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January 2007
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Market Comparison of plazas
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Property 1
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Property 3
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Property 4
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Property 6
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Property 7
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Property 8
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Property 9
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Property 10
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Property 11
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Property 13
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Property 14
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Property 15
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Property 17
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Property 18
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Property 19
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Property 20
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Property 21
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Property 22
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Address
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Number of units
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19
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8
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16
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5
|
4
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7
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8
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19
|
10
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6
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4
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4
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7
|
8
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8
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10
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10
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10
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List Price
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1650000
|
1495000
|
1750000
|
1169000
|
1399888
|
1490000
|
2080000
|
4390000
|
1100000
|
1100000
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1450000
|
1599000
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1436000
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1150000
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1675000
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1015555
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4390000
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1475000
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Sale price (negotiated - market price)
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1567500
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1420250
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1662500
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1110550
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1329893.6
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1415500
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1976000
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4170500
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1045000
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1045000
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1377500
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1519050
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1364200
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1092500
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1591250
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964777.25
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4170500
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1401250
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Initial Investment
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391875
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355062.5
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415625
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277637.5
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332473.4
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353875
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494000
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1042625
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261250
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261250
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344375
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379762.5
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341050
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273125
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397812.5
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241194.313
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1042625
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350312.5
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Mortgage Amount
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1175625
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1065187.5
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1246875
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832912.5
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997420.2
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1061625
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1482000
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3127875
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783750
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783750
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1033125
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1139287.5
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1023150
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819375
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1193437.5
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723582.938
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3127875
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1050937.5
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Potential rent income
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228184
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209406
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243896
|
115896
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133800
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143000
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213236
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348700
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123433
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153760
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160236
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163889
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150600
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108000
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150000
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114118
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377600
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205321
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Vacancy & credit losses (3.5%)
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7986.44
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7329.21
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8536.36
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4056.36
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4683
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5005
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7463.26
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0
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4320.155
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5381.6
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5608.26
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5736.115
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5271
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5400
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7500
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3994.13
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13216
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7186.235
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Effective rental income
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220197.56
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202076.79
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235359.64
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111839.64
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129117
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137995
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205772.74
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348700
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119112.845
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148378.4
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154627.74
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158152.885
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145329
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102600
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142500
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110123.87
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364384
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198134.765
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Other income
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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Gross operating income
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220197.56
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202076.79
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235359.64
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111839.64
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129117
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137995
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205772.74
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348700
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119112.845
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148378.4
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154627.74
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158152.885
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145329
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102600
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142500
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110123.87
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364384
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198134.765
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Operating expenses
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56892.0
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84248.0
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83940.0
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7774.0
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14600.0
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0.0
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22681.0
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0.0
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19913.0
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45200.0
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34278.0
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0.0
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14200.0
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0.0
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0.0
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27889.0
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0.0
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80735.4
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Net operating income
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163305.6
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117828.8
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151419.6
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96000.0
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114517.0
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137995.0
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183091.7
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348700.0
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99199.8
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103178.4
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120349.7
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158152.9
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131129.0
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102600.0
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142500.0
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82234.9
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364384.0
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117399.3
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Annual debt service incl.principal
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92367.7
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83690.8
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97965.7
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65441.0
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78366.2
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83410.8
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116439.2
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245754.0
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61578.5
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61578.5
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81171.6
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89512.7
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80387.9
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64377.5
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93767.2
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56851.2
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245754.0
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82571.2
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Principal paid (1 year re-cap/equity build-up)
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20400.5
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18484.1
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21636.9
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14453.4
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17308.1
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18422.2
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25717.0
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54277.6
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13600.4
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13600.4
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17927.7
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19769.9
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17754.6
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14218.5
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20709.6
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12556.3
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54277.6
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18236.8
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Interest paid only
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71967.2
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65206.6
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76328.9
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50987.7
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61058.2
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64988.6
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90722.3
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191476.4
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47978.1
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47978.1
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63243.9
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69742.8
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62633.3
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50159.0
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73057.6
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44295.0
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191476.4
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64334.3
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Cash flow before taxes
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70937.8
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34138.0
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53453.9
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30559.0
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36150.8
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54584.2
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66652.5
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102946.0
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37621.4
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41599.9
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39178.1
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68640.2
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50741.1
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38222.5
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48732.8
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25383.7
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118630.0
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34828.2
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Return CFBT CFBT/In Inv per unit
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3733.6
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4267.3
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3340.9
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6111.8
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9037.7
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7797.7
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8331.6
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5418.2
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3762.1
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6933.3
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9794.5
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17160.1
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7248.7
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4777.8
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6091.6
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2538.4
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11863.0
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3482.8
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Tax liability
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11823.0
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5689.7
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8909.0
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5093.2
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6025.1
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9097.4
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11108.8
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17157.7
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6270.2
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6933.3
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6529.7
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11440.0
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8456.9
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6370.4
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8122.1
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4230.6
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19771.7
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5804.7
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Cash flow after taxes
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59114.9
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28448.4
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44544.9
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25465.8
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30125.6
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45486.8
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55543.8
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85788.3
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31351.1
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34666.6
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32648.5
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57200.2
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42284.3
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31852.1
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40610.7
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21153.1
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98858.3
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29023.5
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Return CFBT CFBT/In Inv (cash on cash)
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18.1%
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9.6%
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12.9%
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11.0%
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10.9%
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15.4%
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13.5%
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9.9%
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14.4%
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15.9%
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11.4%
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18.1%
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14.9%
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14.0%
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12.3%
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10.5%
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11.4%
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9.9%
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Return CFAT CFAT/In Inv (cash on cash)
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15.1%
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8.0%
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10.7%
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9.2%
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9.1%
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12.9%
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11.2%
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8.2%
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12.0%
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13.3%
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9.5%
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15.1%
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12.4%
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11.7%
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10.2%
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8.8%
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9.5%
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8.3%
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Return CFBT CFBT/In Inv (modified)
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23.3%
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14.8%
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18.1%
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16.2%
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16.1%
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20.6%
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18.7%
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15.1%
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19.6%
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21.1%
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16.6%
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23.3%
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20.1%
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19.2%
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17.5%
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15.7%
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16.6%
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15.1%
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Cap. Rate
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10.4%
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8.3%
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9.1%
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8.6%
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8.6%
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9.7%
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9.3%
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8.4%
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9.5%
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9.9%
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8.7%
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10.4%
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9.6%
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9.4%
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9.0%
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8.5%
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8.7%
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8.4%
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Gross income multiplier
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7.5%
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7.4%
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7.4%
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10.5%
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10.8%
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10.8%
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10.1%
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12.6%
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9.2%
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7.4%
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9.4%
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10.1%
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9.9%
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11.2%
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11.8%
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9.2%
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12.0%
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7.4%
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