"'Sensitivity Results'!V32","v":0.3},{"$f":"'Sensitivity Results'!W32","v":0.4},null,null,null,null,null,null,null,null,{"$f":"'Sensitivity Results'!AR32","v":0.15},{"$f":"'Sensitivity Results'!AS32","v":0.2},{"$f":"'Sensitivity Results'!AT32","v":0.23799999999999999},{"$f":"'Sensitivity Results'!AU32","v":0.3},{"$f":"'Sensitivity Results'!AV32","v":0.4}]
[null,{"$f":"'Base Case Assumptions'!A25","v":"Passive-Loss Utilization Rate"},{"$f":"'Sensitivity Results'!R33","v":0},{"$f":"'Sensitivity Results'!K33","v":9.0320788200875191E-2},{"$f":"'Sensitivity Results'!L33","v":8.8830841431244867E-2},{"$f":"'Sensitivity Results'!M33","v":8.7685135323986918E-2},{"$f":"'Sensitivity Results'!N33","v":8.5255281835629582E-2},{"$f":"'Sensitivity Results'!O33","v":7.7420076864750609E-2},null,{"$f":"((H69-D69)/((H69+D69)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.16919887070076972},null,null,null,null,{"$f":"'Base Case Assumptions'!A25","v":"Passive-Loss Utilization Rate"},{"$f":"'Sensitivity Results'!AQ33","v":0},{"$f":"'Sensitivity Results'!AJ33","v":0.19358918779305156},{"$f":"'Sensitivity Results'!AK33","v":0.1889758872866012},{"$f":"'Sensitivity Results'!AL33","v":0.18535324662732422},{"$f":"'Sensitivity Results'!AM33","v":0.17892780148034593},{"$f":"'Sensitivity Results'!AN33","v":0.16572815255350526},null,{"$f":"((U69-Q69)/((U69+Q69)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.17058535908087363}]
[null,null,{"$f":"'Sensitivity Results'!R34","v":0.25},{"$f":"'Sensitivity Results'!K34","v":9.0828552046401612E-2},{"$f":"'Sensitivity Results'!L34","v":8.9333359064749596E-2},{"$f":"'Sensitivity Results'!M34","v":8.8183568289257774E-2},{"$f":"'Sensitivity Results'!N34","v":8.5744903873638201E-2},{"$f":"'Sensitivity Results'!O34","v":7.7879861461083832E-2},null,{"$f":"((H70-D70)/((H70+D70)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.1688541709061544},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ34","v":0.25},{"$f":"'Sensitivity Results'!AJ34","v":0.19433023654855575},{"$f":"'Sensitivity Results'!AK34","v":0.18971056956952026},{"$f":"'Sensitivity Results'!AL34","v":0.18608273907653539},{"$f":"'Sensitivity Results'!AM34","v":0.17964765791587123},{"$f":"'Sensitivity Results'!AN34","v":0.16642635792213101},null,{"$f":"((U70-Q70)/((U70+Q70)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.17016607296730246}]
[null,null,{"$f":"'Sensitivity Results'!R35","v":0.5},{"$f":"'Sensitivity Results'!K35","v":9.1284701012980252E-2},{"$f":"'Sensitivity Results'!L35","v":8.9784576306325414E-2},{"$f":"'Sensitivity Results'!M35","v":8.8630950469151148E-2},{"$f":"'Sensitivity Results'!N35","v":8.6184027418755083E-2},{"$f":"'Sensitivity Results'!O35","v":7.829115230816619E-2},null,{"$f":"((H71-D71)/((H71+D71)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.16857239159194742},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ35","v":0.5},{"$f":"'Sensitivity Results'!AJ35","v":0.19501565263287524},{"$f":"'Sensitivity Results'!AK35","v":0.19038933309284989},{"$f":"'Sensitivity Results'!AL35","v":0.18675610532797182},{"$f":"'Sensitivity Results'!AM35","v":0.18031106061706792},{"$f":"'Sensitivity Results'!AN35","v":0.16706762067436198},null,{"$f":"((U71-Q71)/((U71+Q71)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16981085524090736}]
