900 on lee offering memorandum
CONTENTS
LEAD AGENTS
Jordan Dickman
First Vice President Investments
Cincinnati Office
D. 513.878.7735
jordan.dickman@marcusmillichap.com
Nick Andrews
First Vice President Investments
Cincinnati Office
D. 513.878.7741
nicholas.andrews@marcusmillichap.com
Austin Sum
Senior Associate
Cincinnati Office
D. 513.878.7747
austin.sum@marcusmillichap.com
“OUR COMMITMENT IS TO HELP OUR CLIENTS CREATE
AND PRESERVE WEALTH BY PROVIDING THEM WITH
THE BEST REAL ESTATE INVESTMENT SALES, FINANCING, RESEARCH AND ADVISORY SERVICES AVAILABLE.”
NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY DISCLAIMER
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
01 - THE INVESTMENT 02 - RENT COMPARABLES 03 - FINANCIALS SECTIONS
CALABASAS, CALIFORNIA | HQ 2,500 | EMPLOYEES 80+ | OFFICES
UNRIVALED SUCCESS IN THE MIDWEST
YOUR TEAM
JORDAN DICKMAN
FIRST VICE PRESIDENTS DIRECTOR, NMHG
NICK ANDREWS
FIRST VICE PRESIDENTS DIRECTOR, NMHG
AUSTIN SUM
SENIOR INVESTMENT ASSOCIATE
JD SCHMERGE INVESTMENT ASSOCIATE
BRIAN JOHNSTON INVESTMENT ASSOCIATE
TIM VANWINGERDEN INVESTMENT ASSOCIATE
AUSTIN Hall INVESTMENT ASSOCIATE
ALDEN SIMMIS INVESTMENT ASSOCIATE
BROKER SUPPORT
SAM PETROSNIO
VALUATION & RESEARCH
CORPORATE SUPPORT
LIZ POPP
MIDWEST OPERATIONS MANAGER
JOSH CARUANA
VICE PRESIDENT
REGIONAL MANAGER
INDIANAPOLIS | CINCINNATI | LOUISVILLE | ST LOUIS | KANSAS CITY
JOHN SEBREE
SENIOR VICE PRESIDENT
NATIONAL DIRECTOR
NATIONAL MULTI HOUSING GROUP
MICHAEL GLASS
SENIOR VICE PRESIDENT
MIDWEST DIVISION MANAGER
NATIONAL DIRECTOR, MANUFACTURED HOME COMMUNITIES GROUP
SKLYER WILSON
CLIENT RELATIONS MANAGER
BRITTANY CAMPBELL-KOCH
DIRECTOR OF OPERATIONS
ALEX PAPA
MARKETING COORDINATOR
THE INVESTMENT
01
Investment highlights
900 on Lee unveils an exceptional portrait of living. A unique fusion of style and sophistication, our apartment residences reflect your contemporary flair. Enjoy the life you deserve. When you live at 900 on Lee, your address says it all.
THE MARKET
Charleston, wv
The economy of Charleston, WV employs 21.7k people. The largest industries in Charleston, WV are Health Care & Social Assistance (4,087 people), Retail Trade (2,410 people), and Accommodation & Food Services (2,288 people), and the highest paying industries are Mining, Quarrying, & Oil & Gas Extraction ($106,179), Agriculture, Forestry, Fishing & Hunting, & Mining ($105,909), and Utilities ($85,313). The University of Charleston, a campus of West Virginia University and WV Junior College are situated in Charleston. West Virginia State University Institute as well as the Marshall University Graduate College are located in the area. The nearby area of Charleston offers residents and visitors excellent opportunities for outdoor activities such as rafting, skiing, hiking and biking. Charleston is host to a wide variety of festivals and fairs.
DEMOGRAPHICS
261,000 POPULATION
$75,000
AVERAGE HH INCOME
$50,000
MEDIAN HH INCOME
900 on lee
65 1,069 #1 Bedrooms 38 #2 Bedrooms 27
TOTAL UNITS AVG SF 69,504 RENTABLE SQUARE FEET * 900 ON LEE
PROPERTY SUMMARY DEAL SUMMARY
Apartment Amenities Include:
• Brushed Nickel Fixtures
• Gourmet Kitchens
• Massive Wall to Wall Windows
• Brand New Modern Design
• Oversized Closets
• Exceptional City Views
Common Amenities Include:
• 24/7 Luxury Fitness Center
• Resident Lounge
• Outdoor Fire Pit
• Outdoor Social Space
• Rooftop Picnic Area
• Dog Park
• Resident Media Room
the QUARRIER 1 Bed | 1 Bath | 907 SF 1 Bed | 1 Bath | 910 SF floor plans 900 ON LEE THE LEE
1 Bed | 1 Bath | 1022 SF THE LAIDLEY 2 Bed | 2 Bath | 1307 SF THE CAPITOL 2 Bed | 2 Bath | 1321 SF the dickinson
Local competitors
02
RENT COMPETITORS - 900 ON LEE
ONE BEDROOM RENT SORT
One Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Subject Pro Forma 2022 65 909 $2,491 $2.74 Subject Average Effective 2022 65 909 $2,441 $2.69 Jefferson Place 2007 20 734 $1,920 $2.62 Meadow Creek 2017 122 819 $1,351 $1.65 Imperial Tower 1965 20 580 $1,147 $1.98 Eagle View Apartments 2016 229 747 $1,098 $1.47
RENT COMPETITORS - 900 ON LEE
Two BEDROOM RENT SORT
Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Subject Pro Forma 2022 65 1295 $3,396 $2.62 Subject Average Effective 2022 65 1295 $3,346 $2.58 Meadow Creek 2017 122 1200 $1,846 $1.54 Jefferson Place 2007 20 867 $1,824 $2.10 Eagle View Apartments 2016 229 1159 $1,504 $1.30 Wexford Condos 2012 28 1457 $1,351 $0.93 Imperial Tower 1965 20 1000 $1,193 $1.19 Royal Oaks at Pea Ridge 2009 24 1331 $1,169 $0.88
Two
JEFFERSON PLACE
MEADOW CREEK
900 ON LEE
Property Summary Address 200 Morris St, Charleston, WV Units 20 Year Built 2007 Occupancy N/A # of units Square Feet Asking Rent Rent per SF One Bedroom 8 734 $1,920 $2.62 Two Bedroom 12 867 $1,824 $2.10
RENT COMPETITORS
1 Property Summary Address 117 Sassafras Way Bridgeport, WV Units 122 Year Built 2017 Occupancy N/A # of units Square Feet Asking Rent Rent per SF One Bedroom 75 819 $1,351 $1.65 Two Bedroom 47 1200 $1,846 $1.54
2 Property Summary Address 1800 Roundhill Terrace CharlestoN, WV Units 20 Year Built 1965 Occupancy N/A # of units Square Feet Asking Rent Rent per SF One Bedroom 10 580 $1,147 $1.98 Two Bedroom 10 1000 $1,193 $1.19 IMPERIAL TOWER 3
WEXFORD CONDOS
ROYAL OAKS AT PEE RIDGE
EAGLE VIEW APTS
Property Summary Address 2489 1st Avenue Huntington, WV Units 43 Year Built 2 2012 Occupancy N/A # of units Square Feet Asking Rent Rent per SF TWO Bedroom 28 1457 $1,351 $0.93
4 Property Summary Address 9 Pyramid Dr Huntington, WV Units 24 Year Built 2009 Occupancy N/A # of units Square Feet Asking Rent Rent per SF Two Bedroom 24 1331 $1,169 $0.88
5 Property Summary Address 64 Silver Maple Ridge Charleston, WV Units 229 Year Built 2016 Occupancy N/A # of units Square Feet Asking Rent Rent per SF One Bedroom 73 747 $1,098 $1.47 Two Bedroom 156 1159 $1,504 $1.30
6
Financials
03
UNIT MIX
UNIT DISTRIBUTION UNIT RENTS
AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL SUMMARY One Bedroom 38 Units 909 SF 34,547 SF $2,440.79 $2.68 $92,750 $2,440.79 $2.68 SF $92,750 $2,490.79 $2.74 SF $94,650 Two Bedroom 27 Units 1,295 SF 34,957 SF $3,346.30 $2.58 $90,350 $3,346.30 $2.58 SF $90,350 $3,396.30 $2.62 SF $91,700 Totals / Wtd. Averages 65 Units 1,069 SF 69,504 SF $2,816.92 $2.63 SF $183,100 $2,816.92 $2.63 SF $183,100 $2,866.92 $2.68 SF $186,350
SUMMARY 900 ON LEE FINANCIALS
900 ON LEE FINANCIALS
UNIT MIX BREAKDOWN
AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL One Bedroom 1BR/1BA - The Quarter 9 Units 907 SF 8,163 SF $2,300.00 $2.54 SF $20,700 $2,300.00 $2.54 SF $20,700 $2,350.00 $2.59 SF $21,150 1BR/1BA - The Quarter - Furnished 2 Units 907 SF 1,814 SF $3,300.00 $3.64 SF $6,600 $3,300.00 $3.64 SF $6,600 $3,350.00 $3.69 SF $6,700 1BR/1BA - The Lee 25 Units 910 SF 22,750 SF $2,350.00 $2.58 SF $58,750 $2,350.00 $2.58 SF $58,750 $2,400.00 $2.64 SF $60,000 1BR/1BA - The Lee - Furnished 2 Units 910 SF 1,820 SF $3,350.00 $3.68 SF $6,700 $3,350.00 $3.68 SF $6,700 $3,400.00 $3.74 SF $6,800 Totals / Wtd. Averages 38 Units 909 SF 34,547 SF $2,440.79 $2.68 SF $92,750 $2,440.79 $2.68 SF $92,750 $2,490.79 $2.74 SF $94,650 Two Bedroom 2BR/1BA - The Laidley 2 Units 1,022 SF 2,044 SF $2,500.00 $2.45 SF $5,000 $2,500.00 $2.45 SF $5,000 $2,550.00 $2.50 SF $5,100 2BR/1BA - The Capital 8 Units 1,307 SF 10,456 SF $3,100.00 $2.37 SF $24,800 $3,100.00 $2.37 SF $24,800 $3,150.00 $2.41 SF $25,200 2BR/1BA - The Dickinson 10 Units 1,321 SF 13,210 SF $3,150.00 $2.38 SF $31,500 $3,150.00 $2.38 SF $31,500 $3,200.00 $2.42 SF $32,000 2BR/1BA - The Dickinson - Furnished 7 Units 1,321 SF 9,247 SF $4,150.00 $3.14 SF $29,050 $4,150.00 $3.14 SF $29,050 $4,200.00 $3.18 SF $29,400 Totals / Wtd. Averages 27 Units 1,295 SF 34,957 SF $3,346.30 $2.58 SF $90,350 $3,346.30 $2.58 SF $90,350 $3,396.30 $2.62 SF $91,700
900 ON LEE FINANCIALS CURRENT YEAR 1 GROSS POTENTIAL RENT % of GPR Per Unit % of GPR Per Unit All Units at Market Rent $2,197,200 RR 33,803 $2,236,200 34,403 Gain (Loss) to Lease $0 0.00% 0 ($44,724) 2.00% (688) GROSS SCHEDULED RENT $2,197,200 RR 33,803 $2,191,476 33,715 Other Income Lobby Rental Income $346,920 Note 2 15.79% 5,337 $357,328 16.31% 5,497 Parking Garage Income $108,000 Note 3 4.92% 1,662 $111,240 5.08% 1,711 Termination Fee Income $37,344 T3 1.70% 575 $38,464 1.76% 592 Total Other Income $507,733 23.11% 7,811 $581,940 26.55% 8,953 GROSS POTENTIAL INCOME $2,704,933 41,614 $2,773,416 42,668 Physical Vacancy ($1,419,366) T3 Economic 64.60% (21,836) ($657,443) 30.00% (10,115) Bad Debt $0 0.00% 0 ($21,915) 1.00% (337) EFFECTIVE GROSS INCOME $1,285,567 35.40% 19,778 $2,094,059 67.00% 32,216 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit % of EGI 2021 Taxes Paid $242,279 18.85% 3,727 $242,279 11.57% 3,727 Total Real Estate Taxes $242,279 18.85% 3,727 $242,279 11.57% 3,727 Insurance $32,500 Note 4 2.53% 500 $32,500 1.55% 500 Utilities Executive Lease Utilites $36,000 Note 4 2.80% 554 $90,000 4.30% 1,385 Electric $26,000 Note 4 2.02% 400 $65,000 3.10% 1,000 Gas $13,000 Note 4 1.01% 200 $32,500 1.55% 500 Water & Sewage $32,500 Note 4 2.53% 500 $81,250 3.88% 1,250 Trash Removal $6,500 Note 4 0.51% 100 $16,250 0.78% 250 Total Utilities $114,000 8.87% 1,754 $285,000 13.61% 4,385 Total Non-Controllable $388,779 30.24% 5,981 $559,779 26.73% 