[null,null,{"$f":"'Sensitivity Results'!R36","v":0.75},{"$f":"'Sensitivity Results'!K36","v":9.166752296433911E-2},{"$f":"'Sensitivity Results'!L36","v":9.0163020419075979E-2},{"$f":"'Sensitivity Results'!M36","v":8.9005995427543505E-2},{"$f":"'Sensitivity Results'!N36","v":8.6551767582981665E-2},{"$f":"'Sensitivity Results'!O36","v":7.8634420363794089E-2},null,{"$f":"((H72-D72)/((H72+D72)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.16836464200501236},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ36","v":0.75},{"$f":"'Sensitivity Results'!AJ36","v":0.19561350331305705},{"$f":"'Sensitivity Results'!AK36","v":0.19098048255348421},{"$f":"'Sensitivity Results'!AL36","v":0.1873418478744131},{"$f":"'Sensitivity Results'!AM36","v":0.1808868883097674},{"$f":"'Sensitivity Results'!AN36","v":0.16762169990800313},null,{"$f":"((U72-Q72)/((U72+Q72)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16953744280573113}]
[null,null,{"$f":"'Sensitivity Results'!R37","v":1},{"$f":"'Sensitivity Results'!K37","v":9.195077002619545E-2},{"$f":"'Sensitivity Results'!L37","v":9.0442805298078577E-2},{"$f":"'Sensitivity Results'!M37","v":8.9283096970987685E-2},{"$f":"'Sensitivity Results'!N37","v":8.6823116784576548E-2},{"$f":"'Sensitivity Results'!O37","v":7.8886634221381202E-2},null,{"$f":"((H73-D73)/((H73+D73)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":-0.1682365691352925},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ37","v":1},{"$f":"'Sensitivity Results'!AJ37","v":0.19607834005286695},{"$f":"'Sensitivity Results'!AK37","v":0.19143919276121935},{"$f":"'Sensitivity Results'!AL37","v":0.18779564481250155},{"$f":"'Sensitivity Results'!AM37","v":0.18133174213355718},{"$f":"'Sensitivity Results'!AN37","v":0.16804721798167277},null,{"$f":"((U73-Q73)/((U73+Q73)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":-0.16936045052563309}]
[]
[null,"EReturns, Utilization (8)",null,{"$f":"((D73-D69)/((D73+D69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":8.9426010353719429E-3},{"$f":"((E73-E69)/((E73+E69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":8.9916387391144881E-3},{"$f":"((F73-F69)/((F73+F69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":9.0296525329882325E-3},{"$f":"((G73-G69)/((G73+G69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":9.1111665468675811E-3},{"$f":"((H73-H69)/((H73+H69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":9.3825616727515708E-3},null,null,null,null,null,null,"EReturns, Utilization (8)",null,{"$f":"((Q73-Q69)/((Q73+Q69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.3878873191600431E-3},{"$f":"((R73-R69)/((R73+R69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.4753097440524614E-3},{"$f":"((S73-S69)/((S73+S69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.5453716765796503E-3},{"$f":"((T73-T69)/((T73+T69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.6728021389701317E-3},{"$f":"((U73-U69)/((U73+U69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":6.9479824842950599E-3}]
[]
[]
[]
["\\","`EReturns, Rates (7)",null,"=",{"$f":"AVERAGE(J69:J72)","v":-0.16874751880097097},{"$f":"IF(E79=ABS(J79),\"=\",IF(ABS(E79)>ABS(J79),\">\",\"<\"))","v":">"},"`EReturns, Utilization (8)",null,"=",{"$f":"AVERAGE(D75:H76)","v":9.0915241054187641E-3},null,null,null,"\\","`EReturns, Rates (7)",null,"=",{"$f":"AVERAGE(W69:W72)","v":-0.17002493252370365},{"$f":"IF(R79=ABS(W79),\"=\",IF(ABS(R79)>ABS(W79),\">\",\"<\"))","v":">"},"`EReturns, Utilization (8)",null,"=",{"$f":"AVERAGE(Q75:U76)","v":6.6058706726114689E-3}]
[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[null,null,null,null,null,"Notes:"]
[]
[null,null,null,null,null,"(1)","For a given LTV ratio, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(2)","For a given capital-gains tax rate, how does the investor's after-tax returns vary with changing LTV ratios?"]
[]
[null,null,null,null,null,"(3)","For a given unlevered real estate return, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(4)","For a given capital-gains tax rate, how does the investor's after-tax returns vary with changing unlevered real estate returns?"]
[]
[null,null,null,null,null,"(5)","For a given preferred return, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(6)","Given a fixed capital-gains tax rate, how does the investor's after-tax returns vary with changing preferred returns?"]
[]
[null,null,null,null,null,"(7)","For a given passive-loss utilization rate, how does the investor's after-tax returns vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(8)","Given a fixed capital-gains tax rate, how does the investor's after-tax returns vary with changing passive-loss utilization rates?"]

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[null,"Sensitivity Tables: LPs' Before- v. After-Tax Returns",null,null,null,null,null,null,null,null,null,null,null,null,"Sensitivity Tables: GP's Before- v. After-Tax Returns"]
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[null,null,{"$f":"'Sensitivity Results'!R7","v":0.5},{"$f":"'Sensitivity Results'!S7","v":-1.9817528692625652E-2},{"$f":"'Sensitivity Results'!T7","v":-2.111907649740008E-2},{"$f":"'Sensitivity Results'!U7","v":-2.2118522886121372E-2},{"$f":"'Sensitivity Results'!V7","v":-2.4232041269108828E-2},{"$f":"'Sensitivity Results'!W7","v":-3.0996410870315794E-2},null,{"$f":"((H7-D7)/((H7+D7)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":0.48399201090195249},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ7","v":0.5},{"$f":"'Sensitivity Results'!AR7","v":-2.0789433928756429E-2},{"$f":"'Sensitivity Results'!AS7","v":-2.5062857647629055E-2},{"$f":"'Sensitivity Results'!AT7","v":-2.8412508877454501E-2},{"$f":"'Sensitivity Results'!AU7","v":-3.4341397001074858E-2},{"$f":"'Sensitivity Results'!AV7","v":-4.6472012661790352E-2},null,{"$f":"((U7-Q7)/((U7+Q7)/2))/((U$5-Q$5)/((U$5+Q$5)/2))","v":0.84003059816164616}]
[null,null,{"$f":"'Sensitivity Results'!R8","v":0.6},{"$f":"'Sensitivity Results'!S8","v":-1.8222517978767838E-2},{"$f":"'Sensitivity Results'!T8","v":-1.9722642685422676E-2},{"$f":"'Sensitivity Results'!U8","v":-2.0876268522596941E-2},{"$f":"'Sensitivity Results'!V8","v":-2.3323191572993007E-2},{"$f":"'Sensitivity Results'!W8","v":-3.12160666835819E-2},null,{"$f":"((H8-D8)/((H8+D8)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":0.57820844479717959},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ8","v":0.6},{"$f":"'Sensitivity Results'!AR8","v":-1.9251551715049331E-2},{"$f":"'Sensitivity Results'!AS8","v":-2.3877871255074679E-2},{"$f":"'Sensitivity Results'!AT8","v":-2.7511099019952745E-2},{"$f":"'Sensitivity Results'!AU8","v":-3.3956143730856647E-2},{"$f":"'Sensitivity Results'!AV8","v":-4.7199583673562584E-2},null,{"$f":"((U8-Q8)/((U8+Q8)/2))/((U$5-Q$5)/((U$5+Q$5)/2))","v":0.92527644485162974}]