8,612 CONTROLLABLE Contract Services Security Expense $71,500 Note 4 5.56% 1,100 $71,500 3.41% 1,100 Snow Removal $22,750 Note 4 1.77% 350 $22,750 1.09% 350 Landscaping/Grounds $26,000 Note 4 2.02% 400 $26,000 1.24% 400 Pest Control $6,500 Note 4 0.51% 100 $6,500 0.31% 100 Total Contract Services $126,750 9.86% 1,950 $126,750 6.05% 1,950 Repairs & Maintenance $162,500 Note 4 12.64% 2,500 $162,500 7.76% 2,500 Marketing & Promotion $19,500 Note 4 1.52% 300 $19,500 0.93% 300 On-Site Payroll $97,500 Note 4 7.58% 1,500 $97,500 4.66% 1,500 Payroll Taxes & Benefits $26,000 Note 4 2.02% 400 $26,000 1.24% 400 General & Administrative $19,500 Note 4 1.52% 300 $19,500 0.93% 300 Management Fee $64,278 Note 4 5.00% 989 $104,703 5.00% 1,611 Telephone & Cable $2,275 Note 4 0.18% 35 $2,275 0.11% 35 Other Taxes $0 0.00% 0 $110,000 5.25% 1,692 Replacement & Reserves $16,575 Note 1 1.29% 255 $16,907 0.81% 260 Total Controllable $534,878 41.61% 8,229 $685,634 32.74% 10,548 TOTAL EXPENSES $923,658 71.85% 14,210 $1,245,414 59.47% 19,160 NET OPERATING INCOME $361,909 28.15% 5,568 $848,645 40.53% 13,056 EXPENSE INCOME
INCOME & EXPENSES
# Note
1 Replacement & Reserves: added based on market norm of $255 per unit per year
2 Lobby Rental Income: Lease with WB for $346,920
3 Parking Garage Income: Normalized down from T3 due to catch up payments
4 Added based on market norms
5 Storage Units: Projections of $60k, starting lease up
YEAR 2 YEAR 3 % of GPR Per Unit % of GPR Per Unit $2,303,286 35,435 $2,372,385 36,498 ($46,066) 2.00% (709) ($47,448) 2.00% (730) $2,257,220 34,726 $2,324,937 35,768 $368,047 16.31% 5,662 $379,089 16.31% 5,832 $114,577 5.08% 1,763 $118,015 5.08% 1,816 $39,618 1.76% 610 $40,807 1.76% 628 $599,398 26.55% 9,222 $617,380 26.55% 9,498 $2,856,619 43,948 $2,942,317 45,266 ($112,861) 5.00% (1,736) ($116,247) 5.00% (1,788) ($22,572) 1.00% (347) ($23,249) 1.00% (358) $2,721,185 92.00% 41,864 $2,802,821 92.00% 43,120 % of EGI Per Unit % of EGI Per Unit $242,279 8.90% 3,727 $242,279 8.90% 3,727 $242,279 8.90% 3,727 $242,279 8.90% 3,727 $33,150 1.22% 510 $33,813 1.24% 520 $91,800 3.37% 1,412 $93,636 3.44% 1,441 $66,300 2.44% 1,020 $67,626 2.49% 1,040 $33,150 1.22% 510 $33,813 1.24% 520 $82,875 3.05% 1,275 $84,533 3.11% 1,301 $16,575 0.61% 255 $16,907 0.62% 260 $290,700 10.68% 4,472 $296,514 10.90% 4,562 $566,129 20.80% 8,710 $572,606 21.04% 8,809 $72,930 2.68% 1,122 $74,389 2.73% 1,144 $23,205 0.85% 357 $23,669 0.87% 364 $26,520 0.97% 408 $27,050 0.99% 416 $6,630 0.24% 102 $6,763 0.25% 104 $129,285 4.75% 1,989 $131,871 4.85% 2,029 $165,750 6.09% 2,550 $169,065 6.21% 2,601 $19,890 0.73% 306 $20,288 0.75% 312 $99,450 3.65% 1,530 $101,439 3.73% 1,561 $26,520 0.97% 408 $27,050 0.99% 416 $19,890 0.73% 306 $20,288 0.75% 312 $136,059 5.00% 2,093 $140,141 5.00% 2,093 $2,321 0.09% 36 $2,367 0.09% 36 $0 0.00% 0 $0 0.00% 0 $17,245 0.63% 265 $17,590 0.65% 271 $616,409 22.65% 9,483 $630,098 23.01% 9,631 $1,182,539 43.46% 18,193 $1,202,704 44.20% 18,503 $1,538,647 56.54% 23,671 $1,600,117 58.80% 24,617 Underwriting Notes