[null,null,{"$f":"'Sensitivity Results'!R9","v":0.7},{"$f":"'Sensitivity Results'!S9","v":-1.4837908245842524E-2},{"$f":"'Sensitivity Results'!T9","v":-1.6656100386903017E-2},{"$f":"'Sensitivity Results'!U9","v":-1.8057442628340414E-2},{"$f":"'Sensitivity Results'!V9","v":-2.1032103929335966E-2},{"$f":"'Sensitivity Results'!W9","v":-3.0676697494205207E-2},null,{"$f":"((H9-D9)/((H9+D9)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":0.76558581096832246},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ9","v":0.7},{"$f":"'Sensitivity Results'!AR9","v":-1.6144206614794987E-2},{"$f":"'Sensitivity Results'!AS9","v":-2.1206938152590782E-2},{"$f":"'Sensitivity Results'!AT9","v":-2.519181236109036E-2},{"$f":"'Sensitivity Results'!AU9","v":-3.2276687928074477E-2},{"$f":"'Sensitivity Results'!AV9","v":-4.6891903362468623E-2},null,{"$f":"((U9-Q9)/((U9+Q9)/2))/((U$5-Q$5)/((U$5+Q$5)/2))","v":1.0731140114655036}]
[null,null,{"$f":"'Sensitivity Results'!R10","v":0.8},{"$f":"'Sensitivity Results'!S10","v":-9.803536353384823E-3},{"$f":"'Sensitivity Results'!T10","v":-1.1809834657064755E-2},{"$f":"'Sensitivity Results'!U10","v":-1.3357536608764375E-2},{"$f":"'Sensitivity Results'!V10","v":-1.6778085966220546E-2},{"$f":"'Sensitivity Results'!W10","v":-2.8699291680626127E-2},null,{"$f":"((H10-D10)/((H10+D10)/2))/((H$5-D$5)/((H$5+D$5)/2))","v":1.0796781390502015},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ10","v":0.8},{"$f":"'Sensitivity Results'!AR10","v":-6.9706423806492612E-3},{"$f":"'Sensitivity Results'!AS10","v":-1.1175792989962963E-2},{"$f":"'Sensitivity Results'!AT10","v":-1.4461975740687638E-2},{"$f":"'Sensitivity Results'!AU10","v":-2.0325848476062447E-2},{"$f":"'Sensitivity Results'!AV10","v":-3.2728369946330993E-2},null,{"$f":"((U10-Q10)/((U10+Q10)/2))/((U$5-Q$5)/((U$5+Q$5)/2))","v":1.4274158807217421}]
[]
[null,"EDReturns, LTV (2)",null,{"$f":"((D10-D6)/((D10+D6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":-0.69397090772875436},{"$f":"((E10-E6)/((E10+E6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":-0.57600717555905268},{"$f":"((F10-F6)/((F10+F6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":-0.49826825958234683},{"$f":"((G10-G6)/((G10+G6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":-0.35405904312927811},{"$f":"((H10-H6)/((H10+H6)/2))/(($C10-$C6)/(($C10+$C6)/2))","v":-2.6421789703857362E-2},null,null,null,null,null,null,"EDReturns, LTV (2)",null,{"$f":"((Q10-Q6)/((Q10+Q6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":-0.98952234116528148},{"$f":"((R10-R6)/((R10+R6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":-0.74469923963077334},{"$f":"((S10-S6)/((S10+S6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":-0.61478223164357737},{"$f":"((T10-T6)/((T10+T6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":-0.45416054911908921},{"$f":"((U10-U6)/((U10+U6)/2))/(($P10-$P6)/(($P10+$P6)/2))","v":-0.25527899174359436}]
[]
[]
[]
["\\","`EDReturns, Rates (1)",null,"=",{"$f":"AVERAGE(J6:J10)","v":0.65557316040672109},{"$f":"IF(E16=ABS(J16),\"=\",IF(ABS(E16)>ABS(J16),\">\",\"<\"))","v":">"},"`EDReturns, LTV (2)",null,"=",{"$f":"AVERAGE(D12:H13)","v":-0.42974543514065788},null,null,null,"\\","`EDReturns, Rates (1)",null,"=",{"$f":"AVERAGE(W6:W9)","v":0.88664227662225636},{"$f":"IF(R16=ABS(W16),\"=\",IF(ABS(R16)>ABS(W16),\">\",\"<\"))","v":">"},"`EDReturns, LTV (2)",null,"=",{"$f":"AVERAGE(Q12:U13)","v":-0.61168867066046317}]
[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[]
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[null,null,{"$f":"'Sensitivity Results'!R34","v":0.25},{"$f":"'Sensitivity Results'!S34","v":-1.8678666945346478E-2},{"$f":"'Sensitivity Results'!T34","v":-2.0173859926998494E-2},{"$f":"'Sensitivity Results'!U34","v":-2.1323650702490315E-2},{"$f":"'Sensitivity Results'!V34","v":-2.3762315118109889E-2},{"$f":"'Sensitivity Results'!W34","v":-3.1627357530664257E-2},null,{"$f":"((H70-D70)/((H70+D70)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0.56627649639226951},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ34","v":0.25},{"$f":"'Sensitivity Results'!AR34","v":-1.9936967799368821E-2},{"$f":"'Sensitivity Results'!AS34","v":-2.4556634778404307E-2},{"$f":"'Sensitivity Results'!AT34","v":-2.8184465271389181E-2},{"$f":"'Sensitivity Results'!AU34","v":-3.4619546432053339E-2},{"$f":"'Sensitivity Results'!AV34","v":-4.784084642579356E-2},null,{"$f":"((U70-Q70)/((U70+Q70)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":0.90573196671993084}]
[null,null,{"$f":"'Sensitivity Results'!R35","v":0.5},{"$f":"'Sensitivity Results'!S35","v":-1.8222517978767838E-2},{"$f":"'Sensitivity Results'!T35","v":-1.9722642685422676E-2},{"$f":"'Sensitivity Results'!U35","v":-2.0876268522596941E-2},{"$f":"'Sensitivity Results'!V35","v":-2.3323191572993007E-2},{"$f":"'Sensitivity Results'!W35","v":-3.12160666835819E-2},null,{"$f":"((H71-D71)/((H71+D71)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0.57820844479717959},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ35","v":0.5},{"$f":"'Sensitivity Results'!AR35","v":-1.9251551715049331E-2},{"$f":"'Sensitivity Results'!AS35","v":-2.3877871255074679E-2},{"$f":"'Sensitivity Results'!AT35","v":-2.7511099019952745E-2},{"$f":"'Sensitivity Results'!AU35","v":-3.3956143730856647E-2},{"$f":"'Sensitivity Results'!AV35","v":-4.7199583673562584E-2},null,{"$f":"((U71-Q71)/((U71+Q71)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":0.92527644485162974}]
[null,null,{"$f":"'Sensitivity Results'!R36","v":0.75},{"$f":"'Sensitivity Results'!S36","v":-1.783969602740898E-2},{"$f":"'Sensitivity Results'!T36","v":-1.9344198572672111E-2},{"$f":"'Sensitivity Results'!U36","v":-2.0501223564204585E-2},{"$f":"'Sensitivity Results'!V36","v":-2.2955451408766425E-2},{"$f":"'Sensitivity Results'!W36","v":-3.0872798627954001E-2},null,{"$f":"((H72-D72)/((H72+D72)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0.58861337166279426},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ36","v":0.75},{"$f":"'Sensitivity Results'!AR36","v":-1.865370103486752E-2},{"$f":"'Sensitivity Results'!AS36","v":-2.3286721794440357E-2},{"$f":"'Sensitivity Results'!AT36","v":-2.6925356473511464E-2},{"$f":"'Sensitivity Results'!AU36","v":-3.3380316038157165E-2},{"$f":"'Sensitivity Results'!AV36","v":-4.6645504439921437E-2},null,{"$f":"((U72-Q72)/((U72+Q72)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":0.94307376396630882}]
[null,null,{"$f":"'Sensitivity Results'!R37","v":1},{"$f":"'Sensitivity Results'!S37","v":-1.755644896555264E-2},{"$f":"'Sensitivity Results'!T37","v":-1.9064413693669513E-2},{"$f":"'Sensitivity Results'!U37","v":-2.0224122020760404E-2},{"$f":"'Sensitivity Results'!V37","v":-2.2684102207171541E-2},{"$f":"'Sensitivity Results'!W37","v":-3.0620584770366888E-2},null,{"$f":"((H73-D73)/((H73+D73)/2))/((H$26-D$26)/((H$26+D$26)/2))","v":0.59657261026352348},null,null,null,null,null,{"$f":"'Sensitivity Results'!AQ37","v":1},{"$f":"'Sensitivity Results'!AR37","v":-1.8188864295057616E-2},{"$f":"'Sensitivity Results'!AS37","v":-2.2828011586705221E-2},{"$f":"'Sensitivity Results'!AT37","v":-2.6471559535423017E-2},{"$f":"'Sensitivity Results'!AU37","v":-3.2935462214367384E-2},{"$f":"'Sensitivity Results'!AV37","v":-4.6219986366251797E-2},null,{"$f":"((U73-Q73)/((U73+Q73)/2))/((U$26-Q$26)/((U$26+Q$26)/2))","v":0.95745333014724376}]