CURRENT YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YE JAN-2024 YE DEC-2024 YE DEC-2025 YE DEC-2026 YE DEC-2027 YE DEC-2028 YE DEC-2029 YE DEC-2030 YE DEC-2031 YE DEC-2032 GROSS POTENTIAL RENT All Units at Market Rent $2,197,200 $2,236,200 $2,303,286 $2,372,385 $2,443,556 $2,516,863 $2,592,369 $2,670,140 $2,750,244 $2,832,751 $2,917,734 Gain (Loss) to Lease $0 ($44,724) ($46,066) ($47,448) ($48,871) ($50,337) ($51,847) ($53,403) ($55,005) ($56,655) ($58,355) GROSS SCHEDULED RENT $2,197,200 $2,191,476 $2,257,220 $2,324,937 $2,394,685 $2,466,526 $2,540,521 $2,616,737 $2,695,239 $2,776,096 $2,859,379 Total Other Income $507,733 $581,940 $599,398 $617,380 $629,728 $642,323 $655,169 $668,272 $681,638 $695,271 $709,176 GROSS POTENTIAL INCOME $2,704,933 $2,773,416 $2,856,619 $2,942,317 $3,024,413 $3,108,848 $3,195,690 $3,285,009 $3,376,877 $3,471,367 $3,568,555 Physical Vacancy ($1,419,366) ($657,443) ($112,861) ($116,247) ($119,734) ($123,326) ($127,026) ($130,837) ($134,762) ($138,805) ($142,969) Bad Debt $0 ($21,915) ($22,572) ($23,249) ($23,947) ($24,665) ($25,405) ($26,167) ($26,952) ($27,761) ($28,594) EFFECTIVE GROSS INCOME $1,285,567 $2,094,059 $2,721,185 $2,802,821 $2,880,732 $2,960,857 $3,043,259 $3,128,005 $3,215,163 $3,304,801 $3,396,992 Real Estate Taxes $242,279 $242,279 $242,279 $242,279 $247,125 $252,067 $257,109 $262,251 $267,496 $272,846 $278,303 Insurance $32,500 $32,500 $33,150 $33,813 $34,489 $35,179 $35,883 $36,600 $37,332 $38,079 $38,841 Utilities $114,000 $285,000 $290,700 $296,514 $302,444 $308,493 $314,663 $320,956 $327,375 $333,923 $340,601 Contract Services $126,750 $126,750 $129,285 $131,871 $134,508 $137,198 $139,942 $142,741 $145,596 $148,508 $151,478 Repairs & Maintenance $162,500 $162,500 $165,750 $169,065 $172,446 $175,895 $179,413 $183,001 $186,661 $190,395 $194,203 Marketing & Promotion $19,500 $19,500 $19,890 $20,288 $20,694 $21,107 $21,530 $21,960 $22,399 $22,847 $23,304 On-Site Payroll $97,500 $97,500 $99,450 $101,439 $103,468 $105,537 $107,648 $109,801 $111,997 $114,237 $116,522 Payroll Taxes & Benefits $26,000 $26,000 $26,520 $27,050 $27,591 $28,143 $28,706 $29,280 $29,866 $30,463 $31,072 General & Administrative $19,500 $19,500 $19,890 $20,288 $20,694 $21,107 $21,530 $21,960 $22,399 $22,847 $23,304 Management Fee $64,278 $104,703 $136,059 $140,141 $144,037 $148,043 $152,163 $156,400 $160,758 $165,240 $169,850 Telephone & Cable $2,275 $2,275 $2,321 $2,367 $2,414 $2,463 $2,512 $2,562 $2,613 $2,666 $2,719 Replacement & Reserves $16,575 $16,907 $17,245 $17,590 $17,941 $18,300 $18,666 $19,039 $19,420 $19,809 $20,205 TOTAL EXPENSES $923,658 $1,245,414 $1,182,539 $1,202,704 $1,227,851 $1,253,534 $1,279,764 $1,306,553 $1,333,914 $1,361,859 $1,390,401 NET OPERATING INCOME $361,909 $848,645 $1,538,647 $1,600,117 $1,652,881 $1,707,323 $1,763,495 $1,821,452 $1,881,249 $1,942,942 $2,006,591 INCOME EXPENSE 900 ON LEE FINANCIALS
CASH FLOW
*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 Income Gross Potential Rent 1.77% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Expenses Expenses 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Management Fee** 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 Physical Vacancy 30.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 31.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