[]
[null,"EDReturns, Utilization (8)",null,{"$f":"((D73-D69)/((D73+D69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-4.436184197117022E-2},{"$f":"((E73-E69)/((E73+E69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-4.0561946955810946E-2},{"$f":"((F73-F69)/((F73+F69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-3.8004895348666475E-2},{"$f":"((G73-G69)/((G73+G69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-3.3403648245898074E-2},{"$f":"((H73-H69)/((H73+H69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-2.3387187340261146E-2},null,null,null,null,null,null,"EDReturns, Utilization (8)",null,{"$f":"((Q73-Q69)/((Q73+Q69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-6.4043015682845289E-2},{"$f":"((R73-R69)/((R73+R69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-5.119160104323419E-2},{"$f":"((S73-S69)/((S73+S69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-4.4098138036468566E-2},{"$f":"((T73-T69)/((T73+T69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-3.5209745933967904E-2},{"$f":"((U73-U69)/((U73+U69)/2))/(($P73-$P69)/(($P73+$P69)/2))","v":-2.4473290075352601E-2}]
[]
[]
[]
["\\","`EDReturns, Rates (7)",null,"=",{"$f":"AVERAGE(J69:J72)","v":0.57165758589294036},{"$f":"IF(E79=ABS(J79),\"=\",IF(ABS(E79)>ABS(J79),\">\",\"<\"))","v":">"},"`EDReturns, Utilization (8)",null,"=",{"$f":"AVERAGE(D75:H76)","v":-3.5943903972361371E-2},null,null,null,"\\","`EDReturns, Rates (7)",null,"=",{"$f":"AVERAGE(W69:W72)","v":0.91490480281353159},{"$f":"IF(R79=ABS(W79),\"=\",IF(ABS(R79)>ABS(W79),\">\",\"<\"))","v":">"},"`EDReturns, Utilization (8)",null,"=",{"$f":"AVERAGE(Q75:U76)","v":-4.380315815437371E-2}]
[]
[]
[null,"[represents the average values, over the range examined above]",null,null,null,null,null,null,null,null,null,null,null,null,"[represents the average values, over the range examined above]"]
[null,"[inequalities are based on the absolute values]",null,null,null,null,null,null,null,null,null,null,null,null,"[inequalities are based on the absolute values]"]
[]
[]
[null,null,null,null,null,"Notes (\"investor's tax effects\" = the difference between the investor's before- and after-tax returns):"]
[]
[null,null,null,null,null,"(1)","For a given LTV ratio, how does the investor's tax effects vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(2)","For a given capital-gains tax rates, how does the investor's tax effects vary with changing LTV ratios?"]
[]
[null,null,null,null,null,"(3)","For a given unlevered real estate return, how does the investor's tax effects vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(4)","For a given capital-gains tax rates, how does the investor's tax effects vary with changing unlevered real estate returns?"]
[]
[null,null,null,null,null,"(5)","For a given preferred return, how does the investor's tax effects vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(6)","Given a fixed capital-gains tax rates, how does the investor's tax effects vary with changing preferred returns?"]
[]
[null,null,null,null,null,"(7)","For a given passive-loss utilization rate, how does the investor's tax effects vary with changing capital-gains tax rates?"]
[]
[null,null,null,null,null,"(8)","Given a fixed capital-gains tax rate, how does the investor's tax effects vary with changing passive-loss utilization rates?"]